Cooper-standard Holdings Inc. · NYSE:CPS
Cooper-standard — Q1 2012 Earnings Presentation
25 slides from Cooper-standard's earnings presentation, May 10, 2012
Slide 1: First Quarter 2012 Earnings Call
Cooper Standard First Quarter 2012 Earnings Call May 10, 2012
Slide 2: Introduction & Agenda
Introduction & Agenda Introduction: Glenn Dong, Treasurer Executive Overview: Jim McElya, CEO Business Highlights: Keith Stephenson, COO Financial Review: Allen Campbell, CFO Questions & Answers 2
Slide 3: Safe Harbor
Safe Harbor 3 This presentation includes forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act, reflecting management's current analysis and expectations, based on what are believed to be reasonable assumptions. The words "estimates," "expects," "anticipates
Slide 4: Executive Overview First Quarter 2012
Jim McElya Chairman & CEO Executive Overview First Quarter 2012
Slide 5: Executive Overview
Executive Overview Strength of Business Continues Sales of $765 million Adjusted EBITDA of $83.2 Million Vehicle Sales Environment Mixed Regionally, Strong Globally Impact of Evonik Situation
Slide 6: Executive Overview (continued)
Executive Overview (continued) Investing in Engineering to Support Product Innovations and Global Launches Further Expansion of Global Manufacturing Footprint Recent Acquisition Expands Thermal Management Capabilities
Slide 7: EDC Automotive Technology Acquisition
EDC Automotive Technology Acquisition Enhances thermal management systems capabilities Adds multiple thermal management patents Provides additional product development and testing resources Increases talent in thermal management
Slide 8: Business Highlights First Quarter 2012
Business Highlights First Quarter 2012 Keith Stephenson Chief Operating Officer
Slide 9: Business Highlights
Business Highlights Global footprint Strategic focus Supports customers' expansions Product innovation Investment across all product lines Alternative materials development Product launches Active launch quarter Further penetration on global platforms
Slide 10: Footprint Evolution
Footprint Evolution Sigit acquisition integrated into Italian business South American plant now operational and supplying product to Honda and Toyota North American hose plant consolidated Romania plant progressing Responsibly managing footprint
Slide 11: Product Innovation
Product Innovation Expanding thermal management capabilities Enhanced sealing systems Hard coat Bright trim Encapsulation Multiple wins for Safe SealTM Developing alternative materials
Slide 12: Launches
Launches Launches across diverse customers and geographies: GM - Malibu Fiat - Siena Ford - Fusion PSA - 208 SAIC - Roewe GM - Malibu Fiat - Siena Ford - Fusion PSA -208 SAIC - Roewe Note: Photos are representative and may not reflect final production models
Slide 13: Cooper Standard's Top Platforms Q1-2012
13 Cooper Standard's Top 20 Platforms Q1-2012 #10 GM Global Epsilon LaCrosse #4 Ford Escape #11 PSA 308 #1 Ford F-150 #7 GM Tahoe/Yukon/ Escalade #8 Ford Fusion / Edge #17 PSA 508 #2 Ford Explorer #12 GM Cruze #3 GM Silverado/Sierra #6 Ford Fiesta #13 GM Impala #5 Ford Mondeo #20 Ford Ecosport #9 Do
Slide 14: Financial Overview First Quarter 2012
Financial Overview First Quarter 2012 Allen Campbell Chief Financial Officer
Slide 15: Q1 2012 Performance
Q1 2012 Performance 15 $ USD Millions, except per share amounts Q1 2011 Q1 2012 Net Sales North America 358.8 388.1 Europe 239.7 289.0 Asia Pacific 55.4 54.2 South America 34.9 34.0 Consolidated 688.8 765.3 Gross Profit 120.8 121.7 SGA 60.9 72.0 Operating Profit 51.4 39.7 Net Income 44.9 23.8 EPS 1.
Slide 16: EBITDA and Adjusted EBITDA Reconciliation
EBITDA and Adjusted EBITDA Reconciliation 16 $ USD Millions 2011 2012 Net income Provision for income tax expense EBITDA Restructuring Adjusted EBITDA Three Months Ended March 31, Net Interest expense Depreciation and amortization Stock based compensation EBITDA and Adjusted EBITDA are Non-GAAP meas
Slide 17: Cooper Standard Joint Venture Sales - Q1 2012
Cooper Standard Joint Venture Sales - Q1 2012 6 Core Consolidated Joint Ventures Locations China, India France, Poland Mexico Products Sealing Fluid AVS 4 Unconsolidated Joint Ventures Locations US Asia Products Sealing AVS Consolidated Joint Ventures Unconsolidated Joint Ventures Includes JV Sales
Slide 18: Cash Flow Q1 2012
Cash Flow Q1 2012 18 Note: Numbers subject to rounding ($ USD Millions) Q1 2011 Q1 2012 Cash from business 66.6 61.2 Pension funding - US (25.6) (20.1) Changes in operating assets & liabilities (62.6) (75.6) Cash from operations (21.6) (34.6) Capital expenditures (16.2) (29.2) Cash from operations l
Slide 19: Liquidity as of March 31, 2012
19 Liquidity as of March 31, 2012 Cash on Balance Sheet $296.0 ABL Revolver 125.0 Letters of Credit (28.6) Total Liquidity $392.4 Strong balance sheet and liquidity to support growth ABL Revolver undrawn Net leverage = $195 million Net leverage ratio = 0.6 Interest coverage ratio = 7.5 No major debt
Slide 20: 2012 Guidance
2012 Guidance $110- $120 $45-$55 $25-$30 * Sales guidance is based on North American production of 14.4 million, and Europe (including Russia) production of 18.9 million. $2.85 $2.85 - $2.95 Revenue
Slide 21: Non-GAAP Financial Measures
Non-GAAP Financial Measures 21 EBITDA and adjusted EBITDA are measures not recognized under Generally Accepted Accounting Principles (GAAP) which exclude certain non-cash and non- recurring items. When analyzing the company's operating performance, investors should use EBITDA and adjusted EBITDA in
Slide 22: Questions & Answers
Questions & Answers G CooperStandard
Slide 23: Summary
Summary Dedicated global workforce Growing sales Investing to support growth Expanding key technologies 23 Poised for Growth
Slide 24: Appendix
Appendix G CooperStandard
Slide 25: Net Leverage Ratio as of March 31, 2012
Net Leverage Ratio as of March 31, 2012 Includes cash and noncash restructuring. Proportionate share of restructuring costs related to Cooper Standard France joint venture. Write-up of inventory to fair value for the Cooper Standard France joint venture, net of non controlling interest. Non-cash sto
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