Ford 2003 Annual Report Download - page 73

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2003 ANNUAL REPORT 71
2003 2002 2001
CASH AND CASH EQUIVALENTS AT JANUARY 1 $ 12,221 $ 7,184 $ 4,776
Cash flows from operating activities before securities trading 18,388 24,742 20,517
Net sales/(purchases) of trading securities 1,807 (6,229) 1,263
Net cash flows from operating activities 20,195 18,513 21,780
Cash flows from investing activities
Capital expenditures (7,749) (7,278) (6,952)
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 (10,074) (4,055) (13,223)
Sales and maturities of securities 9,382 3,924 14,625
Proceeds from sales of receivables and lease investments 21,145 41,289 41,419
Proceeds from sale of businesses 281 257 -
Repayment of debt from discontinued operations 1,421 --
Cash paid for acquisitions -(289) (2,735)
Cash recognized on initial consolidation of joint ventures 256 - -
Other 771 407 622
Net cash (used in)/provided by investing activities (6,325) (3,514) (16,517)
Cash flows from investing activities
Cash dividends (733) (743) (1,929)
Net sales/(purchases) of Common Stock 9287 (1,385)
Proceeds from mandatorily redeemable convertible
preferred securities -4,900 -
Preferred Stock – Series B redemption -(177) -
Changes in short-term debt 1,305 (14,171) (18,306)
Proceeds from issuance of other debt 23,086 15,842 46,256
Principal payments on other debt (28,780) (16,619) (27,315)
Other (19) 346 76
Net cash (used in)/provided by financing activities (5,132) (10,335) (2,603)
Effect of exchange rate changes on cash 811 373 (252)
Net increase/(decrease) in cash and cash equivalents 9,549 5,037 2,408
CASH AND CASH EQUIVALENTS AT DECEMBER 31 $ 21,770 $ 12,221 $ 7,184
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)
CONSOLIDATED STATEMENT OF CASH FLOWS
FIN33_72 3/22/04 5:07 PM Page 71