Vishay Intertechnology, Inc. - IIS Windows...

Vishay Intertechnology, Inc.

Investor PresentationFebruary 2008

2

Investor Presentation

Notes on Forward-Looking StatementsComments in this presentation other than statements of historical fact may constitute forward-looking statements.Forward-looking statements are based on Vishay management’s estimates and projections and are subject to various risks and uncertainties.These risks and uncertainties are described in the Company’s annual report on Form 10-K for the year ended December 31, 2006, in the sections titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the Risk Factors section in Part I.Actual results may differ materially from those projected in the forward-looking statements.

3


Vishay Helps the World Run

A pioneer in the electronic components industry

Vishay components are used by virtually all major American and European, and most Asian manufacturers of electronic products

Vishay vision: innovative products and technologies to meet current and future market needs

4


Where We Are Today…

Worldwide leader with global footprint

Broad-line solution: one-stop shop service

M&A team that identifies suitable acquisition targets

Management structure that successfully integrates acquired companies and businesses

R&D that provides current and future customer solutions

5


Where We Are Today…Revenue Year 2007

by Sales Channelby Product Group

47% passives - 53% semiconductors

Distribution41%

Diodes, infrared opto29%

ResistorsInductors

23%

Capacitors17%

Measurements Group7% EMS

8%

OEM51%

MOSFETS, ICs(Siliconix)

24%

6



by Region by End Market

Asia38%

Americas24%

Europe38%

Computing19%

Medical1%

Military/Aero4%

Industrial39%

Telecom8%

Automotive16%

Consumer13%

Revenue Year 2007

7



OEM

EMS DISTRIBUTION

No single customer has over 7% of sales

8


• Resistors and inductors#1 worldwide in wirewound and other power resistors#1 worldwide in foil resistors#1 worldwide in SMD thin film resistors#1 worldwide in leaded film resistors

…and others• Capacitors

#1 worldwide in wet tantalum capacitors…and others

• Stress measurement systems#1 worldwide in strain gage sensors and load cells


Source: WRTS, Company estimates

#1 worldwide in many passive component categories

9


• Discrete semiconductors (power MOSFETs, diodes, transistors)#1 worldwide in low-voltage power MOSFETs (< 200 V)#1 worldwide in rectifiers#1 worldwide in glass diodes

…and others• Optoelectronics (IRDC, sensors, optocouplers, IR receiver modules, LEDs )

#1 worldwide in infrared components…and others

Source: WSTS, Company estimates

Where We Are Today…#1 worldwide in many semiconductor categories

10


Broadest Line of Discrete Semiconductors and Passive ComponentsSemiconductors Passive Components

Diodes Opto

Diodes Rectifiers

●

●

□

□●●

●

●

IRDC IR Comp. Sensors

OptoCouplers

R-chips

● ●

●

●

●

●AVX ● ●

On Semi ● ●

STMicro ● ●

Toshiba ● ● ● □

●

□●

●●

●●

Variable

●

□

□

Trans-istors

Selected ICs Capacitors Resistors Magnetics

SensorsNon

linear

● □

●

□

□

CompetitorsMOSFETs

Small Signal

Analog Switches

Power ICs LEDsVishay ● □ □ ● ● ● ●

●●●

●

●

●●●

●

●

□

□□

Avago (Agilent)

EPCOS ● □ ●Fairchild SemiIntern’l RectifierInfineonKEMET ●KOA □ □MaximMurata ● ●NXP (Philips)

Rohm □ ●Sharp

TDK ● ●

Yageo ● □ □

Alumin. Film

Power Tantalum

MLCC

FilmFoilWW

Inductors Transformers

● = Major Position □ = Minor PositionSource: Company estimates


11

Investor PresentationWhere We Are Today…Free Cash Generation

($100)

($50)

$0

$50

$100

$150

$200

$250

$300

$350

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

Million $

(Cash flows from operations less capital expenditures)

12


Where We are Today…Strong Financial Position

($ in millions)

December 31,

2002

2003

2004

2005

2006

2007

Long-Term Debt

$ 706 $ 837 $ 752 $ 752 $ 608

$ 607

Stockholders’ Equity

$2,359 $2,514 $2,773 $2,856 $3,081 $3,357

Total Capitalization

$3,065 $3,351 $3,525 $3,608 $3,689 $3,964

Debt / Equity Ratio

30% 33% 27% 26% 20% 18%

Cash Balance

$ 340 $ 556 $ 633 $ 633 $ 672 $ 537

13


How We Got Here…

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2,400

2,600

2,800

3,000

85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07

RoedersteinSprague

SferniceDraloric

Vitramon

Siliconix,Telefunken

General Semiconductor,Infineon Infrared

business

Dale

BCcomponents,Transducer Co.’s

20% Compound AnnualGrowth Rate (CAGR) of

Sales1986-2006

Sales in USD million

International Rectifier’sPCS business acquired

April 2007

Strategic Acquisitions

Year

14


Roadmap For Future Growth

Growth through acquisitions

Growth through innovative products: R&D

Growth through leveraging broad product portfolio: one-stop shop service for most discrete components needs

Growth through vertical integration: Measurements Group

15


Growth Through AcquisitionsDiscrete Semiconductor Product Lines from

International RectifierPower Control Systems Business (PCS)• High-power products (diodes, rectifiers)• High-voltage MOSFETs• Automotive modules

Closed April 1, 2007Acquisition price: $290 M in cashAutomotive modules business to be sold

16


Growth Through AcquisitionsIRF Acquisition As Incremental Business

Integration as executed before:• Existing Vishay sales force adds product lines to

portfolio: enhanced ability to serve customers• Existing Vishay structure assumes general

management, IT, logistics, business controlling: no significant increase to overhead

17


Growth Through AcquisitionsContribution of IRF Acquisition

Financial targets for the acquired PCS business without automotive modules are annualized • Revenues of at least $240 M• Operating profit: $45-$48 M or 18% to 20%• Profit after tax: $34-$36 M

18


Growth Through R&DExtending Existing Product Line

Reduce size

Increase performance

Reduce cost

19


Growth Through R&DIntroducing New Product Platforms

Past examples include

High-power inductors IHLP™

Power Metal Strip® resistors

Chip scale MOSFET Micro Foot®

TrenchSKY™ (Trench Schottky rectifier)

MAP tantalum capacitor (“face down”)

20


Growth Through R&D:Revenue From Products < 5 Years Old

Assumptions 2006A 2010E

Revenues $2,581M $3,000M*

New Products $681M $1,080M* Excluding IR or any other acquisitions.

26.4%

36.0%

15.3%

22.3%

35.6%

46.0%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

2006 20100%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Average Passives Semiconductors

21


Growth Through Vertical Integration:Measurements Group

World Market: $1.5 billion(Company estimate)

22


GrowthGrowth Through Through Leveraging Broad ProductLeveraging Broad Product LineLine

Business Opportunities Generated Through New DesignsMILLION MILLION

$0

$50

$100

$150

$200

$250

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2004 2005 2006 2007

$0

$50

$100

$150

$200

$250

23


Q1 2008 Guidance

Sales in the range of $720 M to $740 MGross margins slightly up

Vishay Intertechnology, Inc. - IIS Windows...

Documents

Transcript of Vishay Intertechnology, Inc. - IIS Windows...