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0000950123-09-056562.txt : 200911030000950123-09-056562.hdr.sgml : 2009110320091103064620ACCESSION NUMBER:0000950123-09-056562CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:41CONFORMED PERIOD OF REPORT:20091103ITEM INFORMATION:Results of Operations and Financial ConditionITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20091103DATE AS OF CHANGE:20091103
FILER:
COMPANY DATA:COMPANY CONFORMED NAME:DANA HOLDING CORPCENTRAL INDEX KEY:0000026780STANDARD INDUSTRIAL CLASSIFICATION:MOTOR VEHICLE PARTS & ACCESSORIES [3714]IRS NUMBER:261531856STATE OF INCORPORATION:DEFISCAL YEAR END:1231
FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-01063FILM NUMBER:091152728
BUSINESS ADDRESS:STREET 1:3939 TECHNOLOGY DRIVECITY:MAUMEESTATE:OHZIP:43537BUSINESS PHONE:419-887-3000
MAIL ADDRESS:STREET 1:PO BOX 1000CITY:MAUMEESTATE:OHZIP:43537
FORMER COMPANY:FORMER CONFORMED NAME:DANA CORPDATE OF NAME CHANGE:19920703
8-K1l37788e8vk.htmFORM 8-K
e8vk
SECURITIES AND EXCHANGE COMMISSION
Pursuant to Section13 or 15(d) of the Securities Exchange Act of 1934
Delaware
(State or other jurisdiction of incorporation)
1-1063
(Commission File Number)
26-1531856
(IRS Employer
Identification Number)
(Address of principal executive offices) (Zip Code)
(Registrants telephone number, including area code)
Items 2.02 and 7.01 Results of Operations and Financial Condition and RegulationFD Disclosure
Item9.01. Financial Statements and Exhibits.
Exhibit No. Description
Dana Holding Corporation Press Release dated November3, 2009
Presentation Slides
2
DANA HOLDING CORPORATION
Date: November 3, 2009 By: /s/ Marc S. Levin
Name: Marc S. Levin
Title: Senior Vice President, General Counseland
Secretary
3
Exhibit No. Description
Dana Holding Corporation Press Release dated November3, 2009
Presentation Slides
4
EX-99.12l37788exv99w1.htmEX-99.1
exv99w1
EBITDA of $101million, up $7million over second quarter
Sales of $1,329million, a 12-percent increase over prior quarter
Positive free cash flow nearly doubled to $145million
Successful equity offering raises $250million
Net debt reduced by 67% to $182million
Available liquidity increased by 39% to $920million
2
3
Media Contact
Chuck Hartlage: 419.887.5123
4
DANA HOLDING CORPORATION
Consolidated Statement of Operations (Unaudited)
For the Three Months Ended September30, 2009 and 2008
Three Months Ended
September 30,
2009 2008
$ 1,329 $ 1,929
1,247 1,881
73 87
18 18
14 16
105
3
10 2
(13 ) (179 )
36 37
1
(49 ) (217 )
9 (24 )
2 (13 )
(38 ) (254 )
(1 )
(38 ) (255 )
1
(38 ) (256 )
8 8
$ (46 ) $ (264 )
$ (0.45 ) $ (2.64 )
$ (0.45 ) $ (2.64 )
$ $ (0.02 )
$ $ (0.02 )
$ (0.45 ) $ (2.66 )
$ (0.45 ) $ (2.66 )
101 100
101 100
DANA HOLDING CORPORATION
Consolidated Statement of Operations (Unaudited)
For the Nine Months Ended September30, 2009 and 2008
Dana
Combined (1) Dana Prior Dana
Eight Months One Month
Nine Months Ended Ended Ended
September 30, September 30, January 31,
2009 2008 2008 2008
$ 3,735 $ 6,574 $ 5,823 $ 751
3,598 6,274 5,572 702
217 270 236 34
53 49 49
93 73 61 12
180 180
6 10 10
100 62 54 8
(132 ) (220 ) (231 ) 11
108 107 99 8
(2 ) 120 22 98
1,009 1,009
(238 ) 562 (352 ) 914
39 (255 ) (56 ) (199 )
(2 ) (8 ) (10 ) 2
(201 ) 299 (418 ) 717
(10 ) (4 ) (6 )
(201 ) 289 (422 ) 711
(6 ) 8 6 2
(195 ) 281 (428 ) 709
24 21 21
$ (219 ) $ 260 $ (449 ) $ 709
$ (2.17 ) $ (4.45 ) $ 4.77
$ (2.17 ) $ (4.45 ) $ 4.75
$ $ (0.04 ) $ (0.04 )
$ $ (0.04 ) $ (0.04 )
$ (2.17 ) $ (4.49 ) $ 4.73
$ (2.17 ) $ (4.49 ) $ 4.71
100 100 150
100 100 150
(1) See Non-GAAP Measures in body of press release for comments regarding the presentation ofcombined information for the nine months ended September30, 2008.
DANA HOLDING CORPORATION
Consolidated Balance Sheet (Unaudited)
As of September30, 2009 and December31, 2008
September 30, December 31,
2009 2008
$ 814 $ 777
800 827
158 170
309 394
370 521
75 58
2,526 2,747
113 108
508 569
242 207
135 135
1,738 1,841
$ 5,262 $ 5,607
$ 30 $ 70
643 824
122 120
30 65
65 93
276 274
1,166 1,446
966 1,181
867 845
2,999 3,472
242 242
529 529
1 1
2,545 2,321
(925 ) (706 )
(228 ) (359 )
2,164 2,028
99 107
2,263 2,135
$ 5,262 $ 5,607
Consolidated Statement of Cash Flows (Unaudited)
For the Three Months Ended September30, 2009 and 2008
Three Months Ended
September 30,
2009 2008
$ (38 ) $ (255 )
79 74
22 22
9 6
108
(5 ) (1 )
5
(1 )
(3 )
84 (59 )
9 27
165 (82 )
(20 ) (72 )
1
4
(19 ) (68 )
(1 ) 14
(1 )
2
(115 ) (4 )
217
(7 )
(3 ) (1 )
(1 ) 8
99 9
245 (141 )
553 1,191
16 (43 )
$ 814 $ 1,007
(1) Free cash flow of $145 in 2009 and ($151) in 2008 is the sum of net cash provided by (usedin) operating activities (excluding claims payments) reduced by the purchases of property,plant and equipment.
Consolidated Statement of Cash Flows (Unaudited)
For the Nine Months Ended September30, 2009 and 2008
Dana Combined (1) Dana Prior Dana
Eight Months One Month
Nine Months Ended Ended Ended
September 30, September 30, January 31,
2009 2008 2008 2008
$ (201 ) $ 289 $ (422 ) $ 711
231 217 194 23
64 60 60
49 49
27 17 17
6 190 190
(31 ) 173 (18 ) 191
(35 )
(4 ) 55 (24 ) 79
(100 ) (100 )
(788 ) (733 ) (55 )
(27 ) (27 )
(1,009 ) (1,009 )
(5 ) (32 ) (32 )
49 (213 ) (152 ) (61 )
(13 ) 64 38 26
88 (1,055 ) (933 ) (122 )
(74 ) (164 ) (148 ) (16 )
3 5 5
93 93
(5 ) (5 )
(71 ) (71 ) (148 ) 77
(36 ) (92 ) (74 ) (18 )
11
1,430 80 1,350
(1 ) (42 ) (2 ) (40 )
5
(197 ) (11 ) (11 )
217
(18 ) (18 )
(5 ) (6 ) (6 )
(900 ) (900 )
(136 ) (136 )
(114 ) (114 )
771 771
(1 ) 1 (1 )
(7 ) 882 (30 ) 912
10 (244 ) (1,111 ) 867
777 1,271 2,147 1,271
27 (24 ) (29 ) 5
4 4
$ 814 $ 1,007 $ 1,007 $ 2,147
(1) See Non-GAAP Measures in body of press release for comments regarding the presentation ofcombined information for the nine months ended September30, 2008.
(2) Free cash flow of $14 in 2009 and ($331) in 2008 is the sum of net cash provided by (usedin) operating activities (excluding claims payments) reduced by the purchases of property,plant and equipment.
Segment Sales & EBITDA
For the Three Months Ended September30, 2009 and 2008
Three Months Ended
September 30,
2009 2008
$ 547 $ 671
140 175
45 60
157 192
256 405
184 424
2
$ 1,329 $ 1,929
$ 46 $ 20
11 14
3 (2 )
11 5
26 7
11 17
108 61
(5 ) (6 )
(2 ) (5 )
(3 )
$ 101 $ 47
DANA HOLDING CORPORATION
Segment Sales and EBITDA
For the Nine Months Ended September30, 2009 and 2008
Dana Combined (1) Dana Prior Dana
Eight Months One Month
Nine Months Ended Ended Ended
September 30, September 30, January 31,
2009 2008 2008 2008
$ 1,426 $ 2,376 $ 2,095 $ 281
377 571 507 64
126 217 189 28
403 717 627 90
763 1,251 1,121 130
640 1,436 1,279 157
6 5 1
$ 3,735 $ 6,574 $ 5,823 $ 751
$ 79 $ 106 $ 96 $ 10
11 56 50 6
3 7 4 3
20 49 45 4
53 53 47 6
27 106 92 14
193 377 334 43
(15 ) (19 ) (16 ) (3 )
30 (10 ) (8 ) (2 )
3 (3 ) (3 )
$ 211 $ 345 $ 307 $ 38
(1) See Non-GAAP Measures in body of press release for comments regarding the presentation ofcombined information for the nine months ended September30, 2008.
DANA HOLDING CORPORATION
Segment EBITDA Reconciliation (Unaudited)
Reconciliation of Segment EBITDA to Income (Loss)
from Continuing Operations Before Income Taxes
For the Three Months Ended September30, 2009 and 2008
Three Months Ended
September 30,
2009 2008
$ 108 $ 61
(5 ) (6 )
(2 ) (5 )
(3 )
101 47
(79 ) (74 )
(22 ) (22 )
(14 ) (16 )
(108 )
(1 )
(5 )
(2 ) (4 )
(1 ) (5 )
(3 ) (1 )
6 (7 )
(36 ) (37 )
6 11
$ (49 ) $ (217 )
DANA HOLDING CORPORATION
Segment EBITDA Reconciliation (Unaudited)
Reconciliation of Segment EBITDA to Income (Loss)
from Continuing Operations Before Income Taxes
For the Nine Months Ended September30, 2009 and 2008
Dana Combined (1) Dana Prior Dana
Eight Months One Month
Nine Months Ended Ended Ended
September 30, September 30, January 31,
2009 2008 2008 2008
$ 193 $ 377 $ 334 $ 43
(15 ) (19 ) (16 ) (3 )
30 (10 ) (8 ) (2 )
3 (3 ) (3 )
211 345 307 38
(231 ) (217 ) (194 ) (23 )
(64 ) (109 ) (109 )
(93 ) (73 ) (61 ) (12 )
(2 ) (2 )
(6 ) (190 ) (190 )
2 (120 ) (22 ) (98 )
35
(4 ) (7 ) (7 )
(2 ) (7 ) (7 )
(7 ) (4 ) (4 )
11 4 4
(108 ) (107 ) (99 ) (8 )
18 40 36 4
1,009 1,009
$ (238 ) $ 562 $ (352 ) $ 914
(1) See Non-GAAP Measures in body of press release for comments regarding the presentation ofcombined information for the nine months ended September30, 2008.
EX-99.23l37788exv99w2.htmEX-99.2
exv99w2
November 3, 2009
Dana Holding Corporation
Third Quarter 2009
Earnings Conference Call
To Print ThisPresentation ...
Please visit:www.dana.com/investors
Safe Harbor Statement
Certain statements and projections contained in this presentation are, by their nature,forward-looking within the meaning of the Private Securities Litigation Reform Act of1995. These forward-looking statements are based on our current expectations,estimates and projections about our industry and business, management's beliefs, andcertain assumptions made by us, all of which are subject to change. Forward-lookingstatements can often be identified by words such as "anticipates," "expects," "intends,""plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would,""could," "potential," "continue," "ongoing," similar expressions, and variations ornegatives of these words. These forward-looking statements are not guarantees offuture results and are subject to risks, uncertainties and assumptions that could causeour actual results to differ materially and adversely from those expressed in any forward-looking statement. Dana's Annual Report on Form 10-K, subsequent Quarterly Reportson Form 10-Q, recent Current Reports on Form 8-K, and other Securities and ExchangeCommission filings discuss important risk factors that could affect our business, resultsof operations and financial condition. The forward-looking statements in thispresentation speak only as of this date. Dana does not undertake any obligation torevise or update publicly any forward-looking statement for any reason.
Agenda
Introduction Lillian Etzkorn
Senior Director - Investor Relations
Welcome John Devine
Executive Chairman
Update on Key Issues Jim Sweetnam
and Initiatives President & CEO
Quarterly Financial Jim Yost
and Market Review Chief Financial Officer
Jacqueline Dedo
Senior Vice President -
Strategy and Business Development
Q&A Session All
Third Quarter Summary
Raised $250 million in new equity
Strong liquidity and strengthened balance sheetfollowing offering
Continued improvement in EBITDA and Revenue
Continued progress on right-sizing operations,cost reductions, and pricing
Strong positive free cash flow
Achieved third quarter financial covenants evenwithout debt buy-back related to equity issuance
More to do but well positioned for the future
Third Quarter
Business Highlights
Revenue increased sequentially across most markets
Global industry outlook:
Light vehicle market appears to be improving
Commercial vehicle market has stabilized - slightimprovement expected
Off-Highway market expected to flatten
Generating new business in all three product segments
Secured profitable new business, including significantreplacement business, during the third quarter
Continue to pursue and win new profitable business whileaggressively resizing the business
Future Focus
Continue operational improvements and restructuring
Manufacturing footprint, supply chain
Reduce complexity in the product and supply chain
Focus Dana on growing profitably
Reinvigorate product portfolios
Pursue attractive business opportunities, primarily inAsia Pacific
Seek geographic growth opportunities
Continue to improve profits and maintain strongbalance sheet
Quarterly FinancialReview
Financial Summary
($ in Millions)
See supplemental slides for comments regarding the presentation of non-GAAP measures and a reconciliation of EBITDA to income (loss) fromcontinuing operations before income taxes and free cash flow to cash from (used by) operations.
Q3 2009
Sales $ 1,329 $ (600 ) $ 139
EBITDA 101 54 7
Net Income attributable to Dana (38 ) 218 (38 )
Capital Spend (20 ) 52 4
Free Cash Flow 145 296 72
Actual
vs. Q2 2009
vs. Q3 2008
2008 2009 Volume/Mix Pricing Currency 1929 1329 -594 45 -51
($600)
Change in Sales
(Q3 2009 vs. Q3 2008, $ in Millions)
2008 2009 Volume/Mix Currency Pricing Cost Saving/ Other 47 101 -113 2 45 120
Change in EBITDA
(Q3 2009 vs. Q3 2008, $ in Millions)
See supplemental slides for comments regarding the presentation of non-GAAP measures and a reconciliation of EBITDA to income (loss) fromcontinuing operations before income taxes.
$54
Conversion Cost $73
Material 28
SG&A/Other 11
Warranty 8
Change in EBITDA
(Q3 2009 vs. Q2 2009, $ in Millions) Q2 Q3 Volume/Mix Currency Pricing Cost Saving/ Other 94 101 27 2 -15 -7
See supplemental slides for comments regarding the presentation of non-GAAP measures and a reconciliation of EBITDA to income (loss) fromcontinuing operations before income taxes.
$7
Conversion Cost $ 26
Material 5
SG&A/Other 1
Warranty ( 5 )
One-time Items (34 )
Margin $ 7
Material Recovery ( 8 )
Q2 Lump Sum (14)
Change in EBITDA
(YTD 2009 vs. 2008, $ in Millions) 2008 2009 Volume/Mix Currency Pricing Cost Saving/ Other 345 211 -518 -20 176 228
See supplemental slides for comments regarding the presentation of non-GAAP measures and a reconciliation of EBITDA to income (loss) fromcontinuing operations before income taxes.
($134)
Conversion Cost $133
Warranty 41
SG&A/Other 41
Material 13
Restructuring Actions Leadingto Higher Margins
EBITDA as a Percent of Sales Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 East 0.058 0.07 0.024 0.003 0.013 0.079 0.076 West 30.6 38.6 34.6 31.6 North 45.9 46.9 45 43.9
See supplemental slides for comments regarding the presentation of non-GAAP measures and a reconciliation of EBITDA to income (loss) fromcontinuing operations before income taxes and free cash flow to cash from (used by) operations. EBITDA excludes restructuring expenses.
$2,312
Revenue
($ mm)
$2,333
$1,929
$1,521
$1,216
$1,190
$1,329
Since Q1 2008,Revenue down43% whileMargins up 31%
Free Cash Flow
($ in Millions)
1 - The changes in working capital relating to interest, taxes, and realignment are included in those respective categories
See supplemental slides for comments regarding the presentation of non-GAAP measures and a reconciliation of EBITDA
to income (loss) from continuing operations before income taxes and free cash flow to cash from (used by) operations.
Q3 2009
EBITDA $ 101 $ 54 $ 211
Working Capital 1 89 93 94
Capital Spend (20 ) 52 (74 )
Interest & Taxes (20 ) 62 (86 )
Realignment (19 ) 22 (120 )
Other 14 13 (11 )
Free Cash Flow $ 145 $ 296 $ 14
Actual
vs. 2008
Year-to-Date
Memo:
Inventory Improvement
Q4 2008 Q3 2009 Inventory 915 679 650
Inventory as
% of Sales 60 % 51 %
Days Supply ~ 90 ~ 55
Quarter End Inventory Balance
($Millions)
At 12/31/08 Exchange
Actual
Q4 2008
Q3 2009
$265
See supplemental slides for comments regarding the presentation of non-GAAP measures and a reconciliation of EBITDA to income (loss) fromcontinuing operations before income taxes.
Equity Issuance
Announced intent to issue 27 million shares - expected $150 millionequity raise
Issued 39 million shares (including Greenshoe) at $6.75 - resulting in$250 million equity raise
Proceeds of equity offering
Further strengthens Dana's balance sheet and reduces potentialrisk through debt reduction and improved global liquidity
Supports additional restructuring
Supports new investments in technology and growth in AsiaPacific
Enables growth opportunities while reducingleverage
Net Debt
($ in Millions)
September 30, 2009
Net debt improved $364 million in the third quarter
Cash - U.S. $ 411
International 403
Total Cash $ 814
Term Loan Facility $ 1,021
Less OID (62 )
All other debt 37
Total Debt $ 996
Net Debt $ 182
Track Record of Improving BalanceSheet and Financial Flexibility
9/30/09
Actual
Cash & Equiv. $ 814 $ 832
Total Debt 996 982
Net Debt $ 182 $ 150
Net Debt / LTM EBITDA 0.85x 0.70x
Memo:
Net Debt / 3rd Qtr Annualized EBITDA 0.37x
Pro Forma Capital Structure
Net Debt
12/31/08 A 474 9/30/09 A 182 9/30/09 PF 150
Note: Net Debt defined as Total Debt minus Total Cash & Equivalents.
* Adjustment includes the exercise of the Greenshoe of 5.1 million shares on October 6
9/30/09
Pro Forma *
Strong Global Liquidity
($ in Millions)
9/30/09
Cash $ 814 $ 832
Less:
Deposits Supporting Obligations (30 ) (30 )
Available Cash $ 784 $ 802
Additional Cash Availability from:
Lines of Credit (U.S. and Europe) 136 150
Total Global Liquidity $ 920 $ 952
Pro Forma *
* Adjustment includes the exercise of the Greenshoe of 5.1 million shares on October 6
Global Vehicle Production
Dana Forecasts (Units in 000s)
North America
Light Vehicle 12,650 8,300 - 8,400
Medium Truck 157 95 - 100
Heavy Truck 196 114 - 117
Europe (including E. Europe)
Light Vehicle 21,260 16,100 - 16,300Medium/Heavy Truck 749 290 - 310
South America
Light Vehicle 3,800 3,400 - 3,600
Medium/Heavy Truck 173 119 - 125
Asia Pacific
Light Vehicle 28,700 26,000 - 28,000
Medium/Heavy Truck 1,355 1,092 - 1,200
Off-Highway - Global
Agricultural Equipment Baseline -35% to -40%
Construction Equipment Baseline -70% to -75%
SOURCE: IHS Global Insight, CSM Worldwide, Dana Estimates, ACT
2009
2008 Outlook
Revenues by Customer
(Year-to-date September 2009)
Toyota
Ford 0.202 Toyota 0.056 Paccar Inc 0.049 General Motors Corporation 0.046 Navistar International Corporation 0.041 Chrysler Group Llc 0.036 Daimler Ag 0.032 Deere & Company 0.029 Nissan 0.028 Hyundai 0.026 All Other 0.455
Ford
GM
Paccar
Nissan
Navistar
Deere
Chrysler
Hyundai
Daimler
All Other
2009 2010 2011 2012 N.America -4 -2 15 -30.98 S.America 13.04 100.65 100.52 67.81 Asia 12.95 38.17 84.95 96.95 Europe 55.72 88.45 110.59 126.53
Total $M: (22) 282 233 382 $ 875
Total
Note: Cumulative business wins/losses for start of production 2008 and later expressed as incremental to base year 2008. Through Sept 30, 2009.
Based on Quoted volumes.
Net New Business by Region
($ in Millions)
Programs ending in North and South America, no replacement
Portfolio pruning to reduce unprofitable programs
2009 Outlook
Right-size Operations
Improve Operations
Plant Performance
Pricing Improvement
Align Operations to Volume
Maintain Adequate Liquidity
& EBITDA
Global workforce reductions
of more than 5,800 in 2009 *
+35% workforce reduction
since 2007
Conversion cost improvement
of $150M - $200M
$160M - $250M
$400M - $500M
EBITDA higher than 2008
Capital expenditures of
less than $150M
Positive Free Cash Flow
Actions on track
Actions on track, could beinfluenced by market factors
Dependent uponmarket factors
Key:
Outlook
Plan
* Achieved reduction of over 6,000 employees in first half; as volume recovers, the variable workforce will increase.
Summary
Focus remains on achieving our 2009plan:
Right-size operations
Improve profits and operational performance
Maintain adequate liquidity and profits
Focus Dana on growing profitably
Q&A Session
Supplemental Slides
Non-GAAP Financial Information
In connection with Dana's emergence from bankruptcy on January 31, 2008 and the application of fresh startaccounting in accordance with the provisions of the American Institute of Certified Public Accountants' Statementof Position 90-7, the post-emergence results of the successor company for the eight months ended September 30,2008 and the pre-emergence results of the predecessor company for the one month ended January 31, 2008 arepresented separately as successor and predecessor results in the financial statements presented in our Form 10-Q. This presentation is required by generally accepted accounting principles (GAAP) as the successor companyis considered to be a new entity, and the results of the new entity reflect the application of fresh start accounting.For your convenience in viewing the accompanying slides, we have combined the separate successor andpredecessor periods to derive combined results for the nine months ended September 30, 2008. The followingslides provide the separate successor and predecessor GAAP results for the applicable periods, along with thecombined results described above for the first nine months of 2008.
A number of slides refer to EBITDA, which we've defined to be earnings before interest, taxes, depreciation,amortization and restructuring. EBITDA is a non-GAAP financial measure, and the measure currently being usedby Dana as the primary measure of its reportable operating segment performance. EBITDA was selected as theprimary measure for operating segment performance as well as a relevant measure of Dana's overall performancegiven the enhanced comparability and usefulness after application of fresh start accounting. The most significantimpact to Dana's ongoing results of operations as a result of applying fresh start accounting is higherdepreciation and amortization. By using EBITDA, which is a performance measure that excludes depreciation andamortization, the comparability of results is enhanced. Management also believes that EBITDA is an importantmeasure since the financial covenants of our primary debt agreements are EBITDA-based, and our managementincentive performance programs are based, in part, on EBITDA. Because it is a non-GAAP measure, EBITDAshould not be considered a substitute for net income or other reported results prepared in accordance with GAAP.Slides 36 and 37 provide a reconciliation of EBITDA for the periods presented to the reported income (loss) fromcontinuing operations before income taxes, which is a GAAP measure.
29
(c) Dana Limited
DANA HOLDING CORPORATION
Consolidated Statement of Operations (Unaudited)
For the Three Months Ended September, 2009 and 2008
(In millions, except per share amounts)
DANA HOLDING CORPORATIONConsolidated Statement of Operations (Unaudited)For the Three Months Ended September, 2009 and 2008(In millions, except per share amounts)Three Months EndedSeptember 30,2009 2008Net sales $ 1,329 $ 1,929Costs and expensesCost of sales 1,247 1,881Selling, general and administrative expenses 73 87Amortization of intangibles 18 18Realignment charges, net 14 16Impairment of goodwill 105Impairment of intangible assets 3Other income, net 10 2Loss from continuing operations beforeinterest, reorganization items and income taxes (13) (179)Interest expense 36 37Reorganization items 1Loss from continuing operationsbefore income taxes (49) (217)Income tax benefit (expense) 9 (24)Equity in earnings of affiliates 2 (13)Loss from continuing operations (38) (254)Loss from discontinued operations (1)Net loss (38) (255)Less: Noncontrolling interests net income 1Net loss attributable to theparent company (38) (256)Preferred stock dividend requirements 8 8Net loss available to commonstockholders $ (46) $ (264)Loss per share from continuingoperations attributable to parentcompany stockholders:Basic $ (0.45) $ (2.64)Diluted $ (0.45) $ (2.64)Loss per share from discontinued operationsattributable to parent companystockholders:Basic $ - $ (0.02)Diluted $ - $ (0.02)Net loss per share attributable toparent company stockholders:29 Dana Limitedp p yBasic $ (0.45) $ (2.66)Diluted $ (0.45) $ (2.66)Average common shares outstandingBasic 101 100Diluted 101 100L37788_34
30
(c) Dana Limited
DANA HOLDING CORPORATION
Consolidated Statement of Operations (Unaudited)
For the Nine Months Ended September 30, 2009 and 2008
(In millions, except per share amounts)
DANA HOLDING CORPORATIONConsolidated Statement of Operations (Unaudited)For the Nine Months Ended September 30, 2009 and 2008(In millions, except per share amounts)Dana Combined (1) Dana Prior DanaEight Months One MonthNine Months Ended Ended EndedSeptember 30 September 30 January 30, 30, 31,2009 2008 2008 2008Net sales $ 3 ,735 $ 6 ,574 $ 5 ,823 $ 7 51Costs and expensesCost of sales 3 ,598 6 ,274 5 ,572 7 02Selling, general and administrative expenses 2 17 2 70 2 36 3 4Amortization of intangibles 5 3 4 9 4 9Realignment charges, net 9 3 7 3 6 1 1 2Impairment of goodwill 1 80 1 80Impairment of intangible assets 6 10 10Other income, net 1 00 6 2 5 4 8Income (loss) from continuing operations beforeinterest, reorganization items and income taxes ( 132) ( 220) ( 231) 1 1Interest expense 1 08 1 07 9 9 8Reorganization items ( 2) 1 20 2 2 9 8Fresh start accounting adjustments 1 ,009 1 ,009Income (loss) from continuing operationsbefore income taxes ( 238) 5 62 ( 352) 9 14Income tax benefit (expense) 3 9 ( 255) ( 56) ( 199)Equity in earnings of affiliates ( 2) ( 8) ( 10) 2Income (loss) from continuing operations ( 201) 2 99 ( 418) 7 17Loss from discontinued operations ( 10) ( 4) ( 6)Net income (loss) ( 201) 2 89 ( 422) 7 11Less: Noncontrolling interests net income (loss) ( 6) 8 6 2Net income (loss) attributable tothe parent company ( 195) 2 81 ( 428) 7 09Preferred stock dividend requirements 2 4 21 21Net income (loss) available tocommon stockholders $ ( 219) $ 2 60 $ ( 449) $ 7 09Income (loss) per share from continuingoperations attributable to parentcompany stockholders:Basic $ ( 2.17) $ ( 4.45) $ 4 .77Diluted $ ( 2.17) $ ( 4.45) $ 4 .75Loss per share from discontinued operationsattributable to parent companystockholders:Basic $ - $ ( 0.04) $ ( 0.04)Diluted $ - $ ( 0.04) $ ( 0.04)Net income (loss) per share attributable toparent company stockholders:Basic $ ( 2.17) $ ( 4.49) $ 4 .73Diluted $ ( 2.17) $ ( 4.49) $ 4 .7130 Dana LimitedAverage common shares outstandingBasic 1 00 1 00 1 50Diluted 1 00 1 00 1 50(1) See "Non-GAAP Measures" in body of press release for comments regarding the presentation of combinedinformation for the nine months ended September 30, 2008.L37788_35
31
(c) Dana Limited
DANA HOLDING CORPORATION
Consolidated Balance Sheet (Unaudited)
As of September, 2009 and December 31, 2008
(In millions)DANA HOLDING CORPORATIONConsolidated Balance Sheet (Unaudited)As of September, 2009 and December 31, 2008(In millions)September 30, December 31,Assets 2009 2008Current assetsCash and cash equivalents $ 814 $ 777Accounts receivableTrade, less allowance for doubtful accountsof $19 in 2009 and $23 in 2008 8 00 8 27Other 1 58 1 70InventoriesRaw materials 3 09 3 94Work in process and finished goods 3 70 5 21Other current assets 75 58Total current assets 2 ,526 2 ,747Goodwill 1 13 1 08Intangibles 5 08 5 69Investments and other assets 2 42 2 07Investments in affiliates 1 35 1 35Property, plant and equipment, net 1 ,738 1 ,841Total assets $ 5,262 $ 5,607Liabilities and equityCurrent liabilitiesNotes payable, including current portion of long-term debt $ 3 0 $ 7 0Accounts payable 6 43 8 24Accrued payroll and employee benefits 1 22 1 20Accrued realignment costs 3 0 6 5Taxes on income 65 93Other accrued liabilities 2 76 2 74Total current liabilities 1 ,166 1 ,446Long-term debt 9 66 1 ,181Deferred employee benefits and other non-current liabilities 8 67 8 45Commitments and contingenciesTotal liabilities 2 ,999 3 ,472Parent company stockholders' equityPreferred stock, 50,000,000 shares authorizedSeries A, $0.01 par value, 2,500,000 issued and outsta 2 42 2 42Series B, $0.01 par value, 5,400,000 issued and outsta 5 29 5 29Common stock, $.01 par value, 450,000,000 authorized,134,164,308 issued and outstanding 1 1Additional paid-in capital 2 ,545 2 ,321(925) (706)31 Dana LimitedAccumulated deficit Accumulated other comprehensive loss (228) (359)Total parent company stockholders' equity 2 ,164 2 ,028Noncontrolling interests 9 9 1 07Total equity 2 ,263 2 ,135Total liabilities and equity $ 5 ,262 $ 5 ,607L37788_36
32
(c) Dana Limited
DANA HOLDING CORPORATION
Consolidated Statement of Cash Flows (Unaudited)
For the Three Months Ended September 30, 2009 and 2008
(In millions)DANA HOLDING CORPORATIONConsolidated Statement of Cash Flows (Unaudited)For the Three Months Ended September 30, 2009 and 2008(In millions) Three Months EndedSeptember 30,2009 2008Cash flows ? operating activitiesNet loss $ (38) $ (255)Depreciation 79 74Amortization of intangibles 22 22Amortization of deferred financing charges and original issue discount 9 6Impairment of goodwill and other intangible assets 108Deferred income taxes (5) (1)Loss on extinguishment of debt 5Reorganization:Reorganization items net of cash payments (1)Payment of claims (1) (3)Change in working capital 84 (59)Other, net 9 27Net cash flows provided by (used in) operating activities (1) 165 (82)Cash flows ? investing activitiesPurchases of property, plant and equipment (1) (20) (72)Proceeds from sale of businesses and assets 1Other 4Net cash flows used in investing activities (19) (68)Cash flows ? financing activitiesNet change in short-term debt (1) 14Deferred financing payments (1)Proceeds from long-term debt 2Repayment of long-term debt (115) (4)Proceeds from issuance of common stock 217Dividends paid to preferred stockholders (7)Dividends paid to noncontrolling interests (3) (1)Other (1) 8Net cash flows provided by financing activities 99 9Net increase (decrease) in cash and cash equivalents 245 (141)Cash and cash equivalents ? beginning of period 553 1,191Eff t f h t h h b l 16 (43)32 Dana LimitedEffect of exchange rate changes on cash balances Cash and cash equivalents ? end of period $ 814 $ 1,007(1) Free cash flow of $145 in 2009 and ($151) in 2008 is the sum of net cash provided by (used in) operatingactivities (excluding claims payments) reduced by the purchases of property, plant and equipment.L37788_37
33
(c) Dana Limited
DANA HOLDING CORPORATION
Consolidated Statement of Cash Flows (Unaudited)
For the Nine Months Ended September 30, 2009 and 2008
(In millions)DANA HOLDING CORPORATIONConsolidated Statement of Cash Flows (Unaudited)For the Nine Months Ended September 30, 2009 and 2008(In millions)Dana Combined (1) Dana Prior DanaEight Months One MonthNine Months Ended Ended EndedSeptember 30, September 30, January 31,2009 2008 2008 2008Cash operating activitieCash flows ? activitiesNet loss $ (201) $ 289 $ (422) $ 711Depreciation 231 217 194 23Amortization of intangibles 64 60 60Amortization of inventory valuation 49 49Amortization of deferred financing charges and original issue discount 27 17 17Impairment of goodwill and other intangible assets 6 190 190Deferred income taxes (31) 173 (18) 191Gain on extinguishment of debt (35)Reorganization:Reorganization items net of cash payments (4) 55 (24) 79Payment of claims (2) (100) (100)Payments to VEBAs (2) (788) (733) (55)Gain on settlement of liabilities subject to compromise (27) (27)Fresh start adjustments (1,009) (1,009)Pension contributions in excess of expense (5) (32) (32)Change in working capital 49 (213) (152) (61)Other, net (13) 64 38 26Net cash flows provided by (used in) operating activities (2) 88 (1,055) (933) (122)Cash flows ? investing activitiesPurchases of property, plant and equipment (2) (74) (164) (148) (16)Proceeds from sale of businesses and assets 3 5 5Change in restricted cash 93 93Other (5) (5)Net cash flows provided by (used in) investing activities (71) (71) (148) 77Cash flows ? financing activitiesNet change in short-term debt (36) (92) (74) (18)Advance received on corporate facility sale 11Proceeds from Exit Facility debt 1,430 80 1,350Deferred financing payments (1) (42) (2) (40)Proceeds from long-term debt 5Repayment of long-term debt (197) (11) (11)Proceeds from issuance of common stock 217Dividends paid to preferred stockholders (18) (18)Dividends paid to noncontrolling interests (5) (6) (6)Repayment of debtor-in-possession facility (900) (900)Payment of DCC Medium Term Notes (136) (136)Original issue discount payment (114) (114)Issuance of Series A and Series B preferred stock 771 771Other (1) 1 (1)Net cash flows provided by (used in) financing activities (7) 882 (30) 912Net increase (decrease) in cash and cash equivalents 10 (244) (1,111) 867Cash and cash equivalents ? beginning of period 777 1,271 2,147 1,271Effect of exchange rate changes on cash balances 27 (24) (29) 5Net change in cash of discontinued operations 4 4Cash and cash equivalents ? end of period $ 814 $ 1,007 $ 1,007 $ 2,14733 Dana Limited(1) See "Non-GAAP Measures" in body of press release for comments regarding the presentation of combinedinformation for the nine months ended September 30, 2008.(2) Free cash flow of $14 in 2009 and ($331) in 2008 is the sum of net cash provided by (used in) operatingactivities (excluding claims payments) reduced by the purchases of property, plant and equipment.L37788_38
34
(c) Dana Limited
DANA HOLDING CORPORATION
Segment Sales & EBITDA
For the Three Months Ended September, 2009 and 2008
(In millions)DANA HOLDING CORPORATIONSegment Sales and EBITDAFor the Three Months Ended September, 2009 and 2008(In millions)Three Months EndedSeptember 30,SALES 2009 2008Light Vehicle Driveline $ 5 47 $ 671Sealing 140 175Thermal 4 5 60Structures 1 57 192Commercial Vehicle 2 56 405Off-Highway 1 84 424Other 2Total Sales $ 1,329 $ 1,929EBITDALight Vehicle Driveline $ 46 $ 20Sealing 1 1 14Thermal 3 ( 2)Structures 1 1 5Commercial Vehicle 2 6 7Off-Highway 11 17Segment EBITDA 1 08 61Shared services and administrative (5) ( 6)Other expense, net (2) ( 5)Foreign exchange not in segments ( 3)$ $34 Dana LimitedEBITDA 101 47L37788_39
35
(c) Dana Limited
DANA HOLDING CORPORATION
Segment Sales & EBITDA
For the Nine Months Ended September 30, 2009 and 2008
(In millions)DANA HOLDING CORPORATIONSegment Sales and EBITDAFor the Nine Months Ended September 30, 2009 and 2008(In millions)Dana Combined (1) Dana Prior DanaEight Months One MonthNine Months Ended Ended EndedSeptember 30, September 30, January 31,SALES 2009 2008 2008 2008Light Vehicle Driveline $ 1,426 $ 2 ,376 $ 2 ,095 $ 281Sealing 377 5 71 5 07 64Thermal 126 2 17 1 89 28Structures 403 7 17 6 27 90Commercial Vehicle 763 1 ,251 1 ,121 130Off-Highway 640 1,436 1,279 157Other 6 5 1Total Sales $ 3,735 $ 6,574 $ 5,823 $ 751EBITDALight Vehicle Driveline $ 79 $ 106 $ 96 $ 10Sealing 11 5 6 5 0 6Thermal 3 7 4 3Structures 20 4 9 4 5 4Commercial Vehicle 53 5 3 4 7 6Off-Highway 27 1 06 9 2 14Segment EBITDA 193 377 334 43Shared services and administrative ( 15) (19) (16) (3)Other income (expense), net 30 (10) (8) (2)Foreign exchange not in segments 3 (3) (3)EBITDA $ 211 $ 345 $ 307 $ 3835 Dana Limited(1) See "Non-GAAP Measures" in body of press release for comments regarding the presentation of combinedinformation for the nine months ended September 30, 2008.L37788_40
36
(c) Dana Limited
DANA HOLDING CORPORATION
Segment EBITDA Reconciliation (Unaudited)
Reconciliation of Segment EBITDA to Income (Loss)
from Continuing Operations Before Income Taxes
For the Three Months Ended September 30, 2009 and 2008
(In millions)DANA HOLDING CORPORATIONSegment EBITDA Reconciliation (Unaudited)Reconciliation of Segment EBITDA to Income (Loss)from Continuing Operations Before Income TaxesThree Months Ended September 30 For the 30, 2009 and 2008(In millions)Three Months EndedSeptember 30,2009 2008Segment EBITDA $ 108 $ 61Shared services and administrative (5) ( 6)Other expense, net (2) ( 5)Foreign exchange not in segments ( 3)EBITDA 101 47Depreciation (79) ( 74)Amortization (22) ( 22)Realignment (14) ( 16)Impairment ( 108)Reorganization items, net ( 1)Loss on extinguishment of debt (5)Strategic transaction expenses (2) ( 4)Loss on sale of assets, net (1) ( 5)Stock compensation expense (3) ( 1)Foreign exchange on intercompany loansand market value adjustments on hedges 6 (7)Interest expense (36) ( 37)Interest income 6 11Loss from continuing operationsbefore income taxes $ (49) $ (217)36 Dana LimitedL37788_41
37
(c) Dana Limited
DANA HOLDING CORPORATION
Segment EBITDA Reconciliation (Unaudited)
Reconciliation of Segment EBITDA to Income (Loss)
from Continuing Operations Before Income Taxes
For the Nine Months Ended September 30, 2009 and 2008
(In millions)DANA HOLDING CORPORATIONSegment EBITDA Reconciliation (Unaudited)Reconciliation of Segment EBITDA to Income (Loss)from Continuing Operations Before Income Taxesthe Nine Months Ended September 30 For 30, 2009 and 2008(In millions) Dana Combined (1) Dana Prior DanaEight Months One MonthNine Months Ended Ended EndedSeptember 30, September 30, January 31,2009 2008 2008 2008Segment EBITDA $ 193 $ 377 $ 334 $ 43Shared services and administrative (15) (19) ( 16) (3)Other income (expense), net 30 (10) ( 8) (2)Foreign exchange not in segments 3 (3) ( 3)EBITDA 211 345 307 38Depreciation (231) (217) ( 194) (23)Amortization (64) (109) ( 109)Realignment (93) (73) (61) (12)DCC EBIT (2) ( 2)Impairment (6) (190) ( 190)Reorganization items, net 2 (120) ( 22) (98)Gain on extinguishment of debt 35Strategic transaction expenses (4) (7) ( 7)Loss on sale of assets, net (2) (7) ( 7)Stock compensation expense (7) (4) ( 4)Foreign exchange on intercompany loansand market value adjustments on hedges 11 4 4Interest expense (108) (107) ( 99) (8)Interest income 18 40 36 4Fresh start accounting adjustments 1,009 1,009Income (loss) from continuing operationsbefore income taxes $ (238) $ 562 $ (352) $ 914(1) See "Non-GAAP Measures" in body of press release for comments regarding the presentation of combinedinformation for the nine months ended September 30, 2008.37 Dana LimitedL37788_42
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