ZF TRW AUTOMOTIVE HOLDINGS CORP (TRW) [Rocket]

In millions, except per share items	Dec-31-14	Dec-31-13	Dec-31-12	Dec-31-11	Dec-31-10	Dec-31-09	Dec-31-08	Dec-31-07
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Chassis Systems	11,370	11,506	10,705	10,217	8,577	6,856	144	232
Rest of World	7,815	7,486	7,200	7,935	7,374
United States	4,496	4,992	4,713	4,020	3,426	2,295
Occupant Safety Systems	3,496	3,444	3,377	3,630	3,482	2,922		329
Other							14,851	14,141
Total revenues	17,539	17,435	16,444	16,244	14,916	11,983	14,995	14,702
Revenue growth [+]	0.6%	6.0%	1.2%	8.9%	24.5%	-20.1%	2.0%	11.9%
Chassis Systems	-1.2%	7.5%	4.8%	19.1%	25.1%	4661.1%	-37.9%	-19.4%
Rest of World	4.4%	4.0%	-9.3%	7.6%
United States	-9.9%	5.9%	17.2%	17.3%	49.3%
Occupant Safety Systems	1.5%	2.0%	-7.0%	4.3%	19.2%			-21.7%
Ford Motor Company	-0.7%	11.6%	11.6%	15.4%
Cost of goods sold	15,473	15,505	14,655	14,384	12,661	10,708	13,977	13,494
Gross profit	2,066	1,930	1,789	1,860	2,255	1,275	1,018	1,208
Gross margin	11.8%	11.1%	10.9%	11.5%	15.1%	10.6%	6.8%	8.2%
Selling, general and administrative	669	607	594	613	509	484	523	36
Research and development
Equity in earnings	45	46	40	39	34	15	14
Other operating expenses	821	66	75	-33	569	463	176	548
EBITDA [+]	1,065	1,733	1,569	1,766	1,680	838	909	1,181
EBITDA growth	-38.5%	10.5%	-11.2%	5.1%	100.5%	-7.8%	-23.0%	11.4%
EBITDA margin	6.1%	9.9%	9.5%	10.9%	11.3%	7.0%	6.1%	8.0%
Depreciation	444	430	409	432	447	474	545	521
EBITA	621	1,303	1,160	1,334	1,233	364	364	660
EBITA margin	3.5%	7.5%	7.1%	8.2%	8.3%	3.0%	2.4%	4.5%
Amortization of intangibles	0	0	0	15	22	21	31	36
EBIT [+]	621	1,303	1,160	1,319	1,211	343	333	624
EBIT growth	-52.3%	12.3%	-12.1%	8.9%	253.1%	3.0%	-46.6%	14.9%
EBIT margin	3.5%	7.5%	7.1%	8.1%	8.1%	2.9%	2.2%	4.2%
Non-recurring items [+]	75	30	35	20	-7	39	787
Asset impairment						30	787
Interest expense	109	132	111	118	162	190	184	228
Interest expense	109	132	111	118	162	190	184	228
Other income (expense), net [+]	-7	-20	-6	-33	-15	26		-132
Gain (loss) on debt retirement	7	20	6	40	15	-26
Pre-tax income	430	1,121	1,008	1,148	1,041	140	-638	264
Income taxes	96	114	-33	-47	166	67	126	155
Tax rate	22.3%	10.2%			15.9%	47.9%		58.7%
Minority interest	41	37	33	38	41	18	15	19
Net income	293	970	1,008	1,157	834	55	-779	109
Net margin	1.7%	5.6%	6.1%	7.1%	5.6%	0.5%	-5.2%	0.7%

Basic EPS [+]	$2.62	$8.25	$8.24	$9.37	$6.96	$0.51	($7.71)	$1.09
Growth	-68.2%	0.2%	-12.1%	34.6%	1264.5%	-106.6%	-805.5%
Diluted EPS [+]	$2.48	$7.78	$7.77	$8.70	$6.35	$0.51	($7.71)	$1.06
Growth	-68.1%	0.2%	-10.7%	37.0%	1155.4%	-106.6%	-826.7%

Shares outstanding (basic) [+]	112	118	122	124	120	108	101	100
Growth	-5.0%	-3.9%	-0.9%	3.1%	11.1%	6.6%	1.3%	-0.2%
Shares outstanding (diluted) [+]	118	125	130	133	131	109	101	103
Growth	-5.3%	-3.9%	-2.5%	1.3%	20.8%	7.5%	-1.7%	-0.3%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.