AUBURN HILLS, Mich.,
Feb. 10, 2011 /PRNewswire/ --
BorgWarner Inc. (NYSE: BWA) today reported fourth quarter
2010 U.S. GAAP earnings of $0.89 per
diluted share, a new record for the Company and up 98% compared
with U.S. GAAP earnings of $0.45 per
diluted share in fourth quarter 2009. Sales were up 28.0% from
fourth quarter 2009, sharply higher than global vehicle production
growth of approximately 4%.
Fourth Quarter Highlights:
- Record sales of $1,533.4 million,
up 28.0% from fourth quarter 2009.
- Record earnings of $0.89 per
diluted share, up 98% from $0.45 per
diluted share in fourth quarter 2009. For comparison with other
periods, fourth quarter 2009 earnings were $0.42 per diluted share excluding a non-recurring
item.
- Operating income was $157.4
million, or 10.3% of sales.
- The Company repurchased approximately 2.1 million shares of its
common stock.
- Announced $2.3 billion of
expected net new business for 2011 through 2013, a 28% increase
over its previous three-year net new business.
Full Year Highlights:
- Record sales of $5,652.8 million,
up 42.7% from 2009.
- U.S. GAAP earnings were $3.07 per
diluted share. For comparison with other years, 2010 earnings were
a record $3.02 per diluted share
excluding non-recurring items.
- Operating income was $504.3
million, or 8.9% of sales. Excluding non-recurring items,
operating income was 9.3% of sales.
Comment and Outlook: "The fourth quarter was a
strong finish to an exceptional year for our company," said
Timothy Manganello, Chairman and CEO
of BorgWarner. "Our sales were up 28% in fourth quarter 2010
compared with fourth quarter 2009, or 33% excluding the impact of
currency, while global vehicle production was up 5%. New business
growth was the driving force behind our fourth quarter results as
it had been throughout the year. Adoption rates of our leading-edge
powertrain technology continued to outpace vehicle production
growth in every major region of the world. A continued focus on
execution at our operations resulted in a strong operating income
margin of 10.3% in the fourth quarter, up sharply from 5.6% a year
ago."
"For the full year, we posted record sales and earnings, and our
operating income margin was the highest it has been in several
years. These are remarkable accomplishments considering they were
achieved with depressed volumes and immediately following one of
the most difficult periods in our history. However, we do not
believe that 2010 was a peak year. In 2011, we expect 16% to 20%
sales growth and 30% to 40% earnings growth compared with 2010, and
an operating income margin of 10.5% or better," said
Manganello.
Financial Results: Sales were $1,533.4 million in fourth quarter 2010, up 28.0%
from $1,198.3 million in fourth
quarter 2009. Net earnings in the quarter were $111.7 million, or $0.89 per diluted share, compared with
$52.7 million, or $0.45 per diluted share in fourth quarter 2009.
Fourth quarter 2009 net earnings included a non-recurring item of
$0.03 per diluted share. This
non-recurring item is listed in the table below as a reconciliation
of a non-U.S. GAAP measure, which is provided by the Company for
comparison with other results, with the most directly comparable
U.S. GAAP measure. The impact of foreign currencies, primarily the
Euro, lowered sales by $(61.6)
million in fourth quarter 2010 compared with fourth quarter
2009, and lowered net earnings $(0.02) per diluted share.
Full year 2010 sales were $5,652.8
million, up 42.7% from $3,961.8
million in 2009. Full year 2010 net earnings were
$377.4 million, or $3.07 per diluted share, compared with net
earnings of $27.0 million, or
$0.23 per diluted share, in 2009.
Full year 2010 net earnings included net non-recurring items of
$0.05 per diluted share. Full year
2009 net earnings included net non-recurring items of $(0.17) per diluted share. These non-recurring
items are listed in the table below as reconciliations of non-U.S.
GAAP measures, which are provided by the Company for comparison
with other results, with the most directly comparable U.S. GAAP
measures. The impact of foreign currencies, primarily the Euro,
lowered sales by $(90.4) million in
2010 compared with 2009, but increased net earnings $0.02 per diluted share.
The following table reconciles the Company's non-U.S. GAAP
measures included in the press release, which are provided for
comparison with other results, with the most directly comparable
U.S. GAAP measures:
|
|
Net earnings
or (loss) per diluted share
|
Fourth
Quarter
|
Full
Year
|
|
|
2010
|
2009
|
2010
|
2009
|
|
|
|
|
|
|
|
Non – U.S.
GAAP
|
$0.89
|
$0.42
|
$3.02
|
$0.40
|
|
|
|
|
|
|
|
Reconciliations:
|
|
|
|
|
|
Reversal of foreign
tax credit valuation allowance
|
|
|
0.17
|
|
|
Environmental
litigation settlement
|
|
|
(0.14)
|
|
|
BERU-Eichenauer
equity investment gain
|
|
|
0.04
|
|
|
Medicare Part D tax
law change
|
|
|
(0.02)
|
|
|
Restructuring
activities
|
|
|
|
(0.29)
|
|
Interest rate
derivative agreements
|
|
|
|
(0.03)
|
|
Adoption of ASC
Topic 805—acquisition activity
|
|
|
|
(0.03)
|
|
Muncie closure
retiree obligation net gain
|
|
|
|
0.15
|
|
Tax valuation
allowance
|
|
0.03
|
|
0.03
|
|
|
|
|
|
|
|
U.S.
GAAP
|
$0.89
|
$0.45
|
$3.07
|
$0.23
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities was $538.9 million in 2010 compared with $351.0 million in 2009. Investments in
capital expenditures, including tooling outlays, totaled
$276.6 million in 2010, compared with
$172.0 million in 2009. Balance
sheet debt increased by $338.1
million and cash on hand increased by $92.5 million compared with the end of 2009
primarily due to the acquisition of Dytech ENSA SL, the repurchase
of approximately 7.1 million shares of common stock, the issuance
of $250 million of 10-year senior
notes, and the adoption of amended ASC Topic 860, "Accounting
for Transfer of Financial Assets," which requires the Company
to reflect its $80 million
receivables securitization facility in its financial statements.
The ratio of balance sheet debt net of cash to capital remained
strong at 24.0% at the end of 2010.
Engine Group Results: Engine segment net sales were
$1,118.4 million in fourth quarter
2010, up 31.1% from $853.0 million in
the prior year's quarter as a result of strong timing system and
turbocharger growth in Asia and
higher turbocharger and fan and fan drive sales in Europe. Excluding the impact of currency,
sales were up approximately 37%. Adjusted earnings before
interest and income taxes were $162.0
million for the Engine Group in fourth quarter 2010, up
94.5% from $83.3 million in fourth
quarter 2009.
Drivetrain Group Results: Drivetrain segment net
sales were $419.8 million in fourth
quarter 2010, up 20.0% from $349.7
million in the prior year's quarter. Excluding the
impact of currency, sales were up approximately 24%. Strong
four-wheel drive system sales in Asia, higher dual clutch transmission module
sales in Europe and higher
traditional automatic transmission component sales around the globe
boosted results. Adjusted earnings before interest and income taxes
were $31.9 million for the Drivetrain
Group in fourth quarter 2010, up 55.6% from $20.5 million in fourth quarter 2009.
Recent Highlights:
- BorgWarner has acquired Haldex Traction Systems, a leader in
advanced front-wheel drive ("FWD"), all-wheel drive ("AWD")
technology. The move is expected to accelerate BorgWarner's growth
in the global AWD market as it continues to shift toward FWD-based
vehicles. The acquisition will add industry leading FWD/AWD
technologies, with a strong European customer base, to BorgWarner's
existing portfolio of front and rear-wheel drive based products.
This enables BorgWarner to provide global customers a broader range
of AWD solutions to meet their vehicle needs.
- In November, the Company reported an expected backlog of
$2.3 billion of net new business for
the period 2011 through 2013, a 28% increase over the 2010 through
2012 expected backlog of $1.8 billion
of net new business.
- In the fourth quarter, the Company launched turbocharger
production, at its facility in Ramos,
Mexico, for Ford's new 3.5-liter V6 EcoBoost gasoline
engine. The engine will be featured on Ford's rear-wheel drive
trucks, including the all-new F-150.
- BorgWarner's award-winning regulated two-stage (R2S®)
turbocharging technology boosts the performance and helps lower
emissions for the newly developed 2.0-liter four-cylinder
common-rail diesel engine featured in Volkswagen's 180 HP (132 kW)
Transporter T5 and new 163 HP (120 kW) Amarok pickup.
- BorgWarner's Cam Torque Actuated (CTA) VCT technology and
timing drive system are featured on the all-new 2011 Ford Super
Duty 6.2-liter V8 gasoline engine.
- The Company's regulated two-stage (R2S®) turbochargers and
Hybrid Tube exhaust gas recirculation (EGR) coolers help reduce
emissions and improve fuel economy for on-highway commercial diesel
trucks and buses. Launched with a major North American commercial
truck maker earlier this year, the combination of technologies
enables truck makers to meet 2010 EPA emissions regulations, which
require an 83 percent reduction in nitrogen oxide (NOx)
emissions.
- BorgWarner's variable cam timing with mid-position lock has
been named a finalist for the 2011 Automotive News PACE Award,
recognized around the world as the industry's symbol of innovation.
The mid-position lock technology allows an increased range of
camshaft positioning and enables fuel economy improvements of up to
10% compared with conventional VCT systems.
At 9:30 a.m. ET today, a brief conference call concerning
fourth quarter and full year results will be webcast at:
http://www.borgwarner.com/invest/webcasts.shtml.
Auburn Hills, Michigan-based
BorgWarner Inc. (NYSE: BWA) is a product leader in highly
engineered components and systems for vehicle powertrain
applications worldwide. The Company operates manufacturing and
technical facilities in 60 locations in 18 countries. Customers
include VW/Audi, Ford, Toyota, Renault/Nissan, General Motors,
Hyundai/Kia, Daimler, Chrysler, Fiat, BMW, Honda, Deere &
Company, PSA, and MAN. The Internet address for BorgWarner is:
http://www.borgwarner.com
Statements contained in this news release may contain
forward-looking statements as contemplated by the 1995 Private
Securities Litigation Reform Act that are based on
management's current outlook, expectations, estimates and
projections. Words such as "anticipates," "believes," "continues,"
"could," "designed," "effect," "estimates", "evaluates," "expects,"
"forecasts," "goal," "initiative," "intends," "outlook,"
"plans," "potential," "project," "pursue," "seek," "should,"
"target," "when," "would," variations of such words and similar
expressions are intended to identify such forward-looking
statements. Forward-looking statements are subject to risks and
uncertainties, many of which are difficult to predict and generally
beyond our control, that could cause actual results to differ
materially from those expressed, projected or implied in or by the
forward-looking statements. Such risks and uncertainties
include: fluctuations in domestic or foreign vehicle production,
the continued use by original equipment manufacturers of outside
suppliers, fluctuations in demand for vehicles containing our
products, changes in general economic conditions, as well
as other risks noted reports that we file with the Securities
and Exchange Commission, including the Risk Factors identified
in our most recently filed Annual Report on Form 10-K. We do not
undertake any obligation to update or announce publicly any updates
to or revision to any of the forward-looking statements.
BorgWarner Inc.
|
|
|
|
|
|
|
|
|
Consolidated Statements of
Operations (Unaudited)
|
|
|
|
|
|
|
|
|
(millions of dollars, except
share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve
Months Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
$ 1,533.4
|
|
$ 1,198.3
|
|
$ 5,652.8
|
|
$ 3,961.8
|
|
Cost of sales
|
1,227.3
|
|
985.1
|
|
4,559.5
|
|
3,401.0
|
|
Gross
profit
|
306.1
|
|
213.2
|
|
1,093.3
|
|
560.8
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
148.3
|
|
144.4
|
|
566.6
|
|
459.8
|
|
Restructuring expense
|
-
|
|
-
|
|
-
|
|
50.3
|
|
Other (income)
expense
|
0.4
|
|
1.5
|
|
22.4
|
|
(0.1)
|
|
Operating
income
|
157.4
|
|
67.3
|
|
504.3
|
|
50.8
|
|
|
|
|
|
|
|
|
|
|
Equity in affiliates' earnings,
net of tax
|
(9.8)
|
|
(10.3)
|
|
(39.6)
|
|
(21.8)
|
|
Interest income
|
(1.0)
|
|
(0.8)
|
|
(2.8)
|
|
(2.5)
|
|
Interest expense and finance
charges
|
22.0
|
|
16.1
|
|
68.8
|
|
57.2
|
|
Earnings before
income taxes and noncontrolling interest
|
146.2
|
|
62.3
|
|
477.9
|
|
17.9
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit) for income
taxes
|
30.6
|
|
5.7
|
|
81.7
|
|
(18.5)
|
|
Net
earnings
|
115.6
|
|
56.6
|
|
396.2
|
|
36.4
|
|
|
|
|
|
|
|
|
|
|
Net earnings attributable to the
noncontrolling interest, net of tax
|
3.9
|
|
3.9
|
|
18.8
|
|
9.4
|
|
Net earnings
attributable to BorgWarner Inc.
|
$ 111.7
|
|
$
52.7
|
|
$ 377.4
|
|
$
27.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to diluted
earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
attributable to BorgWarner Inc.
|
$ 111.7
|
|
$
52.7
|
|
$ 377.4
|
|
$
27.0
|
|
Addback net
interest expense on convertible notes
|
5.2
|
|
-
|
|
20.4
|
|
-
|
|
Diluted net
earnings attributable to BorgWarner Inc.
|
$ 116.9
|
|
$
52.7
|
|
$ 397.8
|
|
$
27.0
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
diluted
|
$
0.89
|
|
$
0.45
|
|
$
3.07
|
|
$
0.23
|
|
|
|
|
|
|
|
|
|
|
Average shares outstanding
(millions) - diluted
|
130.7
|
|
117.6
|
|
129.6
|
|
116.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Information
(Unaudited)
|
|
|
|
|
|
|
|
|
(millions of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve
Months Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures, including
tooling outlays
|
$
88.8
|
|
$
44.8
|
|
$ 276.6
|
|
$ 172.0
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization:
|
|
|
|
|
|
|
|
|
Fixed assets and
tooling
|
$
53.3
|
|
$
61.7
|
|
$ 224.5
|
|
$ 234.6
|
|
Other
|
7.4
|
|
7.2
|
|
28.4
|
|
26.3
|
|
|
$
60.7
|
|
$
68.9
|
|
$ 252.9
|
|
$ 260.9
|
|
|
|
|
|
|
|
|
|
BorgWarner Inc.
|
|
|
|
|
|
|
|
|
Net Sales by Reporting Segment
(Unaudited)
|
|
|
(millions of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve
Months Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
Engine
|
$ 1,118.4
|
|
$ 853.0
|
|
$ 4,060.8
|
|
$ 2,883.2
|
|
|
|
|
|
|
|
|
|
|
Drivetrain
|
419.8
|
|
349.7
|
|
1,611.4
|
|
1,093.5
|
|
|
|
|
|
|
|
|
|
|
Inter-segment
eliminations
|
(4.8)
|
|
(4.4)
|
|
(19.4)
|
|
(14.9)
|
|
|
|
|
|
|
|
|
|
|
Net
sales
|
$ 1,533.4
|
|
$ 1,198.3
|
|
$ 5,652.8
|
|
$ 3,961.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings Before
Interest, Income Taxes and Noncontrolling Interest ("Adjusted
EBIT") (Unaudited)
|
|
(millions of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve
Months Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
Engine
|
$ 162.0
|
|
$
83.3
|
|
$ 537.9
|
|
$ 219.8
|
|
|
|
|
|
|
|
|
|
|
Drivetrain
|
31.9
|
|
20.5
|
|
137.0
|
|
(13.5)
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBIT
|
193.9
|
|
103.8
|
|
674.9
|
|
206.3
|
|
|
|
|
|
|
|
|
|
|
Muncie closure retiree
obligation net gain
|
-
|
|
-
|
|
-
|
|
(27.9)
|
|
|
|
|
|
|
|
|
|
|
Environmental litigation
settlement
|
-
|
|
-
|
|
28.0
|
|
-
|
|
|
|
|
|
|
|
|
|
|
BERU-Eichenauer equity
investment gain
|
-
|
|
-
|
|
(8.0)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Corporate, including equity in
affiliates' earnings and stock-based compensation
|
26.7
|
|
26.2
|
|
111.0
|
|
111.3
|
|
|
|
|
|
|
|
|
|
|
Restructuring expense
|
-
|
|
-
|
|
-
|
|
50.3
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
(1.0)
|
|
(0.8)
|
|
(2.8)
|
|
(2.5)
|
|
|
|
|
|
|
|
|
|
|
Interest expense and finance
charges
|
22.0
|
|
16.1
|
|
68.8
|
|
57.2
|
|
|
|
|
|
|
|
|
|
|
Earnings before
income taxes and noncontrolling interest
|
146.2
|
|
62.3
|
|
477.9
|
|
17.9
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit) for income
taxes
|
30.6
|
|
5.7
|
|
81.7
|
|
(18.5)
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
115.6
|
|
56.6
|
|
396.2
|
|
36.4
|
|
|
|
|
|
|
|
|
|
|
Net earnings attributable to the
noncontrolling interest, net of tax
|
3.9
|
|
3.9
|
|
18.8
|
|
9.4
|
|
|
|
|
|
|
|
|
|
|
Net earnings
attributable to BorgWarner Inc.
|
$ 111.7
|
|
$
52.7
|
|
$ 377.4
|
|
$
27.0
|
|
|
|
|
|
|
|
|
|
BorgWarner Inc.
|
|
|
|
|
Condensed Consolidated Balance
Sheets (Unaudited)
|
|
|
|
|
(millions of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2010
|
|
December 31,
2009
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash
|
$
449.9
|
|
$
357.4
|
|
Receivables, net
|
1,023.9
|
|
732.0
|
|
Inventories, net
|
430.6
|
|
314.3
|
|
Other current assets
|
155.5
|
|
148.1
|
|
Total current
assets
|
2,059.9
|
|
1,551.8
|
|
|
|
|
|
|
Property, plant and equipment,
net
|
1,542.6
|
|
1,490.3
|
|
Other non-current
assets
|
1,952.5
|
|
1,769.3
|
|
Total
assets
|
$
5,555.0
|
|
$
4,811.4
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
|
|
|
Notes payable and other
short-term debt
|
$
128.5
|
|
$
69.1
|
|
Accounts payable and accrued
expenses
|
1,224.1
|
|
977.1
|
|
Income taxes payable
|
39.7
|
|
-
|
|
Total current
liabilities
|
1,392.3
|
|
1,046.2
|
|
|
|
|
|
|
Long-term debt
|
1,051.9
|
|
773.2
|
|
Other non-current
liabilities
|
801.0
|
|
769.3
|
|
|
|
|
|
|
Total BorgWarner Inc.
stockholders' equity
|
2,258.6
|
|
2,185.3
|
|
Noncontrolling
interest
|
51.2
|
|
37.4
|
|
Total
equity
|
2,309.8
|
|
2,222.7
|
|
|
|
|
|
|
Total liabilities
and equity
|
$
5,555.0
|
|
$
4,811.4
|
|
|
|
|
|
BorgWarner Inc.
|
|
|
|
|
Condensed Consolidated
Statements of Cash Flows (Unaudited)
|
|
|
|
|
(millions of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve
Months Ended
|
|
|
December
31,
|
|
|
2010
|
|
2009
|
|
|
|
|
|
|
Operating
|
|
|
|
|
Net earnings
|
$ 396.2
|
|
$ 36.4
|
|
Non-cash charges (credits) to
operations:
|
|
|
|
|
Depreciation and
amortization
|
252.9
|
|
260.9
|
|
Environmental
litigation settlement, net of cash paid
|
14.0
|
|
-
|
|
Restructuring
expense, net of cash paid
|
-
|
|
38.4
|
|
Bond
amortization
|
18.3
|
|
12.7
|
|
Deferred income
tax benefit
|
(52.2)
|
|
(57.7)
|
|
BERU-Eichenauer
equity investment gain
|
(8.0)
|
|
-
|
|
Other non-cash
items
|
24.5
|
|
43.3
|
|
Net earnings adjusted for non-cash charges to
operations
|
645.7
|
|
334.0
|
|
Changes in assets and
liabilities
|
(106.8)
|
|
17.0
|
|
Net cash provided
by operating activities
|
538.9
|
|
351.0
|
|
|
|
|
|
|
Investing
|
|
|
|
|
Capital expenditures, including
tooling outlays
|
(276.6)
|
|
(172.0)
|
|
Net proceeds from asset
disposals
|
6.8
|
|
23.1
|
|
Payments for businesses
acquired, net of cash acquired
|
(164.7)
|
|
(7.5)
|
|
Net proceeds from sale of
business
|
5.0
|
|
1.6
|
|
Net cash used in
investing activities
|
(429.5)
|
|
(154.8)
|
|
|
|
|
|
|
Financing
|
|
|
|
|
Net change in notes
payable
|
(29.8)
|
|
(114.7)
|
|
Net change in long-term
debt
|
256.1
|
|
217.1
|
|
Payments for noncontrolling
interest acquired
|
-
|
|
(48.5)
|
|
Payment for purchase of bond
hedge, net of proceeds from warrant issuance
|
-
|
|
(25.2)
|
|
Payments for purchase of
treasury stock
|
(325.7)
|
|
-
|
|
Proceeds from accounts
receivable securitization facility
|
30.0
|
|
50.0
|
|
Reduction in accounts receivable
securitization facility
|
-
|
|
(50.0)
|
|
Proceeds from interest rate swap
termination
|
-
|
|
30.0
|
|
Proceeds from stock options
exercised, including the tax benefit
|
67.1
|
|
8.7
|
|
Dividends paid to BorgWarner
stockholders
|
-
|
|
(13.8)
|
|
Dividends paid to noncontrolling
stockholders
|
(10.9)
|
|
(8.8)
|
|
Net cash provided
by (used in) financing activities
|
(13.2)
|
|
44.8
|
|
|
|
|
|
|
Effect of exchange rate changes
on cash
|
(3.7)
|
|
13.0
|
|
|
|
|
|
|
Net increase in cash
|
92.5
|
|
254.0
|
|
|
|
|
|
|
Cash at beginning of
year
|
357.4
|
|
103.4
|
|
Cash at end of year
|
$ 449.9
|
|
$ 357.4
|
|
|
|
|
|
SOURCE BorgWarner Inc.