The global distributor for engineers

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1 The global distributor for engineers ELECTROCOMPONENTS PLC INVESTOR UPDATE June 2014

2 AGENDA Business overview The structural growth opportunity Strategy update Financial performance Summary 2

3 ELECTROCOMPONENTS: WHAT WE DO Strong Brands 800k Catalogues 59% ecommerce 2,500 Major Suppliers 500,000 Products > 1m Customers 17 Distribution Centres 44,000 Parcels Daily 90+% of World GDP The world s distributor of choice 3

4 ELECTROCOMPONENTS: OUR CUSTOMERS Our key customer groups: Buyers Electronics Design Engineers Maintenance Engineers Nature of demand: Average order value c. 150 Average order size is 2 to 3 product lines Wide variety of products per order Stages of the product lifecycle Over 1 million customers across wide range of sectors 4 4

5 BUSINESS PORTFOLIO 2014 Sales growth (1) % of Group sales Contribution margin Market position Continental Europe 4% 36% 22% No.1 North America 4% 22% 14% No.3 Asia Pacific 2% 13% 8% No.1 International 4% 71% 17% No.1 UK (2)% 29% 29% No.1 Group 2% 100% 20% No.1 (1) Underlying sales growth, adjusted for currency and trading days Opportunity to improve International margin 5

6 Costs as % of sales FY12 OPERATING COST LEVERAGE 45% 40% International operating costs as % of sales: >7% point reduction over 10 years 35% China 30% Japan Italy Australia 25% 20% Germany + Austria France US UK 15% 10% Sales FY12 ( m) Increasing scale is driving cost leverage 6

7 STRUCTURAL GROWTH OPPORTUNITY NOW (1) FUTURE (1) Growing markets Ca. 30 bn available market Electronics 2 x GDP Maintenance GDP Emerging markets Growing market share Highly fragmented markets (ca. 85%) Market share gains by 5 main players Increasing competitive advantages We are the leading global distributor Growing share of growing markets (1) Illustrative market shares 7

8 CAGR, STRUCTURAL GROWTH THROUGH THE CYCLE IN PRACTICE International Sales CAGR Development, % 5% 3.0% International sales 6% CAGR by region: 4% Asia Pacific 8% 3% 6.0% 2% North America 8% 1% 3.0% Continental Europe 5% 0% Market Growth (1) (2) Share Gains Sales CAGR Notes: (1) Nominal GDP growth weighted to Electrocomponents geographic split(2) Weighted for exposure to faster Electronics growth International growth driven by share gains and market growth 8

9 OUR COMPETITIVE ADVANTAGES vs. SMALLER PLAYERS Sales & marketing Offer Global customer reach Service accuracy ecommerce capabilities Product range & availability Multi-channel approach Partnerships with leading global suppliers Structural trends favour larger, global competitors 9

10 GLOBAL STRATEGY FOCUS INTERNATIONAL SHARE GAINS UK PROFITABILITY Highly fragmented markets growing > GDP More mature market Historic 6% pa sales growth 50% from share gains Historic 1% pa profit growth Target 7-10% pa sales growth >50% from share gains Target 1-2% pa sales and profit growth Faster rate of share gains, driven by common global strategy Maintain strong UK market position and contribution margin Growing market share with improving returns 10

11 GLOBAL STRATEGY Good progress, all elements contributing 11

12 GROW TARGET CUSTOMERS Customer type Common needs Actions to improve our value proposition ELECTRONICS DESIGN ENGINEER MACHINE & PANEL BUILDER MAINTENANCE ENGINEER BUYER Range & availability Reliable service Ease of doing business Value for money Range Global range level-up and expansion Global product management tool Availability Global planning tool Compliance capability investment Ease of doing business New web platform ecommerce agile ways of working Enhanced content strategy Value for money Roll-out of global pricing strategy Build dynamic pricing capability Step-change in value for money communication 3% growth in customer numbers 12

13 ONE GLOBAL OFFER STRATEGY YEAR 1 PROGRESS Building a global range 30k products available globally RS and Allied working together Global inventory management Implementing new global planning tool Reliable 1,2,3 day service Lead times UK to Asia Pacific reduced by 20% - 40% Improve return on stock Stock provisions reduced SAP HANA roll-out 4% Famous For product category growth 13

14 VALUE FOR MONEY STRATEGY YEAR 1 PROGRESS Global pricing strategy Comprehensive pricing toolkit Supermarket skillset Dynamic pricing >15m price changes pa >12m price checks pa Value for money communication Improved price reality Improved price perception Improved price perception driving sales growth 14

15 Revenue share (%) ECOMMERCE WITH A HUMAN TOUCH 70% ecommerce sales as % of Group sales 60% 50% c. 735m ---- Electrocomponents (58%) 40% 30% c. 350m ---- W.W. Grainger (33%) 20% c. 110m 10% 0% FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY M&S General Merchandise (13%) Tesco Grocery (3%) Group ecommerce sales share On our way to 1bn+ B2B ecommerce business 15

16 ECOMMERCE IS TRANSFORMING THE WAY WE DO BUSINESS BEFORE: Catalogue-led offer CONSISTENT VALUE PROPOSITION AFTER: ecommerce-led offer 5,000 new products / year Range & availability 5,000 new products / month Limited product information Reliable service Substantial product information, design tools More rigid pricing Ease of doing business Dynamic pricing Limited information on customers purchasing preferences Value for money Better understanding of customers purchasing preferences Core customer service proposition is unchanged 16

17 INVESTING IN ECOMMERCE WITH A HUMAN TOUCH STRATEGY DesignSpark Mechanical Search Engine Marketing Global Nursery Programme eprocurement solutions Better management of customer life cycle 17

18 2015 STRATEGIC FOCUS ONE GLOBAL OFFER ECOMMERCE WITH A HUMAN TOUCH More range level-up Upgrade of web platform Global planning tool More web development, faster Product management tool Digital marketing Improving our value proposition for customers 36

19 FINANCIAL KPIs Medium-term Performance Framework 2013 (Base year of plan) 2014 (Year 1 of plan) Medium-term target range Group sales growth (1) 0.5% 2.1% 5% - 8% Group return on sales Return on capital employed Free cash flow as a percentage of sales 8.1% (2) 8.3% 9% - 11% 18.5% (2) 20.9% 20% - 30% 4.5% 4.6% 4% - 6% (1) Underlying sales growth, adjusted for currency and trading days (2) Restated for the changes in IAS19R Employee benefits Progress towards our medium-term goals 17

20 OPERATIONAL KPIs Medium-term Performance Framework 2013 (Base year of plan) 2014 (Year 1 of plan) Medium-term target Growth in corporate customer numbers 3% 3% Customer number growth key driver of sales growth ecommerce sales growth 4% 6% ecommerce sales growth > Group sales growth Famous For product sales growth 2% 4% Famous For sales growth > Group sales growth Group gross margin 46.0% 45.9% 2% point decline due to mix effects Group lost time accident (1) Ongoing reduction rate (1) Number of accidents per 200,000 hours worked Progress towards our medium-term goals 37

21 PROFIT AND LOSS ACCOUNT m Change Sales 1, , % (1) Gross margin (%) 45.9% 46.0% (0.1)% pts Headline operating costs (477.8) (468.7) (2.3)% (1) Headline operating profit % Headline operating margin (%) 8.3% 8.1% 0.2% pts Headline PBT % (2) (1) Adjusted for currency ; sales also adjusted for trading days (2) Extra trading days & currency movements increased headline PBT by c. 4m. Excluding these factors headline PBT increased by c. 3% Sales growth & margin expansion 21

22 GROSS MARGIN 46.0% (0.2)% 0.0% (1) 0.2% (0.1)% 45.9% 2013 Geographic mix Product mix Currency movements (1) Product mix has had a positive impact on UK gross margin and a negative impact on International gross margin Price & discounts 2014 Stable gross margin 22

23 OPERATING COSTS Change (1) 0.6% 0.4% (0.4)% (1.4)% (1.5)% (2.3)% 2013 Reorganisation efficiencies Lower stock provisions Additional depreciation Strategic investment Cost inflation 2014 EXPECT 2015 COST GROWTH OF AROUND 5%: Absence of 2014 reorg. & stock provision benefits Full-year impact of depreciation, strategic investment Cost inflation Variable cost growth (1) Restated for the changes in IAS19R Employee benefits Good cost control 23

24 CASH FLOW m Guidance Profit before tax Depreciation & amortisation c. 32m Working capital (14.3) (12.3) Stock turn 2.5x Finance expenses (net) Other non-cash movements Operating cash flow Interest paid (net) (5.0) (5.6) Tax paid (24.5) (25.6) cash tax rate Net capital expenditure (35.6) (27.4) c. 40m Reported free cash flow Add back: reorg. cash flows Headline free cash flow % headline free cash flow growth 24

25 NET DEBT MOVEMENT IN NET DEBT (159.7)m 57.7m (51.4)m (143.6)m 9.8m 2013 Free cash flow Translation/Other Dividends paid 2014 BANKING COVENANTS 2014 Covenant Net debt: EBITDA 1.1x <3.25x EBITA net interest cover 24.7x >3x PENSION DEFICIT Combined deficit 40.9m (2013: 19.0m) Benefit changes recently announced in UK Triennial valuation due to complete summer 2014 Strong balance sheet maintained 25

26 SUMMARY We are well-established global market leader The markets we operate in grow faster than GDP through the cycle The marketplace we operate in is highly fragmented, we are well-placed to take a greater share of this fast-growing market from the numerous smaller competitors We have evolved to a common global strategy to increase pace of market share gains in our international markets We have raised our growth ambitions, targeting faster medium-term sales growth and improved medium-term profitability Leveraging competitive advantages to gain market share 26

27 The global distributor for engineers ELECTROCOMPONENTS PLC INVESTOR UPDATE June 2014

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