Ford 2005 Annual Report Download - page 56

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Sector Statement of Income
Ford Motor Company and Subsidiaries
For the Years Ended December 31, 2005, 2004 and 2003
(in millions, except per share amounts)
2005 2004 2003
AUTOMOTIVE
Sales ........................................................................................................................................................................... $ 153,503 $ 147,128 $ 138,253
Costs and expenses
Cost of sales................................................................................................................................................................. 144,944 135,852 129,683
Selling, administrative and other expenses................................................................................................................. 12,768 11,453 10,126
Total costs and expenses......................................................................................................................................... 157,712 147,305 139,809
Operating income/(loss) ............................................................................................................................................ (4,209) (177) (1,556)
Interest expense ........................................................................................................................................................... 1,220 1,221 1,323
Interest income and other non-operating income/(expense), net................................................................................ 1,249 988 897
Equity in net income/(loss) of affiliated companies ................................................................................................... 285 255 74
Income/(loss) before income taxes — Automotive ................................................................................................. (3,895) (155) (1,908)
FINANCIAL SERVICES
Revenues..................................................................................................................................................................... 23,586 24,518 26,078
Costs and expenses
Interest expense ........................................................................................................................................................... 6,423 5,850 6,320
Depreciation ................................................................................................................................................................ 5,854 6,618 8,771
Operating and other expenses ..................................................................................................................................... 6,030 5,830 5,492
Provision for credit and insurance losses.................................................................................................................... 483 1,212 2,248
Total costs and expenses......................................................................................................................................... 18,790 19,510 22,831
Gain on sale of Hertz (Note 4) ................................................................................................................................... 1,095 — —
Income/(loss) before income taxes — Financial Services ........................................................................................ 5,891 5,008 3,247
TOTAL COMPANY
Income/(loss) before income taxes ........................................................................................................................... 1,996 4,853 1,339
Provision for/(benefit from) income taxes (Note 3) ................................................................................................... (512) 938 123
Income/(loss) before minority interests................................................................................................................... 2,508 3,915 1,216
Minority interests in net income/(loss) of subsidiaries............................................................................................... 280 282 314
Income/(loss) from continuing operations .............................................................................................................. 2,228 3,633 902
Income/(loss) from discontinued operations (Note 4) ................................................................................................ 47 (146) (143)
Income/(loss) before cumulative effects of changes in accounting principles..................................................... 2,275 3,487 759
Cumulative effects of changes in accounting principles (Note 27 and 17)................................................................ (251) — (264)
Net income/(loss)........................................................................................................................................................ $ 2,024 $ 3,487 $ 495
Average number of shares of Common and Class B stock outstanding..................................................................... 1,846 1,830 1,832
AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK (Note 18)
Basic income/(loss)
Income/(loss) from continuing operations................................................................................................................ $ 1.21 $ 1.99 $ 0.49
Income/(loss) from discontinued operations ............................................................................................................ 0.03 (0.08) (0.08)
Cumulative effects of changes in accounting principles .......................................................................................... (0.14) — (0.14)
Net income/(loss) ...................................................................................................................................................... $ 1.10 $ 1.91 $ 0.27
Diluted income/(loss)
Income/(loss) from continuing operations................................................................................................................ $ 1.14 $ 1.80 $ 0.49
Income/(loss) from discontinued operations ............................................................................................................ 0.02 (0.07) (0.08)
Cumulative effects of changes in accounting principles .......................................................................................... (0.11) — (0.14)
Net income/(loss) ...................................................................................................................................................... $ 1.05 $ 1.73 $ 0.27
Cash dividends........................................................................................................................................................... $ 0.40 $ 0.40 $ 0.40
The accompanying notes are part of the financial statements.
Ford Motor Company Annual Report 2005 54 Ford Motor Company Annual Report 2005 55