Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Commercial Vehicle Group, Inc. | d693864d8k.htm |
 March |
2014 INVESTOR PRESENTATION
Exhibit 99.1 |
 FORWARD
LOOKING STATEMENT 2
This presentation contains forward-looking statements that are subject to risks and
uncertainties. These statements often include words such as "believe,"
"expect," "anticipate," "intend," "plan," "estimate," or similar expressions. In
particular, this press release may contain forward-looking statements about Company
expectations for future periods with respect to its plans to improve financial
results and enhance the Company, the future of the Company’s end markets, Class
8 North America build rates, performance of the global construction equipment business, expected cost
savings, enhanced shareholder value and other economic benefits of the consulting services,
the Company’s initiatives to address customer needs, organic growth, the
company’s growth plans to focus on certain segments and markets and the
Company’s financial position or other financial information. These statements are based on certain
assumptions that the Company has made in light of its experience in the industry as well as
its perspective on historical trends, current conditions, expected future
developments and other factors it believes are appropriate under the circumstances.
Actual results may differ materially from the anticipated results because of certain risks and
uncertainties, including but not limited to: (i) general economic or business conditions
affecting the markets in which the Company serves; (ii) the Company's ability to
develop or successfully introduce new products; (iii) risks associated with
conducting business in foreign countries and currencies; (iv) increased competition in the
heavy-duty truck, construction, aftermarket, military, bus, agriculture and
other markets; (v) the Company’s failure to complete or successfully
integrate strategic acquisitions; (vi) the impact of changes in governmental regulations on
the Company's customers or on its business; (vii) the loss of business from a major
customer or the discontinuation of particular commercial vehicle platforms; (viii)
the Company’s ability to obtain future financing due to changes in the lending markets or its financial
position; (ix) the Company’s ability to comply with the financial covenants in its
revolving credit facility; (x) the Company’s ability to realize the benefits of
its cost reduction and strategic initiatives; and (xi) various other risks as
outlined under the heading "Risk Factors" in the Company's Annual Report on Form
10-K for fiscal year ending December 31, 2012. There can be no assurance that
statements made in this press release relating to future events will be achieved. The
Company undertakes no obligation to update or revise forward-looking statements to reflect
changed assumptions, the occurrence of unanticipated events or changes to future operating
results over time. All subsequent written and oral forward-looking statements
attributable to the Company or persons acting on behalf of the Company are expressly
qualified in their entirety by such cautionary statements Need to identify each forward-looking
statement in the release. |
 CVG PRODUCT
MIX CVG –
an industry leader as a global supplier to the
commercial vehicle industry
3
Percentages shown based on 2012 Revenues |
 SALES BY
REGION 4
ASIA-PACIFIC
NORTH AMERICA
EUROPE
79%
12%
9%
Percentages shown based on 2012 Revenues |
 SALES BY
INDUSTRY 5
Percentages shown based on 2012 Revenues
Heavy Truck,
50%
Construction,
23%
OE Service, 13%
Bus, 3%
Agriculture, 1%
Military, 3%
Other, 7% |
 CVG GLOBAL
FOOTPRINT 6 |
 UPDATE
7
•
Management Change
•
Evaluated the Company and Business
•
Reorganized the Leadership Team
•
Focused
on
Organic
Growth
|
Ongoing
Diversification
•
Identified Key Initiatives Going Forward
•
Long-term Strategic Planning in Process |
 OPPORTUNITIES AND INITIATIVES
8
•
North American Truck Market
•
Construction |
Agriculture Equipment Growth –
Globally
•
China
|
India
Market
Growth
•
Product Design and Development Excellence
•
Design to Value –
Local Market Needs
•
Manufacturing Footprint
•
M & A Analysis –
Ongoing
•
Organizational Audit –
Costs and Excellence |
 GROWTH
OPPORTUNITIES TRUCK |CLASS 8**
TRUCK |CLASS 8**
(Build)
*Source: Millmark (Q1-2014)
** Source: ACT Research (Feb 2014 ) & China LMC (Q1 2014) and Company Estimates
CONSTRUCTION*
CONSTRUCTION*
AGRICULTURE*
AGRICULTURE*
(Build)
(Build)
9
196,165
208,610
219,685
2014 F
2015 F
2016 F
204,000
219,685
234,685
2014 F
2015 F
2016 F
566,780
600,925
642,045
2014 F
2015 F
2016 F
1,215,436
1,309,437
1,390,675
2014 F
2015 F
2016 F
268,207
290,279
270,467
2014 F
2015 F
2016 F
775,280
756,404
823,129
2014 F
2015 F
2016 F |
 UPDATE
10
In 2014 China represents an opportunity that
is:
•
6X North America in Construction
•
3X North America in Agriculture
•
3X North America in Truck |
 FINANCIAL
OVERVIEW Tim Trenary
11 |
 FINANCIAL
OVERVIEW Sales / Operating Income Margin
(thousands)
2012
2013
$0
12
$236,990
$242,745
$204,824
$173,357
$177,822
$198,909
$187,942
$183,045
7.8%
7.8%
4.3%
(1.3%)
(0.2%)
1.1%
(1.8%)
4.4%
-2%
0%
2%
4%
6%
8%
10%
$(50,000)
$50,000
$100,000
$150,000
$200,000
$250,000
Sales
Operating Income Margin
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4 |
 FINANCIAL
OVERVIEW 13
•
Go-to-Market
-
Product Line
Management/Products
-
Sales
-
Marketing
•
Operational Excellence
•
Procurement
Investment
Selling, General and Administrative Expense
Business
Administration
Business
Administration
2014
Investment
2013 |
 FINANCIAL
OVERVIEW Address the Cost Structure
14
Enhance Margins
•
Manufacturing Capacity
•
Operational Excellence
•
SG&A |
 Capital
Structure •
Senior Notes
–
$250M
–
7.875%
–
Due April 2019
–
$40M Commitment
–
Amended November 2013
–
Expires November 2018
15
Liquidity
•
Cash
–
$72.7M
(12/31/13)
•
ABL
–
$35M Accordion
–
$37.2M Availability
$2.8M LOC’s
FCCR / Block
FINANCIAL OVERVIEW
•
ABL |
 QUESTIONS
Wrap-Up
16 |