e8vk - sec.gov | home · 3939 technology drive, maumee, ohio 43537 (address of principal executive...

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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

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November3, 2009

Dana Holding Corporation

(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of incorporation)

1-1063
(Commission File Number)

26-1531856
(IRS Employer
Identification Number)

3939 Technology Drive, Maumee, Ohio 43537
(Address of principal executive offices) (Zip Code)

(419)887-3000
(Registrants telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy thefiling obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule425 under the Securities Act(17 CFR 230.425)

o Soliciting material pursuant to Rule14a-12 under the Exchange Act (17CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule14d-2(b) under theExchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule13e-4(c) under theExchange Act (17 CFR 240.13e-4(c))

Items 2.02 and 7.01 Results of Operations and Financial Condition and RegulationFD Disclosure

On November3, 2009, Dana Holding Corporation (Dana) issued a news release announcing its resultsfor the third quarter ended September30, 2009. A copy of the press release and the presentationslides which will be discussed during Danas webcast and conference call to be held on Thursday,November3, 2009 at 10:30 AM ET are attached hereto as Exhibits 99.1 and 99.2, respectively.

The information in this report (including Exhibits 99.1 and 99.2 hereto) is being furnished andshall not be deemed filed for the purposes of Section18 of the Securities Exchange Act of 1934,as amended, is not subject to the liabilities of that section and is not deemed incorporated byreference in any filing under the Securities Act of 1933, as amended, or the Securities ExchangeAct of 1934, as amended, except as shall be expressly set forth by specific reference in such afiling.

Item9.01. Financial Statements and Exhibits.

(d)Exhibits. The following exhibits are furnished with this report.

Exhibit No. Description

99.1

Dana Holding Corporation Press Release dated November3, 2009

99.2

Presentation Slides

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has dulycaused this report to be signed on its behalf by the undersigned hereunto duly authorized.

DANA HOLDING CORPORATION

Date: November 3, 2009 By: /s/ Marc S. Levin

Name: Marc S. Levin

Title: Senior Vice President, General Counseland
Secretary

3

ExhibitIndex

Exhibit No. Description

99.1

Dana Holding Corporation Press Release dated November3, 2009

99.2

Presentation Slides

4

EX-99.12l37788exv99w1.htmEX-99.1

exv99w1

Exhibit99.1

Dana Holding Corporation Reports Solid Third-Quarter 2009 Results

Continued Cost Savings, Operational Improvements, and Successful Equity Offering Contribute toStrong Liquidity, Improved Balance Sheet

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

MAUMEE, Ohio November3, 2009 Dana Holding Corporation (NYSE: DAN) today announced continuedimproved results for the third-quarter of 2009.

Earnings before interest, taxes, depreciation, amortization, and restructuring (EBITDA)was $101million, up $7million from the prior quarter. The improvement was primarily driven by increasedproduction volumes and operational improvements.

The company narrowed its third-quarter net loss to $38million, compared to a loss of $256millionduring the same period last year. Third-quarter sales of $1,329million, while down 31percentfrom the same period last year, increased by $139million compared with the prior quarter. Theincrease in sales over the past quarter was the result of an improving industry across mostsegments and regions.

Successful Equity Offering Raises $250 Million for Debt Repayment, Growth Opportunities

Dana recently completed a successful public offering of common stock that raised approximately $250million, including $33million in proceeds from the sale of additional shares sold in October. Thecompany intends to use the net proceeds from the offering for general corporate purposes, includingrestructuring of operations, and to maintain flexibility for future growth. Additionally, inaccordance with its credit agreement, the company used approximately 50percent of the proceeds torepay debt.

At September30, 2009, cash balances had increased to $814million, compared to $553million atJune30, 2009. Total available liquidity rose by 39percent to $920million, while net debt wasreduced to $182million, a 67-percent decrease from the second quarter.

We are pleased that our cost savings and operational improvements continued to take hold duringthe third quarter, said Dana President and CEO Jim Sweetnam. In combination with the successfulequity offering, these improvements have provided us with strong liquidity and an improved balancesheet. While there is certainly more to do, we are well positioned for growth opportunitiesmoving forward.

Restructuring Actions Leading to Higher Margins

Despite reduced production volumes during the first nine months of 2009, Danas cost reductions andpricing improvements resulted in significant margin improvement over the same period one year ago.Third-quarter 2009 gross margin was 6.2percent, compared with 2.5percent in the same period in2008.

The increase in positive free cash flow, $145million compared with $73million during the secondquarter, was driven by continued improvements in EBITDA and management of working capital.

Nine-Month Results

Sales for the nine months ended September30, 2009, were $3,735million, which compares with $6,574million for the same period in 2008. For the first nine months of 2009, the company reported a netloss of $195million compared with net income of $281million for the same period in 2008. Thenine-month 2008 results include a net gain of $754million recognized in connection with thecompanys emergence from bankruptcy and application of fresh start accounting. EBITDA for thefirst nine months of 2009 was $211million, compared with EBITDA of $345million during the sameperiod in 2008.

In addition, cost reduction efforts contributed to a more than $200million increase inyear-to-date cost reductions compared with 2008.

We remain on target to achieve our 2009 objectives for cost reductions, pricing improvements, andcash generation, Sweetnam added. At a macro level, we are seeing a very gradual improvement inthe broader economy, which supports our outlook for modest near-term recovery in the majority ofour global markets.

* * *

Dana to Host Third-Quarter Conference Call at 10:30a.m. Today

Dana will discuss its third-quarter results in a conference call at 10:30a.m. EST today.Participants may listen to the audio portion of the conference call either through audio streamingonline or by telephone. Slide viewing is only available online via a link provided on the DanaInvestor Web site. To dial into the conference call, domestic locations should call 1-888-311-4590(Conference I.D. # 36174063). International locations should call 1-706-758-0054 (Conference I.D.# 36174063). Please ask for the Dana Holding Corporation Financial Webcast and Conference Call.Phone registration will be available beginning at 10 a.m. EST. An audio recording of the call willbe available after 5 p.m. To access this recording, please dial 1-800-642-1687 (U.S. or Canada) or1-706-645-9291 (international)and enter the conference I.D. number 36174063. A webcast replaywill also be available after 5 p.m. today, and may be accessed via the Dana Investor Web site.

2

Non-GAAP Measures

In connection with Danas emergence from bankruptcy on January31, 2008, and the application offresh start accounting in accordance with the provisions of the American Institute of CertifiedPublic Accountants Statement of Position 90-7, the post-emergence results of the successor companyfor the eight months ended September30, 2008 and the pre-emergence results of the predecessorcompany for the one month ended January31, 2008 are presented separately as successor andpredecessor results in the financial statements presented in accordance with generally acceptedaccounting principles (GAAP). This presentation is required by GAAP as the successor company isconsidered to be a new entity and the results of the new entity reflect the application of freshstart accounting. For the readers convenience and interest in this earnings release, we havecombined the separate successor and predecessor periods to derive combined results for the ninemonths ended September30, 2008. The financial information accompanying this release provides theseparate successor and predecessor GAAP results for the applicable periods, along with the combinedresults described above for the first nine months of 2008.

This release refers to EBITDA, which weve defined to be earnings before interest, taxes,depreciation, amortization and restructuring. EBITDA is a non-GAAP financial measure, and themeasure currently being used by Dana as the primary measure of its reportable operating segmentperformance. EBITDA was selected as the primary measure for operating segment performance as wellas a relevant measure of Danas overall performance given the enhanced comparability and usefulnessafter application of fresh start accounting. The most significant impact to Danas ongoing resultsof operations as a result of applying fresh start accounting is higher depreciation andamortization.

By using EBITDA, which is a performance measure that excludes depreciation and amortization, thecomparability of results is enhanced. Management also believes that EBITDA is an important measuresince 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,EBITDA should not be considered a substitute for net income or other reported results prepared inaccordance with GAAP. The financial information accompanying this release provides areconciliation of EBITDA for the periods presented to the reported income (loss)from continuingoperations before income taxes, which is a GAAP measure.

Forward-Looking Statements

Certain statements and projections contained in this news release are, by their nature,forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Theseforward-looking statements are based on our current expectations, estimates and projections aboutour industry and business, managements beliefs, and certain assumptions made by us, all of whichare subject to change. Forward-looking statements can often be identified by words such asanticipates, expects, intends, plans, predicts, believes, seeks, estimates, may,will, should, would, could, potential, continue, ongoing, similar expressions, andvariations or negatives of these words. These forward-looking statements are not guarantees offuture results and are subject to risks, uncertainties and assumptions that could cause our actualresults to differ materially and adversely from those expressed in any forward-looking statement.

3

Danas Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent CurrentReports on Form 8-K, and other Securities and Exchange Commission filings discuss important riskfactors that could affect our business, results of operations and financial condition. Theforward-looking statements in this news release speak only as of this date. Dana does not undertakeany obligation to revise or update publicly any forward-looking statement for any reason.

About Dana Holding Corporation

Dana is a world leader in the supply of axles; driveshafts; and structural, sealing, andthermal-management products; as well as genuine service parts. The companys customer baseincludes virtually every major vehicle manufacturer in the global automotive, commercial vehicle,and off-highway markets. Based in Maumee, Ohio, the company employsapproximately 23,000 people in26 countries and reported 2008 sales of $8.1billion. For more information, please visit:www.dana.com.

Investor Contact

Media Contact

Lillian Etzkorn: 419.887.5160

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

Net sales

$ 1,329 $ 1,929

Costs and expenses

Cost of sales

1,247 1,881

Selling, general and administrative expenses

73 87

Amortization of intangibles

18 18

Realignment charges, net

14 16

Impairment of goodwill

105

Impairment of intangible assets

3

Other income, net

10 2

Loss from continuing operations beforeinterest, reorganization items and income taxes

(13 ) (179 )

Interest expense

36 37

Reorganization items

1

Loss 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

1

Net loss attributable to theparent company

(38 ) (256 )

Preferred stock dividend requirements

8 8

Net 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:

Basic

$ (0.45 ) $ (2.66 )

Diluted

$ (0.45 ) $ (2.66 )

Average common shares outstanding

Basic

101 100

Diluted

101 100

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

Net sales

$ 3,735 $ 6,574 $ 5,823 $ 751

Costs and expenses

Cost of sales

3,598 6,274 5,572 702

Selling, general and administrative expenses

217 270 236 34


53 49 49

Realignment charges, net

93 73 61 12

Impairment of goodwill

180 180

Impairment of intangible assets

6 10 10

Other income, net

100 62 54 8

Income (loss)from continuing operations beforeinterest, reorganization items and income taxes

(132 ) (220 ) (231 ) 11

Interest expense

108 107 99 8

Reorganization items

(2 ) 120 22 98

Fresh start accounting adjustments

1,009 1,009

Income (loss)from continuing operationsbefore income taxes

(238 ) 562 (352 ) 914

Income tax benefit (expense)

39 (255 ) (56 ) (199 )

Equity in earnings of affiliates

(2 ) (8 ) (10 ) 2

Income (loss)from continuing operations

(201 ) 299 (418 ) 717

Loss from discontinued operations

(10 ) (4 ) (6 )

Net income (loss)

(201 ) 289 (422 ) 711

Less: Noncontrolling interests net income (loss)

(6 ) 8 6 2

Net income (loss)attributable tothe parent company

(195 ) 281 (428 ) 709

Preferred stock dividend requirements

24 21 21

Net income (loss)available tocommon stockholders

$ (219 ) $ 260 $ (449 ) $ 709

Income (loss)per share from continuingoperations attributable to parentcompany stockholders:

Basic

$ (2.17 ) $ (4.45 ) $ 4.77

Diluted

$ (2.17 ) $ (4.45 ) $ 4.75

Loss 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 ) $ 4.73

Diluted

$ (2.17 ) $ (4.49 ) $ 4.71

Average common shares outstanding

Basic

100 100 150

Diluted

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.

Consolidated Balance Sheet (Unaudited)
As of September30, 2009 and December31, 2008

September 30, December 31,

2009 2008

Assets

Current assets

Cash and cash equivalents

$ 814 $ 777

Accounts receivable

Trade, less allowance for doubtful accountsof $19 in 2009 and $23 in 2008

800 827

Other

158 170

Inventories

Raw materials

309 394

Work in process andfinished goods

370 521

Other current assets

75 58

Total current assets

2,526 2,747

Goodwill

113 108

Intangibles

508 569

Investments and other assets

242 207

Investments in affiliates

135 135

Property, plant and equipment, net

1,738 1,841

Total assets

$ 5,262 $ 5,607

Liabilities and equity

Current liabilities

Notes payable, including current portion of long-term debt

$ 30 $ 70

Accounts payable

643 824

Accrued payroll and employee benefits

122 120

Accrued realignment costs

30 65

Taxes on income

65 93

Other accrued liabilities

276 274

Total current liabilities

1,166 1,446

Long-term debt

966 1,181

Deferred employee benefits and other non-current liabilities

867 845

Commitments and contingencies

Total liabilities

2,999 3,472

Parent company stockholders equity

Preferred stock, 50,000,000 shares authorized

SeriesA, $0.01 par value, 2,500,000issued and outstanding

242 242

SeriesB, $0.01 par value, 5,400,000issued and outstanding

529 529

Common stock, $.01 par value, 450,000,000 authorized,134,164,308 issued and outstanding

1 1

Additional paid-in capital

2,545 2,321

Accumulated deficit

(925 ) (706 )

Accumulated other comprehensive loss

(228 ) (359 )

Total parent company stockholders equity

2,164 2,028

Noncontrolling interests

99 107

Total equity

2,263 2,135

Total liabilities and equity

$ 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

Cash flows operating activities

Net loss

$ (38 ) $ (255 )

Depreciation

79 74


22 22

Amortization of deferred financing charges and original issue discount

9 6

Impairment of goodwill and other intangible assets

108

Deferred income taxes

(5 ) (1 )

Loss on extinguishment of debt

5

Reorganization:

Reorganization items net of cash payments

(1 )

Payment of claims (1)

(3 )

Change in working capital

84 (59 )

Other, net

9 27

Net cash flows provided by (used in) operating activities (1)

165 (82 )

Cash flows investing activities

Purchases of property, plant and equipment (1)

(20 ) (72 )

Proceeds from sale of businesses and assets

1

Other

4

Net cash flows used in investing activities

(19 ) (68 )

Cash flows financing activities

Net change in short-term debt

(1 ) 14

Deferred financing payments

(1 )

Proceeds from long-term debt

2

Repayment of long-term debt

(115 ) (4 )

Proceeds from issuance of common stock

217

Dividends paid to preferred stockholders

(7 )

Dividends paid to noncontrolling interests

(3 ) (1 )

Other

(1 ) 8

Net cash flows provided by financing activities

99 9

Net increase (decrease)in cash and cash equivalents

245 (141 )

Cash and cash equivalents beginning of period

553 1,191

Effect of exchange rate changes on cash balances

16 (43 )

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 (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




2009 2008 2008 2008

Cash flows operating activities

Net loss

$ (201 ) $ 289 $ (422 ) $ 711

Depreciation

231 217 194 23


64 60 60

Amortization of inventory valuation

49 49

Amortization of deferred financing charges and original issue discount

27 17 17

Impairment of goodwill and other intangible assets

6 190 190

Deferred income taxes

(31 ) 173 (18 ) 191

Gain on extinguishment of debt

(35 )

Reorganization:

Reorganization items net of cash payments

(4 ) 55 (24 ) 79

Payment 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 26

Net cash flows provided by (used in) operating activities (2)

88 (1,055 ) (933 ) (122 )

Cash flows investing activities

Purchases of property, plant and equipment (2)

(74 ) (164 ) (148 ) (16 )

Proceeds from sale of businesses and assets

3 5 5

Change in restricted cash

93 93

Other

(5 ) (5 )

Net cash flows provided by (used in) investing activities

(71 ) (71 ) (148 ) 77

Cash flows financing activities

Net change in short-term debt

(36 ) (92 ) (74 ) (18 )

Advance received on corporate facility sale

11

Proceeds from Exit Facility debt

1,430 80 1,350

Deferred financing payments

(1 ) (42 ) (2 ) (40 )

Proceeds from long-term debt

5

Repayment of long-term debt

(197 ) (11 ) (11 )

Proceeds from issuance of common stock

217

Dividends 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 SeriesA and SeriesB preferred stock

771 771

Other

(1 ) 1 (1 )

Net cash flows provided by (used in) financing activities

(7 ) 882 (30 ) 912

Net increase (decrease)in cash and cash equivalents

10 (244 ) (1,111 ) 867

Cash and cash equivalents beginning of period

777 1,271 2,147 1,271

Effect of exchange rate changes on cash balances

27 (24 ) (29 ) 5

Net change in cash of discontinued operations

4 4

Cash and cash equivalents end of period

$ 814 $ 1,007 $ 1,007 $ 2,147


(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

Three Months Ended

September 30,

2009 2008

SALES

Light Vehicle Driveline

$ 547 $ 671

Sealing

140 175

Thermal

45 60

Structures

157 192

Commercial Vehicle

256 405

Off-Highway

184 424

Other

2

Total Sales

$ 1,329 $ 1,929

EBITDA


$ 46 $ 20

Sealing

11 14

Thermal

3 (2 )

Structures

11 5

Commercial Vehicle

26 7

Off-Highway

11 17

Segment EBITDA

108 61

Shared services and administrative

(5 ) (6 )

Other expense, net

(2 ) (5 )

Foreign exchange not in segments

(3 )

EBITDA

$ 101 $ 47

Segment Sales and EBITDA
For the Nine Months Ended September30, 2009 and 2008





2009 2008 2008 2008

SALES


$ 1,426 $ 2,376 $ 2,095 $ 281

Sealing

377 571 507 64

Thermal

126 217 189 28

Structures

403 717 627 90

Commercial Vehicle

763 1,251 1,121 130

Off-Highway

640 1,436 1,279 157

Other

6 5 1

Total Sales

$ 3,735 $ 6,574 $ 5,823 $ 751

EBITDA


$ 79 $ 106 $ 96 $ 10

Sealing

11 56 50 6

Thermal

3 7 4 3

Structures

20 49 45 4

Commercial Vehicle

53 53 47 6

Off-Highway

27 106 92 14

Segment EBITDA

193 377 334 43


(15 ) (19 ) (16 ) (3 )

Other income (expense), net

30 (10 ) (8 ) (2 )


3 (3 ) (3 )

EBITDA

$ 211 $ 345 $ 307 $ 38


Segment EBITDA Reconciliation (Unaudited)
Reconciliation of Segment EBITDA to Income (Loss)
from Continuing Operations Before Income Taxes

Three Months Ended

September 30,

2009 2008

Segment EBITDA

$ 108 $ 61


(5 ) (6 )

Other expense, net

(2 ) (5 )


(3 )

EBITDA

101 47

Depreciation

(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 11

Loss from continuing operationsbefore income taxes

$ (49 ) $ (217 )

For the Nine Months Ended September30, 2009 and 2008





2009 2008 2008 2008

Segment EBITDA

$ 193 $ 377 $ 334 $ 43


(15 ) (19 ) (16 ) (3 )

Other income (expense), net

30 (10 ) (8 ) (2 )


3 (3 ) (3 )

EBITDA

211 345 307 38

Depreciation

(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

35

Strategic 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 4

Interest expense

(108 ) (107 ) (99 ) (8 )

Interest income

18 40 36 4

Fresh start accounting adjustments

1,009 1,009

Income (loss)from continuing operationsbefore income taxes

$ (238 ) $ 562 $ (352 ) $ 914


EX-99.23l37788exv99w2.htmEX-99.2

exv99w2

Exhibit 99.2

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


$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


($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


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.

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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

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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

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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

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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

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Consolidated Statement of Cash Flows (Unaudited)


(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

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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

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Segment Sales & EBITDA


(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

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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

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(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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