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Module 2: Reformulation

Module 2: Reformulation. Ford Motor Company By: Paula Casini. Agenda. Enterprise Operations Balance Sheet NEA NFL Income Statement EPAT FEAT. Enterprise Operations. The business/production activities undertaken by the company

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Module 2: Reformulation

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  1. Module 2: Reformulation Ford Motor Company By: Paula Casini

  2. Agenda • Enterprise Operations • Balance Sheet • NEA • NFL • Income Statement • EPAT • FEAT

  3. Enterprise Operations • The business/production activities undertaken by the company • Automotive Sector – sale of vehicles, service parts and accessories • Financial Services Sector – vehicle related financing, leasing and insurance in addition to holding companies and real estate

  4. Balance Sheet

  5. Assumed 2% of sales • Finance receivables – financing automobile purchases for customers is part of the business • Net investment in operating leases – primarily consists of lease contracts for vehicles with customers

  6. No major issues or assumptions

  7. Checking the Numbers

  8. Income Statement

  9. Statement of Comprehensive Income

  10. Allocation of Income Taxes • Needed to determine which interest income and expense was attributable to the financial services sector and the automotive sector

  11. Financial services interest expense is part of running the business of offering financing to customers • Assumed other income items are all considered EPAT

  12. Interest related to automotive sector is investment interest • Noncontrolling interest – subtracting out comprehensive income leads to comprehensive income attributable to Ford alone

  13. Checking the Numbers • EPAT and FEAT checks to Comprehensive Income attributable to Ford

  14. Questions?

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