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70 FORD MOTOR COMPANY
SECTOR STATEMENT OF CASH FLOWS
2003 2002 2001
Financial Financial Financial
Automotive Services Automotive Services Automotive Services
CASH AND CASH EQUIVALENTS AT JANUARY 1 $ 5,157 $ 7,064 $ 4,053 $ 3,131 $ 3,360 $ 1,416
Cash flows from operating activities
before securities trading (Note 17) 1,336 17,052 9,481 15,261 7,440 13,077
Net sales/(purchases) of trading securities 1,282 525 (6,206) (23) 1,143 120
Net cash flows from operating activities 2,618 17,577 3,275 15,238 8,583 13,197
Cash flows from investing activities
Capital expenditures (7,370) (379) (6,776) (502) (6,301) (651)
Acquisitions of receivables and lease
investments - (62,980) - (81,690) - (93,982)
Collections of receivables and lease
investments - 42,727 - 45,767 - 45,121
Net acquisitions of daily rental vehicles - (1,505) - (1,846) - (1,412)
Purchases of securities (8,925) (1,149) (3,446) (609) (12,489) (734)
Sales and maturities of securities 8,673 709 3,445 479 13,866 759
Proceeds from sales of receivables
and lease investments - 21,145 - 41,289 - 41,419
Proceeds from sale of businesses 77 204 257 - - -
Repayment of debt from discontinued
operations - 1,421 -- --
Net investing activity with Financial Services 3,708 - 1,053 - 186 -
Cash paid for acquisitions -- (289) - (1,998) (737)
Cash recognized on initial
consolidation of joint ventures 256 - -- --
Other 716 55 - 407 372 250
Net cash (used in)/provided by
investing activities (2,865) 248 (5,756) 3,295 (6,364) (9,967)
Cash flows from financing activities
Cash dividends (733) - (743) - (1,929) -
Net sales/(purchases) of Common Stock 9- 287 - (1,385) -
Proceeds from mandatorily redeemable
convertible preferred securities -- 4,900 - - -
Preferred Stock – Series B redemption -- (177) - - -
Changes in short-term debt (237) 1,542 (31) (14,140) 38 (18,344)
Proceeds from issuance of other debt 1,144 21,942 318 15,524 2,063 44,193
Principal payments on other debt (1,097) (27,683) (859) (15,760) (1,122) (26,193)
Net financing activity with Automotive - (3,708) - (1,053) - (186)
Other (15) (4) (23) 369 261 (185)
Net cash (used in)/provided by
financing activities (929) (7,911) 3,672 (15,060) (2,074) (715)
Effect of exchange rate changes on cash 260 551 37 336 (101) (151)
Net transactions with
Automotive/Financial Services 1,186 (1,186) (124) 124 649 (649)
Net increase/(decrease) in cash and
cash equivalents 270 9,279 1,104 3,933 693 1,715
CASH AND CASH EQUIVALENTS AT DECEMBER 31 $ 5,427 $ 16,343 $ 5,157 $ 7,064 $ 4,053 $ 3,131
The accompanying notes are part of the financial statements.
FORD MOTOR COMPANY AND SUBSIDIARIES
For the Years Ended December 31, 2003, 2002 and 2001
(in millions)
FIN33_72 3/22/04 5:06 PM Page 70