Exhibit 99.1
| NEWS |  |
Contact: | Media: | Investment Community: | Shareholder Inquiries: | Media | ||||||||||||
| Glenn Ray | Equity:Raj Modi | 800.555.5259 or | Information | |||||||||||||
| 313.594.4410 | 313.323.8221 | 313.845.8540 | Center: | |||||||||||||
| gray2@ford.com | Fixed Income: | stockinf@ford.com | 800.665.1515 or | |||||||||||||
| Rob Moeller | 313.621.0504 | |||||||||||||||
| 313.621.0881 | media@ford.com | |||||||||||||||
| fordir@ford.com | ||||||||||||||||
IMMEDIATE RELEASE
FORD ANNOUNCES FIRST-QUARTER FINANCIAL RESULTS
| • | Net income of 60 cents per share, or $1.21 billion. | |||
| • | Earnings from continuing operations of 62 cents per share, or $1.26 billion, excluding special items.* | |||
| • | Worldwide automotive pre-tax profits of $579 million, down $1.25 billion from the same period a year ago, excluding special items. | |||
| • | Financial Services sector pre-tax profit of $1.1 billion, up $33 million from a year ago. | |||
| • | Second-quarter earnings guidance is a range of a loss of 15 cents per share to breakeven, excluding special items. | |||
| • | Full-year earnings guidance of $1.25 to $1.50 per share from continuing operations, excluding special items, unchanged from April 8. | |||
DEARBORN, Mich., April 20 — Ford Motor Company [NYSE: F] today reported net income of 60 cents per share, or $1.21 billion, for the first quarter of 2005. This compares with net income of 94 cents per share, or $1.95 billion, in the first quarter of 2004.
Ford’s first-quarter earnings from continuing operations, excluding special items, were 62 cents per share, or $1.26 billion.*
Ford’s total sales and revenue in the first quarter rose to $45.1 billion from $44.7 billion in the year-ago period.
* Earnings per share from continuing operations is calculated on a basis that includes pre-tax profit (excluding special items), provision for taxes and minority interest. See attachment for reconciliation to GAAP.
2
“The plan that we launched in 2002 has led to profits and positive cash flow,” said Bill Ford, chairman and chief executive officer. “Going forward, we will continue to focus on improving our quality, lowering our costs, and delivering exciting new products, as well as taking actions that strengthen our finances, optimize our global footprint and lead to the faster development of new products.”
The following discussion of the results of our automotive sector and business units is on a basis that excludes special items. See attachment for the nature and amount of these special items and a reconciliation to pre-tax results on a GAAP basis.
AUTOMOTIVE SECTOR
On a pre-tax basis, excluding special items of $106 million, worldwide automotive profits in the first quarter were $579 million, down by $1.25 billion from the same period a year ago.
Worldwide automotive sales for the first quarter rose to $39.3 billion from $38.8 billion in the same period last year. Worldwide vehicle-unit sales in the quarter were 1,716,000, down from 1,788,000 a year ago.
Operating-related cash flow was $800 million positive for the quarter. Automotive cash, marketable securities, loaned securities and short-term Voluntary Employee Beneficiary Association (VEBA) assets on March 31, 2005 were $22.9 billion, down from $23.6 billion at the end of the fourth-quarter.
THE AMERICAS
For the first quarter, the Americas reported a pre-tax profit of $740 million, excluding special items, down $1.24 billion from a $1.98 billion pre-tax profit in the same period a year ago.
North America:In the first quarter, Ford’s North American automotive operations reported pre-tax profit of $663 million, excluding special items, down $1.3 billion from a year ago. Lower volumes, higher costs, unfavorable currency exchange, and unfavorable net pricing contributed to the decline. Sales were $21.1 billion, down from $23.2 billion in the same period a year ago.
South America:Ford’s South American automotive operations reported a first-quarter pre-tax profit of $77 million, an increase of $62 million from first quarter 2004. The improvement reflected primarily higher volumes, favorable currency exchange, and higher pricing partially offset by higher commodity costs. Revenue for the first quarter increased to $866 million from $650 million in 2004.
Go tohttp://media.ford.com for news releases and high-resolution photographs.
3
FORD EUROPE AND PREMIER AUTOMOTIVE GROUP (PAG)
The 2005 first-quarter combined pre-tax profit for Ford Europe and PAG automotive operations was $4 million, compared with a profit of $38 million for the year-ago period, excluding special items, a year-over-year deterioration of $34 million.
Ford Europe:Ford Europe’s first-quarter pre-tax profit was $59 million, compared with a pre-tax profit of $5 million, excluding special items, during the 2004 period. The improvement of $54 million primarily reflected higher volume and ongoing cost reductions. Ford Europe’s sales in the first quarter increased to $7.7 billion, compared with $6.5 billion during the first quarter of 2004.
Premier Automotive Group:PAG reported a pre-tax loss of $55 million for the first quarter, compared with a pre-tax profit of $33 million for the first quarter of 2004. The decline in results primarily reflected unfavorable currency exchange, offset partially by lower costs. First-quarter sales for PAG were $7.6 billion, compared with $6.8 billion a year ago.
FORD ASIA-PACIFIC and AFRICA/MAZDA
The 2005 first-quarter combined pre-tax profit for Ford Asia-Pacific and Africa/Mazda was $97 million, compared with $82 million for the year-ago period, a year-over-year improvement of $15 million.
Ford Asia-Pacific and Africa:For the first quarter of 2005, Ford Asia-Pacific and Africa reported a pre-tax profit of $43 million, an improvement of $15 million from the same period a year ago. The improvement primarily reflected higher volumes and a gain on the sale of Ford’s interest in Mahindra and Mahindra in India. Sales rose to $2 billion, compared with $1.6 billion during the first quarter of 2004.
Mazda:During the first quarter of 2005, Ford’s share of the pre-tax profit of Mazda and associated operations was $54 million, unchanged from the same period a year ago.
FORD MOTOR CREDIT COMPANY
Ford Motor Credit reported net income of $710 million in the first quarter of 2005, up $22 million from earnings of $688 million a year earlier. On a pre-tax basis, Ford Motor Credit earned $1.1 billion in the first quarter, unchanged from the previous year. The results primarily reflected improved credit loss performance, offset partially by the impact of a decline in volume and higher borrowing costs.
Go tohttp://media.ford.com for news releases and high-resolution photographs.
4
HERTZ
Hertz reported a first-quarter pre-tax profit of $33 million, a $40 million improvement from the $7 million pre-tax loss from the same period in 2004. The improvement reflected higher car and equipment rental volumes and higher proceeds from the disposal of used vehicles, partially offset by a highly competitive pricing environment in car rental markets.
OUTLOOK
“As we previously announced, we have reduced our full-year earnings guidance for 2005 to a range of $1.25 to $1.50 per share, excluding special items. This outlook is based on our expectation of a tougher operating environment for the remainder of the year,” said Executive Vice President and Chief Financial Officer Don Leclair. “Consistent with this, we expect our second-quarter earnings per share, excluding special items, to range from a loss of 15 cents per share to breakeven.”
Full-year and second-quarter 2005 earnings-per-share guidance excludes the effect of special items, which are presently estimated to include charges related to the following items:
| 2ndQuarter | Full Year | |||||||
| Premier Automotive Group Improvement Plan | $ | (0.02 | ) | $ | (0.03 | ) | ||
| Investments in Fuel Cell Technologies | (0.04 | ) | (0.05 | ) | ||||
| Sale of a Non-Core Business | 0 | (0.02 | ) | |||||
| Visteon | (0.03 | ) | tbd* | |||||
| Salaried Reductions | (0.03 | ) | (0.03 | ) | ||||
| TOTAL | $ | (0.12 | ) | $ | (0.13 | ) | ||
* Ford expects to incur a charge to earnings associated with concluding a final agreement with Visteon, but at this time we are not able to provide any estimate.
FIRST-QUARTER RESULTS CONFERENCE CALL — APRIL 20
Chairman and Chief Executive Officer Bill Ford, and Executive Vice President and Chief Financial Officer Don Leclair, will host a conference call beginning at 9:00 a.m. ET to discuss first-quarter financial results.
Following the earnings call, at 11:00 a.m. ET, Ford Vice President and Treasurer Ann Marie Petach, Ford Credit Vice Chairman and Chief Financial Officer David Cosper, and Ford Vice President and Controller Jim Gouin, will host a conference call for fixed income analysts and investors.
The presentations (listen-only) and supporting materials also will be available on the Internet atwww.shareholder.ford.com. Representatives of the news media and the investment community participating by teleconference will have the opportunity to ask questions following the presentations.
Go tohttp://media.ford.com for news releases and high-resolution photographs.
5
Conference Call Access Information
April 20
www.shareholder.ford.com
| Toll Free: | 800-599-9795 | |
| International: | 617-786-2905 | |
Earnings: | 9:00 a.m. ET | |
| Earnings Passcode: | “Ford Earnings Call” | |
Fixed Income: | 11:00 a.m. ET | |
| Fixed Income Passcode: | “Ford Fixed Income Call” |
Replays
Available through April 27
www.shareholder.ford.com
| Toll Free: | 888-286-8010 | |||
| International: | 617-801-6888 | |||
| Earnings Passcode: | 29481628 | |||
| Fixed Income Passcode: | 55865600 |
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 324,000 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.
- # # # -
Go tohttp://media.ford.com for news releases and high-resolution photographs.
6
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, healthcare 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 or obligations under long-term supply arrangements pursuant to which we are obligated to purchase minimum quantities or a fixed percentage 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.
***
Go tohttp://media.ford.com for news releases and high-resolution photographs.
7
ATTACHMENT
TOTAL COMPANY
2005 FIRST QUARTER INCOME FROM CONTINUING OPERATIONS
COMPARED WITH NET INCOME
| First Quarter | ||||||||||||
| Earnings | Memo: | |||||||||||
| Per | After-Tax | Pre-Tax | ||||||||||
| Share* | Profit | Profit | ||||||||||
| (Mils.) | (Mils.) | |||||||||||
| Income from Continuing Operations | ||||||||||||
| Excluding Special Items | $ | 0.62 | $ | 1,260 | $ | 1,655 | ||||||
| Special Items | ||||||||||||
| - Fuel Cell Technology Charges | (0.02 | ) | (39 | ) | (39 | ) | ||||||
| - Non-Core Business Held for Sale | (0.02 | ) | (38 | ) | (58 | ) | ||||||
| - Visteon Charges | * | * | (6 | ) | (9 | ) | ||||||
| Total Special Items | $ | (0.04 | ) | $ | (83 | ) | $ | (106 | ) | |||
| Income from Continuing | ||||||||||||
| Operations | $ | 0.58 | $ | 1,177 | $ | 1,549 | ||||||
| Discontinued Operations | 0.02 | 35 | ||||||||||
| Net Income | $ | 0.60 | $ | 1,212 | ||||||||
| * | Earnings per share from continuing operations is calculated on a basis that includes pre-tax profit, provision for taxes, and minority interest |
| ** | Less than $0.01 |
Go tohttp://media.ford.com for news releases and high-resolution photographs.
8
FORD MOTOR COMPANY AND SUBSIDIARIES
SECTOR STATEMENT OF INCOME
For the Periods Ended March 31, 2005 and 2004
(in millions, except per share amounts)
| First Quarter | ||||||||
| 2005 | 2004 | |||||||
| (unaudited) | ||||||||
AUTOMOTIVE | ||||||||
Sales | $ | 39,332 | $ | 38,800 | ||||
Costs and expenses | ||||||||
| Cost of sales | 35,553 | 34,054 | ||||||
| Selling, administrative and other expenses | 3,114 | 2,742 | ||||||
| Total costs and expenses | 38,667 | 36,796 | ||||||
Operating income/(loss) | 665 | 2,004 | ||||||
| Interest expense | 402 | 385 | ||||||
| Interest income and other non-operating income/(expense), net | 153 | 145 | ||||||
| Equity in net income/(loss) of affiliated companies | 57 | 56 | ||||||
Income/(loss) before income taxes — Automotive | 473 | 1,820 | ||||||
FINANCIAL SERVICES | ||||||||
Revenues | 5,804 | 5,923 | ||||||
Costs and expenses | ||||||||
| Interest expense | 1,562 | 1,450 | ||||||
| Depreciation | 1,514 | 1,729 | ||||||
| Operating and other expenses | 1,467 | 1,348 | ||||||
| Provision for credit and insurance losses | 185 | 353 | ||||||
| Total costs and expenses | 4,728 | 4,880 | ||||||
Income/(loss) before income taxes — Financial Services | 1,076 | 1,043 | ||||||
TOTAL COMPANY | ||||||||
Income/(loss) before income taxes | 1,549 | 2,863 | ||||||
| Provision for/(benefit from) income taxes | 314 | 819 | ||||||
Income/(loss) before minority interests | 1,235 | 2,044 | ||||||
| Minority interests in net income/(loss) of subsidiaries | 58 | 85 | ||||||
Income/(loss) from continuing operations | 1,177 | 1,959 | ||||||
| Income/(loss) from discontinued operations | 35 | (7 | ) | |||||
Net income/(loss) | $ | 1,212 | $ | 1,952 | ||||
AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK | ||||||||
Basic income/(loss) | ||||||||
| Income/(loss) from continuing operations | $ | 0.64 | $ | 1.07 | ||||
| Income/(loss) from discontinued operations | 0.02 | — | ||||||
| Net income/(loss) | $ | 0.66 | $ | 1.07 | ||||
Diluted income/(loss) | ||||||||
| Income/(loss) from continuing operations | $ | 0.58 | $ | 0.95 | ||||
| Income/(loss) from discontinued operations | 0.02 | (0.01 | ) | |||||
| Net income/(loss) | $ | 0.60 | $ | 0.94 | ||||
Cash dividends | $ | 0.10 | $ | 0.10 | ||||
Certain amounts in prior year’s financial statements have been reclassified to conform with current year presentation.
9
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
For the Periods Ended March 31, 2005 and 2004
(in millions, except per share amounts)
| First Quarter | ||||||||
| 2005 | 2004 | |||||||
| (unaudited) | ||||||||
Sales and revenues | ||||||||
| Automotive sales | $ | 39,332 | $ | 38,800 | ||||
| Financial Services revenues | 5,804 | 5,923 | ||||||
| Total sales and revenues | 45,136 | 44,723 | ||||||
Costs and expenses | ||||||||
| Cost of sales | 35,553 | 34,054 | ||||||
| Selling, administrative and other expenses | 6,095 | 5,819 | ||||||
| Interest expense | 1,964 | 1,835 | ||||||
| Provision for credit and insurance losses | 185 | 353 | ||||||
| Total costs and expenses | 43,797 | 42,061 | ||||||
| Automotive interest income and other non-operating income/(expense), net | 153 | 145 | ||||||
| Automotive equity in net income/(loss) of affiliated companies | 57 | 56 | ||||||
Income/(loss) before income taxes | 1,549 | 2,863 | ||||||
| Provision for/(benefit from) income taxes | 314 | 819 | ||||||
Income/(loss) before minority interests | 1,235 | 2,044 | ||||||
| Minority interests in net income/(loss) of subsidiaries | 58 | 85 | ||||||
Income/(loss) from continuing operations | 1,177 | 1,959 | ||||||
| Income/(loss) from discontinued operations | 35 | (7 | ) | |||||
Net income/(loss) | $ | 1,212 | $ | 1,952 | ||||
AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK | ||||||||
Basic income/(loss) | ||||||||
| Income/(loss) from continuing operations | $ | 0.64 | $ | 1.07 | ||||
| Income/(loss) from discontinued operations | 0.02 | — | ||||||
| Net income/(loss) | $ | 0.66 | $ | 1.07 | ||||
Diluted income/(loss) | ||||||||
| Income/(loss) from continuing operations | $ | 0.58 | $ | 0.95 | ||||
| Income/(loss) from discontinued operations | 0.02 | (0.01 | ) | |||||
| Net income/(loss) | $ | 0.60 | $ | 0.94 | ||||
Cash dividends | $ | 0.10 | $ | 0.10 | ||||
Certain amounts in prior year’s financial statements have been reclassified to conform with current year presentation.
10
FORD MOTOR COMPANY AND SUBSIDIARIES
SECTOR BALANCE SHEET
(in millions)
| March 31, | December 31, | |||||||
| 2005 | 2004 | |||||||
| (unaudited) | ||||||||
ASSETS | ||||||||
Automotive | ||||||||
| Cash and cash equivalents | $ | 9,532 | $ | 10,142 | ||||
| Marketable securities | 9,210 | 8,291 | ||||||
| Loaned securities | 839 | 1,058 | ||||||
| Total cash, marketable and loaned securities | 19,581 | 19,491 | ||||||
| Receivables, net | 3,034 | 2,894 | ||||||
| Inventories | 11,482 | 10,766 | ||||||
| Deferred income taxes | 3,734 | 3,837 | ||||||
| Other current assets | 8,229 | 8,916 | ||||||
| Total current assets | 46,060 | 45,904 | ||||||
| Equity in net assets of affiliated companies | 1,962 | 1,907 | ||||||
| Net property | 41,759 | 42,904 | ||||||
| Deferred income taxes | 10,095 | 10,894 | ||||||
| Goodwill and other intangible assets | 6,111 | 6,374 | ||||||
| Assets of discontinued/held-for-sale operations | 159 | 188 | ||||||
| Other assets | 9,837 | 9,455 | ||||||
| Total Automotive assets | 115,983 | 117,626 | ||||||
Financial Services | ||||||||
| Cash and cash equivalents | 13,813 | 13,368 | ||||||
| Investments in securities | 929 | 1,216 | ||||||
| Finance receivables, net | 106,048 | 113,824 | ||||||
| Net investment in operating leases | 32,475 | 31,763 | ||||||
| Retained interest in sold receivables | 8,028 | 9,166 | ||||||
| Goodwill and other intangible assets | 900 | 897 | ||||||
| Assets of discontinued/held-for-sale operations | 2,456 | 2,186 | ||||||
| Other assets | 10,963 | 13,746 | ||||||
| Receivable from Automotive | 1,633 | 2,753 | ||||||
| Total Financial Services assets | 177,245 | 188,919 | ||||||
Total assets | $ | 293,228 | $ | 306,545 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Automotive | ||||||||
| Trade payables | $ | 17,389 | $ | 16,026 | ||||
| Other payables | 4,182 | 4,269 | ||||||
| Accrued liabilities | 33,729 | 33,573 | ||||||
| Debt payable within one year | 947 | 977 | ||||||
| Current payable to Financial Services | 672 | 1,382 | ||||||
| Total current liabilities | 56,919 | 56,227 | ||||||
| Long-term debt | 17,101 | 17,458 | ||||||
| Other liabilities | 35,807 | 35,699 | ||||||
| Deferred income taxes | 1,897 | 3,042 | ||||||
| Liabilities of discontinued/held-for-sale operations | 47 | 46 | ||||||
| Payable to Financial Services | 961 | 1,371 | ||||||
| Total Automotive liabilities | 112,732 | 113,843 | ||||||
Financial Services | ||||||||
| Payables | 2,598 | 2,394 | ||||||
| Debt | 143,214 | 154,538 | ||||||
| Deferred income taxes | 10,496 | 10,549 | ||||||
| Other liabilities and deferred income | 7,560 | 8,206 | ||||||
| Liabilities of discontinued/held-for-sale operations | 112 | 93 | ||||||
| Total Financial Services liabilities | 163,980 | 175,780 | ||||||
| Minority interests | 846 | 877 | ||||||
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 | 5,224 | 5,321 | ||||||
| Accumulated other comprehensive income/(loss) | (150 | ) | 1,258 | |||||
| Treasury stock | (1,628 | ) | (1,728 | ) | ||||
| Earnings retained for use in business | 12,205 | 11,175 | ||||||
| Total stockholders’ equity | 15,670 | 16,045 | ||||||
Total liabilities and stockholders’ equity | $ | 293,228 | $ | 306,545 | ||||
Certain amounts in prior year’s financial statements have been reclassified to conform with current year presentation.
11
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in millions)
| March 31, | December 31, | |||||||
| 2005 | 2004 | |||||||
| (unaudited) | ||||||||
ASSETS | ||||||||
| Cash and cash equivalents | $ | 23,345 | $ | 23,510 | ||||
| Marketable securities | 10,139 | 9,507 | ||||||
| Loaned securities | 839 | 1,058 | ||||||
| Finance receivables, net | 102,552 | 110,749 | ||||||
| Other receivables, net | 6,530 | 5,969 | ||||||
| Net investment in operating leases | 32,475 | 31,763 | ||||||
| Retained interest in sold receivables | 8,028 | 9,166 | ||||||
| Inventories | 11,482 | 10,766 | ||||||
| Equity in net assets of affiliated companies | 2,872 | 2,835 | ||||||
| Net property | 43,395 | 44,549 | ||||||
| Deferred income taxes | 2,926 | 4,830 | ||||||
| Goodwill and other intangible assets | 7,011 | 7,271 | ||||||
| Assets of discontinued/held-for-sale operations | 2,615 | 2,374 | ||||||
| Other assets | 26,379 | 29,511 | ||||||
Total assets | $ | 280,588 | $ | 293,858 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Payables | $ | 24,169 | $ | 22,689 | ||||
| Accrued liabilities | 31,392 | 31,187 | ||||||
| Debt | 161,262 | 172,973 | ||||||
| Other liabilities and deferred income | 43,226 | 43,777 | ||||||
| Deferred income taxes | 3,864 | 6,171 | ||||||
| Liabilities of discontinued/held-for-sale operations | 159 | 139 | ||||||
| Total liabilities | 264,072 | 276,936 | ||||||
| Minority interests | 846 | 877 | ||||||
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 | 5,224 | 5,321 | ||||||
| Accumulated other comprehensive income/(loss) | (150 | ) | 1,258 | |||||
| Treasury stock | (1,628 | ) | (1,728 | ) | ||||
| Earnings retained for use in business | 12,205 | 11,175 | ||||||
| Total stockholders’ equity | 15,670 | 16,045 | ||||||
Total liabilities and stockholders’ equity | $ | 280,588 | $ | 293,858 | ||||
Certain amounts in prior year’s financial statements have been reclassified to conform with current year presentation.
12
FORD MOTOR COMPANY AND SUBSIDIARIES
CONDENSED SECTOR STATEMENT OF CASH FLOWS
For the Periods Ended March 31, 2005 and 2004
(in millions)
| First Quarter 2005 | First Quarter 2004 | |||||||||||||||
| Financial | Financial | |||||||||||||||
| Automotive | Services | Automotive | Services | |||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
Cash and cash equivalents at January 1 | $ | 10,142 | $ | 13,368 | $ | 6,856 | $ | 16,352 | ||||||||
| Cash flows from operating activities before securities trading | 2,449 | 3,453 | 2,556 | 5,569 | ||||||||||||
| Net sales/(purchases) of trading securities | (599 | ) | 8 | (2,267 | ) | (8 | ) | |||||||||
| Net cash flows from operating activities | 1,850 | 3,461 | 289 | 5,561 | ||||||||||||
Cash flows from investing activities | ||||||||||||||||
| Capital expenditures | (1,436 | ) | (125 | ) | (1,199 | ) | (76 | ) | ||||||||
| Acquisitions of retail and other finance receivables and operating leases | — | (14,035 | ) | — | (13,586 | ) | ||||||||||
| Collections of retail and other finance receivables and operating leases | — | 12,762 | — | 12,191 | ||||||||||||
| Net (acquisitions)/collections of wholesale receivables | — | (1,463 | ) | — | (1,920 | ) | ||||||||||
| Net acquisitions of daily rental vehicles | — | (1,283 | ) | — | (1,041 | ) | ||||||||||
| Purchases of securities | (1,808 | ) | (114 | ) | (1,342 | ) | (2 | ) | ||||||||
| Sales and maturities of securities | 1,540 | 391 | 1,380 | 196 | ||||||||||||
| Proceeds from sales of retail and other finance receivables and operating leases | — | 8,373 | — | 1,680 | ||||||||||||
| Proceeds from sales of wholesale receivables | — | 1,443 | — | 964 | ||||||||||||
| Proceeds from sale of businesses | 39 | — | 100 | — | ||||||||||||
| Net investing activity with Financial Services | 415 | — | 851 | — | ||||||||||||
| Other | (42 | ) | (153 | ) | 4 | 299 | ||||||||||
| Net cash (used in)/provided by investing activities | (1,292 | ) | 5,796 | (206 | ) | (1,295 | ) | |||||||||
Cash flows from financing activities | ||||||||||||||||
| Cash dividends | (183 | ) | — | (183 | ) | — | ||||||||||
| Net sales/(purchases) of Common Stock | (14 | ) | — | (60 | ) | — | ||||||||||
| Changes in short-term debt | (17 | ) | (403 | ) | (156 | ) | 4,881 | |||||||||
| Proceeds from issuance of other debt | 76 | 5,446 | 148 | 4,343 | ||||||||||||
| Principal payments on other debt | (373 | ) | (13,939 | ) | (1,377 | ) | (15,491 | ) | ||||||||
| Net financing activity with Automotive | — | (415 | ) | — | (851 | ) | ||||||||||
| Other | (3 | ) | (18 | ) | (10 | ) | (2 | ) | ||||||||
| Net cash (used in)/provided by financing activities | (514 | ) | (9,329 | ) | (1,638 | ) | (7,120 | ) | ||||||||
| Effect of exchange rate changes on cash | 56 | (193 | ) | (12 | ) | (61 | ) | |||||||||
| Net transactions with Automotive/Financial Services | (710 | ) | 710 | (95 | ) | 95 | ||||||||||
Net increase/(decrease) in cash and cash equivalents | (610 | ) | 445 | (1,662 | ) | (2,820 | ) | |||||||||
Cash and cash equivalents at March 31 | $ | 9,532 | $ | 13,813 | $ | 5,194 | $ | 13,532 | ||||||||
Certain amounts in prior year’s financial statements have been reclassified to conform with current year presentation.
13
FORD MOTOR COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the Periods Ended March 31, 2005 and 2004
(in millions)
| First Quarter | ||||||||
| 2005 | 2004 | |||||||
| (unaudited) | ||||||||
Cash and cash equivalents at January 1 | $ | 23,510 | $ | 23,208 | ||||
| Cash flows from operating activities before securities trading | 5,767 | 7,143 | ||||||
| Net sales/(purchases) of trading securities | (591 | ) | (2,275 | ) | ||||
| Net cash flows from operating activities | 5,176 | 4,868 | ||||||
Cash flows from investing activities | ||||||||
| Capital expenditures | (1,561 | ) | (1,275 | ) | ||||
| Acquisitions of retail and other finance receivables and operating leases | (14,035 | ) | (13,586 | ) | ||||
| Collections of retail and other finance receivables and operating leases | 12,877 | 12,217 | ||||||
| Net acquisitions of daily rental vehicles | (1,283 | ) | (1,041 | ) | ||||
| Purchases of securities | (1,922 | ) | (1,344 | ) | ||||
| Sales and maturities of securities | 1,931 | 1,576 | ||||||
| Proceeds from sales of retail and other finance receivables and operating leases | 8,373 | 1,680 | ||||||
| Proceeds from sale of businesses | 39 | 100 | ||||||
| Other | (195 | ) | 303 | |||||
| Net cash (used in)/provided by investing activities | 4,224 | (1,370 | ) | |||||
Cash flows from financing activities | ||||||||
| Cash dividends | (183 | ) | (183 | ) | ||||
| Net sales/(purchases) of Common Stock | (14 | ) | (60 | ) | ||||
| Changes in short-term debt | (420 | ) | 4,725 | |||||
| Proceeds from issuance of other debt | 5,522 | 4,491 | ||||||
| Principal payments on other debt | (14,312 | ) | (16,868 | ) | ||||
| Other | (21 | ) | (12 | ) | ||||
| Net cash (used in)/provided by financing activities | (9,428 | ) | (7,907 | ) | ||||
| Effect of exchange rate changes on cash | (137 | ) | (73 | ) | ||||
Net increase/(decrease) in cash and cash equivalents | (165 | ) | (4,482 | ) | ||||
Cash and cash equivalents at March 31 | $ | 23,345 | $ | 18,726 | ||||
Certain amounts in prior year’s financial statements have been reclassified to conform with current year presentation.