Commercial Vehicle Group, Inc. · NASDAQ:CVGI
Commercial Vehicle — Investor Presentation (September 2015)
18 slides from Commercial Vehicle's investor presentation, Sep 2, 2015
Slide 1: Investor Presentation September 2015
Investor Presentation September 2015 Richard Lavin President and CEO Ulf Lindqwister Chief Administrative Officer Tim Trenary Chief Financial Officer Joseph Saoud President – Global Construction & Agriculture Patrick Miller President – Global Truck & Bus Exhibit 99.1
Slide 2: Global Footprint
pg | 3 Global Footprint
Slide 3: Seats, Wire Harnesses, Trim, Wipers, Structures Product Lines
vu ig Seats & Seating Systems Wire Harnesses & Controls Trim & Components Wipers Systems, Mirrors & Controls Structures. Sleeper Boxes & Body Panels
Slide 4: CVG at a Glance
pg | 5 2014 Sales Product End Market Customer Region CVG at a Glance
Slide 5: Drive Profitable Organic Growth
pg | 6 CVG 2020 2014 to 2020 EBITDA, as may be adjusted from time-to-time for special items (such as asset impairments, restructuring, etc.) Drive Profitable Organic Growth • We will invest in products and capabilities that will strengthen our right-to-win with our core products in our end markets •
Slide 6: Prioritize Opportunities & Focus on Core Products
REGIONS NA EMEA APAC pg | 7 Prioritize Opportunities & Focus on Core Products Core and Complementary Products END MARKETS CORE PRODUCTS COMPLEMENTARY PRODUCTS Seats Trim Wire Harnesses Mirrors Office Seats Structures Wipers Truck X X Construction X X X Agriculture X X X Bus X X Aftermarket X X Truck
Slide 7: CVG has about 5% of the addressable market
pg | 8 CVG has about 5% of the addressable market – significant opportunity to drive profitable organic growth across our end markets Source: Company data, LMC + Millmark research reports Available market = Universe of applications / platforms available for product portfolio Addressable market = Sub
Slide 8: India Modular Driver Seats
pg | 11 India Modular Driver Seats • Developed a modular driver seat for applications on truck, bus, and off-road vehicles • Locally sourced, common core architecture modified to specific needs; meets global standards • Entry level to premium level applications • Awarded business in construction and
Slide 9: Expanding the Addressable Market: Sentinel Seat
Light Construction & Agriculture Available Markets pg | 12 Expanding the Addressable Market Sentinel Seat Traditional Suspension Seats – Low Coverage Currently in market Sentinel Seat Tier 1 | 2 Available since 2013 & 2014 Sentinel Seat Tier 3 | 4 Prototypes available Late 2015 Commercialization in
Slide 10: New Product Development: Dry Urethane
pg | 13 Dry Urethane • Automated system using dry substrates improves labor, material usage, floor-space and cycle time • Higher quality and consistency; better acoustics and light weight • Emulates world class auto systems but customized for Heavy-Duty Truck • Proprietary process technology and mat
Slide 11: Financial Results
pg | 15 Financial Results Sales and Adjusted Operating Income Margin See appendix for reconciliation of GAAP to non-GAAP financial measures – Adjusted Operating Income reconciliation
Slide 12: Segments
pg | 16 Segments Mature, well performing North American business Developing global presence Established leadership, customer relationships and business processes Profitable Profitable wire harness business Developing seats business Leverage GTB capabilities and know-how Seats cost structure not yet
Slide 13: Selling, General and Administrative Spend
pg | 17 Selling, General and Administrative Spend Investment • Product Line Managers • Go to market capabilities • Global engineering • Centrally led procurement and logistics • Operational Excellence For the six months ended June 30, 2015; 2013 adjusted for $2.5 million leadership change costs Cert
Slide 14: Capital Expenditures
pg | 19 Capital Expenditures 2015 forecast of $19 - $22 million Capital investment consistent with our strategy Growth Cost Reductions Infrastructure Other Global Truck & Bus Global Construction & Agriculture Product Development & Information Technology
Slide 15: Capital Structure
pg | 20 See appendix for reconciliation of GAAP to non-GAAP financial measures – EBITDA reconciliation Capital Structure Senior Secured Notes Principal Balance $250 Interest 7.875% Due April 2019 April 2015 Redemption 104% April 2016 Redemption 102% April 2017 Redemption 100% Agency Ratings/Outlook
Slide 16: Adjusted Operating Income Reconciliation
pg | 22 TOT_CVG_LOB Q1 Q2 Reconciliation of GAAP To Non-GAAP Financial Measures Adjusted Operating Income Reconciliation Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 (Dollars in millions) Sales 177.8 198.9 187.9 183.0 198.1 216.0 213.8 211.9 220.3 217.6 Cost of Sales 159.7 176.0 169.8 162.3 173.8 187.8 185.4 185.1 191.2
Slide 17: EBITDA Reconciliation
2013 2014 LTM Q2 2015 pg | 23 EBITDA Reconciliation Reconciliation of GAAP To Non-GAAP Financial Measures (Dollars in millions) Operating Income 6.4 33.7 42.0 Depreciation 19.0 16.7 16.7 Amortization 1.6 1.5 1.4 EBITDA 27.0 51.9 60.1
Slide 18: Segment Adjusted Operating Income Reconciliation
pg | 24 Reconciliation of GAAP To Non-GAAP Financial Measures Segment Adjusted Operating Income Reconciliation For the three months ended June 30, 2015 (Dollars in millions) Global Truck Global Construction & Bus & Agriculture Operating Income 15.1 2.8 Q2 2015 Special Items Plant Closures 0.5 - Adju
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