Results for Q4 FY2015 & Fiscal 2015 (Ending March 31, 2015)

Earnings Announcement: April 29, 2015

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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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Q4 FY2015 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

March 31, December 31, March 31,

($ in millions, except per share amounts) 2014 2014 2015

Net sales $6,724 $7,025 $5,952

Adjusted operating income 182 207 178

Adjusted net income 146 175 157

Adjusted EPS $0.24 $0.30 $0.27

GAAP operating income 137 193 164

GAAP net income 43 153 135

GAAP EPS $0.07 $0.26 $0.23

Q4 FY2015 Results vs. Guidance:

Net sales of $6.0B vs. $6.0 - $6.4B

Adjusted operating income of $178M at mid-point of $165 - $190M

Adjusted EPS of $0.27 at high-end of $0.23 - $0.27

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1,505

1,553

FY 2014 FY 2015

26,109 26,148

FY 2014 FY 2015

$0.89

$1.08

FY 2014 FY 2015

665

751

FY 2014 FY 2015

FY 2015 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)

+13%

+3%

+0.2%

+21%

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Trended Quarterly Financial Highlights

Return on Invested Capital(ROIC %)

22.1%

22.8%23.3%

24.1%23.7%

Mar-14 Jun-14 Sep-14 Dec-14 Mar-15

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

$0.24 $0.25

$0.26

$0.30

$0.27

Mar-14 Jun-14 Sep-14 Dec-14 Mar-15

Adjusted Earnings Per Share (EPS)

6,724 6,643 6,529 7,025 5,952

5.8% 5.8% 5.8% 5.8%6.4%

Mar-14 Jun-14 Sep-14 Dec-14 Mar-15

Adj. Gross Margin

Adjusted Operating Income ($ in millions)

182 183 183207

178

2.7% 2.8% 2.8%2.9% 3.0%

Mar-14 Jun-14 Sep-14 Dec-14 Mar-15

% Revenue

Revenue & Adjusted Gross Margin($ in millions)

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Other Q4 Income Statement Highlights

• Income of $0.5M from:

• $6M foreign exchange gains

• $12M other income primarily due to gain on

sale of investment

• Outlook: quarterly estimate of ~$20M

• Q4 FY15 was 12%

• FY15 was 10%

• Outlook: 8-10% range

Interest & other

expense, net

Adjusted

income tax rate

• Intangible amortization $9M

• Stock based compensation $13M

• Aggregate impact on EPS $0.04

Reconciliation between

GAAP and Adj EPS

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Three Months

Ended

Twelve Months

Ended

($ in millions) Mar-15 Mar-15

GAAP net income $135 $601

Depreciation and amortization 133 528

Change in net working capital (72) 83

Other operating cash flows, net (72) (418)

Net cash provided by operating activities 124 794

Purchases of property & equipment, net (75) (240)

Free Cash Flow 49 554

Payments for share repurchases (125) (416)

Payments for borrowings and other (3) (103)

Net change in cash and cash equivalents ($79) $35

Cash Flows, Net Working Capital & Share Repurchases

Consistently Returning Over 50% of Annual Free Cash Flow to Shareholders

2,020 2,126

1,886 1,834 1,866

7.5%8.0%

7.2%6.5%

7.8%

Mar-14 Jun-14 Sep-14 Dec-14 Mar-15

% Annualized Revenue

Net Working Capital($ in millions)

400

510

322

475 416

757 684

639 591 563

FY11 FY12 FY13 FY14 FY15

Shares Outstanding

Share Repurchases($ in millions)

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Balanced Capital Structure

$1,628

$1,500

$593 $475 $500 $500

Liquidity 2015 2016 2017 2018 2019 2020 2021 2022 2023

Debt Maturities ($M) (Calendar Year)

Cash

Revolver

Total

Liquidity

$3,128

Key characteristics:

No near-term

maturities

Low financing cost

of ~3% at current

LIBOR rates

Strong liquidityExcellent credit

metricsDebt / EBITDA (LTM): 1.6x

Term Loans LIBOR + 150 to 162.5bps

4.625% Notes 5% Notes

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Fiscal Year 2015 Highlights

Consistent

Shareholder Return

Record

Adjusted EPS

Strong Sustainable

Free Cash Flow

Record level at $1.08, up 21% from $0.89 a year ago

Generated $554 million in free cash flow, bringing three year

cumulative free cash flow to nearly $2 billion

8 consecutive quarters of adjusted operating margin expansion,

enabling 13% year over year growth in adjusted operating profit

Repurchased 39 million shares for $416 million in fiscal 2015,

or 75% of free cash flow, and 297 million shares for $2.1 billion

over the past five fiscal years, reducing net shares outstanding

by 31%

Continuous

Improvement

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About Mirror Controls International (MCi)• Global leader in exterior mirror motion controls

• Highly automated production in China, Mexico, and Europe

• Global supplier to all top 10 OEMs

• LTM Revenue of €200M (~$216M USD1), which grew 20%

Compelling Strategic Rationale• Greatly enhances our automotive capabilities

• Complements existing motion control business (sunroof, sliding door, power liftgates)

• Strong IP and established OEM customer relationships

• Potential to expand into adjacent markets, both automotive and non-automotive

• High barrier to entry (45 years of experience)

Transaction Summary• All cash deal valued at €457M (~$494M USD1)

• Enhances operating margin profile, EPS and operating income accretive for FY16• Free cash flow positive

• Deal expected to close in the September quarter (Q2FY16)2

1 Based on exchange rate of Euro/USD $1.082 Completion of the transaction is subject to customary closing conditions, including regulatory approvals

Tremendous people, technology, and capabilities complement the Flextronics platform

Acquisition Meets Our Strategic and Financial Objectives

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35%

19%15%

31%

HRSIEI

CTG INS

Mar

2015

34%

($ in millions) Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 June-15E

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

INS $2,346 $2,440 $2,341 $2,358 $2,052 -13% -13% Up low single digit

CTG 2,510 2,222 2,210 2,647 1,861 -30% -26% Down mid single digit

IEI 1,021 1,125 1,097 1,106 1,132 2% 11% Up low single digit

HRS 847 856 881 914 907 -1% 7% Down low single digit

Total Revenue $6,724 $6,643 $6,529 $7,025 $5,952 -15% -11%

Revenue by Business Group

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

Integrated Network Solutions(Telecom, Datacom, Server & Storage,

Converged Infrastructure)

Consumer Technology Group(Mobile, Consumer, Computing, Wearables,

Connected Living)

Industrial & Emerging Industries(Semiconductor & Capital Equipment, Office

Solutions & Industrial Automation, Test &

Measurement, Appliance & Lifestyle, Energy &

Metering, Lighting)

High Reliability Solutions(Automotive, Medical, Aerospace & Defense)

35%

15%13%

37% Mar

2014

28%

HRS IEI

CTG INS

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Q1 FY2016 Guidance

Other Information:

Adjusted SG&A Expense ~$203 +/- $5 million

Interest & Other Expense ~$20 million

Adjusted Income Tax Rate 8-10% range

GAAP EPS $0.16 - $0.22

WASO 580 million shares

($ in millions, except per share amounts)

Adjusted operating income excludes approximately $15 million for stock based compensation, of which approximately $13 million is excluded from adjusted SG&A.

GAAP EPS reflects approximately $0.04 for intangible amortization and stock-based compensation expense.

$5,600 - $6,200Revenue

$150 - $190Adjusted Operating Income

$0.20 - $0.26Adjusted Earnings Per Share

THANK YOU

For more information:

investors.flextronics.com

Appendix

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Revenue by Business Group FY13 to FY15

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

($ in milions) $ $ $ $ $ % Total

INS $2,613 $2,530 $2,498 $2,295 $9,935 42%

CTG 1,695 1,990 2,013 1,339 7,037 30%

IEI 988 984 909 882 3,763 16%

HRS 681 671 703 780 2,835 12%

Total Revenue 5,976 6,175 6,123 5,295 23,569

($ in milions) $ $ $ $ $ % Total

INS $2,377 $2,461 $2,505 $2,346 $9,688 37%

CTG 1,702 2,224 2,922 2,510 9,358 36%

IEI 903 937 926 1,021 3,788 15%

HRS 809 788 830 847 3,275 13%

Total Revenue 5,791 6,410 7,183 6,724 26,109

($ in milions) $ $ $ $ $ % Total

INS $2,440 $2,341 $2,358 $2,052 $9,191 35%

CTG 2,222 2,210 2,647 1,861 8,940 34%

IEI 1,125 1,097 1,106 1,132 4,459 17%

HRS 856 881 914 907 3,557 14%

Total Revenue 6,643 6,529 7,025 5,952 26,148

Q1'15 Q2'15 Q3'15 Q4'15 FY'15

Q1'14 Q2'14 Q3'14 Q4'14 FY'14

Q1'13 Q2'13 Q3'13 Q4'13 FY'13