| AVNET, INC. | ||||||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||||||
| (THOUSANDS) | ||||||||||||
| JUNE 29, | JUNE 30, | |||||||||||
| 2013 | 2012 | |||||||||||
| Assets: | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | $ | 1,009,343 | $ | 1,006,864 | ||||||||
| Receivables, net | 4,868,973 | 4,607,324 | ||||||||||
| Inventories | 2,264,341 | 2,388,642 | ||||||||||
| Prepaid and other current assets | 214,221 | 251,609 | ||||||||||
| Total current assets | 8,356,878 | 8,254,439 | ||||||||||
| Property, plant and equipment, net | 492,606 | 461,230 | ||||||||||
| Goodwill | 1,261,288 | 1,100,621 | ||||||||||
| Other assets | 363,908 | 351,576 | ||||||||||
| Total assets | $ | 10,474,680 | $ | 10,167,866 | ||||||||
| Liabilities and Shareholders' Equity: | ||||||||||||
| Current liabilities: | ||||||||||||
| Borrowings due within one year | $ | 838,190 | $ | 872,404 | ||||||||
| Accounts payable | 3,278,152 | 3,230,765 | ||||||||||
| Accrued expenses and other | 705,102 | 695,483 | ||||||||||
|
Total current liabilities |
4,821,444 | 4,798,652 | ||||||||||
| Long-term debt | 1,206,993 | 1,271,985 | ||||||||||
| Other long-term liabilities | 157,118 | 191,497 | ||||||||||
| Total liabilities | 6,185,555 | 6,262,134 | ||||||||||
| Shareholders' equity | 4,289,125 | 3,905,732 | ||||||||||
| Total liabilities and shareholders' equity | $ | 10,474,680 | $ | 10,167,866 | ||||||||
| AVNET, INC. | ||||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||
| (THOUSANDS) | ||||||||||||||
| FISCAL YEARS ENDED | ||||||||||||||
| JUNE 29, | JUNE 30, | |||||||||||||
| 2013 | 2012 | |||||||||||||
| Cash flows from operating activities: | ||||||||||||||
| Net income | $ | 450,073 | $ | 567,019 | ||||||||||
| Non-cash and other reconciling items: | ||||||||||||||
| Depreciation and amortization | 120,676 | 101,336 | ||||||||||||
| Deferred income taxes | (10,019 | ) | 11,782 | |||||||||||
| Stock-based compensation | 43,677 | 35,737 | ||||||||||||
| Gain on bargain purchase and other | (31,011 | ) | (2,918 | ) | ||||||||||
| Other, net | 75,327 | 66,263 | ||||||||||||
| Changes in (net of effects from businesses acquired): | ||||||||||||||
| Receivables | (94,203 | ) | 72,267 | |||||||||||
| Inventories | 225,667 | 133,178 | ||||||||||||
| Accounts payable | (78,834 | ) | (319,094 | ) | ||||||||||
| Accrued expenses and other, net | (5,156 | ) | (136,852 | ) | ||||||||||
| Net cash flows provided by operating activities | 696,197 | 528,718 | ||||||||||||
| Cash flows from financing activities: | ||||||||||||||
| Issuance of notes in public offering, net of issuance cost | 349,258 | - | ||||||||||||
| (Repayment of) borrowings under accounts receivable securitization program | (310,000 | ) | 510,000 | |||||||||||
| (Repayment of) Proceeds from bank debt, net | (179,861 | ) | 86,823 | |||||||||||
| Repayment of other debt, net | (1,080 | ) | (1,007 | ) | ||||||||||
| Repurchases of common stock | (207,192 | ) | (318,333 | ) | ||||||||||
| Other, net | 4,792 | 5,590 | ||||||||||||
| Net cash flows (used in) provided by financing activities | (344,083 | ) | 283,073 | |||||||||||
| Cash flows from investing activities: | ||||||||||||||
|
Purchases of property, plant and equipment |
(97,379 | ) | (128,652 | ) | ||||||||||
| Cash proceeds from sales of property, plant and equipment | 3,018 | 1,046 | ||||||||||||
| Acquisitions of operations, net of cash acquired | (262,306 | ) | (313,218 | ) | ||||||||||
| Cash proceeds from divestitures | 3,613 | - | ||||||||||||
| Net cash flows used for investing activities | (353,054 | ) | (440,824 | ) | ||||||||||
| Effect of exchange rates on cash and cash equivalents | 3,419 | (39,437 | ) | |||||||||||
| Cash and cash equivalents: | ||||||||||||||
| - increase | 2,479 | 331,530 | ||||||||||||
| - at beginning of period | 1,006,864 | 675,334 | ||||||||||||
| - at end of period | $ | 1,009,343 | $ | 1,006,864 | ||||||||||
| AVNET, INC. | ||||||||||||||||||||
| SEGMENT INFORMATION | ||||||||||||||||||||
| (MILLIONS) | ||||||||||||||||||||
| FOURTH QUARTERS ENDED | FISCAL YEARS ENDED | |||||||||||||||||||
|
JUNE 29, |
JUNE 30, | JUNE 29, | JUNE 30, | |||||||||||||||||
| SALES: | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
| Electronics Marketing | $ | 3,970.6 | $ | 3,764.4 | $ | 15,094.4 | $ | 14,933.1 | ||||||||||||
| Technology Solutions | 2,620.1 | 2,543.0 | 10,364.5 | 10,774.4 | ||||||||||||||||
| Consolidated | $ | 6,590.7 | $ | 6,307.4 | $ | 25,458.9 | $ | 25,707.5 | ||||||||||||
| OPERATING INCOME: | ||||||||||||||||||||
| Electronics Marketing | $ | 175.4 | $ | 191.1 | $ | 624.0 | $ | 751.4 | ||||||||||||
| Technology Solutions | 73.3 | 67.4 | 278.4 | 319.3 | ||||||||||||||||
| Corporate | (26.0 | ) | (24.6 | ) | (126.9 | ) | (112.9 | ) | ||||||||||||
| 222.7 | 233.9 | 775.5 | 957.8 | |||||||||||||||||
|
Restructuring, integration and other charges |
(59.8 | ) | (20.5 | ) | (149.5 | ) | (73.6 | ) | ||||||||||||
|
Consolidated* |
$ | 162.8 | $ | 213.4 | $ | 626.0 | $ | 884.2 | ||||||||||||
|
* |
Certain amounts may not total due to rounding |
|
AVNET, INC.
