Cooper-standard Holdings Inc. · NYSE:CPS
Cooper-standard — Q1 2009 Earnings Presentation
18 slides from Cooper-standard's earnings presentation, May 22, 2009
Slide 1: Q1 Earnings Conference Call
Q1 Earnings Conference Call May 19, 2009 EXHIBIT 99.2
Slide 2: Introduction & Agenda
Introduction & Agenda I. Introduction – Sharon Wenzl Vice President Corporate Communications II. Business Environment – Jim McElya Chairman and Chief Executive Officer III. Operational Overview – Ed Hasler Vice Chairman and President North America IV. Financial Overview – Allen Campbell Chief Financ
Slide 3: Safe Harbor
Safe Harbor Some of the statements included herein may include forward-looking statements which reflect our current views with respect to future events and financial performance. Statements which include the words “expect,” “intend,” “plan,” “believe,” “project,” “anticipate” and similar statements
Slide 4: Business Environment
Business Environment Q1 2009 Jim McElya Chairman & CEO
Slide 5: Business Environment
Business Environment Weakness in global vehicle demand continues Inventories remain high Customers financially challenged Chrysler bankruptcy – many unknowns GM - continuing uncertainties Additional extended plant down time across many OEMs Planning and forecasting challenges
Slide 6: Cooper-Standard Automotive Results & Actions
Cooper-Standard Automotive Results & Actions First quarter results reflect global vehicle production downturn Reorganization of operations yielding results New business and conquest wins up versus prior year Future positives with Fiat – Chrysler merger
Slide 7: Operational Update
Operational Update Q1 2009 Ed Hasler Vice Chairman & President, North American
Slide 8: Slide 8
Slide 9: Chrysler Bankruptcy
Chrysler Bankruptcy GM Shutdown Inclusion in Automotive Supplier Support Program (ASSP) Member of Chrysler supplier council Fiat merger positive for Cooper-Standard Adjusting capacity to align with customer shut-down periods Proactively adjusting capacity
Slide 10: Commercial Highlights
Commercial Highlights Supplier consolidation Conquest business wins Cooper-Standard is well-positioned to absorb conquest business Awards: Kunshan, China facility received Ford Q1 Award Myslenice, Poland facility received Toyota Peugeot Citroen Automobile Supplier Performance Award Total Net New Bus
Slide 11: Q1-2009 Launches
Q1-2009 Launches Launches: Daimler (Mercedes E-Class) Ford (Lincoln MKS) General Motors (Chevrolet Camaro) Toyota (Lexus RS) Cooper-Standard delivers advanced launch capabilities
Slide 12: Financial Overview
Financial Overview Q1 2009 Allen Campbell CFO
Slide 13: Q1 2009 Key Income Statement Items
$ Millions Q-1 2008 Q-1 2009 Net Sales $756.0 $401.8 SGA & E $ 67.4 $ 45.2 Q1 2009 Key Income Statement Items Gross Profit $119.1 $ 37.8 Amortization of Intangibles $ 7.8 $ 7.2 Net Interest Expense $ 24.2 $ 21.1 Net Income (Loss) $ 15.7 $ (55.0) Restructuring / Severance $ 2.4 $22.6
Slide 14: Consolidated EBITDA Reconciliation
$ USD Millions Q1 2008 Q1 2009 st Consolidated EBITDA Reconciliation Net Income (Loss) $ 15.7 $ (55.0) Provision (benefit ) for income tax expense 7.2 EBITDA $ 82.9 $ (7.6) Restructuring 2.4 2.6 (3.8) Three Months Ended March Net interest expense 24.2 21.1 Capital Expenditures $ 8.3 $ 25.7 Depreciat
Slide 15: Liquidity & Covenant Metrics
Liquidity & Covenant Metrics 03/31/2009 Senior Secured to EBITDA 2.54x Covenant Ratio 3.00x Committed Liquidity ($115M Facility) $5.9M Cash $88.3M Total Availability $94.2M Total Debt to EBITDA 5.0x
Slide 16: Cash Flow Summary
USD Millions EBITDA (Pre Restucturing) Restructuring Cash Taxes Acquisition-Related Debt Interest Working Capital Changes Net Cash Generated Capital Expenditures Discretionary Cash Flow Principal Payments on Acquisition Related Debt Additional Pre-Payments of Loans / Bonds Short Term Debt Other Net
Slide 17: Questions & Answers
Questions & Answers
Slide 18: Closing Remarks
Closing Remarks Economic conditions remain difficult Uncertain customer production schedules Taking all actions necessary Cost reductions taken to improve cost structure Supplier consolidation opportunities
Cooper-Standard Holdings — Q1 2009 Earnings Presentation on 6ix