Form 8-K

Ford Motor Co 18 July 2002 SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report July 17, 2002 (Date of earliest event reported) FORD MOTOR COMPANY (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation) 1-3950 38-0549190 (Commission File Number) (IRS Employer Identification No.) One American Road, Dearborn, Michigan 48126 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code 313-322-3000 Item 5. Other Events. Our news release dated July 17, 2002 concerning second quarter 2002 financial results, our supplemental second quarter 2002 financial information and second quarter 2002 financial statements, filed as Exhibits 20, 99.1 through 99.4 and 99.5, respectively, to this report, are incorporated by reference herein. In addition, our North American and Overseas Production schedule dated July 17, 2002, filed as Exhibit 99.6 to this report, is incorporated by reference herein. To view slides summarizing our second quarter 2002 financial results, investors can visit the following web site: http://media.ford.com. Also, investors can access replays of a conference call with news media and security analysts to review our second quarter results that was hosted by Allan Gilmour, Ford's Vice Chairman and Chief Financial Officer, which took place in the morning on July 17, 2002, by visiting one of the following web sites: www.shareholder.ford.com, www.streetevents.com (subscribers only) or http://www.companyboardroom.com. Our news release, filed as Exhibit 20 hereto, states on page 3 that our market share in Brazil increased by 1.9 percentage points in the second quarter of 2002 compared with last year's second quarter. The increase actually was 1.4 percentage points when calculated on a basis that includes sales of Jaguar, Land Rover and Volvo vehicles, as well as Ford-brand vehicles, in both the 2001 and 2002 second quarter periods. 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 in the U.S. and Europe 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 or other factors; lower-than-anticipated market acceptance of new or existing products; currency or commodity price fluctuations; economic difficulties in South America or Asia; reduced availability or higher prices for fuel; a market shift from truck sales in the U.S.; lower-than-anticipated residual values for leased vehicles; a credit rating downgrade; labor or other constraints on our ability to restructure our business; increased safety, emissions, fuel economy or other regulation resulting in higher costs and/or sales restrictions; work stoppages at key Ford or supplier facilities or other interruptions of supplies; the discovery of defects in vehicles resulting in delays in new model launches, recall campaigns, increased warranty costs or litigation; insufficient credit loss reserves; and our inability to implement our Revitalization Plan. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. EXHIBITS Designation Description Method of Filing Exhibit 20 News Release dated July 17, 2002 Filed with this Report Exhibit 99.1 Selected Consolidated Detail Filed with this Report Exhibit 99.2 Vehicle Unit Sales Detail Filed with this Report Exhibit 99.3 Automotive Geographic and Filed with this Report Cost of Sales Detail Exhibit 99.4 Second Quarter 2002 Data Sheet Filed with this Report Exhibit 99.5 Second Quarter 2002 Financial Statements Filed with this Report Exhibit 99.6 North American and Filed with this Report Overseas Production schedule dated July 17, 2002 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on the date indicated. FORD MOTOR COMPANY (Registrant) Date: July 17, 2002 By:/s/ Kathryn S. Lamping Kathryn S. Lamping Assistant Secretary EXHIBIT INDEX Designation Description Exhibit 20 News Release dated July 17, 2002 Exhibit 99.1 Selected Consolidated Detail Exhibit 99.2 Vehicle Unit Sales Detail Exhibit 99.3 Automotive Geographic and Cost of Sales Detail Exhibit 99.4 Second Quarter 2002 Data Sheet Exhibit 99.5 Second Quarter 2002 Financial Statements Exhibit 99.6 North American and Overseas Production Schedule dated July 17, 2002 News Contact: Media: David Reuter 1.313.594.4410 dreuter@ford.com Securities Analysts: Anne Bork 1.313.323.8221 abork@ford.com Shareholder Inquiries: 1.800.555.5259 or 1.313.845.8540 stockinf@ford.com Media Information Center 1.800.665.1515 or 1.313.621.0504 media@ford.com Go to http://media.ford.com for news releases and high-resolution photographs. IMMEDIATE RELEASE FORD REPORTS SECOND QUARTER NET PROFIT OF $570 MILLION • Second quarter profit of 31 cents per share, excluding unusual items, beats consensus estimate by 5 cents per share • All-new Ford Expedition and Lincoln Navigator drive improvements in full-size and luxury SUV sales and segment share • Automotive gross cash at $24.9 billion, up $3.4 billion from last quarter • Continue to expect a modest profit for the full year DEARBORN, Mich., July 17 - Ford Motor Company (NYSE: F) today reported a net profit of $570 million, or 29 cents per share, in the second quarter of 2002. Excluding unusual items related to the European end-of-life vehicles' directive and Statement of Financial Accounting Standards (SFAS) No. 133, Ford earned an operating profit of $610 million, or 31 cents per share. Ford lost $551 million, or 31 cents per share in the second quarter of 2001, excluding unusual items but including costs associated with the tire replacement action. Ford's second quarter revenues were $42.3 billion, equal to last year's second quarter. Worldwide vehicle unit sales in the 2002 second quarter were 1,854,000, approximately equal to the previous year's quarter. 'The second quarter was an important leg on Ford Motor Company's journey to financial health, but we still have much work to do,' said Bill Ford, chairman and CEO. 'The successful introduction of the Expedition and Navigator, improved J.D. Power quality ratings, continued improvements at Ford Credit and in Europe, as well as further progress on our Revitalization Plan highlighted the accomplishments of the entire Ford team.' Ford made progress this quarter on many of the Revitalization Plan milestones, including posting a 12 percent overall improvement, the most of any domestic manufacturer, in this year's J.D. Power Initial Quality Study. Also, the all-new Ford Expedition and Lincoln Navigator began arriving at dealerships late in the second quarter and are driving improvements in full-size and luxury SUV sales and segment shares. The sales success of these products is expected to continue during the second half of this year. In addition, substantially stronger sales at Jaguar and Land Rover, combined with the arrival of several new premium brand products at dealerships later this year, are expected to strengthen Ford's luxury vehicle lineup. 'We made progress against several of our Revitalization Plan milestones, including a significant improvement in the J.D. Power quality study, but we are not satisfied with our results,' said Nick Scheele, Ford president and chief operating officer. 'Quality is our top priority and we expect further improvements going forward.' The company further rationalized its manufacturing capacity, remaining on track to increase capacity utilization by 10 percentage points by year's end. Shifts have been eliminated at the Edison and Ohio assembly plants, with an additional shift elimination scheduled at the Wixom Assembly plant at the end of the summer. The company has also realized more than $400 million in cash from the divestment of non-core operations during the first six months of the year. Second quarter 2002 results included the following non-cash, after-tax unusual items: • $41 million charge for the projected costs related to legislation passed to date in selected countries to implement a European Parliament directive involving end-of-life vehicles • Net $1 million benefit relating to the accounting standard for derivative instruments and hedging activities (SFAS No. 133) First half 2002 results included a non-cash $294 million charge for the final transition, completed in the second quarter, to a new accounting standard for goodwill (SFAS No. 142). The following second quarter results exclude unusual items in both years: AUTOMOTIVE OPERATIONS Worldwide automotive operations earned $205 million in the second quarter, compared with a loss of $1 billion a year ago. Worldwide automotive revenues were $35.2 billion, compared with $34.6 billion a year ago. Automotive gross cash at June 30 totaled $24.9 billion, including $1.5 billion of pre-funding employee benefit expenses through a Voluntary Employee Beneficiary Association trust. North America: Strong production contributed to a $45 million profit in North America in the second quarter. This compared with a loss of $1.1 billion in the 2001 second quarter, which included costs associated with the customer safety initiative to replace Firestone tires. Europe: In Europe, Ford earned $155 million and increased market share in the second quarter, compared with earnings of $141 million a year ago. Overall volumes were down due to a lower industry and the changeover to the all-new Fiesta. South America: Ford operations in South America lost $96 million, compared with a loss of $70 million a year ago. South America continues to represent a difficult business environment due to lower industry volume and currency weakness. However, in Brazil, Ford market share increased 1.9 percentage points over last year's second quarter on the strength of the all-new Fiesta. Rest-of-World: Operations from the rest of the world earned a profit of $101 million, compared with a profit of $47 million in the 2001 second quarter. The biggest improvement was at Mazda. FORD CREDIT Ford Credit posted its second consecutive quarterly improvement, earning $343 million in the second quarter. Compared with a profit of $399 million in the second quarter of 2001, earnings were down because of higher actual credit losses and the unfavorable impact of securitizations, offset partially by the impact of currency changes in overseas markets and higher levels of managed receivables. Higher actual credit losses reflected higher levels of unemployment and bankruptcies in the United States. Over the past 12 months, increased securitizations have resulted in lower owned receivables and related revenue, offset partially by higher income from assets retained in securitizations and servicing fees. HERTZ Hertz reported a second quarter profit of $53 million, down from last year's $59 million profit in the second quarter. Rental volume has started to recover due to a pickup in summertime travel, but still remains lower year-over-year. OUTLOOK 'We continue to expect a modest profit for the full year, but those results are still unacceptable,' said Allan Gilmour, Ford vice chairman and chief financial officer. 'We are continually monitoring our progress on the Revitalization Plan and are intensifying our efforts to reduce costs and improve efficiency to ensure that we stay on track.' Investors can hear a review of second quarter results by Allan Gilmour, vice chairman and chief financial officer, on the Internet at http:// www.shareholder.ford.com, http://www.streetevents.com (subscribers only) or http://www.companyboardroom.com. The presentation will start at 9 a.m. EDT, July 17. Ford Motor Company is the world's second largest automaker, selling vehicles in 200 markets and with approximately 350,000 employees on six continents. Its automotive brands include Aston Martin, Ford, Jaguar, Land Rover, Lincoln, Mazda, Mercury and Volvo. Its automotive-related services include Ford Credit, Hertz and Quality Care. ### 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 in the U.S. and Europe 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; lower-than-anticipated market acceptance of new or existing products; currency or commodity price fluctuations; economic difficulties in South America or Asia; reduced availability of or higher prices for fuel; a market shift from truck sales in the U.S.; lower-than-anticipated residual values for leased vehicles; a credit rating downgrade; labor or other constraints on our ability to restructure our business; increased safety, emissions, fuel economy or other regulation resulting in higher costs and/or sales restrictions; work stoppages at key Ford or supplier facilities or other interruptions of supplies; the discovery of defects in vehicles resulting in delays in new model launches, recall campaigns, increased warranty costs or litigation; insufficient credit loss reserves; and our inability to implement the Revitalization Plan. Ford Motor Company SELECTED CONSOLIDATED DETAIL 2002 Compared with 2001 Second Quarter First Half 2002 2001 2002 2001 (unaudited) (unaudited) Worldwide vehicle unit sales of cars and trucks (in thousands) - North America 1,183 1,143 2,275 2,245 - Outside North America 671 713 1,256 1,416 Total 1,854 1,856 3,531 3,661 Sales and revenues (Mils.) - Automotive $35,238 $34,552 $67,559 $69,202 - Financial Services 7,094 7,762 14,630 15,558 Total $42,332 $42,314 $82,189 $84,760 Net income (Mils.) - Automotive $178 $(1,194) $(130) $(505) - Financial Services 392 442 608 812 Income before cumulative effect of change in accounting principle 570 (752) 478 307 - Cumulative effect of change in accounting principle - - (1,002) - Total net income $570 $(752) $(524) $307 Adjusted net income before cumulative effect of change in accounting principle (Mils.) a/ $610 $(551) $502 $580 Unusual items (Mils.) - SFAS 133 $1 $(87) $17 $(159) - End-of-life vehicle legislation (41) - (41) - - Mazda restructuring actions - (114) - (114) Capital expenditures (Mils.) - Automotive $1,402 $1,229 $2,938 $2,586 - Financial Services 119 99 300 230 Total $1,521 $1,328 $3,238 $2,816 Automotive capital expenditures as a percentage of sales 4.0% 3.6% 4.3% 3.7% Automotive net cash at June 30 (Mils.) - Cash and marketable securities $23,425 $16,205 $23,425 $16,205 - VEBA 1,480 2,729 1,480 2,729 Gross cash including VEBA 24,905 18,934 24,905 18,934 - Debt 14,050 12,061 14,050 12,061 Automotive net cash including VEBA $10,855 $6,873 $10,855 $6,873 AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK Income assuming dilution - Automotive $0.10 $(0.66) $(0.08) $(0.28) - Financial Services 0.19 0.24 0.34 0.44 Subtotal 0.29 (0.42) 0.26 0.16 - Cumulative effect of change in accounting principle - - (0.55) - Total $0.29 $(0.42) $(0.29) $0.16 Adjusted net income before cumulative effect of change in accounting principle a/ $0.31 $(0.31) $0.27 $0.31 Unusual items - SFAS 133 $- $(0.05) $0.01 $(0.09) - End-of-life vehicle legislation (0.02) - (0.02) - - Mazda restructuring actions - (0.06) - (0.06) a/ Excludes unusual items disclosed by the Company Prior periods have been reclassed. Ford Motor Company and Subsidiaries VEHICLE UNIT SALES 2002 Compared with 2001 (in thousands) Second Quarter First Half 2002 2001 2002 2001 North America United States Cars 389 397 773 760 Trucks 675 640 1,278 1,292 Total United States 1,064 1,037 2,051 2,052 Canada 72 69 144 120 Mexico 47 37 80 73 Total North America 1,183 1,143 2,275 2,245 Europe Britain 157 168 312 343 Germany 94 112 174 217 Italy 61 64 111 127 France 41 40 65 83 Spain 48 53 90 93 Sweden 36 31 66 64 Other countries 101 108 177 220 Total Europe 538 576 995 1,147 South America Brazil 34 40 62 75 Argentina 7 8 11 15 Other countries 6 10 15 18 Total South America 47 58 88 108 Other international Australia 30 31 56 56 Taiwan 16 12 35 30 Other countries 40 36 82 75 Total other international 86 79 173 161 Total worldwide vehicle unit sales 1,854 1,856 3,531 3,661 Vehicle unit sales generally are reported worldwide on a 'where sold' basis and include sales of all Ford-badged units, as well as units manufactured by Ford and sold to other manufacturers. Prior periods have been reclassed. Excludes SFAS 133 Effect, & Unusual Items Ford Motor Company AUTOMOTIVE GEOGRAPHIC AND COST OF SALES DETAIL 2002 Compared With 2001 GEOGRAPHIC DATA 2nd Quarter First Half 02 B/(W) 02 B/(W) 2002 2001 Than 01 2002 2001 Than 01 PBT (Mils.) U.S. $86 (1,733) $1,819 ($482) (908) $426 Canada/Mexico 61 41 20 32 319 (287) North America $147 (1,692) $1,839 ($450) (589) $139 Europe 231 212 19 408 350 58 South America (141) (109) (32) (220) (190) (30) Rest of World 144 74 70 241 43 198 Worldwide $381 ($1,515) $1,896 ($21) ($386) $365 Net Income (Mils.) U.S. $8 (1,170) $1,178 ($401) (590) $189 Canada/Mexico 37 27 10 16 201 (185) North America $45 ($1,143) $1,188 ($385) ($389) $4 Europe 155 141 14 272 229 43 South America (96) (70) (26) (147) (123) (24) Rest of World 101 47 54 155 6 149 Worldwide $205 ($1,025) $1,230 ($105) ($277) $172 Sales (Mils.) U.S. $23,130 $22,569 $561 $44,289 $44,668 ($379) Canada/Mexico 1,942 1,695 247 3,925 3,253 672 North America $25,072 $24,264 $808 $48,214 $47,921 $293 Europe 8,186 8,080 106 15,350 16,764 (1,414) South America 446 635 (189) 858 1,245 (387) Rest of World 1,534 1,573 (39) 3,137 3,272 (135) Worldwide $35,238 $34,552 $686 $67,559 $69,202 ($1,643) COST OF SALES 2nd Quarter First Half 02 B/(W) 02 B/(W) 2002 2001 Than 01 2002 2001 Than 01 (Mils) (Mils) (Mils) (Mils) (Mils) (Mils) Total Costs and $34,673 $35,907 $1,234 $67,085 $69,138 $2,053 Expenses Less: Depreciation 633 682 49 1,223 1,357 134 Amortization 651 624 (27) 1,223 1,350 127 Selling and 2,324 2,288 (36) 4,606 4,749 143 Admin. Postretirement 572 351 (221) 1,060 728 (332) Exp.* Net Cost of $30,493 $31,962 $1,469 $58,973 $60,954 $1,981 Sales Memo: Gross 13.5% 7.5% 6.0 pts 12.7% 11.9% 0.8 pts Margin * Now includes Benefit Expenses from Total Pension, Retiree Health Care, and Retiree Life Insurance Ford Motor Company SECOND QUARTER 2002 DATA SHEET 2002 Compared with 2001 2002 2002 2001 1st Qtr 2nd Qtr 2nd Qtr Full Year Market Share Data (%) U.S. Car 16.1% 16.7% 18.4% 17.7% Truck 24.9% 25.7% 28.1% 27.4% Total 20.7% 21.3% 23.2% 22.8% Europe Car 11.7% 11.2% 10.9% 11.0% Truck 8.4% 7.8% 8.5% 8.6% Total 11.3% 10.8% 10.6% 10.7% U.S. Total Marketing Costs (Ford/LM) -- Variable and Fixed (% of Gross Revenue) 15.7% 15.6% 14.1% 14.7% U.S. Sales Mix (Ford/LM) Fleet Sales (% of Total) 25% 28% 28% 23% Red Carpet Lease (% of Total) 14% 13% 17% 15% Red Carpet Lease (% of Retail) 19% 18% 24% 20% U.S. Inventory (Days' Supply) Car 59 64 54 63 Truck 66 68 66 60 Average 64 67 62 61 Avg. Portfolio Borrowing Rate Ford Credit (%) 5.4% 5.1% 6.2% 6.1% Worldwide Taxes Effective Tax Rate 32.5% 32.5% a/ 32.5% 32.5% Common and Class B Shares Outstanding (Mils.) Average - actual 1,807 1,813 1,819 1,820 Average - assuming full dilution 1,805 2,112 1,810 1,810 Period ended - actual 1,806 1,816 1,812 1,809 Common Stock price (per share) High $17.29 $18.23 $30.71 $31.46 Low 13.90 14.88 24.00 14.93 Cash Dividends (per share) $0.10 $0.10 $0.30 $1.05 a/ Includes dividends from Ford Motor Capital Trust Ford Motor Company and Subsidiaries CONSOLIDATED STATEMENT OF INCOME For the Periods Ended June 30, 2002 and 2001 (in millions) Second Quarter First Half 2002 2001 2002 2001 (unaudited) (unaudited) 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 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 Net interest expense (165) (112) (415) (224) Equity in net loss of affiliated companies (19) (162) (80) (340) Income/(loss) before income taxes - 341 (1,706) (59) (667) Automotive 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 Total costs and expenses 6,488 7,072 13,670 14,274 Income before income taxes - Financial 606 690 960 1,284 Services TOTAL COMPANY Income/(loss) before income taxes 947 (1,016) 901 617 Provision/(credit) for income taxes 282 (284) 256 287 Income/(loss) before minority interests 665 (732) 645 330 Minority interests in net income of 95 20 167 23 subsidiaries Income/(loss) before cumulative effect of 570 (752) 478 307 change in Accounting principle Cumulative effect of change in accounting - - (1,002) - principle Net income/(loss) $ 570 $ (752) $ (524) $ 307 Income/(loss) attributable to Common and $ 567 $ (755) $ (531) $ 300 Class B Stock after preferred stock dividends Average number of shares of Common and Class B 1,813 1,819 1,810 1,829 Stock outstanding AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK Basic Income Income/(loss) before cumulative effect of $ 0.31 $(0.42) $ 0.26 $ 0.16 change in accounting principle Cumulative effect of change in accounting - - (0.55) - principle Net income/(loss) $ 0.31 $(0.42) $ (0.29) $ 0.16 Diluted Income Income/(loss) before cumulative effect of $ 0.29 $(0.42) $ 0.26 $ 0.16 change in accounting principle Cumulative effect of change in accounting - - (0.55) - principle 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 (in millions) June 30, December 31, 2002 2001 ASSETS (unaudited) Automotive Cash and cash equivalents $ 8,480 $ 4,079 Marketable securities 14,945 10,949 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 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 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 Total Financial Services assets 189,494 188,224 Total assets $290,291 $276,543 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 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 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 Total Financial Services liabilities 174,938 175,105 Company-obligated mandatorily redeemable preferred and mandatorily 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 Total stockholders' equity 9,994 7,786 Total liabilities and stockholders' equity $290,291 $276,543 * Less than $1 million The accompanying notes are part of the financial statements. Ford Motor Company and Subsidiaries CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS For the Periods Ended June 30, 2002 and 2001 (in millions) First Half 2002 First Half 2001 Automotive Financial Automotive Financial Services Services (unaudited) (unaudited) 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 (3,776) (60) 482 (148) securities Net cash flows from operating 4,343 8,532 6,818 6,847 activities Cash flows from investing activities Capital expenditures (2,938) (300) (2,586) (230) Acquisitions of receivables and - (43,444) - (48,003) lease investments Collections of receivables and lease - 28,199 - 26,132 investments Net acquisitions of daily rental - (1,896) - (2,362) vehicles Purchases of securities (1,030) (320) (10,729) (485) Sales and maturities of securities 898 268 12,059 476 Proceeds from sales of receivables - 19,430 - 10,141 and lease investments Net investing activity with 29 - (460) - Financial Services Cash paid for acquisitions (67) - (1,868) (742) Other - 425 366 (35) Net cash (used in)/provided by (3,108) 2,362 (3,218) (15,108) investing activities 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) Net cash (used in)/provided by 4,092 (10,660) (2,351) 8,960 financing activities Effect of exchange rate changes on 75 249 (20) (193) cash Net transactions with (1,001) 1,001 100 (100) Automotive/Financial Services Net increase in cash and cash equivalents 4,401 1,484 1,329 406 Cash and cash equivalents at June 30 $8,480 $4,623 $4,703 $1,883 The accompanying notes are part of the financial statements. Ford Motor Company 2002 NORTH AMERICAN AND OVERSEAS PRODUCTION 2002 Actual 2002 Planned First Second Third Quarter Quarter Quarter (000) (000) (000) North American Production and Imports* Car 392 426 315 Truck 660 755 625 North American Production 1,052 1,175 940 Mexican Domestic Units Incl. Above Incl. Above Incl. Above Imports (Volvo, Jaguar, Land Rover, Fiesta) 63 73 82 Total North America (Incl. Imports) 1,115 1,248 1,022 Overseas Vehicle Production 612 666 632 Ford Worldwide 1,727 1,914 1,654 Over/(Under) Prior North America Units: . Forecast 0 (5) 0 . Quarter 57 133 (226) . Year (13) 47 154 Percentage: . Forecast 0% 0% 0% . Quarter 5% 12% (18)% . Year (1)% 4% 18% Overseas Units: . Forecast 0 (17) 0 . Quarter (57) 54 (34) . Year (87) (50) 52 Percentage: . Forecast 0% (2)% 0% . Quarter (9)% 9% (5)% . Year (12)% (7)% 9% Worldwide Units: . Forecast 0 (22) 0 . Quarter 0 187 (260) . Year (100) (3) 206 Percentage: . Forecast 0% (1)% 0% . Quarter 0% 11% (14)% . Year (5)% 0% 14% * Includes units produced for other manufacturers (e.g. Mazda and Nissan) END This information is provided by RNS The company news service from the London Stock Exchange
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