Ford 2014 Annual Report Download - page 85
Download and view the complete annual report
Please find page 85 of the 2014 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.-
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
-
189
-
190
-
191
-
192
-
193
-
194
-
195
-
196
-
197
-
198
-
199
-
200
 |
 |
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
2015 Planning Assumptions and Key Metrics
Based on the current economic environment, our planning assumptions and key metrics for 2015 include the
following:
2014 Full Year
Results
2015 Full Year
Plan
Planning Assumptions (Mils.)
Industry Volume (a) -- U.S. 16.8 17.0 - 17.5
-- Europe 20 14.6 14.8 - 15.3
-- China 24.0 24.5 - 26.5
Key Metrics
Automotive (Compared with 2014):
- Revenue (Bils.) $ 135.8 Higher
- Operating Margin (b) 3.9 % Higher
- Operating-Related Cash Flow (Bils.) (c) $ 3.6 Higher
Ford Credit (Compared with 2014):
- Pre-Tax Profit (Bils.) $ 1.9 Equal To or Higher
Total Company:
- Pre-Tax Profit (Bils.) (c) $ 6.3 $8.5 - $9.5
__________
(a) Based, in part, on estimated vehicle registrations; includes medium and heavy trucks.
(b) Automotive operating margin is defined as Automotive pre-tax results, excluding special items and Other Automotive, divided by Automotive
revenue.
(c) Excludes special items; reconciliation to GAAP for full-year 2014 provided in “Results of Operations” and “Liquidity and Capital Resources” above.
For 2015, we now expect U.S. industry volume to range from 17 million to 17.5 million units, Europe 20 markets to
range from 14.8 million to 15.3 million units, and China to range from 24.5 million to 26.5 million units.
For our financial metrics, we expect Automotive revenue, Automotive operating margin, and Automotive operating-
related cash flow to be higher than 2014. This includes capital spending of about $7.5 billion in 2015.
Ford Credit’s pre-tax profit is expected to be equal to or higher than 2014.
We expect our operating effective tax rate, which excludes the profits of our unconsolidated subsidiaries, to be about
equal to our 2014 rate of 35%, assuming extension of U.S. research credit legislation in the fourth quarter of 2015.
We expect total Company pre-tax profit, excluding special items, to range from $8.5 billion to $9.5 billion in 2015.
Overall, we expect very strong growth and substantially improved financial performance in 2015 driven by our
investments in new products and capacity.
• In North America, the all-new F-150 changeover and downtime at the Kansas City plant will affect first quarter
• In Asia Pacific, we are leveraging our global product portfolio to introduce 18 new vehicles in 2015. This will result
79