3rd Quarter Results
Ford Motor Co
20 October 2005
Contact:
Media Equity Investment Fixed Income Shareholder Inquiries:
Becky Sanch Community Investment Community 1.800.555.5259 or
1.313.594.4410 Raj Modi Rob Moeller 1.313.845.8540
bsanch@ford.com 1.313.323.8211 1.313.621.0881 stockinf@ford.com
fordir@ford.com fixedinc@ford.com
FORD REPORTS THIRD QUARTER 2005 FINANCIAL RESULTS
- Net loss of 15 cents per share, or $284 million.
- Loss from continuing operations of 10 cents per share, or $191 million,
excluding special items.*
- Worldwide automotive pre-tax loss of $1.3 billion, excluding special items.
- Financial Services sector pre-tax profit of $1.1 billion, excluding special
items.
- Full-year earnings results expected to be at the low end of the current
guidance range of $1.00 to $1.25 per share from continuing operations,
excluding special items.
DEARBORN, Mich., Oct. 20, 2005 - Ford Motor Company (NYSE: F) today reported a
net loss of 15 cents per share, or $284 million, for the third quarter of 2005.
This compares with net income of 15 cents per share, or $266 million, in the
third quarter of 2004.
Ford's third-quarter loss from continuing operations, excluding special items,
was 10 cents per share, or $191 million, compared to a profit of 27 cents per
share, or $515 million, in the same period last year.*
Ford's total sales and revenue in the third quarter was $40.9 billion, compared
to $39.1 billion in the year-ago period.
* 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.
'As our results indicate, we face many challenges in this competitive and
difficult environment,' said Chairman and Chief Executive Officer Bill Ford. 'We
have demonstrated throughout the year that we will continue to take the actions
necessary to return our core business to sustainable profitability. We
understand the issues, our priorities, and have the right team in place to get
the job done.'
Third-quarter actions included:
- Finalization of the Visteon agreement.
- An agreement to sell The Hertz Corporation.
- The introduction of new supply base consolidation initiative.
- Announcement of the Company's innovation initiative, including a
tenfold increase in annual hybrid vehicle production by 2010.
- Continued global personnel reductions.
- The launch of Ford Fusion, Mercury Milan and Lincoln Zephyr in North
America.
- Premier Automotive Group reveal of Volvo C70 and Jaguar XK.
- Roll-out of Ford Focus in Asia Pacific.
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, worldwide automotive losses in the third quarter were $1.3
billion, a decline of $732 million from a loss of $609 million during the same
period a year ago.
Worldwide automotive sales for the third quarter rose to $34.7 billion from
$32.8 billion in the same period last year. Worldwide vehicle-unit sales in the
quarter were 1,531,000, up from 1,508,000 a year ago.
Total cash, including automotive cash, marketable securities, loaned securities
and short-term Voluntary Employee Beneficiary Association (VEBA) assets on
September 30, 2005 was $19.6 billion, down from $21.8 billion at the end of the
second quarter.
THE AMERICAS
For the third quarter, the Americas reported a pre-tax loss of $1.1 billion, a
decline of $648 million from a $422 million pre-tax loss in the same period a
year ago.
North America: In the third quarter, Ford's North American automotive operations
reported a pre-tax loss of $1.2 billion, a decline of $685 million from a $481
million pre-tax loss a year ago. Lower dealer inventories, unfavorable vehicle
mix, lower net pricing and higher warranty and material costs contributed to the
deterioration. Higher industry volumes and market share were partial offsets.
Included in the higher warranty costs was the favorable impact of the $240
million settlement reached with Bridgestone Firestone North American Tire, LLC
regarding Firestone's August 2000 voluntary safety recall and Ford's May 2001
tire replacement program. Sales were $18.2 billion, up $59 million from the same
period a year ago.
South America: Ford's South American automotive operations reported a third-
quarter pre-tax profit of $96 million, an increase of $37 million from a $59
million pre-tax profit a year ago. Higher volumes and net pricing in excess of
higher commodity costs were the primary drivers of the improvement. Sales for
the third quarter improved to $1.2 billion from $784 million in 2004.
FORD EUROPE AND PREMIER AUTOMOTIVE GROUP (PAG)
The 2005 third quarter combined pre-tax loss for Ford Europe and PAG automotive
operations was $163 million, an improvement of $41 million compared with a loss
of $204 million for the year-ago period.
Ford Europe: Ford Europe's third-quarter pre-tax loss was $55 million, compared
with a pre-tax loss of $33 million during the 2004 period. The decline was more
than explained by higher material costs. These were partially offset by higher
net pricing and higher subsidiary profits. Ford Europe's sales in the third
quarter were $6.4 billion, compared with $5.9 billion during the third quarter
of 2004.
Premier Automotive Group: PAG reported a pre-tax loss of $108 million for the
third quarter, compared with a pre-tax loss of $171 million for the same period
in 2004. This is more than explained by the impact of new products, resulting in
a richer mix and improved net pricing, primarily at Land Rover. Unfavorable
currency exchange was a significant partial offset. Third-quarter sales for PAG
were $6.8 billion, compared with $6.1 billion a year ago.
FORD ASIA-PACIFIC AND AFRICA/MAZDA
The 2005 third quarter combined pre-tax profit for Ford Asia-Pacific and
Africa/Mazda was $133 million, an improvement of $85 million compared with a
profit of $48 million for the year-ago period.
Ford Asia-Pacific and Africa: For the third quarter of 2005, Ford Asia- Pacific
and Africa reported a pre-tax profit of $21 million, a decline of $14 million
from a $35 million pre-tax profit a year ago. The decline was primarily
explained by a higher mix of smaller cars, partially offset by improved net
pricing. Sales were $1.9 billion, unchanged from third quarter 2004.
Mazda: During the third quarter of 2005, Ford's share of Mazda profits and
associated operations was $112 million, an improvement of $99 million from $13
million during the same period a year ago. The improvement primarily reflects
gains on our investment in Mazda's convertible bonds and improved operating
results at Mazda.
OTHER AUTOMOTIVE
Third-quarter earnings included a loss of $241 million in other automotive
financial results. This is a decline of $210 million from the same period last
year, primarily reflecting the non-recurrence of tax-related interest income on
refund claims received last year.
FORD MOTOR CREDIT COMPANY
Ford Motor Credit Company reported net income of $577 million in the third
quarter of 2005, down $157 million from a year earlier. On a pre-tax basis from
continuing operations, Ford Motor Credit earned $901 million in the third
quarter, compared with $1.1 billion in the previous year. The decrease in
earnings primarily reflected higher borrowing costs and the impact of lower
receivable levels, partially offset by improved credit loss performance.
THE HERTZ CORP.
Hertz reported a third-quarter pre-tax profit of $262 million, an improvement of
$13 million from the same period in 2004. The improvement reflected higher car
and equipment rental volume, partially offset by lower pricing.
SPECIAL ITEMS*
In total, special items reduced earnings per share by 6 cents in the third
quarter. Charges for Visteon-related actions, personnel reduction programs, and
fuel cell technology were partially offset by a gain on the sale of a non- core
business.
* See table following 'Safe Harbor/Risk Factors' for the nature and amount
of these special items and a reconciliation to GAAP.
OUTLOOK
Commenting on the Company's financial outlook, Executive Vice President and
Chief Financial Officer Don Leclair said, 'We expect the fourth quarter to be
another extremely competitive period. Our new products put us in an excellent
position to compete in the marketplace. We will continue the turnaround in our
operations in Europe, the investment in growth in Asia, and to address our
issues in North America.'
The Company's 2005 full-year earnings guidance is expected to be at the low end
of the current guidance range of $1.00 to $1.25 per share. Full-year earnings-
per-share guidance excludes the effect of special items and discontinued
operations, which are presently estimated to include the following items:
TOTAL COMPANY 2005 ANTICIPATED FULL-YEAR SPECIAL ITEMS
AND DISCONTINUED OPERATIONS
Special Items Full-Year EPS
- Visteon-Related Charges $(0.26) - (0.24)
- Personnel Reduction Programs (0.21)
- Fuel Cell Technology Charges (0.05)
- Sale of Non-Core Businesses 0.05
- Tax Adjustments 0.18
- Hertz Sale 0.33 - 0.42
Total Special Items $0.04 - 0.15
Discontinued Operations 0.02
Cumul. Change in Acctg. Principles
(Asset Retirement Obligations) (TBD)
THIRD-QUARTER RESULTS CONFERENCE CALL - THURSDAY, OCT. 20
Executive Vice President and Chief Financial Officer Don Leclair will host a
conference call beginning at 9:00 a.m. EDT to discuss third-quarter financial
results.
At 11:00 a.m. EDT, 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 at http://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 - Thurs., Oct. 20
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 Call'
Replays - Available through Thurs., Oct. 27
http://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,
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.
Safe Harbor/Risk Factors
Statements included 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:
- 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
postretirement 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;
- an increase in or acceleration of the market shift from truck sales or
from sales of other more profitable vehicles 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 of output or pay minimum amounts;
- additional 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 and higher-
than-expected lease return rates; and
- 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 disease or measures taken by governments in response
thereto that negatively affect the travel industry.
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 2005 THIRD QUARTER INCOME/LOSS FROM CONTINUING OPERATIONS
COMPARED WITH NET LOSS*
Earnings Memo:
Per Share Pre-Tax
Profit
(Mils.)
Loss from Continuing Operations
Excluding Special Items $(0.10) $(203)
Special Items
- Visteon-Related Charges $(0.08) $(180)
- Personnel Reduction Programs (0.06) (158)
- Fuel Cell Technology Charges (0.03) (66)
- Sale of Non-Core Businesses 0.08 146
- Hertz Sale** 0.03 84
Total Special Items $(0.06) $(174)
Loss from Continuing
Operations $(0.16) $(377)
Discontinued Operations 0.01
Net Loss $(0.15)
* 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 Oct.
20, 2005 conference calls at http://www.shareholder.ford.com.
** Represents effect of Hertz being held for sale in the third quarter of
2005.
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
For the Periods Ended September 30, 2005 and 2004
(in millions, except per share amounts)
Third Quarter Nine Months
2005 2004 2005 2004
(unaudited) (unaudited)
Sales and revenues
Automotive sales $34,675 $32,797 $112,692 $108,258
Financial Services revenues 6,181 6,324 17,848 18,459
Total sales and revenues 40,856 39,121 130,540 126,717
Costs and expenses
Cost of sales 33,532 30,956 105,803 98,634
Selling, administrative
and other expenses 5,983 5,694 18,200 17,433
Interest expense 1,976 1,867 5,659 5,436
Provision for credit and
insurance losses 182 326 350 853
Total costs and expenses 41,673 38,843 130,012 122,356
Automotive interest income and
other non-operating income/
(expense), net 307 383 1,111 508
Automotive equity in net income/
(loss) of affiliated companies 133 57 259 197
Income/(loss) before income taxes (377) 718 1,898 5,066
Provision for/(benefit from)
income taxes (140) 197 (127) 1,277
Income/(loss) before minority
interests (237) 521 2,025 3,789
Minority interests in net
income/(loss) of subsidiaries 54 62 196 219
Income/(loss) from continuing
operations (291) 459 1,829 3,570
Income/(loss) from discontinued
operations 7 (193) 45 (187)
Net income/(loss) $(284) $266 $1,874 $3,383
AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK
Basic income/(loss)
Income/(loss) from continuing
operations $(0.16) $0.25 $0.99 $1.95
Income/(loss) from discontinued
operations 0.01 (0.10) 0.03 (0.10)
Net income/(loss) $ (0.15) $0.15 $1.02 $1.85
Diluted income/(loss)
Income/(loss) from continuing
operations $ (0.16) $0.24 $0.93 $1.75
Income/(loss) from discontinued
operations 0.01 (0.09) 0.02 (0.09)
Net income/(loss) $ (0.15) $0.15 $0.95 $1.66
Cash dividends $ 0.10 $0.10 $0.30 $0.30
FORD MOTOR COMPANY AND SUBSIDIARIES
SECTOR STATEMENT OF INCOME
For the Periods Ended September 30, 2005 and 2004
(in millions, except per share amounts)
Third Quarter Nine Months
2005 2004 2005 2004
(unaudited) (unaudited)
AUTOMOTIVE
Sales $ 34,675 $ 32,797 $112,692 $108,258
Costs and expenses
Cost of sales 33,532 30,956 105,803 98,634
Selling, administrative and
other expenses 2,811 2,557 8,996 8,131
Total costs and expenses 36,343 33,513 114,799 106,765
Operating income/(loss) (1,668) (716) (2,107) 1,493
Interest expense 371 397 960 1,094
Interest income and other non-
operating income/(expense), net 307 383 1,111 508
Equity in net income/(loss) of
affiliated companies 133 57 259 197
Income/(loss) before income
taxes - Automotive (1,599) (673) (1,697) 1,104
FINANCIAL SERVICES
Revenues 6,181 6,324 17,848 18,459
Costs and expenses
Interest expense 1,605 1,470 4,699 4,342
Depreciation 1,537 1,568 4,591 4,956
Operating and other expenses 1,635 1,569 4,613 4,346
Provision for credit and
insurance losses 182 326 350 853
Total costs and expenses 4,959 4,933 14,253 14,497
Income/(loss) before income
taxes - Financial Services 1,222 1,391 3,595 3,962
TOTAL COMPANY
Income/(loss) before income taxes (377) 718 1,898 5,066
Provision for/(benefit from)
income taxes (140) 197 (127) 1,277
Income/(loss) before minority
interests (237) 521 2,025 3,789
Minority interests in net
income/(loss) of subsidiaries 54 62 196 219
Income/(loss) from continuing
operations (291) 459 1,829 3,570
Income/(loss) from discontinued
operations 7 (193) 45 (187)
Net income/(loss) $(284) $266 $1,874 $3,383
AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK
Basic income/(loss)
Income/(loss) from continuing
operations $ (0.16) $0.25 $0.99 $1.95
Income/(loss) from discontinued
operations 0.01 (0.10) 0.03 (0.10)
Net income/(loss) $ (0.15) $0.15 $1.02 $1.85
Diluted income/(loss)
Income/(loss) from continuing
operations $ (0.16) $0.24 $0.93 $1.75
Income/(loss) from discontinued
operations 0.01 (0.09) 0.02 (0.09)
Net income/(loss) $ (0.15) $0.15 $0.95 $1.66
Cash dividends $0.10 $0.10 $0.30 $0.30
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in millions)
September 30, December 31,
2005 2004
(unaudited)
ASSETS
Cash and cash equivalents $28,200 $22,831
Marketable securities 8,614 8,946
Loaned securities 579 1,058
Finance receivables, net 91,774 109,466
Other receivables, net 5,268 5,969
Net investment in operating leases 23,007 22,652
Retained interest in sold receivables 4,415 9,166
Inventories 11,687 10,766
Equity in net assets of affiliated companies 2,594 2,835
Net property 41,887 44,549
Deferred income taxes 4,611 4,830
Goodwill and other intangible assets 6,072 6,394
Assets of discontinued/held-for-sale
operations 15,535 16,346
Other assets 24,052 28,050
Total assets $268,295 $293,858
LIABILITIES AND STOCKHOLDERS' EQUITY
Payables $22,991 $21,991
Accrued and other liabilities 71,382 71,078
Debt 141,738 164,545
Deferred income taxes 4,617 7,845
Liabilities of discontinued/held-for-sale
operations 12,522 11,477
Total liabilities 253,250 276,936
Minority interests 1,058 877
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 4,956 5,321
Accumulated other comprehensive
income/(loss) (2,454) 1,258
Treasury stock (1,031) (1,728)
Earnings retained for use in business 12,497 11,175
Total stockholders' equity 13,987 16,045
Total liabilities and stockholders' equity $268,295 $293,858
FORD MOTOR COMPANY AND SUBSIDIARIES
SECTOR BALANCE SHEET
(in millions)
September 30, December 31,
2005 2004
(unaudited)
ASSETS
Automotive
Cash and cash equivalents $9,096 $10,142
Marketable securities 7,900 8,291
Loaned securities 579 1,058
Total cash, marketable and loaned securities 17,575 19,491
Receivables, net 3,297 2,894
Inventories 11,687 10,766
Deferred income taxes 3,397 3,837
Other current assets 7,599 8,916
Total current assets 43,555 45,904
Equity in net assets of affiliated companies 1,748 1,907
Net property 41,545 42,904
Deferred income taxes 10,436 10,894
Goodwill and other intangible assets 6,054 6,374
Assets of discontinued/held-for-sale
operations 22 188
Other assets 9,744 9,455
Total Automotive assets 113,104 117,626
Financial Services
Cash and cash equivalents 19,104 12,689
Investments in securities 714 655
Finance receivables, net 93,745 112,541
Net investment in operating leases 23,007 22,652
Retained interest in sold receivables 4,415 9,166
Goodwill and other intangible assets 18 20
Assets of discontinued/held-for-sale
operations 15,513 16,158
Other assets 7,936 12,285
Receivable from Automotive 1,592 2,753
Total Financial Services assets 166,044 188,919
Intersector elimination (1,592) (2,753)
Total assets $ 277,556 $ 303,792
LIABILITIES AND STOCKHOLDERS' EQUITY
Automotive
Trade payables $ 17,254 $ 16,026
Other payables 4,114 4,269
Accrued and other liabilities 27,497 29,700
Deferred income taxes 2,330 2,514
Debt payable within one year 981 977
Current payable to Financial Services 1,214 1,382
Total current liabilities 53,390 54,868
Long-term debt 17,255 17,458
Other liabilities 37,675 37,058
Deferred income taxes 1,862 3,042
Liabilities of discontinued/held-for-sale
operations 10 46
Payable to Financial Services 378 1,371
Total Automotive liabilities 110,570 113,843
Financial Services
Payables 1,623 1,696
Debt 123,502 146,110
Deferred income taxes 9,686 9,709
Other liabilities and deferred income 6,210 6,834
Liabilities of discontinued/held-for-sale
operations 12,512 11,431
Total Financial Services liabilities 153,533 175,780
Minority interests 1,058 877
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 4,956 5,321
Accumulated other comprehensive
income/(loss) (2,454) 1,258
Treasury stock (1,031) (1,728)
Earnings retained for use in business 12,497 11,175
Total stockholders' equity 13,987 16,045
Intersector elimination (1,592) (2,753)
Total liabilities and stockholders' equity $277,556 $303,792
FORD MOTOR COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the Periods Ended September 30, 2005 and 2004
(in millions)
Nine Months
2005 2004
(unaudited)
Cash and cash equivalents at January 1 $ 22,831 $ 22,598
Cash flows from operating activities
Net cash flows from operating activities 20,103 19,887
Cash flows from investing activities
Capital expenditures (5,462) (4,896)
Acquisitions of retail and other finance
receivables and operating leases (42,026) (47,416)
Collections of retail and other finance
receivables and operating leases 37,760 40,124
Net acquisitions of daily rental vehicles (2,775) (2,739)
Purchases of securities (4,743) (7,597)
Sales and maturities of securities 3,863 7,285
Proceeds from sales of retail and other finance
receivables and operating leases 15,144 4,661
Proceeds from sale of businesses 2,245 537
Cash paid for acquisitions (1,617) (30)
Other 576 (348)
Net cash (used in)/provided by investing activities 2,965 (10,419)
Cash flows from financing activities
Cash dividends (552) (549)
Net sales/(purchases) of Common Stock 250 (127)
Changes in short-term debt (6,177) 8,700
Proceeds from issuance of other debt 20,237 12,544
Principal payments on other debt (31,076) (34,490)
Other (5) (49)
Net cash (used in)/provided by financing
activities (17,323) (13,971)
Effect of exchange rate changes on cash (376) (6)
Net increase/(decrease) in cash and cash
equivalents 5,369 (4,509)
Cash and cash equivalents at September 30 $ 28,200 $ 18,089
FORD MOTOR COMPANY AND SUBSIDIARIES
CONDENSED SECTOR STATEMENT OF CASH FLOWS
For the Periods Ended September 30, 2005 and 2004
(in millions)
Nine Months 2005 Nine Months 2004
Automotive Financial Automotive Financial
Services Services
(unaudited) (unaudited)
Cash and cash equivalents at
January 1 $10,142 $12,689 $6,855 $15,743
Cash flows from operating activities
Net cash flows from operating
activities 4,535 7,757 5,045 11,867
Cash flows from investing activities
Capital expenditures (5,109) (353) (4,597) (299)
Acquisitions of retail and other
finance receivables and
operating leases - (42,026) - (47,416)
Collections of retail and other
finance receivables and
operating leases - 36,560 - 38,844
Net (acquisitions)/collections
of wholesale receivables - 5,272 - 298
Net acquisitions of daily rental
vehicles - (2,775) - (2,739)
Purchases of securities (4,343) (400) (6,811) (786)
Sales and maturities of
securities 3,239 624 6,635 650
Proceeds from sales of retail
and other finance receivables
and operating leases - 15,144 - 4,661
Proceeds from sales of wholesale
receivables - 3,739 - 3,957
Proceeds from sale of businesses 204 2,041 125 412
Cash paid for acquisitions (1,617) - (30) -
Net investing activity with
Financial Services 2,486 - 3,277 -
Other 451 125 10 (358)
Net cash (used in)/provided by
investing activities (4,689) 17,951 (1,391) (2,776)
Cash flows from financing activities
Cash dividends (552) - (549) -
Net sales/(purchases) of Common
Stock 250 - (127) -
Changes in short-term debt (3) (6,174) (279) 8,979
Proceeds from issuance of other
debt 253 19,984 406 12,138
Principal payments on other debt (682) (30,394) (2,112) (32,378)
Net financing activity with
Automotive - (2,486) - (3,277)
Other (4) (1) (17) (32)
Net cash (used in)/provided by
financing activities (738) (19,071) (2,678) (14,570)
Effect of exchange rate changes
on cash 14 (390) (9) 3
Net transactions with
Automotive/Financial Services (168) 168 92 (92)
Net increase/(decrease) in cash
and cash equivalents (1,046) 6,415 1,059 (5,568)
Cash and cash equivalents at
September 30 $ 9,096 $ 19,104 $ 7,914 $ 10,175
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