-----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, Jpq1NJSfxazrXm75/71qrYLeIJebwFdaMZ8aLIwr7kEtT6r6d72PNx9XpzV1ttTa CATR0WgwBtSg7Px95Q8Zfw== 0000038009-97-000021.txt : 19970131 0000038009-97-000021.hdr.sgml : 19970131 ACCESSION NUMBER: 0000038009-97-000021 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19961231 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970130 SROS: AMEX SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: FORD MOTOR CREDIT CO CENTRAL INDEX KEY: 0000038009 STANDARD INDUSTRIAL CLASSIFICATION: PERSONAL CREDIT INSTITUTIONS [6141] IRS NUMBER: 381612444 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06368 FILM NUMBER: 97514014 BUSINESS ADDRESS: STREET 1: THE AMERICAN RD STREET 2: PO BOX 6044 CITY: DEARBORN STATE: MI ZIP: 48121 BUSINESS PHONE: 3133223000 MAIL ADDRESS: STREET 1: PO BOX 6044 STREET 2: THE AMERICAN ROAD CITY: DEARBORN STATE: MI ZIP: 48121 8-K 1 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 (Date of earliest event reported) January 29, 1997 ---------------- FORD MOTOR CREDIT COMPANY (Exact name of registrant as specified in its charter) Delaware 1-6368 38-1612444 - ----------------------- ----------------------- ------------------- (State or other juris- (Commission File Number (IRS Employer diction of incorporation Number) Identification No.) The American Road, Dearborn, Michigan 48121 - ---------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code 313-322-3000 ITEM 5. Other Events. The news release dated January 29, 1997 of Ford Motor Credit Company and subsidiaries for the year ended December 31, 1996 is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein. The news release dated January 29, 1997 of Ford Motor Company and subsidiaries for the year ended December 31, 1996 is filed as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated by reference herein. ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits. EXHIBITS Designation Description Method of Filing - ----------- ----------- ---------------- Exhibit 99.1 News release dated Filed with this Report. January 29, 1997 of Ford Motor Credit Company and Subsidiaries for the year ended December 31, 1996 with attachments. Exhibit 99.2 News release dated Filed with this Report. January 29, 1997 of Ford Motor Company and Subsidiaries for the year ended December 31, 1996 with attachments. 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 CREDIT COMPANY (Registrant) Date: January 30, 1997 By:/s/R. P. Conrad ----------------- R. P. Conrad Assistant Secretary EXHIBIT INDEX Designation Description - ----------- ----------- Exhibit 99.1 News release dated January 29, 1997 of Ford Motor Credit Company and Subsidiaries for the year ended December 31, 1996 with attachments. Exhibit 99.2 News release dated January 29, 1997 of Ford Motor Company and Subsidiaries for the year ended December 31, 1996 with attachments. EX-99 2 EXHIBIT 99.1 FORD CREDIT NEWS Contact: Della DiPietro Susan Miller 313/594-1096 IMMEDIATE RELEASE FORD CREDIT REPORTS 1996 EARNINGS DEARBORN, Mich., Jan. 29, 1997 -- Ford Motor Credit Company's net income for 1996 was $1.441 billion, Chairman William E. Odom and President Edsel B. Ford II announced today. Earnings were $138 million lower than 1995's net income of $1.579 billion. Compared with 1995, the reduction in earnings reflected primarily the first-quarter 1996 restructuring of Ford's Financial Services Group and a higher full-year 1996 effective tax rate. Higher credit losses were offset by higher levels of earning assets and higher net interest margins. At year-end 1996, Ford Credit's total net finance receivables and net investment in operating leases were $111.5 billion compared with $102.1 billion a year earlier, a 9 percent increase. Ford Credit's 1996 financial results included a majority ownership (78%) of Ford Credit Europe and results for 1995 have been restated to reflect this ownership change. Ford Credit is an indirect wholly owned subsidiary of Ford Motor Company and is part of Ford's Financial Services Group. - -------- Ford Credit Public Affairs, The American Road, P. O. Box 1732, MD-7380, Dearborn, Michigan 48121 Telephone: 313/594-1096; Fax: 313/390-2453 Internet: http://media.ford.com -2- Consolidated financial statements exclude certain vehicle finance subsidiaries of Ford Motor Company that are managed by Ford Credit. Ford Credit's worldwide managed perations earned $1.353 billion in 1996. Worldwide managed net receivables and net investment in operating leases were $126.1 billion at year-end 1996. Included in these managed receivables are certain finance receivables Ford Credit has sold and continues to service. As the world's largest and most profitable automotive finance company, Ford Credit provides vehicle financing for more than 11,400 automotive dealers and more than 8 million retail customers in 33 countries. # # # 1/29/97 Ford Motor Credit Company and Consolidated Subsidiaries Operating Highlights 1996 1995 -------- -------- (Unaudited) Income (in Millions) Income Before Income Taxes $2,240.2 $2,327.8 Net Income 1,440.6 1,579.4 Market Share Ford Retail United States 37.8% 36.9% Europe 29.1 30.2 Ford Wholesale United States 79.5% 79.7% Europe 90.8 89.2 Contract Volume - New and Used Retail/Lease (in Thousands) United States 2,674 2,499 Europe 716 723 Other International 371 253 ----- ----- Total Contract Volume 3,761 3,475 ===== ===== Assets (in Millions) Net Finance Receivables $80,848.0 $76,376.7 Net Investment in Operating Leases 30,645.2 25,680.2 ---------- ---------- Subtotal $111,493.2 $102,056.9 Other Assets 10,532.9 9,571.3 ---------- ---------- Total Assets $122,026.1 $111,628.2 ========== ========== Liabilities and Stockholder's Equity (in Millions) Liabilities Debt - Payable Within One Year $52,195.0 $49,535.7 Debt - Payable After One Year 45,829.3 42,644.6 --------- --------- Total Debt $98,024.3 $92,180.3 --------- --------- Other Liabilities 12,868.1 9,133.5 Total Liabilities $110,892.4 $101,313.8 ---------- ---------- Minority Interests in Net Assets of Subsidiaries 1,416.7 1,100.6 Stockholder's Equity 9,717.0 9,213.8 ---------- ---------- Total Liabilities and Stockholder's Equity $122,026.1 $111,628.2 ========== ========== Memo: Selected Worldwide Results for Managed Operations * 1996 1995 ---- ---- Income (in Millions) Income Before Income Taxes $2,125.2 $2,200.0 Net Income 1,353.4 1,402.3 Contract Volume New and Used Retail/Lease (in Thousands) 3,897 3,520 Managed Net Finance Receivables and Net Investment in Operating Leases (in Millions)** $126,050.3 $113,099.1 * Managed Operations exclude Ford Credit's equity interest in the non-automotive financing results of Ford Holdings, Inc. ** Managed Receivables include certain finance receivables Ford Credit has sold and continues to service. EX-99 3 EXHIBIT 99.2 FORD NEWS Contact: Media Inquiries Stockholder Inquiries Christian Vinyard (800) 555-5259 or (313) 322-3428 (313) 845-8540 RELEASE AT 7:30 A.M. (EASTERN) JAN. 29, 1997 FORD EARNS $4.4 BILLION IN 1996, UP 7%; FOURTH QUARTER RISES 82% TO $1.2 BILLION DEARBORN, Mich., Jan. 29, 1997 -- Ford Motor Company today reported 1996 earnings of $4.4 billion or $3.64 per fully diluted share of common and Class B stock. These results were 7 percent better than 1995's earnings of $4.1 billion or $3.33 a share. "This was a year of important progress but continuing challenges," said Chairman and Chief Executive Officer Alex Trotman. "We have successfully completed our highest-volume launches in North America and Europe," Trotman said. "Our global product development organization was streamlined from five to three Vehicle Centers. Important new products like Expedition, Ka, and Jaguar XK8 have received strong customer reception. Non-strategic businesses were sold, Financial Services set another earnings record, our balance sheet strengthened further, and we ended the year with a solid fourth quarter." In the fourth quarter, Ford's earnings rose 82 percent to $1.2 billion or 99 cents a share. The results include a one-time charge for voluntary separation programs and a partial reversal of a provision for losses on loans to Budget Rent a Car. Excluding these one-time factors, Ford's fourth-quarter earnings were $1.3 billion or $1.10 a share, more than double year-ago results. Fourth-quarter automotive earnings, excluding one-time factors, were $770 million in the U.S., $39 million in Europe, and improved in every major region compared with a year ago. _______________________________________________________________________________ Investor and Financial Media Relations, World Headquarters, Dearborn, Michigan 48126 Telephone: (313) 322-9600; Fax: (313) 845-0570 Internet: http://media.ford.com -2- AUTOMOTIVE OPERATIONS Ford's full-year net income from worldwide automotive operations was $1.6 billion, down from $2 billion earned in 1995. The 1996 results reflect a one-time charge of $436 million for the cost of voluntary employee separation programs. "Our U.S. operations, which contribute about 65 percent of our automotive revenues, have been on an improving trend for the last three quarters," Trotman said, "and we're addressing challenges in Europe and South America." In the U.S., Ford earned $2 billion in 1996, up from $1.8 billion earned in 1995. Outside the U.S., Ford lost $352 million, compared with earnings of $213 million in 1995. Ford's European automotive operations lost $291 million in 1996, compared with a profit of $116 million in 1995. In South America, Ford lost $642 million, compared with a loss of $94 million in 1995. "We've strengthened our truck line-up in the U.S. while the market continued to shift from cars to trucks," Trotman noted. About 55 percent of Ford's U.S. automotive sales in 1996 were trucks. With sales of more than 780,000, F-Series was the best-selling vehicle in America for the 15th year in a row. Explorer sales were more than 402,000, the new Mountaineer added 26,700, and the all-new Expedition, introduced in October, already is the best seller in its segment despite constrained manufacturing capacity. Taurus retained its position as best-selling car in America for the fifth straight year. Three of America's top four vehicles in 1996 were built by Ford, as were five of the top 10. These sales successes were accomplished with no increase in total marketing costs as a percentage of revenue. Outside the U.S., Trotman said that Ford faces a highly competitive market in Europe, while launching a virtually new automotive company in South America. "Europe is tough for everyone," Trotman said, "but we expect better results in 1997." The European markets have seen a shift to low-end cars and increasingly high incentives from most manufacturers. -3- In 1996, Ford strengthened the product line-up with a new Fiesta, a new small car -- the Ka -- and an updated Mondeo. Aggressive cost reductions are under way, including vehicle cost reductions and the rationalization of manufacturing capacity. The challenges Ford faces in South America stem from the dissolution of Autolatina in 1995. Ford is in the process, in effect, of launching a new company in Brazil and Argentina. Autolatina was a joint-venture company formed in 1987 with Volkswagen and was dissolved by mutual agreement. "We have the right plans in Brazil and Argentina to restore our strength and profitability, although we know it will take some time as we introduce new products, build a new organization, and restore the dealer body," Trotman said. "The new products are generating sales momentum. Overall, we are on track." FINANCIAL SERVICES The Financial Services Group earned a record $2.8 billion in 1996 compared with $2.1 billion in 1995. Earnings in 1996 include a net one-time gain of $512 million, reflecting a gain of $650 million from the initial public offering of 19.3 percent of The Associates common stock, a gain of $95 million from the sale of essentially all the assets of USL Capital and a net charge of $233 million from the write-down for Budget Rent a Car. Without the one-time actions, Financial Services still set a record for the year. Ford Credit earned $1.4 billion in 1996, down $138 million from 1995. The lower results reflect increased credit losses, consistent with industry trends. On Jan. 28, The Associates reported its 22nd year of increased earnings with record profits of $857 million in 1996, up 19 percent. As the majority shareholder, Ford's share was $745 million. FOURTH-QUARTER RESULTS Fourth-quarter earnings of $1.2 billion or 99 cents per fully diluted share of common and Class B stock compare with $660 million or 48 cents a share in the fourth quarter of 1995. A fourth-quarter charge of $336 million for voluntary separation costs is offset by a partial reversal of a second-quarter provision for losses on loans to Budget Rent a Car ($204 million). -4- U.S. automotive operations continued to improve, with earnings of $628 million for the fourth quarter, compared with $168 million for the same period last year. Outside the U.S., automotive operations lost $238 million, compared with a loss of $152 million for the same period last year, reflecting higher losses in Europe and South America. For the Financial Services Group, fourth-quarter earnings were $814 million, compared with $644 million in the same period a year ago. The 1996 results include a favorable $204 million adjustment for Budget Rent a Car. Ford Credit earned $385 million, compared with $455 million last year. The Associates' earnings grew 20 percent to a record $234 million, compared to $195 million earned in the fourth quarter last year. Ford's fourth-quarter share was $190 million. LOOKING AHEAD "We're starting 1997 in a much stronger competitive position," Trotman noted. "We have a tough business plan in place. We expect automotive earnings to improve in 1997, driven by a strong product line-up and company-wide efforts to lower costs." "Our agenda is straightforward," Trotman said. "The first priority is to improve near-term automotive results." "Second," Trotman continued, "we want to continue to grow the earnings of our Financial Services Group. It's clearly one of our undervalued strengths." "We have a great deal of energy devoted to meeting our near-term objectives," Trotman said. "Everything we do is designed to maximize the quality and value of our products for our customers and, over time, create value for our shareholders." # # # -5- SUMMARY OF 1996 COMPARED WITH 1995 Overview - -------- Total earnings were $4.4 billion, up 7 percent from earnings of $4.1 billion in 1995. Fully diluted earnings per share were $3.64, compared with $3.33 a share. Worldwide sales and revenues were $147 billion, compared with $137.1 billion. Stockholders' equity at year-end was $26.8 billion, compared with $24.5 billion. Automotive - ---------- Net income from worldwide automotive operations was $1.6 billion, compared with $2 billion in 1995. Net income from U.S. automotive operations was $2 billion, compared with $1.8 billion. A record 2.1 million trucks were sold in the U.S. in 1996, surpassing 1995's peak by nearly 85,000. Ford Division sold nearly 3.3 million vehicles in 1996 for its best sales year in history. Automotive operations outside the U.S. lost $352 million, compared with a profit of $213 million. Worldwide vehicle unit sales were 6,653,000 in 1996, about equal to 1995's unit sales of 6,606,000. Revenues in 1996 were $118 billion, up 7 percent from 1995's revenues of $110.5 billion. Combined full-year car and truck share in the U.S. was 25.2 percent, compared with 25.6 percent. In the fourth quarter, U.S. market share was 26.2 percent, compared with 24.9 percent in 1995. Combined car and truck share in Europe was 11.8 percent, compared with 12.2 percent. Financial Services Group - ------------------------ The Financial Services Group earned a record $2.8 billion, compared with $2.1 billion in 1995. Ford Credit earned $1.441 billion, compared with $1.579 billion. The Associates earned a record $857 million, compared with $723 million in 1995. Hertz earned a record $159 million in 1996, up 51 percent over 1995. Automotive Balance Sheet - ------------------------ Cash and marketable securities was a record $15.4 billion, compared with $12.4 billion. Debt was $8.2 billion, compared with $7.3 billion. Net cash was a record $7.2 billion, compared with $5.1 billion. Capital spending was $8.2 billion or 7 percent of revenue, compared with $8.7 billion or 7.9 percent of revenue.
Ford Motor Company and Subsidiaries HIGHLIGHTS ---------- Fourth Quarter Full Year ------------------------- -------------------------- 1996 1995 1996 1995 ------- ------- ------- ------- (Unaudited) Worldwide vehicle unit sales of cars and trucks (in thousands) (Unaudited) - - United States 1,006 955 3,897 3,993 - - Outside United States 747 635 2,756 2,613 ----- ----- ----- ----- Total 1,753 1,590 6,653 6,606 ===== ===== ===== ===== Sales and revenues (in millions) - - Automotive $31,505 $27,597 $118,023 $110,496 - - Financial Services 7,328 6,950 28,968 26,641 ------- ------- -------- -------- Total $38,833 $34,547 $146,991 $137,137 ======= ======= ======== ======== Net income (in millions)* - - Automotive $ 390 $ 16 $ 1,655 $ 2,056 - - Financial Services 814 644 2,791 2,083 ------- ------- -------- -------- Total $ 1,204 $ 660 $ 4,446 $ 4,139 ======= ======= ======== ======== Capital expenditures (in millions) - - Automotive $ 2,413 $ 2,472 $ 8,209 $ 8,676 - - Financial Services 93 98 442 321 ------- ------- -------- -------- Total $ 2,506 $ 2,570 $ 8,651 $ 8,997 ======= ======= ======== ======== Automotive capital expenditures as a percentage of sales 7.7% 9.0% 7.0% 7.9% Stockholders' equity at December 31 - - Total (in millions) $26,762 $24,547 $ 26,762 $ 24,547 - - After-tax return on Common and Class B stockholders' equity 18.4% 10.9% 17.6% 18.2% Automotive cash and marketable securities at December 31 (in millions) $15,414 $12,406 $ 15,414 $ 12,406 Automotive debt at December 31 (in millions) $ 8,156 $ 7,307 $ 8,156 $ 7,307 After-tax return on sales - - U.S. Automotive 3.2% 0.9% 2.7% 2.5% - - Total Automotive 1.3 0.1 1.4 1.9 Shares of Common and Class B Stock (in millions) - - Average number outstanding 1,187 1,136 1,179 1,071 - - Number outstanding at December 31 1,188 1,159 1,188 1,159 AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK AFTER PREFERRED STOCK DIVIDENDS Income/(loss) assuming full dilution - - Automotive $ 0.32 $ (0.06) $ 1.33 $ 1.59 - - Financial Services 0.67 0.54 2.31 1.74 ------- ------- -------- -------- Total $ 0.99 $ 0.48 $ 3.64 $ 3.33 ======= ======= ======== ======== Cash dividends $ 0.385 $ 0.35 $ 1.47 $ 1.23 - - - - - - *One-time factors included in net income (in millions): Automotive - Employee separation programs $ (336) $ (129) $ (436) $ (146) - Autolatina dissolution - 230 - 230 Financial Services - Sale of The Associates' common stock - - 650 - - Sale of USL Capital's assets - - 95 - - Net write-down for Budget Rent a Car Corporation 204 - (233) - ------- ------- -------- -------- Total $ (132) $ 101 $ 76 $ 84 ======= ======= ======== ========
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Ford Motor Company and Subsidiaries VEHICLE UNIT SALES ------------------ For the Periods Ended December 31, 1996 and 1995 (in thousands) Fourth Quarter Full Year -------------------------- --------------------------- 1996 1995 1996 1995 -------- -------- -------- -------- (Unaudited) (Unaudited) NORTH AMERICA United States Cars 428 434 1,656 1,767 Trucks 578 521 2,241 2,226 ----- ----- ----- ----- Total United States 1,006 955 3,897 3,993 Canada 84 76 258 254 Mexico 28 11 67 32 ----- ----- ----- ----- Total North America 1,118 1,042 4,222 4,279 EUROPE Britain 140 125 516 496 Germany 106 84 436 409 France 47 41 194 165 Italy 51 54 180 193 Spain 41 31 155 160 Other countries 103 74 339 286 ----- ----- ----- ----- Total Europe 488 409 1,820 1,709 OTHER INTERNATIONAL Brazil 48 48 190 201 Australia 31 32 138 139 Taiwan 14 16 86 106 Argentina 21 14 64 48 Japan 11 13 52 57 Other countries 22 16 81 67 ----- ----- ----- ----- Total other international 147 139 611 618 ----- ----- ----- ----- Total worldwide vehicle unit sales 1,753 1,590 6,653 6,606 ===== ===== ===== =====
Vehicle unit sales are reported worldwide on a "where sold" basis and include sales of all Ford-badged units, as well as units manufactured by Ford and sold to other manufacturers. FS-2
Ford Motor Company and Subsidiaries CONSOLIDATED STATEMENT OF INCOME -------------------------------- For the Years Ended December 31, 1996, 1995 and 1994 (in millions, except amounts per share) 1996 1995 1994 -------- -------- -------- AUTOMOTIVE Sales $118,023 $110,496 $107,137 Costs and expenses: Costs of sales 108,882 101,171 95,887 Selling, administrative and other expenses 6,625 6,044 5,424 -------- -------- -------- Total costs and expenses 115,507 107,215 101,311 Operating income 2,516 3,281 5,826 Interest income 841 800 665 Interest expense 695 622 721 -------- -------- -------- Net interest income/(expense) 146 178 (56) Equity in net (loss)/income of affiliated companies (6) (154) 271 Net expense from transactions with Financial Services (85) (139) (44) -------- -------- -------- Income before income taxes - Automotive 2,571 3,166 5,997 FINANCIAL SERVICES Revenues 28,968 26,641 21,302 Costs and expenses: Interest expense 9,704 9,424 7,023 Depreciation 6,875 6,500 4,910 Operating and other expenses 6,217 5,499 4,607 Provision for credit and insurance losses 2,564 1,818 1,539 Asset write-downs and dispositions 121 - 475 -------- -------- -------- Total costs and expenses 25,481 23,241 18,554 Net revenue from transactions with Automotive 85 139 44 Gain on sale of The Associates' common stock 650 - - -------- -------- -------- Income before income taxes - Financial Services 4,222 3,539 2,792 -------- -------- -------- TOTAL COMPANY Income before income taxes 6,793 6,705 8,789 Provision for income taxes 2,166 2,379 3,329 -------- -------- -------- Income before minority interests 4,627 4,326 5,460 Minority interests in net income of subsidiaries 181 187 152 -------- -------- -------- Net income $ 4,446 $ 4,139 $ 5,308 ======== ======== ======== Income attributable to Common and Class B Stock after preferred stock dividends $ 4,381 $ 3,839 $ 5,021 Average number of shares of Common and Class B Stock outstanding 1,179 1,071 1,010 AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK Income $ 3.72 $ 3.58 $ 4.97 Income assuming full dilution $ 3.64 $ 3.33 $ 4.44 Cash dividends $ 1.47 $ 1.23 $ 0.91
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Ford Motor Company and Subsidiaries CONSOLIDATED BALANCE SHEET -------------------------- (in millions) December 31, December 31, 1996 1995 --------------- --------------- ASSETS Automotive: Cash and cash equivalents $ 3,578 $ 5,750 Marketable securities 11,836 6,656 -------- -------- Total cash and marketable securities 15,414 12,406 Receivables 3,635 3,321 Inventories 6,656 7,162 Deferred income taxes 3,296 2,709 Other current assets 3,193 1,483 Net current receivable from Financial Services 0 200 -------- -------- Total current assets 32,194 27,281 Equity in net assets of affiliated companies 2,483 2,248 Net property 33,527 31,273 Deferred income taxes 4,429 4,802 Other assets 7,025 7,168 -------- -------- Total Automotive assets 79,658 72,772 Financial Services: Cash and cash equivalents 3,689 2,690 Investments in securities 2,307 4,553 Net receivables and lease investments 161,906 149,694 Other assets 14,834 13,574 Net receivable from Automotive 473 0 -------- -------- Total Financial Services assets 183,209 170,511 -------- -------- Total assets $262,867 $243,283 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Automotive: Trade payables $ 11,735 $ 11,260 Other payables 2,206 1,976 Accrued liabilities 16,587 13,392 Income taxes payable 508 316 Debt payable within one year 1,661 1,832 Net current payable to Financial Services 473 0 -------- -------- Total current liabilities 33,170 28,776 Long-term debt 6,495 5,475 Other liabilities 26,793 25,677 Deferred income taxes 1,225 1,186 -------- -------- Total Automotive liabilities 67,683 61,114 Financial Services: Payables 4,695 5,476 Debt 150,205 141,317 Deferred income taxes 4,338 3,831 Other liabilities and deferred income 8,504 6,116 Net payable to Automotive 0 200 -------- -------- Total Financial Services liabilities 167,742 156,940 Company-obligated mandatorily redeemable preferred securities of a subsidiary trust holding solely junior subordinated debentures of the Company 680 682 Stockholders' equity: Capital stock Preferred Stock, par value $1.00 per share (aggregate liquidation preference of $694 million and $1,042 million) * * Common Stock, par value $1.00 per share (1,118 million and 1,089 million shares issued) 1,118 1,089 Class B Stock, par value $1.00 per share (71 million shares issued) 71 71 Capital in excess of par value of stock 5,268 5,105 Foreign currency translation adjustments and other (29) 594 Earnings retained for use in business 20,334 17,688 -------- -------- Total stockholders' equity 26,762 24,547 -------- -------- Total liabilities and stockholders' equity $262,867 $243,283 ======== ======== - - - - - - *Less than $500,000
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Ford Motor Company and Subsidiaries CONSOLIDATED STATEMENT OF CASH FLOWS ------------------------------------ For the Years Ended December 31, 1996, 1995 and 1994 (in millions) 1996 1995 1994 ----------------------- ---------------------- ---------------------- Financial Financial Financial Automotive Services Automotive Services Automotive Services ---------- --------- ---------- --------- ---------- --------- Cash and cash equivalents at January 1 $ 5,750 $ 2,690 $ 4,481 $ 1,739 $ 5,667 $ 2,555 Cash flows from operating activities 6,576 12,776 8,849 12,322 7,542 9,087 Cash flows from investing activities Capital expenditures (8,209) (442) (8,676) (321) (8,310) (236) Purchase of leased assets (195) - 0 - 0 - Acquisitions of other companies 0 (166) 0 0 0 (485) Acquisitions of receivables and lease investments - (108,713) - (99,967) - (90,824) Collections of receivables and lease investments - 82,024 - 71,149 - 61,111 Net acquisitions of daily rental vehicles - (1,759) - (1,459) - (924) Net proceeds from USL Capital asset sales - 1,157 - - - - Purchases of securities (6) (8,020) (51) (6,274) (412) (10,688) Sales and maturities of securities 7 9,863 325 5,052 511 9,649 Proceeds from sales of receivables and lease investments - 2,867 - 4,360 - 3,622 Net investing activity with Financial Services 416 - (19) - 355 - Other (586) (45) 558 (184) (331) 196 -------- --------- -------- -------- ------- -------- Net cash used in investing activities (8,573) (23,234) (7,863) (27,644) (8,187) (28,579) Cash flows from financing activities Cash dividends (1,800) - (1,559) - (1,205) - Issuance of Common Stock 192 - 601 - 715 - Issuance of Common Stock of a subsidiary - 1,897 - - - - Changes in short-term debt 151 3,224 413 5,884 (795) 10,314 Proceeds from other debt 1,688 22,247 300 23,854 158 21,885 Principal payments on other debt (1,031) (14,428) (177) (11,489) (75) (14,088) Net financing activity with Automotive - (416) - 19 - (355) Receipts from annuity contracts - - - 283 - 1,124 Net (redemption)/issuance of subsidiary company preferred stock - - - (1,875) - 417 Other 37 (278) 121 102 31 (554) ------- --------- ------- -------- ------- -------- Net cash (used in)/provided by financing activities (763) 12,246 (301) 16,778 (1,171) 18,743 Effect of exchange rate changes on cash (85) (116) 107 (28) 397 166 Net transactions with Automotive/ Financial Services 673 (673) 477 (477) 233 (233) ------- --------- ------- -------- ------- -------- Net (decrease)/increase in cash and cash equivalents (2,172) 999 1,269 951 (1,186) (816) ------- --------- ------- -------- ------- -------- Cash and cash equivalents at December 31 $ 3,578 $ 3,689 $ 5,750 $ 2,690 $ 4,481 $ 1,739 ======= ========= ======= ======== ======= ========
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