RNS Number:6510N
Ford Motor Co
16 July 2003
Contact:
Media:
Marcey Evans
1.313.594.4410
mevans13@ford.com
Investment Community:
Anne Bork
1.313.323.8221
fordir@ford.com
Shareholder Inquiries:
1.800.555.5259 or
1.313.845.8540
stockinf@ford.com
IMMEDIATE RELEASE
FORD REPORTS 2nd QUARTER NET PROFIT OF $417 MILLION, ON TRACK FOR FULL YEAR
* Second quarter net income of $417 million, or 22 cents a share.
* Automotive cash, marketable securities, loaned securities and VEBA
assets of $28.7 billion - up $3.4 billion from year-end 2002.
* Achieved more than $1.9 billion* in automotive cost performance
improvement during first half of 2003 - more than triple the company's full
year target.
DEARBORN, Mich., July 16 - Ford Motor Company (NYSE: F) today reported net
income of $417 million, or 22 cents a share, for the second quarter of 2003.
This compares with net income of $570 million, or 29 cents a share, in the
second quarter of 2002.
Ford had pre-tax profits of $718 million during the second quarter of 2003,
compared with pre-tax profits of $1 billion in the second quarter of 2002.
During the first half of 2003, Ford had pre-tax profits of $2.1 billion,
compared with pre-tax profits of $1 billion during the same period a year ago.
Second quarter 2003 revenue declined to $40.7 billion from $42.2 billion in the
second quarter of 2002. Worldwide vehicle unit sales in the 2003 second quarter
were 1,717,000, down about 7 percent from 1,854,000 a year ago.
"Our second quarter financial performance and our achievements in the past 18
months since we announced our Revitalization Plan demonstrate that we are
delivering the results that are needed to keep the company solidly on track,"
said Bill Ford, chairman and CEO. "We remain committed to our product-led
Revitalization Plan, and we are moving ahead as promised with an exciting lineup
of new vehicles coming to market - the first of which is the new Ford F-150
pickup, arriving in dealerships very soon."
AUTOMOTIVE SECTOR
On a pre-tax basis, Ford's worldwide automotive sector reported a profit of $3
million during the second quarter of 2003, compared with earnings of $403
million a year ago.
Worldwide automotive revenue declined by $1 billion from $35.2 billion during
the second quarter of 2002 to $34.2 billion in the second quarter of 2003.
Automotive cash, marketable securities, loaned securities and Voluntary Employee
Beneficiary Association (VEBA) assets at June 30 rose to $28.7 billion, up from
$26.6 billion at the end of the first quarter, and up from $25.3 billion at the
end of 2002.
NORTH AMERICA AUTOMOTIVE
North America Automotive reported a profit of $445 million on a pre-tax basis,
compared with a pre-tax profit of $921 million in the second quarter of 2002.
The decline reflected lower production volume and lower net pricing, offset
partially by strong cost performance.
North America Automotive revenue in the second quarter of 2003 was $20.7
billion, down about 10 percent from $23.1 billion in the second quarter of 2002.
North America vehicle unit sales were down 12.5 percent in the second quarter of
2003 when compared with the second quarter of 2002.
INTERNATIONAL AUTOMOTIVE
The 2003 second-quarter pre-tax loss for International Automotive was $411
million, compared with a loss of $371 million during the second quarter of 2002.
Second-quarter 2003 revenue for International Automotive increased to $13.5
billion, compared with $11.8 billion during the second quarter last year.
Ford Europe: Ford Europe incurred a pre-tax loss of $525 million in the second
quarter of 2003, compared with a pre-tax loss of $18 million during the same
period a year ago. The decline in earnings is primarily explained by lower net
pricing, unfavorable mix, lower industry volume and dealer stock reductions,
offset partially by improved cost performance and market share. Ford Europe's
revenue in the second quarter rose 6 percent to $5.2 billion, compared with $4.9
billion during the second quarter of 2002.
Ford South America: The pre-tax loss for Ford South America narrowed to $69
million during the second quarter from a loss of $198 million during the second
quarter a year ago, primarily reflecting favorable exchange (largely the
non-recurrence of currency devaluation a year ago), improved net pricing and
market share. Revenue in South America was $435 million in the second quarter,
compared with $426 million in the second quarter of 2002.
Ford Asia-Pacific: During the second quarter of 2003, Ford Asia-Pacific incurred
a pre-tax loss of $28 million, compared with a pre-tax loss of $53 million in
the 2002 second quarter. The improvement reflected favorable net pricing and the
successful launch of the new Australian Falcon. Revenue rose to $1.4 billion,
compared with $1.0 billion during the second quarter of 2002.
Premier Automotive Group (PAG): PAG reported pre-tax earnings of $166 million in
the second quarter of 2003, compared with a pre-tax loss of $122 million during
the second quarter of 2002. PAG benefited from both cost and revenue
improvements, with growing market acceptance of the Volvo XC90 and the recently
introduced Jaguar XJ. Second-quarter revenue for PAG was $6.4 billion, up from
$5.5 billion a year ago.
FORD CREDIT
Ford Motor Credit Company reported net income of $401 million in the second
quarter of 2003, up $71 million from earnings of $330 million in the same period
a year earlier. On a pre-tax basis, Ford Credit earned $661 million in the
second quarter of 2003 compared with $519 million in the second quarter of
2002. The increase in earnings primarily reflects higher income related to
securitizations and a lower provision for credit losses, offset partially by the
impact of lower receivables.
HERTZ
Hertz reported pre-tax earnings of $57 million in the second quarter, compared
with $72 million during the same period a year ago. Strong cost performance was
more than offset by unfavorable pricing and lower volume.
OUTLOOK
"Once again, we have proven that we are committed to our financial milestones,"
said Allan Gilmour, vice chairman. "We continue to surpass our cost performance
targets, and we continue to strengthen the balance sheet. We are focused on
achieving our goals and are working through the significant challenges we face
during the second half of the year and 2004."
Ford expects a loss of about 15 cents a share in the third quarter of 2003. This
expectation reflects lower planned production volumes in the third quarter. The
company remains committed to its full year earnings guidance of 70 cents a
share. These guidance figures do not include adverse effects that are likely to
occur from the adoption in the third quarter of a new accounting standard
(Financial Interpretation 46), which requires consolidation of certain entities
that were previously unconsolidated.
Investors and media can hear a review of second quarter results by Allan
Gilmour, vice chairman and Don Leclair, newly appointed chief financial officer,
via conference call at 800-299-0148 (617-801-9711 for international dial-in) or
on the Internet at http://www.shareholder.ford.com. Supporting presentation
material will be available at the same Internet address. The presentation will
begin at 8:30 a.m. EDT, July 16.
Ford Motor Company, headquartered in Dearborn, Michigan, is the world's second
largest automaker, with approximately 335,000 employees in 200 markets on six
continents. Its automotive brands include Aston Martin, Ford, Jaguar, Land
Rover, Lincoln, Mazda, Mercury and Volvo. Its automotive-related services
include Ford Credit, Quality Care and Hertz. Ford Motor Company celebrated its
100th anniversary on June 16, 2003.
- # # # -
Statements included or incorporated by reference herein may constitute "forward
looking statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements involve a number of risks, uncertainties,
and other factors that could cause actual results to differ materially from
those stated, including, without limitation:
* greater price competition in the U.S. and Europe resulting from
currency fluctuations, industry overcapacity or other factors;
* a significant decline in industry sales, particularly in the U.S. or
Europe, resulting from slowing economic growth, geo-political events or other
factors;
* lower-than-anticipated market acceptance of new or existing products;
* work stoppages at key Ford or supplier facilities or other
interruptions of supplies;
* the discovery of defects in vehicles resulting in delays in new model
launches, recall campaigns or increased warranty costs;
* increased safety, emissions, fuel economy or other regulation
resulting in higher costs and/or sales restrictions;
* unusual or significant litigation or governmental investigations
arising out of alleged defects in our products or otherwise;
* worse-than-assumed economic and demographic experience for our
post-retirement benefit plans (e.g., investment returns, interest rates,
health care cost trends, benefit improvements);
* currency or commodity price fluctuations;
* a market shift from truck sales in the U.S.;
* economic difficulties in South America or Asia;
* reduced availability of or higher prices for fuel;
* labor or other constraints on our ability to restructure our
business;
* a change in our requirements under long-term supply arrangements
under which we are obligated to purchase minimum quantities or pay minimum
amounts;
* a further credit rating downgrade;
* inability to access debt or securitization markets around the world
at competitive rates or in sufficient amounts;
* higher-than-expected credit losses;
* lower-than-anticipated residual values for leased vehicles;
* increased price competition in the rental car industry and/or a
general decline in business or leisure travel due to terrorist attacks, act of
war or measures taken by governments in response thereto that negatively
affect the travel industry; and
* our inability to implement the Revitalization Plan.
*Reconciliation of Automotive Cost Performance To Cost Of Sales & Selling,
Administrative & Other Expense
2nd Qtr. 1st Half
(Bils.) (Bils.)
Total 2002 Cost and Expenses $(34.6) $(66.8)
2003 B/(W) 2002
- Volume, Mix and Exchange-Related Cost Changes $( 0.9) $( 2.7)
- Automotive Year-Over-Year Cost Performance $ 1.3 $ 1.9
B/(W) 2002 $ 0.4 $( 0.8)
Total 2003 Cost and Expenses $(34.2) $(67.6)
Ford Motor Company and Subsidiaries
SECTOR STATEMENT OF INCOME
For the Periods Ended June 30, 2003 and 2002
(in millions, except per share amounts)
Second Quarter First Half
-------------- -------------
2003 2002 2003 2002
----- ------- ------- -------
(unaudited) (unaudited)
AUTOMOTIVE
Sales $34,182 $35,197 $68,382 $67,368
Costs and expenses
Cost of sales 31,684 32,245 62,768 62,168
Selling, 2,472 2,365 4,785 4,673
administrative and
other expenses
---------- ---------- ---------- ----------
Total costs and 34,156 34,610 67,553 66,841
expenses
---------- ---------- ---------- ----------
Operating income/ 26 587 829 527
(loss)
Interest income 134 171 282 283
Interest expense 229 336 542 697
---------- ---------- ---------- ----------
Net interest income/ (95) (165) (260) (414)
(expense)
Equity in net income/ 72 (19) 93 (80)
(loss) of affiliated
companies
---------- ----------- ---------- -----------
Income/(loss) before 3 403 662 33
income taxes -
Automotive
FINANCIAL SERVICES
Revenues 6,488 7,010 13,176 14,300
Costs and expenses
Interest expense 1,598 1,885 3,242 3,873
Depreciation 2,277 2,540 4,844 5,101
Operating and other 1,219 1,214 2,425 2,652
expenses
Provision for credit 679 771 1,272 1,731
and insurance
losses
---------- ---------- ---------- ----------
Total costs and 5,773 6,410 11,783 13,357
expenses
---------- ---------- ---------- ----------
Income/(loss) before 715 600 1,393 943
income taxes -
Financial Services
---------- ---------- ---------- ----------
TOTAL COMPANY
Income/(loss) before 718 1,003 2,055 976
income taxes
Provision for/ 195 289 531 269
(benefit from) income
taxes
---------- ---------- ---------- ----------
Income/(loss) before 523 714 1,524 707
minority interests
Minority interests in 98 95 200 168
net income of
subsidiaries
---------- ---------- ---------- ----------
Income/(loss) from 425 619 1,324 539
continuing
operations
Income/(loss) from (3) (9) (6) (21)
discontinued/
held-for-sale
operations
Loss on disposal of (5) (40) (5) (40)
discontinued/
held-for-sale
operations
Cumulative effect of - - - (1,002)
change in accounting
principle
---------- ---------- ---------- -----------
Net income/(loss) $ 417 $ 570 $ 1,313 $ (524)
========== ========== ========== -----------
Income/(loss)
attributable to
Common and Class B
Stock
after Preferred Stock
dividends $ 417 $ 567 $ 1,313 $ (531)
Average number of
shares of Common and
Class B
Stock outstanding 1,832 1,813 1,832 1,810
AMOUNTS PER SHARE OF
COMMON AND CLASS B
STOCK
Basic income/(loss)
Income/(loss) from $ 0.23 $ 0.34 $ 0.72 $ 0.29
continuing
operations
Income/(loss) from - (0.01) - (0.01)
discontinued/
held-for-sale
operations
Loss on disposal of - (0.02) - (0.02)
discontinued/
held-for-sale
operations
Cumulative effect of - - - (0.55)
change in accounting
principle
---------- ----------- ---------- -----------
Net income/(loss) $ 0.23 $ 0.31 $ 0.72 $ (0.29)
Diluted income/(loss)
Income/(loss) from $ 0.22 $ 0.31 $ 0.67 $ 0.29
continuing
operations
Income/(loss) from - - - (0.01)
discontinued/
held-for-sale
operations
Loss on disposal of - (0.02) - (0.02)
discontinued/
held-for-sale
operations
Cumulative effect of - - - (0.55)
change in accounting
principle
---------- ----------- ---------- -----------
Net income/(loss) $ 0.22 $ 0.29 $ 0.67 $ (0.29)
Cash dividends $ 0.10 $ 0.10 $ 0.20 $ 0.20
Ford Motor Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
For the Periods Ended June 30, 2003 and 2002
(in millions, except per share amounts)
Second Quarter First Half
-------------- ----------
2003 2002 2003 2002
------- ------- ------- -------
(unaudited) (unaudited)
Sales and
revenues
Automotive sales $34,182 $35,197 $68,382 $67,368
Financial Services 6,488 7,010 13,176 14,300
revenue
--------- --------- --------- ---------
Total sales and 40,670 42,207 81,558 81,668
revenues
Automotive interest 134 171 282 283
income
Costs and
expenses
Cost of sales 31,684 32,245 62,768 62,168
Selling, 5,968 6,119 12,054 12,426
administrative and
other expenses
Interest expense 1,827 2,221 3,784 4,570
Provision for 679 771 1,272 1,731
credit and
insurance losses
--------- --------- --------- ---------
Total costs and 40,158 41,356 79,878 80,895
expenses
Automotive equity 72 (19) 93 (80)
in net income/
(loss) of
affiliated
companies
--------- ---------- --------- ----------
Income/(loss) 718 1,003 2,055 976
before income
taxes
Provision for/ 195 289 531 269
(benefit from)
income taxes
--------- --------- --------- ---------
Income/(loss) 523 714 1,524 707
before minority
interests
Minority interests 98 95 200 168
in net income/
(loss) of
subsidiaries
--------- --------- --------- ---------
Income/(loss) from 425 619 1,324 539
continuing
operations
Income/(loss) from (3) (9) (6) (21)
discontinued/
held-for-sale
operations
Loss on disposal of (5) (40) (5) (40)
discontinued/
held-for-sale
operations
Cumulative effect - - - (1,002)
of change in
accounting
principle
--------- --------- --------- ----------
Net income/(loss) $ 417 $ 570 $ 1,313 $ (524)
========= ========= ========= ----------
Income/(loss)
attributable to
Common and Class B
Stock
after Preferred $ 417 $ 567 $ 1,313 $ (531)
Stock dividends
Average number of
shares of Common
and Class B
Stock outstanding 1,832 1,813 1,832 1,810
AMOUNTS PER SHARE
OF COMMON AND CLASS
B STOCK
Basic income/(loss)
Income/(loss) from $ 0.23 $ 0.34 $ 0.72 $ 0.29
continuing
operations
Income/(loss) from - (0.01) - (0.01)
discontinued/
held-for-sale
operations
Loss on disposal of - (0.02) - (0.02)
discontinued/
held-for-sale
operations
Cumulative effect - - - (0.55)
of change in
accounting
principle
--------- ---------- --------- ----------
Net income/(loss) $ 0.23 $ 0.31 $ 0.72 $ (0.29)
Diluted income/
(loss)
Income/(loss) from $ 0.22 $ 0.31 $ 0.67 $ 0.29
continuing
operations
Income/(loss) from - - - (0.01)
discontinued/
held-for-sale
operations
Loss on disposal of - (0.02) - (0.02)
discontinued/
held-for-sale
operations
Cumulative effect - - - (0.55)
of change in
accounting
principle
--------- ---------- --------- ----------
Net income/(loss) $ 0.22 $ 0.29 $ 0.67 $ (0.29)
Cash dividends $ 0.10 $ 0.10 $ 0.20 $ 0.20
Ford Motor Company and Subsidiaries
SECTOR BALANCE SHEET
(in millions)
June 30, December 31,
2003 2002
-------- ---------
ASSETS (unaudited)
Automotive
Cash and cash equivalents $ 7,486 $ 5,180
Marketable securities 14,992 17,464
Loaned securities 4,647 -
---------- -----------
Total cash, marketable and loaned securities 27,125 22,644
Receivables 2,438 2,065
Inventories 8,448 6,980
Deferred income taxes 3,188 3,462
Other current assets 6,316 4,551
Current receivable from Financial Services 1,329 1,062
---------- -----------
Total current assets 48,844 40,764
Equity in net assets of affiliated companies 2,558 2,470
Net property 38,054 36,364
Deferred income taxes 12,112 11,694
Goodwill 5,094 4,805
Other intangible assets 830 812
Assets of discontinued/held-for-sale operations - 98
Other assets 11,240 10,783
---------- -----------
Total Automotive assets 118,732 107,790
Financial Services
Cash and cash equivalents 10,198 7,070
Investments in securities 692 807
Finance receivables, net 109,319 97,030
Net investment in operating leases 36,273 40,055
Retained interest in sold receivables 14,530 17,618
Goodwill 762 752
Other intangible assets 244 248
Assets of discontinued/held-for-sale operations - 2,406
Other assets 16,768 16,643
Receivable from Automotive 4,273 4,803
---------- -----------
Total Financial Services assets 193,059 187,432
---------- -----------
Total assets $311,791 $295,222
========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Automotive
Trade payables $ 15,885 $ 14,606
Other payables 3,326 2,485
Accrued liabilities 31,509 27,644
Debt payable within one year 479 557
---------- -----------
Total current liabilities 51,199 45,292
Long-term debt 14,001 13,607
Other liabilities 49,252 46,886
Deferred income taxes 177 303
Liabilities of discontinued/held-for-sale 27 138
operations
Payable to Financial Services 4,273 4,803
---------- -----------
Total Automotive liabilities 118,929 111,029
Financial Services
Payables 2,621 1,890
Debt 154,958 148,058
Deferred income taxes 11,623 11,644
Other liabilities and deferred income 8,578 9,448
Liabilities of discontinued/held-for-sale - 831
operations
Payable to Automotive 1,329 1,062
---------- -----------
Total Financial Services liabilities 179,109 172,933
Company-obligated mandatorily redeemable preferred
securities of subsidiary
trusts holding solely junior subordinated debentures 5,669 5,670
of the Company
Stockholders' equity
Capital stock
Common Stock, par value $0.01 per share (1,837 18 18
million shares issued)
Class B Stock, par value $0.01 per share (71 million 1 1
shares issued)
Capital in excess of par value of stock 5,396 5,420
Accumulated other comprehensive income/(loss) (5,065) (6,531)
Treasury stock (1,872) (1,977)
Earnings retained for use in business 9,606 8,659
---------- -----------
Total stockholders' equity 8,084 5,590
---------- -----------
Total liabilities and stockholders' equity $311,791 $295,222
========== ===========
Ford Motor Company and Subsidiaries
CONSOLIDATED BALANCE SHEET
(in millions)
June 30, December 31,
2003 2002
-------- ---------
(unaudited)
ASSETS
Cash and cash equivalents $ 17,684 $ 12,250
Marketable securities 15,684 18,271
Loaned securities 4,647 -
Receivables 2,438 2,065
Finance receivables, net 109,319 97,030
Net investment in operating leases 36,273 40,055
Retained interest in sold receivables 14,530 17,618
Inventories 8,448 6,980
Equity in net assets of affiliated companies 3,596 3,569
Net property 39,634 37,935
Deferred income taxes 15,320 15,213
Goodwill 5,856 5,557
Other intangible assets 1,074 1,060
Assets of discontinued/held-for-sale operations - 2,504
Other assets 31,686 29,250
----------- -----------
Total assets $306,189 $289,357
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Payables $ 21,832 $ 18,981
Accrued liabilities 29,117 25,088
Debt 169,438 162,222
Other liabilities and deferred income 57,547 56,276
Deferred income taxes 14,475 14,561
Liabilities of discontinued/held-for-sale 27 969
operations ----------- -----------
Total liabilities 292,436 278,097
Company-obligated mandatorily redeemable preferred
securities of subsidiary trusts holding solely
junior subordinated debentures of the Company 5,669 5,670
Stockholders' equity
Capital stock
Common Stock, par value $0.01 per share (1,837 18 18
million shares issued)
Class B Stock, par value $0.01 per share (71 million 1 1
shares issued)
Capital in excess of par value of stock 5,396 5,420
Accumulated other comprehensive income/(loss) (5,065) (6,531)
Treasury stock (1,872) (1,977)
Earnings retained for use in business 9,606 8,659
----------- -----------
Total stockholders' equity 8,084 5,590
----------- -----------
Total liabilities and stockholders' equity $306,189 $289,357
=========== ===========
Ford Motor Company and Subsidiaries
CONDENSED SECTOR STATEMENT OF CASH FLOWS
For the Periods Ended June 30, 2003 and 2002
(in millions)
First Half 2003 First Half 2002
--------------- ---------------
Financial Financial
Automotive Services Automotive Services
---------- --------- ---------- ---------
(unaudited) (unaudited)
Cash and cash $ 5,180 $ 7,070 $ 4,064 $ 3,133
equivalents at
January 1
Cash flows
from operating
activities
before
securities 5,748 8,444 8,096 8,082
trading
Net sales/ 10 (380) (3,766) (60)
(purchases) of
trading
securities
----------- ------------ ------------ ------------
Net cash flows 5,758 8,064 4,330 8,022
from operating
activities
Cash flows
from investing
activities
Capital (3,415) (118) (2,936) (300)
expenditures
Acquisitions - (28,962) - (44,454)
of receivables
and lease
investments
Collections of - 18,800 - 27,078
receivables
and lease
investments
Net - (1,545) - (1,896)
acquisitions
of daily
rental
vehicles
Purchases of (4,255) (319) (1,030) (320)
securities
Sales and 2,093 376 898 268
maturities of
securities
Proceeds from - 13,573 - 19,430
sales of
receivables
and lease
investments
Proceeds from 77 204 - -
sale of
businesses
Net investing 1,867 - 29 -
activity with
Financial
Services
Cash paid for - - (22) -
acquisitions
Other 489 (37) (45) 426
----------- ------------ ------------ -----------
Net cash (used (3,144) 1,972 (3,106) 232
in)/provided
by investing
activities
Cash flows
from financing
activities
Cash (366) - (369) -
dividends
Net sales/ (3) - 92 -
(purchases) of
Common Stock
Proceeds from
mandatorily
redeemable
convertible
preferred - - 4,900 -
securities
Changes in (119) (2,342) (91) (6,929)
short-term
debt
Proceeds from 825 7,720 265 12,359
issuance of
other debt
Principal (548) (12,395) (691) (13,965)
payments on
other debt
Repayment of - 1,421 - -
debt from
discontinued
operations
Net financing - (1,867) - (29)
activity with
Automotive
Other (5) 48 (14) 478
------------ ----------- ------------ -----------
Net cash (used (216) (7,415) 4,092 (8,086)
in)/provided
by financing
activities
Effect of 175 240 75 249
exchange rate
changes on
cash
Net (267) 267 (1,001) 1,001
transactions
with
Automotive/
Financial
Services
------------ ----------- ------------ -----------
Net increase/ 2,306 3,128 4,390 1,418
(decrease) in
cash and cash
equivalents
------------ ----------- ----------- -----------
Cash and cash $ 7,486 $ 10,198 $ 8,454 $ 4,551
equivalents at =========== =========== =========== ===========
June 30
Ford Motor Company and Subsidiaries
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the Periods Ended June 30, 2003 and 2002
(in millions)
First Half
2003 2002
------- -------
(unaudited)
Cash and cash equivalents at January 1 $ 12,250 $ 7,197
Cash flows from operating activities before
securities trading 14,192 16,178
Net sales/(purchases) of trading securities (370) (3,826)
------------ ------------
Net cash flows from operating activities 13,822 12,352
Cash flows from investing activities
Capital expenditures (3,533) (3,236)
Acquisitions of receivables and lease (28,962) (44,454)
investments
Collections of receivables and lease 18,800 27,078
investments
Net acquisitions of daily rental vehicles (1,545) (1,896)
Purchases of securities (4,574) (1,350)
Sales and maturities of securities 2,469 1,166
Proceeds from sales of receivables and lease 13,573 19,430
investments
Proceeds from sale of businesses 281 -
Cash paid for acquisitions - (22)
Other 452 381
----------- -----------
Net cash (used in)/provided by investing (3,039) (2,903)
activities
Cash flows from financing activities
Cash dividends (366) (369)
Net sales/(purchases) of Common Stock (3) 92
Proceeds from mandatorily redeemable
convertible
preferred securities - 4,900
Changes in short-term debt (2,461) (7,020)
Proceeds from issuance of other debt 8,545 12,624
Principal payments on other debt (12,943) (14,656)
Repayment of debt from discontinued 1,421 -
operations
Other 43 464
----------- -----------
Net cash (used in)/provided by financing (5,764) (3,965)
activities
Effect of exchange rate changes on cash 415 324
----------- -----------
Net increase/(decrease) in cash and cash 5,434 5,808
equivalents ----------- -----------
Cash and cash equivalents at June 30 $ 17,684 $ 13,005
============ ===========
This information is provided by RNS
The company news service from the London Stock Exchange
END
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