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5. Visteon Corporation Business Report FY ended 2015

-Financial figures listed above do not include results from discontinued operations.

Factors
1) Net Sales
-The Company's sales for the fiscal year ended December 31, 2015 increased by 25.5% over the previous year to USD 3,245 million. The main factor for the increase is the full year operation of the Company's Electronics acquisition effective July 1, 2014. This increased sales by USD 691 million. In addition, increased production volumes and new business increased sales by a combined USD 199 million. Negative currency effects decreased sales by USD 175 million, while customer pricing caused a loss of USD 56 million.

2) Net Income
-The Company's net income for the fiscal year ended December 31, 2015 was USD 2,284 million, an increase of USD 2,579 million from 2014. The sale of the Company's Climate segment resulted in a gain of USD 2,324 million, while the sale of a non-consolidated affiliate resulted in a gain of USD 62 million. These gains were partially offset by a loss caused by the divestiture of its interiors plant in Berlin of USD 105 million.

3) Electronics
-The Electronics segment had sales of USD 3,107 million in the fiscal year ended December 31, 2015, a 30.2% increase from the previous year. The acquisition of Johnson Controls' Electronics business contributed USD 691 million to the increase, while higher production volumes, specifically in Asia and Europe, increased sales by USD 240 million. Unfavorable currency effects decreased sales by USD 156 million, and customer pricing changes decreased sales by USD 54 million.

Restructuring

Divestiture of automotive interiors plant in Berlin
-The Company has signed an agreement to sell its non-core automotive interiors plant in Berlin, Germany, currently held by Visteon Deutschland GmbH and APTUS GmbH, to APCH Automotive Plastic Components Holding GmbH (APCH), effective December 1, 2015. This marks the sale of the Company's only remaining interiors operation not covered by the 2014 divestiture of its interiors business. The transaction includes the operation's approximately 400 employees. The transaction has no effect on the Company's electronics facilities in Germany. (From a press release on October 30, 2015)

Divestiture of Halla Visteon Climate Control Corporation
-The Company announced that it has completed the sale of its approximately 70% ownership interest in Halla Visteon Climate Control Corp. (HVCC) to an affiliate of Hahn & Company, and Hankook Tire Co. Ltd., for approximately USD 3.6 billion. As a result of this sale, the Company has withdrawn from the Climate segment and is solely focused on automotive cockpit electronics and connected car systems. (From a press release on June 9, 2015)

Business Partnership

-The Company has teamed up with Mediamobile, the primary European broadcast traffic information service provider and editor of V-Traffic mobility solutions, to offer an industry-first solution that enables cars to receive traffic updates. The proposed solution allows cars equipped with Digital Audio Broadcasting (DAB) radios to receive traffic updates through digital radio and Internet services simultaneously. The radio picks up Mediamobile's V-Traffic data broadcasts and transfers the content via a Bluetooth connection to the driver's smartphone or tablet for decoding. The traffic information is displayed on the smartphone screen, via an application that switches seamlessly between DAB and the Internet. (From a press release on September 22, 2015)

Contracts

-Contract information for vehicles launched in 2015

Outlook

-For the fiscal year ending December 31, 2016, the Company expects to have sales of USD 3.2 billion and an adjusted EBITDA between USD 305 million and USD 335 million.

Awards

-The Company announced that it has received a Global Innovation Award from Nissan Motor Corporation for a 7-inch display instrument cluster, featured in the all-new 2015 Nissan Murano. Headed by Company teams in Yokohama and Hiroshima, Japan, the program was supported by software and hardware teams in Chennai, India; Van Buren Township, Michigan, U.S.; and Shanghai, China. (From a press release on July 20, 2015)

-Awards the Company received in 2015 are as follows:

-After its restructuring, the Company expects to budget approximately 12% to 12.5% of its sales per year for research and development spending.

R&D Facilities

-The Company has 21 technical centers in the following 12 countries: Brazil, Bulgaria, China, France, Germany, India, Japan, Mexico, Portugal, South Korea, UK, U.S.

Technological Alliance

-The Company and UK-based Linux software specialist Codethink are partnering to improve the long-term traceability and reproducibility of software used in in-vehicle infotainment (IVI) products. The Company and Codethink have developed a unified approach to collect and integrate Linux ecosystem source code across third-party and open source components used in the Company's infotainment projects with global automakers. Both companies are members of the GENIVI Alliance, a non-profit organization committed to driving the broad adoption of specified, open-source IVI software. (From a press release on April 21, 2015)

Product Development

Time-of-flight technology concept for gesture control systems
-The Company will display a vehicle featuring a time-of-flight technology concept for gesture control systems at CES 2016 in Las Vegas, U.S. Time of flight technology measures the time it takes for light to travel from a source to an object and back to determine the distance of the object. The concept combines a camera with time-of-light technology with image-processing algorithms to read hand gestures such as holding up a specific number of figures. Using time of flight technology allows the system to read hand gesture signals quicker and more accurately than current systems. (From a press release on December 31, 2015)

Human-machine interface interactive simulator
-The Company will display an interactive driving simulator featuring the Company's various human-machine interface (HMI) technologies at CES 2016. Systems displayed on the simulator include a time-of-flight gesture system to track complex hand signals, and a spatial gesture system for simple gestures such as directional swiping and rotation. The simulator has pressure-sensitive touch pads which can detect both depth and location of button presses to enable different functions. Another feature on the simulator is contextual HMI systems, which can provide personalized shortcuts for specific drivers based on previous usage. (From a press release on December 31, 2015)

Extra-large windshield head-up display
-At CES 2016, the Company will display an extra-large windshield head-up display (HUD) on a compact vehicle. Thanks to a powerful backlight and large mirror within the instrument panel, the HUD's image can be seen on bright days. By increasing the image of the HUD, more information can be displayed on the windshield. The system utilizes data analytics to obtain information on the road conditions around the vehicle, and appropriately adjusts the information that is displayed. (From a press release on December 31, 2015)

-Capital expenditures listed above do not include discontinued operations