9th May 2012 14:11
Premier Farnell PLC
("Premier Farnell or "the Company")
Annual Report 2012 and Notice of Annual General Meeting
Premier Farnell plc announces that the Annual General Meeting ("AGM") of the Company will be held on 12 June 2012 at 11:00 am at the offices of Farnell element14, Canal Road, Leeds, LS12 2TU.
Premier Farnell has today posted (or otherwise made available) to its shareholders the following documents:
Annual Report for the year ending 29 January 2012
Notice of Annual General Meeting; and
Form of Proxy for the Annual General Meeting (for those shareholders entitled to attend and vote)
In accordance with Listing Rule 9.6.1 copies of these documents have been submitted to the National Storage Mechanism and will be available for viewing shortly at http://www.morningstar.co.uk/uk/NSM.
The Company's Annual Report is also available on the Company at http://annualreport2012.premierfarnell.com/ and the Notice of Annual General Meeting is at http://www.premierfarnell.com/investors/agm.
In accordance with Disclosure and Transparency Rule 6.3.5 (2) (b) additional information is set out in the appendices to this announcement.
Enquiries:Premier Farnell PLC Steven Webb Company Secretary +44 (0)870 129 8608Thomas Churchill Investor Relations +44 (0) 20 7851 4100Appendices
The following information is extracted from the Annual Report and Accounts. Page references are to pages in the Annual Report and Accounts.
Appendix A: Directors' responsibility statement pursuant to DTR 4 (page 101)
Each of the Directors, as listed on pages 78 and 79, confirms that, to the best of his or her knowledge:
(a) the consolidated financial statements in this report, which have been prepared in accordance with, international Financial Reporting Standards (IFRSs) as adopted by the EU, IFRIC interpretations and those parts of the Companies Act 2006 applicable to companies reporting under IFRS, and the Company financial statements in this report which have been prepared in accordance with UK GAAP give a true and fair view of the assets, liabilities, financial position and profit of the Group taken as a whole; and
(b) the management report contained in this Annual Report includes a fair review of the development and performance of the business and the position of the Company and the Group taken as a whole, together with a description of the principal risks and uncertainties that they face.
Appendix B: Risks and Uncertainties (page 62 - 64)
The Principal Risks and Uncertainties facing the Group are summarised below.
The disclosure of risks and uncertainties in the table below reflects the ethos of the Company to also look for the opportunities presented when addressing significant risks.
The Principal Risks are formally reviewed in total, twice per year by the Board and monthly by an Executive management committee focused on capacity and effectiveness of the organisation. Updates in terms of emerging risks or significant actions undertaken are addressed as and when required at Board meetings.
Management also reviews strategic, operational, and financial and compliance risks in regular focused forums during the year, for example, a monthly review of capacity and effectiveness across the organisation and enterprise wide risks; quarterly business reviews with each of the businesses; monthly business agenda reviews with the senior business and functional management; six weekly operations forums, covering major programmes and projects; and at other key executive management meetings.
Risks and Mitigating Actions Opportunity Uncertainties European We have embedded processes which Our focus on delivery of our economy and drive working capital management strategy, along with the banking sector and cash flow at Group and across insights provided from data continue to our businesses. We also have from our web channels, means deteriorate proven agility in driving cost we are able to respond reduction and working capital.Our rapidly to economic banking facilities and improvement. relationships are kept under constant review and action taken when required.The business regularly reviews its Euro cash deposits and collects unutilised cash on a regular basis. Competitive We are continuously driving The continued investment in advantage in improvement to our transactional and development of web the web channel and Community websites, including functionality provides value is not our industry leading EDE to customers, meets their maintained Community and other web requirements for information innovations such as the Knode. We and provides Premier Farnell have recently established a data with insights to help management group aimed at decision making processes. enhancing the presentation; quality and availability of the information required by our customers. Our Web Advisory Board includes external subject matter experts, to provide advice and guidance to the Board and eCommerce team on the core areas of our web strategy.
Recruitment, Our high potential talent is The creation of a high development or identified and nurtured through performing actively engaged retention of agreed development plans team which will consequently talented people including a comprehensive lead to improved business
mentoring programme as well as a performance. By focusing on focus on succession planning for training and development, our key leadership positions. customer relationships, leadership, social We actively measure the retention responsibility, and of talent within our organisation communications, the number of which provides us with the employees who are actively ability to track trends and act engaged at Premier Farnell is with the appropriate and 77%, in the top quartile necessary actions. relative to the high performing benchmark. We conduct annual employee engagement surveys to enable progress of our people actions to be monitored and areas of improvement identified and actions put in place. Our reward schemes are continuously evaluated to drive and reward performance and ensure retention of key talent. As we drive significant change throughout the organisation our competency development and evaluation processes are focused on encouraging change agility. Through the strengthening of our diversity and inclusion team, the Group's focus on employee individuality, diversity and creativity has significantly increased. Development of talent through transfer across the business through international assignments.
Data and A dedicated data function has Continued investment in data content quality been established to ensure and data management processes inhibit compliance with internal to provide our customers with effectiveness processes and external
high quality product of our regulations. information and suppliers eCommerce with rich insights in to strategy A data strategy and governance customer behaviour. framework has also been developed to support the information requirements of our strategic programmes Insufficient We have a fully integrated We are leveraging the progress with multi-channel sales and marketing combination of commerce, strategic plan aimed at addressing the community and our element14 implementation needs of our EDE customers. brand in the US to win marketin North share and attract EDEs to ourAmerica Delivery of strategic online environment. transformation in North America is led by a high calibre team with regular reviews of the business's progress by the executive team.
Failure to Ongoing focus from CEO, COO and Continue to invest and effect leverage the senior leadership team on the structural growth in our key investment made development of the Asia Pacific Asia Pacific markets. in Asia Pacific markets in accordance with our
and develop a strategic intent. Develop strong customer mature, robust loyalty and market share growing Best practice and personnel growth in all of our Asia business leveraged from around the Group Pacific markets. to ensure delivery, with an experienced President from the Group appointed to lead the Asia Pacific business in January 2012. Progress is measured against our business agenda metrics (including customer acquisition and retention; markets sales per day growth and overall margin and profitability targets). Regional management has been strengthened to support execution against the proposition in the region and in each Asia Pacific market Change programs We continue to challenge the way We are continually improving do not deliver we operate and have ongoing plans our customer experience targeted to improve platforms, systems and through enhanced systems and benefits processes. All our programs have processes underpinning our the appropriate governance, with multi-channel, high service direct sponsorship of CEO, CFO offering. and COO for all major change programmes and with clear benefit realisation implementation plans and programme assurance processes. Competitive We continue to focus on product, We have implemented strategicpressures margin and our high service initiatives to build customer proposition to drive profitable loyalty and initiatives growth. targeted at vertical market segments, which provide a We have business intelligence differentiated proposition processes to maintain our for our customer base. awareness of market developments and competitor actions, along The fragmentation of the with our market share for the marketplace allows us Group and at a detailed market opportunities given our level. strengths of global reach and financial position to win We continue to build our high business and create further service proposition by adding new barriers to entry from technologies and a broad range of smaller competitors. products. We also lead in innovation for our customers through our web channels, for example with the Knode and by providing end to end solutions for EDEs through Services Beyond Product.
Significant Business continuity plans are We continually improve failure or kept under review for all our workflows and operational inefficiencies locations. As an example of these efficiencies and provide in our systems contingencies, we have the increased capacity and and
ability to switch order investment in capability. All
infrastructure fulfilment in Europe between our of these allow the greater
Leeds and Li¨ge distribution support of customers' future centres. Contingency plans are in requirements, suppliers' place for our US warehouse and future needs and the ability management systems. We have to leverage information as an maintained an ongoing review of asset. our IT infrastructure and conduct regular testing of our systems. We will invest in our back-office systems to support our single front-end web platform over the next three to five years. Legal risks We have exposure to a number of The increase in environmental countries and their respective legislation for electronics, legal compliance requirements are such as the introduction of addressed through a variety of REACH, allows us to provide controls. Trade compliance is a real value to our customers specific significant requirement through our legislative which is controlled through an expertise. experienced specialist team, automated screening enablers and ongoing training of our sales teams. Compliance committee meetings are held with senior management at Group and within the regions.
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