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Table of Contents
Consolidated sales in fiscal 2011 were $26.53 billion, an increase of 38.5%, or $7.37 billion, from fiscal 2010 consolidated sales
of $19.16 billion. This increase was due to the combination of growth through acquisitions and organic growth of 17.1%. EM sales of
$15.07 billion in fiscal 2011 increased 37.4% over fiscal 2010 sales of $10.97 billion. The year-over-
year comparisons were impacted
by acquisitions and the transfer of the TS Americas embedded business to EM Americas. Organic sales increased 21.9% year over
year and all three regions contributed with organic growth of 14.2%, 34.4% and 19.5% in the Americas, EMEA and Asia,
respectively, largely attributable to the continued strong end demand across the technology industry. TS sales of $11.47 billion in
fiscal 2011 increased 40.0% over fiscal 2010 sales of $8.19 billion. The year-over-
year comparisons were positively impacted by
recent acquisitions, and partially offset by the transfer of the TS Americas embedded business to EM and a divestiture. Organic sales
increased 11.3% year over year driven by the Americas and Asia regions with increased organic sales of 13.0% and 31.4%,
respectively. In the EMEA region, organic sales increased 1.7%. On a product level, year-over-
year sales growth was driven primarily
by demand for storage and servers.
Fiscal 2010 Comparison to Fiscal 2009
The table below provides the comparison of reported fiscal 2010 and 2009 sales for the Company and its operating groups to pro
forma (or organic) sales as previously defined to allow readers to better assess and understand the Company’
s revenue performance by
operating group.
Consolidated sales in fiscal 2010 were $19.16 billion, up 18.1%, or $2.93 billion, over consolidated sales of $16.23 billion in
fiscal 2009. The continued growth throughout fiscal 2010 exceeded management’
s expectations as the technology markets recovered
faster than anticipated following the rapid declines experienced in fiscal 2009. As mentioned earlier in this MD&A, fiscal 2010
included an extra week when compared with fiscal 2009, which management estimates added approximately $400 million in sales.
Acquisitions also positively impacted fiscal 2010 results as organic growth was 15.5%.
EM sales of $10.97 billion increased 19.3%, or $1.77 billion, over sales of $9.19 billion in fiscal 2009. Organic sales increased
15.6% year over year. All three regions contributed to the year-over-
year increase in EM sales led by the Asia region where sales
increased 34.9%. The EMEA region sales increased 20.6% year over year and organic revenue growth was 12.5%. Excluding the
translation impact of changes in foreign currency exchange rates, EM EMEA sales increased 19.9% year over year and organic sales
increased 11.8%. Sales increased 4.5% from prior year in the Americas region, which had initially been slower to recover than the
other EM regions; however, the Americas sales increased 17.8% and 39.5% year over year in the third and fourth quarters,
respectively.
TS sales of $8.19 billion in fiscal 2010 were up 16.4%, or $1.16 billion, over sales of $7.04 billion in fiscal 2009. Organic sales
increased 15.2% year over year. TS Asia sales increased 88.4% year over year and 59.8% on an organic sales basis as the Asia region
was positively impacted by investments and acquisitions made in China. Sales increased 15.2% and 2.5% year over year in TS
Americas and TS EMEA, respectively. Excluding the translation impact of changes in foreign currency exchange rates, TS EMEA
sales increased 1.8% year over year. The EMEA region continues to lag in the economic recovery as compared with the other TS
regions, although it did see robust year-over-year organic growth of approximately 13.8% in the fourth quarter.
20
2010 to 2009
Sales as
Acquisition
Pro Forma
Pro Forma
Reported
Sales
Sales
Change
(Dollars in millions)
EM
$
10,966.8
$
—
$
10,966.8
15.6
%
TS
8,193.4
119.1
8,312.5
15.2
Fiscal 2010
$
19,160.2
$
119.1
$
19,279.3
15.5
EM
$
9,192.8
$
291.8
$
9,484.6
TS
7,037.1
177.9
7,215.0
Fiscal 2009
$
16,229.9
$
469.7
$
16,699.6