e8vk - SEC.gov | HOME 3 Visteon Overview Product Line Portfolio Leading provider of value-added components / systems to a diverse set of global OEMs Approximately 26,500 employees

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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


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


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


~

(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


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)


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


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


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


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


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


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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e8vk - SEC.gov | HOME 3 Visteon Overview Product Line Portfolio Leading provider of value-added components / systems to a diverse set of global OEMs Approximately 26,500 employees