NON-CONSOLIDATED FINANCIAL STATEMENTS

Beyond Clim

ate Control, Leading Therm

al Managem

ent Solution ProviderAnnual R

eport 2014

본 보고서는 친환경적으로 개발·관리된 삼림에서 생산된 목재를 사용한 제품에만 부착되는 FSC(Forest Stewardship Council, 삼림관리협리회)인증을 받은 친환경 용지에 인쇄되었습니다.

Annual Report 2014

Headquarters & Daejeon (A/C) Plant 95, Sinilseo-ro, Daedeok-gu, Daejeon, Korea Tel: 82.42.930.6114 Fax: 82.42.930.6129

본사 및 대전공장 대전광역시 대덕구 신일서로 95 (신일동)

CONTENTS

한라비스테온공조는 1986년 설립 이래 포드와 현대자동차 고객을 위한 차량 공조시스템을 개발 생산해 ‘국내 최대 자동차 공조기업’으로

자리매김했습니다.

2013년 미국 비스테온 공조사업부 인수를 통해 고객을 다변화하고, ‘세계시장 점유율 2위 기업’으로서 경쟁력을 강화했습니다. 2014년 미국

자동차 부품회사인 ‘쿠퍼스탠다드 오토모티브(Cooper Standard Automotive Inc.)’의 열 관리 및 배기(Thermal & Emissions) 사업을 인수해

친환경 고효율 열 에너지 관리 제품 포트폴리오를 확대했습니다.

한라비스테온공조는 기존 공조 시스템을 넘어선 자동차용 열 관리 솔루션 혁신 기술 개발에 앞장서고 있습니다. 앞으로도 경쟁력 있는 미래

기술 선점으로 글로벌 시장을 선도해 나갈 것입니다.

Since its establishment in 1986, HVCC has developed and manufactured automotive climate control systems for clients

such as Ford, Hyundai Motors etc to become “Korea’s best automotive climate control company”.

In 2013, the company took over the Climate Control Department of US Visteon to diversify its clients and reinforce its

competitiveness as the “company occupying the second largest share of the global market”. Also in 2014, the company took

over the Thermal & Emissions Department of Cooper Standard Automotive Inc, a US auto-parts company, to expand its

portfolio of eco-friendly, high-efficiency thermal management products.

Going beyond conventional climate control systems, HVCC is leading the technological innovation and development of

automotive thermal management solutions. By preoccupying competitive future technologies, the company will continue to

lead the global market.

ABOUT HVCC

Beyond Climate Control,

Leading Global Thermal Management Solution Provider

The design stands for the endless passion and growth of Halla Visteon Climate Control which provides eco-friendliness, high-efficiency, fresh automobile environment and more as a “leading global thermal management solution provider”.

디자인은 ‘글로벌 시장을 선도하는 열 관리 솔루션 전문기업’으로서 친환경, 고효율, 쾌적한 자동차 환경 그 이상을 제공하는 한라비스테온공조의 끝없는 열정과 성장을 상징합니다.

01 About HVCC

02 2014 Achievement

04 2014 Recognition

06 Financial Highlights

08 Vision & Goals

09 Operating Principles

10 Global Network

12 Leading New Technology

14 Corporate Responsibility

16 A Message from the CEO

18 Management Discussion and Analysis

26 Business Report

On May 21, HVCC hosted a groundbreaking ceremony for a new climatic wind tunnel in Dae-

jeon, and announced the company’s commitment to develop advanced technologies for au-

tomobiles as well as develop solutions that improve fuel efficiency. The new wind tunnel is

the third facility of its kind with a size twice as large as previous facilities. Construction is

scheduled to be completed in December 2015, which will enable a full-scale operation and

provide a test environment for all types of automobiles, from compact cars to heavy-duty

trucks.

5월 21일 ‘환경풍동실(CWT: Climatic Wind Tunnel)’ 착공식을 개최하고, 자동차 선행기술개발과 연비

개선에 박차를 가할 것이라고 밝혔습니다. 신축 환경풍동실은 기존 대비 2배 규모인 세 번째 시설로서

2015년 12월에 완공, 본격 운영을 시작할 예정입니다. 소형차부터 대형트럭까지 시험이 가능할 전망입니다.

On Aug. 1, HVCC completed the acquisition of the thermal and emissions business of Coo-

per-Standard Automotive Inc, a U.S.-based auto-parts company. Through this acquisition,

the company can expand its portfolio of thermal management products to improve provide

systems and modules to support customers’ global platforms. The company also is expect-

ing to enjoy the benefits of a diversified client base, as this business has experiences with

various global vehicle manufacturers.

8월 1일 미국 자동차 부품사 쿠퍼스탠다드 오토모티브(Cooper-Standard Automotive Inc.)의 열관리

및 배기 (Thermal & Emissions) 사업을 인수했습니다. 이를 통해 자동차의 연비효율을 높이고 배기

가스를 줄이는 열 에너지 관리 제품 포트폴리오를 확대하고, 다양한 고객 경험을 가진 사업 인수를 통해

고객 다변화 효과를 얻게 됐습니다.

On Aug. 13, HVCC celebrated the opening of its first manufacturing facility in South America.

The new plant in Atibaia, which is in the state of São Paulo, Brazil, expands the company’s

global network and provides localization opportunities to address global vehicle platforms.

8월 13일 브라질 상파울로에 위치한 아티바이아 지역에 남미 지역 첫 생산법인을 설립했습니다. 브라질

신규 공장 설립으로 남미지역까지 글로벌 네트워크를 확대, 다양한 고객사의 글로벌 전략에 부응하게

됐습니다.

On Aug. 25, HVCC assumed a 51% equity stake in the Chinese “Nanjing” Corporation of JCS

(Japan Climate Systems Corp). Located on the southeast region of China, JCS Nanjing spe-

cializes in the manufacture of heat exchangers for automotive applications. By acquiring a

majority equity stake, HVCC can now swiftly respond to customer demands in the growing

China market.

8월 25일 한라비스테온공조는 일본 자동차 공조회사 JCS(Japan Climate Systems Corp.)가 보유한

중국 난징(Nanjing) 법인의 지분 51%를 인수했습니다. JCS 난징 법인은 중국 남동부 지역에 소재한

자동차용 열 교환기 전문 생산법인입니다. 이번 지분인수로 빠르게 성장하고 있는 중국 남부지역의 고객

수요에 신속히 대응하고, 이를 통한 고객 가치 제고로 회사의 성장성을 확보하게 됐습니다.

On Sept. 12, HVCC announced the start of production at a new plant in Querétaro, central

Mexico. The new site manufactures automotive heating, ventilation and air conditioning

(HVAC) units for automakers. The strategic location of this facility helps the company

strengthen its ability to support the growing number of vehicle manufacturers in central

Mexico and help meet the needs of customers for local content.

9월 12일 중앙 멕시코 케레타로(Querétaro) 지역에서 신규 공장 가동을 시작했습니다. 연간 생산 규모는

약 26만 대로 향후 50만 대까지 생산 능력 확대가 가능합니다. 글로벌 완성차 업체의 현지 진출이 크게

증가하고 있는 멕시코 지역에서 고객 대응력을 한층 강화하게 됐습니다.

To support new business and meet the growing needs of European customers, HVCC ex-

panded its operations in Hluk, Czech Republic, in November 2014. This is the second ex-

pansion of this site since 2013, which adds 7,330 square meters (nearly 79,000 square

feet) of manufacturing space to the existing 37,230 square meters (nearly 401,000 square

feet) of floor space.

체코 훌르크(Hluk) 지역에 자동차 열관리 제품 생산라인을 확장하고, 11월 5일 양산을 시작했습니다.

2013년 11월에 이어 두 번째 신규 라인 확장으로 7,330m2(약 2,217평) 규모의 생산라인을 추가로 증설,

발 빠르게 현지 시장 대응 역량을 강화했습니다. 훌르크 공장은 총 대지면적이 37,230m2(약 11,262평)에

이릅니다.

Aug.

Sept.

May Groundbreaking Ceremony for the

“Climatic Wind Tunnel”

‘환경풍동실’ 착공식 개최

Took over 51% share of the Chinese “Nanjing”

Corporation of JCS

JCS의 중국 ‘난징’ 법인 지분

51% 인수

Acquisition of the thermal management business of

Cooper-Standard Automotive Inc.,

a U.S. auto-parts company

美 자동차 부품사 ‘쿠퍼스탠다드’

열관리 사업 인수

Production begins in Central Mexico

중앙 멕시코 지역에

신규 공장 가동

Established the first local corporation in Brazil and

the South American region

브라질, 남미 지역 첫 현지 법인 설립

Nov.

Czech Republic plant expands thermal manage-

ment manufacture lines

체코 훌르크 공장 ‘연비 향상’

열관리 생산라인 확장

2014 ACHIEVEMENT

Groundbreaking

Ceremony for the

“Climatic Wind Tunnel”

‘환경풍동실’ 착공식 개최

Established the first local corporation in Brazil and

the South American region

브라질, 남미 지역 첫 현지 법인 설립

Czech Republic plant

expands thermal

management manufacture

lines

체코 훌르크 공장 ‘연비 향상’

열관리 생산라인 확장

Took over 51% share

of the Chinese “Nanjing”

Corporation of JCS

JCS의 중국 ‘난징’ 법인 지분 51% 인수

2 3

Beyond Climate Control, Leading Thermal Management Solution Provider Halla Visteon Climate Control Corp.

In 2014, HVCC was named a finalist in two categories for the prestigious Automotive News

PACE award. Recognized in the product and manufacturing process categories, acknowl-

edges the company’s commitment to create a sustainable environment through eco-friendly

automotive solutions. In the product category, HVCC was named for HVCC for its centrifugal

air compressor that supports the world’s first mass-produced hydrogen fuel cell electric ve-

hicle. In the manufacturing process category, HVCC was named for its patented process to

improve the piston coating for compressors.

독자 개발한 ‘원심식 공기 압축기(Centrifugal Air Compressor)’, ‘컴프레서 피스톤 코팅 공정 기술’이 각각

제품 혁신 부문과 생산공정 혁신 부문에서 ‘PACE Award Finalist’로 4월 8일 선정됐습니다. 이를 통해

차별화된 기술 경쟁력을 세계적으로 인정 받았습니다.

With “Hot water heaterㆍthin-film-type PTC heater integration technology for heating auto-

mobiles” developed independently, HVCC received NET (New Excellent Technology) certifi-

cation from the Ministry of Trade, Industry and Energy on April 23. This technology is the

world’s first eco-friendly technology that improves heating performance while reducing

weight.

독자 기술로 개발한 ‘차량 난방용 온수히터ㆍ박막형 PTC 히터 일체화 기술’로 4월 23일 산업통상자원

부로부터 신기술(New Excellent Technology, NET) 인증을 획득했습니다. 난방 성능 향상과 중량

저감이 가능한 친환경 세계 최초기술입니다.

On June 19, HVCC’s received Jang Young-shil Award for its innovative centrifugal air com-

pressor technology. This innovative technology contributes to the first mass-produced hy-

drogen fuel cell electric vehicle by providing clean pressurized air to the fuel cell stack,

which generates power to propel and operate the vehicle.

한라비스테온공조는 6월 19일 ‘연료전지 자동차용 원심식 공기 압축기’ 혁신기술로 ‘IR52 장영실상’을

수상했습니다. 세계 최초 양산 수소연료전지차에 탑재한 혁신 기술로, 기존 제품 대비 동력 소비를 25%

개선한 친환경 고효율 제품입니다.

On June 17, HVCC’s main office in Korea, as well 24 of its offices in 14 countries, simulta-

neously acquired the international authentication for Environment, Safety and Health Man-

agement System. This certification supports HVCC’s commitment as a global company lead-

ing the protection of the environment and the fulfillment of safe work practices.

6월 17일 한국 본사를 포함해 전세계 14개국, 24개 사업장이 동시에 환경 및 안전보건경영시스템 국제

인증을 획득했습니다. 지구환경 보호와 무재해 달성을 위해 앞장서는 글로벌 기업임을 입증했습니다.

On Aug. 20, HVCC received NET (New Excellent Technology) certificate for innovative cool-

ing system design for automobiles. By combining a water-cooled condenser with an air

conditioning system installed with a conventional air-cooled condenser, HVCC has intro-

duced a technology that improves cooling performance and offers fuel efficiency.

8월 20일 ‘차량용 냉각 시스템 설계 기술’로 신기술(New Excellent Technology, NET) 인증을 획득했

습니다. 외부 공기를 이용해 열을 식혀주는 기존 공랭식 응축기(Condenser)가 장착된 에어컨 시스템에

냉각수를 활용하는 수냉식 응축기를 결합해 냉방 성능과 연비 효율을 높인 세계 최초 친환경 기술입니다.

HVCC received the Outstanding Competitiveness against Climate Change certification at an

event held Sept. 30. This annual certification is granted to Korean companies with outstand-

ing handling of climate change and demonstration of eco-friendly efforts in its operations

and product offering. Additionally, the Pyeongtaek compressor plant received the “2014

Best Worksite” in the automobile sector for efforts to systematically reduce greenhouse gas

and adapt eco-friendly process designs.

평택공장이 9월 30일 ‘2014 기후변화경쟁력 우수기업’ 인증식에서 자동차 부문 최고 사업장으로 선정

됐습니다. 체계적인 온실가스 감축과 친환경 공정설계로 지구환경 보호를 실천하는 녹색기업임을 입증

했습니다.

Apr. Selected as PACE Award Finalist by

Automotive News

美 오토모티브뉴스로부터

‘PACE Award Finalist’ 선정

Global integrated management system

certification for ISO 14001 and OHSAS 18001.

환경 및 안전보건경영시스템

국제인증 획득

Received NET certification with automotive heater integration technology

차량 히터 일체화 기술로

신기술(NET) 인증

Aug.

Received NET certification with a new concept of “

Cooling system technology for automobiles”

신개념 ‘차량용 냉각 시스템 기술’,


Jun.

IR52 Jang Young-shil Award for centrifugal air compressor

원심식 공기 압축기,

IR52 장영실상 수상

Sep.

Recognized for Outstanding Climate Change

Competitiveness in Korea

2014 기후변화경쟁력

우수기업 선정

2014 RECOGNITION

Selected as

PACE Award Finalist by Automotive News

美 오토모티브뉴스로부터 ‘PACE Award Finalist’ 선정

Received NET certification with

automotive heater

integration technology

차량 히터 일체화 기술로


Recognized for Outstanding

Climate Change

Competitiveness in Korea

2014 기후변화경쟁력

우수기업 선정

Global integrated

management system certification for

ISO 14001 and OHSAS 18001.

환경 및 안전보건경영시스템

국제인증 획득

IR52 Jang Young-shil

Award for centrifugal air

compressor

원심식 공기 압축기,

IR52 장영실상 수상

4 5


FINANCIAL HIGHLIGHTS

Net Income

(In billions of KRW)

FY 2013 FY 2014

312

290

7.1 %Gross Profit


FY 2013 FY 2014

863

909

5.3 %

Sales Revenue


Operating Income(In billions of KRW)

Total Assets(In billions of KRW)

FY 2012

FY 2013 FY 2014

FY2012 3,653

FY2013 5,189

FY2014 5,455

5.1 %

FY 2012

FY 2013

FY 2014

FY2012 310

FY2013 364

FY2014 370

1.6 %

FY 2012

FY 2013

FY 2014

FY2012 2,236

FY2013 2,954

FY2014 3,240

9.7 %

FY2014 FY2013 FY2012

For the Year ₩ ₩ ₩

Sales Revenue

매출액 5,454,949 5,189,356 3,653,097

Costs of Goods and Services Sold

매출원가 4,546,134 4,326,040 3,066,804

Gross Profit

매출총이익 908,815 863,316 586,293

Selling and Administrative Expenses

판매비와 관리비 538,500 370,155 248,333

Operating Income

영업이익 370,315 363,535 309,597

Net Income

당기순이익 290,449 312,103 245,145

(In millions of KRW)

At Year-End ₩ ₩ ₩

Total Assets

자산총계 3,240,023 2,953,898 2,236,209

Total Liabilities

부채총계 1,570,031 1,413,030 797,516

Total Stockholders’ Equity

자본총계 1,669,992 1,540,868 1,438,693

Note: *All figures are based on consolidated data.

Financial Ratio (%) ₩ ₩ ₩

Current Ratio

유동비율 165.2 164.8 187.3

Liabilities to Equity Ratio

부채비율 94.0 91.7 55.4

Return on Assets(ROA)

총자산이익률 9.4 12.0 11.4

EPS (KRW / USD)

주당순이익 2,579 2,776 2,169

6 7


VISION & GOALS OPERATING PRINCIPLES

As countries around the world are reinforcing regulations on fuel efficiency, the automobile market is doing everything it can

to develop eco-friendly automobiles that adapt technologies to create increased fuel-efficiency and reduced weight. Under

such market environment, HVCC is conducting strategic efforts to reinforce its thermal management technologies and im-

prove the efficiency of automobiles. The company also established a vision of becoming a “leading global thermal manage-

ment solution provider.” By fulfilling the 2015 goals to reinforce organizational capacity, make operations more efficient and

secure growth potential, HVCC plans to increase shareholders’ benefits and prepare a foundation for future growth.

세계 각국이 연비규제를 강화하면서 자동차 시장은 연비향상 및 경량화 기술을 접목한 친환경차 개발에 전력을 다하고 있습니다. 이러한

시장환경에 발맞춰 한라비스테온공조는 전략적 M&A를 통해 자동차 효율을 높이는 열 관리 솔루션 기술을 강화하고, ‘글로벌 시장을 선도

하는 열 관리 솔루션 기업’이라는 비전을 수립했습니다. 2015년 경영목표인 ‘조직역량 강화’, ‘운영 효율화’, ‘성장동력 조기 확보’ 중점과

제 달성을 통해 주주가치 제고는 물론이고, 미래 성장의 발판을 다질 계획입니다.

To increase the value of key stakeholders, such as shareholders, clients and partner companies, all HVCC members prac-

tice the operating principles of CATS, which stands for Communication, Accountability, Transparency and Speed. This is the

cornerstone for the efforts of being a company that is trusted by stakeholders as well as the actions of increasing the com-

petitiveness and values of the company.

주주, 고객, 협력사 등 이해관계자의 가치 제고를 위해 전 구성원은 운영원칙인 ‘CATS–소통(Communication), 솔선(Accountability),

공정(Transparency), 신속(Speed)’를 실천하고 있습니다. 이는 신뢰받는 기업이 되기 위한 노력으로 기업의 경쟁력과 가치를 높이는 초

석입니다.

Leading Global

Thermal Management

Solution Provider

글로벌 시장을 선도하는

열 관리 솔루션 기업

VISION

Communication

소통

Speed

신속

Transparency

공정

Accountability

솔선

Taking responsibility and leading by example drives

momentum to achieve sustainable growth.

책임을 다하는 기업문화는 지속성장은 물론, 구성원의 자부심을

높입니다.

Clear and timely communication with customers, employees

and key stakeholders, creates a foundation of mutual trust

and integrity.

구성원, 고객, 그리고 협력사간 열린 커뮤니케이션은 상호 신뢰를

형성합니다.

Acting swiftly and with precision enables greater opportu-

nities for growth.

신속한 업무수행과 정확한 판단에 근거한 의사결정은 고객만족을

실현합니다.

Frequent and open information sharing earns the trust and

respect of key stakeholders.

투명하고 공정한 업무수행은 사랑 받는 기업으로 성장하도록

합니다.

Organizational

Excellence

조직

역량 강화

1

Operational

Excellence (OpEx)

운영 효율화

(OpEx)

2

Realization of

Growth Potential

성장동력

조기 확보

32015 GOALS

8 9


GLOBAL NETWORK

★

★ ★�

��

��

�

�

�

�

�

�

� �

�

�

��

�

�

��

��

� �

�

�

��

�

�

�

Europe

31.7 %

Europe

9 Manufacturing sites

2 R&D Centers

Ilava, Slovakia

Gebze, Turkey

Palmela / Algeruz, Portugal

Novy Jicin/Hluk, Czech

Republic

Charleville, France

Szekesfehervar, Hungary

Togliatti, Russia

China


Beijing

Dalian

Jinan

Wuhu

Chongqing

Nanchang

Changchun

Chengdu

Foshan

Nanjing

Yencheng

Korea


1 R&D Center

Daejeon

Pyeongtaek

Ulsan

India


Chennai

Pune

Gujarat

Bhiwadi

Americas


1 R&D Center

Alabama, USA

Belleville, Ontario, Canada

San Lorenzo, Juarez, Mexico

Santa Fe, Juarez, Mexico

Paso del Norte, Juarez, Mexico

Queretaro, Mexico

Atibaia, Brazil

Japan


Hiroshima

Yamaguchi

Thailand

1 Manufacturing site

RayongManufacturing Facilities

37 4Global Technical Centers

Employees

15 ,500� Manufacturing Facilities

★ Global Technical Centers

ㆍDaejeon, Korea ㆍKerpen, Germany ㆍNovy Jicin, Czech Republic ㆍVan Buren Twp., Mich., U.S.

★

HVCC aims to deal swiftly with the global and regional demands of automakers by securing the growth power of the company.

Since the company integrated its operations with the climate product segment of Visteon Corp. in early-2013, HVCC has added

or expanded six manufacturing sites: Mexico (Queretero), Brazil (Atibaia), China (Chongqing), Czech Republic (Hluk), India (Gu-

jarat) and Russia (Togliatti). Currently, HVCC operates 37 manufacturing facilities and four R&D centers in 19 countries around

the world, including its main office in Korea.

한라비스테온공조는 지역 다변화를 통해 각 지역별 고객 수요에 신속히 대응하고, 회사의 성장동력을 확보하기 위해 2013년 3월 비스테온의

공조사업부 인수 이래 멕시코(Queretero), 브라질(Atibaia), 중국(Chongqing), 체코(Hluk), 인도(Gujarat), 러시아(Togliatti)지역에 총 6

개의 생산거점을 추가했습니다. 이로써 한국 본사를 포함해 전세계 19개국에 37개 생산공장, 4개 R&D센터를 운영하고 있습니다.

China

15.3 %

America

11.8 %

Korea

32.5 %Others

8.7 %

2014 Revenue Breakdown by Region

�

★

10 11


LEADING NEW TECHNOLOGY

Beyond conventional climate control systems, integrated thermal energy management solutions for automobiles are com-

posed of eco-friendly, highly-efficiency solutions that deliver comfort. The growing need for these solutions is expected to

surge as consumer demand for fuel efficiency in traditional internal combustion engine vehicles, and hybrid/electric and

fuel-cell automobiles, is expected to increase. This trend will contribute to HVCC’s continuous growth as well as lead to in-

creased benefits for the clients and shareholders. HVCC is uniquely positioned to support this trend by providing innovation

solutions that address engine downsizing and the increasingly strict regulations around emissions and fuel economy.

Among these technologies is the centrifugal air compressor, which was applied to the first mass-produced hydrogen fuel

cell electric vehicle. Another is HVCC’s heat pump system, which harvests waste heat by the heat pump to support the ve-

hicle’s heating system and meet the desired cabin temperature, even in challenging sub-zero temperatures. This function

helps dramatically reduce the vehicle’s energy consumption and increases the driving range on a single battery charge by

more than 20 percent compared to conventional heater types. This technology received the IR52 Jang Young-shil Award in

March 2015.

기존 공조시스템을 넘어선 ‘자동차용 열 에너지 관리 솔루션’ 혁신 기술은 연비규제 강화에 따른 엔진 다운사이징, 경량화, 열 회수 기술 등

친환경 고효율 제품 라인으로 구성됩니다. 그 가운에 ‘원심식 공기 압축기(Centrifugal Air Compressor)’는 세계 최초로 출시된 연료전지

차에 적용됐으며, ‘폐열을 이용한 전기차용 히트펌프 시스템’은 기존 히터방식 대비 주행거리를 20%이상 늘린 혁신기술로 2015년 3월

‘IR52 장영실상’을 수상했습니다. 내연기관차뿐만 아니라, 하이브리드/전기차, 연료전지차 등 친환경 자동차에 적용 가능한 통합 열관리

기술은 회사의 지속 성장을 가능하게 하고, 고객 및 주주가치 제고에 크게 기여할 것으로 기대하고 있습니다.

R&D Drivers Eco-Friendly Fuel-Efficiency Comfort

2017 20172020 20202030 20302025 2025

NextGen

E-Comp

Next GenFCV

ProductsR744iCOOL

MainECP

HViCOOL

R744A/C

HeatStorage

ElectricCoolantHeater

SmallE-Comp

EV HeatPump

Cold Storage

Heat Storage

Next GenClutch

Next GeneWGA

LowCostComp

EGR/WCAC

PrecisionCooling

NewConcept

CACNext Gen

VSComp

Next GenCond

LowCostComp

ComboCooler

48VThermal

WaterCooled

A/C

LPEGR HV

Comp

CO2

Sensor

4 ZoneA/C

for VIP

WellbeingAir Supply

System

ComfortControl

Air QualityControlSystem

FragranceNew

CombiFilter

NewConcept

Filter

Oxygen

QuickHeating

ETB EHRS

Eco-Friendly Comfort

Efficient

Eco-Friendly

•Fuel Cell Brushless DC Motor

•Centrifugal Air Compressor

•Fuel Cell Glycol Heater

•Heat Pump System

•HV iCool

Thermal & Emission Management

•Charge Air Pre-Conditioner

•Exhaust Gas Recirculation(EGR) Module

•Electronic Coolant Pump

•Electronic Water Valve

•Water-Cooled Charge Air Cooler(WCAC)

•Electronic Waste Gate Actuator(eWGA)

Air Conditioning System

•Front End Module

•Heating, Ventilation and

Air Conditioning(HVAC)

•Compressor

•Heat Exchanger

•Heater Control

•Fluid Transport

Comfort

•Ultraviolet(UV) Light Emitting Diode(LED) & Photocatalyst Module

•CO2 Sensor

•Fragrance Module

•High Efficiency Blower

Efficient

•Water Cooled Condenser

•Rotary Suction(RS)

Compressor

•Variable

Swashplate(VS)

Compressor

2030 Technology Roadmap

12 13


CORPORATE RESPONSIBILITY

The automotive industry is a changing landscape, continuously adapting to a more sustainable future: one that is less reli-

ant on natural resources, and one that is in touch with key risks, regulations, demands and issues. HVCC creates and de-

velops technology that will help facilitate this, but we must do so in a way that brings benefit to all involved, both inside and

outside of the company.

자동차 산업환경은 변화하고 있습니다. 자연자원에 의존하지 않고, 규정 및 요구사항 충족을 통해 지속 가능한 미래를 만들어 나갈 것을 요구

하고 있습니다. 한라비스테온공조는 이를 실현하는데 기여할 기술을 개발하고, 회사 안팎의 모든 이해관계자에게 이익을 제공할 것입니다.

MarketplaceThrough acting ethically and responsibly within the mar-

ketplace, HVCC is committed to building long-term sus-

tainable partnerships with all we work with. We are also

committed to producing high quality and responsible

products that bring value to consumers, the environment

and the larger community. Through creating products that

help facilitate a shift to a greener automotive industry,

HVCC creates solutions for all of its stakeholders.

시장에서 윤리적이고 책임감 있는 행동 실천으로 이해관계자와

지속 가능한 파트너십을 구축하고자 노력하고 있습니다. 또한

소비자, 자연환경, 그리고 지역사회에 가치를 제공하기 위해 최고

품질의 제품 생산에 전력을 다하고 있습니다. 한라비스테온공조는

친환경 자동차 산업에 기여할 제품 개발을 통해 이해관계자를

위한 솔루션을 창조하고 있습니다.

WorkplaceCreating a diverse, ethical and safe work environment

that prioritizes the well-being, development and creativity

of our employees is what we strive for at HVCC. From an

industry-leading safety record to programs around the

globe providing encouraging healthier lifestyles inside

and outside of work, HVCC aims to provide the very best

conditions to our team.

직원 복지, 자기계발, 창의성을 우선시 하는 윤리적이고 안전한 작업

환경을 만들기 위해서는 직원 모두가 함께 노력해야 합니다. 작업장

내외에서의 건강한 삶을 장려하기 위해 글로벌 안전통합관리 프

로그램을 운영하고 있으며, 구성원에게 최고의 작업환경을 제공하

는 것이 목표입니다.

EnvironmentWith all HVCC facilities accredited with ISO 14001 and a

robust global environmental management system in

place, HVCC continues improve its efficiency and car-

bon footprint year to year. Through implementing manu-

facturing process changes, and focussing on opera-

tional excellence and sustainability, continuous

improvements in environmental performance are being

realized at HVCC.

한라비스테온공조의 전사업장은 환경경영시스템인 ‘ISO14001’을

획득함과 동시에, 해마다 에너지 효율과 이산화탄소 배출 저감을

위해 지속적으로 개선활동을 전개하고 있습니다. 한라비스테온

공조는 제조공정 개선과 운영효율화, 지속성장을 통해 환경 성과를

달성해 나가고 있습니다.

Community HVCC strives to build strong relationships with the com-

munities in which it operates, not only with those external

to the company, but also with the families and relatives of

those on the team. Through interacting with a broad

range of stakeholders, we can learn about, listen to and

understand key issues within HVCC’s scope and beyond

and build a better tomorrow.

한라비스테온공조는 구성원, 가족뿐만 아니라 지역사회와 강력

한 관계를 구축하기 위해 최선을 다하고 있습니다. 다양한 이해관계

자와의 상호협력을 통해 주요 이슈사항을 숙지하고, 경청하고, 이해

해 나감으로써 더 나은 미래를 만들어 나갈 것입니다.

HVCC CitizenThrough our global program, HVCC Citizen, each location reaches out to parts of society that

need support. With a focus on three areas: the environment, the community and education,

our social contribution scheme aims to make a difference for as many as possible.

글로벌 프로그램인 “HVCC Citizen”을 통해 자연환경, 지역사회, 교육 세 가지 분야에 중점을 두고, 차별

화된 사회공헌활동을 전개하고자 합니다.

Feedback

loop

Integrated

Management

Systems

Continuous

improvement

processes

8 Guiding Corporate Responsibility Principlesinformed by ISO 26000 Principles of Social Responsibility

HVCC Corporate Responsibility

Sustainable Growth & Development

Principles

Functions

Product Development & EngineeringOperational Excel-

lence& IR

FinanceCorporate Planning

Supply Chain Management

Sales and Marketing

IT Legal

HR & EH&SCommunications

& IRManufacturing

Operations

Impact Areas

CommunityWorkplace Marketplace Environment

14 15


2014 was another banner year for Halla Visteon Cli-

mate Control Corp. (“HVCC”), a year of establishing a

solid footing in the global thermal management mar-

ket. HVCC’s achievements include the sales revenues in-

crease of 5.1% from a year earlier, amidst securing of fu-

ture growth engines. We are advancing into the high-

quality eco-friendly thermal management solution

technology through strategic M&As, including the acqui-

sition of JCS Nanjing’s equity stake and Cooper Standard

Automotive’s thermal and emission business, and through

plant expansions in China, India, North America, and

South America.

The year 2015 will be an important year for HVCC in

taking a greater leap forward. It will be a year for

change and beginning of a new challenge. Throughout the

years, HVCC has achieved significant growth and success

together with Visteon. With the transition of ownership

from Visteon to Hahn & Co. and Hankook Tire, HVCC is at

a verge of new transformation. For the coming of new era,

HVCC will demonstrate its capacity for continued growth

and success.

HVCC’s vision of becoming ‘Leading Global Thermal

Management Solution Provider’ encompasses the com-

pany’s will to continuously grow as the global thermal

management player that creates enhanced and differenti-

ated customer value through high-quality eco-friendly in-

novative solutions that transcends the conventional cli-

mate control systems. For the successful future and

continued enforcement of the growth engines, HVCC has

set the target of ‘$10 billion sales by year 2020’. The com-

pany will continue to focus all of its capacity towards

building the foundation for achieving this target. HVCC is

also actively driving and executing the 2015 management

objectives of (1) organizational excellence, (2) operational

excellence, and (3) realization of growth potential, proac-

tively coping with the changing business environment, in

order to achieve the target.

HVCC is driven with ‘passion’ and ‘confidence’, at-

tained from the proven track record of achieving chal-

lenging targets over the years. HVCC will remain com-

mitted to providing greater enterprise value for

shareholders and investors, differentiated and innovative

technology for customers, and mutual prosperity and pride

for the suppliers and employees. We ask for the continued

interest and encouragement from all the stakeholders as

the company braves through its journey towards becoming

the leading global thermal management solution provider.

Sincerely,

Leading Global Thermal Management Solution Provider

A Message from The CEO

2014년은 한라비스테온공조가 세계시장에서 한 단계 성장하는

성공적인 한 해였습니다. 연결기준 전년 대비 5.1%의 매출신장과

더불어, JCS사(社)의 중국 난징법인 지분 인수와 미국 쿠퍼스탠

다드사(社)의 열 관리 사업 인수 등 전략적 M&A를 통해 친환경

고효율 열 관리 솔루션 기술을 선점했고, 중국, 인도, 북미, 남미

지역에서 신규공장 확장으로 미래 성장 동력을 강화했습니다.

2015년은 한라비스테온공조가 더 높이 도약하기 위해 새로운 ‘변화’를

맞이하고, ‘도전’을 시작하는 역사적인 한 해가 될 것입니다. 한라

비스테온공조는 그 동안 최대주주인 비스테온사(社)와 협력해 괄

목할만한 발전과 성공을 이뤄냈습니다. 이제 한앤컴퍼니와 한국타

이어㈜가 회사 지분을 공동 인수해, 새로운 역사를 시작하는 중요

한 전환기를 맞이하게 됩니다. 새로운 환경에서도 지속적인 성장

과 성공을 위해 모든 역량을 발휘해 나갈 것입니다.

한라비스테온공조의 비전은 ‘글로벌 시장을 선도하는 열 관리 솔

루션 기업’이 되는 것입니다. 이는 기존의 공조 시스템을 넘어선

친환경 고효율 혁신기술 제공으로 차별화된 고객 가치를 제공함으

로써 글로벌 기업으로 지속 성장하겠다는 의지를 담고 있습니다.

또한 성공적인 미래와 지속적인 성장 동력 강화를 위해 ‘2020년

까지 매출 10조 원 달성’을 목표로 하고, 그 기반을 구축하는데 모

든 역량을 집중할 것입니다. 이를 위해 2015년 경영목표인 △조

직 역량 강화, △운영 효율화, △성장동력 조기확보 라는 세 가지

중점 추진과제를 적극 실천하고, 경영환경 변화에 능동적으로 대

응하고 있습니다.

한라비스테온공조에게는 지난 수십 년간 도전적 목표를 달성하며

얻은 ‘열정과 자신감’이 있습니다. 주주 여러분에게는 높은 기업

가치로, 고객에게는 차별화된 혁신 기술로, 협력사와 구성원 여러

분에게는 상생과 자부심으로 보답하기 위해 더욱 노력할 것입니다.

글로벌 시장을 선도하는 열 관리 솔루션 기업을 향한 한라비스테

온공조의 새로운 도전에 모든 이해관계자 여러분의 지속적인 관심

과 응원을 부탁 드립니다.

감사합니다.

대표이사 사장 박 용 환

President & CEO Park, Yong Hwan

16 17


Forward-looking Statements

Management’s Discussion and Analysis may contain forward-looking projections or statements that are provided to assist

in an understanding of anticipated performance and business outcomes in the future. However, such expectations of future

performance and outcomes involve various risks and uncertainty that can cause the actual results to differ materially from

those expressed in the forward-looking projections, due to factors beyond the Company’s control. The term “Company”, as

used herein, without any other qualifying description, refers to Halla Visteon Climate Control (HVCC).

Halla Visteon Climate Control has conformed to the Korean-International Financial Reporting Standards (K-IFRS) since

FY2011. As such, the Company’s financial reports for the last three financial years are prepared in accordance with the K-

IFRS.

Analysis of Results of Operations

Overview

HVCC is a full-line supplier of automotive thermal management solutions. Products include heating ventilation and air con-

ditioning; compressors; powertrain cooling; fluid transport; and electric, hybrid and fuel cell vehicle thermal systems. We

aspire to be a leading global thermal management solutions provider.

After posting a record high performance in 2013, the Company continued to achieve another solid growth in 2014. Sales

rose 5.1% to KRW 5,454.9 billion while operating profit recorded KRW 370.3 billion, a 1.9% rise from the prior year, enabling

the Company to remain financially strong.

HVCC is committed to strengthening its growth momentum through business excellence. To this end, we focus on the fol-

lowing three categories: organizational excellence, operational excellence and growth potential. We believe that our inno-

vative solutions and continuous stream of new, value-adding solutions will boost our sales.

Operating Performance

Sales by Region (in billions of KRW)

2012 2013 2014 %YoY

Korea 2,172.8 2,349.4 2,342.7 (0.3)

China 755.7 1,050.5 1,104.5 5.1

Americas 559.4 886.7 850.7 (4.1)

Europe 491.9 1,985.7 2,279.6 14.8

Other Regions 543.2 645.5 622.9 (3.5)

Internal Transaction etc. (869.8) (1,728.5) (1,745.3) -

Total 3,653.1 5,189.4 5,454.9 5.1

The Company’s sales hit another historical high in 2014 despite the negative influence of the strong Won against diversified

currencies of global operations.

Sales revenue jumped 5.1% from a year earlier to KRW 5,454.9 billion on the back of new businesses with premier OEMs,

especially in Europe, as well as strong volume growth from Hyundai Motor Group.

Sales Proportion by Region (%)

� Korea

� China

� Americas

� Europe

� Other Regions

* Sales proportion

before elimination

2013 2014

34.0

28.7

9.3

32.5

31.7

8.7

12.8 15.2 11.815.3

As shown in the above chart, there have been changes in the sales proportion by region. Increased sales to European cus-

tomers brought about a further market diversification. Korea’s proportion declined to 32.5% in 2014 from 34.0% in 2013

and 48.0% in 2012 while Europe’s proportion in 2014 reached 31.7%, almost on par with Korea.

Despite various challenges including the depreciated Euro currency movement, the Company is expected to achieve robust

growth in 2015 driven by strong volume growth from various new customers, as well as Hyundai Motor Group. Incremental

new business wins will boost the Company’s revenues in the coming years.

Gross Profit & COGS (in billions of KRW)

2012 2013 2014 %YoY

Sales 3,653.1 5,189.4 5,454.9 5.1

Cost of Goods Sold 3,066.8 4,326.0 4,546.1 5.1

Gross Profit 586.3 863.3 908.8 5.3

Gross Profit Margin(%) 16.0% 16.6% 16.7% 0.1%p

Gross profit rose 5.3% to KRW 908.8 billion in 2014, which was slightly higher than sales growth of 5.1%. Gross profit mar-

gin edged up during the period, recording 16.7% in 2014.

▶

CONSOLIDATED MANAGEMENT’S DISCUSSION & ANALYSIS

18 19


Operating Profit and SG&A Expenses (in billions of KRW)

2012 2013 2014 %YoY

SG&A Expenses 276.7 499.8 538.5 7.7

Operating Profit 309.6 363.5 370.3 1.9

Operating Profit Margin (%) 8.5 7.0 6.8 (0.2%p)

The Company recorded operating profit margin of 6.8% in 2014 from 7.0% in 2013. The margin was eroded mainly by an

increase in SG&A expenses, which rose 7.7% to KRW 538.5 billion in 2014 from KRW 499.8 billion in 2013. In spite of vari-

ous unfavorable factors including currency headwinds, the Company has enhanced its operational efficiency. Operating

profit, as a result, increased 1.9%, posting KRW 370.3 billion in 2014.

Productivity enhancement, especially in Europe, and economies of scale by newly launched programs will materialize in the

coming years and improve improving the Company’s operating profit margin accordingly.

Profit Before Income Taxes (in billions of KRW)

2012 2013 2014 %YoY

Net Financial Income 4.6 0.1 (12.3) -

Financial Revenues 13.6 13.7 7.3 (46.5)

Financial Expenses (9.0) (13.6 ) (19.6) 43.7

Net Other Non-operating Income 27.5 25.0 0.2 (99.2)

Other Non-operating Revenues 71.3 106.3 96.0 (9.7)

Other Non-operating Expenses (43.9) (81.3) (95.8) 17.9

Equity Method Associates 0.8 8.1 12.7 57.6

Profit Before Income Taxes 342.5 396.7 370.9 (6.5)

In 2014, net income before taxes fell by 6.5% to KRW 370.9 billion in spite of the growth in income from equity method,

which gained 57.6% from a year earlier. The main factors in the retreat in profit before income taxes (PBT) were net finan-

cial loss coupled with plummeting net other non-operating income. Net financial income turned into deficit since interest-

bearing debt increased 29.7% to KRW 401.4 billion in 2014 from KRW 309.5 billion in 2013. Overall, the PBT was negatively

influenced by foreign currency factors in 2014. That is, the decrease in the PBT was affected by accounting factors rather

than by fundamental factors. Three main factors that drove the foreign currency impact were: first, valuation of foreign cur-

rency denominated assets and liabilities; second, liquidation of account receivables and payables, and third, foreign cur-

rency hedge.


Net Income (in billions of KRW)

2012 2013 2014 %YoY

Net Income 245.1 312.1 290.4 (6.9)

Profit attributable to: 　　　　

Equity Holders of the Parent 231.6 296.4 275.4 (7.1)

Non-controlling Interests 13.5 15.7 15.1 (4.1)

Net Income Margin (%) 6.7 6.0 5.3 (0.7%p)

Earnings Per Share (KRW) 2,169 2,776 2,579 (7.1)

Net income margin fell by 0.7% points, recording 5.3% in 2014. Net income for the year stood at KRW 290.4 billion, a 6.9%

decrease from a year earlier, which was mostly caused by a reduction in profit attributable to equity holders of the parent.

Earnings per share for the year fell by 7.1% to KRW 2,579 from KRW 2,776 in the previous year.

Financial Condition

Analysis of Financial Condition (in billions of KRW)

2012 2013 2014 %YoY

Total Assets 2,236.2 2,953.9 3,240.0 9.7

Total Liabilities 797.5 1,413.0 1,570.0 11.1

Total Shareholders' Equity 1,438.7 1,540.9 1,670.0 8.4

Book Value Per Share (KRW) 13,476 14,433 15,642 8.4

In 2014, total assets increased 9.7% to KRW 3,240.0 billion while total liabilities and shareholders’ equity jumped 11.1%

and 8.4%, respectively. Current assets (8.9% increase year-on-year) and non-current assets (10.8% increase year-on-

year) evenly contributed to the growth of total assets. Liabilities to equity ratio turned upward to 94.0% in 2014 from 91.7%

in 2013. Meanwhile, interest-bearing debt to equity ratio went up to 24.0% in 2014 in comparison to 20.1% in 2013. Book

value per share in 2014 stood at KRW 15,642, up 7.1% from KRW 14,433 in the previous year.

20 21


Current Assets (in billions of KRW)

2012 2013 2014 %YoY

Current Assets 1,373.5 1,704.8 1,856.2 8.9

Cash & Cash Equivalents 401.3 346.8 381.3 9.9

Trade Receivables & Inventory 866.2 1,177.6 1,299.7 10.4

Others 105.9 180.4 175.2 (2.9)

Current assets rose 8.9% to KRW 1,856.2 billion in 2014 from KRW 1,704.8 billion in 2013. Account receivables and inven-

tory increased 10.4%, higher than the growth of operating revenues (5.1% year-on-year) in 2014 while cash & cash

equivalents posted a 9.9% growth from a year earlier. Account receivables turnover deteriorated from 7.0 times in 2013 to

6.2 times in 2014, while inventory turnover went down from 18.4 times to 15.2 times during the same period. Meanwhile,

both current ratio and quick ratio showed slight movement. The former increased slightly to 165.2% in 2014 from 164.8% in

2013, while the latter increased a mere 0.4% points to 129.8% from 129.4% during the same year.

Working Capital (in billions of KRW)

2012 2013 2014 %YoY

Trade Receivables & Inventory 866.2 1,177.6 1,299.7 10.4

Trade Payables 470.1 660.4 697.7 5.7

Working Capital 396.1 517.2 602.0 16.4

Trade receivables and inventory jumped 10.4% to KRW 1,299.7 billion in 2014 while trade payables went up 5.7% to KRW

697.7 billion. Overall, working capital increased 16.4%, recording KRW 602.0 billion during the year.

Non-current Assets (in billions of KRW)

2012 2013 2014 %YoY

Non-current Assets 862.8 1,249.1 1,383.8 10.8

Investments in Unconsolidated Affiliates 29.8 78.3 80.0 2.1

Property, Plant & Equipment (PP&E) 655.4 969.9 1,052.8 8.5

Others 177.6 200.9 251.0 24.9


Non-current assets rose to KRW 1,383.8 billion in 2014, a rise of 10.8% over the previous year. Investments in unconsoli-

dated affiliates increased 2.1% in 2014 after the skyrocketing 162.6% in 2013. Meanwhile, property, plant & equipment

(PP&E) jumped 8.5% year on year, exceeding KRW 1 trillion level for the first time. Other non-current assets such as intan-

gible assets and deferred income taxes assets increased 24.9%, leading the increase in non-current assets. Of total as-

sets, non-current assets represented 42.7% in 2014, up 0.4% points from a year earlier.

Liabilities and Interest-bearing Debts (in billions of KRW)

2012 2013 2014 %YoY

Current Liabilities 733.2 1,034.3 1,123.9 8.7

Trade Payables 470.1 660.4 697.7 5.7

Short-term Borrowings 82.8 72.1 124.2 72.2

Other Current Liabilities 180.3 301.8 302.0 0.0

Non-current Liabilities 64.3 378.7 446.1 17.8

Long-term Borrowings 0.4 237.4 277.2 16.8

Other Non-current Liabilities 63.9 141.3 168.9 19.5

Total Liabilities 797.5 1,413.0 1,570.0 11.1

Total liabilities increased 11.1% to KRW 1,570.0 billion in 2014, mainly due to substantial growth in non-current liabilities.

As shown above, current liabilities increased 8.7% while non-current liabilities jumped 17.8%. Interest-bearing debt to-

taled KRW 401.4 billion in 2014, soaring 29.7% from KRW 309.5 billion in 2013. Short-term borrowings skyrocketed to KRW

124.2 billion, up 72.2% from a year earlier, highly exceeding the growth in long-term borrowings. Proportion of short-term

borrowings out of total interest-bearing borrowings surged to 30.9% in 2014 from the previous year’s 23.3%. In addition,

interest-bearing debt to total liabilities jumped to 25.6% from 21.9% in 2013.

Shareholders’ Equity (in billions of KRW)

2012 2013 2014 %YoY

Equity Attributable to Equity Holders of the Company 1,396.6 1,494.1 1,618.5 8.3

Common Stock 53.4 53.4 53.4 0.0

Additional Paid-in Capital 48.1 48.1 48.1 0.0

Other Capital Surplus (1.0) (71.1) (71.1) -

Accumulated Other Comprehensive Income (32.8) (78.6) (108.9) 38.6

Retained Earning 1,329.0 1,542.4 1,697.1 10.0

Non-controlling Interests 42.0 46.8 51.5 10.1

Total Shareholders’ Equity 1,438.7 1,540.9 1,670.0 8.4

22 23


Total shareholders’ equity increased 8.4% from a year earlier to KRW 1,670.0 billion in 2014, driven by 10.0% growth of re-

tained earnings. Continuous generation of profit helped the Company to post higher shareholder equity.

Dividend

2012 2013 2014 %YoY

Dividend Per Share (KRW) 716 970 970 0.0

Dividend Yield (%) 3.0 2.5 2.0 (0.5%p)

Dividend Payout Ratio (%) 33.0 34.9 37.6 2.7%p

The Company has maintained a dividend policy that strives to consistently return profits to shareholders as a means to en-

hance shareholder value. The Company announced it would approve KRW 970 of dividend per share, same as that in the

previous year. Dividend payout ratio rose to 37.6% in 2014, up 2.7% points from a year earlier.

Cash Flow

Analysis of Cash Flow (in billions of KRW)

2012 2013 2014 %YoY

Cash Flow from Operating Activities 277.7 418.0 346.8 (17.0)

Cash Flow from Investing Activities (127.8) (553.5) (282.0) (49.1)

Cash Flow from Financing Activities (78.9) 100.8 (44.0) -

Increase/Decrease in Cash & Cash Equivalents 71.0 (34.8) 20.9 -

Cash & Cash Equivalents at Beginning of the Year 347.1 401.3 346.8 (13.6)

Net Foreign Exchange Differences (16.8) (19.7) 13.6 -

Cash & Cash Equivalents at End of the Year 401.3 346.8 381.3 9.9

In 2014, cash inflow from operating activities fell by 17.0% year on year, due to the decrease in net income as well as

increased burden of working capital. In spite of continued acquisition of PP&E, net cash outflow for investing activities

decreased significantly to KRW 282.0 billion, down 49.1% from a year earlier, as cash outflows for business combination

fell in 2014 compared to the previous year when the Company integrated with Visteon Climate business. Cash flow from

financing activities turned into deficit, recording net outflow of KRW 44.0 billion. As a result, the year-end balance of cash

and cash equivalents increased to KRW 381.3 billion, a rise of 9.9% from the previous year.


Key Finanacial Ratios

2012 2013 2014

Profitability (%) 　　　

Operating Profit Margin 8.5 7.0 6.8

Pre-tax Profit Margin 9.4 7.6 6.8

Net Income Margin 6.7 6.0 5.3

ROE 18.0 20.9 18.1

ROA 11.4 12.0 9.4

Growth (%) 　　　

Sales Growth 10.3 42.1 5.1

Operating Profit Growth 14.4 17.4 1.9

Net Income Growth 4.9 27.3 (6.9)

Total Assets Growth 9.2 32.1 9.7

Total Liabilities Growth 4.3 77.2 11.1

Total Shareholders’ Equity Growth 12.1 7.1 8.4

Stability (%) 　　　

Current Ratio 187.3 164.8 165.2

Quick Ratio 156.0 129.4 129.8

Liabilities to Equity Ratio 55.4 91.7 94.0

Interest-bearing Debts to Equity Ratio 5.8 20.1 24.0

Efficiency (times) 　　　

Total Assets Turnover 1.7 2.0 1.8

Account Receivables Turnover 6.1 7.0 6.2

Inventory Turnover 17.5 18.4 15.2

Per Share Data (KRW) 　　　

Earnings Per Share 2,169 2,776 2,579

Book Value Per Share 13,476 14,433 15,642

24 25


(4) Status of Employees 종업원 현황 (2014년 12월 31일 현재 / As of Dec. 31, 2014)

Description

구분

Salary

관리사무직

Hourly

생산직

Others

기타

Total

계

Male 남 989 976 9 1,974

Female 여 71 7 - 78

Total 계 1,060 983 9 2,052

(5) Matters Related to Company Stock 주식에 관한 사항

1) Type and number of shares issued 발행한 주식의 종류와 수 (단위: 천원 / In thousands of KRW)

Type of Shares

주식의 종류

Number of shares issued

주식수

Amount

금액

Composition(%)

구성비

Remarks

비고

Registered common stock

기명식 보통주식106,760,000 53,380,000 100

Total 계 106,760,000 53,380,000 100

2) Change in capital 자본금 변동 현황

- None. 해당사항 없음.

3) Shareholders service 주식사무

Closing date

결산일

December 31

12월 31일

General meeting of share-

holders

정기주주총회 개최

Within three months from the

closing date

결산일로부터 3월 이내

Closing period of shareholders’

register

주주명부 폐쇄기간

Jan. 1 through Jan. 31 of each fiscal year

1월 1일부터 1월 31일까지

Transfer notice

전자공고

Class

주권의 종류

One, Five, Ten, Fifty, One hundred, Five hundred,

One thousand, Ten thousand (eight types)

일, 오, 일십, 오십, 일백, 오백, 일천, 일만주권 (8종)

HVCC Website

(www.hvccglobal.com)

한라비스테온공조

홈페이지

Transfer agency

주식업무 대행기관

Name of agent

대리인의 명칭

Securities agency business department, Kookmin Bank

(주) 국민은행증권대행부

Place of agent

사무취급장소

3rd FL., KB Kookmin bank Bldg., 26, Gukjegeumyung-ro 8-gil,

Yeoungdeungpo-gu, Seoul, Republic of Korea

서울특별시 영등포구 국제금융로 8길 26 KB국민은행빌딩 3층

Special treatment for the stock

주식에 대한 특전None. 없음

4) Matters Related to Bond Issues 사채에 관한 사항

- None. 해당사항 없음.

BUSINESS REPORT

1. Company Overview 회사의 개황

(1) The Objectives of the Company 회사의 목적

1) Manufacture, sale and distribution of automotive components and systems

자동차용 부품 및 시스템의 제조, 판매 및 공급

2) Manufacture, sale and distribution of components and systems for electrical machines and other industries

전자전기 기계기구용 및 기타 산업용 부품, 시스템의 제조, 판매 및 공급

3) Export, import, trade and other transactions

수출입 및 교역

4) Any and all acts, matters, businesses and activities, which are related or incidental or conducive

directly or indirectly to the attainment of the foregoing objectives

위 목적의 달성에 직접 또는 간접으로 관련되거나 부수되거나 또는 도움이 되는 모든 행위, 사항, 사업 및 활동

(2) Major Businesses 중요한 사업의 내용

Automotive A/C & Heating Systems, Radiators, Blowers, Compressors & Clutches, Front End Modules, Exhaust Gas Recir-

culation Module, Electronic Coolant Pumps and Valves, Electronic Wastegate Actuators, Electronic Throttle Bodies

자동차용 에어컨, 히터, 라디에이터, 송풍기, 컴프레서 및 클러치, 프론트 엔드 모듈, 배기 가스 재순환 모듈, 전동 냉각 펌프 및 밸브, 전동

웨이스트게이트 액츄에이터, 전동 스로틀 바디

(3) Plants & Offices 공장 및 사무소

Description

구분

Key businesses & products

주요사업내용과 제품

Location

주소지

Headquarters & Daejeon plant

본사 및 대전공장

A/C & Heater System, Radiators, Blowers

에어컨, 히터, 라디에이터, 송풍기

95, Sinilseo-ro, Daedeok-gu, Daejeon,

Republic of Korea

대전광역시 대덕구 신일서로 95

Pyeongtaek plant

평택공장

Compressors & Clutches

컴프레서 및 클러치

32-1, Hamanho-gil, Poseung-eup,

Pyeongtaek-si, Gyeonggi-do, Republic of Korea

경기도 평택시 포승읍 하만호길 32-1

Ulsan plant

울산공장

Front End Modules

프론트 엔드 모듈

110, Napdo-ro, Nam-gu, Ulsan,

Republic of Korea

울산광역시 남구 납도로 110

Seoul office

서울사무소

Marketing, Financing, General affairs

영업, 자금, 총무

13, Eonju-ro 30-gil, Gangnam-gu, Seoul,

Republic of Korea

서울특별시 강남구 언주로 30길, 13

26 27


(4) Installment & Expansion of New Facilities and Funding Status 주요설비 신설 및 확장과 자금조달현황

(단위: 억원 / In 100 millions of KRW)

Business 사업부문 Investment 투자 효과 Amount 총 투자액 Remarks 비고

Automotive A/C

자동차용 에어컨

Expansion 증설 894

New 신설/자동화 1,773

Total 계 2,667

3. Holding Company, Subsidiaries & Joint Ventures

모회사, 자회사 및 기업결합 사항 등

(1) Status of Holding Company 모회사 현황

BUSINESS REPORT

2. Operating Results 영업의 경과 및 성과

(1) Overview (Refer to CEO’s Message) 영업개황

(2) Revenue Breakdown by Region 지역별 매출현황 (단위: 백만원 / In millions of KRW)

Region 지역 2014 2013 2012

Korea 한국 2,342,661 2,349,406 2,172,795

China 중국 1,104,463 1,050,503 755,653

America 미주 850,681 886,710 559,358

Europe 유럽 2,279,560 1,985,734 491,927

Other 기타아시아 622,925 645,499 543,196

Intercompany Transaction 내부거래 및 연결조정 (1,745,341) (1,728,495) (869,832)

Total 계 5,454,949 5,189,356 3,653,097

(3) Production Status by Region 지역별 생산현황 (단위: 천대 / In thousands of Unit)

Region

지역

Products

품목

Capacity

생산가능수량

Actual

실제생산수량

Operating Ratio(%)

평균가동률

Korea

한국

A/C 에어컨 3,636 3,626 100

Compressor 압축기 5,600 5,843 104

FEM 프론트 엔드 모듈 1,371 1,053 77

Radiator 라디에이터 3,144 2,867 91

China

중국

A/C 에어컨 2,740 2,496 91

Compressor 압축기 2,288 2,400 105


America

미주

A/C 에어컨 11,856 9,072 77

FEM 프론트 엔드 모듈 383 402 105


Europe

유럽

A/C 에어컨 17,668 13,007 74

Compressor parts

압축기 부품3,426 3,047 89


Others

기타

A/C 에어컨 1,314 1,056 80

Compressor 압축기 950 877 92


Holding company

모회사

Relation to HVCC

당사와의 관계

Company

상호

Location

소재지

Capital

자본금

Major businesses

주요사업

Number of

shares owned

소유주식수

Ownership

stake (%)

소유비율

VIHI, LLCOne Village Center Drive,Van Buren Township,Michigan 48111-5711, USA

10,000 (US$)

Auto Parts 자동차부품 74,720,000 69.99

(2) Status of Subsidiaries 자회사 현황

Subsidiaries

자회사

Relation to HVCC

당사와의 관계

Company

상호

Location

소재지

Capital

자본금

Major businesses

주요사업

Number of

shares owned

소유주식수

Ownership

stake (%)

소유비율

Halla Visteon Climate Control Canada Inc.

360 University Ave., Belleville, Ontario, Canada K8N 5T6

4,450,000(CAD)

Manufacture and sales of auto parts자동차 부품 제조 판매

4,450,000 100.0

Halla Visteon Climate Control (Thailand) Co., Ltd.

Eastern Seaboard Industrial Es-tate, 64/4 Moo 4, Tambol Pluakdaeng, Amphur Pluak-daeng, Rayong 21140, Thailand

277,000,000(THB)


277,000 100.0

Visteon Automotive Systems India Private Ltd.

Keelakaranai Village Malrosapuram post, Maraimalainagar, Chengalpattu, India

1,422,216,000(INR)


142,221,600 100.0

Halla Visteon Climate Control (Dalian) Co., Ltd.

No. 89, Huaihezhong Road, E.T.D.Z, Dalian Municipality, China

21,500,000(USD)


- 100.0

28 29


BUSINESS REPORT

Subsidiaries

자회사

Relation to HVCC

당사와의 관계

Company

상호

Location

소재지

Capital

자본금

Major businesses

주요사업

Number of

shares owned

소유주식수

Ownership

stake (%)

소유비율

Halla Visteon Auto-pal s.r.o.

Luzicka 14, 741 01, Novy Jicin, Czech Republic

884,194,000(CZK)

Manufacture and sales of auto parts

자동차 부품 제조 판매- 100.0

Halla Visteon Char-leville SAS

Z.I. de Montjoly-BP 228F-08102, Charleville-Mezieres, Cedex, France

33,048,980.34(EUR)


자동차 부품 제조 판매2,167,871 100.0

Halla Visteon Hungary Kft

Aszalvölgyi ut 9-11, Szekesfehervar, 8000, Hungary

6,311,320,000 (HUF)


자동차 부품 제조 판매- 100.0

Halla Visteon UK Limited

Springfield Lyons Approach, Chelmsford, Essex, CM2 5LB., United Kingdom

10,002(GBP)

Development, technology consultation, importing and exporting of auto parts

자동차 부품 개발, 기술자문 및 수출입

10,002 100.0

Halla Visteon Deutschland GmbH

Visteonstraße 4-10, 50170 Kerpen, Germany

25,000 (EUR)

Development of auto parts

자동차 부품 연구 - 100.0

Halla Visteon Netherlands Cooperatief U.A.

Akerstraat 69, 6417 BJ Heerlen, The Netherlands

78,100,000(USD)

Sales of auto parts 자동차 부품 판매

- 100.0

Halla Visteon Rus Limited Liability Company

Room 411 A, Building 8, Frunz str., Togliatti, Samara region,445051, Russia

164,876,000 (RUB)

Manufacture and sales of auto parts 자동차 부품 제조 판매

- 100.0

Halla Visteon Climate Control USA, LLC

One Village Center Drive, Van Buren Twp., MI 48111, USA

-Development of

auto parts 자동차 부품 연구

- 100.0

Coclisa S.A. de C.V.Ave. Laguna de Tamiahua No. 7325, Cd. Juarez, Chihuahua, Mexico C.P. 32340

1,402,569 (MXN)


1,402,569 100.0

Climate Systems Mexicana, S.A. de C.V.

Avenida Heroico Colegio Militar 4701, Chihuahua, Chihuahua, Mexico C.P. 31105

50,000 (MXN)

Sales of auto parts 자동차 부품 판매

50,000 100.0

HVCC Climatizacões do Brasil Industria e Comércio Ltda.

Avenida Paulista, 967,13 Floor. Sao Paulo State, Brazil, 01311-100

7,956,720(BRL)


7,956,720 100.0

Jie Xi Si (Nanjing) Automotive Climate Control Co., Ltd.

No. 199 Qing Shui Ting Road (West), Jiangning Develop-ment Zone, Nanjing, China

1,450,000,000(JPY)


- 51.0

Halla Visteon South-ern Germany GmbH

Talhausstrasse 14, 68766 Hockenheim, Germany

25,000(EUR)



- 100.0

Subsidiaries

자회사

Relation to HVCC

당사와의 관계

Company

상호

Location

소재지

Capital

자본금

Major businesses

주요사업

Number of

shares owned

소유주식수

Ownership

stake (%)

소유비율

Halla Visteon Automotive Climate Sys. Manufacturing Industrial and Com-mercial Co.

GOSB, Ihsan Dede Cad. No:135, 41480, Gebze Kocaeli, Turkey

20,051,140(TRY)


20,051,140 100.0

Halla Visteon Slovakia s.r.o.

Ludovita Stura 1033/7801901 Ilava, Slovak Republic

300,000(EUR)

Manufacture and sales of auto parts자동차 부품제조 판매

- 100.0

Halla Visteon Climate Control (Shanghai) Co., Ltd.

20th Floor, Hongwell International PlazaNo.1602 West Zhongshan Road, Shanghai,China

3,000,000(USD)



- 100.0

Halla Visteon Climate Control Alabama Corp.

676 Halla-Bama Drive, Shorter, Alabama, 36075, USA

100(USD)


100 100.0

Halla Visteon Climate Control (Jinan) Co., Ltd.

1777, Chunhui Road, H.I.D.Z, Jinan Municipality, China

30,000,000(CNY)


- 99.7

Visteon Climate Control (Beijing) Co., Ltd.

No. 6, Caixiang West Rd, Caiyuan Industrial Area, Nancai Town, Shunyi District, Beijing, China

13,500,000(USD)


- 80.0

Halla Visteon Climate Control (Chongqing) Co., Ltd.

No.6 Li Jie Road, Li Jia, New Northern Zone, Chongqing, China

5,000,000(USD)


- 100.0

Halla Visteon Climate Control (Nanchang) Co., Ltd.

No.1 Industry Road, 300# Xiaolan Economy Development Zone, Nanchang, Jiangxi Prov-ince, China

5,600,000(USD)


- 80.85

Halla Visteon Climate Control (Yancheng) Co., Ltd.

No.105 Yandu East Road Yancheng Economic-Techno-logical Development District, Yancheng, Jiangsu Province, China

5,000,000(USD)


- 100.0

Halla Visteon Climate Systems India Private Limited

SP-812-A, Industrial Area, Phase-II, Bhiwadi, Rajasthan, India 301019

13,300,000(INR)


811,300 61.0

Halla Visteon Climate Control Japan Ltd.

Hiroshima Sangyou Bunka Center 8F 16-35, Hijiyama-honmachi, Minami-ku Hiroshima 732-0816, Japan

300,850,000(JPY)



6,017 100.0

Halla Visteon Climate Portugal, S.A.

Estrada Nacional No. 252-KM 12, Palmela, 2951-503, Portu-gal

7,394,795(EUR)


자동차 부품 제조 판매1,478,959 100.0

Halla Visteon Autopal Services s.r.o.

Luzicka 984/14, 741 01, Novy Jicin, Czech Republic

10,000,000(CZK)

Development of auto parts 자동차 부품 연구

- 100.0

* Including indirect stake through subsidiaries. 당사의 종속회사 보유지분 포함.

30 31


BUSINESS REPORT(3) Directors Holding Positions Concurrently at Holding Company & Subsidiaries

모, 자회사에 대한 임원 겸직 현황

Directors Holding Concurrent Positions

겸직임원

Related Company

겸직회사

Remarks

비고

Name

성명

Position

직위

Company

회사명

Position

직위

Y. H. Park

박 용 환

Representative

Director & CEO

대표이사, 사장

JCS, FVCC, HVCC Beijing,

HVCC Nanchang,

HVCC Jinan

Director 이사

Visteon CorporationExecutive Officer

집행임원

4. Three Years of Operating Results & Asset Status

최근 3년간 영업실적 및 재산상태

(1) Operating Results(Summarized Statements of Income) 영업실적(요약손익계산서)

Non-Consolidated 별도 (단위: 천원 / In thousands of KRW)

Description 과목 2014 2013 2012

Sales Revenue

매출액2,342,660,836 2,349,406,314 2,172,795,200


매출원가2,095,216,973 2,063,531,940 1,913,920,662

Gross Profit

매출총이익247,443,863 285,874,374 258,874,538


판매비와관리비193,924,477 194,066,882 167,445,009

Operating Income or Loss

영업이익53,519,386 91,807,492 91,429,529

Financial Income or Loss

금융손익(7,242,179) (452,718) 5,436,956

Other Non-operating Income or Loss

기타 영업외손익174,978,846 102,293,421 99,844,033

Income Before Income Taxes Expenses

법인세비용차감전순이익221,256,053 193,648,195 196,710,518

Income Taxes Expenses

법인세비용994,079 26,370,290 48,694,163

Net Income

당기순이익220,261,974 167,277,905 148,016,355

Consolidated 연결 (단위: 천원 / In thousands of KRW)

※ The above, Summarized Financial Figures are based on K-IFRS. 한국채택국제회계기준으로 작성되었습니다.


Sales Revenue

매출액5,454,949,458 5,189,355,950 3,653,096,886


매출원가4,546,133,600 4,326,039,823 3,066,803,581

Gross Profit

매출총이익908,815,858 863,316,127 586,293,305


판매비와관리비538,499,585 499,781,070 276,695,945

Operating Income or Loss

영업이익370,316,273 363,535,057 309,597,360

Financial Income or Loss

금융손익(12,267,168) 79,545 4,605,951

Other Non-operating Income or Loss

기타 영업외손익191,463 25,017,698 27,495,306

Income Before Income Taxes Expenses

법인세비용차감전순이익370,939,615 396,691,282 342,527,999

Income Taxes Expenses

법인세비용80,490,680 84,588,101 97,383,059

Net Income

당기순이익290,448,935 312,103,181 245,144,940

Equity Attributable to Equity Holders of the Company

지배기업소유주지분275,385,336 296,392,130 231,609,409

Non-Controlling Interests

비지배지분15,063,599 15,711,052 13,535,531

(2) Status of Assets (Summarized Statement of Financial Position) 재산상태(요약재무상태표)

Non-Consolidated 별도 (단위: 천원 / In thousands of KRW)


Assets 자산 2,264,141,299 2,133,097,323 1,659,794,340

Current Assets 유동자산 764,370,289 657,249,732 719,119,094

Non-current Assets 비유동자산 1,499,771,010 1,475,847,591 940,675,246

Liabilities 부채 707,883,855 680,320,881 453,145,377

Current Liabilities 유동부채 470,015,883 442,180,159 424,122,761

Non-current Liabilities 비유동부채 237,867,972 238,140,722 29,022,616

Stockholders’ Equity 자본 1,556,257,444 1,452,776,442 1,206,648,963

Capital Stock 자본금 53,380,000 53,380,000 53,380,000

Capital Surplus 자본잉여금 215,228,784 215,228,784 48,060,000

Accumulated Other Comprehensive Income

기타포괄손익누계액(8,356,022) 3,379,963 12,599,546

Retained Earnings 이익잉여금 1,296,004,682 1,180,787,695 1,092,609,417

Total Liabilities and Stockholders’ Equity

부채와 자본 총계2,264,141,299 2,133,097,323 1,659,794,340

32 33


BUSINESS REPORT

6. Directors & Audit Committee Members 이사 및 감사위원 현황

Director/

Auditor

이사/감사

Standing,

Non-standing

상임, 비상임

Name

성명

Position

직위

Jobs

담당업무 또는

주된직업

Remarks

비고

Representative

Director

대표이사

Standing

상 임

Y. H. Park

박 용 환

President & CEO

사 장

Halla Visteon

Climate

Control Corp.

한라비스테온공조(주)

Director

이사

Non-standing

비상임

Timothy D.

Leuliette

President

회 장Visteon Corp.

Director

이사

Non-standing

비상임Jeffrey M. Stafeil

Executive Vice

President

수석부사장

Visteon Corp.

Director and Audit

Committee

Member

이사 및 감사위원

Non-standing

비상임David M. Roden

Managing Director

상무이사Fifth Third Bank

Independent

Director

사외이사

Director and Audit

Committee

Member


Non-standing

비상임

M. G. Paik

백 만 기

Patent Attorney

변리사

Kim & Chang

law firm

김&장 법률사무소

Independent

Director

사외이사

Director and Audit

Committee

Member


Non-standing

비상임

J. M. Noh

노 재 만- -

Independent

Director

사외이사

Director

이사

Non-standing

비상임Andreas E. Geiger

CTO

최고기술경영자

Johnson Controls

Automotive

Electronics

Independent

Director

사외이사

7. Status of Major Shareholders 대주주 현황

Consolidated 연결 (단위: 천원 / In thousands of KRW)

※ The above, Summarized Financial Figures are based on K-IFRS. 한국채택국제회계기준으로 작성되었습니다.


Assets 자산 3,240,023,316 2,953,898,412 2,236,209,332

Current Assets 유동자산 1,856,237,672 1,704,808,151 1,373,454,202

Non-current Assets 비유동자산 1,383,785,644 1,249,090,262 862,755,130

Liabilities 부채 1,570,030,886 1,413,029,519 797,516,475

Current Liabilities 유동부채 1,123,876,051 1,034,347,262 733,236,021

Non-current Liabilities 비유동부채 446,154,835 378,682,257 64,280,454

Stockholders’ Equity 자본 1,669,992,430 1,540,868,893 1,438,692,857

Equity Attributable to Equity Holders of the Company

지배기업의 소유지분1,618,527,181 1,494,106,934 1,396,647,434

Common Stock 보통주자본금 53,380,000 53,380,000 53,380,000

Additional Paid-in Capital 주식발행초과금 48,060,000 48,060,000 48,060,000

Other Capital Surplus 기타자본잉여금 (71,131,343) (71,131,343) (1,006,259)

Accumulated Other Comprehensive Income

기타포괄손익누계액(108,873,554) (78,569,880) (32,758,479)

Retained Earnings 이익잉여금 1,697,092,078 1,542,368,157 1,328,972,172

Non-controlling Interests 비지배주주지분 51,465,249 46,761,959 42,045,423

Total Liabilities and Stockholders’ Equity

부채와자본총계3,240,023,316 2,953,898,412 2,236,209,332

5. Tasks Facing the Company 회사가 대처할 과제

Included in Overview 영업개황에 포함

Name of Shareholders

주주 성명

Number of

shares owned

주식수

Equity ratio (%)

지분율

Relations to the

Company

회사와의 거래관계

Remarks

비고

VIHI, LLC 74,720,000 69.99%Sales of products

제품판매

National Pension Service

국민연금공단5,665,459 5.31% -

Saudi Arabian

Monetary Agency3,009,304 2.82% -

Employees Provident Fund 845,295 0.79% -

Stichting Depositary

APG Emerging Market722,279 0.68% -

34 35


BUSINESS REPORT

8. The Status of Investment in Affiliates and Other Businesses

회사, 회사 및 자회사 또는 회사의 자회사의 타회사에 대한 출자현황

Subsidiaries & other

businesses

타회사 명칭

Investment & invested com-

pany

투자 및 출자회사

Investment in subsidiaries

& other businesses

다른 회사에 출자한

Investment in HVCC by

other businesses

당사에 출자한 타회사의

Number of

shares

owned

소유주식수

Ownership

stake(%)

소유비율

Number of

shares

owned

소유주식수

Ownership

stake(%)

소유비율

Halla Visteon Climate Control

Canada Inc.

Halla Visteon Climate

Control Corp.


4,450,000 100.0 - -


(Thailand) Co., Ltd.277,000 100.0 - -

Visteon Automotive Systems

India Private Ltd.142,221,600 100.0 - -


(Dalian) Co., Ltd. - 100.0 - -

Halla Visteon Automotive

Climate Sys. Manufacturing

Industrial and Commercial Co.

20,051,140 100.0 - -

Halla Visteon Slovakia s.r.o. - 100.0 - -


(Shanghai) Co., Ltd. - 100.0 - -


Alabama Corp.100 100.0 - -


(Jinan) Co., Ltd. - 99.7 - -

Visteon Climate Control

(Beijing) Co., Ltd. - 80.0


(Chongqing) Co., Ltd. - 100.0


(Nanchang) Co., Ltd. - 80.85


(Yancheng) Co., Ltd. - 100.0

Halla Visteon Climate Systems

India Private Limited811,300 61.0


Japan Ltd.6,017 100.0


Portugal, S.A.1,478,959 100.0

Halla Visteon Autopal

Services s.r.o.- 100.0

Subsidiaries & other

businesses

타회사 명칭

Investment & invested com-

pany

투자 및 출자회사

Investment in subsidiaries

& other businesses

다른 회사에 출자한

Investment in HVCC by

other businesses

당사에 출자한 타회사의

Number of

shares

owned

소유주식수

Ownership

stake(%)

소유비율

Number of

shares

owned

소유주식수

Ownership

stake(%)

소유비율

Halla Visteon Autopal s.r.o.


Control Corp.


- 100.0

Halla Visteon Charleville SAS 2,167,871 100.0

Halla Visteon Hungary Kft - 100.0

Halla Visteon UK Limited 10,002 100.0

Halla Visteon Deutschland

GmbH - 100.0

Halla Visteon Netherlands

Cooperatief U.A. - 100.0

Halla Visteon Rus Limited

Liability Company - 100.0


USA, LLC - 100.0

Coclisa, S.A. de C.V. 1,402,569 100.0

Climate Systems Mexicana,

S.A. de C.V.50,000 100.0

HVCC Climatizacões do Brasil

Industria e Comércio Ltda7,956,720 100.0

Halla Visteon Southern

Germany GmbH- 100.0

Jie Xi Si (Nanjing) Automotive

Climate Control Co., Ltd.- 51.0

FAWER Visteon Climate

Control System (Changchun)

Company Limited

- 50.0

Bonaire Automotive Electrical

System Co., Ltd- 37.5

Japan Climate Systems

Corporation20,000 33.33

* Including indirect stake through subsidiaries. 당사의 종속회사 보유지분 포함.

36 37


BUSINESS REPORT

9. Major Creditors 주요 채권자 등

Major Creditors

주요 채권자

Amount

금액

Hana Bank 하나은행 1,000 (억원/In 100 millions of KRW)

BOA Bank 100 (백만불/In millions of USD)

10. Issue After the Closing Date 결산기 후에 생긴 중요한 사항

- None. 해당사항 없음

11. Other Issues Regarding Operation 기타 영업에 관한 중요한 사항

- None. 해당사항 없음

The Audit Committee (“the Committee”) of Halla Visteon Climate Control Corporation (“the Company”) has audited the financial

statements of fiscal year 2014(January 1, 2014 ~ December 31, 2014), related documents and reports. Accordingly, the Committee

hereby reports the audit results as follows:

1) Overview of audit method

The Committee examined the accounting books and related documents, audited the financial statements, consolidated financial

statements and accompanying notes. The Committee implemented proper audit procedures such as reconciliation, actual in-

spections, witnessing, inquiries, etc. if deemed necessary. The Committee attended Board of Directors’ meetings and other im-

portant sessions for the purpose of operation audit and conducted proper procedure in reviewing documents of business impor-

tance. The Committee also received Internal Controls over Financial Reporting (“ICFR”) Officer’s Operating Status Assessment

Report from the ICFR Officer to confirm it for the accounting information and disclosure that can be trusted.

2) Matters regarding the balance sheet, consolidated balance sheet and the statements of income, consolidated

statements of income

The balance sheet, consolidated balance sheet and the statements of income, consolidated statements of income fairly state the

status of the Company’s financial position and management performance in accordance with relevant law and articles of incor-

porations.

3) Matters regarding the appropriation of retained earnings

The statement of the appropriation of retained earnings properly presents the appropriation of retained earnings in accordance

with relevant laws and articles of incorporation.

4) Matters regarding the business report

The business report fairly states the status of the Company’s business activities and other matters in accordance with relevant

law and articles of incorporation.

한라비스테온공조주식회사 감사위원회는 2014년 1월 1일부터 2014년 12월 31일까지 제29기 사업년도의 회계 및 업무에 대한 감사를 실시하고

그 결과를 다음과 같이 보고합니다.

1) 감사방법의 개요

회계감사를 위하여 회계에 관한 장부와 관계서류를 열람하고 재무제표 및 동 부속명세서를 면밀히 검토하였으며 필요하다고 인정되는 경우 대

조, 실사, 입회, 조회 기타 적절한 감사절차를 적용하였습니다. 업무감사를 위하여 이사회 및 기타 중요한 회의에 출석하고 필요하다고 인정되는

경우 이사로부터 영업에 관한 보고를 받았으며 중요한 업무에 관한 서류를 열람하고 그 내용을 검토하는 등 적절한 방법을 사용하였습니다. 신뢰

할 수 있는 회계정보의 작성 및 공시를 위하여 설치한 내부회계관리제도의 운영실태를 내부회계관리자로부터 보고받고 이를 검토하였습니다.

2) 재무상태표, 연결재무상태표 및 포괄손익계산서, 연결포괄손익계산서 등 재무제표에 관한 사항

재무상태표와 손익계산서는 법령 및 정관에 따라 회사의 재산 및 손익상태를 적정하게 표시하고 있습니다.

3) 이익잉여금 처분계산서에 관한 사항

이익잉여금 처분계산서는 법령 및 정관에 적합하게 작성되어 있습니다.

4) 영업보고서에 관한 사항

영업보고서는 법령 및 정관에 따라 회사의 상황을 정확하게 표시하고 있습니다.

March 20, 2015

Halla Visteon Climate Control Corporation

David M. Roden

Chairman of Audit Committee

2015년 3월 20일

한라비스테온공조주식회사

데이비드 엠 로덴

감사위원회 위원장

AUDIT COMMITTEE’S AUDIT REPORT

38 39


This audit report is effective as at March 20, 2015, the independent auditors’ report date. Accordingly, certain material subsequent events or circum-

stances may have occurred during the period from the date of the independent auditors’ report to the time this report is used. Such events and cir-

cumstances could significantly affect the accompanying consolidated financial statements and may result in modifications to this report.

이 감사보고서는 감사보고서일 현재로 유효한 것입니다. 따라서 감사보고서일 후 이 보고서를 열람하는 시점 사이에 첨부된 회사의 연결재무제표에 중요한 영향을 미칠

수 있는 사건이나 상황이 발생할 수도 있으며 이로 인하여 이 감사보고서가 수정될 수도 있습니다.

한라비스테온공조주식회사

주주 및 이사회 귀중

우리는 별첨된 한라비스테온공조 주식회사와 그 종속기업의 연결재무제표를 감사하였습니다. 해당 연결재무제표는 2014년 12월 31일과 2013년

12월 31일 현재의 연결재무상태표, 동일로 종료되는 양 보고기간의 연결손익계산서, 연결포괄손익계산서, 연결자본변동표 및 연결현금흐름표 그

리고 유의적 회계정책에 대한 요약과 기타의 설명정보로 구성되어 있습니다.

재무제표에 대한 경영진의 책임

경영진은 한국채택국제회계기준에 따라 이 연결재무제표를 작성하고 공정하게 표시할 책임이 있으며 부정이나 오류로 인한 중요한 왜곡표시가 없

는 연결재무제표를 작성하는데 필요하다고 결정한 내부통제에 대해서도 책임이 있습니다.

감사인의 책임

우리의 책임은 우리가 수행한 감사를 근거로 해당 연결재무제표에 대하여 의견을 표명하는데 있습니다. 우리는 한국회계감사기준에 따라 감사를 수

행하였습니다. 이 기준은 우리가 윤리적 요구사항을 준수하며 연결재무제표에 중요한 왜곡표시가 없는지에 대한 합리적인 확신을 얻도록 감사를 계

획하고 수행할 것을 요구하고 있습니다.

감사는 연결재무제표의 금액과 공시에 대한 감사증거를 입수하기 위한 절차의 수행을 포함합니다. 절차의 선택은 부정이나 오류로 인한 연결재무제

표의 중요한 왜곡표시위험에 대한 평가 등 감사인의 판단에 따라 달라집니다. 감사인은 이러한 위험을 평가할 때 상황에 적합한 감사절차를 설계하

기 위하여 기업의 연결재무제표 작성 및 공정한 표시와 관련된 내부통제를 고려합니다. 그러나 이는 내부통제의 효과성에 대한 의견을 표명하기 위

한 것이 아닙니다. 감사는 또한 연결재무제표의 전반적 표시에대한 평가뿐 아니라 연결재무제표를 작성하기 위하여 경영진이 적용한 회계정책의 적

합성과 경영진이 도출한 회계추정치의 합리성에 대한 평가를 포함합니다.

우리가 입수한 감사증거가 감사의견을 위한 근거로서 충분하고 적합하다고 우리는 믿습니다.

감사의견

우리의 의견으로는 회사의 연결재무제표는 한라비스테온공조 주식회사와 그 종속기업의 2014년 12월 31일과 2013년 12월 31일 현재의 재무상

태와 동일로 종료되는 양보고기간의 재무성과 및 현금흐름을 한국채택국제회계기준에 따라 중요성의 관점에서 공정하게 표시하고 있습니다.

기타사항

비교표시된 2013년 12월31일로 종료되는 연결재무제표는 종전 회계감사기준에 따라 감사를 수행하였습니다.

서울특별시 영등포구 여의공원로111

한영회계법인

대표이사 권 승 화

2015년 3월 20일

외부감사인의 감사보고서

The Board of Directors and Shareholders

Halla Visteon Climate Control Corporation

We have audited the accompanying consolidated financial statements of Halla Visteon Climate Control Corp. (the Company), and its

subsidiaries (collectively referred to as the Group), which comprise the consolidated statements of financial position as at Decem-

ber 31, 2014 and 2013, and the consolidated statements of income, consolidated statements of comprehensive income, consoli-

dated statements of changes in equity and consolidated statements of cash flows for the years then ended, and a summary of sig-

nificant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with

Korean International Financial Reporting Standards (KIFRS), and for such internal control as management determines is necessary

to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or er-

ror.

Auditors’ Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit

in accordance with auditing standards generally accepted in the Republic of Korea. Those standards require that we comply with

ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial state-

ments are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial

statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstate-

ment of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor consid-

ers internal control relevant to the entity's preparation and fair presentation of the consolidated financial statements in order to de-

sign audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the

effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and

the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidat-

ed financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Halla Visteon

Climate Control Corp. and its subsidiaries as at December 31, 2014 and 2013, and their financial performance and cash flows for

the years then ended in accordance with Korean International Financial Reporting Standards.

Other Matter

The consolidated financial statements of Halla Visteon Climate Control Corp. and its subsidiaries for the year ended December 31,

2013, presented for comparative purposes, were audited in accordance with previous auditing standards generally accepted in the

Republic of Korea.

March 20, 2015

REPORT OF INDEPENDENT AUDITORS

40 41


CONSOLIDATED FINANCIAL STATEMENTSCONSOLIDATED FINANCIAL STATEMENTS

Consolidated Statements of Financial Position연결재무상태표

제29기 As of December 31, 2014 / 2014년 12월 31일 현재


Accounts 과목 2014 2013

Liabilities 부채

Current Liabilities 유동부채 1,123,876,051 1,034,347,262

Trade Payables 매입채무 697,743,244 660,417,387

Other Payables 기타채무 243,097,086 277,483,949

Short-term Borrowings 차입금 124,174,783 72,102,588

Income Tax Payables 미지급법인세 38,738,382 15,350,961

Derivatives in Current Liabilities 파생금융부채 16,249,809 3,487,702

Provisions for Other Estimated Liabilities in Current Liabilities 기타충당부채 304,041 601,561

Other Current Liabilities 기타유동부채 3,568,707 4,903,113

Non-current Liabilities 비유동부채 446,154,835 378,682,257


Long-term Borrowings 차입금 277,190,545 237,394,059

Provisions for Retirement and Severance Benefits 퇴직급여채무 67,925,112 52,788,258

Provisions for Other Estimated Liabilities in Non-current Liabilities 기타충당부채 29,364,319 25,512,631

Deferred Tax Liabilities 이연법인세부채 30,684,999 21,571,106

Other non-current Liabilities 기타비유동부채 10,835,707 13,940,559

Total Liabilities 부채총계 1,570,030,886 1,413,029,519

StockHolders' Equity 자본

Equity Attributable to Equity Holders of the Company 지배기업의 소유지분 1,618,527,181 1,494,106,934

Common Stock 보통주자본금 53,380,000 53,380,000

Additional Paid-in Capital 주식발행초과금 48,060,000 48,060,000

Other Capital Surplus 기타자본잉여금 (71,131,343) (71,131,343)

Accumulated Other Comprehensive Income 기타포괄손익누계액 (108,873,554) (78,569,880)

Retained Earnings 이익잉여금 1,697,092,078 1,542,368,157

Non-controlling Interests 비지배주주지분 51,465,249 46,761,959

Total Stockholders Equity 자본총계 1,669,992,430 1,540,868,893

Total Liabilities and Stockholders Equity 부채와자본총계 3,240,023,316 2,953,898,412


Assets 자산

Current Assets 유동자산 1,856,237,672 1,704,808,151

Cash and CashEquivalents 현금및현금성자산 381,339,286 346,846,741

Derivative Financial Assets 파생상품자산 5,757,465 9,308,416

Trade Receivable 매출채권 927,880,143 830,349,351

Other Receivables 기타채권 144,043,285 152,341,116

Inventories 재고자산 371,788,471 347,211,156

Other Current Assets 기타유동자산 25,429,023 18,751,370

Non-current Assets 비유동자산 1,383,785,644 1,249,090,262

Non-current Financial Assets 기타금융자산 29,758 31,931

Available-for-sale Financial Assets 매도가능금융자산 1,000 1,000

Held-to-Maturity Securities in Investment Assets 만기보유금융자산 43,770 45,790


Investments in Un-consolidated Affiliates 관계기업및공동기업투자 80,003,049 78,319,832

Property, Plant and Equipment 유형자산 1,052,774,068 969,854,418

Intangible Assets 무형자산 171,817,457 156,001,217

Deferred Income Taxes Assets Non-current 이연법인세자산 66,961,805 32,240,744

Other Non-current Assets 기타비유동자산 4,968,250 4,792,028

Total Assets 자산총계 3,240,023,316 2,953,898,412

(단위: 천원 / In thousands of KRW)

42 43


CONSOLIDATED FINANCIAL STATEMENTSCONSOLIDATED FINANCIAL STATEMENTS

Consolidated Statements of Income 연결손익계산서

제29기 2014년 01월 01일 부터 2014년 12월 31일 까지

제28기 2013년 01월 01일 부터 2013년 12월 31일 까지

For the Years Ended December 31, 2014 and 2013

Consolidated Statements of Cash Flow연결현금흐름표

제29기 2014년 01월 01일 부터 2014년 12월 31일 까지

제28기 2013년 01월 01일 부터 2013년 12월 31일 까지



Sales Revenue 매출액 5,454,949,458 5,189,355,950

Costs of Goods and Services Sold 매출원가 4,546,133,600 4,326,039,823

Gross Profit 매출총이익 908,815,858 863,316,127

Selling and Administrative Expenses 판매비와관리비 538,499,585 499,781,070

Operating Income or Loss 영업이익 370,316,273 363,535,057

Financial Income or Loss 금융손익 (12,267,168) 79,545

Financial Revenues 금융수익 7,334,501 13,716,495

Financial Expenses 금융비용 (19,601,669) (13,636,950)

Other Non-operating Income or Loss 기타 영업외손익 191,463 25,017,698

Other Non-operating Revenues 기타영업외수익 95,993,507 106,301,013

Other Non-operating Expenses 기타영업외비용 (95,802,044) (81,283,315)

Equity Method Associates 관계기업지분법손익 12,699,048 8,058,982

Income Before Income Taxes Expenses 법인세비용차감전순이익 370,939,615 396,691,282

Income Taxes Expenses 법인세비용 80,490,680 84,588,101

Net Income 당기순이익 290,448,935 312,103,181

Profit Attributable to 당기순이익의 귀속

Equity Holders of the Parent 지배기업소유주지분 275,385,336 296,392,130

Non-controlling Interests 비지배지분 15,063,599 15,711,052

Earnings or Losses Per Share 주당손익 (단위:원 / KRW)

Basic Earnings Per Share 기본주당순이익 2,579 2,776

Diluted Earnings Per Share 희석주당순이익


Operating Activities 영업활동 현금흐름 346,817,799 417,952,303

Net Cash Flows Provided by Operating Activities 영업에서 창출된 현금흐름 420,058,063 544,970,732

Profit for the Period 당기순이익 290,448,935 312,103,182

Adjustments to Reconcile Profit for the Period to Net Cash Provided by

Operating Activities 수익ㆍ비용의 조정308,726,121 268,092,735

Changes in Operating Assets and Liabilities 영업활동으로 인한 자산부채의 변동 (179,116,993) (35,225,185)

Interest Received 이자의 수취 5,895,717 6,713,748

Interest Paid 이자의 지급 (13,243,906) (12,961,953)

Dividend Received 배당금의 수취 8,779,618 1,465,547

Income Tax Paid 법인세의 납부 (74,671,693) (122,235,771)

Investing Activities 투자활동 현금흐름 (281,971,179) (553,520,724)

Cash Flows from Investing Activities 투자활동으로 인한 현금유입액 48,974,170 9,548,417

Decrease in Short-term Loans 단기대여금의 감소 10,795,348 3,353,527

Repayment of Held-to-maturity Investments 만기보유금융자산의 처분 2,020 15,955

Disposal of Property, Plant, and Equipment 유형자산의 처분 25,284,074 4,556,385

Disposal of Intangible Assets 무형자산의 처분 75,687 576,550

Cash Flows Used in Business Combination 사업결합으로 인한 현금흐름 12,001,801 0

Cash Inflow from Derivative Instrument Transactions 파생상품거래로 인한 현금유입 815,240 1,046,000

Net Cash Flows used in Investing Activities 투자활동으로 인한 현금유출액 (330,945,349) (563,069,141)

Increase in Short-term Loans 단기대여금의 증가 (9,624,452) (1,813,273)

Increase in Long-term Loans 장기대여금의 증가 0 (26,431)

Purchase of Held-to-maturity Investments 만기보유금융자산의 취득 0 (3,285)

Acquisition of Investments in Associates 관계기업및공동기업주식의 취득 0 (38,098,698)

Acquisition of Property, Plant, and Equipment 유형자산의 취득 (269,354,174) (192,668,641)

Acquisition of Intangible Assets 무형자산의 취득 (4,656,887) (2,584,287)

Cash Flows used in Business Combination 사업결합으로 인한 현금흐름 (47,309,837) (327,874,526)

(단위: 천원 / In thousands of KRW) (단위: 천원 / In thousands of KRW)

44 45


NON-CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS

Non-Consolidated Statements of Financial Position재무상태표




Financing Activities 재무활동 현금흐름 (43,967,457) 100,803,170

Cash Inflows from Financing Activities 재무활동으로 인한 현금유입액 110,853,857 227,733,042

Proceeds from Short-term Borrowings 단기차입금의 차입 79,469,498 0

Proceeds from Long-term Borrowings 장기차입금의 증가 31,384,359 227,733,042

Cash Outflows from Financing Activities 재무활동으로 인한 현금유출액 (154,821,313) (126,929,872)

Decrease from Short-term Borrowings 단기차입금의 감소 (22,298,507) 0

Other Decrease from Short-term Borrowings 기타단기차입금의 감소 0 (9,874,057)

Decrease from Current Maturities of Long-term Liabilities 유동성장기부채의 감소 (13,547,861) 0

Decrease from Long-term Borrowings 장기차입금의 감소 (7,966) (4,877,894)

Payment of Dividends 배당금의지급 (103,557,200) (76,440,160)

Payment of Dividends for Non-controlling Interests 비지배지분에 대한 배당금 (15,409,780) (669,512)

Acquisition of Non-controlling Interests 비지배지분의 취득 0 (35,068,249)

Increases (Decreases) in Cash and Cash Equivalents 현금 및 현금성자산의 증가(감소) 20,879,164 (34,765,251)

Cash and Cash Equivalents at Beginning 기초의 현금 및 현금성자산 346,846,741 401,320,497

Net Foreign Exchange Differences 환율변동효과 13,613,381 (19,708,504)

Cash and Cash Equivalents at End 기말의 현금 및 현금성자산 381,339,286 346,846,741


Current Assets 유동자산 764,370,289 657,249,732

Cash and Cash Equivalents 현금및현금성자산 108,209,047 43,838,366

Derivative Assets Current 파생상품자산 5,608,133 8,110,907

Trade Receivable 매출채권 391,325,559 385,112,419


Inventories 재고자산 90,133,660 79,384,746

Other Current Assets 기타유동자산 6,046,365 3,284,533

Non-current Assets 비유동자산 1,499,771,010 1,475,847,591

Other Financial Assets 기타금융자산 5,500 5,500

Available-for-sale Securities in Investment Assets 매도가능금융자산 1,000 1,000

Held-to-maturity Securities in Investment Assets 만기보유금융자산 43,770 45,790


Investments in Consolidated Affiliates 종속기업주식 1,004,711,701 1,000,835,854

Investments in Un-consolidated Affiliates 관계기업및공동기업투자 68,318,908 68,318,908

Property, Plant and Equipment 유형자산 357,986,150 350,809,515

Intangible Assets 무형자산 33,561,874 31,499,447

Deferred Income Taxes Assets Non-current 이연법인세자산 28,458,618 9,566,910

Other Non-current Assets 기타비유동자산 249,935 247,785

Total Assets 자산총계 2,264,141,299 2,133,097,323


46 47


Non-Consolidated Statements of Income손익계산서

제29기 For the Years Ended December 31, 2014 / 2014년 01월 01일 부터 2014년 12월 31일 까지



Liabilities 부채

Current Liabilities 유동부채 470,015,883 442,180,159

Trade Payables 매입채무 299,867,042 292,867,238


Short-term Borrowings 차입금 25,853,146 31,956,876

Income Tax Payables 당기법인세부채 8,900,677 2,926,216

Derivatives in Current Liabilities 파생금융부채 15,794,470 632,294

Other Current Liabilities 기타유동부채 251,006 287,365

Non-current Liabilities 비유동부채 237,867,972 238,140,722


Long-term Borrowings 차입금 209,920,000 205,530,000

Provisions for Retirement and Severance Benefits 퇴직급여채무 7,003,502 12,126,187

Provisions for Other Estimated Liabilities in Non-Current Liabilities 기타충당부채 8,098,406 8,640,653

Total Liabilities 부채총계 707,883,855 680,320,881

StockHolders' Equity 자본

Capital Stock 자본금 53,380,000 53,380,000

Common Stock 보통주자본금 53,380,000 53,380,000

Capital Surplus 자본잉여금 215,228,784 215,228,784

Additional Paid-in Capital 주식발행초과금 48,060,000 48,060,000

Other Capital Surplus 기타자본잉여금 167,168,784 167,168,784

Accumulated Other Comprehensive Income 기타포괄손익누계액 (8,356,022) 3,379,963

Gains or Losses on Valuation of Derivatives Cash Flow Hedge

현금흐름위험회피파생상품평가손익(8,356,022) 3,379,963

Retained Earnings or Accumulated Deficit 이익잉여금(결손금) 1,296,004,682 1,180,787,695

Appropriated Retained Earnings for Statutory Reserve 법정적립금 29,190,000 29,190,000

Appropriated Retained Earnings for Voluntary Reserves 임의적립금 1,048,040,495 986,979,257

Retained Earnings Before Appropriations or Accumulated Deficit Before

Disposition on Balance Sheet 미처분이익잉여금218,774,187 164,618,438

Total Stockholders Equity 자본총계 1,556,257,444 1,452,776,442

Total Liabilities and Stockholders Equity 부채와자본총계 2,264,141,299 2,133,097,323


Sales Revenue 매출액 2,342,660,836 2,349,406,314

Costs of Goods and Services Sold 매출원가 2,095,216,973 2,063,531,940

Gross Profit 매출총이익 247,443,863 285,874,374

Selling and Administrative Expenses 판매비와관리비 193,924,477 194,066,882

Operating Income or Loss 영업이익 53,519,386 91,807,492

Financial Income or Loss 금융손익 (7,242,179) (452,718)

Financial Revenues 금융수익 4,912,765 7,704,385

Financial Expenses 금융비용 (12,154,944) (8,157,103)

Other Non-operating Income or Loss 기타 영업외손익 174,978,846 102,293,421

Other Non-operating Expenses 기타영업외수익 254,475,705 160,871,781

Other Non-operating Expenses 기타영업외비용 (79,496,859) (58,578,360)

Income Before Income Taxes Expenses 법인세비용차감전순이익 221,256,053 193,648,195

Income Taxes Expenses 법인세비용 994,079 26,370,290

Net Income 당기순이익 220,261,974 167,277,905

Earnings or Losses Per Share 주당손익 (단위:원 / KRW)

Basic Earnings Per Share 기본주당순이익 2,063 1,567

Diluted Earnings Per Share 희석주당순이익


NON-CONSOLIDATED FINANCIAL STATEMENTS NON-CONSOLIDATED FINANCIAL STATEMENTS

48 49


Non-Consolidated Statements of Appropriated Retained Earnings이익잉여금처분계산서(안)


(처분예정일 : 2015년 03월 30일 / Date of Appropriation : March 30, 2015)


(처분확정일 : 2014년 03월 12일 / Date of Appropriation : March 12, 2014)

Non-Consolidated Statements of Changes in Equity자본변동표

제29기 2014년 01월 01일 부터 2014년 12월 31일 까지

제28기 2013년 01월 01일 부터 2013년 12월 31일 까지



Retained Earnings Before Appropriations Before Disposition 미처분이익잉여금 218,774,187 164,618,438

Unappropriated Retained Earnings or Undisposed Accumulated Deficit

from Beginning Year 전기이월미처분이익잉여금0 0

Accumulated Effect of Accounting Policy Change(K-IFRS) 회계정책변경누적효과 0 0

Insurance Mathematical Income or Loss 보험수리적 손익 (1,487,787) (2,659,468)

Net Income 당기순이익 220,261,974 167,277,906

Subtotal of Retained Earnings Before Appropriation 합계 218,774,187 164,618,438

Appropriations of Retained Earnings 이익잉여금처분액 218,774,187 164,618,438

Legal Reserves in Statement of Appropriation Retained Earnings 이익준비금 0 0

Voluntary Reserves in Statement of Appropriation Retained Earnings 임의적립금 115,216,987 61,061,238

Business Expansion 사업확장적립금 115,216,987 61,061,238

Dividends 배당금 103,557,200 103,557,200

Cash Dividends 현금배당 103,557,200 103,557,200

Dividends Per Share 주당 배당금(KRW) 970 970

Unappropriated Retained Earnings Carried Over to Subsequent Year

차기이월미처분이익잉여금0 0


Accounts

과목

Capital

Stock

자본금

Additional Paid-in

Capital

주식발행초과금

Other Capital

Surplus

기타자본잉여금

Accumulated

Other

Comprehensive

Income

기타포괄

손익누계액

Retained

Earnings

이익잉여금

Sum

총계

At January 1, 2013

2013.1.1(전기초) 53,380,000 48,060,000 - 12,599,546 1,092,609,417 1,206,648,963

Net Income 당기순이익 - - - - 167,277,906 167,277,906

Gain (loss) on Cash Flow

Hedge Derivative Instru-

ments 기타포괄손익

- - - (9,219,583) (2,659,468) (11,879,051)

Actuarial Gain (loss)

총포괄이익- - - (9,219,583) 164,618,438 155,398,855

Investment in Subsidiaries

and Affiliates

종속기업및관계기업투자

- - 20,262,669 - - 20,262,669

Business Combination

사업결합- - 146,906,115 - - 146,906,115

Cash Dividends

현금배당- - - - (76,440,160) (76,440,160)

At December 31, 2013

2013.12.31(전기말)53,380,000 48,060,000 167,168,784 3,379,963 1,180,787,695 1,452,776,442

At January 1, 2014

2014.1.1(당기초)53,380,000 48,060,000 167,168,784 3,379,963 1,180,787,695 1,452,776,442

Net Income 당기순이익 - - - - 220,261,974 220,261,974

Gain (loss) on Cash Flow

Hedge Derivative Instru-

ments 기타포괄손익

(11,735,985) (1,487,787) (13,223,772)

Actuarial Gain (loss)

총포괄이익- - - (11,735,985) 218,774,187 207,038,202

Cash Dividends

현금배당　- 　- 　- - (103,557,200) (103,557,200)

At December 31, 2014

2014.12.31(당기말)53,380,000 48,060,000 167,168,784 (8,356,022) 1,296,004,682 1,556,257,444


NON-CONSOLIDATED FINANCIAL STATEMENTSNON-CONSOLIDATED FINANCIAL STATEMENTS

50 51


Non-Consolidated Statements of Cash Flow현금흐름표

제29기 2014년 01월 01일 부터 2014년 12월 31일 까지

제28기 2013년 01월 01일 부터 2013년 12월 31일 까지



Cash Outflows from Investing Activities 투자활동으로 인한 현금유출액 (171,146,328) (586,037,034)

Increase in Short-term Loans 단기대여금의 증가 (9,373,582) (19,803,421)

Increase in Long-term Loans 장기대여금의 증가 0 (300,000)

Acquisition of Held-to-maturity Investments 만기보유금융자산의 취득 0 (3,285)

Acquisition of Investments in Subsidiaries 종속기업주식의 취득 (24,469,391) (388,604,741)

Acquisition of Investments in Associates 관계기업지분의 취득 0 (38,098,698)

Acquisition of Property, Plant and Equipment 유형자산의 취득 (128,125,223) (108,353,082)

Acquisition of Intangible Assets 무형자산의 취득 (9,178,132) (30,873,807)

Financing Activities 재무활동 현금흐름 (109,496,628) 133,047,246

Net Cash Flows Provided by (used in) Financing Activities

재무활동으로 인한 현금유입액0 209,487,406

Proceeds from Short-term Borrowings 단기차입금의 증가 687,406

Proceeds from Long-term Borrowings 장기차입금의 차입 208,800,000

Financing Activities 재무활동으로 인한 현금유출액 (109,496,628) (76,440,160)

Repayment from Short-term Borrowings 단기차입금의 순증감 (5,939,428) 0

Payment of Dividends 배당금의 지급 (103,557,200) (76,440,160)

Increase (Decrease) in Cash and Cash Equivalents

현금 및 현금성자산의 증가(감소)64,370,681 (92,535,855)

Cash and Cash Equivalents at January 1 기초의 현금 및 현금성자산 43,838,366 136,374,221

Cash and Cash Equivalents at end of Period 기말의 현금 및 현금성자산 108,209,047 43,838,366


Operating Activities 영업활동 현금흐름 256,388,641 205,336,320

Net Cash Flows Provided by Operating Activities 영업에서 창출된 현금흐름 182,015,859 230,089,568

Profit for the Period 당기순이익 220,261,974 167,277,906

Adjustments to Reconcile Profit for the Period to Net Cash Provided by

Operating Activities 수익ㆍ비용의 조정(9,900,752) 86,937,743

Changes in Operating Assets and Liabilities

영업활동으로 인한 자산부채의 변동(28,345,363) (24,126,081)

Interest Received 이자의 수취 3,170,667 3,907,206

Interest Paid 이자의 지급 (5,806,903) (5,065,692)

Dividend Received 배당금의 수취 86,837,687 29,397,365

Income Tax Paid 법인세의 납부 (9,828,669) (52,992,127)

Investing Activities 투자활동 현금흐름 (82,521,332) (430,919,421)

Cash Inflows from Investing Activities 투자활동으로 인한 현금유입액 88,624,996 155,117,613

Decrease in Short-term Loans 단기대여금의 감소 21,136,995 15,929,400

Repayment of Held-to-maturity Investments 만기보유금융자산의 처분 2,020 15,955

Disposal of Property, Plant and Equipment 유형자산의 처분 47,830,491 35,508,037

Disposal of Intangible Assets 무형자산의 처분 0 537,000

Cash Inflow from Derivative Instrument Transactions

파생상품거래로 인한 현금유입815,240 1,046,000

Capital Reduction of Subsidiaries 종속기업감자 0 101,450,880

Disposal of Subsidiaries 종속기업주식의 처분 18,840,250 0

Increase in Cash and Cash Equivalents by Merger

합병으로 인한 현금및현금성자산의 증가630,341


NON-CONSOLIDATED FINANCIAL STATEMENTS NON-CONSOLIDATED FINANCIAL STATEMENTS

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