DELPHI 2014 Annual Report Download - page 99

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77
5. INVESTMENTS IN AFFILIATES
As part of Delphi’s operations, it has investments in seven non-consolidated affiliates accounted for under the equity
method of accounting. These affiliates are not publicly traded companies and are located primarily in South Korea, China and
Mexico. Delphi’s ownership percentages vary generally from approximately 20% to 50%, with the most significant investments
in Korea Delphi Automotive Systems Corporation (of which Delphi owns 50%), Delphi-TVS Diesel Systems Ltd (of which
Delphi owns approximately 50%), and Promotora de Partes Electricas Automotrices, S.A. de C.V. (of which Delphi owns
approximately 40%). The aggregate investment in non-consolidated affiliates was $228 million and $234 million at
December 31, 2014 and 2013, respectively. Dividends of $10 million, $30 million and $63 million for the years ended
December 31, 2014, 2013 and 2012, respectively, have been received from non-consolidated affiliates. No impairment charges
were recorded for the years ended December 31, 2014, 2013 and 2012.
The following is a summary of the combined financial information of significant affiliates accounted for under the equity
method as of December 31, 2014 and 2013 and for the years ended December 31, 2014, 2013 and 2012 (unaudited):
December 31,
2014 2013
(in millions)
Current assets.............................................................................................................................. $ 596 $ 608
Non-current assets ...................................................................................................................... 449 474
Total assets............................................................................................................................... $ 1,045 $ 1,082
Current liabilities ........................................................................................................................ $ 375 $ 362
Non-current liabilities................................................................................................................. 209 257
Shareholders’ equity................................................................................................................... 461 463
Total liabilities and shareholders’ equity.................................................................................. $ 1,045 $ 1,082
Year Ended December 31,
2014 2013 2012
(in millions)
Net sales.......................................................................................................... $ 1,674 $ 1,773 $ 1,737
Gross profit ..................................................................................................... 229 237 184
Net income...................................................................................................... 27 63 43
A summary of transactions with affiliates is shown below:
Year Ended December 31,
2014 2013 2012
(in millions)
Sales to affiliates............................................................................................. $ 61 $ 52 $ 74
Purchases from affiliates................................................................................. 115 113 112