Ford Motor Company 2009

Case Notes Prepared by: Dr. Mernoush Banton

Case Author: Alen Badal
A. Case Abstract
Ford Motor Company (www.Ford.com) is a comprehensive strategic management
case that includes the companys calendar December 31 !""# $inancial statements
competitor in$ormation and more. %he case time setting is the year !""&. 'u$$icient
internal and e(ternal data are provided to enable students to evaluate current
strategies and recommend a three)year strategic plan $or the company.
*ead+uartered in Dearborn in the ,.'. state o$ Michigan Ford Motor Company is
traded on the -ew .or/ 'toc/ 0(change under tic/er symbol F.
Ford operates in two segments1 2utomotive and Financing. 3roducts o$$ered include1
Ford Mercury 4incoln 5olvo and 6aguar. Ford was $ounded in 1&"3 and operates
worldwide. %he company is led by C07 8illiam Ford 6r. and employs over !#""""
people. %he $irms ma9or competitor in the ,nited 'tates is :eneral Motors.
B. !s!on "tatement #Actual$
;7ur vision is to become the worlds leading consumer company $or automotive
products and services.<
C. M!ss!on "tatement #Proposed$
Ford Motor Companys mission is to anticipate consumer needs and provide sa$e
+uality reliable and innovative automotive products and services to consumers
around the world (1 ! 3). Meeting and e(ceeding customers e(pectations $or
e(ceptional +uality cutting)edge technology and superior customer service will
enable us to ma(imi=e returns to our shareholders (> ?). %he customer is 6ob 1. 8e
are passionately committed to ensure we do the right thing $or our customers our
employees our environment and our society (@ &). Ford is committed to leading all
automotive $irms in +uality and sa$ety in 2merica and abroad. 2long with our
commitment to saving the environment we can continue to add to our proud
heritage (A #).
1. Customer
!. 3roducts or services
3. Mar/ets
>. %echnology
?. Concern $or survival pro$itability growth
@. 3hilosophy
A. 'el$)concept
#. Concern $or public image
&. Concern $or employees
Copyright B !"11 3earson 0ducation 4imited
D. %&ternal Aud!t
CPM Compet!t!'e Pro(!le Matr!&
Ford )M *oyota
Cr!t!cal "uccess
Factors +e!,ht -at!n,
+e!,hte
d "core -at!n,
+e!,hte
d "core -at!n,
+e!,hted
"core
3rice competitiveness "."> 3 ".1! ! "."# 1 ".">
:lobal 0(pansion "."? > ".!" ! ".1" 3 ".1?
7rgani=ational 'tructure "."! 1 "."! ! "."> 3 "."@
0mployee Morale "."1 1 "."1 ! "."! 3 "."3
%echnology "."> 1 "."> ! "."# 3 ".1!
3roduct 'a$ety "."> 1 "."> ! "."# 3 ".1!
Customer 4oyalty ".!" ! ".>" 1 ".!" > ".#"
,' Mar/et 'hare ".1? ! ".>? > ".@" 3 ".3"
2dvertising "."! 3 "."@ > "."# ! ".">
3roduct Cuality "."A 1 "."A ! ".1> > ".!#
3roduct Dmage ".!" ! ".>" 3 ".@" > ".#"
Financial 3osition ".1@ 1 ".1@ ! ".3! > ".@>
*otal ..00 ..9/ 2.01 0.02
3pportun!t!es
1. %he Eig %hree hope to gain $urther concessions $rom the ,nited 2uto 8or/ers
regarding labor costs
!. %he $ew consumers purchasing vehicles are doing so $or practical reasons with a
$ocus on $uel e$$iciency durability and carma/ers sustainability
3. 2ccording to C'M 8orldwide light vehicle production e(ceeded the production o$
cars and truc/s in -orth 2merica and 0urope by an estimated 1@ percent and 1>
percent respectively
>. Dn !""# the Eig %hree began o$$ering lowered interest rates or =ero percent
$inancing to lure buyers
?. %he auto industry has e(perienced a shi$t $rom truc/s and ',5s to hybrid and
small $uel)e$$icient vehicles
@. 'peciali=ed in car parts $or businessFa$termar/et
A. ConsumersFdealers willingness to improve brandFsales
*hreats
1. Due to global economic recession consumer demand $or new autos has
plummeted
!. Consumer con$idence is the lowest in >" years
3. ,nemployment rates e(ceed 1" percent in many areas in the ,nited 'tates and is
e(pected to remain high $or part o$ !"1"
Copyright B !"11 3earson 0ducation 4imited
>. ,navailability o$ credit and high unemployment have pushed automa/ers to
rethin/ methods o$ producing and selling cars
?. 2utoma/ers have $aced rising health care and pension costs
@. %he Eig three also su$$er $rom an oversupply $or dealers
A. %he government bailout money is diminishing and Ford has e(hausted its credit
lines
#. Consumers are concerned about voided 8arranties i$ the Eig %hree go out o$
business
&. Many ban/s are 9ust not ma/ing car loans
%&ternal Factor %'aluat!on #%F%$ Matr!&
4ey %&ternal Factors +e!,ht -at!n, +e!,hted
"core
3pportun!t!es
1. %he Eig %hree hope to gain $urther concessions
$rom the ,nited 2uto 8or/ers regarding labor
costs
"."A > ".!#
!. %he $ew consumers purchasing vehicles are doing
so $or practical reasons with a $ocus on $uel
e$$iciency durability and carma/erGs
sustainability
"."A 3 ".!1
3. 2ccording to C'M 8orldwide light vehicle
production e(ceeded the production o$ cars and
truc/s in -orth 2merica and 0urope by an
estimated 1@ percent and 1> percent
respectively
"."@ ! ".1!
>. Dn !""# the Eig %hree began o$$ering lowered
interest rates or =ero percent $inancing to lure
buyers
"."A 3 ".!1
?. %he auto industry has e(perienced a shi$t $rom
truc/s and ',5s to hybrid and small $uel)e$$icient
vehicles
"."@ 3 ".1#
@. 'peciali=ed in car parts $or businessFa$termar/et "."@ ! ".1!
A. ConsumersFdealers willingness to improve
brandFsales
"."A > ".!#
*hreats
1. Due to global economic recession consumer
demand $or new autos has plummeted
"."@ 3 ".1#
!. Consumer con$idence is the lowest in >" years "."A > ".!#
3. ,nemployment rates e(ceed 1" percent in many
areas in the ,nited 'tates and is e(pected to
remain high $or part o$ !"1"
"."A > ".!#
>. ,navailability o$ credit and high unemployment
have pushed automa/ers to rethin/ methods o$
"."? > ".!
Copyright B !"11 3earson 0ducation 4imited
producing and selling cars
?. 2utoma/ers have $aced rising health care and
pension costs
"."> 3 ".1!
@. %he Eig three also su$$er $rom an oversupply $or
dealers
"."A ! ".1>
A. %he government bailout money is diminishing
and Ford has e(hausted its credit lines
"."@ ! ".1!
#. Consumers are concerned about voided
8arranties i$ the Eig %hree go out o$ business
"."@ ! ".1!
&. Many ban/s are 9ust not ma/ing car loans "."@ ! ".1!
*otal ..00 2.95
Pos!t!on!n, Map
%. 6nternal Aud!t
Copyright B !"11 3earson 0ducation 4imited
Erand
4oyalty
(*igh)
Erand
4oyalty
(4ow)
3rice (*igh)
3rice (4ow)
Honda
Ford Motor
Company
:M
%oyota
"tren,ths
1. Ford Credit Division operates globally
!. Dndependent $rom :overnment bailout
3. 5ehicles mar/eted in @ continents over !"" countries
>. Ford has strong brand image and is considered an 2merican icon
?. 'trong consumer loyalty on their popular F)1?"
@. Diverse vehicle lines give the company more $le(ibility to their customers to
choose the desired car model
A. 'ales in '. 2merica and 0uropean segments increased by ,'H3.? billion $rom
!""A to !""#
+ea7nesses
1. Dn one year revenue decreased by appro(imately ,'H3" billion
!. 8hile the companys inventory was reduced $rom !""A to !""# the dealers
are having higher inventory to sell
3. Current asset dropped by appro(imately ,'H1# billion $rom previous year
>. Current liabilities increased by ,'H3" billion $rom previous year
?. 7perational costs typically higher in a company with multi)segment business
F!nanc!al -at!o Analys!s (December !""&)
)ro8th -ates 9 Ford 6ndustry ":P ;00
'ales (Ctr vs year ago +tr) )!.A" )1&."" )>.#"
-et Dncome (.%D vs .%D) -2 )!1."" )@.""
-et Dncome (Ctr vs year ago +tr) A1&.3" )1#."" !@.#"
'ales (?).ear 2nnual 2vg.) )!.?1 !.&! 1!.&&
-et Dncome (?).ear 2nnual 2vg.) -2 1.@A 1!.@&
Dividends (?).ear 2nnual 2vg.) -2 #.A@ 11.#3
Pr!ce -at!os Ford 6ndustry ":P ;00
Current 3F0 Iatio -2 !.1 !@.A
3F0 Iatio ?).ear *igh 1".3 !.& @#."
3F0 Iatio ?).ear 4ow >.& ".> &.&
3riceF'ales Iatio ".3" ".?A !.!?
3riceFEoo/ 5alue -2 1.13 3.>#
3riceFCash Flow Iatio #.&" !?.A" 13.A"
Pro(!t Mar,!ns 9 Ford 6ndustry ":P ;00
:ross Margin A.> 11.! 3#.&
3re)%a( Margin )!.# )11.? 1".3
-et 3ro$it Margin )3.@ )1".@ A.1
?.r :ross Margin (?).ear 2vg.) 1"." 1&.! 3#.@
?.r 3re%a( Margin (?).ear 2vg.) )3.> >.& 1@.@
Copyright B !"11 3earson 0ducation 4imited
?.r -et 3ro$it Margin (?).ear 2vg.) )!.& !.& 11.?
F!nanc!al Cond!t!on Ford 6ndustry ":P ;00
DebtF0+uity Iatio -2 1.>1 1."&
Current Iatio -2 1.1 1.?
Cuic/ Iatio -2 ".& 1.3
Dnterest Coverage )!3.3 )>.@ !3.A
4everage Iatio )!3.> 1.# 3.>
Eoo/ 5alueF'hare )!.@! 3@."3 !1.@3
2dapted $rom www.moneycentral.msn.com
A', P<% Pr!ce< "ales Pr!ce< Boo7
Net Pro(!t
Mar,!n #9$
1!F"# )".#" "."> )".3! )1"."
1!F"A )?.#" "."# !.@! )1.@
1!F"@ )1.1" "."& )>."& )A.&
1!F"? 1!."" "."& 1."A ".&
1!F"> &.1" ".1# 1.?> 1.#
1!F"3 3".?" ".1# !.?1 ".>
1!F"! A1."" ".1" 3."? ".!
1!F"1 )A.&" ".1# 3.@? )3.3
1!F"" A.>" ".!1 !.31 3.!
1!F"# )".#" "."> )".3! )1"."

Boo7 alue<
"hare
Debt<
%=u!ty
-eturn on
%=u!ty #9$
-eturn on
Assets #9$
6nterest
Co'era,e
1!F"# )HA.1# )#.&1 #>.# )@.A )1.>
1!F"A H!.?@ !&.&> )>&.1 )1." )".?
1!F"@ )H1.#> )>&.?& 3@>.? )>.? )1.&
1!F"? HA.!1 11.>" 1!.1 ".@ )".!
1!F"> H&.?! &.31 1#.3 1.1 ".3
1!F"3 H@.3@ 1?.>> ?.? ".! -2
1!F"! H3."? 3"."3 @.> ".1 1.1
1!F"1 H>.31 !1.?1 )@#.A )1.& )>.3
1!F"" H1".1> #.&3 !&.3 1.& @."
1!F"# )HA.1# )#.&1 #>.# )@.A )1.>
2dapted $rom www.moneycentral.msn.com
6nternal Factor %'aluat!on #6F%$ Matr!&
Copyright B !"11 3earson 0ducation 4imited
4ey 6nternal Factors +e!,ht -at!n, +e!,hted
"core
"tren,ths
1. Ford Credit Division operates globally "."# > ".3!
!. Dndependent $rom :overnment bailout "."# 3 ".!>
3. 5ehicles mar/eted in @ continents over !""
countries
"."A 3 ".!1
>. Ford has strong brand image and is
considered an 2merican icon
"."# 3 ".!>
?. 'trong consumer loyalty on their popular
F)1?"
"."# 3 ".!>
@. Diverse vehicle lines give the company
more $le(ibility to their customers to choose
the desired car model
"."# 3 ".!>
A. 'ales in '. 2merica and 0uropean segments
increased by ,'H3.? billion $rom !""A to
!""#
"."& > ".3@
+ea7nesses
1. Dn one year revenue decrease by
appro(imately ,'H3" billion
"."& 1 "."&
!. 8hile the companyGs inventory was reduced
$rom !""A to !""# the dealers are having
higher inventory to sell
"."# 1 "."#
3. Current asset dropped by appro(imately
,'H1# billion $rom previous year
".1 1 ".1
>. Current liabilities increased by ,'H3" billion
$rom previous year
".1 1 ".1
?. 7perational costs typically higher in a
company with multi)segment business
"."A 1 "."A
*otal ..00 2.29
F. "+3* "trate,!es
"tren,ths +ea7nesses
1. Ford Credit Division
operates globally
!. Dndependent $rom
:overnment bailout
3. 5ehicles mar/eted in @
continents over !""
countries
1. Dn one year revenue
decreased by
appro(imately ,'H3"
billion
!. 8hile the companys
inventory was reduced
$rom !""A to !""# the
Copyright B !"11 3earson 0ducation 4imited
>. Ford has strong brand
image and is considered
an 2merican icon
?. 'trong consumer loyalty
on their popular F)1?"
@. Diverse vehicle lines give
the company more
$le(ibility to their
customers to choose the
desired car model
A. 'ales in '. 2merica and
0uropean segments
increased by ,'H3.?
billion $rom !""A to !""#
dealers are having higher
inventory to sell
3. Current asset dropped by
appro(imately ,'H1#
billion $rom previous year
>. Current liabilities
increased by ,'H3"
billion $rom previous year
?. 7perational costs typically
higher in a company with
multi)segment business
3pportun!t!es
">3 "trate,!es
+>3 "trate,!es
1. %he Eig %hree hope to
gain $urther concessions
$rom the ,nited 2uto
8or/ers regarding labor
costs
!. %he $ew consumers
purchasing vehicles are
doing so $or practical
reasons with a $ocus on
$uel e$$iciency durability
and carma/ers
sustainability
3. 2ccording to C'M
8orldwide light vehicle
production e(ceeded the
production o$ cars and
truc/s in -orth 2merica
and 0urope by an
estimated 1@ percent and
1> percent respectively
>. Dn !""# the Eig %hree
began o$$ering lowered
interest rates or =ero
percent $inancing to lure
buyers
?. %he auto industry has
e(perienced a shi$t $rom
truc/s and ',5s to
hybrid and small $uel)
e$$icient vehicles
@. 'peciali=ed in car parts
$or businessFa$termar/et
A. ConsumersFdealers
willingness to improve
brandFsales
1. 0(pand into '. 2merican
and 0uropean countries
by o$$ering better
incentives and $inancing
('1 'A 73 7? 7A)
!. 3roduce more $uel
e$$icient and smaller
models and promote
them with lower $inancing
options ('1 '3 '> 7!
7>J 7?)
1. Dmprove operations by
being more lean and cutting
bac/ e(cessive e(ecutive
spending (83 8> 8? 71)
!. 'ell o$$ business units to
improve cash in$usion to the
company (8! 83 8> 8?
7@)
Copyright B !"11 3earson 0ducation 4imited
*hreats
">* "trate,!es
+>* "trate,!es
1. Due to global economic
recession consumer
demand $or new autos
has plummeted
!. Consumer con$idence is
the lowest in >" years
3. ,nemployment rates
e(ceed 1" percent in
many areas in the ,nited
'tates and is e(pected to
remain high $or part o$
!"1"
>. ,navailability o$ credit
and high unemployment
have pushed automa/ers
to rethin/ methods o$
producing and selling
cars
?. 2utoma/ers have $aced
rising health care and
pension costs
@. %he Eig three also su$$er
$rom an oversupply $or
dealers
A. %he government bailout
money is diminishing
and Ford has e(hausted
its credit lines
#. Consumers are
concerned about voided
8arranties i$ the Eig
%hree go out o$ business
&. Many ban/s are 9ust not
ma/ing car loans
1. Dmprove promotion on
selected lower priced
models with =ero or very
low rate $inancing to
younger generation
through Dnternet using
Faceboo/ %witter and
other networ/ing
channels ('! '3 '> '@
%1 %> %@ %# %&)
!. 7$$er ;Free< e(tended
warranty $or additional !
years to gain customer
loyalty and brand image
('> '@ %1 %#)
1. 'ince dealers are not able
to turn around their
inventory $ast enough o$$er
co)op advertising with more
incentives $or moving the
cars $aster (81 83 %> %@)
Copyright B !"11 3earson 0ducation 4imited
). "PAC% Matr!&
F!nanc!al "tab!l!ty #F"$ %n'!ronmental "tab!l!ty #%"$
Ieturn on Dnvestment
1 ,nemployment )?
4everage
1 %echnological Changes )3
4i+uidity
1 3rice 0lasticity o$ Demand )!
8or/ing Capital
1 Competitive 3ressure )>
Cash Flow
1 Earriers to 0ntry )?
F!nanc!al "tab!l!ty #F"$ A'era,e . %n'!ronmental "tab!l!ty #%"$ A'era,e >0.2
Compet!t!'e "tab!l!ty #C"$ 6ndustry "tab!l!ty #6"$
Mar/et 'hare )! :rowth 3otential >
3roduct Cuality )3 Financial 'tability !
Customer 4oyalty )! 0ase o$ Mar/et 0ntry >
Competitions Capacity ,tili=ation )3 Iesource ,tili=ation 3
%echnological Know)*ow )! 3ro$it 3otential 3
Compet!t!'e "tab!l!ty #C"$ A'era,e >2.1 6ndustry "tab!l!ty #6"$ A'era,e 0.2
.)a(is1 F' L 0' M 1." L ()3.#) M )!.#
N)a(is1 C' L D' M ()1.#) L (3.@) M 1.#
Copyright B !"11 3earson 0ducation 4imited
FS
CS
ES
IS
6 5 4 3 2 1
Conservative Aggressive
Competitive
Defensive
1
2
3
4
5
6
7 -2 -3 -4 -5 -7 -1 -6
7
-7
-6
-5
-4
-3
-2
-1
?. )rand "trate,y Matr!&
1. Mar/et development
!. Mar/et penetration
3. 3roduct development
>. Forward integration
?. Eac/ward integration
@. *ori=ontal integration
A. Ielated diversi$ication
Copyright B !"11 3earson 0ducation 4imited
Weak
Competitive
Position
Quadrant II
Quadrant I
Quadrant IV
Quadrant III
Strong
Competitive
Position
Rapid Market Growth
Slow Market Growth
6. *he 6nternal>%&ternal #6%$ Matr!&
*he 6F% *otal +e!,hted "core
'trong
3." to >."
2verage
!." to !.&&
8ea/
1." to 1.&&
*igh
3." to
3.&&
D DD DDD
Medium
!." to
!.&&
D5 D5
Ford Motor
Company
5D
4ow
1." to
1.&&
5DD 5DDD DN
Copyright B !"11 3earson 0ducation 4imited
*he %F%
*otal
+e!,hted
"core
BC) Matr!&
-elat!'e Mar7et "hare
*igh 1." Medium .
?"
4ow
"."
*igh L!"
6ndustry
"ales
)ro8th
-ate
Percent
Stars Question Marks
Medium
"
4ow )!"
Cash Cows Dogs
Copyright B !"11 3earson 0ducation 4imited
@. A"PM

Dmprove
promotion
on selected
lower priced
models with
=ero or very
low rate
$inancing to
younger
generation
through
Dnternet
using
Faceboo/
%witter and
other
networ/ing
channels
0(pand into
'. 2merican
and
0uropean
countries by
o$$ering
better
incentives
and
$inancing
4ey Factors +e!,ht A" *A" A" *A"
3pportun!t!es

1. %he Eig %hree hope to gain $urther
concessions $rom the ,nited 2uto 8or/ers
regarding labor costs
"."A 3 ".!1 > ".!#
!. %he $ew consumers purchasing vehicles
are doing so $or practical reasons with a
$ocus on $uel e$$iciency durability and
carma/erGs sustainability
"."A > ".!# ! ".1>
3. 2ccording to C'M 8orldwide light vehicle
production e(ceeded the production o$
cars and truc/s in -orth 2merica and
0urope by an estimated 1@ percent and
1> percent respectively
"."@ 3 ".1# > ".!>
>. Dn !""# the Eig %hree began o$$ering
lowered interest rates or =ero percent
$inancing to lure buyers
"."A ))) ))) ))) )))
?. %he auto industry has e(perienced a shi$t
$rom truc/s and ',5s to hybrid and small
$uel)e$$icient vehicles
"."@ ))) ))) ))) )))
@. 'peciali=ed car parts
businessFa$termar/et
"."@ ))) ))) ))) )))
A. ConsumersFdealers willingness to
improve brandFsales
"."A 3 ".!1 > ".!#
*hreats
1. Due to global economic recession
consumer demand $or new autos has
plummeted
"."@ > ".!> 3 ".1#
!. Consumer con$idence is the lowest in >"
years
"."A ! ".1> 3 ".!1
3. ,nemployment rates e(ceed 1" percent in "."A ! ".1> > ".!#
Copyright B !"11 3earson 0ducation 4imited
many areas in the ,nited 'tates and is
e(pected to remain high $or part o$ !"1"
>. ,navailability o$ credit and high
unemployment have pushed automa/ers
to rethin/ methods o$ producing and
selling cars
"."? ! ".1" > ".!
?. 2utoma/ers have $aced rising health care
and pension costs
"."> > ".1@ ! "."#
@. %he Eig %hree also su$$er $rom an
oversupply $or dealers
"."A 1 "."A > ".!#
A. %he government bailout money is
diminishing and Ford has e(hausted its
credit lines
"."@ ))) ))) ))) )))
#. Consumers are concerned about voided
8arranties i$ the Eig %hree go out o$
business
"."@ ))) ))) ))) )))
&. Many ban/s are 9ust not ma/ing car loans "."@ ))) ))) ))) )))
*3*AB ..00 ../0 2../
"tren,ths
1. Ford Credit Division operates globally "."# ))) ))) ))) )))
!. Dndependent $rom :overnment bailout "."# ))) ))) ))) )))
3. 5ehicles mar/eted in @ continents over
!"" countries
"."A ! ".1> > ".!#
>. Ford has strong brand image and is
considered an 2merican icon
"."# 3 ))) > )))
?. 'trong consumer loyalty on their popular
F)1?"
"."# ))) ))) ))) )))
@. Diverse vehicle lines give the company
more $le(ibility to their customers to
choose the desired car model
"."# ! ".1@ 3 ".!>
A. 'ales in '. 2merica and 0uropean
segments increased by ,'H3.? billion
$rom !""A to !""#
"."& 3 ".!A > ".3@
+ea7nesses
1. Dn one year revenue decrease by
appro(imately ,'H3" billion
"."& > ".3@ 1 "."&
!. 8hile the companyGs inventory was
reduced $rom !""A to !""# the dealers
are having higher inventory to sell
"."# ! ".1@ 3 ".!>
3. Current asset dropped by appro(imately
,'H1# billion $rom previous year
".1 ))) ))) ))) )))
>. Current liabilities increased by ,'H3"
billion $rom previous year
".1 ))) ))) ))) )))
?. 7perational costs typically higher in a
company with multi)segment business
"."A ))) ))) ))) )))
"CB*3*AB ..00 ..09 ..2.
"CM *3*AB A**-AC*6%N%"" "C3-% 2.22 0.02
Copyright B !"11 3earson 0ducation 4imited
4. -ecommendat!ons
0(pand sales in 'outh 2merican and 0uropean countries when the value o$
money is higher economy is better and unemployment is lower in the ,.'. by
promoting better pricing strategies promotional campaign and o$$ering more
incentives.
B. %P"<%B6* Analys!s
,'H 2mount -eeded1 H#" million
'toc/ 3rice1 ,'H1".""
%a( Iate1 (".>O) $or !""# and 31.1O $or !""A
Dnterest Iate1 @.?O
P 'hares 7utstanding1 3.3 billion
Common "toc7 F!nanc!n, Debt F!nanc!n,
Recession Normal Boom Recession Normal Boom
0ED% H3"""""""" H@"""""""" H1""""""""" H3"""""""" H@"""""""" H1"""""""""
Dnterest " " " ?!""""" ?!""""" ?!"""""
0E% 3"""""""" @"""""""" 1""""""""" !&>#""""" ?&>#""""" &&>#"""""
%a(es " " " " " "
02% 3"""""""" @"""""""" 1""""""""" !&>#""""" ?&>#""""" &&>#"""""
P
'hares 33"1>@>3&A 33"1>@>3&A 33"1>@>3&A 33"""""""" 33"""""""" 33""""""""
03' 0.09 0..2 0.00 0.09 0..2 0.00
/0 Percent "toc7 > 00 Percent Debt /0 Percent Debt > 00 Percent "toc7
Recession Normal Boom Recession Normal Boom
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