Annual Financial Report

Premier Farnell plc ("Premier Farnell" or "the Company") Annual Report 2015 and Notice of Annual General Meeting Premier Farnell plc announces that the Annual General Meeting ("AGM") of theCompany will be held on 16 June 2015 at 11:00 am at the offices of Allen &Overy LLP, One Bishops Square, London, E1 6AD. Premier Farnell has today posted (or otherwise made available) to itsshareholders the following documents: Annual Report for the year ending 1 February 2015 Notice of Annual General Meeting; and Form of Proxy for the Annual General Meeting (for those shareholders entitledto attend and vote) In accordance with Listing Rule 9.6.1 copies of these documents have beensubmitted to the National Storage Mechanism and will be available for viewingshortly at http://www.morningstar.co.uk/uk/NSM. The Company's Annual Report and the Notice of Annual General Meeting are alsoavailable on the Company website at www.premierfarnell.com/premier_farnell/investorrelations/AGM In accordance with Disclosure and Transparency Rule 6.3.5 (2) (b) additionalinformation is set out in the appendices to this announcement. Enquiries:Premier Farnell plcSteven Webb Company Secretary +44 (0)870 129 8608Nicole Nordwall Investor Relations +44 (0) 20 7851 4142 AppendicesThe 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 61) Each of the Directors, as listed on pages 44 and 45, confirms that, to the bestof his or her knowledge: a. the consolidated financial statements in this report, which have beenprepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU, IFRICinterpretations and those parts of the Companies Act 2006 applicable tocompanies reporting under IFRS, and the Company financial statements in thisreport which have been prepared in accordance with UK GAAP give a true and fairview of the assets, liabilities, financial position and profit of the Grouptaken as a whole; and b. the management report (Strategic Report) contained in this Annual Reportincludes a fair review of the development and performance of the business andthe position of the Company and the Group taken as a whole, together with adescription of the principal risks and uncertainties that they face. Appendix B: Risks and uncertainties (pages 24 - 25) The Principal Risks and Uncertainties facing the Group are summarised below. The disclosure of risks and uncertainties in the table below reflects theapproach of the Company to also look for the opportunities presented whenaddressing significant risks. The Principal Risks are formally reviewed twiceper year by the Board. Updates in terms of emerging risks or significantactions undertaken are addressed as and when required at Board meetings. ThePrincipal Risks are determined through an evaluation of likelihood ofoccurrence and potential impact, with a full review also undertaken by theSenior Executive Team (SET). Management also reviews specific strategic, operational, and financial andcompliance risks in regular focused forums during the year; SET meetings;quarterly business reviews with each of the businesses; major programmes andproject reviews; and at other key executive management meetings. Risks and Mitigating Actions OpportunityUncertainties Competitive We continue to build our high We continue to implementpressures service proposition by adding strategic initiatives to buildincrease new technologies and a broad customer loyalty and provide a range of products, working differentiated proposition for closely with suppliers as we our customer base. Our provide end-to-end solutions proposition is increasingly throughout their product personalised to meet the needs development process. of customers in targeted segments. We are rationalising our element14 organisation by We are partnering more closely globalising our operating model with suppliers as we look to and leveraging the efficiencies support the introduction of of the web. their new technology and drive market share gains in key market segments. Insufficient We have a fully integrated By enhancing and betterprogress with multichannel sales and marketing targeting our offering, andimproving plan that is aligned with the developing the customerperformance in wider element14 strategy and the proposition by leveraging ourthe Americas evolution of our global global resources, we can proposition. This plan is aimed significantly improve at addressing the needs of our operating performance in the customers, including a focus on Americas. specific segmentation by type of customers and vertical industries. Failure to Embest and AVID's engineers are Leveraging our technologyleverage our working together to optimise expertise offers significanttechnology performance of specific opportunities in meeting theexpertise and projects. Investments have been needs of our componentpartnerships made to develop the leadership manufacturer customers butwith key teams and back office systems at also in our core engineeringsuppliers Embest. customer base. Long term Software and services are Environmental and technologyevolution of increasingly part of our trends are sources ofthe electronic offering to product development electronics innovation which customers. This increases the underpin sales to our productComponent value that they extract from our development customers.distribution proposition while diversifyingmodel our business model away from pure distribution. Through ongoing focus on reducing the environmental impact of doing business, we The Group takes actions to are introducing more efficient reduce the impact of its processes and can offer business on the environment further complementary services through carbon emissions and by to our customers. encouraging recycling, especially of packaging. Our regional warehouse model reduces the impact of carbon emissions compared to alternatives. Business The CEO, CFO and CPO are Our new global structure will directly involved in managing facilitate better sharing ofreorganisation this model change, supported by expertise and resources across both experienced programme the business globally. It willas we evolve managers and high performing allow us to enhance theour employees from across the service we provide to meet the business. needs of customers andbusiness model suppliers across regional boundaries. Recruitment, We actively measure the We seek to actively engage retention of talent within our employees by focusing ondevelopment organisation which provides us training and development, with the ability to track trends customer relationships,or retention and act with the appropriate and leadership, socialof necessary actions. responsibility and communications.talentedpeople Reward schemes are continuously evaluated to drive and reward New global structure will performance and ensure retention provide key people with better of key talent. ways of working and development opportunities. Data and A dedicated data function has Increased planned investmentcontent been established to ensure in global systems, data and compliance with internal data management processes toquality processes and external provide our customers withinhibit regulations. high quality producteffectiveness information and suppliers withof our rich insights into customereCommerce behaviour as well as enablingstrategy A data strategy and governance greater operating framework has been developed to efficiencies. support the information requirements of our strategic programmes. Significant Business continuity plans are We continually improvefailure or kept under review for all our workflows and operationalinefficiencies locations. efficiencies and providein our systems increased capacity andand investment in capability.infrastructure Our IT infrastructure is subject to ongoing review and we conduct regular testing of our systems. Cyber security Sophisticated cyber security Providing a safe and securefailure tools are employed to block online experience to customersleading to external threats and attacks is potentially differentiatingrevenue or including enhanced, integrated compared with smaller, lessreputational security in the new global web established competitors.loss platform. A computer incident response team has been established alongside enhanced internal training and review processes. Legal and We have exposure to a number of The increase in environmentalregulatory countries and their respective legislation for electronics,risks legal compliance requirements such as the introduction of are addressed through a variety REACH, allows us to provide of controls. real value to our customers through our legislative expertise.