<PAGE> 1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
ANNUAL REPORT PURSUANT TO SECTION 13 OF
THE SECURITIES EXCHANGE ACT OF 1934
(MARK ONE)
[X] REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF
1934 FOR THE FISCAL YEAR ENDED JANUARY 31, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO
COMMISSION FILE NUMBER: 1-11592
HAYES LEMMERZ INTERNATIONAL, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE
(STATE OR OTHER JURISDICTION
OF INCORPORATION OR ORGANIZATION)
13-3384636
(I.R.S. EMPLOYER IDENTIFICATION NO.)
38481 HURON RIVER DRIVE, ROMULUS, MICHIGAN
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
48174
(ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (734) 941-2000
SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:
9 1/8% SERIES B SENIOR SUBORDINATED NOTES DUE 2007
SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:
COMMON STOCK, PAR VALUE $.01 PER SHARE
INDICATE BY CHECK MARK WHETHER THE REGISTRANT (1) HAS FILED ALL REPORTS REQUIRED
TO BE FILED BY SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 DURING
THE PRECEDING 12 MONTHS (OR FOR SUCH SHORTER PERIOD THAT THE REGISTRANT WAS
REQUIRED TO FILE SUCH REPORTS) AND (2) HAS BEEN SUBJECT TO SUCH FILING
REQUIREMENTS FOR THE PAST 90 DAYS. YES [X] NO [ ]
INDICATE BY CHECK MARK IF DISCLOSURE OF DELINQUENT FILERS PURSUANT TO ITEM 405
OF REGULATION S-K IS NOT CONTAINED HEREIN, AND WILL NOT BE CONTAINED, TO THE
BEST OF REGISTRANT'S KNOWLEDGE, IN DEFINITIVE PROXY OR INFORMATION STATEMENTS
INCORPORATED BY REFERENCE IN PART III OF THIS FORM 10-K OR ANY AMENDMENT TO THIS
FORM 10-K. [X]
THE AGGREGATE MARKET VALUE OF VOTING STOCK HELD BY NON-AFFILIATES OF THE
REGISTRANT AS OF APRIL 28, 1999 WAS APPROXIMATELY $235 MILLION.
THE NUMBER OF SHARES OF COMMON STOCK OUTSTANDING AS OF APRIL 30, 1999 WAS
30,324,235 SHARES.
- --------------------------------------------------------------------------------
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<PAGE> 2
The undersigned Registrant hereby amends the following items, financial
statements, exhibits or other portions of its Annual Report on Form 10-K for the
fiscal year ended January 31, 1999, as follows:
Item 14 of the report is amended by adding the following exhibits to
Section (a) 3 of Item 14:
1. Exhibit 28: Annual Report on Form 11-K with respect to the
Registrant's Retirement Savings Plan for the year ended December 31,
1998.
As so amended, Item 14 reads as follows in its entirety:
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
The following documents are filed as part of this report:
(a) 1. Financial Statements
The following financial statements of the Registrant are filed herewith as
part of this report:
(1) Independent Auditors' Report
(2) Consolidated Statements of Operations for the years ended January 31,
1999, 1998 and 1997
(3) Consolidated Balance Sheets at January 31, 1999 and 1998
(4) Consolidated Statements of Changes in Stockholders' Equity (Deficit)
for the years ended January 31, 1999, 1998 and 1997
(5) Consolidated Statements of Cash Flows for the years ended January 31,
1999, 1998 and 1997
(6) Notes to Consolidated Financial Statements
2. Financial Statement Schedules for fiscal 1998, 1997 and 1996
Schedule II Valuation and Qualifying Accounts. All other schedules are
omitted because the information required to be contained therein is disclosed
elsewhere in the financial statements or the amounts involved are not sufficient
to require submission or the schedule is otherwise not required to be submitted.
3. Exhibits
<TABLE>
<S> <C> <C>
(E) 2.1 Agreement and Plan of Merger, dated as of March 28, 1996,
between the Company and MWC Holdings, Inc. ("Holdings").
(H) 2.2 Purchase Agreement, dated as of June 6, 1997, among the
Company, Cromodora Wheels S.p.A., Lemmerz Holding GmbH and
the shareholders of Lemmerz Holding GmbH.
(M) 2.3 Agreement and Plan of Merger, dated November 19, 1998, among
the Company, HL -- CMI Holding Co., CMI International, Inc.
and Ray H. Witt, as Trustee of the Ray H. Witt Living Trust
Agreement dated December 2, 1981, as amended and restated.
(F) 3.1 Restated Certificate of Incorporation of the Company and
Certificate of Correction thereof.
(F) 3.2 Amended and Restated By-Laws of the Company.
(F) 3.3 Certificate of Merger of Holdings into the Company, filed
with the Secretary of State of Delaware on July 2, 1996.
(K) 3.4 Certificate of Amendment to Restated Certificate of
Incorporation of the Company.
(A) 4.1 Reference is made to Exhibits 3.1 and 3.2.
(B) 4.2 Indenture, dated as of November 15, 1992, between the
Company and Manufacturers and Traders Trust Company, as
Trustee ($100,000,000 principal amount of 9 1/4% Senior
Notes due 2002), including all exhibits thereto.
(B) 4.3 Form of Senior Note issued pursuant to the Indenture filed
as Exhibit 4.2 hereto.
(F) 4.4 First Supplemental Indenture, dated as of June 20, 1996, to
the Indenture filed as Exhibit 4.2.
</TABLE>
1
<PAGE> 3
<TABLE>
<S> <C> <C>
(F) 4.5 Second Supplemental Indenture, dated as of June 26, 1996, to
the Indenture filed as Exhibit 4.2.
(E) 4.6 Form of Subscription Agreement between the Company and the
New Investors.
(I) 4.7 Indenture, dated as of June 30, 1997, among the Company, as
issuer, certain subsidiaries, as guarantors, and The Bank of
New York as Trustee.
(J) 4.8 Registration Rights Agreement, dated as June 30, 1997, among
the Company, certain subsidiaries, CIBC Wood Gundy
Securities Corp., Merrill Lynch Pierce Fenner & Smith
Incorporated, Bear, Stearns & Co. Inc., Morgan Stanley & Co.
Inc. and Salomon Brothers Inc.
(J) 4.9 Indenture, dated as of July 22, 1997, among the Company, as
issuer, certain subsidiaries, as guarantors, and The Bank of
New York as Trustee.
(J) 4.10 Registration Rights Agreement, dated as July 22, 1997, among
the Company, certain subsidiaries, CIBC Wood Gundy
Securities Corp. and Merrill Lynch Pierce Fenner & Smith
Incorporated.
(N) 4.11 Indenture, dated as of December 14, 1998, among the Company,
as Issuer, certain subsidiaries of the Company, as
Guarantors, and The Bank of New York, a New York banking
corporation, as Trustee.
(N) 4.12 Registration Rights Agreement, dated as of December 14,
1998, among the Company, as Issuer, certain subsidiaries of
the Company, as Guarantors, and CIBC Oppenheimer Corp.,
Credit Suisse First Boston Corporation, Merrill Lynch,
Pierce, Fenner & Smith Incorporated, as the Initial
Purchasers.
(A) 10.2 Tax Sharing Agreement among the Company, Kelsey-Hayes
Company and K-H.
(B) 10.3 Conveyance and Transfer Agreement, dated as of December 15,
1992, between the Company and Kelsey-Hayes Company.
(A) 10.5 Michigan Workers' Compensation Claims Payment Guarantee
between the Company and Kelsey-Hayes Company.
(A) 10.6* 1992 Incentive Stock Option Plan.
(A) 10.7* Long-Term Savings Plan.
(A) 10.8 Non-competition Agreement between the Company and Varity
Corporation.
(A) 10.9* Employment Agreement, dated February 1, 1993, between Hayes
Wheels, S.p.A. and Giancarlo Dallera.
(C) 10.13 Project Funds Agreement, dated November 12, 1993, between
Hayes Wheels Autokola NH, a.s. ("Autokola"), the Company and
International Finance Corporation ("IFC").
(C) 10.14 Fee Clawback Agreement, dated November 12, 1993, between
Autokola, the Company and IFC.
(C) 10.15 Subordination Agreement, dated November 12, 1993, between
Autokola, Nova Hut a.s., the Company and IFC.
(C) 10.16 Investment Agreement, dated November 12, 1993, between
Autokola and IFC.
(A) 10.17* Employee Benefits Agreement.
(D) 10.18* Severance Agreements, each dated November 6, 1995, between
the Company and its officers and certain employees.
(F) 10.22 Form of Indemnification Agreement between the Company and
each of its directors (filed as Exhibit B to the
Stockholders' Agreement filed as Exhibit 2.2).
(G) 10.23* First Amendment to Employment Agreement, dated June 6, 1996,
between Hayes Wheels, S.p.A. and Giancarlo Dallera.
(H) 10.24 Consulting Agreement, dated as of June 6, 1997, between the
Company and H.K.L., L.L.C.
(H) 10.25 Consulting Agreement, dated as of June 6, 1997, between the
Company and Horst Kukwa-Lemmerz.
</TABLE>
2
<PAGE> 4
<TABLE>
<S> <C> <C>
(I) 10.26 Amended and Restated Stockholders' Agreement, dated as of
June 30, 1997, among the Company, Joseph Littlejohn & Levy
Fund II, L.P., Chase Equity Associates, CIBC WG Argosy
Merchant Fund 2, L.L.C., Nomura Holding America, Inc. and
TSG Capital Fund II, L.P. and the shareholders of Lemmerz
Holding GmbH.
(L) 10.28* Managing Director's Service Agreement, dated September 25,
1997, between Hayes Lemmerz Holding GmbH and Klaus Junger.
(N) 10.29 Third Amended and Restated Credit Agreement, dated as of
February 3, 1999, among the Company, as Borrower, the
several banks and other financial institutions from time to
time Parties thereto, as Lenders, Canadian Imperial Bank of
Commerce, as Administrative Agent and Co-Lead Arranger,
Credit Suisse First Boston, as Syndication Agent and Co-Lead
Arranger, Merrill Lynch Capital Corporation, as
Co-Documentation Agent, and Dresdner Bank AG, as
Co-Documentation Agent and European Swing Administrator.
(O) 12 Computation of Ratios.
(O) 21.1 Subsidiaries of the Company.
(O) 23 Consent of KPMG LLP.
(O) 24 Powers of Attorney.
(O) 27 Financial Data Schedule.
(P) 28 Annual Report on Form 11-K with respect to the Company's
Retirement Savings Plan for the year ended December 31,
1998.
</TABLE>
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LEGEND FOR EXHIBITS
(A) Incorporated by reference from the Company's Registration Statement No.
33-53780 on Form S-1, filed with the SEC on October 27, 1992, as amended.
(B) Incorporated by reference from the Company's Annual Report on Form 10-K for
the fiscal Year Ended January 31, 1993, filed with the SEC.
(C) Incorporated by reference from the Company's Quarterly Report on Form 10-Q
for the quarter ended October 31, 1993, filed with the SEC.
(D) Incorporated by reference from the Company's Quarterly Report on Form 10-Q
for the quarter ended October 31, 1995, filed with the SEC.
(E) Incorporated by reference from the Company's Current Report on Form 8-K,
dated March 28, 1996, filed with the SEC.
(F) Incorporated by reference from the Company's Current Report on Form 8-K,
dated July 2, 1996, filed with the SEC.
(G) Incorporated by reference from the Company's Annual Report on Form 10-K for
the Fiscal Year Ended January 31, 1997, filed with the SEC.
(H) Incorporated by reference from the Company's Current Report on Form 8-K,
dated June 6, 1997, filed with the SEC.
(I) Incorporated by reference from the Company's Current Report on Form 8-K,
dated June 30, 1997, filed with the SEC.
(J) Incorporated by reference from the Company's Registration Statement No.
333-34319 on Form S-4, filed with the SEC on August 24, 1997, as amended.
(K) Incorporated by reference from the Company's Registration Statement on Form
8-A, filed with the SEC on November 14, 1997.
(L) Incorporated by reference from the Company's Annual Report on Form 10-K for
the fiscal year Ended January 31, 1998, filed with the SEC.
(M) Incorporated by reference from the Company's Quarterly Report on Form 10-Q
for the quarter ended October 31, 1998, filed with the SEC.
3
<PAGE> 5
(N) Incorporated by reference from the Company's Current Report on Form 8-K,
dated February 3, 1999, filed with the SEC.
(O) Incorporated by reference from the Company's Annual Report on Form 10-K for
the fiscal year ended January 31, 1999, filed with the SEC.
(P) Filed herewith.
* Denotes a compensatory plan, contract or arrangement.
The Company will furnish to any stockholder a copy of the above exhibits
upon the written request of such stockholder and the payment to the Company of
the reasonable expenses incurred by the Company in furnishing such copy.
(b) Reports on Form 8-K
During the fiscal quarter ended January 31, 1999, the Company filed Current
Reports on Form 8-K with the SEC on November 19, 1998 and December 7, 1998.
4
<PAGE> 6
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this amendment to be signed on its behalf by the
undersigned, thereunto duly authorized, on the 30th day of June 1999.
HAYES LEMMERZ INTERNATIONAL, INC.
By: /s/ WILLIAM D. SHOVERS
------------------------------------
William D. Shovers
Vice President--Finance
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
Registrant in the capacities and on the dates indicated:
<TABLE>
<CAPTION>
SIGNATURE TITLE DATE
--------- ----- ----
<S> <C> <C>
/s/ RANKO CUCUZ* Chairman of the Board of Directors; June 30, 1999
- ------------------------------------------ Chief Executive Officer;
Ranko Cucuz Director
/s/ WILLIAM D. SHOVERS Chief Financial Officer June 30, 1999
- ------------------------------------------
William D. Shovers
/s/ D. N. VERMILYA Principal Accounting Officer June 30, 1999
- ------------------------------------------
D. N. Vermilya
/s/ CLEVELAND A. CHRISTOPHE* Director June 30, 1999
- ------------------------------------------
Cleveland A. Christophe
/s/ ANTHONY GRILLO* Director June 30, 1999
- ------------------------------------------
Anthony Grillo
/s/ ANDREW R. HEYER* Director June 30, 1999
- ------------------------------------------
Andrew R. Heyer
/s/ HORST KUKWA-LEMMERZ* Director June 30, 1999
- ------------------------------------------
Horst Kukwa-Lemmerz
/s/ PAUL S. LEVY* Director June 30, 1999
- ------------------------------------------
Paul S. Levy
/s/ JEFFREY LIGHTCAP* Director June 30, 1999
- ------------------------------------------
Jeffrey Lightcap
/s/ WEINARD MEILICKE* Director June 30, 1999
- ------------------------------------------
Weinard Meilicke
/s/ JOHN S. RODEWIG* Director June 30, 1999
- ------------------------------------------
John S. Rodewig
/s/ RAY H. WITT* Director June 30, 1999
- ------------------------------------------
Ray H. Witt
/s/ DAVID YING* Director June 30, 1999
- ------------------------------------------
David Ying
*By /s/ PATRICK B. CAREY
- ------------------------------------
Patrick B. Carey
Attorney-in-fact
</TABLE>
5
<PAGE> 7
EXHIBIT INDEX
EXHIBIT
NUMBER TITLE
- ------- -----
28 Annual Report on Form 11-K with respect to the Registrant's
Retirement Savings Plan for the year ended December 31, 1998
<PAGE> 1
EXHIBIT 28
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One):
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 [FEE REQUIRED]. For the fiscal year ended December 31, 1998.
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 [NO FEE REQUIRED]. For the transition period from to
.
Commission File Number 1-11592
A. Full title of the plan and address of the plan, if different from that
of the issuer named below:
HAYES LEMMERZ INTERNATIONAL, INC.
RETIREMENT SAVINGS PLAN
B. Name of issuer of securities held pursuant to the plan and the address
of its principal executive office:
Hayes Lemmerz International, Inc.
38481 Huron River Drive
Romulus, Michigan 48174
<PAGE> 2
The following financial statements and exhibits are filed as part of this
report:
(a) Financial statements
(1) Independent Auditors' Report
(2) Statements of Assets Available for Plan Benefits, with Fund
Information, as of December 31, 1998 and 1997
(3) Statements of Changes in Assets Available for Plan Benefits with
Fund Information for the year ended December 31, 1998 and 1997
(4) Notes to Financial Statements
(b) Exhibit 23 -- Consent of Independent Auditors
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, this annual report has been duly signed on behalf of the Plan by the
undersigned, thereunto duly authorized.
HAYES LEMMERZ INTERNATIONAL, INC.
RETIREMENT SAVINGS PLAN
By: /s/ KURT M. SUCKOW
------------------------------------
Kurt M. Suckow
Plan Administrator
Date: June 30, 1999
<PAGE> 3
HAYES LEMMERZ INTERNATIONAL, INC.
RETIREMENT SAVINGS PLAN
FINANCIAL STATEMENTS AND SCHEDULES
YEARS ENDED DECEMBER 31, 1998 AND 1997
(WITH INDEPENDENT AUDITORS' REPORT THEREON)
<PAGE> 4
HAYES LEMMERZ INTERNATIONAL, INC.
RETIREMENT SAVINGS PLAN
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE(S)
-------
<S> <C>
Independent Auditors' Report................................ 2
Statement of Assets Available for Plan Benefits, with Fund
Information as of December 31, 1998....................... 3
Statement of Assets Available for Plan Benefits, with Fund
Information as of December 31, 1997....................... 4-5
Statement of Changes in Assets Available for Plan Benefits,
with Fund Information for the year ended December 31,
1998...................................................... 6-7
Statement of Changes in Assets Available for Plan Benefits,
with Fund Information for the year ended December 31,
1997...................................................... 8-9
Notes to Financial Statements............................... 10-15
</TABLE>
<TABLE>
<CAPTION>
SCHEDULE
SCHEDULES AS REQUIRED BY THE DEPARTMENT OF LABOR --------
<S> <C>
1 Item 27a -- Schedule of Assets Held for Investment
Purposes as of December 31, 1998........................ 16
2 Item 27b -- Schedule of Loans or Fixed Income Obligations
as of December 31, 1998................................. 17
3 Item 27d -- Schedule of Reportable Transactions for the
year ended December 31, 1998............................ 18
4 Item 27e -- Schedule of Non-Exempt Transactions for the
year ended December 31, 1998............................ 19
</TABLE>
All other schedules required to be filed in accordance with the Employee
Retirement Income Security Act of 1974 are not applicable and, accordingly, have
been omitted.
1
<PAGE> 5
INDEPENDENT AUDITORS' REPORT
To the Retirement Committee of the
Hayes Lemmerz International, Inc.
Retirement Savings Plan:
We have audited the accompanying statements of assets available for plan
benefits of Hayes Lemmerz International, Inc. Retirement Savings Plan as of
December 31, 1998 and 1997, and the related statements of changes in assets
available for plan benefits for the years then ended. These financial statements
are the responsibility of the Plan's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the assets available for plan benefits as of December
31, 1998 and 1997, and the changes in assets available for plan benefits for the
years then ended, in conformity with generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental schedules, as
listed in the accompanying table of contents, are presented for the purpose of
additional analysis and are not a required part of the basic financial
statements, but are supplementary information required by the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. The fund information in the statements
of assets available for plan benefits and the statements of changes in assets
available for plan benefits is presented for purposes of additional analysis
rather than to present the assets available for plan benefits and changes in
assets available for plan benefits of each fund. The supplemental schedules and
fund information have been subjected to the auditing procedures applied in the
audits of the basic financial statements and, in our opinion, are fairly stated
in all material respects in relation to the basic financial statements taken as
a whole.
The schedule of assets held for investment purposes that accompanies the
Plan's financial statements does not disclose the historical cost of certain
plan assets held by the plan trustee. Disclosure of this information is required
by the Department of Labor's Rules and Regulations for Reporting and Disclosure
under the Employee Retirement Income Security Act of 1974.
/s/ KPMG LLP
June 7, 1999
2
<PAGE> 6
HAYES LEMMERZ INTERNATIONAL, INC.
RETIREMENT SAVINGS PLAN
STATEMENT OF ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 1998
<TABLE>
<CAPTION>
STRATEGIC STRATEGIC STRATEGIC
INTERNATIONAL ALLOCATION ALLOCATION ALLOCATION EQUITY
GROWTH BOND ULTRA FUND: FUND: FUND: INCOME
FUND FUND FUND CONSERVATIVE MODERATE AGGRESSIVE FUND
------------- ---- ----- ------------ ---------- ---------- ------
<S> <C> <C> <C> <C> <C> <C> <C>
Assets:
Cash.................. $ -- $ -- $ -- $ -- $ -- $ -- $ --
Investments at fair
value:
American Century
International
Growth Fund....... 7,036,167 -- -- -- -- -- --
American Century
Long-Term Bond
Fund.............. -- 3,015,202 -- -- -- -- --
American Century
Ultra Investors
Fund.............. -- -- 27,243,324 -- -- -- --
American Century
Strategic.........
Allocation Fund:
Conservative.... -- -- -- 534,011 -- -- --
Moderate........ -- -- -- -- 6,748,467 -- --
Aggressive...... -- -- -- -- -- 898,722 --
American Century
Equity Income
Fund.............. -- -- -- -- -- -- 2,175,112
American Century
Value Fund........ -- -- -- -- -- -- --
Vanguard Index
Trust--500
Portfolio......... -- -- -- -- -- -- --
Stable Asset Fund... -- -- -- -- -- -- --
Hayes Lemmerz
International,
Inc. common
stock............. -- -- -- -- -- -- --
Loans to
participants...... -- -- -- -- -- -- --
---------- ---------- ----------- -------- ---------- -------- ----------
Total
investments... 7,036,167 3,015,202 27,243,324 534,011 6,748,467 898,722 2,175,112
Contributions
receivable:
Employer.............. 11,930 3,827 39,797 740 11,615 2,094 3,115
Employee.............. 16,430 5,352 49,641 1,219 13,886 6,014 7,050
---------- ---------- ----------- -------- ---------- -------- ----------
Assets available
for plan
benefits...... $7,064,527 $3,024,381 $27,332,762 $535,970 $6,773,968 $906,830 $2,185,277
========== ========== =========== ======== ========== ======== ==========
<CAPTION>
INDEX HAYES
TRUST-- STABLE LEMMERZ
VALUE 500 ASSET STOCK LOAN
FUND PORTFOLIO FUND FUND FUND TOTAL
----- --------- ------ ------- ---- -----
<S> <C> <C> <C> <C> <C> <C>
Assets:
Cash.................. $ -- $ -- $ -- $ 229 $ -- $ 229
Investments at fair
value:
American Century
International
Growth Fund....... -- -- -- -- -- 7,036,167
American Century
Long-Term Bond
Fund.............. -- -- -- -- -- 3,015,202
American Century
Ultra Investors
Fund.............. -- -- -- -- -- 27,243,324
American Century
Strategic.........
Allocation Fund:
Conservative.... -- -- -- -- -- 534,011
Moderate........ -- -- -- -- -- 6,748,467
Aggressive...... -- -- -- -- -- 898,722
American Century
Equity Income
Fund.............. -- -- -- -- -- 2,175,112
American Century
Value Fund........ 2,359,862 -- -- -- -- 2,359,862
Vanguard Index
Trust--500
Portfolio......... -- 24,062,446 -- -- -- 24,062,446
Stable Asset Fund... -- -- 23,359,414 -- -- 23,359,414
Hayes Lemmerz
International,
Inc. common
stock............. -- -- -- 5,644,069 -- 5,644,069
Loans to
participants...... -- -- -- -- 4,277,654 4,277,654
---------- ----------- ----------- ---------- ---------- ------------
Total
investments... 2,359,862 24,062,446 23,359,414 5,644,069 4,277,654 107,354,450
Contributions
receivable:
Employer.............. 3,264 19,346 25,250 80,903 -- 201,881
Employee.............. 8,687 35,205 28,214 17,924 -- 189,622
---------- ----------- ----------- ---------- ---------- ------------
Assets available
for plan
benefits...... $2,371,813 $24,116,997 $23,412,878 $5,743,125 $4,277,654 $107,746,182
========== =========== =========== ========== ========== ============
</TABLE>
See accompanying notes to financial statements.
3
<PAGE> 7
HAYES LEMMERZ INTERNATIONAL, INC.
RETIREMENT SAVINGS PLAN
STATEMENT OF ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 1997
<TABLE>
<CAPTION>
STRATEGIC
INTERNATIONAL EQUITY CAPITAL ALLOCATION
GROWTH BOND ULTRA INDEX PRESERVATION FUND:
FUND FUND FUND FUND TRUST CONSERVATIVE
------------- ---- ----- ------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Assets:
Cash...................................... $ -- $ -- $ -- $ -- $ -- $ --
Investments at fair value:
American Century International Growth
Fund.................................. 5,145,484 -- -- -- -- --
American Century Long-Term Bond Fund.... -- 2,099,396 -- -- -- --
American Century Ultra Investors Fund... -- -- 17,410,799 -- -- --
American Century Equity Index Fund...... -- -- -- 4,322 -- --
American Century Strategic Allocation
Fund:
Conservative.......................... -- -- -- -- -- 182,736
Moderate.............................. -- -- -- -- -- --
Aggressive............................ -- -- -- -- -- --
American Century Equity Income Fund..... -- -- -- -- -- --
American Century Value Fund............. -- -- -- -- -- --
Vanguard Index Trust--500 Portfolio..... -- -- -- -- -- --
Stable Asset Fund....................... -- -- -- -- -- --
Hayes Lemmerz International, Inc. common
stock................................. -- -- -- -- -- --
Comerica Short-Term Fund................ -- -- -- -- -- --
Comerica Core Growth Stock Equity
Fund.................................. -- -- -- -- -- --
Loans to participants................... -- -- -- -- -- --
---------- ---------- ----------- ------ ---- --------
5,145,484 2,099,396 17,410,799 4,322 -- 182,736
Investments at contract value:
Bankers Trust Capital Preservation
Trust................................. -- -- -- -- 431 --
Comerica GIC Fund....................... -- -- -- -- -- --
---------- ---------- ----------- ------ ---- --------
Total investments................... 5,145,484 2,099,396 17,410,799 4,322 431 182,736
Contributions receivable:
Employer................................ 48,759 15,877 112,846 -- -- 3,528
Employee................................ 28,528 9,643 77,832 -- -- 1,550
Other..................................... -- -- -- -- -- --
Interfund receivable (payable) -- -- -- -- -- --
---------- ---------- ----------- ------ ---- --------
Assets available for plan
benefits.......................... $5,222,771 $2,124,916 $17,601,477 $4,322 $431 $187,814
========== ========== =========== ====== ==== ========
<CAPTION>
STRATEGIC STRATEGIC
ALLOCATION ALLOCATION EQUITY
FUND: FUND: INCOME
MODERATE AGGRESSIVE FUND
---------- ---------- ------
<S> <C> <C> <C>
Assets:
Cash...................................... $ -- $ -- $ --
Investments at fair value:
American Century International Growth
Fund.................................. -- -- --
American Century Long-Term Bond Fund.... -- -- --
American Century Ultra Investors Fund... -- -- --
American Century Equity Index Fund...... -- -- --
American Century Strategic Allocation
Fund:
Conservative.......................... -- -- --
Moderate.............................. 5,671,751 -- --
Aggressive............................ -- 535,632 --
American Century Equity Income Fund..... -- -- 1,734,679
American Century Value Fund............. -- -- --
Vanguard Index Trust--500 Portfolio..... -- -- --
Stable Asset Fund....................... -- -- --
Hayes Lemmerz International, Inc. common
stock................................. -- -- --
Comerica Short-Term Fund................ -- -- --
Comerica Core Growth Stock Equity
Fund.................................. -- -- --
Loans to participants................... -- -- --
---------- -------- ----------
5,671,751 535,632 1,734,679
Investments at contract value:
Bankers Trust Capital Preservation
Trust................................. -- -- --
Comerica GIC Fund....................... -- -- --
---------- -------- ----------
Total investments................... 5,671,751 535,632 1,734,679
Contributions receivable:
Employer................................ 35,552 19,341 23,200
Employee................................ 24,051 8,198 11,789
Other..................................... -- -- --
Interfund receivable (payable) -- -- --
---------- -------- ----------
Assets available for plan
benefits.......................... $5,731,354 $563,171 $1,769,668
========== ======== ==========
</TABLE>
4
<PAGE> 8
HAYES LEMMERZ INTERNATIONAL, INC.
RETIREMENT SAVINGS PLAN
STATEMENT OF ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND
INFORMATION--CONTINUED
DECEMBER 31, 1997
<TABLE>
<CAPTION>
INDEX HAYES
TRUST-- STABLE LEMMERZ SHORT-TERM
VALUE 500 ASSET STOCK GIC GOVERNMENT EQUITY
FUND PORTFOLIO FUND FUND FUND FUND FUND
----- --------- ------ ------- ---- ---------- ------
<S> <C> <C> <C> <C> <C> <C> <C>
Assets:
Cash.............................. $ -- $ -- $ -- $ 3,320 $ (191,958) $ 1,109 $ 33,263
Investments at fair value:
American Century International
Growth Fund................... -- -- -- -- -- -- --
American Century Long-Term Bond
Fund.......................... -- -- -- -- -- -- --
American Century Ultra Investors
Fund.......................... -- -- -- -- -- -- --
American Century Equity Index
Fund.......................... -- -- -- -- -- -- --
American Century Strategic
Allocation Fund:
Conservative.................. -- -- -- -- -- -- --
Moderate...................... -- -- -- -- -- -- --
Aggressive.................... -- -- -- -- -- -- --
American Century Equity Income
Fund.......................... -- -- -- -- -- -- --
American Century Value Fund..... 2,338,324 -- -- -- -- -- --
Vanguard Index Trust--500
Portfolio..................... -- 17,931,900 -- -- -- -- --
Stable Asset Fund............... -- -- 21,369,049 -- -- -- --
Hayes Lemmerz International,
Inc. common stock............. -- -- -- 3,739,768 -- -- --
Comerica Short-Term Fund........ -- -- -- -- 1,232,707 245,406 1,288,008
Comerica Core Growth Stock
Equity Fund................... -- -- -- -- -- -- 1,228
Loans to participants........... -- -- -- -- -- -- --
---------- ----------- ----------- ---------- ---------- -------- ----------
2,338,324 17,931,900 21,369,049 3,739,768 1,232,707 245,406 1,289,236
Investments at contract value:
Bankers Trust Capital
Preservation Trust............ -- -- -- -- -- -- --
Comerica GIC Fund............... -- -- -- -- 5,371 -- --
---------- ----------- ----------- ---------- ---------- -------- ----------
Total investments........... 2,338,324 17,931,900 21,369,049 3,739,768 1,238,078 245,406 1,289,236
Contributions receivable:
Employer........................ 31,591 134,680 213,136 62,401 -- -- --
Employee........................ 15,187 70,370 48,325 26,730 -- -- --
Other............................. -- -- -- 4,931 -- (2,567) 11,014
Interfund receivable (payable).... -- -- -- (676) (170) (102) 948
---------- ----------- ----------- ---------- ---------- -------- ----------
Assets available for plan
benefits.................. $2,385,102 $18,136,950 $21,630,510 $3,836,474 $1,045,950 $243,846 $1,334,461
========== =========== =========== ========== ========== ======== ==========
<CAPTION>
LOAN
FUND TOTAL
---- -----
<S> <C> <C>
Assets:
Cash.............................. $ -- $ (154,266)
Investments at fair value:
American Century International
Growth Fund................... -- 5,145,484
American Century Long-Term Bond
Fund.......................... -- 2,099,396
American Century Ultra Investors
Fund.......................... -- 17,410,799
American Century Equity Index
Fund.......................... -- 4,322
American Century Strategic
Allocation Fund:
Conservative.................. -- 182,736
Moderate...................... -- 5,671,751
Aggressive.................... -- 535,632
American Century Equity Income
Fund.......................... -- 1,734,679
American Century Value Fund..... -- 2,338,324
Vanguard Index Trust--500
Portfolio..................... -- 17,931,900
Stable Asset Fund............... -- 21,369,049
Hayes Lemmerz International,
Inc. common stock............. -- 3,739,768
Comerica Short-Term Fund........ -- 2,766,121
Comerica Core Growth Stock
Equity Fund................... -- 1,228
Loans to participants........... 3,079,752 3,079,752
---------- -----------
3,079,752 84,010,941
Investments at contract value:
Bankers Trust Capital
Preservation Trust............ -- 431
Comerica GIC Fund............... -- 5,371
---------- -----------
Total investments........... 3,079,752 84,016,743
Contributions receivable:
Employer........................ -- 700,911
Employee........................ -- 322,203
Other............................. -- 13,378
Interfund receivable (payable).... -- --
---------- -----------
Assets available for plan
benefits.................. $3,079,752 $84,898,969
========== ===========
</TABLE>
See accompanying notes to financial statements.
5
<PAGE> 9
HAYES LEMMERZ INTERNATIONAL, INC.
RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND
INFORMATION
YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
STRATEGIC STRATEGIC
INTERNATIONAL EQUITY CAPITAL ALLOCATION ALLOCATION
GROWTH BOND ULTRA INDEX PRESERVATION FUND: FUND:
FUND FUND FUND FUND TRUST CONSERVATIVE MODERATE
------------- ---- ----- ------ ------------ ------------ ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Additions:
Investment income:
Interest and dividends.......... $ 116,579 $ 142,407 $ 2,305,368 $ -- $ 22 $ 26,803 $ 350,503
Net realized and unrealized
appreciation (depreciation) in
fair value of investments..... 884,574 5,771 4,412,774 (17) -- 11,383 379,553
---------- ---------- ----------- ------- ----- -------- ----------
Total investment income..... 1,001,153 148,178 6,718,142 (17) 22 38,186 730,056
---------- ---------- ----------- ------- ----- -------- ----------
Contributions:
Employer........................ 538,971 177,981 1,578,220 -- -- 27,361 489,353
Employee........................ 653,585 227,125 1,872,160 -- -- 31,462 548,748
Rollover........................ 9,393 1,042 60,496 -- -- 5,283 4,040
---------- ---------- ----------- ------- ----- -------- ----------
Total contributions......... 1,201,949 406,148 3,510,876 -- -- 64,106 1,042,141
---------- ---------- ----------- ------- ----- -------- ----------
Total additions............. 2,203,102 554,326 10,229,018 (17) 22 102,292 1,772,197
---------- ---------- ----------- ------- ----- -------- ----------
Deductions:
Benefit payments.................. 438,571 142,564 1,470,285 -- -- 2,916 358,905
Other............................. 2,343 3,670 7,867 -- -- 1,247 5,443
---------- ---------- ----------- ------- ----- -------- ----------
Total deductions............ 440,914 146,234 1,478,152 -- -- 4,163 364,348
Net transfers (to) from other
funds............................. 79,568 491,373 980,419 (4,305) (453) 250,027 (365,235)
---------- ---------- ----------- ------- ----- -------- ----------
Net increase (decrease)..... 1,841,756 899,465 9,731,285 (4,322) (431) 348,156 1,042,614
Assets available for plan benefits:
Beginning of year................. 5,222,771 2,124,916 17,601,477 4,322 431 187,814 5,731,354
---------- ---------- ----------- ------- ----- -------- ----------
End of year....................... $7,064,527 $3,024,381 $27,332,762 $ -- $ -- $535,970 $6,773,968
========== ========== =========== ======= ===== ======== ==========
<CAPTION>
STRATEGIC
ALLOCATION EQUITY
FUND: INCOME
AGGRESSIVE FUND
---------- ------
<S> <C> <C>
Additions:
Investment income:
Interest and dividends.......... $ 32,201 $ 353,099
Net realized and unrealized
appreciation (depreciation) in
fair value of investments..... 57,652 (116,522)
-------- ----------
Total investment income..... 89,853 236,577
-------- ----------
Contributions:
Employer........................ 116,767 147,828
Employee........................ 157,759 209,758
Rollover........................ 17,249 10,132
-------- ----------
Total contributions......... 291,775 367,718
-------- ----------
Total additions............. 381,628 604,295
-------- ----------
Deductions:
Benefit payments.................. 17,007 119,849
Other............................. 1,574 2,088
-------- ----------
Total deductions............ 18,581 121,937
Net transfers (to) from other
funds............................. (19,388) (66,749)
-------- ----------
Net increase (decrease)..... 343,659 415,609
Assets available for plan benefits:
Beginning of year................. 563,171 1,769,668
-------- ----------
End of year....................... $906,830 $2,185,277
======== ==========
</TABLE>
6
<PAGE> 10
HAYES LEMMERZ INTERNATIONAL, INC.
RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND
INFORMATION--CONTINUED
YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
INDEX HAYES
TRUST-- STABLE LEMMERZ SHORT-TERM
VALUE 500 ASSET STOCK GIC GOVERNMENT EQUITY
FUND PORTFOLIO FUND FUND FUND FUND FUND
----- --------- ------ ------- ---- ---------- ------
<S> <C> <C> <C> <C> <C> <C> <C>
Additions:
Investment income:
Interest and dividends.... $ 410,386 $ 577,588 $ 1,330,001 $ 4,795 $ -- $ -- $ --
Net realized and
unrealized appreciation
(depreciation) in fair
value of investments.... (308,308) 4,891,332 -- 448,707 -- -- --
---------- ----------- ----------- ---------- ------------ ---------- ------------
Total investment
income.............. 102,078 5,468,920 1,330,001 453,502 -- -- --
---------- ----------- ----------- ---------- ------------ ---------- ------------
Contributions:
Employer.................. 186,161 1,079,539 1,667,339 697,148 -- -- --
Employee.................. 257,440 1,434,056 909,794 689,464 -- -- --
Rollover.................. 259 60,906 6,037 65,893 -- -- --
---------- ----------- ----------- ---------- ------------ ---------- ------------
Total contributions... 443,860 2,574,501 2,583,170 1,452,505 -- -- --
---------- ----------- ----------- ---------- ------------ ---------- ------------
Total additions....... 545,938 8,043,421 3,913,171 1,906,007 -- -- --
---------- ----------- ----------- ---------- ------------ ---------- ------------
Deductions:
Benefit payments............ 106,124 1,385,918 3,130,537 218,493 -- -- --
Other....................... 1,936 6,788 12,220 2,189 -- -- --
---------- ----------- ----------- ---------- ------------ ---------- ------------
Total deductions...... 108,060 1,392,706 3,142,757 220,682 -- -- --
Net transfers (to) from other
funds....................... (451,167) (670,668) 1,011,954 221,326 (1,045,950) (243,846) (1,334,461)
---------- ----------- ----------- ---------- ------------ ---------- ------------
Net increase
(decrease).......... (13,289) 5,980,047 1,782,368 1,906,651 (1,045,950) (243,846) (1,334,461)
Assets available for plan
benefits:
Beginning of year........... 2,385,102 18,136,950 21,630,510 3,836,474 1,045,950 243,846 1,334,461
---------- ----------- ----------- ---------- ------------ ---------- ------------
End of year................. $2,371,813 $24,116,997 $23,412,878 $5,743,125 $ -- $ -- $ --
========== =========== =========== ========== ============ ========== ============
<CAPTION>
LOAN
FUND TOTAL
---- -----
<S> <C> <C>
Additions:
Investment income:
Interest and dividends.... $ 260,487 $ 5,910,239
Net realized and
unrealized appreciation
(depreciation) in fair
value of investments.... -- 10,666,899
---------- ------------
Total investment
income.............. 260,487 16,577,138
---------- ------------
Contributions:
Employer.................. -- 6,706,668
Employee.................. -- 6,991,351
Rollover.................. -- 240,730
---------- ------------
Total contributions... -- 13,938,749
---------- ------------
Total additions....... 260,487 30,515,887
---------- ------------
Deductions:
Benefit payments............ 230,140 7,621,309
Other....................... -- 47,365
---------- ------------
Total deductions...... 230,140 7,668,674
Net transfers (to) from other
funds....................... 1,167,555 --
---------- ------------
Net increase
(decrease).......... 1,197,902 22,847,213
Assets available for plan
benefits:
Beginning of year........... 3,079,752 84,898,969
---------- ------------
End of year................. $4,277,654 $107,746,182
========== ============
</TABLE>
See accompanying notes to financial statements.
7
<PAGE> 11
HAYES LEMMERZ INTERNATIONAL, INC.
RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND
INFORMATION
YEAR ENDED DECEMBER 31, 1997
<TABLE>
<CAPTION>
STRATEGIC
INTERNATIONAL BALANCED EQUITY CAPITAL ALLOCATION
GROWTH INVESTORS BOND ULTRA INDEX PRESERVATION FUND:
FUND FUND FUND FUND FUND TRUST CONSERVATIVE
------------- --------- ---- ----- ------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Additions:
Investment income:
Interest and
dividends............ $ 704,837 $ 10,697 $ 37,924 $ 3,552,448 $ -- $ 71,972 $ 8,677
Net realized and
unrealized
appreciation
(depreciation) in
fair value of
investments.......... (417,331) 99,831 (10,198) (2,701,471) 275,957 -- (6,859)
---------- ----------- ---------- ----------- ----------- ----------- --------
Total investment
income........... 287,506 110,528 27,726 850,977 275,957 71,972 1,818
---------- ----------- ---------- ----------- ----------- ----------- --------
Contributions:
Employer............... 221,266 94,678 60,841 557,664 115,598 546,640 3,736
Employee............... 267,356 141,366 70,588 697,526 144,499 152,316 2,660
Rollover............... 29,556 18,377 -- 22,392 34,266 65,970 2,208
---------- ----------- ---------- ----------- ----------- ----------- --------
Total
contributions.... 518,178 254,421 131,429 1,277,582 294,363 764,926 8,604
---------- ----------- ---------- ----------- ----------- ----------- --------
Total additions.... 805,684 364,949 159,155 2,128,559 570,320 836,898 10,422
---------- ----------- ---------- ----------- ----------- ----------- --------
Deductions:
Benefit payments......... 125,505 23,577 10,272 241,957 38,627 170,625 600
Other.................... 83,976 14,032 32,738 260,514 45,476 1,689 1,678
---------- ----------- ---------- ----------- ----------- ----------- --------
Total deductions... 209,481 37,609 43,010 502,471 84,103 172,314 2,278
Transfers in from merged
plans (note 1)........... 3,589,390 -- 1,628,049 13,183,829 7,346 -- 198,999
Net transfers (to) from
other funds.............. (6,443) (1,411,968) 86,668 (346,014) (1,685,492) (2,060,522) (19,329)
---------- ----------- ---------- ----------- ----------- ----------- --------
Net increase
(decrease)....... 4,179,150 (1,084,628) 1,830,862 14,463,903 (1,191,929) (1,395,938) 187,814
Assets available for plan
benefits:
Beginning of year........ 1,043,621 1,084,628 294,054 3,137,574 1,196,251 1,396,369 --
---------- ----------- ---------- ----------- ----------- ----------- --------
End of year.............. $5,222,771 $ -- $2,124,916 $17,601,477 $ 4,322 $ 431 $187,814
========== =========== ========== =========== =========== =========== ========
<CAPTION>
STRATEGIC STRATEGIC
ALLOCATION ALLOCATION EQUITY
FUND: FUND: INCOME
MODERATE AGGRESSIVE FUND
---------- ---------- ------
<S> <C> <C> <C>
Additions:
Investment income:
Interest and
dividends............ $ 218,993 $ 25,126 $ 259,162
Net realized and
unrealized
appreciation
(depreciation) in
fair value of
investments.......... (71,921) (14,891) (188,383)
---------- -------- ----------
Total investment
income........... 147,072 10,235 70,779
---------- -------- ----------
Contributions:
Employer............... 138,237 24,320 28,845
Employee............... 159,391 24,551 26,411
Rollover............... 13,242 2,208 5,705
---------- -------- ----------
Total
contributions.... 310,870 51,079 60,961
---------- -------- ----------
Total additions.... 457,942 61,314 131,740
---------- -------- ----------
Deductions:
Benefit payments......... 77,488 493 4,734
Other.................... 113,418 8,048 15,108
---------- -------- ----------
Total deductions... 190,906 8,541 19,842
Transfers in from merged
plans (note 1)........... 4,098,927 453,114 1,479,659
Net transfers (to) from
other funds.............. 1,365,391 57,284 178,111
---------- -------- ----------
Net increase
(decrease)....... 5,731,354 563,171 1,769,668
Assets available for plan
benefits:
Beginning of year........ -- -- --
---------- -------- ----------
End of year.............. $5,731,354 $563,171 $1,769,668
========== ======== ==========
</TABLE>
8
<PAGE> 12
HAYES LEMMERZ INTERNATIONAL, INC.
RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION
YEAR ENDED DECEMBER 31, 1997
<TABLE>
<CAPTION>
HAYES
INDEX TRUST-- STABLE LEMMERZ SHORT-TERM
VALUE 500 ASSET STOCK GIC GOVERNMENT EQUITY
FUND PORTFOLIO FUND FUND FUND FUND FUND
----- ------------- ------ ------- ---- ---------- ------
<S> <C> <C> <C> <C> <C> <C> <C>
Additions:
Investment income:
Interest and
dividends............ $ 345,506 $ 8,346 $ 168,129 $ 871 $ -- $ -- $ --
Net realized and
unrealized
appreciation
(depreciation) in
fair value of
investments.......... (268,555) 768,015 -- (392,940) -- -- --
---------- ----------- ----------- ---------- ---------- -------- ----------
Total investment
income........... 76,951 776,361 168,129 (392,069) -- -- --
---------- ----------- ----------- ---------- ---------- -------- ----------
Contributions:
Employer............... 44,118 265,353 558,717 286,955 -- -- --
Employee............... 38,558 244,698 38,571 259,112 -- -- --
Rollover............... 19,677 16,942 -- 23,291 -- -- --
---------- ----------- ----------- ---------- ---------- -------- ----------
Total
contributions.... 102,353 526,993 597,288 569,358 -- -- --
---------- ----------- ----------- ---------- ---------- -------- ----------
Total additions.... 179,304 1,303,354 765,417 177,289 -- -- --
---------- ----------- ----------- ---------- ---------- -------- ----------
Deductions:
Benefit payments......... 2,718 68,123 158,795 39,441 -- -- --
Other.................... 19,771 180,251 31,402 79,464 -- -- --
---------- ----------- ----------- ---------- ---------- -------- ----------
Total deductions... 22,489 248,374 190,197 118,905 -- -- --
Transfers in from merged
plans (note 1)........... 1,773,147 15,063,510 20,730,860 2,935,618 1,045,950 243,846 1,334,461
Net transfers (to) from
other funds.............. 455,140 2,018,460 324,430 454,479 -- -- --
---------- ----------- ----------- ---------- ---------- -------- ----------
Net increase
(decrease)....... 2,385,102 18,136,950 21,630,510 3,448,481 1,045,950 243,846 1,334,461
Assets available for plan
benefits:
Beginning of year........ -- -- -- 387,993 -- -- --
---------- ----------- ----------- ---------- ---------- -------- ----------
End of year.............. $2,385,102 $18,136,950 $21,630,510 $3,836,474 $1,045,950 $243,846 $1,334,461
========== =========== =========== ========== ========== ======== ==========
<CAPTION>
LOAN
FUND TOTAL
---- -----
<S> <C> <C>
Additions:
Investment income:
Interest and
dividends............ $ 18,470 $ 5,431,158
Net realized and
unrealized
appreciation
(depreciation) in
fair value of
investments.......... -- (2,928,746)
---------- -----------
Total investment
income........... 18,470 2,502,412
---------- -----------
Contributions:
Employer............... -- 2,946,968
Employee............... -- 2,267,603
Rollover............... -- 253,834
---------- -----------
Total
contributions.... -- 5,468,405
---------- -----------
Total additions.... 18,470 7,970,817
---------- -----------
Deductions:
Benefit payments......... 16,007 978,962
Other.................... 177,322 1,064,887
---------- -----------
Total deductions... 193,329 2,043,849
Transfers in from merged
plans (note 1)........... 2,510,076 70,276,781
Net transfers (to) from
other funds.............. 589,805 --
---------- -----------
Net increase
(decrease)....... 2,925,022 76,203,749
Assets available for plan
benefits:
Beginning of year........ 154,730 8,695,220
---------- -----------
End of year.............. $3,079,752 $84,898,969
========== ===========
</TABLE>
See accompanying notes to financial statements.
9
<PAGE> 13
HAYES LEMMERZ INTERNATIONAL, INC.
RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998 AND 1997
(1) DESCRIPTION OF THE PLAN
The Hayes Lemmerz International, Inc. Retirement Savings Plan (formerly
Hayes Wheels International, Inc. Retirement Savings Plan) (the Plan) was
established effective January 1, 1993. The Plan is a contributory, defined
contribution plan designed to provide eligible salaried employees of a
participating plant, division, or subsidiary of Hayes Lemmerz International,
Inc. (the Company) with a vehicle to systematically save funds for retirement.
The Plan is subject to the provisions of the Employee Retirement Income Security
Act of 1974 (ERISA).
Effective December 31, 1997, Hayes Lemmerz International, Inc. Savings Plan
for Represented Employees, Hayes Lemmerz International, Inc. Employee Savings
Plan, and Motor Wheel Corporation Employee Retirement Savings Plan (merged
plans) were merged into the Plan. All assets were transferred to the Plan as of
the merger date.
The following is a brief description of the Plan. Participants should refer
to the plan agreement for more complete information.
(A) SALARIED EMPLOYEES (LAMIRADA, CALIFORNIA; HOWELL, MICHIGAN; HUNTINGTON,
INDIANA; GAINSVILLE, GEORGIA; SEDALIA, MISSOURI; DALLAS, TEXAS; AND ROMULUS,
MICHIGAN, AND EMPLOYEES PREVIOUSLY PARTICIPATING IN THE MOTOR WHEEL
CORPORATION RETIREMENT SAVINGS PLAN)
Eligibility
Salaried employees not covered under a Company-sponsored pension plan are
eligible to participate in the Plan. An employee is eligible on the first day of
the month following 30 days of full-time employment.
Participant Contributions
A participant may elect to make a basic deferred contribution of between 2%
and 15% of the participant's compensation, subject to certain limitations. The
participant may elect the percentage of the participant's contribution to be
allocated to each investment fund.
Employer Contributions
Employer contributions consist of matching contributions, retirement
contributions, and unused vacation contributions (effective January 1, 1998).
The matching contribution is 50% of the first 2% of the participant's
compensation contributed and 25% of the next 4% of the participant's
compensation contributed. The Company makes a retirement contribution quarterly
to certain nonbargaining members actively employed as of the last day of a
calendar quarter. The retirement contribution equals 5% of compensation until
the participant's year-to-date compensation reaches the Social Security taxable
wage base. After reaching the taxable wage base, the contribution equals 8% of
compensation. For participants who do not use an eligible fifth week of
vacation, one week's pay is contributed to the Plan. The participants may elect
the percentage of the employer contributions to be allocated to each investment
fund.
10
<PAGE> 14
HAYES LEMMERZ INTERNATIONAL, INC.
RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
DECEMBER 31, 1998 AND 1997
Vesting
Salaried participants are fully vested in their basic contributions at all
times. Vesting of the employer matching and retirement contributions is based on
years of eligible service as follows:
<TABLE>
<CAPTION>
YEARS OF ELIGIBLE PERCENTAGE
SERVICE VESTED
----------------- ----------
<S> <C>
Less than 1................................................. 0%
1 but less than 2........................................... 25
2 but less than 3........................................... 50
3 but less than 4........................................... 75
4 or more................................................... 100
</TABLE>
(B) REPRESENTED EMPLOYEES AT HOWELL AND ROMULUS, MICHIGAN
Eligibility
Hourly employees represented by a bargaining unit of the Howell plant are
eligible to participate in the Plan after three full calendar months of service.
Hourly and salaried employees represented by a bargaining unit of the Romulus
plant are eligible to participate in the Plan after three full calendar months
of service.
Participant Contributions
Participants of both plants may elect to make a tax-deferred contribution
of 1% to 15% of their compensation up to an annual maximum specified by the
Internal Revenue Service. The participant may also elect the percentage of their
contribution to be allocated to each fund in multiples of 25%.
Employer Contribution
Only employee contributions are allowed under the plan agreement for
Romulus. Howell participant contributions are matched $0.10 per dollar of the
first 2% of compensation contributed.
Vesting
Participants are fully vested in their participant contributions. Vesting
of employer contributions is based on years of eligible service as follows:
<TABLE>
<CAPTION>
YEARS OF ELIGIBLE PERCENTAGE
SERVICE VESTED
----------------- ----------
<S> <C>
Less than 3................................................. 0%
3 but less than 4........................................... 30
4 but less than 5........................................... 40
5 but less than 6........................................... 60
6 but less than 7........................................... 80
7 or more................................................... 100
</TABLE>
11
<PAGE> 15
HAYES LEMMERZ INTERNATIONAL, INC.
RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
DECEMBER 31, 1998 AND 1997
(C) NONSALARIED EMPLOYEES
HUNTINGTON, INDIANA
Eligibility
Effective May 1, 1996, the hourly employees of the Huntington plant were
eligible to participate in the Plan. An employee is eligible on the first day of
the month following 30 days of full-time employment.
Participant Contributions
A participant may elect to make a basic deferred contribution between 2%
and 15% of the participant's compensation, subject to certain IRS limitations.
The participant may also elect the percentage of his contribution to be
allocated to each investment fund.
Employer Contributions
Employer contributions consist of two basic contributions and a matching
contribution. Participants are eligible to receive basic contributions the first
day of the month following 12 full months of employment. The basic contribution
is 2.5% of the participant's base compensation. Effective May 1, 1996, an
additional basic contribution is $0.15 for each hour worked for employees with
less than 10 years of service and $0.20 for each hour worked for employees with
10 or more years of service. The matching contribution is 50% of the first 2% of
the participant's compensation contributed and 25% of the next 2% of the
participant's compensation contributed.
LAMIRADA, CALIFORNIA
Eligibility
LaMirada employees who are not covered under a Company-sponsored pension
plan are eligible to participate in the Plan. Additionally, LaMirada employees
who were participants in the Hourly Employees' Retirement Savings Plan of
Western Wheel Corporation, a subsidiary of Hayes Lemmerz International, Inc., on
or after October 1, 1986 are eligible to participate in the Plan. An employee is
eligible on the first day of the month following 30 days of full-time
employment.
Participant Contributions
Participants may elect to make a basic deferred contribution of between 2%
and 15% of the participant's compensation, subject to IRS limitations. The
participant may also elect the percentage of his contribution to be allocated to
each investment fund.
Employer Contributions
Employer contributions consist of basic contributions and matching
contributions. Participants are eligible to receive basic contributions on the
first day of the month following 12 full months of employment. The basic
contribution is $0.25 for each hour a participant works. The matching
contribution is 50% of the first 2% of the participant's compensation
contributed and 25% of the next 2% of the participant's compensation
contributed.
12
<PAGE> 16
HAYES LEMMERZ INTERNATIONAL, INC.
RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
DECEMBER 31, 1998 AND 1997
GAINSVILLE, GEORGIA
Nonbargaining employees of the Gainsville plant were eligible to
participate in the Plan. An employee is eligible on the first day of the month
following 30 days of full-time employment.
Participant Contributions
A participant may elect to make a basic deferred contribution of between 2%
and 15% of the participant's compensation, subject to certain IRS limitations.
The participant may also elect the percentage of his contribution to be
allocated to each investment fund.
Employer Contributions
Employer contributions consist of basic contributions and matching
contributions. Participants are eligible to receive basic contributions on the
first day of the month following 12 full months of employment. The basic
contribution is 2.5% of the participant's base compensation The matching
contribution is 50% of the first 2% of the participant's compensation
contributed and 25% of the next 2% of the participant's compensation
contributed.
(D) ALL LOCATIONS:
(i) Plan Benefits
Upon retirement, disability, or death, the entire balance of the
participant's account becomes payable to the participant or the participant's
beneficiary. Upon any other termination of employment, the participant receives
the vested portion of his account. Withdrawals are also permitted for financial
hardship or upon attainment of age 59 1/2 under certain provisions of the Plan.
All benefits are payable in lump sum.
(ii) Loans
Participants may borrow up to the lesser of $50,000 or 50% of the vested
portion of their account at a market rate. When a loan is made, the
participants' investment fund(s) assets are decreased on a pro rata basis and
the loan receivable is reflected in the Loan Fund. Loan repayments are
redeposited into the participants' accounts based on current election
directives.
(iii) Forfeitures
Nonvested employer contributions of terminated employees become forfeitures
after a one-year break in service -- unless the nonvested balance is greater
than $3,500, in which case they would become a forfeiture after a five-year
break in service -- and are used to reduce future employer contributions.
(iv) Participants' Accounts
Each participant's account is credited with the participant's contribution,
the employer's contribution, and an allocation of plan earnings. Allocations are
computed at the end of each calendar quarter, based on the participant's account
balance.
Upon retirement, disability, or death, the entire balance of the
participant's account becomes payable to the participant or the participant's
beneficiary. Upon any other termination of employment, the participant receives
the vested portion of their account. Withdrawals are also permitted for
financial hardship or upon attainment of age 59 1/2 under certain provisions of
the Plan. All benefits are payable in lump sum.
13
<PAGE> 17
HAYES LEMMERZ INTERNATIONAL, INC.
RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
DECEMBER 31, 1998 AND 1997
(v) Administrative Expenses
The Company pays all administrative expenses associated with the Plan.
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(A) BASIS OF PRESENTATION
The accompanying financial statements are presented on the accrual basis of
accounting such that all income, benefits, and expenses are recognized in the
period to which they relate.
(B) VALUATION OF INVESTMENTS
Investments in all common collective trust funds, except the Capital
Preservation Trust and Comerica GIC Fund, are stated at their aggregate fair
value based upon quoted market prices of the underlying investments within the
funds. Unrealized and realized gains or losses are reflected currently in the
statement of changes in net assets available for plan benefits. Purchases and
sales of fund units or securities are recorded on a trade-date basis.
The Plan's Capital Preservation Fund and GIC Fund are valued at the
aggregate contract values of the GIC's held by the funds, as the funds'
investment is fully benefit responsive. Contract value represents contributions
made under the contract, plus interest at the contract rate, less funds used to
pay benefits under the Plan.
(C) USE OF ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles requires the plan administrator to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
(3) INVESTMENT FUNDS
Participants direct their accounts to be invested in various investment
funds. American Century Securities, Inc. (American Century) maintains the
following funds under the Plan:
<TABLE>
<CAPTION>
FUND DESCRIPTION
---- -----------
<S> <C>
International Growth Fund.................. Seeks capital growth over time by investing in common
stocks of a broad range of foreign companies
Bond Fund.................................. Seeks to provide a high level of income by investing
in a diversified portfolio of longer-term corporate,
government, and mortgage-backed bonds
Ultra Fund................................. Seeks capital growth over time by investing in common
stocks considered by management to have better-than-
average prospects for appreciation, typically small
to medium-size companies
Strategic Allocation Fund: Conservative.... Seeks high level of capital appreciation and income
through investments in bonds (45%), stocks (40%), and
money market securities (15%)
</TABLE>
14
<PAGE> 18
HAYES LEMMERZ INTERNATIONAL, INC.
RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
DECEMBER 31, 1998 AND 1997
<TABLE>
<CAPTION>
FUND DESCRIPTION
---- -----------
<S> <C>
Strategic Allocation Fund: Moderate........ Seeks high level of capital appreciation and income
through investments in stocks (60%), bonds (30%), and
money market securities (10%)
Strategic Allocation Fund: Aggressive...... Seeks high level of capital appreciation and income
with portfolio of stocks (75%), bonds (20%), and
money market securities (5%)
Equity Income Fund......................... Seeks current income with capital appreciation to
exceed the yield of securities comprising the S&P 500
Composite Index
Value Fund................................. Seeks long-term capital growth through investment in
stocks
Index Trust -- 500 Portfolio............... Seeks current income with capital appreciation to
exceed the yield of securities comprising the S&P 500
Composite Index
Stable Asset Fund.......................... Seeks to protect principal from market volatility
with yields higher than money market funds. Invests
in Benham Preservation Fund and Benham Stable Asset
Fund
Hayes Lemmerz Stock Fund................... Invests primarily in the common stock of the Company
Loan Fund.................................. Participant loans are maintained within this fund
</TABLE>
(4) TAX STATUS
The Internal Revenue Service, in a letter dated July 22, 1996, determined
that the Plan meets the requirements of section 401(a) of the Internal Revenue
Code (IRC) and is exempt from Federal income tax under section 501(a) of the
Code. The plan administrator has filed a request for a determination letter for
the amendments effective December 31, 1997, and believes that the Plan is
designed and currently being operated in compliance with the applicable
requirements of the IRC.
(5) TERMINATION OF THE PLAN
The Company has reserved the right to terminate or amend the Plan at any
time. In the event of complete or partial termination of the Plan, participants
become 100% vested in their accounts and the balance in the participant's
account will be distributed at the discretion of the committee which administers
the Plan.
(6) RELATED PARTY TRANSACTIONS
American Century serves as the Plan's record keeper and trustee. The Plan
has invested $50,010,096 and $35,123,123 of assets in American Century-sponsored
funds at December 31, 1998 and 1997, respectively.
Comerica Bank served as trustee in 1997 for the Hayes Lemmerz
International, Inc. Savings Plan for Represented Employees, one of the merged
plans. The Plan had invested $2,772,720 of assets in Comerica Bank-sponsored
funds at December 31, 1997.
(7) SUBSEQUENT EVENT
Effective January 1, 1999, hourly plan participants employed by the
LaMirada plant left the Plan to participate in the Hayes Lemmerz International,
Inc. Retirement Savings Plan for LaMirada Hourly Employees.
15
<PAGE> 19
SCHEDULE 1
HAYES LEMMERZ INTERNATIONAL, INC.
RETIREMENT SAVINGS PLAN
ITEM 27A -- SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1998
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF INVESTMENT, INCLUDING MATURITY DATE, CURRENT
LESSOR, OR SIMILAR PARTY RATE OF INTEREST COLLATERAL, PAR OR MATURITY VALUE value(check)
---------------------------- --------------------------------------------------- -------
<S> <C> <C>
American Century Securities, Inc.* International Growth Fund $ 7,036,167
American Century Securities, Inc.* Bond Fund 3,015,202
American Century Securities, Inc.* Ultra Fund 27,243,324
American Century Securities, Inc.* Strategic Allocation Fund: Conservative 534,011
American Century Securities, Inc.* Strategic Allocation Fund: Moderate 6,748,467
American Century Securities, Inc.* Strategic Allocation Fund: Aggressive 898,722
American Century Securities, Inc.* Equity Income Fund 2,175,112
American Century Securities, Inc.* Value Fund 2,359,862
Vanguard Index Trust -- 500 Portfolio 24,062,446
American Century Securities, Inc.* Stable Asset Fund 23,359,414
Hayes Lemmerz International, Inc.* Common stock 5,644,069
Plan participants Participant loans 4,277,654
------------
$107,354,450
============
</TABLE>
- -------------------------
* Denotes a party-in-interest.
(check) Cost Information is not available
16
<PAGE> 20
SCHEDULE 2
HAYES LEMMERZ INTERNATIONAL, INC.
RETIREMENT SAVINGS PLAN
ITEM 27B -- SCHEDULE OF LOANS OR FIXED INCOME OBLIGATIONS
DECEMBER 31, 1998
<TABLE>
<CAPTION>
ORIGINAL PRINCIPAL RECEIVED INTEREST RECEIVED UNPAID AT
OBLIGOR AMOUNT DURING REPORTING YEAR DURING REPORTING YEAR DECEMBER 31, 1998
------- -------- --------------------- --------------------- -----------------
<S> <C> <C> <C> <C>
C. Smith $9,435 -- -- $7,886
<CAPTION>
OBLIGOR DESCRIPTION OF LOAN
------- -------------------
<S> <C>
C. Smith Issued December 27, 1994,
8.5% interest rate
</TABLE>
17
<PAGE> 21
SCHEDULE 3
HAYES LEMMERZ INTERNATIONAL, INC.
RETIREMENT SAVINGS PLAN
ITEM 27D -- SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
CURRENT VALUE
PURCHASE SELLING OF ASSET ON NET GAIN
IDENTITY OF PARTY INVOLVED DESCRIPTION OF ASSET PRICE PRICE COST TRANSACTION DATE (LOSS)
- -------------------------- -------------------- -------- ------- ---- ---------------- --------
<S> <C> <C> <C> <C> <C> <C>
American Century* Stable Asset Fund $12,566,908 N/A N/A $12,566,908 N/A
Hayes Lemmerz
International, Inc.* Common stock 4,628,040 N/A N/A 4,628,040 N/A
American Century* Ultra Fund 10,755,782 N/A N/A 10,755,782 N/A
Index Trust -- 500
Vanguard Portfolio 7,105,724 N/A N/A 7,105,724 N/A
American Century* Stable Asset Fund N/A $10,576,543 $10,576,543 10,576,543 --
Hayes Lemmerz
International, Inc. Common stock N/A 3,129,060 2,850,025 3,129,060 $279,035
American Century* Ultra Fund N/A 5,336,032 4,988,813 5,336,032 347,219
Index Trust -- 500
Vanguard Portfolio N/A 5,866,512 5,276,927 5,866,512 589,585
</TABLE>
- ----
* Denotes party-in-interest.
18
<PAGE> 22
SCHEDULE 4
HAYES LEMMERZ INTERNATIONAL, INC.
RETIREMENT SAVINGS PLAN
ITEM 27E -- SCHEDULE OF NON-EXEMPT TRANSACTIONS
YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
CURRENT VALUE
PURCHASE SELLING OF ASSET ON
IDENTITY OF PARTY INVOLVED RELATIONSHIP DESCRIPTION OF ASSET PRICE PRICE COST TRANSACTION DATE
-------------------------- ------------ -------------------- -------- ------- ---- ----------------
<S> <C> <C> <C> <C> <C> <C>
Hayes Lemmerz International, Inc. Plan Sponsor Purchase of shares of
common stock $4,628,040 $ -- $4,628,040
Hayes Lemmerz International, Inc. Plan Sponsor Sale of shares of
common stock -- 3,129,060 2,850,025 $3,129,060
<CAPTION>
NET GAIN
IDENTITY OF PARTY INVOLVED (LOSS)
-------------------------- --------
<S> <C>
Hayes Lemmerz International, Inc.
$ --
Hayes Lemmerz International, Inc.
279,035
</TABLE>
19
<PAGE> 23
EXHIBIT 23
INDEPENDENT ACCOUNTANT'S CONSENT
The Board of Directors
Hayes Lemmerz International, Inc.:
We consent to the incorporation by reference in the Registration Statement on
Form S-8 (Number 333-08079) of our report dated June 7, 1999, with respect to
the financial statements of Hayes Lemmerz International, Inc. Retirement Savings
Plan for the year ended December 31, 1998, included in this Annual Report on
Form 11-K.
/s/ KPMG LLP
Detroit, Michigan
June 30, 1999
