Superior Essex Investor Relations Update. Full Year 2007
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1 Superior Essex Investor Relations Update Full Year 2007
2 Statements regarding forward-looking information and non-gaap financial information The matters discussed in this document, including expected results, contain forward-looking statements that involve a number of risks and uncertainties. Actual results may vary significantly based on a number of factors, including, but not limited to, general economic, business and industry trends and conditions; fluctuations in the availability and cost of copper and other principal raw materials (including the working capital impact of such fluctuations and our ability to recover such costs) as well as natural gas and freight; changes in spending patterns by the telephone industry; changes in the rate of decline in access lines to homes and businesses; the migration of magnet wire demand to China; intense competition from other manufacturers and from alternative technologies such as fiber optics, wireless and VoIP; losses or gains in sales as customer contracts expire or are renewed or rebid; volume and timing of customer orders; rapid product and technology development; market acceptance of new products and continuing product demand for existing products; significant changes in the amount of our indebtedness; our ability to operate within the framework of our revolving credit facility and senior notes; our ability to complete announced acquisitions, integrate these operations and achieve anticipated benefits; our ability to identify, finance and integrate other acquisitions; our ability to successfully operate and expand our magnet wire facility in China; changes in short-term interest rates and foreign exchange rates; any deterioration in our labor relations; and other risk factors detailed in Superior Essex's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2007, and Quarterly Reports on Form 10-Q, all of which we incorporate by reference herein. Forward-looking statements are only as of the date they are made, and we do not undertake to update these statements to reflect subsequent changes except as required by federal securities law. Financial Measures and Key Operating Metrics: General: We use certain operating and financial measures that are not calculated in accordance with accounting principles generally accepted in the United States of America, or GAAP. A non-gaap financial measure is defined as a numerical measure of a company's financial performance, financial position or cash flows that (i) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows; or (ii) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the comparable measure so calculated and presented. These non-gaap operating and financial measures are described below. Copper-Adjusted Revenues: Due to the impact of differing copper values on revenues in the reported periods, the Company is providing supplemental, non-gaap sales comparisons at a constant value of copper ("copper adjusted revenues ) to aid in analyzing period-to-period net sales. Presentation of net sales herein for 2007 and 2006 are adjusted to a $3.00/lb COMEX value for our North American operations (or the equivalent SHME per kilogram value for our Chinese operations) and per kilogram for our European operations. In prior year presentations, copper adjusted revenues were previously reflected at $2.00/lb COMEX value. Copper adjusted increase in revenues or net sales is calculated after adjusting net sales in both periods to a constant copper value. Sales adjusted for a constant value of copper as used by us may not be comparable to similarly titled measures of other companies. Core Business Revenues: Core Businesses consist of the Company s Communications Cable business segment, its Magnet Wire and Distribution North America business segment, its Magnet Wire and Distribution Europe business segment, and its Magnet Wire Asia Pacific business segment. EBITDA: Earnings before interest, taxes, depreciation and amortization, or "EBITDA," is a performance metric which we use and which is used by other companies. "EBITDA" as used by the Company (defined as earnings before interest, taxes, depreciation, amortization, minority interest and certain other non-operating items) may not be comparable to a similarly titled measure of another company. Adjusted EBITDA and Adjusted EPS: The Company uses the terms Adjusted EBITDA and Adjusted earnings per diluted share (or Adjusted EPS ). Adjusted EBITDA is defined as EBITDA excluding the impact of special items (before tax). Adjusted EPS is defined as earnings per diluted share excluding the after-tax, after minority interest impact of special items. These items may not be comparable to a similarly titled measure of another company. Special items are detailed in the financial tables accompanying quarterly earnings releases. Net Debt: The Company uses the term Net Debt, which is a non-gaap financial measure. Net debt is defined as total debt outstanding less cash and cash equivalents. Net debt as used by the Company may not be comparable to a similarly titled measure of another company. Comparisons to GAAP : Management believes that EBITDA, Adjusted EBITDA, Adjusted EPS and Copper-Adjusted Revenues are useful adjuncts to net income (loss), earnings per share, revenues and other measurements under GAAP. The Company believes these measures are useful in analyzing the underlying operating performance of the Company s business without regard to financing methods, capital structure, cost basis of assets or other non-routine events which we do not expect to occur regularly in the future. These measures are also used in our internal budgeting process, managing, comparing and reporting on operating performance internally and to evaluate performance for certain executive compensation programs. The following non-gaap financial measurements are reconciled to the most directly comparable GAAP financial measures EBITDA to net income; Adjusted EBITDA to net income; Adjusted EPS (or Adjusted earnings per diluted share) to earnings per diluted share; and Copper-Adjusted Revenues to revenues. EBITDA, Adjusted EBITDA and Adjusted EPS are supplements to GAAP financial information and should not be considered an alternative to, or more meaningful than, net income or operating income as determined in accordance with GAAP. EBITDA and Adjusted EBITDA have distinct limitations as compared to GAAP information such as net income or operating income. These measures do not reflect all costs and benefits associated with the operation of our business that impact net income or earnings per share calculated on a GAAP basis. Management compensates for these limitations by reconciling the non-gaap financial measurements to the most directly comparable GAAP measure and by presenting the GAAP results in conjunction with these other measures. Copper-adjusted revenues has distinct limitations as compared to GAAP revenues. By copper-adjusting revenues, in a declining copper cost environment, it may not be apparent that net sales may be declining on an actual basis. Management compensates for these limitations by reconciling the non-gaap financial measurements to the most directly comparable GAAP measure and by presenting the GAAP results in conjunction with copper-adjusted revenues. Core Business revenues has distinct limitations as compared to GAAP revenues. By limiting net sales to Core Businesses, the revenues of the omitted segment, copper rod, may not be apparent. Management compensates for these limitations by reconciling the non-gaap financial measurements to the most directly comparable GAAP measure and by presenting the GAAP results in conjunction with Core Business revenues. 2
3 Superior Essex A $3 billion global wire and cable market leader MANUFACTURES the wire, cable and components that serve the Communications, Energy, Automotive, Industrial, and Commercial & Residential end-markets EMPLOYS more than 4,500 individuals at 25 manufacturing facilities in nine countries on three continents Leading Market Share Positions Sales by End-Market Segment (1) No. 1 Global magnet wire producer No. 1 European magnet wire producer No. 2 NA magnet wire producer No. 1 NA magnet wire distributor No. 2 Global magnet wire enamels No. 2 European magnet wire enamels No. 1 NA copper Communications OSP producer Communications 31% Energy 21% Commercial & Residential 31% (1) Pro forma 2007 revenues includes full-year impact of 2007 Magnet Wire acquisitions in Canada, China and Italy 3
4 Successful Track Record Proven ability to execute strategic expansion and deliver profitable growth $3.0B $3.4B (1) $1.0B $1.4B $1.8B 2003 Completed successful financial restructuring 2004 NORTH AMERICAN consolidating acquisitions: Belden Comm and Nexans U.S. Magnet Wire 2005 EUROPEAN consolidating acquisitions: Essex Nexans Magnet Wire 2006 Completed CHINA Greenfield Magnet Wire facility 2007 Three GLOBAL Magnet Wire acquisitions: Canada, China and Italy (1) Pro forma 2007 revenues includes full-year impact of 2007 Magnet Wire acquisitions in Canada, China and Italy 4
5 End-Market Segments Key areas Superior Essex serves Sales by End-Market Segment (1) Comm Premises 6% Comm OSP 25% Automotive 10% Industrial 7% Energy 21% Commercial & Residential 31% Drivers GDP growth Higher energy efficiency standards Transformer replacement cycle Grid investment Commercial output Residential activity Housing starts Durable goods Construction spending Industrial production Advancements in technology Availability of technology IT spend Access lines RBOC capital budgets 5 (1) Pro forma 2007 revenues includes full-year impact of 2007 Magnet Wire acquisitions in Canada, China and Italy
6 Magnet Wire and Distribution Complete product line serving global customers $2.1B in global pro forma revenues Insulated copper or aluminum conductor, which creates an electromagnetic field when wound into coil and energized and is a key component of motors, transformers, power generators, compressors and other related applications Products Major Customers Energy ABB Enercon Siemens Industrial Emerson Siemens FLAT/CTC WIRE ROUND WIRE FINE WIRE Automotive Bosch Valeo Visteon Residential & Commercial A.O. Smith Cooper Emerson Grundfos Regal Beloit 6
7 Magnet Wire and Distribution North America Highlights Market Share Market size: $3.1B (1) Competitors: Rea, Magnekon, Condumex Acquisitions: Simcoe, Canada - 4/27/07 Superior Essex Annual revenues ~$120M, concentrated in energyrelated production 36% Cash price ~$13M (inventory, PP&E) Financials: 2007 revenue of $1.1B Share of SPSX MWire Revenue 2007 adjusted EBITDA of $60M Adjusted EBITDA margin of 5.6% (2) Vertically integrated National Distribution Network: motors, parts, North America equipment, insulations, seals, varnishes, resins and 58% conformal coatings Copper rod Enamel supply (1) January 2008 CRU; (2) Sales at constant copper 7
8 Magnet Wire and Distribution Europe Highlights Market Share Market size: $5.2B (1) Competitors: Elektro-Koppar, IRCE, Schwering Superior Essex Acquisitions: Quattordio, Italy - 7/31/07 28% Annual revenues ~$300M Cash price ~$41M Financials: 2007 revenues of $758M, pro forma ~$900M YOY growth of 16% (2) Share of SPSX MWire Revenue 2007 adjusted EBITDA of $27M Adjusted EBITDA margin of 3.6% (2) Vertically integrated enamel supply Europe 40% No. 2 enamel supplier in Europe with ~$30M in thirdparty sales (1) January 2008 CRU, does not accommodate tolling; (2) Sales at constant copper 8
9 Magnet Wire Asia Pacific Highlights Market size: $8.0B (1) Competitors: Tongling (8%), Dartong (6%), Xinglong (4%) (2) Acquisitions: Tianjin, China - 7/26/07 Annual revenues ~$60M, concentrated in energy-related production Cash price ~$10M ($8M in debt) Commenced operations in early 2007 in China with Greenfield facility in Suzhou Total capacity ~20M lbs Financials: 2007 revenues of $32M Operated at a moderate start-up loss in 2007 billions of lbs of MWire Historical/Projected Consumption in China E Share of SPSX MWire Revenue Asia Pacific 2% 9 (1) January 2008 CRU; (2) Company estimates using CRU and publicly available data
10 Energy Includes transformers and power generation About 35% of global magnet wire consumption Market drivers: energy efficiency standards, transformer replacement, grid investment, GDP growth 10
11 Automotive Strong in Europe and growing in China About 15% of global magnet wire consumption Market drivers: advancements in technology, availability of technology, GDP growth 11
12 Industrial Used by OEMs in broad range of industrial applications About 10% of global magnet wire consumption Market drivers: industrial production, durable goods, construction spending, GDP growth 12
13 Commercial & Residential Driven by commercial output and residential activity About 40% of global magnet wire consumption Market drivers: commercial output, residential activity, housing starts, GDP growth 13
14 Magnet Wire and Distribution Consistent growth Revenues at Constant Copper (1) Adjusted EBITDA (2) $ in millions $996 $1,186 $1,707 $1,841 $2,056 $ in millions $39 4.0% $43 $85 $71 (3) 4.6% 4.2% PF' % Adjusted EBITDA Adjusted EBITDA Margin (4) (1) Constant copper value of $3.00/lb; (2) Before special items; (3) Excluding copper benefit; (4) Sales at constant copper 14
15 Communications Cable Maintaining OSP leadership while growing Premises Financials 2007 revenue of $855M 2007 adjusted EBITDA of $104M Adjusted EBITDA margin of 12.5% (1) Highlights YOY growth of 18% in Premises (data cables) Significant increase in margins over past four years High-margin Premises (data cables) mix enhancement Substantial LEAN-driven cost savings Positive pricing environment OSP Market Share (3) Premises (Data Cables) Market Share (2) Superior Essex 12% Superior Essex 67% (1) Sales at constant copper; Company estimates using CRU and publicly available competitor data: (2) U.S./Canada, (3) Copper only, U.S./Canada 15
16 Communications Cable Premises: focusing on high-end performance products Premises (data cables): used in LANs/WANs found in offices, universities and hospital complexes/campuses, etc. Connects computers, servers, phones, Wi-Fi and other communications equipment. North American Market Size Major Customers $1.4B (1) Anixter Market Share Graybar 12% (2) Competitors Margin Growth Margin improvement from product mix enhancement (high performance cables) and favorable industry pricing PREMISES CABLE Belden CommScope General Cable Nexans-Berktek Drivers/Strengths Shared production facilities Product breadth Leader in composite cables Position with majority of top distributors Strong telco customer relationships (1) Company estimate using Burroughs Report; excludes Mexico; (2) Company estimate using CRU and publicly available competitor data, U.S./Canada 16
17 Communications Cable OSP: long-term contracts and generally stable pricing Outside Plant (OSP): used in voice, video and data transmission. Transmits phone, internet, video on demand, other communications services. Market Size $900M (1) Market Share 67% (2) Facilities Two dedicated OSP Two combined Premises/OSP One dedicated R&D facility OSP CABLE Major Customers RBOCs Embarq Independent telcos Competitors General Cable Drivers/Strengths Consolidated market Preferred brand in NA Low cost producer Large supplier position with RBOCs Scalable factory network (1) Company estimate using Burroughs Report; excludes Mexico; (2) Company estimate using CRU and publicly available competitor data, copper only, U.S./Canada 17
18 Communications Cable Participate in two key segments: OSP and Premises Market drivers: IT spend, access lines, RBOC capital budgets, GDP growth 18
19 Communications Cable Growing margins Revenues at Constant Copper (1) Adjusted EBITDA (2) $ in millions $792 $648 $922 $745 $868 $675 $830 $616 $ in millions $45 5.7% $67 7.3% $104 $85 (3) 12.5% 9.8% $144 $177 $193 $ Premises/Fiber OSP Adjusted EBITDA Adjusted EBITDA Margin (4) (1) Constant copper value of $3.00/lb; (2) Before special items; (3) Excluding copper benefit; (4) Sales at constant copper 19
20 Financial Results
21 Financial Highlights 2007 Key Financial Metrics 2007 Core Business Revenues (at constant copper) $2.7 billion Adjusted EBITDA $168 million Earnings per Diluted Share $3.09 Adjusted Earnings per Diluted Share $2.87 Free Cash Flow (before acquisitions) $118 million Net Debt (12/31/07) $251 million Stockholders Equity (12/31/07) $431 million 21
22 Core Business Revenues (at constant copper value of $3.00/pound) 4000 Comm Cable MWire NA MWire Euro MWire Asia $ in millions 2000 $1,787 $916 $80 $2,574 $2,109 $642 $162 $1,024 $1,065 $2,671 $742 $1,070 $29 $2,886 $885 $1,109 $62 $792 $922 $868 $830 $830 0 FY'04 FY'05 FY'06 FY'07 PF'07 (1) Growth Rates Core Business 18% 22% 4% Comm Cable 17% (6%) (4%) MWire & Dist. 19% 44% 8% (1) PF 07: Pro forma 2007 revenues includes full-year impact of 2007 Magnet Wire acquisitions in Canada, China and Italy 22
23 Consolidated Adjusted EBITDA(1) 200 $168 $ in millions 100 $71 $94 $23 $137 0 FY'04 FY'05 FY'06 FY' % Growth excluding transitional copper 32% 46% 23% Transitional Copper Benefit 23 (1) Before special items
24 Core Business Adjusted EBITDA(1) (excluding corporate allocation) $189 Comm Cable MWire NA MWire Euro MWire Asia $ in millions $84 $40 $110 $45 $156 (2) $19 $54 $85 $27 $60 $ $67 $45 Margin sales at constant copper -10 $(1) $(2) $(2) $(2) FY'04 FY'05 FY'06 FY' Core Business 4.7% 5.2% 6.1% (2) 7.1% Comm Cable 5.7% 7.3% 9.8% (2) 12.5% (3) MWire & Dist. 4.0% 3.6% 4.2% (2) 4.6% 24 (1) Before special items; (2) Excludes transitional copper benefit; (3) Includes copper price flow-through loss
25 Adjusted EPS (before special items) Transitional Copper Benefit $3.20 $1.60 $1.38 $0.71 $2.17 $2.87 $0.77 Weighted average diluted shares outstanding $0.00 FY'04 FY'05 FY'06 FY' M 17.0M 19.0M 20.6 (1) /20.0M Adjusted EPS growth (2) 79% 57% 32% (1) Does not reflect full impact of share repurchase program; (2) Excluding transitional copper gains 25
26 Cash Flow for 2007 Sources and uses $ in millions Sources of Cash Flow from Operations $171M Net Working Capital Reduction (1) $57 Other $10 Net Income plus Non Cash items $104 Uses of Cash Flow from Operations $171M Share repurchase $9 Net Debt Reduction $20 Acquisitions $98 CAPEX $44 Free Cash Flow before acquisitions of $118 million 26 (1) Prior to acquisitions
27 Capital Structure - 12/31/07 Exceptional financial flexibility Senior Notes ($253 million) 9.0% interest No principal amortization No financial covenants Due in 2012 $785 million NA Revolver no outstanding balance $103M cash on hand $225 million facility No principal amortization No significant financial covenants Due in 2011 Equity ($431 million) Market cap at 3/1/08 of ~$570 million Other debt ($101 million) Principally Europe and China financings 27
28 Net Debt and Capital Ratio Trends Net Debt $ in millions $ X $ X $ X $ X Net Debt to Equity 0 Dec. '04 Dec. '05 Dec. '06 Dec. '07 0 Net Debt Net Debt to Equity 12/31/04 12/31/05 12/31/06 12/31/07 Net debt/ebitda 3.8x 3.3x 2.0x 1.5x 28
29 Value Drivers Magnet Wire Leveraging global market position Focusing on growing energy segment Rapidly developing Asia-Pacific asset base Cost reduction: consolidation and restructuring of factory networks Communications Cable Maximizing asset base to continue to produce excellent margins and strong cash flow growth Transitioning profile: targeting growth in enhanced-performance Premises products 29
30 Highlights No. 1 market positions in Core Businesses Successful track record of profitable consolidation Strong cash flow and substantial financial flexibility Addressable markets with $20 billion in aggregate consumption provide substantial opportunity for growth Targeting key end-markets with strong demand trends Strategic relationships with global customers 30
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