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Ford Motor Company's Value Enhancement Plan

Harvard Business School Case N9-201-079

Copyright 2001 by the President and Fellows of Harvard College


This case was prepared as the basis for class discussion rather than to
illustrate either effective or ineffective handling of an administrative situation.

Price and Return Data for Exhibit 1


S&P
Auto Index
Ford
Date
Total Return Total Return Stock Price
12/31/1998
32.15
32.15
32.15
1/1/1999
32.15
32.15
32.15
1/4/1999
32.12
32.61
31.64
1/5/1999
32.56
33.60
32.60
1/6/1999
33.28
34.32
33.83
1/7/1999
33.22
34.21
33.86
1/8/1999
33.36
34.45
35.61
1/11/1999
33.07
34.84
35.34
1/12/1999
32.43
34.00
34.45
1/13/1999
32.30
33.13
33.62
1/14/1999
31.72
32.97
33.08
1/15/1999
32.53
34.00
33.97
1/18/1999
32.54
34.00
33.97
1/19/1999
32.77
34.81
35.03
1/20/1999
32.89
35.28
35.44
1/21/1999
32.33
35.63
34.00
1/22/1999
32.07
35.16
33.35
1/25/1999
32.30
34.86
33.42
1/26/1999
32.78
35.68
33.86
1/27/1999
32.55
35.71
33.04
1/28/1999
33.13
35.59
34.24
1/29/1999
33.50
35.58
33.66
2/1/1999
33.33
36.01
33.28
2/2/1999
33.04
35.47
32.32
2/3/1999
33.31
35.45
33.08
2/4/1999
32.69
34.63
31.67
2/5/1999
32.46
34.48
31.36
2/8/1999
32.57
34.51
32.15
2/9/1999
31.85
33.57
31.50
2/10/1999
32.05
33.73
32.22
2/11/1999
32.85
34.00
32.94
2/12/1999
32.22
33.69
31.71
2/15/1999
32.23
33.69
31.71
2/16/1999
32.53
33.39
31.47
2/17/1999
32.07
33.05
32.39
2/18/1999
32.42
33.78
32.91
2/19/1999
32.47
33.35
32.22
2/22/1999
33.33
34.15
33.11
2/23/1999
33.31
33.79
32.46
2/24/1999
32.85
34.45
32.60
2/25/1999
32.63
33.64
32.63
2/26/1999
32.45
33.45
32.49
3/1/1999
32.40
33.06
31.98
3/2/1999
32.12
32.68
31.30
3/3/1999
32.18
32.20
31.13
3/4/1999
32.68
32.73
31.98
3/5/1999
33.44
33.99
32.94
3/8/1999
33.63
33.75
32.91

3/9/1999
3/10/1999
3/11/1999
3/12/1999
3/15/1999
3/16/1999
3/17/1999
3/18/1999
3/19/1999
3/22/1999
3/23/1999
3/24/1999
3/25/1999
3/26/1999
3/29/1999
3/30/1999
3/31/1999
4/1/1999
4/2/1999
4/5/1999
4/6/1999
4/7/1999
4/8/1999
4/9/1999
4/12/1999
4/13/1999
4/14/1999
4/15/1999
4/16/1999
4/19/1999
4/20/1999
4/21/1999
4/22/1999
4/23/1999
4/26/1999
4/27/1999
4/28/1999
4/29/1999
4/30/1999
5/3/1999
5/4/1999
5/5/1999
5/6/1999
5/7/1999
5/10/1999
5/11/1999
5/12/1999
5/13/1999
5/14/1999
5/17/1999
5/18/1999
5/19/1999

33.55
33.74
34.03
33.95
34.28
34.26
34.04
34.53
34.08
34.02
33.11
33.28
33.84
33.65
34.37
34.13
33.75
33.95
33.95
34.67
34.59
34.82
35.28
35.39
35.66
35.43
34.87
34.73
34.63
33.86
34.30
35.08
35.68
35.63
35.72
35.79
35.48
35.27
35.07
35.58
34.99
35.39
35.00
35.34
35.22
35.62
35.84
35.94
35.16
35.20
35.04
35.33

33.93
33.94
35.23
34.82
35.32
35.34
35.51
35.41
35.33
35.30
33.42
33.05
33.72
34.01
34.18
33.93
34.23
34.75
34.75
35.56
36.44
35.71
36.32
35.37
35.76
36.47
36.58
35.70
36.31
36.83
36.78
36.51
36.43
36.16
36.55
36.75
36.24
36.10
35.92
36.86
35.88
35.85
35.94
35.82
35.37
35.41
35.95
35.29
34.14
33.30
33.95
33.45

31.64
31.16
31.74
31.74
32.05
31.74
31.43
31.95
32.08
32.46
31.16
30.78
31.98
31.19
31.30
31.02
31.06
30.95
30.95
31.95
31.91
33.28
33.35
33.18
33.69
34.62
34.38
34.41
35.54
35.61
34.99
35.06
35.06
34.93
35.17
35.10
35.13
35.95
35.03
36.54
35.13
35.27
34.24
35.54
35.10
35.10
35.34
34.79
33.28
31.54
31.95
31.60

5/20/1999
5/21/1999
5/24/1999
5/25/1999
5/26/1999
5/27/1999
5/28/1999
5/31/1999
6/1/1999
6/2/1999
6/3/1999
6/4/1999
6/7/1999
6/8/1999
6/9/1999
6/10/1999
6/11/1999
6/14/1999
6/15/1999
6/16/1999
6/17/1999
6/18/1999
6/21/1999
6/22/1999
6/23/1999
6/24/1999
6/25/1999
6/28/1999
6/29/1999
6/30/1999
7/1/1999
7/2/1999
7/5/1999
7/6/1999
7/7/1999
7/8/1999
7/9/1999
7/12/1999
7/13/1999
7/14/1999
7/15/1999
7/16/1999
7/19/1999
7/20/1999
7/21/1999
7/22/1999
7/23/1999
7/26/1999
7/27/1999
7/28/1999
7/29/1999
7/30/1999

35.19
34.97
34.35
33.76
34.30
33.69
34.23
34.23
34.03
34.05
34.17
34.92
35.10
34.65
34.68
34.27
34.03
34.04
34.23
35.00
35.25
35.33
35.50
35.15
35.08
34.63
34.62
35.04
35.57
36.13
36.35
36.62
36.62
36.54
36.75
36.71
36.95
36.84
36.70
36.82
37.12
37.36
37.07
36.27
36.33
35.85
35.74
35.50
35.90
35.97
35.33
35.01

33.56
33.96
33.88
34.14
34.15
33.44
33.51
33.51
34.01
34.22
34.07
33.88
34.38
34.14
33.98
34.07
34.07
33.83
33.76
34.66
34.39
33.87
33.97
34.03
33.59
34.05
34.16
34.24
34.52
35.16
35.66
36.00
36.00
36.52
36.21
35.52
35.48
35.99
35.64
36.18
36.33
36.38
36.40
35.54
35.69
35.27
34.93
34.88
35.36
35.47
34.22
33.56

31.74
31.91
30.75
31.06
31.57
30.71
31.30
31.30
31.50
30.95
31.02
30.85
31.23
30.68
30.27
30.13
29.79
29.31
29.00
30.03
29.93
30.17
30.10
30.03
28.97
29.52
29.28
29.11
29.34
30.92
32.08
31.47
31.47
31.60
31.50
30.95
30.68
30.54
29.31
29.00
29.31
29.62
29.55
29.14
29.79
29.55
29.28
29.07
29.24
29.21
28.49
26.57

8/2/1999
8/3/1999
8/4/1999
8/5/1999
8/6/1999
8/9/1999
8/10/1999
8/11/1999
8/12/1999
8/13/1999
8/16/1999
8/17/1999
8/18/1999
8/19/1999
8/20/1999
8/23/1999
8/24/1999
8/25/1999
8/26/1999
8/27/1999
8/30/1999
8/31/1999
9/1/1999
9/2/1999
9/3/1999
9/6/1999
9/7/1999
9/8/1999
9/9/1999
9/10/1999
9/13/1999
9/14/1999
9/15/1999
9/16/1999
9/17/1999
9/20/1999
9/21/1999
9/22/1999
9/23/1999
9/24/1999
9/27/1999
9/28/1999
9/29/1999
9/30/1999
10/1/1999
10/4/1999
10/5/1999
10/6/1999
10/7/1999
10/8/1999
10/11/1999
10/12/1999

34.99
34.84
34.40
34.62
34.27
34.20
33.77
34.32
34.22
35.00
35.08
35.44
35.14
34.90
35.24
35.87
35.96
36.44
35.92
35.56
34.92
34.83
35.11
34.80
35.80
35.81
35.63
35.46
35.56
35.66
35.47
35.26
34.78
34.80
35.24
35.25
34.51
34.59
33.80
33.72
33.88
33.85
33.49
33.87
33.87
34.45
34.37
35.00
34.80
35.29
35.27
34.68

33.85
34.05
33.89
33.56
32.95
33.46
32.75
32.98
32.77
33.98
33.59
33.83
33.88
33.91
34.34
34.25
34.09
34.45
33.81
33.63
33.48
33.52
34.01
33.76
34.18
34.18
34.09
33.59
33.62
33.43
33.82
33.87
33.34
33.74
33.68
33.92
33.46
33.00
32.43
32.22
32.38
31.79
31.70
32.15
32.46
33.04
33.42
33.81
33.95
34.42
34.51
33.82

27.05
27.43
26.91
26.78
26.37
26.30
25.41
26.19
25.89
26.64
26.64
26.98
27.87
27.60
28.32
28.35
28.01
28.49
28.28
28.28
27.80
28.56
28.42
27.91
28.75
28.75
27.98
27.62
27.36
27.80
28.39
28.04
27.26
27.36
27.36
27.36
26.78
27.29
26.95
27.22
27.53
27.36
27.19
27.53
27.74
28.11
28.39
29.04
28.15
28.56
29.04
29.00

10/13/1999
10/14/1999
10/15/1999
10/18/1999
10/19/1999
10/20/1999
10/21/1999
10/22/1999
10/25/1999
10/26/1999
10/27/1999
10/28/1999
10/29/1999
11/1/1999
11/2/1999
11/3/1999
11/4/1999
11/5/1999
11/8/1999
11/9/1999
11/10/1999
11/11/1999
11/12/1999
11/15/1999
11/16/1999
11/17/1999
11/18/1999
11/19/1999
11/22/1999
11/23/1999
11/24/1999
11/25/1999
11/26/1999
11/29/1999
11/30/1999
12/1/1999
12/2/1999
12/3/1999
12/6/1999
12/7/1999
12/8/1999
12/9/1999
12/10/1999
12/13/1999
12/14/1999
12/15/1999
12/16/1999
12/17/1999
12/20/1999
12/21/1999
12/22/1999
12/23/1999

33.96
33.90
32.95
33.13
33.33
34.07
33.92
34.40
34.19
33.88
34.27
35.48
36.02
35.79
35.63
35.82
36.02
36.23
36.41
36.10
36.32
36.53
36.92
36.88
37.56
37.31
37.69
37.61
37.59
37.16
37.49
37.49
37.48
37.25
36.75
36.98
37.28
37.93
37.67
37.29
37.15
37.27
37.51
37.46
37.14
37.41
37.56
37.62
37.54
37.95
38.03
38.62

33.29
33.57
32.72
33.12
33.48
33.95
33.82
34.49
34.36
34.62
34.64
35.05
35.80
35.18
35.01
35.09
35.52
35.47
35.42
35.25
35.73
34.87
34.96
34.93
35.29
35.01
35.20
35.26
35.90
36.15
36.12
36.12
35.74
35.79
34.90
34.91
34.95
35.83
35.93
35.09
34.99
35.17
35.59
35.79
35.66
36.46
38.47
40.03
41.12
40.01
40.38
40.85

28.90
29.07
27.70
28.52
28.93
29.11
29.11
29.52
29.62
29.58
29.31
29.89
30.06
29.93
29.79
29.45
29.07
29.41
29.38
29.62
29.45
29.17
29.24
29.93
29.93
28.83
27.80
27.63
27.77
27.70
28.25
28.25
27.74
28.11
27.67
27.74
27.67
28.66
28.69
27.46
27.64
27.56
26.81
26.78
26.57
27.08
27.22
27.43
27.80
27.80
27.94
28.93

12/24/1999
12/27/1999
12/28/1999
12/29/1999
12/30/1999
12/31/1999
1/3/2000
1/4/2000
1/5/2000
1/6/2000
1/7/2000
1/10/2000
1/11/2000
1/12/2000
1/13/2000
1/14/2000
1/17/2000
1/18/2000
1/19/2000
1/20/2000
1/21/2000
1/24/2000
1/25/2000
1/26/2000
1/27/2000
1/28/2000
1/31/2000
2/1/2000
2/2/2000
2/3/2000
2/4/2000
2/7/2000
2/8/2000
2/9/2000
2/10/2000
2/11/2000
2/14/2000
2/15/2000
2/16/2000
2/17/2000
2/18/2000
2/21/2000
2/22/2000
2/23/2000
2/24/2000
2/25/2000
2/28/2000
2/29/2000
3/1/2000
3/2/2000
3/3/2000
3/6/2000

38.62
38.59
38.60
38.76
38.79
38.91
38.54
37.07
37.14
37.18
38.19
38.62
38.11
37.95
38.41
38.82
38.83
38.56
38.58
38.31
38.20
37.15
37.37
37.22
37.07
36.06
36.97
37.36
37.36
37.78
37.77
37.77
38.23
37.44
37.58
36.79
36.87
37.19
36.81
36.83
35.71
35.71
35.87
36.10
35.91
35.38
35.77
36.26
36.60
36.67
37.40
36.93

40.85
39.60
41.52
41.59
41.74
42.12
42.19
40.53
40.68
38.95
40.04
40.94
39.84
40.26
40.50
41.80
41.80
40.98
39.82
40.36
40.76
40.39
39.10
39.62
40.66
39.66
40.14
41.41
40.30
40.37
41.06
41.03
40.64
40.44
40.04
39.01
39.00
38.42
38.03
38.57
38.05
38.05
37.47
37.59
37.75
38.31
38.85
38.42
38.00
37.65
38.04
37.69

28.93
28.69
28.87
28.97
29.34
29.21
28.69
27.74
27.84
27.87
29.93
29.38
28.59
29.41
29.07
28.35
28.35
29.72
29.28
28.42
27.63
28.01
27.46
26.30
27.36
26.85
27.26
27.29
26.64
26.71
26.33
26.26
26.37
25.85
25.75
25.27
25.78
25.41
25.37
25.13
23.76
23.76
24.14
23.56
23.28
23.52
23.39
22.80
23.01
22.67
23.39
22.98

3/7/2000
3/8/2000
3/9/2000
3/10/2000
3/13/2000
3/14/2000
3/15/2000
3/16/2000
3/17/2000
3/20/2000
3/21/2000
3/22/2000
3/23/2000
3/24/2000
3/27/2000
3/28/2000
3/29/2000
3/30/2000
3/31/2000
4/3/2000
4/4/2000
4/5/2000
4/6/2000
4/7/2000
4/10/2000
4/11/2000
4/12/2000
4/13/2000
4/14/2000
4/17/2000
4/18/2000
4/19/2000
4/20/2000
4/21/2000
4/24/2000
4/25/2000
4/26/2000
4/27/2000
4/28/2000
5/1/2000
5/2/2000
5/3/2000
5/4/2000
5/5/2000
5/8/2000
5/9/2000
5/10/2000
5/11/2000
5/12/2000
5/15/2000
5/16/2000
5/17/2000

35.98
36.28
37.21
37.03
36.73
36.08
36.96
38.73
38.89
38.68
39.67
39.85
40.56
40.57
40.47
40.05
40.07
39.52
39.81
40.01
39.71
39.52
39.89
40.29
39.98
39.87
38.99
38.28
36.05
37.25
38.32
37.94
38.13
38.13
38.01
39.28
38.84
38.95
38.62
39.04
38.46
37.63
37.48
38.10
37.88
37.56
36.79
37.45
37.80
38.63
39.00
38.52

37.70
38.43
39.08
39.59
39.46
39.40
40.08
42.15
41.28
40.97
41.32
41.11
42.52
42.62
43.39
43.29
43.14
42.93
44.02
44.86
44.27
44.12
43.39
43.18
44.51
44.66
44.84
45.23
43.19
44.05
45.31
44.96
45.04
45.04
44.86
45.79
45.00
45.12
44.57
45.23
45.15
43.73
43.63
43.61
43.15
43.42
42.23
41.97
42.35
42.13
42.34
41.19

22.53
23.32
22.80
22.50
23.32
22.05
24.14
24.00
24.45
23.97
25.10
24.07
24.38
24.45
24.21
24.38
24.55
25.54
25.17
25.75
26.88
27.02
27.36
26.50
27.98
28.45
29.38
29.82
28.15
31.26
30.27
30.13
30.20
30.20
30.30
30.13
30.13
30.20
30.00
29.62
29.17
28.93
28.83
28.97
29.34
29.07
28.63
29.00
29.24
28.69
29.14
28.69

5/18/2000
5/19/2000
5/22/2000
5/23/2000
5/24/2000
5/25/2000
5/26/2000
5/29/2000
5/30/2000
5/31/2000
6/1/2000
6/2/2000
6/5/2000
6/6/2000
6/7/2000
6/8/2000
6/9/2000
6/12/2000
6/13/2000
6/14/2000
6/15/2000
6/16/2000
6/19/2000
6/20/2000
6/21/2000
6/22/2000
6/23/2000
6/26/2000
6/27/2000
6/28/2000
6/29/2000
6/30/2000
7/3/2000
7/4/2000
7/5/2000
7/6/2000
7/7/2000
7/10/2000
7/11/2000
7/12/2000
7/13/2000
7/14/2000
7/17/2000
7/18/2000
7/19/2000
7/20/2000
7/21/2000
7/24/2000
7/25/2000
7/26/2000
7/27/2000
7/28/2000

38.24
37.43
37.27
36.56
37.23
36.76
36.67
36.67
37.86
37.81
38.56
39.32
39.07
38.81
39.17
38.91
38.79
38.50
39.13
39.16
39.38
39.00
39.57
39.31
39.39
38.68
38.39
38.76
38.64
38.75
38.42
38.75
39.15
39.15
38.53
38.81
39.41
39.32
39.46
39.79
39.87
40.24
40.26
39.81
39.50
39.87
39.46
39.04
39.31
38.72
38.65
37.86

43.11
42.41
39.71
39.64
39.76
39.18
38.71
38.71
39.29
38.20
38.32
38.31
39.32
38.98
39.55
39.02
38.74
38.90
38.15
36.88
35.95
35.28
36.17
36.11
36.30
35.68
35.90
35.39
35.84
36.25
36.36
35.99
35.65
35.65
35.54
35.78
35.83
37.13
37.05
37.23
36.42
36.33
35.56
35.05
35.08
34.85
34.68
34.30
34.49
34.52
34.06
33.82

29.38
29.28
28.08
28.15
28.45
27.77
26.40
26.40
26.88
26.61
27.12
26.50
27.87
27.39
27.08
26.85
27.19
27.36
27.36
26.43
25.20
24.65
24.41
23.46
23.93
23.93
24.35
23.49
23.49
23.93
24.73
24.59
25.13
25.13
25.59
26.48
26.45
26.73
27.27
27.56
27.56
27.16
26.52
26.91
27.20
27.09
27.09
26.66
27.06
26.73
26.81
26.38

Exhibit 3. Ford Shares Outstanding (Adjusted for stock splits)

Year

1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999

Total Shares Common Shares A Shares


Outstanding
(Voting)
(Held by Ford
Foundation,
Non voting)
1,215,308,138
256,629,510
812,975,378
1,225,925,325
270,078,323
812,975,378
1,232,141,468
277,571,340
812,975,378
1,234,384,088
371,137,298
721,659,128
1,235,626,830
376,066,170
717,981,660
1,237,900,478
467,862,728
628,470,788
1,241,012,880
530,671,793
568,778,288
1,244,410,335
581,380,729
522,405,281
1,247,509,148
588,804,210
520,692,255
1,250,714,430
674,903,081
437,812,504
1,236,529,924
712,698,221
385,839,608
1,233,429,671
733,178,790
363,052,755
1,232,027,505
760,368,578
334,681,459
1,229,813,168
790,385,501
302,459,231
1,227,018,803
818,028,146
272,105,348
1,172,092,826
846,098,708
189,462,195
1,132,758,619
876,225,566
120,372,739
1,115,889,941
904,308,480
75,480,334
1,052,884,496
916,878,803
1,060,925,006
925,261,121
1,063,522,631
928,122,131
1,069,687,422
937,929,591
1,079,343,765
950,151,546
1,084,753,620
959,332,149
1,091,700,000
966,600,000
1,085,400,000
971,100,000
1,085,400,000
980,100,000
1,098,000,000
1,009,200,000
1,095,000,000
1,011,600,000
1,116,600,000
1,033,800,000
1,073,600,000
996,400,000
1,015,000,000
939,600,000
982,000,000
907,600,000
945,600,000
874,800,000
946,200,000
875,400,000
966,000,000
896,000,000
978,000,000
908,000,000
998,000,000
928,000,000
1,023,000,000
952,000,000
1,160,000,000
1,089,000,000
1,189,000,000
1,118,000,000
1,203,000,000
1,132,000,000
1,222,000,000
1,151,000,000
1,222,000,000
1,151,000,000

B Shares
(Held by Ford
Family, Super
voting)
145,703,250
142,871,625
141,594,750
141,587,663
141,579,000
141,566,963
141,562,800
140,624,325
138,012,683
137,998,845
137,992,095
137,198,126
136,977,469
136,968,435
136,885,309
136,531,924
136,160,314
136,101,128
136,005,694
135,663,885
135,400,500
131,757,831
129,192,219
125,421,471
125,100,000
114,300,000
105,300,000
88,800,000
83,400,000
82,800,000
77,200,000
75,400,000
74,400,000
70,800,000
70,800,000
70,000,000
70,000,000
70,000,000
71,000,000
71,000,000
71,000,000
71,000,000
71,000,000
71,000,000

Common Shares
Owned by Ford
Family Board
Members
23
1,625,625
2,822,445
1,650,353
1,440,855
839,745
1,709,550
1,215,596
3,033,641
2,888,010
2,932,706
2,964,150
1,579,804
1,557,709
1,565,235
918,956
950,456
883,496
927,990
968,096
904,500
738,324
968,652
747,351
400,707
492,120
522,054
288,426
424,302
470,796
482,072
238,114
695,870
733,230
646,672
855,296
646,672
1,080,282
560,590
1,262,366
1,908,274
1,987,399
2,127,601
2,317,054

Sources: Ford Motor Company annual reports and proxy statements; historical archives maintained by

Elizabeth Adkins and James Sharon, Dearborn, Michigan; company investor relations

Exhibit 6. Miscellaneous Ford financial information, 1986-1999 (consolidated, as of December 31, figures in $ millions
1998a
1999
1997
1996
1995
1994
Selected Income Statement Items
Total revenues
Automotive revenues
Gross profit
Depreciation & amortization
Operating profit
Pretax income
Income taxes
Net income

162,558
136,973
33,855
15,193
18,662
11,026
3,670
7,237

144,416
119,083
32,291
14,329
17,962
25,395
3,176
6,116

153,627
122,935
33,997
13,583
20,414
10,939
3,741
6,920

146,991
118,023
29,055
12,791
16,264
6,793
2,166
4,446

137,137
110,496
27,824
11,719
16,105
6,705
2,379
4,139

128,439
107,137
25,408
9,336
16,072
8,789
3,329
5,308

Selected Cash Flow Items


Capital expenditures
Net common equity issued
Cash dividends

10,274
(371)
2,290

10,407
(932)
5,348

9,675
295
2,020

10,410
192
1,800

10,456
(1,274)
1,559

9,470
715
1,205

Selected Balance Sheet Items


Cash and marketable securities
Net PPE
Automotive assets
Financial Services assets
Automotive L.T. debt
Financial Services L.T. debt
Shareholders equity

25,173
42,317
105,181
171,048
10,542
67,517
27,537

24,956
37,320
88,744
148,801
8,713
55,468
23,409

22,453
34,594
85,079
194,018
7,047
73,198
30,734

19,103
33,527
79,658
183,209
6,495
70,641
26,762

15,096
31,273
72,772
170,511
5,475
68,259
24,547

13,822
27,048
68,639
150,983
7,103
58,104
21,659

64,379

70,867

57,709

37,876

33,084

28,165

5.86
1.88

4.86
1.72

5.62
1.65

3.64
1.47

3.33
1.23

4.44
0.91

Equity market capitalization


EPS (fully diluted)
Dividends per share

Sources Company SEC filings and casewriter adjustments.


a
1998 profits exclude a $15,955 million non-cash gain related to the spinoff to shareholders of Associates First Capital; 1998 d
with the Associates First Capital spinoff.

ecember 31, figures in $ millions except per share items).


1993
1992
1991
1990
1989

108,521
91,568
18,228
7,468
10,760
4,003
1,350
2,529

100,132
84,407
13,877
6,756
7,121
(127)
295
(502)b

88,286
72,051
11,762
5,778
5,984
(2,587)
(395)
(2,258)

97,650
81,844
15,420
4,880
10,540
1,495
530
860

6,814
394
1,086

5,790
1,325
977

5,847
927

7,163
1,389

12,307
23,059
61,737
137,201
7,084
47,900
15,574

12,217
22,160
57,170
123,375
7,068
42,369
14,753

12,928
22,522
52,397
122,032
6,539
43,680
22,690

31,788

20,706

2.10
0.80

(7.81)
0.80

96,146
82,879
18,209
4,229
13,980
6,030
2,113
3,835

1988

1987

1986

92,446
82,193
17,240
3,792
13,448
8,343
2,999
5,300

79,893
71,797
12,650
3,460
9,190
7,885
3,226
4,625

69,694
62,868
10,138
3,152
6,986
5,620
2,324
3,285

6,767
(895)
1,404

4,782
(816)
1,114

3,612
(1,342)
805

3,353
(700)
591

8,247
22,208
50,824
122,839
4,553
40,779
23,238

7,102
18,605
45,819
115,074
1,137
37,784
22,728

10,477
15,992
43,128
100,239
1,336
30,777
21,529

10,684
14,034
39,734
76,260
2,058
26,009
18,493

9,769
13,201
34,021
59,211
2,467
19,128
14,860

13,416

12,439

20,367

24,483

18,884

8,527

(2.40)
0.98

0.92
1.50

4.06
1.50

5.40
1.15

4.46
0.79

3.03
0.56

of Associates First Capital; 1998 dividends include a special $3.2 billion dividend paid in conjunction .

Exhibit 7. Ford Motor Company condensed statement of Changes in Cash and Marketable Securities, 1986-1999 (cons
1998b
1999
1997
1996
Net income
Depreciation and amortization
Decrease (increase) in net working capitalc
Operating Cash Flow
Capital expenditures
Increase (decrease) in Financial Services
receivablesd
Net other investments
Investing Cash Flow
Net common equity Issued
Cash dividends
Net increase (decrease) in debt
Financing activities, other
Financing Cash Flow
Net Change in Cash and Marketable
Securities = Operating + Investing +
Financing Cash Flows

7,237
15,193
5,856
28,286

6,116
14,329
8,348
28,793

6,920
13,583
9,723
30,226

4,446
12,791
6,999
24,236

(10,274)
(23,645)

(10,407)
(21,088)

(9,675)
(25,735)

(10,410)
(22,174)

(6,363)
(40,282)

(801)
(32,296)

(666)
(36,076)

777
(31,807)

(371)
(2,290)
16,369
(1,495)
12,213

(932)
(5,348)
13,920
(1,634)
6,006

295
(2,020)
10,920
5
9,200

192
(1,800)
12,196
990
11,578

2,503

3,350

4,007

217

Sources: Company SEC filings and casewriter adjustments.


The accounting rules for marketable securities are somewhat complex. Depending on the type of security, and the purpose of
Investing Cash Flow. Changes to the account balances will, again, depending on the type and purpose of the security, flow thro
equity. Because Ford treats marketable securities similar to cash (and most of the balance is treated as operational flows), this
this view, the purchase (sale) of, and changes in, marketable securities are included in the Operating Cash Flow statement, exc
b
1998 profits exclude a $15,995 million non-cash gain related to the spinoff to shareholders of Associates First Capital.
c
The net change in current assets minus current liabilities. This includes adjustments for the effects of foreign currency exchang
d
The account, Financial Services receivables, represents primarily the value of the outstanding loans and leases on the vehicle
a

table Securities, 1986-1999 (consolidated, figures in $ millions) a.


1995
1994
1993
1992
1991

1990

1989

1988

1987

4,139
11,719
4,446
20,304

5,308
9,336
6,065
20,709

2,529
7,468
2,606
12,603

-502
6,756
5,730
11,984

-2,258
5,778
7,874
11,394

860
4,880
1,426
7,166

3,835
4,229
-207
7,857

5,300
3,792
761
9,853

4,625
3,460
6,003
14,088

(10,456)
(25,689)

(9,470)
(27,337)

(6,814)
(19,001)

(5,790)
(6,656)

(5,847)
(239)

(7,163)
(6,620)

(6,767)
2,012

(4,782)
(13,368)

(3,612)
(15,561)

638
(35,507)

41
(36,766)

2,358
(23,457)

(365)
(12,811)

(2,097)
(8,183)

(13)
(13,796)

(4,516)
(9,270)

(145)
(18,295)

(4,549)
(23,722)

(1,274)
(1,559)
18,785
525
16,477

715
(1,205)
17,399
663
17,572

394
(1,086)
14,384
(2,748)
10,944

1,325
(977)
2,841
(3,073)
116

0
(927)
2,424
(27)
1,470

0
(1,389)
9,280
(116)
7,775

(895)
(1,404)
3,029
(2,691)
(1,960)

(816)
(1,114)
12,118
(1,953)
8,236

(1,342)
(805)
12,044
652
10,549

1,274

1,515

4,681

1,145

(3,375)

(207)

90

(711)

915

ype of security, and the purpose of the purchase, a purchase (or sale) will flow through either Operating or t
nd purpose of the security, flow through either the income statement, or a separate component of stockholders
s treated as operational flows), this exhibit treats marketable securities as part of working capital. Consistent with
Operating Cash Flow statement, except for those explicitly listed in the SEC filings under Investing Cash Flow.
of Associates First Capital.
effects of foreign currency exchange rate fluctuations.
ng loans and leases on the vehicle purchases (and leases) that the Financial Services division has financed. An increase in receivables sugg

1986
3,285
3,152
5,648
12,085
(3,353)
(12,216)
(907)
(16,476)
(700)
(591)
9,353
(492)
7,570

3,179

ced. An increase in receivables suggests that the division has funded net new loans and leases.

Exhibit 8. Miscellaneous General Motors financial information (Consolidated, as of December 31, figures in $ Millions except per share it
1999
1998
1997
1996
1995
1994
1993
Selected Income Statement Items
Total Sales
176,558
155,445
178,174
164,013
168,829
154,951
138,220
Automotive sales
156,107
137,161
153,683
145,341
143,666
Gross Profit
30,904
24,988
31,954
26,238
28,779
25,497
20,266
Depreciation & Amortization
12,318
11,147
11,803
7,145
12,021
10,251
9,442
Operating Profit
18,586
13,841
20,151
19,093
16,758
15,246
10,824
Pretax Income
9,047
4,944
7,714
6,620
9,776
8,353
2,575
Income Taxes
3,118
1,636
1,069
1,723
2,844
2,695
110
Net Income
6,002
2,956
6,698
4,963
6,881
4,901
2,466
Selected Cash Flow Items
Capital Expenditures
Net Common Issuance
Cash Dividends

7,384
(1,865)
1,367

8,231
(2,746)
1,388

8,647
(3,751)
1,620

9,949
229
1,530

10,077
(1,176)
1,328

7,225
1,185
1,112

6,470
594
1,084

Selected Balance Sheet Items


Cash and Equivalents
Net PPE

12,140
38,523

10,276
37,176

22,984
34,567

22,262
37,504

16,643
37,740

16,076
34,780

17,962
34,225

274,730
125,561
149,169
129,697
7,415
20,644

246,688
114,594
132,094
114,871
7,118
15,052

221,767
115,761
109,319
93,027
5,491
17,506

216,965
110,247
98,578
85,300
5,192
23,418

217,123
91,162
94,470
83,324
5,968
23,346

198,599
88,065
84,555
73,730
6,082
13,274

188,201
81,009
79,352
70,441
6,218
6,048

45,024

46,874

42,127

42,182

39,815

31,777

39,516

9.18
2.00

4.18
2.00

8.62
2.00

6.02
1.60

7.21
1.10

5.15
0.80

2.13
0.80

Total Assetsa
Automotive Assets
Financial Services Assets
Total Debt
Automotive L.T. Debt
Shareholders Equity
Equity Market Cap.
EPS (fully diluted)
DPS
Sources: Company SEC filings.

Total assets can differ from the sum of Automotive and Financial assets due to eliminations and other adjustments.

s in $ Millions except per share items).


1992
1991
132,429

123,056

1990
124,705

1989
126,932

123,642
19,146
7,081
12,065
6,735
2,103
4,856

15,743
8,959
6,784
(3,333)
(713)
(23,498)

14,688
7,916
6,772
(5,892)
(900)
(4,453)

17,230
7,362
9,868
(2,217)
(231)
(1,986)

19,946
7,168
12,778
6,398
2,174
4,224

6,590
5,549
1,377

7,300
2,497
1,162

7,588
14
1,957

7,505
(1,482)
1,964

15,275
35,350

10,092
36,826

7,821
36,145

10,213
33,995

191,013
83,617
83,610
82,952
6,857
6,991

184,326
72,677
91,415
94,022
6,405
28,617

180,237
69,264
92,966
95,634
4,615
32,154

22,795

17,930

20,817

(38.28)
1.40

(7.97)
1.60

(4.09)
3.00

1988

1987
101,782

1986
102,813

14,578
6,112
2,569
3,491
(60)
3,551

13,615
6,594
1,431
2,644
(300)
2,945

7,057
422
1,668

11,712
(352)
1,663

10,181
31,931

7,744
32,040

7,315
30,376

173,297
64,598
89,852
93,425
4,255
36,633

164,063
60,420
84,445
88,130
4,243
35,672

168,102
58,860
98,527
85,797
3,949
33,225

146,222
46,708
90,781
80,604
4,007
30,678

25,590

25,589

19,056

20,932

6.33
3.00

7.17
2.50

5.03
2.50

4.11
2.50

5,627
(534)
1,658

Exhibit 9. Miscellaneous DaimlerChrylser financial information (Consolidated, as of December 31, figures in $ Millions except per share i
1999
Selected Income Statement Items
Total Sales
Gross Profit
Depreciation & Amortization.
Operating Profit
Pretax Income
Income Taxes
Net Income

1998

1997a

1996

1995

1994

1993

61,397
10,825
2,312
8,513
6,092
2,372
3,720

53,195
7,827
2,220
5,607
3,449
1,328
2,121

52,235
10,270
1,955
8,315
5,830
2,117
3,713

43,600
7,841
1,640
6,201
3,838
1,423
2,415

4,109
(1,047)
710

4,024
0
399

2,995
1,952
281

151,035
41,404
9,415
8,557
9,724
4,565
5,785

154,615
41,524
8,601
8,049
9,567
3,607
5,656

61,147
9,447
2,696
6,751
4,557
1,752
2,805

Selected Cash Flow Items


Capital Expenditures
Net Common Issuance
Cash Dividends

29,657
165
2,395

19,659
4,782
7,572

7,150
(2,130)
1,096

Selected Balance Sheet Items


Cash and Equivalents
Net PPE

9,163
64,129

21,998
51,852

7,848
22,540

7,752
18,829

8,125
16,161

8,371
14,482

5,095
12,774

Total Assetsb
Automotive Assets
Financial Services Assets
Automotive L.T. Debt
Financial Services L.T. Debt
Shareholders Equity

175,889
101,424
74,466
4,431
60,509
36,313

159,738
103,513
56,225
4,247
43,189
35,629

60,418
44,483
19,599
2,258
6,748
11,362

56,184
41,251
17,721
1,709
5,475
11,571

53,756
38,358
17,835
2,215
7,643
10,959

49,539
36,001
16,648
2,098
5,552
10,692

43,830
32,492
14,251
2,516
4,355
6,834

78,254

96,228

22,815

23,183

20,855

17,398

18,836

5.73
2.50

5.75
11.97

4.09
1.60

4.74
1.40

2.56
1.00

4.55
0.55

Equity Market Cap.


EPS (fully diluted)
DPS

5,429
(241)
963

(3.81)
0.33

Sources: Company SEC filings

In 1998, Chrysler Corporation merged with Daimler Benz to form DaimlerChrysler. Figures prior to 1998 are from Chrysler.

Total assets can differ from the sum of Automotive and Financial assets due to eliminations and other adjustments.

$ Millions except per share items).

from Chrysler.

1992

1991

1990

1989

1988

1987

1986

36,897
5,114
1,610
3,504
934
429
505

29,370
3,211
1,465
1,746
(810)
(272)
(538)

30,620
4,303
1,398
2,905
147
79
68

34,922
5,717
1,341
4,376
596
237
359

34,148
5,849
1,146
4,703
1,654
604
1,050

28,308
5,533
891
4,642
2,149
859
1,290

22,977
2,965
585
2,380
2,297
908
1,389

2,289
0
225

2,348
385
169

2,262
0
269

1,665
0
268

1,690
0
225

1,975
118
219

2,061
0
176

3,649
11,531

3,035
10,508

3,355
9,468

2,564
9,876

3,255
9,698

2,410
8,312

2,679
6,118

40,653
25,144
17,548
3,707
9,727
7,536

43,076
23,050
21,280
3,506
11,474
6,109

46,374
22,218
24,702
3,898
15,094
6,849

51,038
21,670
30,090
3,249
13,753
7,233

48,567
19,718
28,750
3,314
13,315
7,582

37,417
17,472
25,277
3,333
10,885
6,503

25,945
11,482
21,028
2,334
9,100
5,281

9,469

3,435

2,838

4,239

6,002

4,894

5,345

1.07
0.30

(1.64)
0.30

0.15
0.60

0.77
0.60

2.33
0.50

2.94
0.50

3.13
0.40