福特汽車 (F) 2012 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Ford third-quarter earnings conference call.

女士們先生們，美好的一天，歡迎參加福特第三季財報電話會議。

My name is Chanel and I will be your operator for today.

我叫香奈兒，今天我將擔任您的接線生。

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

此時所有參與者都處於只聽模式。

Later we will conduct a question-and-answer session.

稍後我們將進行問答環節。

(Operator Instructions).

（操作員說明）。

As a reminder, this conference is being recorded for replay purposes.

謹此提醒，本次會議正在錄製以供重播。

I would now like to turn the conference over to Mr. George Sharp, Executive Director Investor Relations.

我現在將會議交給投資者關係執行董事喬治夏普先生主持。

Please proceed.

請繼續。

Thank you, Chanel, and good morning, ladies and gentlemen.

謝謝香奈兒，女士們先生們早安。

Welcome to all of you who are joining us today either by phone or webcast.

歡迎今天透過電話或網路廣播加入我們的所有人。

On behalf of the entire Ford management team, I would like to thank you for taking the time to be with us this morning so we can provide you with additional details of our third-quarter financial results.

我謹代表整個福特管理團隊感謝您今天早上抽出時間與我們在一起，以便我們向您提供第三季財務業績的更多詳細資訊。

Of course our thoughts are with everyone impacted by Hurricane Sandy.

當然，我們與所有受到桑迪颶風影響的人同在。

We considered delaying this call but after much consideration we concluded that given our large and diverse worldwide investor base, changing the timing right before the planned date could cause significant confusion.

我們考慮推遲這次電話會議，但經過深思熟慮後，我們得出的結論是，鑑於我們龐大且多樣化的全球投資者基礎，在計劃日期之前改變時間可能會造成嚴重混亂。

Therefore, presenting today are Alan Mulally, President and CEO of Ford Motor Company, and Bob Shanks, Chief Financial Officer.

因此，今天出席會議的有福特汽車公司總裁兼執行長艾倫·穆拉利 (Alan Mulally) 和財務長鮑勃·尚克斯 (Bob Shanks)。

Also in attendance are Stephen Odell, Chairman and CEO of Ford Europe; Stuart Rowley, Corporate Controller; Neil Schloss, Corporate Treasurer; Paul Andonian, Director of Accounting; and Mike Seneski, Ford Credit CFO.

出席會議的還有福特歐洲公司董事長兼執行長 Stephen Odell； Stuart Rowley，公司財務總監；尼爾‧施洛斯 (Neil Schloss)，公司財務長； Paul Andonian，會計總監；和福特信貸財務長 Mike Seneski。

Now before we begin, I need to cover a few items.

在我們開始之前，我需要介紹一些內容。

Copies of this morning's press release and the presentation slides that we will be using have been posted on Ford's investor and media website for your reference.

今天早上的新聞稿和我們將使用的簡報幻燈片的副本已發佈在福特的投資者和媒體網站上，供您參考。

The financial results discussed today are presented on a preliminary basis.

今天討論的財務業績是初步公佈的。

Final data will be included in our Form 10-Q that will be filed shortly.

最終數據將包含在我們即將提交的 10-Q 表格中。

The financial results presented are on a GAAP basis and in some cases on a non-GAAP basis.

所提供的財務表現是根據公認會計原則（GAAP）計算的，在某些情況下是根據非公認會計原則（Non-GAAP）計算的。

The non-GAAP financial measures discussed in this call are reconciled to the US GAAP equivalent as part of the appendix to the slide deck.

本次電話會議中討論的非公認會計原則財務指標已與幻燈片附錄中的美國公認會計原則等效指標進行了調整。

Finally, today's presentation includes some forward-looking statements about our expectations for Ford's future performance.

最後，今天的演示包括一些有關我們對福特未來業績預期的前瞻性陳述。

Of course, actual results could differ materially from those suggested by our comments today.

當然，實際結果可能與我們今天評論中建議的結果大不相同。

The most significant factors that could affect future results are summarized at the end of this presentation.

本簡報的最後總結了可能影響未來結果的最重要因素。

These risk factors and other key information are detailed in our SEC filings including our annual, quarterly, and current reports.

這些風險因素和其他關鍵資訊在我們向 SEC 提交的文件中進行了詳細說明，包括我們的年度報告、季度報告和當前報告。

With that, I would now like to turn the presentation over to Ford's President and CEO, Alan Mulally.

現在，我想將演講轉交給福特總裁兼執行長艾倫·穆拉利 (Alan Mulally)。

Thank you, George, and good morning to everyone.

謝謝你，喬治，祝大家早安。

Before starting, we would like to express to all of those affected by the massive storm that struck the East Coast that our thoughts and our prayers are with you all.

在開始之前，我們想向所有受到東海岸大風暴影響的人們表示，我們的思念和祈禱與你們同在。

For those of you in the region who are joining us today from your home, wherever you may be, thank you.

對於今天從家裡加入我們的該地區的人們，無論您身在何處，謝謝你們。

We hope that everyone who may have been unable to dial into today's announcement will utilize the replay on our website at their convenience.

我們希望所有無法收聽今天公告的人都能在方便時利用我們網站上的重播。

In addition, our investor relations team stands ready to assist investors with their questions.

此外，我們的投資人關係團隊隨時準備協助投資人解決問題。

Let's begin by turning to slide 3 please.

讓我們開始看投影片 3。

To start, we achieved record total Company and Automotive pretax results for the third quarter with the total Company results also representing our 13th consecutive quarterly pretax profit.

首先，我們在第三季度取得了創紀錄的公司和汽車稅前總業績，公司總業績也代表了我們連續第 13 個季度實現稅前利潤。

In addition, we generated positive Automotive operating-related cash flow and ended the period with strong liquidity.

此外，我們還產生了與汽車營運相關的正現金流，並以強勁的流動性結束了這段時期。

The results were achieved at wholesale volumes and total Company revenue that were lower than a year ago.

這一業績是在批發量和公司總收入低於一年前的情況下取得的。

North America achieved its highest quarterly pretax profit and operating margin since at least 2000, when we began reflecting it as a separate business unit.

北美實現了至少自 2000 年以來最高的季度稅前利潤和營業利潤率，當時我們開始將其作為一個單獨的業務部門進行反映。

Ford Credit results were once again solid and South America and Asia Pacific were profitable.

福特信貸業績再次穩健，南美洲和亞太地區獲利。

Europe as expected incurred a substantial loss.

歐洲正如預期遭受了重大損失。

Last week we announced our strategy and plans to accelerate the transformation of our business in Europe, projecting a return to profitability by mid-decade.

上週，我們宣布了策略並計劃加速歐洲業務轉型，預計到十年中期恢復盈利。

Although the external environment continues to be dynamic and uncertain, we are continuing to implement our ONE Ford plan across the entire business and working towards our mid-decade outlook.

儘管外部環境仍然充滿活力和不確定性，但我們將繼續在整個業務範圍內實施「ONE Ford」計劃，並努力實現我們的十年中期展望。

Let's look more closely now at the financial highlights of the quarter.

現在讓我們更仔細地了解本季的財務亮點。

Slide 4 summarizes our business results compared with year ago for the third quarter and the first nine months of the year.

投影片 4 總結了我們第三季和今年前九個月的業務表現與去年同期相比。

Third-quarter wholesale volume was 1.3 million units, down 17,000 units compared with a year ago.

第三季批發量為130萬台，年減17,000台。

Revenue was $32.1 billion, down $1 billion.

營收為 321 億美元，減少 10 億美元。

Pretax profit, which excludes special items, was $2.2 billion, $200 million higher than a year ago.

不包括特殊項目的稅前利潤為 22 億美元，比一年前增加 2 億美元。

Earnings were $0.40 per share, $0.06 higher than last year's earnings per share adjusted for tax valuation allowance release.

每股收益為 0.40 美元，比去年根據稅收估價津貼發布調整後的每股收益高出 0.06 美元。

Net income attributable to Ford including favorable pretax special items of $83 million was $1.6 billion or $0.41 per share.

包括 8,300 萬美元的優惠稅前特殊項目在內，福特應佔淨利為 16 億美元，即每股 0.41 美元。

Both were about the same as last year.

兩者與去年大致相同。

Automotive operating-related cash flow was $700 million, the 10th consecutive quarter of positive performance.

汽車營運相關現金流為 7 億美元，連續第 10 季實現正成長。

We ended the quarter with $24.1 billion of automotive gross cash exceeding debt by $9.9 billion.

本季結束時，我們的汽車總現金為 241 億美元，超過債務 99 億美元。

This is a net cash improvement of $1.8 billion compared with a year ago.

與一年前相比，淨現金增加了 18 億美元。

In the first nine months, vehicle wholesales and revenue declined from year ago.

前九個月，汽車批發量和收入年減。

First nine months pretax profit was $6.3 billion, a $1.4 billion decrease.

前 9 個月稅前利潤為 63 億美元，減少 14 億美元。

Net income was $4.1 billion, a $2.5 billion decrease.

淨利潤為 41 億美元，減少 25 億美元。

Slide 5 summarizes our third-quarter business highlights including the launch of seven new vehicles across three regions.

投影片 5 總結了我們第三季的業務亮點，包括在三個地區推出七款新車。

The all-new Transit Custom was voted International Van of the Year and the Ranger Pickup, not shown in the slide but launched earlier this year, was the only vehicle in its class to be awarded a Five Star Euro NCAP safety rating.

全新 Transit Custom 被評為年度國際貨車，而今年稍早推出的 Ranger 皮卡（幻燈片中未展示）是同類產品中唯一獲得歐洲 NCAP 五星級安全評級的車輛。

Ford Focus was the world's best-selling single car nameplate through the first half of the year based on IHS Automotive Data.

根據 IHS 汽車數據，福特福克斯是今年上半年全球最暢銷的單一汽車品牌。

In North America, we assumed control of the Auto Alliance Manufacturing Facility in Michigan and renamed it Flat Rock Assembly Plant.

在北美，我們接管了位於密西根州的汽車聯盟製造工廠，並將其更名為 Flat Rock 組裝廠。

Flat Rock will be the US production home of the all-new Fusion, leading to the addition of a second shift and the creation of 1200 new jobs.

Flat Rock 將成為全新 Fusion 的美國生產基地，從而增加第二個班次並創造 1200 個新工作機會。

In late September, the Canadian Auto Workers ratified a new four-year agreement for our 4500 unionized workers in Oakville and Windsor, Ontario.

9 月下旬，加拿大汽車工人協會為安大略省奧克維爾和溫莎的 4500 名工會工人批准了一項新的四年協議。

This improves our competitiveness, provides operational flexibility, and creates jobs.

這提高了我們的競爭力，提供了營運彈性，並創造了就業機會。

In China, we broke ground at two new manufacturing facilities, Chongqing #3 and Hangzhou, which will take Ford's production capacity to 1.2 million passenger cars by mid-decade.

在中國，我們的兩個新製造工廠（重慶第三工廠和杭州工廠）破土動工，到本世紀中期，福特的乘用車產能將達到 120 萬輛。

And in the third quarter, we achieved our highest quarterly market share in Asia Pacific and Africa as well as in China.

第三季度，我們在亞太地區、非洲以及中國實現了最高的季度市佔率。

This was driven by strong sales of Focus and the Ranger pickup.

這是由福克斯和 Ranger 皮卡的強勁銷售推動的。

Finally, we announced in late August that we will launch Lincoln in China in 2014.

最後，我們在8月下旬宣布將於2014年在中國推出林肯。

Now I will turn it over to Bob Shanks, who will take us through more details of our financial results.

現在我將把它交給鮑勃·尚克斯，他將向我們詳細介紹我們的財務表現。

Bob?

鮑伯？

Thanks, Alan, and good morning, everyone.

謝謝艾倫，大家早安。

Let's start with slide 7, which walks our pretax operating results to net income.

讓我們從幻燈片 7 開始，它將我們的稅前營運績效轉化為淨利潤。

As Alan mentioned, total Company pretax operating profit was about $2.2 billion.

正如艾倫所提到的，公司稅前營業利潤總額約為 22 億美元。

Pretax special items of a positive $83 million reflect a one-time gain on consolidation of the AutoAlliance International joint venture, offset partially by personnel and dealer actions.

稅前特殊項目為 8,300 萬美元，反映了 AutoAlliance International 合資企業合併帶來的一次性收益，但部分被人員和經銷商行動所抵消。

Additional detail is shown on Appendix 3.

更多詳細資訊請參閱附錄 3。

The provision for income taxes was $613 million and net income attributable to Ford was about $1.6 billion.

所得稅撥備為 6.13 億美元，歸屬於福特的淨利潤約為 16 億美元。

The provision is about $400 million higher than a year ago simply due to the fact that we no longer have in place most of the valuation allowance against our deferred tax assets.

該撥備比一年前高出約 4 億美元，僅僅是因為我們不再對我們的遞延稅資產提供大部分估值備抵。

Recall that this was largely eliminated in the fourth quarter last year.

回想一下，這在去年第四季基本上被消除了。

Although not shown, our operating effective tax rate was lower in the third quarter compared with the prior two quarters reflecting one-time tax items.

儘管沒有顯示，但我們第三季度的營運有效稅率低於前兩個季度，反映出一次性稅項。

Consistent with prior guidance, we expect our full-year operating effective tax rate to be similar to 2011.

與先前的指引一致，我們預計全年營運有效稅率將與 2011 年相似。

Let's now turn on slide 8 to our pretax results by sector.

現在讓我們開啟第 8 張投影片，查看按部門劃分的稅前業績。

Total Company third-quarter pretax profit of $2.2 billion consists of $1.8 billion for the Automotive sector and $388 million for Financial Services.

該公司第三季稅前利潤總額為 22 億美元，其中汽車業的 18 億美元和金融服務業的 3.88 億美元。

As shown in the memo, total Company pretax profit was $219 million higher in 2011, reflecting higher profit on the Automotive sector offset partially by Financial Services.

如備忘錄所示，2011 年公司稅前利潤總額增加了 2.19 億美元，反映出汽車產業利潤的增加被金融服務部分抵銷。

Compared with the second quarter 2012, total Company pretax profit increased by $334 million, more than explained by higher Automotive results.

與 2012 年第二季相比，公司稅前利潤總額增加了 3.34 億美元，這超出了汽車業務業績的成長。

Slide 9 highlights the key market factors and financial metrics for our total Automotive business.

幻燈片 9 重點介紹了我們整個汽車業務的關鍵市場因素和財務指標。

In the third quarter, wholesale volume and revenue decreased slightly compared with the year ago period, more than explained by Europe.

第三季批發量和收入與去年同期相比略有下降，其幅度超出了歐洲的解釋。

Pretax profit was about $1.8 billion and operating margin was 6.3%.

稅前利潤約 18 億美元，營業利益率為 6.3%。

As shown in the memo below the chart, total Automotive first nine months pretax profit was $5 billion with an operating margin of 5.9%, both lower than a year ago.

如圖表下方的備忘錄所示，汽車業前 9 個月的稅前利潤總額為 50 億美元，營業利益率為 5.9%，均低於去年同期。

Volume and revenue also were lower.

銷售和收入也較低。

Slide 10 summarizes the $0.5 billion increase in total Automotive third-quarter pretax profit from 2011 by causal factor.

投影片 10 以因果因素總結了汽車產業第三季稅前利潤總額較 2011 年增加 5 億美元的情況。

The increase is explained primarily by higher net pricing and lower contribution costs offset partially by higher structural costs and unfavorable exchange.

成長的主要原因是淨定價上升和貢獻成本下降，但結構成本上升和不利的匯率部分抵消了這一成長。

During the quarter, we incurred a favorable absolute commodity hedge adjustment of about $100 million.

本季度，我們進行了約 1 億美元的有利的絕對商品對沖調整。

In the third quarter 2011, the absolute hedge adjustment was about $350 million negative.

2011年第三季度，絕對對沖調整約為負3.5億美元。

The difference in the adjustments between these two periods is the primary factor driving improved contribution costs in the present quarter compared with the year ago.

這兩個時期之間的調整差異是推動本季繳費成本較去年同期改善的主要因素。

As shown in the memo, pretax profit increased by $400 million compared with second quarter, reflecting higher net pricing and lower cost, offset partially by lower volume.

如備忘錄所示，與第二季度相比，稅前利潤增加了 4 億美元，反映出更高的淨定價和更低的成本，但部分被銷售下降所抵消。

More details on the quarter-to-quarter change are included in Appendix 6.

有關季度變化的更多詳細資訊請參閱附錄 6。

Slide 11 shows third-quarter pretax results for each of our Automotive operations as well as Other Automotive.

幻燈片 11 顯示了我們每個汽車業務以及其他汽車業務的第三季稅前業績。

Automotive sector profit of $1.8 billion is more than explained by North America.

汽車產業 18 億美元的利潤超出了北美地區的解釋。

South America and Asia Pacific Africa were also profitable while Europe incurred a loss of $468 million.

南美洲和亞太非洲也獲利，而歐洲則虧損 4.68 億美元。

The loss in Other Automotive mainly reflects net interest expense.

其他汽車業務的虧損主要反映淨利息支出。

For the full year, we expect net interest expense to be about $500 million, consistent with the low end of our prior guidance.

我們預計全年淨利息支出約為 5 億美元，與我們先前指引的下限一致。

Let's turn now to slide 12 and our Automotive business in North America.

現在讓我們轉向幻燈片 12 和我們在北美的汽車業務。

Third-quarter wholesale volume and revenue were up 3% and 8% respectively.

第三季批發量和營收分別成長 3% 和 8%。

Pretax profit was $2.3 billion and operating margin was 12%.

稅前利潤為 23 億美元，營業利益率為 12%。

This was the third consecutive quarter that North America's profit exceeded $2 billion and its operating margin exceeded 10%.

這是北美地區利潤連續第三個季度超過20億美元，營業利益率超過10%。

US industry SAAR increased from 12.7 million to 14.7 million units while our US total market share was 14.8%, 1.5 percentage points lower than a year ago.

美國工業SAAR從1,270萬台增加到1,470萬台，而我們在美國的總市佔率為14.8%，比去年同期下降1.5個百分點。

As shown in the memo below the chart, North America first nine months pretax profit was $6.5 billion with an operating margin of 11.2%, both higher than a year ago.

如圖下備忘錄所示，北美前 9 個月稅前利潤為 65 億美元，營業利益率為 11.2%，均高於去年同期。

Volume and revenue also were higher.

銷售和收入也更高。

It is worth noting that the first nine months pretax profit exceeded last year's full-year profit.

值得注意的是，前9個月稅前利潤超過了去年全年利潤。

Slide 13 shows the $700 million increase in North America third-quarter pretax results compared with 2011 by causal factor.

投影片 13 顯示北美第三季稅前業績與 2011 年相比增加了 7 億美元（以因果因素計算）。

The increase is more than explained by favorable volume and mix, higher net pricing, and lower contribution costs, mainly favorable commodity hedging effects.

這一成長的主要原因是有利的銷售和組合、較高的淨定價和較低的貢獻成本，主要是有利的商品對沖效應。

Higher structural costs and unfavorable exchange are partial offsets.

較高的結構成本和不利的匯率是部分抵銷。

As shown in the memo, pretax profit increased by $300 million compared with second quarter explained by higher net pricing and lower contribution costs offset partially by lower volume.

如備忘錄所示，與第二季度相比，稅前利潤增加了 3 億美元，原因是淨定價較高，貢獻成本較低，但銷售下降部分抵消了這一影響。

Our full-year outlook for North America is unchanged.

我們對北美地區的全年展望保持不變。

We expect significantly higher pretax profit and operating margin compared with 2011 as consumers continue to respond to our strong product lineup while we maintain our competitive cost structure as we grow our business.

我們預計，與2011 年相比，稅前利潤和營業利潤率將顯著提高，因為消費者繼續對我們強大的產品陣容做出反應，同時我們在業務發展的過程中保持有競爭力的成本結構。

Slide 14 shows our US market share.

幻燈片 14 顯示了我們的美國市場份額。

Our total market share in the third quarter at 14.8% was down 1.5 percentage points from the same period last year.

第三季我們的總市佔率為14.8%，比去年同期下降了1.5個百分點。

The lower total share primarily reflects the impact of discontinued products such as the Ranger and Crown Victoria as well as lower full-sized pickup segmentation changes.

總份額下降主要反映了 Ranger 和 Crown Victoria 等停產產品的影響以及全尺寸皮卡細分市場變化的下降。

F-Series share of the full-sized pickup segment was higher compared with last year.

與去年相比，F 系列在全尺寸皮卡市場的份額有所提高。

Our retail share of the US retail industry at 12.9% was unchanged from second quarter.

我們在美國零售業的零售市佔率為 12.9%，與第二季持平。

During the quarter, we added a third shift to our Louisville Assembly Plant where we produce the new Escape.

本季度，我們在路易斯維爾組裝廠增加了第三個班次，在那裡生產新款 Escape。

This is the last major action in our plan to add 400,000 units of annual incremental capacity by the end of the year.

這是我們年底新增40萬輛產能計畫的最後一項重大舉措。

Let's turn now to South America on slide 15.

現在讓我們轉向幻燈片 15 上的南美洲。

Third-quarter wholesale volume and revenue decreased by 12% and 23% respectively.

第三季批發量和收入分別下降12%和23%。

In addition to the lower volume, unfavorable exchange was a factor affecting the net revenue decline.

除了銷售下降之外，不利的匯率也是影響淨收入下降的因素。

Pretax profit was $9 million with an operating margin of 0.4 percentage points.

稅前利潤為 900 萬美元，營業利潤率為 0.4 個百分點。

South America industry SAAR increased from 5.4 million units to 5.8 million units while our share declined 8.4%, reflecting low availability of recently launched products.

南美洲產業的 SAAR 從 540 萬台增加到 580 萬台，而我們的份額下降了 8.4%，反映出最近推出的產品的可用性較低。

As shown in the memo below the chart, South America first nine months pretax profit was $68 million, substantially lower than a year ago.

如圖表下方的備忘錄所示，南美洲前 9 個月的稅前利潤為 6,800 萬美元，大幅低於去年同期。

Volume and revenue also were down compared with last year.

與去年相比，銷售量和收入也有所下降。

Slide 16 shows the $267 million decrease in South America third-quarter pretax results compared with 2011 by causal factor.

投影片 16 顯示南美洲第三季稅前業績與 2011 年相比減少了 2.67 億美元。

The decrease is explained primarily by unfavorable exchange, mainly a weaker Brazilian real, unfavorable volume and mix, and higher costs.

下降的主要原因是不利的匯率，主要是巴西雷亞爾疲軟、不利的數量和結構以及較高的成本。

Volume was affected in the quarter by the launch ramp up of new products and production reductions in Venezuela related to currency restriction.

本季銷售量受到新產品推出量增加以及委內瑞拉因貨幣限製而減產的影響。

Although net pricing was higher, it was constrained compared with prior years by a more intense competitive environment.

儘管淨定價較高，但與往年相比，受到更激烈的競爭環境的限制。

As shown in the memo, pretax profit was about the same in second quarter.

如備忘錄所示，第二季稅前利潤大致相同。

We continue to expect South America to be profitable for the full year but substantially lower than 2011, which is consistent with prior guidance.

我們仍然預計南美洲全年將實現盈利，但將大幅低於 2011 年，這與先前的指引一致。

Now let's talk about Europe beginning here on slide 17.

現在讓我們從投影片 17 開始討論歐洲。

Third-quarter wholesale volume and revenue declined 17% and 26% respectively reflecting primarily lower industry sales and market share along with corresponding dealer stock adjustments.

第三季批發量和收入分別下降 17% 和 26%，主要反映行業銷售和市場份額下降以及相應的經銷商庫存調整。

Exchange was also a contributing factor adversely affecting net revenue.

交易所也是對淨收入產生不利影響的因素。

Pretax results were a $468 million loss.

稅前業績虧損 4.68 億美元。

Industry SAAR for the 19 markets we track in Europe decreased by 9% to 13.7 million units.

我們追蹤的歐洲 19 個市場的產業 SAAR 下降了 9%，至 1,370 萬台。

Our market share at 7.8% was down 0.7 percentage points, reflecting primarily a reduction of low-margin demo sales and dealer self-registrations, what are also called short-cycle sales, as well as fewer sales to rental fleets.

我們的市佔率為 7.8%，下降了 0.7 個百分點，主要反映了低利潤演示銷售和經銷商自行註冊（也稱為短週期銷售）的減少，以及租賃車隊銷售的減少。

As shown in the memo below the chart, the Europe first nine months loss was $1 billion compared with a profit a year ago.

正如圖表下方的備忘錄所示，與一年前的利潤相比，歐洲前 9 個月的虧損為 10 億美元。

Volume and revenue both declined compared with 2011.

與 2011 年相比，銷量和收入均有所下降。

Slide 18 shows the $162 million decline in third-quarter pretax results for Europe compared with 2011 by causal factor.

投影片 18 顯示歐洲第三季稅前業績與 2011 年相比下降了 1.62 億美元。

The decline is more than explained by lower volume including lower industry, lower share, and unfavorable dealer stock changes.

銷量下降的主要原因是銷量下降，包括行業下降、份額下降以及經銷商庫存變化不利。

Lower cost and favorable exchange are partial offsets.

較低的成本和有利的交換是部分抵銷。

As shown in the memo, pretax profit declined $64 million compared with second quarter more than explained by lower volume.

正如備忘錄所示，與第二季度相比，稅前利潤下降了 6,400 萬美元，原因是銷量下降。

It is noteworthy that despite a very difficult pricing environment, Ford Europe achieved positive net pricing on both a year-over-year and quarter-to-quarter basis as we continue to focus on profitability at the expense of lower margin sales.

值得注意的是，儘管定價環境非常困難，但福特歐洲在同比和季度環比上均實現了正淨定價，因為我們繼續專注於盈利能力，而犧牲了較低的銷售利潤率。

Last week we announced our strategy and plans to restore our operations in Europe and profitability by mid-decade.

上週，我們宣布了我們的策略，並計劃在十年中期恢復我們在歐洲的業務和盈利能力。

Sure here on slide 19 is our strategy, one that's based on three equally important fundamentals of our business.

當然，第 19 張投影片是我們的策略，該策略基於我們業務的三個同樣重要的基本原則。

First, an unprecedented product and technology acceleration delivering a model lineup that will be among the freshest in the region to drive both revenue and margin improvement.

首先，前所未有的產品和技術加速提供了該地區最新鮮的車型陣容，以推動收入和利潤率的提高。

Secondly, a comprehensive series of initiatives to strengthen and further our Ford brand, emphasizing class-leading quality, fuel efficiency, safety, smart technology, and value.

其次，採取一系列全面措施來加強和進一步發展我們的福特品牌，強調一流的品質、燃油效率、安全性、智慧技術和價值。

And finally, a more efficient cost base including a more optimized manufacturing footprint that significantly improves our utilization.

最後，更有效率的成本基礎，包括更優化的製造足跡，可顯著提高我們的利用率。

All three elements of our strategy are facilitated by leveraging the global asset of the ONE Ford plan.

我們策略的所有三個要素都是透過利用 ONE 福特計劃的全球資產來促進的。

Shown here on slide 20 is a summary of the plans that we announced focused on the three elements of our overall strategy -- an aggressive new product rollout with 15 global vehicles launched within five years along with the introduction of a broad array of smart technologies, new initiatives to continue strengthening the Ford brand including strategic de-stocking of dealer inventories, actions that we expect to largely conclude in the fourth quarter, and finally, a plan to close three facilities and relocate production for a more efficient manufacturing footprint.

投影片 20 中顯示的是我們宣布的計畫摘要，重點關注我們整體策略的三個要素——積極推出新產品，五年內在全球推出 15 款汽車，同時引入廣泛的智慧技術，繼續強化福特品牌的新舉措包括策略性去經銷商庫存、我們預計在第四季度基本完成的行動，以及最後一項關閉三個工廠並重新安置生產以提高製造足跡的計劃。

This also includes leveraging ONE Ford operations outside Europe for some of our products.

這也包括利用歐洲以外的 ONE Ford 業務來生產我們的一些產品。

Our plans reduce our installed vehicle assembly capacity excluding Russia by 18% or 355,000 units.

我們計劃將俄羅斯以外的車輛組裝產能減少 18%，即 355,000 輛。

It affects 13% of our European workforce and it yields gross cost savings annually of $450 million to $500 million once completed.

它影響了我們 13% 的歐洲勞動力，一旦完成，每年可節省 4.5 億至 5 億美元的總成本。

Some of these actions are subject to an information and consultation process with employee representatives in Belgium.

其中一些行動需要與比利時員工代表進行資訊諮詢和協商。

We continue to achieve -- to project, rather, profitability in Europe by mid-decade and are targeting a long-term operating margin of 6% to 8% and as is our normal process, we will continuously monitor the current reality we are facing and consistent with our ONE Ford plan, assess further opportunities to strengthen our business for profitable growth.

我們將繼續實現——更確切地說，到十年中期在歐洲實現盈利，並將長期營業利潤率目標定為 6% 至 8%，按照我們的正常流程，我們將持續監控我們當前面臨的現實並根據我們的ONE 福特計劃，評估進一步加強我們業務以實現盈利增長的機會。

As a result of the deteriorating environment in Europe as well as elements of our own transformation plan, we now expect Ford Europe's pretax loss for 2012 to exceed $1.5 billion.

由於歐洲環境惡化以及我們自身轉型計畫的因素，我們現在預計福特歐洲公司2012年的稅前虧損將超過15億美元。

Now let's turn to Asia-Pacific Africa on slide 21.

現在讓我們轉向幻燈片 21 上的亞太非洲地區。

Third-quarter wholesale volume and revenue improved 21% and 13% respectively compared with a year ago.

第三季批發量和營收分別年增21%和13%。

Pretax profit was $45 million and operating margin was 1.7%.

稅前利潤為 4,500 萬美元，營業利潤率為 1.7%。

Industry SAAR increased from 30.6 million units to 32.7 million units and our share increased from 2.7% to 3.1% as we began to benefit from increased capacity and strong sales of the recently launched Focus in China as well as from the Ranger pickup.

產業SAAR從3,060萬輛增加到3,270萬輛，我們的份額從2.7%增加到3.1%，因為我們開始受益於最近在中國推出的福克斯以及Ranger皮卡的產能增加和強勁銷售。

This was our highest quarterly market share for the region as well as for China.

這是我們在該地區以及中國的最高季度市場份額。

As shown in the memo below the chart, the Asia-Pacific Africa first nine months loss was $116 million compared with a $9 million loss a year ago.

正如圖表下方的備忘錄所示，亞太非洲地區前 9 個月的虧損為 1.16 億美元，而一年前則虧損 900 萬美元。

Volume and revenue were higher than the year-ago period.

銷量和收入均高於去年同期。

Slide 22 show the $88 million improvement in Asia-Pacific Africa third-quarter pretax results compared with 2011 by causal factor.

投影片 22 顯示，以因果因素計算，亞太非洲地區第三季稅前業績較 2011 年提高了 8,800 萬美元。

The improvement is explained primarily by favorable volume and mix, higher net pricing, and favorable exchange.

這種改善主要是由於有利的銷售和組合、更高的淨定價以及有利的匯率。

A partial offset is higher costs associated with new products and investments to support higher volumes and future growth.

部分抵消是與新產品和投資相關的更高成本，以支持更高的產量和未來的成長。

As shown in the memo, Asia-Pacific Africa's pretax results improved compared with second quarter explained primarily by favorable market factors.

如備忘錄所示，亞太非洲地區的稅前業績較第二季有所改善，這主要是由於有利的市場因素。

For the full year, we expect Asia-Pacific Africa's results to be a loss roughly in line with 2011.

就全年而言，我們預計亞太非洲地區的業績將與 2011 年大致持平。

Slide 23 covers 2012's third- and fourth-quarter production.

幻燈片 23 涵蓋了 2012 年第三季和第四季的產量。

In the third quarter, total Company production was about 1.4 million units, 24,000 units higher than a year ago.

第三季度，公司總產量約140萬台，比去年同期增加2.4萬台。

This is on the other hand 45,000 units below our guidance, reflecting primarily part supply issues on several of our products.

另一方面，這比我們的指導值低 45,000 台，主要反映了我們幾種產品的零件供應問題。

We expect total Company fourth-quarter production to be about 1.5 million units, up 112,000 units from a year ago reflecting higher volume in all regions except Europe.

我們預計公司第四季總產量約為 150 萬台，比去年同期增加 112,000 台，反映出除歐洲以外的所有地區的產量增加。

Lower production levels in Europe reflect lower industry as well as the strategic de-stocking initiative to generate ongoing benefits for ourselves, our dealers, and our customers.

歐洲較低的生產水準反映了行業的低迷以及戰略去庫存計劃，以便為我們自己、我們的經銷商和我們的客戶帶來持續的利益。

Compared with third quarter, fourth-quarter production is over 100,000 units higher reflecting our seasonal operating pattern as well as added capacity in North America and Asia-Pacific Africa.

與第三季相比，第四季產量增加了 10 萬多輛，反映了我們的季節性營運模式以及北美和亞太非洲產能的增加。

Let's turn now to slide 24 and review our Automotive gross cash and operating-related cash flow.

現在讓我們轉到幻燈片 24 並回顧我們的汽車總現金和營運相關現金流。

We ended the quarter with $24.1 billion in Automotive gross cash, an increase of $400 million from the end of second quarter.

本季末，我們的汽車業務總現金為 241 億美元，比第二季末增加了 4 億美元。

Automotive operating related cash flow was $700 million positive reflecting Automotive profit offset partially by net spending and changes in working capital.

汽車營運相關現金流為 7 億美元，反映出汽車利潤被淨支出和營運資本變動部分抵銷。

Our cash flow before financing-related changes and dividend was $1.3 billion including $300 million in receipts from our Financial Services sector and cash received from the consolidation of AutoAlliance International.

在與融資相關的變動和股息之前，我們的現金流量為 13 億美元，其中包括來自金融服務部門的 3 億美元收入以及透過合併 AutoAlliance International 收到的現金。

During the quarter, we contributed $600 million to our worldwide funded pension plans in line with our previously disclosed long-term strategy to derisk our funded pension plan.

本季度，我們根據先前揭露的降低基金退休金計畫風險的長期策略，向全球基金退休金計畫捐款了 6 億美元。

This includes $0.5 billion of discretionary payments to our US funded plan.

這包括向我們的美國資助計劃酌情支付的 5 億美元。

Dividends paid in the quarter totaled $200 million and in the first nine months, our operating-related cash flow was $2.4 billion and gross cash improved $1.2 billion.

本季支付的股利總額為 2 億美元，前 9 個月，我們與營運相關的現金流為 24 億美元，現金總額增加了 12 億美元。

Slide 25 summarizes our Automotive sector cash and debt position at the end of the third quarter.

投影片 25 總結了我們汽車產業第三季末的現金和債務狀況。

Automotive debt at the end of the quarter was $14.2 billion, unchanged from second quarter.

本季末汽車債務為 142 億美元，與第二季持平。

In August, we completed the final draw down of low-cost loans for advanced technologies and we began repayment of the loans in September.

8月份，我們完成了先進技術低成本貸款的最終提取，並在9月份開始償還貸款。

We ended the quarter with net cash of $9.9 billion and Automotive liquidity of $34.4 billion, both increased when compared with second quarter.

本季末，我們的淨現金為 99 億美元，汽車流動性為 344 億美元，均較第二季增加。

Turning now to Ford Credit, slide 26 shows the $188 million decrease in third-quarter pretax results compared with a year ago by causal factor.

現在轉向福特信貸，投影片 26 顯示第三季稅前業績與去年同期相比因因果因素減少了 1.88 億美元。

The results are more than explained by fewer lease terminations which resulted in fewer vehicles sold at a gain; lower financing margin as higher yielding assets originated in prior years ran off; and the non-recurrence of credit loss reserve reduction.

導致此結果的原因是租賃終止次數減少，導致獲利車輛銷售量減少；由於前幾年產生的高收益資產流失，融資利潤率下降；未重複減少信用損失準備。

As shown in the memo, Ford Credit's pretax profit decreased by $45 million compared with second quarter.

備忘錄顯示，福特信貸的稅前利潤較第二季減少了4,500萬美元。

Ford Credit remains a strategic asset for Ford, delivering high levels of quality and customer satisfaction with operating efficiencies that are among the best.

福特信貸仍然是福特的戰略資產，以一流的營運效率提供高水準的品質和客戶滿意度。

For full year 2012, Ford Credit now projects full-year pretax profit of about $1.6 billion and total distributions to its parent of about $600 million.

福特信貸目前預計 2012 年全年稅前利潤約為 16 億美元，向母公司的分配總額約為 6 億美元。

For full year 2012, Ford Credit continues to project managed receivables at year-end to be in the range of $85 billion to $90 billion.

2012 年全年，福特信貸繼續預計年底管理應收帳款將在 850 億美元至 900 億美元之間。

With that, I would now like to turn it back to Alan, who will cover the business environment and our 2012 planning assumptions.

說到這裡，我現在想把話題轉回艾倫，他將介紹商業環境和我們 2012 年的規劃假設。

Thank you, Bob.

謝謝你，鮑伯。

Summarized on slide 28 is our view of the business environment.

投影片 28 總結了我們對商業環境的看法。

Overall we now expect 2012 global GDP growth to be in the range of 2% to 2.5%.

總體而言，我們目前預計 2012 年全球 GDP 成長率將在 2% 至 2.5% 之間。

Global industry sales are projected to be around 80 million units, up nearly 5% from 2011.

全球產業銷量預計約 8,000 萬台，較 2011 年成長近 5%。

US economic growth is expected to be in the 2% range this year with industry sales supported by replacement demand given the older age of the vehicles on the road.

鑑於道路上車輛的老化，預計今年美國經濟成長將在 2% 左右，行業銷售將受到更換需求的支撐。

In Brazil, easing fiscal and monetary policies such as sales tax reductions and policy interest-rate cuts to historic lows are setting the stage for renewed economic growth.

在巴西，寬鬆的財政和貨幣政策，如銷售稅減免和政策利率降至歷史低點，正在為經濟重新成長奠定基礎。

In Europe, we expect severe conditions to continue especially in countries undergoing fiscal austerity programs.

在歐洲，我們預計嚴峻的情況將持續下去，特別是在正在實施財政緊縮計畫的國家。

Recent policy moves are positive steps but not yet enough to resolve this crisis and fully restore business and consumer confidence.

最近的政策舉措是積極的舉措，但不足以解決這場危機並全面恢復企業和消費者信心。

In Asia-Pacific and Africa, China and India have experienced slowing economic growth which has prompted some policy easing including interest-rate cuts, liquidity injections, and increased government spending.

在亞太和非洲，中國和印度的經濟成長放緩，促使一些政策放鬆，包括降息、注入流動性和增加政府支出。

More policy actions are necessary to stabilize economic growth and facilitate recoveries in these countries.

這些國家需要採取更多政策行動來穩定經濟成長並促進復甦。

Overall despite the challenges, we expect global economic growth to continue in 2012.

總體而言，儘管面臨挑戰，我們預計 2012 年全球經濟將持續成長。

Slide 29 summarizes our first nine months results and our planning assumptions and key operational metrics in 2012.

投影片 29 總結了我們前 9 個月的表現以及 2012 年的規劃假設和關鍵營運指標。

Our industry projection for Europe is unchanged and we now protect US industry at about 14.7 million units.

我們對歐洲的產業預測保持不變，現在我們保護美國產業約 1,470 萬台。

As guided previously, we expect US and Europe full-year market share to be lower compared with 2011 and quality is mixed.

如同先前的預測，我們預計美國和歐洲全年市佔率將低於 2011 年，且品質參差不齊。

We continue to expect Automotive pretax profit and operating margin to be about equal to or lower than 2011.

我們繼續預期汽車業稅前利潤和營業利潤率將大致等於或低於 2011 年。

This includes our continued expectation of an increase in Automotive structural costs of less than $2 billion.

這包括我們持續預期汽車結構成本增幅將低於 20 億美元。

We continue to expect Automotive operating-related cash flow to be positive for the full year including capital spending of about $5 billion in line with past guidance.

我們仍預計全年汽車營運相關現金流將為正，其中資本支出約為 50 億美元，與過去的指引一致。

We still expect total Company pretax profit to be strong but lower than 2011.

我們仍預期公司稅前利潤總額將強勁，但低於 2011 年。

This includes a profit of $1.6 billion for Ford Credit.

其中包括福特信貸公司 16 億美元的利潤。

Finally, slide 30 summarizes our ONE Ford plan, which is unchanged.

最後，投影片 30 總結了我們的 ONE Ford 計劃，該計劃沒有變化。

We will continue to aggressively restructure the business to operate profitably at the current demand and the changing model mix, accelerate development of new products our customers want and value, finance our plan and improve our balance sheet, and work together effectively as one team leveraging our global assets.

我們將繼續積極重組業務，以便根據當前需求和不斷變化的模型組合實現盈利，加快開發客戶想要和重視的新產品，為我們的計劃提供資金並改善我們的資產負債表，並作為一個團隊有效地合作，利用我們的優勢全球資產。

We have delivered strong profits in the first nine months driven by outstanding results in North America and solid performance by Ford Credit.

由於北美的出色業績和福特信貸的穩健表現，我們在前九個月實現了強勁的利潤。

We also announced significant actions to transform our European business, projecting that Ford Europe will return to profitability by mid-decade.

我們也宣布採取重大行動來改造我們的歐洲業務，預計福特歐洲將在十年中期恢復盈利。

We see the results of our ONE Ford plan taking hold in Asia-Pacific and Africa with market share increasing as investments in new facilities and products gain traction.

我們看到「ONE 福特」計畫在亞太和非洲取得了成效，隨著新設施和產品投資的成長，市場份額不斷增加。

We also are executing our ONE Ford plan in South America, expanding our product portfolio with new global products while looking at the areas of our business to improve operating results.

我們也在南美洲執行我們的 ONE Ford 計劃，透過新的全球產品擴大我們的產品組合，同時著眼於我們的業務領域以改善經營績效。

Our plan will continue to be our guide as we work to sustain our strong North American operation, grow our important Ford Credit business, and decisively address the diverse challenges and exciting opportunities we have in all the other parts of the world.

我們的計劃將繼續成為我們的指南，努力維持我們強大的北美業務，發展我們重要的福特信貸業務，並果斷應對我們在世界其他地區面臨的各種挑戰和令人興奮的機會。

We have made tremendous progress in recent years by executing the fundamentals of our ONE Ford plan and there are significant benefits ahead as we leverage our global assets.

近年來，透過執行 ONE Ford 計劃的基本原則，我們取得了巨大進步，隨著我們利用我們的全球資產，未來將帶來巨大的好處。

We will continue to work toward our mid-decade guidance and remain confident in our plan and our ability to deliver profitable growth for all.

我們將繼續努力實現十年中期的指導方針，並對我們的計劃和為所有人帶來獲利成長的能力保持信心。

Now we would be happy to take your questions.

現在我們很樂意回答您的問題。

Thanks, Alan.

謝謝，艾倫。

Now we will open the lines for about a 45-minute Q&A session.

現在我們將開放約 45 分鐘的問答環節。

We will begin with questions from the investment community, then take questions from the media.

我們將從投資界的問題開始，然後回答媒體的問題。

In order to allow as many questions as possible within this timeframe, please keep your questions brief.

為了在此時間內允許盡可能多的問題，請保持您的問題簡短。

Chanel, can we have the first question please?

香奈兒，我們可以問第一個問題嗎？

Chris Ceraso, Credit Suisse.

克里斯·塞拉索，瑞士信貸。

Thanks, good morning.

謝謝，早安。

Maybe on Europe, you mentioned that you were going to be doing some destocking in Q4.

也許在歐洲，您提到您將在第四季度進行一些去庫存操作。

Can you give us an idea where inventories stand today either in terms of the number of units or days supply and where you are targeting that to be?

您能否告訴我們目前的庫存狀況（無論是單位數量還是供應天數）以及您的目標是什麼？

Is this something that you feel like you can get done in Q4 or is the destock going to carry into Q1 of next year?

您認為這是可以在第四季完成的事情嗎？還是說去庫存會延續到明年第一季？

You bet, Bob?

你敢打賭，鮑伯？

Actually the inventory has been managed very, very effectively by the Ford Europe team throughout the entire downturn.

事實上，在整個經濟低迷時期，福特歐洲團隊對庫存的管理非常非常有效。

So we go into -- we came into the quarter with very healthy levels of days supply and in fact we ended days supply in the quarter at, let's see, it was about 39 days supply.

因此，當我們進入本季度時，供應天數非常健康，事實上，我們在本季度結束了供應天數，讓我們看看，供應天數約為 39 天。

We would normally run the business at about 50, but in the third quarter, it always runs down because of the summer plant shutdowns.

我們通常會在 50 左右開展業務，但到了第三季度，由於夏季工廠停工，業務總是減少。

Then what would normally do, Chris, is we would build the stock back up in the fourth quarter, back up to about that 50 days supply or so.

克里斯，通常我們會在第四季度恢復庫存，恢復到大約 50 天的供應量左右。

We are not going to do that.

我們不會那樣做。

We are going to effectively pass on that and leave the days supply at about 40 or so and that's what we would like to target on a go-forward basis because we think there are benefits as we mentioned in the comments to everyone involved.

我們將有效地傳遞這一點，並將日供應量保持在40 左右左右，這就是我們未來的目標，因為我們認為正如我們在向所有相關人員發表的評論中提到的那樣，這是有好處的。

And so as result of that, we will take a hit in the fourth quarter probably to the tune of around $300 million because we do that but we think it puts the business in a much, much healthier position going forward and so that's what we will do.

因此，我們將在第四季度受到大約 3 億美元的打擊，因為我們這樣做了，但我們認為這會讓業務在未來處於一個更健康的位置，所以這就是我們將要做的。

Okay, that makes sense.

好吧，這是有道理的。

The $450 million to $500 million that you anticipate from savings of the restructuring there, when does that kick in?

您預計重組可以節省 4.5 億至 5 億美元，什麼時候開始生效？

Is that second-half 2013 or not until 2014 or when does that start?

是 2013 年下半年還是 2014 年或何時開始？

Obviously it's associated with the facility reductions and the way that's going to work is the UK facilities are projected to close around the middle of 2013 and those were the smaller of the three facilities that we talked about closing.

顯然，這與設施削減有關，英國的設施預計將於 2013 年中期關閉，而這些設施是我們談到關閉的三個設施中規模較小的一個。

Genk, which is the larger one, won't close until the latter part of 2014, so you will see not that much in 2013 and frankly, a little bit more in 2014 as you get the full year effect of the UK actions.

亨克是規模較大的一個，要到2014 年下半年才會關閉，所以2013 年你不會看到那麼多，坦白說，2014 年會多一點，因為你會看到英國行動的全年影響。

But then Genk doesn't occur and start to generate the associated savings until the latter part of 2014.

但直到 2014 年下半年，Genk 才出現並開始產生相關的節省。

Then on the accelerated depreciation, is that something that will run through normal course of results or are you going to call that out as a special item?

那麼，關於加速折舊，這是會經歷正常結果過程的事情還是你會稱它為特殊專案？

No, that will go through operating results.

不，這將透過經營業績來體現。

It is the same way that we handled -- the same types of financial effects in North America.

這與我們處理北美相同類型的金融影響的方式相同。

The only thing at the moment that we have identified that would go through special items would be the costs associated with the separations.

目前我們唯一確定需要處理的特殊項目是與離職相關的費用。

Okay, thank you very much.

好的，非常感謝。

Itay Michaeli, Citi.

伊泰‧米凱利，花旗銀行。

Thanks.

謝謝。

Good morning, everyone, and congratulations.

大家早安，祝賀你們。

Just want to talk on the fourth-quarter outlook.

只是想談談第四季的前景。

Given the wide range of losses potentially in Europe, are you expecting North America to be lower sequentially?

鑑於歐洲可能出現廣泛的損失，您是否預期北美的損失會較上季下降？

It looks like Q3 kind of broke the seasonal trend and was higher sequentially.

看起來第三季打破了季節性趨勢，季減。

I'd like to get a better sense of the walk given that you do have some tailwinds from products and pricing but also the typical seasonal behavior with some of the inventory actions in December, just want to get a better sense of the North America walk.

我想更好地了解這次步行，因為您確實有一些來自產品和定價的順風車，而且還有典型的季節性行為以及 12 月份的一些庫存行動，只是想更好地了解北美步行。

We expect in the fourth quarter, Itay, that we will have a lower Company result, which is not unusual because we always have, as you mentioned, that seasonal cost increase going from Q3 to Q4.

我們預計在第四季度，Itay，我們的公司業績將會較低，這並不罕見，因為正如您所提到的，從第三季到第四季度，我們總是會出現季節性成本增加。

And then on top of that, as we were just discussing with Chris, we will have the effects in Europe, so we would expect to have a somewhat higher loss there as well.

最重要的是，正如我們剛剛與克里斯討論的那樣，我們將在歐洲產生影響，因此我們預計那裡的損失也會更高。

So I think you will see those normal factors kick in and we will have a good quarter, it just won't be as strong as the current quarter.

因此，我認為您會看到這些正常因素開始發揮作用，我們將度過一個不錯的季度，只是不會像當前季度那麼強勁。

Is that sequentially lower outlook also applicable to North America or is it possible that Europe could really account for most of it, just given the guidance for the full year is a European loss of above $1.5 billion, which I guess could mean maybe up to $2 billion?

這種連續下調的前景是否也適用於北美，或者歐洲是否真的可以佔其中的大部分，僅考慮到全年的指導，歐洲的損失將超過15 億美元，我猜這可能意味著可能高達2美元十億？

But just want to get a sense of what you are expecting specifically for North America directionally?

但只是想了解您對北美的具體期望？

At the moment, we would expect North America to be down, largely driven by the seasonal cost changes.

目前，我們預計北美地區的銷售量將會下降，這主要是受到季節性成本變化的推動。

Great, then just as a follow-up, on the mid-decade outlook in Europe, you did mention that you expect market share to be a little bit higher.

太好了，作為後續行動，關於歐洲十年中期的前景，您確實提到您預計市場份額會更高一些。

I was hoping you can quantify that a bit.

我希望你能稍微量化一下。

And then also if you can maybe talk about what you are expecting the European contribution margin to look like by mid-decade relative to perhaps 2006, 2007, just want a historical comparison of what the mid-decade contribution margin that you are expecting in the plan looks like relative to years past?

然後，如果您可以談談您預計歐洲十年中期相對於 2006 年、2007 年的貢獻邊際會是什麼樣子，只是想對您期望的十年中期貢獻邊際進行歷史比較相對於過去幾年的計劃看起來怎麼樣？

Just a couple's comments there.

那裡只是一些評論。

One is we do expect the share to grow.

一是我們確實預期這一份額會成長。

In fact, this is a growth plan for Europe not only because we expect the industry to come back but we expect to grow our share.

事實上，這是歐洲的成長計劃，不僅因為我們預計該行業會復甦，而且我們預計會增加我們的份額。

In addition as you know, our share is the 19 markets that we traditionally track as Europe but we have got very aggressive plans in Eastern Europe and Russia as well and those are actually quite robust growth markets in the regions.

此外，如您所知，我們的份額是我們傳統上追蹤的歐洲 19 個市場，但我們在東歐和俄羅斯也有非常積極的計劃，這些市場實際上是這些地區相當強勁的成長市場。

So that will be a good story going forward.

所以這將會是一個美好的故事。

But in terms of share, we expect the share to grow largely driven by all the products that we talked about last week, but in particular the commercial vehicles.

但就份額而言，我們預期份額的成長主要受到我們上週討論的所有產品的推動，特別是商用車。

We're dramatically expanding the commercial lineup, introducing the people carriers in addition to the normal commercial vehicles.

我們正在大幅擴大商用車陣容，除了一般商用車之外還推出了載人運輸車。

And in addition, what we're doing is we're focusing much more on sort of the retail and the commercial fleet channels at the expense of the lower margin rental and demo sale channels that we actually saw some progress on in the third quarter.

此外，我們正在做的是，我們更專注於零售和商業車隊通路，但犧牲了利潤率較低的租賃和演示銷售管道，而我們在第三季度實際上看到了一些進展。

So that will be kind of what is taking place in terms of share.

這就是份額方面正在發生的事情。

It will grow and we expect the mix of the share to change, which actually leads to the other point that you made around the margin.

它會成長，我們預期份額的組合會發生變化，這實際上導致了您在利潤率方面提出的另一點。

We do expect the margin to improve as we move towards mid-decade.

我們確實預計，隨著我們邁向十年中期，利潤率將會改善。

That will be because of the change in focus in terms of the business channel mix but also the product mix should improve.

這是因為業務管道組合的重點發生了變化，而且產品組合也應該得到改善。

Commercial vehicles are quite profitable for us.

商用車對我們來說是相當有利可圖的。

We also talked about a number of -- I guess I would call them higher revenue, higher margin products that we will also be bringing in that should strengthen the brand.

我們也討論了一些——我想我會稱它們為更高收入、更高利潤的產品，我們也將引進這些產品來強化品牌。

And in addition to that, what we'd expect to happen is that the overall industry as the industry comes back a bit from the very low levels that we are at, somewhat modestly I would admit, but we would expect that the discounting would peel back a little bit from where it is today and all that will generate a higher contribution margin.

除此之外，我們預計會發生的是，整個行業作為行業，會從我們所處的非常低的水平有所回升，我會稍微謙虛地承認，但我們預計折扣會減少比現在的水平稍微回升一點，所有這些都將產生更高的邊際貢獻。

That's great.

那太棒了。

Just lastly back to North America, just a question on the sustainability of margins the next maybe 12 to 18 months.

最後回到北美，只是關於未來 12 到 18 個月利潤率永續性的問題。

You have some great product launches coming, commodity costs appear to have eased and the housing recovery can certainly help your pickup truck mix.

您將推出一些出色的產品，商品成本似乎有所下降，住房復甦肯定可以幫助您的皮卡車組合。

But assuming consumers continue to respond well to your product, is there anything that's occurring this year on the margin side that makes it sort of nonrecurring or more difficult to continue under those assumptions the next 12 to 18 months?

但是，假設消費者繼續對您的產品反應良好，那麼今年在利潤方面是否會發生任何事情，導致在未來 12 到 18 個月內，在這些假設下繼續出現某種情況，或者變得更加困難？

I think that's a very good point you just made.

我認為你剛才提出的觀點非常好。

I think it's important not only to look at the pretty spectacular results of North America in the quarter but to put it in the context of what they've done over the last three quarters.

我認為重要的是不僅要看北美在本季度相當驚人的業績，而且要把它放在他們過去三個季度所做的事情的背景下。

So they have been incredibly consistent in generating a profit of over $2 billion the last three quarters and an operating margin in excess of 10%, which as you know is extremely strong.

因此，他們在過去三個季度創造了超過 20 億美元的利潤，營業利潤率超過 10%，令人難以置信，正如你所知，這是非常強勁的。

As we go forward, we do expect North America generate very, very healthy margins going into next year and beyond but obviously it always depends upon the business environment and competitive activity.

隨著我們的前進，我們確實預計北美在明年及以後會產生非常非常健康的利潤，但顯然這始終取決於商業環境和競爭活動。

But I think the business is in a good position and will do quite well in the future but I wouldn't get into any specific numbers at this point in time.

但我認為該業務處於有利位置，並且未來會表現得很好，但我目前不會透露任何具體數字。

Thanks so much, guys, and congrats again.

非常感謝，夥計們，再次祝賀。

Peter Nesvold, Jefferies.

彼得·內斯沃爾德，杰弗里斯。

Good morning.

早安.

I was hoping to maybe bridge the European walk a little bit more or more specifically the guide.

我希望能夠更多或更具體地指導歐洲步行。

I'm not trying to get too precise but just trying to understand if there's any messaging going on there?

我不想太精確，只是想了解那裡是否有任何訊息傳遞？

So you said previously you expect losses in excess of $1.5 billion for the year.

所以您之前說過預計今年的損失將超過 15 億美元。

You've lost $1 billion so far.

到目前為止你已經損失了 10 億美元。

You said earlier $300 million comes from the inventory adjustment of 4Q, which sort of leaves $200 million plus of underlying losses in Europe.

您之前說過 3 億美元來自第四季的庫存調整，這在歐洲留下了 2 億美元的潛在損失。

If it were $200 million I think we would probably all be pleasantly surprised because that would pretty dramatically narrow the loss from what we have experienced on a quarterly basis year-to-date.

如果是 2 億美元，我想我們可能都會感到驚喜，因為這將大大縮小我們今年迄今所經歷的季度損失。

Is that sort of what you are suggesting or should it really be consistent underlying operating losses consistent with what we have seen on average the first three quarters of the year?

這是您所建議的嗎？還是說基本營運虧損真的應該與我們今年前三個季度的平均值一致？

What you would expect in the fourth quarter consistent with the guidance that we gave of a loss for the year that exceeds $1.5 billion is that we will have a larger loss in the fourth quarter than in any of the preceding three quarters.

根據我們給出的全年虧損超過 15 億美元的指導，您對第四季度的預期是，我們第四季度的虧損將比前三個季度中的任何一個季度都要大。

What we were talking about is that that loss would normally have been less if we had rebuilt our stocks in the fourth quarter along the lines of what I was talking with I think it was Itay or Chris about.

我們談論的是，如果我們按照我與 Itay 或 Chris 談論的方式在第四季度重建庫存，那麼損失通常會更少。

But we're not going to do that, so therefore, we kind of pass by on that what would have been a normal profit improvement in the quarter.

但我們不會這樣做，因此，我們有點忽略了本季正常利潤的改善。

In addition, Peter, what we are going to see in the fourth quarter because we have announced the facility closures in the UK and Genk, we start the accelerated depreciation of those facilities and so that will add about $100 million in the fourth quarter of accelerated depreciation, which would affect the results as well.

此外，彼得，我們將在第四季度看到什麼，因為我們已經宣布關閉英國和亨克的設施，我們開始加速這些設施的折舊，因此第四季度的加速折舊將增加約 1 億美元。折舊，也會影響結果。

Okay, then forgive me if you addressed this.

好吧，如果你解決了這個問題，請原諒我。

I can go back to the transcript if you did -- on the European profit bridge, the contribution costs improved by about $248 million year-over-year in the quarter and about $236 million sequentially.

如果您這樣做的話，我可以回到文字記錄 - 在歐洲利潤橋樑上，本季的貢獻成本比去年同期減少了約 2.48 億美元，環比減少了約 2.36 億美元。

What were the key drivers of that?

其主要驅動因素為何？

Is that something that you think can continue for the next several quarters?

您認為這種情況可以在接下來的幾季持續嗎？

Thanks.

謝謝。

Of the year-over-year change, about $100 million of that was commodities including hedging effects and almost all of that was actually hedging effects, so that is clearly just one time.

在同比變化中，大約 1 億美元是大宗商品，包括對沖效應，幾乎所有這些實際上都是對沖效應，所以這顯然只是一次。

It depends on what the mark-to-market rates will be at the end of the quarter.

這取決於季度末的以市價計算的利率。

We also had some favorable good news on material costs excluding the commodities driven largely by our cost reduction efforts.

我們在材料成本方面也有一些有利的好消息，不包括主要由我們降低成本的努力所推動的商品。

And then we had lower freight and lower warranty costs.

然後我們的運費和保固成本也更低。

In terms of the quarter-to-quarter, we had a similar improvement of about $236 million.

就季度環比而言，我們也有類似的改善，約 2.36 億美元。

Again most of that was the commodities including hedging effects.

同樣，其中大部分是大宗商品，包括對沖效應。

Great, okay.

太好了，好吧。

Thank you.

謝謝。

Adam Jonas, Morgan Stanley.

亞當‧喬納斯，摩根士丹利。

Thanks, a couple questions.

謝謝，有幾個問題。

Can you give us an update on the Fusion launch to date and in terms of specifically any start-up or ramp-up costs that might have impacted the third quarter or could impact the fourth quarter?

您能否向我們介紹迄今為止 Fusion 發布的最新情況，以及可能影響第三季或第四季的啟動或啟動成本的具體情況？

The Fusion, the launch is still underway.

Fusion 的發布仍在進行中。

We had some parts supply issues that we are working our way through but we're starting to get better supply of the product.

我們遇到了一些零件供應問題，我們正在努力解決，但我們開始獲得更好的產品供應。

In terms of the market reception, it has been pretty phenomenal.

從市場反響來看，這是相當驚人的。

It's turning very, very quickly an average of only nine days in dealer stock on average so far.

到目前為止，經銷商庫存的周轉速度非常非常快，平均只有九天。

We are seeing that we are attracting younger consumers so a significant portion of those are actually under 35 years of age.

我們發現我們正在吸引年輕消費者，因此其中很大一部分實際上年齡在 35 歲以下。

It's the highest in that segment in terms of our performance.

就我們的表現而言，這是該細分市場中最高的。

And what we are also seeing is that we are getting very good demand from the coasts.

我們也看到，沿海地區的需求非常旺盛。

About 51% of our sales so far have been on the coasts versus about 44% for the outgoing models.

到目前為止，我們約 51% 的銷售來自沿海地區，而即將停產的車型則佔 44%。

So we're kind of hitting on all cylinders in terms of how the consumers are responding.

因此，我們正全力以赴地了解消費者的反應。

So we are still working through the launch and progressing but supply little by little is improving and it appears like it's going to be quite a hit with the consumers.

因此，我們仍在努力推出並取得進展，但供應正在逐漸改善，看起來它將受到消費者的歡迎。

But in terms of costs, though, does the delay with supply -- did it put more pressure on 3Q or does it delay costs that are then going to be a greater burden on 4Q in North America?

但就成本而言，供應的延遲是否會給第三季帶來更大的壓力，或者是否會延遲成本，從而給北美第四季帶來更大的負擔？

We had some launch costs in the third quarter associated with the acceleration of the plant.

我們在第三季有一些與工廠加速相關的啟動成本。

As we move into the fourth quarter, you will start to see higher advertising and sales promotion as we start to spend for the product once it hits the dealer's showrooms.

當我們進入第四季度時，您將開始看到更高的廣告和促銷活動，因為一旦產品進入經銷商的陳列室，我們就開始花錢購買該產品。

Okay, great.

好的，太好了。

Did -- can you quantify any costs that the additional shifts had on the third quarter or could in the fourth quarter as well?

您能否量化第三季或第四季額外班次產生的任何成本？

I don't have a specific number but clearly as we've talked about, the increase for the full year of structural costs just under $2 billion, a portion of that is manufacturing costs and it is driven not only by launch but also driven by the added shifts not only here but in Asia Pacific, Africa as well.

我沒有具體數字，但很明顯，正如我們所討論的，全年結構性成本的增長略低於 20 億美元，其中一部分是製造成本，它不僅是由發布推動的，還由不僅在這裡，亞太地區、非洲也發生了額外的變化。

Okay, just moving to South America, the product availability issue obviously led to pretty big relative underperformance given the overall market growth.

好吧，就在南美洲，考慮到整體市場的成長，產品可用性問題顯然導致了相當大的相對錶現不佳。

Can you give us an idea going forward the cadence of improvement, when we could be at an all clear in terms of full availability where you could participate with the market?

您能否給我們一個關於改進節奏的想法，當我們完全清楚您可以參與市場的完全可用性時？

Yes, I guess the first thing I would say about South America is if you look at the results back on slide 16, we are really getting hammered by exchange.

是的，我想關於南美我要說的第一件事是，如果你看看幻燈片 16 上的結果，我們確實受到了交易所的打擊。

The Brazilian real in particular is much, much weaker than it was a year ago and we've seen this all year long.

尤其是巴西雷亞爾比一年前弱得多，我們一整年都看到這種情況。

And of that $223 million of adverse exchange, about $200 million of it was operating and most of that was the Brazilian real.

在這 2.23 億美元的逆向交易中，大約有 2 億美元是在營運中，其中大部分是巴西雷亞爾。

So that's having a big impact on us and even though we've got some positive pricing, when you factor in the local economics that we're incurring, which are spread through our cost factors, we are just not getting the type of pricing recovery for all of that that we would have seen in the past because of the environment that we are in.

因此，這對我們產生了很大的影響，儘管我們有一些積極的定價，但當你考慮到我們正在發生的當地經濟問題（透過我們的成本因素傳播）時，我們只是沒有得到定價恢復的類型由於我們所處的環境，我們過去會看到所有這些。

Having said that, there were two things that happened in the quarter that affected volume.

話雖如此，本季發生的兩件事影響了銷量。

One is the ramp up of the EcoSport in Brazil, which is a very, very important product with good margin, and just as I mentioned with Fusion, that launch is progressing and we are getting better and better supply as we go now into the fourth quarter.

One is the ramp up of the EcoSport in Brazil, which is a very, very important product with good margin, and just as I mentioned with Fusion, that launch is progressing and we are getting better and better supply as we go now into the fourth四分之一.

But it certainly wasn't -- was an issue for us in the third quarter.

但這肯定不是——這是我們第三季的一個問題。

Ranger is coming on stream.

Ranger即將上線。

That's produced in Argentina and that one also is improving in terms of supply, but was a bit of an issue in the third quarter.

這是在阿根廷生產的，供應方面也在改善，但在第三季出現了一些問題。

And then the last thing that affected us as we mentioned, actually had much lower production in Venezuela than we normally would have because of issues of gaining access to dollars because of the currency restrictions in place in the market.

正如我們所提到的，影響我們的最後一件事實際上是委內瑞拉的產量比正常情況下要低得多，因為市場上存在貨幣限制，導致無法獲得美元。

So we just didn't run the plant for a couple months.

所以我們有幾個月沒有運作工廠。

Thanks for that color.

謝謝那個顏色。

Bob, just one last one on Europe.

鮑勃，這是關於歐洲的最後一篇。

Have you isolated the balance of the gross cost savings of $450 million to $500 million versus the projected increase in structural costs as you ramp up all the product?

當您增加所有產品時，您是否已將 4.5 億至 5 億美元的總成本節省與預計的結構成本增加之間的平衡區分開來？

Is the balance of just those two items expected to be positive or neutral?

預計這兩項的平衡是正數還是中性？

I'm just trying to get a sense or how much of the return to breakeven mid-decade is contingent on improved share, volume, market size.

我只是想了解十年中實現損益平衡的回報在多大程度上取決於份額、銷售量和市場規模的提高。

Thanks, that's it.

謝謝，就是這樣。

I think that's a good question.

我認為這是一個好問題。

We clearly will see the benefits in our manufacturing costs that we talked about that we are also going to be growing the business, investing heavily in products.

我們顯然會看到我們談到的製造成本的好處，我們也將發展業務，並大力投資產品。

We are growing in parts of Europe that I talked about earlier outside of the area that we talk about in terms of share in industry and so forth.

我們在歐洲部分地區正在成長，我之前談過，除了我們在工業份額等方面談到的領域之外。

So I would expect as we go forward that our structural costs in the aggregate probably will increase as we continue to invest heavily in the business.

因此，我預計，隨著我們繼續大力投資該業務，我們的整體結構成本可能會增加。

This is not a cost cut your way to profitability plan.

這不是一個削減成本以實現盈利的計劃。

This is a growth plan partially around the industry coming back very modestly around a stronger brand, around a repositioning of the product lineup and an expansion of the product lineup and then of course, cost efficiencies, as I mentioned.

這是一項成長計劃，部分圍繞著行業適度回歸，圍繞著更強大的品牌、產品陣容的重新定位和產品陣容的擴展，當然還有成本效率，正如我所提到的。

Thanks, Bob.

謝謝，鮑伯。

Brian Johnson, Barclays.

布萊恩·約翰遜，巴克萊銀行。

Good morning.

早安.

I just want to focus on these strong North American results.

我只想關注這些強勁的北美業績。

I think two or three questions.

我想了兩三個問題。

First, given you have the longer-term guidance that you gave us a year or so ago around 8% to 10%, does this level of profitability -- recognizing it's just one quarter but year-to-date over 10% -- mean that you could go above that range for a while?

首先，鑑於您大約一年前向我們提供的長期指導約為 8% 至 10%，這種盈利水平（認識到這只是一個季度，但今年迄今已超過 10%）是否意味著您可以暫時高於該範圍嗎？

Second question, if we look at more detailed, if we look at the warranty freight that was $300 million positive, was that a lack of spend this quarter versus last quarter or is that just a perhaps a one-time reduction?

第二個問題，如果我們更詳細地看一下，如果我們看看保固運費為 3 億美元，與上個季度相比，本季是否缺乏支出，或者這可能只是一次性減少？

And another detailed question.

還有另一個詳細的問題。

If I take industry minus share, it's about $200 million of volume.

如果我把產業減去份額，那麼銷量大約是 2 億美元。

You had about 17,000 wholesale as well as production difference.

你們有大約 17,000 的批發和生產差異。

That implies incremental profits per units sold of $11,000, which is higher than you typically report.

這意味著每售出單位的增量利潤為 11,000 美元，這比您通常報告的要高。

Was there something going on there?

那裡發生了什麼事嗎？

Is that the kind of incremental unit profitability we could think about going forward?

這是我們未來可以考慮的增量單位獲利能力嗎？

Okay, if I can remember all that, I get a gold star.

好吧，如果我能記住所有這些，我就會得到一顆金星。

8% to 10% guidance, warranty freight, incremental volume.

8% 至 10% 指引、保固運費、增量。

We will do it in chunks.

我們將分批進行。

I think that's a very good question and let me put it in context the third quarter.

我認為這是一個非常好的問題，讓我在第三季將其放在背景中。

The third quarter is a very, very clean result.

第三季是一個非常非常乾淨的結果。

It's a very strong result but as always in every single quarter, and I always kind of mention this, quarters are variable because there's -- it's a big business and things move differently quarter-to-quarter.

這是一個非常強勁的結果，但與每個季度一樣，我總是提到這一點，季度是可變的，因為這是一項大業務，每個季度的情況都有所不同。

In this particular quarter, I would just highlight I guess a couple of things.

在這個特定的季度，我只想強調我猜的幾件事。

One is we did benefit from the $100 million absolutely of the positive commodity hedging effects and so clearly that may or may not repeat.

一是我們確實受益於 1 億美元的商品對沖效應，而且很明顯，這種情況可能會重複，也可能不會重複。

It depends on what the spot rates are at the end of the fourth quarter.

這取決於第四季末的即期匯率。

And then the other thing is that we had about maybe about $200 million of warranty adjustments associated with the 2012 model year coverages that were sort of a true up of -- now we've got more mature data as the model year is getting longer in tooth, we're able to go back and adjust reserves in a positive way, which doesn't mean that it's one time.

另一件事是，我們有大約2 億美元的保固調整與2012 年車型年份的覆蓋範圍相關，這在某種程度上是真實的——現在，隨著車型年份越來越長，我們已經獲得了更成熟的數據。牙齒，我們能夠回去以積極的方式調整儲備，這並不意味著這是一次。

Actually it suggests that if we knew what we know -- if we knew in the past what we know now, we would have had probably better results in the first quarter, the second quarter.

實際上，這表明，如果我們知道我們所知道的——如果我們過去知道我們現在所知道的，我們可能會在第一季、第二季取得更好的結果。

So it's kind of a lumpy change that we're kind catching up on here in the third quarter.

所以這是一個不穩定的變化，我們在第三季迎頭趕上。

And so if you take that plus that $100 million, maybe there's $300 million -- $100 million that clearly is just is what it is and $200 million that would have spread out over the previous quarters in which we were selling the 2012 model year vehicles if we knew what we know now.

因此，如果你把這個加上 1 億美元，也許有 3 億美元——1 億美元顯然就是這樣，而 2 億美元將分散在我們銷售 2012 年款車輛的前幾季中，如果我們知道我們現在所知道的。

Going forward, I think North America is going to have very, very strong shares.

展望未來，我認為北美市場的份額將非常非常強勁。

As we do look at next year, there's a few things to keep in mind.

當我們展望明年時，有一些事情需要牢記。

One, it's likely that our pension expense is going to go up as we look at where our discount rates are likely to come out and that would have a negative impact on their results.

第一，當我們考慮貼現率可能出現的情況時，我們的退休金支出可能會增加，這將對他們的業績產生負面影響。

Secondly, there is some favorable adjustments in OPEB from the actions that we took in the restructuring of North America over the last five, six, seven years that essentially run out as we go into 2013, and so that will no longer be a benefit to them.

其次，過去五、六、七年我們在北美重組中採取的行動對歐佩克進行了一些有利的調整，這些調整基本上在進入 2013 年時就耗盡了，因此這將不再對美國有利。他們。

Related to that, our depreciation and amortization next year no longer has any of the benefit of the impairment that we took on assets back in 2008 as part of the restructuring, so that kind of runs out.

與此相關的是，我們明年的折舊和攤銷不再具有我們在 2008 年作為重組的一部分所承擔的資產減損帶來的任何好處，因此這種情況已經用完了。

All of those will be headwinds in the North American results as we move into next year as well.

當我們進入明年時，所有這些都將成為北美業績的阻力。

In terms of just my math on $200 million volume industry minus share gain divided by 17,000 wholesales?

就我的計算而言，2 億美元的行業銷量減去份額收益除以 17,000 批發量？

In fact, one other thing I did not mention also as we look ahead and we've talked about this quite a bit, as we do start to sell more and more smaller vehicles as opposed to larger utilities and trucks, we would have an adverse sort of mix effect on the business as well from a margin standpoint.

事實上，當我們展望未來時，我也沒有提到另一件事，並且我們已經對此進行了很多討論，因為我們確實開始銷售越來越多的小型車輛，而不是大型公用事業和卡車，我們將面臨不利的情況從利潤的角度來看，這對業務也有某種混合效應。

Okay?

好的？

As we go down to the third question, which was what?

當我們繼續討論第三個問題時，這是什麼？

Oh yes, the other one, what you're seeing there on US industry and US share, that's just obviously the US.

哦，是的，另一個，你在美國工業和美國份額上看到的，顯然就是美國。

We also had some volume changes in some of the other markets like Canada and Mexico and that's covered down in sort of mix and other.

我們在加拿大和墨西哥等其他一些市場也發生了一些銷售變化，這在混合和其他方面有所體現。

And also it depends on the product mix too.

這也取決於產品組合。

But still is a very high number, 11,000, if you add in mix and other, it would be even higher.

但仍然是一個很高的數字，11,000，如果加上混合和其他，它會更高。

Yes, yes, there is some rounding in there as well but the margins in North America are very healthy as you know.

是的，是的，那裡也有一些四捨五入，但正如你所知，北美的利潤率非常健康。

Okay, thanks.

好的謝謝。

Colin Langan, UBS.

柯林‧蘭根，瑞銀。

Great, thanks for taking my question.

太好了，感謝您提出我的問題。

Could you have any -- give any color on getting South America back to profitability?

您能否對南美洲恢復獲利有何看法？

It used to be a double-digit business.

它曾經是兩位數的業務。

It sounds like FX has been a big headwind.

聽起來 FX 一直是個很大的阻力。

How long does it take to address some of those issues?

解決其中一些問題需要多長時間？

Or is this now just a structural issue and we can't get back to that 10% that you had back several years ago?

或者這現在只是一個結構性問題，我們無法回到幾年前的 10% 水平？

That's a good question.

這是個好問題。

There's probably a couple things to think about.

可能有幾件事需要考慮。

Going back to what I mentioned earlier, there has been a very quick and sharp weakening of the local currencies and if you take that $223 million we're seeing this quarter and annualize it, you're looking at like a $600 million impact for the full year.

回到我之前提到的，當地貨幣出現了非常快速和急劇的貶值，如果你把我們本季看到的 2.23 億美元進行年化，你會發現對當地貨幣的影響約為 6 億美元。全年。

And if you think about last year, we made about $860 million, a lot of this is exchange-driven, some of which we are pricing for but as I mentioned earlier, not as much as we could have in the past.

如果你想想去年，我們賺了大約 8.6 億美元，其中很大一部分是交易所驅動的，其中一些我們正在定價，但正如我之前提到的，沒有我們過去能賺的那麼多。

Now going forward, everyone is affected by this and you would think that over time the industry would try to restore margins and pricing opportunities would be there for us, but that's what we have yet to see.

現在，展望未來，每個人都會受到此影響，您可能會認為隨著時間的推移，該行業將嘗試恢復利潤率，我們將會有定價機會，但這正是我們尚未看到的。

The main thing that's going to help us going forward is basically the investments that we are putting into product because what we are doing is we're basically taking a product lineup that is largely legacy products going to all global products.

幫助我們前進的主要因素基本上是我們對產品的投資，因為我們正在做的是我們基本上採用的產品陣容主要是遺留產品到所有全球產品。

So for example, the Ranger that we just talked about, that's a global product that we just launched.

例如我們剛才談到的Ranger，這是我們剛推出的全球產品。

The EcoSport is a global product coming off of the Fiesta platform if you will and next year we will be launching that in China and in India.

如果你願意的話，EcoSport 是一款源自 Fiesta 平台的全球產品，明年我們將在中國和印度推出產品。

So that is going to -- you're going to see that phenomenon across their portfolio and in fact, we expand the portfolio so the number of segments that we cover is going to go up substantially as well.

因此，您將在他們的投資組合中看到這種現象，事實上，我們擴大了投資組合，因此我們涵蓋的細分市場數量也將大幅增加。

At the same time, we're going to continue to work on our operating efficiencies across the business and see if we can't recover some of that margin as I mentioned through pricing if competitors need to do the same.

同時，我們將繼續努力提高整個業務的營運效率，看看我們是否無法像我提到的那樣透過定價恢復部分利潤，如果競爭對手也需要這樣做的話。

Okay, just one last question.

好吧，只有最後一個問題。

Commodity costs, it seems like they are still if I'm reading this right, they are still a bit of a headwind even though some of those prices have come down.

如果我沒看錯的話，大宗商品成本似乎仍然存在，儘管其中一些價格已經下降，但它們仍然有點不利。

Should that improve over the next few quarters or is that still going to be a headwind?

在接下來的幾個季度中，這種情況是否會有所改善，或者仍然會是一個阻力？

And any color on how it may look for the full year as a headwind or tailwind?

對於全年的逆風或順風有何看法？

I wouldn't even try to forecast commodity costs.

我甚至不會嘗試預測商品成本。

If you look at the quarter on a year-over-year basis, putting aside the hedging, it's actually pretty flat.

如果你把這個季度與去年同期相比，拋開對沖，它實際上相當持平。

It's almost all hedging effects that you are seeing so at least in the quarter, they were largely stable in terms of what we were kind of buying.

您至少在本季看到的幾乎所有對沖效應，就我們購買的商品而言基本上是穩定的。

It was the commodity effect that we actually -- the hedging effect that we benefited from.

我們實際上受益的是商品效應──對沖效應。

So as we move ahead into the next quarter, we will have to wait and see.

因此，當我們進入下一個季度時，我們將不得不拭目以待。

The spot rates are down.

即期匯率下跌。

Steel is lower.

鋼價較低。

Aluminum is lower.

鋁含量較低。

Palladium and precious metals and so forth are lower so we will see if that is sustained as we go into the fourth quarter.

鈀金和貴金屬等價格走低，因此我們將在進入第四季度時看看這種情況是否持續。

But as you know, those things change every single day so it is kind of hard to predict.

但如您所知，這些事情每天都在變化，因此很難預測。

But the commodity hedging, was that just the reversal of that $350 million headwind that you had last year or is that a completely separate issue?

但是大宗商品對沖，這只是去年 3.5 億美元逆風的逆轉還是一個完全獨立的問題？

No, it was two things.

不，這是兩件事。

It was the non-recurrence of the $350 million bad news last year but then we picked up good news against the hedging we had an effect of $100 million absolute this year.

去年 3.5 億美元的壞消息沒有再次出現，但隨後我們收到了好消息，而今年我們對沖的影響絕對是 1 億美元。

So on a year-over-year basis, we picked up about $450 million of good news on hedging.

因此，與去年同期相比，我們獲得了約 4.5 億美元的對沖好消息。

If you put hedging to the side, just the basic commodity cost changes themselves were basically flat year-over-year.

如果你把對沖放在一邊，那麼基本的商品成本變化本身就與去年同期基本持平。

All right, thank you very much.

好的，非常感謝。

Patrick Archambault, Goldman Sachs.

派崔克阿尚博，高盛。

Patrick, your line is open.

帕特里克，您的線路已開通。

Rod Lache, Deutsche Bank.

羅德‧拉什，德意志銀行。

Good morning, everyone.

大家，早安。

Just a couple points of clarification first just on your comments on commodities.

首先就您對商品的評論進行幾點澄清。

Would you be able to say at this point -- if you were to assume the spot prices were to kind of prevail over the next several quarters, would you expect that the commodities would be a positive on a year-over-year basis as you look out to 2013 offsetting some of those structural cost increases?

此時您能說嗎？如果您假設現貨價格在接下來的幾個季度中占主導地位，您是否預計大宗商品將同比上漲，因為您認為期待 2013 年抵消部分結構性成本增加嗎？

I wouldn't get into 2013 at this point.

此時我不會進入2013年。

I would just say as we look at going into the fourth quarter where we are sitting at the moment, it looks like it would actually be some headwinds going into the fourth quarter.

我只想說，當我們考慮進入目前所處的第四季度時，看起來第四季度實際上會遇到一些阻力。

But I would be cautious about that because it really depends on where we are at the last day of the quarter in terms of what's going to happen on the hedging effects.

但我對此持謹慎態度，因為這實際上取決於我們在本季最後一天對沖效果的情況。

I was also hoping you can clarify a little bit your comments on the structural cost outlook for Europe.

我也希望您能澄清一下您對歐洲結構性成本前景的評論。

So we've got the $450 million to $500 million of savings.

因此，我們節省了 4.5 億至 5 億美元。

You commented that structural costs go up, though, over time.

您評論說，隨著時間的推移，結構性成本會上升。

Are you suggesting that the costs will not decline on a net basis as you look out to 2014 or 2015 if the volume outlook comes to fruition?

您是否認為，在您展望 2014 年或 2015 年時，如果銷售前景實現，成本不會以淨值下降？

Is there any way for us to frame that?

我們有什麼辦法可以框定它嗎？

Yes, that's exactly what I'm saying that our structural costs in total probably would increase as we go out through 2015 net of this $450 million to $500 million as we continue to invest more in engineering, as we invest more in advertising sales promotion because you can understand in the environment that we are in, we're not spending hardly anything on advertising and sales promotion.

是的，這正是我所說的，隨著我們繼續加大對工程的投資，加大對廣告促銷的投資，到2015 年扣除4.5 億至5 億美元後，我們的總結構成本可能會增加，因為你可以理解，在我們所處的環境中，我們幾乎沒有在廣告和促銷上花費任何錢。

And with the expanded portfolio that we are going to be putting into place, we clearly want to communicate that.

隨著我們將要實施的擴大的產品組合，我們顯然希望傳達這一點。

Jim Farley and Stephen Odell and the teams will be working also to strengthen the brand and so in the aggregate, it probably will go up but we will have substantial efficiencies coming from our footprint.

吉姆法利 (Jim Farley) 和史蒂芬奧德爾 (Stephen Odell) 以及團隊也將致力於加強品牌，因此總體而言，它可能會上升，但我們的足跡將帶來巨大的效率。

We've got Stephen Odell on line so maybe Stephen could comment.

我們已經讓史蒂芬·奧德爾在線，所以也許史蒂芬可以發表評論。

I think one of the key points -- this is Stephen -- that has been made about the destocking although it's a one-time profit impact, it really gives us some better choices.

我認為關鍵點之一——這是史蒂芬——關於去庫存的觀點，雖然這是一次性的利潤影響，但它確實給了我們一些更好的選擇。

It enables us to, one, reduce dealer costs and at a time when dealers could be finding it difficult to fund inventory, it means that that cost comes down plus of course we've got Ford Credit providing support to our dealer body across Europe that means those costs come down.

它使我們能夠，第一，降低經銷商成本，在經銷商可能發現難以為庫存提供資金的時候，這意味著成本下降，當然，我們還有福特信貸為我們整個歐洲的經銷商機構提供支持，意味著這些成本會下降。

But it also allows us to look at our channel mix differently because we've got leaner inventory.

但這也讓我們能夠以不同的方式看待我們的通路組合，因為我們的庫存更加精簡。

We don't have to respond perhaps as we have in the past to short-term business.

我們或許不必像過去那樣對短期業務做出反應。

That itself is a benefit to the residual value which in of itself benefiting cycle.

這本身就有利於剩餘價值，而剩餘價值本身有利於​​循環。

But clearly as we have more products come on board and the industry starts to improve albeit modestly, there is an opportunity for us to communicate not just more but more effectively and really there we can leverage the things that we have learned from our ONE Ford plan in North America.

但顯然，隨著我們有更多產品上市，行業開始改善（儘管幅度不大），我們有機會進行更多、更有效的溝通，而且我們確實可以利用從 ONE 福特計劃中學到的東西在北美。

Because actually quality, green, safe, and smart -- the same elements that our customers are interested all around the world will leverage that learning in Europe as well.

因為實際上，品質、綠色、安全和智慧——我們在世界各地的客戶感興趣的相同元素也將在歐洲被利用。

Rod, I would just add that we are taking a lot of the learnings from North America to Europe but it is important to understand Europe isn't North America.

羅德，我想補充一點，我們正在從北美吸取很多經驗教訓到歐洲，但重要的是要了解歐洲不是北美。

Europe is a much -- going into this -- a much, much leaner organization.

歐洲是一個非常非常精簡的組織。

It clearly has excess capacity which we are addressing but if you look at the other areas of the business, it's very lean.

它顯然存在我們正在解決的產能過剩問題，但如果你看看業務的其他領域，你會發現它非常精簡。

So as we come out of this and we invest in product and we want to grow the business, we will see the efficiencies from addressing the excess capacity but we actually want and need to invest in other areas of the business to drive the topline both in terms of volume and net revenue.

因此，當我們擺脫困境並投資於產品並希望發展業務時，我們將看到解決產能過剩問題所帶來的效率，但我們實際上希望並且需要投資於業務的其他領域，以推動營收銷售和淨收入方面。

Okay, maybe just switching gears here to North America, your wholesales year-to-date are about 58,000 units lower than your production.

好吧，也許只是把話題轉向北美，今年迄今為止你們的批發量比你們的產量低了大約 58,000 件。

Are those units in inventory at this point -- is that related to some of these launch issues that you commented on?

這些單位目前是否有庫存——這與您評論過的一些發布問題有關嗎？

Are the launch issues largely behind you at this point so that just availability of launch products starts to help market shares as we go out over the next quarter or two?

目前，發布問題是否已基本拋在腦後，以便在我們下一兩個季度推出時，發布產品的可用性就開始幫助市場份額？

In general, that's correct.

一般來說，這是正確的。

Lastly, you initiated a dividend about this time last year.

最後，您在去年的這個時候發起了股息。

Is there a point in the year when you typically at the Board level kind of reassess the dividend policy?

董事會層級通常會在一年中的某個時間點重新評估股利政策？

We review our policy regularly as part of ongoing reviews of our cap strategy and as we have said, our strategy is to pay an appropriate level of after-tax earnings that allows us to maintain a dividend during a downturn and we are kind of comfortable with where we are right now but always reassessing and at the moment don't have anything else to say on it.

作為持續審查上限策略的一部分，我們定期審查我們的政策，正如我們所說，我們的策略是支付適當水平的稅後收益，使我們能夠在經濟低迷時期維持股息，我們對此感到滿意我們現在所處的位置，但總是在重新評估，目前對此沒有其他可說的。

Patrick Archambault, Goldman Sachs.

派崔克阿尚博，高盛。

Thank you.

謝謝。

Sorry I got cut off there, but two questions from me.

抱歉，我被打斷了，但我有兩個問題。

Number one, just another one on South America.

第一，只是南美洲的又一個。

I think at one point there was an issue with the trade agreement between Brazil and Mexico that was preventing you from sort of maximizing your throughput I think of the Mexico plant which I think had stuff that was destined for Brazil.

我認為巴西和墨西哥之間的貿易協定曾經存在一個問題，這阻礙了你最大限度地提高產量，我想到了墨西哥工廠，我認為該工廠的產品是運往巴西的。

Can you just update us on that?

能告訴我們最新情況嗎？

And then my second question is on the variable cost side in Europe, one would have expected the implementation of global platforms would have obviously brought variable cost savings every year as you refresh but now you have sort of moved things around and I think delayed the Mondeo.

然後我的第二個問題是關於歐洲的可變成本方面，人們預計全球平台的實施顯然會在每年刷新時帶來可變成本節省，但現在你已經進行了一些調整，我認為蒙迪歐推遲了。

And so is that something that is going to take a little bit of a pause or do you expect to continue to see variable cost improvement even into next year from global platforms in Europe?

那麼，這是否需要稍微暫停一下，或者您預計明年歐洲的全球平台會繼續看到可變成本的改善嗎？

First on South America, the results all year have been affected by the government policy changes in addition to the issues that I referenced earlier not only in Venezuela but also in Argentina on currency access.

首先是南美洲，除了我之前提到的委內瑞拉和阿根廷的貨幣進入問題外，全年的結果都受到政府政策變化的影響。

Yes, we have been affected.

是的，我們受到了影響。

The team is responding as quickly as they can to that in terms of what happened between Brazil and Mexico.

該團隊正在盡快對巴西和墨西哥之間發生的事情做出反應。

They essentially suspended the Free Trade Agreement, and have in place now quotas which are lower than what free demand would have been and so that is having an effect in the short-term.

他們基本上暫停了自由貿易協定，現在的配額低於自由需求的水平，因此這在短期內產生了影響。

We also have the same situation occurring now between Argentina and Mexico where I think we are still working to try to put in place an agreement that could result in something like a quota but at the moment, we just have higher tariffs that have been put in place by both parties since the Argentineans decided to suspend the Free Trade Agreement.

阿根廷和墨西哥之間現在也出現了同樣的情況，我認為我們仍在努力達成一項可能導致配額之類的協議，但目前我們只是徵收了更高的關稅自從阿根廷決定暫停自由貿易協定以來，雙方都採取了這一立場。

So that is still a bit of a work in progress.

所以這仍然是一項正在進行的工作。

When you think about global platforms, all the business units are beneficiaries of our strategy around global platforms.

當您考慮全球平台時，所有業務部門都是我們圍繞全球平台的策略的受益者。

Europe of course, most of the products that Europe has were the products that ultimately became global products elsewhere.

當然，歐洲的大多數產品最終在其他地方成為全球產品。

So in terms of benefits for them, they clearly have been a great beneficiary of that not only on variable costs but equally so on the investments in terms of engineering and also in terms of to some extent, the investments we put into the facilities and we expect that to continue going forward and to be one of the contributors to the turnaround in Europe.

因此，就他們的利益而言，他們顯然是一個巨大的受益者，不僅在可變成本方面，而且在工程方面的投資以及在某種程度上我們對設施和我們的投資方面也同樣如此。預計這一趨勢將繼續向前發展，並成為歐洲經濟復甦的貢獻者之一。

Just to add to that, if I may -- this is Stephen -- even with delay of Mondeo, which we have said is out in 2014, the vast majority of our products in Europe will be global.

補充一點，如果可以的話——我是史蒂芬——即使蒙迪歐的推出有所延遲（我們說過蒙迪歐將於 2014 年上市），我們在歐洲的絕大多數產品都將面向全球。

In fact, one of the reasons we showed the products in Amsterdam was to give people a physical representation of the products that were coming rather than 15 vehicles within five years and just talk about it.

事實上，我們在阿姆斯特丹展示這些產品的原因之一是讓人們直觀地了解即將推出的產品，而不是五年內展示 15 輛車然後只是談論它。

We physically showed the products that were there and coming and the vast majority of course are global.

我們親自展示了現有和即將推出的產品，當然絕大多數都是全球性的。

The actual volume of course of CD products in Europe, whilst very important to us, is on the relatively small side.

歐洲 CD 產品的實際數量雖然對我們來說非常重要，但相對較小。

So we believe we can compensate for it and of course when the new Mondeo and the new S-MAX and the new Galaxy come through, then we will continue to leverage the ONE Ford platform.

所以我們相信我們可以彌補這一點，當然當新蒙迪歐、新S-MAX和新Galaxy上市時，我們將繼續利用ONE福特平台。

Okay, that's very clear.

好的，這很清楚。

Thanks for taking my questions.

感謝您回答我的問題。

Now we will take media questions.

現在我們接受媒體提問。

(Operator Instructions).

（操作員說明）。

Alisa Priddle, Detroit Free Press.

艾麗莎·普里德爾，底特律自由報。

Good morning, gentlemen.

早安，先生們。

I just wanted to check.

我只是想檢查一下。

Obviously North America has been the big driver in all of this.

顯然，北美是這一切的主要推動者。

I am just wondering -- in I guess a perfect world, how much contribution do you want from North America versus the other regions?

我只是想知道——在我認為的完美世界中，與其他地區相比，您希望北美做出多少貢獻？

Well, you would want everybody generating -- our guidance is that we would like to achieve an 8% to 9% operating margin for the total Company.

嗯，你會希望每個人都產生——我們的指導是，我們希望整個公司的營業利潤率達到 8% 到 9%。

We have said that we would like to have North America at sort of 8% to 10%.

我們說過，我們希望北美市場的市佔率能達到 8% 到 10%。

So given the size of North America relative to the others, you would like to see North America representing 55%, 60% of a Company that's generating an 8% to 9% operating margin.

因此，考慮到北美地區相對於其他地區的規模，您希望看到北美地區占公司營業利潤率 8% 至 9% 的公司的 55% 至 60%。

Clearly it's more than explaining all the profits but that simply reflects the opportunities ahead of us in transforming our business in Europe, addressing the issues in South America that we were just talking about, and then getting Asia Pacific to the point where it is meaningfully contributing to the bottom line.

顯然，這不僅僅是解釋所有利潤，而是簡單地反映了我們在歐洲業務轉型、解決我們剛才討論的南美問題、然後讓亞太地區做出有意義貢獻的機會。到底線。

We are confident that in all three of those areas, that we are on track to do that.

我們相信，在所有這三個領域，我們都有望實現這一目標。

This is Alan.

這是艾倫.

Just an additional comment to Bob's, one of the neat things about the ONE Ford plan is that balance between the service geographically to the customers is also in addition to the balance on the portfolio of products.

對鮑伯的補充一點是，ONE Ford 計畫的妙處之一是，除了產品組合的平衡之外，還為顧客提供的地理服務之間的平衡。

And of course the neat thing about the United States is the transformation to include all the small and medium-sized vehicles along with our strength and leadership in the larger vehicles.

當然，美國的巧妙之處在於，我們的轉型包括所有中小型車輛以及我們在大型車輛方面的實力和領導力。

And when you add that with a balance of serving the customers and as you know Asia-Pacific is going to be a very significant contributor in addition to America's and to Europe, but I think it's that balance of the service around the world but also the complete family of vehicles.

當你添加到服務客戶的平衡時，正如你所知，除了美國和歐洲之外，亞太地區將成為一個非常重要的貢獻者，但我認為這是世界各地服務的平衡，也是完整的車輛系列。

I think you are seeing the leadership of that transformation here in North America.

我認為您正在北美看到這種轉變的領導力。

Okay, Bob, I just wanted to clarify one thing.

好吧，鮑勃，我只是想澄清一件事。

You had said earlier about -- this is the third quarter in a row with over $2 billion and an operating margin of 10%.

您之前曾說過，這是連續第三個季度營收超過 20 億美元，營業利潤率為 10%。

Were you talking total Company or just North America or were you talking net income or --?

您是在談論整個公司還是僅在北美，或者您在談論淨利潤還是——？

I was talking about North America, so on a pretax operating basis, they've made more than $2 billion first, second, and third quarter and on an operating margin basis, they have exceeded 10% in the first, second, and third quarters.

我說的是北美，所以在稅前營運基礎上，他們第一、第二和第三季的利潤超過了20 億美元，而在營運利潤率基礎上，他們在第一、第二和第三季度超過了10% 。

Okay, thank you very much.

好的，非常感謝。

Dee-Ann Durbin, The Associated Press.

迪安‧德賓，美聯社。

Alan, I was hoping that you could quickly discuss the Consumer Reports ranking yesterday.

艾倫，我希望你能快速討論一下昨天的《消費者報告》排名。

I know we have heard time and time again from Ford that you are fixing the issues with MyFord Touch.

我知道我們一次又一次從福特那裡聽說你們正在解決 MyFord Touch 的問題。

You are fixing the transmissions but it just still seems that consumers are giving you pretty hard knocks for those problems and I'm wondering what you are going to do?

你正在修理變速箱，但消費者似乎仍然因為這些問題而對你提出了嚴厲的批評，我想知道你會做什麼？

Good morning to you, Dee-Ann.

早安，迪安。

I think that clearly it's disappointing although we really do know the issues as you know and in some of them, especially the ones that are really contributing to the latest report, is led by not so much SYNC but the MyFord Touch on the information and entertainment side and also the new six-speed fuel efficient transmissions that we know what needs to be done on the redesign of those.

我認為這顯然令人失望，儘管我們確實知道這些問題，如您所知，其中一些問題，特別是那些真正對最新報告做出貢獻的問題，不是由SYNC 主導，而是由資訊和娛樂方面的MyFord Touch 主導。側面以及新的六速燃油效率變速箱，我們知道需要對這些變速箱進行重新設計。

We have a number of the fixes already in on both.

我們已經對兩者進行了一些修復。

We have more to come and as you know, it takes time to go through the product line.

我們也會推出更多產品，如您所知，我們需要時間來完成產品線。

So what the customers are saying and the feedback we've gotten with the new technology is really important to us and we're going to continue to continuously improve them going forward.

因此，客戶的評價以及我們透過新技術獲得的回饋對我們來說非常重要，我們將繼續不斷改進它們。

Thank you.

謝謝。

(Operator Instructions).

（操作員說明）。

Mike Ramsey, Wall Street.

麥克拉姆齊，華爾街。

Good morning.

早安.

Nice job on the results.

結果很好。

I wanted to ask kind of a follow-up on Patrick's question.

我想對帕特里克的問題進行跟進。

How much is your integration of all of your platforms affecting -- can you quantify how much of the profit margin in North America is affected by the collapse of these global platforms or is it too early to have a big read through on that?

您對所有平台的整合影響有多大——您能否量化這些全球平台的崩盤對北美利潤率的影響有多大，或者現在對此進行深入研究是否為時過早？

Because it just seems like your cost-cutting is one thing but -- and this seems like a longer-term thing and I am wondering how much that has come through on North America and how much it might then flow through the rest of the world?

因為看起來你的成本削減是一回事，但是——這似乎是一個長期的事情，我想知道北美已經經歷了多少，然後又可能流向世界其他地區多少？

Absolutely, a really important question and I think it starts -- the first part of the answer to your question starts with the efficiency on developing the products, both in engineering and manufacturing.

絕對，這是一個非常重要的問題，我認為它開始了——你的問題答案的第一部分從工程和製造方面開發產品的效率開始。

And clearly North America and the rest of the businesses are really appreciating the benefit of that scale and the efficiency of developing the global platforms and you can really see that in the capital expenditure too, Mike.

顯然，北美和其他企業非常欣賞這種規模帶來的好處以及開發全球平台的效率，麥克，你也可以在資本支出中看到這一點。

You can see the amount of product that we are doing compared to the past with the investment that we updated also.

您可以看到與過去相比我們正在做的產品數量以及我們更新的投資。

I think going forward, we are at the front-end of really appreciating the value of the products when they go into manufacturing and into service, which as you know, we are at the relatively start of that around the world and of course led by North America.

我認為展望未來，當產品進入製造和服務時，我們處於真正欣賞產品價值的前沿，正如你所知，我們在世界範圍內處於相對起步階段，當然由北美。

So when you look at it, what's going on right now is the Focus, the Fusion, the Fiesta, the Escape, the C-MAX, the Transit, the Transit Connect, all of those are right at the front-end of moving to that world where nearly 80% of the volume will be off of those five platforms.

所以當你看它時，現在發生的事情是福克斯、Fusion、Fiesta、Escape、C-MAX、Transit、Transit Connect，所有這些都處於轉向的前端。在這個世界中，近80% 的交易量將來自這五個平台。

And right now, they are off of nine platforms.

現在，他們已經脫離了九個平台。

So I think we are seeing the efficiencies and we're very pleased about it on the development and I think we have a lot more benefit to see going forward as they go into production.

所以我認為我們看到了效率的提高，我們對開發感到非常高興，而且我認為隨著它們投入生產，我們可以看到更多的好處。

Especially aligning with our supply base.

特別是與我們的供應基地保持一致。

Okay, great.

好的，太好了。

Thank you.

謝謝。

Robert Schoenberger, Plain Dealer.

羅伯特‧勳伯格，樸實的商人。

Looking at the profit margin for the quarter, I was somewhat surprised to see such a high number when the mix has been away from pickups and SUVs and some of the more profitable vehicles.

看看本季的利潤率，在不包括皮卡和 SUV 以及一些利潤更高的車輛的情況下，看到如此高的數字讓我有些驚訝。

So are you just seeing enough of a margin in some of the newer cars and crossovers to make up for the lack of the F-Series?

那麼，您是否看到一些較新的汽車和跨界車有足夠的利潤來彌補 F 系列的不足？

I think what you're seeing is a very, very healthy cost structure.

我認為你看到的是一個非常非常健康的成本結構。

As I mentioned earlier, Robert, we can be breakeven at 10 million industry or slightly below that and the industry in the quarter on the SAAR basis was about 14.7 million, so we are getting good -- obviously we have healthy margins on F-Series but we are also seeing good margins across much of the lineup.

正如我之前提到的，羅伯特，我們可以在1000 萬個行業或略低於這個數字的情況下實現盈虧平衡，而按SAAR 計算，本季度的行業約為1470 萬個，所以我們正在變得良好- 顯然我們在F 系列上擁有可觀的利潤率但我們也看到大部分產品線的利潤率都很高。

In fact if you look at the pricing in the quarter for the Company, we generated about $800 million of year-over-year good news on pricing and about half of that was in North America and the majority of that was actually in carryover vehicles, which shows the work that the team has been doing on strengthening the brand but also managing very effectively our production to our demand.

事實上，如果你看看公司本季的定價，你會發現我們在定價方面產生了約 8 億美元的同比好消息，其中約一半來自北美，其中大部分實際上是結轉車輛，這表明了團隊在強化品牌方面所做的工作，同時也非常有效地管理我們的生產以滿足我們的需求。

So we're able to really get every single dollar out of each sale that we possibly can.

因此，我們能夠真正從每筆銷售中獲得盡可能多的每一美元。

And when -- you've talked about the mix improvement as well, is that mainly people choosing more contented versions of vehicles or are people choosing more Fusions over Fiesta, Focuses, more Focuses over Fiestas, that sort of mix?

當——你也談到了混合改進時，主要是人們選擇更滿意的車輛版本，還是人們選擇更多的Fusions而不是Fiesta、Focus、更多的Focuses而不是Fiesta，諸如此類的混合？

In the quarter on kind of a year-over-year basis, it was pretty much equally split between favorable performance in terms of the product mix of the vehicles and also favorable performance on a series and option mix basis.

在本季度，與去年同期相比，車輛產品組合方面的良好表現以及系列和選裝組合方面的良好表現幾乎平分秋色。

So we clearly are seeing people as you suggested putting more on their vehicles but we are also seeing favorable product.

因此，我們顯然看到人們按照您的建議在他們的車輛上投入更多，但我們也看到了有利的產品。

Great, thank you.

太好了謝謝。

Karl Henkel, Detroit News.

卡爾漢高，底特律新聞。

Good morning.

早安.

I know you guys didn't want to get too speculative on the operating margin North America and what you I guess project, whether it can stay up above 10% for how long necessarily.

我知道你們不想對北美地區的營業利潤率以及我的預測進行過多的猜測，即它是否能在 10% 以上保持多長時間。

But is that going to be expected to I guess make up such a huge portion of the overall operating margin, which I think it was 6.3% for the quarter or do you see some of the other regions I guess contributing a little bit more than that?

但我想這會佔整體營業利潤率的很大一部分嗎？我認為本季度的營業利潤率為 6.3%，或者您是否看到其他一些地區的貢獻比這個更大一點？ ？

Because 12% does seem like a really good but also really high number to continue.

因為 12% 看起來確實是一個非常好的數字，但也非常高，值得繼續下去。

Karl, that's a good question.

卡爾，這是個好問題。

12% is a very, very high number in our industry and that isn't a number that in general you would expect to be able to sustain over a longer period time.

12% 在我們的行業中是一個非常非常高的數字，而且一般情況下您不會期望能夠長期維持這個數字。

But that's why we keep calling out the fact that North America has been able to do so well for three quarters in a row.

但這就是為什麼我們不斷強調北美能夠連續三個季度表現出色的原因。

I would not expect them to have that level of margin in the fourth quarter for the reasons that we talked about.

由於我們談到的原因，我預計他們在第四季度不會有這樣的利潤水平。

They will still have a good margin and a healthy margin.

他們仍將擁有良好的利潤率和健康的利潤率。

It wouldn't be quite that high, I don't think.

我認為不會那麼高。

So as we go ahead, as I mentioned earlier, I think North America will continue to carry the load.

因此，正如我之前提到的，當我們繼續前進時，我認為北美將繼續承擔重任。

They will have a very healthy margin as we continue to work on transforming our business in Europe and strengthening South America and as we start to see Asia-Pacific more and more come back online in terms of delivering a stronger profit as it continues to grow.

隨著我們繼續致力於歐洲業務轉型和加強南美業務，以及隨著我們開始看到越來越多的亞太地區在持續增長的同時提供更強勁的利潤，他們將擁有非常健康的利潤率。

As we get towards mid-decade on a trend basis, we would expect the Company on average to be generating an 8% to 9% margin and North America 8% to 10% but are we going to have quarters where they do better?

當我們以趨勢為基礎進入十年中期時，我們預計公司平均將產生 8% 至 9% 的利潤率，北美為 8% 至 10%，但我們是否會有他們表現更好的季度？

Sure we will.

我們當然會。

Thank you.

謝謝。

Todd Lassa, Motor Trend.

托德·拉薩，《汽車趨勢》。

Thanks, sorry.

謝謝，抱歉。

My question is along the line of kind of the product mix, trucks versus small cars.

我的問題是關於產品組合的類型，卡車與小型汽車。

Just to kind of follow up on that, can you give any kind of indication of how the percentage of profit from small cars has improved or changed in the past five years, say how much of that you get from small cars versus F-Series now compared with five years ago?

為了跟進這一點，您能否提供一些關於過去五年中小型汽車的利潤百分比如何提高或變化的信息，例如與 F 系列相比，您現在從小型汽車中獲得了多少利潤？與五年前相比？

I think if you go back five or six years ago, we used to lose a tremendous amount of money on small cars and we made a whole lot of money on trucks and what we have seen over time is the truck margin has remained very, very strong, maybe a little bit less in an absolute sense than it used to be as we have had to address more and more stringent fuel economy requirements and that sort of thing.

我想如果你回到五、六年前，我們曾經在小型汽車上損失了巨額資金，而我們在卡車上賺了很多錢，隨著時間的推移，我們看到卡車的利潤率仍然非常非常高強大，也許從絕對意義上來說比以前要弱一些，因為我們必須解決越來越嚴格的燃油經濟性要求和諸如此類的問題。

But we have seen a dramatic improvement in the margins that we get on the rest of the portfolio.

但我們看到投資組合其餘部分的利潤率有了顯著提高。

That is what Alan was talking about earlier is that the secret to success in this business is serving customers everywhere and serving them in all segments and to do that and to be profitable consistently, you have got to make money on everything that you sell.

這就是艾倫之前所說的，這個行業成功的秘訣是為世界各地的客戶提供服務，並為所有細分市場的客戶提供服務，要做到這一點並持續盈利，你必須在你銷售的所有東西上賺錢。

Does that mean you will make as much on a Focus as an F-Series?

這是否意味著您在福克斯上的收入將與在 F 系列上的收入一樣多？

No, not in today's environment, but you still need to make something.

不，在今天的環境下不行，但你仍然需要做點什麼。

I think that has been one of the secrets in the turnaround of North America.

我認為這是北美扭虧為盈的秘密之一。

How dependent is that regarding the small cars on not just the mix but how well equipped they are, say, a titanium level Focus versus a lower level?

對於小型車來說，這不僅取決於其組合，還取決於它們的裝備有多好，例如鈦合金級別的福克斯與較低級別的福克斯？

Would a larger portion of base models put your profit in jeopardy?

基礎型號的增加是否會使您的利潤陷入危險？

Well, we make more on higher series products that we do on lower series.

嗯，我們在較高系列產品上生產的產品比在較低系列產品上生產的產品更多。

Your supposition is correct there, but the thing that's interesting that we are seeing is as customers are becoming more conscious of fuel economy and it becoming a greater reason to buy, as they are buying more fuel-efficient vehicles, they are buying higher series because they're downsizing, if you will, but they don't want to downsize in terms of their feature comforts.

您的假設是正確的，但我們看到的有趣的是，隨著客戶對燃油經濟性的意識越來越強，這成為購買的更大理由，因為他們購買更省油的車輛，他們購買更高系列的汽車，因為如果你願意的話，他們正在縮小規模，但他們不想在功能舒適度方面縮小規模。

And so more and more are going towards the higher series, which of course helps our bottom line.

因此越來越多的人轉向更高的系列，這當然有助於我們的盈利。

Okay, thanks.

好的謝謝。

Tom Walsh, Detroit Free Press.

湯姆沃爾什，底特律自由報。

Just one question and this goes back to the stark contrast which has been going on for many quarters, a couple of years now between North America and Europe.

只要有一個問題，這就可以追溯到北美和歐洲之間已經持續了許多季度、幾年的鮮明對比。

I just wonder to the extent that from a macro standpoint you've got a US market with decent growth and definite pricing power versus the mess that Europe has become, how much of that do you attribute to policy actions or inactions in the United States and Europe?

我只是想知道，從宏觀角度來看，美國市場擁有良好的成長和明確的定價能力，而歐洲卻變得一團糟，你認為這在多大程度上歸因於美國和美國的政策行動或不作為？歐洲？

How would you contrast that over the period since the 2008, 2009 crisis?

您如何對比 2008 年和 2009 年危機以來的情況？

Tom, it's Alan.

湯姆，是艾倫。

I will get Bob's thoughts too but I think it's a really important question.

我也會了解鮑伯的想法，但我認為這是一個非常重要的問題。

The way you have asked it because clearly in the United States over the last few years, we have taken very dramatic action to size our production to the real demand to accelerate the development of the new products that people really do want and value to cover more of the market segments.

正如您所問的那樣，因為過去幾年在美國，我們顯然採取了非常戲劇性的行動，根據實際需求調整生產規模，以加速開發人們真正想要和重視的新產品，以覆蓋更多領域細分市場。

And so we know this is exactly the right thing to do and you can see the results today with this balanced portfolio and our productivity that goes along with that.

因此，我們知道這完全是正確的做法，您今天可以看到這個平衡的產品組合以及隨之而來的生產力的結果。

Clearly that's really what we announced last week with our plan to accelerate the transformation of our business in Europe.

顯然，這確實是我們上周宣布的加速歐洲業務轉型的計畫。

I think this is the time to do it there.

我認為現在是時候這樣做了。

No business is sustainable if it continues to lose money because you are just not able to continue to invest in the products and serve the customer.

如果因為無法繼續投資於產品並為客戶提供服務而持續虧損，那麼任何企業都無法永續發展。

So we know it works.

所以我們知道它有效。

We know it's not just a cost story.

我們知道這不僅僅是一個成本問題。

That's why as Bob pointed out that in addition to restructuring ourselves to utilize our facilities, we are also accelerating the development and the introduction of all the new vehicles based on our global family of Ford vehicles.

這就是為什麼正如鮑伯所指出的，除了重組我們自己以利用我們的設施外，我們還加速開發和推出基於我們全球福特汽車系列的所有新車。

So it's improving the brand which we have done.

因此，我們所做的就是改善品牌。

It's the new vehicles that people want and value as well as restructuring ourselves to operate profitably and use our capacity.

這是人們想要和重視的新車，也是我們重組自身以實現獲利營運和利用我們產能的新工具。

Bob?

鮑伯？

Any additional?

還有額外的嗎？

Or Stephen, any other comments from your European thought?

或者史蒂芬，您對歐洲思想還有其他評論嗎？

I think you summarized it very well, Alan.

我認為你總結得很好，艾倫。

It is I think and contrast the fact that during the global recession, the North American car industry took action to reduce surplus capacity and unfortunately during the global recession, Europe didn't.

我認為並對比的事實是，在全球經濟衰退期間，北美汽車產業採取了減少過剩產能的行動，但不幸的是，在全球經濟衰退期間，歐洲卻沒有採取行動。

Over a period time, that's just not sustainable.

在一段時間內，這是不可持續的。

But I guess the larger point is from a policy standpoint of the governments, have we seen the kind of change in the European government's posture relative to what the US government did or allowed to happen?

但我想更重要的一點是從政府的政策角度來看，相對於美國政府所做或允許發生的事情，我們是否看到了歐洲政府的態度發生了什麼樣的變化？

Is there anything in the European policy area that gives hope that that is going to get any better?

歐洲政策領域是否有任何事情可以讓情況變得更好？

I sure think so.

我當然這麼認為。

We will get Stephen's thoughts, too, but look at how the discussion and the debate has really changed.

我們也會了解史蒂芬的想法，但看看討論和辯論是如何真正改變的。

You can see very clearly with everybody now talking about what does it take to create a viable automobile industry in Europe?

你可以很清楚地看到現在每個人都在談論如何在歐洲創造一個可行的汽車產業？

The discussions now centered around having the business sized for the real demand, making the vehicles that people really do want and value and letting the market really decide.

現在的討論集中在根據實際需求調整業務規模，製造人們真正想要和重視的車輛，並讓市場真正決定。

So I think it's a very -- the discussion and the debate has moved to a very healthy place on what it really takes to create a long-term viable industry.

所以我認為這是一個非常——關於如何創建一個長期可行的行業的真正需要的討論和辯論已經進入了一個非常健康的階段。

And as you know, as hard as this is and it is really hard, that's why we are moving so decisively because the most important thing you can do is to size your production to the real demand and provide the vehicles that people really do want.

如你所知，儘管這很困難，而且確實很難，但這就是我們如此果斷採取行動的原因，因為你能做的最重要的事情就是根據實際需求調整生產規模，並提供人們真正想要的車輛。

Because if not, you don't have a chance to create an exciting growing Company.

因為如果沒有，您就沒有機會創立一家令人興奮的成長型公司。

But I think a lot of people are coming to that same point of view and I think it will result in actions to reduce the overcapacity in Europe for the good of everybody.

但我認為很多人都持同樣的觀點，我認為這將導致採取行動減少歐洲的產能過剩，以造福所有人。

Great, thanks.

萬分感謝。

Thank you, everyone.

謝謝大家。

That concludes today's presentation.

今天的演講到此結束。

We are glad that you were able to join us.

我們很高興您能夠加入我們。