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Vishay Intertechnology, Inc

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Vishay Intertechnology, Inc One of the World’s Largest Manufacturers of Discrete Semiconductors and Passive Components ANNUAL REPORT 2006 VISHAY INTERTECHNOLOGY, INC. Financial Highlights OPERATING PROFIT* NET EARNINGS* $ in millions $ in millions 300 – 300 – NET SALES 200 – 200 – $ in millions 3,000 – 100 – 100 – 0 – 0 – 2,500 – 06 05 04 06 05 04 $208.2 $96.0 $93.6 $139.7 $62.3 $44.7 2,000 – OPERATING PROFIT, NET EARNINGS, ADJUSTED** ADJUSTED** $ in millions $ in millions 1,500 – 300 – 300 – 1,000 – 200 – 200 – 500 – 100 – 100 – 0 – 0 – 0 – 06 05 04 06 05 04 06 05 04 $2,581.5 $2,296.5 $2,414.7 $276.9 $149.7 $186.7 $196.1 $92.9 $103.9 The following table reconciles amounts as reported to the adjusted operating profit and adjusted net earnings presented in the charts above. (in millions) Operating Profit Net Earnings 2006 2005 2004 2006 2005 2004 *As reported $ 208.2 $ 96.0 $ 93.6 $ 139.7 $ 62.3 $ 44.7 Restructuring and severance costs 40.2 29.8 47.3 40.2 29.8 47.3 Asset write-downs 6.7 11.4 27.3 6.7 11.4 27.3 Inventory write-downs and loss (gain) on 15.3 (1.0) 17.0 purchase commitments 15.3 (1.0) 17.0 Purchased research and development — 9.7 1.5 — 9.7 1.5 Siliconix transaction related expenses — 3.8 — — 3.8 — Other 6.5 — — 9.3 (2.1) (3.1) Net tax benefit of reconciling items ——— (15.1) (21.0) (30.8) **Adjusted $ 276.9 $ 149.7 $ 186.7 $ 196.1 $ 92.9 $ 103.9 Measurements such as adjusted operating profit and adjusted net earnings are not recognized in accordance with generally accepted accounting principles (GAAP) and should not be viewed as an alternative to GAAP measures of performance. Management believes that adjusted operating profit and adjusted net earnings, “non-GAAP” measures, are meaningful to investors because they provide insight with respect to intrinsic operating results of the Company. Reconciling items to arrive at adjusted operating profit and adjusted net earnings represent significant charges or credits that are important to an understanding of the Company’s intrinsic operations. These reconciling items are more fully described in the Company’s consolidated financial statements. About Vishay Vishay is one of the world’s largest manufacturers of discrete semiconductors and passive electronic components. These components are used in virtually all types of electronic devices and equipment, in the industrial, computing, automotive, consumer, telecommunications, military, aerospace, and medical markets. Vishay’s global footprint includes sales offices worldwide, as well as manufacturing plants in China and five other Asian countries, Europe, and the Americas. Vishay has market shares ranging from substantial to number one for each of its products. Its product innovations, successful acquisition strategy, focus on cost reductions, and ability to provide “one-stop shop” service have made Vishay a global industry leader. www.vishay.com AS OF AND FOR THE YEAR ENDED DECEMBER 31 (in thousands, except per share amounts) 2006 2005 2004 Net revenues ............................................................................. $ 2,581,477 $ 2,296,521 $ 2,414,654 Operating income ...................................................................... 208,228 95,961 93,569 Net earnings .............................................................................. 139,736 62,274 44,696 Depreciation and amortization .................................................. 196,963 188,900 202,580 Basic earnings per share .......................................................... $ 0.76 $ 0.35 $ 0.27 Diluted earnings per share ........................................................ $ 0.73 $ 0.34 $ 0.27 Weighted average shares outstanding - basic ......................... 184,400 177,606 163,701 Weighted average shares outstanding - diluted ....................... 210,316 189,321 165,938 Cash flows from operations ...................................................... $ 349,466 $ 202,874 $ 233,084 Working capital .......................................................................... 1,192,833 1,136,466 1,168,383 Property and equipment - net ................................................... 1,124,365 1,090,592 1,171,815 Long-term debt ......................................................................... 608,434 751,553 752,145 Stockholders’ equity ................................................................. $ 3,080,813 $ 2,855,852 $ 2,773,335 About the Covers Table of Contents The front and back covers include photographs To Our Shareholders, Employees, Customers, of Vishay semiconductor manufacturing facilities and Vendors...... ..................................................... 2 in Itzehoe, Germany; Santa Clara, California; Semiconductors .................................................... 4 and Shanghai, China. The individual product images at the tops of both covers are samples of Passive Components ............................................5 Vishay’s broad product portfolio. (The products The Vishay Story ....................................................6 are not shown to scale.) In the background is Vishay Serves Diverse Markets ...........................8 an enlarged image of a silicon wafer used in semiconductor manufacturing. Financial Summary ..............................................10 Product List ..........................................................12 Form 10-K Corporate Information ............. inside back cover VISHAY INTERTECHNOLOGY 1 To Our Shareholders, Employees, Customers, and Vendors Year 2006 was the second best year in Vishay’s from 6-inch wafers to more profitable 8-inch wafers history. In terms of operational performance, only the for Vishay Siliconix products. We finalized the move to bubble year of 2000 was better, thanks in large part to larger wafers for PIN diodes at the Heilbronn, Germany very temporary price increases. We are excited about plant, and are planning similar moves for other Vishay the acquisition of discrete semiconductor and module semiconductor products. We expanded production product lines from International Rectifier, which will capacity at the Siliconix back-end facility in Shanghai, expand Vishay’s product portfolio significantly. We China, and at Vishay’s state-of-the-art facility in Tianjin, expect that the acquisition will be accretive to earnings China, where Vishay assembles and tests rectifiers. during 2007, thus further strengthening Vishay’s Vishay continued planned restructuring efforts during financial performance. 2006 at Company facilities in Belgium, the Netherlands, Our accomplishments during 2006 in the areas of product Hungary, Germany, and other countries. Employment in development, cost reduction, and customer satisfaction high-labor-cost countries was reduced from 27.2% of will help to drive future Company growth. We anticipate the total Vishay workforce as of December 31, 2005, to that 2007 will be another good year for Vishay. 25.8% as of December 31, 2006. Our long-term target is 20–25%. Year 2006 Vishay’s major restructuring projects, underway Vishay’s revenues for 2006 were $2.58 billion, an for several years, are now largely completed. We increase of 12% compared to 2005. Net earnings per expect restructuring costs of less than $10 million share for 2006 were $0.73, compared to $0.34 in 2005. during 2007, compared to $40 million during 2006. Adjusted net earnings per share for Vishay’s long-term purchase 2006 were $0.99, compared to $0.51 commitment for tantalum powder in 2005. The adjustments are relat- expired in 2006. Vishay had signed ed to restructuring and severance this purchase commitment when costs, write-downs of fixed assets, market demand for tantalum and other items. (For more details capacitors was high and tan- about the adjustments, see the table talum powder was in short supply. on the inside front cover.) During As a result, Vishay was forced 2006, cash generated from opera- to accumulate large inventories tions was $349 million, compared to of tantalum powder. Now, by $203 million during 2005. reducing purchases of tantalum Vishay’s historically strong cash powder and using accumulated generation has provided money to tantalum raw material, Vishay will acquire product lines and invest in have an increased cash flow of production expansion. T he result is Dr. Felix Zandman approximately $100 million over the Chairman of the Board a 20% compound annual growth rate next three years. of revenues during the past 20 years. Vishay’s focus on R&D continued to reap rewards In the process, Vishay has become a truly international during 2006. A few examples: company — a leader in the global electronics industry that sells into all geographic markets and all relevant • Vishay Siliconix MICRO FOOT® products are market segments. 70% smaller than standard products with similar performance — an important benefit when used in In November 2006, Vishay announced its intention to mobile phones and other small handheld devices. acquire selected discrete semiconductor and module Sales of MICRO FOOT power MOSFETs and power product lines from International Rectifier. The acquisition ICs, increased from approximately $23 million in 2005 of these product lines, which had an annual run rate of to approximately $42 million in 2006, and we expect revenues of approximately $320 million at the end of this growth to continue. 2006, closed in April 2007. The acquisition represents a continuation of the successful acquisition strategy • Vishay’s patented, novel power inductor already had Vishay began two decades ago and further expands substantial sales in 2006.
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