J.P. Morgan 2016 Auto Conference
Adient JV Equity Income and Cash Dividend Summary
YFJC represents ~57%
of Adient Seating JV
equity income and
~ 52% of total
equity income
Sources
Equity Income
Cash Dividends
Paid
% Conversion
2011A
$201
$156
77.6%
2012A
$2111
$143
67.8
"Cash rich/low debt"
balance sheets ā
2013A
$3021
$148
49.0
maximum
disbursement of
earnings after
2014A
$284
$176
62.0
reinvestment
Dividends paid in
2015A
$295
$193
65.4
arrears based on prior
year retained earnings
ā certainty of
distribution in the
current year
FY11A-FY15A CAGR
10.1%
5.5%
FY11A - FY15A Median
65.4%
Note: Yanfeng Automotive Interiors (YFAI) JV formed on July 2, 2015, and did not generate a cash dividend to Adient in FY2015.
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1. Includes $106 million and $3 million of non-cash gains related to fair value adjustments of Adient's existing cash equity investments in FY2013 and FY2012, respectively. No such gains existed in FY2015, FY2014 or FY2011.View entire presentation