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Artificial intelligence (AI) is everywhere, promising self-driving cars, medical breakthroughs, and new ways of working. But how do you separate hype from reality? How can your company apply AI to solve real business problems?
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Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
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1. R
Strategic Evolution
and Growth Plans
JPMorgan Harbour Auto Conference
August 3, 2004
world’s leading automotive interior supplier
advance relentlessly ®
fast forward
2. Agenda
• Strategic Evolution
Jim Vandenberghe, Vice Chairman
• Global Growth Plans
Dave Wajsgras, SVP and CFO
• Q&A
1
4. Strategic Evolution
Seat Components
1990-1994
to Seat Systems
Seat Systems to
1994-1999
Total Interior Capability
Operational Excellence;
1999-2003
Reduce Debt
Profitability Grow the Business
Going forward
3
5. We have Diversified Our Product Mix…
Present
1994
Seats and Seating
Seats and Seating
Seating Systems
Components
Components
68%
100%
Interior Systems Electronics
18% 14% 4
6. Diversified Our Geographic Mix…
1994 Present
Europe
Europe
36%
17%
Rest of World North America
North America
5% 59%
83%
5
7. And Diversified Our Customer Mix
1994 Present
Extended Ford & GM -
Classic Ford & GM Opel, Saab, Isuzu, Volvo,
47% Jaguar and Land Rover
Classic Ford & GM 12%
75%
DaimlerChrysler
BMW
All Other Fiat
VW
25% All Other PSA GP
Asian
Renault
6
8. North America
Market Share Rankings
#2
#1
Seating Systems Headliners
Electrical #3
#1
Door Panels
Distribution Systems
Instrument Panels &
#2
Flooring &
#5
Cockpit Systems
Acoustic Systems
#1 in Total Interiors
7
9. North America
Lear Content On Top Selling Vehicles
1 Ford - Total F-Series Pickup 11 DCX - Caravan 21 Ford - Ranger
2 GM - Total Silverado Pickup 12 GM - TrailBlazer 22 DCX - Jeep Liberty
3 DCX - Ram Pickup 13 GM - Malibu 23 Toyota - Sienna
4 Toyota - Camry 14 Ford - Focus 24 GM Grand Am
15 Nissan - Altima
5 Honda - Accord 25 Toyota - Tacoma
6 Ford - Explorer 16 GM - Cavalier 26 Ford - Expedition
7 Toyota - Corolla/Matrix 17 Ford - Escape 27 Honda - Odyssey
8 Ford - Taurus 18 GM - Total GMC Sierra Pickup 28 Ford - Econoline
9 Honda - Civic 19 DCX - Jeep Grand Cherokee 29 Ford - Mustang
10 GM - Impala 20 GM - Tahoe 30 GM - Grand Prix
Source: Ward’s Automotive Reports, July 2004 and company data.
Lear Content on 29 of 30
Top-Selling Vehicles in North America
8
10. Western Europe
Market Share Rankings
Seating Systems #1 #3
Door Panels
Instrument Panels &
Electrical #4
#3 Cockpit Systems
Distribution Systems
#3
Headliners
Industry Leader in Seating;
Growth Opportunity in Instrument Panels and Cockpit Systems 9
11. Western Europe
Lear Content On Top Selling Vehicles
Renault - Scenic
1 VW - Golf 11 21 Opel - Meriva
Citroen - Xsara Picasso
2 Peugeot - 206/207 SW 12 Citroen - C3 22
Peugeot - 307/307 SW VW - Polo
3 13 23 Mercedes E-class
Renault - Clio
4 14 BMW - 3 Series 24 Ford - Mondeo
Toyota - Corolla
5 Ford - Focus 15 Audi - A4/S4/RS4 25
VW - Touran
6 Renault - Megane 16 VW - Passat 26
7 Opel - Corsa 17 27 Opel - Vectra
Toyota - Yaris
VW - Ibiza
8 Fiat - Punto 18 28
Fiat - Panda
Ford - Fiesta
9 19 Opel - Zafira 29 Ford - Focus C-Max
Nissan - Micra
10 Opel - Astra 20 Mercedes C-class 30
Source: Based on available company and industry data.
Lear Content on 18 of 30
Top-Selling Vehicles in Western Europe
10
12. Evolution of North American Automotive Trends
Number of Nameplates
267
115% 241
190
124
1974 1984 1994 2004
11
13. Evolution of North American Automotive Trends
New / Redesigned & Freshened Vehicles
2005 2006 2007 2008 Total
Domestic OEMs 47 32 30 15 124
Japanese OEMs 31 23 10 7 71
Korean 2 4 3 2 11
European 11 10 1 1 23
Total 91 69 44 25 229
12
14. Evolution of North American Automotive Trends
Percent of Vehicle Sales over US $30,000
33%
18%
5%
1990 1995 2003
13
15. Profitable Global Growth Strategy
Industry Focus
Interiors are the fastest growing automotive segment
Interiors are the fastest growing automotive segment
Intense focus on improving interiors by all major automakers
Intense focus on improving interiors by all major automakers
Lear Opportunity
Deliver record sales backlog (supports ≈ 5% + annual growth)
Deliver record sales backlog (supports ≈ 5% + annual growth)
Awarded General Motors’ first total interior integrator program
Awarded General Motors’ first total interior integrator program
Accelerate new product innovations (e.g., IntelliTireTM))
Accelerate new product innovations (e.g., IntelliTireTM
Pursue strategic acquisitions (e.g., Grote & Hartmann)
Pursue strategic acquisitions (e.g., Grote & Hartmann)
Win new business in Asia and with Asian OEMs globally
Win new business in Asia and with Asian OEMs globally
Lear is Well Positioned in the Fastest Growing
Segment of the Automotive Industry
14
17. A Consistent, Disciplined Strategy
Aggressively
expand our
presence in
Asia and with
Asian OEMs
Improve our
globally
business
structure and
grow our market
Leverage our
share in Europe
leadership
position in total
interiors in North
America
Profitability Grow Our Business Worldwide
16
18. Record Sales Backlog
(millions)
$1,250
$1,000
$900
$750
$500
2004 2005 2006 2007 2008
$4,400
$3,900
$750 $2,000 $3,000
Cumulative
Record Backlog Driving Sales Growth and Diversification
* Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information. 17
19. First Total Interior Integrator Program
2006 Buick LeSabre / Cadillac DeVille
$825 million in annual sales
Lear to provide total interior, including electrical distribution systems
Systems Total Interior
Integrator Integrator (TI)
Design OEM Lead Supplier Lead
Engineering Shared Supplier Lead
Sourcing OEM Directed Supplier Lead
Manufacturing Supplier Supplier
Sub-Assembly Supplier Supplier
Sequencing Supplier Supplier
Working with other Major Automakers to
Win New Total Interior Integrator Programs 18
21. Electronics/Electrical Market
Electronics / Electrical Grote & Hartmann **
Global Market Opportunity*
High quality producer
$44
with technical expertise
(in billions)
Improves overall
$28
competitiveness in
$25
$18
electronics / electrical
market
Provides avenue for
growth and customer
diversification
Wire Harness/ Add Body Add Safety Add Audio,
Terminals & Electronics & Electronics Infotainment
Connectors Mechatronics & Other
Acquisition Consistent with our Electrical/Electronics Strategy
* Based on internal Lear estimates
20
** Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information.
22. Wire Harness Composition
Average Wire Harness
Composition
Terminals &
Wire Harness
Connectors
Terminals & Connectors
40%
60%
Wiring / Assembly
Terminals & Connectors are an Integral
Part of a Wire Harness Assembly 21
23. Grote & Hartmann Acquisition
≈ $275 million in revenue, with about 75% in Europe
≈ $275 million in revenue, with about 75% in Europe
Headquarters: Wuppertal, Germany; 1,900 employees
Headquarters: Wuppertal, Germany; 1,900 employees
Major products: terminals & connectors and junction
Major products: terminals & connectors and junction
boxes
boxes
Major customers: VW, BMW, Ford, Opel, DCX, Renault,
Major customers: VW, BMW, Ford, Opel, DCX, Renault,
MAN and PSA group
MAN and PSA group
Acquisition Expected to be Slightly Accretive in 2005*
* Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information. 22
24. Our Presence in Asia is Growing Rapidly*
China Korea
• 11 facilities • 2 facilities
• 1 engineering center • 1 engineering center
• 21 customers • 2 customers
• Seats, interiors, electrical • Seats
distribution, electronics, IP
India Japan
• 3 facilities • 3 engineering centers
• 1 engineering center • 5 customers
• 4 customers • Interior integration
• Seats, interior integration
Thailand Philippines
• 2 facilities • 4 facilities
• 5 customers • 1 engineering center
• Seats, seat trim, • 7 customers
door panels • Electrical distribution
23
* Includes facilities held through joint ventures
25. Lear Awarded New Seat Business with Mazda
Effective June 1, 2004, Lear was
awarded seats and seat
component business for:
Mazda 6
Mazda Tribute / Ford Escape
Expected annual sales of
approximately $100 million*
Making Progress with North American Transplants
* Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information. 24
26. Asia/Asian Automakers Revenue*
(millions)
≈$1,600
$1,250
$850
2002 2003 2004 Future
Asian Sales About Double from 2002 to 2004;
Solid Growth Expected to Continue**
* Consolidated and unconsolidated sales
25
** Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information.
27. Infrastructure Cost Reduction Actions
Low cost country strategy
Manufacturing Capacity
Sourcing
Selective in-sourcing of value-add components
Global Cost Technology Optimization initiatives
Leverage Lear’s scale and commonization expertise
“Lear flexible seating architecture”
26
28. R
ADVANCE RELENTLESSLY™
LEA
Listed
www.lear.com
NYSE
29. 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. Actual results may differ materially from anticipated results
as a result of certain risks and uncertainties, including but not limited to, general economic conditions in the markets in which
the Company operates, including changes in interest rates and fuel prices, fluctuations in the production of vehicles for which
the Company is a supplier, labor disputes involving the Company or its significant customers or suppliers or that otherwise
affect the Company, the Company’s ability to achieve cost reductions that offset or exceed customer-mandated selling price
reductions, the impact and timing of program launch costs, the costs and timing of facility closures or similar actions, increases
in warranty or product liability costs, risks associated with conducting business in foreign countries, fluctuations in foreign
exchange rates, adverse changes in economic conditions or political instability in the jurisdictions in which the Company
operates, competitive conditions impacting the Company’s key customers, raw material cost and availability, the Company’s
ability to successfully integrate the recently acquired Grote and Hartmann operations, the outcome of legal or regulatory
proceedings to which we are or may become a party, unanticipated changes in free cash flow and other risks described from
time to time in the Company’s Securities and Exchange Commission filings.
In addition, the full year 2004 per share earnings guidance is based on an assumed 70.5 million shares outstanding and does
not reflect the potential dilutive impact of the Company’s outstanding convertible senior notes.
The forward-looking statements in this presentation are made as of the date hereof, and the Company does not assume any
obligation to update them.
This presentation also contains information on the Company’s sales backlog. The Company’s incremental sales backlog
reflects: (i) formally awarded new programs; (ii) targeted programs for which the Company believes there is a substantial
likelihood of award; (iii) phased-out and cancelled programs; (iv) estimates regarding customer-mandated changes in selling
prices; and (v) estimates of expected changes in vehicle content. Changes in any of these components may significantly impact
the Company’s backlog. In addition, backlog may be impacted by various assumptions imbedded in the calculation, including
vehicle production levels on new, replacement or targeted programs, foreign exchange rates and the timing of major program
launches. For purposes of the backlog data included in this presentation, the Company has made various assumption, including
the following: (1) North American vehicle production of 16.0 million units; (2) Western European vehicle production of 16.0
million units; (3) South American vehicle production of 1.9 million units; and (4) a Euro exchange rate of $1.20/Euro. Please
refer to the Company’s Annual Report on Form 10-K for its fiscal year ended December 31, 2003 for further information on the
28
Company’s calculation of sales backlog.