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0000950123-11-002253.txt : 201101120000950123-11-002253.hdr.sgml : 2011011220110112074935ACCESSION NUMBER:0000950123-11-002253CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:32CONFORMED PERIOD OF REPORT:20110112ITEM INFORMATION:Results of Operations and Financial ConditionITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20110112DATE AS OF CHANGE:20110112
FILER:
COMPANY DATA:COMPANY CONFORMED NAME:VISTEON CORPCENTRAL INDEX KEY:0001111335STANDARD INDUSTRIAL CLASSIFICATION:MOTOR VEHICLE PARTS & ACCESSORIES [3714]IRS NUMBER:383519512STATE OF INCORPORATION:DEFISCAL YEAR END:1231
FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-15827FILM NUMBER:11524329
BUSINESS ADDRESS:STREET 1:ONE VILLAGE CENTER DRIVECITY:VAN BUREN TOWNSHIPSTATE:MIZIP:48111BUSINESS PHONE:800-847-8366
MAIL ADDRESS:STREET 1:ONE VILLAGE CENTER DRIVECITY:VAN BUREN TOWNSHIPSTATE:MIZIP:48111
8-K1k49950e8vk.htmFORM 8-K
e8vk
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section13 or 15(d) of the
Securities Exchange Act of 1934
Dateof Report (Date of earliest event reported) January12, 2011
VISTEON CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
001-15827
38-3519512
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
One Village Center Drive, Van Buren Township, Michigan
48111
(Address of principal executive offices)
(Zip Code)
Registrants telephone number, including area code (800)-VISTEON
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfythe filing obligation of the registrant under any of the following provisions:
o Written communication pursuant to Rule425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule14d-2(b) under the Exchange Act (17 CFR240.14d-2(b))
o Pre-commencement communications pursuant to Rule13e-4(c) under the Exchange Act (17 CFR240.13e-4(c))
- 2 -
SECTION 2 FINANCIAL INFORMATION
Item2.02. Results of Operations and Financial Condition.
Senior executives of Visteon Corporation (the Company) are expected to make a presentationon January12, 2011 to investors and security analysts at Deutsche Banks 2011 Global Auto IndustryConference in Detroit, Mich., which will include a discussion of the Companys products, strategyand financial profile, including certain financial information. In connection with suchpresentation, the Company is making available the presentation slides attached hereto as Exhibit99.1, which are incorporated herein by reference.
The information contained in Exhibit99.1 shall not be deemed filed for purposes of Section18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or incorporated byreference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, exceptas shall be expressly set forth by specific reference in such a filing.
SECTION 7 REGULATION FD
Item7.01. RegulationFD Disclosure.
See Item2.02. Results of Operations and Financial Condition above.
SECTION 9 FINANCIAL STATEMENTS AND EXHIBITS
Item9.01. Financial Statements and Exhibits.
Exhibit No. Description
99.1
Presentation slides from the Companys webcast presentation at the 2011 Global Auto IndustryConference to be held on January12, 2011.
- 3 -
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has dulycaused this report to be signed on its behalf by the undersigned hereunto duly authorized.
VISTEON CORPORATION
Date: January 12, 2011 By: /s/ William G. Quigley III
William G. Quigley III
Executive Vice President
and Chief Financial Officer
- 4 -
EXHIBIT INDEX
Exhibit No. Description Page
99.1
Presentation slides from the Companys webcastpresentation at the 2011 Global Auto IndustryConference to be held on January12, 2011.
EX-99.12k49950exv99w1.htmEX-99.1
exv99w1
Exhibit99.1
Visteon Corporation
Deutsche Bank Global Automotive Industry ConferenceJanuary 2011
Page 2
Forward-Looking Information
This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.Forward-looking statements are not guarantees of future results and conditions but rather are subject to various factors, risks anduncertainties that could cause our actual results to differ materially from those expressed in these forward-looking statements,including, but not limited to,
Caution should be taken not to place undue reliance on our forward-looking statements, which represent our view only as of the dateof this presentation, and which we assume no obligation to update.
our ability to satisfy future capital and liquidity requirements; including our ability to access the credit and capital markets at thetimes and in the amounts needed and on terms acceptable to us; our ability to comply with financial and other covenants in ourcredit agreements; and the continuation of acceptable supplier payment terms;our ability to satisfy pension and other post-employment benefit obligations;our ability to access funds generated by foreign subsidiaries and joint ventures on a timely and cost effective basis;conditions within the automotive industry, including (i) the automotive vehicle production volumes and schedules of ourcustomers, and in particular Ford's and Hyundai-Kia's vehicle production volumes, (ii) the financial condition of our customers orsuppliers and the effects of any restructuring or reorganization plans that may be undertaken by our customers or suppliers orwork stoppages at our customers or suppliers, and (iii) possible disruptions in the supply of commodities to us or our customersdue to financial distress or work stoppages;new business wins and re-wins do not represent firm orders or firm commitments from customers, but are based on variousassumptions, including the timing and duration of product launches, vehicle productions levels, customer price reductions andcurrency exchange rates;general economic conditions, including changes in interest rates and fuel prices; the timing and expenses related to internalrestructurings, employee reductions, acquisitions or dispositions and the effect of pension and other post-employment benefitobligations;increases in raw material and energy costs and our ability to offset or recover these costs, increases in our warranty, productliability and recall costs or the outcome of legal or regulatory proceedings to which we are or may become a party; andthose factors identified in our filings with the SEC (including our Annual Report on Form 10-K for the fiscal year ended Dec. 31,2009).
Page 3
Visteon Overview
Product Line Portfolio
Leading provider of value-addedcomponents / systems to adiverse set of global OEMsApproximately 26,500 employeesoperating in 26 countries87 manufacturing and 31engineering / customer servicecenter facilitiesSuccessful restructuringpositioning the business forfuture growthStrong Q3 2010 YTD financialperformanceNYSE listing - symbol "VC"
#2
Market
Position
#5MarketPosition
#6MarketPosition
#3
MarketPosition
ClimateHVAC SystemsPowertrain CoolingCompressorsFluid Transport
InteriorsCockpit ModulesInstrument PanelsConsolesDoor Trim Modules
ElectronicsAudio / InfotainmentDriver InformationCenter Stack ElectronicsFeature Control Modules
LightingFront/Rear LightingAFS ProjectorsLDM ModulesLED Arrays
Visteon Today
Please see important disclosures regarding "Forward LookingInformation" and "Use of Non-GAAP Financial Information"
Page 4
Accomplishments in Reorganization
Emerged from Chapter 11 on October 1, 2010
Addressed significant loss making operations in the UK
Executed 12 additional facility actions - exits and divestitures - with thesupport of our customers
Reduced post-retirement health care obligations by $260 million from pre-petition levels; remaining obligations of $170 million being addressed now
Completed $1.25 billion rights offering and $700 million exit financing,including undrawn $200 million revolver
Reduction in debt levels of +$2 billion; outstanding debt of $618 millionupon emergence and cash balance of $956 million
Exited ACH services agreement and related arrangements, including thetransfer of about 2,100 salaried and hourly Visteon employees to ACH
Maintained focus on cost reduction actions, product quality and customersatisfaction
Page 5
Visteon Highlights
Sustainable
Financial
Profile
AttractiveCustomer andManufacturingProfile
ExperiencedManagement
Team
StrongProduct
and
TechnologyPortfolio
Page 6
Strong Product and Technology Portfolio
Page 7
Product Portfolio Today
Focused Product Line Offering With Extensive Capabilities
Interiors#2 position in European marketFull systems capabilities - provenglobal design and manufacturingcapabilitiesManufacturing footprint extendingacross emerging markets and #1market position in China via YanfengVisteon Automotive Trim jointventure
Electronics#5 market position - Global footprintto service customers in all marketsSuccessful integrator of consumertechnologies through eco-system ofpartners and suppliersHigh value solutions for low cost andsmall vehicles
Climate#2 market position - Full climatesystems product offeringBalanced global mix with uniquestrengths in key marketsStrength in compressors and fluidtransportA leader in environmentally-friendlyalternative refrigerants and electricvehicle / hybrid applications
Lighting (1)#6 market positionFull product line portfolio with keytechnologies such as affordable LEDsolutions, AFS and adaptive highbeamsLowest cost footprint among majorcompetitors with operations in Asia,Mexico and Eastern Europe
Visteon's Product Portfolio
Note: Visteon market positions and market sizes based on Visteon estimates.
(1) Lighting product line is included in Electronics product group for SEC segment reporting.
Please see important disclosures regarding "Forward Looking Information"
Page 8
Extensive Capabilities
Volkswagen Polo Instrument Panel
Nissan Pathfinder (EU) Full Cockpit
Greatwall Hover Series
Audio Head Unit
Jaguar Land Rover Reconfigurable Cluster
Ford Focus (EU)
Tail Lamp
GM Camaro RS
Headlamp Projector
Bentley Continental
GT Headlamp
Hyundai Santa Fe
Climate System
BMW 7
- -
Series
HEV Electric Compressor
Ford Fiesta Compact HVAC
Lincoln MKS Integrated Center Panel
Page 9
Product innovations suchas compact HVAC andintegrated Audio ClimateDriver Informationenhance driver comfortRapidly expandingcockpit technologies,integrating consumerelectronicsAbility to customizeinteriors to suit consumertastes
Lower weight componentsthrough non-conventionaldesign / engineeringElectric compressors,controls and lithium-ionbattery coolingcapabilities for hybrid andelectric vehiclesLED technology requiringlower power consumptionand enhancing fuelefficiency
Global scale withregional adaptationsLower cost componentsgiven commonality withmultiple platformsacross regionsAbility to design /develop low-cost andpremium productofferings for marketrequirements
Product Portfolio Aligned with Market Trends
ConsumerExperience
Fuel Efficiencyand ReducedEmissions
Manufacturingand ProductDevelopmentScale
VisteonAdvantage
Resulting
Automotive
Trends
Macro
Changes
Climate Change and
Regulatory Environment
Customers'
Cost Competitiveness
Consumer Experience /
Product Differentiation
Please see important disclosures regarding "Forward Looking Information"
Page 10
C-Beyond Demonstration Vehicle - Mature Markets
Integrated concept vehicle showcasinginnovation in climate, electronics, interiorpackaging and lighting technologiesHighlights Visteon's design and productcapabilities targeted primarily to matureautomotive marketsConnectivity, sustainability and improved userexperience
Page 11
Growth Market Car - Emerging Markets
Concept vehicle developed in collaboration with 3MIntroduced at the 2011 International ConsumerElectronics ShowInnovations for fast-growing markets patterned onIndia customer preferencesFocus on delivering customers regionaldifferentiation, offering system modularity andscalability on global platforms
Page 12
Page 12
NAIAS Highlights
Audi A6
Radiator,Low Temperature Radiator
BMW
7-Series Active HybridElectric Compressor
Chevrolet Camaro
Coupe/ConvertibleHeadlamp Projector, CHMSL, Premium Audio -8 Channel Amplifier and Speaker Assembly,A/C Lines
Chevrolet CruzeCenter High Mount StopLamp (CHMSL), Side MarkerLamps
Chevrolet Volt
Vehicle Integration ControlModule
Ford Explorer
"Dual Plane" CombinationCooler (Industry First), HVACHeat Exchangers, A/CUnderbody Lines,Touch Panel and
Multi-Function Displays
Ford Focus
Audio Head Unit, Digital Radio, Premium Amplifier, Multi-Function Display, DEATC Climate Controls, HVACModule, Compressor, A/C Lines, Head Lamps (Halogen,HID Bi-functional with LED Daylight Running Lamps) andRear Lamps (EU), Instrument Panel and Trim (EU) Focus Electric (unique content) Battery Chiller, Battery Conditioning Lines, A/C Lines
Ford C-Max
Audio Head Unit, Multi-Function Display,Dual Zone Electronic Automatic TempControls (DEATC), Compressor, HVACModule, A/C Lines, Internal HeatExchanger, Head Lamps (EU)
Hyundai Veloster Coupe
Cockpit Module, Door Trim
Tesla Model S
Head and Rear Lamps, CHMSL,Side Marker, Fog Lamps, HVACModule, A/C Lines, Condenser
Kia Optima Hybrid
Electric Compressor, HVAC Module,A/C Lines, Condenser, Radiator
Ford Escape/Kuga(Vertrek Concept Vehicle)
Compressor, HVAC Module,A/C Lines (Industry First MetalSeal Fittings), Internal HeatExchanger, Climate Controls,Cluster, Multi-Function Display
Page 13
Attractive Customer and Manufacturing Profile
Page 14 Q3 2010 YTD Q3 2010 YTD 2000 Consolidated Total Market Impact Region Customer NA EU AP SA East 75 13 10 2
Total Sales $19.5 Billion $5.4 Billion $7.9 Billion NA EU AP SA East 18 36 39 7
Hyund. / Kia Ford PSA R / N GM / Chrysler VW Other East 28 26 7 7 5 2 25
NA EU AP SA East 14 26 55 5
Ford Hyund. / Kia VW / SVW GM/SGM R / N PSA Mazda Other East 21 19 11 7 6 5 4 27
Customer and Regional Sales Distribution Ford Hyund. / Kia PSA Other East 85 3 1 10
Hyundai
/ Kia
Hyundai
/ Kia
Renault /Nissan
7%
GM /Chrysler
5%
Volkswagen
2%
Renault /Nissan
6%
Hyundai
/ Kia
19%
Volkswagen /SVW
11%
Page 15 SVW FAW-VW SGM Beijing Hyundai Dongfeng Nissan Chery FAW-Toyota BYD Guangzhou Honda Changan Ford Others 9 8 8 7 6 5 5 5 5 4 25
Growth in Asian Markets
China Represents Largest Growth Opportunity -
Visteon Well-Positioned with Key China Players Through Yanfeng and Halla
Global Production Volumes
(Units in 000s)
Source: CSM December 2010 forecast.
China Vehicle Sales Market Share (2009)
by Manufacturer
Source: Booz & Company.
Guangzhou Honda
Dongfeng
Beijing Hyundai
Other
Please see important disclosures regarding "Forward Looking Information"
Page 16
Visteon Asia Pacific Customers
Page 17
Van Buren, MI
Chelmsford, UK
Shanghai, China
Operate 118 Facilities in 26 Countries
Broad Manufacturing and Engineering Capabilities
Some facilities support
multiple product groups.
ClimateElectronicsInteriorsLightingTech Center
# of Locations
Page 18 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD 1.6 2.2 2.6 4.1 7 7 7.8 10.7 13.7 13.9 19.4 25.2
Overview
Yanfeng Visteon
Sales Breakdown SVW SGM Export SAIC East 36 26 6 5 4 4 2 2 1 1 1 1 11
By Customer
By Product Interiors Seating Electr. Exterior Safety Tooling East 45 38 8 5 3 1
SVW
36%
SGM 26%
Export
6%
Other
11%
SAIC 5%
DF Nissan 4%
CFMA 4%
Chery 2%
JAC 2%
Hyundai 1%
Foton 1%
DYK 1%
FAW 1%
50% / 50% joint venture between Visteon /HASCO (SAIC) in China, established in 1994Fourth largest components company in ChinaFive primary businesses (Interiors, Seating,Electronics, Safety and Exterior), each with acomplete technical center, along with a toolingbusiness; market leadership in Interiors andSeatingSVW, SGM and SAIC ~65% of sales; export 6%75 facilities and approximately 22,000 employeesQ3 2010 YTD sales - $3.75 billion all operations
Total Sales Penetration (1)
(RMB in Billions)
Manufacturing Footprint
Interiors
Seating
Electronics
Safety
Exterior
Tooling
Please see important disclosures regarding "Forward Looking Information"
~
(1) Includes consolidated and unconsolidated sales.
Page 19
Overview
Ownership Structure
Halla Climate Control
Major Customers
Founded in 1986, 70% consolidatedsubsidiary of Visteon - Remaining 30%trades on Korea Stock ExchangeSpecializes in developing and producingautomotive climate control products,including air-conditioning systems, modules,compressors, and heat exchangersLeading auto components company inSouth Korea with operations in N. America,Europe and Asia
11 Different Operations Outside of Korea
Please see important disclosures regarding "Forward Looking Information"
Page 20
Proven and Experienced Team
Proven and Experienced Team Board of Directors Experience Donald J. Stebbins Chairman, CEO and President Duncan H. Cocroft Former Executive Vice President and Treasurer, Cendant CorporationDirector - GEO Specialty Chemicals; SBA Communications; Wellman, Inc. Philippe Guillemot CEO, EuropcarFormer Chairman / CEO of AREVA T&D Holdings SA Herbert L. Henkel Former Chairman, Ingersoll-Rand plcDirector - 3M Company; C.R. Bard, Inc. Mark T. Hogan Chairman, Toyota North American Advisory CommitteeFormer President / CEO - The Vehicle Production Group, LLCFormer President - Magna International Jeffrey D. Jones Attorney, Kim & Chang - Seoul, Korea Karl J. Krapek Former President / COO, United Technologies Corp.Director - Northrop Grumman Corporation; Prudential Financial, Inc.; The Connecticut Bank and Trust Co. Timothy D. Leuliette Chairman / CEO - Leuliette Partners LLCFormer President and CEO, Dura Automotive, LLC William E. Redmond, Jr. CEO, General Chemical Corp.CEO, GT TechnologiesDirector - Amports, Inc.; Source Interlink Comps, Inc.
Page 21
Sustainable Financial Profile
Page 22
Financial Profile - 2005 FY vs. Q3 2010 YTD
Financial Profile - 2005 FY vs. Q3 2010 YTD
Actions Have Resulted in Markedly Improved
Financial Results and Leverage Position
(1) As of October 1, 2010 (post-emergence).
(1)
(1)
Please see important disclosures regarding "Forward LookingInformation" and "Use of Non-GAAP Financial Information"
Page 23
Headcount (Global) 2005 2006 2007 2008 2009 2010E PPM 1652 1226 1118 956 693 658
2005 2006 2007 2008 2009 9/1/2010 PPM 48000 44000 40650 33350 29400 26500
Facilities Fixed, Closed or Sold (#)(Cumulative actions) 2006 2007 2008 2009 2010 PPM 11 18 38 45 50
Overhead Cost ($M)
(Engineering and Admin.)
Personnel Location (%) 2005 2009 9/10/2010 0.4 0.54 0.6 0.6 0.46 0.4
Significantly Improved Cost Structure
45% Reduction
$994M Reduction
Please see important disclosures regarding "Forward Looking Information"
Page 24 2005 2006 2007 2008 2009 Q3 2010 YTD Sales 16586 10706 10721 9077 6420 5437 EBITDA Margin 1.2 4.3 3.9 3.9 7.1 8.8
Product Sales and Adjusted EBITDA Margin
Improving Adjusted EBITDA Margins
(Dollars in Millions)
ACH Transaction23 North Americafacilities returned toFord, including UAWworkforce
Three Year Restructuring Plan
2006-2009Exited / addressed 38 non-core /underperforming facilitiesSignificant cost structure reductions
C11 EmergenceFurther facility restructuringsLegacy liability reductionsDeleveraged capital structure
Margins Significantly Improved
on Core Product Sales
Please see important disclosures regarding "Forward LookingInformation" and "Use of Non-GAAP Financial Information"
Page 25
Sales and Adjusted EBITDA - Q3 2010 YTD
Sales and Adjusted EBITDA - Q3 2010 YTD 2009 YTD Climate Electronics Interiors Lighting Elims/Other 2010 YTD 4453 4453 5114 5210 5365 5437 5437 661 96 155 137 65
Note: Product Group pie chart for Product Sales excludes central / elims / other. Climate Electronics Interiors Lighting 43 19 29 9
$2,421M
$1,065M
$1,612M
$541M
$5,437 Million
$984M Increase
Product Sales 2009 YTD Volume Divest. & Clos. Currency Net Cost Prf. Eq. in Aff. 2010 YTD 224 224 486 403 403 449 476 306 44 83 46 27
$252M Increase
Adjusted EBITDA 2009 YTD Volume Divest. & Clos. Currency Pricing / Other 2010 YTD 4453 4453 5262 5262 5434 5437 1103 294 172 3
$984M Increase
Please see important disclosures regarding "Forward LookingInformation" and "Use of Non-GAAP Financial Information"
Page 26
Strong Balance Sheet
Strong Balance Sheet
Visteon Cash / Debt / Legacy Liabilities
Strong Balance Sheet and Global Cash Position -
No Material Near-Term Maturities
Moody's S&PCorporate Family Rating B1 B+Long Term Debt Rating Ba1 BB-Outlook Stable Stable 2010 2011 2012 2013 2014 2015+ Corporate 1 5 5 5 5 475 Affiliate 62 95 1 1 - 10 Total 63 100 6 6 5 485
Corp. $1 $5 $5 $5 $5 $475 Affil. 62 95 1 1 - 10 Total $63 $100 $6 $6 $5 $485
(1)
(2)
(1) Primarily comprises $60 million Halla Korea bond paid in full in Nov. 2010.
(2) Affiliate debt is primarily working capital and other short-term facilities that renew annually.
Debt Maturity Schedule
(Dollars in Millions)
Recent Ratings
Annual workingcapital facilityrenewals
Please see important disclosures regarding "Forward LookingInformation" and "Use of Non-GAAP Financial Information"
Page 27
Summary
Focused product portfolio, recognizedtechnology positions and market breadthFord and Hyundai / Kia - Strong positionsLow-cost manufacturing / engineering footprintLean overhead cost structureDelevered capital structureExtensive presence in China and otheremerging markets leveraging management,technology and innovations developed in maturemarketsSignificant restructuring behind; shareholdervalue focused going forward
Business Operations and Financial Profile Positioned
to Provide Long-term Value to Shareholders
Sustainable
Financial
Profile
AttractiveCustomer andManufacturingProfile
ExperiencedManagement
Team
StrongProduct
and
TechnologyPortfolio
Well Positioned to Compete in Global Auto Industry
Please see important disclosures regarding "Forward Looking Information"
Page 28
Throughout this presentation, the Company has provided information regarding certain non-GAAP financialmeasures. These measures include "free cash flow" and "Adjusted EBITDA." Free cash flow represents cashflow from operating activities less capital expenditures. Adjusted EBITDA represents net income (loss)attributable to Visteon, plus net interest expense, provision for income taxes and depreciation andamortization, as further adjusted to eliminate the impact of asset impairments, gains or losses on divestitures,net restructuring expenses and other reimbursable costs, certain non-recurring employee charges andbenefits, reorganization items, and other non-operating gains and losses. Management believes that free cash flow is useful in analyzing the Company's ability to service and repay itsdebt, and it uses the measure for planning and forecasting in future periods, as well as in managementcompensation decisions. Free cash flow is not a recognized term under accounting principles generallyaccepted in the United States ("GAAP") and does not reflect cash used to service debt and does not reflectfunds available for investment or other discretionary uses. Management believes Adjusted EBITDA is useful to investors because it provides meaningful supplementalinformation regarding the Company's operating results because the excluded items may vary significantly intiming or amounts and/or may obscure trends useful in evaluating and comparing the Company's continuingoperating activities. Management uses this measure for planning and forecasting in future periods. AdjustedEBITDA is not a recognized term under GAAP and does not purport to be an alternative to net earnings(losses) as an indicator of operating performance or to cash flows from operating activities as a measure ofliquidity. Because not all companies use identical calculations, this presentation of Adjusted EBITDA may notbe comparable to other similarly titled measures of other companies. Additionally, Adjusted EBITDA is notintended to be a measure of cash flow available for management's discretionary use, as it does not considercertain cash requirements such as interest payments, tax payments and debt service requirements.
Use of Non-GAAP Financial Information
Page 29
Adjusted EBITDA Reconciliation
2005 - 2009
2010 YTD
Page 30
www.visteon.com
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