-----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, VLWHHr2QJtzozq3eZgBs1JxshsulpHSMl2ZZA7tEfD4biaM3xoDN4IZ+INepZidu LsI1kk3AULRq2vL2A930Vg== 0000037996-02-000003.txt : 20020413 0000037996-02-000003.hdr.sgml : 20020413 ACCESSION NUMBER: 0000037996-02-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20020117 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020117 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03950 FILM NUMBER: 2511656 BUSINESS ADDRESS: STREET 1: ONE AMERICAN ROAD CITY: DEARBORN STATE: MI ZIP: 48126 BUSINESS PHONE: 3133223000 MAIL ADDRESS: STREET 1: ONE AMERICAN RD CITY: DEARBORN STATE: MI ZIP: 48126 8-K 1 e011702.txt 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 January 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 ------------ -2- Item 5. Other Events. - --------------------- Our news release dated January 17, 2002 and supplemental financial information, each concerning full-year and fourth quarter 2001 financial results, filed as Exhibits 20, 99.1 and 99.2 through 99.5, respectively, to this report, are incorporated by reference herein. In addition, our North American Production and Overseas Sales schedule dated January 17, 2002, filed as Exhibit 99.6 to this report, is incorporated by reference herein. To view slides summarizing our full-year and fourth quarter 2001 financial results, investors can visit the following web site: http://media.ford.com/pdf/4Q2001results.pdf. Also, investors can access replays of a review of our full-year and fourth quarter results by I. Martin Inglis, Ford's Group Vice President and Chief Financial Officer, that took place in the morning on January 17, 2002, by visiting one of the following web sites: www.streetfusion.com or www.streetevents.com. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. - --------------------------------------------------------------------------- EXHIBITS -------- Designation Description Method of Filing - ----------- ----------- ---------------- Exhibit 20 News Release dated January 17, 2002 Filed with this Report Exhibit 99.1 2001 Financial Statements Filed with this Report Exhibit 99.2 Selected Consolidated Detail Filed with this Report Exhibit 99.3 Vehicle Unit Sales Detail Filed with this Report Exhibit 99.4 Fourth Quarter 2001 Data Filed with this Report Sheet Exhibit 99.5 Automotive Geographic and Filed with this Report Cost of Sales Detail Exhibit 99.6 North American Production Filed with this Report and Overseas Sales schedule dated January 17, 2002 -3- 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: January 17, 2002 By: /s/Peter Sherry, Jr. ------------------------------- Peter Sherry, Jr. Assistant Secretary -4- EXHIBIT INDEX ------------- Designation Description - ----------- ----------- Exhibit 20 News Release dated January 17, 2002 Exhibit 99.1 2001 Financial Statements Exhibit 99.2 Selected Consolidated Detail Exhibit 99.3 Vehicle Unit Sales Detail Exhibit 99.4 Fourth Quarter 2001 Data Sheet Exhibit 99.5 Automotive Geographic and Cost of Sales Detail Exhibit 99.6 North American Production and Overseas Sales schedule dated January 17, 2002 EX-20 3 e011702ex20.txt Exhibit 20 NEWS Contact: - ------- Media: Todd Nissen 1.313.594.4410 tnissen@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 LOSSES FOR FULL-YEAR AND FOURTH QUARTER 2001 o Fourth quarter operating loss was 48 cents per share. o Fourth quarter operating profits improve in Europe. o Net cash increases $800 million, to $3.9 billion. DEARBORN, Mich., Jan. 17 - Ford Motor Company [NYSE: F] today reported a net loss of $5.45 billion, or $3.02 per share, for full-year 2001. Excluding previously announced unusual charges and other items, Ford lost $782 million, or 44 cents per share. The full-year results compare to net income of $3.47 billion or $2.30 per diluted share in 2000. Operating earnings before unusual items for full-year 2000 were $6.67 billion or $3.26 per share. Revenues for 2001 were $162.4 billion, down 5 percent from $170.1 billion a year ago. Vehicle unit sales were 6,991,000, a 6 percent decline from 7,424,000. "This was a challenging, difficult year for the Ford Motor Company and our financial performance was unacceptable," said Chairman and CEO Bill Ford. "As outlined in our revitalization plan, we are committed to regaining our momentum and getting back on track. The difficult actions we announced last week will focus us on designing, building and selling the industry's best cars and trucks - - and restoring the company's profitability. " -2- Ford's 2001 full-year loss before unusual items primarily reflects lower volume in North America, significantly higher marketing and product costs, customer satisfaction initiatives, as well as increased credit losses at Ford Credit. However, Ford scored numerous product successes in 2001. Ford was the best-selling brand of cars and trucks in the U.S. for the 15th year in a row, capturing five of the top 10 best-selling vehicles. The Ford F-Series was the top-selling truck for the 25th year in a row. The Ford Explorer was the industry's best-selling SUV in the U.S. for the 11th year in a row. In addition, Jaguar and Volvo set all-time sales records in 2001 - as well as set new U.S. sales records for the third year in a row. In 2002, Ford will launch several new important products including the Ford Expedition, Lincoln Navigator, Lincoln Aviator, Volvo XC90 and Land Rover Range Rover. FOURTH QUARTER Ford reported a loss of $5.07 billion, or $2.81 per share, for the 2001 fourth quarter. Excluding previously announced unusual charges of $4.1 billion and an additional $102 million non-cash charge for the accounting standard on hedging and derivatives, fourth quarter operating loss was $860 million, or 48 cents per share. Ford earned $1.08 billion, or 57 cents per share, in the fourth quarter of 2000. Operating earnings from the fourth quarter of 2000 were $1.21 billion, or 64 cents per share. Total revenues in the 2001 fourth quarter were $41.15 billion, a 3 percent decline from $42.59 billion a year ago. Worldwide vehicle unit sales in the 2001 fourth quarter were 1,808,000, down 2 percent from 1,840,000. The following operating results exclude unusual items in both years. -3- AUTOMOTIVE OPERATIONS Worldwide automotive operations lost $1.96 billion in 2001, compared to a profit of $4.88 billion a year ago. Worldwide automotive revenues were $131.53 billion, a decline of 7 percent from $141.23 billion a year ago. In the fourth quarter, worldwide automotive operations lost $803 million on revenues of $33.77 billion. That compares to a profit of $762 million on revenues of $35.11 billion in the fourth quarter of 2000. Automotive gross cash at Dec. 31, 2001 totaled $17.7 billion, including $2.6 billion of pre-funding employee benefit expenses through a Voluntary Employee Beneficiary Association (VEBA) trust. Cash exceeded debt by $3.9 billion at year-end, $800 million better than at Sept. 30. North America: The 2001 full-year loss in North America was $2.15 billion on revenues of $90.95 billion. Earnings in 2000 were $5.03 billion on revenues of $103.87 billion. Fourth-quarter 2001 results were a loss of $916 million, compared to a profit of $740 million a year ago. Revenue declined to $23.26 billion from $25.59 billion. The decline was primarily a result of the intense competitive environment in the U.S., which led to lower unit sales volume and higher marketing costs. Marketing costs in the U.S. as a percent of revenue in the fourth quarter were 16.7 percent of revenues, up 6 points from a year ago. As a result of the financial losses in 2001, there will be no profit-sharing for U.S. hourly employees. Bonus payments for salaried workers for 2001 were also eliminated, along with other compensation benefits. Europe: Ford earned a full-year 2001 profit of $266 million in Europe, reversing a loss of $35 million a year ago. Revenues were $31.93 billion, 11 percent higher than $28.67 billion a year ago. -4- Fourth-quarter 2001 results from Europe were a profit of $61 million on revenues of $8.46 billion. That compares to a profit of $33 million on revenues of $7.33 billion in the fourth quarter of 2000. Strong new Ford brand products, including the Mondeo and Transit, and cost reductions led to the improved 2001 results. South America: Ford operations in South America lost $225 million in full-year 2001, an improvement from a loss of $240 million a year ago. Revenue was $2.23 billion, down from $2.54 billion in 2000. Fourth-quarter 2001 losses were $46 million, on revenues of $466 million. The 2000 fourth quarter was a loss of $31 million on revenues of $642 million. Continuing weak economic conditions in Brazil and Argentina contributed to the lower results. Rest-of-world: Operations from the rest of the world reported a full-year 2001 profit of $156 million on revenues of $6.42 billion. That compares to income of $125 million on revenues of $6.16 billion in 2000. In the fourth quarter of 2001, profits were $98 million, up from $20 million a year ago. Revenues were $1.59 billion, an increase from $1.54 billion in 2000. FORD CREDIT Ford Credit earned $1.20 billion in 2001 excluding unusual items, down 22 percent from $1.54 billion in 2000. In the fourth quarter, Ford Credit reported a profit of $6 million before charges, compared to $410 million a year ago. The reduction was more than accounted for by a higher provision for credit losses. HERTZ Hertz reported full-year 2001 earnings of $23 million, down from $358 million in 2000. Hertz lost $58 million in the fourth quarter, compared to earnings of $56 million in the fourth quarter of 2000. The decline is attributable to a slowing U.S. economy which affected U.S. travel and car rentals, as well as a more competitive pricing environment for all Hertz business units. -4- OUTLOOK "Although the U.S. economy continues to be uncertain, we estimate total vehicle demand will be about 15.5 million units," said Nick Scheele, Ford president and chief operating officer. "Our North American production forecast calls for making 1,050,000 cars and trucks in the first quarter. This is down three percent from 1,078,000 in the 2001 first period. "For Ford Motor Company, 2002 will be a year of transition as we concentrate on implementing our revitalization plan," Scheele said. Investors can hear a review of fourth quarter and full-year 2001 results by Martin Inglis, chief financial officer, on the Internet at www.streetevents.com. The presentation will start at 9 a.m. EST, Jan. 17. Ford Motor Company is the world's second largest automaker, selling vehicles in 200 markets and with approximately 345,000 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; higher fuel prices; 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 or emissions regulation resulting in higher costs and/or sales restrictions; work stoppages at key Ford or supplier facilities; the discovery of defects in vehicles resulting in recall campaigns, increased warranty costs or litigation; an inability to implement the revitalization program. EX-99 4 e011702ex991.txt Exhibit 99.1
Ford Motor Company and Subsidiaries CONSOLIDATED STATEMENT OF INCOME -------------------------------- For the Periods Ended December 31, 2001 and 2000 (in millions) Fourth Quarter Full Year ------------------------ -------------------------- 2001 2000 2001 2000 --------- --------- --------- --------- (unaudited) (unaudited) AUTOMOTIVE Sales $33,772 $35,107 $131,528 $141,230 Costs and expenses Costs of sales 37,400 31,361 129,159 126,114 Selling, administrative and other expenses 2,753 2,823 9,937 9,884 ------- ------- -------- -------- Total costs and expenses 40,153 34,184 139,096 135,998 Operating income (loss) (6,381) 923 (7,568) 5,232 Interest income 149 349 766 1,488 Interest expense 373 371 1,378 1,383 ------- ------- ------- -------- Net interest income (expense) (224) (22) (612) 105 Equity in net income (loss) of affiliated companies (170) (6) (856) (70) ------- ------- ------- -------- Income (loss) before income taxes - Automotive (6,775) 895 (9,036) 5,267 FINANCIAL SERVICES Revenues 7,378 7,493 30,884 28,828 Costs and expenses Interest expense 2,139 2,544 9,470 9,519 Depreciation 2,691 2,375 10,564 9,408 Operating and other expenses 1,478 1,254 5,733 4,971 Provision for credit and insurance losses 1,528 616 3,665 1,963 ------- ------- ------- -------- Total costs and expenses 7,836 6,789 29,432 25,861 ------- ------- ------- -------- Income (loss) before income taxes - Financial Services (458) 704 1,452 2,967 -------- ------- ------- -------- TOTAL COMPANY Income (loss) before income taxes (7,233) 1,599 (7,584) 8,234 Provision for income taxes (2,153) 506 (2,151) 2,705 ------- ------- -------- -------- Income (loss) before minority interests (5,080) 1,093 (5,433) 5,529 Minority interests in net income of subsidiaries (12) 16 20 119 -------- ------- ------- -------- Income (loss) from continuing operations (5,068) 1,077 (5,453) 5,410 Income from discontinued operation (Note 2) - - - 309 Loss on spin-off of discontinued operation (Note 2) - - - (2,252) -------- ------- ------- -------- Net income (loss) $(5,068) $ 1,077 $(5,453) $ 3,467 ======== ======= ======= ======== Income (loss) attributable to Common and Class B Stock after Preferred Stock dividends $(5,072) $ 1,073 $(5,468) $ 3,452 Average number of shares of Common and Class B Stock outstanding (Note 3) 1,810 1,873 1,820 1,483 AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK (Note 3) Basic income Income (loss) from continuing operations $ (2.81) $ 0.58 $ (3.02) $ 3.66 Income from discontinued operation - - - 0.21 Loss on spin-off of discontinued operation - - - (1.53) ------- ------- ------- --------- Net income (loss) $ (2.81) $ 0.58 $ (3.02) $ 2.34 Diluted income Income (loss) from continuing operations $ (2.81) $ 0.57 $ (3.02) $ 3.59 Income from discontinued operation - - - 0.21 Loss on spin-off of discontinued operation - - - (1.50) ------- ------- ------- --------- Net income (loss) $ (2.81) $ 0.57 $ (3.02) $ 2.30 Cash dividends $ 0.15 $ 0.30 $ 1.05 $ 1.80
The accompanying notes are part of the financial statements.
Ford Motor Company and Subsidiaries CONSOLIDATED BALANCE SHEET -------------------------- As of December 31, 2001 and 2000 (in millions) 2001 2000 ---------------- --------------- (unaudited) ASSETS Automotive Cash and cash equivalents $ 4,079 $ 3,374 Marketable securities 10,949 13,116 -------- -------- Total cash and marketable securities 15,028 16,490 Receivables 2,214 4,685 Inventories (Note 4) 6,191 7,514 Deferred income taxes 2,595 2,239 Other current assets 6,155 5,318 Current receivable from Financial Services 938 1,587 -------- -------- Total current assets 33,121 37,833 Equity in net assets of affiliated companies 2,450 2,949 Net property 33,121 37,508 Deferred income taxes 5,996 3,342 Other assets 13,631 12,680 -------- -------- Total Automotive assets 88,319 94,312 Financial Services Cash and cash equivalents 3,139 1,477 Investments in securities 628 817 Finance receivables, net 111,958 125,164 Net investment in operating leases 47,262 46,593 Other assets 21,525 12,390 Receivable from Automotive 3,712 2,637 -------- -------- Total Financial Services assets 188,224 189,078 -------- -------- Total assets $276,543 $283,390 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Automotive Trade payables $ 15,677 $ 15,075 Other payables 4,577 4,011 Accrued liabilities 23,990 23,369 Income taxes payable - 449 Debt payable within one year 302 277 -------- -------- Total current liabilities 44,546 43,181 Long-term debt 13,492 11,769 Other liabilities 30,868 29,610 Deferred income taxes 362 353 Payable to Financial Services 3,712 2,637 -------- -------- Total Automotive liabilities 92,980 87,550 Financial Services Payables 3,095 5,297 Debt 153,543 153,510 Deferred income taxes 9,703 8,677 Other liabilities and deferred income 7,826 7,486 Payable to Automotive 938 1,587 -------- -------- Total Financial Services liabilities 175,105 176,557 Company-obligated mandatorily redeemable preferred securities of a subsidiary ttrust holding solely junior subordinated debentures of the Company 672 673 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 6,001 6,174 Accumulated other comprehensive income (5,913) (3,432) ESOP loan and treasury stock (2,823) (2,035) Earnings retained for use in business 10,502 17,884 -------- -------- Total stockholders' equity 7,786 18,610 -------- -------- Total liabilities and stockholders' equity $276,543 $283,390 ======== ======== - - - - - - *Less than $1 million
The accompanying notes are part of the financial statements.
Ford Motor Company and Subsidiaries CONSOLIDATED STATEMENT OF CASH FLOWS ------------------------------------ For the Years Ended December 31, 2001, 2000 and 1999 (in millions) 2001 2000 1999 -------------------------- --------------------------- ------------------------------ Financial Financial Financial Automotive Services Automotive Services Automotive Services ----------- -------------- -------------- ------------ --------------- -------------- (unaudited) Cash and cash equivalents at January 1 $ 3,374 $ 1,477 $ 2,793 $ 1,588 $ 3,143 $ 1,151 Cash flows from operating activities 10,102 13,712 18,307 15,457 14,851 12,540 Cash flows from investing activities Capital expenditures (6,357) (651) (7,393) (955) (7,069) (590) Acquisitions of other companies (1,998) (737) (2,662) (112) (5,763) (144) Acquisitions of receivables and lease Investments - (96,505) - (96,512) - (80,422) Collections of receivables and lease Investments Investments - 47,288 - 54,290 - 46,646 Net acquisitions of daily rental vehicles - (1,412) - (2,107) - (1,739) Purchases of securities (11,924) (734) (5,395) (564) (3,609) (900) Sales and maturities of securities 11,830 759 4,938 557 2,352 1,100 Proceeds from sales of receivables and lease investments lease investments - 41,419 - 19,439 - 9,931 Net investing activity with Financial Services Financial Services 186 - 645 - 1,329 - Other 367 250 - (320) (70) 119 -------- -------- -------- -------- -------- -------- Net cash used in investing activities (7,896) (10,323) (9,867) (26,284) (12,830) (25,999) Cash flows from financing activities Cash dividends Cash dividends (1,929) - (2,751) - (2,290) - Issuance of Common Stock 453 - 592 - 274 - Purchase of Ford treasury stock (1,838) - (1,821) - (707) - Changes in short-term debt 38 (18,311) (776) (6,406) (429) 5,547 Proceeds from issuance of other debt 2,088 44,129 2,363 37,086 3,143 37,184 Principal payments on other debt (1,122) (26,135) (1,277) (17,158) (821) (28,672) Value Enhancement Plan payments - - (5,555) - - - Net debt repayments from discontinued Operation - - 650 - - - Net cash distribution to discontinued operation - - (85) - - - Net financing activity with Automotive - (186) - (645) - (1,329) Other 261 (424) 139 (585) (127) 88 -------- -------- -------- -------- -------- -------- Net cash (used in)/provided by financing activities financing activities ( 2,049) (927) (8,521) 12,292 (957) 12,818 Effect of exchange rate changes on c (101) (151) (55) (859) (57) (279) Net transactions with Automotive/ Financial Services Financial Services 649 (649) 717 (717) (1,357) 1,357 -------- -------- -------- -------- -------- -------- Net increase/(decrease) in cash and cash equivalents cash equivalents 705 1,662 581 (111) (350) 437 -------- -------- -------- -------- --------- -------- Cash and cash equivalents at December 31 $ 4,079 $ 3,139 $ 3,374 $ 1,477 $ 2,793 $ 1,588 ======== ======== ======== ======== ======== ========
The accompanying notes are part of the financial statements. 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, consisting only of normal recurring adjustments, necessary for a fair statement of such information. Reference should be made to the financial statements contained in the registrant's 2000 Annual Report on Form 10-K for the year ended December 31, 2000. For purposes of Notes to Financial Statements, "Ford" or the "Company" 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 June 28, 2000, we distributed our 100% ownership interest in Visteon Corporation, our former automotive components subsidiary, by means of a tax-free spin-off in the form of a dividend on Ford Common and Class B Stock. The total value of the distribution was $2.1 billion for an after-tax loss of $2.3 billion. This loss represented the excess of the carrying value of our net investment over the market value on the distribution date. Our financial statements reflect Visteon as a "discontinued operation" for all periods shown. In connection with the spin-off of Visteon, certain people working for Visteon remain Ford employees, with Visteon reimbursing Ford for the expenses, and Ford retaining certain pension and postretirement benefit obligations for qualified employees that are working or who have worked for Visteon. Visteon's revenues, not included in Ford's revenues, totaled $10.5 billion and $19.4 billion for the years ended December 31, 2000 and 1999. Income from discontinued operations for the years ended December 31, 2000 and 1999 is reported net of income tax expense of $182 million and $422 million. 3. Income Per Share of Common and Class B Stock - The calculation of diluted income per share of Common and Class B Stock takes into account the effect of obligations, such as stock options, considered to be potentially dilutive. Basic and diluted income per share were calculated using the following (in millions):
Fourth Quarter Full Year ------------------------- ----------------------- 2001 2000 2001 2000 ---------- ---------- ---------- --------- Average shares outstanding 1,812 1,873 1,820 1,483 Issuable and uncommitted ESOP shares (5) (13) (9) (9) ----- ----- ----- ----- Basic shares 1,807 1,860 1,811 1,474 Contingently issuable shares (1) (1) Net dilutive effect of options a/ - 35 - 30 ----- ----- ----- ----- Diluted shares 1,806 1,895 1,810 1,504 ===== ===== ===== =====
- - - - - a/ Incremental shares relating to stock options of 30 million were not included in the calculation of diluted EPS for 2001 due to their antidilutive effect. 4. Inventories - Automotive Sector - Inventories at December 31 were as follows (in millions):
2001 2000 --------------- ------------- Raw materials, work-in-process and supplies $ 2,436 $ 3,284 Finished products 4,660 5,325 ------- ------- Total inventories at FIFO $ 7,096 $ 8,609 Less LIFO adjustment (905) (1,095) ------- ------- Total Inventories $ 6,191 $ 7,514 ======= =======
Inventories are stated at lower of cost or market. About one-third of inventories were determined under the last-in, first-out method. Reduction of FIFO inventory in 2001 resulted in a decrement of a base year LIFO layer, reducing cost of sales by $63 million. 5. Derivative Financial Instruments - We adopted Statement of Financial Accounting Standard ("SFAS") 133, Accounting for Derivative Instruments and Hedging Activities, as amended, on January 1, 2001. Our operations are exposed to global market risks, including the effect of changes in currency exchange rates, commodity prices, and interest rates. We use derivatives to manage these financial exposures as an integral part of our overall risk management program. We do not use derivatives for speculative purposes. We recognize fair value hedges through earnings and cash flow hedges through other comprehensive income. In prior years, gains and losses on currency and interest rate derivatives were deferred and recognized through earnings with the related underlying transactions. Exchange rate risk is managed by use of foreign currency agreements, including forward contracts, swaps, and options. Commodity price risk is managed by use of forward price contracts and options. Exchange rate and commodity risk derivatives are primarily accounted for as cash flow hedges and generally mature in 3 years or less, with a maximum maturity of 8 years. Interest rate risk is managed by entering into interest rate swap agreements to change the interest rate characteristics of our debt (primarily used in the Financial Services sector) to match the interest rate characteristics of related assets. These interest rate derivatives are designated as either cash flow or fair value hedges. In addition, we use forward contracts to hedge certain net investments in foreign operations and hold other derivatives that presently do not qualify for hedge accounting treatment under SFAS 133. During the fourth quarter of 2001, we reevaluated our plans with respect to certain forward purchase commitments for various commodities that were previously excluded from the scope of SFAS 133 and determined that they no longer qualify for exclusion. Accordingly, we recorded a mark-to-market adjustment of $450 million as of December 31, 2001. Derivatives accounted for as cash flow hedges comprise most of the balance of SFAS 133 activity reported as a part of stockholders' equity. Adjustments to income and to stockholders' equity for the quarter and at December 31, 2001, were (in millions):
Automotive Financial Services Total Company --------------------- ---------------------- ------------------------ Fourth Full Fourth Full Fourth Full Quarter Year Quarter Year Quarter Year --------- ---------- ---------- ---------- ------------ ----------- Income before income taxes a/ $(454) $(588) $(160) (251) $ (614) $ (839) Net income (295) (387) (99) (157) (394) (544) Stockholders' equity b/ 28 (1,099)
a/ Automotive recorded in cost of sales; Financial Services recorded in operating and other expenses b/ Recorded in accumulated other comprehensive income The $1,099 million recorded in stockholders' equity is comprised of amounts remaining from the $550 million transition adjustment on January 1, 2001 and net losses on derivative instruments for the year (net of $144 million of such amounts reclassified to income (loss) during the year). We expect to reclassify losses of $289 million ($96 million relates to transition adjustment) from stockholders' equity to net income during the next twelve months. These amounts are net of tax impact. 6. Summary Quarterly Financial Data -------------------------------- (in millions, except amounts per share)
2001 2000 ------------------------------------------- --------------------------------------- First Second Third Fourth First Second Third Fourth Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter --------- ----------- ---------- ---------- --------- --------- --------- --------- Automotive Sales $34,650 $34,552 $28,554 $33,772 $36,175 $37,366 $32,582 $35,107 Operating income (loss) 1,329 (1,432) (1,084) (6,381) 2,322 1,413 574 923 Financial Services Revenues 7,796 7,762 7,948 7,378 6,729 7,133 7,473 7,493 Income (loss) before income taxes 594 690 626 (458) 643 764 856 704 Total Company Income (loss) from continuing operations 1,059 (752) (692) (5,068) 1,932 1,513 888 1,077 Common and Class B per share Basic income (loss) from continuing operations $ 0.58 $ (0.42) $ (0.39) $ (2.81) $ 1.61 $ 1.26 $ 0.54 $ 0.58 Diluted (loss) income from continuing operations a/ 0.56 (0.42) (0.39) (2.81) 1.58 1.24 0.53 0.57
a/ Diluted earnings per share amounts have been revised to account for the antidilutive effect of stock options. EX-99 5 e011702ex992.txt Exhibit 99.2
Ford Motor Company SELECTED CONSOLIDATED DETAIL ---------------------------- 2001 Compared with 2000 Fourth Quarter Full Year ------------------------------- ----------------------------- 2001 2000 2001 2000 -------------- ------------- ------------ ------------- Worldwide vehicle unit sales of cars and trucks (in thousands) - - North America 1,114 1,209 4,292 4,933 - - Outside North America 694 631 2,699 2,491 ------ ------ ------ ------ Total 1,808 1,840 6,991 7,424 ====== ====== ====== ====== Sales and revenues (Mils.) - - Automotive $ 33,772 $ 35,107 $ 131,528 $ 141,230 - - Financial Services 7,378 7,480 30,884 28,828 --------- --------- --------- --- --------- Total $ 41,150 $ 42,587 $ 162,412 $ 170,058 ========= ========= ========= ========= Net income (Mils.) - - Automotive $ (4,708) $ 629 $ (6,267) $ 3,624 - - Financial Services (360) 448 814 1,786 --------- --------- --------- --------- Income from continuing operations (5,068) 1,077 (5,453) 5,410 - - Discontinued operation (Visteon) - - - 309 - - Loss on spin-off of Visteon - - - (2,252) --------- --------- --------- --------- Total net income $ (5,068) $ 1,077 $ (5,453) $ 3,467 ========= ========= ========= ========= Adjusted net income from continuing operations (Mils.) a/ $ (860) $ 1,210 $ (782) $ 6,668 Unusual items (Mils.) - - Fourth quarter impairment, restructuring, and other charges $ (4,106) $ - $ (4,106) - - - SFAS 133 b/ (102) - (252) $ - - - E-commerce and Automotive-related ventures - - (199) - - - Mazda restructuring actions - - (114) - - - Asset write-down related to Nemak venture - (133) - (133) - - Land Rover inventory profit reduction - - - (106) - - European charges - - - (1,019) --------- --------- --------- --------- Total unusual items $ (4,208) $ (133) $ (4,671) $ (1,258) ========= ========= ========= ========= Capital expenditures (Mils.) - - Automotive $ 2,363 $ 2,510 $ 6,357 $ 7,393 - - Financial Services 223 390 651 955 --------- --------- --------- --------- Total $ 2,586 $ 2,900 $ 7,008 $ 8,348 ========= ========= ========= ========= Automotive capital expenditures as a percentage of sales 7.0% 7.1% 4.8% 5.2% Automotive net cash at December 31 (Mils.) - - Cash and marketable securities $ 15,028 $ 16,490 $ 15,028 $ 16,490 - - VEBA 2,639 3,656 2,639 3,656 --------- --------- --------- --------- Gross cash including VEBA 17,667 20,146 17,667 20,146 - - Debt 13,794 12,046 13,794 12,046 --------- --------- --------- --------- Automotive net cash including VEBA $ 3,873 $ 8,100 $ 3,873 $ 8,100 ========= ========= ========= ========= AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK Income assuming dilution - - Automotive $ (2.61) $ 0.33 $ (3.47) $ 2.40 - - Financial Services (0.20) 0.24 0.45 1.19 --------- --------- --------- --------- Subtotal (2.81) 0.57 (3.02) 3.59 - - Discontinued operation (Visteon) - - - 0.21 - - Loss on spin-off of Visteon - - - (1.50) --------- --------- --------- --------- Total $ (2.81) $ 0.57 $ $ 2.30 ========= ========= ==== ========= (3.02) Adjusted net income from continuing operations a/ $ (0.48) $ 0.64 $ (0.44) $ 3.26 c/ Unusual items - - Fourth quarter impairment, restructuring, and other charges $ (2.27) $ - $ (2.27) $ - - - SFAS 133 b/ (0.06) - (0.14) - - - E-commerce and Automotive-related ventures - - (0.11) - - Mazda restructuring actions - - (0.06) - - - Asset write-down related to Nemak venture - (0.07) - (0.06) c/ - - Land Rover inventory profit reduction - - - (0.05) c/ - - European charges - - - (0.50) c/ --------- --------- --------- --------- Total unusual items $ (2.33) $ (0.07) $ (2.58) $ (0.61) c/ ========= ========= ========= =========
a/ Excludes unusual items disclosed by the Company. b/ Excluding precious metals charge in Fourth Quarter 2001. c/ In addition to excluding unusual items affecting income, also treats the Value Enhancement Plan like a stock split and share repurchase. Prior periods have been restated. EX-99 6 e011702ex993.txt Exhibit 99.3
Ford Motor Company and Subsidiaries VEHICLE UNIT SALES DETAIL ------------------------- 2001 Compared with 2000 Fourth Quarter Full Year ------------------------- ------------------------ 2001 2000 2001 2000 -------- -------- -------- -------- (in thousands) (in thousands) North America United States Cars 381 433 1,427 1,775 Trucks 605 643 2,458 2,711 ----- ----- ----- ----- Total United States 986 1,076 3,885 4,486 Canada 79 83 245 300 Mexico 49 50 162 147 ----- ----- ----- ----- Total North America 1,114 1,209 4,292 4,933 Europe Britain 145 108 637 476 Germany 94 79 383 320 Italy 75 65 249 222 Spain 42 51 178 180 France 45 39 163 158 Other countries 152 141 551 526 ----- ----- ----- ----- Total Europe 553 483 2,161 1,882 Other international Brazil 26 37 125 134 Australia 30 30 115 125 Taiwan 9 9 53 63 Argentina 6 10 29 49 Japan 6 4 18 26 Other countries 64 58 198 212 ----- ----- ----- ----- Total other international 141 148 538 609 ----- ----- ----- ----- Total worldwide vehicle unit sales 1,808 1,840 6,991 7,424 ===== ===== ===== =====
Vehicle unit sales generally are reported worldwide on a "where sold" basis and include sales of all Company-badged units, as well as units manufactured by Ford and sold to other manufacturers. Unit sales in Turkey were rebinned in prior periods from Europe to Asia Pacific. EX-99 7 e011702ex994.txt Exhibit 99.4
Ford Motor Company FOURTH QUARTER 2001 DATA SHEET ------------------------------ -------------------------- 2001 Compared with 2000 3rd Qtr 2001 2000 2001 4th Qtr Full Year 4th Qtr Full Year ------------ ------------- ------------ ------------- ------------ Market Share Data (%) U.S. Car 17.1% 17.8% 17.7% 17.4% 19.1% Truck 27.1% 27.0% 27.4% 27.1% 28.2% Total 22.1% 22.8% 22.8% 22.5% 23.7% Europe Car 11.3% 10.5% 11.0% 10.2% 10.3% Truck 9.0% 8.3% 8.6% 7.1% 7.7% Total 11.0% 10.2% 10.7% 9.7% 9.9% U.S. Total Marketing Costs (Ford/LM) -- Variable and Fixed (% of Gross Revenue) 16.0% 16.7% 14.7% 10.7% 11.1% U.S. Sales Mix (Ford/LM) Fleet Sales (% of Total) 18% 21% 25% 29% 26% Red Carpet Lease (% of Total) 18% 7% 15% 14% 18% Red Carpet Lease (% of Retail) 22% 9% 20% 19% 25% U.S. Inventory (Days' Supply) Car 48 63 63 79 79 Truck 70 59 59 92 92 Average 62 60 60 87 87 Avg. Portfolio Borrowing Rate Ford Credit (%) 5.9% 5.6% 6.1% 6.7% 6.4% Worldwide Taxes Effective Tax Rate 32.5% 32.5% 32.5% 31.5% 32.5% Common and Class B Shares Outstanding (Mils.) Average - actual 1,812 1,810 1,820 1,873 1,483 Average - assuming full dilution 1,806 1,806 1,810 1,895a/ 1,504a/ Period ended - actual 1,811 1,809 1,809 1,854 1,854 Common Stock price (per share) (adjusted to reflect Visteon spin-off) High $25.76 $18.94 $31.46 $27.00 $30.13 Low 15.34 14.93 14.93 21.63 21.63 Cash Dividends (per share) $0.30 $0.15 $1.05 $0.30 $1.16 --------------------------
a/ If the Value Enhancement plan was treated as a stock split followed by a share repurchase, the shares would have been 2,136 for 2nd quarter 2000 and 2,041 for full year 2000. EX-99 8 e011702ex995.txt Exhibit 99.5
-------------------------------------- Excludes SFAS 133 Effect, & Unusual Items -------------------------------------- Ford Motor Company AUTOMOTIVE GEOGRAPHIC AND COST OF SALES DETAIL ---------------------------------------------- 2001 Compared With 2000 -------------------------- GEOGRAPHIC DATA 4th Quarter Full Year -------------------------- ----------------------------------------- ---------------------------------------------- 01 B/(W) 01 B/(W) 2001 2000 Than 00 2001 2000 Than 00 ------------- ------------- ------------- --------------- -------------- --------------- PBT (Mils.) ----------- U.S. ($713) $831 ($1,544) ($2,972) $6,890 ($9,862) Canada/Mexico (634) 272 (906) (260) 667 (927) ------------- ------------- ------------- --------------- -------------- -------------- North America ($1,347) $1,103 ($2,450) ($3,232) $7,557 ($10,789) Europe 104 31 73 424 (97) 521 South America (74) (49) (25) (350) (373) 23 Rest of World 139 15 124 262 115 147 ------------- ------------- ------------- --------------- -------------- -------------- Worldwide ($1,178) $1,100 ($2,278) ($2,896) $7,202 ($10,098) ============= ============= ============= =============== ============== =============== Net Income (Mils.) ------------------ U.S. ($524) $564 ($1,088) ($1,986) $4,602 ($6,588) Canada/Mexico (392) 176 (568) (168) 430 (598) ------------- ------------- ------------- --------------- -------------- --------------- North America ($916) $740 ($1,656) ($2,154) $5,032 ($7,186) Europe 61 33 28 266 (35) 301 South America (46) (31) (15) (225) (240) 15 Rest of World 98 20 78 156 125 31 ------------- ------------- ------------- --------------- --------------- --------------- Worldwide ($803) $762 ($1,565) ($1,957) $4,882 ($6,839) ============= ============= ============= =============== =============== =============== Sales (Mils.) ------------- U.S. $21,050 $23,302 ($2,252) $83,971 $96,030 ($12,059) Canada/Mexico 2,212 2,290 (78) 6,981 7,835 (854) ------------- ------------- -------------- --------------- --------------- -------------- North America $23,262 $25,592 ($2,330) $90,952 $103,865 ($12,913) Europe 8,456 7,332 1,124 31,925 28,674 3,251 South America 466 642 (176) 2,229 2,536 (307) Rest of World 1,588 1,541 47 6,422 6,155 267 ------------ ------------- -------------- --------------- --------------- ---------------- Worldwide $33,772 $35,107 ($1,335) $131,528 $141,230 ($9,702) ============ ============= ============== =============== =============== ================ -------------------------- COST OF SALES 4th Quarter Full Year -------------------------- ----------------------------------------- ------------------------------------------------ 01 B/(W) 01 B/(W) 2001 2000 Than 00 2001 2000 Than 00 ------------ ------------- -------------- --------------- --------------- ---------------- (Mils) (Mils) (Mils) (Mils) (Mils) (Mils) Total Costs and Expenses $34,761 $33,979 $(782) $133,548 $134,063 $515 Less: Depreciation 623 495 (128) 2,612 2,641 29 Amortization 583 675 92 2,415 2,451 36 Selling and Admin. 2,714 2,775 61 9,739 9,701 (38) Postretirement Exp.* 252 354 102 1,338 1,516 178 ------------ ------------- -------------- --------------- --------------- ---------------- Net Cost of Sales $30,589 $29,680 ($909) $117,444 $117,754 $310 ============ ============= ============== =============== =============== ================ Memo: Gross Margin 9.4% 15.5% -6.0pts 10.7% 16.6% -5.9pts
- - - - - * Now includes Benefit Expenses from Total Pension, Retiree Health Care, and Retiree Life Insurance EX-99 9 e011702ex996.txt
Exhibit 99.6 Ford Motor Company 2002 NORTH AMERICAN PRODUCTION AND OVERSEAS SALES ------------------------------------------------- 2002 Planned Memo: 2001 Actual ------------ -------------------- First Second Third Quarter Quarter Quarter ---------- ------- ------- (000) (000) (000) North American Production and Imports - ------------------------------------- Car 395 338 1,384 Truck 655 663 2,638 North American Production 1,050 1,001 4,022 ----- ----- ----- Mexican Domestic Units Incl. Above Incl. Above Imports (Volvo, Jaguar, Land Rover, Fiesta) 50 93 269 Total North America (Incl. Imports) 1,100 1,094 4,291 Overseas Vehicle Unit Sales 670 669 2,664 ------ ----- ----- Ford Worldwide 1,770 1,763 6,995 ===== ===== ===== Over/(Under) Prior - ------------------ North America Units: - Issue 70 36 - Quarter 42 226 - Year (28) (43) Percentage: - Issue 0 0 - Quarter 0 0 - Year (2)% (4)% Overseas Units: - Issue 0 0 - Quarter 1 89 - Year (29) 42 Percentage: - Issue 0 0 - Quarter 0 0 - Year (4)% 7% Worldwide Units: - Issue 70 36 - Quarter 43 315 - Year (57) (1) Percentage: - Issue 0 0 - Quarter 2% 0 - Year (3)% (0)%
Investor Relations 1/17/02 -----END PRIVACY-ENHANCED MESSAGE-----