Exhibit 99.5
Ford Motor Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
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For the Periods Ended March 31, 2002 and 2001
(in millions)
First Quarter
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2002 2001
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(unaudited)
<s> <c> <c>
AUTOMOTIVE
Sales $32,321 $34,650
Costs and expenses
Cost of sales 30,074 30,815
Selling, administrative and other expenses 2,336 2,506
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Total costs and expenses 32,410 33,321
Operating income/(loss) (89) 1,329
Interest income 112 255
Interest expense 362 367
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Net interest expense (250) (112)
Equity in net loss of affiliated companies (61) (178)
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Income/(loss) before income taxes - Automotive (400) 1,039
FINANCIAL SERVICES
Revenues 7,536 7,796
Costs and expenses
Interest expense 1,996 2,560
Depreciation 2,666 2,519
Operating and other expenses 1,559 1,437
Provision for credit and insurance losses 961 686
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Total costs and expenses 7,182 7,202
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Income before income taxes - Financial Services 354 594
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TOTAL COMPANY
Income/(loss) before income taxes (46) 1,633
Provision/(credit) for income taxes (26) 571
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Income/(loss) before minority interests (20) 1,062
Minority interests in net income of subsidiaries 72 3
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Income/(loss) before cumulative effect of change in
accounting principle (92) 1,059
Cumulative effect of change in accounting principle (708) -
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Net income/(loss) $ (800) $ 1,059
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Income/(loss) attributable to Common and Class B Stock
after preferred stock dividends $ (804) $ 1,055
Average number of shares of Common and Class B
Stock outstanding 1,807 1,840
AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK
Basic income
Income/(loss) before cumulative effect of change in
accounting principle $ (0.05) $ 0.58
Cumulative effect of change in accounting principle (0.40) -
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Net income/(loss) $ (0.45) $ 0.58
Diluted income
Income/(loss) before cumulative effect of change in
accounting principle $ (0.05) $ 0.58
Cumulative effect of change in accounting principle (0.40) -
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Net income/(loss) $ (0.45) $ 0.56
Cash dividends $ 0.10 $ 0.30
Ford Motor Company and Subsidiaries
CONSOLIDATED BALANCE SHEET
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(in millions)
March 31, December 31,
2002 2001
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(unaudited)
<s> <c> <c>
ASSETS
Automotive
Cash and cash equivalents $ 8,073 $ 4,079
Marketable securities 11,433 10,949
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Total cash and marketable securities 19,506 15,028
Receivables 2,321 2,214
Inventories 7,068 6,191
Deferred income taxes 2,734 2,595
Other current assets 5,880 6,155
Current receivable from Financial Services 1,349 938
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Total current assets 38,858 33,121
Equity in net assets of affiliated companies 2,399 2,450
Net property 33,537 33,121
Deferred income taxes 7,592 5,996
Goodwill 4,481 5,283
Other intangible assets 1,036 1,194
Other assets 6,514 7,154
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Total Automotive assets 94,417 88,319
Financial Services
Cash and cash equivalents 7,947 3,139
Investments in securities 598 628
Finance receivables, net 103,905 111,958
Net investment in operating leases 46,486 47,262
Retained interest in sold receivables 9,575 12,548
Goodwill and other intangible assets 1,352 1,353
Other assets 7,656 7,624
Receivable from Automotive 3,712 3,712
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Total Financial Services assets 181,231 188,224
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Total assets $275,648 $276,543
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LIABILITIES AND STOCKHOLDERS' EQUITY
Automotive
Trade payables $ 16,191 $ 15,677
Other payables 3,649 4,227
Accrued liabilities 24,306 24,340
Debt payable within one year 235 302
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Total current liabilities 44,381 44,546
Long-term debt 13,681 13,492
Other liabilities 33,281 30,868
Deferred income taxes 275 362
Payable to Financial Services 3,712 3,712
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Total Automotive liabilities 95,330 92,980
Financial Services
Payables 3,347 3,095
Debt 145,301 153,543
Deferred income taxes 9,922 9,703
Other liabilities and deferred income 7,308 7,826
Payable to Automotive 1,349 938
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Total Financial Services liabilities 167,227 175,105
Company-obligated mandatorily redeemable preferred and mandatorily
redeemable convertible preferred securities of a subsidiary trust
holding solely junior subordinated debentures of the Company 5,672 672
Stockholders' equity
Capital stock
Preferred Stock, par value $1.00 per share (aggregate liquidation
preference of $177 million) * *
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 6,008 6,001
Accumulated other comprehensive income (5,253) (5,913)
ESOP loan and treasury stock (2,873) (2,823)
Earnings retained for use in business 9,518 10,502
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Total stockholders' equity 7,419 7,786
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Total liabilities and stockholders' equity $275,648 $276,543
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Ford Motor Company and Subsidiaries
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
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For the Periods Ended March 31, 2002 and 2001
(in millions)
First Quarter 2002 First Quarter 2001
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Financial Financial
Automotive Services Automotive Services
------------ --------------- ------------- ---------------
(unaudited) (unaudited)
<s> <c> <c> <c> <c>
Cash and cash equivalents at January 1 $ 4,079 $ 3,139 $ 3,374 $ 1,477
Cash flows from operating activities before
securities trading 2,338 3,831 3,122 1,903
Net sales/(purchases) of trading securities (437) (25) 119 (6)
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Net cash flows from operating activities 1,901 3,806 3,241 1,897
Cash flows from investing activities
Capital expenditures (1,537) (181) (1,357) (131)
Acquisitions of receivables and lease investments - (21,295) - (23,772)
Collections of receivables and lease investments - 15,318 - 13,249
Net acquisitions of daily rental vehicles - (794) - (1,118)
Purchases of securities (537) (185) (6,713) (204)
Sales and maturities of securities 452 139 8,053 199
Proceeds from sales of receivables and lease investments - 15,399 - 7,174
Net investing activity with Financial Services (427) - (674) -
Cash paid for acquisitions (37) - (122) (743)
Other - 228 342 9
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Net (used in)/provided by investing activities (2,086) 8,629 (471) (5,337)
Cash flows from financing activities
Cash dividends (184) - (557) -
Net purchases of Common Stock (57) - (801) -
Proceeds from mandatorily redeemable convertible
preferred securities 4,900 - - -
Changes in short-term debt (93) (7,402) (28) (4,861)
Proceeds from issuance of other debt 107 8,143 201 14,386
Principal payments on other debt (60) (8,944) (76) (7,691)
Net financing activity with Automotive - 427 - 674
Other (5) (231) 84 44
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Net cash (used in)/provided by financing activities 4,608 (8,007) (1,177) 2,552
Effect of exchange rate changes on cash (18) (31) (63) (111)
Net transactions with Automotive/Financial Services (411) 411 (951) 951
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Net increase/(decrease) in cash and cash equivalents 3,994 4,808 579 (48)
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Cash and cash equivalents at March 31 $ 8,073 $ 7,947 $ 3,953 $ 1,429
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