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Mahindra XUV 500 Tesla Model S Cluster Audio/Infotainment Lighting Control Module Visteon Corporation: Leveraging Core Strengths Deutsche Bank Global Auto Industry Conference January 2014 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 and uncertainties that could cause our actual results to differ materially from those expressed in these forward-looking statements, including, but not limited to, conditions within the automotive industry, including (i) the automotive vehicle production volumes and schedules of our customers, and in particular Ford's and Hyundai-Kia’s vehicle production volumes, (ii) the financial condition of our customers and the effects of any restructuring or reorganization plans that may be undertaken by our customers, including work stoppages at our customers, and (iii) possible disruptions in the supply of commodities to us or our customers due to financial distress, work stoppages, natural disasters or civil unrest; our ability to satisfy future capital and liquidity requirements; including our ability to access the credit and capital markets at the times and in the amounts needed and on terms acceptable to us; our ability to comply with financial and other covenants in our credit agreements; and the continuation of acceptable supplier payment terms; our ability to execute on our transformational plans and cost-reduction initiatives in the amounts and on the timing contemplated; 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; general economic conditions, including changes in interest rates and fuel prices; the timing and expenses related to internal restructurings, employee reductions, acquisitions or dispositions and the effect of pension and other post-employment benefit obligations; increases in raw material and energy costs and our ability to offset or recover these costs, increases in our warranty, product liability and recall costs or the outcome of legal or regulatory proceedings to which we are or may become a party; and those factors identified in our filings with the SEC (including our Annual Report on Form 10-K for the fiscal year ended December 31, 2012). Caution should be taken not to place undue reliance on our forward-looking statements, which represent our view only as of the date of this presentation, and which we assume no obligation to update. New business wins and re-wins do not represent firm orders or firm commitments from customers, but are based on various assumptions, including the timing and duration of product launches, vehicle productions levels, customer price reductions and currency exchange rates. Page 2 Use of Non-GAAP Financial Information Because not all companies use identical calculations, Adjusted Gross Margin, Adjusted SG&A, Adjusted EBITDA, Adjusted Net Income, Adjusted EPS, Free Cash Flow and Adjusted Free Cash Flow used throughout this presentation may not be comparable to other similarly titled measures of other companies. In order to provide the forward-looking non-GAAP financial measures for full-year 2014, the Company is providing reconciliations to the most directly comparable GAAP financial measures on the subsequent slides. The provision of these comparable GAAP financial measures is not intended to indicate that the Company is explicitly or implicitly providing projections on those GAAP financial measures, and actual results for such measures are likely to vary from those presented. The reconciliations include all information reasonably available to the Company at the date of this presentation and the adjustments that management can reasonably predict. Page 3 Today We Will … Present Visteon Today Provide Status Update on Key Near-Term Transactions Introduce Long-Term Outlook Supporting Investment Premise Review 2013 Key Accomplishments and Performance Announce 2014 Full-Year Guidance and Objectives Page 4 Visteon: One Year Ago (January 2013) One Year Ago (January 2013) Large Corporate 2013 original sales guidance: Center $7.3 to $7.5 billion 2013 original Adjusted EBITDA guidance: $620 to $660 million Five major reporting functions with more than 100 joint ventures Climate Corporate-centric culture • Interiors • Seats • Plastics • Safety • Electronics Electronics Interiors Page 5 Please see important disclosures regarding “Forward Looking Information“ and “Use of Non-GAAP Financial Information” 2013 Transformation: Formation of HVCC February 2013 Formed #2 automotive climate Large Corporate company in the world Center Was immediately accretive to HVCC shareholders (share price up 60% in 2013) Strong balance sheet; zero net debt Robust backlog and 7% sales CAGR Climate between 2013 and 2017 Intellectual property driving growth in • Interiors hybrids, electric vehicles, fuel cell • Seats • Plastics vehicles, start-stop vehicles, and • Safety refrigerant revisions in Europe • Electronics China-based sales now exceed Electronics $1 billion annually, sales grew in Europe in 2013, and new or expanded facilities under way in China, Russia, Interiors and India Page 6 Please see important disclosures regarding “Forward Looking Information“ The #2 Automotive Climate Company in the World Overview Q3 2013 YTD Financial Performance #2 climate player globally Climate Product Group World-class product and technology portfolio 2012 2013 B/(W) One of only two “full-line” suppliers Strong backlog and growth profile Sales $3,112 $3,606 +16% Experienced and successful leadership team Adjusted EBITDA $252 $331 +31% – YH Park (CEO) with Halla since formation in 1986 % Margin (1) 9.4% 10.4% Extensive M&A / integration experience 2012 Climate Global Market Share (2) HVCC 2013 Stock Price Performance 180% Other Denso HVCC 23% 24% 160% +60% Visteon +52% Modine 2% 140% HVCC S&P 500 Sanden 4% 13% Calsonic 5% 120% +26% Delphi Valeo 7% Behr 12% 100% 10% #2 Global Climate Player, 80% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec with 13% Market Share HVCC Visteon S&P 500 (1) Excludes equity income and non-controlling interests. Page 7 (2) IHS unconsolidated unit share. Climate: Innovative Technologies & Intellectual Property Innovative Technologies Intellectual Property Metal Seal Fitting for # of Released Patents HVCC Reducing Refrigerant Leakage Competitor A Competitor B 400 Competitor C Competitor D 300 Heat Pump System for Electric Vehicle New Excellent 200 Technology (NET) Certificate 100 TF* Coolant Heater for Electric Vehicle World First 0 Rapid Cabin Heating 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 & Compact Structure Publication Year Source: Boston Consulting Group. Battery Contact Cooler Using Refrigerant World First Efficient Thermal Management by Direct Cooling (As of Dec 31, 2013) Page 8 * Thin Film. Please see important disclosures regarding “Forward Looking Information“ HVCC Content on 2014 Vehicles Hyundai Genesis Jaguar XK/XJ Ford Transit A/C System, Powertrain Cooling Condenser, A/C Lines HVAC Front and Aux, Compressor, Condenser, Radiator, A/C Lines Porsche 911 Turbo / GT3 Mercedes E 300 Audi A8 Center Radiator BlueTEC HYBRID Main Radiator, A/C Lines with IHX Low-Temperature Radiator GMC Sierra Kia Soul Bombardier Spyder A/C Lines A/C System, Powertrain Cooling Radiator, Charge Air Cooler Page 9 Please see important disclosures regarding “Forward Looking Information“ 2013 Transformation: YFV Exit / YFVE Consolidation Q4 2013 Large Corporate Center YFV sale: closed YFVE consolidation: closed Some additional trailing items will be completed in 2014 (which will primarily impact NCI) Final economics: DIVESTED – Transaction valued at $1.45 billion • Interiors before taxes • Seats • Plastics . YFVE valued at $300 million (1) • Safety • Electronics . Cash to Visteon: $1.15 billion Cash received in 2013: Electronics CONSOLIDATED +$1 billion 2014 / 2015 cash to be received: ~$150 million Interiors . Overall tax rate: ~ 10%-11% 2013 Total Visteon Ending Cash Balance of Approximately $1.7 Billion Page 10 (1) Approximately 6x 2013 EBITDA. Please see important disclosures regarding “Forward Looking Information“ 2013-2014 Transformation: Lean Corporate Staff Model Ongoing • Implementing “lean corporate staff model” • The cost reduction plan is also focused on Large Corporate decentralizing corporate SG&A activities Center – Historically – Visteon corporate costs were incurred centrally and billed or allocated to the product groups – Future state – 2014 • Small corporate office • More autonomous business units with greater admin responsibility and capability • SG&A costs not reflected in product group segment results will represent ongoing corporate stewardship costs Fixed-Costs and SG&A Spend (1) $437 <= $410 <= $380 Interiors 2012 2013 2014 Actual Outlook Outlook Page 11 (1) Adjusted to exclude Lighting operations. Please see important disclosures regarding “Forward Looking Information“ 2014 Transformation: Exit Interiors Exit Interiors in 2014 • We are working toward a divestiture of our Interiors business • Goal is to announce during the 1st half of 2014 in three major transactions • Expect transactions to be defined as: − Stand-alone Asian JV − European customer legacy business − Remaining global Interiors business • Combinations of transactions expected to have neutral value impact as cash outflows and assets
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