Lear provided an overview of its annual meeting and discussed its strategy, priorities, and financial results. It highlighted completing the divestiture of its interior business in 2006, focusing on its core businesses of seating, electronics, and electrical distribution. Lear also discussed expanding its presence in Asia, implementing a global restructuring initiative to reduce costs, and improving its financial results and liquidity position in 2006. For 2007, Lear outlined projections for flat production in North America, 1% growth in Europe, and expectations of $14.8 billion in net sales and $600-640 million in core operating earnings.
The document provides an agenda and presentation materials from Lear Corporation's 30th Annual Gabelli Automotive Aftermarket Symposium. The presentation discusses Lear's strategic evolution from a supplier to a systems integrator, its focus on improving returns by product line. Key targets include annual sales growth of 5% and growing Asian sales by 25% annually. The presentation also reviews financial performance, outlines the outlook and strategic direction for each business segment, and provides a preliminary outlook for 2007 with expectations for continued margin improvement and a return to positive free cash flow.
The document is the agenda and slides from Lear Corporation's second quarter 2004 earnings review presentation.
The presentation discusses Lear's strategy of expanding in Asia and with Asian automakers, highlights their growing presence and sales in Asia, and notes that Asian sales have doubled from 2002 to 2004.
It also reviews Lear's solid second quarter financial results and quality improvements, new business wins including a seat contract with Mazda, and product launches scheduled for the second half of 2004.
The presentation provides guidance that Lear's European sales growth will moderate in 2005 while its North American sales are expected to improve that year based on new business backlog.
Lear Corporation held its annual meeting of stockholders on May 8, 2008. The agenda included presentations on major 2007 accomplishments, 2007 financial results and 2008 outlook, and corporate strategy and summary. For 2007 accomplishments, Lear highlighted significant restructuring progress, improved financial results and balance sheet strengthening, divesting its North American Interior business, and maintaining quality and innovation momentum. Lear's 2008 outlook projected net sales of approximately $15.5 billion and core operating earnings between $660-700 million, despite a forecasted 6% decline in North American auto production for the year. Lear's strategy focuses on leveraging its global scale and diversification to strengthen performance.
The document summarizes Lear Corporation's first quarter 2004 earnings review. Key points include:
- Record first quarter net sales of $4.5 billion and net income per share of $1.30.
- European operations and content per vehicle continue to improve.
- The Grote & Hartmann acquisition will strengthen Lear's position in electrical distribution systems.
- Full year 2004 net income per share guidance remains unchanged at $5.55 to $5.85 despite challenges in the automotive industry.
This case study describes a UK serviced office provider that owns and operates 80 office buildings. They employ dedicated customer service teams to manage each building. The company is replacing fluorescent light tubes used for outdoor building signage with SOLARA induction lamps. This will reduce required maintenance from every 18 months to once every 48 months, saving on maintenance costs. Installing SOLARA lamps will help the company reduce maintenance expenses and improve customer satisfaction by minimizing disruptions from frequent light replacements.
Pacific Gas & Electric implemented SAP BI Accelerator to improve dashboard performance for thousands of users. They sized the environment with 14 blade servers and tested various hardware configurations. With BI Accelerator, the performance of 70 critical financial queries improved significantly, with speed increases from 150-1064% and reduced database query times from seconds to under 30 seconds. Lessons from the project can help other companies successfully plan and deploy BI Accelerator.
The document is an outline for a PowerPoint presentation about product design and services. It includes topics like product strategy options, product life cycles, generating new products, product development systems, quality function deployment for product design, defining products and services, and applying decision trees to product issues. The outline contains learning objectives that focus on defining products and services, production documents, customer participation in design and production of services, and applying decision trees to product design.
This document discusses Celanese Corporation's presentation at the Citi 5th Annual Small and Mid-Cap Conference on March 18, 2008. It begins with forward-looking statements and information on non-GAAP financial measures. Then, it provides an overview of Celanese as a leading global producer of chemicals and advanced materials. Finally, it outlines Celanese's strategies and growth opportunities in its key business segments to achieve its 2010 objectives of increasing operating EBITDA by $350-400 million.
The document provides an agenda and presentation materials from Lear Corporation's 30th Annual Gabelli Automotive Aftermarket Symposium. The presentation discusses Lear's strategic evolution from a supplier to a systems integrator, its focus on improving returns by product line. Key targets include annual sales growth of 5% and growing Asian sales by 25% annually. The presentation also reviews financial performance, outlines the outlook and strategic direction for each business segment, and provides a preliminary outlook for 2007 with expectations for continued margin improvement and a return to positive free cash flow.
The document is the agenda and slides from Lear Corporation's second quarter 2004 earnings review presentation.
The presentation discusses Lear's strategy of expanding in Asia and with Asian automakers, highlights their growing presence and sales in Asia, and notes that Asian sales have doubled from 2002 to 2004.
It also reviews Lear's solid second quarter financial results and quality improvements, new business wins including a seat contract with Mazda, and product launches scheduled for the second half of 2004.
The presentation provides guidance that Lear's European sales growth will moderate in 2005 while its North American sales are expected to improve that year based on new business backlog.
Lear Corporation held its annual meeting of stockholders on May 8, 2008. The agenda included presentations on major 2007 accomplishments, 2007 financial results and 2008 outlook, and corporate strategy and summary. For 2007 accomplishments, Lear highlighted significant restructuring progress, improved financial results and balance sheet strengthening, divesting its North American Interior business, and maintaining quality and innovation momentum. Lear's 2008 outlook projected net sales of approximately $15.5 billion and core operating earnings between $660-700 million, despite a forecasted 6% decline in North American auto production for the year. Lear's strategy focuses on leveraging its global scale and diversification to strengthen performance.
The document summarizes Lear Corporation's first quarter 2004 earnings review. Key points include:
- Record first quarter net sales of $4.5 billion and net income per share of $1.30.
- European operations and content per vehicle continue to improve.
- The Grote & Hartmann acquisition will strengthen Lear's position in electrical distribution systems.
- Full year 2004 net income per share guidance remains unchanged at $5.55 to $5.85 despite challenges in the automotive industry.
This case study describes a UK serviced office provider that owns and operates 80 office buildings. They employ dedicated customer service teams to manage each building. The company is replacing fluorescent light tubes used for outdoor building signage with SOLARA induction lamps. This will reduce required maintenance from every 18 months to once every 48 months, saving on maintenance costs. Installing SOLARA lamps will help the company reduce maintenance expenses and improve customer satisfaction by minimizing disruptions from frequent light replacements.
Pacific Gas & Electric implemented SAP BI Accelerator to improve dashboard performance for thousands of users. They sized the environment with 14 blade servers and tested various hardware configurations. With BI Accelerator, the performance of 70 critical financial queries improved significantly, with speed increases from 150-1064% and reduced database query times from seconds to under 30 seconds. Lessons from the project can help other companies successfully plan and deploy BI Accelerator.
The document is an outline for a PowerPoint presentation about product design and services. It includes topics like product strategy options, product life cycles, generating new products, product development systems, quality function deployment for product design, defining products and services, and applying decision trees to product issues. The outline contains learning objectives that focus on defining products and services, production documents, customer participation in design and production of services, and applying decision trees to product design.
This document discusses Celanese Corporation's presentation at the Citi 5th Annual Small and Mid-Cap Conference on March 18, 2008. It begins with forward-looking statements and information on non-GAAP financial measures. Then, it provides an overview of Celanese as a leading global producer of chemicals and advanced materials. Finally, it outlines Celanese's strategies and growth opportunities in its key business segments to achieve its 2010 objectives of increasing operating EBITDA by $350-400 million.
This document discusses Celanese Corporation and provides non-GAAP financial measures. It defines operating EBITDA, adjusted earnings per share, and adjusted free cash flow. It states that Celanese is a leading global producer of chemicals and advanced materials with a geographically balanced global presence and diversified end market exposure. The document also provides an overview of Celanese's integrated businesses aligned to accelerate growth.
2009 results 2010 2014 plan - london, march 18 2010Enel S.p.A.
The document discusses Enel's 2009 results and 2010-2014 strategic plan, highlighting a 12.1% increase in EBITDA for 2009 to €16 billion and goals of achieving leadership in strategic markets through consolidation and operational excellence while focusing on renewables and financial stability over the next 5 years.
This document provides an outline for a PowerPoint presentation on operations management. It discusses key topics like what operations management is, the difference between goods and services, productivity measurement, and organizational charts. Productivity and how to improve it are important aspects of operations management. Managers must organize the production of goods and services through functions like marketing, production, and finance.
Rockwell Automation reported strong financial results for fiscal year 2007. [1] Sales increased 10% to $5 billion and segment operating margins improved to almost 20%. [2] Diluted earnings per share increased 29% to $3.70. [3] Free cash flow was $531 million, reflecting high quality earnings. The company continued expanding into new markets like process control and diversifying its customer base globally. It also made strategic acquisitions to enhance its technology and market position. Rockwell Automation remains focused on driving organic growth while maintaining productivity to reinvest in future opportunities.
The document discusses human resource strategies and operations management techniques. It covers topics like labor planning, job design, work measurement methods, and establishing performance standards. Specifically, it discusses establishing employment policies, designing jobs, conducting time and motion studies to set labor standards, and using visual tools in the workplace to communicate information. The overall aim is to effectively manage labor resources and design work to maximize productivity and efficiency.
The document summarizes the 2010 results for an energy company. Key points include:
1) Energy consumption was higher than 2009, with losses decreasing. Investments increased 32% to R$682 million.
2) EBITDA increased 35.9% to R$2.4 billion and net income increased 16.5% to R$1.3 billion.
3) Various regulatory developments were outlined, including a proposed 8% tariff adjustment and methodology changes for the next tariff review cycle.
The document outlines key concepts in developing operations strategy in a global environment. It discusses developing missions and strategies, achieving competitive advantage, and global operations strategy options. The learning objectives are to understand strategic approaches, operations management decisions, success factors, and global strategy types. The document also provides examples of multinational corporations and their global operations.
This document discusses Celanese Corporation's use of non-GAAP financial measures and forward-looking statements in company presentations. It provides definitions and explanations for key performance metrics used by Celanese, such as operating EBITDA, adjusted earnings per share, and adjusted free cash flow. It also notes that Celanese is unable to reconcile forecasts for these non-GAAP measures to GAAP measures. The document aims to explain these non-GAAP measures to investors and how management uses them for planning, budgeting, and evaluating financial and operating results.
This document contains an outline for a chapter on operations management processes. It discusses four main process strategies: process focus, repetitive focus, product focus, and mass customization focus. It provides examples of each type of focus using companies like Harley-Davidson and Frito-Lay. It also compares the different process strategies based on factors like volume, variety, scheduling, and costs. Learning objectives are outlined that cover production processes, tools for process analysis, and recent technology advances.
Phillips Carbon Black (PCBL) is the leading producer of carbon black in India, with approximately 48% of total domestic capacity. Carbon black is a key input for the tyre industry, which accounts for around 65% of carbon black consumption in India. The analyst expects PCBL's revenues and volumes to grow substantially in the coming years, driven by capacity expansions and rising demand for tyres from growth in the automotive sector. In addition, the company's power generation business is expected to be a significant contributor to profits and provide stability to earnings going forward. Based on this analysis, the analyst initiates coverage on PCBL with a buy recommendation and target price of Rs270 per share.
IRB Infrastructure reported a 23.6% increase in net sales to Rs. 512 crore for the first quarter of FY2011 compared to the same period last year. However, this was below the analyst's estimates of Rs. 714 crore due primarily to lower than expected performance in the construction segment. The operating margin of 44.8% outperformed estimates due to record high margins in the construction segment, leading to higher than forecasted net profit of Rs. 117.5 crore. While revising down their estimates, the analysts maintain an Accumulate rating given IRB's strengths in the road segment and portfolio of BOT assets.
Joined up information systems to reduce WLI spend and improve theatre efficiencyNuffield Trust
The document discusses a project between Newton Europe Ltd and North West London Hospitals Trust (NWLH) to reduce spending on Weekend and Late Initiative (WLI) operating lists and improve theatre efficiency. The goals of the project were to improve theatre utilization, reduce WLI spend, and increase clinician involvement in booking procedures. As a result of changes to booking processes and new theatre data capture systems, WLI spend was reduced by £900k per month. Theatre utilization increased with session pick up rates rising 25% and cancelled sessions dropping.
The document is a PowerPoint presentation on layout strategies. It discusses different types of layouts including office, retail, warehouse, fixed position, process oriented, work cell, and product oriented layouts. It provides examples of each type of layout and considerations for designing effective layouts. The presentation also covers topics like cross docking, random stocking, servicescapes, McDonald's innovations in layout, and how to minimize costs in a process oriented facility layout.
External factors outside of Bord Gáis' control, such as oil price volatility and industry changes, impact the company's costs and competitive landscape. Bord Gáis implemented activity-based costing to gain insights into its cost base and identify opportunities to improve efficiency. Through ABC, the company optimized sales support functions, reallocated staff, focused on high-value activities like winbacks and retentions, and found ways to reduce travel time. These changes enhanced performance while controlling costs in a challenging environment.
This document outlines a PowerPoint presentation on capacity and constraint management. The presentation covers topics such as design capacity versus effective capacity, bottleneck analysis, break-even analysis, and applying expected monetary value and investment analysis to capacity decisions. It lists learning objectives related to defining capacity, performing bottleneck analysis, and using various analytical tools for evaluating capacity and investment decisions.
This document provides an overview of outsourcing as a supply chain strategy. It discusses what outsourcing is, the theory of comparative advantage, strategic planning and core competencies as they relate to outsourcing. It also covers the risks, advantages, and disadvantages of outsourcing, as well as how to evaluate outsourcing performance and ethical issues related to outsourcing.
This document provides an outline and overview of just-in-time (JIT) operations, the Toyota Production System (TPS), and lean operations. It discusses key concepts like eliminating waste, removing variability, and improving throughput. Specific JIT and lean techniques are defined, like JIT partnerships between suppliers and purchasers, JIT layout and inventory approaches, and methods for reducing setup times and lot sizes. The Toyota Motor Corporation is presented as a case study in successfully implementing JIT and TPS principles.
Teluma is a leading provider of resource management solutions that aims to reduce recruitment costs and attract better candidates for its clients through innovative technology-driven solutions. Their resource management solutions and status as a valued partner come from their innovative nature and focus on technology.
(1) David E. Fry is a director of Lear Corp who filed a Form 4 regarding changes in his beneficial ownership of Lear securities.
(2) On January 31, 2009, Fry was granted 89,552 restricted units under Lear's director plan that will vest over three years. He also received credits to his deferred stock unit account for restricted units and deferred stock units that vested on that date from prior years.
(3) Fry beneficially owns over 135,000 deferred stock units that will be paid out upon his retirement or a change in control of Lear.
This document discusses why the author likes a photo of a black panther due to its darkness and mysterious quality, as well as a monochrome photo that looks good. The author also likes the photo because it features Arsenal player Alexis Sanchez and the author enjoys portraits.
This transcript summarizes Nike's fiscal 2009 second quarter earnings call on December 17, 2008:
1) Nike reported record second quarter revenue for the Nike brand of $4 billion, up 6% in constant currency, with growth in major categories like running, basketball, and sportswear.
2) While the economic environment presents challenges, Nike is confident in its strength and competitive advantages in connecting with consumers and creating innovative products.
3) Nike will focus on managing costs carefully while continuing to invest in demand creation and brand strength to drive profitable growth over the long term.
This document discusses Celanese Corporation and provides non-GAAP financial measures. It defines operating EBITDA, adjusted earnings per share, and adjusted free cash flow. It states that Celanese is a leading global producer of chemicals and advanced materials with a geographically balanced global presence and diversified end market exposure. The document also provides an overview of Celanese's integrated businesses aligned to accelerate growth.
2009 results 2010 2014 plan - london, march 18 2010Enel S.p.A.
The document discusses Enel's 2009 results and 2010-2014 strategic plan, highlighting a 12.1% increase in EBITDA for 2009 to €16 billion and goals of achieving leadership in strategic markets through consolidation and operational excellence while focusing on renewables and financial stability over the next 5 years.
This document provides an outline for a PowerPoint presentation on operations management. It discusses key topics like what operations management is, the difference between goods and services, productivity measurement, and organizational charts. Productivity and how to improve it are important aspects of operations management. Managers must organize the production of goods and services through functions like marketing, production, and finance.
Rockwell Automation reported strong financial results for fiscal year 2007. [1] Sales increased 10% to $5 billion and segment operating margins improved to almost 20%. [2] Diluted earnings per share increased 29% to $3.70. [3] Free cash flow was $531 million, reflecting high quality earnings. The company continued expanding into new markets like process control and diversifying its customer base globally. It also made strategic acquisitions to enhance its technology and market position. Rockwell Automation remains focused on driving organic growth while maintaining productivity to reinvest in future opportunities.
The document discusses human resource strategies and operations management techniques. It covers topics like labor planning, job design, work measurement methods, and establishing performance standards. Specifically, it discusses establishing employment policies, designing jobs, conducting time and motion studies to set labor standards, and using visual tools in the workplace to communicate information. The overall aim is to effectively manage labor resources and design work to maximize productivity and efficiency.
The document summarizes the 2010 results for an energy company. Key points include:
1) Energy consumption was higher than 2009, with losses decreasing. Investments increased 32% to R$682 million.
2) EBITDA increased 35.9% to R$2.4 billion and net income increased 16.5% to R$1.3 billion.
3) Various regulatory developments were outlined, including a proposed 8% tariff adjustment and methodology changes for the next tariff review cycle.
The document outlines key concepts in developing operations strategy in a global environment. It discusses developing missions and strategies, achieving competitive advantage, and global operations strategy options. The learning objectives are to understand strategic approaches, operations management decisions, success factors, and global strategy types. The document also provides examples of multinational corporations and their global operations.
This document discusses Celanese Corporation's use of non-GAAP financial measures and forward-looking statements in company presentations. It provides definitions and explanations for key performance metrics used by Celanese, such as operating EBITDA, adjusted earnings per share, and adjusted free cash flow. It also notes that Celanese is unable to reconcile forecasts for these non-GAAP measures to GAAP measures. The document aims to explain these non-GAAP measures to investors and how management uses them for planning, budgeting, and evaluating financial and operating results.
This document contains an outline for a chapter on operations management processes. It discusses four main process strategies: process focus, repetitive focus, product focus, and mass customization focus. It provides examples of each type of focus using companies like Harley-Davidson and Frito-Lay. It also compares the different process strategies based on factors like volume, variety, scheduling, and costs. Learning objectives are outlined that cover production processes, tools for process analysis, and recent technology advances.
Phillips Carbon Black (PCBL) is the leading producer of carbon black in India, with approximately 48% of total domestic capacity. Carbon black is a key input for the tyre industry, which accounts for around 65% of carbon black consumption in India. The analyst expects PCBL's revenues and volumes to grow substantially in the coming years, driven by capacity expansions and rising demand for tyres from growth in the automotive sector. In addition, the company's power generation business is expected to be a significant contributor to profits and provide stability to earnings going forward. Based on this analysis, the analyst initiates coverage on PCBL with a buy recommendation and target price of Rs270 per share.
IRB Infrastructure reported a 23.6% increase in net sales to Rs. 512 crore for the first quarter of FY2011 compared to the same period last year. However, this was below the analyst's estimates of Rs. 714 crore due primarily to lower than expected performance in the construction segment. The operating margin of 44.8% outperformed estimates due to record high margins in the construction segment, leading to higher than forecasted net profit of Rs. 117.5 crore. While revising down their estimates, the analysts maintain an Accumulate rating given IRB's strengths in the road segment and portfolio of BOT assets.
Joined up information systems to reduce WLI spend and improve theatre efficiencyNuffield Trust
The document discusses a project between Newton Europe Ltd and North West London Hospitals Trust (NWLH) to reduce spending on Weekend and Late Initiative (WLI) operating lists and improve theatre efficiency. The goals of the project were to improve theatre utilization, reduce WLI spend, and increase clinician involvement in booking procedures. As a result of changes to booking processes and new theatre data capture systems, WLI spend was reduced by £900k per month. Theatre utilization increased with session pick up rates rising 25% and cancelled sessions dropping.
The document is a PowerPoint presentation on layout strategies. It discusses different types of layouts including office, retail, warehouse, fixed position, process oriented, work cell, and product oriented layouts. It provides examples of each type of layout and considerations for designing effective layouts. The presentation also covers topics like cross docking, random stocking, servicescapes, McDonald's innovations in layout, and how to minimize costs in a process oriented facility layout.
External factors outside of Bord Gáis' control, such as oil price volatility and industry changes, impact the company's costs and competitive landscape. Bord Gáis implemented activity-based costing to gain insights into its cost base and identify opportunities to improve efficiency. Through ABC, the company optimized sales support functions, reallocated staff, focused on high-value activities like winbacks and retentions, and found ways to reduce travel time. These changes enhanced performance while controlling costs in a challenging environment.
This document outlines a PowerPoint presentation on capacity and constraint management. The presentation covers topics such as design capacity versus effective capacity, bottleneck analysis, break-even analysis, and applying expected monetary value and investment analysis to capacity decisions. It lists learning objectives related to defining capacity, performing bottleneck analysis, and using various analytical tools for evaluating capacity and investment decisions.
This document provides an overview of outsourcing as a supply chain strategy. It discusses what outsourcing is, the theory of comparative advantage, strategic planning and core competencies as they relate to outsourcing. It also covers the risks, advantages, and disadvantages of outsourcing, as well as how to evaluate outsourcing performance and ethical issues related to outsourcing.
This document provides an outline and overview of just-in-time (JIT) operations, the Toyota Production System (TPS), and lean operations. It discusses key concepts like eliminating waste, removing variability, and improving throughput. Specific JIT and lean techniques are defined, like JIT partnerships between suppliers and purchasers, JIT layout and inventory approaches, and methods for reducing setup times and lot sizes. The Toyota Motor Corporation is presented as a case study in successfully implementing JIT and TPS principles.
Teluma is a leading provider of resource management solutions that aims to reduce recruitment costs and attract better candidates for its clients through innovative technology-driven solutions. Their resource management solutions and status as a valued partner come from their innovative nature and focus on technology.
(1) David E. Fry is a director of Lear Corp who filed a Form 4 regarding changes in his beneficial ownership of Lear securities.
(2) On January 31, 2009, Fry was granted 89,552 restricted units under Lear's director plan that will vest over three years. He also received credits to his deferred stock unit account for restricted units and deferred stock units that vested on that date from prior years.
(3) Fry beneficially owns over 135,000 deferred stock units that will be paid out upon his retirement or a change in control of Lear.
This document discusses why the author likes a photo of a black panther due to its darkness and mysterious quality, as well as a monochrome photo that looks good. The author also likes the photo because it features Arsenal player Alexis Sanchez and the author enjoys portraits.
This transcript summarizes Nike's fiscal 2009 second quarter earnings call on December 17, 2008:
1) Nike reported record second quarter revenue for the Nike brand of $4 billion, up 6% in constant currency, with growth in major categories like running, basketball, and sportswear.
2) While the economic environment presents challenges, Nike is confident in its strength and competitive advantages in connecting with consumers and creating innovative products.
3) Nike will focus on managing costs carefully while continuing to invest in demand creation and brand strength to drive profitable growth over the long term.
Lear Corporation reported first quarter 2007 financial results with improved operating performance and an updated outlook for 2007, while continuing global restructuring initiatives and expanding their presence in Asia. First quarter results were positively impacted by new global business wins and cost performance, but negatively impacted by lower North American production volumes. Reported results included various one-time costs and gains related to restructuring actions, divestitures, and the proposed merger transaction.
The annual shareholder meeting agenda included presentations on Lear's profile and strategic evolution, product line strategies and operating priorities, and financial review and outlook. Lear is a global automotive supplier serving major automakers worldwide. It has undergone a strategic evolution from a seat manufacturer to a systems integrator and provider of total interior capabilities. In recent years, Lear has focused on growing its business in Asia and with Asian customers through new programs, facilities, and joint ventures. It is also working to improve the profitability of its interiors business and achieve a competitive cost structure through restructuring actions.
Lear Corporation has grown rapidly over the past decade through strategic acquisitions and operational excellence. It is now a global leader in automotive seating and electrical systems. Looking forward, Lear aims to further diversify its business across regions and customers while repositioning its business in North America for improved long-term profitability. Near-term financial results have been negatively impacted by lower vehicle production and rising material costs, but Lear has a strong sales backlog that positions it for continued growth.
The document is an agenda for the AANY Detroit Automotive Conference on January 8, 2004. It includes a strategic overview presentation by the Chairman and CEO of Lear Corporation, as well as presentations on industry challenges, Lear's sales backlog and 2004 financial guidance. Lear is a leading automotive interior supplier focused on profitable growth. It has a large sales backlog supporting continued growth and its 2004 outlook forecasts record sales and earnings. Lear is well positioned despite challenges in the automotive industry through its customer-focused strategy and flexible cost structure.
Celanese Corporation is a leading global producer of chemicals and advanced materials. In 2008, the company reported net sales of $6.8 billion, down slightly from 2007. While most business segments saw decreased sales and profits due to the economic downturn, the Consumer Specialties segment increased earnings through higher pricing. Celanese has a strong cash position and is focusing on productivity improvements and realigning manufacturing capacity to weather the difficult economic conditions.
The document is an investor fact sheet providing key figures and information about Celanese Corporation for the fourth quarter of 2008. Celanese is a leading global producer of chemicals and engineered materials. It has net sales of $6.8 billion in 2008, with operations located primarily in North America, Europe, and Asia. Celanese pursues a focused growth strategy through expansion in Asia, innovation, organic growth around its acetyl chain, and a focus on productivity to strengthen its business during economic downturns. Its business segments include Advanced Engineered Materials and Consumer Specialties.
Celanese Corporation is a leading global producer of chemicals and advanced materials. In the third quarter of 2008, the company saw increased net sales driven by higher pricing and currency effects, although margins were pressured by higher raw material costs. Celanese continues to execute expansion strategies in Asia and new product development to deliver earnings growth.
Celanese Corporation is a leading global producer of chemicals and advanced materials. In the third quarter of 2008, the company saw increased net sales driven by higher pricing and currency effects, although margins were pressured by higher raw material costs. Celanese continues to execute expansion strategies in Asia and new product development to deliver earnings growth.
The document provides a summary of an automotive conference presentation by Bob Rossiter, Chairman and CEO of Lear Corporation. It discusses Lear's business and financial update, product strategy overview, and outlook. Specifically, it summarizes that Lear is implementing a global restructuring plan while working with customers on pricing. It is evaluating strategic options for its interior products business, including potential partnerships. Despite challenges, Lear remains committed to maintaining a strong financial position while focusing growth on its seating and electrical/electronics systems.
This document provides an overview and agenda for Lear Corporation's presentation at the 2006 Morgan Stanley Global Automotive Conference. The presentation will cover Lear's company overview, product strategies and operating priorities, and financial update. Lear aims to focus its product lines and improve global competitiveness. It seeks to strengthen its leadership in seating and grow its electrical and electronic products while exploring strategic options for its interior business. Lear works to improve quality, diversify its customer base, and lower costs through restructuring and expanding its global low-cost footprint.
This document summarizes a presentation given by Lear Corporation at an industrial conference. It discusses Lear's strategic overview and financial performance. Lear is the world's largest automotive interior supplier, with record sales and improving financial metrics. It aims to profitably grow its business globally by leveraging its leadership position and expanding in Europe and Asia. Lear also generates strong cash flow and has a record backlog to support continued growth. The presentation outlines Lear's goals for 2004 of achieving further sales and earnings growth through operational excellence and innovation.
The document summarizes Lear Corporation's presentation at the 2006 Paris Auto Show JPMorgan Investor Conference. It discusses Lear's strategic evolution from an automotive seat manufacturer to an interior systems supplier. It also reviews Lear's financial performance, global competitiveness improvements through restructuring initiatives, new product innovations, and customer awards. Major launches for the second half of 2006 and 2007 are highlighted for North America, Europe, and Asia.
The document provides an agenda and overview from an auto industry conference. It summarizes the company's major accomplishments in 2007, including restructuring actions, improved financial results, divesting a business unit, and growing Asian sales. It outlines the company's outlook for 2008, including new business, production assumptions, and expectations for sales and earnings. The company expects challenges from the North American production environment but factors like restructuring savings and new business to help mitigate impacts.
This annual report summarizes the company's financial performance in 2007.
1) Revenues increased 10% to $5 billion compared to 2006, with segment operating margins improving to almost 20%.
2) Diluted earnings per share from continuing operations increased 29% to $3.70 compared to 2006. Free cash flow from continuing operations was $531 million, approximately 93% of income from continuing operations.
3) The company continued its strategy of expanding into new markets, enhancing global market access through acquisitions and regional expansion, and maturing its productivity culture.
This document provides a summary of Lear Corporation's fourth quarter and full year 2005 results. It discusses key highlights such as net sales of $17.1 billion for the full year. It also outlines Lear's operating priorities including retaining core values like quality and customer satisfaction, refocusing plans to better align with customer sourcing strategies, and pursuing customer and regional diversification. The document reviews financial results for Q4 and full year 2005, noting challenges from industry trends. It provides details on restructuring plans and their expected benefits.
W.R. Grace & Co. manages a portfolio of businesses to balance growth and profitability. It generates $1.98 billion in annual revenue across construction chemicals, catalysts, and performance chemicals. Grace uses processes like PRISM and acquisitions to drive internal and external growth, focusing on high-growth segments. It aims to strengthen productivity through initiatives like Six Sigma while maintaining leadership in foundation businesses.
This document summarizes the Individual Business segment of a company for 2008 results and the 2009 plan. It highlights that earnings declined significantly in 2008 but are projected to increase in 2009. Key priorities for 2009 include leveraging the company's strong market position, maintaining expense controls, adjusting prices for market volatility, and increasing distribution efficiency. The business focuses on annuities and life insurance products distributed through affiliated and third party channels.
PPG Industries reported its second quarter 2008 financial results. Key highlights included double-digit growth in sales and segment earnings compared to the prior year. Adjusted earnings per share grew 12%. Cash generation was over $125 million ahead of the prior year. The SigmaKalon acquisition performed ahead of targets and was a key contributor to results. Overall, strong pricing actions and portfolio shifts helped offset weakness in some end markets.
Fiscal 2005 was an important year for ArvinMeritor as they made progress positioning the company for long-term success despite challenges in the industry. Sales increased 11% to $8.9 billion while net income improved to $12 million from a loss of $42 million. The company streamlined operations through restructuring, divested certain businesses, and secured new business contracts. ArvinMeritor also increased research spending and focused on developing solutions for safety, mobility, and the environment to create value for its automotive customers.
The document summarizes ArvinMeritor's 2005 Annual Report. Key points include:
- Fiscal 2005 was an important year of transformation as the company positioned itself for long-term success.
- The company grew through joint ventures, divested non-core businesses, and implemented restructuring to improve its cost structure and competitiveness.
- Leadership changes were made to the board of directors and executive team to drive the company's strategic vision.
This document provides consolidated financial highlights for Burlington Northern Santa Fe Corporation for the years 1991-1995. Some key points:
- Revenues grew from $4.559 billion in 1991 to $6.183 billion in 1995. Operating income improved from a loss of $239 million in 1991 to income of $526 million in 1995, excluding unusual merger-related charges.
- Net income was $92 million in 1995 but would have been $416 million without accounting changes and debt retirement costs related to the merger.
- Capital expenditures were $1.042 billion in 1995 and are planned to be nearly $1.7 billion in 1996 to support revenue growth and cost reduction initiatives.
This document summarizes the financial performance of Burlington Northern Santa Fe Corporation for the years 1992-1996. It reports that in 1996:
- Operating income increased 14% to $1.75 billion compared to 1995 on a comparable basis.
- Revenues reached $8.19 billion despite a drop in agricultural commodities revenues.
- Operating expenses were $178 million below 1995 levels, lowering the operating ratio to 78.6%.
- Net income grew 21% to $889 million, or $5.70 per share, compared to $733 million in 1995.
This annual report summarizes Burlington Northern Santa Fe Corporation's financial and operational performance in 1998. Some key highlights include:
- Revenues reached a record $8.94 billion, a 6.8% increase over 1997.
- Adjusted operating income grew 16% to a record $2.16 billion.
- Adjusted net income exceeded $1.12 billion, a 19% improvement over 1997.
- The operating ratio improved to 75.9%, nearly 2 points better than 1997's adjusted ratio.
- Safety continued to improve, with reductions in reportable injuries and rail accidents.
Burlington Northern Santa Fe Corporation's 1999 Annual Report summarizes the company's performance in 1999 and compares it to 1994, the year before the BNSF merger. Key points:
1) BNSF achieved record results in safety, customer service, efficiency and financial performance in 1999 compared to 1994.
2) Safety metrics like lost workdays and injuries dropped significantly. Customer service improved with 91% on-time performance. Operating expenses per ton-mile dropped 20-25%.
3) Financial results were also much stronger, with operating income reaching a record $2.24 billion, up 14% annually from 1994. The operating ratio improved 9 points to 75.4%.
Burlington Northern Santa Fe Corporation's 2000 Annual Report summarizes the company's performance for the year. Key points include:
- Revenues grew to $9.2 billion while operating expenses only increased 1% despite a $230 million rise in fuel costs.
- Intermodal revenues increased 6% to a record level while safety and efficiency improvements were made.
- However, weak coal demand, high fuel prices, and a slow US economy impacted results for the year.
- Over the past five years since the Burlington Northern and Santa Fe merger, significant progress has been made in safety, service, efficiency and financials.
This document is the 2001 Annual Report to Shareholders for Burlington Northern Santa Fe Corporation. It contains the following key information:
1) The CEO discusses BNSF's progress on its strategic priorities of People, Growth, Ease of Doing Business, Service, and Efficiency in 2001, noting challenges from the economic slowdown but some record achievements.
2) Safety improvements were made but injuries remained level, while discussions progressed with unions on safety agreements.
3) Revenues were flat in 2001 due to economic conditions, but some business lines like Mexico grew, and new customers and services helped capture additional market share.
4) Financial results disappointed expectations for revenue and operating ratio goals, though costs
BNSF is a major railroad network in the United States that transports a variety of goods. In 2003, BNSF saw revenue growth of 5% driven by strong intermodal growth, though on-time performance fell short of goals. Safety performance reached record levels with injury rates down significantly. Looking forward, BNSF aims to continue revenue growth through initiatives like expanding intermodal capacity and pursuing market-based pricing across all business lines.
Burlington Northern Santa Fe Corporation reported earnings of $0.36 per diluted share for the first quarter of 2001, compared to $0.55 per diluted share for the same period in 2000. Freight revenues were $2.26 billion, up slightly due to a 4% increase in ton-miles. Operating expenses increased 7% to $1.87 billion due to higher fuel costs, severe winter weather, and increased energy costs. The operating ratio was 81.5% compared to 77.3% in 2000. Revenue from agricultural commodities increased 11% while industrial revenues declined 3% and coal revenues declined 1% compared to the first quarter of 2000.
The document is Burlington Northern Santa Fe Corporation's 2nd Quarter 2001 Investors' Report. It summarizes that:
1) Earnings were $0.50 per diluted share compared to $0.53 per diluted share in the same period last year, with revenues remaining even despite 2% higher ton-miles.
2) Operating expenses were $65 million higher due to factors like flooding in the Midwest and higher fuel costs.
3) Operating income decreased to $428 million from $483 million last year, and the operating ratio increased to 80.9% from 78.4% last year.
The document is Burlington Northern Santa Fe Corporation's third quarter 2001 investors' report. Key points:
- Earnings per share were $0.58 compared to $0.64 in third quarter 2000. Freight revenues were $2.31 billion, even with last year.
- Operating expenses were higher by $69 million due to increased compensation, benefits, and fuel costs. Operating income was $502 million versus $571 million in 2000.
- 4.1 million shares were repurchased in the quarter, bringing the total under the buyback program to 101.1 million shares.
- The report provides financial statements and statistics on revenues, expenses, operations, and capital expenditures for
This document provides an annual investors' report for Burlington Northern Santa Fe Corporation for 2001. It includes key financial information such as earnings results for Q4 and full year 2001, operating revenues and expenses, balance sheet information, and cash flow information. Specifically, it notes that Q4 2001 earnings were $0.46 per share including workforce reduction costs, or $0.57 per share excluding those costs. For the full year, earnings were $1.87 per share including unusual items, or $2.08 per share excluding unusual items. It also highlights free cash flow of $443 million for the full year, up 3% from 2000.
1. Burlington Northern Santa Fe reported first quarter 2002 earnings of $0.45 per share, up from $0.34 per share in first quarter 2001, which included non-recurring losses.
2. Freight revenues decreased 6% to $2.14 billion due to softer demand across all major product sectors and mild winter weather reducing coal shipments.
3. Operating expenses decreased 4% to $1.8 billion due to reductions in fuel costs, compensation, and equipment rents, partially offsetting the revenue decline.
Burlington Northern Santa Fe reported earnings of $0.51 per share for Q2 2002, up slightly from $0.50 per share in Q2 2001. Freight revenues were $2.18 billion, down 3% from the previous year, with declines in coal, agricultural products, and industrial products offsetting growth in consumer products. Operating expenses decreased 2% despite lower fuel prices, helping maintain the operating ratio at 81.4%. The company also repurchased 4.2 million shares during the quarter.
The document is Burlington Northern Santa Fe Corporation's third quarter 2002 investors' report. It includes:
- BNSF reported earnings of $0.51 per share for Q3 2002, even with adjusted earnings of $0.56 per share for the same period in 2001.
- Freight revenues were $2.28 billion for Q3 2002, even with adjusted revenues of $2.28 billion for Q3 2001.
- Operating income decreased to $421 million for Q3 2002 compared to adjusted operating income of $470 million for Q3 2001, with the operating ratio increasing to 81.6% from 79.4%.
This document provides an annual investors' report for Burlington Northern Santa Fe Corporation for 2002. It includes:
1) Key financial highlights for Q4 2002 including $0.54 earnings per share, $2.27 billion in freight revenues, and $436 million in operating income.
2) Annual 2002 results including $2.00 earnings per share, $8.87 billion in freight revenues, and $1.66 billion in operating income.
3) Details of common stock repurchases totaling approximately 116 million shares under their repurchase program.
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1. ®
Annual Meeting of
Stockholders
July 16, 2007
Welcome and
Introductions
2
1
2. Agenda
Strategy Overview and 2006 Highlights
Bob Rossiter, Chairman and CEO
Product-Line Focus and Operating Priorities
Doug DelGrosso, President and COO
2006 Financial Results and 2007 Outlook
Jim Vandenberghe, Vice Chairman and
CFO
3
Strategy Overview and
2006 Highlights
4
2
3. Since 2005, The Automotive Industry
Environment Has Become Even More Challenging
Increased foreign competition and other effects of
globalization
Increased energy prices and environmental concerns
Shifts in consumer purchasing patterns, particularly with
respect to light trucks and SUVs in North America
Increased price of key commodities and raw materials;
significant financial distress within supply base
Major restructuring initiatives, including significant capacity
reductions implemented by the Big Three
Lear’s Operating And Financial Performance Since 2005 Has
Been Adversely Impacted By These Industry Conditions
5
Long-Range Plan
A Strategic Partner for OEMs*
Evolution of Lear
1994 – 1999 2000 – 2006 2007 – Forward
Systems Strategic
Supplier
Integrator Partner
Product-Line Focus;
Seat Total Interior
Collaborative Partnership
Manufacturer Capability
With Customers
Major Initiatives Over Time
Strategic Acquisitions Operational Excellence Global Restructuring
* Please see slides titled “Forward Looking Statements” at the end of this presentation for further information.
6
3
4. Major 2006 Accomplishments
Repositioned our product portfolio for future success
Continued major global restructuring initiative
Improved overall financial results and liquidity position
Expanded infrastructure in Asia; grew total Asian sales
Maintained strong market positions and superior quality in
core products
Significantly Strengthened The Company’s
Company’
Financial Flexibility And Competitive Position
7
2006 Highlights
Repositioned Product Portfolio*
Strategic Investment
Core Products
Electronic
Seating Interior
and Electrical
Lear’s Product
Portfolio
2006 Initiatives Maintained superior quality levels Contributed a significant
• •
Implemented new product-focused portion of Lear’s operations to
•
organization IAC joint ventures
Increased technology focus Retained minority interest
• •
Further diversified sales mix
•
Implemented restructuring actions
•
Increased low-cost sourcing
•
Achieved cost and efficiency
•
improvements
8
4
5. 2006 Highlights
Asia and Asian OEM Sales***
2006 Highlights
2006 Highlights
Net Sales** 75% seating / /25% electronic and
75% seating 25% electronic and
electrical
(in millions)
electrical
53% in Asia / /44% in North America / /
53% in Asia 44% in North America
3% in Europe
3% in Europe
3,000
≈$2,700
2007 Projection
2007 Projection
$2,200
Leading automotive supplier in China
Leading automotive supplier in China
seating market:
$1,850
seating market:
2,000
Sales >>$500 million*
Sales $500 million*
$1,450
Supply nearly 20 OEMs on
Supply nearly 20 OEMs on
>>100 vehicle programs
100 vehicle programs
$950
18 facilities with approximately
1,000
18 facilities with approximately
6,000 employees
$500
6,000 employees
Our fastest growing market
Our fastest growing market
99new facilities in India and China
new facilities in India and China
0
supporting Ford, Mazda, Chery,
supporting Ford, Mazda, Chery,
2002 2003 2004 2005 2006 2007 Proj.
TATA, M&M, BMW and Hyundai
TATA, M&M, BMW and Hyundai
Consolidated Non-consolidated
* Includes consolidated and unconsolidated sales
Targeting Asian Growth Of 25% Annually
** Excludes Interior business
*** Please see slides titled “Forward Looking Statements” at the end of this presentation for further information.
9
2006 Highlights
Strong Market Positions and Superior Quality
Lear is a true partner to all of the world’s major automakers, with
strong market positions and superior quality in our core businesses:
Seating Systems
#2 Position globally, in a market estimated to be about
$45 to $50 billion in size:
#2 Positions in North America and Europe
#3 Position in Asia, including #2 Position in China
Lear is recognized as the highest quality major seat
manufacturer for the past 6 years, according to the J.D.
Power Seat Survey
Electrical Distribution Systems
#3 Position in North America, #4 Position in Europe and
#3 Position in China
Strong Global Market Positions And
Superior Quality In Our Core Businesses
Source: Lear Market Share Study / CSM Worldwide Survey Data
10
5
6. Product-Line Focus and
Operating Priorities
11
Product-Line Focus and Operating Priorities
Product-Line Focus
Divest Interior business -- now complete
Focus on strengthening core businesses -- ongoing
Leverage leadership position in Seating Systems
Strengthen capabilities in Electronics and
Electrical Distribution Systems and
Expand capabilities in value-added components
Operating Priorities
World-class quality and customer satisfaction
Global restructuring and footprint actions
Priority emphasis on Asia / Asian OEM growth
Product innovation with focus on safety and technology
12
6
7. Operating Priorities
Customer Awards and Industry Recognition
Customer Awards
“Supplier of the Year” for global Seating Systems
3 World Excellence Awards--
quot;Gold Award” for Genk, Belgium seating plant
quot;Silver Award” for St. Thomas, Ontario Canada seating plant
quot;Recognition of Achievement” for consumer-driven Six-Sigma at St. Thomas,
Ontario Canada seating plant
“Outstanding Performance – Quality and Delivery”
at East London, South Africa
“Superior Supplier Diversity” and
“Excellence in Quality” at Edinburgh, Indiana
“Outstanding Supplier Performance Award” at Boeblingen, Germany
“Value Analysis / Value Engineering Performance Award” and
“Value Analysis Award” for most cost saving ideas generated
“Supplier Award for Successful Partnership” in Brazil
“Supplier of the Year” at Liuzhou, China
Industry Recognition
“…Most Impressive Stereo Sound in the World”
(from March 2007 review of Lear’s premium sound system in the BMW M5)
13
Operating Priorities
Implementing Global Restructuring Initiative*
Initiated closure of 15+ manufacturing facilities; consolidating administrative centers,
reducing census by 5-7% and increasing sourcing and engineering in low-cost countries:
Move manufacture of seat components (metals and headrests) to low-cost countries
(Northern Mexico, Eastern Europe and Asia)
Transfer European wire harness operations to low-cost countries (Eastern Europe,
North Africa and Asia)
Align production capacity to match customer actions
Restructuring Investments Estimated Annual Savings
($ in millions)
($ in millions)
$150
$ 125
~$125
$104 $100 ~$100
100 ~$100
100
75 ~$70
50
50
25
0 0
2005 2006 2007 Outlook 2006 2007 Outlook Ongoing Annual
* Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information.
14
7
8. Operating Priorities
Maintaining a Competitive Global Footprint*
England
Slovakia Turkey
TACLE JV - China
Seat Trim
Seating Components
Nissan Seating
Guangzhou
TACLE JV – Nissan Seating
U.S. (Tennessee)
Nanjing
TACLE JV-
Ford / Mazda – Seating
Nissan Seating
Shanghai
Cadillac – Seating
CTO Center
Mexico
Engineering Center
Piedras Negras
Seating Components
Seating Components (2)
Wuhu
Monclova
Chery – Seating
Seating Components
India
Chennai
Honduras BMW/Ford – Seating
Wire Harnesses Hyundai – Seating
Pune
TATA – Seating
Seating Components
Nashik
South Africa M&M/Renault – Seating
Seat Trim Halol
GM – Seating
New Lear Facilities in 2006 and 2007
* Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information.
15
Operating Priorities
Expanding Our Presence in Asia*
Well positioned for growth in fast growing Asian markets**
China India
• 18 facilities (+6 new in 2007) • 7 facilities (+3 new in 2007)
• 2 engineering/R&D centers in Shanghai • 1 engineering center in Mumbai
(+1 new CTO center in 2007) • 3 program launches in 2006
• 18 program launches in 2006 • 4 program launches in 2007
• 20 program launches in 2007 • 7 customers
• 25 customers • Seats
• Seats, Electrical Distribution,
Electronics
Other facilities in Asia
Korea Japan
• 4 facilities • 5 facilities
• 1 engineering center in Seoul • 1 engineering center in Atsugi (Tokyo)
• Seats • 1 engineering center in Hiroshima
Philippines
Thailand
• 4 facilities
• 3 facilities
• 1 engineering/CTO center in Cebu
• Seats, Seat Trim
• Electrical Distribution, Electronics
* Includes facilities held through joint ventures.
** Please see slides titled “Forward Looking Statements” at the end of this presentation for further information.
16
8
10. 2006 Results
and 2007 Outlook
19
2006 Results
Industry Environment
Full Year Full Year
2006 2006 vs. 2005
North American Production
Industry 15.3 mil Down 3%
Big Three 10.2 mil Down 6%
European Production
Industry 19.2 mil Up 1%
Lear's Top 5 Customers 9.7 mil Up 2%
Euro $1.25 / Euro Up 1%
20
10
11. 2006 Results
Net Sales
For Core Businesses*
Total Lear
(in billions)
(in billions) $17.8
$17.1
$14.6
$14.0
2005 2006
2005 2006
* Core businesses include Seating, Electronic and Electrical.
Excludes Interior business:
- 2005 $3.1 billion
- 2006 $3.2 billion
21
2006 Results
Geographic and Customer Mix of Sales
2006 Net Sales for Core Businesses*
Worldwide Sales Mix Customer Mix in North America
Europe Big Three 85%
40%
North America
Rest Of World All Other 15%
50%
10%
* Core businesses include Seating, Electronic and Electrical.
22
11
12. 2006 Results
Core Operating Earnings**
For Core Businesses*
Total Lear
(in millions)
(in millions)
$558
$397 $401
$325
2005 2006
2005 2006
* Excludes Interior Business:
- 2005 $(76) million
- 2006 $(161) million
** Core operating earnings represent income before interest, other expense, income taxes, restructuring costs and other special items. Loss before income taxes was
$655.5 million and $1,187.2 million for the years ended December 31, 2006 and 2005, respectively. Please see slides titled “Non-GAAP Financial Information” at the end
of this presentation for further information.
23
2006 Results
Cash Flow and Liquidity*
2007 – 2009 Debt Maturities
Free Cash Flow
(in millions) (in billions)
$500
$1.8
$116
$0
$0.2
($419)
($500)
2005 as of 12/31/05 as of 12/31/06
2006
* Free cash flow represents net cash provided by operating activities before the net change in sold accounts receivable, less capital expenditures. Net cash provided by
operating activities was $285.3 million and $560.8 million for the years ended December 31, 2006 and 2005, respectively. Please see slides titled “Non-GAAP Financial
Information” at the end of this presentation for further information.
24
12
13. 2007 Outlook
Full-Year Production Assumptions*
Full-Year Change from
2007 Outlook Prior Year
North American Production
Total Industry ≈ 15.2 mil flat
Big Three ≈ 9.8 mil down 4%
European Production
Total Industry ≈ 19.4 mil up 1%
Lear's Top 5 Customers ≈ 9.8 mil up 1%
Euro $1.35 / Euro up 8%
* Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information.
25
2007 Outlook
Net Sales and Core Operating Earnings for Core Businesses***
Core Operating Earnings**
Net Sales*
(in millions) $600 - $640
(in billions)
≈$14.8 $558
$14.6
$14.0
$401
2005 2006 2007 2005 2006 2007
Outlook Outlook
* Excludes Interior business: ** Excludes Interior Business:
- 2005 $(76) million
- 2005 $3.1 billion
- 2006 $(161) million
- 2006 $3.2 billion
- Q1 2007 $11 million
- Q1 2007 $0.6 billion
*** Please see slides titled “Non-GAAP Financial Information” and “Forward Looking Statements” at the end of this presentation for further information.
26
13
14. Summary and Outlook*
Lear is Financially Sound
Successfully refinanced debt maturities through 2010
Operating results improving; cash flow now solidly positive
Making Progress on Strategic Priorities
Completed divestiture of Interior business
Expanding our presence in Asia and growing Asian sales globally
Implementing global restructuring actions
Automotive industry conditions, particularly in North
America, remain challenging
Longer-term outlook for Lear continues to be positive
* Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information.
27
Questions
28
14
15. 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 “income before interest, other expense, income taxes,
restructuring costs and other special items” (core operating earnings) and “free cash flow” (each a non-GAAP financial measure). Other
expense includes, among other things, state and local non-income taxes, foreign exchange gains and losses, fees associated with the
Company’s asset-backed securitization and factoring facilities, minority interests in consolidated subsidiaries, equity in net income of
affiliates and gains and losses on the sale of assets. Free cash flow represents net cash provided by operating activities before the net
change in sold accounts receivable, less capital expenditures. The Company believes it is appropriate to exclude the net change in sold
accounts receivable in the calculation of free cash flow since the sale of receivables may be viewed as a substitute for borrowing activity.
Management believes the non-GAAP financial measures used in this presentation are useful to both management and investors in their
analysis of the Company’s financial position and results of operations. In particular, management believes that core operating earnings is a
useful measure in assessing the Company’s financial performance by excluding certain items (including those items that are included in
other expense) that are not indicative of the Company's core operating earnings or that may obscure trends useful in evaluating the
Company’s continuing operating activities. Management also believes that this measure is useful to both management and investors in their
analysis of the Company's results of operations and provides improved comparability between fiscal periods. Management believes that free
cash flow is useful to both management and investors in their analysis of the Company’s ability to service and repay its debt. Further,
management uses these non-GAAP financial measures for planning and forecasting in future periods.
Core operating earnings and free cash flow should not be considered in isolation or as substitutes for pretax income, net income, cash
provided by (used in) operating activities or other income statement or cash flow statement data prepared in accordance with GAAP or as a
measure of profitability or liquidity. In addition, the calculation of free cash flow does not reflect cash used to service debt and therefore,
does not reflect funds available for investment or other discretionary uses. Also, these non-GAAP financial measures, as determined and
presented by the Company, may not be comparable to related or similarly titled measures reported by other companies.
Set forth on the following slide are reconciliations of certain non-GAAP financial measures to the most directly comparable financial
measures calculated and presented in accordance with GAAP. Given the inherent uncertainty regarding special items and the net change
in sold accounts receivable in any future period, a reconciliation of forward-looking financial measures is not feasible. The magnitude of
these items, however, may be significant.
29
Non-GAAP Financial Information
Free Cash Flow
(in millions) Full Year Full Year
2006 2005
Net cash provided by operating activities $ 285.3 $ 560.8
Net change in sold accounts receivable 178.0 (411.1)
Net cash provided by operating activities
before net change in sold accounts receivable
463.3 149.7
(cash from operations)
Capital expenditures (347.6) (568.4)
$ 115.7 $ (418.7)
Free cash flow
30
15
16. Non-GAAP Financial Information
Core Operating Earnings
(in millions) 2006 2005
Pretax loss * $ (655.5) $ (1,187.2)
Interest expense 209.8 183.2
Other expense, net ** 87.8 96.6
Loss on divestiture of Interior business 636.0 -
Goodwill impairment charges 2.9 1,012.8
Costs related to restructuring actions 105.6 106.3
Fixed asset impairment charges 10.0 82.3
Litigation charges - 30.5
Income before interest, other expense, income
taxes, restructuring costs and other special
items (core operating earnings) $ 396.6 $ 324.5
* Before cumulative effect of a change in accounting principle
** Includes minority interests in consolidated subsidiaries and equity in net (income) loss of affiliates
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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 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
or currency exchange rates, the financial condition of the Company’s customers or suppliers, fluctuations in the production of vehicles for which the
Company is a supplier, disruptions in the relationships with the Company’s suppliers, 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 outcome of customer productivity negotiations, the impact and timing of program launch costs, the costs and timing of facility closures,
business realignment or similar actions, increases in the Company's warranty or product liability costs, risks associated with conducting business in
foreign countries, competitive conditions impacting the Company's key customers and suppliers, raw material costs and availability, the Company's ability
to mitigate the significant impact of increases in raw material, energy and commodity costs, the outcome of legal or regulatory proceedings to which the
Company is or may become a party, unanticipated changes in cash flow, including the Company’s ability to align its vendor payment terms with those of
its customers, the finalization of the Company's restructuring strategy and other risks described from time to time in the Company's Securities and
Exchange Commission filings. In particular, the Company’s financial outlook is based on several factors, including the Company’s current vehicle
production and raw material pricing assumptions. The Company’s actual financial results could differ materially as a result of significant changes in these
factors. The Company's proposed merger with AREP Car Acquisition Corp. is subject to various conditions including the receipt of the requisite
stockholder approval from the Company's stockholders and other conditions to closing customary for transactions of this type. No assurances can be
given that the proposed transaction will be consummated or, if not consummated, that the Company will enter into a comparable or superior transaction
with another party.
The forward-looking statements in this presentation are made as of the date hereof, and the Company does not assume any obligation to update, amend
or clarify them to reflect events, new information or circumstances occurring after the date hereof.
Important Additional Information has been and will be filed with the SEC
In connection with the proposed Merger, Lear filed a definitive proxy statement, and supplements thereto, with the Securities and Exchange Commission
(“SEC”) on May 23, 2007, June 18, 2007, and July 9, 2007, respectively, for its shareholders' meeting Lear has also filed with the SEC additional
materials regarding the meeting. Before making any voting decision, Lear’s shareholders are urged to read the proxy statement, as supplemented,
regarding the Merger carefully in its entirety because it contains important information about the proposed transaction. Lear’s shareholders and other
interested parties may also obtain, without charge, a copy of the proxy statement and other relevant documents filed with the SEC from the SEC’s
website at http://www.sec.gov. Lear’s shareholders and other interested parties may also obtain, without charge, a copy of the proxy statement and other
relevant documents by directing such request to Lear Corporation, 21557 Telegraph Road, P.O. Box 5008, Southfield, Michigan 48086-5008, Attention:
Investor Relations, or through Lear’s website at www.lear.com.
Lear and its directors and officers may be deemed to be participants in the solicitation of proxies from Lear’s shareholders with respect to the Merger.
Information about Lear’s directors and executive officers and their ownership of Lear’s Common Stock is set forth in the proxy statement. Shareholders
and investors may obtain additional information regarding the interests of Lear and its directors and executive officers in the Merger, which may be
different than those of Lear’s shareholders generally, by reading the proxy statement and other relevant documents regarding the Merger, which have
been, and which may in the future be, filed with the SEC.
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