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Ford Posts Strong Financial Data, First Profit Since 2005 Page 3

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Alan Mulally

* Special items detailed in Special Items tables below.

    THIRD QUARTER & FIRST NINE MONTHS 2009 INCOME/(LOSS) FROM CONTINUING
     OPERATIONS COMPARED WITH 2008

                                        Third Quarter     First Nine Months
                                        -------------     -----------------
    (in millions)                     2008        2009     2008        2009
                                      ----        ----     ----        ----

    Pre-Tax Results from
     Continuing Operations
     (Excluding Special Items)     $(2,780)     $1,107  $(3,127)    $(1,299)
    (Income)/Loss Attributable to
     Non-Controlling Interests         (51)        (79)    (262)       (180)
    (Provision for)/Benefit from
     Income Taxes applied to
     Pre-Tax Results from
     Continuing Operations
     (Excluding Special Items)        (178)       (155)    (549)        (78)
                                     -----       -----    -----        ----
    After-Tax Result (Excluding
     Special Items)                $(3,009)       $873  $(3,938)    $(1,557)

    Pre-Tax Special Items*          $2,207        $108  $(6,219)     $3,265
    (Provision for)/Benefit from
     Income Taxes on Special Items     641          16    1,360         118
                                       ---          --    -----         ---
    Income/(Loss) from Continuing
     Operations Attributable to
     Ford                            $(161)       $997  $(8,797)     $1,826
                                     =====        ====  =======      ======

    (Provision for)/Benefit from
     Income Taxes applied to
     Pre-Tax Results from
     Continuing Operations
     (Excluding Special Items)       $(178)      $(155)   $(549)       $(78)
    (Provision for)/Benefit from
     Income Taxes on Special Items     641          16    1,360         118
                                       ---          --    -----         ---
    (Provision for)/Benefit from
     Income Taxes                     $463       $(139)    $811         $40
                                      ====       -----     ====         ===


* Special items detailed in Special Items tables below.

    THIRD QUARTER SPECIAL ITEMS                           Income/(Loss)
    (in millions)                                         -------------
    Personnel and Dealer-Related Items:                2008          2009
    -----------------------------------                ----          ----
    Automotive Sector
      Ford North America
        Retiree health care and related charges      $2,569         $(120)
        Personnel-reduction actions                    (197)          (23)
        U.S. dealer actions                             (38)          (13)
        Job Security Benefits                           320            22
                                                        ---           ---
          Total Ford North America                    2,654          (134)
      Ford South America
        Personnel-reduction actions                       -            (6)
      Ford Europe
        Personnel-reduction actions                     (40)          (16)
      Ford Asia Pacific Africa
        Personnel-reduction actions                     (28)           (6)
      Volvo
        Personnel-reduction actions                     (15)           (3)
        U.S. dealer actions                             (11)            -
                                                       ----           ---
          Total Volvo                                   (26)           (3)
      Other Automotive
        Returns on assets held in the Temporary Asset
         Account ("TAA")                               (250)           93
                                                      -----           ---
          Total Personnel and Dealer-Related Items -
           Automotive sector                          2,310           (72)

    Other Items:
    ------------
    Automotive Sector
      Ford North America
        Accelerated depreciation related to AutoAlliance
         International, Inc. ("AAI") acquisition of
         leased facility                                (82)            -
        Gain/(Loss) on sale of Automotive Components
         Holding , LLC ("ACH") plants                   (19)            -
                                                       ----           ---
          Total Ford North America                     (101)            -
      Volvo
        Held-for-sale cessation of depreciation and
         related charges                                  -           163
        Other Automotive
        Gain on debt securities exchanged for equity     35             -
        Net gains on debt reduction actions               -             8
                                                          -             -
          Total Other Automotive                         35             8
      Jaguar Land Rover
        Sale-related/Other                              (37)            -
                                                       ----           ---
          Total Other Items - Automotive sector        (103)          171
    Financial Services Sector
        DFO Partnership - gain on sale                    -             9
                                                        ---           ---

          Total                                      $2,207          $108
                                                     ======          ====

    Memo:
    Special Items Impact on Earnings Per Share*       $1.25         $0.03
                                                      =====         =====

* Earnings per share for special items is calculated on a basis that includes pre-tax profit, provision for taxes, less income attributable to non-controlling interests and the effect of discontinued operations; additional information regarding the method of calculating earnings per share is available in the materials supporting the November 2, 2009 conference calls at www.shareholder.ford.com.

    FIRST NINE MONTHS SPECIAL ITEMS                     Income/(Loss)
    (in millions)                                       -------------
    Personnel and Dealer-Related Items:              2008          2009
    -----------------------------------              ----          ----
    Automotive Sector
      Ford North America
        Retiree health care and related charges    $2,680         $(408)
        Personnel-reduction actions                  (644)         (292)
        U.S. dealer actions (primarily dealership
         impairments)                                (185)         (105)
        Job Security Benefits                         262           336
                                                      ---           ---
          Total Ford North America                  2,113          (469)
      Ford South America
        Personnel-reduction actions                     -           (19)
      Ford Europe
        Personnel-reduction actions/Other             (54)         (160)
      Ford Asia Pacific Africa
        Personnel-reduction actions                   (40)          (14)
      Volvo
        Personnel-reduction actions                   (38)          (12)
        U.S. dealer actions                           (20)           (1)
                                                     ----           ---
          Total Volvo                                 (58)          (13)
      Other Automotive
        Returns on assets held in the TAA            (250)           96
      Mazda
        Impairment of dealer network goodwill        (214)            -
                                                    -----           ---
          Total Personnel and Dealer-Related Items -
           Automotive sector                        1,497          (579)
    Other Items:
    ------------
    Automotive Sector
      Ford North America
        Fixed asset impairment charges             (5,300)            -
        Gain/(Loss) on sale of ACH plants            (324)            -
        Accelerated depreciation related to AAI
         acquisition of leased facility               (82)            -
        Ballard restructuring/Other                   (70)            -
                                                     ----           ---
          Total Ford North America                 (5,776)            -
      Ford Europe
        Investment impairment and related charges       -          (100)
      Volvo
        Held-for-sale impairment                        -          (650)
        Held-for-sale cessation of depreciation and
         related charges                                -           290
                                                      ---           ---
          Total Volvo                                   -          (360)
      Other Automotive
        Liquidation of foreign subsidiary - foreign
         currency translation impact                    -          (281)
        Gain on debt securities exchanged for equity  108             -
        Net gains on debt reduction actions             -         4,663
                                                        -         -----
          Total Other Automotive                      108         4,382
      Jaguar Land Rover
        Sale-related/Other*                            38             3
                                                      ---           ---
          Total Other Items - Automotive sector    (5,630)        3,925
    Financial Services Sector
        DFO Partnership impairment                      -          (141)
        Ford Credit net operating lease impairment
         charge                                    (2,086)            -
        DFO Partnership - gain on sale                  -             9
        Gain on purchase of Ford Holdings debt
         securities                                     -            51
                                                      ---           ---
          Total Other Items - Financial Services
           sector                                  (2,086)          (81)
                                                  -------          ----
            Total                                 $(6,219)       $3,265
                                                  =======        ======

    Memo:
    Special Items Impact on Earnings Per Share**   $(2.17)        $1.15
                                                   ======         =====


* Jaguar Land Rover's revenue of $7 billion and wholesales of 125,000 units were treated as special items in the first nine months of 2008.

** Earnings per share for special items is calculated on a basis that includes pre-tax profit, provision for taxes, less income attributable to non-controlling interests and the effect of discontinued operations; additional information regarding the method of calculating earnings per share is available in the materials supporting the November 2, 2009 conference calls at www.shareholder.ford.com.

    U.S. GAAP RECONCILIATION OF AUTOMOTIVE GROSS CASH

    (in billions)                                 Sep 30,
                                                   2009
                                                   B/(W)              Memo:
                                 Dec 31,  Sep 30, Dec 31, Memo: Sep  June 30,
                                   2008    2009    2008   30, 2008    2009
                                  ------- ------- ------- ---------   -----

    Cash and Cash Equivalents       $6.4  $10.1   $3.7      $10.6    $11.9
    Marketable Securities            9.3   14.6    5.3       11.5      9.7
    Loaned Securities                  -      -      -          -        -
                                       -      -      -          -        -
       Total Cash/Marketable &
        Loaned Securities          $15.7  $24.7   $9.0      $22.1    $21.6
    Securities-In-Transit *            -   (0.2)  (0.2)      (0.7)    (0.2)
    UAW-Ford TAA/Other              (2.3)  (0.7)   1.6       (2.5)    (0.4)
                                   -----  -----    ---      -----    -----
       Gross Cash                  $13.4  $23.8  $10.4      $18.9    $21.0
                                   =====  =====  =====      =====    =====


* The purchase or sale of marketable securities for which the cash settlement was not made by period-end and for which there was a payable or receivable recorded on the balance sheet at period-end.

    U.S. GAAP RECONCILIATION OF AUTOMOTIVE OPERATING-RELATED CASH FLOWS*

    (in billions)                                   2009
                                                    ----
                                                             First
                                        Third      O/(U)      Nine     O/(U)
                                       Quarter     2008      Months    2008
                                      ---------    -----    --------  -----

    Cash Flows from Operating
     Activities of Continuing
     Operations**                         $3.0     $8.6      $0.8     $8.0

    Items Included in
     Operating-Related Cash Flows:
    Capital Expenditures                  (1.0)     0.8      (3.4)     1.3
    Net Transactions Between
     Automotive and Financial
     Services Sectors                     (0.4)    (0.3)     (1.3)     0.1
    Net Cash Flows from
     Non-Designated Derivatives           (0.1)    (0.4)     (0.1)    (1.2)

    Items Not Included in
     Operating-Related Cash Flows:
    Cash Impact of Job Security
     Benefits & Pers. Reduction
     Program                               0.2        -       0.7      0.2
    Pension Contributions                  0.1        -       0.8     (0.1)
    Tax Refunds and Tax Payments
     from Affiliates                      (0.2)    (0.2)     (0.5)     0.4
    Other**                               (0.3)     0.5      (0.4)     0.2
                                         -----      ---     -----      ---
       Operating-Related Cash Flows       $1.3     $9.0     $(3.4)    $8.9
                                          ====     ====     =====     ====


* Except where noted (see below) 2008 data excludes Jaguar Land Rover

** 2008 includes Jaguar Land Rover

SOURCE Ford Motor Company

[PRNewswire]


 
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