Visteon Announces Reporting Segments Under New Customer-Facing Corporate Structure
Visteon Announces Reporting Segments Under New Customer-Facing Corporate Structure
VISTEON LOGO
Visteon Corporation Logo. (PRNewsFoto)[PM]
DEARBORN, MI USA 12/01/2000
DEARBORN, Mich., July 3 Visteon Corporation
today announced new financial reporting segments to align with its recently
implemented organization, which is focused on customer business groups, and
supported by centralized product development, manufacturing and administrative
functions.
(Photo: http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO )
Consistent with the new organization and effective in the Second Quarter
of 2001, Visteon's segment reporting will be as follows: Automotive Operations
and Glass Operations. Automotive Operations provides various automotive
systems and components mainly to OEM customers; Glass Operations supplies
architectural and flat glass to a broad customer base, including OEMs. The
new segments replace the previous product-oriented reporting segments:
Comfort, Communication & Safety, Dynamics & Energy Conversion, and Glass.
Since implementation of the new organizational structure in April 2001,
major benefits already have been realized, including significant new business
wins, reduced structural costs and increased leverage from centralization of
manufacturing, product development and other staff functions.
Attached to the press release is historical financial information that
reflects the new reporting segments.
Visteon Corporation is a leading full-service supplier that delivers
consumer-driven technology solutions to automotive manufacturers worldwide and
through multiple channels within the global automotive aftermarket. Visteon
has 82,000 employees and a global delivery system of more than 130 technical,
manufacturing, sales, and service facilities located in 25 countries.
This press release contains forward-looking statements made pursuant to
the Private Securities Litigation Reform Act of 1995. Words such as
"estimated" and "potentially" signify forward-looking statements. Forward-
looking statements are not guarantees of future results and conditions but
rather are subject to various risks and uncertainties. Some of these risks
and uncertainties are identified in our Current Report on Form 8-K filed with
the Securities and Exchange Commission on February 27, 2001. Should any risks
and uncertainties develop into actual events, these developments could have
material adverse effects on Visteon's business, financial condition and
results of operations.
Certain quarterly and annual segment financial information for 1998 and
1999 actual results, the related 1999 pro forma data, 2000 actual results, and
2001 First Quarter actual results, is presented in the following tables. This
information has been restated to conform with the new reporting segments:
Automotive Operations and Glass Operations. Automotive Operations provides
various automotive systems and components mainly to OEM customers; Glass
Operations supplies architectural and flat glass to a broad customer base,
including OEMs.
For further discussion of pro forma adjustments, please refer to the
"Unaudited Pro Forma Condensed Consolidated Financial Statements" section of
our prospectus dated June 13, 2000, as filed with the SEC on June 14, 2000.
1999 Actual 1998 Actual
First Second Third Fourth Full Full
Quarter Quarter Quarter Quarter Year Year
(unaudited,
in millions)
Sales
Automotive
Operations $4,572 $4,861 $4,418 $4,742 $18,593 $17,010
Glass Operations 200 202 182 189 773 752
Total $4,772 $5,063 $4,600 $4,931 $19,366 $17,762
Income/(loss) before
taxes
Automotive
Operations $305 $435 $260 $170 $1,170 $1,145
Glass Operations 8 14 - (20) 2 (29)
Total $313 $449 $260 $150 $1,172 $1,116
Net income/(loss)
Automotive
Operations $199 $270 $155 $108 $732 $718
Glass Operations 6 10 - (13) 3 (15)
Total $205 $280 $155 $95 $735 $703
Average Assets
Automotive
Operations $8,870 $9,981 $10,877 $11,280 $10,252 $8,376
Glass Operations 616 629 703 780 682 548
Total $9,486 $10,610 $11,580 $12,060 $10,934 $8,924
1999 Proforma
First Second Third Fourth Full
Quarter Quarter Quarter Quarter Year
(unaudited, in millions)
Sales
Automotive Operations $4,407 $4,685 $4,272 $4,578 $17,942
Glass Operations 190 192 173 179 734
Total $4,597 $4,877 $4,445 $4,757 $18,676
Income/(loss) before taxes
Automotive Operations $115 $265 $94 $(3) $471
Glass Operations 1 8 (8) (27) (26)
Total $116 $273 $86 $(30) $445
Net income/(loss)
Automotive Operations $80 $164 $50 $1 $295
Glass Operations 2 6 (4) (18) (14)
Total $82 $170 $46 $(17) $281
2000 Actual 2001 Actual
First Second Third Fourth Full First
Quarter Quarter Quarter Quarter Year Quarter
(unaudited, in millions)
Sales
Automotive
Operations $5,028 $5,105 $4,224 $4,364 $18,721 $4,558
Glass Operations 197 204 180 165 746 165
Total $5,225 $5,309 $4,404 $4,529 $19,467 $4,723
Income/(loss) before
taxes
Automotive
Operations $239 $284 $80 $86 $689 $60
Glass Operations (2) (18) 2 (232) (250) (5)
Total $237 $266 $82 $(146) $439 $55
Net income/(loss)
Automotive
Operations $148 $173 $46 $59 $426 $33
Glass Operations (1) (11) 2 (146) (156) (2)
Total $147 $162 $48 $(87) $270 $31
Average Assets
Automotive
Operations $11,392 $11,134 $10,887 $12,011 $11,356 $11,081
Glass Operations 728 609 574 213 531 294
Total $12,120 $11,743 $11,461 $12,224 $11,887 $11,375
2000 1999 1998
Actual Actual Actual
(unaudited, in millions)
Automotive Operations
Depreciation/amortization $641 $616 $531
Capital expenditures 771 832 777
Unconsolidated affiliates:
Equity in net income 50 39 17
Investments in 122 184 190
Glass Operations
Depreciation/amortization $35 $35 $34
Capital expenditures 22 44 84
Unconsolidated affiliates:
Equity in net income 6 8 9
Investments in 20 21 24
Total Visteon
Depreciation/amortization $676 $651 $565
Capital expenditures 793 876 861
Unconsolidated affiliates:
Equity in net income 56 47 26
Investments in 142 205 214