Ford 2014 Annual Report Download - page 84
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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
Middle East & Africa
Middle East & Africa is expected to deliver a loss somewhat larger than 2014 as we invest for future growth.
Asia Pacific
In Asia Pacific, we expect wholesale volume, market share, and pre-tax profit to be higher than 2014 as we continue
to introduce new products and bring online new capacity.
Net Interest Expense
Automotive net interest expense is expected to be equal to or higher than 2014.
Ford Credit
Ford Credit continues to implement its growth plan and expects pre-tax profit to be equal to or higher than 2014. This
outlook reflects year-end managed receivables in the range of $123 billion to $128 billion, managed leverage to continue
in the range of 8:1 to 9:1, and distributions of about $250 million.
2015 Calendarization Effects
We expect the calendarization of our total Company pre-tax results, excluding special items, to be atypical in 2015.
Historically, the first half of the year is more profitable for us than the second half. In 2015, however, we expect the
reverse to be the case due primarily to the following factors:
• In North America, the all-new F-150 changeover and downtime at the Kansas City plant will affect first quarter
results. We also will incur costs and lost volume in the first half of the year related to our seven product launches
in 2015, including the Edge and Explorer. We expect to see the benefit of these launches in the second half of
2015.
• In Asia Pacific, we are leveraging our global product portfolio to introduce 18 new vehicles in 2015. This will result
in lower first half results as we continue to invest in four new plants that will bring new capacity online for the
second half of 2015.
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