Results for Q2 FY2014 (Quarter Ended September 27, 2013)

Earnings Announcement: October 29, 2013

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This presentation contains forward-looking statements, which are based on current

expectations and assumptions that are subject to risks and uncertainties and actual

results could materially differ. Such information is subject to change and we

undertake no obligation to update these forward-looking statements. For a

discussion of the risks and uncertainties, see our most recent filings with the

Securities and Exchange Commission, including our current, annual and quarterly

reports.

If this presentation references non-GAAP financial measures, these measures are

located on the “Investor Relations” section of our website, www.flextronics.com along

with the required reconciliation to the most comparable GAAP financial measures.

Risks and Non-GAAP Disclosures

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Q2 FY2014 Income Statement Highlights

Please refer to the Investor Relations section of our website which contain the reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures.

Prior Yr Prior Qtr Current Qtr

September 28, June 28, September 27,

($ in millions, except per share amounts) 2012 2013 2013

Net sales $6,175 $5,791 $6,410

Adjusted operating income 183 137 159

Restructuring charges - (41) -

GAAP operating income 175 87 150

Adjusted net income 176 112 134

GAAP net income 160 59 118

Adjusted EPS $0.26 $0.18 $0.22

EPS impact - restructuring charges - ($0.06) -

GAAP EPS $0.24 $0.09 $0.19

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183

146

106

137 159

3.0% 2.4%

2.0% 2.4% 2.5%

Sep-12 Dec-12 Mar-13 Jun-13 Sep-13

% Revenue

$0.26

$0.22

$0.13

$0.18

$0.22

Sep-12 Dec-12 Mar-13 Jun-13 Sep-13

6,175 6,123

5,295

5,791

6,410

Sep-12 Dec-12 Mar-13 Jun-13 Sep-13

368

346

314

348

370

6.0% 5.7%

5.9% 6.0% 5.8%

Sep-12 Dec-12 Mar-13 Jun-13 Sep-13

% Revenue

Trended Quarterly Income Statement Highlights

Please refer to the Investor Relations section of our website which contain the reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures.

Adjusted Gross Profit ($ in millions)

Revenue ($ in millions)

Adjusted Earnings Per Share (EPS)

Adjusted Operating Income ($ in millions)

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Other Income Statement Highlights

Adjusted interest & other expense decreased by $6.1 million from the prior

quarter to $13.6 million primarily due to the prior quarter loss on sale of the

Workday investment

Adjusted income tax rate 7.4%

Reconciliation between GAAP & adjusted EPS:

• Stock based compensation $8.7 million

• Intangible amortization $7.7 million

• Aggregate impact on EPS is $0.03

Weighted average shares outstanding (WASO):

• 624 million shares vs. 640 million shares last quarter

• Repurchased 12.2 million shares at an average price per share of $8.47

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Working Capital Management

Net Working Capital = Total A/R and Inventory less A/P

Cash Conversion Cycle and Net Working Capital – excludes non-cash reductions to AR from our AR sales programs for all periods

Please refer to the Investor Relations section of our website which contains the reconciliation of the adjusted financial measures to the most directly comparable GAAP measures

Inventory ($ in millions)

Cash Conversion Cycle (days)

Net Working Capital ($ in millions)

3,122 2,911

2,723

3,152

3,876

7.4x 7.7x

7.1x 7.4x

6.9x

Sep-12 Dec-12 Mar-13 Jun-13 Sep-13

Inventory Turns

1,772 1,606 1,542

1,729 1,718

7.2% 6.6%

7.3% 7.5%

6.7%

Sep-12 Dec-12 Mar-13 Jun-13 Sep-13

% Annualized Revenue

27

24

26 25

24

Sep-12 Dec-12 Mar-13 Jun-13 Sep-13

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Three Months Six Months

Ended Ended

($ in millions) Sep-13 Sep-13

GAAP net income $118 $177

Depreciation and amortization 108 221

Change in working capital and other (71) (44)

Net cash provided by operating activities 155 354

Purchases of property & equipment, net of dispositions (170) (311)

Free Cash Flow (15) 43

Payments for repurchase of ordinary shares (109) (325)

Payments for acquired businesses, net of cash acquired 0 (188)

Repayments of bank borrowings, net (7) (16)

Other net change in cash (22) 26

Net change in cash and cash equivalents ($153) ($460)

Summary Statement of Cash Flows

Please refer to the Investor Relations section of our website which contain the reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures.

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$1,127

$1,500

$452 $600

$500 $500

Liquidity 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Solid Capital Structure

Significant Debt Maturities as presented in the chart above exclude $5M of other debt with varied maturities

Please refer to the Investor Relations section of our website which contain the reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures.

Significant Debt Maturities (Calendar Year) ($ millions)

Term Loans

($ in millions) Jun-13 Sep-13

Cash $1,280 $1,127

Total Debt 2,060 2,057

Debt / EBITDA (LTM) 2.0x 2.0x

Cash

Revolver

Total

Liquidity

$2,627

5% Notes 4.625% Notes

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Sep-13 Dec-13E

Business Group $ Q/Q % Y/Y % Outlook (Q/Q)

Integrated Network Solutions $2,588 2% -4% Decline Low Single Digits

Industrial & Emerging Industries 940 4% -4% Decline High Single Digits

High Reliability Solutions 785 -3% 19% Decline Low Single Digits

High Velocity Solutions 2,097 36% 14% Up ~15 - 25%

Total Revenue $6,410 11% 4%

Revenue by Business Group

Certain prior quarter amounts have been recast to conform to current year presentation.

($ in millions) Sep-12 Dec-12 Mar-13 Jun-13 Sep-13

Business Group $ % Total $ % Total $ % Total $ % Total $ % Total

Integrated Network Solutions $2,709 44% $2,694 44% $2,454 46% $2,532 44% $2,588 40%

Industrial & Emerging Industries 976 15% 913 15% 886 17% 906 16% 940 15%

High Reliability Solutions 657 11% 714 12% 776 15% 806 14% 785 12%

High Velocity Solutions 1,833 30% 1,802 29% 1,179 22% 1,547 26% 2,097 33%

Total Revenue $6,175 $6,123 $5,295 $5,791 $6,410

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Q3 FY2014 Guidance

Other Information:

GAAP EPS $0.18 - $0.22

Adjusted SG&A Expense $220 million

Interest & Other Expense ~$20 million

Adjusted Income Tax Rate 8% - 10%

WASO 622 million shares

Revenue ($ mil) $6,500 - $6,900

$160 - $190 Adjusted Operating Income ($ mil)

$0.21 - $0.25 Adjusted EPS

THANK YOU

For more information:

investors.flextronics.com