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Ford Motor Company Annual Report 2005 26 Ford Motor Company Annual Report 2005 27
Management’s Discussion and Analysis of Financial
Condition and Results of Operations
AUTOMOTIVE SECTOR RESULTS OF OPERATIONS
2005 Compared with 2004
Details by Automotive business unit of Income/(loss) before income taxes are shown below (in millions):
Income/(Loss) Before
Income Taxes
2005 2004
2005
Over/
(Under)
2004
The Americas
— Ford North America................................................................................................................................
...........................
$ (2,500) $ 684 $ (3,184)
— Ford South America................................................................................................................................
...........................
389 140 249
Total The Americas ................................................................................................................................
...............................
(2,111) 824 (2,935)
Ford Europe and PAG
— Ford Europe ................................................................................................................................................................
.......
(381) 65 (446)
— PAG ................................................................................................................................................................
...................
(1,645) (850) (795)
Total Ford Europe and PAG ................................................................................................................................
..................
(2,026) (785) (1,241)
Ford Asia Pacific and Africa/Mazda
— Ford Asia Pacific and Africa................................................................................................................................
..............
42 (36) 78
— Mazda and Associated Operations ................................................................................................................................
.....
255 118 137
Total Ford Asia Pacific and Africa/Mazda................................................................................................
.............................
297 82 215
Other Automotive ................................................................................................................................................................
.
(55) (276) 221
Total Automotive sector ................................................................................................................................
.....................
$ (3,895) $ (155) $ (3,740)
Details of Automotive sector sales and vehicle unit sales by Automotive business unit for 2005 and 2004 are shown below:
Sales
(in billions)
Vehicle Unit Sales (a)
(in thousands)
2005 2004
2005
Over/(Under)
2004 2005 2004
2005
Over/(Under)
2004
The Americas
— Ford North America................................................................
..............................
$ 80.6 $ 83.0 $ (2.4) (3)% 3,443 3,623 (180) (5)%
— Ford South America ................................................................
..............................
4.3 3.0 1.3 43 336 292 44 15
Total The Americas................................................................
...........................
84.9 86.0 (1.1) (1) 3,779 3,915 (136) (3)
Ford Europe and PAG
— Ford Europe ................................................................................................
..........
30.0 26.5 3.5 13 1,785 1,705 80 5
— PAG ................................................................................................
......................
30.3 27.6 2.7 10 757 771 (14) (2)
Total Ford Europe and PAG................................................................
..............
60.3 54.1 6.2 11 2,542 2,476 66 3
Ford Asia Pacific and Africa/Mazda
— Ford Asia Pacific and Africa (b) ................................................................
...........
7.7 7.0 0.7 10 465 407 58 14
— Mazda and Associated Operations (c)................................................................
...
0.6 —0.6 — 32 —32 —
Total Ford Asia Pacific and Africa/Mazda................................
........................
8.3 7.0 1.3 19 497 407 90 22
Total Automotive sector ................................................................
.............
$ 153.5 $ 147.1 $ 6.4 4 6,818 6,798 20 —
__________
(a) Vehicle unit sales generally are reported on a where-sold basis, and include sales of all Ford-badged units and units manufactured by Ford and sold to other
manufacturers, as well as units distributed for other manufacturers. Vehicles sold to daily rental car companies that are returned to us pursuant to a guaranteed
repurchase option and vehicles used in our own fleet (including management evaluation vehicles) are included in vehicle unit sales at the time they are disposed
of by us through used car channels. 2005 vehicle unit sales include about 50,000 units transferred to Hertz which were still being used in Hertz operations as of
the date we sold Hertz; "sales" above does not include revenue from these units.
(b) Included in vehicle unit sales of Ford Asia Pacific and Africa are Ford-badged vehicles sold in China and Malaysia by certain unconsolidated affiliates totaling
about 87,000 and 66,000 units in 2005 and 2004, respectively. "Sales" above does not include revenue from these units.
(c) Reflects sales of Mazda6 by our consolidated subsidiary, AutoAlliance International, Inc. ("AAI"), beginning with the consolidation of AAI in the third quarter
of 2005. See Note 17 of the Notes to the Financial Statements.