-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QYXjkx98iWlMgtXmmLLbsuC61w9eLDdwc5CCEEo+0pdBcoHUglrbKBe5yesfpIP/ fAy92K5TpyLfnZ8D7AhdjA== 0000037996-00-000029.txt : 20000501 0000037996-00-000029.hdr.sgml : 20000501 ACCESSION NUMBER: 0000037996-00-000029 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000428 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FORD MOTOR CO CENTRAL INDEX KEY: 0000037996 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLES & PASSENGER CAR BODIES [3711] IRS NUMBER: 380549190 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-03950 FILM NUMBER: 612010 BUSINESS ADDRESS: STREET 1: THE AMERICAN RD CITY: DEARBORN STATE: MI ZIP: 48121 BUSINESS PHONE: 3133223000 10-Q 1 FIRST QUARTER 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES AND - --- EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2000 OR -------------- TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES - --- EXCHANGE ACT OF 1934 For the transition period from to ------------- ------------ Commission file number 1-3950 ------ FORD MOTOR COMPANY ------------------ (Exact name of registrant as specified in its charter) Incorporated in Delaware 38-0549190 ------------------------ ---------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) One American Road, Dearborn, Michigan 48126 -------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: 313-322-3000 ------------ Indicate by checkmark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X . No . ---- ---- APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: As of March 31, 2000, the Registrant had outstanding 1,134,434,434 shares of Common Stock and 70,852,076 shares of Class B Stock. Exhibit index located on sequential page number 20 --
Ford Motor Company and Subsidiaries HIGHLIGHTS a/ ---------- First Quarter ----------------------------- 2000 1999 ------------- ------------- (unaudited) Worldwide vehicle unit sales of cars and trucks (in thousands) - - North America 1,309 1,220 - - Outside North America 602 554 ----- ----- Total 1,911 1,774 ===== ===== Sales and revenues (in millions) - - Automotive $36,175 $31,597 - - Financial Services 6,719 5,952 ------- ------- Total $42,894 $37,549 ======= ======= Net income (in millions) - - Automotive $ 1,552 $ 1,446 - - Financial Services 380 328 ------- ------- Total continuing operations 1,932 1,774 - - Discontinued operation - Visteon 147 205 ------- ------- Total $ 2,079 $ 1,979 ======= ======= Capital expenditures (in millions) - - Automotive $ 1,500 $ 1,142 - - Financial Services 306 144 ------- ------- Total $ 1,806 $ 1,286 ======= ======= Automotive capital expenditures as a percentage of sales 4.1% 3.6% Stockholders' equity at March 31 - - Total (in millions) $28,419 $24,814 - - After-tax return on Common and Class B stockholders' equity 25.3% 29.6% Automotive net cash at March 31 (in millions) - - Cash and marketable securities $22,848 $22,899 - - Debt 10,753 11,254 ------- ------- Automotive net cash $12,095 $11,645 ======= ======= After-tax return on sales - - North American Automotive 6.2% 5.8% - - Total Automotive 4.3% 4.6% Shares of Common and Class B Stock (in millions) - - Average number outstanding 1,206 1,211 - - Number outstanding at March 31 1,205 1,211 Common Stock price (per share) - - High $ 54-5/8 $ 66-1/2 - - Low 41 55-1/4 AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK AFTER PREFERRED STOCK DIVIDENDS Income assuming dilution - - Automotive $ 1.27 1.16 - - Financial Services 0.31 0.27 -------- -------- Total continuing operations 1.58 1.43 - - Discontinued operation - Visteon 0.12 0.17 -------- -------- Total $ 1.70 $ 1.60 ======== ======== Cash dividends $ 0.50 $ 0.46
- - - - - - a/ Visteon is reflected as a discontinued operation. Visteon's results and financial condition have been excluded from all amounts except total net income and total earnings per share. -2-
Ford Motor Company and Subsidiaries VEHICLE UNIT SALES ------------------ For the Periods Ended March 31, 2000 and 1999 (in thousands) First Quarter ----------------------------- 2000 1999 ------------- ------------- (unaudited) North America United States Cars 480 404 Trucks 722 739 ----- ----- Total United States 1,202 1,143 Canada 79 58 Mexico 28 19 ----- ----- Total North America 1,309 1,220 Europe Britain 115 126 Germany 91 90 Italy 49 50 France 42 38 Spain 40 43 Other countries 140 99 ----- ----- Total Europe 477 446 Other international Brazil 28 22 Australia 24 30 Taiwan 22 17 Argentina 15 14 Japan 9 7 Other countries 27 18 ----- ----- Total other international 125 108 ----- ----- Total worldwide vehicle unit sales 1,911 1,774 ===== =====
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. -3- Part 1. Financial Information ----------------------------- Item 1. Fiancial Statements - ---------------------------
Ford Motor Company and Subsidiaries CONSOLIDATED STATEMENT OF INCOME -------------------------------- For the Periods Ended March 31, 2000 and 1999 (in millions) First Quarter ----------------------------- 2000 1999 ----------------------------- (unaudited) AUTOMOTIVE (Note 4) Sales $36,175 $31,597 Costs and expenses (Note 3) Costs of sales 31,578 27,737 Selling, administrative and other expenses 2,265 1,777 ------- ------- Total costs and expenses 33,843 29,514 Operating income 2,332 2,083 Interest income 368 339 Interest expense 318 285 ------- ------- Net interest income 50 54 Equity in net income/(loss) of affiliated companies (32) 34 Net expense from transactions with Financial Services (10) (28) ------- ------- Income before income taxes - Automotive 2,340 2,143 FINANCIAL SERVICES Revenues 6,719 5,952 Costs and expenses Interest expense 2,213 1,888 Depreciation 2,208 2,157 Operating and other expenses 1,211 997 Provision for credit and insurance losses 454 391 ------- ------- Total costs and expenses 6,086 5,433 Net revenue from transactions with Automotive 10 28 ------- ------- Income before income taxes - Financial Services 643 547 ------- ------- TOTAL COMPANY Income before income taxes 2,983 2,690 Provision for income taxes 1,022 893 ------- ------- Income before minority interests 1,961 1,797 Minority interests in net income of subsidiaries 29 23 ------- ------- Net income from continuing operations $ 1,932 $ 1,774 Net income from discontinued operation - Visteon (Note 2) 147 205 ------- ------- Net income $ 2,079 $ 1,979 ======= ======= Income attributable to Common and Class B Stock after preferred stock dividends $ 2,075 $ 1,975 Average number of shares of Common and Class B Stock outstanding 1,206 1,211 AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK Basic income from continuing operations (Note 5) $ 1.61 $ 1.47 Diluted income from continuing operations (Note 5) $ 1.58 $ 1.43 Basic income (Note 5) $ 1.73 $ 1.64 Diluted income (Note 5) $ 1.70 $ 1.60 Cash dividends $ 0.50 $ 0.46
The accompanying notes are part of the financial statements. -4-
Ford Motor Company and Subsidiaries CONSOLIDATED BALANCE SHEET -------------------------- (in millions) March 31, December 31, 2000 1999 ---------------- ----------------- (unaudited) ASSETS Automotive Cash and cash equivalents $ 3,875 $ 2,793 Marketable securities 18,973 18,943 -------- -------- Total cash and marketable securities 22,848 21,736 Receivables 4,406 4,570 Inventories (Note 6) 6,557 5,684 Deferred income taxes 2,816 3,762 Other current assets 4,501 4,528 Current receivable from Financial Services 1,807 2,304 -------- -------- Total current assets 42,935 42,584 Equity in net assets of affiliated companies 2,716 2,539 Net property 35,831 36,528 Deferred income taxes 2,562 2,454 Net assets of discontinued operations - Visteon (Note 2) 1,644 1,566 Other assets 13,421 13,530 -------- -------- Total Automotive assets 99,109 99,201 Financial Services Cash and cash equivalents 1,883 1,588 Investments in securities 488 733 Finance receivables, net 116,626 113,298 Net investment in operating leases 43,890 42,471 Other assets 10,745 11,123 Receivable from Automotive 2,283 1,835 -------- -------- Total Financial Services assets 175,915 171,048 -------- -------- Total assets $275,024 $270,249 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Automotive Trade payables $ 14,570 $ 14,292 Other payables 3,537 4,156 Accrued liabilities 18,891 18,110 Income taxes payable 1,821 1,709 Debt payable within one year 1,107 1,338 Current payable to Financial Services 0 0 -------- -------- Total current liabilities 39,926 39,605 Long-term debt 9,646 10,398 Other liabilities 29,444 29,283 Deferred income taxes 439 1,223 Payable to Financial Services 2,283 1,835 -------- -------- Total Automotive liabilities 81,738 82,344 Financial Services Payables 4,191 3,550 Debt 143,951 139,919 Deferred income taxes 7,731 7,078 Other liabilities and deferred income 6,512 6,775 Payable to Automotive 1,807 2,304 -------- -------- Total Financial Services liabilities 164,192 159,626 Company-obligated mandatorily redeemable preferred securities of a subsidiary trust holding solely junior subordinated debentures of the Company (Note 7) 675 675 Stockholders' equity Capital stock Preferred Stock, par value $1.00 per share (aggregate liquidation preference of $177 million) * * Common Stock, par value $1.00 per share (1,151 million shares issued) 1,151 1,151 Class B Stock, par value $1.00 per share (71 million shares issued) 71 71 Capital in excess of par value of stock 4,971 5,049 Accumulated other comprehensive income (2,453) (1,856) ESOP loan and treasury stock (1,399) (1,417) Earnings retained for use in business 26,078 24,606 -------- -------- Total stockholders' equity 28,419 27,604 -------- -------- Total liabilities and stockholders' equity $275,024 $270,249 ======== ========
- - - - - - *Less than $1 million The accompanying notes are part of the financial statements. -5-
Ford Motor Company and Subsidiaries CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS ---------------------------------------------- For the Periods Ended March 31, 2000 and 1999 (in millions) First Quarter 2000 First Quarter 1999 ---------------------------- ---------------------------- Financial Financial Automotive Services Automotive Services ------------- ------------- ------------- ------------- (unaudited) (unaudited) Cash and cash equivalents at January 1 $ 2,793 $ 1,588 $ 3,143 $ 1,151 Cash flows from operating activities before securities trading 3,443 5,342 2,480 1,830 Net sales of trading securities 22 73 922 99 ------- ------- ------- ------- Net cash flows from operating activities 3,465 5,415 3,402 1,929 Cash flows from investing activities Capital expenditures (1,500) (306) (1,142) (144) Acquisitions of receivables and lease investments - (24,585) - (18,304) Collections of receivables and lease investments - 15,389 - 12,859 Net acquisitions of daily rental vehicles - (1,035) - (768) Purchases of securities (1,133) (142) (392) (309) Sales and maturities of securities 1,100 123 321 367 Proceeds from sales of receivables and lease investments - 2,807 - 2,045 Net investing activity with Financial Services 35 - 39 - Cash paid for acquisitions (Note 4) (206) (49) (2,966) - Other (56) 240 282 (3) ------- ------- ------- ------- Net cash used in investing activities (1,760) (7,558) (3,858) (4,257) Cash flows from financing activities Cash dividends (607) - (561) (1) Net purchases of Common Stock (78) - (136) - Changes in short-term debt (736) (3,891) 121 (968) Proceeds from issuance of other debt 156 11,610 1,632 9,097 Changes in other debt (389) - 91 - Principal payments on other debt - (3,672) (151) (5,282) Net financing activity with Automotive - (35) - (39) Net cash distribution to Ford from discontinued operation 17 - 70 - Other 21 (549) 178 5 ------- ------- ------- ------- Net cash (used in)/provided by financing activities (1,616) 3,463 1,244 2,812 Effect of exchange rate changes on cash 48 (80) (87) (106) Net transactions with Automotive/Financial Services 945 (945) (214) 214 ------- ------- ------- ------- Net increase in cash and cash equivalents 1,082 295 487 592 ------- ------- ------- ------- Cash and cash equivalents at March 31 $ 3,875 $ 1,883 $ 3,630 $ 1,743 ======= ======= ======= =======
Visteon is reflected as a discontinued operation (Note 2). The accompanying notes are part of the financial statements. -6- Ford Motor Company and Subsidiaries NOTES TO FINANCIAL STATEMENTS ----------------------------- (unaudited) 1. Financial Statements - The financial data presented herein are unaudited, but in the opinion of management reflect those adjustments necessary for a fair presentation of such information. Results for interim periods should not be considered indicative of results for a full year. Reference should be made to the financial statements contained in the registrant's Annual Report on Form 10-K (the "10-K Report") for the year ended December 31, 1999. For purposes of this report, "Ford", the "Company", "we", "our", "us" or similar references means Ford Motor Company and its majority owned subsidiaries unless the context requires otherwise. Certain amounts for prior periods were reclassified to conform with present period presentation. 2. Discontinued Operation - On April 12, 2000, the Ford Board of Directors approved a plan for the complete separation of Visteon Corporation from Ford by means of a tax-free spin-off in the form of a dividend on Ford Common and Class B Stock consisting of all shares of Visteon Common Stock. Specific record and distribution dates will be established after Securities and Exchange Commission clearance. Consistent with this approved plan and to aid in comparisons, our financial statements reflect Visteon's reported net income and net assets as a "discontinued operation" for all periods shown. Visteon, a wholly-owned subsidiary of Ford, is a global provider of automotive systems, modules and components. Visteon operates in three business segments: Comfort, Communication & Safety; Dynamics & Energy Conversion; and Glass. Sales and selected income data for Visteon were (in millions):
First Quarter -------------------------------- 2000 1999 --------------- --------------- Sales to Ford $4,476 $4,356 Sales to non-Ford customers 749 416 ------ ------ Total sales $5,225 $4,772 ====== ====== Income before income taxes $ 237 $ 313 Provision for income taxes (86) (112) Minority interests in net (income)/loss of subsidiaries (4) 4 ------ ------ Net income $ 147 $ 205 ====== ======
The net assets of Visteon were (in millions): March 31, December 31, 2000 1999 --------------- --------------- Cash and marketable securities $ 943 $ 1,849 Inventories 743 751 Other current assets 2,986 2,596 -------- -------- Total current assets 4,672 5,196 Net property 5,730 5,789 Other assets 1,388 1,464 -------- -------- Total assets 11,790 12,449 Current liabilities (4,778) (5,475) Long-term debt (1,426) (1,358) Other liabilities (4,046) (4,117) -------- -------- Total liabilities (10,250) (10,950) Accumulated other comprehensive income 104 67 -------- -------- Net assets $ 1,644 $ 1,566 ======== ========
-7- Ford Motor Company and Subsidiaries NOTES TO FINANCIAL STATEMENTS ----------------------------- (unaudited)
3. Selected Automotive costs and expenses are summarized as follows (in millions): First Quarter --------------------- 2000 1999 -------- -------- Depreciation $694 $616 Amortization 574 561
Dissolution of AutoEuropa Joint Venture - Effective January 1, 1999, our joint venture for the production of minivans with Volkswagen AG in Portugal (AutoEuropa) was dissolved resulting in a $255 million pre-tax gain ($165 million after-tax) in the first quarter of 1999. 4. Acquisitions Purchase of AB Volvo's Worldwide Passenger Car Business ("Volvo Car")- On March 31, 1999, we purchased Volvo Car for approximately $6.45 billion. The acquisition price consisted of a cash payment of approximately $2 billion on March 31, 1999, a deferred payment obligation to AB Volvo of approximately $1.6 billion due March 31, 2001, and Volvo Car automotive net indebtedness of approximately $2.9 billion. Most automotive indebtedness was repaid on April 12, 1999. The purchase price payment and automotive debt repayments were funded from our cash reserves. Purchase of Kwik-Fit Holdings plc - During the third quarter of 1999, we completed the purchase of all the outstanding stock of Kwik-Fit Plc ("Kwik-Fit"). Kwik-Fit is Europe's largest independent vehicle maintenance and light repair chain, with over 1,900 outlets in the United Kingdom, Ireland, and continental Europe. The acquisition price was approximately $1.6 billion and consisted of cash payments of approximately $1.4 billion and loan notes to certain Kwik-Fit shareholders of approximately $0.2 billion, redeemable beginning on April 30, 2000 and on any subsequent interest payment date. The purchase price payments were funded from our cash reserves. Assuming these two acquisitions had taken place on January 1, 1999, Ford Automotive unaudited pro forma revenue for the first quarter ended March 31, 1999 would have been $35.2 billion. Net income and earnings per share for this period would not be materially affected. -8- Ford Motor Company and Subsidiaries NOTES TO FINANCIAL STATEMENTS ----------------------------- (unaudited) 5. Income Per Share of Common and Class B Stock - Basic income per share of Common and Class B Stock is calculated by dividing the income attributable to Common and Class B Stock by the average number of shares of Common and Class B Stock outstanding during the applicable period, adjusted for shares issuable under employee savings and compensation plans. The calculation of diluted income per share of Common and Class B Stock takes into account the effect of dilutive potential common stock, such as stock options. Income per share of Common and Class B Stock from continuing operations was as follows (in millions, except per share amounts):
First Quarter 2000 First Quarter 1999 ------------------------ ------------------------ Income Shares Income Shares ------------ ----------- ----------- ------------ Net income from continuing operations $1,932 1,206 $1,774 1,211 Preferred stock dividend requirements (4) - (4) - Issuable and uncommitted ESOP shares - (7) - (5) ------ ----- ------ ----- Basic income and shares from continuing operations $1,928 1,199 $1,770 1,206 Basic income per share from continuing operations $ 1.61 $ 1.47 Basic income per share from discontinued operation 0.12 0.17 ------ ------ Basic income per share $ 1.73 $ 1.64 Basic income and shares from continuing operations $1,928 1,199 $1,770 1,206 Net dilutive effect of options - 23 - 31 ------ ----- ------ ----- Diluted income and shares from continuing operations $1,928 1,222 $1,770 1,237 Diluted income per share from continuing operations $ 1.58 $ 1.43 Diluted income per share from discontinued operation 0.12 0.17 ------ ------ Diluted income per share $ 1.70 $ 1.60
6. Automotive Inventories are summarized as follows (in millions):
March 31, December 31, 2000 1999 ---------------- ----------------- Raw materials, work in process and supplies $2,442 $2,035 Finished products 4,115 3,649 ------ ------ Total inventories $6,557 $5,684 ====== ====== U.S. inventories $2,287 $1,811
7. Company-Obligated Mandatorily Redeemable Preferred Securities of a Subsidiary Trust - The sole asset of Ford Motor Company Capital Trust I (the "Trust"), which is the obligor on the Preferred Securities of such Trust, is $632 million principal amount of 9% Junior Subordinated Debentures due 2025 of Ford Motor Company. -9- Ford Motor Company and Subsidiaries NOTES TO FINANCIAL STATEMENTS ----------------------------- (unaudited) 8. Comprehensive Income - Other comprehensive income includes foreign currency translation adjustments, minimum pension liability adjustments, and net unrealized gains and losses on investments in equity securities. Total comprehensive income is summarized as follows (in millions):
First Quarter ----------------------------------- 2000 1999 ----------------- ---------------- Net income $2,079 $1,979 Other comprehensive income (596) (108) ------ ------ Total comprehensive income $1,483 $1,871 ====== ======
Effective January 1, 2000, the functional currency for Ford's automotive operations in Brazil was changed from the U.S. dollar to the Brazilian real in recognition of the primary currency of the environment in which Ford will operate. The lower translated value of fixed assets and inventories in the first quarter reduced other comprehensive income by about $350 million. 9. Segment Information - Ford's business is divided into two business sectors - Automotive and Financial Services (including Ford Credit and Hertz); detail is summarized as follows (in millions):
Financial Services Sector -------------------------------- First Quarter Auto Ford Other Elims/ Sector Credit Hertz Fin Svcs Other Total ---------- ---------- ---------- ---------- ---------- ---------- 2000 ---- Revenues External customer $ 36,175 $ 5,491 $ 1,131 $ 98 $ (1) $ 42,894 Intersegment 1,158 39 8 42 (1,247) 0 -------- -------- -------- ------- ------- -------- Total Revenues $ 37,333 $ 5,530 $ 1,139 $ 140 $(1,248) $ 42,894 ======== ======== ======== ======= ======= ======== Net income a/ $ 1,552 $ 353 $ 56 $ (11) $ 129 $ 2,079 Total assets a/ $102,146 $161,735 $ 10,360 $ 8,108 $(7,325) $275,024 1999 ---- Revenues External customer $ 31,597 $ 4,863 $ 1,027 $ 56 $ 6 $ 37,549 Intersegment 1,069 57 8 47 (1,181) 0 -------- -------- -------- ------- ------- -------- Total Revenues $ 32,666 $ 4,920 $ 1,035 $ 103 $(1,175) $ 37,549 ======== ======== ======== ======= ======= ======== Net income a/ $ 1,446 $ 300 $ 49 $ (12) $ 196 $ 1,979 Total assets a/ $ 91,366 $140,643 $ 9,293 $ 6,258 $(5,527) $242,033
- - - - - a/ Net income from discontinued operations of $147 million and $205 million for the three months ended March 31, 2000 and 1999 is included in Elims/Other. Net assets from discontinued operations of $1,644 million and $1,817 million as of March 31, 2000 and 1999 is included in Auto Sector total assets. "Other Financial Services" data is an aggregation of miscellaneous smaller Financial Services Sector business components, including Ford Motor Land Development Corporation, Ford Leasing Development Company, Ford Leasing Corporation and Granite Management Corporation. "Eliminations/Other" data includes intersegment eliminations and minority interests. Interest income for the operating segments in the Financial Services Sector is reported as "Revenue". 10. Shareholder Value Enhancement Plan - On April 12, 2000, the Ford Board of Directors approved a plan that will involve Ford shareholders exchanging their existing shares of the company's stock for new shares of the company's Common Stock and Class B Stock, plus either $20 cash per share or additional shares of equivalent value. The total cash distribution will be limited to $10 billion and, therefore, the $20 cash per share is subject to being reduced if the aggregate amount of cash elected exceeds $10 billion. Specific details, including record and effective dates of the plan, will be announced later in 2000. The plan is subject to shareholder approval. -10- [PricewaterhouseCoopers LLP Letterhead] Report of Independent Accountants To the Board of Directors and Stockholders Ford Motor Company We have reviewed the accompanying consolidated balance sheet of Ford Motor Company and its subsidiaries as of March 31, 2000, and the related consolidated statement of income and condensed consolidated statement of cash flows for the three-month period ended March 31, 2000 and 1999. These financial statements are the responsibility of the Company's management. We conducted our review in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of applying analytical procedures to financial data and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to the accompanying consolidated interim financial statements for them to be in conformity with generally accepted accounting principles. We previously audited, in accordance with generally accepted auditing standards, the consolidated balance sheet as of December 31, 1999, and the related consolidated statement of income, stockholders' equity and of cash flows for the year then ended (not presented herein), and in our report dated January 24, 2000, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 1999, is fairly stated in all material respects in relation to the consolidated balance sheet from which it has been derived. /s/ PricewaterhouseCoopers LLP Detroit, Michigan April 14, 2000 -11- Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations - ------------------------------------------------------------------------------- In addition to specific explanations discussed below, comparisons between Ford's 1999 and 2000 results are influenced by two important events: o On April 12, 2000, the Ford Board of Directors approved a plan for the complete separation of Visteon Corporation from Ford by means of a tax-free spin-off in the form of a dividend on Ford Common and Class B Stock consisting of all shares of Visteon common stock. Specific record and distribution dates will be established after Securities and Exchange Commission clearance. Throughout this discussion, Visteon is reflected as a discontinued operation. Visteon's results and financial condition have been excluded from all amounts except total net income and total earnings per share. o On March 31, 1999, we purchased AB Volvo's worldwide passenger car business ("Volvo Car"). Volvo Car's results and financial condition have been included in our financial statements on a consolidated basis since the second quarter of 1999. FIRST QUARTER RESULTS OF OPERATIONS Worldwide net income was $2,079 million in the first quarter of 2000, or $1.70 per diluted share of Common and Class B Stock. This compares with first quarter earnings in 1999, of $1,979 million, or $1.60 per diluted share, which included a one-time gain of $165 million, or 14 cents a share, from the dissolution of AutoEuropa. Worldwide sales revenue was $42.9 billion in the first quarter of 2000, up $5.3 billion from a year ago. Unit sales of cars and trucks were 1,911,000, up 137,000 units. Results by business sector for the first quarter of 2000 and 1999 are shown below (in millions).
First Quarter Net Income -------------------------------------- 2000 O/(U) 2000 1999 1999 ------------ ----------- ----------- Automotive Sector $1,552 $1,446 $106 Financial Services Sector 380 328 52 ------ ------ ---- Total continuing operations 1,932 1,774 158 Discontinued operation - Visteon 147 205 (58) ------ ------ ---- Total Company $2,079 $1,979 $100 ====== ====== ====
-12- Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued) - ------------------------------------------------------------------------------- Automotive Sector - ----------------- Worldwide earnings for our Automotive sector were $1,552 million in the first quarter of 2000, on sales of $36.2 billion. Earnings in the first quarter of 1999 were $1,446 million, on sales of $31.6 billion. Adjusted for constant volume and mix, total automotive costs were unchanged compared with the first quarter of 1999. Details of first quarter Automotive sector earnings from continuing operations are shown below (in millions).
First Quarter Net Income/(Loss) -------------------------------------- 2000 O/(U) 2000 1999 1999 ------------ ----------- ----------- North American Automotive $1,667 $1,379 $ 288 Automotive outside North America - Europe (3) 155 (158) - South America (82) (141) 59 - Rest of World (30) 53 (83) ------ ------ ----- Total Automotive outside North America (115) 67 (182) ------ ------ ----- Total Automotive Sector $1,552 $1,446 $ 106 ====== ====== =====
Automotive sector earnings in North America were $1,667 million in the first quarter of 2000, on sales of $27.2 billion. In the first quarter of 1999, earnings were $1,379 million, on sales of $24.2 billion. The increase in earnings reflects primarily higher volume, improved revenue and product mix, offset partially by higher warranty costs related to the 3.8 liter engine. The after-tax return on sales for our Automotive sector in North America was 6.2% in the first quarter of 2000, up 4/10 of a percentage point from a year ago. In the first quarter of 2000, approximately 4.5 million new cars and trucks were sold in the United States, up 450,000 units from a year ago. Our share of those unit sales was 24% in the first quarter of 2000, down 3/10 of a percentage point from a year ago. The decline in market share reflects primarily capacity constraints due to the record first quarter industry volume. Our Automotive sector losses in Europe were $3 million in the first quarter of 2000, compared with earnings of $155 million a year ago. The decline in earnings reflects primarily the non-recurrence of a $165 million gain from the sale of our interest in AutoEuropa to Volkswagen AG in the first quarter of 1999 and lower volume for Ford-branded vehicles, offset partially by the inclusion of Volvo Car results in the first quarter of 2000. We have much work to do to turn around our results in Europe, including assessing our manufacturing capacity requirements and reducing our operating costs. We also are in the midst of a major product changeover for Ford-branded vehicles - we are launching an all-new Transit and Galaxy, we have a new Mondeo coming this fall, and a new B-car next year. In the first quarter of 2000, approximately 5 million new cars and trucks were sold in our nineteen primary European markets, up 165,000 units from a year ago. Our share of those unit sales was 9.8% in the first quarter of 2000, up 3/10 of a percentage point from a year ago. Our market share increase reflects the addition of Volvo Car sales and strong Focus and Jaguar S-TYPE sales, offset partially by lower share of other Ford-branded vehicles. Our Automotive sector in South America had losses of $82 million in the first quarter of 2000, compared with losses of $141 million a year ago. The improved results reflect primarily higher industry volume, continued cost reductions, and a stronger Brazilian currency. -13- Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued) - ------------------------------------------------------------------------------- In the first quarter of 2000, approximately 310,000 new cars and trucks were sold in Brazil, compared with 276,000 a year ago. Our share of those unit sales was 9.5% in the first quarter of 2000, up 5/10 of a percentage point from a year ago. The improvement in market share reflects primarily stronger demand for a freshened product line-up (Fiesta, Courier, 4-Door Ranger and new SOHC engine) and better availability of vehicles due to the non-recurrence of production losses, which resulted from labor disruptions in early 1999. Automotive sector losses outside North America, Europe, and South America ("Rest of World") were $30 million in the first quarter of 2000, compared with earnings of $53 million in the first quarter of 1999. The decline in earnings reflects primarily our share of the profit decline at Mazda, explained by a stronger Japanese yen. Financial Services Sector - ------------------------- Earnings of our Financial Services sector consist primarily of two segments, Ford Credit and Hertz. Details of first quarter Financial Services sector earnings are shown below (in millions).
First Quarter Net Income/(Loss) -------------------------------------- 2000 O/(U) 2000 1999 1999 ----------- ----------- ----------- Ford Credit $353 $300 $53 Hertz 56 49 7 Minority Interests, Eliminations, and Other (29) (21) (8) ---- ---- --- Total Financial Services Sector $380 $328 $52 ==== ==== === Memo: Ford's share of earnings in Hertz $ 46 $ 40 $ 6
Ford Credit's consolidated net income in the first quarter of 2000 was $353 million, up $53 million or 18% from 1999. The increase in earnings reflects primarily a higher level of financing receivables and improved net financing margins, offset partially by higher operating costs and slightly higher credit losses. Higher operating costs reflect primarily the servicing of a higher level of financing receivables, operating expenses of recently acquired subsidiaries, and costs associated with the restructuring of financing operations, including employee separation programs. Earnings at Hertz in the first quarter of 2000 were $56 million (of which $46 million was Ford's share), compared with earnings of $49 million (of which $40 million was Ford's share) a year ago. The increase in earnings reflects primarily favorable pricing and strong performance in the United States car rental market, offset partially by unfavorable pricing for worldwide industrial and construction equipment rental operations. Discontinued Operation - Visteon - -------------------------------- Visteon earned $147 million in the first quarter of 2000, compared with earnings of $205 million in the same period a year ago. The decline is more than explained by the impact of a one-time price reduction of five percent on products Visteon was supplying to Ford as of January 1, 2000 based on a market pricing review conducted by Ford and Visteon. The decline in earnings was offset partially by favorable volume and mix and cost efficiencies. -14- Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued) - ------------------------------------------------------------------------------- LIQUIDITY AND CAPITAL RESOURCES Automotive Sector - ----------------- At March 31, 2000, our Automotive sector had $22.8 billion of cash and marketable securities, up $1.1 billion from December 31, 1999. Automotive capital expenditures totaled $1.5 billion in the first quarter of 2000, up $358 million from the same period a year ago. In the first quarter of 2000, we paid $607 million in cash dividends. At March 31, 2000, our Automotive sector had total debt of $10.8 billion, compared with $11.7 billion at December 31, 1999. Automotive debt at March 31, 2000 was 27% of total capital (the sum of our stockholders' equity and Automotive debt), down three percentage points from December 31, 1999. Financial Services Sector - ------------------------- At March 31, 2000, our Financial Services sector had cash and cash equivalents of $1.9 billion, up $295 million from December 31, 1999. Finance receivables and net investments in operating leases were $160.5 billion at March 31, 2000, up from $155.8 billion at December 31, 1999. Total debt was $144 billion at March 31, 2000, up $4 billion from December 31, 1999. Outstanding commercial paper at March 31, 2000 totaled $37.3 billion at Ford Credit, and $2.1 billion at Hertz, with an average remaining maturity of 25 days and 16 days, respectively. For a discussion of support facilities available to our Automotive and Financial Services sectors, see Note 10 of our Notes to Financial Statements for the year ended December 31, 1999, which are included in our Annual Report on Form 10-K for 1999. SHAREHOLDER VALUE ENHANCEMENT PLAN On April 12, 2000, the Ford Board of Directors approved a plan that will involve Ford shareholders exchanging their existing shares of the company's stock for new shares of the company's Common and Class B Stock, plus either $20 cash per share or additional shares of equivalent value. The total cash distribution will be limited to $10 billion and, therefore, the $20 cash per share is subject to being reduced if the aggregate amount of cash elected exceeds $10 billion. Specific details, including record and effective dates of the plan, will be announced later in 2000. The plan is subject to shareholder approval. LAND ROVER On March 17, 2000, we announced that we reached a memorandum of understanding to buy Land Rover from the BMW Group for a purchase price of approximately three billion euros (equivalent to approximately $3 billion at March 31, 2000). Two-thirds of the purchase price would be paid at the time of closing. The remainder would be paid in 2005. The acquisition involves the entire Land Rover line of vehicles, including assembly and engineering facilities. It does not include Rover's passenger car business or any assumption of debt by Ford. The transaction is subject to BMW and Ford reaching a definitive agreement, due diligence, and regulatory approvals. If successful, the acquisition is expected to be completed in the second quarter. -15- Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued) - ------------------------------------------------------------------------------- NEW ACCOUNTING STANDARD Statement of Financial Accounting Standards No. 133 ("SFAS 133"), "Accounting for Derivative Instruments and Hedging Activities," was issued by the Financial Accounting Standards Board in June 1998. This Statement establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. It requires recognition of all derivatives as either assets or liabilities on the balance sheet and measurement of those instruments at fair value. If certain conditions are met, a derivative may be designated specifically as (a) a hedge of the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment referred to as a fair value hedge, (b) a hedge of the exposure to variability in cash flows of a forecasted transaction (a cash flow hedge), or (c) a hedge of the foreign currency exposure of a net investment in a foreign operation, an unrecognized firm commitment, an available-for-sale security, or a forecasted transaction. We anticipate having each of these types of hedges, and we will comply with the requirements of SFAS 133 when we adopt it. We expect to adopt SFAS 133 beginning January 1, 2001. We have not yet determined the effect of adopting SFAS 133. OTHER FINANCIAL INFORMATION PricewaterhouseCoopers LLP, our independent public accountants, performed a limited review of the financial data presented on pages 2 through 10 inclusive. The review was performed in accordance with standards for such reviews established by the American Institute of Certified Public Accountants. The review did not constitute an audit; accordingly, PricewaterhouseCoopers LLP did not express an opinion on the aforementioned data. The financial data include any material adjustments or disclosures proposed by PricewaterhouseCoopers LLP as a result of their review. -16- Part II. Other Information -------------------------- Item 1. Legal Proceedings - -------------------------- ENVIRONMENTAL MATTERS Michigan Truck, Dearborn and Wayne Assembly Plants. (Previously discussed on page 24 of our Annual Report on Form 10-K for the year ended December 31, 1999 (the "10-K Report")). On March 16, 2000, the United States District Court for the Eastern District of Michigan approved a Consent Decree memorializing a settlement of this matter that includes the payment by Ford of $1.1 million in civil penalties and Ford's agreement to install a $10 million waterborne primer system at the Dearborn Assembly Plant. CLASS ACTIONS 3.8 Liter Transmission Class Actions. (Previously discussed on page 27 of the 10-K Report). The three cases filed in Illinois and Pennsylvania were removed to federal court. Plaintiffs' motion to remand the Pennsylvania case was denied, but motions to remand remain pending in the two Illinois cases. Seat Back Class Actions. (Previously discussed on page 27 of the 10-K Report). Plaintiffs have amended their complaint in New Jersey to expand the purported class to include almost all passenger cars, vans, and SUV's manufactured after 1990 and to more generally allege that the seatbacks in these vehicles are susceptible to failure in rear end collisions. The trial court in Maryland dismissed the complaint because Plaintiffs suffered no injury. Plaintiffs have appealed that ruling to the Maryland Court of Appeals. Wartime Labor. (Previously discussed on page 28 of the 10-K Report). On March 28, 2000, Ford announced that its German subsidiary, Ford Werke AG, will make a significant contribution to the Remembrance, Responsibility and the Future Foundation, which was established by the German government and industry to provide humanitarian relief for civilian victims of forced and slave labor in WWII Germany. The amount of the contribution is anticipated to be about DM26 million (about US $13 million) in accordance with the Foundation's giving guidelines, but the exact amount has not been finalized. OTHER MATTERS Rouge Powerhouse Insurance Litigation. Insurers of Rouge Steel Company filed two subrogation actions against Ford in March 2000. These actions seek damages for claims paid out for property damage and business interruption losses experienced by Rouge Steel Company as a result of the February 1, 1999 Rouge Powerhouse explosion. In the first action, which is pending in federal court in Michigan, Factory Mutual Insurance Company seeks recovery in excess of $134 million. In the second action, which is pending in state court in Michigan, a group of five insurers seeks recovery of $25 million. In both cases, the insurers allege that the powerhouse explosion was caused by the Company's negligence, gross negligence and/or willful and wanton misconduct. Answers to the complaints are due in May 2000. Item 5. Other Information - -------------------------- GOVERNMENTAL STANDARDS Mobil Source Emission Control - U.S. Requirements. (Previously discussed on page 28 of the 10-K Report). The U.S. Court of Appeals for the First Circuit upheld the federal district court's ruling that Massachusetts' pre-2003 model year zero-emission vehicle requirements were invalid. -17-
Supplemental Schedule Ford Motor Company CONDENSED FINANCIAL INFORMATION OF SUBSIDIARY (in millions) Ford Capital B.V. - ---------------- March 31, December 31, 2000 1999 --------------- --------------- (unaudited) Current assets $ 587 $ 579 Noncurrent assets 2,296 2,372 ------ ------ Total assets $2,883 $2,951 Current liabilities $1,123 $1,088 Noncurrent liabilities 1,522 1,680 Minority interests in net assets of subsidiaries 1 2 Stockholder's equity 237 181 ------ ------ Total liabilities and stockholder's equity $2,883 $2,951 ====== ======
First Quarter ------------------------------------ 2000 1999 --------------- --------------- (unaudited) Sales and other revenue $570 $683 Operating income 62 84 Income before income taxes 51 69 Net income 18 41
Ford Capital B.V., a wholly owned subsidiary of Ford Motor Company, was established primarily for the purpose of raising funds through the issuance of commercial paper and debt securities. Ford Capital B.V. also holds shares of the capital stock of Ford Nederland B.V., Ford Motor Company (Belgium) N.V., Ford Motor Company A/S (Denmark), Ford Poland S.A., and Ford Distribution Sp. z.o.o., Ltd. Substantially all of the assets of Ford Capital B.V., other than its ownership interests in subsidiaries, represent receivables from Ford Motor Company or its consolidated subsidiaries. -18- Item 6. Exhibits and Reports on Form 8-K - ----------------------------------------- (a) Exhibits -------- Please refer to the Exhibit Index on page 20. (b) Reports on Form 8-K ------------------- The Registrant filed the following Current Reports on Form 8-K during the quarter ended March 31, 2000: Current Report on Form 8-K dated January 14, 2000 included information relating to our financial milestones for the upcoming 12 months Current Report on Form 8-K dated January 26, 2000 included information relating to our 1999 earnings Current Report on Form 8-K dated February 4, 2000 included information relating to Consolidated Financial Statements of Ford and Subsidiaries for the year ended and at December 31, 1999, together with the Report on Examination thereof by PricewaterhouseCoopers, L.L.P. Current Report on Form 8-K dated March 17, 2000 included information relating to our memorandum of understanding to buy Land Rover from the BMW Group 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. FORD MOTOR COMPANY ---------------------------------- (Registrant) Date: April 28, 2000 By: /s/ W. A. Swift -------------------------------- W. A. Swift Vice President & Controller (principal accounting officer) -19- EXHIBIT INDEX -------------
Designation Description ------------------------- ----------------------------------------------------------------------------------------- Exhibit 12 Ford Motor Company and Subsidiaries Calculation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends. Exhibit 15 Letter of PricewaterhouseCoopers LLP, Independent Public Accountants, dated April 14, 2000, relating to Financial Information. Exhibit 27.1 Financial Data Schedule, Automotive Sector, for the Three Months Ended March 31, 2000 (included with electronic EDGAR filing only). Exhibit 27.2 Financial Data Schedule, Financial Services Sector, for the Three Months Ended March 31, 2000 (included with electronic EDGAR filing only). Exhibit 27.3 Financial Data Schedule, Conglomerate Totals, for the Three Months Ended March 31, 2000 (included with electronic EDGAR filing only).
-20- EX-12 2 EXHIBIT 12
Exhibit 12 Ford Motor Company and Subsidiaries CALCULATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS ---------------------------------------------------------------------------------------- (in millions) First For the Years Ended December 31 Quarter ---------------------------------------------------------- 2000 g/ 1999 g/ 1998 g/ 1997 1996 1995 ----------- ----------- ----------- ---------- ----------- ----------- Earnings - -------- Income before income taxes $2,983 $ 9,854 $24,280 $10,939 $ 6,793 $ 6,705 Equity in net (income)/loss of affiliates plus dividends from affiliates 52 (12) 87 121 36 179 Adjusted fixed charges a/ 2,621 9,382 9,162 10,911 10,801 10,556 ------ ------- ------- ------- ------- ------- Earnings $5,656 $19,224 $33,529 $21,971 $17,630 $17,440 ====== ======= ======= ======= ======= ======= Combined Fixed Charges and Preferred Stock Dividends - -------------------------- Interest expense b/ $2,541 $ 9,065 $ 8,881 $10,570 $10,464 $10,121 Interest portion of rental expense c/ 65 258 228 309 300 396 Preferred stock dividend requirements of majority owned subsidiaries and trusts d/ 14 55 55 55 55 199 ------ ------- ------- ------- ------- ------- Fixed charges 2,620 9,378 9,164 10,934 10,819 10,716 Ford preferred stock dividend requirements e/ 6 22 121 82 95 459 ------ ------- ------- ------- ------- ------- Total combined fixed charges and preferred stock dividends $2,626 $ 9,400 $ 9,285 $11,016 $10,914 $11,175 ====== ======= ======= ======= ======= ======= Ratios - ------ Ratio of earnings to fixed charges 2.2 2.0 3.7 f/ 2.0 1.6 1.6 Ratio of earnings to combined fixed charges and preferred stock dividends 2.2 2.0 3.6 f/ 2.0 1.6 1.6
- - - - - - a/ Fixed charges, as shown above, adjusted to exclude the amount of interest capitalized during the period and preferred stock dividend requirements of majority owned subsidiaries and trusts. b/ Includes interest, whether expensed or capitalized, and amortization of debt expense and discount or premium relating to any indebtedness. c/ One-third of all rental expense is deemed to be interest. d/ Preferred stock dividend requirements of Ford Holdings, Inc. (1995-1994) increased to an amount representing the pre-tax earnings which would be required to cover such dividend requirements based on Ford's effective income tax rates. Beginning in fourth quarter 1995, includes requirements related to company-obligated mandatorily redeemable preferred securities of a subsidiary trust. e/ Preferred Stock dividend requirements of Ford Motor Company increased to an amount representing the pre-tax earnings which would be required to cover such dividend requirements based on Ford Motor Company's effective income tax rates. f/ Earnings used in calculation of this ratio include the $15,955 million gain on the spin-off of The Associates. Excluding this gain, the ratio is 1.9. g/ Beginning in 1998, amounts are reflective of continuing operations. EX-15 3 EXHIBIT 15 Exhibit 15 April 28, 2000 Securities and Exchange Commission 450 Fifth Street, N.W. Washington, D.C. 20549 Re: Ford Motor Company Registration Statements Nos. 2-95018, 2-95020, 33-14951, 33-19036, 33-36043, 33-36061, 33-39402, 33-50194, 33-50238, 33-54275, 33-54283, 33-54348, 33-54735, 33-54737, 33-56785, 33-58255, 33-58785, 33-61107, 33-64605, 33-64607, 333-02735, 333-20725, 333-27993, 333-28181, 333-31466, 333-46295, 333-47443, 333-47445, 333-47733, 333-47735, 333-52399, 333-58695, 333-58697, 333-58701, 333-65703, 333-70447, 333-74313, 333-86127, 333-87619 on Form S-8 and 333-67209 and 333-86035 on Form S-3 Commissioners: We are aware that our report dated April 14, 2000 on our review of interim financial information of Ford Motor Company (the "Company") as of and for the period ended March 31, 2000 and included in the Company's quarterly report on Form 10-Q for the quarter then ended is incorporated by reference in the afore referenced Registration Statements. Very truly yours, /s/ PricewaterhouseCoopers LLP Detroit, Michigan EX-27.1 4 EXHIBIT 27.1 - FDS AUTOMOTIVE SECTOR WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
5 Automotive Sector - This schedule contains summary financial information extracted from Ford's financial statements for the three months ended March 31, 2000 and is qualified in its entirety by reference to such financial statements. 0000037996 FORD MOTOR COMPANY 1,000,000 3-MOS DEC-31-2000 MAR-31-2000 3,875 18,973 4,406 127 6,557 42,935 76,113 40,282 99,109 39,926 10,753 0 0 0 0 0 36,175 36,175 31,578 33,843 0 0 318 2,340 777 1,552 147 0 0 1,699 0 0
EX-27.2 5 EXHIBIT 27.2 - FDS FINANCIAL SERVICES SECTOR
5 Financial Services Sector - This schedule contains summary financial information extracted from Ford's financial statements for the three months ended March 31, 2000 and is qualified in its entirety by reference to such financial statements. The error message indicated on this FDS is a result of the EDGAR system's inability to accept multiple Article 5 Financial Data Schedules. Accordingly, the error message should be ignored. 0000037996 FORD MOTOR COMPANY 1,000,000 3-MOS DEC-31-2000 MAR-31-2000 1,883 488 160,516 0 0 0 0 0 175,915 0 143,951 0 0 0 0 0 6,719 6,719 0 6,086 0 454 2,213 643 0 0 0 0 0 0 0 0
EX-27.3 6 EXHIBIT 27.3 - FDS CONGLOMERATE TOTAL
CT Conglomerate Totals - This schedule contains summary financial information extracted from Ford's financial statements for the three months ended March 31, 2000 and is qualified in its entirety by reference to such financial statements. 0000037996 FORD MOTOR COMPANY 1,000,000 3-MOS DEC-31-2000 MAR-31-2000 275,024 0 0 1,222 27,197 275,024 42,894 1,022 1,932 147 0 0 2,079 1.73 1.70
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