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Balance Sheet
Ford finished FY09 with $25.5 billion in automotive cash, up $23.8 billion from FY08. Ford’s net automotive debt in FY09 was $8.8 billion ($34.3 billion in automotive debt) versus $8.6 billion in FY08.
During 4Q09, Ford continued its balance sheet strengthening actions. The company issued $2.9 billion in a convertible debt offering and also reached an agreement with its revolving lenders to extend the maturities of $7.9 billion of debt commitments to 2013 from 2011.
Management anticipates that Ford will focus strongly in FY10 on reducing heavy long-term debt and narrowing a cash-flow edge held by its bailed-out U.S. rivals.
Cash Flow
Automotive operating-related cash flow was $3.1 billion during 4Q09. Automotive operating-related cash flow was ($300.0) million during FY09, an improvement of $19.2 billion from FY08.
Capital expenditure
During FY09, Ford’s capital expenditure was $4.5 billion. Ford expects capital spending to be in the range of $4.5 billion to $5.0 billion, as Ford continues to focus on its product plan. This planning assumption excludes Volvo and joint ventures that will be deconsolidated with the adoption of the new accounting standard effective January 1, 2010, related to the consolidation of variable interest entities.
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