Exhibit 99.5
Ford Motor Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
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For the Periods Ended June 30, 2002 and 2001
(in millions)
Second Quarter First Half
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2002 2001 2002 2001
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(unaudited) (unaudited)
<s> <c> <c> <c> <c>
AUTOMOTIVE
Sales $35,238 $34,552 $67,559 $69,202
Costs and expenses
Cost of sales 32,320 33,648 62,394 64,463
Selling, administrative and other expenses 2,393 2,336 4,729 4,842
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Total costs and expenses 34,713 35,984 67,123 69,305
Operating income/(loss) 525 (1,432) 436 (103)
Interest income 172 218 284 473
Interest expense 337 330 699 697
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Net interest expense (165) (112) (415) (224)
Equity in net loss of affiliated companies (19) (162) (80) (340)
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Income/(loss) before income taxes - Automotive 341 (1,706) (59) (667)
FINANCIAL SERVICES
Revenues 7,094 7,762 14,630 15,558
Costs and expenses
Interest expense 1,891 2,484 3,887 5,044
Depreciation 2,647 2,674 5,313 5,193
Operating and other expenses 1,179 1,342 2,738 2,779
Provision for credit and insurance losses 771 572 1,732 1,258
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Total costs and expenses 6,488 7,072 13,670 14,274
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Income before income taxes - Financial Services 606 690 960 1,284
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TOTAL COMPANY
Income/(loss) before income taxes 947 (1,016) 901 617
Provision/(credit) for income taxes 282 (284) 256 287
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Income/(loss) before minority interests 665 (732) 645 330
Minority interests in net income of subsidiaries 95 20 167 23
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Income/(loss) before cumulative effect of change in
Accounting principle 570 (752) 478 307
Cumulative effect of change in accounting
principle - - (1,002) -
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Net income/(loss) $ 570 $ (752) $ (524) $ 307
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Income/(loss) attributable to Common and Class B
Stock after preferred stock dividends $ 567 $ (755) $ (531) $ 300
Average number of shares of Common and Class B
Stock outstanding 1,813 1,819 1,810 1,829
AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK
Basic Income
Income/(loss) before cumulative effect of change
in accounting principle $ 0.31 $ (0.42) $ 0.26 $ 0.16
Cumulative effect of change in accounting principle - - (0.55) -
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Net income/(loss) $ 0.31 $ (0.42) $ (0.29) $ 0.16
Diluted Income
Income/(loss) before cumulative effect of change
in accounting principle $ 0.29 $ (0.42) $ 0.26 $ 0.16
Cumulative effect of change in accounting principle - - (0.55) -
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Net income/(loss) $ 0.29 $ (0.42) $ (0.29) $ 0.16
Cash dividends $ 0.10 $ 0.30 $ 0.20 $ 0.60
The accompanying notes are part of the financial statements.
Ford Motor Company and Subsidiaries
CONSOLIDATED BALANCE SHEET
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(in millions)
June 30, December 31,
2002 2001
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(unaudited)
<s> <c> <c>
ASSETS
Automotive
Cash and cash equivalents $ 8,480 $ 4,079
Marketable securities 14,945 10,949
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Total cash and marketable securities 23,425 15,028
Receivables 2,356 2,214
Inventories 7,522 6,191
Deferred income taxes 2,595 2,595
Other current assets 5,697 6,155
Current receivable from Financial Services 1,939 938
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Total current assets 43,534 33,121
Equity in net assets of affiliated companies 2,317 2,450
Net property 35,162 33,121
Deferred income taxes 7,541 5,996
Goodwill 4,712 5,283
Other intangible assets 1,110 1,194
Other assets 6,421 7,154
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Total Automotive assets 100,797 88,319
Financial Services
Cash and cash equivalents 4,623 3,139
Investments in securities 638 628
Finance receivables, net 108,557 110,358
Net investment in operating leases 46,930 47,262
Retained interest in sold receivables 11,515 12,548
Goodwill and other intangible assets 1,063 1,353
Other assets 12,456 9,224
Receivable from Automotive 3,712 3,712
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Total Financial Services assets 189,494 188,224
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Total assets $290,291 $276,543
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LIABILITIES AND STOCKHOLDERS' EQUITY
Automotive
Trade payables $ 17,312 $ 15,677
Other payables 3,043 4,227
Accrued liabilities 25,988 24,340
Debt payable within one year 241 302
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Total current liabilities 46,584 44,546
Long-term debt 13,809 13,492
Other liabilities 35,222 30,868
Deferred income taxes 361 362
Payable to Financial Services 3,712 3,712
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Total Automotive liabilities 99,688 92,980
Financial Services
Payables 2,859 1,595
Debt 150,764 153,543
Deferred income taxes 10,122 9,703
Other liabilities and deferred income 9,254 9,326
Payable to Automotive 1,939 938
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Total Financial Services liabilities 174,938 175,105
Company-obligated mandatorily redeemable preferred and mandatorily T redeemable
convertible preferred securities of subsidiary trusts
holding solely junior subordinated debentures of the Company 5,671 672
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 5,868 6,001
Accumulated other comprehensive income (2,932) (5,913)
ESOP loan and treasury stock (2,570) (2,823)
Earnings retained for use in business 9,609 10,502
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Total stockholders' equity 9,994 7,786
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Total liabilities and stockholders' equity $290,291 $276,543
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* Less than $1 million
The accompanying notes are part of the financial statements.
Ford Motor Company and Subsidiaries
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
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For the Periods Ended June 30, 2002 and 2001
(in millions)
First Half 2002 First Half 2001
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Financial Financial
Automotive Services Automotive Services
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(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 8,109 8,592 6,336 6,995
Net sales/(purchases) of trading securities (3,766) (60) 482 (148)
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Net cash flows from operating activities 4,343 8,532 6,818 6,847
Cash flows from investing activities
Capital expenditures (2,938) (300) (2,586) (230)
Acquisitions of receivables and lease investments - (43,444) - (48,003)
Collections of receivables and lease investments - 28,199 - 26,132
Net acquisitions of daily rental vehicles - (1,896) - (2,362)
Purchases of securities (1,030) (320) (10,729) (485)
Sales and maturities of securities 898 268 12,059 476
Proceeds from sales of receivables and lease investments - 19,430 - 10,141
Net investing activity with Financial Services 29 - (460) -
Cash paid for acquisitions (67) - (1,868) (742)
Other - 425 366 (35)
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Net cash (used in)/provided by investing activities (3,108) 2,362 (3,218) (15,108)
Cash flows from financing activities
Cash dividends (369) - (1,107) -
Net sales/(purchases) of Common Stock 92 - (1,322) -
Proceeds from mandatorily redeemable convertible
preferred securities 4,900 - - -
Changes in short-term debt (91) (9,032) (70) (2,375)
Proceeds from issuance of other debt 265 12,426 346 25,028
Principal payments on other debt (691) (13,981) (368) (13,791)
Net financing activity with Automotive - (29) - 460
Other (14) (44) 170 (362)
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Net cash (used in)/provided by financing activities 4,092 (10,660) (2,351) 8,960
Effect of exchange rate changes on cash 75 249 (20) (193)
Net transactions with Automotive/Financial Services (1,001) 1,001 100 (100)
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Net increase in cash and cash equivalents 4,401 1,484 1,329 406
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Cash and cash equivalents at June 30 $ 8,480 $ 4,623 $ 4,703 $ 1,883
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The accompanying notes are part of the financial statements.