ford 2007 q1 financial result
TRANSCRIPT
FIRST QUARTER EARNINGS REVIEW
APRIL 26, 2007(PRELIMINARY RESULTS)
SLIDE 1
BUSINESS OVERVIEWAlan Mulally
President and Chief Executive Officer
SLIDE 2
TOTAL COMPANY2007 FIRST QUARTER FINANCIAL RESULTS
Wholesales (000) 1,756 1,650Revenue (Bils.) $ 40.8 $ 43.0
Continuing Operations (Excluding Special Items)*Pre-Tax Profits (Mils.) $ 172 $ 69After-Tax Profits (Mils.) 223 (171)Earnings Per Share** 0.12 (0.09)
Special Items Pre-Tax (Mils.) $(2,520) $ (113)
Net incomeAfter-Tax Profits (Mils.) $(1,423) $ (282)Earnings Per Share** (0.76) (0.15)
Automotive Gross Cash (Bils.)*** $ 23.7 $ 35.2
� � � � �� ��� � �� � � �� � � � � � ���� �� � � � � ��� ��� � ����� � � ��� � � � � � �� � � �� � � � ��� �� �� � � �� � �� � �� � �� ��� ��� � �� � � � �� � � �� �� �������� ��� �� �� ���� �� � � �� � �� � �� ��� �� �� � � � � �� � � �� � � � � � ���� �
� � �� �� ����� �� � � ������ � � ��� ���� � �� ��� � �! � � �� � �� � � � �� � � � � �� � � �� " � �� �� �� �� � ��� � # � � � �� �� � � � � ���� � ���� � � �� � � � � ���� � � � �� � �� ���� � � �$ ��� � � � �
� � � ��� � � �% � � ��� � � � �� � � �� � ��� �&$ � % � '� � � � ��
20072006
SLIDE 3
TOTAL COMPANYFIRST QUARTER 2007 OPERATIONS RESULTS
• As expected, Ford North America incurred a significant loss
• Record profits at Premier Automotive Group, with improvements in all brands
• Ford Europe profitable, and significantly improved compared with the same period a year ago
• Ford South America was profitable; Mazda was profitable; Ford Asia Pacific and Africa reported a loss
• Ford Credit was profitable
SLIDE 4
TOTAL COMPANYFIRST QUARTER PROGRESS
• We are making progress on executing the four priorities of our plan --restructuring the Company, accelerating product development, funding our plan, and working effectively as one team
• Introduced the all-new Ford Mondeo and redesigned Ford C-MAX in Europe
• Recently-introduced U.S. products performing well in the marketplace, including Ford Edge, Lincoln MKX, F-Series Super Duty, Ford Escape, and Mercury Mariner
• Achieved $500 million in cost savings
• Reduced North America personnel positions by 18,000
• Completed the sale of one ACH business; have agreements in principle to sell four additional businesses
• APCO sale finalized in April; reached agreement to sell Aston Martin
• Continue to improve quality
• Global Product Development team performing well
SLIDE 5
FINANCIAL RESULTSDon Leclair
Chief Financial Officer
SLIDE 6
TOTAL COMPANY2007 FIRST QUARTER INCOME FROM CONTINUING OPERATIONS COMPARED WITH NET INCOME
())*
+ � � � � � �&% ��� ,' - ���. ),/ - �. 0 ,)
1 � �� � �&2 ��� ,'
�� � �3 �1 � �� � ����� �!� �� � � � �4 � � � ��� � �&� � �,�� � � � � ��1�� � � ' - ����5 *( - ����� 6
� � � � � ��1�� � � � &(�7 ()' &5 5 0 '
�� � �3 �1 � �� � ����� �!� �� � � � �4 � � � ��� � - &(�0 . / ' - ���&. . '
2 � �� ��� �1 �� � � � � &7 6 ' &7 / '
3 � � 6 / ( &5 / ('
8 � ��1 � �� � ����� �!� �� � � � �4 � � � ��� � - &5 �. (7 ' - �&(/ . '
9 �� � � �� � � � �4 � � � ��� � ( (
8 � ��1 � �� � - &5 �. (0 ' - �&(/ ('
��� � � �� ��� � �*���� �� � � ������: �� � ��; � � �� � �())*�� � � � � ��1�� � �
())�
� � �� �
SLIDE 7
TOTAL COMPANY2007 FIRST QUARTER SPECIAL ITEMS
Ford North America Separation Programs $ (874)Related OPEB Curtailment 960Related Pension Curtailment (175)
Subtotal Ford North America $ (89)
Ford Europe Personnel Reduction Programs (11)PAG Personnel Reduction Programs / Other (11)Ford Asia Pacific and Africa Personnel Reduction Programs (2)
Total Pre-Tax Special Items $ (113)
Memo: Impact on Earnings Per Share* (0.06)
Amount(Mils.)
� � � � � � �� � � �� � � � ����� �� � �� � � � ��� � � ��� � ��� �� �� � � �� � �� � � � �� ��� ��� � �� � � � �� � � �� �� �������� ��� �� �� ���� �� � � �� � �� � �� ��� �� �� � � � � �� � � �� � � � � � ���� �� � �� �� ����� �� � � ���
SLIDE 8
TOTAL COMPANY2007 FIRST QUARTER PRE-TAX PROFIT / (LOSS) BY SECTOR*
$294
$69
(Mils.)
FinancialServices
2 � � �<% �=�&> '�())� - &5 )0 ' - &((' - &/ 5 '
��� � �� � � � �� � � � � ����� � � �� � � �� ��� � �� � � �� � � � � � ���� �� � � � � ��� ��� ����� � � �
$(225)
AutomotiveTotal
SLIDE 9
��� � �� � � � �� � � � � ����� � � �� � � �� ��� � �*� � �� � � � � � ���� �� � � � � ��� ��� ����� � � �
AUTOMOTIVE SECTOR2007 FIRST QUARTER AUTOMOTIVE PRE-TAX PROFITS COMPARED WITH 2006*
(Bils.)
- )
())� 8 � ��� �� � �
!�� �!� � � �
- ),7
$ ��� � � �=2 �
())*
- &),('
1 �� � � � �
- &),('- &),(' - &),('
� � � � �
- ),0
4 �� � �
- &),. '- )
4 � � � ��� � ? 1� � ��� � � � �� �- ),(
SLIDE 10
AUTOMOTIVE SECTOR2007 FIRST QUARTER COST CHANGES*
2007 Costs B / (W) 2006 (Bils.)
8 � ����� � � �!�� ��
> � � �� 4 � � � � � �� � � � � �+ � � �� �
2 �� ,�=� � � � ,
�� � �� �=4 �� %
��� ��� � � � ��� ��� � � ��� � �� � �� � � � � �� � �� � � � �� � � � � ����� � �
$0.5 $0.4
$(0.6)
$(0.1)
$0.2$0.1
� � � � � ��� � �@ �� �� �
���� ���� �
$0
Total $0.5 Bils.
SLIDE 11
AUTOMOTIVE SECTOR2007 FIRST QUARTER PROFIT / (LOSS) BY SEGMENT*
2 � � �<% �=�&> '�())� - &((' - &5 *(' - &(. ' - 5 7 . - (7 ) - &(/ ' - &(0 ' - &5 *6 '
��� � �� � � � �� � � � � ����� � � �� � � �� ��� � �*� � �� � � � � � ���� �� � � � � ��� ��� ����� � � �
8 �� ��� � � � ��
� � � �� � ����@ �� �� ��
(Mils.)
- &� 5 . '
�,� ,� ,3 �� �
- (5 6
- . )(
- &0 . 5 '
4 �� � �� � ��
- &((7 '
- ((
- &(� '
- 5 5 0
� � ��� �� �� ��� � � � ��
2 A � �@� � � �� ,
4 � � � ��� �
4 � � � ��� � ? + � � � ��� �- 5 5 �
4 � � � ��� � ? 1� � ��� � � � �� �- 5 7 *
SLIDE 12
AUTOMOTIVE SECTOR -- FORD NORTH AMERICAFIRST QUARTER KEY METRICS -- 2007 vs. 2006
$18.2$19.8
Revenue (Bils.)
723
867
Wholesales (000)
$(442)
Pre-Tax Profits (Mils.)*
$(614)
2007200620072006 200720062 � � �<B ,� ,�2 � # � ��� � � � 5 *,(C 5 7 ,5 CB ,� ,�9 � �� � �1 � � ��� �� � */ ( 7 � /
��� � �� � � � �� � � � � ����� � � �� � � �� ��� � �*� � �� � � � � � ���� �� � � � � ��� ��� ����� � � �
SLIDE 13
(Bils.)
AUTOMOTIVE SECTOR -- FORD NORTH AMERICA2007 FIRST QUARTER AUTOMOTIVE PRE-TAX PROFITS COMPARED WITH 2006*
())*())�
- &),. '
- &),� '
$ ��� � � �=2 �
8 � ��� �� � �
!�� �!� � � �
4 �� � �
��� � �� � � � �� � � � � ����� � � �� � � �� ��� � �*� � �� � � � � � ���� �� � � � � ��� ��� ����� � � �
- &),7 '
- &),0 '
- ),.
- ),(
- &),('
�� � �� �=�4 �� % - ),.> � � �� ),.2 �� ,�=�� � � � , ),(8 � ������ � � ��!�� �� &),*'� ���4 �� � � ),5
SLIDE 14
17.2%
� � � � � �; � � �� �())�
FleetRetail
6.4%
10.8%
��: �� � ��D � � �� �� � �2 � � � � � �
� � � � � �E ��())�
AUTOMOTIVE SECTOR -- FORD NORTH AMERICAU.S. MARKET SHARE*
: �� � ��; � � �� �())�
: �� � ��; � � �� �())*
16.7%
6.1%
10.6%
15.1%
4.1%
11.0%
15.1%
5.0%
10.1%
())/ ��� 3 �� ��� � � � < 5 . �5 7 C: �� � ��� � � � <� D �F � �
SLIDE 15
AUTOMOTIVE SECTOR -- FORD NORTH AMERICANEW PRODUCT INTRODUCTIONS
())*�: �� � �� � � �())*�D � � �� �2 G H())*�: �� � �� � � � ����())*�D � � �� �8 � �� ���
())/ �: �� � � �� � �� � � � � �9 � ��())/ �: �� � �� � � � �())/ �2 � � � � � � �2 � � � �())/ �: �� � �: �� � �
())*�: �� � �� � � �
())/ �: �� � �3 � � � �())/ �: �� � �3 � � � � �H())/ �2 � � � � � � �� � ��())/ �2 � � � � �% � �����
())/ �: �� � � �� � �� � � � � �9 � ��())*�D � � �� �2 G H
SLIDE 16
� � � �� � �� " � �� �� ����� ���� �
9 � � � � � � � �0 5 ��())7
9 � � � � � � � �0 5 �())�
E �� � �� �� !E �� � � ��� � � � ��
/ 7 �� ))7 7 �)))�I � )�)))
E �� � �� �&� � �� � � � �� !E '
5 0 �6 ))5 5 �5 ))
AUTOMOTIVE SECTOR -- FORD NORTH AMERICAPERSONNEL LEVELS FROM YEAR-END 2005
9 � � � � � � � �0 5 �())7
9 � � � � � � � �0 5 �())�
**�6 ))
9 � � � � � � � �0 5 �())7
9 � � � � � � � �0 5 �())�
2 � � �<�())/ �B � � �
9 � � ,�0 5 ��())7
5 . �)))
(7 �)))�I 0 )�)))
())/ ��� + � � � � ��� �=�� � � � ��
2 � � � �0 5 �())*
� 6 �())
2 � � � �0 5 �())*
/ �6 ))
2 � � � �0 5 �())*
��� � �� � � � �� � � � �� � � � ��+ � � � � � � � ���� � � � � ��
())/ ���
())/ ���
2 � � �<�())/ �B � � �
9 � � ,�0 5 ��())7
(/ �7 )). (�7 )) 0 *�7 )) 0 )�� ))
SLIDE 17
AUTOMOTIVE SECTOR -- FORD NORTH AMERICA ASSEMBLY CAPACITY
(Millions - Annualized)
2 �� � � �1 � � ��� � �! � � ���� �� �� � ��3 �� � �2 � � �! � � ���
4.8
4.1 4.1
3.4 3.23.6
: �� � �� �; � � �� �())7
: �� � ��; � � �� �())*
: �� � �� �; � � �� �())�
2 �� � � �1 � � ��� � / . C� �� �� � ��3 �� � �2 � � 5 ))
())/ ��� �! � � ��� �B ����A ���
3.63.0
())/ ���
SLIDE 18
AUTOMOTIVE SECTOR -- FORD NORTH AMERICA PLANNED OPERATING COST REDUCTIONS*
��� ��� � � � ��� ��� � � ��� � �� � �� � � � � �� � �� � � � �� � � � � ����� � �
: � ���J � �())�
: �� � ��; �� ,())*
: � ���J � �())*
: � ���J � �())/
: � ���J � �())6
: � ���J � �()5 )
K��: � �� � �� ������� B � � �� � �� ����K�=�� 8 � � �� �
Costs B / (W) Than 2005 (Bils.)
$1.5$1.9
$5.08 ������� � ��
� � ��!� � �� �� � � �� � ��!�� ��+ � � � � ��� � KK KK KK KK K K
2 �� � � �
� 2 �� � � ��!�� ��+ � � � � ��� � K K K K KK KK
� + � � � � ��� � �!�� �� � �� �� � � �
� !�� � �� ��� �!�� �� �� �� �� � K K
� � ��� ������ � � ��9 � � , K�=�� K�=�� K�=�� K�=�� K KK
> � � �� �!�� �� K K K K K K
SLIDE 19
AUTOMOTIVE SECTOR -- FORD SOUTH AMERICA FIRST QUARTER KEY METRICS -- 2007 vs. 2006
Revenue (Bils.)Wholesales (000)
2 � � �<��2 � # � ��� � � � �� 5 (,)C 5 5 ,0 C
��� � �� � � � �� � � � � ����� � � �� � � �� ��� � �*� � �� � � � � � ���� �� � � � � ��� ��� ����� � � ����� �� �� �� � � � �� �())*�� � # � ��� � � � �� � � � �� �� � ��� �� � �� � � �� �� �� � � ���� �� � ���� ��� � �� � �� L�� �� � # � �� �� ��� ��� � � ��
2007200620072006 20072006
/ 7 / .
- 5 ,(- 5 ,0
- 5 0 *
- 5 5 0
Pre-Tax Profits (Mils.)*
SLIDE 20
AUTOMOTIVE SECTOR -- FORD EUROPEFIRST QUARTER KEY METRICS -- 2007 vs. 2006
20072006
$8.6
$6.8
Revenue (Bils.)
20072006
500460
Wholesales (000)
$65
20072006
Pre-Tax Profits (Mils.)*
2 � � �<��2 � # � ��� � � � �� / ,/ C 6 ,5 C
��� � �� � � � �� � � � � ����� � � �� � � �� ��� � �*� � �� � � � � � ���� �� � � � � ��� ��� ����� � � ����� � ��� � �())*�� � # � ��� � � � ���� �: �� � �� � ��� � ��� �� � � � ��� �� � �� � �� � ��� �� � �� � � �� �� �� � � �� �� ��� � ���� ��� � �5 6 �� L�� �� � ��� � �� � # � ��
$219
SLIDE 21
AUTOMOTIVE SECTOR -- P.A.G.FIRST QUARTER KEY METRICS -- 2007 vs. 2006
20072006
$8.4
$7.1
Revenue (Bils.)
20072006
196184
Wholesales (000)
$152
20072006
Pre-Tax Profits (Mils.)*
$402
2 � � �<��2 � # � ��� � � � ��
B ,� , 5 ,5 C 5 ,)C� � ��� � (,0 (,.
��� � �� � � � �� � � � � ����� � � �� � � �� ��� � �*� � �� � � � � � ���� �� � � � � ��� ��� ����� � � ����� � ��� � �())*�� � # � ��� � � � ���� ��,� ,� ,��� �� � � � �� �� � ��� �� � � � � � �� �� �� � � �� �� ��� � ���� ��� � �5 6 �� L�� �� � # � ��
SLIDE 22
AUTOMOTIVE SECTOR -- EUROPEAN OPERATIONSNEW PRODUCT INTRODUCTIONS
2 � � � �!�2 � H
Ford Mondeo Volvo V70 Land RoverFreelander 2 / LR2
$ ��� ��$ *)�=�H !*)$ ��� ��!0 )M � � � �H G + ���� ������D � �+ �� � � �: � � � � � � � (
$ ��� ��$ *)�=�H !*)$ ��� ��� / )�$ ��� ��!0 )�M � � � �H G + ���� ������D � �+ �� � � �D + (�
: �� � �� � ��� � � � ��� � 8 �� �� �� � � � ��
�,� ,� ,
SLIDE 23
AUTOMOTIVE SECTOR -- FORD ASIA PACIFIC AND AFRICA / MAZDA2007 FIRST QUARTER PRE-TAX PROFITS*
2 � � �<% �=�&> '�())� - &7 5 ' - &(/ ' - &(0 '
(Mils.)
� � � �� � ���� � � �� �� �� �=�2 A �
� � � �� � ���� � �� �� ��
2 A � � �� � � �� ,�4 � � � ��� �
- &. '
- ((
- &(� '
��� � �� � � � �� � � � � ����� � � �� � � �� ��� � �*� � �� � � � � � ���� �� � � � � ��� ��� ����� � � �
SLIDE 24
AUTOMOTIVE SECTOR -- FORD ASIA PACIFIC AND AFRICA FIRST QUARTER KEY METRICS -- 2007 vs. 2006
20072006
$1.8$1.7
Revenue (Bils.)
20072006
126135
Wholesales (000) Pre-Tax Profits (Mils.)*
$(26)
$2
2 � � �<��2 � # � ��� � � � �� (,0 C (,5 C
20072006
��� � �� � � � �� � � � � ����� � � �� � � �� ��� � �*� � �� � � � � � ���� �� � � � � ��� ��� ����� � � ����� � � �� � ���� � � �� �� �� �())*�� � # � ��� � � � ��� �� � � � �� �� � ��� �� � �� � � �� �� �� �� � ���� ��� � ��F � �� � �� L�� �� � # � �� �� ��� ��� � � ��
SLIDE 25
AUTOMOTIVE SECTOR2007 FIRST QUARTER CASH* : �� � �
; � � �� �&% ��� ,'
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SLIDE 28
AUTOMOTIVE SECTOR2007 PLANNING ASSUMPTIONS AND OPERATIONAL METRICS
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SLIDE 29
AUTOMOTIVE SECTOR2007 SECOND QUARTER PRODUCTION VOLUMES
North America 740 (136) 810 (87)
Europe 523 32 510 47
P.A.G. 213 18 195 11
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SLIDE 30
TOTAL COMPANY2007 OUTLOOK
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SLIDE 31
TOTAL COMPANYKEY PRIORITIES / OVERVIEW
• Although first quarter results are encouraging, we have a long way to go to turn around the business
• We have made progress toward executing our four priorities
• We remain committed to our plan and priorities
– Restructure the company; be profitable at lower volume and changed mix
– Accelerate product development and reduce manufacturing complexity
– Secure financing – accomplished
– Teamwork
SLIDE 32
SAFE HARBOR
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APPENDIX
TOTAL COMPANYCALCULATION OF EARNINGS PER SHARE
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Appendix 1 of 13
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AUTOMOTIVE SECTOR2007 FIRST QUARTER MARKET RESULTS
U.S.Industry SAAR (Mils.) 17.0 (0.4)Market Share (Pct.)- Ford and Lincoln Mercury 15.1% (2.1) Pts.- P.A.G. 1.0 (0.1)
Total U.S. Market Share 16.1% (2.2) Pts.
EuropeIndustry SAAR (Mils.) 17.8 0.2Market Share (Pct.)*- Ford 9.1% 0.3 Pts.- P.A.G. 2.4 0.1
Total Europe Market Share 11.5% 0.4 Pts.
Other RegionsFord Brand Market Share (Pct.)- South America** 11.3% (0.7) Pts.- Asia Pacific and Africa*** 2.1 (0.2)
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Appendix 10 of 13
FORD CREDIT KEY METRIC DEFINITIONS
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Appendix 11 of 13
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Appendix 12 of 13
FINANCIAL SERVICES SECTORFORD CREDIT RATIO DEFINITIONS
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Appendix 13 of 13
FINANCIAL SERVICES SECTORFORD CREDIT RECONCILIATIONS OF MANAGED LEVERAGE TO FINANCIAL STATEMENT LEVERAGE