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The World of HARMAN Financial Highlights 2010 Annual Report PREMIUM LIFESTYLE EXPERIENCES IN EVERY PACKAGE The world’s leading technologies for premium audio and infotainment have one name in common: HARMAN. We delight customers around the home, in the car and on the go with a range of award-winning products blending rich sound and distinctive design. Our family of respected brands spans more than 60 years of enriching lives across the automotive, consumer and professional audio markets. Our passion comes from a workforce of some 11,000 talented people, many of whose career experiences include professional entertainment, recording and production. We understand great sound, and we are dedicated to capturing and delivering it faithfully through innovative new solutions. We understand the needs of a connected generation, providing them with seamless entertainment and information for a robust lifestyle experience. We are committed to continuous improvement in delivering new value to our stakeholders. We blend innovation, productivity, and execution to serve other leading brand names across both the established and emerging markets. We provide a culture of respect, integrity and opportunity in which will be born the next generation of premium solutions for audio and infotainment. Welcome to the world of HARMAN Financial Highlights FIVE YEAR SUMMARY (IN THOUSANDS EXCEPT PER SHARE DATA, FOR THE FISCAL YEARS ENDED JUNE 30) 2010 2009 2008 2007 2006 Net sales $ 3,364,428 $ 2,854,895 $ 4,072,359 $ 3,519,089 $ 3,220,344 Operating income (loss) 85,555 (503,812) 132,167 385,756 406,528 Income (loss) from continuing operations attributable to Harman International Industries, Incorporated, net of income taxes 35,178 (422,345) 95,966 312,723 261,560 Income (loss) from discontinued operations, net of income taxes 123,591 (9,159) 5,757 1,578 (6,331) Net income (loss) 164,058 (430,752) 101,302 312,358 254,244 Net income (loss) attributable to Harman International Industries, Incorporated 158,769 (431,504) 101,723 314,301 255,229 Earnings (loss) per share from continuing operations attributable to Harman International Industries, Incorporated: Diluted 0.50 (7.19) 1.54 4.71 3.84 Earnings (loss) per share from discontinued operations: Diluted 1.75 (0.16) 0.09 0.02 (0.10) Earnings per share: Diluted 2.25 (7.34) 1.64 4.73 3.75 Weighted average shares outstanding: Diluted 70,595 58,766 62,182 66,449 68,105 Total assets 2,556,215 2,473,497 2,802,971 2,508,868 2,375,752 Total debt 361,737 577,296 361,737 76,528 197,554 Total equity 1,134,892 1,007,918 1,382,108 1,494,919 1,231,330 Dividends per share 0.00 0.025 0.05 0.05 0.05 Cash & cash equivalents 645,570 586,359 223,109 106,141 291,758 Cash and Cash Equivalents HARMAN Group Sachin Lawande, Executive Vice President, and Chief Executive Offi cer; Todd A. Suko, Executive Committee Chief Technology Offi cer and Co-President - Executive Vice President, General Counsel Automotive; Blake Augsburger, Executive Vice and Secretary; Herbert K. Parker, Executive (left to right) President, President - Professional, and Country Vice President and Chief Financial Offi cer; Manager, North America; Michael Mauser, John Stacey, Executive Vice President and Executive Vice President and Co-President - Chief Human Resources Offi cer; David Karch, Automotive; David Slump, Executive Vice Executive Vice President, Operational President and President - Consumer; Excellence and Head of Automotive (Asia). Dinesh C. Paliwal, Chairman, President 2 Harman International Annual Report 2009 TO OUR SHAREHOLDERS Fiscal Year 2010 was a time of signifi cant accomplish- soon brought new multi-year awards from Toyota ment for HARMAN International. We delivered and Chrysler/Fiat. We are dramatically expanding on our commitment to grow, and to reduce costs capacity at our facilities in China and in Hungary, and increase productivity. We continued our rapid which now hosts our largest manufacturing facility expansion in the emerging markets, to tap new with 12 production lines. These activities contributed growth opportunities while leveraging cost and to a signifi cant increase in emerging-markets sales productivity advantages. Our customers rewarded during the fi scal year, and we are well positioned us with new multi-year contracts that have brought toward our goal of $1.5 billion in sales to these HARMAN’s backlog of awarded business to fast-growing markets by 2015. $12.2 billion. Net sales in fi scal 2010 were $3.4 billion, an increase of 18 percent compared to the prior year. Net sales increased in all three divisions and the Company gained market share in the Automotive Division. Operating income, including non-recurring items, in fi scal year 2010 was $86 million compared to an operating loss of ($504 million) on the same basis in the prior year. Our cash and short-term investments balance increased to $646 million during the fi scal year, driven by positive cash from operations and a net gain from divestitures. This provides HARMAN with signifi cant fl exibility for the strategic initiatives ahead. As the fi scal year began, we announced that HARMAN had successfully delivered a record thirteen major audio and infotainment platforms to global automotive customers during the previous 24 months. This achievement, believed to be the largest such While deploying our own resources in areas of project backlog ever in our industry, has solidifi ed a opportunity, HARMAN continues to seek strategic stream of revenues that will span several years. We partners who can complement our skills, accelerate also introduced a record number of new products in our innovation programs and improve overall cost our consumer and professional businesses, leveraging effi ciency. We formed a strategic partnership with the brand loyalty of customers from every genre China’s Neusoft Corporation to accelerate develop- and generation. ment of next-generation automotive electronics, while teaming with other partners to advance such In order to execute more profi tably on these achieve- innovations as exterior sound synthesis for electric ments, we continue to deliver ahead of target on our vehicles, intelligent linking of smart-grid battery 24-month STEP Change program. We completed charging infrastructure with vehicle infotainment more than 200 separate STEP Change projects to yield systems, and a standard interface for smart mobile more than $350 million in permanent cost savings as phones. We are bringing true mobile computing of year end. Our early action on this program was in- capabilities within reach of motorists, delivering strumental in helping HARMAN to weather the recent wireless in-car broadband access to audio and video global economic crisis, and we will continue to wring libraries, e-mail, and SMS text messaging without out every dollar of available improvement as part of compromising driver safety. the streamlined group culture that STEP Change has empowered. Our customers have recognized HARMAN’s technol- ogy leadership with new multi-year awards. BMW While sharpening our cost structure, we have invested and Daimler selected our premium infotainment strategically to position HARMAN for new areas of systems for their upcoming luxury platforms, and opportunity. In our automotive business, we launched Chrysler specifi ed our branded audio for its SRT a scalable, next-generation infotainment system that series of high-performance vehicles. BMW awarded HARMAN Annual Report 2010 3 our resources for marketing and distribution. More than 400 store-within-a-store installations have been completed to improve bundling of premium audio with fl at-screen televisions. New HARMAN Consumer web sites now serve customers in more than 25 countries and an expanded social networking presence builds loyalty among the connected generation. We implemented a new direct-to-consumer distribution model in the United States, while appointing a seasoned channel partner to support our China growth strategy. The consumer division also opened a new Global Product Development Center in Shenzhen, China, putting these operations in close proximity to major HARMAN an additional infotainment contract for suppliers, contract manufacturers, and the fastest entry-level luxury cars and we launched new branded growing consumer markets. audio systems for several automakers. Our professional division continued to set the As this annual report goes to press, we have also benchmark for audio performance among legendary announced new awards for HARMAN infotainment artists, sporting organizations and the venues where in Toyota vehicles sold in North America, comple- they perform. Our AKG® brand was recognized menting a European award announced earlier. with a prestigious Technical GRAMMY® Award, We also announced a new award from Chrysler complementing an earlier award to our JBL® brand Group and Fiat, which further validates the to make HARMAN the only company to be thus technical superiority of our scalable, next-generation honored twice by the GRAMMY® organization. We infotainment system. We are delighted to welcome outfi tted more than 25 venues across the Shanghai these new infotainment partners, and we will work World Expo 2010, including a role as an Offi cial with every global automaker to deliver the most Sound Partner. The division introduced nearly 100 sophisticated in-car experience available today. new products during the year, and several of these were recently featured in the fi rst-ever professional- We appointed new automotive division leadership grade application of the Ethernet Audio Video Bridge during the year, naming HARMAN veterans Sachin protocol for synchronized streaming audio and video. Lawande and Michael Mauser as co-presidents. Their collective expertise in technology, fi nance and We took several steps to sharpen HARMAN’s project management is complementary and provides portfolio during the year, including the sale of QNX a strong leadership platform to grow profi tably while Software Systems in a $200 million cash transaction. keeping a sharp focus on innovation and execution.
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