Ford Credit Earns $1,536 Million in 2000 and $410 Million In the Fourth Quarter
18 January 2001
Ford Credit Earns $1,536 Million in 2000 and $410 Million In the Fourth Quarter
DEARBORN, Mich., Jan. 18 Ford Credit earned $1,536 million
in 2000, Chairman and Chief Executive Officer Donald A. Winkler announced
today. Compared with 1999, earnings increased 22 percent, reflecting
primarily higher contract volume and an improved net financing margin, offset
partially by higher credit losses and operating costs associated with the
restructuring of North American operations. After-tax return on average
equity improved to 13.1 percent in 2000, compared with 11.5 percent a year
earlier.
Ford Credit earned $410 million in the fourth quarter of 2000, up $101
million, or 33 percent, from the same period a year earlier.
"We have had an outstanding year," Winkler said. "We surpassed our
milestone of 10 percent earnings growth while achieving record contract volume
and market share in North America."
Ford Credit's total net finance receivables increased to $161 billion as
of December 31, 2000, compared with $142 billion at the end of 1999,
reflecting the growth in contract volume.
Ford Credit is a wholly owned subsidiary of Ford Motor Company
and is the world's largest automotive finance company. Now in its 42nd year,
Ford Credit provides vehicle financing in 40 countries to more than 10 million
customers and 12,000 automotive dealers. More information about Ford Credit
can be found on the World Wide Web at http://www.fordcredit.com .
Ford Motor Credit Company and Consolidated Subsidiaries
OPERATING HIGHLIGHTS
Full Year
2000 1999
Income (in Millions)
Income Before Income Taxes $2,495.0 $2,103.8
Net Income 1,536.5 1,261.1
Memo: Depreciation Expense $7,845.7 $7,564.5
Market Share
Ford Retail & Lease United States 50.9% 47.2%
Europe 31.7 32.8
Ford Wholesale United States 83.5% 83.5%
Europe 95.9 96.4
Contract Volume - New and Used Retail/Lease (in Thousands)
United States 3,525 3,139
Europe 795 829
Other International 686 525
Total Contract Volume 5,005 4,493
Assets (in Millions)
Net Finance Receivables $122,738.4 $108,753.8
Net Investment in Operating Leases 38,457.0 32,838.2
Total Net Finance Receivables $161,195.4 $141,592.0
Other Assets 13,062.4 15,038.7
Total Assets $174,257.8 $156,630.7
Liabilities and Stockholder's Equity (in Millions)
Liabilities
Debt - Payable within one year $62,986.5 $69,741.1
Debt - Payable after one year 83,308.2 63,332.6
Total Debt $146,294.7 $133,073.7
Other Liabilities 15,759.2 12,218.5
Total Liabilities $162,053.9 $145,292.2
Minority Interests in Net Assets of
Subsidiaries 17.3 414.4
Stockholder's Equity 12,186.6 10,924.1
Total Liabilities and
Stockholder's Equity $174,257.8 $156,630.7