Avnet 2006 Annual Report Download

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Table of contents

  • Page 1

  • Page 2
    ... customers in 70 countries. Our core competencies in engineering services, inventory management, marketing, product modification, supply chain solutions and accounts receivable Avnet boasts 18 distribution, programming and value-add centers in the Americas, Asia and EMEA (Europe, the Middle East and...

  • Page 3
    ... devices are programmed at Avnet Logistics & Solutions Centers every day. CHAIRMAN'S LETTER Dear Avnet Shareholder: What a year! Record sales on the top line. Record net income on the bottom line. Record efficiency and productivity metrics for profitability and asset velocity. Near record earnings...

  • Page 4
    ... our electronic components business, Avnet Electronics Marketing: • Grew revenue 48 percent to $9.26 billion (1) • Grew operating income 80 percent to $419 million (2) • Rapidly increased ROWC every quarter (2) For computer products, our growth standouts were storage, software and services. We...

  • Page 5
    ... operating officer (COO), Rick Hamada, has been at the vanguard of Avnet's efforts to build this culture, instituting our first published core values and many of our employee recognition programs. Joining Avnet in 1983 Operational Return on Working Capital (2) (percentage) 25% Our trading partners...

  • Page 6
    ..., tools, products, services, people and financial resources we need to win in the marketplace. Our global organizational structure is in place. Roy Vallee (L.) and Rick Hamada Profitable growth is our mantra, and we have real traction in our operational excellence and people development initiatives...

  • Page 7
    ... ¥ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended July 1, 2006 or n TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-4224 Avnet, Inc...

  • Page 8
    ...4. PART I Business Risk Factors Unresolved Staff Comments Properties Legal Proceedings Submission of Matters to a Vote of Security Holders PART II Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities Selected Financial Data Management...

  • Page 9
    ..., materials management and logistics services, system integration and configuration, and supply chain advisory services. Organizational Structure Avnet has two primary operating groups Ì Electronics Marketing (""EM'') and Technology Solutions (""TS''). Both operating groups have operations in each...

  • Page 10
    ... globally to support product design, bill of materials development, design services and technical education and training. By utilizing EM's design chain services, customers can optimize their component selection and improve their time to market. Avnet Supply Chain Services provides end-to-end supply...

  • Page 11
    ..., fan assembly, taping, reeling and component modification. EMEA ‚ In EMEA, EM goes to market with seven sales and marketing divisions focused on a specific set of suppliers, products or geographies. Divisions that are organized by semiconductors, IP&E products and supply chain services address...

  • Page 12
    ... and technical services, including in-house engineering support, complex systems integration and configuration services. Besides locations in North America, Avnet Partner Solutions operates in Australia, Austria, Belgium, the Czech Republic, Germany, Hungary, Italy, Poland, Slovakia, Switzerland and...

  • Page 13
    ... EM's operations. With the exception of the acquisition of Memec in fiscal 2006, Avnet has made no significant acquisitions in the past three years. Avnet has historically pursued a strategic acquisition program to grow its presence in world markets for electronic components and computer products...

  • Page 14
    ... 13(a) or 15(d) of Securities Exchange Act of 1934, as well as Section 16 filings made by any of the Company's executive officers or directors with respect to Avnet common stock, are available on the Company's website (www.avnet.com under the ""Investor Relations Ì SEC Filings'' caption) as soon as...

  • Page 15
    ... electronic components and computer products from the industry's leading suppliers. In addition, to the extent that any of the Company's key suppliers modifies the terms of their contracts, including, without limitation, the terms regarding price protection, rights of return, rebates or other terms...

  • Page 16
    ...of the Company's inventory or unexpected order cancellations by the Company's customers could materially, adversely affect its business, results of operations, financial condition or liquidity. The electronic components and computer products industry is subject to rapid technological change, new and...

  • Page 17
    ... its Securitization Program. The electronics component and computer industries are highly competitive and if the Company cannot effectively compete, its revenues may decline. The market for the Company's products and services is very competitive and subject to rapid technological advances. Not only...

  • Page 18
    ...Tempe, Arizona Chandler, Arizona ÏÏÏÏÏ Phoenix, Arizona Grapevine, Texas Poing, Germany Tongeren, Belgium ÏÏÏÏ 176,000 132,000 395,000 122,000 181,000 190,000 167,000 Leased Leased Owned Leased Owned Leased Owned Corporate and EM headquarters TS headquarters EM warehousing and value...

  • Page 19
    ... of the costs associated with these environmental clean up sites. The Company and/or its subsidiaries are also parties to various other legal proceedings arising from time to time in the normal course of business. While litigation is subject to inherent uncertainties, management currently believes...

  • Page 20
    ... Purchases of Equity Securities Market price per share The Company's common stock is listed on the New York Stock Exchange under the symbol AVT. Quarterly high and low sales prices (as reported for the New York Stock Exchange composite transactions) for the last two fiscal years were: 2006 Fiscal...

  • Page 21
    ... and other charges recorded during fiscal 2006, including inventory writedowns for terminated lines (recorded in cost of sales), resulting from the Company's acquisition and integration of Memec into Avnet's existing business and actions taken following the divestitures of two TS businesses in the...

  • Page 22
    ... the Computer Marketing (""CM'') and Applied Computing (""AC'') operating groups into one operating group now called Technology Solutions. These charges amounted to $55.6 million (all of which was included in operating expenses), $38.6 million after-tax and $0.32 per share on a diluted basis. Fiscal...

  • Page 23
    ...2006, Avnet completed the acquisition of Memec Group Holdings Limited (""Memec''), a global distributor that marketed and sold a portfolio of semiconductor devices from industry-leading suppliers, in addition to providing customers with engineering expertise and design services. Memec recorded sales...

  • Page 24
    ... the acquisition and integration of Memec into Avnet's existing business, (ii) actions taken following the divestitures of two small, non-core TS businesses in the Americas, certain cost-cutting initiatives in the TS EMEA region and other actions, (iii) incremental stock-based compensation expense...

  • Page 25
    ... prior period, EM Americas fiscal 2006 sales grew 6.3% as compared with fiscal 2005. EM Asia again posted the most significant growth in sales for EM as its sales grew 77.7% to a record $2.42 billion as a result of the acquisition of Memec and strong organic growth. Including Memec's sales on a pro...

  • Page 26
    ...of these charges. The Company's margin is impacted by the mix of business between Avnet's two operating groups as the computer product sales of TS typically yield lower gross profit margins, but also a lower capital investment, than the electronic component sales of EM. In addition, the sales mix by...

  • Page 27
    ... actions. The fiscal 2004 charges relate primarily to the reorganization of operations in each of the three major regions of the world in which the Company operates, generally taken in response to business conditions at the time of the charge and as part of the Company's efforts to return to the...

  • Page 28
    ... combined Avnet and Memec business. As a result, management recorded a write-down of the related inventory on hand to fair market value due to the lack of contractual return privileges when a line is terminated by Avnet. Severance charges incurred during fiscal 2006 related to work force reductions...

  • Page 29
    ... divested business lines. Severance charges in fiscal 2006 also included termination benefits for over 10 personnel in the TS EMEA operations who were identified as redundant based upon the realignment of certain job functions in that region and two corporate management-level employees. The facility...

  • Page 30
    ... the profitability of the Company. These actions can generally be broken into three categories: (1) the combination of the Company's former Computer Marketing (""CM'') and Applied Computing (""AC'') segments into one computer products and services business called Technology Solutions (""TS''), as...

  • Page 31
    ... 2007. Loss on Sale of Business Lines, Net During fiscal 2006, the Company divested two TS end-user business lines in the Americas and two EM specialty business lines in EMEA. In TS, the Company sold its Americas end-user server and storage business line to a value-added reseller. The Company also...

  • Page 32
    ...and Other Charges, Selling, General and Administrative Expenses and Loss on Sale of Business Lines, Net for further discussion of these charges). EM reported operating income of $419.1 million (4.5% of EM sales) in fiscal 2006 as compared with operating income of $233.1 million (3.7% of EM sales) in...

  • Page 33
    ... Avnet's effective tax rate on its income before taxes for fiscal 2006 was 35.3% as compared with an effective tax rate of 29.8% in fiscal 2005 and 25.9% in fiscal 2004. The increase in the effective rate is primarily a function of a loss on the sale of a small, non-core EM business in the EMEA...

  • Page 34
    ... table. Gross Profit Year Ended July 1, 2006 Operating Pre-tax Net Income Income Income ($ in thousands, except per share data) Diluted EPS Restructuring, integration and other charges (primarily Memec acquisition-related)ÏÏÏ Restructuring and other costs related to business divestitures and...

  • Page 35
    ...the future based upon market conditions or changes in business strategy, the Company may be required to record impairment charges to goodwill. Contingencies and Litigation The Company is involved in various legal proceedings and other claims related to environmental, labor, product and other matters...

  • Page 36
    .... Accordingly, other than for estimates related to possible returns of products from customers, discounts or rebates, the recording of revenue does not require significant judgments or estimates. Provisions for returns are estimated based on historical sales returns, credit memo analysis and other...

  • Page 37
    ... pre-tax charges of $10.5 million in fiscal 2006 associated with the expensing of stock options and employee stock purchase plan activity. Additionally, the Company increased its grant activity under other stock-based compensation programs (while decreasing the number of options granted) that...

  • Page 38
    ... the case of fiscal 2006, stock-based compensation expense) in cash flows from operations. (2) Cash flow from working capital is the combination of the changes in the Company's working capital and other balance sheet accounts in cash flows from operations (receivables, inventories, accounts payable...

  • Page 39
    ... fiscal 2006 relating to restructuring, integration and payments of amounts accrued in purchase accounting associated with the Memec acquisition, and restructuring and other costs as a result of the sale of two TS business lines and other actions taken during fiscal 2006. See Results of Operations...

  • Page 40
    ... and payables is driven by higher sales and purchasing volumes. Additionally, inventory growth was also expected as the industry moved into an up-cycle, especially in the electronic components sector where longer lead times from suppliers and increased demand from customers typically result...

  • Page 41
    ... 2006 and relates to both the 93/4% Notes and 8.00% Notes in fiscal 2005 as discussed in Financing Transactions. The capitalization as of July 1, 2006 also reflects the impact of approximately 24.0 million shares of Avnet common stock issued to the former owners of Memec as part of the acquisition...

  • Page 42
    ... swaps with a total notional amount of $400.0 million in order to hedge the change in fair value of the 8% Notes related to fluctuations in interest rates. These contracts were classified as fair value hedges with a November 2006 maturity date. The interest rate swaps modified the Company's interest...

  • Page 43
    ... lines of credit in various locations to fund the short-term working capital, foreign exchange, overdraft and letter of credit needs of its wholly owned subsidiaries in Canada, Europe and Asia. Avnet generally guarantees its subsidiaries' debt under these facilities. Off-Balance Sheet Arrangements...

  • Page 44
    ...cash used for the acquisition of the minority interest in Avnet's Israeli subsidiary and other items, net cash proceeds from the sale of the TS and EM business lines and the equity investment in Calence, and cash payments made related to restructuring charges and integration costs and other reserves...

  • Page 45
    ... and Other Charges). As a result of the factors noted above, total working capital decreased by approximately 1.8% during fiscal 2006. Total capital grew primarily due to the 24.0 million shares of Avnet common stock granted to Memec's former shareholders in connection with the acquisition and the...

  • Page 46
    ... the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified by the Securities and Exchange Commission's rules and forms relating to the Company. During the last quarter of fiscal 2006, there have been...

  • Page 47
    ... of America. Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Management conducted an...

  • Page 48
    ... become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. In our opinion, management's assessment that Avnet, Inc. maintained effective internal control over financial reporting as of July 1, 2006, is fairly stated, in all...

  • Page 49
    ... is incorporated in this Report by reference to the Company's definitive proxy statement relating to the Annual Meeting of Stockholders anticipated to be held on November 9, 2006. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters The information...

  • Page 50
    ... a. The following documents are filed as part of this Report: Page 1. 2. 3. Consolidated Financial Statements: Report of Independent Registered Public Accounting Firm Avnet, Inc. and Subsidiaries Consolidated Financial Statements: Consolidated Balance Sheets at July 1, 2006 and July 2, 2005...

  • Page 51
    ... by the undersigned, thereunto duly authorized. AVNET, INC. (Registrant) By: /s/ ROY VALLEE Roy Vallee, Chairman of the Board, Chief Executive Officer and Director Date: August 30, 2006 Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the...

  • Page 52
    ... Firm The Board of Directors and Shareholders Avnet, Inc.: We have audited the accompanying consolidated balance sheets of Avnet, Inc. and subsidiaries (the Company) as of July 1, 2006, and July 2, 2005, and the related consolidated statements of operations, shareholders' equity and cash flows for...

  • Page 53
    AVNET, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS July 1, July 2, 2006 2005 (Thousands, except share amounts) ASSETS Current assets: Cash and cash equivalents Receivables, less allowances of $88,983 and $85,079, respectively (Note 3) ÏÏ Inventories Prepaid and other current assets Total...

  • Page 54
    ...Cost of sales (Note 17 Gross profit Selling, general and administrative expenses Restructuring, integration and other charges (Note 17 Loss on sale of business lines, net (Note 2 Operating income Other income, net Interest expense Debt extinguishment costs (Note 7 Income before income taxes...

  • Page 55
    ...Comprehensive income (Note 4 Stock issued for acquisition of Memec ÏÏÏ Stock option and incentive programs, including related tax benefits of $112 ÏÏ 24,011 1,885 394,194 46,504 $1,010,336 Ì $1,487,575 Ì $186,876 (162) $(271) 418,205 48,227 $2,831,183 Balance at July 1, 2006 146,667 See...

  • Page 56
    ... Deferred income taxes (Note 9 Non-cash restructuring and other charges (Note 17 Other, net (Note 15 Changes in (net of effects from business acquisitions): Receivables Inventories Accounts payable Accrued expenses and other, net Net cash flows (used for) provided from operating activities...

  • Page 57
    ... impairment are performed by applying a fair-value based test to Avnet's reporting units, defined as each of the three regional businesses, which are the Americas, EMEA (Europe, Middle East and Africa), and Asia, within each of the Company's operating groups. The Company conducts its periodic test...

  • Page 58
    ... if Avnet, in turn, has a right to return the product to the original supplier if the product is defective. Under these terms, the Company serves as the principal with the customer, as defined under SAB 104 and Emerging Issues Task Force Issue No. 99-19 (""EITF 99-19''), Reporting Revenue Gross as...

  • Page 59
    ...Company sells electronic components and computer products primarily to original equipment and contract manufacturers, including the military and military contractors, throughout the world. To reduce credit risk, management performs ongoing credit evaluations of its customers' financial condition and...

  • Page 60
    ... sixty days. The Company adjusts all foreign denominated balances and any outstanding foreign exchange contracts to fair market value through the consolidated statements of operations. Therefore, the market risk related to the foreign exchange contracts is offset by the changes in valuation of the...

  • Page 61
    ...including grants of employee stock options, be measured at fair value and expensed in the consolidated statement of operations over the service period (generally the vesting period). Upon adoption, the Company transitioned to SFAS 123R using the modified prospective application, whereby compensation...

  • Page 62
    ... twelve months ended July 4, 2005, has been fully integrated into the Electronics Marketing group (""EM'') of Avnet as of the end of fiscal 2006. Purchase price The consideration for the Memec acquisition consisted of stock and cash valued at approximately $506,882,000, including transaction costs...

  • Page 63
    ..., INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued) cash acquired). All but $27,343,000 of this acquired net debt was repaid upon the closing of the acquisition. Under the terms of the purchase, Memec investors received 24,011,000 shares of Avnet common stock plus $63...

  • Page 64
    ... plans to integrate the acquired operations into all three regions of the Company's EM operations, for which the Company recorded $73,380,000 in exit-related purchase accounting adjustments during fiscal 2006. These purchase accounting adjustments consist of severance for Memec workforce reductions...

  • Page 65
    ...downs. The purchase accounting reserves established for severance are for reductions of workforce acquired from Memec relating to over 700 personnel primarily in the Americas and EMEA regions, including reductions in senior management, administrative, finance and certain operational functions. These...

  • Page 66
    ... annual management fee that will no longer be incurred following the acquisition and other severance-related costs. Divestitures and investments During the third quarter of fiscal 2006, the Company completed the divestiture of two end-user business lines in its Technology Solutions (""TS'') Americas...

  • Page 67
    ...was integrated into Avnet's Technology Solutions operations in Europe. The Company acquired DNS for cash consideration, net of cash acquired, totaling $1,098,000. Fiscal 2004 During fiscal 2004, the Company completed a contingent purchase price payment associated with its January 2000 acquisition of...

  • Page 68
    ... and $58,644,000 in fiscal 2006, 2005 and 2004, respectively. 6. Goodwill The following table presents the carrying amount of goodwill, by reportable segment, for the periods presented: Electronics Marketing Technology Solutions (Thousands) Total Carrying value at July 3, 2004 Additions Foreign...

  • Page 69
    ...'s Israeli subsidiaries. The additions in Technology Solutions relate primarily to a final earnout payment made in the first quarter of fiscal 2006 to the former owners of DNS Slovakia, which was acquired by Avnet in fiscal 2005. During fiscal 2006, the Company divested a small, non-core EM business...

  • Page 70
    ... certain covenants, all of which the Company was in compliance with as of July 1, 2006. At July 1, 2006, there was $6,000,000 drawn and $22,925,000 in letters of credit issued under the Amended Credit Facility included in other long-term debt in the preceding table. There were no borrowings under...

  • Page 71
    ... after-tax and $0.12 per share on a diluted basis during fiscal 2004 related primarily to premiums and other transaction costs associated with this tender. At July 2, 2005, the Company had two interest rate swaps with a total notional amount of $400,000,000 in order to hedge the change in fair value...

  • Page 72
    ... are adjusted as facts and circumstances change. During fiscal 2006, Avnet acquired income tax contingency reserves as a result of the Memec acquisition and recorded additional contingency reserves for tax exposures in the EMEA and Asia regions, partially offset by the favorable settlement of...

  • Page 73
    ...-forwards. In fiscal 2006, the effective tax rate was impacted by a loss on the sale of a small, non-core EM business in the EMEA region for which no tax benefit is available as well as additional contingency reserves due to the recognition of tax exposures in the EMEA and Asia regions, partially...

  • Page 74
    ...210,048 381,959 (191,983) 189,976 9,081 $ 180,895 During fiscal 2006, the Company acquired deferred tax assets and related valuation allowances as a result of the acquisition of Memec (see Note 2). Following the acquisition, Avnet analyzed these assets based upon the evaluation of relevant factors...

  • Page 75
    ... average assumptions used to calculate actuarial present values of benefit obligations are as follows: 2006 2005 Discount rate 6.50% 5.50% Under the cash balance plan, service costs are based solely on current year salary levels; therefore, projected salary increases are not taken into account...

  • Page 76
    ... for fiscal 2006 and 2005: 2006 2005 Equity securities Debt securities Other investments, primarily money market funds 75% 24 1 72% 27 1 The general investment objectives of the Plan are to maximize returns through a diversified investment portfolio in order to earn annualized returns that...

  • Page 77
    ... pre-tax charges of $10,475,000 in fiscal 2006, associated with the expensing of stock options and employee stock purchase plan activity. Additionally, the Company increased its grant activity under other stock-based compensation programs (while decreasing the number of stock options granted) that...

  • Page 78
    ... July 2, July 3, 2006 2005 2004 (Thousands, except per share data) Pre-tax stock-based compensation expense assuming fair value method applied to all awards(1 Stock-based compensation expense, net of tax Net income, as reported Fair value impact of employee stock compensation not reported in net...

  • Page 79
    AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued) Stock option plans The Company has four stock option plans with shares available for grant at July 1, 2006 as follows: Plan 1996 1997 1999 2003 Minimum exercise price as a percentage of fair market value at date ...

  • Page 80
    ... program. Performance shares Beginning in fiscal 2006, eligible employees, including Avnet's executive officers, may receive a portion of their long-term equity-based incentive compensation through the performance share program under Avnet's 2003 Stock Compensation Plan, which allows for the award...

  • Page 81
    ... fiscal 2006, the Company recognized pre-tax compensation expense associated with the Performance Shares of $2,559,000. Outside director stock bonus plan Prior to the second quarter of fiscal 2006, the Company had a program whereby non-employee directors were awarded shares equal to $20,000 of Avnet...

  • Page 82
    ... taxes $95,299 $35,724 $85,242 $19,083 $105,773 $(59,073) Non-cash activity during the fiscal 2006 that was a result of the Memec acquisition (see Note 2) consisted of $418,205,000 of common stock issued as part of the consideration, $447,499,000 of liabilities assumed and $27,343000 of debt...

  • Page 83
    .... TS also focuses on the worldwide original equipment manufacturers (""OEM'') market for computing technology, system integrators and non-PC OEMs that require embedded systems and solutions including engineering, product prototyping, integration and other value-added services. July 1, 2006 Years...

  • Page 84
    ... expenditures: Electronics Marketing Technology Solutions Corporate $ 36.3 4.0 11.5 51.8 29.3 9.8 27.4 66.5 $ Depreciation & amortization expense: Electronics Marketing Technology Solutions Corporate $ $ $ $ $ Sales, by geographic area, are as follows: Americas(1 EMEA(2 Asia/Pacific...

  • Page 85
    ... sales in the accompanying consolidated statements of operations. Memec-related restructuring, integration and other charges During fiscal 2006, the acquired Memec business was being integrated into the Company's existing EM operations in all three regions. As a result of the acquisition integration...

  • Page 86
    ... combined Avnet and Memec business. As a result, management recorded a write-down of the related inventory on hand to fair market value due to the lack of contractual return privileges when a line is terminated by Avnet. Severance charges incurred during fiscal 2006 related to work force reductions...

  • Page 87
    ... actions taken by TS in the EMEA region and certain actions at corporate in fiscal 2006. The following table summarizes the activity relating to the restructuring and other charges related to business line divestitures and other actions taken during fiscal 2006: Severance Costs Facility Exit Costs...

  • Page 88
    ... divested business lines. Severance charges in fiscal 2006 also included termination benefits for over 10 personnel in the TS EMEA operations who were identified as redundant based upon the realignment of certain job functions in that region and two corporate management-level employees. The facility...

  • Page 89
    ... cost cutting initiatives in order to improve profitability. These actions can generally be broken into three categories: (1) the combination of the CM and AC operating groups into one computer products and services business (see Note 16); (2) the reorganization of the Company's global IT resources...

  • Page 90
    ... for consolidation primarily in the Americas and EMEA regions. These facilities generally related to certain logistics and warehousing operations as well as certain administrative facilities across both operating groups and at the corporate level. The charges related to reserves for remaining non...

  • Page 91
    ... with the acquisition of Memec (impacts third and fourth quarter); and (v) net loss on sale of business lines divested (impacts third and fourth quarter). The impact of the charges described in (i) through (v) by quarter in Fiscal 2006 was $29.2 million pre-tax, $19.3 million after tax and $0.14...

  • Page 92
    ... acquired as a result of the Memec acquisition (see Note 2) and additional valuation allowances associated with legal entity reorganizations of certain foreign operations. (d) Reclassification of contingency reserves to valuation allowance (see Note 8). (e) Write-off of certain unrealizable tax...

  • Page 93
    ... the Company and its subsidiaries on a consolidated basis. Therefore, these instruments are not required to be filed as exhibits to this Report. The Company agrees to furnish copies of such instruments to the Commission upon request. Executive Compensation Plans and Arrangements Employment Agreement...

  • Page 94
    ... to the Company's Current Report on Form 8-K dated August 29, 2006, Exhibit 10.2). Avnet, Inc. Executive Incentive Plan (incorporated herein by reference to the Company's Proxy Statement dated October 7, 2002). Amended and Restated Employee Stock Purchase Plan (incorporated herein by reference...

  • Page 95
    Exhibit Number Exhibit 10.27 10.28 10.29 10.30 10.31 10.32 Avnet Deferred Compensation Plan (incorporated by reference to the Company's Current Report on Form 8-K dated May 18, 2005, Exhibit 99.1). Change of Control Agreement dated as of March 1, 2001 between the Company and Harley Feldberg (...

  • Page 96
    ...'s Current Report on Form 8-K dated August 29, 2006, Exhibit 10.5). 10.33 Amended and Restated Credit Agreement, dated October 13, 2005, by and among Avnet, Inc., Avnet Logistics U.S., L.P. and Certain Other Subsidiaries, as Borrowers, Bank of America, N.A. as Administrative Agent, Swing Line Lender...

  • Page 97
    ..., Avnet Technology Solutions EMEA* General Counsel & Secretary Chief Human Resources Development Officer President, Avnet Technology Solutions Americas Avnet ships approximately 8 million line items annually. Harley Feldberg President, Avnet Electronics Marketing Global Phil Gallagher Rick Hamada...

  • Page 98
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