1st Quarter Results
Ford Motor Co
21 April 2006
NEWS
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FOR IMMEDIATE RELEASE
FORD REPORTS FIRST QUARTER 2006 FINANCIAL RESULTS
• Net loss of 64 cents per share, or $1.2 billion.
• Earnings from continuing operations of 24 cents per share, or $458 million, excluding special items.*
• Worldwide automotive pre-tax loss of $184 million, excluding special items.
• Ford Credit pre-tax profit of $751 million, excluding special items.
DEARBORN, Mich., April 21, 2006 - Ford Motor Company (NYSE: F) today reported a
net loss of 64 cents per share, or $1.2 billion, for the first quarter of 2006.
This compares with net income of 60 cents per share, or $1.2 billion, in the
first quarter of 2005.
Ford's first-quarter earnings from continuing operations, excluding special
items, was 24 cents per share, or $458 million.*
Ford's total sales and revenue in the first quarter was $41.1 billion, down $4.1
billion from a year ago.
* Earnings per share from continuing operations excluding special items is
calculated on a basis that includes pre-tax profit and provision for taxes and
minority interest. See table following 'Safe Harbor/Risk Factors' for the
nature and amount of these special items and a reconciliation to GAAP.
'I am confident that we are confronting our challenges head-on and that we will
succeed in our turnaround and getting back on track to ensure our long-term
success,' said Chairman and Chief Executive Officer Bill Ford. 'We are clearly
in a period of transition. However, I am pleased with the changes underway to
make Ford a leaner, more innovative company. I also am grateful to our
employees for the cooperation and confidence in Ford that they have demonstrated
by embracing these changes, which can be very difficult.'
Special items reduced earnings by 88 cents per share in the first quarter. The
pre-tax effect of these items include:
• A charge of $1.7 billion, or 61 cents per share, for costs associated with
expected North America Way Forward-related layoff and jobs bank benefits and
voluntary termination packages;
• A charge of $414 million, or 14 cents per share, of related non-cash
pension curtailment charges;
• Facility-related costs, primarily associated with last month's idling of
the St. Louis Assembly Plant, of $281 million or 10 cents per share; and
• Costs of $95 million, or 3 cents per share, associated with additional
personnel reduction programs not directly related to Way Forward.
First-quarter highlights included:
• Launched Way Forward plan to return North America automotive operations to
profitability no later than 2008. Plan includes idling and ceasing
operations at 14 manufacturing facilities through 2012, including seven
vehicle assembly plants, and initiatives to generate net material cost
savings of at least $6 billion by 2010, improve quality and invest in new
products.
• Introduced U.S. products that are performing well in the marketplace,
including Ford Fusion, Mercury Milan and Lincoln Zephyr.
• Launched all-new Ford Ranger in Thailand, Ford Fiesta in India, Ford Focus
in China and confirmed Volvo S40 would also be locally produced in China.
• Best ever first quarter global sales for Land Rover, increasing 26 percent
over a year ago.
The following discussion of the results of our Automotive sector and Automotive
business units is on a basis that excludes special items. See table following '
Safe Harbor/Risk Factors' for the nature and amount of these special items and a
reconciliation to GAAP.
AUTOMOTIVE SECTOR
On a pre-tax basis, excluding special items of $2.5 billion, worldwide
Automotive sector losses in the first quarter were $184 million. This compares
with a pre-tax profit of $580 million, excluding special items of $107 million,
during the same period a year ago.
Worldwide automotive sales for the first quarter declined to $37.0 billion from
$39.3 billion in the same period last year. Worldwide vehicle unit sales in the
quarter were 1,722,000, up from 1,716,000 a year ago.
Total cash, including automotive cash, marketable securities, loaned securities
and short-term Voluntary Employee Beneficiary Association (VEBA) assets at March
31, 2006 was $23.7 billion, down from $25.1 billion at the end of the fourth
quarter.
THE AMERICAS
For the first quarter, The Americas reported a pre-tax automotive loss of $323
million, excluding special items, compared to a pre-tax profit of $741 million
in the same period a year ago.
North America: In the first quarter, Ford's North America automotive operations
reported a pre-tax loss of $457 million, excluding special items, compared with
a pre-tax profit of $664 million, excluding special items, a year ago. The
deterioration primarily reflected lower volumes associated with lower market
share and a smaller increase in dealer inventories; increased incentives
associated with a higher mix of leasing and fleet sales; the non-recurrence of
favorable warranty reserve adjustments; acceleration of depreciation charges
associated with announced plant idlings; adverse currency exchange; and losses
associated with ACH, the former Visteon activities now controlled by Ford.
These declines were partially offset by lower net product costs and other
improvements primarily associated with implementation of our personnel and
capacity reduction actions. Sales were $19.8 billion, down from $21.1 billion
for the same period a year ago.
South America: Ford's South America automotive operations reported a
first-quarter pre-tax profit of $134 million, an increase of $57 million from a
$77 million pre-tax profit a year ago. Pricing and higher industry volume,
partially offset by higher commodity prices, were the primary drivers of the
improvement. Sales for the first quarter improved to $1.2 billion from $866
million in 2005.
INTERNATIONAL OPERATIONS
In the first quarter, International Operations reported a combined automotive
pre-tax profit, excluding special items, of $301 million, an improvement of $200
million from first quarter 2005.
FORD EUROPE AND PREMIER AUTOMOTIVE GROUP (PAG)
The combined first-quarter automotive pre-tax profit, excluding special items,
for Ford Europe and PAG automotive operations was $254 million, an improvement
of $250 million from the same period a year ago.
Ford Europe: Ford Europe's first-quarter pre-tax profit was $91 million,
excluding special items, compared with a pre-tax profit of $59 million during
the 2005 period. The improvement was more than explained by cost reductions,
primarily material costs, and favorable mix, partially offset by lower net
pricing. During the first quarter, Ford Europe negotiated an investment
security agreement with the German works council that provides job protection
while achieving a more competitive manufacturing cost base. Ford Europe's sales
in the first quarter were $6.8 billion, compared with $7.7 billion during first
quarter 2005.
Premier Automotive Group (PAG): PAG reported a pre-tax profit, excluding
special items, of $163 million for the first quarter, compared with a pre-tax
loss of $55 million for the same period in 2005. The improvement primarily
reflected cost improvements at Volvo, Jaguar, and Land Rover and increased sales
of Range Rover Sport, contributing to improved mix. The improvements were
partially offset by unfavorable currency exchange and lower net pricing.
First-quarter sales for PAG were $7.1 billion, compared with $7.6 billion a year
ago.
ASIA PACIFIC AND AFRICA/MAZDA
In the first quarter, Asia Pacific and Africa/Mazda reported a combined pre-tax
profit of $47 million, compared with a pre-tax profit of $97 million in 2005.
Asia Pacific and Africa: For the first quarter, Asia Pacific and Africa
reported a pre-tax profit of $2 million, compared with a pre-tax profit of $43
million a year ago. The decline primarily reflected lower Falcon volumes in
Australia, unfavorable currency exchange, and the non-recurrence of last year's
sale of our interest in Mahindra & Mahindra in India, partially offset by
improved performance in our joint ventures, primarily in China. Sales were $1.7
billion, compared with $2.0 billion in 2005.
Mazda: During the first quarter of 2006, Ford's share of Mazda profits and
associated operations was $45 million, compared with $54 million during the same
period a year ago. The decline primarily reflected lower gains during the
quarter on our investment in Mazda's convertible bonds. All of these bonds have
now been converted to equity.
OTHER AUTOMOTIVE
First-quarter results included a loss of $162 million in Other Automotive,
compared with a loss of $262 million a year ago. The year-over-year improvement
primarily reflected higher interest income from our cash portfolio, due to
higher short-term interest rates and higher cash balances.
FINANCIAL SERVICES SECTOR
For the first-quarter, Financial Services sector earned a pre-tax profit of $744
million, compared with pre-tax profits of $1.1 billion a year ago.
Ford Motor Credit Company: Ford Motor Credit Company reported net income of $479
million in the first quarter of 2006, down $231 million from earnings of $710
million a year earlier. On a pre-tax basis from continuing operations, Ford
Motor Credit earned $751 million in the first quarter, compared with $1.1
billion in the previous year. The decrease in earnings primarily reflected
higher borrowing costs, the impact of lower receivable levels and higher
depreciation expense, partially offset by improved credit loss performance.
FULL-YEAR SPECIAL ITEMS
The company previously announced it anticipated full-year pre-tax special items
of about $1 billion, with further study required to assess additional costs
stemming from the Way Forward plan and to determine appropriate accounting for
these costs. The present expectation is that total full-year pre-tax special
items, including these jobs bank-related costs and associated pension
curtailment charges, will be about $3.4 billion.
Executive Vice President and Chief Financial Officer Don Leclair said, 'Today's
results reflect the business environment we are facing and the actions we are
taking to address our issues. We remain committed to implementing our plans to
turn around the automotive business.'
FIRST QUARTER CONFERENCE CALL DETAILS
Ford Motor Company will release first quarter 2006 financial results at 7 a.m.
EDT on Friday, April 21. The following briefings will be held after the
announcement:
At 9 a.m. EDT, Chairman and CEO, Bill Ford, and Executive Vice President and
CFO, Don Leclair, will host a conference call for news media and analysts to
discuss first-quarter financial results.
Following the earnings call, at 11 a.m. EDT, Ford Vice President and Treasurer
Ann Marie Petach, Ford Motor Credit Company Vice Chairman and CFO K.R. Kent, 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 will be available on
the Internet at www.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.
Access Information - Friday, April 21
Toll Free: 800-706-7741
International: 617-614-3471
Earnings: 9:00 a.m. EDT
Earnings Passcode: 'Ford Earnings Call'
Fixed Income: 11:00 a.m. EDT
Fixed Income Passcode: 'Ford Fixed Income'
Replays - Available through Friday, April 28
www.shareholder.ford.com
Toll Free: 888-286-8010
International: 617-801-6888
Passcodes:
Earnings: 29481628
Fixed Income: 55865600
Ford Motor Company, a global automotive industry leader based in Dearborn,
Mich., manufactures and distributes automobiles in 200 markets across six
continents. With about 300,000 employees and 108 plants 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.
- # # # -
Safe Harbor/Risk Factors
Statements included or incorporated by reference herein may constitute '
forward-looking statements' within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are based on
expectations, forecasts and assumptions by our management and involve a number
of risks, uncertainties, and other factors that could cause actual results to
differ materially from those stated, including, without limitation:
• Continued decline in market share;
• Continued or increased price competition resulting from industry
overcapacity, currency fluctuations or other factors;
• A market shift (or an increase in or acceleration of market shift) away
from sales of trucks or sport utility vehicles, or from sales of other more
profitable vehicles in the United States;
• A significant decline in industry sales, particularly in the United States
or Europe, resulting from slowing economic growth, geo-political events or
other factors;
• Lower-than-anticipated market acceptance of new or existing products;
• Continued or increased high prices for or reduced availability of fuel;
• Currency or commodity price fluctuations;
• Adverse effects from the bankruptcy or insolvency of a major competitor;
• Economic distress of suppliers that has in the past and may in the future
require us to provide financial support or take other measures to ensure
supplies of components or materials;
• Work stoppages at Ford or supplier facilities or other interruptions of
supplies;
• Single-source supply of components or materials;
• Labor or other constraints on our ability to restructure our business;
• Worse-than-assumed economic and demographic experience for our
postretirement benefit plans (e.g., discount rates, investment returns, and
health care cost trends);
• 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 (e.g., pension funding)
regulation resulting in higher costs, cash expenditures, and/or sales
restrictions;
• Unusual or significant litigation or governmental investigations arising
out of alleged defects in our products or otherwise;
• A change in our requirements for parts or materials where we have entered
into long-term supply arrangements that commit us to purchase minimum or
fixed quantities of certain parts or materials, or to pay a minimum amount
to the seller ('take-or-pay contracts');
• Inability to access debt or securitization markets around the world at
competitive rates or in sufficient amounts due to additional credit rating
downgrades or otherwise;
• Higher-than-expected credit losses;
• Increased competition from banks or other financial institutions seeking
to increase their share of financing Ford vehicles;
• Changes in interest rates;
• Collection and servicing problems related to finance receivables and net
investment in operating leases;
• Lower-than-anticipated residual values or higher-than-expected return
volumes for leased vehicles;
• New or increased credit, consumer or data protection or other regulations
resulting in higher costs and/or additional financing restrictions; and
• Inability to implement the Way Forward plan.
We cannot be certain that any expectation, forecast or assumption made by
management in preparing these forward-looking statements will prove accurate, or
that any projection will be realized. It is to be expected that there may be
differences between projected and actual results. Our forward-looking
statements speak only as of the date of their initial issuance, and we do not
undertake any obligation to update or revise publicly any forward-looking
statement, whether as a result of new information, future events or otherwise.
***
TOTAL COMPANY 2006 FIRST QUARTER INCOME FROM CONTINUING OPERATIONS COMPARED WITH
NET INCOME
First Quarter
Earnings Per After-Tax Pre-Tax
Share* Profit Profit
(Mils.) (Mils.)
Income/(Loss) from Continuing Operations Excluding $ 0.24 $ 458 $ 560
Special Items
Special Items
• Way Forward Jobs Bank/Employee Separation $ (0.61) $ (1,131) $ (1,741)
• Pension Curtailment Charges (0.14) (269) (414)
• Facility-Related U.S. Plant Idling Costs (0.10) (183) (281)
• Additional Personnel Reduction Programs (0.03) (62) (95)
Total Special Items $ (0.88) $ (1,645) $ (2,531)
Income/(Loss) from Continuing Operations $ (0.64) $ (1,187) $ (1,971)
Memo: Total Net Income/(Loss) $ (0.64) $ (1,187)
* Earnings per share from continuing operations is calculated on a basis
that includes pre-tax profit, provision for taxes, and minority interest;
additional information regarding the method of calculating earnings per share is
available in the materials supporting the April 21, 2006, conference calls at
www.shareholder.ford.com.
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
For the Periods Ended March 31, 2006 and 2005
(in millions, except per share amounts)
First Quarter
2006 2005
(unaudited)
Sales and revenues
Automotive sales $ 36,985 $ 39,332
Financial Services revenues 4,070 5,804
Total sales and revenues 41,055 45,136
Costs and expenses
Cost of sales 36,674 35,558
Selling, administrative and other expenses 4,592 6,090
Interest expense 2,019 1,964
Financial Services provision for credit and insurance
losses 35 185
Total costs and expenses 43,320 43,797
Automotive interest income and other non-operating
income/(expense), net 215 153
Automotive equity in net income/(loss) of affiliated
companies 79 57
Income/(loss) before income taxes (1,971) 1,549
Provision for/(benefit from) income taxes (843) 314
Income/(loss) before minority interests (1,128) 1,235
Minority interests in net income/(loss) of subsidiaries 59 58
Income/(loss) from continuing operations (1,187) 1,177
Income/(loss) from discontinued operations - 35
Net income/(loss) $ (1,187) $ 1,212
AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK
Basic income/(loss)
Income/(loss) from continuing operations $ (0.64) $ 0.64
Income/(loss) from discontinued operations - 0.02
Net income/(loss) $ (0.64) $ 0.66
Diluted income/(loss)
Income/(loss) from continuing operations $ (0.64) $ 0.58
Income/(loss) from discontinued operations - 0.02
Net income/(loss) (0.64) 0.60
Cash dividends $ 0.10 $ 0.10
FORD MOTOR COMPANY AND SUBSIDIARIES
SECTOR STATEMENT OF INCOME
For the Periods Ended March 31, 2006 and 2005
(in millions, except per share amounts)
First Quarter
2006 2005
(unaudited)
AUTOMOTIVE
Sales $36,985 $39,332
Costs and expenses
Cost of sales 36,674 35,558
Selling, administrative and other expenses 2,974 3,109
Total costs and expenses 39,648 38,667
Operating income/(loss) (2,663) 665
Interest expense 346 402
Interest income and other non-operating income/(expense), 215 153
net
Equity in net income/(loss) of affiliated companies 79 57
Income/(loss) before income taxes - Automotive (2,715) 473
FINANCIAL SERVICES
Revenues 4,070 5,804
Costs and expenses
Interest expense 1,673 1,562
Depreciation 1,208 1,514
Operating and other expenses 410 1,467
Provision for credit and insurance losses 35 185
Total costs and expenses 3,326 4,728
Income/(loss) before income taxes - Financial Services 744 1,076
TOTAL COMPANY
Income/(loss) before income taxes (1,971) 1,549
Provision for/(benefit from) income taxes (843) 314
Income/(loss) before minority interests (1,128) 1,235
Minority interests in net income/(loss) of subsidiaries 59 58
Income/(loss) from continuing operations (1,187) 1,177
Income/(loss) from discontinued operations - 35
Net income/(loss) $(1,187) $1,212
AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK
Basic income/(loss)
Income/(loss) from continuing operations $(0.64) $0.64
Income/(loss) from discontinued operations - 0.02
Net income/(loss) $(0.64) $0.66
Diluted income/(loss)
Income/(loss) from continuing operations $(0.64) $0.58
Income/(loss) from discontinued operations - 0.02
Net income/(loss) $(0.64) $0.60
Cash dividends $0.10 $0.10
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in millions)
March 31, December 31,
2006 2005
(unaudited)
ASSETS
Cash and cash equivalents $21,179 $28,406
Marketable securities 14,732 10,672
Loaned securities 3,160 3,461
Finance receivables, net 103,986 105,975
Other receivables, net 8,824 8,522
Net investment in operating leases 28,952 27,099
Retained interest in sold receivables 1,399 1,420
Inventories 11,962 10,271
Equity in net assets of affiliated companies 2,557 2,579
Net property 40,941 40,706
Deferred income taxes 6,767 5,881
Goodwill and other intangible assets 6,072 5,945
Assets of discontinued/held-for-sale operations - 5
Other assets 18,545 18,534
Total assets $ 269,076 $269,476
LIABILITIES AND STOCKHOLDERS' EQUITY
Payables $24,005 $22,813
Accrued liabilities and deferred revenue 75,512 72,977
Debt 151,104 154,332
Deferred income taxes 5,284 5,275
Total liabilities 255,905 255,397
Minority interests 1,122 1,122
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 4,778 4,872
Accumulated other comprehensive income/(loss) (3,156) (3,562)
Treasury stock (680) (833)
Earnings retained for use in business 11,088 12,461
Total stockholders' equity 12,049 12,957
Total liabilities and stockholders' equity $269,076 $269,476
Prior year amounts have been revised to reflect a reclassification between
Financial Services sector Cash and cash equivalents and Marketable securities as
of December 31, 2005.
FORD MOTOR COMPANY AND SUBSIDIARIES
SECTOR BALANCE SHEET
(in millions)
March 31, December 31,
2006 2005
(unaudited)
ASSETS
Automotive
Cash and cash equivalents $10,104 $13,388
Marketable securities 9,044 6,860
Loaned securities 3,160 3,461
Total cash, marketable and loaned securities 22,308 23,709
Receivables, net 3,279 3,061
Inventories 11,962 10,271
Deferred income taxes 1,083 1,187
Other current assets 9,049 8,177
Current receivable from Financial Services 324 -
Total current assets 48,005 46,405
Equity in net assets of affiliated companies 1,736 1,756
Net property 40,621 40,378
Deferred income taxes 11,746 11,049
Goodwill and other intangible assets 6,055 5,928
Assets of discontinued/held-for-sale operations - 5
Other assets 8,369 8,308
Total Automotive assets 116,532 113,829
Financial Services
Cash and cash equivalents 11,075 15,018
Marketable securities 5,688 3,812
Finance receivables, net 109,531 111,436
Net investment in operating leases 24,411 22,951
Retained interest in sold receivables 1,399 1,420
Goodwill and other intangible assets 17 17
Other assets 6,909 7,457
Current receivable from Automotive - 83
Total Financial Services assets 159,030 162,194
Intersector elimination (324) (83)
Total assets $275,238 $275,940
LIABILITIES AND STOCKHOLDERS' EQUITY
Automotive
Trade payables $18,052 $16,554
Other payables 4,195 4,222
Accrued liabilities and deferred revenue 30,191 28,733
Deferred income taxes 852 804
Debt payable within one year 1,264 978
Current payable to Financial Services - 83
Total current liabilities 54,554 51,374
Long-term debt 16,510 16,900
Other liabilities 40,135 38,639
Deferred income taxes 355 586
Total Automotive liabilities 111,554 107,499
Financial Services
Payables 1,758 2,037
Debt 133,330 136,454
Deferred income taxes 10,239 10,349
Other liabilities and deferred income 5,186 5,605
Payable to Automotive 324 -
Total Financial Services liabilities 150,837 154,445
Minority interests 1,122 1,122
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 4,778 4,872
Accumulated other comprehensive income/(loss) (3,156) (3,562)
Treasury stock (680) (833)
Earnings retained for use in business 11,088 12,461
Total stockholders' equity 12,049 12,957
Intersector elimination (324) (83)
Total liabilities and stockholders' equity $275,238 $275,940
Prior year amounts have been revised to reflect a reclassification between
Financial Services sector Cash and cash equivalents and Marketable securities as
of December 31, 2005.
FORD MOTOR COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the Periods Ended March 31, 2006 and 2005
(in millions)
First Quarter
2006 2005
(unaudited)
Cash flows from operating activities of continuing
operations
Net cash (used in) provided by operating activities $(194) $5,165
Cash flows from investing activities of continuing
operations
Capital expenditures (1,838) (1,561)
Acquisitions of retail and other finance receivables and
operating leases (13,732) (14,035)
Collections of retail and other finance receivables and
operating leases 11,446 12,877
Net acquisitions of daily rental vehicles - (1,283)
Purchases of securities (6,735) (1,922)
Sales and maturities of securities 4,501 1,931
Proceeds from sales of retail and other finance
receivables and operating leases 2,540 8,373
Proceeds from sale of businesses 50 39
Transfer of cash balances upon disposition of
discontinued/held-for-sale operations (4) -
Other 41 (195)
Net cash (used in)/provided by investing activities (3,731) 4,224
Cash flows from financing activities of continuing
operations
Cash dividends (186) (183)
Net sales/(purchases) of Common Stock 42 (14)
Changes in short-term debt 1,102 (410)
Proceeds from issuance of other debt 10,007 5,522
Principal payments on other debt (14,446) (14,312)
Other 126 (21)
Net cash (used in)/provided by financing activities (3,355) (9,418)
Effect of exchange rate changes on cash 49 (137)
Net increase/(decrease) in cash and cash equivalents from
continuing operations (7,231) (166)
Cash flows from discontinued operations
Cash flows from operating activities of discontinued
operations - 111
Cash flows from investing activities of discontinued
operations - (60)
Cash flows from financing activities of discontinued - -
operations
Net increase/(decrease) in cash and cash equivalents $(7,231) $(115)
Cash and cash equivalents at January 1 $28,406 $22,828
Cash and cash equivalents of discontinued/held-for-sale
operations at January 1 4 681
Net increase/(decrease) in cash and cash equivalents (7,231) (115)
Less: cash and cash equivalents of
discontinued/held-for-sale operations at March 31 - (748)
Cash and cash equivalents at March 31 $21,179 $22,646
Prior year amounts have been revised to reflect a reclassification between
Financial Services sector Cash and cash equivalents and Marketable securities as
of December 31, 2005.
FORD MOTOR COMPANY AND SUBSIDIARIES
CONDENSED SECTOR STATEMENT OF CASH FLOWS
For the Periods Ended March 31, 2006 and 2005
(in millions)
First Quarter 2006 First Quarter 2005
Automotive Financial Automotive Financial
Services Services
(unaudited) (unaudited)
Cash flows from operating activities
of continuing operations
Net cash (used in) provided
by operating activities $(653) $1,043 $1,839 $3,461
Cash flows from investing activities
of continuing operations
Capital expenditures (1,820) (18) (1,436) (125)
Acquisitions of retail and
other finance receivables
and operating leases - (13,732) - (14,035)
Collections of retail and
other finance receivables
and operating leases - 11,276 - 12,762
Net (increase)/decrease in
wholesale receivables - (414) - (1,463)
Net acquisitions of daily
rental vehicles - - - (1,283)
Purchases of securities (1,739) (4,996) (1,808) (114)
Sales and maturities of
securities 1,271 3,230 1,540 391
Proceeds from sales of
retail and other finance
receivables and operating
leases - 2,540 - 8,373
Proceeds from sale of
wholesale receivables - - - 1,443
Proceeds from sale of
businesses 50 - 39 -
Transfer of cash balances
upon disposition of
discontinued/held-for-sale
operations (4) - - -
Net investing activity with
Financial Services 184 - 415 -
Other 23 18 (42) (153)
Net cash (used in)/provided
by investing activities (2,035) (2,096) (1,292) 5,796
Cash flows from financing activities
of continuing operations
Cash dividends (186) - (183) -
Net sales/(purchases) of
Common Stock 42 - (14) -
Changes in short-term debt 86 1,016 (7) (403)
Proceeds from issuance of
other debt 91 9,916 76 5,446
Principal payments on other
debt (271) (14,175) (373) (13,939)
Net financing activity with
Automotive - (184) - (415)
Other 131 (5) (3) (18)
Net cash (used in)/provided
by financing activities (107) (3,432) (504) (9,329)
Effect of exchange rate
changes on cash (23) 72 56 (193)
Net change in intersector
receivables/payables and
other liabilities (470) 470 (710) 710
Net increase/(decrease) in
cash and cash equivalents
from continuing operations (3,288) (3,943) (611) 445
Cash flows from discontinued
operations
Cash flows from operating
activities of discontinued
operations - - 40 71
Cash flows from investing
activities of discontinued
operations - - 6 (66)
Cash flows from financing activities - - - -
of discontinued operations
Net increase/(decrease) in
cash and cash equivalents $(3,288) $(3,943) $(565) $450
Cash and cash equivalents at
January 1 $13,388 $15,018 $10,139 $12,689
Cash and cash equivalents of
discontinued/held-for-sale
operations at January 1 4 - 2 679
Net increase/(decrease) in
cash and cash equivalents (3,288) (3,943) (565) 450
Less: cash and cash
equivalents of
discontinued/held-for-sale
operations at March 31 - - (48) (700)
Cash and cash equivalents at
March 31 $10,104 $11,075 $9,528 $13,118
Prior year amounts have been revised to reflect a reclassification between
Financial Services sector Cash and cash equivalents and Marketable securities as
of December 31, 2005.
This information is provided by RNS
The company news service from the London Stock Exchange
Friday, 22nd November 2024
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