Ford 2013 Annual Report Download - page 25

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Ford Motor Company | 2013 Annual Report 23
Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
South America Segment. The charts below detail key metrics and the change in 2013 pre-tax results compared with
2012 by causal factor.
In South America we are continuing to execute our strategy of expanding our product line-up and progressively
replacing legacy products with global One Ford offerings.
As shown above, full-year wholesale volume and revenue both improved 8% compared with last year. Operating
margin was negative 0.3%, and the pre-tax loss was $34 million, both lower than positive results a year ago. The
decrease in pre-tax profit for 2013 compared with 2012 is more than explained by higher costs and unfavorable exchange,
offset partially by favorable market factors. The higher net pricing reflects partial recovery of the adverse effects of high
local inflation and weaker local currencies, along with pricing associated with our new products.
For more information visit www.annualreport.ford.com