1-3950
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38-0549190
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(Commission File Number)
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(IRS Employer Identification No.)
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One American Road, Dearborn, Michigan
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48126
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(Address of principal executive offices)
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(Zip Code)
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[ ]
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Designation
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Description
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Method of Filing
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Exhibit 99
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News Release dated
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Filed with this Report
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January 27, 2012
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FORD MOTOR COMPANY
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||
(Registrant)
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||
Date: January 27, 2012
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By:
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/s/ Louis J. Ghilardi
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Louis J. Ghilardi
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||
Assistant Secretary
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Designation
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Description
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Exhibit 99
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News Release dated January 27, 2012
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| News |
●
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Full year pre-tax operating profit was $8.8 billion, or $1.51 per share, an increase of $463 million from a year ago
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●
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Full year net income was $20.2 billion, or $4.94 per share, an increase of $13.7 billion, or $3.28 per share, from a year ago. Net income includes a favorable one-time, non-cash special item of $12.4 billion from release of almost all of the valuation allowance against net deferred tax assets in the fourth quarter
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●
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Fourth quarter pre-tax operating profit was $1.1 billion, or 20 cents per share, a decrease of $189 million from fourth quarter 2010. Ford has posted a pre-tax operating profit for 10 consecutive quarters
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●
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Fourth quarter net income was $13.6 billion, or $3.40 per share, a $13.4 billion increase from fourth quarter 2010. As noted, one-time special items positively affected net income
|
●
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Automotive pre-tax operating profit was $586 million for the fourth quarter and $6.3 billion for the full year, an increase of $1 billion from full year 2010
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●
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Ford Credit reported a pre-tax operating profit of $506 million for the fourth quarter and $2.4 billion for the full year, a decrease of $650 million from full year 2010
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●
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Revenue was $34.6 billion in the fourth quarter and $136.3 billion for the full year, an increase of $15.4 billion from full year 2010
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●
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Ford generated positive Automotive operating-related cash flow of $700 million in the fourth quarter and $5.6 billion for the full year. Ford ended 2011 with Automotive gross cash of $22.9 billion
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●
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Automotive debt was $13.1 billion as of Dec. 31, 2011, a reduction of $6 billion for the year
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●
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Automotive gross cash exceeded debt by $9.8 billion, an improvement of $8.4 billion for the year
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●
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Ford ended 2011 with $32.4 billion in total Automotive liquidity
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●
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Ford is well on track to achieve the goals in its mid-decade outlook
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Financial Results Summary+
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Fourth Quarter
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Full Year
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||||||||||||||||||||||
2010
|
2011
|
B/(W) 2010 | 2010 | 2011 | B/(W) 2010 | |||||||||||||||||||
Wholesales (000)++
|
1,389 | 1,427 | 38 | 5,313 | 5,695 | 382 | ||||||||||||||||||
Revenue (Bils.)++
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$ | 32.5 | $ | 34.6 | $ | 2.1 | $ | 120.9 | $ | 136.3 | $ | 15.4 | ||||||||||||
Operating results
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||||||||||||||||||||||||
Pre-tax results (Mils.) ++
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$ | 1,293 | $ | 1,104 | $ | (189 | ) | $ | 8,300 | $ | 8,763 | $ | 463 | |||||||||||
After-tax results (Mils.)+++
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1,201 | 797 | (404 | ) | 7,578 | 6,119 | (1,459 | ) | ||||||||||||||||
Earnings per share+++
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0.30 | 0.20 | (0.10 | ) | 1.91 | 1.51 | (0.40 | ) | ||||||||||||||||
Special items pre-tax (Mils.)
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$ | (1,013 | ) | $ | 349 | $ | 1,362 | $ | (1,151 | ) | $ | (82 | ) | $ | 1,069 | |||||||||
Net income / (loss) attributable to Ford
|
||||||||||||||||||||||||
After-tax results (Mils.)
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$ | 190 | $ | 13,615 | $ | 13,425 | $ | 6,561 | $ | 20,213 | $ | 13,652 | ||||||||||||
Earnings per share
|
0.05 | 3.40 | 3.35 | 1.66 | 4.94 | 3.28 | ||||||||||||||||||
Automotive
|
||||||||||||||||||||||||
Operating-related cash flow (Bils.)
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$ | 1.0 | $ | 0.7 | $ | (0.3 | ) | $ | 4.4 | $ | 5.6 | $ | 1.2 | |||||||||||
Gross cash (Bils.)
|
$ | 20.5 | $ | 22.9 | $ | 2.4 | $ | 20.5 | $ | 22.9 | $ | 2.4 | ||||||||||||
Debt (Bils.)
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19.1 | 13.1 | 6.0 | 19.1 | 13.1 | 6.0 | ||||||||||||||||||
Net cash (Bils.)
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$ | 1.4 | $ | 9.8 | $ | 8.4 | $ | 1.4 | $ | 9.8 | $ | 8.4 | ||||||||||||
See end notes on page 8.
|
||
NOTE: Operating earnings per share is based on after-tax results; fourth quarter and full year 2011 operating results reflect higher tax rates as if the valuation allowance had not existed, while 2010 results have not been revised.
|
|
●
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Continued product momentum -- launched all-new global Ranger; launched 1.0-liter, 3-cylinder EcoBoost engine; and debuted all-new Escape
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|
●
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Third consecutive year of higher U.S. market share and three-point share gain over the period for Ford brand; higher share in Asia Pacific Africa; three consecutive quarters of year-over-year share gains in Europe
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|
●
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Improved U.S. competitiveness with four-year agreement with UAW
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|
●
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Announced 2011 profit sharing and resumption of quarterly dividends
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|
●
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Two consecutive years of more than $8 billion in pre-tax operating profits and third consecutive year of improved annual profits
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|
●
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Automotive debt reduced by $6 billion; year end Automotive cash net of debt increased by $8.4 billion to $9.8 billion
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|
●
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Broke ground on four new assembly and powertrain plants in Asia Pacific Africa region, and launched FordSollers joint venture in Russia
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Automotive Sector*
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Fourth Quarter
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Full Year
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||||||||||||||||||||||
2010
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2011
|
B/(W) 2010 | 2010 | 2011 | B/(W) 2010 | |||||||||||||||||||
Wholesales (000)
|
1,389 | 1,427 | 38 | 5,313 | 5,695 | 382 | ||||||||||||||||||
Revenue (Bils.)
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$ | 30.3 | $ | 32.6 | $ | 2.3 | $ | 111.2 | $ | 128.2 | $ | 17.0 | ||||||||||||
Pre-tax results (Mils.)
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$ | 741 | $ | 586 | $ | (155 | ) | $ | 5,297 | $ | 6,332 | $ | 1,035 |
* Excludes special items
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Financial Services Sector
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Fourth Quarter
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Full Year
|
||||||||||||||||||||||
2010
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2011
|
B/(W) 2010 | 2010 | 2011 | B/(W) 2010 | |||||||||||||||||||
Revenue (Bils.)
|
$ | 2.2 | $ | 2.0 | $ | (0.2 | ) | $ | 9.7 | $ | 8.1 | $ | (1.6 | ) | ||||||||||
Ford Credit pre-tax results (Mils.)
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$ | 572 | $ | 506 | $ | (66 | ) | $ | 3,054 | $ | 2,404 | $ | (650 | ) | ||||||||||
Other Financial Services pre-tax results (Mils.)
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(20 | ) | 12 | 32 | (51 | ) | 27 | 78 | ||||||||||||||||
Financial Services pre-tax results (Mils.)
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$ | 552 | $ | 518 | $ | (34 | ) | $ | 3,003 | $ | 2,431 | $ | (572 | ) | ||||||||||
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●
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Aggressively restructuring to operate profitably at the current demand and changing model mix
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|
●
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Accelerating the development of new products that customers want and value
|
|
●
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Financing the plan and improving the balance sheet
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|
●
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Working together effectively as one team, leveraging Ford’s global assets
|
2011 Full Year
|
2011 Full Year
|
||||
Plan
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Results
|
||||
Planning Assumptions
|
|||||
Industry Volume (SAAR)* -- U.S. (Mils.)
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13.0 - 13.5
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13.0
|
|||
-- Europe (Mils.)**
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14.5 - 15.5
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15.3
|
|||
Operational Metrics
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|||||
Compared with Prior Year:
|
|||||
- U.S. Market Share
|
Equal / Improve
|
16.5% (up 0.1 ppt.)
|
|||
- U.S. Retail Share of Retail Market***
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Equal / Improve
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14.0% (equal)
|
|||
- Europe Market Share**
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Equal / Improve
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8.3% (down 0.1 ppt.)
|
|||
- Quality
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Improve
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Mixed
|
|||
Financial Metrics
|
|||||
Compared with Prior Year:
|
|||||
- Total Company Pre-Tax Operating Profit****
|
Improve
|
$8.8 Bils. (up $0.5 Bils.)
|
|||
- Automotive Structural Costs*****
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Higher
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$1.4 Bils. Higher
|
|||
- Commodity Costs (Incl. Hedging)
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Higher
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$2.3 Bils. Higher
|
|||
- Automotive Operating Margin****
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Equal / Improve
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5.4% (down 0.7 ppt.)
|
|||
- Automotive Operating-Related Cash Flow
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Improve
|
$5.6 Bils. (up $1.2 Bils.)
|
|||
Absolute Amount:
|
|||||
- Capital Spending (Bils.)
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$5 - $5.5
|
$4.3
|
|||
We Delivered Continued Improvement In Pre-Tax Operating Profit And
Automotive Operating-Related Cash Flow
|
|||||
*
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Includes medium and heavy trucks
|
||||
**
|
The 19 markets we track
|
||||
***
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Current quarter estimated; prior quarters based on latest Polk data
|
||||
****
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Excludes special items; Automotive operating margin is defined as Automotive pre-tax results, excluding special items and Other Automotive, divided by Automotive revenue
|
||||
*****
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Structural cost changes are measured primarily at present-year exchange, and exclude special items and discontinued operations
|
2012 Full Year
|
||||
Plan
|
||||
Planning Assumptions
|
||||
Industry Volume (SAAR)* -- U.S. (Mils.)
|
13.5 - 14.5
|
|||
-- Europe (Mils.)**
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14.0 - 15.0
|
|||
Operational Metrics
|
||||
Compared with Prior Year:
|
||||
Market Share -- U.S.
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About Equal
|
|||
-- Europe**
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About Equal
|
|||
Quality
|
Improve
|
|||
Financial Metrics
|
||||
Compared with Prior Year:
|
||||
- Automotive Pre-Tax Operating Profit***
|
Higher
|
|||
- Ford Motor Credit Pre-Tax Operating Profit
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Lower
|
|||
- Total Company Pre-Tax Operating Profit***
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About Equal
|
|||
- Automotive Structural Costs Increase****
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Less Than $2 Bils.
|
|||
- Automotive Operating Margin***
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Improve
|
|||
Absolute Amount:
|
||||
- Capital Spending (Bils.)
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$5.5 to $6
|
|||
Improved 2012 Automotive Pre-Tax Operating Profit,
Strong Operating-Related Cash Flow, and Solid Ford Credit Profit
|
||||
*
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Includes medium and heavy trucks
|
||||
**
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The 19 markets we track
|
||||
***
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Excludes special items; Automotive operating margin is defined as Automotive pre-tax results, excluding special items and Other Automotive, divided by Automotive revenue
|
||||
****
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Structural cost changes are measured primarily at present-year exchange, and exclude special items and discontinued operations
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Production Volumes*
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||||||||||||||||||||||||
2011 Actual
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2012
|
|||||||||||||||||||||||
Fourth Quarter
|
Full Year
|
First Quarter Forecast
|
||||||||||||||||||||||
Units
|
O/(U) 2010 |
Units
|
O/(U) 2010 |
Units
|
O/(U) 2011 | |||||||||||||||||||
(000 | ) | (000 | ) | (000 | ) | (000 | ) | (000 | ) | (000 | ) | |||||||||||||
North America
|
675 | 82 | 2,698 | 292 | 675 | 18 | ||||||||||||||||||
South America
|
100 | (22 | ) | 461 | (15 | ) | 100 | (12 | ) | |||||||||||||||
Europe
|
402 | 5 | 1,634 | (8 | ) | 410 | (36 | ) | ||||||||||||||||
Asia Pacific Africa
|
191 | (45 | ) | 861 | 34 | 215 | (21 | ) | ||||||||||||||||
Total
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1,368 | 20 | 5,654 | 303 | 1,400 | (51 | ) | |||||||||||||||||
*
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Includes production of Ford brand and JMC brand vehicles to be sold by unconsolidated affiliates
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+
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The financial results discussed herein are presented on a preliminary basis; final data will be included in Ford’s Annual Report on Form 10-K for the year ended Dec. 31, 2011. The following information applies to the information throughout this release:
|
|
●
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Pre-tax operating results exclude special items unless otherwise noted.
|
|
●
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See tables following the “Safe Harbor/Risk Factors” for the nature and amount of special items, and reconciliation of items designated as “excluding special items” to U.S. generally accepted accounting principles (“GAAP”). Also see the tables for reconciliation to GAAP of Automotive gross cash and operating-related cash flow.
|
|
●
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Discussion of overall Automotive cost changes is measured primarily at present-year exchange and excludes special items and discontinued operations; in addition, costs that vary directly with production volume, such as material, freight, and warranty costs, are measured at present-year volume and mix.
|
|
●
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As a result of the sale of Volvo, 2010 results for Volvo were reported as special items and excluded from wholesales, revenue and operating results.
|
|
●
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Wholesale unit sales and production volumes include the sale or production of Ford-brand and JMC-brand vehicles by unconsolidated affiliates. JMC refers to our Chinese joint venture, Jiangling Motors Corporation. See materials supporting the Jan. 27, 2012 conference calls at www.shareholder.ford.com for further discussion of wholesale unit volumes.
|
++
|
Excludes special items.
|
+++
|
Excludes special items and “Income/(Loss) attributable to non-controlling interests.” See tables following “Safe Harbor/Risk Factors” for the nature and amount of these special items and reconciliation to GAAP.
|
●
|
Decline in industry sales volume, particularly in the United States or Europe, due to financial crisis, recession, geo-political events, or other factors;
|
●
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Decline in market share or failure to achieve growth;
|
●
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Lower-than-anticipated market acceptance of new or existing products;
|
●
|
An increase in or acceleration of market shift beyond our current planning assumptions from sales of trucks, medium- and large-sized utilities, or other more profitable vehicles, particularly in the United States;
|
●
|
An increase in fuel prices, continued volatility of fuel prices, or reduced availability of fuel;
|
●
|
Continued or increased price competition resulting from industry overcapacity, currency fluctuations, or other factors;
|
●
|
Adverse effects from the bankruptcy, insolvency, or government-funded restructuring of, change in ownership or control of, or alliances entered into by a major competitor;
|
●
|
Fluctuations in foreign currency exchange rates, commodity prices, and interest rates;
|
●
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Economic distress of suppliers that may require us to provide substantial financial support or take other measures to ensure supplies of components and could increase our costs, affect our liquidity, or cause production constraints or disruptions;
|
●
|
Single-source supply of components or materials;
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●
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Labor or other constraints on our ability to maintain competitive cost structure;
|
●
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Work stoppages at Ford or supplier facilities or other interruptions of production;
|
●
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Substantial pension and postretirement health care and life insurance liabilities impairing our liquidity or financial condition;
|
●
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Worse-than-assumed economic and demographic experience for our postretirement benefit plans (e.g., discount rates or investment returns);
|
●
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Restriction on use of tax attributes from tax law "ownership change;"
|
●
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The discovery of defects in vehicles resulting in delays in new model launches, recall campaigns, reputational damage, or increased warranty costs;
|
●
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Increased safety, emissions, fuel economy, or other regulation resulting in higher costs, cash expenditures, and/or sales restrictions;
|
●
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Unusual or significant litigation, governmental investigations or adverse publicity arising out of alleged defects in our products, perceived environmental impacts, or otherwise;
|
●
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A change in our requirements for parts where we have long-term supply arrangements committing us to purchase minimum or fixed quantities of certain parts, or to pay a minimum amount to the seller ("take-or-pay" contracts);
|
●
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Adverse effects on our results from a decrease in or cessation or clawback of government incentives related to investments;
|
●
|
Adverse effects on our operations resulting from certain geo-political or other events;
|
●
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Inherent limitations of internal controls impacting financial statements and safeguarding of assets;
|
●
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Substantial levels of Automotive indebtedness adversely affecting our financial condition or preventing us from fulfilling our debt obligations;
|
●
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Failure of financial institutions to fulfill commitments under committed credit facilities;
|
●
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Inability of Ford Credit to access debt, securitization, or derivative markets around the world at competitive rates or in sufficient amounts due to credit rating downgrades, market volatility, market disruption, regulatory requirements, or other factors;
|
●
|
Higher-than-expected credit losses;
|
●
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Increased competition from banks or other financial institutions seeking to increase their share of financing Ford vehicles;
|
●
|
Collection and servicing problems related to finance receivables and net investment in operating leases;
|
●
|
Lower-than-anticipated residual values or higher-than-expected return volumes for leased vehicles;
|
●
|
Imposition of additional costs or restrictions due to the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Act") and its implementing rules and regulations;
|
●
|
New or increased credit, consumer, or data protection or other regulations resulting in higher costs and/or additional financing restrictions; and
|
●
|
Inability of Ford Credit to obtain competitive funding.
|
●
|
At 9 a.m. EST, Alan Mulally, Ford president and CEO, and Lewis Booth, Ford executive vice president and chief financial officer, will host a conference call for the investment community and news media to discuss the 2011 fourth quarter.
|
●
|
At 11 a.m. EST, Bob Shanks, Ford vice president and controller, Neil Schloss, Ford vice president and treasurer, and Mike Seneski, chief financial officer, Ford Motor Credit Company, will host a conference call for fixed income analysts and investors.
|
Access Information – Friday, January 27
|
Earnings Call: 9 a.m. EST
|
Toll Free: 866.318.8620
|
International: 617.399.5139
|
Earnings Passcode: “Ford Earnings”
|
Fixed Income: 11 a.m. EST
|
Toll Free: 866.318.8612
|
International: 617.399.5131
|
Fixed Income Passcode: “Ford Fixed Income”
|
Replays – Available after 2 p.m. the day of the event through Friday, February 3.
|
www.shareholder.ford.com
|
Toll Free: 888.286.8010
|
International: 617.801.6888
|
Passcodes:
|
Earnings: 64590735
|
Fixed Income: 53101023
|
Contact(s):
|
Media:
|
Equity Investment
|
Fixed Income
|
Shareholder
|
|
Todd Nissen
|
Community:
Larry Heck
|
Investment
Community:
Shawn Ryan
|
Inquiries:
1.800.555.5259 or
|
||
1.313.322.4898
|
1.313.594.0613
|
1.313.621.0881
|
1.313.845.8540
|
||
tnissen@ford.com
|
fordir@ford.com
|
fixedinc@ford.com
|
stockinf@ford.com
|
||
REVENUE RECONCILIATION TO GAAP
|
||||||||||||||||
Fourth Quarter
|
Full Year
|
|||||||||||||||
2010
|
2011
|
2010
|
2011
|
|||||||||||||
(Bils.)
|
(Bils.)
|
(Bils.)
|
(Bils.)
|
|||||||||||||
North America
|
$ | 17.2 | $ | 19.6 | $ | 64.4 | $ | 75.0 | ||||||||
South America
|
2.8 | 2.8 | 9.9 | 11.0 | ||||||||||||
Europe
|
8.1 | 8.3 | 29.5 | 33.8 | ||||||||||||
Asia Pacific Africa
|
2.2 | 1.9 | 7.4 | 8.4 | ||||||||||||
Total Automotive (excl. special items)
|
$ | 30.3 | $ | 32.6 | $ | 111.2 | $ | 128.2 | ||||||||
Special items -- Volvo
|
- | - | 8.1 | - | ||||||||||||
Total Automotive
|
$ | 30.3 | $ | 32.6 | $ | 119.3 | $ | 128.2 | ||||||||
Financial Services
|
2.2 | 2.0 | 9.7 | 8.1 | ||||||||||||
Total Company
|
$ | 32.5 | $ | 34.6 | $ | 129.0 | $ | 136.3 | ||||||||
Memo:
|
||||||||||||||||
Total Company (excl. Volvo)
|
$ | 32.5 | $ | 34.6 | $ | 120.9 | $ | 136.3 |
NET INCOME / (LOSS) RECONCILIATION TO GAAP
|
|||||||||||||||||
Fourth Quarter
|
Full Year
|
||||||||||||||||
B /(W) | B /(W) | ||||||||||||||||
2011
|
2010 | 2011 | 2010 | ||||||||||||||
(Mils.)
|
(Mils.)
|
(Mils.)
|
(Mils.)
|
||||||||||||||
Income / (Loss)
|
|||||||||||||||||
Pre-tax results (excl. special items)
|
$ | 1,104 | $ | (189 | ) | $ | 8,763 | $ | 463 | ||||||||
Special items*
|
349 | 1,362 | (82 | ) | 1,069 | ||||||||||||
Pre-tax results (incl. special items)
|
$ | 1,453 | $ | 1,173 | $ | 8,681 | $ | 1,532 | |||||||||
(Provision for) / Benefit from income taxes
|
12,161 | 12,253 | 11,541 | 12,133 | |||||||||||||
Net income / (loss)
|
$ | 13,614 | $ | 13,426 | $ | 20,222 | $ | 13,665 | |||||||||
Less: Income / (Loss) attributable to non-controlling interests
|
(1 | ) | 1 | 9 | 13 | ||||||||||||
Net income / (loss) attributable to Ford
|
$ | 13,615 | $ | 13,425 | $ | 20,213 | $ | 13,652 | |||||||||
*
|
See page 14 for details of special items
|
INCOME / (LOSS) FROM CONTINUING OPERATIONS
|
||||||||||||||||
Fourth Quarter
|
Full Year
|
|||||||||||||||
2010
|
2011
|
2010
|
2011
|
|||||||||||||
(Mils.)
|
(Mils.)
|
(Mils.)
|
(Mils.)
|
|||||||||||||
North America
|
$ | 670 | $ | 889 | $ | 5,409 | $ | 6,191 | ||||||||
South America
|
281 | 108 | 1,010 | 861 | ||||||||||||
Europe
|
(51 | ) | (190 | ) | 182 | (27 | ) | |||||||||
Asia Pacific Africa
|
23 | (83 | ) | 189 | (92 | ) | ||||||||||
Other Automotive
|
(182 | ) | (138 | ) | (1,493 | ) | (601 | ) | ||||||||
Total Automotive (excl. special items)
|
$ | 741 | $ | 586 | $ | 5,297 | $ | 6,332 | ||||||||
Special items -- Automotive
|
(1,013 | ) | 349 | (1,151 | ) | (82 | ) | |||||||||
Total Automotive
|
$ | (272 | ) | $ | 935 | $ | 4,146 | $ | 6,250 | |||||||
Financial Services
|
552 | 518 | 3,003 | 2,431 | ||||||||||||
Pre-tax results
|
$ | 280 | $ | 1,453 | $ | 7,149 | $ | 8,681 | ||||||||
(Provision for) / Benefit from income taxes
|
(92 | ) | 12,161 | (592 | ) | 11,541 | ||||||||||
Net income / (loss)
|
$ | 188 | $ | 13,614 | $ | 6,557 | $ | 20,222 | ||||||||
Less: Income / (Loss) attributable to non-controlling interests
|
(2 | ) | (1 | ) | (4 | ) | 9 | |||||||||
Net income / (loss) attributable to Ford
|
$ | 190 | $ | 13,615 | $ | 6,561 | $ | 20,213 | ||||||||
Memo: Excluding special items
|
||||||||||||||||
Pre-tax results
|
$ | 1,293 | $ | 1,104 | $ | 8,300 | $ | 8,763 | ||||||||
(Provision for) / Benefit from income taxes
|
(94 | ) | (308 | ) | (726 | ) | (2,635 | ) | ||||||||
Less: Income / (Loss) attributable to non-controlling interests
|
(2 | ) | (1 | ) | (4 | ) | 9 | |||||||||
After-tax results
|
$ | 1,201 | $ | 797 | $ | 7,578 | $ | 6,119 |
NET INTEREST RECONCILIATION TO GAAP
|
|||||||||||||||||
Fourth Quarter
|
Full Year
|
||||||||||||||||
2010
|
2011
|
2010
|
2011
|
||||||||||||||
(Mils.)
|
(Mils.)
|
(Mils.)
|
(Mils.)
|
||||||||||||||
Interest expense
|
$ | (332 | ) | $ | (183 | ) | $ | (1,807 | ) | $ | (817 | ) | |||||
Interest income
|
84 | 96 | 262 | 387 | |||||||||||||
Subtotal
|
$ | (248 | ) | $ | (87 | ) | $ | (1,545 | ) | $ | (430 | ) | |||||
Adjusted for items included / excluded from net interest
|
|||||||||||||||||
Include: Gains / (Losses) on cash equiv. and marketable securities*
|
(7 | ) | (24 | ) | 29 | (8 | ) | ||||||||||
Exclude: Special items
|
- | - | - | (2 | ) | ||||||||||||
Other
|
(11 | ) | (15 | ) | (47 | ) | (60 | ) | |||||||||
Net Interest
|
$ | (266 | ) | $ | (126 | ) | $ | (1,563 | ) | $ | (500 | ) | |||||
*
|
Excludes mark-to-market adjustments of our investment in Mazda
|
SPECIAL ITEMS
|
|||||||||||||||||
Fourth Quarter
|
Full Year
|
||||||||||||||||
2010
|
2011
|
2010
|
2011
|
||||||||||||||
(Mils.)
|
(Mils.)
|
(Mils.)
|
(Mils.)
|
||||||||||||||
Personnel and Dealer-Related Items
|
|||||||||||||||||
Personnel-reduction actions
|
$ | (35 | ) | $ | (56 | ) | $ | (145 | ) | $ | (269 | ) | |||||
Mercury discontinuation / Other dealer actions
|
(49 | ) | (47 | ) | (339 | ) | (151 | ) | |||||||||
Job Security Benefits / Other
|
(39 | ) | 60 | 36 | 93 | ||||||||||||
Total Personnel and Dealer-Related Items
|
$ | (123 | ) | $ | (43 | ) | $ | (448 | ) | $ | (327 | ) | |||||
Other Items
|
|||||||||||||||||
Belgium pension settlement
|
$ | - | $ | (5 | ) | $ | - | $ | (109 | ) | |||||||
Debt reduction actions
|
(893 | ) | - | (853 | ) | (60 | ) | ||||||||||
Sale of Volvo and related charges
|
(1 | ) | - | 179 | 8 | ||||||||||||
FordSollers Gain
|
- | 401 | - | 401 | |||||||||||||
Other (Incl. Foreign Currency Translation Adjustment)
|
4 | (4 | ) | (29 | ) | 5 | |||||||||||
Total Other Items
|
$ | (890 | ) | $ | 392 | $ | (703 | ) | $ | 245 | |||||||
Total Special Items
|
$ | (1,013 | ) | $ | 349 | $ | (1,151 | ) | $ | (82 | ) | ||||||
Tax Special Items*
|
$ | 2 | $ | 12,469 | $ | 134 | $ | 14,176 | |||||||||
Memo:
|
|||||||||||||||||
Special Items impact on earnings per share
|
$ | (0.24 | ) | $ | 3.20 | $ | (0.25 | ) | $ | 3.43 | |||||||
*
|
Primarily represents valuation allowance reversal at Year End ($12.4 billion) and valuation allowance consumed against operating results
|
Fourth Quarter 2011
|
Full Year 2011
|
|||||||||||||||
After-Tax
|
After-Tax
|
|||||||||||||||
Net Income
|
Operating
|
Net Income
|
Operating
|
|||||||||||||
Attributable
|
Excl. Special
|
Attributable
|
Excl. Special
|
|||||||||||||
to Ford
|
Items
|
to Ford
|
Items
|
|||||||||||||
After-Tax Results (Mils.)
|
||||||||||||||||
After-tax results*
|
$ | 13,615 | $ | 797 | $ | 20,213 | $ | 6,119 | ||||||||
Effect of dilutive 2016 Convertible Notes**
|
16 | 11 | 64 | 44 | ||||||||||||
Effect of dilutive 2036 Convertible Notes**
|
1 | - | 2 | - | ||||||||||||
Effect of dilutive convertible Trust Preferred Securities**/***
|
- | - | 40 | 27 | ||||||||||||
Diluted after-tax results
|
$ | 13,632 | $ | 808 | $ | 20,319 | $ | 6,190 | ||||||||
Basic and Diluted Shares (Mils.)
|
||||||||||||||||
Basic shares (Average shares outstanding)
|
3,800 | 3,800 | 3,793 | 3,793 | ||||||||||||
Net dilutive options and warrants****
|
117 | 117 | 187 | 187 | ||||||||||||
Dilutive 2016 Convertible Notes
|
95 | 95 | 95 | 95 | ||||||||||||
Dilutive 2036 Convertible Notes
|
3 | 3 | 3 | 3 | ||||||||||||
Dilutive convertible Trust Preferred Securities***
|
- | - | 33 | 33 | ||||||||||||
Diluted shares
|
4,015 | 4,015 | 4,111 | 4,111 | ||||||||||||
EPS (Diluted)
|
$ | 3.40 | $ | 0.20 | $ | 4.94 | $ | 1.51 |
*
|
Excludes Income / (Loss) attributable to non-controlling interests and the effect of discontinued operations; special items detailed on page 14
|
|||||||||||||||
**
|
As applicable, includes interest expense, amortization of discount, amortization of fees, and other changes in income or loss that result from the application of the if-converted method for convertible securities
|
|||||||||||||||
***
|
On March 15, 2011, the Trust Preferred Securities, which were convertible into Ford common stock, were fully redeemed and, as a result, for purposes of dilution effect, the Full Year average shares outstanding does reflect the common stock underlying the Trust Preferred Securities only through March 15. However, the quarterly dilution calculation for the Fourth Quarter of 2011 does not include the underlying common stock as the Trust Preferred Securities have been redeemed
|
|||||||||||||||
****
|
Net dilutive effect includes approximately 57 million and 111 million dilutive shares for Fourth Quarter and Full Year, respectively, representing the net share settlement methodology for the 362 million warrants outstanding as of December 31, 2011
|
Dec. 31,
|
Sep. 30,
|
Dec. 31,
|
||||||||||
2010
|
2011
|
2011
|
||||||||||
(Bils.)
|
(Bils.)
|
(Bils.)
|
||||||||||
Cash and cash equivalents
|
$ | 6.3 | $ | 8.1 | $ | 7.9 | ||||||
Marketable securities*
|
14.2 | 12.7 | 15.0 | |||||||||
Total cash and marketable securities
|
$ | 20.5 | $ | 20.8 | $ | 22.9 | ||||||
Securities in transit**
|
- | - | - | |||||||||
Gross cash
|
$ | 20.5 | $ | 20.8 | $ | 22.9 |
* |
Included at December 31, 2011 are Ford Credit debt securities that we purchased, which are reflected in the table at a carrying value of $201 million; the estimated fair value of these securities is $201 million. Also included are Mazda marketable securities with a fair value of $110 million. For similar datapoints for the other periods listed here, see our prior period SEC reports
|
||||||||||||||
** |
The purchase or sale of marketable securities for which the cash settlement was not made by period-end and for which there was a payable or receivable recorded on the balance sheet at period end
|
AUTOMOTIVE OPERATING-RELATED CASH FLOWS RECONCILIATION TO GAAP
|
Fourth Quarter
|
Full Year
|
|||||||||||||||
2010
|
2011
|
2010
|
2011
|
|||||||||||||
(Bils.)
|
(Bils.)
|
(Bils.)
|
(Bils.)
|
|||||||||||||
Cash flows from operating activities of continuing operations*
|
$ | 1.8 | $ | 2.5 | $ | 6.4 | $ | 9.3 | ||||||||
Items included in operating-related cash flows
|
||||||||||||||||
Capital expenditures
|
(1.1 | ) | (1.2 | ) | (3.9 | ) | (4.3 | ) | ||||||||
Proceeds from the exercise of stock options
|
0.1 | - | 0.3 | 0.1 | ||||||||||||
Net cash flows from non-designated derivatives
|
0.1 | - | (0.2 | ) | 0.1 | |||||||||||
Items not included in operating-related cash flows
|
||||||||||||||||
Cash impact of Job Security Benefits and personnel-reduction actions
|
- | 0.1 | 0.2 | 0.3 | ||||||||||||
Pension contributions
|
0.2 | 0.1 | 1.0 | 1.1 | ||||||||||||
Tax refunds and tax payments from affiliates
|
(0.2 | ) | (1.0 | ) | (0.2 | ) | (1.4 | ) | ||||||||
Other**
|
0.1 | 0.2 | 0.8 | 0.4 | ||||||||||||
Operating-related cash flows
|
$ | 1.0 | $ | 0.7 | $ | 4.4 | $ | 5.6 |
*
|
2010 adjusted to reflect the reallocation of amounts previously displayed in "Net change in intersector receivables / payables and other liabilities" on our Sector Statement of Cash Flows. These amounts are being reallocated from a single line item to the individual cash flow line items within operating, investing, and financing activities of continuing operations on our Sector Statement of Cash Flows
|
|||||||||
**
|
2010 Full Year includes Volvo cash flows
|