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Ford Motor Company (ticker: F, exchange: New York Stock Exchange (.N)) News Release -
1/20/2005
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.
DEARBORN, Mich., Jan. 20 /PRNewswire-FirstCall/ -- 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.
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 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 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 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.
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.
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 http://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 http://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
http://www.shareholder.ford.com . News media and members of the investment
community will have an opportunity to ask questions following the
presentation.
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
http://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 http://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.
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;
- 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.
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.
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.
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.
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.
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.
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.
SOURCE Ford Motor Company
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