EX-99 8 e071702ex995.txt Exhibit 99.5
Ford Motor Company and Subsidiaries CONSOLIDATED STATEMENT OF INCOME -------------------------------- For the Periods Ended June 30, 2002 and 2001 (in millions) Second Quarter First Half -------------------------- --------------------------- 2002 2001 2002 2001 ---------- ----------- ----------- ----------- (unaudited) (unaudited) AUTOMOTIVE Sales $35,238 $34,552 $67,559 $69,202 Costs and expenses Cost of sales 32,320 33,648 62,394 64,463 Selling, administrative and other expenses 2,393 2,336 4,729 4,842 ------- ------- ------- ------- Total costs and expenses 34,713 35,984 67,123 69,305 Operating income/(loss) 525 (1,432) 436 (103) Interest income 172 218 284 473 Interest expense 337 330 699 697 ------- ------- ------- ------- Net interest expense (165) (112) (415) (224) Equity in net loss of affiliated companies (19) (162) (80) (340) ------- ------- ------- ------- Income/(loss) before income taxes - Automotive 341 (1,706) (59) (667) FINANCIAL SERVICES Revenues 7,094 7,762 14,630 15,558 Costs and expenses Interest expense 1,891 2,484 3,887 5,044 Depreciation 2,647 2,674 5,313 5,193 Operating and other expenses 1,179 1,342 2,738 2,779 Provision for credit and insurance losses 771 572 1,732 1,258 ------- ------- ------- ------- Total costs and expenses 6,488 7,072 13,670 14,274 ------- ------- ------- ------- Income before income taxes - Financial Services 606 690 960 1,284 ------- ------- ------- ------- TOTAL COMPANY Income/(loss) before income taxes 947 (1,016) 901 617 Provision/(credit) for income taxes 282 (284) 256 287 ------- ------- ------- ------- Income/(loss) before minority interests 665 (732) 645 330 Minority interests in net income of subsidiaries 95 20 167 23 ------- ------- ------- ------- Income/(loss) before cumulative effect of change in Accounting principle 570 (752) 478 307 Cumulative effect of change in accounting principle - - (1,002) - ------- ------- ------- ------- Net income/(loss) $ 570 $ (752) $ (524) $ 307 ======= ======= ======= ======= Income/(loss) attributable to Common and Class B Stock after preferred stock dividends $ 567 $ (755) $ (531) $ 300 Average number of shares of Common and Class B Stock outstanding 1,813 1,819 1,810 1,829 AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK Basic Income Income/(loss) before cumulative effect of change in accounting principle $ 0.31 $ (0.42) $ 0.26 $ 0.16 Cumulative effect of change in accounting principle - - (0.55) - ------- ------- ------- ------- Net income/(loss) $ 0.31 $ (0.42) $ (0.29) $ 0.16 Diluted Income Income/(loss) before cumulative effect of change in accounting principle $ 0.29 $ (0.42) $ 0.26 $ 0.16 Cumulative effect of change in accounting principle - - (0.55) - ------- ------- ------- ------- Net income/(loss) $ 0.29 $ (0.42) $ (0.29) $ 0.16 Cash dividends $ 0.10 $ 0.30 $ 0.20 $ 0.60 The accompanying notes are part of the financial statements.
Ford Motor Company and Subsidiaries CONSOLIDATED BALANCE SHEET -------------------------- (in millions) June 30, December 31, 2002 2001 ---------------- ----------------- (unaudited) ASSETS Automotive Cash and cash equivalents $ 8,480 $ 4,079 Marketable securities 14,945 10,949 -------- -------- Total cash and marketable securities 23,425 15,028 Receivables 2,356 2,214 Inventories 7,522 6,191 Deferred income taxes 2,595 2,595 Other current assets 5,697 6,155 Current receivable from Financial Services 1,939 938 -------- -------- Total current assets 43,534 33,121 Equity in net assets of affiliated companies 2,317 2,450 Net property 35,162 33,121 Deferred income taxes 7,541 5,996 Goodwill 4,712 5,283 Other intangible assets 1,110 1,194 Other assets 6,421 7,154 -------- -------- Total Automotive assets 100,797 88,319 Financial Services Cash and cash equivalents 4,623 3,139 Investments in securities 638 628 Finance receivables, net 108,557 110,358 Net investment in operating leases 46,930 47,262 Retained interest in sold receivables 11,515 12,548 Goodwill and other intangible assets 1,063 1,353 Other assets 12,456 9,224 Receivable from Automotive 3,712 3,712 -------- -------- Total Financial Services assets 189,494 188,224 -------- -------- Total assets $290,291 $276,543 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Automotive Trade payables $ 17,312 $ 15,677 Other payables 3,043 4,227 Accrued liabilities 25,988 24,340 Debt payable within one year 241 302 -------- -------- Total current liabilities 46,584 44,546 Long-term debt 13,809 13,492 Other liabilities 35,222 30,868 Deferred income taxes 361 362 Payable to Financial Services 3,712 3,712 -------- -------- Total Automotive liabilities 99,688 92,980 Financial Services Payables 2,859 1,595 Debt 150,764 153,543 Deferred income taxes 10,122 9,703 Other liabilities and deferred income 9,254 9,326 Payable to Automotive 1,939 938 -------- -------- Total Financial Services liabilities 174,938 175,105 Company-obligated mandatorily redeemable preferred and mandatorily T redeemable convertible preferred securities of subsidiary trusts holding solely junior subordinated debentures of the Company 5,671 672 Stockholders' equity Capital stock Preferred Stock, par value $1.00 per share (aggregate liquidation preference of $177 million) * * Common Stock, par value $0.01 per share (1,837 million shares issued) 18 18 Class B Stock, par value $0.01 per share (71 million shares issued) 1 1 Capital in excess of par value of stock 5,868 6,001 Accumulated other comprehensive income (2,932) (5,913) ESOP loan and treasury stock (2,570) (2,823) Earnings retained for use in business 9,609 10,502 -------- -------- Total stockholders' equity 9,994 7,786 -------- -------- Total liabilities and stockholders' equity $290,291 $276,543 ======== ========
* Less than $1 million The accompanying notes are part of the financial statements.
Ford Motor Company and Subsidiaries CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS ---------------------------------------------- For the Periods Ended June 30, 2002 and 2001 (in millions) First Half 2002 First Half 2001 ---------------------------- ----------------------------- Financial Financial Automotive Services Automotive Services ------------ --------------- ------------- --------------- (unaudited) (unaudited) Cash and cash equivalents at January 1 $ 4,079 $ 3,139 $ 3,374 $ 1,477 Cash flows from operating activities before securities trading 8,109 8,592 6,336 6,995 Net sales/(purchases) of trading securities (3,766) (60) 482 (148) ------- ------- ------- -------- Net cash flows from operating activities 4,343 8,532 6,818 6,847 Cash flows from investing activities Capital expenditures (2,938) (300) (2,586) (230) Acquisitions of receivables and lease investments - (43,444) - (48,003) Collections of receivables and lease investments - 28,199 - 26,132 Net acquisitions of daily rental vehicles - (1,896) - (2,362) Purchases of securities (1,030) (320) (10,729) (485) Sales and maturities of securities 898 268 12,059 476 Proceeds from sales of receivables and lease investments - 19,430 - 10,141 Net investing activity with Financial Services 29 - (460) - Cash paid for acquisitions (67) - (1,868) (742) Other - 425 366 (35) ------- ------- ------- -------- Net cash (used in)/provided by investing activities (3,108) 2,362 (3,218) (15,108) Cash flows from financing activities Cash dividends (369) - (1,107) - Net sales/(purchases) of Common Stock 92 - (1,322) - Proceeds from mandatorily redeemable convertible preferred securities 4,900 - - - Changes in short-term debt (91) (9,032) (70) (2,375) Proceeds from issuance of other debt 265 12,426 346 25,028 Principal payments on other debt (691) (13,981) (368) (13,791) Net financing activity with Automotive - (29) - 460 Other (14) (44) 170 (362) ------- ------- ------- -------- Net cash (used in)/provided by financing activities 4,092 (10,660) (2,351) 8,960 Effect of exchange rate changes on cash 75 249 (20) (193) Net transactions with Automotive/Financial Services (1,001) 1,001 100 (100) ------- ------- ------- -------- Net increase in cash and cash equivalents 4,401 1,484 1,329 406 ------- ------- ------- -------- Cash and cash equivalents at June 30 $ 8,480 $ 4,623 $ 4,703 $ 1,883 ======= ======= ======= ========
The accompanying notes are part of the financial statements.