Marché 2011 EMS

8/3/2019 March 2011 EMS

1/84

BUSINESS OUTLOOK

GLOBAL ELECTRONICSINDUSTRY

WALT CUSTERCUSTER CONSULTING GROUPwww.custerconsulting.com

October 2011

20110918

8/3/2019 March 2011 EMS

2/84

Business Conditions2010 global recovery is now history

Electronic supply chain growth has recently stalled in manyregions.

Component inventories have increased.

Current Issues:

- Europe's tighter fiscal policies, squeezed consumerpurchasing power & sovereign-debt tensions- U.S. high unemployment & political wrangling- China's rising costs, labor shortages & real estate bubble.

- Japan's strong yen hurting exports & ongoing repurcussionsfrom its earthquake & nuclear disaster

But in many respects Europe is doing much better than the restof the world.

2005011820110705

8/3/2019 March 2011 EMS

3/84

Global

&European Economies

20050118

8/3/2019 March 2011 EMS

4/84

World Purchasing Managers' Indices

3 6 9123 6 9123 6 9123 6 9123 6 9123 6 9123 6 9123 6 9123 6 9123 6 9123 6 9123 6 900 01 02 03 04 05 06 07 08 09 10 11

CALENDAR YEAR

0.5

0.7

0.9

1.1

1.3

1.5

1.7 3/12 rate of change

USA "0" Growth China Europe

World

Source: Custer Consulting Group

20111003

8/3/2019 March 2011 EMS

5/84

Industrial Production

1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 905 06 07 08 09 10 11

CALENDAR YEAR

75

80

85

90

95

100

105

110

115

120Index (2005 avg month = 100, Seasonally Adjusted))

Eur27

Germany

France

UK

ItalySeries 6

20111012

Europe

Eurostat, NACE Code B-D

8/3/2019 March 2011 EMS

6/84

European Electronic Supply Chain GrowthJun-Aug'11 vs Jun-Aug'10

11

3

-7

9-3

17

23

-613

-14

30

24

4

Electronic Equipment

Consumer Electronics

Office equipment

Instruments & ControlsMedical electronics

Automotive electronics

Computer & Periperals

Electric AppliancesMotor Vehcles

Semiconductors (SIA)

Electronic components & boards

Loaded electronic boards

Wiring devices

0 10 20 30 40-10-20

% Change

20111012

Euro denominated growth rates; Eurostat, SIA & Custer Consulting Group

8/3/2019 March 2011 EMS

7/84

Semiconductor Shipments to Europe

vs. European Electronic Equipment Production

1357911135791113579111357911135791113579111357911135791113579111357911135791113579111357999 00 01 02 03 04 05 06 07 08 09 10 11

0.4

0.6

0.8

1

1.2

1.4

1.6

1.83/12 Rate of Change (Euros converted @ fluctuating exchange)

Semiconductors

Equipment

20111012

Total $ Semiconductor Shipments from All Countries to Europe www.sia-online.org/,Eurostat class C26, EU27, European Computer, Electronic & Optical products Production

Component/Electronic Equipment

Imbalances

8/3/2019 March 2011 EMS

8/84


20050118

8/3/2019 March 2011 EMS

9/84

BUSINESS

COMMUNICATION

CONSUMER

AUTO

COMPUTER

GOVMILITARY

INDUSTRIAL

INSTRUMENT

1.7%

22.9%

13.2%

6.6%29.8%

9.3%

8.6%

8.1%

Electronic Outlook 10/11

20111006

World Electronic Equipment by Type 2011

$2,019 Billion @ 2010 exchange

1.46 trillion

euros

8/3/2019 March 2011 EMS

10/84

Electronic Equipment Production

Total Europe incl FUSSR - 2011 ($B)

BUSINESS1.7%

COMMUNICATION17.7%

CONSUMER11.5%

AUTO10.0%

COMPUTER11.4%

GOVMILITARY

11.7%

INDUSTRIAL15.7%

INSTRUMENT20.3%

TOTAL $353 BELECTRONIC OUTLOOK CORP 10/2011@ constant 2011 exchange

20111006

256 billioneuros

(18% of world

total)

8/3/2019 March 2011 EMS

11/84

Electronic Equipment Suppliers

Composite of 100 Public CompaniesRevenue, Net Income & Inventory

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 200 01 02 03 04 05 06 07 08 09 10 11

0

50

100

150

200

250

300

350

-50

$ Billion

Revenue 139146151158137142135144128132134147136143149167162170168189175181182201188197202222207220229255234247246239208219228259238249263292268279

Income 12 12 11 8 -1 -5 -12 0 3 -11 0 1 6 5 8 12 12 13 13 16 14 15 14 22 17 12 18 20 19 21 20 21 20 20 17 -3 11 16 18 25 20 24 28 35 29 31

Inventory 63 65 68 70 71 65 58 53 52 50 48 45 44 45 45 46 48 49 49 49 51 51 52 51 54 57 59 59 58 62 64 64 68 70 70 65 62 61 61 61 62 64 68 71 72 77

+12

20111009

Computer 12, Internet 5, Storage 10, Communication 12, SEMI 20, Medical 24, Instruments 11, Military 6

8/3/2019 March 2011 EMS

12/84

European Computer, Electronic & Optical products

Production

Eurostat, C26 category, EU 27 countries

14 7101 4 71014710147101 4 7101 47101471014 7101 47101 471014 7101 47101 47101 4798 99 00 01 02 03 04 05 06 07 08 09 10 11

CALENDAR YEAR

80

90

100

110

120

130

Index (2005=100), Seasonally Adjusted

20111012

11%3-monthgrowth

8/3/2019 March 2011 EMS

13/84

Japan Electronic Equipment Production

2000 to Present

JEITA www.jeita.or.jp/

1 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 700 01 02 03 04 05 06 07 08 09 10 11

CALENDAR YEAR

0

500

1000

1500

2000Yen billion

Consumer Electronic Equipment

Electronic Measuring Instrumentation

Communications Equipment

Computers & Related Equipment

Electronic Business Machines

Elec Application Equip

-10% -30%

+10%-11%

20110927

0%-8%

+2%

0%-18%

+8%

8/3/2019 March 2011 EMS

14/84

Taiwan/China Electronic Equipment Producers

Composite of 101 Manufacturers

1 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 902 03 04 05 06 07 08 09 10 11

CALENDAR YEAR

0

200

400

600

800NT$ (billions)

20111011

Taiwan listed companies, often with significant manufacturing in China

2010/2009 up 32%

8/3/2019 March 2011 EMS

15/84

US Electronic Equipment Orders & Shipments

Communications, Computer, Military, Instruments

http://www.census.gov/indicator/www/m3/

1 4 7101 4 7101 4 7101 4 7101 4 7101 4 7101 4 7101 4 7101 4 7101 4 7101 4 7101 4 7101 4 7101 4 798 99 00 01 02 03 04 05 06 07 08 09 10 11

CALENDAR YEAR

14

16

18

20

22

24

26

28

30

32

34$B (Monthly Orders - Seasonally Adjusted)

Orders

Shipments

20111004

8/3/2019 March 2011 EMS

16/84

Global Electronic Equipment Shipment Growth

1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 1000 01 02 03 04 05 06 07 08 09 10 11

CALENDAR YEAR

0.6

0.7

0.8

0.9

1

1.1

1.2

1.3

1.41.5

1.63/12 rate of growth in local currency

Taiwan/China

Europe

Japan

USA

0 Growth

20111012

Europe = Eurostat EU27 NACE C26 (computer, electronic & optical products)

Eur

8/3/2019 March 2011 EMS

17/84

World Electronic Equipment by Region 2011

@ 2010 Exchange Rates

Electronic Outlook

10/11

N America

W Europe

Japan

Rest of Asia

ROW

21.6%

12.5%

6.2%

50.4%

9.3%

Total Production: $2,019 Billion

Final

Assembly

20111006

8/3/2019 March 2011 EMS

18/84

World Electronic Equipment Monthly

ShipmentsConverted @ Constant 2010 Exchange Rates

1 35 791113 57 9111 35 791113 57 9111 35 7 91113 5 79111 35 7 91113 5 79111 35 7 91113 5 79111 3 57 9111 35 7900 01 02 03 04 05 06 07 08 09 10 11

CALENDAR YEAR

0

20

40

60

80

100$ Billions

N America W Europe Japan SE Asia ROW


20111012

8/3/2019 March 2011 EMS

19/84

World Electronic Equipment Monthly

ShipmentsConverted @ Constant 2010 Exchange Rates

1 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 900 01 02 03 04 05 06 07 08 09 10 11

CALENDAR YEAR

60

70

80

90

100

110

120

130

140

150

160170

180

190$ Billions


20111012

8/3/2019 March 2011 EMS

20/84

End Markets

20050118

- Asian Volume- Regional

8/3/2019 March 2011 EMS

21/84

Global Electronic Supply Chain Growth2Q'11 vs. 2Q'10

12

-5

2

18

9 26

5

11

13

27

0

-5

23

23

151

-3

21


Military

Business & Office

Instruments & Controls

MedicalCommunication

Internet

Computer

Data Storage

SEMI Equip

Semiconductors (SIA)

Passive Components

Component Distrib

EMS-Large

EMS-MediumODM

PCB

PCB Process Equip

0 5 10 15 20 25 30-5-10

% Change

20111009

US$ equivalent at fluctuating exchange; based upon industry composites including acquisitions

TBD

8/3/2019 March 2011 EMS

22/84

Communication Equipment Suppliers


1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 200 01 02 03 04 05 06 07 08 09 10 11

0

10

20

30

40

50

60

-10

-20

$ Billions

Revenue 37 39 40 41 34 33 3032 24 2523 282324243027 28 2632273030 3531353541 36 41 415143474443 33353643 34 37 39 49 39 39

Income 3 2 2 2 -4 -8-11 -3 -2-12 -5 -1 -0 -1 0 2 2 2 2 3 3 3 4 4 3 4 3 3 2 4 3 0 2 1 1 -7 -0 1 -0 2 1 1 2 3 2 1

Inventory 21 23 25 26 27 21 1814 13 12 12 9 10 9 9 8 9 10 9 8 9 9 9 9 10 11 12 12 13 14 15 15 16 16 17 14 13 12 12 11 11 11 14 15 14 16

ADC Telecom, Alcatel+Lucent, Ciena, Ericsson, Motorola, Nokia, Polycom, RIM, TellLabsEuros & Krona converted at fluctuating exchange

+7%

20110911

8/3/2019 March 2011 EMS

23/84

Apple Computer

iPhone portion of Quarterly Sales

Custer Consulting Group estimates based upon Apple financials and industry estimates of %iPhone sales

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 305 06 07 08 09 10 11

CY

0.0

5.0

10.0

15.0

20.0

25.0

30.0Millions

Computer iPhone

Computer 3.2 3.5 3.7 5.7 4.4 4.4 4.8 7.1 5.3 5.4 5.6 8.4 6.9 6.3 9.9 9.6 7.0 7.4 9.2 10.6 8.8 9.8 12.4 16.0 14.6 16.6 14.0

iPhone 0.6 1.2 1.1 1.3 1.6 2.3 2.0 2.3 3.0 5.1 4.7 5.9 7.9 10.7 10.1 12.0 11.0

AAPL

+ 82%

20111116

8/3/2019 March 2011 EMS

24/84

Communication Equipment SuppliersComposite of 12 Public Companies

(plus iPhone portion of Apple)Revenue, Net Income & Inventory

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 200 01 02 03 04 05 06 07 08 09 10 11

0

20

40

60

80

-20

$ Billions

Revenue 38 40 41 43 35 34 3133 25 2524 292425253128 29 2734293232 3834383845 39 45 465849545151 40444555 46 51 56 71 60 64

Income 3 2 2 2 -4 -8-11 -3 -2-12 -6 -1 -0 -1 0 2 3 2 2 3 3 3 4 5 3 4 4 4 3 5 3 1 3 2 2 -7 1 2 1 4 3 3 5 7 6 5

Inventory 22 24 26 27 28 22 1915 14 1312 1010 10 9 9 10 10 10 9 10 10 10 1011 12 13 13 14 16 1616 18 18 19 15 1514 14 13 13 14 1719 18 20

ADC Telecom, Alcatel+Lucent, Ciena, Ericsson, Motorola, Nokia, Polycom, RIM, TellLabs, Huawei, HTC, Palm, AppleiPhone. Euros & Krona converted at fluctuating exchange (Huawei estimated from its annual results & group seasonality)

+26%

20111009

8/3/2019 March 2011 EMS

25/84

Computer, Data Storage, Datacom & Telecom

Equipment SuppliersComposite of 39 Public Companies

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 200 01 02 03 04 05 06 07 08 09 10 11

0

50

100

150

200

-50

$ Billion

Revenue 93 100105110 92 96 91 96 83 84 85 94 84 88 91 104 98 99 101116105108110124113118122138126134141161145153153148125132138161144152162185167175

Income 8 8 7 6 -5 -7 -12 0 1 -13 -3 -0 3 3 4 7 6 7 7 10 8 9 8 12 9 9 11 13 10 13 12 12 11 10 9 2 7 10 10 16 12 14 17 22 18 18

Inventory 37 40 44 45 46 39 33 29 27 25 24 22 21 22 21 21 22 23 24 23 24 24 25 24 25 27 29 29 29 32 33 32 34 35 35 30 28 27 27 27 27 30 32 34 34 36

+15%

20110911

Computer 11, Internet 5, Storage 10, Communication 11

Better way to look at volume markets

8/3/2019 March 2011 EMS

26/84

Automotive

Electronics

20050118

8/3/2019 March 2011 EMS

27/84

World Motor Vehicle & Automotive Production


19981999 20002001 20022003 200420052006 20072008 20092010 20112012 20132014201555

65

75

85

95

105

UNITS (Millions)

Units 56.8 59.9 59.2 56.9 59.8 61.3 65.3 67.4 70.2 74.2 71.8 62.4 78.8 83.2 89.1 94.3 99.8106.2

20111006

8/3/2019 March 2011 EMS

28/84

World Motor Vehicle Production by Geography

2011AUTOS, TRUCKS & BUSSES


N America 15.9%

W Europe 18.0%

Japan 10.4%

Asia w/o Japan 39.7%

ROW 16.1%

TOTAL: 83.2 Million Units

20111006

8/3/2019 March 2011 EMS

29/84

European Motor Vehicle Production

Monthly Index (Year 2005 = 100)

Eurostat, C219

1 47101 47101 4 7101 4710147101 47101 47101 47101 47101 47101 47101471014 7101 4798 99 00 01 02 03 04 05 06 07 08 09 10 11

CALENDAR YEAR

55

65

75

85

95

105

115Index (2005=100), Seasonally Adjusted

20111012

20111012

8/3/2019 March 2011 EMS

30/84

European Motor Vehicle

Electrical & Electronics Production

Eurostat, C2931

1 4 710 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 702 03 04 05 06 07 08 09 10 11

CALENDAR YEAR

40

60

80

100


20111012

8/3/2019 March 2011 EMS

31/84

Regional

Markets

20050118

20050118

8/3/2019 March 2011 EMS

32/84

Aerospace

20050118

20111012

8/3/2019 March 2011 EMS

33/84

European Production - Aircraft, Spacecraft &

Related Equipment

14 7101 47101 471014 71014 7101 471014 71014 7101 47101471014 7101 4 71014 71014 798 99 00 01 02 03 04 05 06 07 08 09 10 11

CALENDAR YEAR

70

80

90

100

110

120

130


20111012

Eurostat, C303

20050118

8/3/2019 March 2011 EMS

34/84

Instruments & ControlEquipment

20050118

I & C l E i

20110816

8/3/2019 March 2011 EMS

35/84

Instruments & Control EquipmentComposite of 12 Public Companies

Revenue, Net Income & Inventory

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 200 01 02 03 04 05 06 07 08 09 10 11

0.0

5.0

10.0

15.0

20.0

-5.0

US$ Billions

Revenue 9.2 9.410.29.5 9.6 8.7 7.9 7.4 7.5 7.9 8.1 7.5 7.8 8.0 8.3 8.3 8.8 9.0 9.3 9.2 9.3 9.8 9.7 9.710.110.710.911.012.313.113.813.414.115.015.113.111.912.112.512.712.813.214.214.114.615.5

Income 0.9 0.9 1.00 .8 0.8 0.3 0.3 -0.1-0.00 .2 0.2 0.0 0.2 -1.00 .5 0.5 0.6 0.7 0.8 0.8 0.8 0.8 0.8 3.7 0.9 1.1 1.0 1.2 1.6 1.2 1.4 1.3 1.3 1.4 1.5 0.9 0.6 0.8 0.9 1.0 1.1 1.4 1.6 1.6 1.4 2.1

Inventory 6.4 6.5 5.56 .2 5.9 5.6 5.2 5.0 4.8 4.7 4.4 4.4 4.4 4.4 4.1 4.3 4.4 4.3 4.6 4.7 4.7 4.6 4.5 4.5 4.6 4.9 4.8 6.0 5.7 5.9 5.8 6.1 6.4 6.5 6.2 6.3 6.0 5.7 5.4 5.5 5.7 5.9 6.1 6.2 6.7 7.0

Agilent, Ametek, Emerson, Itron, Keithly, LeCroy, PerkinElmer, Rockwell Automatio, Teledyne,

ThermoFisher, Varian, Woodward Govenor

+18%

0 08 6

20111012

8/3/2019 March 2011 EMS

36/84

European Production - Instruments &

Appliances for Measuring, Testing & Navigation

14 7101 47101 471014 71014 7101 471014 71014 7101 47101471014 7101 4 71014 71014 798 99 00 01 02 03 04 05 06 07 08 09 10 11

CALENDAR YEAR

80

90

100

110

120


Eurostat, C2651

M di l E i t20110911

8/3/2019 March 2011 EMS

37/84

Medical EquipmentComposite of 24 Public Companies

Revenue, Net Income & Inventory

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 200 01 02 03 04 05 06 07 08 09 10 11

0

5

10

15

20

25

30

35

-5

$ (Billions)

Revenue 10 10 9 9 10 10 10 11 11 12 12 13 14 14 14 16 17 18 18 20 20 20 20 21 21 21 21 22 22 22 23 25 25 26 26 26 25 26 26 28 27 28 28 30 29 30

Income 2 2 2 1 1 1 1 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 2 3 4 -2 3 2 3 2 2 3 4 4 3 1 3 4 4 3 2 4 4 5 4 5

Inventory 6 6 6 6 6 6 6 6 6 7 7 6 6 7 8 9 8 8 8 9 9 9 10 10 10 10 10 11 10 11 11 12 12 13 13 13 13 14 14 13 14 13 14 14 15 15

Abbott Laboratories, Analogic, Bio-Rad Laboratories, Boston Scientific, Bruker, CareFusion, Covidien,

Draeger, Guidant, Hill-Rom, Intuitive Surgical, Invacare, Kinetic Concepts, Medtronic, ResMed, St JudeMedical, Smith & Nephew, STERIS, Stryker, Varian Medical, Waters, Zimmer, Zoll

+9%

E P d ti I di ti20111012

8/3/2019 March 2011 EMS

38/84

European Production - Irradiation,

Electromedical & Electrotherapeutic Equipment

14 7101 47101 471014 71014 7101 471014 71014 7101 47101471014 7101 4 71014 71014 798 99 00 01 02 03 04 05 06 07 08 09 10 11

CALENDAR YEAR

60

70

80

90

100

110


Eurostat, C266

20050118

8/3/2019 March 2011 EMS

39/84

Computers

20110703

8/3/2019 March 2011 EMS

40/84

Personal Computer Unit Shipments

World

Gartner 7/2011Servers not included

4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 298 99 00 01 02 03 04 05 06 07 08 09 10 11

0

20

40

60

80

100Units (Millions)

20110805

8/3/2019 March 2011 EMS

41/84

Media Tablet Shipments

World

Digitimes 7/11, updated values through 2Q'11 on 8/4/11

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q10 11

0

5

10

15

20

25Units (millions)

iPad non iPad

W ld S Shi t R20110918

8/3/2019 March 2011 EMS

42/84

World Server Shipment Revenue

Gartner 8/11

12 1212

15

12 12

13

15

13 1313

15

13 14

1313

1010

11

13

11 1112

15

1313

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q205 06 07 08 09 10 11

CALENDAR YEAR

0

2

4

6

8

10

12

14

16

18 US$ (Billions)

20050118

8/3/2019 March 2011 EMS

43/84

Semiconductors

World Semicond ctor Shipments20111003

8/3/2019 March 2011 EMS

44/84

World Semiconductor ShipmentsMonthly US$

SIA

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 183 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11

0

5

10

15

20

25

30US$ Billions (3-month average)

2009 recessionmuch sharper

but shorterthan 2001

Record high

Total Semiconductor Shipments to an Area20111003

8/3/2019 March 2011 EMS

45/84

Total Semiconductor Shipments to an AreaMonthly Shipments - Reporting Firms

1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 995 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11

0

5

10

15

$B - 3-Month average

Japan

N America

Europe

Asia Pac

SIA website: www.sia-online.org/

SEAsia

Global Semiconductor Shipments20111003

8/3/2019 March 2011 EMS

46/84

Global Semiconductor Shipments3-Month Growth Rates on $ Basis

Total $ Shipments from All Countries to an Area

SIA website: www.sia-online.org/

1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 984 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11

0.4

0.6

0.8

1

1.2

1.4

1.63/12 Rate of Change

1

2 3

4

5

6

7

8

9

10

11 12

13

CCG Semiconductor Leading Indicator

20111008

8/3/2019 March 2011 EMS

47/84

CCG Semiconductor Leading Indicatorvs. Global Semiconductor Shipments

1 7 1 7 1 7 1 7 1 7 1 7 1 7 1 7 1 7 1 7 1 7 1 700 01 02 03 04 05 06 07 08 09 10 11

CALENDAR YEAR

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1

1.1

1.2

1.3

1.4

1.5

1.6

1.73/12 rate of growth

CCG Semiconductor Leading Indicator

Zero Growth

SIA Semiconductor Shipments

http://www.census.gov/indicator/www/m3/

2-monthlead

20050118

8/3/2019 March 2011 EMS

48/84

Semiconductor Fab, Assembly,Packaging,Test & Measurement

Equipment

Semiconductor Capital Equipment Shipments20110913

8/3/2019 March 2011 EMS

49/84

Semiconductor Capital Equipment Shipments

by Area

5.4

10.1

11.7

13.0 12.9

11.3

6.6

5.6

4.14.1

4.7

5.7

5.1

5.6

4.4

4.9

9.89.4

8.7 8.8

9.4

7.68.0 8.0

9.6 9.6

11.010.3

10.8 11.011.2

9.8

10.6

7.8

6.6

4.6

3.12.7

4.5

5.7

7.5

9.1

11.1

11.9 12.0 11.9

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 200 01 02 03 04 05 06 07 08 09 10 11

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0$ Billions

Europe 1.4 1.5 1.7 1.9 1.6 1.0 0.7 0.6 0.4 0.5 0.5 0.6 0.5 0.7 0.8 0.9 0.9 0.9 0.9 0.8 0.7 0.9 0.9 0.9 0.9 0.9 0.8 0.6 0.8 0.7 0.7 0.5 0.6 0.6 0.4 0.2 0.2 0.3 0.3 0.6 0.6 0.9 1.3 1.2

Japan 2.2 1.8 2.6 2.6 3.4 1.8 1.5 1.0 0.9 0.8 1.1 1.0 1.3 1.5 2.2 2.0 2.1 2.0 2.1 1.6 2.5 2.0 2.3 1.9 2.7 2.3 2.3 2.1 2.6 2.4 2.4 1.9 1.7 1.1 0.8 0.3 0.5 0.6 0.9 1.0 1.2 1.3 1.3 1.5

N America 2.4 3.2 3.5 3.9 3.0 2.2 1.7 1.4 1.5 1.3 1.6 1.6 1.4 1.1 1.2 1.4 1.4 1.7 1.6 1.4 1.4 1.3 1.8 1.8 1.8 1.9 1.8 1.5 1.7 1.6 1.8 1.3 1.1 1.4 1.1 0.7 0.7 0.9 0.9 1.2 1.5 2.1 2.9 2.2

S Korea 0.8 1.2 0.9 0.9 1.0 0.5 0.3 0.4 0.3 0.4 0.5 0.6 1.1 1.0 1.5 1.1 1.2 0.9 2.3 1.2 1.0 1.3 1.8 1.5 2.0 1.8 2.5 1.8 1.6 1.6 1.7 1.4 1.2 0.5 0.3 0.4 0.8 1.1 1.9 2.2 2.5 1.7 1.7 2.2

Taiwan 2.3 2.5 2.5 2.0 1.1 1.0 0.7 0.4 0.5 1.1 1.1 0.8 0.5 1.2 2.0 1.7 1.9 2.2 1.4 1.6 1.3 1.4 1.6 1.8 1.9 2.1 2.0 3.2 3.2 2.3 2.4 1.5 0.8 0.4 0.3 0.7 1.4 2.0 2.2 2.6 3.0 3.3 2.9 2.8

China 1.9 0.9 0.5 0.4 0.3 0.2 0.4 0.4 0.4 0.6 0.9 0.5 0.7 1.2 0.5 0.5 0.8 0.5 0.4 0.2 0.1 0.1 0.4 0.3 0.4 0.7 1.1 1.4 1.1 1.1

ROW 1.1 1.5 1.7 1.6 1.2 0.3 0.8 0.4 0.4 0.7 0.9 0.5 0.8 4.4 4.9 0.3 1.5 0.7 0.7 0.7 0.7 0.7 0.7 0.8 1.0 1.0 0.9 0.8 0.6 0.8 0.8 0.7 0.8 0.8 0.4 0.1 0.2 0.5 0.6 0.8 0.9 1.0 1.2 0.9 1.0

www.semi.org, 9/2011

Global Semiconductor & Semiconductor Capital Equipment

20111003

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Global Semiconductor & Semiconductor Capital Equipment3-Month Shipment Growth Rates on $ Basis

Sources: SIA; Semiconductor Equipment Association of Japan, www.semi.org

15915915915915915915915915915915915915915915915915915915915915915915915915915915915984 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11

0.2

0.4

0.6

0.8

1

1.2

1.41.6

1.8

2

2.2

2.4

2.62.8

3

3.2

3.4

3.63/12 Rate of Change

Semiconductors

SEMI Capital Equip

Series 5

Chips

Capital Equipment

20050118

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51/84

Solar/Photovoltaic

Solar/Photovoltaic Financials

20110911

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52/84


1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 206 07 08 09 10 11

0

5000

10000

15000

-5000

US$ (millions)

Revenue 2912 3327 3516 4279 4090 4795 5999 6832 6627 9022 9253 7462 5086 6183 7704 10216 8731 1133812858145231180012920

Income -508 -246 -414 -626 -775 -244 -719 -813 -413 -54 -1068 -1483 -1630 -2162 -4097 -3056-2651 -2061 -1582 -1329 -1706 -3317

Inventory 1792 2124 2919 2944 3494 4310 4694 5176 6182 7202 7299 6918 7323 7438 6666 5712 6772 7359 8732 9206 11356 12146

+14%Note: currencies converted to US$@ fluctuating exchange

Note that income & inventory data are incomplete

Global "Solar/Photovoltaic Foodchain" Growth

20110911

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53/84

Global Solar/Photovoltaic Foodchain Growth

2Q'11 vs. 2Q'10 1433

3

-9

-11

23

28

12

15

22

2

Total Industry

Vertically Integrated

Cells, Modules, Panels

Thin Film Processes

Thin Film Process Equip

Crystalline Semiconductor Processes

Other Process Equip

Materials

Inverters & Power Supplies

Batteries & Storage

Installations & End Applications

0 10 20 30 40-10-20

% ChangeUS$ equivalent at fluctuating exchange; based upon industry composites including acquisitions

20100918

Taiwan Solar/Photovoltaic Panel Companies20111011

8/3/2019 March 2011 EMS

54/84

Composite of 17 Manufacturers

135791113579111357911135791113579111357911135791113579111357911135791113579111357900 01 02 03 04 05 06 07 08 09 10 11

CALENDAR YEAR

0

2

46

8

10

12

14

16

18

20 NT$ billions

Big Sun Energy Technology, Daxon, DelSolar, e_TON Solar Tec, Eversol, Gintech, Green Energy Technology (GET),

Ligitek, Motech, Neo Solar Power, Phoenixtec Power Co (PPC), Precision Silicon, Sino-American Silicon Products,

Sonartech, Sysgration, Tyntek, Wafer Works

2010/2009 RevenueUp 80%

20050118

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55/84

Component

Distributors

DMASS20110530

E S i d t Di t ib ti I d t

8/3/2019 March 2011 EMS

56/84

1121

1027983 967

120012201170

1060

11851153

10931130

13801400

1340

1270

1480

13701310

1210

13721340

1220

1075

992

869926

960

1345

15001560

1470

1810

1710

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 203 04 05 06 07 08 09 10 11

0

500

1000

1500

2000Euros (millions)

Germany 342 297 274 368 348 342 292 357 342 343 333 439 438 434 393 491 435 434 380 461 437 419 347 329 289 315 314 457 498 551 494 640 603

Italy 161 152 158 171 138 140 175 166 131 144 198 193 159 160 201 182 155 152 183 174 132 117 116 99 91 104 155 166 153 143 200 183

UK 157 144 149 154 154 133 137 138 138 140 149 158 154 142 146 133 127 109 117 116 110 101 86 82 86 83 112 128 138 125 144 138

France 116 103 122 125 118 118 124 116 105 107 133 130 118 113 129 117 107 102 114 111 96 93 91 78 73 78 111 118 109 112 130 122

Other 346 331 983 693 403 422 418 377 392 391 376 406 461 481 475 462 513 503 487 467 497 502 464 417 370 321 361 381 510 590 609 596 696 664

European Semiconductor Distribution Industry

http://dmass.com/

20050118

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57/84

EMS & ODM

Companies

Large EMS ProvidersC i f 11 P bli C i

20110911

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58/84

Composite of 11 Public CompaniesQuarterly Revenue Growth

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 301 02 03 04 05 06 07 08 09 10 11

0.0

20.0

40.0

60.0

-20.0

-40.0

% Growth (quarter vs same quarter in prior year)

Benchmark+Pemstar, Celestica, Elcoteq, Flextronics+Solectron, Foxconn, Jabil, Plexus, Sanmina-SCI,

Sypris,Universal Scientific, Venture Mfg

Taiwan ODM CompaniesComposite Sales of 10 Large Manufacturers

20111011

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59/84

Composite Sales of 10 Large Manufacturers

Company Financial Releases

1357 91113 5791113 579111357911135 79111357 911135791113 57911135 79111357 9111357 911135791113 579111357998 99 00 01 02 03 04 05 06 07 08 09 10 11

CALENDAR YEAR

0

50

100

150

200

250

300

350

400

450

500

550

600 NT$ (Billions)

Asustek Computer, Chei Mei, Compal Electronics, Foxconn, Chimei Innolux , Inventec, InventecAppliance, Lite On Technology, Mitac International, Quanta Computer, Wistron, Chei Mei Display

replacing Chei Mei & Innolux Display 3/10 & later

2010/2009

+34%

Large ODM CompaniesC it f 10 P bli M f t

20111011

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60/84

Composite of 10 Public ManufacturersQuarterly Revenue Growth

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 399 00 01 02 03 04 05 06 07 08 09 10 11

0

20

40

60

80

-20

Asustek Computer, Compal Electronics, Foxconn, Chimei Innolux, Inventec, Inventec Appliance, LiteOn Technology, Mitac International, Quanta Computer, Wistron

20050118

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61/84

PCBFabrication

2010 World Rigid & Flex PCB Production byG hi l A

20110914

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62/84

Geographical Area

IPC 7/2011

N America

Europe

Japan

China/HK

Taiwan

S Korea

Rest of Asia

ROW

6.7%

5.2%

17.0%

40.3%

12.7%

11.1%

6.3%0.6%

Total: $55.2 Billion

(US$ M @ Average 2010 Exchange)

2010 World PCB ProductionT 20 C i

20110711

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63/84

Top 20 Companies

Dr Hayao Nakahara, N.T. Information Ltd 7/2011

Rank Maker Country US$M1 Unimicron Group Taiwan 2,1792 Ibiden Japan 2,1103 Nippon Mektron Japan 2,1064 Tripod Taiwan 1,370

5 TTM Technologies USA 1,3666 SEMCO (Samsung) S. Korea 1,2827 Nanya PCB Taiwan 1,1588 Foxconn Taiwan 1,1509 HannStar Board Taiwan 1,14810 KB PCB Group HK-China 1,122

11 Shinko Denki Japan 1,00312 Young Poong Group S. Korea 97813 CMK Japan 96814 Multek USA 91015 Meiko Japan 81716 Viasystems (+ former Merix) USA 80617 Daeduck Group S. Korea 80018 MFlex USA 79119 Fujikura Japan 77820 Compeq Taiwan 738

Japan PCB Shipments20110927

8/3/2019 March 2011 EMS

64/84

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 182 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11

CALENDAR YEAR

0

20

40

60

80

100Yen (billion)

www.jpca.org/kikaitoukei/kikai2011.xls

2010/2009+16%

Taiwan Rigid & Flex PCB ShipmentsBroad Composite of 42 Taiwan-listed Manufacturers

20111011

8/3/2019 March 2011 EMS

65/84

Broad Composite of 42 Taiwan listed Manufacturers

Company Financial Releases

13 57 91113 57 91113 57 91113 57 91113 57 91113 57 91113 57 91113 57 91113 57 91113 57 91113 5 7901 02 03 04 05 06 07 08 09 10 11

CALENDAR YEAR

0

4

8

12

16

20

24

28

32

36NT$ Billions

Up 19% in 2009 vs 2008

2010 European Rigid & Flex PCB Production20110815

US$ converted @ avg 2010 exchange rates

8/3/2019 March 2011 EMS

66/84

IPC World PCB Production Report for 2010, 8/11

Germany 1,170

Austria 216

Italy 239France 225

UK & Ireland 196

Switzerland 237

Spain & Portugal 55Scandinavia 85

Benelux 58

Central Europe 115

Russia & FSRs 203Turkey 25

41.4%

7.6%8.5%

8.0%

6.9%

8.4%

1.9%3.0%

2.1%

4.1%

7.2%0.9%

Total: US$2,824 Million

US$ converted @ avg 2010 exchange rates

2010 European PCB Companies20100711

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67/84

M Gasch 6/2011

Rank Maker Rank Maker1 Wurth 26 Greule2 AT&S 27 Cistel-Laier3 Schweizer Electronic 28 Optiprint4 Multek 29 LPP Pfullingen5 KSG 30 Rohde & Schwarz6 Ruwel Int. 31 Precoplat

7 Elvia Group 32 Technoflex8 Mektec Europe 33 ACB9 Cire Group 34 Eltos10 PPC 35 Freudenberg Mechatronic11 Somacis 36 Europrint Eger12 Schoeller 37 Ilfa13 GS Swiss PCB 38 Exception14 Dyconex 39 Ramaer15 Cicor Group 40 Cofidur-Tecchi16 Invotec 41 Graphic17 Hausermann 42 Elekonta Marek18 Flacon Group 43 Cimulec19 Varioprint 44 TW Elektronek

20 Polytron Print 45 Jenaer Lp21 Schaltungsdruck Storz 46 Fela22 Elco 47 Pri Dana23 hmp 48 ggp Peters24 Aspocomp 49 Cebisa25 OMR 50 Cipsa

Total 1,957 Million Euros (production in Europe only)

2010 European PCB Production20110711

Rank of Group Group Subtotal (Euro Million)

8/3/2019 March 2011 EMS

68/84

M Gasch 6/11

1-5487

6-10206

11-15147 16-20

112

21-2598

26-3084

31-35

76

36-4072

41-4562

46-50

52

Others559

24.9%

10.5%

7.5%5.7% 5.0%

4.3%

3.9%

3.7%

3.2%2.7%

28.5%

Total: 1,957 Million Euro

Rank of Group, Group Subtotal (Euro Million)

(production in Europe only)

PCB Book/Bill - VdL/ZVEI20111009

8/3/2019 March 2011 EMS

69/84

Primarily German PCB Makers

1 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 900 01 02 03 04 05 06 07 08 09 10 11

0.5

0.6

0.7

0.8

0.9

1

1.1

1.2

1.3

1.4

1.5

1.6

1.71.8

1.9

2

2.1

2.2B/B (1-month)

VdL/ZVEI

www.zvei.de/fileadmin/user_upload/Presse/

European PCB Market Comments20110130

8/3/2019 March 2011 EMS

70/84

Michael Gasch, Data4PCB 10/2011

Regarding the latest b2b values.

On first sight they look horrible but since about last yearwe have some PCB manufacturers catering to thePhotovoltaic-business whose ordering behaviour ismore than erratic.

I believe more in the longer trend which shows that westill have more orders on hand than we did in 2008, thatwe have better turnover than in most of the past 10 yearsand that employment again is back to 2008-level.

France is suffering from lack of orders from defence andindustrial electronics, UK is enjoying additional exportorders (ironically in just the same segments).

European Electronic Components & BoardProduction

20111012

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71/84

Eurostat

1 4 7101 4 7101 4 7101 4 7101 4 7101 4 7101 4 7101 4 7101 4 7101 4 7101 4 7101 4 700 01 02 03 04 05 06 07 08 09 10 11

CALENDAR YEAR

60

80

100

120

140

160

180

200


European PCB Monthly Shipments20111010

8/3/2019 March 2011 EMS

72/84

1357911135791113579111357911135791113579111357911135791113579111357911135791113579111357999 00 01 02 03 04 05 06 07 08 09 10 11

CALENDAR YEAR

0

100

200

300

400

500

600Euros (fluctuating exchange)

Source: Custer Consulting Group estimate based upon industry data

N American Rigid PCB Shipments & Orders20111004

8/3/2019 March 2011 EMS

73/84

IPC

1 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 808 09 10 11

CALENDAR YEAR

0

50

100

150

200 $M (statistical sample of about 50% of producers)Orders

Shipments

2010/2009 Rigid PCBShipment Growth:

+17.8%

Note: IPC survey captures "market" not domestic production. About 15% of the above represents imported boards

resold by N American PCB producers in survey.

20050118

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74/84

World PCB Model

Regional PCB Shipment Growth20111010

8/3/2019 March 2011 EMS

75/84

1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 1000 01 02 03 04 05 06 07 08 09 10 11

CALENDAR YEAR

0.4

0.5

0.6

0.7

0.8

0.9

11.1

1.2

1.3

1.4

1.5

1.6

1.7

1.8

1.93/12 rate of growth in local currency

Taiwan/China

Europe

Japan

N America

0 Growth

Sources: IPC, JPCA, Taiwan/China composite; modified SIA chip shipments to approximate Europe

2010 World Rigid & Flex PCB Production byGeographical Area

20110914

8/3/2019 March 2011 EMS

76/84

g p

IPC 7/2011

N America

Europe

Japan

China/HK

Taiwan

S Korea

Rest of Asia

ROW

6.7%

5.2%

17.0%

40.3%

12.7%

11.1%

6.3%0.6%

Total: $55.2 Billion

(US$ M @ Average 2010 Exchange)

World PCB Monthly ShipmentsConverted @ Constant 2010 Exchange Rates

20111011

8/3/2019 March 2011 EMS

77/84

13 57911135 791113579111357911135 79111357 911135791113 57911135 79111357 911135791113 57911135 7999 00 01 02 03 04 05 06 07 08 09 10 11

CALENDAR YEAR

0

1

2

3

4 Thousands

N America Europe Japan ROA


2

8/3/2019 March 2011 EMS

78/84

Forecasts&Conclusions

0

0

5

01

World Global PMI, Electronic Equipment, PCB &Semiconductor Shipments

20111011

8/3/2019 March 2011 EMS

79/84

Converted @ Constant 2008 Exchange Rates

3 6 9123 6 9123 6 9123 6 9123 6 9123 6 9123 6 9123 6 9123 6 9123 6 9123 6 9123 6 900 01 02 03 04 05 06 07 08 09 10 11

CALENDAR YEAR

0.5

0.7

0.9

1.1

1.3

1.5

3/12 rate of change

PCB "0" Growth SIA

El Equip Global PMI


World Semiconductor SalesTotal

20110918

8/3/2019 March 2011 EMS

80/84

255 228

299 299313

2008 2009 2010 2011 20120

50

100

150

200

250

300

350$ Billions

Gartner 9/11

Total

-10.5% +31.1% -0.1%+4.6%

"Three key factors are shaping the short-term outlook: excessinventory, manufacturing overcapacity and slowing demand dueto economic weakness," said Bryan Lewis, research vicepresident at Gartner. "Semiconductor companies' third-quarterguidance is well below seasonal averages. " 9/11

Worldwide Semiconductor Capital Equipment Market byGeography (with forecast)

20110803

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81/84

19.822.2

37.132.9

40.542.8

29.5

15.9

39.5

44.3 43.8

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.0

10.0

20.0

30.0

40.0

50.0 $ Billions

N America 5.9 4.7 5.8 5.7 7.3 6.6 5.6 3.4 5.8 9.3 8.3

Japan 3.9 5.6 8.3 8.2 9.2 9.3 7.0 2.2 4.4 5.1 5.2

Taiwan 3.5 2.9 7.8 5.7 7.3 10.7 5.0 4.4 11.2 10.6 10.7

Europe 2.1 2.6 3.4 3.3 3.6 2.9 2.5 1.0 2.3 3.6 3.9

S Korea 1.7 3.2 4.6 5.8 7.0 7.4 4.9 2.6 8.3 8.0 8.1

China 1.2 2.7 1.3 2.3 2.9 1.9 0.9 3.6 3.9 4.0

ROW 2.7 2.1 4.5 2.9 3.7 3.1 2.6 1.4 3.9 3.8 3.7

SEMI 8/2011 (and prior reports)

World PCB Shipments (with forecast)Converted @ Constant 2010 Exchange Rates

20111010

8/3/2019 March 2011 EMS

82/84

1 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 911199 00 01 02 03 04 05 06 07 08 09 10 11 12 13

CALENDAR YEAR

20

30

40

50

60 $ Billion

Source: Custer Consulting Group - 2010 base year expanded by monthly growth of N. American,

European, Japanese & Taiwan/China monthly PCB shipments

51.742.937.631.729.4

Growth calculations:Europe = composite European SIA & local PCBassoc dataJapan & N. America from JPCA & IPC dataTaiwan/China:44 rigid & flex companycompositeRest of Asia growth = Taiwan/China 44company composite

38.6 31.231.654.3 53.2 45.9 54.5

-14%+19%

54.9

0%

+3%

56.5

CCG Global PCB Leading Indicatorvs Global PCB Shipments3/12 rate of change

20111008

8/3/2019 March 2011 EMS

83/84

1 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91005 06 07 08 09 10 11

CALENDAR YEAR

0.5

0.7

0.9

1.1

1.3

1.5PCB Shipments "0" Growth

PCB Leading Indicator


Final Comments2005011820110622

8/3/2019 March 2011 EMS

84/84

Growth has now slowed, partially due to excess orders in2010 and inventory building.

Global economy is fragile. China's rising costs, USA's

political wrangling, Japan's earthquake issues and thefinancial concerns of weaker EEC countries are alldisruptive.

Yet many end markets remain fundamentally healthy.

2012 will begin with slow growth but good opportunties will

still exist.

Watch the leading indicators.

Focus on the high growth markets and customers.

Documents

Marché 2011 EMS