Slide 1: Third Quarter Results and Full Year 2009 Forecast
Third Quarter Results and Full Year 2009 Forecast November 11, 2009 Exhibit 99.1
Slide 2: Agenda
Agenda Lear's Plan of Reorganization Third Quarter and Year to Date 2009 Financial Results Full Year 2009 Financial Forecast 2010 to 2012 Consolidated Sales Backlog Summary and Outlook
Slide 3: Lear's Plan of Reorganization
Filed for Chapter 11 on July 7th; emerged on November 9th Financial restructuring reduced Lear's debt by approximately $2.8 billion to $1 billion or less, with no near-term maturities Strong and flexible balance sheet upon emergence, with more than $1 billion in cash New Lear common stock listed on
Slide 4: What Has Not Changed About Lear
Lear is a leading global Tier 1 automotive supplier Strong market positions in two key product lines - -- Seating Systems and Electrical Distribution Leadership in quality, customer satisfaction and innovation Best customer relationships in the industry Low-cost footprint in manufacturing and engine
Slide 5: 2009 Financial Summary
First Half Industry production down significantly in most key markets North America down 50% and Europe down 32% versus 2008 Net sales of $4.4 billion, down 43% Core operating loss of $119 million** Free cash flow of negative $300 million*** Third Quarter Industry production remained depressed in ma
Slide 6: Third Quarter and Year to Date 2009 Global Industry Production Environment
Third Quarter and Year to Date 2009 Global Industry Production Environment
Slide 7: Third Quarter and Year to Date 2009 Reported Financials
Third Quarter and Year to Date 2009 Reported Financials* * Please see slides titled "Non-GAAP Financial Information" at the end of this presentation for further information.
Slide 8: Impact of Restructuring and Other Special Items
Third Quarter and Year to Date 2009 Impact of Restructuring and Other Special Items* * Please see slides titled "Non-GAAP Financial Information" at the end of this presentation for further information. ** Includes a credit of $63.7 million related to the reversal of a restructuring charge recorded i
Slide 9: Third Quarter and Year to Date 2009 Seating Performance
Third Quarter and Year to Date 2009 Seating Performance* Explanation of Year-to-Year Change (in mils) Sales Earnings** Adj. Earnings** ** Reported segment earnings represents pretax income before interest, other expense and reorganization items; adjusted segment earnings represents reported segment
Slide 10: Third Quarter and Year to Date 2009 Electrical and Electronic Performance
Third Quarter and Year to Date 2009 Electrical and Electronic Performance* Explanation of Year-to-Year Change * Please see slides titled "Non-GAAP Financial Information" at the end of this presentation for further information. (in mils) Sales Earnings** Adj. Earnings** ** Reported segment earnings r
Slide 11: Third Quarter and Year to Date 2009 Free Cash Flow
Third Quarter and Year to Date 2009 Free Cash Flow* (in millions) * Free cash flow represents net cash provided by (used in) operating activities (($396.5) million for the six months ended 7/4/09, $153.9 million for the three months ended 10/3/09 and ($242.6) million for the nine months ended 10/3/0
Slide 12: Total Debt and Cash at Emergence
Total Debt and Cash at Emergence Total Debt Cash 1000 1000 East West North Key Balance Sheet Metrics* Debt obligations reduced by approximately $2.8 billion to $1 billion or less Adequate liquidity to support global operating needs and growth plans No significant debt maturities until 2012 Covenants
Slide 13: Information on New Lear Securities
Information on New Lear Securities Number of Shares Common Stock at Emergence 34.1 million Preferred Stock 10.9 million Shares Outstanding at Emergence 45.0 million Warrants 8.2 million Management Restricted Stock Units (vest over 3 years) 1.3 million Total Fully-Diluted Shares, assuming conversion
Slide 14: Operational Restructuring
($ in millions) ($ in millions) 2006 2009 Ongoing East 70 125 400 West 30.6 38.6 34.6 North 45.9 46.9 45 2005 2006 2007 2008 2009 East 104 100 182 194 180 West Restructuring Investments Annual Savings* Operational Restructuring Investment: $580 million invested through 2008; forecasting additional $
Slide 15: Full Year 2009 Financial Forecast
Full Year 2009 Financial Forecast* * Please see slides titled "Non-GAAP Financial Information" and "Forward-Looking Statements" at the end of this presentation for further information. The Company emerged from reorganization under Chapter 11 of the United States Bankruptcy Code on November 9, 2009 a
Slide 16: 2010 to 2012 Consolidated Sales Backlog
2010-2012 2010 2011 2012 Consolidated 1400 300 1000 100 By Product: Seating -- 40% Electrical and Electronic -- 60% By Region: North America -- $650M Europe -- $150M Asia -- $600M 2010 - 2012 Sales Backlog** (in millions) Composition of Sales Backlog** * For a definition of sales backlog and the und
Slide 17: Summary and Outlook
Lear's strong customer focus and operating fundamentals remain unchanged Completed financial restructuring in four months; emerged from Chapter 11 with a strong and flexible balance sheet Less than $1 billion in debt and in excess of $1 billion in cash New Lear shares listed on NYSE under stock symb
Slide 18: www.lear.com LEA NYSE Listed
www.lear.com LEA NYSE Listed R
Slide 19: Non-GAAP Financial Information
In addition to the results reported in accordance with accounting principles generally accepted in the United States ("GAAP") included throughout this presentation, the Company has provided information regarding "pretax income (loss) before interest, other expense and reorganization items," "pretax
Slide 20: Non-GAAP Financial Information: Core Operating Earnings
Non-GAAP Financial Information Core Operating Earnings
Slide 21: Non-GAAP Financial Information: Segment Earnings
Non-GAAP Financial Information Segment Earnings
Slide 22: Non-GAAP Financial Information: Adjusted Segment Earnings
Non-GAAP Financial Information Adjusted Segment Earnings
Slide 23: Non-GAAP Financial Information: Cash from Operations and Free Cash Flow
Non-GAAP Financial Information Cash from Operations and Free Cash Flow
Slide 24: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding anticipated financial results and liquidity. Actual results may differ materially from anticipated results as a