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 the
Company 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 its
shareholders 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 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 and the Notice of Annual General Meeting are also
available on the Company website at www.premierfarnell.com/premier_farnell/investorrelations/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 8608
Nicole Nordwall Investor Relations +44 (0) 20 7851 4142
Appendices
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 61)
Each of the Directors, as listed on pages 44 and 45, 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 (Strategic 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 (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 the
approach of the Company to also look for the opportunities presented when
addressing significant risks. The Principal Risks are formally reviewed twice
per year by the Board. Updates in terms of emerging risks or significant
actions undertaken are addressed as and when required at Board meetings. The
Principal Risks are determined through an evaluation of likelihood of
occurrence and potential impact, with a full review also undertaken by the
Senior Executive Team (SET).
Management also reviews specific strategic, operational, and financial and
compliance risks in regular focused forums during the year; SET meetings;
quarterly business reviews with each of the businesses; major programmes and
project reviews; and at other key executive management meetings.
Risks and Mitigating Actions Opportunity
Uncertainties
Competitive We continue to build our high We continue to implement
pressures service proposition by adding strategic initiatives to build
increase 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 better
progress with multichannel sales and marketing targeting our offering, and
improving plan that is aligned with the developing the customer
performance in wider element14 strategy and the proposition by leveraging our
the 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 technology
leverage our working together to optimise expertise offers significant
technology performance of specific opportunities in meeting the
expertise and projects. Investments have been needs of our component
partnerships made to develop the leadership manufacturer customers but
with key teams and back office systems at also in our core engineering
suppliers Embest. customer base.
Long term Software and services are Environmental and technology
evolution of increasingly part of our trends are sources of
the electronic offering to product development electronics innovation which
customers. This increases the underpin sales to our product
Component value that they extract from our development customers.
distribution proposition while diversifying
model 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 of
reorganisation this model change, supported by expertise and resources across
both experienced programme the business globally. It will
as we evolve managers and high performing allow us to enhance the
our employees from across the service we provide to meet the
business. needs of customers and
business model suppliers across regional
boundaries.
Recruitment, We actively measure the We seek to actively engage
retention of talent within our employees by focusing on
development organisation which provides us training and development,
with the ability to track trends customer relationships,
or retention and act with the appropriate and leadership, social
of necessary actions. responsibility and
communications.
talented
people
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 investment
content been established to ensure in global systems, data and
compliance with internal data management processes to
quality processes and external provide our customers with
inhibit regulations. high quality product
effectiveness information and suppliers with
of our rich insights into customer
eCommerce behaviour as well as enabling
strategy 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 improve
failure or kept under review for all our workflows and operational
inefficiencies locations. efficiencies and provide
in our systems increased capacity and
and 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 secure
failure tools are employed to block online experience to customers
leading to external threats and attacks is potentially differentiating
revenue or including enhanced, integrated compared with smaller, less
reputational 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 environmental
regulatory 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.