Ford 2009 Annual Report Download - page 151

Notes to the Financial Statements
Ford Motor Company | 2009 Annual Report 149
NOTE 24. HELD-FOR-SALE OPERATIONS, DISCONTINUED OPERATIONS, OTHER DISPOSITIONS, AND
ACQUISITIONS (Continued)
Acquisitions
ACSA. In 2008, we acquired 72.4% of the shares of ACSA, a Romanian carmaker, from Romania's Authority for State
Assets Recovery ("AVAS") for $87 million. In 2009, we increased our ownership percentage to 97.1% and, to date, have
invested 250 million into Ford Romania towards the committed spend of 675 million over a four-year period as outlined in
the Sale and Purchase Agreement with the Romanian government. We plan to fulfill our outstanding investment obligation
of 425 million ($593 million) over the next three years and acquire the remaining minority shareholder's equity interest.
Based on the continuing significance of AVAS' control and participation in the operations of ACSA during the four-year
investment period, our investment is reflected in Equity in net assets of affiliated companies. We anticipate that we will
consolidate the operations upon the cessation of AVAS' control and participation in the operations.
Financial Services Sector
Held-for-Sale Operations
Held-for-Sale Finance Receivables. During the third quarter of 2009, Ford Credit reclassified to Assets of held-for-sale
operations $911 million of Ford Credit Australia held-for-investment finance receivables that it no longer had the intent to
hold for the foreseeable future or until maturity or payoff. A valuation allowance of $52 million was recorded in Financial
Services other income/(loss), net related to these assets. The receivables were sold on October 1, 2009.
Primus Leasing Company Limited ("Primus Thailand"). In March 2009, Ford Credit completed the sale of Primus
Thailand, its operation in Thailand that offered automotive retail and wholesale financing of Ford, Mazda and Volvo
vehicles. As a result of the sale, Ford Credit received $165 million in proceeds and recognized a de minimis pre-tax gain
in Financial Services other income/(loss), net.
The assets and liabilities of Primus Thailand classified as held for sale at December 31, 2008 are summarized as
follows (in millions):
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Discontinued Operations
Triad Financial Corporation ("Triad"). In 2005, Ford Credit completed the sale of Triad. Ford Credit received
additional proceeds pursuant to a contractual agreement entered into at the closing of the sale, causing Ford Credit to
recognize an after-tax gain of $2 million, $9 million and $6 million in 2009, 2008 and 2007, respectively, in Income/(Loss)
from discontinued operations.
The results of all discontinued Financial Services sector operations are as follows (in millions):
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