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 $234 million and $231 million at December 31, 2013 and 2012, respectively. Dividends of $30 million, $63 million and $1 million for the years ended December 31, 2013, 2012 and 2011, respectively, have been received from non-consolidated affiliates. No impairment charges were recorded for the years ended December 31, 2013 and 2012. A $7 million impairment charge was recorded for the year ended December 31, 2011 related to Delphi’s investment in a non-consolidated affiliate.
The following is a summary of the combined financial information of significant affiliates accounted for under the equity method as of December 31, 2013 and 2012 and for the years ended December 31, 2013, 2012 and 2011 (unaudited): |
| | | | | | | |
| December 31, |
| 2013 | | 2012 |
| (in millions) |
Current assets | $ | 608 |
| | $ | 688 |
|
Non-current assets | 474 |
| | 449 |
|
Total assets | $ | 1,082 |
| | $ | 1,137 |
|
Current liabilities | $ | 362 |
| | $ | 411 |
|
Non-current liabilities | 257 |
| | 235 |
|
Shareholders’ equity | 463 |
| | 491 |
|
Total liabilities and shareholders’ equity | $ | 1,082 |
| | $ | 1,137 |
|
|
| | | | | | | | | | | |
| Year Ended December 31, |
| 2013 | | 2012 | | 2011 |
| (in millions) |
Net sales | $ | 1,773 |
| | $ | 1,737 |
| | $ | 1,750 |
|
Gross profit | 237 |
| | 184 |
| | 159 |
|
Net income | 63 |
| | 43 |
| | 25 |
|
A summary of transactions with affiliates is shown below: |
| | | | | | | | | | | |
| Year Ended December 31, |
| 2013 | | 2012 | | 2011 |
| (in millions) |
Sales to affiliates | $ | 33 |
| | $ | 36 |
| | $ | 66 |
|
Purchases from affiliates | $ | 113 |
| | $ | 112 |
| | $ | 129 |
|
