Ford 2004 Annual Report Download - page 61

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5 9
CONSOLIDATED STATEMENT OF CASH FLOWS
Ford Motor Company and Subsidiaries
For the Years Ended December 31, 2004, 2003 and 2002
(in millions)
We have revised the presentation of our 2003 and 2002 Consolidated Statement of Cash Flows to conform to our 2004
presentation. (See Note 1 of the Notes to the Financial Statements)
2004 2003 2002
Cash and cash equivalents at January 1 $ 23,208 $ 13,314 $ 8,437
Cash flows from operating activities before securities trading 18,822 15,126 18,128
Net sales/(purchases) of trading securities 5,692 2,154 (6,389)
Net cash flows from operating activities 24,514 17,280 11,739
Cash flows from investing activities
Capital expenditures (6,745) (7,736) (7,263)
Acquisitions of retail and other finance receivables and
operating leases (62,852) (59,503) (71,050)
Collections of retail and other finance receivables and
operating leases 50,670 44,476 47,260
Net acquisitions of daily rental vehicles (2,492) (1,505) (1,846)
Purchases of securities (8,470) (10,074) (4,055)
Sales and maturities of securities 8,414 9,382 3,924
Proceeds from sales of retail and other finance receivables
and operating leases 6,481 18,401 35,321
Proceeds from sale of businesses 537 1,702 257
Cash paid for acquisitions (30) - (289)
Cash recognized on initial consolidation of joint ventures - 256 -
Other (364) 1,599 893
Net cash (used in)/provided by investing activities (14,851) (3,002) 3,152
Cash flows from financing activities
Cash dividends (733) (733) (743)
Net sales/(purchases) of Common Stock (151) 9 287
Proceeds from mandatorily redeemable
convertible preferred securities - - 4,900
Preferred Stock – Series B redemption - - (177)
Changes in short-term debt 4,937 1,305 5,706
Proceeds from issuance of other debt 22,223 23,086 15,842
Principal payments on other debt (36,021) (28,780) (16,619)
Other (120) (82) (19,583)
Net cash (used in)/provided by financing activities (9,865) (5,195) (10,387)
Effect of exchange rate changes on cash 505 811 373
Net increase/(decrease) in cash and cash equivalents 303 9,894 4,877
Cash and cash equivalents at December 31 $ 23,511 $ 23,208 $ 13,314
The accompanying notes are part of the financial statements.