Financial Overview

(in million dollars)

	FY2011	FY2010	Rate of change (%)	Factors
Sales	2,406.1	1,997.1	20.5	1)
Adjusted EBITDA	227.6	190.2	19.7	-

Factors
1)
-Total revenues increased during the year ended December 31, 2011 by 409 million dollars or 20% from the year ended December 31, 2010, reflecting primarily higher volume in both its Americas segment (209.3 million dollars) and our International segment (86 million dollars). Revenues were also positively impacted by the strengthening of foreign currencies against the U.S. dollar in our International segment, primarily the Euro (41 million  dollars), Korean Won (13.6 million dollars), and Chinese RMB (7.7 million  dollars), and in Americas segment, primarily the Brazilian Real (11.9 million dollars).

Recent Years

Reorganization under Chapter 11

-In July 2010, the Company has priced its initial public offering of common stock. The stock is expected to begin trading on October 15, 2010, on the New York Stock Exchange.(From a press release on October 14, 2010)

-In July 2007, the Company announced on July 31, 2007 that it has completed the sale of substantially all of its assets to Tower Automotive, LLC, an affiliate of Cerberus Capital Management, L.P. The sale concludes its restructuring process and finalizes its emergence from Chapter 11. (From a press release on July 31, 2007)

-In February 2005, the Company filed for bankruptcy protection from creditors. It expected its restructuring to take up to 18 months. The filing would address its liquidity needs and facilitate debt restructuring. It had no plans at this point for large scale job cuts. The Chapter 11 filing also covered about two dozen affiliates. Since international operations in Europe, Asia, Brazil and Canada were profitable, these operations were not included in the reorganization.

Capital Expenditure

(in million dollars)

	FY2011	FY2010	FY2009
North America	51.8	56.6	29.2
International	78.3	46.3	49.8
Total	130.1	102.8	78.9

Investment Activities

-The company is awarded new automotive business two to five years prior to the launch of a particular program. During the pre-launch period, the Company typically invests significant resources in the form of capital expenditures for the purchase and installation of the machinery and equipment necessary to manufacture the awarded products. Capital expenditures for the years ended December 31, 2011 and 2010 were 120.4 million dollars and 100.5 million dollars, respectively, the increase reflecting primarily its expansion in China in 2011 and the timing of program launches. Its capital spending for 2012 is expected to be approximately 150 million dollars.