Ford 2011 Annual Report Download - page 20

Download and view the complete annual report

Please find page 20 of the 2011 Ford annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 188

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188

18 Ford Motor Company | 2011 Annual Report
1) Ford Motor Company
Executive Chairman Bill
Ford shakes hands with
UAW Vice President
Jimmy Settles during
the UAW-Ford National
Negotiations Opening
Day Ceremony. 2) U.S.
Ambassador to
Thailand, Kristie Kenney,
visits our new state-of-
the-art manufacturing
and environmental
facility in Thailand.
3) We are enhancing
the ownership
experience by listening
and responding to
customer feedback,
no charge software
upgrades are being
offered to existing
MyFord Touch owners.
1
23
STRONG BUSINESS
In 2011, we made great progress in strengthening our balance
sheet. We increased Automotive cash and paid down $6 billion
in Automotive debt. This included fully paying off $4.1 billion in
term loans. The company also announced the reinstatement of
the dividend, an important sign of our progress and confidence
in the future. In addition, we improved our investment rating and
the near-term should see a return to investment-grade status.
The UAW ratification of a new labor agreement further
improves Ford’s competitiveness in the U.S. By 2015, the
company plans to invest $16 billion in U.S. product development
and manufacturing operations. Full-time hourly UAW
employees received the highest average profit sharing of the
last decade, while salaried employees received bonuses.
Ford Motor Credit Company had another strong year in 2011,
reporting a pre-tax operating profit of $2.4 billion and providing
$3 billion in distributions to support Ford’s business. The
company also launched Lincoln Automotive Financial Services
for U.S. Lincoln customers. With strong business fundamentals,
FINANCE PLAN AND
IMPROVE BALANCE SHEET
Significantly paid down Automotive debt (Billions)
Year End
2009
Year End
2010
Year End
2011
$33.6
$19.1
$13.1
$20.5
Improved Automotive cash net of debt (Billions)
Cash $ 24.9 $ 20.5 $ 22.9
Debt (33.6) (19. 1) (13. 1)
Liquidity 25.6 27.9 32.4
Year End
2009
Year End
2010
Year End
2011
$(8.7)
$1.4 $9.8