ELECTROCOMPONENTS Full-year results for the year ended 31 March 2018

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1 ELECTROCOMPONENTS Full-year results for the year ended 31 March May 2018

2 SAFE HARBOUR This presentation contains certain statements, statistics and projections that are or may be forward-looking. The accuracy and completeness of all such statements, including, without limitation, statements regarding the future financial position, strategy, projected costs, plans and objectives for the management of future operations of Electrocomponents plc and its subsidiaries is not warranted or guaranteed. These statements typically contain words such as "intends", "expects", "anticipates", "estimates" and words of similar import. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. Although Electrocomponents plc believes that the expectations reflected in such statements are reasonable, no assurance can be given that such expectations will prove to be correct. There are a number of factors, which may be beyond the control of Electrocomponents plc, which could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. Other than as required by applicable law or the applicable rules of any exchange on which our securities may be listed, Electrocomponents plc has no intention or obligation to update forward-looking statements contained herein. 2

3 OVERVIEW A strong year 12.8% like-forlike (1) revenue growth, with double-digit growth in all five regions Gross margin improvement and cost control drove double-digit operating profit margin Asia Pacific profitable for first time in H2, all five regions saw yearon-year profit growth Customer experience continues to improve RS Net Promoter Score up 8.6% year on year Launch of PIP II (2) which will drive simplicity, scalability and improved service at lower cost IESA acquisition significantly enhances valueadded service proposition for larger customers (1) Like-for-like change excludes the effects of changes in exchange rates on translation of overseas operating results, with 2017 converted at 2018 average exchange rates. Revenue is also adjusted to eliminate the impact of trading days year on year. (2) Second phase of Performance Improvement Plan (PIP) 3

4 AGENDA 1 FINANCIAL AND OPERATIONAL REVIEW David Egan Group Finance Director 2 BECOMING FIRST CHOICE Lindsley Ruth CEO 3 CURRENT TRADING AND OUTLOOK Lindsley Ruth CEO 4

5 1 FINANCIAL AND OPERATING REVIEW Significant progress

6 FINANCIAL HIGHLIGHTS > > > Strong revenue growth across board Improving profitability EPS and dividend growth Like-for-like revenue growth % Gross margin (%) Adjusted EPS (p) Total revenue 12.8 Digital 13.4 RS Pro pts 29.7% Americas Asia Pacific Central Europe Southern Europe Northern Europe Like-for-like change Adjusted operating profit margin (%) pts Like-for-like change Dividend per share (p) % Like-for-like change Change Significant growth in profit and earnings per share (1) Like-for-like change excludes the effects of changes in exchange rates on translation of overseas operating results, with 2017 converted at 2018 average exchange rates. Revenue is also adjusted to eliminate the impact of trading days year on year. (2) Adjusted excludes substantial reorganisation costs, asset write-downs, one-off pension credits or costs, significant tax rate changes and associated income tax. 6

7 DRIVING OPERATIONAL EXCELLENCE GROSS MARGIN Progress 0.5 percentage point like-for-like improvement Driven by our own actions to: Improve pricing Increase discount discipline strong progress at Allied Drive higher-margin products, H2 acceleration at RS Pro Foreign exchange broadly neutral Shifting our culture to focus on profitability > Going forward > We are focused on initiatives to drive stable gross margin: Growing higher-margin products: Accelerating new product introductions at RS Pro 5,400 new products in ,000 new products planned in 2019 Controls and process Purchasing and pricing initiatives: Supplier performance rewards Smarter purchasing Dynamic pricing tools We remain focused on gross margin 7

8 Adjusted operating profit margin DRIVING OPERATIONAL EXCELLENCE OPERATING PROFIT MARGIN Operating profit margin We are focused on driving our operating profit margin towards best-in-class mid-teen operating profit margin. Revenue growth, higher gross margin and improvement in adjusted operating profit conversion ratio to 23.6% (2017: 20.3%) drove a 1.6 percentage point improvement in adjusted operating profit margin to 10.4% (2017: 8.8%). 13% 12% 11% 10% 9% 8% 7% 6% 8.8% 0.2% 3.0% 0.4% 0.7% 0.4% 1.0% 0.3% 0.3% 10.4% FY17 FX Revenue growth Gross margin Cost inflation Digital People * Other PIP savings FY18 Volume growth and gross margin improvement market growth, market share gains and improved mix Disciplined investment On a like-for-like basis, adjusted operating costs grew at 8.2%, below revenue growth of 12.8%. Adjusted operating costs as a percentage of revenue fell to 33.6% ( %) Savings A further 5 million of savings in 2018, bringing PIP I cumulative annualised savings to 30 million by March * People includes new hires, incentives and other labour-related costs 8

9 REGIONAL PERFORMANCE Highlights Double-digit like-for-like revenue growth in all regions Market share gains in healthy market Growth in customer numbers Improving average order value Gross margin improvement in all regions bar Asia Pacific Asia Pacific gross margin impacted by strong growth in lower margin product areas Asia Pacific in profit for first time in H2 Operating profit growth in all regions Northern Europe impacted by digital investment and pick and pack intercompany changes Revenue ( m) 2018 Like-for-like change Adjusted operating profit ( m) 2018 Like-for-like change Adjusted operating profit margin (%) 2018 Like-for-like change Northern Europe % % 18.5 (0.7) pts Southern Europe % % pts Central Europe % % pts Asia Pacific % (0.5) 95.4% (0.2) 5.4 pts Americas % % pts Group 1, % % pts Strong growth and improvement across the board 9

10 SUMMARY INCOME STATEMENT Highlights Revenue saw a benefit from currency (c. 22 million) and an adverse impact from fewer trading days (c. 21 million) Net finance costs reduced to 4.0 million (2017: 5.2 million) 2018 adjusted tax rate of 28% 4.5 million substantial restructuring costs Two-thirds head office consolidation/closure Labour-related restructuring PIP I Non-cash US deferred tax credit of 27.9 million m Reported Adjustments Adjusted (1) Reported Adjustments Adjusted (1) Revenue 1, , , ,511.7 Operating profit Net finance costs (4.0) - (4.0) (5.2) - (5.2) Profit before tax Income tax expense (19.0) (28.8) (47.8) (35.0) (0.4) (35.4) Profit for the year (24.3) Earnings per share (p) 33.9 (5.5) (1) Adjusted excludes substantial reorganisation costs, asset write-downs, one-off pension credits or costs, significant tax rate changes and associated income tax. 10

11 CASH FLOW Highlights ( m) Investment in inventories to: Support faster revenue growth Improve product availability and On Time To Promise capex 1.0x depreciation (2017: 0.7x). Stock turn 2.9x (2017: 2.8x) Working capital as a percentage of sales improved to 20.2% (2017: 20.9%) Adjusted (1) operating cash flow conversion 83.1% (2017: 112.7%) Net debt fell to 65.0 million (2017: 112.9m) 0.3x Net debt to adjusted EBITDA (2017: 0.7x) EBITDA Add back loss on disposal of non-current assets Movement in working capital (38.5) 3.6 Movement in provisions 1.9 (9.3) Other Cash generated from operations Net interest paid (4.2) (4.9) Income tax paid (37.8) (27.5) Net cash from operating activities Net capital expenditure (24.2) (15.1) Free cash flow Add back cash effect of adjustments Adjusted free cash flow (1) Adjusted excludes substantial reorganisation costs, asset write-downs, one-off pension credits or costs, significant tax rate changes and associated income tax. 11

12 DISCIPLINED INVESTMENT TO ACCELERATE GROWTH Organic reinvestment in business >1x depreciation Acquisitions in line with strategy Growth in dividend while rebuilding cover We will be disciplined in our allocation of strong cash flow between investment in business to drive faster growth and attractive returns to shareholders 12

13 GUIDANCE POINTS Trading days Expect around 9 million positive impact on revenue from additional trading days in the year to March 2019 Other guidance points Capex: 40 million proposal to expand Allied warehouse will mean capex to depreciation running at closer to1.7x in 2019 and Stock turn: 2019 will be broadly in line with 2018 levels 2019 effective tax rate: mid-20s given changes in US tax legislation Cash tax rate: to converge with profit and loss rate over time Dividend in the normal course the interim dividend will be equivalent to 40% of prior year full-year dividend Foreign exchange Positive currency movements increased 2018 adjusted profit before tax by around 5 million If May rates persist we would expect around a 2 million adverse impact on adjusted profit before tax in the full year * Foreign exchange rates (average for the period) 2018 rates 2017 rates 2019 rates* Euro USD * 2018 adjusted profit before tax converted at 2019 forecast average rates, using 21 May 2018 closing rates extrapolated for rest of year 13

14 2 BECOMING FIRST CHOICE Superior returns over the longer term

15 OUR MISSION Becoming first choice More than just a slogan Fundamental development of the entire organisation Delivering a customer-centric, scalable and agile business Superior financial returns over the long term 15

16 BECOMING FIRST CHOICE Tailored solutions underpinned by a scalable, efficient and customer-centric platform Industrial 63% revenues Electronics 37% revenues Market structure Regional Global Route to market Multi-channel Digital Supply Competition Customer type Customer needs Regional supplier relationships Regional warehousing Highly fragmented, vertical specialists and regional and local players Procurement manager / buyers Maintenance engineer Range breadth - one-stop shop Sales and technical support Efficiency / inventory reduction Value-added services - IESA Global supplier relationships Centralised warehousing Global players Procurement manager / buyers Design engineer Product range depth Design tools, support Latest products Value-added services - DesignSpark 16

17 BECOMING FIRST CHOICE INDUSTRIAL Industrial 63% revenues Leading position in highly fragmented market Significant opportunity to drive customer count and basket size via digital Expand range, technical support and value-added service proposition Build RS Pro range Defend Digital leadership Regional sales footprint Strong supplier relationships Best-in-class customer service Global supply chain Disrupt Leverage strengths > Take opportunities > Competitors: Traditional, offline, vertical Drive share via digital leadership Build range to offer one-stop-shop Increase sales of RS Pro New value-added services Address weaknesses > Combat threats > Improve service / scale in Asia Pacific Drive further scale New entrants: Marketplaces Human touch technical support Value-added services: IESA Stock availability RS Pro 17

18 BECOMING FIRST CHOICE ELECTRONICS Electronics 37% revenues Extensive customer reach opportunity to sell more electronics Build presence in Americas and add global franchises Expand value-added service proposition via DesignSpark Leverage strength in single-board computing and build IoT strategy Defend Digital leadership Single-board computing (SBC) DesignSpark Disrupt Leverage strengths > Take opportunities > RS extensive customer reach UK, Germany, Italy, China and Japan Leverage DesignSpark Maker-led global SBC strategy Growth in IoT market Address weaknesses > Combat threats > Build US presence Add global franchises Limited as historically have not exploited this opportunity 18

19 TO DO LIST 1 Our key focus areas Clear actions 1 Performance Improvement Plan II Build a more customer-centric, scalable and efficient platform for growth 2 Value-added services Drive new revenue streams and a deeper relationship with the customer 2 3 Accelerate digital Grow traffic, customer numbers and disrupt our traditional competitor base 3 4 Asia Pacific strategy Roadmap from break even to double-digit margin Global SBC, IoT initiative Build global franchises, Global SBC and IoT strategy 6 6 RS Pro Accelerate new product introduction 7 7 Innovation and data Utilise our data to identify new product opportunities and deliver solutions 8 8 M&A Accelerate growth via selective value accretive acquisitions aligned to our strategy 19

20 PERFORMANCE IMPROVEMENT PLAN PHASE II

21 PERFORMANCE IMPROVEMENT PLAN I ( ) Key results Objective To put the customer and supplier back at the heart of the business, drive accountability and operate for less Best Customer and Supplier Experience Drive Accountability c.20% improvement in rolling three-month RS NPS over plan Acceleration in revenue growth to 12.8% in 2018 (2015: 3.5%) Gross margin improvement in 2017 and adjusted operating profit margin improved to 10.4% (2015: 6.7%) Operate for Less 30 million of cumulative annualised cost savings over plan 2018 adjusted operating profit conversion ratio improved to 23.6% (2015: 15.3%) 21

22 ROADMAP TO FIRST CHOICE Stay Relevant Change the Game Build a High Performance Culture Focus on Critical Success Factors The Right Leadership A Compelling Vision 22

23 PERFORMANCE IMPROVEMENT PLAN II (2018 TO 2020) Objective To build an even more customer-centric, lean and scalable platform for growth Simplicity We are focused on making our organisation less complex, more customer-centric, more efficient and capable of moving at pace to exploit opportunities for growth in both industrial and electronics Scalability We will build a scalable platform using shared service capabilities and automation driving improved service at lower cost 23

24 PERFORMANCE IMPROVEMENT PLAN II Simplicity We are proposing (1) a new simpler structure Regional model New reporting structure Savings Proposed regional structure EMEA, Asia Pacific and the Americas More activities (marketing, product and supplier management) in the region Lean central overhead Potential benefits: simpler structure, more customer centric, greater accountability, agility and efficiency New reporting structure Going forward we are proposing to report results for the three regions: EMEA, Asia Pacific and Americas. Savings We are targeting 12 million cumulative annualised savings by March 2021, with 4 million of savings in 2019 Anticipated restructuring costs in the region of 12 million, of which the large part will be cash costs (1) All proposals are subject to consultation with employees 24

25 PERFORMANCE IMPROVEMENT PLAN II Scalability Building the capabilities to support growth Shared services Automation Supply chain Global shared services and automation strategy To drive improved service at lower cost Automate where possible using appropriate technologies and models New regional centre of expertise to be developed in Foshan, China Optimise and invest in supply chain Remove inefficiencies and create capacity to support growth while continuing to improve service Initial projects optimise global transport, Allied warehouse expansion plans 25

26 PERFORMANCE IMPROVEMENT PLAN II Global shared service and automation strategy > Expected benefits > Today: We have a non-standardised approach to shared services and outsourcing Three key centres in Corby, Texas and Guangzhou Key focus areas in finance and customer service Limited use of automation Improved service Scalability -Tomorrow: Group-wide shared services strategy Regional centres of expertise Increase use of shared services for standardised transactional activities Leverage technology and automation Efficiency Control We remain focused on delivering improved service at lower cost 26

27 VALUE-ADDED SERVICES IESA ACQUISITION

28 VALUE-ADDED SERVICES BECOMING FIRST CHOICE IESA acquisition Deepens customer relationships Extends value-added services Fast growing and accretive A strategic acquisition Drives deeper relationships with customers Extends our value-added services proposition Enhances ecommerce capabilities Provides an opportunity to explore new models for growth Deal highlights 88m cash-free and debt-free basis Double-digit revenue growth with potential to accelerate Expected to meet our cost of capital in first year of ownership Adjusted operating profit margin and adjusted EPS accretive 28

29 VALUE-ADDED SERVICES BECOMING FIRST CHOICE IESA enhanced value-added proposition Customer needs Managing total cost of ownership Outsourcing non-core activities Driving process efficiency IESA service Stores and inventory management Transaction processing Sourcing MyMRO marketplace solution Existing Core Service Customer needs Customer service & technical support Convenience One-stop shop Existing value-added proposition Customer needs Supplier consolidation Reduce process costs Working capital efficiency Technical expertise, design tools and inspiration Our service Extended range eprocurement Inventory solutions DesignSpark and calibration services Our service Best-in-class customer experience Multi-channel Product range and availability 29

30 ELECTROCOMPONENTS GIVES IESA A STRONGER PLATFORM FOR GROWTH + 230m product sales +250 Corporate sites + 230m Corporate sales UK business Limited marketing and sales resource +80 Customers Electrocomponents strengthens IESA offer and growth pipeline + 1,000m EMEA product sales c.500,000 Customers +35,000 Corporate sites + 200m Corporate sales +1,500 EMEA salesforce RS Marketing engine Global infrastructure IESA will continue to be run independently Ability to leverage on Group infrastructure to drive faster growth benefiting all suppliers to IESA including RS and RS Pro 30

31 3 CURRENT TRADING AND OUTLOOK Well positioned to show good progress in current financial year

32 AN ENCOURAGING START TO 2019 All regions saw strong like-for-like revenue growth in first seven weeks of year We remain focused on driving market share by focusing on delivering an excellent customer experience We are tightly managing our costs, while investing to drive longer-term growth We are targeting, subject to consultation, savings of 4 million in the year to 31 March 2019 On track to make good progress in full year 32

33 SUMMARY We have taken a major step forward but we still have a lot to do We are transforming the customer experience We are building a high-performance, customer-focused team We continue to strive for operational excellence We are innovating to drive faster growth and efficiency We will reinvest both organically and via acquisition to continue to deliver growth 33

34 4 Q&A Thank you for your continued interest in Electrocomponents

35 5 APPENDIX

36 BASIS OF PREPARATION Unless otherwise stated: Figures have been prepared using International Financial Reporting Standards as adopted by the European Union Adjusted measures of profitability and cash flow exclude reorganisation costs, asset write-downs, one-off pension credits or costs, significant tax rate changes and associated income tax Like-for-like change excludes the effects of changes in exchange rates on translation of overseas operating results, with 2017 converted at 2018 average exchange rates. Revenue is also adjusted to eliminate the impact of trading days year on year Changes in profit, cash flow, debt and share-related measures such as earnings per share are, unless otherwise stated, at reported exchange rates Sign conventions: % changes in revenue and costs are positive if improving profit and negative if reducing profit A net charge of 4.5 million (2017: 0.9 million) was reported for items excluded from adjusted profit before tax 36

37 GROUP FINANCIAL HIGHLIGHTS Highlights ( m) H H1 Like-forlike Change Adjusted cash generated from operations 45.5 change 82.1 Revenue ( m) 1, , % 12.8% Net interest paid (2.5) (2.6) Gross profit ( m) % 12.3% Adjusted Income tax operating paid profit ( m) (16.2) 33.0% (9.2) 28.1% Adjusted PBT net ( m) cash inflow from operating activities % % Adjusted Net capital EPS expenditure (p) (9.4) 35.2% (8.4) 29.7% Adjusted free cash flow ( m) (10.7)% Adjusted (1) free cash flow 17.4 Net debt ( m) Outflow related to restructuring (0.7) (3.0) Like-for-like Free cash flow revenue post restructuring growth (%) Gross margin (%) pts 0.5 pts Net debt (124.5) (140.9) Adjusted operating profit margin (%) pts 1.4 pts Adjusted operating profit conversion (%) pts 2.9 pts Adjusted operating cash flow conversion (%) Net debt to adjusted EBITDA (x) Return on capital employed (%)

38 KEY PERFORMANCE INDICATORS KPI Changes We have added adjusted EPS to our key performance indicators We have changed our definition of Net Promoter Score to rolling 12-month from rolling 3-month Change Like-for-like revenue growth (%) pts RS Net Promoter Score % Adjusted operating profit conversion (%) pts Adjusted operating profit margin (%) pts Adjusted EPS (p) % Return on capital employed (%) pts Adjusted operating cash flow conversion (%) Group Lost Time Accident Frequency Driving an improved performance for customers, suppliers and shareholders 38

39 Adjusted operating cost ( m) ADJUSTED OPERATING COSTS Cost discipline Like-for-like adjusted operating cost growth of 8.2%, less than revenue growth of 12.8%. Adjusted operating cost as percentage of revenue fell to 33.6% (2017: 34.6%) Improvement in adjusted operating conversion ratio to 23.6% (2017: 20.3%) Like-for-like change 2.3% 1.6% 0.2% 2.8% 1.4% -0.9% 0.8% FY17 FX Inflation Volume Incentives FTEs Digital PIP Other FY18 Volume-related costs During 2018 we saw higher variable costs driven by faster revenue growth and an increase in incentive payments. Disciplined investment Increased investment in talent in areas such as: RS Pro, Electronics, Innovation and IT. Higher digital marketing spend to drive faster growth. Savings A further 5 million of savings in 2018, bringing PIP cumulative savings to 30 million by March 2018.

40 NET DEBT MOVEMENTS Strong balance sheet In June 2017, the Group repaid $85 million of its US private placement notes Net debt: EBITDA 0.3x (2017: 0.7x) Pension Combined deficit 72.4 million (March 2017: million) Decrease in UK defined benefit scheme deficit, due to discount rates increasing from 2.6% to 2.7%, 0.1% fall in inflation assumptions and 0.15% decrease in pension increase rate assumption m Net debt at 1 April (112.9) (165.1) Adjusted free cash flow Cash effect of adjustments (2.4) (5.1) Equity dividends paid (55.4) (51.7) New shares issued Purchase of own shares by Employee Benefit Trust (3.5) (1.3) Translation differences 2.4 (8.5) Net debt at 31 March (65.0) (112.9) (1) Adjusted excludes the impact of substantial reorganisation costs. Year-on-year reduction in net debt 40

41 IMPACT OF FOREIGN EXCHANGE Translation Exposure Reported profit sensitivity to a one cent movement in: Euro: 1.3 million USD: 0.4 million 2018 saw around 22 million benefit to revenue and 5 million benefit to profit before tax from foreign exchange Euro and USD movements to Sterling to $ to Transaction Exposure Group treasury maintains 3-6 month hedging to smooth impact of currency movements Key exposures: net buyer of US dollars, net seller of euros and other currencies Gross margin impacted over time from weakening in sterling versus: USD: negative impact Euro and other currencies: positive impact 41

42 IESA SERVICES DRIVING A DEEPER RELATIONSHIP WITH CUSTOMERS Customer needs > IESA value-added services > Convenience & control One single invoice each period vs managing numerous different suppliers Improved reporting and greater control of spend Sourcing Manages 26,000 approved vendors and a closed marketplace Source and supply 100% of a client s indirect material (MRO) needs Leverages supplier network and aggregates volume Operational savings Leveraging IESA s purchasing power Reduced procurement and stores headcount Transaction processing Procurement and management of indirect materials MyMRO.com provides access to proprietary curated marketplace Working capital and operational benefits Reduced working capital and lower inventory write-offs Improved inventory availability and reduced time to find items in store Inventory and stores management Operate and manage stores - implementing best practice Best practice procedures and systems 42

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