Comparative Financial Performance of Ford and General Motors

The task requires an analysis of the financial performance of two major automotive companies: Ford and General Motors (GM). The data spans the years 2015-2017 and includes a variety of key financial metrics such as net margin, return on equity, liquidity ratios like current ratio and quick ratio, ...Read More

Running Head: ACCT3303
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Project Report: financial analysis

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Executive Summary:
Introduction:
This report presents the user about the comparison of two companies which are ford
motors and General Motors on the basis of various financial data and the figures. For this
report, various financial tools have been used.
Ford motors:
Ford Motors Company is an American company which is operating its business into
international market. Headquarter of the company is in Dearborn, Michigan. This company
has been founded in June, 1903. This company sells commercial and automobile vehicles
under the name of Ford brand and the luxurious cars have been manufactured in Lincoln
brand. Currently, around 8% of the market share has been owned by the ford Motors of the
automobile industry (Home, 2017).
General Motors:
General Motors Company is an American company which is operating its business
into international market. Headquarter of the company is in Detroit, Michigan. This company
has been founded in September, 1908. This company manufactures, sells, designs and
distributes the vehicle parts and the financial services. Currently, this company has its plant
into the 35 countries (home, 2017). This company was the largest automobile manufacturing
company in the industry from 1931 to 2007.
Analytics:
Financial analysis is a study which assists the chief financial officer, financial
manager and the financial analyst to manage and administer the various levels and the
performance of the company. In this analytics section, horizontal analysis, vertical analysis
and ratio analysis study has been done of both the companies (Larcker, Richardson & Tuna,
2007). The comments and the calculations are as follows:
Vertical analysis:
Vertical analysis is the financial method which is used by the company to analyze the
performance of the company on a single basic to analyze and administer the performance of

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the company on the basis of its sales and the total assets of the company. The comments and
the calculations of vertical analysis over both the companies are as follows:
Ford Motors:
The calculations of vertical analysis have been performed over the ford motors to
analyze and administer the performance and position of each activity on the basis of sales and
total assets of the company. This evaluation has been done over the comapny to analyze that
how this company is managing and administering the entire financial figures. The
performance and the position of the company have been analyzed in the income statement of
the company on the basis of their sales (Juan García-Teruel & Martinez-Solano, 2007). Such
as the cost of goods sold is 82.94% on the basis of sales and the gross profit margin and net
profit margin of the company is 17.06% and 4.93% which depict that gross profit has been
enhanced in 2015 from 2014 and 2013’s data. These all activities assist the company to make
a better decision about the performance of the company.
Further, the balance sheet of the company has been analyzed and the study of vertical
analysis has been conducted over the comapny to manage and administer the various
activities and financial figures on the basis of total assets of the company. The performance
and the position of the company have been analyzed in the balance sheet of the company on
the basis of their total assets (Hoque, 2012). Such as the total liabilities is 87.22% on the basis
of total assets and the share holder equity of the company is 12.78%. These all activities
assist the company to make a better decision about the performance of the company.
General Motors:
The calculations of vertical analysis have been performed over the General Motors to
analyze and administer the performance and position of each activity on the basis of sales and
total assets of the company. This evaluation has been done over the comapny to analyze that
how this company is managing and administering the entire financial figures. The
performance and the position of the company have been analyzed in the income statement of
the General Motors on the basis of their sales. Such as the cost of goods sold is 84.22% on
the basis of sales and the gross profit margin and net profit margin of the company is 15.78%
and 5.07% in 2015 which depict that gross profit has been enhanced in 2015 from 2014 and
2013’s data (Heisinger, 2009). These all activities assist the company to make a better
decision about the performance of the company.

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Further, the balance sheet of the company has been analyzed and the study of vertical
analysis has been conducted over the comapny to manage and administer the various
activities and financial figures on the basis of total assets of the company. The performance
and the position of the company have been analyzed in the balance sheet of the company on
the basis of their total assets (Weygandt, Kimmel & Kieso, 2015). Such as the total liabilities
is 79.27% on the basis of total assets and the share holder equity of the company is 20.73%.
These all activities assist the company to make a better decision about the performance of the
company.
Horizontal analysis:
Horizontal analysis is the financial method which is used by the company to analyze
the performance of the company according to the historical data and past year performance to
analyze and administer the performance of the company. The comments and the calculations
of horizontal analysis over both the companies are as follows:
Ford Motors:
The calculations of horizontal analysis have been performed over the ford motors to
analyze and administer the performance and position of each activity on the basis of their last
year figures of the company. This evaluation has been done over the comapny to analyze that
how this company is managing and administering the entire financial figures. The
performance and the position of the company have been analyzed in the income statement of
the company on the basis of 2013 years data. Such as the sales of the company is has been
changed by 1.798% from 2013 in 2015. Other changes have also been analyzed and the
calculations have been given into the appendix (Morningstar, 2017). These all activities assist
the company to make a better decision about the performance of the company.
Further, the balance sheet of the company has been analyzed and the study of
horizontal analysis has been conducted over the comapny to manage and administer the
various activities and financial figures on the basis of their past performance. The
performance and the position of the company have been analyzed in the balance sheet of the
company on the basis of their 2013’s data. Such as the total liabilities of the company has
been changed by 11.92% on the basis of 2013’s liability amount and the share holder equity
of the company has been changed by 7.49% in 2015 (Garrison et al, 2010). These all

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activities assist the company to make a better decision about the performance of the
company.
General Motors:
The calculations of horizontal analysis have been performed over the General Motors
to analyze and administer the performance and position of each activity on the basis of their
last year figures of the company. This evaluation has been done over the comapny to analyze
that how this company is managing and administering the entire financial figures. The
performance and the position of the company have been analyzed in the income statement of
the company on the basis of 2013 years data. Such as the sales of the company is has been
changed by 1.98% from 2013 in 2015. Other changes have also been analyzed and the
calculations have been given into the appendix (Garleanu & Pedersen, 2007). These all
activities assist the company to make a better decision about the performance of the
company.
Further, the balance sheet of the company has been analyzed and the study of
horizontal analysis has been conducted over the comapny to manage and administer the
various activities and financial figures on the basis of their past performance. The
performance and the position of the company have been analyzed in the balance sheet of the
company on the basis of their 2013’s data (Morningstar, 2017). Such as the total liabilities of
the company has been changed by 25.19% on the basis of 2013’s liability amount and the
share holder equity of the company has been changed by -6.60% in 2015. These all activities
assist the company to make a better decision about the performance of the company.
Ratio analysis:
Further, the study of ratio analysis has been analyzed. It is the financial method which
is used by the company to analyze the performance of the company according to the various
liquidity, profitability, solvency and capital structure level to analyze and administer the
performance of the company. The comments and the calculations of ratio analysis over both
the companies are as follows:
Ford Motors:
The calculations of ratio have been performed over the ford motors to analyze and
administer the performance and position of the company on the various levels. This
evaluation has been done over the comapny to analyze that how this company is managing

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and administering the entire financial position. The performance and the position of the
company have been analyzed through analyzing the financial figures of the company from
the income statement, balance sheet and cash flow statement (Davies & Crawford, 2011).
Such as the gross profit ratio of the company from last3 3 years are 4.93%, 2.21% and 4.87%
respectively. Other ratio analysis has also been analyzed and the calculations have been given
into the appendix. These all activities assist the company to make a better decision about the
performance of the company.
Further, the net margin, return on equity, current ratio, quick ratio, receivable
collection period, payable payment period, asset turnover, capital position etc of the company
has been analyzed and the calculations of ratio analysis has been conducted over the comapny
to manage and administer the various activities and financial figures on the basis of their past
performance (Warren, Reeve & Duchac, 2011). These activities and the figures of the
company help the financial analyst and the managers to make a better decision of the
company.
General Motors:
The calculations of ratio have been performed over the General Motors to analyze and
administer the performance and position of the company on the various levels. This
evaluation has been done over the comapny to analyze that how this company is managing
and administering the entire financial position. The performance and the position of the
company have been analyzed through analyzing the financial figures of the company from
the income statement, balance sheet and cash flow statement. Such as the net profit ratio of
the company from last 3 years are 6.36%, 2.53% and 3.44% respectively. Other ratio analysis
has also been analyzed and the calculations have been given into the appendix. These all
activities assist the company to make a better decision about the performance of the company
(Bromwich & Bhimani, 2005).
Further, the net margin, return on equity, current ratio, quick ratio, receivable
collection period, payable payment period, asset turnover, capital position etc of the company
has been analyzed and the calculations of ratio analysis has been conducted over the comapny
to manage and administer the various activities and financial figures on the basis of their past
performance (Ansari, 2004). These activities and the figures of the company help the
financial analyst and the managers to make a better decision of the company.

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Recommendation and Conclusion:
Through the above evaluation, it has been found that both the companies are
performing very well and thus the financial performance of the company is also enhancing
continuously. Further, through the vertical analysis, horizontal analysis and the ratio analysis,
it has been found that the performance of the general Motors is way better than the Fore
motors so the investors are suggested to invest into the General Motors.

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References:
Ansari S. (2004). Management Accounting: A Strategic Focus. Houghton Mifflin College
Devision.
Bromwich, M. & Bhimani, A., (2005). Management accounting: Pathways to progress. Cima
publishing.
Davies, T. & Crawford, I., (2011). Business accounting and finance. Pearson.
Garleanu, N. B., & Pedersen, L. H. (2007). Liquidity and risk management (No. w12887).
National Bureau of Economic Research.
Garrison, R. H., Noreen, E. W., Brewer, P. C., & McGowan, A. (2010). Managerial
accounting. Issues in Accounting Education, 25(4), 792-793.
Heisinger K. (2009). Essentials of Managerial Accounting. Cengage learning.
Home. (2017). Ford Motors. Retrieved from https://www.ford.com/ as on 9th Nov 2017.
Home. (2017). General Motors. Retrieved from https://www.gm.com/ as on 9th Nov 2017.
Hoque, Z., (2012). Strategic management accounting. Spiro Press.
Juan García-Teruel, P., & Martinez-Solano, P. (2007). Effects of working capital
management on SME profitability. International Journal of managerial finance, 3(2),
164-177.
Larcker, D.F., Richardson, S.A. & Tuna, I., (2007). Corporate governance, accounting
outcomes, and organizational performance. The Accounting Review, 82(4), pp.963-
1008.
Morningstar. (2017). Ford Motors. Retrieved from
http://beta.morningstar.com/stocks/xnys/f/quote.html as on 9th Nov 2017.
Morningstar. (2017). General Motors. Retrieved from
http://beta.morningstar.com/stocks/XNYS/GM/quote.html as on 9th Nov 2017.
Warren C., Reeve J. & Duchac J. (2011). Financial and Managerail Accounting. Cengage
Learning.

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Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2015). Financial & Managerial Accounting.
John Wiley & Sons.

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Appendix:
Exhibit 1:
As Reported Annual Income Statement
Report Date 12/31/2015 12/31/2014 12/31/2013
Scale Millions Millions Millions
Total Sales revenues 149558 144077 146917
Automotive cost of sales 124041 123516 125234
Gross Profit 25517 20561 21683
Operating Expense
Selling, administrative & other expenses 14999 14117 13176
Operating Income 10518 6444 8507
Other income
Automotive interest income & other income net 1188 76 974
Financial services other income, net 372 348 348
Equity in net income of affiliated companies 1818 1275 1069
Other Expense
Financial Services interest expense 2454 2699 2860
Financial services provision for credit & insurance
losses 417 305 208
Automotive interest expense 773 797 829
Income (loss) before income taxes 10252 4342 7001
Provision for (benefit from) income taxes 2881 1156 -147
Net income 7371 3186 7148
income (loss) attributable to noncontrolling interests 2 1 7
Net income (loss) attributable to Ford Motor
Company 7373 3187 7155
Exhibit 2:
Ford Motor Co. (DE) (NYS: F)
2015 2014 2013 2012
As Reported Annual Balance Sheet
Scale Millions Millions Millions Millions
Cash & cash equivalents
14,2
72
10,75
7
14,46
8
15,65
9
Marketable securities
20,9
04
20,39
3
22,10
0
20,28
4
Receivables 1,01,9 92,81 87,30 82,33

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75 9 9 8
Inventories
8,3
19
7,8
66
7,7
08
7,3
62
Equity in net assets of affiliated companies
3,2
24
3,3
57
3,6
79
3,2
46
Total Current Assets
1,48,69
4
1,35,19
2
1,35,26
4
1,28,88
9
Net property
30,1
63
30,12
6
27,61
6
24,94
2
Net investment in operating leases
27,0
93
23,21
7
19,98
4
16,45
1
Deferred income taxes
11,5
09
13,63
9
13,31
5
15,18
5
Net intangible assets - - - 87
Other assets
7,4
66
6,3
53
5,8
47
5,0
00
Total assets
2,24,92
5
2,08,52
7
2,02,02
6
1,90,55
4
Payables
20,2
72
20,03
5
19,53
1
19,30
8
Other liabilities & deferred revenue
42,5
46
43,57
7
40,46
2
49,40
7
Total automotive sector debt payable within one year
1,77
9 2,501 1,257 1,386
Total financial services sector short-term debt
12,12
3
11,13
8
14,99
4
17,74
5
Total Current Liabilities
76,72
0
77,25
1
76,24
4
87,84
6
Total automotive sector long-term debt payable after one
year
11,06
0
11,32
3
14,42
6
12,87
0
Total financial services sector long-term debt
1,07,89
2
94,20
9
84,01
1
73,05
7
Deferred income taxes
5
02
57
0
59
8
47
0
Total liabilities
1,96,17
4
1,83,35
3
1,75,27
9
1,74,24
3
Stockholders' Equity
Redeemable noncontrolling interest 94
34
2
33
1
32
2
Common stock
4
1 40 40 40
Capital in excess of par value of stock
21,4
21
21,08
9
21,42
2
20,97
6
Retained earnings (accumulated deficit)
14,4
14
24,55
6
23,65
8
18,07
7
Accumulated other comprehensive income (loss)
(6,25
7)
(20,03
2)
(18,23
1)
(22,85
4)
Treasury stock 9 84 50 29

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77 8 6 2
Equity (deficit) attributable to noncontrolling interests 15 27 33 42
Total equity (deficit)
28,75
1
25,17
4
26,74
7
16,31
1
Exhibit 3:
As Reported Annual Cash Flow
Report Date 12/31/
2015
12/31/
2014
12/31/
2013
Net income (loss) attributable to Ford Motor Company - automotive - - 5755
Depreciation & tooling amortization - automotive - - 4064
Other amortization - automotive - - 110
Provision for credit & insurance losses - automotive - - 2
Net loss (gain) on extinguishment of debt - automotive - - 18
Net loss (gain) on investment securities - automotive - - -190
Loss on retiree lump-sum settlements - automotive - - 594
Dividends in excess of equity investment earnings - automotive - - -529
Foreign currency adjustments - automotive - - 227
Net loss (gain) on sale of businesses - automotive - - -
Loss (gain) on changes in investments in affiliates - automotive - - 113
Stock compensation - automotive - - 152
Provision for (benefit from) deferred income taxes - - -494
Provision for deferred income taxes - automotive - - -
Intersector receivables/payables - automotive - - -136
Accounts receivable & other assets - automotive - - -1401
Inventory - automotive - - -572
Accounts payable & accrued & other liabilities - automotive - - -1332
Other operating activities - automotive - - 1357
Net cash flows from operating activities - automotive - - 7738
Net income (loss) attributable to Ford Motor Company - financial
services - - 1400
Depreciation & tooling amortization - financial services - - 2440
Other amortization - financial services - - -158
Provision for credit & insurance losses - financial services - - 208
Net loss (gain) on extinguishment of debt - financial services - - 1
Net loss (gain) on investment securities - financial services - - -
Foreign currency adjustments - financial services - - 1
Net loss (gain) on sale of businesses - financial services - - -
Stock compensation - financial services - - 7
Provision for deferred income taxes - financial services - - -367
Intersector receivables/payables - financial services - - 136
Accounts receivable & other assets - financial services - - -568

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Accounts payable & other liabilities - financial services - - 737
Other operating activities - financial services - - -485
Net cash flows from operating activities - financial services - - 3352
Total sector cash flows from operating activities - - 11090
Reclassifications from investing to operating cash flows: wholesale
receivables - - -2971
Reclassifications from investing to operating cash flows: finance
receivables - - -
Reclassifications from investing to operating cash flows: other
receivables - - -73
Reclassifications from investing to operating cash flows: payments of
interest supplements & residual support - - 2398
Net income 7371 3186 -
Depreciation & tooling amortization 7993 7385 -
Other amortization -27 38 -
Provision for credit & insurance losses 418 305 -
Pension & OPEB expense 511 1249 -
Equity investment losses (earnings) in excess of dividends received -333 189 -
Foreign currency adjustments 710 825 -
Net loss (gain) on changes in investments in affiliates -42 798 -
Stock compensation 199 180 -
Net change in wholesale & other receivables -5090 -2208 -
Provision for deferred income taxes 2120 1063 -
Accounts receivable & other assets -3563 -2897 -
Inventory -1155 -875 -
Accounts payable & accrued & other liabilities 7758 5734 -
Other cash flow from operating activs -700 -465 -
Net cash flows from operating activities 16170 14507 10444
Capital spending -7196 -7463 -6597
Acquisitions of finance receivables & operating leases -57217 -51673 -45822
Collections of finance receivables & operating leases 38130 36497 33966
Purchase of marketable securities -41279 -48694 -
Sale & maturities of marketable securities 40766 50264 -
Change related to Venezuelan operations - -477 -
Purchases of securities - -
-
11999
3
Sales & maturities of securities - -
11824
7
Cash change due to initial consolidation of businesses - - 9
Proceeds from sale of business - - -
Settlements of derivatives 134 281 -217
Proceeds from sales of retail finance receivables - - 495
Elimination of cash balances upon disposition of discontinued/held-
for-sale operations - - -
Other investing activities 500 141 181

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Net cash flows from investing activities -26162 -21124 -19731
Cash dividends -2380 -1952 -1574
Purchases of common stock -129 -1964 -213
Net changes in short-term debt 1646 -3870 -2927
Proceeds from issuance of other debt 48860 40043 40543
Principal payments on other debt -33358 -28859 -27953
Other financing activities -317 25 257
Net cash flows from financing activities 14322 3423 8133
Effect of exchange rate changes on cash & cash equivalents -815 -517 -37
Net increase (decrease) in cash & cash equivalents 3515 -3711 -1191
Cash & cash equivalents at beginning of year 10757 14468 15659
Cash & cash equivalents at end of year 14272 10757 14468
Cash paid for interest expense 3093 3474 3501
Cash paid (refunded) for income taxes 585 467 538
Exhibit 4:
General Motors Co. (NYS: GM)
As Reported Annual Income Statement
Report Date 12/31/201
5
12/31/201
4
12/31/201
3
Currency USD USD USD
Total net sales & revenue 152356 155929 155427
Automotive cost of sales 128321 138082 134925
Gross Profit 24035 17847 20502
GM Financial operating expenses & other expenses 5733 4039 2448
Automotive selling, general & administrative expense 13405 12158 12382
Goodwill impairment charges 0 120 541
Operating income (loss) 4897 1530 5131
Other income
Interest income & other non-operating income, net 621 823 1063
Gain (loss) on extinguishment of debt 449 202 -212
Equity income & gain on investments 2194 2094 1810
Other expense
Automotive interest expense 443 403 334
Income (loss) before income taxes 7718 4246 7458
Income tax expense (benefit) -1897 228 2127
Net income (loss) before non controlling interest 9615 4018 5331
Less: Net (income) loss attributable to noncontrolling
interests 72 -69 15
Net income (loss) attributable to stockholders 9687 3949 5346
Additional Notes

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Preferred Dividends 0 1145 1576
Weighted average shares outstanding - diluted 1640 1687 1676
Year end shares outstanding 1544.493 1610.366 1589.788
Cash dividends per common share 1.38 - -
Exhibit 5:
General Motors Co. (NYS: GM)
Report Date 12/31/20
15
12/31/20
14
12/31/20
13
12/31/20
12
Cash & cash equivalents 15238 18954 20021 18422
Marketable securities 8163 9222 8972 8988
Restricted cash & marketable securities 1590 1338 1247 686
Receivables net 26388 25606 22813 14439
Inventories 13764 13642 14039 14714
Equipment on operating leases, net 2783 3564 2398 1782
Deferred income taxes 8599 9760 10349 9429
Other current assets 1482 1584 1662 1536
Total current assets 78007 83670 81501 69996
Restricted cash & marketable securities 583 935 829 682
GM Financial receivables, net 18500 16006 14354 6954
Equity in net assets of nonconsolidated affiliates 9201 8350 8094 6883
Property, net 31229 27743 25867 24196
Goodwill & intangible assets, net 5947 6410 7228 8782
GM Financial equipment on operating leases, net 20172 7060 3383 1649
Deferred income taxes 28443 25414 22736 27922
Other assets 2438 2089 2352 2358
Total assets 194520 177677 166344 149422
Liabilities
Accounts payable (principally trade) 24062 22529 23621 25166
Short-term debt & current portion of long-term debt
- Automotive 817 500 564 1748
Short-term debt & current portion of long-term debt
- GM Financial 18745 14488 13594 3770
Accrued liabilities 27842 28184 24633 23308
Total current liabilities 71466 65701 62412 53992
Long-term debt - Automotive 7948 8910 15452 7108
Long-term debt - GM Financial 35601 22943 6573 3424
Postretirement benefits other than pensions 5685 6229 5897 7309
Pensions 20911 23788 19483 27420
Other long-term liabilities 12586 14082 13353 13169
Total liabilities 154197 141653 123170 112422

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154197 141653 123170 112422
Stockholders' Equity
Preferred Stock 0 0 3109 10391
Common stock 15 16 15 14
Additional paid-in capital 27607 28937 28780 23834
Retained earnings (accumulated deficit) 20285 14577 13816 10057
Accumulated other comprehensive income (loss) -8036 -8073 -3113 -8052
Noncontrolling interests 452 567 567 756
Total equity (deficit) 40323 36024 43174 37000
Exhibit 6:
General Motors Co. (NYS: GM)
As Reported Annual Cash Flow
Report Date 12/31/2
015
12/31/2
014
12/31/2
013
Currency USD USD USD
Net income (loss) 9615 4018 5331
Less: GM Financial income - - -
Automotive income (loss) - - -
Depreciation, impairment charges & amortization expense 8017 7238 8041
Foreign currency remeasurement & transaction losses (gains) 829 437 350
Amortization of discount & issuance costs on debt issues 176 181 114
Undistributed earnings of nonconsolidated affiliates - - -
Undistributed earnings of nonconsolidated affiliates & gain on
investments -147 -301 -92
Pension contributions & OPEB payments -1600 -1315 -1458
Pension & OPEB (income) expense, net 321 439 638
Loss (gain) on extinguishment of other debt - - -
Losses (gains) on extinguishment of debt -449 -202 212
Provisions (benefits) for deferred taxes -2757 -574 1561
Change in other investments & miscellaneous assets - - -
Accounts receivable -254 -1248 8
Prepaid expenses & other deferred charges - - -
Purchases of wholesale receivables, net -1124 -2000 -
Inventories -1350 -309 59
Automotive equipment on operating leases 159 -1949 -968
Other assets -397 -213 -563
Accounts payable 1953 19 -485
Income taxes payable 60 -145 -161
Accrued liabilities & other liabilities -801 6089 784
Equipment on operating leases - - -
Change in other operating assets & liabilities, net of acquisitions &
disposals -1754 244 -1326

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Other cash flows from operating activities -273 -107 -741
Net cash flow from operating activities - Automotive - - -
Net income (loss) - GM Financial - - -
Adjustments to reconcile income to net cash provided by
operating activities - GM Financial - - -
Change in operating assets & liabilities - GM Financial - - -
Net cash flow from operating activities - GM Financial - - -
Net cash flows from operating activities 11978 10058 12630
Expenditures for property -7874 -7091 -7565
Available-for-sale marketable securities, acquisitions -8113 -7636 -6754
Trading marketable securities, acquisitions -1250 -1518 -3214
Available-for-sale marketable securities, liquidations 8463 6874 3566
Trading marketable securities, liquidations 1758 1881 6538
Acquisition of companies, net of cash acquired -928 -53 -2623
Operating leases, liquidations - - -
Proceeds from sale of business units/investments, net of cash
disposed - - 896
Increase in restricted cash & marketable securities -744 -839 -984
Decrease in restricted cash & marketable securities 376 515 1107
Purchases & funding of finance receivables - - -30727
Purchase of finance receivables -17495 -14744 -
Principal collections & recoveries on finance receivables 11726 10860 27444
Change in restricted cash - - -
Purchases of leased vehicles, net -15158 -4776 -2254
Proceeds from termination of leased vehicles 1096 533 217
Other investing activities 108 296 -9
Net cash provided by (used in) investing activities - Automotive - - -
Purchase of receivables - GM Financial - - -
Principal collections & recoveries on receivables - GM Financial - - -
Purchases of leased vehicles, net - - -
Other investing activities - GM Financial - - -
Net cash provided by (used in) investing activities - GM Financial - - -
Net cash flows from investing activities -28035 -15698 -14362
Net increase (decrease) in short-term debt 1128 391 156
Proceeds from issuance of debt (original maturities greater than
three months) 35679 31373 28041
Payments on debt (original maturities greater than three months) -17256 -19524 -20191
Proceeds from issuance of stock - - -
Payments to purchase stock -3520 -3277 -2438
Payments to acquire noncontrolling interest - - -
Debt issuance costs & fees paid for debt modification - - -
Dividends paid (including charge related to purchase of series A
preferred stock) -2242 -3165 -1687
Other financing activities -103 -123 -150
Net cash provided by (used in) financing activities - Automotive - - -
Issuance of debt - GM Financial - - -

ACCT3303
18
Payments of debt - GM Financial - - -
Other financing activities - GM Financial - - -
Net cash provided by (used in) financing activities - GM Financial - - -
Net cash flows from financing activities 13686 5675 3731
Effect of exchange rate changes on cash & cash equivalents - GM
Financial - - -
Net transactions with Automotive - - -
Net increase (decrease) in cash & cash equivalents - GM Financial - - -
Cash & cash equivalents at beginning of period - GM Financial - - -
Cash & cash equivalents at end of period - GM Financial - - -
Effect of exchange rate changes on cash & cash equivalents -
Automotive - - -
Net transactions with GM Financial - - -
Net increase (decrease) in cash & cash equivalents - Automotive - - -
Cash & cash equivalents at beginning of period - Automotive - - -
Cash & cash equivalents at end of period - Automotive - - -
Effect of exchange rate changes on cash & cash equivalents -1345 -1102 -400
Net increase (decrease) in cash & cash equivalents -3716 -1067 1599
Cash & cash equivalents at beginning of period 18954 20021 18422
Cash & cash equivalents at end of period 15238 18954 20021
Cash paid (received) for income taxes 800 947 727
Cash paid for interest 1643 1421 1059
Exhibit 7:
As Reported Annual Income
Statement
Report Date 12/31/
2015
Chan
ges
in %
Chang
es
12/31/
2014
Chan
ges
in %
Chan
ges
12/31/
2013
Scale Millio
ns
Millio
ns
Millio
ns
Total Sales revenues
14955
8
0.017
98
1.798
%
14407
7
-
0.019
-
1.93
%
14691
7
Automotive cost of sales
12404
1
-
0.009
53
-
0.953
%
12351
6
-
0.014
-
1.37
%
12523
4
Gross Profit 25517
0.176
82
17.682
% 20561
-
0.052
-
5.17
% 21683
Operating Expense
Selling, administrative & other
expenses 14999
0.138
36
13.836
% 14117 0.071
7.14
% 13176
Operating Income 10518
0.236
39
23.639
% 6444
-
0.243
-
24.25
% 8507
Other income
Automotive interest income & other 1188 0.219 21.971 76 - - 974

ACCT3303
19
income net 71 % 0.922
92.20
%
Financial services other income,
net 372
0.068
97
6.897
% 348 0.000
0.00
% 348
Equity in net income of affiliated
companies 1818
0.700
65
70.065
% 1275 0.193
19.27
% 1069
Other Expense
Financial Services interest expense 2454
-
0.141
96
-
14.196
% 2699
-
0.056
-
5.63
% 2860
Financial services provision for
credit & insurance losses 417
1.004
81
100.48
1% 305 0.466
46.63
% 208
Automotive interest expense 773
-
0.067
55
-
6.755
% 797
-
0.039
-
3.86
% 829
Income (loss) before income
taxes 10252
0.464
36
46.436
% 4342
-
0.380
-
37.98
% 7001
Provision for (benefit from) income
taxes 2881
-
20.59
864
-
2059.8
64% 1156
-
8.864
-
886.3
9% -147
Net income 7371
0.031
20
3.120
% 3186
-
0.554
-
55.43
% 7148
income (loss) attributable to
noncontrolling interests 2
-
0.714
29
-
71.429
% 1
-
0.857
-
85.71
% 7
Net income (loss) attributable to
Ford Motor Company 7373
0.030
47
3.047
% 3187
-
0.555
-
55.46
% 7155
Exhibit 8:
Ford Motor Co. (DE) (NYS: F)
2015 2014 2013
As Reported Annual Balance
Sheet
Chan
ges
chnage
s in %
Chan
ges
chnage
s in %
Scale Million
s
Millio
ns
Millio
ns
Cash & cash equivalents
1
4,272
(0.
014) -1.35%
10,
757
(0.
256)
-
25.65%
14,
468
Marketable securities
2
0,904
(0.
054) -5.41%
20,
393
(0.
077) -7.72%
22,
100
Receivables
1,0
1,975
0
.168 16.80%
92,
819
0
.063 6.31%
87,
309
Inventories 8,319
0
.079 7.93%
7
,866
0
.020 2.05%
7
,708

ACCT3303
20
Equity in net assets of affiliated
companies 3,224
(0.
124)
-
12.37%
3
,357
(0.
088) -8.75%
3
,679
Total Current Assets
1,48
,694
0
.099 9.93% 1,35,
192
(0.
001) -0.05% 1,35,
264
Net property
3
0,163
0
.092 9.22%
30,
126
0
.091 9.09%
27,
616
Net investment in operating leases
2
7,093
0
.356 35.57%
23,
217
0
.162 16.18%
19,
984
Deferred income taxes
1
1,509
(0.
136)
-
13.56%
13,
639
0
.024 2.43%
13,
315
Net intangible assets - - -
Other assets 7,466
0
.277 27.69%
6
,353
0
.087 8.65%
5
,847
Total assets
2,24
,925
0
.113 11.33% 2,08,
527
0
.032 3.22% 2,02,
026
Payables
2
0,272
0
.038 3.79%
20,
035
0
.026 2.58%
19,
531
Other liabilities & deferred
revenue
4
2,546
0
.052 5.15%
43,
577
0
.077 7.70%
40,
462
Total automotive sector debt
payable within one year
1
,779
0
.415 41.53% 2,
501
0
.990 98.97% 1,
257
Total financial services sector
short-term debt
12
,123
(0.
191)
-
19.15% 11,
138
(0.
257)
-
25.72% 14,
994
Total Current Liabilities
76
,720
0
.006 0.62% 77,
251
0
.013 1.32% 76,
244
Total automotive sector long-term
debt payable after one year
11
,060
(0.
233)
-
23.33% 11,
323
(0.
215)
-
21.51% 14,
426
Total financial services sector long-
term debt
1,07
,892
0
.284 28.43% 94,
209
0
.121 12.14% 84,
011
Deferred income taxes 502
(0.
161)
-
16.05% 570
(0.
047) -4.68% 598
Total liabilities
1,96
,174
0
.119 11.92% 1,83,
353
0
.046 4.61% 1,75,
279
Stockholders' Equity
Redeemable noncontrolling
interest 94
(0.
716)
-
71.60% 342
0
.033 3.32% 331
Common stock 41
0
.025 2.50% 40 - 0.00% 40
Capital in excess of par value of
stock
2
1,421
(0.
000) 0.00%
21,
089
(0.
016) -1.55%
21,
422
Retained earnings (accumulated
deficit)
1
4,414
(0.
391)
-
39.07%
24,
556
0
.038 3.80%
23,
658
Accumulated other comprehensive
income (loss)
(
6,257)
(0.
657)
-
65.68%
(20,
032)
0
.099 9.88%
(18,
231)
Treasury stock 977
0
.931 93.08% 848
0
.676 67.59% 506

ACCT3303
21
Equity (deficit) attributable to
noncontrolling interests 15
(0.
545)
-
54.55% 27
(0.
182)
-
18.18% 33
Total equity (deficit)
28
,751
0
.075 7.49% 25,
174
(0.
059) -5.88% 26,
747
Exhibit 9:
General Motors Co. (NYS: GM)
As Reported Annual Income
Statement
Report Date 12/31/
2015
Cha
nges
Change
s in %
12/31/
2014
Cha
nges
Change
s in %
12/31/
2013
Currency USD USD USD
Total net sales & revenue
15235
6
-
0.01
976 -1.98%
15592
9
0.00
323 0.32%
15542
7
Automotive cost of sales
12832
1
-
0.04
895 -4.89%
13808
2 0.02
3398 2.34%
13492
5
Gross Profit 24035
0.17
2325 17.23% 17847
-
0.12
95
-
12.95% 20502
GM Financial operating expenses &
other expenses 5733 1.34
1912
134.19
% 4039 0.64
9918 64.99% 2448
Automotive selling, general &
administrative expense 13405 0.08
262 8.26% 12158
-
0.01
809 -1.81% 12382
Goodwill impairment charges 0 -1
-
100.00
% 120
-
0.77
819
-
77.82% 541
Operating income (loss) 4897
-
0.04
561 -4.56% 1530
-
0.70
181
-
70.18% 5131
Other income
Interest income & other non-
operating income, net 621
-
0.41
58
-
41.58% 823
-
0.22
578
-
22.58% 1063
Gain (loss) on extinguishment of
debt 449
-
3.11
792
-
311.79
% 202
-
1.95
283
-
195.28
% -212
Equity income & gain on
investments 2194 0.21
2155 21.22% 2094 0.15
6906 15.69% 1810
Other expense
Automotive interest expense 443 0.32
6347 32.63% 403 0.20
6587 20.66% 334
Income (loss) before income
taxes 7718
0.03
4862 3.49% 4246
-
0.43
068
-
43.07% 7458

ACCT3303
22
Income tax expense (benefit) -1897
-
1.89
187
-
189.19
% 228
-
0.89
281
-
89.28% 2127
Net income (loss) before non
controlling interest 9615
0.80
3602 80.36% 4018
-
0.24
63
-
24.63% 5331
Less: Net (income) loss attributable
to noncontrolling interests 72 3.8
380.00
% -69 -5.6
-
560.00
% 15
Net income (loss) attributable to
stockholders 9687
0.81
2009 81.20% 3949
-
0.26
132
-
26.13% 5346
Additional Notes
Preferred Dividends 0 1145 1576
Weighted average shares
outstanding - diluted 1640 1687 1676
Year end shares outstanding
1544.
493
1610.
366
1589.
788
Cash dividends per common share 1.38 - -
Exhibit 10:
General Motors Co. (NYS: GM)
Report Date 12/31
/2015
Cha
nge
s
Chang
es in %
12/31
/2014
Cha
nge
s
Chang
es in %
12/31
/2013
Cash & cash equivalents
1523
8
-
0.23
89
-
23.89%
1895
4
-
0.05
329 -5.33%
2002
1
Marketable securities 8163
-
1.32
167 -9.02% 9222
0.02
7864 2.79% 8972
Restricted cash & marketable
securities 1590
-
14.7
803 27.51% 1338
0.07
2975 7.30% 1247
Receivables net
2638
8
0.27
9095 15.67% 2560
6
0.12
243 12.24% 2281
3
Inventories
1376
4
-
0.44
569 -1.96%
1364
2
-
0.02
828 -2.83%
1403
9
Equipment on operating leases, net 2783
-
7.18
849 16.06% 3564
0.48
6239 48.62% 2398
Deferred income taxes 8599 -
1.10
-
16.91%
9760 -
0.05
-5.69% 1034
9

ACCT3303
23
368 691
Other current assets 1482
-
11.1
546
-
10.83% 1584
-
0.04
693 -4.69% 1662
Total current assets
7800
7
0.71
1476 -4.29% 8367
0
0.02
6613 2.66% 8150
1
Restricted cash & marketable
securities 583
-
23.4
475
-
29.67% 935
0.12
7865 12.79% 829
GM Financial receivables, net
1850
0
-
0.10
596 28.88%
1600
6
0.11
509 11.51%
1435
4
Equity in net assets of
nonconsolidated affiliates 9201
-
1.33
679 13.68% 8350
0.03
1628 3.16% 8094
Property, net
3122
9
0.43
3293 20.73%
2774
3
0.07
2525 7.25%
2586
7
Goodwill & intangible assets, net 5947
-
1.94
715
-
17.72% 6410
-
0.11
317
-
11.32% 7228
GM Financial equipment on
operating leases, net
2017
2
0.04
4635
496.28
% 7060
1.08
6905
108.69
% 3383
Deferred income taxes
2844
3
0.37
0426 25.10%
2541
4
0.11
7787 11.78%
2273
6
Other assets 2438
-
7.47
577 3.66% 2089
-
0.11
182
-
11.18% 2352
Total assets
1945
20
1.04
9025 16.94% 1776
77
0.06
813 6.81% 1663
44
Liabilities
Accounts payable (principally trade)
2406
2
0.01
867 1.87%
2252
9
-
0.04
623 -4.62% 2362
1
Short-term debt & current portion of
long-term debt - Automotive 817
0.44
8582 44.86% 500
-
0.11
348
-
11.35% 564
Short-term debt & current portion of
long-term debt - GM Financial
1874
5
0.37
8917 37.89%
1448
8
0.06
5764 6.58% 1359
4
Accrued liabilities
2784
2
0.13
0272 13.03%
2818
4
0.14
4156 14.42% 2463
3
Total current liabilities
7146
6
0.14
5068 14.51% 6570
1
0.05
2698 5.27% 6241
2
Long-term debt - Automotive 7948
-
0.48
563
-
48.56% 8910
-
0.42
338
-
42.34% 1545
2
Long-term debt - GM Financial
3560
1
4.41
6248
441.62
% 2294
3
2.49
0491
249.05
% 6573
Postretirement benefits other than
pensions
5685 -
0.03
-3.60% 6229 0.05
63
5.63% 5897

ACCT3303
24
595
Pensions
2091
1
0.07
3295 7.33% 2378
8
0.22
0962 22.10% 1948
3
Other long-term liabilities
1258
6
-
0.05
744 -5.74% 1408
2
0.05
4594 5.46% 1335
3
Total liabilities
1541
97
0.25
1904 25.19% 1416
53
0.15
0061 15.01% 1231
70
1541
97
0.25
1904 25.19%
1416
53
0.15
0061 15.01%
1231
70
Stockholders' Equity
Preferred Stock 0 0 3109
Common stock 15 0 0.00% 16
0.06
6667 6.67% 15
Additional paid-in capital
2760
7
-
0.04
076 -4.08%
2893
7
0.00
5455 0.55%
2878
0
Retained earnings (accumulated
deficit)
2028
5
0.46
8225 46.82%
1457
7
0.05
5081 5.51%
1381
6
Accumulated other comprehensive
income (loss) -8036
1.58
1433
158.14
% -8073
1.59
3318
159.33
% -3113
Noncontrolling interests 452
-
0.20
282
-
20.28% 567 0 0.00% 567
Total equity (deficit)
4032
3
-
0.06
604 -6.60% 3602
4
-
0.16
561
-
16.56% 4317
4
Exhibit 11:
As Reported Annual Income Statement
Report Date 12/31/2
015
% 12/31/2
014
% 12/31/2
013
%
Scale Million
s
Million
s
Million
s
Total Sales revenues 149558
100.0
0% 144077
96.3
4% 146917
98.2
3%
Automotive cost of sales 124041
82.94
% 123516
82.5
9% 125234
83.7
4%
Gross Profit 25517
17.06
% 20561
13.7
5% 21683
14.5
0%
Operating Expense
Selling, administrative & other expenses 14999
10.03
% 14117
9.44
% 13176
8.81
%
Operating Income 10518 7.03% 6444
4.31
% 8507
5.69
%
Other income
Automotive interest income & other
income net 1188 0.79% 76
0.05
% 974
0.65
%

ACCT3303
25
Financial services other income, net 372 0.25% 348
0.23
% 348
0.23
%
Equity in net income of affiliated
companies 1818 1.22% 1275
0.85
% 1069
0.71
%
Other Expense
Financial Services interest expense 2454 1.64% 2699
1.80
% 2860
1.91
%
Financial services provision for credit &
insurance losses 417 0.28% 305
0.20
% 208
0.14
%
Automotive interest expense 773 0.52% 797
0.53
% 829
0.55
%
Income (loss) before income taxes 10252 6.85% 4342
2.90
% 7001
4.68
%
Provision for (benefit from) income taxes 2881 1.93% 1156
0.77
% -147
-
0.10
%
Net income 7371 4.93% 3186
2.13
% 7148
4.78
%
income (loss) attributable to
noncontrolling interests 2 1 7
Net income (loss) attributable to Ford
Motor Company 7373 4.93% 3187
2.13
% 7155
4.78
%
Additional Information
Preferred Dividends 0 0 0
Weighted average shares outstanding-
diluted 4002 4045 4087
Year end shares outstanding
3969.51
3
3955.94
2
3943.82
2
Cash dividends declared 0.6 0.5 0.4
Exhibit 12:
Ford Motor Co. (DE) (NYS: F)
2015 % 2014 % 2013 %
As Reported Annual Balance Sheet
Scale Millions Million
s
Million
s
Cash & cash equivalents
14,
272 6.35%
10,7
57 5%
14,4
68 7%
Marketable securities
20,
904 9.29%
20,3
93
10
%
22,1
00
11
%
Receivables
1,01,
975
45.34
%
92,8
19
45
%
87,3
09
43
%

ACCT3303
26
Inventories
8,
319 3.70%
7,8
66 4%
7,7
08 4%
Equity in net assets of affiliated companies
3,
224 1.43%
3,3
57 2%
3,6
79 2%
Total Current Assets
1,48,6
94
66.11
% 1,35,1
92
65
% 1,35,2
64
67
%
Net property
30,
163
13.41
%
30,1
26
14
%
27,6
16
14
%
Net investment in operating leases
27,
093
12.05
%
23,2
17
11
%
19,9
84
10
%
Deferred income taxes
11,
509 5.12%
13,6
39 7%
13,3
15 7%
Net intangible assets
Other assets
7,
466 3.32%
6,3
53 3%
5,8
47 3%
Total assets
2,24,9
25
100.0
0% 2,08,5
27
100
% 2,02,0
26
100
%
Payables
20,
272 9.01%
20,0
35
10
%
19,5
31
10
%
Other liabilities & deferred revenue
42,
546
18.92
%
43,5
77
21
%
40,4
62
20
%
Total automotive sector debt payable within
one year
1,7
79 0.79% 2,50
1 1% 1,25
7 1%
Total financial services sector short-term debt
12,1
23 5.39% 11,1
38 5% 14,9
94 7%
Total Current Liabilities
76,7
20
34.11
% 77,2
51
37
% 76,2
44
38
%
Total automotive sector long-term debt
payable after one year
11,0
60 4.92% 11,3
23 5% 14,4
26 7%
Total financial services sector long-term debt
1,07,8
92
47.97
% 94,2
09
45
% 84,0
11
42
%
Deferred income taxes 502 0.22%
5
70 0%
5
98 0%
Total liabilities
1,96,1
74
87.22
% 1,83,3
53
88
% 1,75,2
79
87
%
Stockholders' Equity
Redeemable noncontrolling interest 94 0.04%
3
42 0%
3
31 0%
Common stock 41 0.02% 4
0 0% 4
0 0%
Capital in excess of par value of stock
21,
421 9.52%
21,0
89
10
%
21,4
22
11
%
Retained earnings (accumulated deficit)
14,
414 6.41%
24,5
56
12
%
23,6
58
12
%
Accumulated other comprehensive income
(loss)
(6,2
57)
-
2.78%
(20,0
32)
-
10
%
(18,2
31) -9%
Treasury stock 0.43% 8 0% 5 0%

ACCT3303
27
977 48 06
Equity (deficit) attributable to noncontrolling
interests 15 0.01% 27 0% 33 0%
Total equity (deficit)
28,7
51
12.78
% 25,1
74
12
% 26,7
47
13
%
Exhibit 13:
General Motors Co. (NYS: GM)
As Reported Annual Income Statement
Report Date 12/31/2
015
% 12/31/2
014
% 12/31/2
013
Currency USD USD USD
Total net sales & revenue 152356
100.0
0% 155929
100.0
0% 155427
Automotive cost of sales 128321 84.22
% 138082 88.55
% 134925
Gross Profit 24035
15.78
% 17847
11.45
% 20502
GM Financial operating expenses & other
expenses 5733 3.76% 4039 2.59% 2448
Automotive selling, general & administrative
expense 13405 8.80% 12158 7.80% 12382
Goodwill impairment charges 0 0.00% 120 0.08% 541
Operating income (loss) 4897 3.21% 1530 0.98% 5131
Other income 0.00% 0.00%
Interest income & other non-operating income,
net 621 0.41% 823 0.53% 1063
Gain (loss) on extinguishment of debt 449 0.29% 202 0.13% -212
Equity income & gain on investments 2194 1.44% 2094 1.34% 1810
Other expense 0.00% 0.00%
Automotive interest expense 443 0.29% 403 0.26% 334
Income (loss) before income taxes 7718 5.07% 4246 2.72% 7458
Income tax expense (benefit) -1897 -
1.25% 228 0.15% 2127
Net income (loss) before non controlling
interest 9615 6.31% 4018 2.58% 5331
Less: Net (income) loss attributable to
noncontrolling interests 72 0.05% -69 -
0.04% 15
Net income (loss) attributable to
stockholders 9687 6.36% 3949 2.53% 5346
Additional Notes
Preferred Dividends 0 1145 1576
Weighted average shares outstanding - diluted 1640 1687 1676

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Year end shares outstanding
1544.49
3
1610.36
6
1589.78
8
Cash dividends per common share 1.38 - -
Exhibit 14:
General Motors Co. (NYS: GM)
Report Date 12/31/
2015
% 12/31/
2014
% 12/31/
2013
%
Cash & cash equivalents 15238
7.83
% 18954
10.67
% 20021
12.04
%
Marketable securities 8163
4.20
% 9222
5.19
% 8972
5.39
%
Restricted cash & marketable securities 1590
0.82
% 1338
0.75
% 1247
0.75
%
Receivables net 26388
13.57
% 25606
14.41
% 22813
13.71
%
Inventories 13764
7.08
% 13642
7.68
% 14039
8.44
%
Equipment on operating leases, net 2783
1.43
% 3564
2.01
% 2398
1.44
%
Deferred income taxes 8599
4.42
% 9760
5.49
% 10349
6.22
%
Other current assets 1482
0.76
% 1584
0.89
% 1662
1.00
%
Total current assets 78007
40.10
% 83670
47.09
% 81501
49.00
%
Restricted cash & marketable securities 583
0.30
% 935
0.53
% 829
0.50
%
GM Financial receivables, net 18500
9.51
% 16006
9.01
% 14354
8.63
%
Equity in net assets of nonconsolidated
affiliates 9201
4.73
% 8350
4.70
% 8094
4.87
%
Property, net 31229
16.05
% 27743
15.61
% 25867
15.55
%
Goodwill & intangible assets, net 5947
3.06
% 6410
3.61
% 7228
4.35
%
GM Financial equipment on operating
leases, net 20172
10.37
% 7060
3.97
% 3383
2.03
%
Deferred income taxes 28443
14.62
% 25414
14.30
% 22736
13.67
%
Other assets 2438
1.25
% 2089
1.18
% 2352
1.41
%
Total assets
19452
0
100.0
0% 17767
7
100.0
0% 16634
4
100.0
0%
Liabilities
Accounts payable (principally trade) 24062 12.37 22529 12.68 23621 14.20

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% % %
Short-term debt & current portion of long-
term debt - Automotive 817
0.42
% 500
0.28
% 564
0.34
%
Short-term debt & current portion of long-
term debt - GM Financial 18745
9.64
% 14488
8.15
% 13594
8.17
%
Accrued liabilities 27842
14.31
% 28184
15.86
% 24633
14.81
%
Total current liabilities 71466
36.74
% 65701
36.98
% 62412
37.52
%
Long-term debt - Automotive 7948
4.09
% 8910
5.01
% 15452
9.29
%
Long-term debt - GM Financial 35601
18.30
% 22943
12.91
% 6573
3.95
%
Postretirement benefits other than pensions 5685
2.92
% 6229
3.51
% 5897
3.55
%
Pensions 20911
10.75
% 23788
13.39
% 19483
11.71
%
Other long-term liabilities 12586
6.47
% 14082
7.93
% 13353
8.03
%
Total liabilities
15419
7
79.27
% 14165
3
79.73
% 12317
0
74.05
%
15419
7
79.27
%
14165
3
79.73
%
12317
0
74.05
%
Stockholders' Equity
Preferred Stock 0 0 3109
1.87
%
Common stock 15 16 15
Additional paid-in capital 27607
14.19
% 28937
16.29
% 28780
17.30
%
Retained earnings (accumulated deficit) 20285
10.43
% 14577
8.20
% 13816
8.31
%
Accumulated other comprehensive income
(loss) -8036
-
4.13
% -8073
-
4.54
% -3113
-
1.87
%
Noncontrolling interests 452
0.23
% 567
0.32
% 567
0.34
%
Total equity (deficit) 40323
20.73
% 36024
20.27
% 43174
25.95
%
Exhibit 15:
Financial Data
Description Ford Motors (M)
2015 2014 2013
Revenue 1,49,558 1,44,077 1,46,917
Cost of goods sold 1,24,041 1,23,516 1,25,234

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Gross profit 25,517 20,561 21,683
Operating profit 10,518 6,444 8,507
Net profit 7,371 3,186 7,148
Inventory 8,319 7,866 7,708
Current assets 1,48,694 1,35,192 1,35,264
Receivables 1,01,975 92,819 87,309
Current liabilities 76,720 77,251 76,244
Payables 1,779 2,501 1,257
Equity 28,751 25,174 26,747
Total liabilities 1,96,174 1,83,353 1,75,279
Total assets 2,24,925 2,08,527 2,02,026
Description Formula Ford Motors
2015 2014 2013
Profitability
Net margin Net profit/revenues 4.93% 2.21% 4.87%
Return on equity Net profit/Equity 25.64% 12.66% 26.72%
Liquidity
Current ratio
Current
assets/current
liabilities 1.94 1.75 1.77
Quick Ratio
Current assets-
Inventory/current
liabilities 1.83 1.65 1.67
Efficiency
Receivables
collection period
Receivables/ Total
sales*365 248.87 235.14 216.91
Payables collection
period
Payables/ Cost of
sales*365 5.23 7.39 3.66
Asset turnover ratio
Total sales/ Total
assets 0.66 0.69 0.73

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Solvency
Debt to Equity Ratio Debt/ Equity 6.82 7.28 6.55
Debt to assets Debt/ Total assets 0.87 0.88 0.87
Exhibit 16:
Financial Data
Description General Motors (M)
2015 2014 2013
Revenue 1,52,356 1,55,929 1,55,427
Cost of goods sold 1,28,321 1,38,082 1,34,925
Gross profit 24,035 17,847 20,502
Operating profit 4,897 1,530 5,131
Net profit 9,687 3,949 5,346
Inventory 13,764 13,642 14,039
Current assets 78,007 83,670 81,501
Receivables 26,388 25,606 22,813
Current liabilities 71,466 65,701 62,412
Payables 24,062 22,529 23,621
Equity 40,323 36,024 43,174
Total liabilities 1,54,197 1,41,653 1,23,170
Total assets 1,94,520 1,77,677 1,66,344
Description Formula General Motors
2015 2014 2013
Profitability
Net margin Net profit/revenues 6.36% 2.53% 3.44%
Return on equity Net profit/Equity 24.02% 10.96% 12.38%
Liquidity

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Current ratio
Current
assets/current
liabilities 1.09 1.27 1.31
Quick Ratio
Current assets-
Inventory/current
liabilities 0.90 1.07 1.08
Efficiency
Receivables
collection period
Receivables/ Total
sales*365 63.22 59.94 53.57
Payables collection
period
Payables/ Cost of
sales*365 68.44 59.55 63.90
Asset turnover ratio
Total sales/ Total
assets 0.78 0.88 0.93
Solvency
Debt to Equity Ratio Debt/ Equity 3.82 3.93 2.85
Debt to assets Debt/ Total assets 0.79 0.80 0.74