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Form 8-K
Table of Contents

 

 

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) November 10, 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

(Registrant’s 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))

 

 

 

Table of Contents

 

TABLE OF CONTENTS

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

SIGNATURES

INDEX TO EXHIBITS

Charts Furnished to Securities Analysts

Table of Contents

 

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On November 10, 2010, charts were furnished to securities analysts in connection with GM’s third quarter 2010 earnings release. The charts are attached as Exhibit 99.1.

 

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

EXHIBITS

 

Exhibits

  

Description

  

Method of Filing

Exhibit 99.1   Charts Furnished to Securities Analysts   Attached as Exhibit

Table of Contents

 

SIGNATURE

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: November 12, 2010

     By:   /s/    NICK S. CYPRUS        
      Nick S. Cyprus
      Vice President, Controller and Chief Accounting Officer
Charts Furnished to Securities Analysts
General Motors Company
Q3 2010 Results
November 10, 2010
Exhibit 99.1

Forward Looking Statements
1
In this presentation 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 continue to attract new customers, particularly
for our new products 
 
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
Q3
2010
GAAP
Net Revenue ($B)
31.5
33.2
34.1
Operating Income ($B)
1.2
1.8
1.9
Net Income Attr. Common
Stockholders ($B)
0.9
1.3
2.0
EPS –
Diluted ($/Share)
0.55
0.85
1.20
Non-
GAAP
EBIT -
Adj.  ($B)
1.7
2.0
2.3
Free Cash Flow ($B)
1.0
2.8
1.4
Summary of Q3 2010 Results
2

Q3
Operating
Income
Walk
to
EBIT
-
Adj.
3
($ B)
Q3
2010
Operating Income
1.9
Equity Income
0.4
Non-Controlling Interests
(0.1)
Non-Operating Income
0.1
Earnings Before Interest & Taxes (EBIT)
2.3
Less Adjustments
0.0
EBIT-
Adj.
2.3

Q3
2010
EBIT
&
EBIT
-
Adj.
4
($B)
* Included in Earnings Before Interest and Taxes (EBIT)
Note: Results may not foot due to rounding

Q3 2010 Global Deliveries
5
(000’s)
Global Share
11.0%
11.6%
11.5%
GM deliveries & market share include vehicles sold around the world under GM and JV brands, and through GM branded
distribution network

Q3 2010 GMNA Deliveries
6
(000’s)
GMNA Share
17.8%
18.7%
17.7%
U.S. Share
18.4%
19.4%
18.3%
U.S. 4 Brand Share
18.1%
19.3%
18.3%
Discontinued
Brands
Chevy, Buick,
GMC, Cadillac
564
716
661

Key GMNA Performance Indicators
7
Avg. U.S. Retail Incentive, as % of ATP
GM
(4-Brand) %
14.0
12.2
12.5
13.3
12.2
12.0
10.3
9.7
9.3
9.9
11.2
11.7
12.6
10.7
9.6
9.5
GM vs. Ind.
(GM % / Ind. %)
1.23
1.23
1.31
1.40
1.29
1.20
1.06
0.93
0.85
0.95
1.03
1.10
1.12
1.01
0.95
1.01
Share
$/Unit
U.S. 4-Brand Share
U.S. Total Share
Avg. GM U.S. Retail
Incentive (4-Brands)
Note:  Incentive & ATP Information Based on J.D. Power and Associates Power Information Network data
*
October
incentives
as
of
the
October
24
th
.
Oct
2010*

Q3 2010 GMNA Net Revenue
8
($B)
GMNA Production (000’s)
668
731
707
U.S. Dealer Inv (000’s)
428
438
478

Q3 2010 GMNA Earnings Before Interest & Taxes
9
($B)

GMNA EBIT –
Q2 2010 vs. Q3 2010
($B)
Q2 2010
EBIT
Q3 2010
EBIT
$0.5B Improvement
10

Q3 2010 GME Deliveries
11
(000’s)
GME Share
8.5%
8.8%
8.9%
Germany Share
8.2%
8.0%
8.5%
U.K. Share
12.0%
13.8%
12.6%
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

Q3 2010 GME Net Revenue
12
Production (000’s)
305
331
286
($B)

Q3 2010 GME Earnings Before Interest & Taxes
13
($B)

GME EBIT –
Q2 2010 vs. Q3 2010
($B)
Q2 2010
EBIT
Q3 2010
EBIT
$0.4B Reduction
14

Q3 2010 GMIO Deliveries
15
(000’s)
GMIO Share
10.2%
10.3%
10.3%
China Share
13.3%
13.1%
13.6%
Brazil Share
19.9%
18.4%
18.3%
India Share
4.2%
4.0%
3.0%
China
GMIO Excl.
China

Q3 2010 GMIO Net Revenue
16
($B)
Production (000’s)
Fully Consolidated
458
498
480
Joint Venture
654
697
631
Total
1,112
1,195
1,111

Q3 2010 GMIO Earnings Before Interest & Taxes
17
($B)
1.2
0.7
0.6
Equity Income
Inc. Before
Int/Tax/Equity

GMIO EBIT -
Q2 2010 vs. Q3 2010
($B)
Q2 2010
EBIT
Q3 2010
EBIT
18
$0.1B Reduction

Cash Flow
19
($B)
Q2 2010
Q3 2010
Net Income Attr. Common
Stockholders
1.3
2.0
Add-back Non-Controlling
Interests & Preferred Dividends
0.3
0.2
Net Income
1.6
2.2
Depreciation / Amortization
1.7
1.7
Working Capital
0.1
(0.5)
Pension / OPEB & Other
0.5
(0.8)
Net cash provided/(used)
operating activities
3.9
2.6
Capital Expenditures
(1.1)
(1.2)
Free Cash Flow
2.8
1.4

Key Balance Sheet Items
($B)
June 30
2010
Sept. 30
2010
Cash & marketable securities *
32.5
34.5
Available Credit Facilities
1.1
1.3
Available Liquidity *
33.6
35.8
Key Obligations:
Debt
8.2
8.6
Preferred Stock
7.0
7.0
Underfunded Pensions
26.4
29.4
Underfunded OPEB
9.3
9.4
20
*    Includes Canadian HC Trust Restricted Cash

Q4 Outlook
•
Expect Q4 EBIT to remain positive, but at a significantly
lower run-rate than each of first three quarters
–
Different production mix
–
New vehicle launch costs
–
Increased engineering expense in support of future
products
•
$0.7B non-cash charge associated with purchase of
Series A Preferred Stock held by United States
Department of Treasury
21

Q3 Key Messages
•
Three straight quarters of profitability and positive cash
flow
•
Expect to post solidly profitable results for CY 2010
•
Company continues to deliver on major business
objectives
–
Product launches
–
Cost discipline
–
European restructuring
–
Strengthening balance sheet
22

General Motors Company
Select Supplemental Financial Information

Operating Income Walk to EBIT-
Adj
S1
($B)
Q1
2010
Q2
2010
Q3
2010
Operating Income
1.2
1.8
1.9
Equity Income
0.4
0.4
0.4
Non-Controlling Interests
(0.1)
(0.1)
(0.1)
Non-Operating Income/(Expense)
0.3
(0.1)
0.1
Earnings Before Interest & Taxes
1.8
2.0
2.3
Less Adjustments
0.1
0.0
0.0
EBIT-
Adj.
1.7
2.0
2.3

Detail of Adjustments
S2
($B)
Q1
2010
Q2
2010
Q3
2010
Earnings Before Interest
& Taxes (EBIT)
1.8
2.0
2.3
Less Adjustments
-
Gain on Saab Sale
0.1
Total Adjustments
0.1
0.0
0.0
EBIT
–
Adj.
1.7
2.0
2.3

Restructuring Excluded From Adjustments
S3
($B)
Q1
2010
Q2
2010
Q3
2010
GMNA –
Dealer Related
0.0
0.0
0.0
GMNA –
Non-Dealer Related
0.1
0.0
0.0
Total GMNA
0.1
0.0
0.0
Total GME
(0.3)
(0.2)
(0.1)
Total GMIO
0.0
0.0
0.0
Total
(0.2)
(0.2)
(0.1)