Ford 2004 Annual Report Download - page 60

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5 8
SECTOR STATEMENT OF CASH FLOWS
2004 2003 2002
Financial Financial Financial
Automotive Services Automotive Services Automotive Services
Cash and cash equivalents at January 1 $ 6,856 $ 16,352 $ 6,243 $ 7,071 $ 5,300 $ 3,137
Cash flows from operating activities
before securities trading (Note 20) 1,398 15,501 1,318 15,962 9,465 14,686
Net sales/(purchases) of trading
securities 5,600 92 1,630 524 (6,366) (23)
Net cash flows from operating
activities 6,998 15,593 2,948 16,486 3,099 14,663
Cash flows from investing activities
Capital expenditures (6,287) (458) (7,357) (379) (6,761) (502)
Acquisitions of retail and other finance
receivables and operating leases - (62,852) - (59,503) - (71,050)
Collections of retail and other finance
receivables and operating leases - 50,810 - 44,118 - 47,074
Net (increase)/decrease in wholesale
receivables - (2,174) - (2,762) - (10,654)
Net acquisitions of daily rental
vehicles - (2,492) - (1,505) - (1,846)
Purchases of securities (7,590) (880) (8,925) (1,149) (3,446) (609)
Sales and maturities of securities 7,615 799 8,673 709 3,445 479
Proceeds from sales of finance
receivables and operating leases - 10,438 - 19,367 - 40,138
Proceeds from sale of businesses 125 412 77 1,625 257 -
Net investing activity with Financial Services 4,361 - 3,708 - 1,053 -
Cash paid for acquisitions (30) - - - (289) -
Cash recognized on initial
consolidation of joint ventures - - 256 - - -
Other 101 (465) 716 883 - 893
Net cash (used in)/provided by
investing activities (1,705) (6,862) (2,852) 1,404 (5,741) 3,923
Cash flows from financing activities
Cash dividends (733) - (733) - (743) -
Net sales/(purchases) of Common Stock (151) - 9 - 287 -
Proceeds from mandatorily redeemable
convertible preferred securities - - - - 4,900 -
Preferred Stock – Series B redemption - - - - (177) -
Changes in short-term debt (342) 5,279 (237) 1,542 (31) 5,737
Proceeds from issuance of other debt 469 21,754 1,144 21,942 318 15,524
Principal payments on other debt (2,585) (33,436) (1,097) (27,683) (859) (15,760)
Net financing activity with Automotive - (4,361) - (3,708) - (1,053)
Other (39) (81) (15) (67) (23) (19,560)
Net cash (used in)/provided by
financing activities (3,381) (10,845) (929) (7,974) 3,672 (15,112)
Effect of exchange rate changes on cash 117 388 260 551 37 336
Net transactions with
Automotive/Financial Services 1,258 (1,258) 1,186 (1,186) (124) 124
Net increase/(decrease) in cash and
cash equivalents 3,287 (2,984) 613 9,281 943 3,934
Cash and cash equivalents at December 31 $ 10,143 $ 13,368 $ 6,856 $ 16,352 $ 6,243 $ 7,071
The accompanying notes are part of the financial statements.
Ford Motor Company and Subsidiaries
For the Years Ended December 31, 2004, 2003 and 2002
(in millions)