Ford 2013 Annual Report Download - page 32
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30 Ford Motor Company | 2013 Annual Report
Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
Europe Segment. The charts below detail key metrics and the change in 2012 pre-tax results compared with 2011 by
causal factor.
All four key metrics declined for 2012 compared with 2011. The decline in wholesales and revenue primarily reflected lower
industry sales and market share, and reductions in dealer stocks. Exchange was also a contributing factor adversely affecting
net revenue. The decline in 2012 pre-tax results compared with 2011 primarily reflected unfavorable market factors.