📄 Extracted Text (151 words)
1 May 2015
Autos & Auto Parts
Delphi Automotive
[Figure Delphi 01'15 EBIT Walk
Remanue EBIT
C1114 Base (ex Thermal) 3.897 463
Volume 271 98 36% incremental on volume
Pricing (57) (57)r
FX and Commodities (314) (46)
Depreciation (1)
Net Performance/Other 15
Q115 Estimate 3,797 472
EBIT Margin 12.4%
YOY Incremental Margin -9.0%
SOLOOt. DS% 0•COMM Sant
[Figure 2: Delphi 2015 EBIT Walk
Revenue EBIT
2014 Base (ex Thermal) 15,499 1,925
Volume 1,330 399 30% incremental on volume
Acquisitions 130 15 12% incremental on volume
Pricing (283) (283) Assume 1.7% of Re/s
FX and Commodities (1.384) (156)
Restructuring 70
Discretionary R&D/IT (140)
Depreciation (35)
Other Performance 204
2015 Estimate 15,293 2,000
EBIT Margin 13.1%
Yoy Incremental Margin -36%
Yoy Incremental Margin ex FX 20%
Note: Net Performance 134
Souse Deicht DeGriao Sank
Page 4 Deutsche Bank Securities Inc.
CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117117
CONFIDENTIAL SDNY_GM_00263301
EFTA01457536
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