U.S. Floorplan Risk Management
Company Adjusted ROIC (Bils)
2014
2015
2016
2017
2018
Adjusted Net Operating Profit After Cash Tax
Net income attributable to Ford
Add: Non-controlling interest
Less: Income tax
Add: Cash tax
$
1.3
$
7.3 $
4.6
$
7.7
$
3.7
(0.0)
(0.0)
0.0
0.0
0.0
(0.0)
(2.9)
(2.2)
(0.4)
(0.7)
(0.5)
(0.6)
(0.7)
(0.6)
(0.8)
Less: Interest on debt
(0.9)
(0.8)
(1.0)
(1.2)
(1.2)
Less: Total pension / OPEB income / (cost)
(4.4)
(0.5)
(2.7)
0.6
(0.4)
Add: Pension / OPEB service costs
(1.0)
(1.2)
(1.0)
(1.1)
(1.2)
Net operating profit after cash tax
5.1
$
9.8
8.6
7.0 $
4.0
Less: Special items (excl. pension / OPEB) pre-tax
(1.9)
0.2
(0.6)
(0.5)
(0.6)
Adj. net operating profit after cash tax
$
7.0
$
9.6
$
9.2
$
7.5
$
4.6
Invested Capital
Equity
Redeemable non-controlling interest
Debt (excl. Ford Credit)
Net pension and OPEB liability
Invested capital (end of period)
Average invested capital
Adjusted ROIC (Non-GAAP)*
$
25.1
$
29.2
29.7
$
35.6
$
36.0
0.3
0.1
0.1
0.1
0.1
14.5
13.4
16.5
16.5
14.1
16.2
13.9
14.7
12.8
11.9
$
56.1
$
56.6
$
61.1
$
65.0
$
62.1
$
57.2
$
55.6
58.5
$
63.4
$
64.0
12.3%
17.3%
15.7%
11.8%
7.1%
* Calculated as the sum of adjusted net operating profit after cash tax from the last four quarters, divided by the average invested capital over the last four quarters
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Ford FORD CREDITView entire presentation