PROFITABLE GROWTH FOR ALL

Notes to the Financial Statements
NOTE 23. HELD-FOR-SALE OPERATIONS, DISPOSITIONS, AND ACQUISITIONS (Continued)
Progress Ford Sales Limited ("PFS"). In 2009, PFS was liquidated. As a result, we recognized in Automotive cost of
sales a $281 million foreign exchange translation loss previously deferred in Accumulated other comprehensive income/
(loss).
NuCellSys. In 2009, we reached an agreement with Daimler AG ("Daimler") to sell our entire ownership interest in
NuCellSys to Daimler. NuCellSys was a joint venture created by Ford and Daimler in 2005 for research into and
development and manufacture of fuel cell systems. As a result of the sale, we recognized a loss of $29 million in
Automotive interest income and other non-operating income/(expense), net.
Acquisitions
CPF. On March 15, 2011, we acquired the remaining interest in CPF, formerly Tekfor Cologne GmbH. CPF was a
50/50 joint venture with Neumayer Tekfor GmbH which previously was consolidated as a VIE. For additional discussion
on the CPF acquisition, see Note 13.
ACSA. In 2008, we acquired 72.4% of the shares of ACSA, a Romanian carmaker located in Craiova, from
Romania's Authority for State Assets Recovery ("AVAS"). During 2010 we completed the acquisition of the remaining
minority interest, and now own 100% of ACSA.
We manage the day-to-day operations at ACSA and its subsidiary, Ford Romania S.A. However, as a result of the
contractual commitments in the sale and purchase agreement, the Romanian government maintains the ability to
influence certain key decisions regarding the business until March 2012. For example, during this period the Romanian
government has the ability to influence the following:
• Implementation of the business plan, including investment and strategic decisions to achieve minimum vehicle
production levels;
• The minimum level of full-time employees used in automobile production;
• Capital expenditure and investment levels, including environmental protection improvements; and
• Completion of restructuring plans requiring us to return non-core assets to the Romanian government.
We have been in discussions with the Romanian government to renegotiate some of the terms of the agreement,
including an extension of the agreement to January 2013. We anticipate that we will consolidate the operations upon the
cessation of control and participation in the operations by AVAS.
Financial Services Sector
Held-for-Sale Operations
Held-for-Sale Finance Receivables. During the third quarter of 2009, Ford Credit classified $911 million of Ford Credit
Australia finance receivables as held for sale that it no longer had the intent to hold for the foreseeable future or until
maturity or payoff. We recorded a valuation allowance of $52 million in Financial Services other income/(loss), net related
to these assets. The receivables were sold on October 1, 2009.
Dispositions
Asia Pacific Markets. In 2011, Ford Credit recorded foreign currency translation adjustments of $60 million (including
$72 million recorded in the fourth quarter of 2011), related to the strategic decision to exit retail and wholesale financing in
certain Asia Pacific markets. These adjustments decreased Accumulated other comprehensive income (foreign currency
translation) and increased pre-tax income, which was recorded to Financial Services other income/loss, net.
162 Ford Motor Company | 2011 Annual Report