2013 FOURTH QUARTER AND FULL YEAR
FIXED INCOME PRESENTATION AND
2014 OUTLOOK
JANUARY 28, 2014
(PRELIMINARY RESULTS)
FORD CREDIT
2013 OPERATING HIGHLIGHTS*
• Another solid performance with Full Year pre-tax profit of $1.8 billion,
Fourth Quarter pre-tax profit of $368 million
• Full Year net income of $1.5 billion, Fourth Quarter of $568 million
• Managed receivables of $103 billion at Year End, up $11 billion from 2012
• Full Year charge-offs of $176 million, up $40 million from 2012; Fourth
Quarter charge-offs of $52 million, up $3 million from a year ago
• Full Year loss-to-receivables ratio of 0.18%, Fourth Quarter of 0.20%
• Year End credit loss reserve of $380 million, or 0.37% of receivables
• Full Year distributions were $445 million
• Managed leverage of 8.5 to 1 at Year End
* See slide 2, slide 3, and Appendix for reconciliation to GAAP
SLIDE 1
FORD CREDIT
2013 FOURTH QUARTER PRE-TAX RESULTS
COMPARED WITH 2012
Millions
$414
$368
$100
$(22)
$(25)
$(80)
$(46)
Memo:
B / (W) 2013 3Q
Receivables (Bils.)
Net *
Managed **
2012
4Q
$89
92
$(19)
2013
4Q
Volume
$(59)
$40
Financing
Margin
$19
Credit
Loss
Lease
Residual
Other
$(33)
$(67)
$(18)
$100
103
* Net receivables reflect net finance receivables and net investment in operating leases reported on Ford Credit’s balance sheet. Net investment in operating leases
now includes unearned interest supplements and residual support. The prior period was revised to conform to current year presentation.
** Managed receivables equal net receivables, excluding unearned interest supplements and residual support, allowance for credit losses, and other (primarily
accumulated supplemental depreciation). The prior period was revised to conform to current year presentation.
SLIDE 2
FORD CREDIT
2013 FULL YEAR PRE-TAX RESULTS
COMPARED WITH 2012
Millions
$59
$1,697
$1,756
$304
$6
$(139)
2012
Memo:
Receivables (Bils.)
Net *
$89
Managed **
92
2013
Volume
Financing
Margin
Credit
Loss
$(62)
$(50)
Lease
Residual
Other
$100
103
* Net receivables reflect net finance receivables and net investment in operating leases reported on Ford Credit’s balance sheet. Net investment in operating leases
now includes unearned interest supplements and residual support. The prior period was revised to conform to current year presentation.
** Managed receivables equal net receivables, excluding unearned interest supplements and residual support, allowance for credit losses, and other (primarily
accumulated supplemental depreciation). The prior period was revised to conform to current year presentation.
SLIDE 3
FORD CREDIT
HISTORICAL CREDIT LOSS METRICS
Worldwide Charge-Offs (Mils.)
and LTR (%)
1.07%
Worldwide Credit Loss Reserve (Mils.)
and Reserves as a Pct. Of EOP
Receivables
1.61%
Reserves as %
of EOP Rec.
LTR
1.02%
0.47%
0.63%
$1,549
$1,095
0.44%
0.24%
0.16%
0.18%
$854
$534
$415
2009
2010
$201
$136
$176
2011
2012
2013
0.37%
2009
2010
2011
$408
$380
2012
2013
SLIDE 4
FORD CREDIT
HISTORICAL U.S. RETAIL AND LEASE CREDIT LOSS
DRIVERS
Average Placement FICO Score
726
2009
730
2010
738
2011
737
2012
Over-60-Day Delinquencies *
738
2013
0.24%
2009
0.15%
0.14%
0.15%
0.15%
2010
2011
2012
2013
Memo: New Bankruptcy Filings (000)
47
42
31
Repossessions (000)
23
17
Charge-Offs (Mils.) and LTR (%)
1.32%
3.01%
Repo. Ratio
2.41%
94
1.86%
1.35%
64
1.18%
$635
0.36%
45
32
2009
Memo: Severity
$8,300
* Excluding bankruptcies
LTR
0.68%
2010
2011
2012
$6,900
$6,500
$6,900
0.23%
0.26%
$144
$100
$127
2011
2012
2013
$280
29
2013
2009
2010
$7,600
SLIDE 5
FORD CREDIT
HISTORICAL U.S. LEASE RESIDUAL PERFORMANCE
Lease Return Volume (000)
Auction Values (At Incurred Mix)
24-Month
36-Month
39-Month / Other
159
24-Month
$19,740
$19,875
$19,000
$18,905
159
$18,170
39
60
114
86
71
65
$17,535
4
71
44
$16,540
36-Month
2011
2012
$17,385
$15,800
62
33
$13,730
34
2009
49
2010
38
2011
17
12
2012
26
17
2013
Memo: Ford and Lincoln U.S. Return Rates
78%
65%
56%
62%
2009
2010
2013
Memo: Worldwide Net Investment in Operating Leases (Bils.) *
71%
$13.5
$9.1
$10.1
$13.6
$18.3
* During the fourth quarter of 2013, Ford Credit changed its accounting method to include unearned operating lease interest supplements and
residual support in Net investment in Operating leases. The prior periods were revised to conform to current year presentation.
SLIDE 6
FORD CREDIT
FUNDING HIGHLIGHTS
• Completed our Full Year funding plan, highlights include:
– Upgraded to investment grade by S&P; now rated investment
grade by four of the major agencies
– Issued $25 billion of public term funding, including $7 billion in
the fourth quarter
– Established a new two-year syndicated asset-backed liquidity
facility
• Ended the year with about $35 billion of committed capacity and
net liquidity of $21 billion
• Key elements of our funding strategy remain unchanged and our
liquidity remains strong
SLIDE 7
FORD CREDIT
FUNDING STRUCTURE
Funding of Managed Receivables (Bils.)
Unsecured Commercial Paper
Ford Interest Advantage*
Asset-Backed Commercial Paper**
$103
~$110
~$3
$2
$85
$5
$7
Term Asset-Backed Securities**
$40
Term Debt (incl Bank Borrowings)
$33
$92
$2
~$6
$5
$3
$5
$6
$43
$40-45
$37
$39
Other
$45
$50-54
$5
Equity
$3
$9
$4
$10
$11
$5-6
$11-12
Cash, Cash Equivalents and
Marketable Securities***
$12
$11
$11
$9-11
Year-End
2011
Year-End
2012
Year-End
2013
Year-End
2014 Fcst.
55%
47%
44%
38-42%
Securitized Funding as Percentage
of Managed Receivables
* The Ford Interest Advantage program consists of our floating rate demand notes
** Obligations issued in securitization transactions that are payable only out of collections on the underlying securitized assets and related enhancements
*** Excludes marketable securities related to insurance activities
SLIDE 8
FORD CREDIT
PUBLIC TERM FUNDING PLAN
Unsecured
Securitizations*
Total
*
2011
Actual
(Bils.)
2012
Actual
(Bils.)
2013
Actual
(Bils.)
2014
Forecast
(Bils.)
$ 8
$ 9
$ 11
$ 9 – 12
11
14
14
12 – 15
$ 19
$ 23
$ 25
$21 – 27
Includes Rule 144A offerings
SLIDE 9
FORD CREDIT
2013 LIQUIDITY PROGRAMS
Dec. 31,
2012
(Bils.)
Liquidity Sources*
Cash**
Unsecured Credit Facilities
FCAR Bank Lines
Conduit / Bank ABS
Total Liquidity Sources
Utilization of Liquidity
Securitization Cash***
Unsecured Credit Facilities
FCAR Bank Lines
Conduit / Bank ABS
Total Utilization of Liquidity
Gross Liquidity
$
10.9
0.9
6.3
24.3
$ 11.0
1.5
5.0
26.1
[ $ 10.8
[
1.6
[
3.5
[
29.4
$
42.4
$ 43.6
[ $ 45.3 ]
$
(3.0)
(0.1)
(5.8)
(12.3)
$ (2.9)
(0.4)
(4.0)
(12.6)
[ $ (4.4) ]
[
(0.4) ]
[
(3.3) ]
[
(14.7) ]
$
(21.2)
$ (19.9)
[ $ (22.8) ]
$
21.2
$ 23.7
[ $ 22.5 ]
Capacity in Excess of Eligible Receivables
Liquidity Available For Use
2013
Sep. 30
Dec. 31
(Bils.)
(Bils.)
(1.5)
$
19.7
(1.1)
$ 22.6
[
]
] Committed Capacity
]
$34.5 billion
]
(1.1) ]
[ $ 21.4 ]
* FCAR and Conduits are subject to availability of sufficient assets and ability to obtain derivatives to manage interest rate risk; FCAR commercial paper must be supported
by bank lines equal to at least 100% of the principal amount; conduits include committed securitization programs
** Cash, cash equivalents, and marketable securities (excludes marketable securities related to insurance activities)
*** Securitization cash is to be used only to support on-balance sheet securitization transactions
SLIDE 10
AUTOMOTIVE SECTOR
2013 AUTOMOTIVE FINANCIAL RESOURCES
Dec. 31,
2012
(Bils.)
2013
Sep. 30
Dec. 31
(Bils.)
(Bils.)
Automotive gross cash*
$ 24.3
$ 26.1
$
Less:
Long-term debt
Debt payable within one year
$(12.9)
(1.4)
$(14.5)
(1.3)
$(14.3)
Net cash**
Memo: Liquidity***
Total debt
24.8
Dec. 31,
2013
B / (W)
2012
(Bils.)
$
0.5
$ (14.4)
(1.3)
$
(1.5)
0.1
$(15.8)
$ (15.7)
$
(1.4)
$ 10.0
$ 10.3
$
9.1
$
(0.9)
$ 34.5
$ 37.5
$
36.2
$
1.7
* See Appendix for reconciliation to GAAP
** Net cash is calculated as Autom otive gross cash net of Autom otive debt
*** Total available com m itted Autom otive credit lines (including local lines available to foreign affiliates) w ere $11.4 billion at Decem ber 31, 2013
SLIDE 11
TOTAL COMPANY
2013 PENSION UPDATE
SLIDE 12
2013 SUMMARY
Ford*
• In Fourth Quarter, Total Company profitable for 18th consecutive quarter;
Automotive operating-related cash flow positive; liquidity strong
• Strong Fourth Quarter pre-tax profit in North America and record Fourth
Quarter profit in Asia Pacific Africa
• For Full Year, Total Company pre-tax profit among the best in our history with
record Automotive operating-related cash flow; Automotive operating profit
the highest in more than a decade with record profits in North America and
Asia Pacific Africa and lower loss in Europe
• Ended the year with Automotive gross cash of $24.8 billion and liquidity of
$36.2 billion
Ford Credit
• A solid Full Year performance once again – $1.8 billion pre-tax profit
• Growth continues, with managed receivables of $103 billion at year end
• Near-record low loss-to-receivables ratio of 0.18%
• Completed our Full Year funding plan
• Ended the year with strong liquidity of $21 billion
* Excluding special items; see appendix for reconciliation to GAAP
SLIDE 13
RISK FACTORS
Statements included or incorporated by reference herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are based on expectations, forecasts, and assumptions by our management and involve a number of risks, uncertainties, and other factors that could
cause actual results to differ materially from those stated, including, without limitation:
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Decline in industry sales volume, particularly in the United States or Europe, due to financial crisis, recession, geopolitical events, or other factors;
Decline in Ford’s market share or failure to achieve growth;
Lower-than-anticipated market acceptance of Ford’s new or existing products;
Market shift away from sales of larger, more profitable vehicles beyond Ford’s current planning assumption, particularly in the United States;
An increase in or continued volatility of fuel prices, or reduced availability of fuel;
Continued or increased price competition resulting from industry excess capacity, currency fluctuations, or other factors;
Fluctuations in foreign currency exchange rates, commodity prices, and interest rates;
Adverse effects resulting from economic, geopolitical, or other events;
Economic distress of suppliers that may require Ford to provide substantial financial support or take other measures to ensure supplies of components or materials and could
increase costs, affect liquidity, or cause production constraints or disruptions;
Work stoppages at Ford or supplier facilities or other limitations on production (whether as a result of labor disputes, natural or man-made disasters, tight credit markets or other
financial distress, production constraints or difficulties, or other factors);
Single-source supply of components or materials;
Labor or other constraints on Ford’s ability to maintain competitive cost structure;
Substantial pension and postretirement health care and life insurance liabilities impairing our liquidity or financial condition;
Worse-than-assumed economic and demographic experience for postretirement benefit plans (e.g., discount rates or investment returns);
Restriction on use of tax attributes from tax law “ownership change;”
The discovery of defects in vehicles resulting in delays in new model launches, recall campaigns, or increased warranty costs;
Increased safety, emissions, fuel economy, or other regulations resulting in higher costs, cash expenditures, and / or sales restrictions;
Unusual or significant litigation, governmental investigations, or adverse publicity arising out of alleged defects in products, perceived environmental impacts, or otherwise;
A change in requirements under long-term supply arrangements committing Ford to purchase minimum or fixed quantities of certain parts, or to pay a minimum amount to the
seller (“take-or-pay” contracts);
Adverse effects on results from a decrease in or cessation or clawback of government incentives related to investments;
Inherent limitations of internal controls impacting financial statements and safeguarding of assets;
Cybersecurity risks to operational systems, security systems, or infrastructure owned by Ford, Ford Credit, or a third-party vendor or supplier;
Failure of financial institutions to fulfill commitments under committed credit and liquidity facilities;
Inability of Ford Credit to access debt, securitization, or derivative markets around the world at competitive rates or in sufficient amounts, due to credit rating downgrades, market
volatility, market disruption, regulatory requirements, or other factors;
Higher-than-expected credit losses, lower-than-anticipated residual values, or higher-than-expected return volumes for leased vehicles;
Increased competition from banks or other financial institutions seeking to increase their share of financing Ford vehicles; and
New or increased credit, consumer, or data protection or other regulations resulting in higher costs and / or additional financing restrictions.
We cannot be certain that any expectation, forecast, or assumption made in preparing forward-looking statements will prove accurate, or that any projection will be realized. It is to
be expected that there may be differences between projected and actual results. Our forward-looking statements speak only as of the date of their initial issuance, and we do not
undertake any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or otherwise. For additional discussion,
see “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2012, as updated by our subsequent Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K.
SLIDE 14
APPENDIX
2013 FOURTH QUARTER FIXED INCOME -APPENDIX INDEX
Slide
Total Company
• Income from Continuing Operations
1
• Debt Ratings
2
Automotive Sector
• Gross Cash Reconciliation to GAAP
3
• Automotive Debt
4
Ford Credit
• Operating Highlights
5
• Net Finance Receivables and Operating Leases
6
• Reconciliation of Managed Leverage to Financial Statement Leverage
7
• Worldwide Credit Loss Metrics
8
• U.S. Retail and Lease Credit Loss Drivers
9
• U.S. Lease Residual Performance
10
• Liquidity Profile Balance Sheet
11
FCE Bank PLC
• Percent of Net Loans and Advances to Customers by Market
12
• Credit Loss Ratio (Loss-to-Receivables Ratio)
13
• Public Term Funding Plan
14
TOTAL COMPANY
2013 INCOME FROM CONTINUING OPERATIONS
APPENDIX 1 of 14
TOTAL COMPANY
DEBT RATINGS
S&P
Moody's
Fitch
DBRS
BBBBBBBBB
N/A
N/A
N/A
BBBBBBBBB-
BBB (low)
BBB (low)
NR
Ford Motor
Ford Credit
BBBBBB-
Baa3
Baa3
BBBBBB-
BBB (low)
BBB (low)
FCE Bank plc *
BBB
Baa3
BBB-
NR
NR
P-3
F3
R-3
Stable
Stable
Stable
Stable
Issuer Ratings
Ford Motor
Ford Credit
FCE Bank plc *
Senior Long-Term Unsecured
Short-Term Unsecured
Ford Credit
Outlook
* S&P assigns FCE a long-term senior unsecured credit rating one notch higher than Ford Credit w ith a negative outlook. The negative outlook
reflects the negative trend S&P has assigned to UK banking industry risk.
APPENDIX 2 of 14
AUTOMOTIVE SECTOR
GROSS CASH RECONCILIATION TO GAAP
APPENDIX 3 of 14
AUTOMOTIVE SECTOR
AUTOMOTIVE DEBT
Dec. 31,
2012
(Bils.)
Public unsecured debt
$ 5.3
2013
Sep. 30
(Bils.)
Dec. 31
(Bils.)
$
$
6.7
6.7
Convertible notes
0.8
0.8
0.8
U.S. Dept. of Energy / Ex-Im loans
5.9
5.5
5.3
Other debt (including International)
2.3
2.8
2.9
$ 14.3
$ 15.8
$ 15.7
$ 1.4
$
$
Total Automotive debt
Memo:
Automotive debt payable within one year
1.3
1.3
APPENDIX 4 of 14
FORD CREDIT
OPERATING HIGHLIGHTS
Financing Shares
United States
Financing share
Retail installment and lease
Wholesale
Europe
Financing share
Retail installment and lease
Wholesale
Fourth Quarter
2012
2013
Full Year
2012
2013
38 %
78
44 %
77
38 %
78
40 %
77
37 %
99
36 %
97
32 %
98
34 %
98
Contract Placement Volume -- New and used retail / lease (000)
North America Segment
United States
238
Canada
27
Total North America Segment
265
International Segment
Europe
97
Other international
18
Total International Segment
115
Total Contract Placement Volume
380
288
33
321
978
114
1,092
1,122
140
1,262
94
35
129
450
392
58
450
1,542
404
96
500
1,762
APPENDIX 5 of 14
FORD CREDIT
NET FINANCE RECEIVABLES AND OPERATING LEASES
Dec. 31 2012
Dec. 31 2013
(Bils.)
(Bils.)
Receivables *
Net Receivables
Finance Receivables
Finance Receivables – North America Segment
Consumer -- Retail financing
$
39.5
$
40.9
Non-Consumer
Dealer financing **
Other
Total Finance Receivables – North America Segment
19.5
22.1
1.1
1.0
$
60.1
$
64.0
$
9.0
$
10.8
Finance Receivables – International Segment
Consumer -- Retail financing
Non-Consumer
Dealer financing **
7.5
Other
0.4
Total Finance Receivables – International Segment
$
16.9
8.3
0.4
$
19.5
Unearned interest supplements
(1.5)
(1.5)
Allowance for credit losses
(0.4)
(0.4)
Finance receivables, net
$
$
13.6
Net investment in operating leases ***
Total Net Receivables
75.1
81.6
18.3
$
88.7
$
99.9
$
88.7
2.6
0.4
0.0
$
99.9
3.1
0.4
0.0
$
91.7
$
103.4
Managed Receivables
Total Net Receivables
Unearned interest supplements and residual support
Allowance for credit losses
Other, primarily accumulated supplemental depreciation
Total Managed Receivables ****
* Includes finance receivables (retail and wholesale) sold for legal purposes and net investment in operating leases included in securitization transactions that do not satisfy the requirements for accounting sale
treatment. These receivables and operating leases are reported on Ford Credit’s balance sheet and are available only for payment of the debt issued by, and other obligations of, the securitization entities
that are parties to those securitization transactions; they are not available to pay the other obligations of Ford Credit or the claims of Ford Credit’s other creditors.
** Dealer financing primarily includes wholesale loans to dealers to finance the purchase of vehicle inventory.
*** Beginning in the fourth quarter, Ford Credit changed its accounting method to include unearned interest supplements and residual support in Net investment in operating leases. These amounts are
amortized to Depreciation on vehicles subject to operating leases. The prior period was revised to conform to current year presentation. There is no change to profit before income tax or net income.
**** Prior period was revised to conform to current year presentation.
APPENDIX 6 of 14
FORD CREDIT
RECONCILIATION OF MANAGED
LEVERAGE TO FINANCIAL STATEMENT LEVERAGE
Leverage Calculation
Total Debt *
Adjustments for Cash, Cash Equivalents, and Marketable Securities**
Adjustments for Derivative Accounting***
Total Adjusted Debt
Equity****
Adjustments for Derivative Accounting***
Total Adjusted Equity
Financial Statement Leverage (to 1)
Managed Leverage (to 1)*****
Dec. 31
2012
(Bils.)
Dec. 31
2013
(Bils.)
$ 89.3
(10.9)
(0.8)
$ 98.7
(10.8)
(0.2)
$ 77.6
$ 87.7
$
9.7
(0.3)
$ 10.6
(0.3)
$
9.4
$ 10.3
9.2
8.3
9.3
8.5
* Includes debt reported on Ford Credit’s balance sheet that is issued in securitization transactions and payable only out of collections on the underlying securitized
assets and related enhancements. Ford Credit holds the right to receive the excess cash flows not needed to pay the debt issued by, and other obligations of, the
securitization entities that are parties to those securitization transactions.
** Excludes marketable securities related to insurance activities.
*** Primarily related to market valuation adjustments to derivatives due to movements in interest rates. Adjustments to debt are related to designated fair value hedges
and adjustments to equity are related to retained earnings.
**** Shareholder’s interest reported on Ford Credit’s balance sheet.
***** Equals total adjusted debt over total adjusted equity.
APPENDIX 7 of 14
FORD CREDIT
WORLDWIDE CREDIT LOSS METRICS
Charge-Offs (Mils.)
$49
$47
$45
Loss-to-Receivables Ratio (LTR)
$52
0.22%
0.20%
0.14%
$32
4Q
2012
1Q
Memo: Retail & Lease
$51
$45
2Q
3Q
2013
$25
0.20%
0.19%
$45
4Q
4Q
2012
1Q
2Q
3Q
2013
4Q
$51
Credit Loss Reserve (Mils.) and Reserves as a Pct. of EOP Receivables
Reserves
as % of
EOP Rec.
0.44%
Reserve
$408
4Q
2012
0.41%
0.39%
0.37%
0.37%
$389
$376
$368
$380
1Q
2Q
3Q
4Q
2013
APPENDIX 8 of 14
FORD CREDIT
U.S. RETAIL AND LEASE CREDIT LOSS DRIVERS
Repossessions (000)
Over-60-Day Delinquencies *
0.18%
Repo. Ratio
0.17%
0.16%
0.16%
1.31%
1.29%
8
8
1.24%
0.13%
1.14%
1.06%
8
7
6
4Q
2012
Memo:
New Bankruptcy
Filings (000)
6
1Q
5
2Q
3Q
2013
4
4
4Q
4Q
2012
1Q
2Q
3Q
2013
4
Charge-Offs (Mils.) and LTR (%)
Severity
$8,100
$7,300
$7,600
$7,200
4Q
$7,500
$42
LTR
$38
$35
$34
0.33%
0.30%
0.33%
$16
0.28%
0.14%
4Q
2012
* Excluding bankruptcies
1Q
2Q
3Q
2013
4Q
4Q
2012
1Q
2Q
3Q
4Q
2013
APPENDIX 9 of 14
FORD CREDIT
U.S. LEASE RESIDUAL PERFORMANCE
Lease Return Volume (000)
Auction Values (At Q4 2013 Mix)
24-Month
36-Month
39-Month / Other
24-Month
34
$19,355
$19,520
$19,410
$18,950
$18,305
26
27
27
21
14
17
16
17
7
5
6
$17,565
$17,110
$16,870
8
6
3
3
4
5
5
4Q
2012
1Q
2Q
3Q
4Q
2013
Memo: U.S. Return Rates
69%
$17,635
36-Month
5
62%
$17,560
4Q
2012
1Q
2Q
3Q
4Q
2013
Memo: Worldwide Net Investment in Operating Leases (Bils.) *
68%
69%
77%
$13.6
$14.7
$16.2
$17.3
$18.3
* During the fourth quarter of 2013, Ford Credit changed its accounting method to include unearned operating lease interest supplements and
residual support in Net investment in Operating leases. The prior periods were revised to conform to current year presentation.
APPENDIX 10 of 14
FORD CREDIT
LIQUIDITY PROFILE BALANCE SHEET
Cumulative Maturities -- As of December 31, 2013 (Bils.)
$114
Assets (a)
Debt (b)
$104
$99
$90
$75
$69
$58
(c)
$37
2014
2015
2016
2017 & Beyond
Memo: Unsecured long-term debt maturities (Bils.)
$4.5
$9.3
$9.0
$20.3
(a) Includes finance receivables net of unearned income, investment in operating leases net of accumulated depreciation, cash and
cash equivalents, and marketable securities (excludes marketable securities related to insurance activities).
(b) Retail and lease ABS are treated as amortizing immediately to match the underlying assets.
(c) Includes all of the wholesale ABS term and conduit maturities of $8.7 billion that otherwise contractually extend to 2015 and beyond.
APPENDIX 11 of 14
FCE BANK PLC
PERCENT OF NET LOANS & ADVANCES TO CUSTOMERS
BY MARKET*
U.K.
Germany
Italy
France
Spain
Other
Switzerland
WWTF**
Belgium
Eastern Europe
Netherlands
Austria
Ireland
Portugal
Greece
36%
32%
30%
29%
4.4%
3.8%
2.2%
2.1%
1.9%
1.3%
0.7%
0.5%
0.1%
17%
15%
11%
8%
8%
7%
4%
2012
2013
2012
2013
2012
2013
2012
2013
2012
3%
2013
2012
2013
* As percent of Net loans and advances to customers which were £8.7 billion and £9.4 billion at December 31, 2012 and December 31, 2013, respectively.
** Worldwide Trade Finance (WWTF) provides offshore trade finance support to importers/dealers in about 60 countries.
APPENDIX 12 of 14
FCE BANK PLC
2013 FOURTH QUARTER CREDIT LOSS RATIO
COMPARED WITH 2012
Net Credit Losses As Percentage Of Average Net Loans And Advances To Customers
Total
FCE
U.K.
Germany
Italy
France
Spain
0.91%
0.57%
0.21% 0.15%
0.17% 0.08%
0.40%
0.37%
0.01% 0.08%
(0.02)%
(0.30)%
2012
2013
2012
2013
2012
2013
2012
2013
2012
2013
2012
2013
APPENDIX 13 of 14
FCE BANK PLC
PUBLIC TERM FUNDING PLAN
Unsecured
Securitizations
Total
2011
Actual
(Bils.)
2012
Actual
(Bils.)
2013
Actual
(Bils.)
2014
Forecast
(Bils.)
£ 0.5
£ 0.7
£ 1.6
£ 1.1 – 1.7
0.4
0.4
0.4
0.7 – 1.1
£ 0.9
£ 1.1
£ 2.0
£ 1.8 – 2.8
APPENDIX 14 of 14