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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
Investor Presentation
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
Investor Presentation
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
Investor Presentation
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
Investor Presentation
Where We Are Today…
by Region by End Market
Asia38%
Americas24%
Europe38%
Computing19%
Medical1%
Military/Aero4%
Industrial39%
Telecom8%
Automotive16%
Consumer13%
Revenue Year 2007
7
Investor Presentation
Where We Are Today…
OEM
EMS DISTRIBUTION
No single customer has over 7% of sales
8
Investor Presentation
• 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
Where We Are Today…
Source: WRTS, Company estimates
#1 worldwide in many passive component categories
9
Investor Presentation
• 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
Investor Presentation
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
Where We Are Today…
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
Investor Presentation
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
Investor Presentation
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
Investor Presentation
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
Investor Presentation
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
Investor Presentation
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
Investor Presentation
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
Investor Presentation
Growth Through R&DExtending Existing Product Line
Reduce size
Increase performance
Reduce cost
19
Investor Presentation
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
Investor Presentation
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
Investor Presentation
Growth Through Vertical Integration:Measurements Group
World Market: $1.5 billion(Company estimate)
22
Investor Presentation
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
Investor Presentation
Q1 2008 Guidance
Sales in the range of $720 M to $740 MGross margins slightly up