UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549-1004
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) August 12, 2010
GENERAL MOTORS COMPANY
(Exact Name of Registrant as Specified in its Charter)
000-53930 | DELAWARE | 27-0756180 | ||
(Commission File Number) | (State or other jurisdiction of incorporation) |
(I.R.S. Employer Identification No.) |
300 Renaissance Center, Detroit, Michigan | 48265-3000 | |
(Address of Principal Executive Offices) | (Zip Code) |
(313) 556-5000
(Registrants telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17-CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS | ||||
FINANCIAL STATEMENTS AND EXHIBITS | ||||
ITEM 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
On August 12, 2010, a news release was issued on the subject of second quarter 2010 consolidated earnings for General Motors Company (GM). The news release did not include certain financial statements, related footnotes and certain other financial information that were filed with the Securities and Exchange Commission as part of GMs Quarterly Report on Form 10-Q. The news release and financial statements are incorporated as Exhibit 99.1.
Charts furnished to securities analysts in connection with GMs second quarter 2010 earnings release are attached as Exhibit 99.2.
ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS |
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GENERAL MOTORS COMPANY | ||||||
(Registrant) | ||||||
Date: August 17, 2010 | By: | /s/ NICK S. CYPRUS | ||||
Nick S. Cyprus Vice President, Controller and Chief Accounting Officer |
Exhibit 99.1
For Release: August 12, 2010, 7:30 a.m. ET
GM Second Quarter 2010 Results Show Sustained Progress
GM achieves second consecutive quarter of profitability and positive cash flow
Net income of $1.3 billion and EPS of $2.55, free cash flow of $2.8 billion
DETROIT, Mich.General Motors Company today announced its second quarter 2010 results, marked by revenue of $33.2 billion and net income attributable to common stockholders of $1.3 billion, resulting in earnings per share on a diluted basis of $2.55. GMs second quarter earnings before interest and tax (EBIT) was $2.0 billion.
GM North America had EBIT in the second quarter 2010 of $1.6 billion, up from $1.2 billion in the first quarter. GM Europe had a loss before interest and taxes of $0.2 billion, an improvement of $0.3 billion from the first quarter. GM International Operations posted EBIT of $0.7 billion, down from $1.2 billion in the first quarter.
Cash flow from operating activities was $3.9 billion and after adjusting for capital expenditures of $1.1 billion, free cash flow was $2.8 billion. GM ended the second quarter with $32.5 billion in cash and marketable securities, including funds in the Canadian Health Care Trust escrow.
I am pleased with our progress on achieving our business objectives, said Chris Liddell, vice chairman and chief financial officer. We have delivered strong product, maintained cost discipline, progressed strategic initiatives such as restructuring Europe and acquiring AmeriCredit, and delivered two consecutive quarters of profitability and positive cash flow.
# # #
Forward-Looking Statements
In this press release and in related comments by our management, our use of the words expect, anticipate, possible, potential, target, believe, commit, intend, continue, may, would, could, should, project, projected, positioned or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors. Among other items, such factors might include: our ability to realize production efficiencies and to achieve reductions in costs as a result of our restructuring initiatives and labor modifications; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; our ability to maintain adequate liquidity and financing sources and an appropriate level of debt, including as required to fund our planning significant investment in new technology; our ability to realize successful vehicle applications of new technology; and our ability to comply with the continuing requirements related to U.S. and other government support.
GMs most recent annual report on Form 10-K and quarterly report on Form 10-Q provides information about these and other factors, which we may revise or supplement in future reports to the SEC.
Exhibit 1
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The accompanying tables and charts for securities analysts include earnings (loss) before interest and taxes (EBIT), adjusted EBIT and free cash flow which are not prepared in accordance with Accounting Principles Generally Accepted in the United States of America (U.S. GAAP) and have not been audited or reviewed by GMs independent auditors. EBIT, adjusted EBIT and free cash flow are considered non-GAAP financial measures.
Management believes these non-GAAP financial measures provide meaningful supplemental information regarding GMs operating results because they exclude amounts that management does not consider part of operating results when assessing and measuring the operational and financial performance of the organization. Management believes these measures allow it to readily view operating trends, perform analytical comparisons, benchmark performance among geographic regions and assess whether GMs plan to return to sustained profitability is on target. Accordingly, GM believes these non-GAAP financial measures are useful in allowing for greater transparency of GMs core operations and they are therefore used by management in its financial and operational decision-making.
While management believes that these non-GAAP financial measures provide useful information, they are not operating measures under U.S. GAAP and there are limitations associated with their use. GMs calculation of these non-GAAP financial measures may not be completely comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP financial measures has limitations and should not be considered in isolation from, or as a substitute for, other measures such as Net income (loss) or Net income (loss) attributable to common stockholders. Due to these limitations, these non-GAAP financial measures are used as a supplement to U.S. GAAP measures.
The following table summarizes the reconciliation of EBIT to its most comparable U.S. GAAP measure (dollars in millions):
Successor | ||||||||||||||||
Three
Months Ended June 30, 2010 |
Six
Months Ended June 30, 2010 |
Three
Months Ended March 31, 2010 |
Three
Months Ended December 31, 2009 |
|||||||||||||
Operating segments |
||||||||||||||||
GMNA(a) |
$ | 1,592 | $ | 2,810 | $ | 1,218 | $ | (3,443 | ) | |||||||
GME(a)(b) |
(160 | ) | (637 | ) | (477 | ) | (799 | ) | ||||||||
GMIO(a)(b) |
672 | 1,838 | 1,166 | 722 | ||||||||||||
Total operating segments |
2,104 | 4,011 | 1,907 | (3,520 | ) | |||||||||||
Corporate and eliminations(b) |
(71 | ) | (154 | ) | (83 | ) | (526 | ) | ||||||||
EBIT |
2,033 | 3,857 | 1,824 | (4,046 | ) | |||||||||||
Interest income |
114 | 204 | 90 | 75 | ||||||||||||
Interest expense |
250 | 587 | 337 | 329 | ||||||||||||
Income tax expense (benefit) |
361 | 870 | 509 | (861 | ) | |||||||||||
Net income (loss) attributable to stockholders |
$ | 1,536 | $ | 2,604 | $ | 1,068 | $ | (3,439 | ) | |||||||
(a) | Interest and income taxes are recorded centrally in Corporate; therefore, there are no reconciling items for GMs operating segments between EBIT and Net income (loss) attributable to stockholders. |
(b) | In the three months ended June 30, 2010 we changed our managerial reporting structure so that certain entities geographically located within Russia and Uzbekistan were transferred from our GME segment to our GMIO segment. We have revised the segment presentation for all periods presented. |
1
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following tables summarize the reconciliation of adjusted EBIT to EBIT and free cash flow to Net cash provided by (used in) operating activities (dollars in millions):
Successor | |||||||||||||
Three Months Ended June 30, 2010 |
Six Months Ended June 30, 2010 |
Three Months Ended March 31, 2010 |
Three Months Ended December 31, 2009 |
||||||||||
Adjusted EBIT |
$ | 2,033 | $ | 3,734 | $ | 1,701 | $ | (954 | ) | ||||
Adjustments |
| 123 | 123 | (3,092 | ) | ||||||||
EBIT |
$ | 2,033 | $ | 3,857 | $ | 1,824 | $ | (4,046 | ) | ||||
Free Cash Flow(a) |
$ | 2,834 | $ | 3,804 | $ | 970 | $ | (2,919 | ) | ||||
Capital expenditures(a) |
1,011 | 1,851 | 840 | 1,033 | |||||||||
Net cash provided by (used in) operating activities(a) |
$ | 3,845 | $ | 5,655 | $ | 1,810 | $ | (1,886 | ) | ||||
(a) | In the three months ended June 30, 2010 we identified several items which had not been properly classified in our condensed consolidated statement of cash flows for the three months ended March 31, 2010. For the six months ended June 30, 2010, we have correctly presented these items in our condensed consolidated statement of cash flows and corrected the amounts presented for the three months ended March 31, 2010. |
In the three months ended March 31, 2010 Adjustments included the following:
| Gain of $123 million as a result of the sale of Saab Automobile AB to Spyker Cars NV. |
In the three months ended December 31, 2009 Adjustments included the following:
| Settlement loss of $2.6 billion related to the termination of GMs UAW hourly retiree medical plan and Mitigation Plan, under which GM agreed that an independent VEBA would be formed to pay certain healthcare costs of UAW hourly retirees and their beneficiaries; |
| Impairment charge of $270 million related to GMs investment in Ally Financial common stock; |
| Charges of $150 million related to the settlement of existing Delphi obligations upon consummation of the Delphi Master Disposition Agreement and GMs agreement to fund the wind-down costs of certain Delphi facilities; and |
| Loss on extinguishment of debt of $101 million related to the repayment of secured long-term debt of $400 million (in connection with the purchase of the remaining noncontrolling interest in CAMI Automotive, Inc.). |
2
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Successor | Predecessor | |||||||||
Three
Months Ended June 30, 2010 |
Six
Months Ended June 30, 2010 |
Three
Months Ended June 30, 2009 |
Six
Months Ended June 30, 2009 | |||||||
Production Volume (units in thousands)(a) |
||||||||||
GMNA Cars |
279 | 523 | 170 | 287 | ||||||
GMNA Trucks |
452 | 876 | 225 | 480 | ||||||
Total GMNA |
731 | 1,399 | 395 | 767 | ||||||
GME |
331 | 636 | 315 | 579 | ||||||
GMIO(b)(c) |
1,195 | 2,307 | 828 | 1,523 | ||||||
Total Worldwide |
2,257 | 4,342 | 1,538 | 2,869 | ||||||
(a) | Production volume represents the number of vehicles manufactured by GMs and Old GMs assembly facilities and also includes vehicles produced by certain joint ventures. |
(b) | Includes Shanghai General Motors Co., Ltd. (SGM), SAIC-GM Wuling Automobile Co., Ltd. (SGMW), FAW-GM Light Duty Commercial Vehicle Co., Ltd. (FAW-GM) joint venture production in China and SAIC GM Investment Ltd. (HKJV) joint venture production in India. |
(c) | The joint venture agreements with SGMW (34%) and FAW-GM (50%) allows for significant rights as a member as well as the contractual right to report SGMW and FAW-GM joint venture production volume in China. These entities are not consolidated for financial reporting purposes. Income and losses related to these entities are recorded in Equity income (loss), net of tax. |
3
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Successor | Predecessor | |||||||||
Three
Months Ended June 30, 2010 |
Six
Months Ended June 30, 2010 |
Three
Months Ended June 30, 2009 |
Six
Months Ended June 30, 2009 | |||||||
Vehicle Sales (units in thousands)(a)(b)(c) |
||||||||||
United States |
||||||||||
Chevrolet Cars |
192 | 348 | 148 | 241 | ||||||
Chevrolet Trucks |
252 | 434 | 202 | 356 | ||||||
Cadillac |
35 | 65 | 25 | 49 | ||||||
Buick |
38 | 70 | 27 | 47 | ||||||
GMC |
83 | 152 | 64 | 118 | ||||||
Other |
3 | 11 | 76 | 143 | ||||||
Total United States |
603 | 1,081 | 541 | 954 | ||||||
Canada, Mexico and Other |
113 | 199 | 115 | 203 | ||||||
Total GMNA(d) |
716 | 1,280 | 657 | 1,157 | ||||||
GME |
||||||||||
Opel/Vauxhall |
314 | 608 | 348 | 645 | ||||||
Chevrolet |
127 | 232 | 117 | 216 | ||||||
Other |
1 | 5 | 9 | 20 | ||||||
Total GME(e) |
442 | 846 | 474 | 881 | ||||||
GMIO |
||||||||||
Chevrolet |
441 | 898 | 347 | 671 | ||||||
Buick |
132 | 254 | 114 | 196 | ||||||
GM Daewoo |
32 | 60 | 28 | 47 | ||||||
Holden |
37 | 73 | 30 | 59 | ||||||
Wuling |
303 | 637 | 262 | 493 | ||||||
FAW-GM |
22 | 50 | | | ||||||
Cadillac |
5 | 10 | 3 | 5 | ||||||
Other |
23 | 45 | 23 | 45 | ||||||
Total GMIO(e)(f)(g) |
995 | 2,026 | 807 | 1,517 | ||||||
Total Worldwide |
2,153 | 4,152 | 1,938 | 3,555 | ||||||
(a) | Includes HUMMER, Saturn and Pontiac vehicle sales data. |
(b) | Includes Saab vehicle sales data through February 2010. |
(c) | Vehicle sales data may include rounding differences. |
(d) | Vehicle sales represent sales to the ultimate customer. |
(e) | Vehicle sales primarily represent estimated sales to the ultimate customer. |
(f) | Includes SGM, SGMW and FAW-GM joint venture sales in China and HKJV joint venture sales in India. |
(g) | The joint venture agreements with SGMW (34%) and FAW-GM (50%) allows for significant rights as a member as well as the contractual right to report SGMW and FAW-GM joint venture vehicle sales in China as a part of global market share. These entities are not consolidated for financial reporting purposes. Income and losses related to these entities are recorded in Equity income (loss), net of tax. |
4
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Successor | Predecessor | |||||||||||||
Three
Months Ended June 30, 2010 |
Six
Months Ended June 30, 2010 |
Three
Months Ended June 30, 2009 |
Six
Months Ended June 30, 2009 |
|||||||||||
Market Share(a)(b) |
||||||||||||||
United States Cars |
15.4 | % | 15.1 | % | 17.5 | % | 16.5 | % | ||||||
United States Trucks |
23.2 | % | 22.6 | % | 23.5 | % | 22.5 | % | ||||||
Total United States |
19.4 | % | 18.9 | % | 20.5 | % | 19.5 | % | ||||||
Total GMNA(c) |
18.7 | % | 18.3 | % | 19.9 | % | 19.0 | % | ||||||
Total GME(d) |
8.8 | % | 8.6 | % | 9.2 | % | 9.1 | % | ||||||
Total GMIO(d)(e)(f) |
10.3 | % | 10.3 | % | 10.4 | % | 10.2 | % | ||||||
Total Worldwide |
11.6 | % | 11.4 | % | 11.9 | % | 11.6 | % | ||||||
U.S. Retail/Fleet Mix |
||||||||||||||
% Fleet Sales Cars |
42.4 | % | 41.6 | % | 29.7 | % | 25.6 | % | ||||||
% Fleet Sales Trucks |
27.8 | % | 26.4 | % | 28.4 | % | 22.5 | % | ||||||
Total Vehicles |
33.5 | % | 32.3 | % | 28.9 | % | 23.8 | % | ||||||
GMNA Capacity Utilization(g) |
92.9 | % | 88.8 | % | 39.4 | % | 38.5 | % |
(a) | Includes HUMMER, Saturn and Pontiac vehicle sales data. |
(b) | Includes Saab vehicle sales data through February 2010. |
(c) | Vehicle sales represent sales to the ultimate customer. |
(d) | Vehicle sales primarily represent estimated sales to the ultimate customer. |
(e) | Includes SGM, SGMW, FAW-GM joint venture sales in China and HKJV joint venture sales in India. |
(f) | The joint venture agreements with SGMW (34%) and FAW-GM (50%) allows for significant rights as a member as well as the contractual right to report SGMW and FAW-GM joint venture vehicle sales in China as part of global market share. These entities are not consolidated for financial reporting purposes. Income and losses related to these entities are recorded in Equity income (loss), net of tax. |
(g) | Two shift rated, annualized. |
Successor | ||||
June 30, 2010 | December 31, 2009 | |||
Worldwide Employment (thousands) |
||||
GMNA |
105 | 103 | ||
GME(a) |
42 | 50 | ||
GMIO(b) |
61 | 62 | ||
Total Worldwide |
208 | 215 | ||
United States Salaried |
26 | 26 | ||
United States Hourly |
53 | 51 |
(a) | Decrease in GME primarily relates to the sale of Saab, employees located within Russia and Uzbekistan transferred from the GME segment to the GMIO segment and restructuring initiatives in Germany, Spain, and the United Kingdom. |
(b) | Decrease in GMIO reflects a reduction of 2,400 employees due to the sale of the India Operations. |
Successor | Predecessor | |||||||||||||
Three
Months Ended June 30, 2010 |
Six Months Ended June 30, 2010 |
Three Months Ended June 30, 2009 |
Six Months Ended June 30, 2009 | |||||||||||
Worldwide Payroll (billions) |
$ | 3.1 | $ | 6.1 | $ | 2.9 | $ | 5.9 |
5
General Motors Company and Subsidiaries
Condensed Consolidated Statements of Operations
(In millions, except per share amounts)
(Unaudited)
Successor | Predecessor | |||||||||||||||||
Three
Months Ended June 30, 2010 |
Six Months Ended June 30, 2010 |
Three Months Ended June 30, 2009 |
Six Months Ended June 30, 2009 |
|||||||||||||||
Net sales and revenue |
$ | 33,174 | $ | 64,650 | $ | 23,047 | $ | 45,478 | ||||||||||
Costs and expenses |
||||||||||||||||||
Cost of sales |
28,759 | 56,350 | 29,384 | 53,995 | ||||||||||||||
Selling, general and administrative expense |
2,623 | 5,307 | 2,936 | 5,433 | ||||||||||||||
Other expenses, net |
39 | 85 | 169 | 1,154 | ||||||||||||||
Total costs and expenses |
31,421 | 61,742 | 32,489 | 60,582 | ||||||||||||||
Operating income (loss) |
1,753 | 2,908 | (9,442 | ) | (15,104 | ) | ||||||||||||
Equity in income of and disposition of interest in Ally Financial |
| | 1,880 | 1,380 | ||||||||||||||
Interest expense |
(250 | ) | (587 | ) | (3,375 | ) | (4,605 | ) | ||||||||||
Interest income and other non-operating income, net |
59 | 544 | 408 | 833 | ||||||||||||||
Loss on extinguishment of debt |
| (1 | ) | (1,994 | ) | (1,088 | ) | |||||||||||
Reorganization expenses, net |
| | (1,157 | ) | (1,157 | ) | ||||||||||||
Income (loss) before income taxes and equity income |
1,562 | 2,864 | (13,680 | ) | (19,741 | ) | ||||||||||||
Income tax expense (benefit) |
361 | 870 | (445 | ) | (559 | ) | ||||||||||||
Equity income (loss), net of tax |
411 | 814 | (2 | ) | 46 | |||||||||||||
Net income (loss) |
1,612 | 2,808 | (13,237 | ) | (19,136 | ) | ||||||||||||
Less: Net income (loss) attributable to noncontrolling interests |
76 | 204 | (332 | ) | (256 | ) | ||||||||||||
Net income (loss) attributable to stockholders |
1,536 | 2,604 | (12,905 | ) | (18,880 | ) | ||||||||||||
Less: Cumulative dividends on preferred stock |
202 | 405 | | | ||||||||||||||
Net income (loss) attributable to common stockholders |
$ | 1,334 | $ | 2,199 | $ | (12,905 | ) | $ | (18,880 | ) | ||||||||
Earnings (loss) per share |
||||||||||||||||||
Basic |
||||||||||||||||||
Net income (loss) attributable to common stockholders |
$ | 2.67 | $ | 4.40 | $ | (21.12 | ) | $ | (30.91 | ) | ||||||||
Weighted-average common shares outstanding |
500 | 500 | 611 | 611 | ||||||||||||||
Diluted |
||||||||||||||||||
Net income (loss) attributable to common stockholders |
$ | 2.55 | $ | 4.21 | $ | (21.12 | ) | $ | (30.91 | ) | ||||||||
Weighted-average common shares outstanding |
522 | 522 | 611 | 611 |
6
General Motors Company and Subsidiaries
Condensed Consolidated Balance Sheets
(In millions, except share amounts)
(Unaudited)
Successor | ||||||||
June 30, 2010 | December 31, 2009 | |||||||
ASSETS | ||||||||
Current Assets |
||||||||
Cash and cash equivalents |
$ | 26,773 | $ | 22,679 | ||||
Marketable securities |
4,761 | 134 | ||||||
Total cash, cash equivalents and marketable securities |
31,534 | 22,813 | ||||||
Restricted cash and marketable securities |
1,393 | 13,917 | ||||||
Accounts and notes receivable (net of allowance of $272 and $250) |
8,662 | 7,518 | ||||||
Inventories |
11,533 | 10,107 | ||||||
Assets held for sale |
| 388 | ||||||
Equipment on operating leases, net |
3,008 | 2,727 | ||||||
Other current assets and deferred income taxes |
1,677 | 1,777 | ||||||
Total current assets |
57,807 | 59,247 | ||||||
Non-Current Assets |
||||||||
Equity in net assets of nonconsolidated affiliates |
8,296 | 7,936 | ||||||
Assets held for sale |
| 530 | ||||||
Property, net |
18,106 | 18,687 | ||||||
Goodwill |
30,186 | 30,672 | ||||||
Intangible assets, net |
12,820 | 14,547 | ||||||
Other assets |
4,684 | 4,676 | ||||||
Total non-current assets |
74,092 | 77,048 | ||||||
Total Assets |
$ | 131,899 | $ | 136,295 | ||||
LIABILITIES AND EQUITY | ||||||||
Current Liabilities |
||||||||
Accounts payable (principally trade) |
$ | 20,755 | $ | 18,725 | ||||
Short-term debt and current portion of long-term debt (including debt at GM Daewoo of $1,021 at June 30, 2010) |
5,524 | 10,221 | ||||||
Liabilities held for sale |
| 355 | ||||||
Accrued expenses (including derivative liabilities at GM Daewoo of $352 at June 30, 2010) |
24,068 | 23,134 | ||||||
Total current liabilities |
50,347 | 52,435 | ||||||
Non-Current Liabilities |
||||||||
Long-term debt (including debt at GM Daewoo of $722 at June 30, 2010; Note 10) |
2,637 | 5,562 | ||||||
Liabilities held for sale |
| 270 | ||||||
Postretirement benefits other than pensions |
8,649 | 8,708 | ||||||
Pensions |
25,990 | 27,086 | ||||||
Other liabilities and deferred income taxes |
13,377 | 13,279 | ||||||
Total non-current liabilities |
50,653 | 54,905 | ||||||
Total Liabilities |
101,000 | 107,340 | ||||||
Commitments and contingencies |
||||||||
Preferred stock, $0.01 par value (1,000,000,000 shares authorized, 360,000,000 shares issued and outstanding (each with a $25.00 liquidation preference) at June 30, 2010 and December 31, 2009) |
6,998 | 6,998 | ||||||
Equity |
||||||||
Common stock, $0.01 par value (2,500,000,000 shares authorized, 500,000,000 shares issued and outstanding at June 30, 2010 and December 31, 2009) |
5 | 5 | ||||||
Capital surplus (principally additional paid-in capital) |
24,052 | 24,050 | ||||||
Accumulated deficit |
(2,195 | ) | (4,394 | ) | ||||
Accumulated other comprehensive income |
1,153 | 1,588 | ||||||
Total stockholders equity |
23,015 | 21,249 | ||||||
Noncontrolling interests |
886 | 708 | ||||||
Total equity |
23,901 | 21,957 | ||||||
Total Liabilities and Equity |
$ | 131,899 | $ | 136,295 | ||||
[GRAPHIC APPEARS HERE]
7
General Motors Company
Q2 2010 Results
August 12, 2010
Exhibit 99.2 |
Forward Looking
Statements 1
In this press release and in related comments by our management, our use of the
words expect, anticipate, possible, potential,
target, believe, commit, intend,
continue, may, would, could, should, project, projected,
positioned or similar expressions is intended to identify forward-looking
statements that represent our current judgment about possible future events. We believe these
judgments are reasonable, but these statements are not guarantees of any events
or financial results, and our actual results may differ materially due to a variety of
important factors. Among other items, such factors might include: our ability to
realize production efficiencies and to achieve reductions in costs as a result of our
restructuring initiatives and labor modifications; our ability to maintain quality control
over our vehicles and avoid material vehicle recalls; our ability to maintain adequate
liquidity and financing sources and an appropriate level of debt, including as
required to fund our planning significant investment in new technology; our ability to
realize successful vehicle applications of new technology; and our ability to comply
with the continuing requirements related to U.S. and other government support.
GM's most recent annual report on Form 10-K and quarterly report on Form 10-Q
provides information about these and other factors, which we may revise or
supplement in future reports to the SEC.
|
Q1
2010
Q2
2010
GAAP
Net Revenue ($B)
31.5
33.2
Operating Income ($B)
1.2
1.8
Net Income Attr. Common
Stockholders ($B)
0.9
1.3
EPS
Diluted ($/Share)
1.66
2.55
Non-
GAAP
EBIT -
Adj. ($B)
1.7
2.0
Free Cash Flow ($B)
1.0
2.8
Summary of Q2 2010 Results
2 |
Q2
Operating Income
Walk
to
EBIT
-
Adj.
3
($ B)
Q2
2010
Operating Income
1.8
Equity Income
0.4
Non-Controlling Interests
(0.1)
Non-Operating Income
(0.1)
Earnings Before Interest & Taxes (EBIT)
2.0
Less Adjustments
0.0
EBIT
-
Adj.
2.0 |
Q2
2010 EBIT & EBIT - Adj.
4
($B)
* Included in Earnings Before Interest and Taxes (EBIT)
1.6
(0.2)
0.7
(0.1)
2.0
0.0
2.0
GMNA
GME
GMIO
Corp. /
Elims
EBIT
Less
Adjustments*
EBIT -
Adj. |
Q2
2010 Global Deliveries 5
(000s)
Global Share
11.5%
11.1%
11.6%
GM deliveries & market share include vehicles sold around the world under GM
and JV brands, and through GM branded distribution network
1,952
1,999
2,153
1,000
1,600
2,200
Q4 2009
Q1 2010
Q2 2010 |
587
551
708
50
0
400
800
Q4 2009
Q1 2010
Q2 2010
Q2 2010 GMNA Deliveries
6
(000s)
GMNA Share
19.3%
17.8%
18.7%
U.S. Share
20.2%
18.4%
19.4%
U.S. 4 Brand Share
18.6%
18.1%
19.3%
Discontinued
Brands
Chevy, Buick,
GMC, Cadillac
637
564
716 |
Key
GMNA Performance Indicators 7
GM Average U.S. Retail Incentive (4 Brand) % of Industry Average
137
137
121
143
135
149
154
141
132
119
106
98
108
115
121
125
Share
$/Unit
U.S. 4 Brand Share
U.S. Total Share
Jul
2010
Avg. GM U.S. Retail
Incentive
4 Brands
Note: Incentive Information Based on J.D. Power and Associates Power
Information Network data |
Q2
'09 Q2 '10
$23,800
$25,900
GM U.S Retail Transaction Prices
Note: ATP Information Based on J.D. Power and Associates Power Information Network
data 8
+ $2,100 or 9%
Car
Q2 '09
Q2 '10
$32,300
$34,100
+ $1,800 or 6%
Q2 '09
Q2 '10
$28,100
$31,100
+ $3,000 or 11%
Increase due to:
Nameplate Mix $1,700
Price/Content $400
Increase due to:
Nameplate Mix $200
Price/Content $1,600
Increase due to:
Nameplate Mix $(100)
Price/Content $3,100
Truck
Crossover |
18.3
19.3
20.3
0
12
24
Q4 2009
Q1 2010
Q2 2010
Q2 2010 GMNA Net Revenue
9
($B)
GMNA Production (000s)
616
668
731
U.S. Dealer Inv (000s)
385
428
438 |
Q2
2010 GMNA Earnings Before Interest & Taxes 10
($B)
(3.4)
1.2
1.6
(4.0)
(2.0)
0.0
2.0
Q4
2009
Q1
2010
Q2
2010 |
Q1
2010 EBIT
GMNA EBIT -
Q1 2010 vs. Q2 2010
($B)
Q2 2010
EBIT
$0.4B Improvement
11 |
271
299
315
107
105
127
0
400
800
Q4 2009
Q1 2010
Q2 2010
378
404
442
Q2 2010 GME Deliveries
12
(000s)
GME Share
8.2%
8.5%
8.8%
Germany Share
8.8%
8.2%
8.0%
U.K. Share
11.2%
12.0%
13.7%
Chevrolet
GME Excl.
Chevrolet
GME deliveries
and
market
share
include
unit
sales
of
Chevrolets
produced
by
GMIO.
Revenue
and
associated
costs of
these unit sales are reported by GMIO |
6.2
6.0
5.5
0
12
24
Q4 2009
Q1 2010
Q2 2010
Q2 2010 GME Net Revenue
13
Production (000s)
256
305
331
($B) |
(0.8)
(0.5)
(0.2)
(4.0)
(2.0)
0.0
2.0
Q4
2009
Q1
2010
Q2
2010
Q2 2010 GME Earnings Before Interest & Taxes
14
($B) |
GME
EBIT - Q1 2010 vs. Q2 2010
($B)
Q1 2010
EBIT
Q2 2010
EBIT
$0.3B Improvement
15 |
403
407
409
534
624
586
0
400
800
1,200
Q4 2009
Q1 2010
Q2 2010
937
1,031
995
Q2 2010 GMIO Deliveries
16
(000s)
GMIO Share
10.3%
10.2%
10.3%
China Share
13.2%
13.3%
13.1%
Brazil Share
18.7%
19.9%
18.4%
India Share
3.7%
4.2%
4.0%
China
GMIO Excl.
China |
Q2
2010 GMIO Net Revenue 17
($B)
Production (000s)
Fully Consolidated
458
458
498
Joint Venture
592
654
697
Total
1,050
1,112
1,195
9.1
8.1
8.6
0
12
24
Q4 2009
Q1 2010
Q2 2010 |
Q2
2010 GMIO Earnings Before Interest & Taxes 18
($B)
0.7
1.2
0.7
Equity
Income
Inc. Before
Int/Tax/Equity |
GMIO
EBIT - Q1 2010 vs. Q2 2010
($B)
Q1 2010
EBIT
Q2 2010
EBIT
$0.5B Reduction
19 |
Cash
Flow 20
($B)
Q1 2010
Q2 2010
Net Income Attr. Common
Stockholders
0.9
1.3
Add-back Non-Controlling
Interests & Preferred Dividends
0.3
0.3
Net Income
1.2
1.6
Depreciation / Amortization
1.8
1.7
Working Capital
(0.9)
0.1
Pension / OPEB & Other
(0.3)
0.5
Net cash provided/(used)
operating activities
1.8
3.9
Capital Expenditures
(0.8)
(1.1)
Free Cash Flow
1.0
2.8 |
Key
Balance Sheet Items ($B)
March 31
2010
June 30
2010
Cash & marketable securities*
35.7
32.5
Key Obligations:
Debt
14.2
8.2
Preferred Stock
7.0
7.0
Underfunded Pensions
26.9
26.4
Underfunded OPEB
9.4
9.3
21
* Includes UST & Canadian HC Trust Restricted Cash
|
Q2
Key Messages
Two straight quarters of profitability and positive cash
flow
Expect financial results to moderate in second half
Company continues to deliver on major business
objectives
Product development
Cost discipline
European restructuring
AmeriCredit
22 |
General Motors Company
Select Supplemental Financial Information |
Operating
Income
Walk
to
EBIT
-
Adj
S1
($B)
Q4
2009
Q1
2010
Q2
2010
Operating Income
(3.9)
1.2
1.8
Equity Income
0.3
0.4
0.4
Non-Controlling Interests
(0.2)
(0.1)
(0.1)
Non-Operating Income/(Expense)
(0.2)
0.4
(0.1)
Earnings Before Interest & Taxes
(4.0)
1.8
2.0
Less Adjustments
(3.0)
0.1
0.0
EBIT-
Adj.
(1.0)
1.7
2.0 |
Detail of Adjustments
S2
($B)
Q4
2009
Q1
2010
Q2
2010
Earnings Before Interest
& Taxes (EBIT)
(4.0)
1.8
2.0
Less Adjustments
-
Gain on Saab Sale
0.0
0.1
-
VEBA Settlement
(2.5)
-
GMAC Investment Impairment
(0.3)
-
Delphi Related
(0.1)
-
CAMI Debt Ext.
(0.1)
Total Adjustments
(3.0)
0.1
0.0
EBIT
Adj.
(1.0)
1.7
2.0 |
Restructuring Excluded From Adjustments
S3
($B)
Q4
2009
Q1
2010
Q2
2010
GMNA
Dealer Related
(0.1)
0.0
0.0
GMNA
Non-Dealer Related
(0.2)
0.1
0.0
Total GMNA
(0.3)
0.1
0.0
Total GME
0.0
(0.3)
(0.2)
Total GMIO
(0.1)
0.0
0.0
Total
(0.4)
(0.2)
(0.2) |