Ford Mtr Co del · NYSE:F

Ford Mtr Co del — Ford Motor Company — Debt Investor Presentation (April 2015)

26 slides from Ford Mtr Co del's debt investor presentation, Apr 28, 2015

  1. Slide 1: 1Q 2015 Fixed Income Review

    Go Further 1Q 2015 FIXED INCOME REVIEW APRIL 28, 2015

  2. Slide 2: Ford Credit 1Q 2015 Operating Highlights

    FORD CREDIT 1Q 2015 OPERATING HIGHLIGHTS* Another strong performance with pre-tax profit of $483 million and net income of $306 million Managed receivables of $113 billion, up $7 billion from a year ago and unchanged from year-end 2014 Launched operations in India Loss-to-receivables ratio of 0.22%,

  3. Slide 3: 1Q 2015 Pre-Tax Results Compared with 2014

    FORD CREDIT 1Q 2015 PRE-TAX RESULTS COMPARED WITH 2014 (MILS) $499 $483 $111 $10 $(48) $(38) $(25) $(26) $(16) Volume / Financing Credit Lease 1Q 2014 1Q 2015 Mix Margin Loss Residual Exchange Other B / (W) 4Q 2014 $60 $30 $6 $14 $45 $(12) $(23) Receivables (Bils) Net* $103 $108 Managed** 106 113 *

  4. Slide 4: Worldwide Credit Loss Metrics

    FORD CREDIT WORLDWIDE CREDIT LOSS METRICS Charge-Offs (Mils) Loss-to-Receivables Ratio (LTR) $76 0.27% $62 0.22% $52 $48 0.20% 0.17% $33 0.12% 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 Retail and Lease $55 $31 $48 $77 $65 Credit Loss Reserve (Mils) and Reserve a

  5. Slide 5: U.S. Retail and Lease Credit Loss Drivers

    FORD CREDIT U.S. RETAIL AND LEASE CREDIT LOSS DRIVERS Over-60-Day Delinquencies* Repossessions (000) Repo. Ratio 1.12% 1.07% 1.06% 0.16% 0.98% 1.00% 0.15% 0.14% 0.12% 0.13% 7 6 7 8 7 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 New Bankruptcy Filings (000) 3 4 4 3

  6. Slide 6: U.S. Lease Residual Performance

    FORD CREDIT U.S. LEASE RESIDUAL PERFORMANCE Lease Return Volume (000) Auction Values (At 1Q 2015 Mix) 24-Month 36-Month 24-Month 39-Month / Other $20,125 60 $19,505 $19,210 $18,995 50 $18,580 44 44 40 35 30 $18,425 24 23 $17,910 $18,035 20 $17,320 $17,155 12 13 12 15 9 36-Month 8 7 8 6 6 1Q 2014 2Q

  7. Slide 7: 1Q 2015 Funding Highlights

    FORD CREDIT 1Q 2015 FUNDING HIGHLIGHTS Funding plan on track with about $10 billion of public term funding completed, split about equally between unsecured debt and asset-backed transactions Completed our second asset-backed transaction in China Ended the quarter with net liquidity of about $28 bill

  8. Slide 8: Public Term Funding Plan

    FORD CREDIT PUBLIC TERM FUNDING PLAN 2015 2013 2014 YTD Actual Actual Forecast Actual* (Bils) (Bils) (Bils) (Bils) Unsecured $ 11 $ 13 $ 12 - 15 $ 5 Securitizations** 14 15 13 - 16 5 Total Public $ 25 $ 28 $ 25 - 31 $ 10 Focus RS * Includes transactions settled through April 27, 2015 ** Includes Rul

  9. Slide 9: Funding Structure

    FORD CREDIT FUNDING STRUCTURE Funding of Managed Receivables (Bils) $123 - 128 $113 ~$3 $113 $103 $2 ~$5 $2 $6 Commercial Paper $5 $6 Ford Interest Advantage* $5 $47-49 $43 $45 Term Asset-Backed Securities** $43 $56 $59-63 $55 Term Debt (incl Bank Borrowings) $45 Other $5 $5 $6 ~$6 Equity $11 $11 $1

  10. Slide 10: Liquidity Sources

    FORD CREDIT LIQUIDITY SOURCES Dec. 31, Mar. 31, 2014 2015 (Bils) (Bils) Liquidity Sources Cash * $ 8.9 $ 13.0 Committed ABS lines ** 33.7 31.9 Committed FCE / Other unsecured credit facilities 1.6 1.6 Capacity Ford revolving credit facility allocation 2.0 2.0 $35.5 billion Total Liquidity Sources $

  11. Slide 11: 2015 Automotive Financial Resources

    AUTOMOTIVE SECTOR 2015 AUTOMOTIVE FINANCIAL RESOURCES Dec. 31, Mar. 31, 2014 2015 (Bils) (Bils) Automotive gross cash* $ 21.7 $ 19.5 Less: Long-term debt $ (11.3) $ (11.4) Debt payable within one year (2.5) (2.0) Total debt $(13.8) $ (13.4) Net cash $ 7.9 $ 6.1 Memo: Liquidity** $ 32.4 $ 30.2 * See

  12. Slide 12: 1Q 2015 Summary

    1Q 2015 SUMMARY Ford • 23rd consecutive quarter of Company pre-tax profit; Automotive operating- related cash flow positive • Global market share up two-tenths of a percentage point to 7% • North America, Asia Pacific, and Middle East & Africa profitable • Ended the quarter with Automotive gross cas

  13. Slide 13: Risk Factors

    RISK FACTORS Statements included or incorporated by reference herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts, and assumptions by our management and involve

  14. Slide 14: Q&A

    Q&A

  15. Slide 15: Appendix

    APPENDIX

  16. Slide 16: 1Q 2015 Fixed Income – Appendix Index

    1Q 2015 FIXED INCOME – APPENDIX INDEX Total Company No. • Income from Continuing Operations 1 • Debt Ratings 2 Automotive Sector • Gross Cash Reconciliation to GAAP 3 • Automotive Debt 4 Ford Credit • Operating Highlights 5 • Net Finance Receivables and Operating Leases 6 • Reconciliation of Managed

  17. Slide 17: 2015 Income from Continuing Operations

    TOTAL COMPANY 2015 INCOME FROM CONTINUING OPERATIONS Memo: 1Q Full Year 2014 2015 2014 (Mils) (Mils) (Mils) Automotive North America $ 1,500 $ 1,340 $ 6,898 South America (510) (189) (1,162) Europe (194) (185) (1,062) Middle East & Africa 54 79 (20) Asia Pacific 291 103 589 Other Automotive (222) (2

  18. Slide 18: Debt Ratings

    TOTAL COMPANY DEBT RATINGS S&P Moody's Fitch DBRS Issuer Ratings Ford Motor BBB- N/A BBB- BBB (low) Ford Credit BBB- N/A BBB- BBB (low) FCE Bank plc BBB N/A BBB- NR Long-Term Senior Unsecured Ford Motor BBB- Baa3 BBB- BBB (low) Ford Credit BBB- Baa3 BBB- BBB (low) FCE Bank plc BBB Baa3 BBB- NR Short

  19. Slide 19: Gross Cash Reconciliation to GAAP

    AUTOMOTIVE SECTOR GROSS CASH RECONCILIATION TO GAAP Mar. 31, Dec. 31, Mar. 31, 2014 2014 2015 (Bils) (Bils) (Bils) Cash and cash equivalents $ 4.5 $ 4.6 $ 5.1 Marketable securities 20.7 17.1 14.4 Total cash and marketable securities (GAAP) $ 25.2 $ 21.7 $ 19.5 Securities in transit* - - - Gross cash

  20. Slide 20: Automotive Debt

    AUTOMOTIVE SECTOR AUTOMOTIVE DEBT Dec. 31, Mar. 31, 2014 2015 (Bils) (Bils) Public unsecured debt $ 6.6 $ 6.5 U.S. Department of Energy 4.4 4.3 Other debt (including International) 2.8 2.6 Total Automotive debt $ 13.8 $ 13.4 Memo: Automotive debt payable within one year $ 2.5 $ 2.0 Figo APPENDIX 4

  21. Slide 21: Operating Highlights

    FORD CREDIT OPERATING HIGHLIGHTS First Quarter 2014 2015 Contract Placement Volume -- New and used retail / lease (000) North America Segment United States 284 295 Canada 24 28 Total North America Segment 308 323 International Segment Europe 112 128 Asia Pacific 28 26 Latin America 6 5 Total Interna

  22. Slide 22: Net Finance Receivables and Operating Leases

    FORD CREDIT NET FINANCE RECEIVABLES AND OPERATING LEASES Dec. 31, 2014 Mar. 31, 2015 Net Receivables * (Bils) (Bils) Finance receivables – North America Segment Consumer retail financing $ 44.1 $ 43.7 Non-consumer: Dealer financing** 22.5 22.5 Non-consumer: Other 1.0 0.9 Total finance receivables –

  23. Slide 23: Reconciliation of Managed Leverage to Financial Statement Leverage

    FORD CREDIT RECONCILIATION OF MANAGED LEVERAGE TO FINANCIAL STATEMENT LEVERAGE Dec. 31, Mar. 31, 2014 2015 (Bils) (Bils) Leverage Calculation Total Debt* $ 105.0 [ $ 109.1 ] Adjustments for Cash** (8.9) [ (13.0) ] Adjustments for Derivative Accounting*** (0.4) [ (0.7) ] Total Adjusted Debt $ 95.7 [

  24. Slide 24: Net Loans & Advances to Customers by Market

    FCE BANK PLC NET LOANS & ADVANCES TO CUSTOMERS BY MARKET* March 31, 2015 Compared With March 31, 2014 U.K. Germany Italy France Spain Other 43% 38% WWTF** 3.7% Switzerland 3.1% Belgium 2.2% Netherlands 1.5% 27% Austria 1.1% 25% All Other 3.4% 16% 15% 8% 7% 7% 6% 4% 4% 2014 2015 2014 2015 2014 2015 2

  25. Slide 25: 1Q 2015 Credit Loss Ratio Compared with 2014

    FCE BANK PLC 1Q 2015 CREDIT LOSS RATIO COMPARED WITH 2014 Net Credit Losses As Percentage Of Average Net Loans And Advances To Customers Total FCE U.K. Germany Italy France Spain 0.59% 0.47% 0.08% 0.11% 0.07% 0.08% 0.06% 0.03% 0.01% (0.00)% (0.01)% (0.42)% 2014 2015 2014 2015 2014 2015 2014 2015 201

  26. Slide 26: Public Term Funding Plan

    FCE BANK PLC PUBLIC TERM FUNDING PLAN 2015 2013 2014 YTD Actual Actual Forecast Actual* (Bils) (Bils) (Bils) (Bils) Unsecured £ 1.6 £ 1.9 £ 2.1 - 2.6 £ 0.9 Securitizations** 0.4 0.8 0.3 - 0.6 - Total Public £ 2.0 £ 2.7 £ 2.4 - 3.2 £ 0.9 * Includes transactions settled through April 27, 2015 ** Inclu

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