EWS

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EWS

  1. 1. NEWS Contact: Media: Investment Community: Shareholder Inquiries: Media Information Center: Glenn Ray Equity: Raj Modi 800-555-5259 or 1-800-665-1515 313-594-4410 313-323-8221 313-845-8540 media@ford.com gray2@ford.com fordir@ford.com stockinf@ford.com Fixed Income: Dan Gardetto 313-621-0881 fixedinc@ford.com FOR IMMEDIATE RELEASE FORD REPORTS 2004 NET INCOME OF $3.5 BILLION, OR $1.73 PER SHARE; FOURTH-QUARTER NET INCOME OF $104 MILLION, OR 6 CENTS PER SHARE • Full-year and fourth-quarter net income and earnings per share improved from 2003. • Total full-year pre-tax profits of $5.8 billion, excluding special items, increased $2.4 billion from 2003. • Full-year earnings from continuing operations of $2.11 per share, excluding special items. • Record full-year pre-tax profit of $5 billion, excluding special items, from Financial Services sector. • Full-year pre-tax profit of $850 million, excluding special items, from worldwide Automotive sector. • Full-year pre-tax profit for Ford Europe improved more than $1.2 billion, excluding special items; South America results also substantially improved. • Fourth-quarter earnings from continuing operations of $555 million, or 28 cents per share, excluding special items. • Fourth-quarter pre-tax charge of $600 million taken to reduce the value of a Visteon Corp. receivable. Go to http://media.ford.com for news releases and high-resolution photographs.
  2. 2. 2 DEARBORN, Mich., Jan. 20 – Ford Motor Company [NYSE: F] today reported full-year 2004 net income of $3.5 billion, or $1.73 per share, an increase of nearly $3 billion, or $1.46 per share, from a year ago, as the company achieved record financial services profits and improved automotive results. In 2003, the company reported net income of $495 million, or 27 cents per share. Excluding special items, Ford’s full-year earnings from continuing operations totaled $4.3 billion in 2004, or $2.11 per share. This compares with year-ago earnings from continuing operations of $2.2 billion, or $1.13 per share, excluding special items. Total full-year sales and revenue for 2004 was $170.8 billion, up $7.2 billion from $163.6 billion last year. “In 2004, our company gained momentum, delivering more revenue and earnings, more new products, and more innovative breakthroughs, such as the Escape Hybrid, the industry’s first full-hybrid sport utility vehicle,” said Chairman and Chief Executive Officer Bill Ford. “We also confronted operating challenges with our Jaguar brand and high industry marketing costs. Looking forward, we’re going to build on our successes as we launch more new products in 2005 and beyond.” In addition, the company said 2004 net income was affected by a fourth-quarter pre-tax charge taken to reduce the value of a receivable owed to Ford by Visteon Corporation. The receivable relates to costs for which Visteon reimburses Ford over the long-term for post- retirement health care benefits and life insurance provided to Ford hourly employees assigned to Visteon and other select Visteon employees. FULL-YEAR HIGHLIGHTS Ford’s full-year accomplishments included: • Earnings per share of $1.73, an increase of $1.46 from 2003. • Automotive operating-related cash flow of $1 billion, excluding special items.
  3. 3. 3 • Cost savings of almost $900 million, at constant volume, mix and currency exchange, excluding special items. • The successful launches of the Ford Five Hundred and Mercury Montego sedans, the Ford Freestyle crossover, the Ford Mustang, the Ford F-Series Super Duty, the Focus sedan in Europe, the Land Rover LR3/Discovery and Volvo S40 and V50 in North America and Europe, and the Ford Territory crossover in Australia. • Increased market share in Europe, South America and Asia Pacific. • Substantial improvement in South America's automotive profits. • A $1.2 billion improvement in pre-tax profits for Ford Europe that returned the operation to profitability, excluding special items. • Record earnings from Ford Motor Credit Company. • Profits from The Hertz Corporation that were more than double 2003 results. FOURTH QUARTER For the fourth quarter, the company reported net income of $104 million, or 6 cents per share. This compares with a fourth-quarter loss of $793 million, or 43 cents per share, in 2003. Excluding special items, fourth-quarter earnings from continuing operations totaled $555 million, or 28 cents per share, compared to $594 million, or 30 cents per share, a year ago. Total sales and revenue in the fourth quarter were $44.7 billion, compared to $45.9 billion in the year-ago period. AUTOMOTIVE SECTOR The following is a discussion of Ford’s fourth-quarter and full-year pre-tax results for its automotive operations. The pre-tax results exclude special items. Reconciliation to pre-tax U.S. GAAP results is set forth below in the Attachment that accompanies this press release. For the full year, Ford’s worldwide Automotive sector earned a pre-tax profit of $850 million, a $697 million improvement from $153 million a year ago. The improvement primarily reflected favorable net pricing and cost performance, the favorable effect of
  4. 4. 4 tax-related interest on refunds and settlements of prior-year audits, and improved parts profits, offset partially by unfavorable volume, mix and currency exchange. For the fourth quarter, Ford’s worldwide Automotive sector reported a pre-tax loss of $470 million, a decline of $483 million from a pre-tax profit of $13 million a year earlier. The decline primarily reflected unfavorable volume, mix and currency exchange, offset partially by net interest. Worldwide automotive revenue for 2004 was $147.1 billion, an increase of $8.8 billion from revenue of $138.3 billion a year ago. Total fourth-quarter automotive revenue was $38.9 billion, a decline of $900 million from revenue of $39.8 billion a year ago. Total company vehicle unit sales in 2004 were 6,798,000, an increase of 62,000 units from 2003. Fourth-quarter vehicle unit sales totaled 1,751,000, a decline of 133,000 units. Automotive gross cash at Dec. 31, 2004 totaled $23.6 billion of cash, marketable securities, loaned securities and short-term Voluntary Employee Benefits Association (VEBA) assets. THE AMERICAS The Americas reported a full-year pre-tax profit for 2004 of $1.6 billion, a decline of $58 million from a year ago. For the fourth quarter, the Americas had a pre-tax loss of $426 million, compared to a pre-tax profit of $201 million a year earlier. North America: For 2004, Ford’s North America automotive operations reported a full-year pre-tax profit of $1.5 billion, a decline of $327 million from 2003. The decline primarily reflected lower volumes. For the year, North America’s revenue totaled $83 billion, down $580 million from a year earlier, as higher per-unit revenue offset partially a decline in vehicle unit sales. For the fourth quarter, North America automotive operations lost $470 million, compared to pre-tax profit of $205 million in 2003. The decline primarily reflected lower volumes and
  5. 5. 5 unfavorable currency exchange, offset partially by favorable pricing. Fourth-quarter revenue fell to $21.1 billion, down from $22.8 billion in 2003. South America: Ford’s South America automotive operations reported a full-year pre-tax profit of $140 million, an increase of $269 million from a 2003 pre-tax loss of $129 million. The improvement primarily reflected higher volume and pricing, offset partially by higher commodity costs. Full-year revenue improved to $3 billion from $1.9 billion in 2003. In the fourth quarter, Ford’s South America automotive operations posted a pre-tax profit of $44 million, an improvement of $48 million from a pre-tax loss of $4 million a year ago. The improvement primarily reflected higher volume and pricing, offset partially by higher commodity costs. Revenue increased to $899 million, up from $623 million a year ago, as South America had higher volumes for its Fiesta, EcoSport, Focus, Ka and Cargo models. FORD EUROPE AND PREMIER AUTOMOTIVE GROUP (PAG) The combined full-year pre-tax loss for Ford Europe and Premier Automotive Group (PAG) was $626 million for 2004. This compares to a loss of $936 million for 2003. The combined full-year revenue totaled $54.2 billion, an increase of $7.3 billion from 2003 revenue of nearly $47 billion. For the fourth quarter, Ford Europe and PAG had a combined pre-tax loss of $324 million, a decline from a pre-tax profit of $176 million a year ago. Combined fourth-quarter revenue totaled $15.3 billion, an increase from $14.8 billion in the prior-year period. Ford Europe: Ford Europe posted a full-year pre-tax profit of $114 million, reversing a pre-tax loss of $1.1 billion in 2003. The substantial improvement primarily reflected cost savings, and higher profits from a joint venture in Turkey. Revenue for the year totaled $26.5 billion, compared to $22.2 billion in 2003. For the fourth quarter, Ford Europe reported a pre-tax loss of $69 million, a decline from a pre-tax profit of $62 million in the prior-year period. The deterioration primarily reflected
  6. 6. 6 lower unit sales, offset partially by fixed cost reductions stemming from improvement actions taken in 2003. Fourth-quarter revenue was $7.4 billion, about flat from a year ago. Premier Automotive Group: For 2004, PAG reported a full-year pre-tax loss of $740 million, a decline from a pre-tax profit of $171 million in 2003. The decline primarily reflected unfavorable currency exchange and lower volumes at Jaguar, offset partially by improved pricing. Full-year revenue for the group was $27.6 billion, up $2.8 billion from 2003. In the fourth quarter, PAG’s pre-tax loss was $255 million, a deterioration of $369 million from a pre-tax profit of $114 million a year ago. The year-over-year decline primarily reflected unfavorable currency exchange related to a weakening of the U.S. dollar, and lower volumes at Jaguar. Revenue for the period was $7.8 billion, up from $7.4 billion in the 2003 fourth quarter. ASIA PACIFIC AND AFRICA/MAZDA For the full year, Asia Pacific and Africa/Mazda earned a combined pre-tax profit of $163 million, compared with $46 million a year ago. The improvement of $117 million primarily reflected higher profits from Ford’s investment in Mazda and associated operations. Asia Pacific and Africa: For full-year 2004, Asia Pacific and Africa reported a pre-tax profit of $45 million, an improvement of $68 million from a pre-tax loss of $23 million a year ago. The improvement primarily reflected higher sales in Australia, South Africa and Taiwan. Full-year revenue was $7 billion, an increase from $5.8 billion in 2003. For the fourth quarter, Asia Pacific and Africa reported a pre-tax loss of $13 million, compared with a pre-tax profit of $26 million in the year-ago period. The decline is primarily the result of higher engineering costs and unfavorable currency exchange, offset partially by stronger volume and mix, and favorable net pricing. Fourth-quarter revenue was $1.6 billion, compared to $1.5 billion in 2003.
  7. 7. 7 Mazda: For full-year 2004, Ford’s share of the pre-tax profit of Mazda and associated operations was $118 million, up from $69 million a year ago. For the 2004 fourth quarter, Ford’s share of the pre-tax profit of Mazda and associated operations was a pre-tax loss of $9 million, an improvement from a pre-tax loss of $22 million a year ago. The fourth-quarter loss is primarily due to a reduction in the value of Ford’s holding of Mazda convertible bonds. FINANCIAL SERVICES SECTOR For the full year, excluding special items, Ford's Financial Services sector reported a record pre-tax profit of $5 billion, up $1.7 billion over 2003, driven by strong profits at both Ford Motor Credit Company and The Hertz Corporation. For the fourth quarter, excluding special items, the Financial Services sector earned a pre-tax profit of $1 billion, an improvement of $144 million over a year ago. Ford Motor Credit Company: Ford Credit reported record net income of $2.9 billion in 2004, up $1.1 billion from earnings of $1.8 billion a year earlier. On a pre-tax basis, excluding special items, Ford Credit earned $4.4 billion in 2004, compared with $3 billion in the previous year. The increase in earnings primarily reflected improved credit loss performance and leasing results. For the fourth quarter of 2004, Ford Credit earned net income of $543 million, up $73 million from $470 million a year earlier. On a pre-tax basis, Ford Credit earned $859 million in the fourth quarter, compared with $794 million in the previous year. The increase in earnings primarily reflected improved credit loss performance. The Hertz Corporation: Hertz reported a full-year 2004 pre-tax profit of $493 million, a year-over-year improvement of $265 million. The improvement primarily reflected higher car and equipment rental volumes, better fleet utilization, and higher profits from the sales of used vehicles and equipment.
  8. 8. 8 Hertz reported a fourth-quarter pre-tax profit of $107 million, up $63 million from the same period in 2003. OUTLOOK “Despite the increasingly tough conditions in the global auto market, we continued to make progress in building on the basics,” said Don Leclair, executive vice president and chief financial officer. “We are pleased with the growing acceptance of our new products, as well as with the record earnings of our Financial Services sector.” To hear Don Leclair lead a review of the Company’s full-year and fourth-quarter financial results, investors and news media are invited to join a 9:00 a.m. ET conference call on Thursday, Jan. 20. Participants should dial 800-599-9795. (International dial-in number is 617-786-2905) and use the verbal pass code of "Ford Earnings Call." A listen-only webcast also will be available at www.shareholder.ford.com. Supporting presentation materials will be available at the same web address just prior to the conference call’s start. Representatives of the investment community and news media will have an opportunity to ask questions following the presentation. Replays of the call will be available through Jan. 27 by dialing 888-286-8010 with pass code 29481628. Using the same pass code, international callers may hear the replay by dialing 617-801-6888. Webcasts of the replay also are available at www.shareholder.ford.com. Ford Vice President and Treasurer Ann Marie Petach, Ford Credit Vice Chairman and CFO David Cosper, and Ford Vice President and Controller Jim Gouin will host a conference call for fixed income analysts at 11:00 a.m. ET, Thursday, Jan. 20. The dial-in number for the call is 800-599-9795. (International dial-in is 617-786-2905.) The pass code for both numbers is a verbal response of "Ford Fixed Income Call." The presentation (on a listen-only basis) and supporting materials for fixed income analysts will also be available at www.shareholder.ford.com. News media and members of the investment community will have an opportunity to ask questions following the presentation.
  9. 9. 9 Telephone replays of the fixed income conference call will be available through Jan. 27 by calling 888-286-8010 with pass code 55865600. The international dial-in number is 617-801-6888 with the same pass code. Internet replays of this call also will be available on demand at www.shareholder.ford.com. Ford will review its 2005 business outlook and financial milestones during a briefing with the investor community on Jan. 25, 2005 in New York. The presentation also can be heard via telephone conference call or webcast. For more details, please visit www.shareholder.ford.com. Ford Motor Company, a global automotive industry leader based in Dearborn, Michigan, manufactures and distributes automobiles in 200 markets across six continents. With more than 327,000 employees worldwide, the company’s core and affiliated automotive brands include Aston Martin, Ford, Jaguar, Land Rover, Lincoln, Mazda, Mercury and Volvo. Its automotive-related services include Ford Motor Credit Company and The Hertz Corporation. -###-
  10. 10. 10 ATTACHMENT: TOTAL COMPANY 2004 INCOME FROM CONTINUING OPERATIONS COMPARED WITH NET INCOME Fourth Quarter Full Year Earnings After- Memo: Earnings After- Memo: Per Tax Pre-Tax Per Tax Pre-Tax Share* Profit Profit Share* Profit Profit (Mils.) (Mils.) (Mils.) (Mils.) Income from Continuing Operations Excluding Special Items $ 0.28 $ 555 $ 531 $ 2.11 $4,280 $5,813 Special Items - Visteon Charges $(0.18) $(390) $(600) $(0.18) $(390) $(600) - Fuel Cell Technology Charges (0.01) (21) (21) (0.07) (140) (182) - P.A.G. Improvement Plan (0.03) (56) (87) (0.03) (71) (110) - European Improvement Plan -- -- -- (0.02) (32) (49) - Property Clean-up Settlement ** 0.01 29 45 0.01 29 45 - Disposition of Non-Core Businesses (0.02) (53) (81) (0.02) (42) (64) Dilution Effect of Special Items (0.02) -- -- -- -- -- Total Special Items $(0.25) (491) $(744) $(0.31) $(646) $(960) Income from Continuing Operations $0.03 $64 $(213) $1.80 $3,634 $4,853 Discontinued Operations 0.03 40 (0.07) (147) Net Income $0.06 $104 $1.73 $3,487 * Earnings per share from continuing operations is calculated on a basis that includes pre-tax profit, provision for taxes, and minority interest ** Non-Automotive item SAFE HARBOR Statements included herein may constitute "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including, without limitation: • greater price competition resulting from currency fluctuations, industry overcapacity or other factors; • a significant decline in industry sales, particularly in the U.S. or Europe, resulting from slowing economic growth, geo-political events or other factors; • lower-than-anticipated market acceptance of new or existing products; • economic distress of suppliers that may require us to provide financial support or take other measures to ensure supplies of materials; • work stoppages at Ford or supplier facilities or other interruptions of supplies; • the discovery of defects in vehicles resulting in delays in new model launches, recall campaigns or increased warranty costs; • increased safety, emissions, fuel economy or other regulation resulting in higher costs and/or sales restrictions;
  11. 11. 11 • unusual or significant litigation or governmental investigations arising out of alleged defects in our products or otherwise; • worse-than-assumed economic and demographic experience for our post-retirement benefit plans (e.g., investment returns, interest rates, health care cost trends, benefit improvements); • currency or commodity price fluctuations, including rising steel prices; • changes in interest rates; • a market shift from truck sales in the U.S.; • economic difficulties in any significant market; • higher prices for, or reduced availability of fuel; • labor or other constraints on our ability to restructure our business; • a change in our requirements under long-term supply arrangements under which we are obligated to purchase minimum quantities or pay minimum amounts; • credit rating downgrades; • inability to access debt or securitization markets around the world at competitive rates or in sufficient amounts; • higher-than-expected credit losses; • lower-than-anticipated residual values for leased vehicles; • increased price competition in the rental car industry and/or a general decline in business or leisure travel due to terrorist attacks, acts of war, epidemic diseases or measures taken by governments in response thereto that negatively affect the travel industry; and • our inability to implement the Revitalization Plan. - ### -
  12. 12. 12 Ford Motor Company and Subsidiaries SECTOR STATEMENT OF INCOME For the Periods Ended December 31, 2004 and 2003 (in millions, except per share amounts) Fourth Quarter Full Year 2004 2003 2004 2003 (unaudited) (unaudited) AUTOMOTIVE Sales $38,871 $39,807 $147,134 $138,260 Costs and expenses Cost of sales 37,218 38,626 135,856 129,685 Selling, administrative and other expenses 3,323 2,870 11,455 10,131 Total costs and expenses 40,541 41,496 147,311 139,816 Operating income/(loss) (1,670) (1,689) (177) (1,556) Interest expense 127 445 1,221 1,323 Interest income and other non-operating income/(expense), net 480 116 988 897 Equity in net income/(loss) of affiliated companies 58 26 255 74 Income/(loss) before income taxes – Automotive (1,259) (1,992) (155) (1,908) FINANCIAL SERVICES Revenues 5,851 6,066 23,705 25,352 Costs and expenses Interest expense 1,508 1,526 5,850 6,320 Depreciation 1,662 1,898 6,618 8,771 Operating and other expenses 1,276 1,225 5,017 4,766 Provision for credit and insurance losses 359 560 1,212 2,248 Total costs and expenses 4,805 5,209 18,697 22,105 Income/(loss) before income taxes - Financial Services 1,046 857 5,008 3,247 TOTAL COMPANY Income/(loss) before income taxes (213) (1,135) 4,853 1,339 Provision for/(benefit from) income taxes (340) (544) 937 123 Income/(loss) before minority interests 127 (591) 3,916 1,216 Minority interests in net income/(loss) of subsidiaries 63 69 282 314 Income/(loss) from continuing operations 64 (660) 3,634 902 Income/(loss) from discontinued operations 40 (133) (147) (143) Cumulative effect of change in accounting principle - - - (264) Net income/(loss) $ 104 $ (793) $ 3,487 $ 495 Average number of shares of Common and Class B Stock outstanding 1,829 1,833 1,830 1,832 AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK Basic income/(loss) Income/(loss) from continuing operations $ 0.04 $ (0.36) $ 1.99 $ 0.49 Income/(loss) from discontinued operations 0.02 (0.07) (0.08) (0.08) Cumulative effect of change in accounting principle - - - (0.14) Net income/(loss) $ 0.06 $ (0.43) $ 1.91 $ 0.27 Diluted income/(loss) Income/(loss) from continuing operations $ 0.03 $ (0.36) $ 1.80 $ 0.49 Income/(loss) from discontinued operations 0.03 (0.07) (0.07) (0.08) Cumulative effect of change in accounting principle - - - (0.14) Net income/(loss) $ 0.06 $ (0.43) $ 1.73 $ 0.27 Cash dividends $ 0.10 $ 0.10 $ 0.40 $ 0.40 Certain amounts in prior year's financial statements have been reclassified to conform with current year presentation.
  13. 13. 13 Ford Motor Company and Subsidiaries CONSOLIDATED STATEMENT OF INCOME For the Periods Ended December 31, 2004 and 2003 (in millions, except per share amounts) Fourth Quarter Full Year 2004 2003 2004 2003 (unaudited) (unaudited) Sales and revenues Automotive sales $38,871 $39,807 $147,134 $138,260 Financial Services revenues 5,851 6,066 23,705 25,352 Total sales and revenues 44,722 45,873 170,839 163,612 Costs and expenses Cost of sales 37,218 38,626 135,856 129,685 Selling, administrative and other expenses 6,261 5,993 23,090 23,668 Interest expense 1,635 1,971 7,071 7,643 Provision for credit and insurance losses 359 560 1,212 2,248 Total costs and expenses 45,473 47,150 167,229 163,244 Automotive interest income and other non-operating income/(expense), net 480 116 988 897 Automotive equity in net income/(loss) of affiliated companies 58 26 255 74 Income/(loss) before income taxes (213) (1,135) 4,853 1,339 Provision for/(benefit from) income taxes (340) (544) 937 123 Income/(loss) before minority interests 127 (591) 3,916 1,216 Minority interests in net income/(loss) of subsidiaries 63 69 282 314 Income/(loss) from continuing operations 64 (660) 3,634 902 Income/(loss) from discontinued operations 40 (133) (147) (143) Cumulative effect of change in accounting principle - - - (264) Net income/(loss) $ 104 $ (793) $ 3,487 $ 495 Average number of shares of Common and Class B Stock outstanding 1,829 1,833 1,830 1,832 AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK Basic income/(loss) Income/(loss) from continuing operations $ 0.04 $ (0.36) $ 1.99 $ 0.49 Income/(loss) from discontinued operations 0.02 (0.07) (0.08) (0.08) Cumulative effect of change in accounting principle - - - (0.14) Net income/(loss) $ 0.06 $ (0.43) $ 1.91 $ 0.27 Diluted income/(loss) Income/(loss) from continuing operations $ 0.03 $ (0.36) $ 1.80 $ 0.49 Income/(loss) from discontinued operations 0.03 (0.07) (0.07) (0.08) Cumulative effect of change in accounting principle - - - (0.14) Net income/(loss) $ 0.06 $ (0.43) $ 1.73 $ 0.27 Cash dividends $ 0.10 $ 0.10 $ 0.40 $ 0.40 Certain amounts in prior year's financial statements have been reclassified to conform with current year presentation.
  14. 14. 14 Ford Motor Company and Subsidiaries SECTOR BALANCE SHEET (in millions) December 31, December 31, 2004 2003 ASSETS (unaudited) Automotive Cash and cash equivalents $ 10,143 $ 6,856 Marketable securities 8,291 9,316 Loaned securities 1,058 5,667 Total cash, marketable and loaned securities 19,492 21,839 Receivables, net 2,896 2,698 Inventories 10,766 9,151 Deferred income taxes 3,837 3,225 Other current assets 7,891 6,829 Total current assets 44,882 43,742 Equity in net assets of affiliated companies 1,907 1,930 Net property 42,906 41,919 Deferred income taxes 10,996 12,090 Goodwill and other intangible assets 6,374 6,053 Assets of discontinued/held-for-sale operations 180 410 Other assets 8,962 9,300 Total Automotive assets 116,207 115,444 Financial Services Cash and cash equivalents 13,368 16,352 Investments in securities 1,216 1,123 Finance receivables, net 113,824 110,003 Net investment in operating leases 31,763 31,859 Retained interest in sold receivables 9,166 12,569 Goodwill and other intangible assets 897 947 Assets of discontinued/held-for-sale operations 2,186 1,810 Other assets 13,746 17,260 Receivable from Automotive 2,753 3,356 Total Financial Services assets 188,919 195,279 Total assets $305,126 $310,723 LIABILITIES AND STOCKHOLDERS’ EQUITY Automotive Trade payables $ 16,030 $ 15,279 Other payables 3,065 2,940 Accrued liabilities 33,573 32,143 Debt payable within one year 977 1,806 Current payable to Financial Services 1,382 124 Total current liabilities 55,027 52,292 Senior debt 12,303 13,832 Subordinated debt 5,155 5,155 Total long-term debt 17,458 18,987 Other liabilities 35,790 39,889 Deferred income taxes 3,042 2,352 Liabilities of discontinued/held-for-sale operations 42 152 Payable to Financial Services 1,371 3,232 Total Automotive liabilities 112,730 116,904 Financial Services Payables 2,394 2,188 Debt 154,538 159,011 Deferred income taxes 10,549 11,079 Other liabilities and deferred income 8,206 9,148 Liabilities of discontinued/held-for-sale operations 93 83 Total Financial Services liabilities 175,780 181,509 Minority interests 876 659 Stockholders’ equity Capital stock Common Stock, par value $0.01 per share (1,837 million shares issued) 18 18 Class B Stock, par value $0.01 per share (71 million shares issued) 1 1 Capital in excess of par value of stock 5,321 5,374 Accumulated other comprehensive income/(loss) 953 (414) Treasury stock (1,728) (1,749) Earnings retained for use in business 11,175 8,421 Total stockholders’ equity 15,740 11,651 Total liabilities and stockholders’ equity $305,126 $310,723 Certain amounts in prior year's financial statements have been reclassified to conform with current year presentation.
  15. 15. 15 Ford Motor Company and Subsidiaries CONSOLIDATED BALANCE SHEET (in millions) December 31, December 31, 2004 2003 (unaudited) ASSETS Cash and cash equivalents $ 23,511 $ 23,208 Marketable securities 9,507 10,439 Loaned securities 1,058 5,667 Finance and other receivables, net 116,720 112,701 Net investment in operating leases 31,763 31,859 Retained interest in sold receivables 9,166 12,569 Inventories 10,766 9,151 Equity in net assets of affiliated companies 2,835 2,959 Net property 44,551 43,524 Deferred income taxes 5,090 7,389 Goodwill and other intangible assets 7,271 7,000 Assets of discontinued/held-for-sale operations 2,366 2,220 Other assets 27,993 30,711 Total assets $292,597 $299,397 LIABILITIES AND STOCKHOLDERS’ EQUITY Payables $ 21,489 $ 20,407 Accrued liabilities 31,187 29,563 Debt 172,973 179,804 Other liabilities and deferred income 43,868 48,639 Deferred income taxes 6,329 8,439 Liabilities of discontinued/held-for-sale operations 135 235 Total liabilities 275,981 287,087 Minority interests 876 659 Stockholders' equity Capital stock Common Stock, par value $0.01 per share (1,837 million shares issued) 18 18 Class B Stock, par value $0.01 per share (71 million shares issued) 1 1 Capital in excess of par value of stock 5,321 5,374 Accumulated other comprehensive income/(loss) 953 (414) Treasury stock (1,728) (1,749) Earnings retained for use in business 11,175 8,421 Total stockholders' equity 15,740 11,651 Total liabilities and stockholders' equity $292,597 $299,397 Certain amounts in prior year's financial statements have been reclassified to conform with current year presentation.
  16. 16. 16 Ford Motor Company and Subsidiaries CONDENSED SECTOR STATEMENT OF CASH FLOWS For the Periods Ended December 31, 2004 and 2003 (in millions) Full Year 2004 Full Year 2003 Financial Financial Automotive Services Automotive Services (unaudited) Cash and cash equivalents at January 1 $ 6,856 $ 16,352 $ 6,243 $ 7,071 Cash flows from operating activities before securities trading 1,397 15,501 1,318 15,962 Net sales/(purchases) of trading securities 5,600 92 1,630 524 Net cash flows from operating activities 6,997 15,593 2,948 16,486 Cash flows from investing activities Capital expenditures (6,287) (458) (7,357) (379) Acquisitions of retail and other finance receivables and operating leases - (62,852) - (59,503) Collections of retail and other finance receivables and operating leases - 50,810 - 44,118 Net (increase)/decrease in wholesale receivables - (2,174) - (2,762) Net acquisitions of daily rental vehicles - (2,492) - (1,505) Purchases of securities (7,590) (880) (8,925) (1,149) Sales and maturities of securities 7,615 799 8,673 709 Proceeds from sales of finance receivables and operating leases - 10,438 - 19,367 Proceeds from sale of businesses 125 412 77 204 Repayment of debt from discontinued operations - - - 1,421 Net investing activity with Financial Services 4,361 - 3,708 - Cash paid for acquisitions (30) - - - Cash recognized on initial consolidation of joint ventures - - 256 - Other 101 (465) 716 883 Net cash (used in)/provided by investing activities (1,705) (6,862) (2,852) 1,404 Cash flows from financing activities Cash dividends (732) - (733) - Net sales/(purchases) of Common Stock (151) - 9 - Changes in short-term debt (342) 5,279 (237) 1,542 Proceeds from issuance of other debt 469 21,754 1,144 21,942 Principal payments on other debt (2,585) (33,436) (1,097) (27,683) Net financing activity with Automotive - (4,361) - (3,708) Other (39) (81) (15) (67) Net cash (used in)/provided by financing activities (3,380) (10,845) (929) (7,974) Effect of exchange rate changes on cash 117 388 260 551 Net transactions with Automotive/Financial Services 1,258 (1,258) 1,186 (1,186) Net increase/(decrease) in cash and cash equivalents 3,287 (2,984) 613 9,281 Cash and cash equivalents at December 31 $10,143 $13,368 $ 6,856 $16,352 Certain amounts in prior year's financial statements have been reclassified to conform with current year presentation.
  17. 17. 17 Ford Motor Company and Subsidiaries CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS For the Periods Ended December 31, 2004 and 2003 (in millions) Full Year 2004 2003 (unaudited) Cash and cash equivalents at January 1 $ 23,208 $ 13,314 Cash flows from operating activities before securities trading 18,681 15,484 Net sales/(purchases) of trading securities 5,692 2,154 Net cash flows from operating activities 24,373 17,638 Cash flows from investing activities Capital expenditures (6,745) (7,736) Acquisitions of retail and other finance receivables and operating leases (62,852) (59,503) Collections of retail and other finance receivables and operating leases 50,810 44,118 Net acquisitions of daily rental vehicles (2,492) (1,505) Purchases of securities (8,470) (10,074) Sales and maturities of securities 8,414 9,382 Proceeds from sales of retail and other finance receivables and operating leases 6,481 18,401 Proceeds from sale of businesses 537 281 Repayment of debt from discontinued operations - 1,421 Cash paid for acquisitions (30) - Cash recognized on initial consolidation of joint ventures - 256 Other (364) 1,599 Net cash (used in)/provided by investing activities (14,711) (3,360) Cash flows from financing activities Cash dividends (732) (733) Net sales/(purchases) of Common Stock (151) 9 Changes in short-term debt 4,937 1,305 Proceeds from issuance of other debt 22,223 23,086 Principal payments on other debt (36,021) (28,780) Other (120) (82) Net cash (used in)/provided by financing activities (9,864) (5,195) Effect of exchange rate changes on cash 505 811 Net increase/(decrease) in cash and cash equivalents 303 9,894 Cash and cash equivalents at December 31 $ 23,511 $ 23,208 Certain amounts in prior year's financial statements have been reclassified to conform with current year presentation.

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