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Ford strips out PAG figs

Ford is to separate financial performance data by its Premier Automotive Group (PAG) activities from the results of its US, European and Asia-Pacific operations. The change takes effect from the current quarter.

Ford is expected to have to bring some $1.7 billion of off-balance sheet items into its accounts to accommodate new US accounting rules. It believes that improved performance by its PAG brands could contribute significantly to the achievement of its 70 cents-per-share consolidated earnings target this year.

The PAG brands are targeted to earn a third of Ford's total profits by mid-decade, though of its non-Ford brands - Volvo, Land Rover, Jaguar and Aston Martin - Land Rover and Jaguar have undergone cost-cutting moves in recent months, and are now placed under a single operational management structure.

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