福特汽車 (F) 2004 Q4 法說會逐字稿

Thank you for standing by and welcome to the Ford Motor company fourth quarter earnings conference call.

感謝您的耐心等待並歡迎參加福特汽車公司第四季財報電話會議。

My name is Carlo and I will be your coordinator for today's presentation.

我叫卡洛，我將擔任今天演講的協調員。

At this time all participants are in a listen-only mode.

此時所有參與者都處於只聽模式。

We will be facilitating a question-and-answer session during today's conference.

我們將在今天的會議期間安排問答環節。

If at any time during this call you require assistance, feel free to press star zero and a coordinator will be happy to assist you.

如果在此通話期間您隨時需要協助，請隨時按星零，協調員將很樂意為您提供協助。

I would now like to hand the presentation over to Miss Barbara Gasper, Vice President of Investor Relations.

現在我想將演講交給投資者關係副總裁芭芭拉·加斯珀 (Barbara Gasper) 女士。

Please proceed ma'am.

女士請繼續。

Thank you, Carlo.

謝謝你，卡洛。

Good morning, everyone and thank you for joining us this morning either by phone or on the Webcast.

大家早安，感謝您今天早上透過電話或網路廣播加入我們。

Along with me on the call this morning is Don Leclair, our Chief Financial Officer, Jim Gouin, our Controller, and Ann Marie Petach, Fords' Treasurer.

今天早上和我一起參加電話會議的還有我們的財務長唐·勒克萊爾(Don Leclair)、我們的財務總監吉姆·古恩(Jim Gouin) 和福特財務主管安·瑪麗·佩塔奇(Ann Marie Petach)。

Additionally here in the room with us are Lloyd Hansen, Vice President of Revenue Management, Mac MacDonald, Vice President Finance, Patricia Little, our Director of Accounting, and Dave Cosper, Ford Credit CFO.

與我們一起在場的還有收入管理副總裁勞埃德·漢森(Lloyd Hansen)、財務副總裁麥克·麥克唐納(Mac MacDonald)、會計總監帕特里夏·利特爾(Patricia Little) 和福特信貸財務長戴夫‧科斯珀(Dave Cosper)。

Before we begin, I'd like to review a couple of quick items.

在開始之前，我想快速回顧一下幾個項目。

First, copies of this morning's earnings release and the slide deck that we will be using here today have been posted on the Ford Motor Company Investor and Media Web sites for your reference.

首先，今天早上的收益報告副本以及我們今天將在這裡使用的幻燈片已發佈在福特汽車公司投資者和媒體網站上，供您參考。

I would also point out that the financial results presented here are on a GAAP basis and in some cases on a non-GAAP basis.

我還想指出，這裡提供的財務表現是基於公認會計原則（GAAP）的，在某些情況下是基於非公認的會計原則（Non-GAAP）。

Any non-GAAP financial measures discussed on this call are reconciled to their GAAP equivalents as part of the appendix to the slide deck.

本次電話會議中討論的任何非 GAAP 財務指標均與幻燈片附錄中的 GAAP 同等指標進行了調整。

As you know from our comments back on our October earnings call, we will be hosting a meeting next Tuesday morning to review our 2005 business outlook and present our 2005 financial milestones.

正如您從我們對 10 月收益電話會議的評論中了解到的那樣，我們將在下週二上午召開會議，回顧我們 2005 年的業務前景並介紹我們 2005 年的財務里程碑。

Consequently, we will limit our discussion this morning to our 2004 results and defer any comments on 2005 until Tuesday.

因此，我們今天早上的討論將僅限於 2004 年的結果，並將對 2005 年的任何評論推遲到週二。

Details regarding participating in next Tuesday's meeting either by phone or Webcast are included in this morning's earnings release and we encourage all of you to join us then.

有關透過電話或網路廣播參加下週二會議的詳細資訊包含在今天早上的收益發布中，我們鼓勵大家屆時加入我們。

Even with that, I need to remind everyone that any forward-looking statements that may be made this morning about our expectations for Ford's future performance are governed by Safe Harbor provisions.

即便如此，我還是需要提醒大家，今天早上可能發表的有關我們對福特未來業績預期的任何前瞻性聲明均受安全港條款的約束。

Actual results could differ materially from those suggested by our comments here today.

實際結果可能與我們今天評論中建議的結果有重大差異。

Additional information about the factors that could affect future results is summarized at the end of the presentation material, and these risk factors are also detailed in our SEC filings including our Forms 10-K, 10-Q, and 8-Ks.

有關可能影響未來結果的因素的更多資​​訊在演示材料的末尾進行了總結，這些風險因素也在我們的 SEC 文件中詳細說明，包括我們的 10-K、10-Q 和 8-K 表格。

Now, with that, I'd like to turn the call over to Don Leclair.

現在，我想把電話轉給唐·勒克萊爾。

Don.

大學教師。

Thanks, Barbara.

謝謝，芭芭拉。

And welcome.

歡迎。

We're going to start by reviewing our 2004 accomplishments and challenges on the first slide.

我們將首先在第一張投影片上回顧 2004 年的成就和挑戰。

First off, we delivered earnings per share of $2.11.

首先，我們實現每股收益 2.11 美元。

That's up 98 cents from 2003.

比 2003 年增加了 98 美分。

It's also up a little from our guidance of 2 to $2.05 reflecting tax rate reductions that we'll cover a little later on.

它也比我們的 2 美元至 2.05 美元的指導略有上升，反映了我們稍後將介紹的稅率降低。

Our Automotive operating related cash flow is a billion dollars positive.

我們的汽車業務相關現金流為 10 億美元。

We achieved $900 million in cost savings and we launched a number of new products around the world.

我們節省了 9 億美元的成本，並在全球推出了許多新產品。

Our market share increased in Europe, South America, and Asia Pacific, and our unit revenue in North America continues to improve.

我們在歐洲、南美和亞太地區的市佔率增加，我們在北美的單位收入持續提高。

South America was solidly profitable and we greatly improved our financial results in Europe.

南美洲實現了穩定獲利，我們在歐洲的財務表現也大大改善了。

Ford Credit had another record profit and purchase profits more than doubled.

福特信貸公司的利潤再創歷史新高，購買利潤增加了一倍以上。

2004, however, was not without its challenges, most of which continue into 2005.

然而，2004 年並非沒有挑戰，其中大部分挑戰將持續到 2005 年。

And these include an intensely competitive industry pretty much in all markets.

其中包括幾乎所有市場中競爭激烈的行業。

Commodity and healthcare cost increases, exchange rates, market share declines in North America, and the need to improve Jaguar and Visteon.

商品和醫療保健成本增加、匯率、北美市場份額下降，以及改善捷豹和偉世通的需要。

Over on to the Slide Two, for the fourth quarter earnings from continuing operations excluding special items were 28 cents a share.

轉到第二張投影片，第四季持續經營業務（不包括特殊項目）的收益為每股 28 美分。

Net income was 6 cents a share.

每股淨利潤為 6 美分。

In North America, net pricing was 2.4% positive and per unit revenue continues to grow.

在北美，淨定價上漲 2.4%，每單位收入持續成長。

South America had pretax profits of 44 million compared with a loss in 2003.

南美洲的稅前利潤為 4,400 萬美元，而 2003 年則為虧損。

And PAG's results, however, were worse than our expectation.

然而，PAG 的結果卻比我們的預期還要差。

Ford Credit achieved record fourth quarter results, and Hertz' profits more than doubled.

福特信貸公司第四季業績創下歷史新高，赫茲公司的獲利成長了一倍以上。

Automotive cash remained strong at 23.6 billion, and operating cash flow was 1.5 billion positive for the quarter.

汽車現金維持強勁，達到 236 億美元，本季營運現金流為 15 億美元。

And we took a charge of 600 million related to Visteon which we'll cover later on.

我們收取了與偉世通相關的 6 億美元費用，我們稍後會介紹。

Now on to Slide Three which shows the standard financial metrics for the fourth quarter and the full-year.

現在轉到第三張投影片，其中顯示了第四季和全年的標準財務指標。

And we'll cover most of this later on but I want to point out a few items.

我們稍後將介紹其中的大部分內容，但我想指出一些內容。

Fourth quarter revenue of 44.7 billion, and Automotive revenue of 38.9, were both down about 2% from 2003, and changes in exchange rates increased revenue by about 3%.

第四季營收為447億美元，汽車營收為38.9億美元，均較2003年下降約2%，而匯率變動使營收增加約3%。

Full-year revenue was 171 billion, and Automotive revenue was 147 billion, up 6%.

全年營收1,710億，汽車營收1,470億，成長6%。

And of this, almost 5% was due to exchange rates.

其中，近 5% 是由於匯率造成的。

The fourth quarter tax rate on continuing operations, excluding special items, was negative 18%.

第四季持續經營業務稅率（不包括特殊項目）為負 18%。

And this primarily reflected the full-year effect of favorable settlements of prior year claims and audits as well as the extension of the research credit that was agreed in the fourth quarter.

這主要反映了上一年索賠和審計的有利和解以及第四季度商定的研究信貸延期的全年影響。

And the full-year tax rate was 22.5%.

全年稅率為22.5%。

Now, Slide Four shows the impact of special items and discontinued operations on our earnings.

現在，幻燈片四顯示了特殊項目和停產業務對我們收益的影響。

Income from continuing operations was 28 cents in the fourth quarter and 2.11 for the full-year.

第四季持續經營收入為 28 美分，全年為 2.11 美分。

Special items reduced earnings by 25 cents per share in the fourth quarter.

第四季特殊項目導致每股收益減少 25 美分。

In addition to the charge for Visteon, which I'll cover shortly, earnings were also impacted negatively by fuel cell technology charges, and that's primarily reflecting our investment in Ballard, the PAG improvement plan that we discussed with you last year, and disposition of non-core businesses, and that's mainly the decision to divest certain consolidated dealerships in Asia Pacific which we previously disclosed.

除了偉世通的費用（我很快就會介紹）之外，盈利還受到燃料電池技術費用的負面影響，這主要反映了我們對巴拉德的投資、我們去年與您討論的 PAG 改進計劃以及處置非核心業務，這主要是我們先前披露的剝離亞太地區某些綜合經銷商的決定。

Earnings were favorably impacted by a settlement with the U.S. government for property cleanup costs incurred by several subsidiaries of Ford, and that was in the Financial Services group.

與美國政府就福特旗下金融服務集團旗下多家子公司產生的財產清理費用達成和解，對獲利產生了有利影響。

In addition, discontinued operations were 3 cents per share favorable in the fourth quarter, primarily reflecting the operating results of a small financial services subsidiary being held for sale.

此外，第四季終止經營業務每股獲利3美分，主要反映了一家待售小型金融服務子公司的經營業績。

Net income was 6 cents per share in the quarter and for the full-year.

本季和全年淨利潤均為每股 6 美分。

Income from continuing operations including special items is $1.80 and including discontinued operations the full-year results were $1.73.

包括特殊項目在內的持續經營業務收入為 1.80 美元，包括終止經營業務在內，全年業績為 1.73 美元。

Now for a brief update on Visteon.

現在簡單介紹一下偉世通的最新情況。

As you know, in its third quarter earnings release, Visteon announced that it was exploring strategic and structural changes to its businesses in the U.S.

如您所知，偉世通在第三季財報中宣布，正在探索對其美國業務進行戰略和結構性變革。

Since that time we have had ongoing and constructive discussions with Visteon on these and other matters.

從那時起，我們就這些問題和其他問題與偉世通進行了持續的、建設性的討論。

It would be premature to say more at this time, but we will update you as soon as these talks reach a conclusion.

現在說更多資訊還為時過早，但一旦這些會談得出結論，我們會立即向您通報最新情況。

Visteon is current on all its obligations with us.

偉世通目前履行了對我們承擔的所有義務。

We have, however, a long-term receivable from Visteon related to the OPEB obligations it retained following the restructuring of our agreements in December of 2003, and the payments against this receivable extend from 2006 through 2049.

然而，我們有一筆來自偉世通的長期應收帳款，與其在 2003 年 12 月重組我們的協議後保留的 OPEB 義務有關，而這筆應收帳款的付款期限從 2006 年到 2049 年。

Based on our assessment of the outlook for Visteon, we have concluded that it is appropriate for us to establish a reserve against the value of this receivable, and the charge amounted to 600 million pretax.

根據我們對偉世通前景的評估，我們得出的結論是，我們針對該應收帳款的價值設立準備金是適當的，費用為稅前6億美元。

Now, Slide Six shows pretax results by sector for the fourth quarter and the full-year, and this excludes special items.

現在，幻燈片六顯示了第四季度和全年按部門劃分的稅前業績，其中不包括特殊項目。

During the first quarter call last year, we shared our new model change-over plans with you.

在去年第一季的電話會議中，我們與您分享了我們的新型號轉換計劃。

And even though we earned 1.8 billion pretax profits in the first quarter in the auto business, we projected full-year Automotive pretax profits of around a billion dollars at that time.

儘管我們第一季的汽車業務稅前利潤為 18 億美元，但當時我們預計全年汽車稅前利潤約為 10 億美元。

And that took into account our change-over plans.

這考慮到了我們的轉變計劃。

And as you recall we built dealer inventories in the first quarter and we've drawn them down since, so it was our expectation that given our new model change-over plans in the middle of the year, and our relatively high production in the first quarter, that we would lose money in the second half of the year in the Automotive business.

正如您所記得的，我們在第一季建立了經銷商庫存，此後我們就減少了庫存，因此，考慮到我們在年中的新車型轉換計劃以及我們第一季相對較高的產量，我們的預期是季度，我們下半年的汽車業務將虧損。

Total Company pretax earnings were 531 million in the fourth quarter, and that included a loss of 470 million in the Automotive sector, and a profit of just over a billion in Financial Services.

第四季公司稅前總收益為 5.31 億美元，其中汽車業虧損 4.7 億美元，金融服務業利潤略高於 10 億美元。

For the full-year, Automotive results were 850 million, and Financial Services were almost 5 billion.

全年汽車業績為 8.5 億美元，金融服務業績接近 50 億美元。

And full-year profits were 2.4 billion better than 2003.

全年獲利比2003年增加24億元。

Now on to Slide Seven which shows the impact of the most significant operating factors on our earnings.

現在轉到第七張投影片，它顯示了最重要的營運因素對我們收益的影響。

As I mentioned on the previous slide, the Automotive pretax loss was 470 million in the fourth quarter.

正如我在上一張投影片中提到的，第四季汽車業稅前虧損為 4.7 億美元。

That's 483 million lower than the fourth quarter 2003.

這比 2003 年第四季減少了 4.83 億。

And compared with 2003, volume and mix was about 1.4 billion unfavorable.

與2003年相比，數量和結構均不利14億左右。

This is primarily because we added fewer vehicles to our dealer stocks than we did in 2003, reflecting again the change-over plan that we had last year which required higher first half production, and hence our first half dealer inventories.

這主要是因為我們在經銷商庫存中增加的車輛數量比2003 年要少，這再次反映了我們去年制定的轉換計劃，該計劃需要更高的上半年產量，因此我們的上半年經銷商庫存也更高。

It also reflected lower market share, primarily in North America.

它也反映出市場佔有率下降，主要是在北美。

Net pricing was favorable by 600 million, with improvements in North America and PAG.

淨定價有利 6 億美元，其中北美和 PAG 有所改善。

Cost performance was about flat for the quarter.

本季的成本績效基本持平。

Foreign exchange was unfavorable by about 400 million, reflecting primarily the impact of the significant weakening of the U.S. dollar, particularly in the last few weeks of the year.

外匯匯率下跌約4億美元，主要反映了美元大幅貶值的影響，特別是在今年最後幾週。

Other factors were favorable by 700 million, reflecting primarily tax-related interest on refunds and settlements of prior year audits and higher interest income on our cash portfolio.

其他因素有利 7 億，主要反映了上一年審計退款和結算的稅收相關利息以及我們現金投資組合的更高利息收入。

For the full-year, pretax profits were 850 million, reflecting lower market share in North America offset partially by higher industry volumes and mix improvements.

全年稅前利潤為 8.5 億美元，反映出北美市場份額的下降被行業產量的增加和產品組合的改善所部分抵消。

Net pricing was a billion one favorable primarily in North America.

主要在北美地區的淨定價為十億美元。

And we'll cover both of those later on.

稍後我們將介紹這兩個內容。

Cost performance was 900 million favorable and for the full-year the impact of exchange was 1.1 billion negative, reflecting the weakness of the U.S. dollar.

成本效益為有利 9 億，全年匯率影響為不利 11 億，反映了美元疲軟。

And all other items were favorable by 500 million compared with 2003, and net interest and improved parks profits were major contributors.

與2003年相比，所有其他項目都有利5億，其中淨利息和公園利潤的提高是主要貢獻者。

Now on to cost performance.

現在談性價比。

Our cost performance for the year was 882 million favorable, and that's slightly below our prior expectation.

我們今年的性價比為 8.82 億，略低於我們先前的預期。

Quality-related expenses were higher by $100 million.

與品質相關的費用增加了 1 億美元。

And as we said previously, ongoing quality improvements during 2004 were offset by the non-recurrence of the reserve adjustments we had in 2003.

正如我們之前所說，2004 年持續的品質改進被 2003 年的準備金調整不再重複所抵銷。

So that just about came out as we expected.

所以結果正如我們所預期的。

Manufacturing and Engineering costs were 1.2 billion favorable, and this reflects largely the continuing efficiency improvements in our plants and our product development centers.

製造和工程成本為 12 億美元，這在很大程度上反映了我們工廠和產品開發中心效率的持續提高。

Additional costs in PAG to support the high quality launch of our new products were a partial offset.

PAG 為支持我們新產品的高品質發布而產生的額外成本被部分抵消。

During the fourth quarter, this improved by about $300 million.

第四季度，這一數字增加了約 3 億美元。

Overhead, which primarily includes administrative, selling, and staff support, was 300 million favorable, but fourth quarter costs increased by 200 million primarily because of higher advertising to support our new products.

管理費用主要包括行政、銷售和員工支持，為 3 億美元，但第四季度成本增加了 2 億美元，主要是因為支持我們新產品的廣告增加。

Net product costs were about equal to last year with higher product content and commodity prices however caused fourth quarter costs to increase by about 200 million.

由於產品含量和商品價格較高，淨產品成本與去年大致持平，但導致第四季成本增加約 2 億美元。

Depreciation and amortization increased by about 600 million during the year, and pension and retiree healthcare expenses were about 100 million lower for the year reflecting the effect of the new Medicare legislation.

年內折舊和攤提增加約 6 億，退休金和退休人員醫療保健費用全年減少約 1 億，反映了新醫療保險立法的影響。

It was primarily the higher than forecasted commodity prices and the higher launch costs for new products and PAG that caused us to miss the billion dollar cost performance forecast we gave you last October.

主要是商品價格高於預期以及新產品和 PAG 的推出成本較高，導致我們未能實現去年 10 月向您提供的 10 億美元的性價比預測。

Now the next slide shows our pretax results for each of our operating Automotive segments and other Automotive.

現在，下一張幻燈片顯示了我們每個經營汽車部門和其他汽車部門的稅前業績。

In the fourth quarter the Americas had a pretax loss of 426, and Europe and PAG had a pretax loss of 324, and 22 million for Asia Pacific, Africa, and Mazda.

第四季美洲地區稅前虧損426%，歐洲和PAG稅前虧損324%，亞太地區、非洲和馬自達稅前虧損2,200萬。

Other Automotive was a profit of 302, and this improvement reflected higher net interest income as we talked about earlier.

其他汽車業務的利潤為 302，這項改善反映了我們之前談到的更高的淨利息收入。

And for the full-year the Americas had a profit of 1.6 billion.

美洲地區全年利潤為 16 億美元。

Europe and PAG had a pretax loss of 626, which was an improvement of 310 compared with 2003.

歐洲和太盟集團的稅前虧損為626，比2003年改善了310。

In Asia Pacific, Africa, and Mazda, had a $163 million profit, that's 117 million better than 2003.

在亞太地區、非洲，馬自達的利潤為 1.63 億美元，比 2003 年增加了 1.17 億美元。

And other Automotive was a loss of 293 for the full-year, an improvement of 328 million when compared with the prior year because of lower net interest.

由於淨利息下降，其他汽車業務全年虧損 293 億美元，較前一年減少 3.28 億美元。

Now for the next several slides we'll cover the Automotive side of the business by operation.

現在，在接下來的幾張投影片中，我們將按營運介紹汽車業務方面。

First on North America.

首先是北美。

Vehicle unit sales were down the fourth quarter by 110,000 units, primarily reflecting lower market share in the U.S. and lower dealer stock increases during the period.

第四季汽車銷量下降 11 萬輛，主要反映了美國市場份額下降以及經銷商庫存成長減少。

Vehicle revenue was 21.1 billion.

整車收入211億元。

Pretax losses were 470 million in the quarter.

該季度稅前虧損為 4.7 億美元。

That's 675 million worse than 2003, and that decline primarily reflected lower volumes, the continued weakening of the U.S. dollar compared with the Canadian dollar and the euro, and higher commodity prices.

這比 2003 年減少了 6.75 億，這一下降主要反映了交易量下降、美元相對於加元和歐元持續走弱以及大宗商品價格上漲。

Favorable pricing was a partial offset.

優惠的定價被部分抵銷。

Now, the next slide shows our fourth quarter and full-year net revenue per unit for North America.

現在，下一張投影片顯示了我們北美地區第四季和全年的單位淨收入。

For the fourth quarter, net revenue per unit was up $761 a unit, and it was up $745 for the full-year.

第四季度，每單位淨收入成長 761 美元，全年成長 745 美元。

That increase reflects positive net pricing of 1.3% and favorable mix.

這一增長反映了 1.3% 的正淨定價和有利的組合。

And the net pricing was a little higher than the outlook we provided in October reflecting in part the introduction of our new products with little or no incentives.

淨定價略高於我們 10 月提供的展望，部分反映了我們在很少或沒有激勵措施的情況下推出新產品。

And since the beginning of our revitalization plan in the fourth quarter of 2001, we've improved our net revenue by $2,400 a unit.

自 2001 年第四季開始實施振興計畫以來，我們的每單位淨收入已提高 2,400 美元。

A bit more than half of that reflects positive net pricing with the balance primarily reflecting improved mix.

其中一半多一點反映了正淨定價，其餘部分主要反映了產品組合的改善。

Our new products and revenue management strategies continue to deliver results, and they have become institutionalized within our marketing and sales operation.

我們的新產品和收入管理策略繼續取得成果，並且它們已在我們的行銷和銷售營運中製度化。

The next slide shows the retail sales results and customer cash levels for selected 2005 model products.

下一張投影片顯示了選定的 2005 年型號產品的零售銷售結果和客戶現金水準。

Our retail car share was under pressure last year as we balanced out old models and changed over production to several all-new vehicles in the fourth quarter.

去年，我們的零售汽車份額面臨壓力，因為我們平衡了舊車型，並在第四季度將生產轉向了幾款全新車輛。

These new vehicles are building momentum and we are beginning to see sales gains.

這些新車蓄勢待發，我們開始看到銷售成長。

Combined December sales for these vehicles was 27% higher than in November, and November was 59% higher than October, illustrating the growing momentum.

12 月份這些車輛的銷量合計比 11 月份增長 27%，11 月份比 10 月份增長 59%，顯示出增長勢頭。

And based on the first two weeks in January, we see further gains this month.

根據一月份的前兩週，我們看到本月會有進一步的成長。

And for the month of December, Ford and Lincoln Mercury car sales were up 5%.

12 月份，福特和林肯 Mercury 汽車銷量成長了 5%。

That's the first monthly increase since February of 2003.

這是自 2003 年 2 月以來的首次月增長。

The competitiveness of these new products has enabled us to introduce them with no direct customer cash.

這些新產品的競爭力使我們能夠在沒有直接客戶現金的情況下推出它們。

And we've maintained this throughout the initial sales period.

我們在整個初始銷售期間一直保持這一點。

We only recently added customer incentives to the Mercury Mariner which is the earliest introduced vehicle in this set.

我們最近才為 Mercury Mariner 添加了客戶獎勵，這是該系列中最早推出的車輛。

And by the way, capacity is the only factor that's limited our Escape hybrid sales, and we're working hard to increase that capacity.

順便說一句，產能是限制我們 Escape 混合動力車銷售的唯一因素，我們正在努力提高產能。

Now the next slide is similar to one we showed last quarter and it provides detail on our daily rental strategy and residual values.

現在下一張投影片與我們上季展示的投影片類似，它提供了有關我們的每日租賃策略和殘值的詳細資訊。

The left-hand box shows our share of U.S. registrations by business segment in the first 11 months of 2004 compared with 2003.

左側方框顯示了 2004 年前 11 個月與 2003 年相比，我們按業務部門劃分的美國註冊份額。

Also shown below the chart is a change for each segment compared with 2003.

下圖也顯示了與 2003 年相比每個細分市場的變化。

As you can see, we reduced our share of the daily rental segment by 3.8 percentage points.

正如您所看到的，我們在日租領域的份額減少了 3.8 個百分點。

Our sales were down 22,000 units while the daily rental segment grew by 210,000 units compared with 2003.

與 2003 年相比，我們的銷量下降了 22,000 輛，而日租業務則增加了 210,000 輛。

And although not shown on the slide, since 2000 our daily rental sales are down by about 90,000 units.

儘管幻燈片上沒有顯示，但自 2000 年以來，我們的日租銷售量下降了約 90,000 套。

We've seen tangible improvements in the auction values of our top selling daily rental vehicles which you can see in the right-hand side of the slide.

我們已經看到我們最暢銷的日租車輛的拍賣價值有了明顯的提高，您可以在幻燈片的右側看到這一點。

Residuals have improved for all of those vehicles, providing value to Ford and our customers, and the improvement is even greater relative to the average change in auction values in the segments where these vehicles compete.

所有這些車輛的殘差都得到了改善，為福特和我們的客戶提供了價值，而且相對於這些車輛競爭的細分市場中拍賣價值的平均變化而言，這種改善甚至更大。

Now, the next slide shows the sales of the all new F-Series truck.

現在，下一張幻燈片顯示了全新 F 系列卡車的銷量。

In the first full-year of sales of the new truck, the F-Series set an all-time record with sales of nearly 940,000, up from the prior year by more than 90,000 units and beating the previous sales record by 28,000 units.

在新卡車的首個全年銷售中，F系列以近94萬輛的銷量創下了歷史記錄，比上年增加了9萬多輛，比之前的銷售記錄多了2.8萬輛。

In addition, it increased its segment and industry share last year.

此外，去年它還增加了其細分市場和行業份額。

In addition to setting sales records, the new F-Series improved its retail sales mix for body style and profitable option take rates compared with the prior model, and you can see some of those statistics on the right box on the slide.

除了創下銷售記錄外，與之前的車型相比，新款 F 系列還改進了車身風格和盈利選擇率方面的零售組合，您可以在幻燈片右側的框中看到其中的一些統計數據。

Shifting now to overall market share for Ford and Lincoln Mercury brands in the U.S.

現在轉向福特和林肯水星品牌在美國的整體市場份額

We aren't happy with the decline in share, but we believe the strategy we are pursuing is correct.

我們對份額的下降並不滿意，但我們相信我們所追求的策略是正確的。

We are not going to increase our share simply by relying on incentives or selling to daily rental companies.

我們不會僅僅依靠激勵措施或出售給日租公司來增加我們的份額。

Our strategy and our new products are increasing revenues, improving residuals, and soon we will be seeing benefits in retail share.

我們的策略和新產品正在增加收入，改善殘差，很快我們就會看到零售份額的好處。

Now on to South America.

現在前往南美洲。

Full-year profits were 140 million, up 269 million from 2003 which you can see in the lower right portion of the slide.

全年利潤為 1.4 億美元，比 2003 年增加了 2.69 億美元，您可以在幻燈片的右下部分看到這一點。

Fourth quarter sales were 83,000 units.

第四季銷量為 83,000 輛。

That's up 22,000, primarily reflecting stronger market share.

增加了 22,000 個，主要反映了市場份額的增強。

And revenue was up as well.

收入也有所增加。

South America posted a pretax profit of 44 million in the fourth quarter, an improvement of 48 million from a year ago, more than explained by higher volume and pricing.

南美洲第四季稅前利潤為 4,400 萬美元，比去年同期增加 4,800 萬美元，銷售和定價的增加足以解釋這一點。

Full-year pretax profits in Europe were 114 million and that's an improvement of over 1.2 billion compared with 2003, and that was driven primarily by cost savings reflecting the successful execution of the improvement plan and ongoing material cost savings as well as higher profits at our joint venture in Turkey.

歐洲全年稅前利潤為1.14 億美元，與2003 年相比增加了12 億多美元，這主要是由於成本節約（反映了改進計劃的成功執行）和持續的材料成本節約以及我們的更高利潤所推動的。土耳其合資企業。

In the fourth quarter, vehicle unit sales were down 36,000 from the same period in 2003 to a total of 451,000.

第四季汽車銷量較2003年同期下降36,000輛，總計451,000輛。

This was explained by lower increases in dealer stocks reflecting the non-repeat of the focus C-Max launch stock build in 2003, partly offset by the effective higher industry.

這是因為經銷商庫存增幅較低，反映出 2003 年焦點 C-Max 推出庫存的情況不再重複，但部分被有效較高的行業所抵消。

Fourth quarter market share was 7.9, unchanged from 2003, and for the full-year market share was 8.7, up one-tenth of a point.

第四季的市佔率為 7.9，與 2003 年持平，全年市佔率為 8.7，上升了十分之一。

It's up sixth-tenths of a point compared with 2000.

與 2000 年相比，上升了十分之六。

The continuing trend of improvements reflects the greater acceptance of Ford's products despite the increasingly competitive nature of the European auto market.

儘管歐洲汽車市場的競爭日益激烈，但持續的改進趨勢反映出福特產品的接受度越來越高。

Revenue was 7.4 billion, equal to 2003 and net pricing was about flat for the quarter.

營收為 74 億美元，與 2003 年持平，該季度的淨定價基本持平。

And the pretax loss of 69 million the quarter down 131 million, primarily resulting from lower unit sales, partly offset by cost reductions.

而稅前虧損為 6,900 萬美元，本季減少了 1.31 億美元，主要是由於銷售下降，部分被成本削減所抵銷。

Now on to PAG.

現在轉到 PAG。

Our results were disappointing and below our previous expectation.

我們的結果令人失望，低於我們先前的預期。

Compared with a year-ago volumes were down 9,000 units.

與去年同期相比，銷量減少了 9,000 輛。

Revenue grew slightly reflecting primarily exchange and higher pricing on new products.

收入略有增長，主要反映了新產品的交換和定價上漲。

Pretax losses were 255 million, and that's a deterioration of 369 million from 2003, and worse than our previous expectation that PAG would approach breakeven in the fourth quarter of 2004.

稅前虧損為 2.55 億美元，比 2003 年減少了 3.69 億美元，比我們之前預期 PAG 將在 2004 年第四季實現損益平衡還要糟糕。

Adverse exchange, related to the weakening of the dollar, lower volume, and higher costs to assure the highest quality in the launches of our new products, as well as higher commodity prices, were the major factors in the shortfall versus our expectation.

與美元疲軟、銷售減少、確保新產品推出最高品質的成本上升以及大宗商品價格上漲相關的不利匯率是造成與我們預期差距的主要因素。

Year-over-year the deterioration for PAG reflects unfavorable exchange and lower dealer stocks, particularly at Jaguar.

PAG 的年比惡化反映出不利的匯率和較低的經銷商庫存，尤其是捷豹。

Clearly we're not happy with our results at PAG.

顯然我們對 PAG 的結果並不滿意。

We have a lot of work to do but our plans are in place and the PAG team is committed to improving.

我們還有很多工作要做，但我們的計劃已經到位，並且 PAG 團隊致力於改進。

Now, the next slide summarizes the PAG improvement actions that we have taken and have underway as well as the related special items.

現在，下一張投影片總結了我們已經採取和正在進行的 PAG 改進行動以及相關的特殊項目。

And this covers the whole year.

這涵蓋了全年。

These costs were about the same as we told you last quarter.

這些成本與我們上個季度告訴您的大致相同。

2004 results included 110 million of special items, and 348 million classified as discontinued operations associated with Formula 1 racing.

2004 年的業績包括 1.1 億項特殊項目，以及 3.48 億項被歸類為與一級方程式賽車相關的已停產業務的項目。

Included in that full-year net operating losses were 52 million related to Formula 1 ongoing operating losses, so those were in the discontinued operations.

全年淨營運虧損中有 5,200 萬美元與一級方程式持續營運虧損相關，因此這些虧損屬於已終止營運業務。

During 2005 we expect to incur further charges of about 75 million related to the cessation of final assembly in Brown Plain.

2005 年期間，我們預計將因布朗平原最終組裝的停止而進一步產生約 7500 萬英鎊的費用。

Africa, Asia Pacific, and Mazda reported a loss of 22 million in the fourth quarter.

非洲、亞太區和馬自達第四季虧損2,200萬輛。

Profits for the full-year were 163 million.

全年利潤1.63億元。

We'll discuss Asia Pacific and Africa in more detail on the next page.

我們將在下一頁更詳細地討論亞太地區和非洲。

The full-year results include $18 million profit from our investment in Mazda and associated operations.

全年業績包括我們對馬自達及相關業務的投資帶來的 1800 萬美元利潤。

The fourth quarter loss of 9 million from our investment in Mazda is more than explained by a reduction in the value of our Mazda convertible bond.

我們對馬自達的投資造成第四季 900 萬美元的虧損，這完全是因為我們的馬自達可轉換債券價值的下降。

Now on Asia Pacific and Africa, for the full-year we earned 45 million.

現在在亞太和非洲，我們全年收入為 4500 萬美元。

That's 68 million better than 2003.

這比 2003 年增加了 6,800 萬。

For the quarter, unit sales were flat and revenue was up slightly to 1.6 billion.

本季單位銷售額持平，營收小幅成長至 16 億美元。

The loss in the quarter was 13 million.

該季度虧損1300萬。

The decline from 2003 is explained primarily by higher engineering costs on future Asia Pacific products and unfavorable currency exchange, partly offset by stronger mix and favorable pricing.

與 2003 年相比的下降主要是由於未來亞太地區產品的工程成本上升和不利的貨幣兌換，但部分被更強的產品組合和有利的定價所抵消。

Now, the next slide shows fourth quarter and full-year Automotive cash and cash flow.

現在，下一張投影片顯示了第四季和全年汽車現金流。

We ended the quarter with gross cash of 23.6 billion.

本季結束時，我們的現金總額為 236 億美元。

That includes 4.1 billion of short-term VEBA assets.

其中包括 41 億美元的短期 VEBA 資產。

That's up 200 million compared with September 30, and down 2.3 billion compared with the end of 2003.

與9月30日相比增加了2億，與2003年底相比減少了23億。

Our operating related cash flow, excluding contributions and tax funds, was 1.5 billion positive for the quarter, and a billion positive for the full-year.

我們與營運相關的現金流（不包括捐款和稅收資金）本季為 15 億美元，全年為 10 億美元。

The operating cash flow was slightly better than the expectation we gave you when we discussed third quarter results.

營運現金流略好於我們討論第三季業績時給您的預期。

Within that, net spending was 100 million negative for the quarter, and 100 million positive for the full-year.

其中，本季淨支出為負 1 億，全年淨支出為正 1 億。

Working capital was 200 million positive during the quarter but 400 million negative for the year, and "Other" represents primarily payment and expense timing differences for items such as marketing, warranty, and retiree healthcare.

本季營運資本為正 2 億，但全年為負 4 億，「其他」主要代表行銷、保固和退休人員醫療保健等項目的付款和費用時間差異。

This was 1.9 billion positive for the quarter and 400 million positive for the full-year.

本季為 19 億美元，全年為 4 億美元。

And as you can see at the bottom of the chart, capital transactions with Financial Services, which primarily reflected Ford Credit dividends, continued to be a significant contributor to our cash position.

正如您在圖表底部看到的那樣，與金融服務業的資本交易（主要反映了福特信貸股息）仍然是我們現金頭寸的重要貢獻者。

Now, the next slide shows what we've done with some of the cash generated by our businesses.

現在，下一張幻燈片顯示了我們如何處理我們的業務產生的一些現金。

We retired about 2.4 billion of relatively high cost senior debt through open market repurchases and redemption, and we contributed 700 million to U.S. pension plans, and 1.5 billion to our non-U.S. plan.

我們透過公開市場回購和贖回償還了約 24 億美元成本相對較高的優先債務，並向美國退休金計畫貢獻了 7 億美元，向非美國計畫貢獻了 15 億美元。

During the year we also contributed 2.8 billion to long-term VEBA trusts to continue to prefund some of our retiree healthcare liabilities.

年內，我們也向長期 VEBA 信託基金捐款 28 億美元，以繼續為我們的部分退休人員醫療保健負債提供預付款。

As we've indicated on several occasions, improving our balance sheet and our credit rating is a high priority for this management team.

正如我們多次指出的那樣，改善我們的資產負債表和信用評級是該管理團隊的首要任務。

Next slide provides some pension information.

下一張幻燈片提供了一些退休金資訊。

2004 pretax pension expense, excluding special items, was about 800 million, the same as 2003.

2004年稅前退休金支出（不含特殊項目）約8億，與2003年持平。

That reflected the recent contributions and the strong 2003 fund return offset by lower discount rates.

這反映了最近的捐款和 2003 年強勁的基金回報被較低的折現率所抵銷。

Pension contributions of 2.3 billion in 2004 excluded benefit payments for unfunded plans.

2004 年退休金繳款額為 23 億，不包括無資金資助計畫的福利支付。

And at year-end 2004 our funding shortfall for the U.S. funded plans, rather, was 1.5 billion and our worldwide plans were 11.9 billion underfunded.

到 2004 年底，我們美國資助計畫的資金缺口為 15 億美元，而我們的全球計畫資金不足 119 億美元。

Our U.S. pension fund return in 2004 was 13% and the U.S. discount rate was 5.75%.

2004年我們美國退休基金的報酬率為13%，美國貼現率為5.75%。

Now over to healthcare and life insurance.

現在轉向醫療保健和人壽保險。

2004 pretax OPEB expense was 2.4 billion.

2004年稅前OPEB費用為24億美元。

That's 100 million lower than in 2003 on an ongoing basis.

這比 2003 年持續減少了 1 億。

This improvement reflected primarily improvements from Medicare D, VEBA contributions, and efficiency actions offset partly by the lower discount rate.

這項改善主要反映了 Medicare D、VEBA 繳款和效率行動的改善，部分被較低的折現率所抵消。

The discount rate at the end of 2002 was 6.5 and it went down to 6.25 at the end of 2003.

2002年底折現率為6.5，2003年底降至6.25。

Retiree benefit payments were 1.5 billion in '04.

04年退休人員福利金為15億。

That's 100 million higher than '03.

這比 03 年增加了 1 億。

In '04 we contributed 2.8 billion to our long-term VEBA and at year-end '04, our OPEB plans had an estimated funding shortfall of 31.6 billion compared with a shortfall of 28.8 in 2003.

04 年，我們向長期 VEBA 捐款 28 億美元，到 04 年年底，我們的 OPEB 計劃估計資金缺口為 316 億美元，而 2003 年的缺口為 28.8 億美元。

And the change in funded status reflects primarily the change in the discount rate assumption from 6.25 to 5.75.

融資狀況的變化主要反映了折現率假設從 6.25 變為 5.75。

Now on to Financial Services.

現在談談金融服務。

Earnings at Ford Credit were 859 million for the fourth quarter.

福特信貸第四季獲利 8.59 億美元。

That's an improvement of 65 million compared with 2003, and for the full-year earnings were 4.4 billion, an improvement of over 1.4 billion.

與2003年相比，增加了6,500萬美元，全年獲利為44億美元，增加了超過14億美元。

Pretax profits at Hertz were 107 million in the fourth quarter.

赫茲第四季稅前利潤為 1.07 億美元。

That's up 63 compared with 2003.

與 2003 年相比，增加了 63。

And for the full-year pretax profits at Hertz were 493 million, up 265 million compared with 2003.

赫茲全年稅前利潤為 4.93 億美元，比 2003 年增加了 2.65 億美元。

These improvements reflected higher car and equipment rental volumes, better fleet utilization, and higher proceeds from the sale of used vehicles and equipment.

這些改善反映了汽車和設備租賃量的增加、車隊利用率的提高以及二手車和設備銷售收入的增加。

Results from other Financial Services were 35 million in the fourth quarter, and 39 million for the full-year.

其他金融服務業第四季業績為 3,500 萬，全年為 3,900 萬。

Next slide explains the changes in Ford Credit's pretax profits for the fourth quarter and full-year.

下一張投影片解釋了福特信貸第四季和全年稅前利潤的變化。

In the left box shows Ford Credit's fourth quarter pretax of 859, up 65 million, and that increase reflects improved credit loss performance.

左方格顯示福特信貸第四季稅前為 859 美元，增加了 6,500 萬美元，這一增長反映了信貸損失業績的改善。

The right box shows Ford Credit's full-year pretax profit of 4.4, and that's up over a billion four.

右邊的方格顯示福特信貸公司的全年稅前利潤為 4.4，增幅超過 10 億四。

The increase primarily reflects lower credit losses and lease residual costs compared with 2003.

這一增長主要反映了與 2003 年相比，信貸損失和租賃剩餘成本有所下降。

Volume was lower, primarily reflecting Ford credit's strategy to focus on financing Ford brand sales, and at year-end managed receivables were 168 billion, that's down 7 billion from year-end 2003.

交易量較低，主要反映了福特信貸的戰略重點是為福特品牌銷售提供融資，年底管理的應收帳款為 1,680 億美元，比 2003 年年底減少了 70 億美元。

Now the next slide summarizes our full-year results compared with our milestone.

現在，下一張投影片總結了我們的全年業績與里程碑的比較。

Industry volume in the U.S. came in at 17.3, and in Europe, in the 19 markets we track, came in at 17.5.

美國的行業銷量為 17.3，而在我們追蹤的 19 個市場中，歐洲的行業銷量為 17.5。

We improved our quality in the U.S. and in Europe.

我們提高了美國和歐洲的品質。

Our progress for improving market share in all regions was mixed.

我們在提高所有地區市場份額方面的進展參差不齊。

Share down in North America but up in Europe, South America, and Asia Pacific.

北美份額下降，但歐洲、南美洲和亞太地區份額上升。

Our full-year auto cost performance was 882, almost 400 million over our original target.

全年汽車性價比882，比原目標高出近4億。

Capital spending was 6.3 billion for the year, 700 million below our target reflecting continued efficiencies in our plants and their processes and in the cost of supplier tooling.

今年的資本支出為 63 億美元，比我們的目標低 7 億美元，反映出我們工廠及其流程以及供應商工具成本的持續和效率。

Operating related cash flow was a billion favorable, slightly below our milestone, and the shortfall was more than explained by the impact of lower volumes on working capital and expense and payment timing differences, as well as a shift to a greater mix of cash sales incentives.

與營運相關的現金流量為 10 億美元，略低於我們的里程碑，而現金流量不足的原因是營運資金減少、費用和付款時間差異以及轉向更多現金銷售激勵措施的影響。

Now, the next slide shows the 2004 results by operation compared with our financial milestone.

現在，下一張投影片顯示了 2004 年的營運結果與我們的財務里程碑的比較。

On the Automotive side, North America just met the lower end of its target range of billion five to a billion seven.

在汽車方面，北美剛剛達到了 10 億 5 億到 10 億 7 億的目標範圍的下限。

Europe, South America, and Asia Pacific all exceeded their milestones, and as we indicated, PAG missed its milestone by a wide margin.

歐洲、南美洲和亞太地區均超過了其里程碑，正如我們所指出的，PAG 遠遠未能達到其里程碑。

Overall, automotive operations achieved 850 million of pretax profits in 2004.

整體而言，2004年汽車業務實現稅前利潤8.5億美元。

While this was just at the lower end of our target range, it was less than our expectation of about a billion.

雖然這只是我們目標範圍的下限，但仍低於我們約 10 億的預期。

And as we discussed earlier, this was primarily explained by adverse exchange and higher manufacturing launch and commodity costs.

正如我們之前討論的，這主要是由於不利的交換以及更高的製造啟動和商品成本造成的。

Financial Services substantially exceeded its milestones.

金融服務大大超越了其里程碑。

In total we achieved earnings of $2.11 compared with our original milestone of $1.20 to $1.30, primarily reflecting the improvement in Financial Services and a lower tax rate.

我們總共實現了 2.11 美元的盈利，而最初的里程碑為 1.20 美元至 1.30 美元，這主要反映了金融服務的改善和較低的稅率。

And as Barbara mentioned earlier, we will be sharing with you our outlook and milestones for 2005 next Tuesday.

正如芭芭拉之前提到的，我們將在下週二與您分享我們對 2005 年的展望和里程碑。

And we'll now be happy to take your questions.

我們現在很樂意回答您的問題。

At this time we're ready to begin the question-and-answer session.

現在我們準備開始問答環節。

We'll begin with about 30 minutes of questions from the investor community, and then take questions from the media who are also on the call.

我們將從投資者群體提出大約 30 分鐘的問題開始，然後回答參加電話會議的媒體的問題。

In order to allow as many participant questions as possible within our time frame, we ask that you keep your questions brief so that we do not have to move callers along after a couple of minutes.

為了在我們的時間範圍內允許盡可能多的參與者提問，我們要求您的問題簡短，這樣我們就不必在幾分鐘後讓來電者繼續前進。

Operator, can we please have the first question?

接線員，我們可以問第一個問題嗎？

Yes, ma'am.

是的女士。

Thank you.

謝謝。

Ladies and gentlemen if you wish to ask a question at this time please press star one on your touch-tone phone.

女士們、先生們，如果您此時想提問，請按按鍵式電話上的星號一。

Again, star one for any questions.

再次，如有任何問題，請加星號。

One moment, please.

稍等一會兒。

Our first question comes from the line of Ronald Tadross with Banc of America Securities.

我們的第一個問題來自美國銀行證券公司的羅納德·塔德羅斯（Ronald Tadross）。

Thanks a lot.

多謝。

Good morning, everyone.

大家，早安。

Good morning, Ron.

早安，羅恩。

Hey, you know, if I look at Appendix Nine, you guys show how your mix is positive in North America and Europe.

嘿，你知道，如果我看一下附錄九，你們就會展示你們的組合在北美和歐洲是如何積極的。

Well, you say mix and exchange, but I think exchange in most cases is negative.

嗯，你說混合和交換，但我認為交換在大多數情況下是負面的。

So I guess I'm looking at the slide where you show that volume and mix for the total auto business is negative a billion four, and I'm thinking, okay, well, mix may be neutral to positive, so it looks like that's almost all volume.

所以我想我正在看幻燈片，其中顯示整個汽車業務的數量和組合為負十億四，我在想，好吧，好吧，組合可能是中性到正數，所以看起來是這樣幾乎所有的音量。

Is that fair to say, that that's almost all volume, that billion four?

公平地說，這幾乎是所有的數量，十億四？

No, I think if you start back with where you were on Appendix Nine, this is a page that reconciles revenue.

不，我認為如果您從附錄九的位置開始，這是一個調節收入的頁面。

Right.

正確的。

So exchanges is an increase.

所以交流就是增加。

Now, unfortunately there's costs that goes along with that, but that's on a different appendix.

現在，不幸的是，還有隨之而來的成本，但那是在不同的附錄中。

So the effect of exchange on revenue is favorable.

因此，交換對收入的影響是有利的。

It increases, as I mentioned I think on the second slide.

正如我在第二張幻燈片中提到的，它會增加。

Okay.

好的。

Positive for revenue.

對收入有利。

Okay.

好的。

So of that billion four, then, how does it break down volume/mix?

那麼，對於這十億之四，它是如何分解體積/混合的呢？

Is it mostly volume, or is it half and half volume and mix ?

是大部分音量，還是一半音量和混合？

It's mostly volume.

主要是體積。

Mostly volume, okay.

主要是音量，好吧。

And then just on your retail share, Don, you said you expect it to improve soon, you expect it to improve soon.

然後就你的零售份額而言，唐，你說你預計它會很快改善，你預計它會很快改善。

Can you give us an idea of what that means?

您能告訴我們這意味著什麼嗎？

You know, is that sometime in 2005?

你知道嗎，那是 2005 年的某個時候嗎？

And then, equally important, maybe just a range of expectations.

然後，同樣重要的是，也許只是一系列期望。

I assume your retail share is running like in the 15% range.

我假設你們的零售份額在 15% 左右。

Maybe just give us an idea of kind of what, you know, upside and downside expectations are for retail share.

也許只是讓我們了解零售股的上行和下行預期。

Maybe like a range over the next few years to expect.

也許是未來幾年的預期範圍。

In a broad sense, you know, we expect these new products to begin to demonstrate continuing traction in the retail market.

從廣義上講，您知道，我們預期這些新產品將開始在零售市場上展現出持續的吸引力。

We have more products coming later this year and on into the subsequent years in Ford and Lincoln Mercury and all our brands.

今年晚些時候，我們將在福特和林肯水星以及我們所有的品牌中推出更多產品。

I really would like to defer the question on our market share aspirations for this year until Tuesday.

我真的想把關於我們今年市場份額願望的問題推遲到週二。

Okay.

好的。

If that's okay.

如果可以的話。

But I think it's fair to say that we all expect these new products to have a positive effect on our retail share, and therefore, on our total share, and we'll answer that question specifically on Tuesday.

但我認為可以公平地說，我們都希望這些新產品對我們的零售份額產生積極影響，從而對我們的總份額產生積極影響，我們將在周二專門回答這個問題。

All right.

好的。

Thank you.

謝謝。

Our next question comes from the line of Steve Girsky with Morgan Stanley.

我們的下一個問題來自摩根士丹利的史蒂夫·吉爾斯基（Steve Girsky）。

Good morning, everybody.

大家早安。

Can you hear me?

你聽得到我嗎？

Yeah.

是的。

Hi, Steve.

嗨，史蒂夫。

Just a couple of things.

只是幾件事。

This Visteon charge, I just don't want to misread it, and I don't want people to misread it.

這個偉世通收費，我只是不想誤讀，也不希望別人誤讀。

They basically agreed to reimburse you for certain OPEB things, and you're writing off part of that?

他們基本上同意償還你的某些 OPEB 費用，而你卻要註銷其中的一部分？

As a result of the agreement we struck in December 2003, Visteon retained some OPEB obligations.

根據我們在 2003 年 12 月達成的協議，偉世通保留了一些 OPEB 義務。

We rescheduled that as you may recall, from, I think, 2006 through to 2015, to 2049.

您可能還記得，我們​​重新安排了時間，我想是從 2006 年到 2015 年，再到 2049 年。

It was our view that with good, prudent accounting we should set a reserve against that.

我們認為，透過良好、審慎的會計處理，我們應該為此設定準備金。

We have not forgiven that for Visteon.

我們還沒有原諒偉世通的這一點。

We're just saying in our view, looking at all our receivables, as we do on a regular basis this was one we thought it prudent to set a reserve against.

我們只是說，在我們看來，審視我們所有的應收帳款，就像我們定期所做的那樣，我們認為設定準備金是明智的。

This is in their whole OPEB.

這是他們整個 OPEB 中的內容。

I mean, does this relate to a change in the agreement, or does this relate to the Visteon financial condition?

我的意思是，這是否與協議的變更有關，或者是否與偉世通的財務狀況有關？

This relates to our internal review of all our receivables.

這與我們對所有應收帳款的內部審查有關。

We had a material issue here that we called out as a special item.

我們在這裡遇到了一個重大問題，我們稱之為特殊項目。

It's not all of the receivable we have.

這並不是我們所有的應收帳款。

It's a large part of it.

這是其中很大一部分。

Okay.

好的。

You're not necessarily take retirees back or anything like that right?

你不一定要讓退休人員回來或類似的事情，對嗎？

This is entirely related to the receivable that we had at the end of '04.

這完全與我們04年底的應收帳款有關。

At the end of '03 we struck an agreement where we took back, in essence, the pre-spend obligation.

03 年底，我們達成了一項協議，實質上收回了預支出義務。

And the post spend obligation as it grows for service and interest costs was, you know, a receivable that was to be paid back from 2006 to 2049.

隨著服務和利息成本的成長，支出後義務是 2006 年至 2049 年期間應償還的應收帳款。

So this is a piece of their total receivable to you, to your total receivable.

所以這是他們對您的應收帳款總額的一部分，也就是您的應收帳款總額的一部分。

It's a large piece but it's not all of it.

這是一大塊，但不是全部。

And it's our position that with prudent accounting we should take a reserve against that.

我們的立場是，透過審慎的會計處理，我們應該為此採取準備金。

It is not our forgiving this for Visteon, nor does it signal anything relative to a new agreement with them.

這並不是我們對偉世通的寬恕，也不是與他們達成新協議相關的任何訊號。

As I mentioned, we're still in discussions.

正如我所提到的，我們仍在討論中。

We are having ongoing and constructive dialogue.

我們正在進行持續的、建設性的對話。

It's certainly in our interest to have Visteon provide us good, high quality economically priced parts.

讓偉世通為我們提供優質、高品質、價格經濟的零件當然符合我們的利益。

Can I just ask Ann Marie a quick question on credit?

我可以問安瑪莉一個關於信用的簡單問題嗎？

Can you jut, I don't know if you have these numbers handy, how much did you provision for losses in the quarter versus what was the actual charge offs?

您能否補充一下，我不知道您手頭上是否有這些數字，您在本季度撥備的損失準備金與實際沖銷額是多少？

Steve, this is Dave Cosper.

史蒂夫，這是戴夫·科斯珀。

Hi, Dave.

嗨，戴夫。

Sorry.

對不起。

The provision was 298 million, and the actual charge offs were 386.

撥備2.98億元，實際核銷386項。

Great.

偉大的。

Okay, thanks, guys.

好的，謝謝大家。

And our next question is from Rod Lache with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Rod Lache。

Good morning, everybody.

大家早安。

Good morning, Rod.

早安，羅德。

I've got a couple of questions.

我有幾個問題。

First of all, this tax gain that you commented on is a negative tax and see that in the cash flow.

首先，您所評論的稅收收益是負稅收，請在現金流中看到這一點。

Was that in the "Other" segment?

那是在「其他」部分嗎？

The "Others" seemed to be up, you know, pretty significant deviation versus where it's been running.

你知道，「其他」似乎上升了，與它的運行情況相比，存在相當大的偏差。

Well, it's fairly complicated, as I'm sure you can appreciate.

嗯，這相當複雜，我相信你能理解。

There's a couple of things going on.

有幾件事正在發生。

One, the tax rate is lower.

一是稅率較低。

And the tax rate is lower because it reflected settlement of prior year claims as well as extension of the research credit.

稅率較低，因為它反映了上一年索賠的結算以及研究信貸的延期。

So our ongoing tax rate is probably, you know, I think in the 25, at this level of profitability, in the 25 to 28% range.

因此，我認為在 25 世紀，在這個獲利水準上，我們持續的稅率可能在 25% 到 28% 的範圍內。

For the full-year it ended up 22.5.

全年的成果為 22.5。

It sometimes gets a little lumpy by quarter, and that's what we saw in the fourth quarter.

有時每季都會變得有點不穩定，這就是我們在第四季看到的情況。

Now, what's in "Other" Automotive is interest income, and we did have some settlements of claims with the Internal Revenue Service for which there was interest related to that.

現在，「其他」汽車中的內容是利息收入，我們確實與國稅局達成了一些索賠和解，其中存在與此相關的利息。

But that includes a lot of things including portfolio gains and losses, interest income on our cash portfolio, gains and losses on executing transactions to opportunistically buy back the debt that we mentioned as well as current interest expense, plus the tax thing.

但這包括很多事情，包括投資組合收益和損失、我們現金投資組合的利息收入、執行交易以機會主義地回購我們提到的債務的收益和損失以及當前利息支出，再加上稅收。

So there's a lot going on in there.

所以裡面發生了很多事情。

Can you give us any comment on what the ongoing level should be in the "Other" segment?

您能否對「其他」部分的持續水準有何評論？

Just seems to be --

只是似乎是——

Yeah, it is moving around a little bit this year, and for 2005, what I'd like to do is, if we could, just save that question for Tuesday.

是的，今年情況有些變化，對於 2005 年，我想做的是，如果可以的話，把這個問題留到週二再說。

It would be a good idea of what the run rate is and what our plans are there.

最好了解運行率是多少以及我們的計劃是什麼。

Okay.

好的。

Just switching gears the North American units were a bit higher than the production guidance but the profits seemed to be coming in a bit lower.

只是轉換齒輪，北美單位的產量指導值略高，但利潤似乎略低。

Can you talk about, I mean, you gave some of the year-over-year components driving profitability for the overall Automotive business, but can you talk about this as relates to North America?

您能否談談，我的意思是，您提供了一些推動整個汽車業務盈利能力的同比組件，但您能否談談與北美相關的問題？

Was currency a significant issue here?

貨幣是這裡的重要議題嗎？

Costs and mix?

成本和組合？

Yeah, sure.

好，當然。

I think there's an appendix.

我想還有一個附錄。

I can't find it right away here that covers the production, the actual production.

我在這裡找不到涵蓋生產、實際生產的內容。

Appendix Eight.

附錄八.

Thanks.

謝謝。

And Appendix Eight covers the production, and I think we told you that we had produced 830.

附錄八涵蓋了生產情況，我想我們已經告訴你我們已經生產了 830 個。

We ended up at 829.

我們最終得到了 829 分。

Now, there is a difference, as we discussed on our last earnings call, between the vehicle unit sales and the production.

現在，正如我們在上次財報電話會議上討論的那樣，車輛銷售和產量之間存在差異。

Both.

兩個都。

So that explains that.

這就解釋了這一點。

And basically what was going on in the deterioration of profits, it was the continued weakening of the U.S. dollar, and that compares with the Canadian dollar as well as the euro, we have some components that we import from Ford Europe into North America and higher commodity prices also contributed to that, and the lower volumes.

基本上，利潤惡化的原因是美元持續走軟，與加幣和歐元相比，我們有一些零件從福特歐洲進口到北美和更高的地區。大宗商品價格和銷量下降也是造成這種情況的原因之一。

It was really volume exchange and commodity prices and the favorable pricing was the partial offset.

這實際上是成交量交換和商品價格，有利的定價是部分抵消。

Okay.

好的。

Can you give us a rough order of magnitude of the breakdown or no?

您能給我們大致的故障數量級嗎？

Well, I think if you look at the production change and sort of do whatever you have with your model, you can see that the volume effect is the single biggest factor, and then the exchange is probably again about half that much, and then the balance is the cost things I mentioned.

好吧，我認為如果你看看生產變化並對你的模型做任何事情，你會發現數量效應是最大的因素，然後交換可能又是大約一半，然後是平衡就是我提到的成本的東西。

Right.

正確的。

From a mix perspective you've got a number of things moving around, Expedition, Navigator, Explorer kind of negative here, versus new products, Five Hundred, Montego, and so forth, Mustang.

從混合的角度來看，有很多東西在移動，Expedition、Navigator、Explorer 在這裡有點負面，而新產品、Five Hundred、Montego 等等，Mustang。

How is that generally playing out?

一般情況如何？

Are you generally seeing, clearly the average transaction prices are up, but from a mix perspective on the bottom line, is this a positive now?

您是否普遍認為平均交易價格明顯上漲，但從底線的混合角度來看，現在這是積極的嗎？

Well, I think if you stand way back, what we have been doing, this was 2004 was the year of the car, and we are going to increase our participation in the passenger car business, and so from a mix standpoint, I think from a strategic standpoint that's a slight unfavorable for mix as we leaven into our portfolio more passenger cars and, therefore, fewer truck-based SUVs.

嗯，我想如果你回顧一下我們一直在做的事情，2004 年是汽車年，我們將增加對乘用車業務的參與，所以從混合的角度來看，我認為從戰略角度來看，這對混合車型略有不利，因為我們在產品組合中加入了更多的乘用車，因此減少了基於卡車的SUV。

In any given quarter there can be lots of ups and downs because of changes in production.

在任何一個特定季度，由於產量的變化，可能會出現許多起伏。

The changes in production can be different than the changes in sales, hence there's some mix rolling around in the dealer stock changes, so it's very complicated.

生產的變化可能與銷售的變化不同，因此經銷商庫存變化中存在一些混合因素，因此非常複雜。

But I would think of it on an ongoing basis that over time there will be some improvement in market share as we discussed earlier, and the mix will probably not be as richening as it has been the last several years.

但我認為，隨著時間的推移，市場份額將會有所改善，正如我們之前討論的那樣，而且這種組合可能不會像過去幾年那樣豐富。

That's consistent with what we've been saying all along.

這與我們一直以來所說的一致。

One last thing, if I may, for Dave Cosper.

如果可以的話，請為戴夫·科斯珀 (Dave Cosper) 說最後一件事。

The deviation versus your bogey for Ford Credit was just huge.

與你對福特信貸的柏忌的偏差是巨大的。

Can you just spend a minute talking about what really went right here and, you know, is this, is it, I know you don't want to really talk about the outlook, but maybe you could talk just retroactively, what were the really big surprises that drove that magnitude of an upside?

你能花一點時間談談這裡真正發生的事情嗎？你知道，是這樣嗎？我知道你不想真正談論前景，但也許你可以回顧一下，真正發生的事情是什麼？推動如此幅度上漲的巨大驚喜是什麼？

Sure.

當然。

I mean, there was a confluence of very good things that happened this year.

我的意思是，今年發生了很多好事。

I think first and foremost is the turn around in the credit loss performance that we've had.

我認為首先也是最重要的是我們的信用損失表現出現改善。

We really broke the back of that really beginning in January and performed better than we thought.

從一月開始，我們確實打破了這個局面，表現比我們想像的要好。

Auction values I think was a pleasant surprise.

我認為拍賣價值是一個驚喜。

We saw the favorable benefits of the Company's strategy to improve residual value, and that flew through to our credit losses as well and improved our lease business.

我們看到了公司提高殘值策略的有利效益，這也體現在我們的信用損失上，並改善了我們的租賃業務。

Plus the environment was good, the economy started to improve, and interest rates remained low for most of the year.

再加上環境好，經濟開始好轉，全年大部分時間利率都維持在低點。

So all those things taken together exceeded our expectations.

所以所有這些事情加在一起超出了我們的預期。

You know, included in there, it was a record year.

你知道，包括其中在內，這是創紀錄的一年。

We're not going to continue at that level.

我們不會繼續保持這個水平。

There's some one-timer things in there, principally the reduction in the allowance for credit losses, and that can't continue ongoing.

其中有一些一次性的事情，主要是信貸損失準備金的減少，而且不能繼續下去。

But I expect a strong year next year as well, this year.

但我預計明年、今年也會有強勁的表現。

Does that help?

這樣有幫助嗎？

Operator, can we have the next question?

接線員，我們可以問下一個問題嗎？

Yes.

是的。

The next question is from the line of Mike Bruynesteyn with Prudential.

下一個問題來自保誠集團的 Mike Bruynesteyn。

Good morning.

早安.

Hi, it's Mike.

嗨，我是麥克。

Hi, Mike.

嗨，麥克。

Asking for Dave again, the Financial Services assets started growing again.

再次邀請戴夫，金融服務資產再次開始成長。

Does this mean that the shrinkage we've seen over the prior, I don't know, year or two is halted?

這是否意味著我們之前（我不知道）一兩年所看到的收縮已經停止了？

And what does it mean for the cash generation capabilities of Ford Credit?

這對福特信貸的現金產生能力意味著什麼？

The assets are pretty much, we've dropped 30 billion in the last couple of years roughly and I would expect it to flatten out and I think we're comfortable with the level where we're at right now.

資產相當多，過去幾年我們大約減少了 300 億美元，我預計資產會趨於平穩，我認為我們對目前的水平感到滿意。

They may dip a little bit more, but I think a leveling off is in order for us.

它們可能會進一步下跌，但我認為我們應該趨於平穩。

And as you had shrunk the asset base I had understood that had generated cash, which you [commend] dividend to the parent.

當你縮小資產基礎時，我知道這已經產生了現金，你[推薦]向母公司派發股息。

That's correct.

這是正確的。

It did free up some capital.

它確實釋放了一些資本。

So are we to infer that the cash flows to the parent could decline over the next year or two versus what we've seen?

那麼我們是否可以推斷，與我們所看到的相比，母公司的現金流在未來一兩年可能會下降？

Well, the dividend for '04 was extraordinarily large, it was 4.3 billion, it was close to our pretax profit, and a lot of that is return of capital, of course.

那麼，04年的股息非常大，有43億，接近我們的稅前利潤，當然，其中很大一部分是資本回報。

Ongoing we've got a stated leverage target that we'll maintain, and at a flat balance sheet you can expect dividends roughly equal to after-tax profit.

目前，我們已經制定了我們將維持的既定槓桿目標，並且在資產負債表持平的情況下，您可以預期股息大致等於稅後利潤。

Great.

偉大的。

And then --

進而 -

Can I say that our asset target in the credit company is somewhere in the 160 to 165 billion for this year.

我可以說今年我們信貸公司的資產目標是160到1650億左右嗎？

And that, everything else being equal that does mean a smaller dividend, and we'll take you through all of those plans on Tuesday.

而且，在其他條件相同的情況下，這確實意味著股息減少，我們將在周二向您介紹所有這些計劃。

Great.

偉大的。

And then looking at the European, the year-over-year for the whole year was much better, but it looks like the upward trend there halted in the fourth quarter.

再看看歐洲，全年年比好得多，但看起來上升趨勢在第四季度就停止了。

What should we read into that?

我們該解讀什麼？

I wouldn't read anything really much into that as I tried to explain.

當我試圖解釋時，我不會對此進行太多解讀。

What fundamentally happened is, in 2003, that was the aberration and in the fourth quarter of 2003 we built dealer inventories to fill up the pipeline on the Focus C-Max.

從根本上來說，2003 年發生的情況就是這樣，在 2003 年第四季度，我們建立了經銷商庫存，以填補福克斯 C-Max 的通路。

And in 2004 we didn't have that.

2004 年我們還沒有這樣的東西。

I wouldn't think we've done anything untoward in Ford Europe, we earned $114 million, and we're just now launching the new Focus.

我認為我們在福特歐洲沒有做任何不正當的事情，我們賺了 1.14 億美元，而且我們剛剛推出了新的福克斯。

It's in Sarlouis.

是在薩路易。

We start up I think in a couple of weeks in Valencia.

我想幾週後我們就會在巴倫西亞啟動。

So we have some launch costs going on now in Ford Europe that was planned but we think we're on the right track in Ford Europe and headed in the right direction.

因此，我們現在在福特歐洲有一些計劃中的啟動成本，但我們認為我們在福特歐洲正走在正確的軌道上，並且正朝著正確的方向前進。

The share is up, the products are accepted well, and we're moving into the high volume/high margin end of the business with our new Focus.

份額上升，產品被廣泛接受，我們正在透過新的 Focus 進入高產量/高利潤的業務領域。

We have high hopes for that.

我們對此寄予厚望。

Great.

偉大的。

And then Dave, could you quantify that reduction for allowance of credit losses in the year that you said wouldn't be repeatable going forward?

然後，戴夫，您能否量化您所說的未來不會重複的當年信貸損失準備金的減少？

Yeah, the decline was from 2.9 billion to 2.4 billion.

是的，從29億下降到24億。

So it was half a billion dollars.

所以這是五億美元。

And, you know, we're appropriately reserved but there could be some wiggle room if we continue to perform strongly in the credit loss front as we have.

而且，你知道，我們是適當保留的，但如果我們繼續像現在這樣在信貸損失方面表現強勁，可能會有一些迴旋餘地。

Thank you very much.

非常感謝。

Our next question is from the line of Rob Hinchliffe with UBS.

我們的下一個問題來自瑞銀集團的 Rob Hinchliffe。

Good morning, Don.

早安，唐。

How are you?

你好嗎？

Hi, Rob.

嗨，羅布。

Wanted to get back to the "Other" Automotive line. $700 million swing versus a year ago.

想回到「其他」汽車系列。與一年前相比，波動了 7 億美元。

Both the tax settlements and the debt repurchase are in that line, is that right?

稅務結算和債務回購都在這條線上，對嗎？

Well, there's a lot in there.

嗯，裡面有很多東西。

We can't really go into it in any detail, but there's a lot in there.

我們無法真正深入探討它的任何細節，但裡面有很多東西。

In 2003, for example, we had portfolio losses on our cash portfolio, as interest rates were rising at the end of 2003.

例如，2003 年，由於 2003 年底利率上升，我們的現金投資組合出現了投資組合損失。

We have repurchased some debt so our interest expense is lower but sometimes we may take, you know, take an accounting loss and book it in a particular quarter to make an economic gain.

我們回購了一些債務，因此我們的利息支出較低，但有時我們可能會採取會計損失並將其記入特定季度以獲得經濟收益。

So those kinds of things can be in there as well as the income tax.

所以這些東西和所得稅一樣都可以在那裡。

So it's really fairly complicated, and as I mentioned on the prior question on this subject, we'll give you a good view into our run rate on that part of the business next Tuesday.

因此，這確實相當複雜，正如我在有關此主題的上一個問題中提到的，我們將在下週二向您詳細介紹這部分業務的運行率。

Okay.

好的。

So you're not able to quantify how much was the tax settlement, and I assume you bought back debt at a discount, so that's why the gain, right?

所以你無法量化稅收結算的金額，我假設你以折扣價回購了債務，所以這就是收益的原因，對嗎？

Right.

正確的。

But you're not able to quantify these?

但你無法量化這些？

We're just not going to break that out now in that level of detail because it just gets so complicated.

我們現在不打算詳細說明這一點，因為它變得非常複雜。

Okay.

好的。

Talking with a number of suppliers, you know, it sounds like these accelerated payment terms have stopped.

與一些供應商交談後，你知道，聽起來這些加速付款條件已經停止了。

How much cash would you say generated, you guys generated from changing payment terms to suppliers?

你們說改變供應商的付款條件會產生多少現金？

Well, it was no change for us.

嗯，這對我們來說沒有任何改變。

This was something that improved the cash flow to the suppliers.

這改善了供應商的現金流。

And we were working with a bank on this, and the bank decided they didn't want to do it anymore, and we worked with our suppliers to help them ease off of this, and it didn't, it basically did nothing to us, and we tried to help our suppliers ease off of it and to get on to their regular payment terms.

我們正在與一家銀行合作解決這個問題，銀行決定他們不想再這樣做了，我們與我們的供應商合作，幫助他們緩解這個問題，但事實並非如此，它基本上對我們沒有任何作用，我們試圖幫助我們的供應商擺脫困境並遵守他們的常規付款條件。

So there's nothing in this for us, we were just trying to work with a bank to help our suppliers.

所以這對我們來說沒有任何意義，我們只是試著與銀行合作來幫助我們的供應商。

It was a very small amount for our suppliers in any case even when we were doing it.

無論如何，即使我們這樣做，對於我們的供應商來說，這也是一個非常小的金額。

We got off of it, I think, for the most part, by the end of June, and pretty much completely out of it by the end of September of last year, and it was really small in any case.

我認為，到六月底，我們在很大程度上擺脫了它，到去年九月底，我們幾乎完全擺脫了它，無論如何，它真的很小。

There may be one or two suppliers you hear from, but it was really small change in the scheme of things.

您可能會聽到一兩個供應商的消息，但這確實是計劃中的很小的變化。

And our next question is from the line of Chris Ceraso with CSFB.

我們的下一個問題來自 CSFB 的 Chris Ceraso。

Thanks.

謝謝。

Good morning, everybody.

大家早安。

Just a few quick ones.

就幾個快速的。

First, Don, maybe you could clarify just a little bit how much further do you think you can bring the allowance for credit losses down?

首先，唐，也許您可以澄清一下，您認為您可以將信貸損失準備金進一步降低多少？

I'm going to ask Dave, but he assures me that the portfolio continues to perform well.

我要問戴夫，但他向我保證該投資組合將繼續表現良好。

Yeah, you know, if you look at it as a percentage of receivables, it's 1.83%.

是的，你知道，如果你看一下它佔應收帳款的百分比，那就是 1.83%。

That is higher than our 10-year average which is close to 1.45%.

這高於我們接近 1.45% 的 10 年平均值。

But, you know, it's a function of the performance ongoing and our expectation for our losses.

但是，你知道，這是持續表現和我們對損失的預期的函數。

And we'll continue to monitor it as we go forward.

我們將繼續對其進行監控。

Probably some but not a lot.

可能有一些，但不是很多。

If we continue to perform well there could be some wiggle room there, but it's not huge.

如果我們繼續表現良好，可能會有一些迴旋餘地，但不是很大。

Okay.

好的。

And to follow-up then on the Visteon question about the receivable, is it fair to say, then, that the write-down is consistent with Ford thinking that today the expectations for future cash flows at Visteon are maybe weaker than the expectations were a year ago when you rearranged this liability?

接下來，關於偉世通有關應收帳款的問題，可以公平地說，減記與福特的想法一致，即今天對偉世通未來現金流量的預期可能弱於預期。一年前您何時重新安排了這項責任？

Well what I'd say is, our view of Visteon as they said, that they have some structural and strategic changes to make, and in affecting those kinds of changes, I think in almost any sense, some cash flow will be required.

我想說的是，正如他們所說，我們對偉世通的看法是，他們需要做出一些結構和戰略變革，而在影響這些變化時，我認為幾乎在任何意義上都需要一些現金流。

And so we just thought about the receivable, and as we look at all receivables, and concluded that it was something we should reserve for.

因此，我們只考慮了應收帳款，當我們查看所有應收帳款時，得出的結論是，這是我們應該保留的東西。

And I would just leave it at that.

我就這樣吧。

When we get a more definitive agreement in mind we'll, you know, fill you in on that.

當我們達成更明確的協議時，我們會告訴您這一點。

Okay.

好的。

Another one for Don, if I could.

如果可以的話，再給唐一份。

The return on equity at Ford Credit obviously was off the charts this year.

福特信貸今年的股本報酬率顯然是破紀錄的。

Can you give us an idea of the pace at which that should walk back down to a more normal level of return on equity?

您能否告訴我們股本報酬率應以何種速度回落到更正常的水平？

I wouldn't expect it to drop from 30% back down to 12 or 13.

我預計它不會從 30% 回落到 12 或 13。

How do you expect that progression to go?

您預計這項進展將如何進行？

Well, on Tuesday, we're going to take you through our plans for all the business, including Ford Credit, and we'll show you what our target for ROE and profits for Ford Credit is, and we'll explain to you how that slope of that line coming down is.

好吧，週二，我們將向您介紹我們對所有業務的計劃，包括福特信貸，我們將向您展示福特信貸的 ROE 和利潤目標是什麼，我們將向您解釋如何那條線下降的斜率是。

So if you just hold that one until Tuesday, we'll be sure to cover it then.

因此，如果您將其保留到週二，我們一定會在那時進行報告。

And our next question is from the line of Darren Kimball with Lehman Brothers.

我們的下一個問題來自雷曼兄弟的達倫金博爾。

First of all I was just wondering if you could comment on PAG?

首先我想知道您是否可以對 PAG 發表評論？

I mean, versus your, I guess, early fall comments about the breakeven, could you just delve into a little bit more detail on kind of exactly what changed for the worse there?

我的意思是，相對於你，我想，早秋關於​​盈虧平衡的評論，你能否深入研究一下到底是什麼導致了情況變得更糟？

Yeah.

是的。

You talked about volume and pricing and FX, but what was the delta there in the fourth quarter?

您談到了交易量、定價和外匯，但第四季度的增量是多少？

Well, the main thing that really hit us was exchanges.

嗯，真正影響我們的主要事情是交流。

You may recall, the dollar really collapsed at the end of the year.

你可能還記得，美元在年底確實崩潰了。

It's actually strengthened some since then.

從那時起，它實際上得到了加強。

I think at the end of the year the euro to dollar rate was around $1.36, and I think it's down around $1.30 now.

我認為年底歐元兌美元匯率約為 1.36 美元，現在已下跌 1.30 美元左右。

So it's moved back from then, and right at the end of the year it really weakened.

所以它從那時開始向後移動，就在今年年底，它確實減弱了。

That was the biggest thing.

這是最重要的事。

The second thing was really some lower volume and higher costs to ensure that we had high quality launches of our new products.

第二件事實際上是降低產量和提高成本，以確保我們推出高品質的新產品。

And then we've been, you know, talking about how we have higher commodity prices, and, you know, those are coming, and there was a bit of that in there as well.

然後我們一直在談論我們如何擁有更高的商品價格，而且，你知道，這些即將到來，其中也有一些這樣的內容。

So those are the things that affected our shortfall to where we thought we'd be approaching breakeven.

因此，這些因素影響了我們的虧損，使我們接近損益兩平。

And I think we lost 172 million in PAG in the third quarter, and we assume that that would improve, you know, less than 100 million, and instead of that it went the other way.

我認為第三季我們在 PAG 上損失了 1.72 億美元，我們假設這會改善，你知道，不到 1 億美元，但事實並非如此，而是相反。

We have made some progress on PAG, of course.

當然，我們在 PAG 方面取得了一些進展。

I think we took some production cuts in Jaguar, we took some salary headcount out at Jaguar and Land Rover.

我認為我們對捷豹進行了一些減產，我們對捷豹和路虎進行了一些工資削減。

We have a plan to close the assembly operation in Brown's Lane, we got out of the Formula 1 and related businesses.

我們計劃關閉布朗巷的組裝業務，退出一級方程式及相關業務。

And so there's been a lot of pluses and we're now working through the next phase of that.

所以有很多優點，我們現在正在努力完成下一階段。

No, I understand.

不，我明白。

But just in the absence at least for the short-term of the '05 guidance, I'm just trying to get my hands around how much of what happened in the fourth quarter is going to persist into 2005.

但至少在短期內沒有 05 年指引的情況下，我只是想了解第四季發生的情況有多少會持續到 2005 年。

But let me ask you just a question on the healthcare.

但讓我問你一個關於醫療保健的問題。

You said the 31.6 billion liability reflected mostly the discount rate change.

您說316億負債主要反映了折現率的變動。

Was there a change in the initial healthcare inflation expectation?

最初的醫療保健通膨預期有變化嗎？

No, there wasn't.

不，沒有。

Okay.

好的。

So you are not --

所以你不是——

No, there wasn't.

不，沒有。

We'll take you through all those assumptions on healthcare on Tuesday next week, but basically there wasn't a change in our initial point on our trend rate.

我們將在下週二向您介紹所有有關醫療保健的假設，但基本上我們對趨勢率的初始觀點並沒有改變。

Okay.

好的。

And I guess lastly, the reserve for the Visteon OPEB receivable, does that have an earnings effect in 2005?

我想最後，偉世通 OPEB 應收帳款的準備金，對 2005 年的獲利有影響嗎？

No.

不。

No, because as, unlike, I think this is right, unlike the, back at the end of 2003 when we forgave, at that time those were healthcare plan assets, so they had, at the time, they were reducing the obligation.

不，因為，與我認為這是正確的，與 2003 年底我們寬恕時不同，當時這些是醫療保健計劃資產，所以他們當時減少了義務。

This time we said that these are not healthcare plan assets, they're, you know, basic receivables on the main face of the balance sheet, so they were non-interest bearing in that sense.

這次我們說這些不是醫療保健計劃資產，它們是資產負債表主面上的基本應收款，因此從這個意義上說它們是不計息的。

So I don't think there's a profit effect ongoing.

所以我認為利潤效應不會持續存在。

If there is one, we'll let you know on Tuesday.

如果有的話，我們會在周二通知您。

And our next question is from the line of Jon Rogers with Smith Barney.

我們的下一個問題來自喬恩·羅傑斯和美邦公司。

Yes, good morning.

是的，早安。

Just have a quick question on Europe.

我想問一個關於歐洲的簡單問題。

It looks like the share in Europe at Ford deteriorated in the fourth quarter and premier auto group was actually up but net pricing was down.

福特在歐洲的份額似乎在第四季度惡化，而主要汽車集團的份額實際上有所上升，但淨定價卻下降了。

The question is, can you just comment on what happened to share in an up market in the fourth quarter in Europe, and was most of the net pricing on the PAG side?

問題是，您能否評論一下歐洲第四季上漲市場的情況，以及大部分淨定價是在 PAG 方面嗎？

Well, first, on the share, the share in Ford Europe was not down, it was flat from 2003 to 2004.

首先，就份額而言，福特歐洲的份額並沒有下降，從2003年到2004年持平。

Now it was down compared with the third quarter.

現在與第三季相比有所下降。

But that always happens for us because in Britain there are very strong seasonal factors in March and September, and we have a higher share of the market in Britain than we have on the continent, so at the end of March and in September, our share of total Europe is higher because the mix of Britain is more.

但這種情況總是發生在我們身上，因為在英國，三月和九月有非常強烈的季節性因素，而且我們在英國的市場份額比我們在歐洲大陸的市場份額要高，所以在三月底和九月，我們的份額整個歐洲的比例更高，因為英國的組合更多。

So our share is always higher in the first quarter and the third quarter, lower in the second and the fourth, but on a year-to-year basis it was flat.

因此，我們的份額總是在第一季和第三季較高，在第二季和第四季較低，但與去年同期相比持平。

And in the very tough market we had, we think that was pretty good.

在我們所處的非常艱難的市場中，我們認為這相當不錯。

We're just getting the new Focus out now, and our net pricing in the quarter was just about flat in Ford Europe.

我們現在剛推出新款福克斯，本季我們在福特歐洲的淨定價基本上持平。

You also had a question on PAG.

您也對 PAG 提出了疑問。

Could you repeat that?

你能再說一次嗎？

I was just wondering if, because it looks like you're sort of aggregating the net pricing in the fourth quarter and I was wondering what the share of net pricing between Ford and PAG was?

我只是想知道是否，因為看起來你們正在匯總第四季度的淨定價，我想知道福特和 PAG 之間的淨定價份額是多少？

Yeah.

是的。

I wasn't intending to aggregate them.

我無意將它們聚合起來。

The net pricing for Ford Europe in the fourth quarter was about flat and net pricing in PAG in the fourth quarter was positive.

福特歐洲第四季的淨定價基本上持平，而 PAG 第四季的淨定價為正。

Now, that's pricing in Europe and the U.S. and Asia and everywhere around the world, because those are global brands, but it was favorable in the fourth quarter for PAG.

現在，這是歐洲、美國、亞洲以及世界各地的定價，因為這些都是全球品牌，但第四季對 PAG 來說是有利的。

And actually a significant amount.

實際上數量很大。

Okay.

好的。

One of the things that's a part of our strategy in PAG, which kind of goes along with this not being a quick fix, is to improve the brand image and the positioning.

我們 PAG 策略的一部分是改善品牌形象和定位，這並不是快速解決方案。

And so pricing and improving our margins on that side is a big part of that, and that's not going to happen overnight, but we saw positive results in the fourth quarter.

因此，定價和提高我們在這方面的利潤率是其中的重要組成部分，這不會在一夜之間發生，但我們在第四季度看到了積極的成果。

Okay.

好的。

Thank you.

謝謝。

And our next question is from the line of Scott Merlis with Thomas Weisel Partners.

我們的下一個問題來自 Scott Merlis 和 Thomas Weisel Partners。

Good morning, everybody.

大家早安。

Could you elaborate on the cash flow numbers?

能詳細說明一下現金流量數字嗎？

What might be considered unusual, such as the "Other" line, where was the positive surprise for you, to what extent is it kind of normal fourth quarter types of numbers in working capital and "Other"?

什麼可能被認為是不尋常的，例如“其他”行，對您來說積極的驚喜在哪裡，營運資金和“其他”數字在多大程度上屬於正常的第四季度類型？

Well, our operating cash flow in the fourth quarter was a billion five, and that was a little better than we thought we'd do, but actually exactly the same number as we had in the fourth quarter of '03.

嗯，我們第四季的營運現金流是十億五，這比我們想像的要好一點，但實際上與我們 03 年第四季的數字完全相同。

I wouldn't say there was anything terribly abnormal there.

我不會說那裡有什麼非常不正常的地方。

We have had a, you know, plan within the Company to be as efficient as we can on capital spending, and clearly we undershot our target on that, and that was partly in the fourth quarter, but all the way through the year.

你知道，我們在公司內部製定了一個計劃，以盡可能提高資本支出的效率，顯然我們沒有達到我們的目標，部分是在第四季度，但全年都是如此。

And the main reason that we did better than we thought at October was because frankly we sat down and worked on it.

我們在 10 月做得比我們想像的更好的主要原因是因為坦白說，我們坐下來並努力工作。

We wanted to do better.

我們想做得更好。

And we worked on our working capital and, and that was the main thing.

我們致力於營運資金，這是最重要的。

So the main change since October was just a lot of hard work on the working capital area.

因此，自十月以來的主要變化只是在營運資金領域進行了大量的努力。

Inventories in particular.

庫存尤其如此。

And when you combine your billion Automotive with the Financial Services sector transaction of 4.2, that $5.2 billion number in the context of your plan I assume would be considered a healthy number that you would like to, a very healthy number that you'd like to generate on a consolidated basis every year but the mix will probably change.

當您將10 億美元的汽車業務與4.2 的金融服務業交易結合起來時，在您的計劃中，52 億美元的數字將被視為您希望的一個健康數字，一個您希望的非常健康的數字。每年都會產生合併的結果，但結構可能會改變。

Is that a fair statement?

這是一個公平的說法嗎？

Yeah.

是的。

I mean, clearly we would like to generate a good healthy cash flow, and as we've said along the way, we need the Automotive business to contribute more than it has, and it's been improving.

我的意思是，顯然我們希望產生良好的健康現金流，正如我們一直以來所說的那樣，我們需要汽車業務做出比現在更多的貢獻，而且它一直在改善。

That's the plan, and we're making progress there because as we've said, the Financial Services group is coming off a record, and we have been downsizing the asset size and so as Dave Cosper mentioned, returning capital along the way.

這就是計劃，我們正在這方面取得進展，因為正如我們所說，金融服務集團正在打破紀錄，我們一直在縮小資產規模，正如戴夫·科斯珀提到的，一路上返還資本。

So we know that the cash contribution to the parent of Financial Services is going to be smaller so our challenge is to get the Automotive side, you know, to be improved.

因此，我們知道對金融服務母公司的現金貢獻將會減少，因此我們面臨的挑戰是改善汽車方面。

So you're absolutely right.

所以你是完全正確的。

And our final analyst question comes from Himanshu Patel with J.P.

我們最後的分析師問題來自 Himanshu Patel 和 J.P.

Morgan Chase.

摩根大通。

Good morning, guys.

早上好傢伙。

Good morning.

早安.

A question on Cap Ex.

關於資本支出的問題。

You talked about this a little bit earlier, it obviously came in below what you had planned.

您之前談到過這一點，它顯然低於您的計劃。

I'm just wondering with most of your new models [inaudible] out of the way, can we expect this to go down further in 2005?

我只是想知道，隨著你們的大多數新型號 [聽不清楚] 的出現，我們是否可以期望 2005 年這一數字會進一步下降？

We'll cover that on Tuesday if that's okay.

如果可以的話，我們將在周二討論這個問題。

Okay.

好的。

And then on PAG, just coming back to that, you mentioned FX and commodities and a couple other issues that have worsened just in the past sort of three to five months.

然後在 PAG 上，回到這一點，您提到了外匯和大宗商品以及其他一些在過去三到五個月內惡化的問題。

I'm just wondering the restructuring plans that you guys already have in place at Jaguar and to a lesser extent maybe at Land Rover, do you need to kind of go back and revisit those or do you think those are adequate and it's just a matter of working through them?

我只是想知道你們已經在捷豹和路虎制定的重組計劃，你們是否需要回去重新審視這些計劃，或者你們認為這些計劃是否足夠，這只是一個問題透過他們工作？

Well, right now we are in the early stages of executing those, and I can tell you we monitor the situation closely, and work with the people in PAG.

嗯，現在我們正處於執行這些計劃的早期階段，我可以告訴你，我們會密切關注事態發展，並與 PAG 的人員合作。

We discuss it often, monitor it carefully, and if we need to, we will make further changes.

我們經常討論它，仔細監控它，如果需要，我們將做出進一步的改變。

Right now I don't see anything in the near-term arising different than what we talked about before.

目前，我認為短期內不會出現任何與我們之前討論的不同的情況。

And of course, as we go along we'll keep you updated.

當然，隨著我們的進展，我們會及時向您通報最新情況。

Then, Don, currency seems like it's the main issue here just about every single quarter.

然後，唐，貨幣似乎幾乎每季都是這裡的主要問題。

Does this mean that you guys have virtually no hedging in place?

這是否意味著你們幾乎沒有採取任何對沖措施？

I mean if it's affecting you on a quarter-to-quarter basis that sounds like you're pretty much transacting at spot market prices.

我的意思是，如果它按季度影響您，那麼聽起來您幾乎是在以現貨市場價格進行交易。

Is that a fair statement?

這是一個公平的說法嗎？

No, we have a fairly disciplined hedging strategy where we hedge, you know, most of our transaction flow one year out, somewhat less than that, two years out, somewhat less than that three years out, and so we are hedged to that degree what.

不，我們有一個相當嚴格的對沖策略，我們對沖一年後的大部分交易流量，比這要少一些，兩年後，比三年後要少一些，所以我們的對沖程度是這樣的什麼。

What we're seeing here is, you know, the effect of a significant change in the dollar relative to the yen, the euro, the Swedish kroner, and sterling over the last two years.

我們在這裡看到的是，你知道，過去兩年美元相對於日圓、歐元、瑞典克朗和英鎊發生重大變化的影響。

And the Canadian dollar, I might add.

我想補充一下，還有加幣。

It's just really, what's happening, the dollar has been weakening and what we've seen is the spot rates have gone adverse and the hedges have been rolling off.

事實上，正在發生的事情是，美元一直在走軟，我們所看到的是即期匯率已經走向不利，對沖措施也不斷取消。

Yeah.

是的。

So that's all mixed in there in that number that we break out on exchange.

所以這一切都混合在我們在交換中公佈的數字中。

Thank you.

謝謝。

Operator, I think we're now ready to take some questions from the media.

接線員，我想我們現在已經準備好回答媒體的一些問題了。

Yes, ma'am.

是的女士。

Again, members of the media press star one for any questions.

再次強調，如果有任何問題，媒體記者都會在其中加星。

And your first question is from the line of Bill Koenig with Bloomberg News.

你的第一個問題來自彭博新聞社的比爾‧科尼格（Bill Koenig）。

Good morning, Don.

早安，唐。

Hi, Bill, how are you?

嗨，比爾，你好嗎？

Pretty good.

不錯。

At the risk of belaboring Visteon I just want to just kind of sum up.

冒著批評偉世通的風險，我只想總結一下。

So it sounds like your action in taking a reserve is related to Visteon's kind of financial condition at this time, but you're saying it's not directly tied to the talks you've had with Visteon.

因此，聽起來您採取的儲備行動與偉世通目前的財務狀況有關，但您是說這與您與偉世通的談判沒有直接關係。

Would that be accurate?

這樣說準確嗎？

Yes, I think it is.

是的，我認為是的。

It's certainly our view of Visteon.

這當然是我們對偉世通的看法。

Just like we look at every time we have a receivable, good accounting practice dictates that we look at the collectability, and we have, you know, a thorough and rigorous process of doing that.

就像我們每次查看應收帳款一樣，良好的會計實務要求我們查看可收回性，並且您知道，我們有一個徹底而嚴格的流程來做到這一點。

In doing that for Visteon we came to this conclusion.

在為偉世通做這件事時，我們得出了這個結論。

On the second part of your question, this is unrelated to any agreement that may or may not be struck between Ford and Visteon.

關於你問題的第二部分，這與福特和偉世通之間可能達成或不達成的任何協議無關。

Okay.

好的。

Thank you.

謝謝。

And our next question is from the line of Norrie Shiratu with Wall Street Journal.

我們的下一個問題來自《華爾街日報》的 Norrie Shiratu。

Good morning, Don.

早安，唐。

Another question on Visteon, I guess.

我猜還有一個關於偉世通的問題。

This is just asking from a different point of view, but does the fact that you have to exercise prudent accounting, does that point to lack of confidence on your part in Visteon's ability to sort of sustain, I mean, to be profitable in the long-term?

這只是從不同的角度提出問題，但是您必須進行審慎的會計處理，這是否表明您對偉世通的持續盈利能力缺乏信心，我的意思是，長期盈利-學期？

No, not at all.

一點都不。

That's not correct, and that's not what I said earlier.

這是不正確的，我之前也不是這麼說的。

So what does --

那麼，什麼是——

Visteon, let me try this.

偉世通，讓我試試這個。

Visteon is current with all its obligations to Ford.

偉世通目前履行了對福特的所有義務。

I mean, they're current.

我的意思是，它們是最新的。

So there's no issue there.

所以那裡沒有問題。

What we were saying was we look into our view of Visteon, given what they've said they need to do was strategic and structural changes, we thought that this kind of an obligation, which is a long-term obligation, 2006 to 2049, was something that we prudently should reserve for.

我們所說的是，我們審視了對偉世通的看法，考慮到他們所說的需要做的是戰略和結構性變革，我們認為這種義務，這是一項長期義務，從 2006 年到 2049 年，是我們應該謹慎保留的東西。

Okay.

好的。

Thanks.

謝謝。

Our next question is from the line of Jamie Butters with Detroit Free Press.

我們的下一個問題來自底特律自由報的傑米·巴特斯。

Good morning, Don.

早安，唐。

Good morning.

早安.

I saw you're paying profit sharing this year.

我看到你今年支付利潤分享。

It's higher than last year although I think North America was not necessarily stronger.

儘管我認為北美不一定更強，但它比去年更高。

Is that because of Ford Credit?

這是因為福特信貸嗎？

The profit sharing calculation is based on a formula I think was agreed some years ago and it does include the U.S. portion of Ford Credit.

利潤分享的計算是基於我認為幾年前達成一致的公式，並且它確實包括福特信貸的美國部分。

And will the leased employees to Visteon be receiving the same profit sharing?

偉世通的租用員工是否會獲得相同的利潤分成？

Are they rewarded under the same formula?

他們是否按照相同的公式獲得獎勵？

I believe so.

我相信是這樣。

Okay.

好的。

That's correct.

這是正確的。

Okay.

好的。

And, I'm sorry, but I think the way the question on Visteon needs to be asked, in my perspective is, if it's not related to negotiations of the ongoing restructuring, then what is recognition of the higher default risk between now and 2049?

而且，我很抱歉，但我認為，在我看來，關於偉世通的問題需要提出的方式是，如果它與正在進行的重組談判無關，那麼從現在到2049 年之間更高的違約風險是什麼？ ？

Is that correct?

那是對的嗎？

Between now and 2049 is a long time.

從現在到 2049 年是很長一段時間。

As I said earlier, Visteon is current with all its obligations.

正如我之前所說，偉世通履行了所有義務。

But your prudent recognition of the future, I mean, this is acknowledging the risk of a default in the time frame of this receivable.

但你對未來的審慎認識，我的意思是，這是承認在該應收帳款的時間範圍內違約的風險。

In the next 45 years on that particular item, given our view of everything else, right.

考慮到我們對其他一切的看法，在接下來的 45 年裡，在這個特定項目上，對吧。

Thank you.

謝謝。

And our next question is from the line of Christopher Hope with The Dade Telegraph.

我們的下一個問題來自《戴德電訊報》的克里斯多福霍普 (Christopher Hope)。

Hi, there [inaudible] I'm calling from London [inaudible].

你好，[聽不清楚]我是從倫敦打來的[聽不清楚]。

I wanted to ask you quickly if I can when was Ford of Europe last in profit, please?

我想快速問一下您是否可以，歐洲福特最後一次獲利是什麼時候？

I don't recall.

我不記得了。

It has been awhile.

這已經有一段時間。

Yeah.

是的。

And we'll take a look and try and get that answer for you, and we'll, you know speak it out in the next minute or two.

我們會看一下並嘗試為您找到答案，您知道，我們會在接下來的一兩分鐘內說出來。

Otherwise we'll call you back and let you know that.

否則，我們會回電給您並告知您此情況。

Thanks.

謝謝。

And the other question I had was about premium automotive group.

我的另一個問題是關於高端汽車集團的。

How much of that collapse into the red was Jaguar's fault?

捷豹的虧損有多少是罪魁禍首？

Well, as you know we don't break out the profitability by brand.

嗯，如您所知，我們不會按品牌細分獲利能力。

But I think it's pretty clear that from everything we've said that Jaguar is the main issue from a financial standpoint.

但我認為很明顯，從我們所說的一切來看，從財務角度來看，捷豹是主要問題。

Let me just say Volvo is doing well, and Land Rover is launching a couple of terrific new products now, that causes them some change-over and launch costs but we see that coming around very quickly, and Jaguar is going to be a longer term fix as we said last year a couple of times.

我只想說，沃爾沃做得很好，路虎現在正在推出一些很棒的新產品，這給他們帶來了一些轉換和發布成本，但我們看到這種情況很快就會發生，而捷豹將是一個長期的產品正如我們去年所說的那樣修復幾次。

And we'll have more on that on Tuesday.

週二我們將有更多相關內容。

When do you think PAG might be back in the black?

您認為 PAG 何時會轉虧為盈？

We'll talk about that on Tuesday.

我們將在周二討論這個問題。

Okay.

好的。

And just finally, the good performance at Ford Europe that was down to this transit connect.

最後，福特歐洲的良好表現要歸功於這條交通連接線。

Is that correct?

那是對的嗎？

No, I wouldn't say so.

不，我不會這麼說。

I think was down to a whole range of things, starting with great products, you know, good quality, getting the cost right, and, you know, a real team effort by everybody in Ford Europe.

我認為這取決於一系列的事情，首先是出色的產品，你知道，良好的質量，正確的成本，以及，你知道，福特歐洲每個人的真正團隊努力。

But it was mainly the vans that pushed you?

但主要是貨車推動了你？

You mentioned the Turkey joint venture.

您提到了土耳其合資企業。

Well, certainly we had, and it's not just the vans.

嗯，我們當然有，而且不只是貨車。

The car market in Turkey was very strong, and our profit in Turkey includes the profit on manufacturing the transit and the transit connect, and exporting those to Western Europe.

土耳其的汽車市場非常強勁，我們在土耳其的利潤包括製造交通和交通連接以及將其出口到西歐的利潤。

It also includes the sales of passenger cars made in Western Europe and exported into Turkey, and our market share in Turkey is, I think, right around 15 or 16%, so there were a lot of local market sales of Ford Europe passenger cars that were included in that profit improvement.

它還包括西歐製造並出口到土耳其的乘用車的銷量，我認為我們在土耳其的市佔率大約是15％或16％，因此福特歐洲乘用車在當地市場的銷售量很大，包括在利潤改善中。

I just can't see how Turkey can be responsible for this enormous profit swing.

我只是不明白土耳其如何對這種巨大的利潤波動負責。

Well, it's not solely responsible.

嗯，這不僅僅是責任。

What I was saying was on a year-to-year basis, the cost reductions that we made and the improvements in market share, that was the bulk of the improvement.

我所說的是逐年比較，我們所做的成本降低和市場份額的提高，這是改進的主要部分。

Also included in the improvement from year-to-year was the great performance of our joint venture in Turkey.

逐年進步的另一個原因是我們在土耳其的合資企業的出色表現。

It was a small part of it, but not an insignificant part.

這是其中的一小部分，但並不是無足輕重的部分。

The main part of the improvement came in our operations in Western Europe.

改進的主要部分來自我們在西歐的業務。

And our next question is from Adriana Montien with ABC News.

我們的下一個問題來自 ABC 新聞的 Adriana Montien。

Good morning, Don.

早安，唐。

Good morning.

早安.

I'm calling from Brazil and I would like that you give you some comments about the operations in South America related on the worldwide company results in 2004.

我從巴西打來電話，希望您能對與 2004 年全球公司業績相關的南美業務發表評論。

What reasons do you point for the South American improvements last year?

您認為南美去年取得進步的原因是什麼？

Well, I think we had a very good plan in South America, and we have several new products, the Ford Echo Sport, the Fiesta Hatchback, and we now have the Fiesta Sedan being produced at full capacity on three shifts at our new plant in the North of Brazil and very well accepted in the market.

嗯，我認為我們在南美洲有一個非常好的計劃，我們有幾款新產品，福特Echo運動版，嘉年華掀背車，現在我們在我們的新工廠三班制滿負荷生產嘉年華轎車。巴西北部，深受市場歡迎。

We also export those products into Mexico, but the profits of those exports are not included here.

我們也將這些產品出口到墨西哥，但這些出口的利潤不包括在這裡。

We also have another range of cars that we make in our plant in Sao Paulo, and we make cars and trucks in Argentina and in Venezuela and frankly, all the operations there are doing well.

我們在聖保羅的工廠也生產其他系列的汽車，我們在阿根廷和委內瑞拉生產汽車和卡車，坦白說，那裡的所有業務都表現良好。

Okay.

好的。

Do you have some specific comments about the Brazilian plants last year and this year?

您對去年和今年的巴西工廠有什麼具體評論嗎？

Well, I would say that we are right on schedule on our plan, and in terms of the profitability, we're just a little bit ahead of schedule now because of the strong acceptance of the products out of our new plant in the North of Brazil.

嗯，我想說，我們的計劃按計劃進行，就盈利能力而言，我們現在比計劃提前了一點，因為我們北部新工廠的產品受到了強烈的認可。巴西。

And we're going to talk more about our future plans in Brazil on Tuesday of next week when we're in New York.

下週二我們在紐約時，我們將更多地討論我們在巴西的未來計劃。

So maybe you can catch that.

所以也許你能明白這一點。

And our next media question is from Eric Mayne with Detroit News.

我們的下一個媒體問題來自底特律新聞的艾瑞克·梅恩。

Good morning, Don.

早安，唐。

Good morning, Eric.

早安，埃里克。

Could you, I was looking at Slide 14.

你可以嗎？我正在看幻燈片 14。

Could you please tell me how that retail sales mix for F-150 factored into your revenue per unit, your increased revenue per unit?

您能否告訴我 F-150 的零售銷售組合如何影響您的每單位收入以及每單位增加的收入？

Is there any way you can indicate, you know, what percentage, perhaps, F-150 contributed?

有什麼方法可以顯示 F-150 的貢獻百分比嗎？

I don't think we could break that out directly, but I can tell you that it was a significant contributor to it.

我認為我們無法直接解決這個問題，但我可以告訴你，這是一個重要的貢獻者。

But I'm going to ask Lloyd Hansen to comment on that question.

但我將請勞埃德·漢森對這個問題發表評論。

You know, it's been a significant contributor all year.

你知道，它全年都是一個重要的貢獻者。

I would say for the year it's about $200.

我想說今年大約是200美元。

In the fourth quarter it was actually less than that because our profits are based on production.

第四季度實際上比這個少，因為我們的利潤是基於產量的。

If they had been based on sales, that revenue improvement would have been a lot bigger because we had a terrific quarter from a sales standpoint.

如果它們是基於銷售額，那麼收入的改善會大得多，因為從銷售的角度來看，我們有一個很棒的季度。

F-Series sales were up 24,000 units but production was actually down 20.

F 系列銷量增加了 24,000 輛，但產量實際上下降了 20 輛。

So you wouldn't see all of that in the fourth quarter production, but the effect of the strong sales is something that will still come through production at some point in time.

因此，您不會在第四季度的生產中看到所有這些，但強勁銷售的影響仍將在某個時間點透過生產體現出來。

Safe to say that the mix has stayed rich longer than you expected?

可以肯定地說，這種組合保持豐富的時間比您預期的要長嗎？

It has.

確實如此。

What were your expectations?

你的期望是什麼？

It's been a huge success both from a sales standpoint and from a series standpoint.

無論從銷售角度還是從系列角度來看，它都取得了巨大的成功。

And you can see, you know, we listed the Super Crew mix, the 4 x 4 mix, the FX4, Lariat, and the 5.4 engine, and I believe a lot of that has to do with the fact that we were able to put five distinct packages out there that had this equipment packaged in a way that, you know, is highly desirable on the vehicle.

你可以看到，你知道，我們列出了 Super Crew 混合、4 x 4 混合、FX4、Lariat 和 5.4 引擎，我相信這很大程度上與我們能夠將有五個不同的包裝，這些設備的包裝方式非常適合車輛。

Thank you.

謝謝。

Sir, we have no further media questions.

主席先生，我們沒有其他媒體問題了。

We do have an analyst question from Stewart Rozanski with Vanguard Group.

我們確實收到了先鋒集團 (Vanguard Group) 的 Stewart Rozanski 的分析師問題。

Yes, good morning.

是的，早安。

Good morning.

早安.

I have a couple of questions for you.

我有幾個問題想問你。

One of them is a follow-up on the Visteon receivable.

其中之一是偉世通應收帳款的後續行動。

In looking at the 2003 10-K there was a listing of a receivable, I believe it was, for about 1.65 billion.

在查看 2003 年 10-K 時，我相信其中列出了大約 16.5 億美元的應收帳款。

If that's the correct amount, then the 600 odd million charge that you're taking now is about a 36% allowance.

如果這是正確的金額，那麼您現在收取的 600 多萬費用大約是 36% 的津貼。

Would those be fair numbers?

這些是公平的數字嗎？

Well, let me try on that one.

好吧，讓我試試那個。

At the end of 2003, we had an agreement with Visteon.

2003年底，我們與偉世通達成協議。

We restructured our arrangements with them, and included as a part of that was our effectively forgiving Visteon for the OPEB obligation that were incurred pre-spend.

我們重組了與他們的安排，其中包括我們有效地免除偉世通預支費用產生的 OPEB 義務。

And that was the 1.64 billion that you're referring to.

這就是你所說的16.4億。

What we're talking about now is the balance of the OPEB receivable, which was somewhat more than the $600 million that was included not as a healthcare plan asset but a regular receivable.

我們現在討論的是 OPEB 應收帳款的餘額，這比 6 億美元要多一些，這 6 億美元不是作為醫療保健計劃資產而是作為常規應收帳款計入的。

So there are really two separate things.

所以確實有兩件不同的事情。

So what, then, was the amount, or what is the current amount of the receivable?

那麼，應收帳款的金額是多少，或者說目前的應收帳款金額是多少？

It's a little over $800 million.

這個數字略高於 8 億美元。

Okay.

好的。

So you're almost writing off the entire amount?

所以你幾乎要註銷全部金額了？

Well, 600 out of about 850 million or so, something like that, yeah.

嗯，大約 8.5 億人中的 600 人左右，類似的東西，是的。

Okay.

好的。

And second, unrelated to that, has Ford made any determination yet with regard to potential repatriation of the foreign earnings, and --

其次，與此無關的是，福特尚未就海外收入的潛在匯回做出任何決定，並且——

No, we haven't.

不，我們沒有。

We're looking at that and we haven't.

我們正在考慮這一點，但還沒有。

And how much do you currently have in the foreign earnings?

您目前的海外收入有多少？

We're not going to comment on that.

我們不會對此發表評論。

It's not a significant amount in the scheme of things but we'd really rather not go into that now.

這在計劃中並不是一個重要的數字，但我們現在真的不想討論這個。

Okay.

好的。

Thank you.

謝謝。

And if I could, we had a question earlier about when Ford Europe last made a profit.

如果可以的話，我們早些時候有一個關於福特歐洲上次盈利是什麼時候的問題。

It was actually in the late 90s, 1997.

其實那是20世紀90年代末，1997年。

So it's been awhile, but we're in the black and very happy about that.

已經有一段時間了，但我們實現了盈利，對此感到非常高興。

And our final question comes from Ron Tadross with Banc of America Securities.

我們的最後一個問題來自美國銀行證券公司的羅恩·塔德羅斯。

Thanks.

謝謝。

Don, just one follow-up on my earlier question.

唐，只是我之前問題的一個後續。

Your volume, if you look at your combined auto volume, was down about 110,000 units, and this volume mix number you gave us, the billion four, you said most of that is volume.

你的銷量，如果你看看你的綜合汽車銷量，下降了大約 110,000 單位，而你給我們的這個銷量混合數字，十億四，你說其中大部分是銷量。

I mean if you even say it's just a billion dollars of volume, the point is your variable margin looks like it's almost $10,000 a unit.

我的意思是，如果你說這只是 10 億美元的交易量，那麼關鍵是你的可變利潤看起來幾乎是每單位 10,000 美元。

I mean, am I missing something here?

我的意思是，我在這裡錯過了什麼嗎？

If I look at the volume, 110,000 units, versus the volume mix number, say a billion of that is volume?

如果我看看銷量，110,000 單位，與銷量混合數量，比如說 10 億是銷量？

No, I wouldn't use that high of a number.

不，我不會使用那麼高的數字。

I mean, if you look at the profits, they're really driven more by the production.

我的意思是，如果你看看利潤，你會發現它們實際上更多是由生產驅動的。

I think we're on Appendix Eight.

我想我們正在討論附錄八。

Look at Appendix Eight the change in profits, or the change in production, and [inaudible] in your models, and that's the volume piece.

看看附錄八利潤的變化，或是產量的變化，以及模型中的[聽不清楚]，這就是體積部分。

So I added the 70,000, unless I'm looking at this wrong, 70,000 North America, 20 in Europe, and 20 in PAG gets me to 110.

所以我加上了 70,000，除非我看錯了，北美 70,000，歐洲 20，PAG 20 使我達到 110。

Okay.

好的。

And then so the volume mix number of a billion four, I guess, I'm wondering maybe there's something else in there, of the billion four.

然後，十億四的體積混合數，我想，我想知道十億四中也許還有其他東西。

Well, there's some unfavorable mix.

嗯，有一些不利的混合。

There's also a mix by country within there, and it's, you know, there's also South America and Asia, so there's a lot of moving parts in there.

裡面還有按國家劃分的混合，你知道，還有南美洲和亞洲，所以裡面有很多移動部件。

But I wouldn't use a number as high as you're using as you quoted.

但我不會使用與您引用的一樣高的數字。

Right.

正確的。

I'll circle back maybe we can get some detail on that.

我會回來也許我們可以得到一些細節。

It does seem high.

看起來確實很高。

All right.

好的。

Thanks.

謝謝。

Before we sign off, Don, do you have just a couple of closing comments?

在我們結束之前，唐，您有幾點結束語嗎？

Just a couple of things.

只是幾件事。

We feel we had a good year in 2004, and we hit most of our important financial targets, and most importantly of all we stayed on track, and we're continuing to improve.

我們認為 2004 年是美好的一年，我們實現了大部分重要的財務目標，最重要的是我們保持在正軌上，我們正​​在繼續改進。

We had a terrific year in Financial Services, and we're continuing to make progress in Automotive.

我們在金融服務領域度過了輝煌的一年，我們在汽車領域繼續取得進展。

We're disappointed in PAG, but we're going to get that fixed the way we fixed South America and Europe.

我們對 PAG 感到失望，但我們會像解決南美洲和歐洲問題一樣解決這個問題。

And we're really happy with the new products that we have out now and we're looking for good things there.

我們對現在推出的新產品非常滿意，我們正在尋找好的東西。

We see many opportunities to build on the progress we've made in the future and we are very happy to be discussing our plans for 2005 with you on Tuesday of next week.

我們看到未來有很多機會可以在已經取得的進展的基礎上再接再厲，我們很高興能在下週二與您討論我們 2005 年的計劃。

So thanks.

那謝謝啦。

Ladies and gentlemen, thank you again for joining us this morning.

女士們、先生們，再次感謝你們今天早上加入我們。

If you have additional questions on our fourth quarter or full-year 2000 results, please feel free to call your contacts in either Investor Relations or Public Affairs, and we also look forward to your participation next Tuesday morning, and that meeting begins at 8:45 Eastern time.

如果您對 2000 年第四季或全年業績還有其他疑問，請隨時致電您的投資者關係或公共事務聯絡人，我們也期待您下週二上午參加會議，會議於 8 點開始：東部時間45點。

Thank you.

謝謝。

Ladies and gentlemen, we thank you for your participation in today's conference.

女士們、先生們，我們感謝你們參加今天的會議。

This concludes your presentation and you may now disconnect.

您的演示到此結束，您現在可以斷開連接了。

Good day.

再會。