Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - VISTEON CORP | d561427d8k.htm |
 Yanfeng 3-09 Financial Statements
June 28, 2013
Exhibit 99.1
Yanfeng Visteon
Electronics
Interiors
Our Family
of Businesses |
 Page 2
Overview
Rule 3-09 requires separate financial statements be filed for significant
subsidiaries that meet certain conditions as set forth by the SEC
YFV meets these conditions and Visteon filed separate YFV financial statements for
historical periods on June 28, 2013 on a Form 10-K/A (amended 2012
annual filing) IFRS basis; initial adoption January 1, 2011
Presented full-year 2011 and 2012
The
separate
financial
statements
include
the
following
items
in
RMB
under
IFRS:
Statement of Income, including revenue, gross profit and net profit
Statement of Financial Position with typical balance sheet categories
Statement of Shareholders’
Equity
Statement of Cash Flows
Notes to Financial Statements
YFV Rule 3-09 Separate Statements
YFV Financial Statements Required on Annual Basis Only
|
 Page 3
YFV Structure
•
The financials in the 3-09
financial statements relate to
the 50% / 50% JV between
Visteon and HASCO (SAIC)
•
The 3-09 financial statements
exclude Visteon’s direct
interests in Yanfeng affiliates
(i.e. Dongfeng, Halol India,
Jinqiao, Tooling, Toppower
YFV Electronics)
50%
50%
YFV
Beijing
2002
75%
YFV
Tooling
2006
50%
Dongfeng
Visteon
(1)
2003
40%
YFV
Jinqiao
2004
75%
60%
2002
50.1%
2004
YF Key
Safety
50.05%
2007
YFV
Hefei
2007
80%
YFV
Jiqiang
2008
51%
YFV
Nanjing
2010
80%
YFV
NJ FEM
2010
51%
YFV
Zhejiang
2011
60%
50.01%
YFJCI
Seating
1997
YFV
Chongqing
2001
99%
YFV
Halol India
2011
50%
20%
12.5%
25%
50%
Toppower
58.44%
YFV
Electronics
(1) Visteon interest sold in June 2013.
40%
Represent Visteon direct interests in YFV affiliates (these direct interests are
not included in YFV consolidated results) YFPO
Exterior
Interiors Operations
29.092% |
 Page 4
YFV 3-09 Financial Highlights (2011-2012)
Under IFRS, YFV Generated 39.8 Billion in Sales in 2012 and
1.6 Billion in Profit
Note: See Visteon Corporation’s amended Annual Report on Form 10-K/A for
additional information. |
 Page 5
YFV Balance Sheet (December 31, 2012)
Note: Assumes exchange rate of 6.31 RMB / USD.
Note: See Visteon Corporation’s amended Annual Report on Form 10-K/A for
additional information. |
 Page 6
Walk to Visteon Reported 10-K Financials (FY 2012)
As Reported in Visteon’s 2012 Financial Statements,
YFV Earned $369 Million in Net Income Including $126 Million Non-Cash Gain
Gross
Net
Currency
Revenue
Margin
Income
IFRS
RMB
39,772
6,242
2,602
Less: Non-controlling interests
(1,049)
Equity holders of the parent
1,553
Exchange rate assumption
6.31
6.31
6.31
Translation
USD
$6,303
$989
$246
Reconciling Differences:
Classification
USD
(14)
(13)
-
Affiliate
Consolidation
(b)
USD
(1,119)
(192)
126
Timing / Other
USD
1
(2)
(3)
Visteon 2012 10-K Financial Statements
$5,171
$782
$369
(In Millions)
(a)
a)
Classification differences between U.S. GAAP and IFRS.
b)
Affiliate Consolidation for U.S. GAAP purposes effective June 2012, resulting in non-cash gain of
$126 million. |
 Page 7
Reconciliation to Visteon Reported Equity Income (FY 2012)
Visteon
Recognized
$211
Million
in
2012
Equity
Income
Related
to
YFV
and
Affiliates
Visteon Equity
(USD in millions)
Net Income
Income
Total Yanfeng Visteon
$369
$181
Visteon Direct Interests in Yanfeng Affiliates
30
Total Yanfeng and Affiliates
$211
Other Visteon Non-Consolidated Affiliates
15
Total Equity Income to Visteon
$226 |
 Page 8
YFV 2012 EBITDA
Visteon’s 50% Share of YFV’s 2012 EBITDA Translates Into $210
Million Note:
All financial information included in the 3-09 financial statements relates to
YFV Consolidated only. Visteon’s direct stakes in Yanfeng
affiliates are not considered for this reporting. |