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Front Page
Lower Sales and Exchange Rates Impact Ford Results for 2000
Staff, Wednesday April 11, 2001.
Page 1 of 1
Lower domestic sales and a weaker Australian dollar were the major contributors to Ford Motor Company of Australia Limited, recording a net operating loss after tax of $16.1 million for the year ended December 31, 2000.The 2000 financial result mirrors Ford's reduced retail sales in 2000 (domestic sales of 113,800 units versus 126,900 units in 1999) and a lower share of the market (14.5% in 2000, down 1.6 percentage points from 1999).
Ford Australia's President, Geoff Polites, said that the 2000 result was disappointing and did not reflect the Company’s real potential. "Lower sales in 2000 resulted particularly from the deletion of the Festiva model without an immediate replacement, and lower demand for the Falcon in a volatile and highly competitive industry which was significantly impacted by the introduction of GST in July," he said.
"The second half of the year was characterized by aggressive marketing by our competitors and a hard fought battle for market leadership in the closing months which saw heavy discounting at the retail level. As a consequence, we lost sales and share and were forced to spend heavily in an attempt to protect our position.
"Add to that losses resulting from the weakening Australian dollar and we can pretty much account for the majority of the corporate loss for the year."
Last year Ford recorded an $82.3 million profit.
Mr Polites said that despite the company's overall market performance in 2000 there were some positive highlights. In particular, the Falcon Utility was an outstanding success and out sold its Commodore competitor in 2000 by a factor of 2 to 1. Laser sales also strengthened and are expected to continue to grow in 2001 with the inclusion of the 2-litre SR2, which will add a more sporty model to the Laser range.
"We see 2001 as a year in which we need to rebuild our strength as a company, aggressively pursue opportunities to increase the overall efficiency of the business, and lay the groundwork to develop a sound base for future years. We obviously need to improve our volume throughput to generate enough cash to pay for the substantial capital investment we are making on Falcon and other products in the next five to ten years.
"I am confident we have the right strategy for 2001, with new products including the compact 4-wheel drive Escape, an all-new Explorer and the re-introduction of the legendary F-Series commercial range, together with a more aggressive marketing approach for the Falcon. We have recently launched a brand-new, youthful advertising and marketing campaign and significantly increased spending on our V8 supercar racing program, to support these product actions. I am confident that Ford Australia will deliver significant sales and market share growth as the year progresses," Mr Polites added.
| FINANCIAL
AND SALES SUMMARY FOR THE YEAR ENDING DECEMBER 31, 2000 |
||||||||||
| 1991 | 1992 | 1993 | 1994 | 1995 | 1996 | 1997 | 1998 | 1999 | 2000 | |
| FINANCIAL RESULTS | ||||||||||
| Profit After Taxes (Mils) | ||||||||||
| Operating Profits |
($101.1)
|
($25.7)
|
44.0
|
128.6
|
157.3
|
217.3
|
179.5
|
57.0
|
82.3
|
($16.1)
|
| Abnormal Items |
(12.7)
|
(12.6)
|
(89.3)
|
16.9
|
44.4
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
| Net Profit / (Loss) After Taxes |
($113.8)
|
($38.3)
|
($45.3)
|
145.5
|
201.7
|
217.3
|
179.5
|
57.0
|
82.3
|
($16.1)
|
| Net Sales Revenue (Mils) |
$ 2,278.0
|
$ 2,463.3
|
$ 2,771.9
|
$ 2,999.5
|
$ 3,342.6
|
$ 3,358.5
|
$ 3,131.2
|
$ 3,119.6
|
$ 2,934.0
|
$ 2,809.8
|
| Total Assets (Mils) |
$ 1,331.5
|
$ 1,331.5
|
$ 1,110.2
|
$ 1,048.3
|
$ 1,257.3
|
$ 1,593.4
|
$ 1,685.2
|
$ 1,501.8
|
$ 1,295.6
|
$ 1,305.7
|
| NEW VEHICLE SALES | ||||||||||
| Ford Retail Sales (Units 000's) | ||||||||||
| -Passenger Cars |
88.4
|
93.1
|
101.2
|
105.7
|
118.9
|
112.0
|
106.1
|
105.3
|
103.0
|
87.9
|
| -Light Commercials |
15.1
|
13.6
|
13.8
|
17.6
|
17.5
|
19.2
|
23.0
|
22.5
|
23.6
|
25.6
|
| -Heavy Commercials |
1.4
|
1.4
|
1.3
|
1.6
|
1.4
|
1.0
|
1.1
|
1.0
|
0.3
|
0.3
|
| Total Vehicles |
104.9
|
108.1
|
116.3
|
124.9
|
137.8
|
132.2
|
130.2
|
128.8
|
126.9
|
113.8
|
| Ford Market share (Pct) | ||||||||||
| -Passenger Cars |
22.7%
|
22.9%
|
24.4%
|
22.9%
|
24.3%
|
22.7%
|
19.6%
|
18.0%
|
18.8%
|
15.9%
|
| -Light Commercials |
13.9%
|
11.2%
|
11.0%
|
12.8%
|
12.8%
|
13.5%
|
13.9%
|
11.0%
|
10.8%
|
12.0%
|
| -Heavy Commercials |
9.4%
|
9.8%
|
8.7%
|
8.6%
|
8.0%
|
6.5%
|
6.9%
|
4.9%
|
1.2%
|
1.4%
|
| Total Vehicles |
20.5%
|
19.9%
|
20.9%
|
20.3%
|
21.5%
|
20.3%
|
18.0%
|
15.9%
|
16.1%
|
14.5%
|
For further information contact:
Mike Jarvis,
General Manager, Communications,
Ford Australia
Phone: (03) 9359 7739
Mobile: 0412 305 828
