3rd Quarter & 9 Mths Results

Ford Motor Co 10 November 2000 Contacts: Media Inquiries: Karen Hampton 1.313.594.4410 khampto2@ford.com Securities Analysts: Mike Holland 313.323.8221 mhollanl@ford.com Shareholder Inquiries: (800) 555-5259 or (313) 845-8540 stockinfo@ford.com Media Information Center 1.800.665.1515 or 1.313.621.0504 media@ford.com Go to http://Media.ford.com for news releases and high-resolution photographs. FORD EARNS $888 MILLION IN THIRD QUARTER DEARBORN, Mich., Oct. 18, 2000 -- Ford Motor Company (NYSE: F) today reported third quarter net income of $888 million, or 53 cents per diluted share of common and Class B stock. A year ago, third quarter earnings from continuing operations were $959 million, or 78 cents per diluted share. The decrease in earnings of $71 million is more than explained by the impact of Firestone's ongoing tire recall. Without the Firestone tire recall, profits would have been a record in the third quarter. 'Getting our customers onto good tires has been, and continues to be, more important than short-term profits,' said Jac Gasser, Ford Motor Company president and chief executive officer. 'This was a difficult quarter for our customers, our employees, our dealers and our shareholders and we are committed to quickly completing the Firestone tire recall. However, we also believe that these solid results demonstrate the underlying strength of our products and the company's strong fundamentals and we continue to press forward with our objective to become the world's leading consumer company for automotive products and services.' AUTOMOTIVE OPERATIONS Ford Motor Company's worldwide automotive earnings were $391 million in the third quarter of 2000. This compares with earnings of $535 million in the third quarter of 1999. Worldwide automotive revenues in the third quarter of 2000 were $33 billion, up $2 billion from a year ago. Aftertax return on sales (ROS) was 1.2 percent in the third quarter, down 0.5 points from last year. Worldwide vehicle sales were 1.7 million, up 3 percent compared with 1.6 million in 1999. Automotive cash was $18.6 billion at the end of the quarter, following completion of the $5.7 billion VEP. Third quarter automotive cash was $23.7 billion a year ago. Net cash was $6.6 billion, down from $11.3 billion a year ago. North America: Automotive earnings were $769 million in the third quarter of 2000, down $98 million. Ford's ROS in North America was 3.3 percent, down 0.6 points from 1999. Total Ford Motor Company retail sales in the United States during the third quarter were a record one million. U.S. factory unit sales were one million, up 5 percent from the same period a year ago. The sales pace was aided by the strong performance of the Ford Focus, F-Series and Explorer Sport Trac. In addition, several economic factors continued to support a healthy level of sales, including job and income growth and attractive vehicle pricing. Other Automotive Operations: Third quarter results in Ford Motor Company's other automotive operations, including Europe, South America and Asia-Pacific, totaled a loss of $378 million, compared with a loss of $332 million a year ago. FORD CREDIT Ford Credit earned $386 million in the third quarter of this year, up $69 million, or 22 percent, from a year ago. Return on equity was 12.9 percent, up 1.5 percentage points from a year ago. HERTZ The Hertz Corporation (NYSE: HRZ) earned a record $143 million in the third quarter of 2000, compared with $139 million a year ago. Ford Motor Company's share of Hertz' third-quarter 2000 earnings was $116 million. Ford Motor Company and Subsidiaries HIGHLIGHTS Third Quarter Nine Months 2000 1999 2000 1999 (unaudited) (unaudited) Worldwide vehicle unit sales of cars and trucks (in thousands) - North America 1,104 1,050 3,724 3,507 - Outside North America 550 549 1,839 1,795 Total 1,654 1,599 5,563 5,302 Sales and revenues (in millions) - Automotive $ 32,582 $ 30,645 $ 106,123 $ 97,788 - Financial Services 7,482 6,635 21,354 18,948 Total $ 40,064 $ 37,280 $ 127,477 $ 116,736 Net income (loss) (in millions) - Automotive $ 391 $ 535 $ 2,995 $ 3,632 - Financial Services 497 424 1,338 1,159 Income from continuing operations 888 959 4,333 4,791 - Discontinued operation (Visteon) - 155 309 640 - Loss on spin-off of Visteon - - (2,252) - Total $ 888 $ 1,114 $ 2,390 $ 5,431 Capital expenditures (in millions) - Automotive $ 1,932 $ 1,812 $ 4,884 $ 4,521 - Financial services 102 150 565 435 Total $ 2,034 $ 1,962 $ 5,449 $ 4,956 Automotive capital expenditures as a percentage of sales 5.9% 5.9% 4.6% 4.6% Stockholders' equity at September 30 - Total (in millions) $ 18,273 $ 26,961 $ 18,273 $ 26,961 - Annualized after-tax return on average Common and Class B stockholders' equity 19.1% 16.9% 17.7% 28.2% Automotive net cash at September 30 (in millions) - Cash and marketable securities 18,599 $ 23,721 $ 18,599 $ 23,721 - Debt 11,987 12,420 11,987 12,420 Automotive net cash $ 6,612 $ 11,301 $ 6,612 $ 11,301 After-tax return on sales - North American Automotive 3.3% 3.9% 5.5% 5.5% - Total Automotive 1.2% 1.7%. 2.9% 3.7% Shares of Common and Class B Stock (in millions) - Average number outstanding 1,649 1,209 1,354 1,210 - Number outstanding at September 30 1,896 1,208 1,896 1,208 Common Stock price (per share) (adjusted to reflect Visteon spin-off and Value Enhancement Plan) - High $26-5/8 $31 $30-1/8 $35-1/8 - Low 24-3/16 26-5/8 22-7/8 26-5/8 AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK AFTER PREFERRED STOCK DIVIDENDS Income assuming dilution - Automotive $ 0.23 $ 0.44 $ 2.17 $ 2.94 - Financial Services 0.30 0.34 0.97 0.93 Subtotal 0.53 0.78 3.14 3.87 - Discontinued operation (Visteon) - 0.12 0.23 0.52 - Loss on spin-off of Visteon - - (1.64) - Total $ 0.53 $ 0.90 $ 1.73 $ 4.39 Cash dividends $ 0.50 $ 0.46 $ 1.50 $ 1.38 Ford Motor Company and Subsidiaries VEHICLE UNIT SALES For the Periods Ended September 30, 2000 and 1999 (in thousands) Third Quarter Nine Months 2000 1999 2000 1999 (unaudited) (unaudited) North America United States Cars 411 376 1,342 1,228 Trucks 603 596 2,068 2,015 Total United States 1,014 972 3,410 3,243 Canada 59 50 218 188 Mexico 31 28 96 76 Total North America 1,104 1,050 3,724 3,507 Europe Britain 114 134 368 396 Germany 66 72 240 273 Italy 50 39 157 149 Spain 36 38 130 135 France 36 37 119 129 Sweden 32 21 90 54 Other countries 81 79 331 299 Total Europe 415 420 1,435 1,435 Other international Brazil 33 35 96 90 Australia 34 32 95 96 Taiwan 13 13 54 45 Argentina 12 16 39 44 Japan 5 8 22 25 Other countries 38 25 98 60 Total other international 135 129 404 360 Total worldwide vehicle unit sales 1,654 1,599 5,563 5,302 Vehicle unit sales generally 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. Ford Motor Company and Subsidiaries CONSOLIDATED STATEMENT OF INCOME For the Periods Ended September 30, 2000 and 1999 (in millions) Third Quarter Nine Months 2000 1999 2000 1999 (unaudited) (unaudited) AUTOMOTIVE Sales $32,582 $30,645 $106,123 $97,788 Costs and expenses (Note 5) Cost of sales 29,679 27,879 94,772 86,412 Selling, administrative and other expenses 2,338 2,029 7,061 6,102 Total costs and expenses 32,017 29,908 101,833 92,514 Operating income 565 737 4,290 5,274 Interest income 382 354 1,139 1,039 Interest expense 367 371 1,012 993 Net interest income (expense) 15 (17) 127 46 Equity in net income (loss) of affiliated companies (61) 11 (64) 33 Net revenue (expense) from transactions with Financial Services 9 (17) 19 (62) Income before income taxes - Automotive 528 714 4,372 5,291 FINANCIAL SERVICES Revenues 7,482 6,635 21,354 18,948 Costs and expenses Interest expense 2,451 1,988 6,975 5,701 Depreciation 2,427 2,333 7,033 6,881 Operating and other expenses 1,257 1,206 3,717 3,304 Provision for credit and insurance losses 482 383 1,347 1,146 Total costs and expenses 6,617 5,910 19,072 17,032 Net revenue (expense) from transactions with Automotive (9) 17 (19) 62 Income before income taxes - Financial Services 856 742 2,263 1,978 TOTAL COMPANY Income before income taxes 1,384 1,456 6,635 7,269 Provision for income taxes 449 473 2,199 2,400 Income before minority interests 935 983 4,436 4,869 Minority interests in net income of subsidiaries 47 24 103 78 Net income from continuing operations 888 959 4,333 4,791 Net income from discontinued operation (Note 2) - 155 309 640 Loss on spin-off of discontinued operation (Note 2) - - (2,252) - Net income (loss) $ 888 $ 1,114 $ 2,390 $ 5,431 Income attributable to Common and Class B Stock after preferred stock dividends $ 884 $ 1,110 $ 2,379 $ 5,420 Average number of shares of Common and Class B Stock outstanding 1,649 1,209 1,354 1,210 AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK Basic Income (Note 9) Net income from continuing operations $ 0.54 $ 0.79 $ 3.21 $ 3.96 Net income $ 0.54 $ 0.92 $ 1.77 $ 4.49 Diluted Income (Note 9) Net income from continuing operations $ 0.53 $ 0.78 $ 3.14 $ 3.87 Net income $ 0.53 $ 0.90 $ 1.73 $ 4.39 Cash dividends $ 0.50 $ 0.46 $ 1.50 $ 1.38 The accompanying notes are part of the financial statements. Ford Motor Company and Subsidiaries CONSOLIDATED BALANCE SHEET (in millions) September 30, December 31, 2000 1999 (unaudited) ASSETS Automotive Cash and cash equivalents $3,352 2,793 Marketable securities 15,247 18,943 Total cash and marketable securities 18,599 21,736 Receivables 4,523 5,267 Inventories (Note 6) 8,189 5,684 Deferred income taxes 2,645 3,762 Other current assets 5,006 3,831 Current receivable from Financial Services 2,052 2,304 Total current assets 41,014 42,584 Equity in net assets of affiliated companies 2,863 2,539 Net property 35,600 36,528 Deferred income taxes 3,795 2,454 Net assets of discontinued operation (Note 2) - 1,566 Other assets 12,938 13,530 Total Automotive assets 96,210 99,201 Financial Services Cash and cash equivalents 2,310 1,588 Investments in securities 752 733 Finance receivables, net 121,094 113,298 Net investment in operating leases 47,321 42,471 Other assets 10,975 11,123 Receivable from Automotive 3,623 1,835 Total Financial Services assets 186,075 171,048 Total assets $282,285 $270,249 LIABILITIES AND STOCKHOLDERS' EQUITY Automotive Trade payables $ 14,465 $ 14,292 Other payables 3,789 3,778 Accrued liabilities 22,981 18,488 Income taxes payable 634 1,709 Debt payable within one year 731 1,338 Total current Liabilities 42,600 39,605 Long-term debt 11,256 10,398 Other Liabilities 31,987 29,283 Deferred income taxes 303 1,223 Payable to Financial Services 3,623 1,835 Total Automotive liabilities 89,769 82,344 Financial Services Payables 4,607 3,550 Debt 149,779 139,919 Deferred income taxes 9,507 7,078 Other Liabilities and deferred income 7,624 6,775 Payable to Automotive 2,052 2,304 Total Financial Services liabilities 173,569 159,626 Company-obligated mandatorily redeemable preferred securities of a subsidiary trust holding solely junior subordinated debentures of the Company (Note 7) 674 675 Stockholders' equity Capital stock Preferred Stock, par value $1.00 per share * * (aggregate liquidation preference of $177 million) Common Stock (par value $0.01 and $1.00 per share as of 2000 and 1999, respectively; 1,837 and 1,151 million shares issued as of 2000 and 1999, respectively) 18 1,151 Class B Stock, par value $0.01 and $1.00 per share as of 2000 and 1999, respectively (71 million shares issued) Capital in excess of par value of stock 5,969 5,049 Accumulated other comprehensive income (3,913) (1,856) ESOP Loan and treasury stock (1,176) (1,417) Earnings retained for use in business 17,374 24,606 Total stockholders' equity 18,273 27,604 Total liabilities and stockholders' equity $282,285 $270,249 *Less than $1 million The accompanying notes are part of the financial statements. Ford Motor Company and Subsidiaries CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS For the Periods Ended September 30, 2000 and 1999 (in millions) Nine Months 2000 Nine Months 1999 Financial Financial Automotive Services Automotive Services (unaudited) (unaudited) Cash and cash equivalents at January 1 $ 2,793 $ 1,588 $ 3,143 $ 1,151 Cash flows from operating activities before securities trading 10,891 11,497 10,127 10,350 Net sales (purchases) of trading securities 4,041 151 (1,248) (148) Net cash flows from operating activities 14,932 11,648 8,879 10,202 Cash flows from investing activities Capital expenditures (4,884) (565) (4,521) (435) Acquisitions of receivables and lease investments - (69,257) - (61,657) Collections of receivables and lease investments - 41,426 - 38,358 Net acquisitions of daily rental vehicles - (2,482) - (2,025) Purchases of securities (374) (415) (1,681) (759) Sales and maturities of securities 29 412 1,385 988 Proceeds from sales of receivables and lease investments - 12,502 - 9,520 Net investing activity with Financial Services 92 - (430) - Cash paid for acquisitions (Note 3) (2,487) (87) (5,808) - Other - 226 314 (4) Net cash used in investing activities (7,624) (18,240) (10,741) (16,014) Cash flows from financing activities Cash dividends (2,185) - (1,682) (3) Net purchases of Common Stock (185) - (265) - Changes in short-term debt (841) (8,140) 184 (2,210) Proceeds from issuance of other debt 1,917 31,397 1,925 26,925 Principal payments on other debt (823) (14,896) (156) (18,796) Net debt repayments from discontinued operation 650 - - - Net cash distribution (to) from discontinued operation (85) - 291 - Value Enhancement Plan payments (5,440) Net financing activity with Automotive - (92) - 430 Other 14 (409) 338 (62) Net cash (used in)/provided by financing activities (6,978) 7,860 635 6,284 Effect of exchange rate changes on cash (23) (294) (45) (197) Net transactions with Automotive/ Financial Services 252 (252) 187 (187) Net increase (decrease) in cash and cash equivalents 559 722 (1,085) 88 Cash and cash equivalents at September 30 $ 3,352 $ 2,310 $ 2,058 $ 1,239 The accompanying notes are part of the financial statements. Ford Motor Company and Subsidiaries NOTES TO FINANCIAL STATEMENTS (unaudited) 1. Financial Statements - The financial data presented herein are unaudited, but in the opinion of management reflect those adjustments necessary for a fair presentation of such information. Results for interim periods should not be considered indicative of results for a full year. Reference should be made to the financial statements contained in the registrant's Annual Report on Form 10-K (the '10-K Report') for the year ended December 31, 1999. For purposes of Notes to Financial Statements, 'Ford' or the 'Company' means Ford Motor Company and its majority owned subsidiaries, unless the context requires otherwise. Certain amounts for prior periods were reclassified to conform with present period presentation. 2. Discontinued operation - On June 28, 2000, Ford distributed 130 million shares of Visteon, which represented its 100% ownership interest, by means of a tax-free spin-off in the form of a dividend on Ford Common and Class B Stock. Our financial statements have been restated to reflect Visteon as a 'discontinued operation,' for all periods shown. 3. Purchase of Land Rover Business - on June 30, 2000, we purchased the Land Rover business from the BMW Group for approximately three billion euros. Approximately two-thirds of the purchase price (equivalent of $1.9 billion at June 30) was paid at time of closing. The remainder will be paid in 2005. The acquisition involves the entire Land Rover line of products, and related assembly and engineering facilities. It does not include Rover's passenger car business or financial services business. The acquisition has been accounted for as a purchase. The assets acquired, liabilities assumed and the results of operations, since the date of acquisition, are included in our financial statements on a consolidated basis. The purchase price for Land Rover has been allocated, on a preliminary basis, to the assets acquired and liabilities assumed based on estimated fair value as of the acquisition date. The excess of the purchase price over the estimated fair value of net assets acquired is approximately $800 million and is being amortized on a straight-line basis over 40 years. Assuming the acquisition had taken place on January 1, 2000 and 1999, unaudited pro forma revenue for Ford (Automotive) would have been approximately $108.7 billion and $101.4 billion for each of the nine month periods ended September 30, respectively. Pro forma effects on net income from continuing operations would not have been material. 4. Value Enhancement Plan - On August 7, 2000, we announced the final results of our recapitalization, known as our Value Enhancement Plan ('VEP'). Under the VEP, Ford shareholders exchanged each of their old Ford common or Class B shares for one new Ford common or Class B share, as the case may be, plus either $20 in cash, 0.748 additional new Ford common shares, or a combination of $5.17 in cash and 0.555 additional new Ford common shares. In accordance with generally accepted accounting principles, prior period shares and earnings per share amounts were not adjusted. Third quarter average diluted shares of 1.678 billion were calculated based on an average of 1.222 billion shares for the period prior to the VEP and an average of 1.929 billion shares for the period subsequent to the VEP. Ford Motor Company and Subsidiaries NOTES TO FINANCIAL STATEMENTS (unaudited) 5. Selected Automotive Costs and Expenses are summarized as follows (in millions): Third Quarter Nine Months 2000 1999 2000 1999 Depreciation $734 $715 $2,146 $1,999 Tooting Amortization 574 641 1,776 1,773 Pension benefit 75 111 89 317 Acquisition of Land Rover - Under U.S. accounting rules, we were required to write-up inventory acquired to fair value, resulting in a one-time increase to third quarter 2000 cost of sales of $162 million ($106 million after tax). European Charges - Following an extensive business review of the Ford Brand operations in Europe, the Company recorded a pre-tax charge in Automotive cost of sales of $1,568 million in the second quarter of 2000. This charge included $1.1 billion for asset impairments and $468 million for restructuring costs. The effect on after-tax earnings was $1,019 million. As of September 30, 2000, we have spent or utilized approximately $150 million related to this charge, the remaining $318 million is expected to be incurred in the time period specified in the original plan. Acquisition of AB Volvo's worldwide Passenger car business ('Volvo Car') - Under U.S. accounting rules, we were required to write-up inventory acquired to fair value, resulting in a one-time increase to second quarter 1999 cost of sales of $224 million ($146 million after tax). Dissolution of AutoEuropa Joint Venture - Effective January 1, 1999, our joint venture for the production of mini-vans with Volkswagon AG in Portugal (AutoEuropa) was dissolved, resulting in a $255 million pre-tax gain ($165 million after-tax) in the first quarter of 1999. 6. Automotive Inventories are summarized as follows (in millions): September 30, December 31, 2000 1999 Raw materials, work in process and supplies $2,768 $2,035 Finished products 5,421 3,649 Total inventories $8,189 $5,684 U.S. inventories $2,616 $1,811 7. Company-obligated Mandatorily Redeemable Preferred Securities of a Subsidiary Trust - The sole asset of Ford Motor Company Capital Trust I (the 'Trust'), which is the obligor on the Preferred Securities of such Trust, is $632 million principal amount of 9% Junior Subordinated Debentures due 2025 of Ford Motor Company. 8. Comprehensive Income - other comprehensive income includes foreign currency translation adjustments, minimum pension liability adjustments, and net unrealized gains and losses on investments in equity securities. Total comprehensive income is summarized as follows (in millions): Third Quarter Nine Months 2000 1999 2000 1999 Net income $ 888 $1,114 $ 2,390 $ 5,431 Other comprehensive income (979) 267 (2,057) (177) Total comprehensive income $ (91) $1,381 $ 333 $ 5,254 The reduction in other comprehensive income in 2000 primarily reflects foreign currency translation adjustments related to the strengthening of the U.S. dollar relative to European currencies. Ford Motor Company and Subsidiaries NOTES TO FINANCIAL STATEMENTS (unaudited) 9. Income Per Share of Common and Class B Stock - Basic income per share of Common and Class B Stock is calculated by dividing the income attributable to Common and Class B Stock by the average number of shares of Common and Class B Stock outstanding during the applicable period, adjusted for shares issuable under employee savings and compensation plans. The third quarter shares outstanding reflect the issuance of additional shares as a result of the Value Enhancement Plan (Note 4). The calculation of diluted income per share of Common and Class B Stock takes into account the effect of dilutive potential common stock, such as stock options. Income per share of Common and Class B Stock was as follows (in millions, except per share amounts): Third Quarter 2000 Third Quarter 1999 Income Shares Income Shares Net income from continuing operations $ 888 1,649 $ 959 1,209 Preferred stock dividend requirements (4) - (4) - Issuable and uncommitted ESOP shares - (6) - (3) Basic income and shares from continuing operations $ 884 1,643 $ 955 1,206 Basic income per share from continuing operations $ 0.54 $ 0,79 Basic income per share from discontinued operations - 0.13 Basic income per share $ 0.54 $ 0.92 Basic income and shares from continuing operations $ 884 1,643 $ 955 1,206 Net dilutive effect of options - 35 - 25 Diluted income and shares from continuing operations $ 884 1,678 $ 955 1,231 Diluted income per share from continuing operations $ 0.53 $ 0.78 Diluted income per share from discontinued operation - 0.12 Diluted income per share $ 0.53 $ 0.90 Nine Months 2000 Nine Months 1999 Income Shares Income Shares Net income from continuing operations $4,333 1,354 $4,791 1,210 Preferred stock dividend requirements (11) - (11) - Issuable and uncommitted ESOP shares - (7) - (4) Basic income and shares from continuing operations $4,322 1,347 $4,780 1,206 Basic income per share from continuing operations $3.21 $3.96 Basic income per share from discontinued operation $0.23 $0.53 Basic loss per share on spin-off of discontinued operation (1.67) - Basic income per share $ 1.77 $ 4.49 Basic income and shares from continuing operations $4,322 1,347 $4,780 1,206 Net dilutive effect of options - 28 - 29 Diluted income and shares from continuing operations $4,322 1,375 $4,780 1,235 Diluted income per share from continuing operations $ 3.14 $ 3.87 Diluted income per share from discontinued operation 0.23 0.52 Diluted toss per share on spin-off of discontinued operation (1.64) - Diluted income per share $ 1.73 $ 4.39 Ford Motor Company and Subsidiaries NOTES TO FINANCIAL STATEMENTS (unaudited) 10. Segment information - Ford's business is divided into two business sectors - Automotive and Financial Services (including Ford Credit and Hertz); detail is summarized as follows (in millions): Financial Services Sector Third Quarter Auto Ford Other Elims/ Sector Credit Hertz Fin Svcs Other Total 2000 Revenues External customer $ 32,582 $ 5,948 $ 1,424 $ 103 $ 7 $ 40,064 Intersegment 760 43 8 11 (822) - Total Revenues $ 33,342 $ 5,991 $ 1,432 $ 114 $ (815) $ 40,064 Net income from continuing operations $ 391 $ 386 $ 143 $ 3 $ (35) $ 888 1999 Revenues External customer $ 30,645 $ 5,075 $ 1,339 $ 216 $ 5 $ 37,280 Intersegment 558 57 9 43 (667) - Total Revenues $ 31,203 $ 5,132 $ 1,348 $ 259 $ (662) $ 37,280 Net income from continuing operations $ 535 $ 317 $ 139 $ (5) $ (27) $ 959 Financial Services Sector Nine Months Auto Ford Other Elims/ Sector Credit Hertz Fin Svcs Other Total 2000 Revenues External customer $106,123 $ 17,217 $ 3,826 $ 285 $ 26 $127,477 Intersegment 3,256 123 23 115 (3,517) - Total Revenues $109,379 $ 17,340 $ 3,849 $ 400 $(3,491) $127,477 Net income from continuing operations $ 2,995 $ 1,126 $ 303 $ (26) $ (65) $ 4,333 Total assets $ 99,659 $169,894 $11,191 $9,228 $(7,687) $282,285 1999 Revenues External customer $ 97,788 $ 14,899 $ 3,528 $ 519 $ 2 $116,736 Intersegment 3,025 172 25 136 (3,358) - Total Revenues $100,813 $ 15,071 $ 3,553 $ 655 $(3,356) $116,736 Net income from continuing operations $ 3,632 $ 952 $ 276 $ (15) $ (54) $ 4,791 Total assets a/ $100,924 $147,877 $10,159 $ 9,107 $(6,312) $261,755 - - - - - a/ Net assets of discontinued operation of $2,051 as of September 30, 1999 are included in Auto Sector total assets. 'Other Financial Services' data is an aggregation of miscellaneous smaller Financial Services Sector business components, including Ford Motor Land Development Corporation, Ford Leasing Development Company, Ford Leasing Corporation and Granite Management Corporation. 'Eliminations/Other' data includes intersegment eliminations and minority interests. Interest income for the operating segments in the Financial Services Sector is reported as 'Revenue'.

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