Ford 2012 Annual Report Download - page 51

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Ford Motor Company | 2012 Annual Report 49
Management's Discussion and Analysis of Financial Condition and Results of Operations
Employee separation costs, however, will be reflected as a special item. Longer-term, we are targeting Ford Europe to
achieve an operating margin in the range of 6% to 8%.
For Ford Asia Pacific Africa, we expect 2013 results to be about breakeven. We expect our volume and revenue
growth in the region to continue to accelerate, supported by the launch of all-new Kuga, EcoSport, and refreshed Fiesta
across the region, as well as the launch of Mondeo and Explorer in China. This will be offset in large part by continued
strong investment across the region to support our longer-range growth plans. Looking ahead, we see the results of our
One Ford plan taking hold in Asia Pacific Africa, with record volume, revenue, and market share increasing as investments
in new facilities and products gain traction.
We also are continuing the revitalization of our Lincoln brand reflecting the brand's distinct product strategy, including
its own dedicated design studio, separate creative agency in New York, and financial services team to complement the
vehicle acquisition and ownership experience -- and announced that we will be bringing the Lincoln brand to the
burgeoning Chinese market.
Turning from our Automotive to Financial Services sector, we expect Ford Credit to generate 2013 pre-tax profit about
equal to 2012, with managed receivables at year-end 2013 in the range of $95 billion to $105 billion, managed leverage
continuing in the range of 8:1 to 9:1, and planned distributions of about $200 million.
Overall, we expect 2013 to be another strong year for Ford Motor Company, as we continue to work toward our mid-
decade outlook. We have made tremendous progress in recent years by executing the fundamentals of our One Ford
plan, and there are significant benefits ahead as we leverage our global assets, and also benefit more fully from the
investments we are making today for future profitable growth. Our One Ford plan will continue to be our guide as we
address head-on the diverse challenges and opportunities for our industry and our business worldwide.
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