Cooper-standard Holdings Inc. · NYSE:CPS
Cooper-standard — Debt Investor Presentation (March 2014)
39 slides from Cooper-standard's debt investor presentation, Mar 18, 2014
Slide 1: Public Lender Presentation, March 18, 2014
Exhibit 99.1 Public Lender March PASSION CooperStandard 18, FOR 2014Presentation PERFORMANCE
Slide 2: Forward-Looking Statements
Forward-Looking This forward-looking communications. intentions “believes,” looking projections statements expressed results sales generate shortages; manufactured fluctuations; that possibility significant with There the circumstances PASSION date may presentation our and are may tostatements, of i
Slide 3: Today's Presentation
Today’s Transaction Cooper Financial -Syndication PASSION Allen Jeff Edwards, Deutsche Campbell, Standard Presentation Overview FOR Bank Overview Chairman PERFORMANCE Overview Executive and Guidance andVice Chief President 3Executive andOfficer, Chief Financial Cooper Standard Officer, Cooper Standa
Slide 4: Transaction Overview
Transaction Deutsche PASSION Bank FOR Overview PERFORMANCE 4
Slide 5: Transaction Overview
Transaction equipment Cooper The Annual Significantly (1) PASSION Adjusted Company proceeds transaction interest Standard FOR manufacturers Overview EBITDA reduces will generated expense will PERFORMANCE (“Cooper isbepursuing result used annual is will a$3.1 (“OEMs”) to non-GAAP in Standard” interes
Slide 6: Sources and Uses and Pro Forma Capitalization
($Adjusted Sources Repay Uses Breakage xEstimated 12/31/13 Cash ABL New 8.500% 7.375% Total Net Operating Full Pro Capital Credit Adjusted (Adjusted Note: call PASSION inForma forma price Debt Year millions) Term Revolver to $184 Sources Uses Secured OpCo Debt LTM Statistics: Existing Leases Expendi
Slide 7: Company Overview
Jeff Edwards Chairman Cooper PASSIONStandard and FORChief PERFORMANCE Overview Executive Officer 7
Slide 8: Cooper Standard Snapshot
Company Customers -Footprint Employees NYSE: 2013 Asia South Europe North PASSION 77% 23% 74 10 19 manufacturing design countries Pacific Revenue America Tier direct 35% CPSSnapshot FOR 1, -~25,300 and 7% (Market OEM Tier :52% by 6% engineering PERFORMANCE $3.09 Geography 2(49% facilities and employ
Slide 9: Cooper Standard's Core Product Groups
Cooper Product Core Protects Control, Supports Manage Anti-Vibration Control 2013 Fuel Non-Automotive, Fluid Thermal AVS, Sealing PASSION &Revenue Transfer Transfer, 9%Brake Brake, Standard’s & and Groups and vehicle sense, and &the Trim Trim, FOR Emissions, isolate control delivery Emissions Delive
Slide 10: Product Breadth
Breadth Inner Door Interior DPF Auxiliary Wastegate Radiator Upper Heater Water Air Strut Headlamp Cooling TOC Cradle Overmolded ABS Throttle Engine Clutch EGR Front Transmission Hood Center Glass Outer Brake Applique Suspension Rear Vapor Mass Hydraulic SafeSealTM Roof Trunk Encapsulated Sunroof St
Slide 11: Global Footprint
Global Located Continue Americas Adding European Europe Expanding Aggressively Asia Broadening New PASSION regional Footprint talent into restructuring FOR all capacity partnerships into product align growing management to Major lower PERFORMANCE manage thein portfolio Regions company’s cost footpri
Slide 12: Cooper Standard Journey
Cooper 2014 2010 Expanded Established 2008 Emerged 2005 1960-2005 Business Acquired Divested PASSION -and – 2013 2010 2008 Standard from Established ACH Beyond USi Jyco Gates ITT Metzeler Siebe Standard Nishikawa FOR Company Cooper Recovery Survival Expansion Fluid Inc. Cooper Reorganization Sealing
Slide 13: Market Leading Positions in Core Products
Market Sealing Static Glass Waist Day Encapsulation Dynamic On Occupant Trim Bright Appliqués Exterior Specialty Globally #1 Brake Fuel Bundles Tank #2 Fluid Quick-Connects Connectors Sensors Hoses TOC AC Power Convertible Cabin American North PASSION Globally Body Door Lines Light & Lines Rails Sys
Slide 14: Well Represented on Top Global Platforms
10 GM Denotes #1 F-150 #6 Yukon/Escalade LaCrosse #11 Cruze/Volt/Astra #16 Dodge Challenger/Charger Cooper PASSION ofGM Ford Chrysler Cooper Silverado/Sierra/Tahoe Town #7 Standard #2 Global #12 /FOR Chrysler Malibu GMFord &Country/Jetta #17 Standard’s Platform #3 PERFORMANCE products Products Fusio
Slide 15: Track Record of Growth
$Track CAGR=14.6% $.44 $0.0 $1.0 $2.0 $3.0 $4.0 $2.85 $3.09 $.10 2009 $1.95 $2.41 CS Exceeding Note: 15USD Sales $.41 2010 CAGR $2.88 Record Billions Non-Consolidated $.31 global 2011 includes of $.28 2012 Growing light2013 non-consolidated vehicle Sales JVsproduction JVCAGR revenue of Numbers 9.1%
Slide 16: Long-Standing Customer Relationships
2004 Long Leading –Cooper 77% Top Cooper Historically of Standing customers customers Standard supplier Standard strong Customer have to has are ismanufacturers relationships long-term the Direct been leading Relationships sourcing OEM, relationships supplier with around 23% from the are in Cooper t
Slide 17: Transition - Investing for Profitable Growth
Transition $–Investing Tooling* $150 2011 $0 *$50 PASSION 17 Asian Technology Tooling Europe New Product million Includes 2012 $131 $121 product growth $200 restructuring Capital in expenditures complexity for FOR short-term 2013 $108 $94 capital future and Profitable $170 launches $100 PERFORMANCE
Slide 18: Transition - Focusing on Profitable Growth
Transition Product Focusing –Optimizing Expanding Multiple Establishing Sremska Aguascalientes, PASSION Serbia 18 Achieve Delivering Global Sell Net annualized Thermal start-up Strategy Mitrovica, sites product on #1 for FOR Aguascalientes, Footprint Sealing Shanghai innovation or expansions Profita
Slide 19: Financial Overview and Guidance
Allen Financial Executive Chief Financial PASSION 19 Campbell Overview Vice FOR President Officer PERFORMANCE and Guidance and
Slide 20: Financial Overview
Financial Revenue $.31 $.44 $0.0 $1.0 $2.0 $3.0 $4.0 CAGR=14.6% $2.85 $.10 $.28 2009 $1.95 $2.41 CS Adjusted (USD $324 9.1% 11.5% 9.3% 10.3% 11.4% 2009A $177 % (1) 20 represents PASSION Adjusted Sales $.41 2010 $298 $2.88 millions) 2010A (USD Non-Consolidated EBITDA1 Overview 2011 $287 $3.09 EBITDA
Slide 21: Diverse Revenue Streams
Diverse Consolidated $2,000 2012 $1,618 $1,076 $213 North Revenue Non-Automotive, Fuel Sealing Thermal 2013 Note: PASSION 21 &$220 Revenue Numbers Europe $1,500 $1,504 $1,017 Brake, &Revenue &byTrim, FOR $147 Emissions, Product Revenue South 23% -$1,000 subject PERFORMANCE $3.1 51% $177 Streams 2%Am
Slide 22: Non-Consolidated Joint Venture Revenue
Non-Consolidated USD 8.5% $500 $445 $300 2012 $0 Joint 2013 Country Product Partner Huayu-Cooper $168MM China SAIC/HASCO $193MM U.S. Nishikawa Sujan $70MM Thailand Sealing Magnum $14MM India AVS GAC JAC CHERY SAIC HONDA TOYOTA MARUTI SHANGHAI CHANGAN TATA Mahindra HINDUSTAN-MOTORS PASSION 22 Venture
Slide 23: 2013 Results and 2014 Guidance
2013 Q4 Sales Gross SGA Operating Adjusted % Capital Note: (1) PASSION 23 margin growth Adjusted 2012 74.8 FY $697.1 Numbers Profit Expenditure Q4 and EBITDA(1) 14.3% (0.3%) 10.2% 13.9% (17.2%) 72.6 Profit FOR 99.7 2013 EBITDA $794.2 Q4281.3 subject PERFORMANCE (2.1) Y/Y 13.2% 7.4% 7.3% 105.1 1.8% F
Slide 24: 2013 Review and Path Forward
Cooper Full 2013 –Return Capital Asia PASSION 24New Unanticipated Ramp-up Increased Migration Continued Exit year Pacific Performance challenges of Sealing to expenditure Standard non-core, adjusted double FOR North product to 9.2% focus lower-cost and PERFORMANCE one-time digit global American EBIT
Slide 25: Strong Cash Flow Generation
$Strong Adj. 2012A $167 2013A $104 Cooper Free PASSION 25USDEBITDA Cash cash Cash Millions Standard flow Flow FOR Flow $298 $287 defined PERFORMANCE N. generates Generation America as adjusted strong capexfree Euro EBITDA cash capex flow minus S. even America Capital aftercapex Expenditures signific
Slide 26: Strong Liquidity and Pro Forma Capital Structure
Strong Liquidity Cash $221.0 Letters 150.0 ABL $334.3 (36.7) (1) $Debt $28 $753 $1 Pension Substantially 2014 Key Net Interest Sufficient PASSION 26USD $3 Availability debt: leverage $1 Financial Maturity Revolver 2015 Pension onPro $0 Millions of coverage Liability Balance $Credit liquidity FOR 201
Slide 27: Summary
Summary Stabilization –Continue Evaluate Focused PASSION Addressing Asia Building Successfully Serbia production expansion on partnerships, toFOR centers our returning make of launch executing North customers PERFORMANCE necessary strategy of and and excellence to America especially optimizing doubl
Slide 28: Cooper Standard Strengths
654321Cooper PASSION CooperStandard Market Extensive Strong Diverse Long Experienced standing Standard cash leading revenue FOR global flow and PERFORMANCE customer Strengths positions streams disciplined footprint generation relationships by in primary geography, management 28 products customers te
Slide 29: Syndication Overview
Syndication Deutsche 29 Bank Overview
Slide 30: Summary of Terms
Summary Borrower Facility Guarantees The Security Proceeds Maturity Accordion Amortization Optional Subject Mandatory payments 50% Financial Other 30 Term ECF covenants to Senior all 7redemption $725 covenants Intermediate 100% Loan of sweep certain $300mm, years pre- indirect ofTerms 1% the million
Slide 31: Transaction Timeline
92Transaction 16 23 30 April 61S 13 20 27 Denotes March Date –Description 313M28 7210 Lenders Commitments Close 17 24 31 14 21 4T 3 8 11 52014 4 918 25 15 22 29 W 2014 18 612 5 10 and holiday 7TMarch 19 26 16 23 30meeting 11 13 8Fof Timeline fund 20 27 17 24 12 S14 Events 21 28 18 25 1due Denotes 15
Slide 32: S PASSION FOR PERFORMANCE
S PASSION FOR PERFORMANCE
Slide 33: Appendix
PASSION FOR PERFORMANCE 33 Appendix
Slide 34: Pro Forma Organizational Structure
Pro forma Equity Intermediate (Borrower) Cooper-Standard million Note: 33 Post owners foreign Organizational close, HoldCo debt Intermediate Automotive Holdings 1 $725 2 (Guarantor) Structure Inc. million Inc. Canada HoldCo (Guarantor) Term and 2 and certain Loan Cooper-Standard Canadian U.S. Automo
Slide 35: Adjusted EBITDA Reconciliation
Three ($ Mar Income Depreciation EBITDA Restructuring Noncontrolling Stock-based Inventory Acquisition Other Debt Long-term Less: Net Interest Sales Adjusted (1) (2) (3) (4) (5) Note: PASSION USD Write-up Includes Proportionate Non-cash Costs income Leverage 31, payable cash $Numbers 0.3 Months 747.
Slide 36: Adjusted EBITDA Reconciliation
Twelve ($ Mar Net Provision Interest Depreciation EBITDA Restructuring Stock-based Impairment Payment Noncontrolling Sales Adjusted (1) (2) (3) Executive (6) Note: PASSION USD Includes Proportionate Non-cash Noncontrolling income 31, 765.3 Numbers Months expense, Millions) 2012 to $and EBITDA for co
Slide 37: Adjusted EBITDA Reconciliation - 2010 and 2011
($ USD Provision Net Depreciation Reorganization EBITDA Restructuring Inventory Stock Other Adjusted Note: PASSION income Interest Numbers /based foreign Millions) $and excl. EBITDA for write-up FOR 537.2 $expense compensation and Adjusted income 320.3 6.4 Reorganization exchange /subject PERFORMANC
Slide 38: Adjusted EBITDA Reconciliation - 2009
($ USD Provision Net Depreciation EBITDA Restructuring Bond Foreign Stock Reorganization Other Adjusted Note: PASSION Income Interest repurchase Numbers 0.9 based Millions) exchange and $(233.7) excl. EBITDA for FOR (Loss) expense compensation and Adjusted income 32.4 Reorg /subject related PERFORMA
Slide 39: Non-GAAP Financial Measures
Non-GAAP EBITDA When measure and therefore PASSION should analyzing derived Cooper and FOR not Financial adjusted be PERFORMANCE the in Standard’s considered accordance company’s Measures EBITDAresults inwith operating isolation are39 may measures GAAP, not or performance, as or benot substitutes as
Cooper-Standard Holdings — Debt Investor Presentation (March 2014) on 6ix