EX-28 3 k63500ex28.htm ANNUAL REPORT ex28

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):

  ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]. For the fiscal year ended December 31, 2000.

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.
  15300 Centennial Drive
  Northville, Michigan 48167


      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 as of December 31, 2000 and 1999
 
  (3)  Statements of Changes in Assets Available for Plan Benefits for the year ended December 31, 2000 and 1999

        (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 29, 2001

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HAYES LEMMERZ INTERNATIONAL, INC.

RETIREMENT SAVINGS PLAN

Financial Statements and Schedule

Years Ended December 31, 2000 and 1999

(With Independent Auditors’ Report Thereon)

 


HAYES LEMMERZ INTERNATIONAL, INC.

RETIREMENT SAVINGS PLAN
 
Table of Contents
         
Page

Independent Auditors’ Report
    1  
Statements of Assets Available for Plan Benefits as of December 31, 1999 and 1998
    2  
Statements of Changes in Assets Available for Plan Benefits for the years ended December 31, 1999 and 1998
    3  
Notes to Financial Statements
    4  
Schedule I Schedule of Assets Held for Investment Purposes as of December 31, 1999
    11  

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.


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, 1999 and 1998, 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, 1999 and 1998, 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 schedule, as listed in the accompanying table of contents, is presented for the purpose of additional analysis and is not a required part of the basic financial statements, but is 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 supplemental schedule has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

(KPMG LLP LOGO)

Detroit, Michigan

June 23, 2000


HAYES LEMMERZ INTERNATIONAL, INC.

RETIREMENT SAVINGS PLAN
 
Statements of Assets Available for Plan Benefits
December 31, 1999 and 1998
                     
1999 1998


Assets:
               
 
Cash
  $ 2,459       229  
Investments, at fair value:
               
 
American Century International Growth Fund
    16,341,733       7,036,167  
 
American Century Long-Term Bond Fund
    2,645,481       3,015,202  
 
American Century Ultra Investors Fund
    50,740,062       27,243,324  
 
American Century Strategic Allocation Fund: Conservative
    1,929,812       534,011  
 
American Century Strategic Allocation Fund: Moderate
    16,359,713       6,748,467  
 
American Century Strategic Allocation Fund: Aggressive
    2,665,208       898,722  
 
American Century Equity Income Fund
    5,398,700       2,175,112  
 
American Century Value Fund
    2,920,927       2,359,862  
 
Vanguard Index Trust — 500 Portfolio
    69,999,913       24,062,446  
 
American Century Stable Asset Fund
    47,609,640       23,359,414  
 
Hayes Lemmerz International, Inc. common stock
    10,114,918       5,644,069  
 
Participant loans
    11,377,990       4,277,654  
     
     
 
   
Total investments
    238,104,097       107,354,450  
Contributions receivable:
               
 
Employer
    1,916,473       201,881  
 
Employee
    976,356       189,622  
     
     
 
   
Assets available for plan benefits
  $ 240,999,385       107,746,182  
     
     
 

See accompanying notes to financial statements.

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HAYES LEMMERZ INTERNATIONAL, INC.

RETIREMENT SAVINGS PLAN
 
Statements of Changes in Assets Available for Plan Benefits
Years ended December 31, 1999 and 1998
                       
1999 1998


Additions:
               
 
Investment income:
               
   
Interest and dividends
  $ 6,808,437       5,910,239  
   
Net realized and unrealized appreciation in fair value of investments
    24,777,619       10,666,899  
     
     
 
     
Total investment income
    31,586,056       16,577,138  
 
Contributions:
               
   
Employer
    14,277,120       6,706,668  
   
Employee
    11,207,261       6,991,351  
   
Rollover
    572,556       240,730  
     
     
 
     
Total contributions
    26,056,937       13,938,749  
 
Transfers from other plan (note 1)
    92,773,508        
     
     
 
     
Total additions
    150,416,501       30,515,887  
     
     
 
Deductions:
               
 
Benefit payments
    17,046,539       7,621,309  
 
Other
    116,759       47,365  
     
     
 
     
Total deductions
    17,163,298       7,668,674  
     
     
 
     
Net increase
    133,253,203       22,847,213  
Assets available for plan benefits:
               
 
Beginning of year
    107,746,182       84,898,969  
     
     
 
 
End of year
  $ 240,999,385       107,746,182  
     
     
 

See accompanying notes to financial statements.

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HAYES LEMMERZ INTERNATIONAL, INC.

RETIREMENT SAVINGS PLAN
 
Notes to Financial Statements
December 31, 1999 and 1998

(1)  Description of the Plan

      The Hayes Lemmerz 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 hourly and 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, 1998, 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.

      Effective June 1, 1999, participants in the CMI International, Inc. Profit Sharing Plan (CMI Plan) were allowed to participate in the Plan. Participants who became members of the Plan and completed an hour of service as of this date were fully vested in their accounts. As of September 1, 1999, all of the assets of the CMI Plan were merged into the Plan.

      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; Gainesville, Georgia; Sedalia, Missouri; Dallas, Texas; and Romulus, Michigan; Employees Previously Participating in the Motor Wheel Corporation Retirement Savings Plan; and CMI Locations)

          Eligibility

        Salaried employees not covered under a Company-sponsored pension plan are eligible to participate in the Plan. Salaried employees at the Ferndale, Laredo, and Bristol locations (CMI facilities) are eligible to participate on the first day of the month following 90 days of full-time employment. All other employees are 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 as specified by the Internal Revenue Service (IRS). 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, unused vacation contributions, and retiree medical contributions (effective January 1, 1999). The matching contribution is $1.00 for each dollar of the participant’s deferred contribution made, limited to an amount equal to 2% of the participant’s compensation. 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 retiree medical contribution represents an additional employer matching contribution of up to 1% of the participant’s compensation in 1999 and up to 2% for years following 1999. The

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HAYES LEMMERZ INTERNATIONAL, INC.
RETIREMENT SAVINGS PLAN

Notes to Financial Statements — (Continued)

December 31, 1999 and 1998

  participants may elect the percentage of the employer contributions to be allocated to each investment fund.

                Vesting

        Salaried participants are fully vested in their basic contributions at all times. Additionally, salaried participants became fully vested in all employer contributions as of January 1, 1999 and will continue to be fully vested in the employer matching contribution and retiree medical contribution thereafter. Vesting of the employer unused vacation contribution and retirement contribution subsequent to January 1, 1999 is based on years of eligible service as follows:

         
Years of Percentage
Eligible Service Vested


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  
 
     (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 former 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 IRS. The participant may also elect the percentage of his 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.

5


HAYES LEMMERZ INTERNATIONAL, INC.
RETIREMENT SAVINGS PLAN

Notes to Financial Statements — (Continued)

December 31, 1999 and 1998

          Vesting

        Participants are fully vested in their participant contributions. Vesting of employer contributions is based on years of eligible service as follows:

         
Years of Percentage
Eligible Service vested


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  
 
     (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 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 two basic contributions, a matching contribution, and a retirement contribution. Participants are eligible to receive basic contributions the first day of the month following 12 full months of employment. The first basic contribution is 2.5% of the participant’s base compensation. The second 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 $1.00 for each dollar of the participant’s deferred contribution made, limited to an amount equal to 2% of the participant’s compensation. The retirement contribution (effective January 1, 1999) equals 5% of the participant’s 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 the participant’s compensation.

          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

6


HAYES LEMMERZ INTERNATIONAL, INC.
RETIREMENT SAVINGS PLAN

Notes to Financial Statements — (Continued)

December 31, 1999 and 1998

  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 $1.00 for each dollar of the participant’s deferred contribution made, limited to an amount equal to 2% of the participant’s compensation.

          Gainesville, Georgia

          Eligibility

        Nonbargaining employees of the Gainesville plant 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 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 a basic contribution, a matching contribution, and a retirement contribution. 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 $1.00 for each dollar of the participant’s deferred contribution made, limited to an amount equal to 2% of the participant’s compensation. The retirement contribution (effective January 1, 1999) equals 5% of the participant’s 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 the participant’s compensation.

 
     (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.

7


HAYES LEMMERZ INTERNATIONAL, INC.
RETIREMENT SAVINGS PLAN

Notes to Financial Statements — (Continued)

December 31, 1999 and 1998

          (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 participant’s 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 participant’s 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.

          (v)  Administrative Expenses

        The Company pays certain 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 trust funds and mutual funds 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 assets available for plan benefits. Purchases and sales of fund units or securities are recorded on a trade-date basis.

 
     (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.

8


HAYES LEMMERZ INTERNATIONAL, INC.
RETIREMENT SAVINGS PLAN

Notes to Financial Statements — (Continued)

December 31, 1999 and 1998

(3)  Investment Funds

      Participants direct their accounts to be invested in various investment 3 funds. American Century Securities, Inc. (American Century), as trustee, maintains the following funds under the Plan:

     
Fund Description


International Growth Fund
  Seeks capital growth over time by investing in common stocks of a broad range of foreign companies
Long-Term 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 Investees 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%)
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 common stock
  Invests primarily in the common stock of the Company
Loan Fund
  Participant loans are maintained within this fund

(4)  Tax Status

      The IRS, 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

9


HAYES LEMMERZ INTERNATIONAL, INC.
RETIREMENT SAVINGS PLAN

Notes to Financial Statements — (Continued)

December 31, 1999 and 1998

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 $146,611,276 and $73,370,281 of assets in American Century-sponsored funds at December 31, 1999 and 1998, respectively.

10


Schedule I

HAYES LEMMERZ INTERNATIONAL, INC.

RETIREMENT SAVINGS PLAN

Schedule of Assets Held for Investment Purposes

             
Description of Investment, Including
Identifying of Issue, Borrower, Maturity Date, Rate of Interest Current
Lessor, or Similar Party Collateral, Par or Maturity Value Value



American Century Securities, Inc.*
  International Growth Fund   $ 16,341,733  
American Century Securities, Inc.*
  Long-Term Bond Fund     2,645,481  
American Century Securities, Inc.*
  Ultra Investees Fund     50,740,062  
American Century Securities, Inc.*
  Strategic Allocation Fund:
Conservative
    1,929,812  
American Century Securities, Inc.*
  Strategic Allocation Fund:
Moderate
    16,359,713  
American Century Securities, Inc.*
  Strategic Allocation Fund:
Aggressive
    2,665,208  
American Century Securities, Inc.*
  Equity Income Fund     5,398,700  
American Century Securities, Inc.*
  Value Fund     2,920,927  
Vanguard
  Index Trust — 500 Portfolio     69,999,913  
American Century Securities, Inc.*
  Stable Asset Fund     47,609,640  
Hayes Lemmerz International, Inc.*
  Common stock     10,114,918  
Plan participant
  Participant loans     11,377,990  
         
 
        $ 238,104,097  
         
 

*Denotes a party-in-interest.

11