TRW Automotive Holdings Corp. reported first quarter 2008 financial results with sales of $4.1 billion, a 16.2% increase over the same period in 2007. Net earnings were $94 million or $0.92 per diluted share, compared to a net loss of $86 million or $0.87 per share in 2007. The company increased its full year 2008 sales outlook to a range of $16.2 to $16.6 billion and net earnings per share outlook to a range of $2.30 to $2.60.
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how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
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what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
2. News Release
TRW Automotive
12001 Tech Center Drive
Livonia, MI 48150
Investor Relations Contact:
Patrick R. Stobb
(734) 855-3140
Media Contact:
John Wilkerson
(734) 855-3864
TRW Reports First Quarter 2008 Financial Results; Revises Full Year
Outlook
LIVONIA, MICHIGAN, April 30, 2008 — TRW Automotive Holdings Corp. (NYSE:
TRW), the global leader in active and passive safety systems, today reported first-
quarter 2008 financial results with sales of $4.1 billion, an increase of 16.2 percent
compared to the same period a year ago. The Company reported first quarter net
earnings of $94 million or $0.92 per diluted share, which compares to a net loss in the
prior year of $(86) million or $(0.87) per share.
The prior year result included charges of $147 million related to the Company’s debt
recapitalization plan that was initiated in the prior year quarter. The plan was
completed during the second quarter of 2007 and included the refinancing of
substantially all of the Company’s debt, which effectively lowered corporate borrowing
costs, improved covenant flexibility and extended debt maturities. When comparing
results between the two periods, excluding the impact of debt charges in 2007, the
Company’s 2008 first quarter net earnings of $0.92 per diluted share compare favorably
to the prior year adjusted result of $0.60 per diluted share. In comparison, the first
quarter of 2008 benefited primarily from lower expenses related to interest and taxes,
together with higher product volumes and the non-recurrence of certain other expenses
that impacted the 2007 period.
“We have consistently pursued business strategies that improve TRW’s long-term
competitiveness, which has helped the Company overcome difficult industry conditions
and is reflected in our solid first quarter performance,” said John Plant, president and
chief executive officer.
1
3. “These strategies focus efforts on improving our global market position in safety,
pioneering innovation throughout the organization and implementing our operating
programs in a manner that optimizes both cost and quality.”
Mr. Plant added, “With respect to innovation, TRW is raising the intelligence of safety.
Earlier this year we introduced our vision of Cognitive Safety Systems, which embodies
our goal of helping to keep drivers and passengers safer by making vehicles smarter.
Cognitive Safety represents the culmination of new and better technology that
increasingly uses advanced electronics and proprietary algorithms to sense, analyze
and respond to ever-changing conditions. Cognitive Safety focuses attention on our
advanced capabilities and underscores our role as an intellectual partner to our
customers. In doing so, it also raises our confidence in our ability to provide
sustainable long-term growth for the Company.”
First Quarter 2008
The Company reported first-quarter 2008 sales of $4.1 billion, an increase of $577
million or 16.2 percent over the prior year period. Foreign currency translation
benefited sales in the 2008 quarter by approximately $358 million. First quarter sales,
excluding the impact of foreign currency translation, increased approximately $219
million or 6.1 percent over the prior year period. This increase can be attributed
primarily to significantly higher module sales and industry growth in China and South
America. These positive factors were partially offset by price reductions provided to
customers and the continued decline in North American vehicle production, including
the effects of a supplier-related strike that negatively impacted operations at one of our
customers.
Operating income for first-quarter 2008 was $188 million, which compares favorably to
$175 million in the prior year period. The year-to-year increase was driven by a number
of positive factors, including savings generated from cost improvement and efficiency
programs, higher product sales and the non-recurrence of a business disruption that
negatively impacted the 2007 quarter. These factors were partially offset by price
reductions provided to customers, higher commodity costs and the impact of operating
inefficiencies stemming from historically low vehicle production in North America.
2
4. The net impact of foreign currency rate fluctuations did not have a material impact on
operating income in the 2008 quarter. Restructuring and asset impairment expenses in
both years were $8 million.
Net interest and securitization expense for the first quarter of 2008 totaled $49 million,
which compares favorably to $64 million in the prior year. Lower borrowing costs in the
2008 quarter can be attributed to the benefits derived from the Company’s previously
mentioned debt recapitalization and the impact of declining interest rates between the
two periods.
Tax expense in the 2008 quarter was $47 million, resulting in an effective tax rate of 33
percent, which compares to $53 million in the prior year period. The effective tax rate in
the 2007 quarter excluding previously mentioned debt retirement charges was 46
percent. The Company expects its full year 2008 effective tax rate to be approximately
38 to 42 percent.
The Company reported first-quarter 2008 net earnings of $94 million or $0.92 per
diluted share, which compares to a net loss of $(86) million or $(0.87) per share in
2007. The 2008 result represents an improvement of $33 million when compared to
2007 net earnings, excluding debt retirement charges, of $61 million or $0.60 per
diluted share.
Earnings before interest, securitization costs, loss on retirement of debt (where
applicable), taxes, depreciation and amortization, or EBITDA, were $337 million in the
first quarter, which compares to the prior year level of $309 million.
Cash Flow and Capital Structure
Net cash from operating activities during the first quarter was a use of $115 million,
which compares to a use of $221 million in the prior year period. First quarter capital
expenditures were $97 million compared to $119 million in 2007.
As mentioned previously, the Company refinanced substantially all of its debt in 2007.
In the first-quarter 2007, the Company completed its $1.5 billion Senior Note offering
and repurchased substantially all of its then-outstanding Notes through a tender offer.
The Company incurred debt retirement charges related to this transaction of
approximately $147 million in the first quarter of 2007.
3
5. As of March 28, 2008, the Company had $3,164 million of debt and $565 million of cash
and marketable securities, resulting in net debt (defined as debt less cash and
marketable securities) of $2,599 million. This net debt outcome is $254 million higher
than the balance at the end of 2007.
2008 Outlook
The Company increased its full year outlook and now expects sales to be in the range
of $16.2 to $16.6 billion (including second quarter sales of approximately $4.5 billion).
Full year net earnings per diluted share are now expected to be in the range of $2.30 to
$2.60.
This guidance range reflects pre-tax restructuring expenses of approximately $55
million (including approximately $10 million in the second quarter) and an effective tax
rate in the range of approximately 38 to 42 percent. Lastly, the Company expects
capital expenditures in 2008 to be approximately 3.5 percent of sales.
First Quarter 2008 Conference Call
The Company will host its first quarter conference call at 8:30 a.m. (EDT) today,
Wednesday, April 30, to discuss financial results and other related matters. To access
the conference call, U.S. locations should dial (877) 852-7898, and locations outside
the U.S. should dial (706) 634-1095.
A replay of the conference call will be available approximately two hours after the
conclusion of the call and accessible for approximately one week. To access the
replay, U.S. locations should dial (800) 642-1687, and locations outside the U.S. should
dial (706) 645-9291. The replay code is 42019964. A live audio webcast and
subsequent replay of the conference call will also be available on the Company’s
website at www.trw.com/results.
Reconciliation to GAAP
In addition to GAAP results included within this press release, the Company has
provided certain information which is not calculated according to GAAP (“non-GAAP”).
Management believes these non-GAAP measures are useful to evaluate operating
performance and/or regularly used by security analysts, institutional investors and other
interested parties in the evaluation of the Company. Non-GAAP measures are not
4
6. purported to be a substitute for any GAAP measure and, as calculated, may not be
comparable to other similarly titled measures of other companies. For a reconciliation
of non-GAAP measures to the closest GAAP measure and for share amounts used to
derive earnings per share, please see the financial schedules that accompany this
release.
About TRW
With 2007 sales of $14.7 billion, TRW Automotive ranks among the world's leading
automotive suppliers. Headquartered in Livonia, Michigan, USA, the Company, through
its subsidiaries, operates in 27 countries and employs more than 66,000 people
worldwide. TRW Automotive products include integrated vehicle control and driver
assist systems, braking systems, steering systems, suspension systems, occupant
safety systems (seat belts and airbags), electronics, engine components, fastening
systems and aftermarket replacement parts and services. All references to quot;TRW
Automotivequot;, “TRW” or the quot;Companyquot; in this press release refer to TRW Automotive
Holdings Corp. and its subsidiaries, unless otherwise indicated. TRW Automotive news
is available on the internet at www.trw.com.
Forward-Looking Statements
This release contains statements that are not statements of historical fact, but instead
are forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995. We caution readers not to place undue reliance on these
statements, which speak only as of the date hereof. All forward-looking statements are
subject to numerous assumptions, risks and uncertainties which can cause our actual
results to differ materially from those suggested by the forward-looking statements,
including those set forth in our Report on Form 10-K for the fiscal year ended
December 31, 2007, such as: loss of market share by domestic North American vehicle
manufacturers and resulting production cuts and restructuring initiatives, including
bankruptcy actions, of our suppliers and customers; escalating pricing pressures from
our customers; commodity inflationary pressures adversely affecting our profitability
and supply base, including any resulting inability of our suppliers to perform as we
expect; our dependence on our largest customers; product liability, warranty and recall
claims and efforts by customers to alter terms and conditions concerning warranty and
recall participation; strengthening of the U.S. dollar and other foreign currency
5
7. exchange rate fluctuations; work stoppages or other labor issues at our facilities or at
the facilities of our customers or suppliers; our substantial debt and resulting
vulnerability to an economic or industry downturn and to rising interest rates; cyclicality
of automotive production and sales; any increase in the expense and funding
requirements of our pension and other postretirement benefits; risks associated with
non-U.S. operations, including foreign exchange risks and economic uncertainty in
some regions; any impairment of our goodwill or other intangible assets; volatility in our
annual effective tax rate resulting from a change in earnings mix or other factors;
adverse effects of environmental and safety regulations; assertions by or against us
relating to intellectual property rights; the possibility that our largest shareholder’s
interests will conflict with ours; and other risks and uncertainties set forth in our Report
on Form 10-K and in our other filings with the Securities and Exchange Commission.
We do not undertake any obligation to release publicly any revision to any of these
forward-looking statements.
###
6
8. TRW Automotive Holdings Corp.
Index of Consolidated Financial Information
Page
Consolidated Statements of Operations (unaudited)
for the three months ended March 28, 2008 and March 30, 2007...................................................A2
Condensed Consolidated Balance Sheets as of
March 28, 2008 (unaudited) and December 31, 2007 .....................................................................A3
Condensed Consolidated Statements of Cash Flows (unaudited)
for the three months ended March 28, 2008 and March 30, 2007...................................................A4
Reconciliation of GAAP Net Earnings (Losses) to EBITDA (unaudited)
for the three months ended March 28, 2008 and March 30, 2007...................................................A5
Reconciliation of GAAP Net Earnings (Losses) to Adjusted Earnings (unaudited)
for the three months ended March 30, 2007....................................................................................A6
The accompanying unaudited condensed consolidated financial information and reconciliation
schedules should be read in conjunction with the TRW Automotive Holdings Corp. Annual Report
on Form 10-K for the year ended December 31, 2007, as filed with the United States Securities
and Exchange Commission on February 21, 2008.
9. TRW Automotive Holdings Corp.
Consolidated Statements of Operations
(Unaudited)
Three Months Ended
(In millions, except per share amounts)
March 28, 2008 March 30, 2007
Sales ........................................................................................... $ 4,144 $ 3,567
Cost of sales ............................................................................... 3,803 3,251
Gross profit............................................................................ 341 316
Administrative and selling expenses........................................... 132 128
Amortization of intangible assets ................................................ 9 9
Restructuring charges and asset impairments............................ 8 8
Other expense (income) — net................................................... 4 (4)
Operating income.................................................................. 188 175
Interest expense — net............................................................... 48 63
Loss on retirement of debt .......................................................... — 147
Accounts receivable securitization costs .................................... 1 1
Equity in earnings of affiliates, net of tax .................................... (7) (6)
Minority interest, net of tax.......................................................... 5 3
Earnings (losses) before income taxes................................ 141 (33)
Income tax expense.................................................................... 47 53
Net earnings (losses).......................................................... $ 94 $ (86)
Basic earnings (losses) per share:
Earnings (losses) per share ...................................................... $ 0.93 $ (0.87)
Weighted average shares ......................................................... 100.8 98.5
Diluted earnings (losses) per share:
Earnings (losses) per share ...................................................... $ 0.92 $ (0.87)
Weighted average shares ......................................................... 102.2 98.5
A2
10. TRW Automotive Holdings Corp.
Condensed Consolidated Balance Sheets
As of
(Dollars in millions)
March 28, December 31,
2008 2007
(Unaudited)
Assets
Current assets:
Cash and cash equivalents .................................................... $ 562 $ 895
Marketable securities.............................................................. 3 4
Accounts receivable — net..................................................... 2,860 2,313
Inventories .............................................................................. 936 822
Prepaid expenses and other current assets ........................... 336 292
Total current assets..................................................................... 4,697 4,326
Property, plant and equipment — net ......................................... 2,995 2,910
Goodwill ...................................................................................... 2,249 2,243
Intangible assets — net............................................................... 724 710
Pension asset.............................................................................. 1,506 1,461
Other assets................................................................................ 660 640
Total assets ............................................................................. $ 12,831 $ 12,290
Liabilities, Minority Interests and Stockholders’ Equity
Current liabilities:
Short-term debt ...................................................................... $ 80 $ 64
Current portion of long-term debt........................................... 20 30
Trade accounts payable......................................................... 2,666 2,406
Accrued compensation .......................................................... 296 298
Other current liabilities ........................................................... 1,027 917
Total current liabilities ................................................................. 4,089 3,715
Long-term debt............................................................................ 3,064 3,150
Postretirement benefits other than pensions............................... 586 591
Pension benefits.......................................................................... 516 497
Other long-term liabilities ............................................................ 1,046 1,011
Total liabilities.......................................................................... 9,301 8,964
Minority interests ......................................................................... 144 134
Commitments and contingencies
Stockholders’ equity:
Capital stock .......................................................................... 1 1
Treasury stock........................................................................ — —
Paid-in-capital ........................................................................ 1,182 1,176
Retained earnings .................................................................. 495 398
Accumulated other comprehensive earnings ......................... 1,708 1,617
Total stockholders’ equity............................................................ 3,386 3,192
Total liabilities, minority interests, and stockholders’ equity .... $ 12,831 $ 12,290
A3
11. TRW Automotive Holdings Corp.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended
(Dollars in millions)
March 28, 2008 March 30, 2007
Operating Activities
Net earnings (losses) ......................................................................... $ 94 $ (86)
Adjustments to reconcile net earnings (losses) to net cash used in
operating activities:
Depreciation and amortization.......................................................... 147 131
Net pension and other postretirement benefits income and
contributions ................................................................................... (54) (41)
Loss on retirement of debt................................................................ — 147
Other — net ...................................................................................... (23) 10
Changes in assets and liabilities, net of effects of businesses
acquired:
Accounts receivable — net............................................................. (420) (420)
Inventories ...................................................................................... (58) (37)
Trade accounts payable ................................................................. 150 121
Prepaid expense and other assets ................................................. (15) (36)
Other liabilities ................................................................................ 64 (10)
Net cash used in operating activities .............................................. (115) (221)
Investing Activities
Capital expenditures, including other intangibles ............................... (97) (119)
Acquisitions, net of cash acquired...................................................... (40) (12)
Termination of interest rate swaps ..................................................... — (12)
Net proceeds from asset sales and sales/leasebacks ....................... 1 7
Net cash used in investing activities............................................... (136) (136)
Financing Activities
Change in short-term debt.................................................................. 14 36
Net repayments on revolving credit facility ........................................ (90) —
Proceeds from issuance of long-term debt, net of fees ...................... 4 1,477
Redemption of long-term debt............................................................ (43) (1,396)
Proceeds from exercise of stock options............................................ 2 5
Net cash (used in) provided by financing activities ........................ (113) 122
Effect of exchange rate changes on cash .......................................... 31 —
Decrease in cash and cash equivalents............................................. (333) (235)
Cash and cash equivalents at beginning of period............................. 895 578
Cash and cash equivalents at end of period ...................................... $ 562 $ 343
A4
12. TRW Automotive Holdings Corp.
Reconciliation of GAAP Net Earnings (Losses) to EBITDA
(Unaudited)
The reconciliation schedule below should be read in conjunction with the TRW Automotive Holdings Corp.
Form 10-K for the year ended December 31, 2007.
The EBITDA measure calculated in the following schedule is a measure used by management to
evaluate operating performance. Management believes that EBITDA is a useful measurement because it
is frequently used by securities analysts, institutional investors and other interested parties in the
evaluation of companies in our industry.
EBITDA is not a recognized term under GAAP and does not purport to be an alternative to net earnings
(losses) as an indicator of operating performance, or to cash flows from operating activities as a measure
of liquidity. Additionally, EBITDA is not intended to be a measure of free cash flow for management’s
discretionary use, as it does not consider certain cash requirements such as interest payments, tax
payments and debt service requirements. Because not all companies use identical calculations, this
presentation of EBITDA may not be comparable to other similarly titled measures of other companies.
Three Months Ended
(Dollars in millions)
March 28, 2008 March 30, 2007
GAAP net earnings (losses).......................................... $ 94 $ (86)
Income tax expense ................................................ 47 53
Interest expense — net ........................................... 48 63
Loss on retirement of debt ...................................... — 147
Accounts receivable securitization costs................. 1 1
Depreciation and amortization ................................ 147 131
EBITDA ......................................................................... $ 337 $ 309
A5
13. TRW Automotive Holdings Corp.
Reconciliation of GAAP Net Earnings to Adjusted Earnings
(Unaudited)
In conjunction with the Company’s tender offer and repurchase on March 26, 2007 of its then outstanding
9⅜% Senior Notes and 10⅛% Senior Notes in original principal amounts of $925 million and €200 million,
respectively, and 11% Senior Subordinated Notes and 11¾% Senior Subordinated Notes in original
principal amounts of $300 million and €125 million, respectively, the Company recorded a loss on
retirement of debt of $147 million. This loss included $111 million for redemption premiums paid, $20
million for the write-off of deferred debt issuance costs, $11 million relating to the principal amount in
excess of carrying value of the 9⅜% Senior Notes and $5 million of fees. No tax benefit was recognized
relating to the loss on retirement of debt due to the Company’s tax loss position in the respective
jurisdiction.
The following reconciliation excludes the impact of the loss on retirement of debt.
Three Months Three Months
Ended Ended
March 30, March 30,
2007 2007
Actual Adjustments Adjusted
(In millions, except per share amounts)
Sales...................................................................... $ 3,567 $ — $ 3,567
Cost of sales.......................................................... 3,251 — 3,251
Gross profit........................................................ 316 — 316
Administrative and selling expenses ..................... 128 — 128
Amortization of intangible assets .......................... 9 — 9
Restructuring charges and asset impairments...... 8 — 8
Other income — net .............................................. (4) — (4)
Operating income .............................................. 175 — 175
Interest expense, net............................................. 63 — 63
(a)
Loss on retirement of debt..................................... 147 (147) —
Accounts receivable securitization costs............... 1 — 1
Equity in earnings of affiliates, net of tax............... (6) — (6)
Minority interest, net of tax .................................... 3 — 3
(Losses) earnings before income taxes ............ (33) 147 114
Income tax expense ............................................. 53 — 53
Net (losses) earnings ....................................... $ (86) $ 147 $ 61
Effective tax rate.................................................... n.m. 46%
Basic (losses) earnings per share:
(Losses) earnings per share ............................... $ (0.87) $ 0.62
Weighted average shares ................................... 98.5 98.5
Diluted (losses) earnings per share:
(Losses) earnings per share ............................... $ (0.87) $ 0.60
(b)
Weighted average shares ................................... 98.5 101.6
(a) Reflects the elimination of the loss on retirement of debt.
(b) Includes approximately 3.1 million shares that have been excluded from the GAAP diluted losses per share calculation for the three
months ended March 30, 2007, as the effect was anti-dilutive due to the net loss reflected for such period.
n.m. – not meaningful
A6