1-3950
|
38-0549190
|
(Commission File Number)
|
(IRS Employer Identification No.)
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One American Road, Dearborn, Michigan
|
48126
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(Address of principal executive offices)
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(Zip Code)
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[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
[ ] |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Designation
|
Description
|
Method of Filing
|
Exhibit 99
|
News Release dated
|
Filed with this Report
|
July 25, 2012
|
FORD MOTOR COMPANY
|
||
(Registrant)
|
||
Date: July 25, 2012
|
By:
|
/s/ Louis J. Ghilardi
|
Louis J. Ghilardi
|
||
Assistant Secretary
|
Designation
|
Description
|
Exhibit 99
|
News Release dated July 25, 2012
|
| |
News
|
●
|
Second quarter pre-tax operating profit was $1.8 billion, or 30 cents per share, a decrease of $1 billion from second quarter 2011. Ford has now posted a pre-tax operating profit for 12 consecutive quarters
|
●
|
Second quarter net income was $1 billion, or 26 cents per share, a decrease of $1.4 billion from second quarter 2011, reflecting lower operating results except for Ford North America and higher tax expense
|
●
|
Solid second quarter results were driven by Ford North America and Ford Credit; challenges at Ford Europe and Ford South America are being addressed through the company’s One Ford plan
|
●
|
Total Automotive pre-tax operating profit was $1.4 billion, a decrease of about $900 million from second quarter 2011
|
●
|
Ford North America recorded second straight quarter with profits of more than $2 billion and operating margin exceeding 10 percent
|
●
|
Ford Credit reported a pre-tax operating profit of $438 million, a decrease of $166 million from second quarter 2011, in line with expectations
|
●
|
Revenue was $33.3 billion, a decrease of $2.2 billion from second quarter 2011
|
●
|
Ford ended the quarter with $33.9 billion in total Automotive liquidity, an increase of $1 billion compared with first quarter 2012
|
●
|
Ford expects full year total company pre-tax operating profit to be strong, but lower than 2011, with positive Automotive operating-related cash flow
|
Financial Results Summary+
|
Second Quarter
|
First Half
|
||||||||||||||||||||||
2011
|
2012
|
B/(W) 2011 | 2011 | 2012 | B/(W) 2011 | |||||||||||||||||||
Wholesales (000)
|
1,519 | 1,447 | (72 | ) | 2,922 | 2,805 | (117 | ) | ||||||||||||||||
Revenue (Bils.)
|
$ | 35.5 | $ | 33.3 | $ | (2.2 | ) | $ | 68.6 | $ | 65.7 | $ | (2.9 | ) | ||||||||||
Operating results
|
||||||||||||||||||||||||
Pre-tax results (Mils.)
|
$ | 2,878 | $ | 1,829 | $ | (1,049 | ) | $ | 5,715 | $ | 4,122 | $ | (1,593 | ) | ||||||||||
After-tax results (Mils.)++
|
1,980 | 1,203 | (777 | ) | 3,960 | 2,781 | (1,179 | ) | ||||||||||||||||
Earnings per share++
|
0.49 | 0.30 | (0.19 | ) | 0.96 | 0.69 | (0.27 | ) | ||||||||||||||||
Special items pre-tax (Mils.)
|
$ | (272 | ) | $ | (234 | ) | $ | 38 | $ | (333 | ) | $ | (489 | ) | $ | (156 | ) | |||||||
Net income / (loss) attributable to Ford
|
||||||||||||||||||||||||
After-tax results (Mils.)
|
$ | 2,398 | $ | 1,040 | $ | (1,358 | ) | $ | 4,949 | $ | 2,436 | $ | (2,513 | ) | ||||||||||
Earnings per share
|
0.59 | 0.26 | (0.33 | ) | 1.20 | 0.61 | (0.59 | ) | ||||||||||||||||
Automotive
|
||||||||||||||||||||||||
Operating-related cash flow (Bils.)
|
$ | 2.3 | $ | 0.8 | $ | (1.5 | ) | $ | 4.5 | $ | 1.7 | $ | (2.8 | ) | ||||||||||
Gross cash (Bils.)
|
$ | 22.0 | $ | 23.7 | $ | 1.7 | $ | 22.0 | $ | 23.7 | $ | 1.7 | ||||||||||||
Debt (Bils.)
|
(14.0 | ) | (14.2 | ) | (0.2 | ) | (14.0 | ) | (14.2 | ) | (0.2 | ) | ||||||||||||
Net cash (Bils.)
|
$ | 8.0 | $ | 9.5 | $ | 1.5 | $ | 8.0 | $ | 9.5 | $ | 1.5 | ||||||||||||
Second Quarter
|
First Half
|
|||||||||||||||||||||||||
2011
|
2012
|
B/(W) 2011 | 2011 | 2012 | B/(W) 2011 | |||||||||||||||||||||
Wholesales (000)
|
1,519 | 1,447 | (72 | ) | 2,922 | 2,805 | (117 | ) | ||||||||||||||||||
Revenue (Bils.)
|
$ | 33.5 | $ | 31.4 | $ | (2.1 | ) | $ | 64.5 | $ | 61.9 | $ | (2.6 | ) | ||||||||||||
Pre-tax results (Mils.)
|
$ | 2,276 | $ | 1,382 | $ | (894 | ) | $ | 4,407 | $ | 3,219 | $ | (1,188 | ) | ||||||||||||
Operating Margin (Pct.)
|
7.0 | % | 4.9 | % | (2.1 | ) |
pts.
|
7.3 | % | 5.6 | % | (1.7 | ) |
pts.
|
Second Quarter
|
First Half
|
|||||||||||||||||||||||||
2011
|
2012
|
B/(W) 2011 | 2011 | 2012 | B/(W) 2011 | |||||||||||||||||||||
Wholesales (000)
|
736 | 719 | (17 | ) | 1,351 | 1,370 | 19 | |||||||||||||||||||
Revenue (Bils.)
|
$ | 19.5 | $ | 19.7 | $ | 0.2 | $ | 37.4 | $ | 38.3 | $ | 0.9 | ||||||||||||||
Pre-tax results (Mils.)
|
$ | 1,908 | $ | 2,010 | $ | 102 | $ | 3,752 | $ | 4,143 | $ | 391 | ||||||||||||||
Operating Margin (Pct.)
|
9.8 | % | 10.2 | % | 0.4 |
pts.
|
10.0 | % | 10.8 | % | 0.8 |
pts.
|
Second Quarter
|
First Half
|
|||||||||||||||||||||||||
2011
|
2012
|
B/(W) 2011 | 2011 | 2012 | B/(W) 2011 | |||||||||||||||||||||
Wholesales (000)
|
135 | 119 | (16 | ) | 249 | 237 | (12 | ) | ||||||||||||||||||
Revenue (Bils.)
|
$ | 2.9 | $ | 2.3 | $ | (0.6 | ) | $ | 5.2 | $ | 4.7 | $ | (0.5 | ) | ||||||||||||
Pre-tax results (Mils.)
|
$ | 267 | $ | 5 | $ | (262 | ) | $ | 477 | $ | 59 | $ | (418 | ) | ||||||||||||
Operating Margin (Pct.)
|
9.1 | % | 0.2 | % | (8.9 | ) |
pts.
|
9.1 | % | 1.2 | % | (7.9 | ) |
pts.
|
Second Quarter
|
First Half
|
|||||||||||||||||||||||||
2011
|
2012
|
B/(W) 2011 | 2011 | 2012 | B/(W) 2011 | |||||||||||||||||||||
Wholesales (000)
|
422 | 359 | (63 | ) | 854 | 731 | (123 | ) | ||||||||||||||||||
Revenue (Bils.)
|
$ | 9.0 | $ | 7.1 | $ | (1.9 | ) | $ | 17.7 | $ | 14.3 | $ | (3.4 | ) | ||||||||||||
Pre-tax results (Mils.)
|
$ | 176 | $ | (404 | ) | $ | (580 | ) | $ | 469 | $ | (553 | ) | $ | (1,022 | ) | ||||||||||
Operating Margin (Pct.)
|
2.0 | % | (5.8 | ) % | (7.8 | ) |
pts.
|
2.6 | % | (3.9 | ) % | (6.5 | ) |
pts.
|
Second Quarter
|
First Half
|
|||||||||||||||||||||||||
2011
|
2012
|
B/(W) 2011 | 2011 | 2012 | B/(W) 2011 | |||||||||||||||||||||
Wholesales (000)
|
226 | 250 | 24 | 468 | 467 | (1 | ) | |||||||||||||||||||
Revenue (Bils.)
|
$ | 2.1 | $ | 2.3 | $ | 0.2 | $ | 4.2 | $ | 4.6 | $ | 0.4 | ||||||||||||||
Pre-tax results (Mils.)
|
$ | 1 | $ | (66 | ) | $ | (67 | ) | $ | 34 | $ | (161 | ) | $ | (195 | ) | ||||||||||
Operating Margin (Pct.)
|
- | % | (2.9 | ) % | (2.9 | ) |
pts.
|
0.8 | % | (3.6 | ) % | (4.4 | ) |
pts.
|
Second Quarter
|
First Half
|
|||||||||||||||||||||||||
2011
|
2012
|
B/(W) 2011 | 2011 | 2012 | B/(W) 2011 | |||||||||||||||||||||
Revenue (Bils.)
|
$ | 2.0 | $ | 1.9 | $ | (0.1 | ) | $ | 4.1 | $ | 3.8 | $ | (0.3 | ) | ||||||||||||
Ford Credit pre-tax results (Mils.)
|
$ | 604 | $ | 438 | $ | (166 | ) | $ | 1,317 | $ | 890 | $ | (427 | ) | ||||||||||||
Other Financial Services pre-tax results (Mils.)
|
(2 | ) | 9 | 11 | (9 | ) | 13 | 22 | ||||||||||||||||||
Financial Services pre-tax results (Mils.)
|
$ | 602 | $ | 447 | $ | (155 | ) | $ | 1,308 | $ | 903 | $ | (405 | ) | ||||||||||||
2012*
|
||||||||
Second Quarter
|
Third Quarter
|
|||||||
Actual
|
Forecast
|
|||||||
O / (U)
|
O / (U)
|
|||||||
Units
|
2011
|
Units
|
2011
|
|||||
(000)
|
(000)
|
(000)
|
(000)
|
|||||
North America
|
737
|
27
|
690
|
34
|
||||
South America
|
100
|
(30)
|
120
|
1
|
||||
Europe
|
369
|
(66)
|
320
|
(31)
|
||||
Asia Pacific Africa
|
244
|
20
|
275
|
65
|
||||
Total |
1,450
|
(49)
|
1,405
|
69
|
||||
* | Includes production of Ford brand and JMC brand vehicles to be sold by unconsolidated affiliates |
●
|
Aggressively restructure to operate profitably at the current demand and changing model mix
|
●
|
Accelerate the development of new products that customers want and value
|
●
|
Finance the plan and improve the balance sheet
|
●
|
Work together effectively as one team, leveraging Ford’s global assets
|
First
|
Full Year
|
Full Year
|
||||||
Half
|
Plan
|
Outlook
|
||||||
Planning Assumptions
|
||||||||
Industry Volume (SAAR)* -- U.S. (Mils.)
|
14.6
|
13.5 - 14.5
|
14.5 - 15.0
|
|||||
-- Europe (Mils.)**
|
14.3
|
14.0 - 15.0
|
About 14
|
|||||
Operational Metrics
|
||||||||
Compared with Prior Year:
|
||||||||
- Market Share -- U.S.
|
15.4%
|
About Equal (compared with 16.5%)
|
Lower
|
|||||
-- Europe**
|
8.1%
|
About Equal (compared with 8.3%)
|
Lower
|
|||||
- Quality
|
Mixed
|
Improve
|
Mixed
|
|||||
Financial Metrics
|
||||||||
Compared with Prior Year:
|
||||||||
- Automotive Pre-Tax Operating Profit***
|
$3.2 Bils.
|
Higher (compared with $6.3 Bils.)
|
About Equal / Lower
|
|||||
- Ford Motor Credit Pre-Tax Operating Profit
|
$0.9 Bils.
|
Lower (compared with $2.4 Bils.)
|
On Track
|
|||||
- Total Company Pre-Tax Operating Profit***
|
$4.1 Bils.
|
About Equal (compared with $8.8 Bils.)
|
Lower
|
|||||
- Automotive Structural Costs Increase****
|
$0.6 Bils.
|
Less Than $2.0 Bils.
|
On Track
|
|||||
- Automotive Operating Margin***
|
5.6%
|
Improve (compared with 5.4%)
|
About Equal / Lower
|
|||||
Absolute Amount:
|
||||||||
- Capital Spending (Bils.)
|
$2.3
|
$5.5 - $6.0
|
About $5
|
|||||
Expect Total Company Full Year Pre-Tax Operating Profit To Be Strong, But
|
||||||||
Lower Than 2011, And Positive Automotive Operating-Related Cash Flow
|
||||||||
*
|
Includes medium and heavy trucks
|
|
**
|
The 19 markets we track
|
|
***
|
Excludes special items; Automotive operating margin is defined as Automotive pre-tax results, excluding special items and Other Automotive,
|
|
divided by Automotive revenue
|
||
****
|
Structural cost changes are measured primarily at present-year exchange, and exclude special items and discontinued operations
|
+
|
The financial results discussed herein are presented on a preliminary basis; final data will be included in Ford’s Quarterly Report on Form 10-Q for the period ended June 30, 2012. The following information applies to the information throughout this release:
|
●
|
Pre-tax operating results exclude special items unless otherwise noted.
|
●
|
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.
|
●
|
Operating margin is defined as Automotive pre-tax results, excluding special items and Other Automotive, divided by Automotive revenue.
|
●
|
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.
|
●
|
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 July 25, 2012 conference calls at www.shareholder.ford.com for further discussion of wholesale unit volumes.
|
++
|
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.
|
●
|
At 9 a.m. EDT, Alan Mulally, president and chief executive officer, Ford Motor Company, and Bob Shanks, executive vice president and chief financial officer, will host a conference call for the investment community and news media to discuss 2012 second quarter financial results.
|
●
|
At 11 a.m. EDT, Neil Schloss, vice president and treasurer, Ford Motor Company, Michael Seneski, chief financial officer, Ford Motor Credit Company, and Stuart Rowley, vice president and controller, Ford Motor Company, will host a conference call for fixed income analysts and investors.
|
Access Information – Wednesday, July 25
|
Earnings Call: 9 a.m. EDT
|
Toll Free: 866.515.2912
|
International: 617.399.5126
|
Earnings Passcode: “Ford Earnings”
|
Fixed Income: 11 a.m. EDT
|
Toll Free: 866.318.8616
|
International: 617.399.5135
|
Fixed Income Passcode: “Ford Fixed Income”
|
Replays – Available after 2 p.m. the day of the event through Wednesday, Aug. 1
|
www.shareholder.ford.com
|
Toll Free: 888.286.8010
|
International: 617.801.6888
|
Passcodes:
|
Earnings: 81845751
|
Fixed Income: 54835985
|
Contacts:
|
Media:
|
Equity Investment
|
Fixed Income
|
Shareholder
|
Community:
|
Investment |
|
||
Community: | ||||
Jay Cooney
|
Larry Heck
|
Molly Tripp
|
1.800.555.5259 or
|
|
1.313.319.5477
|
1.313.594.0613
|
1.313.621.0881
|
1.313.845.8540
|
|
jcoone17@ford.com
|
fordir@ford.com
|
fixedinc@ford.com
|
stockinf@ford.com
|
●
|
Decline in industry sales volume, particularly in the United States or Europe, due to financial crisis, recession, geopolitical events, or other factors;
|
●
|
Decline in market share or failure to achieve growth;
|
●
|
Lower-than-anticipated market acceptance of new or existing products;
|
●
|
Market shift away from sales of larger, more profitable vehicles beyond our current planning assumption, 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 excess capacity, currency fluctuations, or other factors;
|
●
|
Fluctuations in foreign currency exchange rates, commodity prices, and interest rates;
|
●
|
Adverse effects on our operations resulting from economic, geopolitical, or other events;
|
●
|
Economic distress of suppliers that may require us to provide substantial financial support or take other measures to ensure supplies of components or materials and could increase our costs, affect our liquidity, or cause production constraints or disruptions;
|
●
|
Work stoppages at Ford or supplier facilities or other limitations on production (whether as a result of labor disputes, natural or man-made disasters, tight credit markets or other financial distress, information technology issues, production constraints or difficulties, or other factors);
|
●
|
Single-source supply of components or materials;
|
●
|
Labor or other constraints on our ability to maintain competitive cost structure;
|
●
|
Substantial pension and postretirement health care and life insurance liabilities impairing our liquidity or financial condition;
|
●
|
Worse-than-assumed economic and demographic experience for our postretirement benefit plans (e.g., discount rates or investment returns);
|
●
|
Restriction on use of tax attributes from tax law “ownership change;”
|
●
|
The discovery of defects in vehicles resulting in delays in new model launches, recall campaigns, reputational damage, or increased warranty costs;
|
●
|
Increased safety, emissions, fuel economy, or other regulations resulting in higher costs, cash expenditures, and/or sales restrictions;
|
●
|
Unusual or significant litigation, governmental investigations or adverse publicity arising out of alleged defects in our products, perceived environmental impacts, or otherwise;
|
●
|
A change in our requirements 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);
|
●
|
Adverse effects on our results from a decrease in or cessation or clawback of government incentives related to investments;
|
●
|
Inherent limitations of internal controls impacting financial statements and safeguarding of assets;
|
●
|
Cybersecurity risks to operational systems, security systems, or infrastructure owned by us or a third-party vendor, or at a supplier facility;
|
●
|
Failure of financial institutions to fulfill commitments under committed credit facilities;
|
●
|
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, lower-than-anticipated residual values or higher-than-expected return volumes for leased vehicles;
|
●
|
Increased competition from banks or other financial institutions seeking to increase their share of financing Ford vehicles; and
|
●
|
New or increased credit, consumer, or data protection or other regulations resulting in higher costs and/or additional financing restrictions.
|
2012 Second Quarter
|
2012 First Half
|
|||||||||||||||
After-Tax
|
After-Tax
|
|||||||||||||||
Net Income
|
Oper. Results
|
Net Income
|
Oper. Results
|
|||||||||||||
Attributable
|
Excl. Special
|
Attributable
|
Excl. Special
|
|||||||||||||
to Ford
|
Items*
|
to Ford
|
Items*
|
|||||||||||||
After-Tax Results (Mils.)
|
||||||||||||||||
After-tax results*
|
$ | 1,040 | $ | 1,203 | $ | 2,436 | $ | 2,781 | ||||||||
Effect of dilutive 2016 Convertible Notes**
|
10 | 10 | 21 | 21 | ||||||||||||
Effect of dilutive 2036 Convertible Notes**
|
- | - | - | - | ||||||||||||
Diluted after-tax results
|
$ | 1,050 | $ | 1,213 | $ | 2,457 | $ | 2,802 | ||||||||
Basic and Diluted Shares (Mils.)
|
||||||||||||||||
Basic shares (Average shares outstanding)
|
3,815 | 3,815 | 3,809 | 3,809 | ||||||||||||
Net dilutive options and warrants***
|
101 | 101 | 129 | 129 | ||||||||||||
Dilutive 2016 Convertible Notes
|
95 | 95 | 95 | 95 | ||||||||||||
Dilutive 2036 Convertible Notes
|
3 | 3 | 3 | 3 | ||||||||||||
Diluted shares
|
4,014 | 4,014 | 4,036 | 4,036 | ||||||||||||
EPS (Diluted)
|
$ | 0.26 | $ | 0.30 | $ | 0.61 | $ | 0.69 |
*
|
Excludes Income / (Loss) attributable to non-controlling interests; special items detailed on page 10
|
|
**
|
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
|
||
***
|
Net dilutive effect includes approximately 57 million and 76 million dilutive shares for the Second Quarter and First Half of 2012, respectively, representing the net
|
|
share settlement methodology for the 362 million warrants outstanding as of June 30, 2012
|
Second Quarter
|
First Half
|
|||||||||||||||
2011
|
2012
|
2011
|
2012
|
|||||||||||||
(Mils.)
|
(Mils.)
|
(Mils.)
|
(Mils.)
|
|||||||||||||
North America
|
$ | 1,908 | $ | 2,010 | $ | 3,752 | $ | 4,143 | ||||||||
South America
|
267 | 5 | 477 | 59 | ||||||||||||
Europe
|
176 | (404 | ) | 469 | (553 | ) | ||||||||||
Asia Pacific Africa
|
1 | (66 | ) | 34 | (161 | ) | ||||||||||
Other Automotive
|
(76 | ) | (163 | ) | (325 | ) | (269 | ) | ||||||||
Total Automotive (excl. special items)
|
$ | 2,276 | $ | 1,382 | $ | 4,407 | $ | 3,219 | ||||||||
Special items -- Automotive
|
(272 | ) | (234 | ) | (333 | ) | (489 | ) | ||||||||
Total Automotive
|
$ | 2,004 | $ | 1,148 | $ | 4,074 | $ | 2,730 | ||||||||
Financial Services
|
602 | 447 | 1,308 | 903 | ||||||||||||
Pre-tax results
|
$ | 2,606 | $ | 1,595 | $ | 5,382 | $ | 3,633 | ||||||||
(Provision for) / Benefit from income taxes
|
(206 | ) | (557 | ) | (426 | ) | (1,197 | ) | ||||||||
Net income / (loss)
|
$ | 2,400 | $ | 1,038 | $ | 4,956 | $ | 2,436 | ||||||||
Less: Income / (Loss) attributable to non-controlling interests
|
2 | (2 | ) | 7 | - | |||||||||||
Net income / (loss) attributable to Ford
|
$ | 2,398 | $ | 1,040 | $ | 4,949 | $ | 2,436 | ||||||||
Memo: Excluding special items
|
||||||||||||||||
Pre-tax results
|
$ | 2,878 | $ | 1,829 | $ | 5,715 | $ | 4,122 | ||||||||
(Provision for) / Benefit from income taxes
|
(896 | ) | (628 | ) | (1,748 | ) | (1,341 | ) | ||||||||
Less: Income / (Loss) attributable to non-controlling interests
|
2 | (2 | ) | 7 | - | |||||||||||
After-tax results
|
$ | 1,980 | $ | 1,203 | $ | 3,960 | $ | 2,781 |
TOTAL COMPANY
|
||||||||||||||||
SPECIAL ITEMS
|
||||||||||||||||
Second Quarter
|
First Half
|
|||||||||||||||
2011
|
2012
|
2011
|
2012
|
|||||||||||||
(Mils.)
|
(Mils.)
|
(Mils.)
|
(Mils.)
|
|||||||||||||
Personnel and Dealer-Related Items
|
||||||||||||||||
Personnel-reduction actions
|
$ | (110 | ) | $ | (51 | ) | $ | (132 | ) | $ | (290 | ) | ||||
Mercury discontinuation / Other dealer actions
|
(61 | ) | (13 | ) | (62 | ) | (29 | ) | ||||||||
Job Security Benefits / Other
|
5 | 12 | 4 | 18 | ||||||||||||
Total Personnel and Dealer-Related Items
|
$ | (166 | ) | $ | (52 | ) | $ | (190 | ) | $ | (301 | ) | ||||
Other Items
|
||||||||||||||||
Loss on sale of two component businesses
|
$ | - | $ | (173 | ) | $ | - | $ | (173 | ) | ||||||
Belgium pension
|
(104 | ) | - | (104 | ) | - | ||||||||||
Trust Preferred redemption
|
- | - | (60 | ) | - | |||||||||||
Other
|
(2 | ) | (9 | ) | 21 | (15 | ) | |||||||||
Total Other Items
|
$ | (106 | ) | $ | (182 | ) | $ | (143 | ) | $ | (188 | ) | ||||
Total Special Items
|
$ | (272 | ) | $ | (234 | ) | $ | (333 | ) | $ | (489 | ) | ||||
Memo:
|
||||||||||||||||
Special Items impact on earnings per share*
|
$ | 0.10 | $ | (0.04 | ) | $ | 0.24 | $ | (0.08 | ) |
*
|
Includes related tax effect on special items and tax special items
|
AUTOMOTIVE SECTOR
|
||||||||||||||||
NET INTEREST RECONCILIATION TO GAAP
|
||||||||||||||||
Second Quarter
|
First Half
|
|||||||||||||||
2011
|
2012
|
2011
|
2012
|
|||||||||||||
(Mils.)
|
(Mils.)
|
(Mils.)
|
(Mils.)
|
|||||||||||||
Interest expense
|
$ | (202 | ) | $ | (188 | ) | $ | (453 | ) | $ | (373 | ) | ||||
Interest income
|
105 | 65 | 190 | 152 | ||||||||||||
Subtotal
|
$ | (97 | ) | $ | (123 | ) | $ | (263 | ) | $ | (221 | ) | ||||
Adjusted for items included / excluded from net interest
|
||||||||||||||||
Include: Gains / (Losses) on cash equiv. and marketable securities*
|
25 | 5 | 22 | 31 | ||||||||||||
Exclude: Special items
|
- | - | (2 | ) | - | |||||||||||
Other
|
(16 | ) | (18 | ) | (30 | ) | (36 | ) | ||||||||
Net Interest
|
$ | (88 | ) | $ | (136 | ) | $ | (273 | ) | $ | (226 | ) |
*
|
Excludes mark-to-market adjustments of our investment in Mazda
|
GROSS CASH RECONCILIATION TO GAAP
|
||||||||||||||||
2011
|
2012
|
|||||||||||||||
June 30
|
Dec. 31
|
Mar. 31
|
June 30
|
|||||||||||||
(Bils.)
|
(Bils.)
|
(Bils.)
|
(Bils.)
|
|||||||||||||
Cash and cash equivalents
|
$ | 9.8 | $ | 7.9 | $ | 7.3 | $ | 7.2 | ||||||||
Marketable securities
|
12.2 | 15.0 | 15.8 | 16.6 | ||||||||||||
Total cash and marketable securities
|
$ | 22.0 | $ | 22.9 | $ | 23.1 | $ | 23.8 | ||||||||
Securities in transit*
|
- | - | (0.1 | ) | (0.1 | ) | ||||||||||
Gross cash
|
$ | 22.0 | $ | 22.9 | $ | 23.0 | $ | 23.7 |
* |
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 SECTOR
|
||||||||||||||||
OPERATING-RELATED CASH FLOWS RECONCILIATION TO GAAP
|
||||||||||||||||
Second Quarter
|
First Half
|
|||||||||||||||
2011
|
2012
|
2011
|
2012
|
|||||||||||||
(Bils.)
|
(Bils.)
|
(Bils.)
|
(Bils.)
|
|||||||||||||
Cash flows from operating activities of continuing operations
|
$ | 2.7 | $ | 1.7 | $ | 5.7 | $ | 2.6 | ||||||||
Items included in operating-related cash flows
|
||||||||||||||||
Capital expenditures
|
(1.1 | ) | (1.2 | ) | (2.0 | ) | (2.3 | ) | ||||||||
Proceeds from the exercise of stock options
|
- | - | 0.1 | - | ||||||||||||
Net cash flows from non-designated derivatives
|
0.1 | (0.2 | ) | 0.1 | (0.3 | ) | ||||||||||
Items not included in operating-related cash flows
|
||||||||||||||||
Cash impact of Job Security Benefits and personnel-reduction actions
|
0.1 | 0.2 | 0.1 | 0.3 | ||||||||||||
Pension contributions
|
0.5 | 0.8 | 0.8 | 1.9 | ||||||||||||
Tax refunds and tax payments from affiliates
|
- | - | (0.4 | ) | (0.1 | ) | ||||||||||
Settlement of outstanding obligation with affiliates
|
- | (0.3 | ) | - | (0.3 | ) | ||||||||||
Other
|
- | (0.2 | ) | 0.1 | (0.1 | ) | ||||||||||
Operating-related cash flows
|
$ | 2.3 | $ | 0.8 | $ | 4.5 | $ | 1.7 |
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