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) May 5, 2011
GENERAL MOTORS COMPANY
(Exact Name of Registrant as Specified in its Charter)
| 001-34960 | 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
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
News Release Dated May 5, 2011 and Financial Statements
Charts Furnished to Securities Analysts
Table of Contents
| ITEM 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
On May 5, 2011 a news release was issued on the subject of first quarter 2011 consolidated earnings for General Motors Company (GM). The news release did not include certain financial statements, related footnotes and certain other financial information that will be filed with the Securities and Exchange Commission as part of GM’s 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 GM’s first quarter 2011 earnings release are attached as Exhibit 99.2.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
| Exhibits |
Description |
Method of Filing | ||
| Exhibit 99.1 | News Release Dated May 5, 2011 and Financial Statements |
Attached as Exhibit | ||
| Exhibit 99.2 | Charts Furnished to Securities Analysts |
Attached as Exhibit | ||
Table of Contents
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: May 5, 2011 | By: | s/ Nick S. Cyprus | ||
| Nick S. Cyprus | ||||
| Vice President, Controller and Chief Accounting Officer | ||||
For Release: May 5, 2011, 7:30 a.m. EDT
GM Reports Net Income of $3.2 Billion
Net income of $1.77 per share including a net gain from special items of $0.82 per share
EBIT of $3.5 billion and EBIT-adjusted of $2.0 billion
GM Europe achieves breakeven results on an EBIT-adjusted basis
DETROIT – General Motors Company (NYSE: GM) today announced first quarter net income attributable to common stockholders of $3.2 billion, or $1.77 per fully-diluted share, marking the company’s fifth consecutive profitable quarter. Revenue increased $4.7 billion to $36.2 billion, compared with the first quarter of 2010.
“We are on plan,” said Dan Akerson, chairman and CEO. “GM has delivered five consecutive profitable quarters, thanks to strong customer demand for our new fuel-efficient vehicles and a competitive cost structure that allows us to leverage our strong brands around the world and focus on driving profitable automotive growth.”
Net income attributable to common stockholders includes gains of $1.6 billion and $0.3 billion respectively related to the sales of the company’s ownership interest in Delphi Automotive LLP and Ally Financial Inc. preferred stock. It also includes a $0.4 billion goodwill impairment charge at GM Europe (GME) resulting from a change in accounting standards and charges totaling $0.1 billion at GM International Operations (GMIO) related to revised tax regulations affecting the company’s India joint venture. Combined, these special items increased net income attributable to common stockholders by $1.5 billion or $0.82 per fully-diluted share.
Earnings before interest and tax (EBIT) were $3.5 billion. EBIT adjusted to exclude special items was $2.0 billion compared with $1.7 billion in the first quarter of 2010.
GM Results Overview (in billions except for per share amounts)
| Q1 2010 | Q1 2011 | |||||||
| Revenue |
$ | 31.5 | $ | 36.2 | ||||
| Net income attributable to common stockholders |
$ | 0.9 | $ | 3.2 | ||||
| Earnings per share (EPS) diluted |
$ | 0.55 | $ | 1.77 | ||||
| EBIT |
$ | 1.8 | $ | 3.5 | ||||
| Less special items |
$ | 0.1 | $ | 1.5 | ||||
| EBIT – adjusted |
$ | 1.7 | $ | 2.0 | ||||
| Impact of special items on EPS diluted |
$ | 0.08 | $ | 0.82 | ||||
| Automotive net cash flow from operating activities |
$ | 1.9 | $ | (0.6 | )* | |||
| Automotive free cash flow |
$ | 1.0 | $ | (1.9 | )* | |||
| * | Includes $2.5 billion negative impact related to wholesale advance financing agreement termination |
GM North America (GMNA) reported EBIT of $2.9 billion compared with $1.2 billion in the first quarter of 2010. On an EBIT-adjusted basis, GMNA increased its earnings by $0.1 billion to $1.3 billion compared with the first quarter of 2010. The company expects GMNA’s quarterly EBIT-adjusted results to improve on average for the remainder of the year compared with the first quarter as better pricing and improved fixed cost should more than offset commodity cost increases and unfavorable mix.
GME reported EBIT of $(0.4) billion. GME’s results improved by $0.6 billion on an EBIT-adjusted basis compared with the first quarter of 2010 and it achieved a significant milestone by delivering breakeven results on that basis. Based on current plans, GME is targeting to achieve breakeven results on an EBIT-adjusted basis before restructuring for the entire year.
GMIO reported EBIT of $0.5 billion compared with $0.9 billion in the first quarter of 2010. On an EBIT-adjusted basis, GMIO earned $0.6 billion in the first quarter, a decline of $0.3 billion compared with the first quarter of 2010.
GM South America (GMSA) reported EBIT of $0.1 billion, down $0.2 billion from the first quarter of 2010. There were no adjustments in either period.
GM expects that full-year 2011 EBIT-adjusted results will show solid improvement over 2010. GM continues to expect no material impact on full-year results from the Japan crisis.
For the quarter, automotive cash flow from operating activities was $(0.6) billion and automotive free cash flow was $(1.9) billion. Both figures include the $2.5 billion cash impact of GM’s decision, announced in October 2010, to end a wholesale advance agreement with Ally Financial.
GM ended the quarter with very strong total automotive liquidity of $36.5 billion. Automotive cash and marketable securities, including Canadian Health Care Trust restricted cash, was $30.6 billion compared with $27.6 billion at the end of the fourth quarter of 2010.
“GM has great potential to deliver profitable growth around the world as the recovery continues,” said Dan Ammann, senior vice president and CFO. “While we’re encouraged, we keenly recognize we have more opportunities to leverage our scale, improve spending and investment efficiencies, and optimize our strong balance sheet.”
About General Motors – General Motors (NYSE:GM, TSX: GMM), one of the world’s largest automakers, traces its roots back to 1908. With its global headquarters in Detroit, GM employs 202,000 people in every major region of the world and does business in more than 120 countries. GM and its strategic partners produce cars and trucks in 30 countries, and sell and service these vehicles through the following brands: Baojun, Buick, Cadillac, Chevrolet, GMC, Daewoo, Holden, Isuzu, Jiefang, Opel, Vauxhall, and Wuling. GM’s largest national market is China, followed by the United States, Brazil, the United Kingdom, Germany, Canada, and Italy. GM’s OnStar subsidiary is the industry leader in vehicle safety, security and information services. More information on the new General Motors can be found at www.gm.com.
| Contacts: | ||||
| Reneé Rashid-Merem | Randy Arickx | |||
| Office 313-665-3128 | Office 313-667-0006 | |||
| Cell 313-701-8560 | Cell 313-268-7070 | |||
| renee.rashid-merem@gm.com | randy.c.arickx@gm.com | |||
2
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 planned significant investment in new technology; the ability of our suppliers to timely deliver parts, components and systems; 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.
3
Exhibit 1
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The accompanying tables and charts for securities analysts include earnings before interest and taxes (EBIT), EBIT adjusted and Automotive 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 GM’s independent auditors. EBIT, EBIT adjusted and Automotive free cash flow are considered non-GAAP financial measures.
Management believes these non-GAAP financial measures provide meaningful supplemental information regarding GM’s 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 and benchmark performance among geographic regions. Accordingly, GM believes these non-GAAP financial measures are useful in allowing for greater transparency of GM’s 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. GM’s 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 their 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 or Net income 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):
| Three Months Ended March 31, 2011 |
Three Months Ended March 31, 2010 |
|||||||
| Operating segments |
||||||||
| GMNA(a) |
$ | 2,898 | $ | 1,218 | ||||
| GME(a)(b) |
(390 | ) | (477 | ) | ||||
| GMIO(a)(b) |
480 | 908 | ||||||
| GMSA(a)(b) |
90 | 265 | ||||||
| GM Financial(c) |
130 | — | ||||||
| Total operating segments |
3,208 | 1,914 | ||||||
| Corporate and eliminations |
317 | (90 | ) | |||||
| EBIT(c) |
3,525 | 1,824 | ||||||
| Interest income |
127 | 90 | ||||||
| Automotive interest expense |
149 | 337 | ||||||
| Income tax expense |
137 | 509 | ||||||
| Net income attributable to stockholders |
3,366 | 1,068 | ||||||
| Less: Cumulative dividends on preferred stock |
215 | 203 | ||||||
| Net income attributable to common stockholders |
$ | 3,151 | $ | 865 | ||||
| (a) | Interest and income taxes are recorded centrally in Corporate; therefore, there are no reconciling items for GM’s automotive operating segments between EBIT and Net income attributable to stockholders. |
| (b) | In the year ended December 31, 2010 GM changed its managerial and financial reporting structure so that certain entities geographically located within Russia and Uzbekistan were transferred from GM’s GME segment to GM’s GMIO segment and certain entities geographically located in Brazil, Argentina, Colombia, Ecuador, Venezuela, Bolivia, Chile, Paraguay, Peru and Uruguay were transferred from GM’s GMIO segment to GM’s newly created GMSA segment. GM has retrospectively revised the segment presentation for all periods presented. |
| (c) | GM Financial amounts represent income before income taxes. |
1
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following table summarizes the reconciliation of EBIT adjusted to EBIT (dollars in millions):
| Three
Months Ended March 31, 2011(a) |
Three
Months Ended March 31, 2010 |
|||||||
| EBIT adjusted |
$ | 2,042 | $ | 1,701 | ||||
| Special items |
1,483 | 123 | ||||||
| EBIT |
$ | 3,525 | $ | 1,824 | ||||
| (a) | GM Financial amounts included in EBIT and EBIT adjusted represent income before income taxes. |
Special Items
In the three months ended March 31, 2011 special items included:
| • | Gain of $1.6 billion in GMNA related to the sale of GM’s Class A Membership Interests in Delphi Automotive LLP; |
| • | Gain of $339 million in Corporate related to the sale of 100% of the Ally Financial Preferred Stock; |
| • | Impairment charge of $395 million in GME related to goodwill; and |
| • | Charge of $106 million in GMIO related to GM’s India joint venture. |
In the three months ended March 31, 2010 special items included a gain of $123 million in GME related to the sale of Saab Automobile AB to Spyker Cars NV.
The following table summarizes the reconciliation of Automotive free cash flow to Automotive Net cash provided by (used in) operating activities (dollars in millions):
| Three Months Ended March 31, 2011 |
Three Months Ended March 31, 2010 |
|||||||
| Automotive |
||||||||
| Free cash flow |
$ | (1,918 | ) | $ | 1,010 | |||
| Capital expenditures |
1,322 | 840 | ||||||
| Net cash provided by (used in) operating activities |
$ | (596 | ) | $ | 1,850 | |||
2
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following tables summarize selected data by segment (dollars in millions):
| GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive |
GM Financial |
Eliminations | Total | |||||||||||||||||||||||||||||||
| Three Months Ended March 31, 2011 |
||||||||||||||||||||||||||||||||||||||||
| Total net sales and revenue |
$ | 22,110 | $ | 6,870 | $ | 5,427 | $ | 3,896 | $ | 16 | $ | (2,420 | ) | $ | 35,899 | $ | 295 | $ | — | $ | 36,194 | |||||||||||||||||||
| Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets |
$ | 977 | $ | 340 | $ | 116 | $ | 116 | $ | 13 | $ | — | $ | 1,562 | $ | 14 | $ | — | $ | 1,576 | ||||||||||||||||||||
| Equity income, net of tax and gain on disposal of investments(a) |
$ | 1,729 | $ | — | $ | 415 | $ | — | $ | — | $ | — | $ | 2,144 | $ | — | $ | — | $ | 2,144 | ||||||||||||||||||||
| (a) | Includes a gain of $1.6 billion recorded on the sale of GM’s Class A Membership Interests in Delphi Automotive LLP. |
| GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive |
Total | |||||||||||||||||||||||||
| Three Months Ended March 31, 2010 |
||||||||||||||||||||||||||||||||
| Total net sales and revenue |
$ | 19,286 | $ | 5,461 | $ | 4,985 | $ | 3,324 | $ | 45 | $ | (1,625 | ) | $ | 31,476 | $ | 31,476 | |||||||||||||||
| Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets |
$ | 1,174 | $ | 384 | $ | 65 | $ | 129 | $ | 51 | $ | — | $ | 1,803 | $ | 1,803 | ||||||||||||||||
| Equity income, net of tax and gain on disposal of investments |
$ | 34 | $ | 7 | $ | 362 | $ | — | $ | — | $ | — | $ | 403 | $ | 403 | ||||||||||||||||
The following tables summarize worldwide employment and payroll:
| March 31, 2011 | December 31, 2010 | |||||||
| Worldwide Employment (thousands) |
||||||||
| GMNA |
97 | 96 | ||||||
| GME |
40 | 40 | ||||||
| GMIO |
33 | 32 | ||||||
| GMSA |
32 | 31 | ||||||
| GM Financial |
3 | 3 | ||||||
| Total Worldwide |
205 | 202 | ||||||
| U.S. – Salaried |
28 | 28 | ||||||
| U.S. – Hourly |
49 | 49 | ||||||
| Three Months Ended March 31, 2011 |
Three Months Ended March 31, 2010 |
|||||||
| Worldwide Payroll (billions) |
$ | 3.3 | $ | 3.0 | ||||
3
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
| Three Months Ended March 31, 2011 |
Three Months Ended March 31, 2010 |
|||||||
| Production Volume (units in thousands)(a) |
||||||||
| GMNA – Cars |
284 | 244 | ||||||
| GMNA – Trucks |
502 | 424 | ||||||
| Total GMNA |
786 | 668 | ||||||
| GME |
344 | 305 | ||||||
| GMIO - Consolidated Entities |
257 | 248 | ||||||
| GMIO - Joint Ventures(b) |
709 | 654 | ||||||
| Total GMIO |
966 | 902 | ||||||
| GMSA |
231 | 210 | ||||||
| Total Worldwide |
2,327 | 2,085 | ||||||
| (a) | Production volume includes vehicles produced by certain joint ventures. |
| (b) | The joint venture agreements with SGMW (44%) in the three months ended March 31, 2011 and (34%) in the three months ended March 31, 2010 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 in China. |
4
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
| Three Months Ended March 31, 2011 |
Three
Months Ended March 31, 2010(a)(b) |
|||||||
| Vehicle Sales (units in thousands)(c)(d)(e) |
||||||||
| United States |
||||||||
| Chevrolet – Cars |
181 | 156 | ||||||
| Chevrolet – Trucks |
235 | 182 | ||||||
| Cadillac |
41 | 29 | ||||||
| Buick |
45 | 32 | ||||||
| GMC |
91 | 69 | ||||||
| Other |
0 | 8 | ||||||
| Total United States |
593 | 477 | ||||||
| Canada, Mexico and Other |
92 | 86 | ||||||
| Total GMNA |
684 | 564 | ||||||
| GME |
||||||||
| Opel/Vauxhall |
320 | 295 | ||||||
| Chevrolet |
112 | 105 | ||||||
| Other |
1 | 4 | ||||||
| Total GME |
433 | 404 | ||||||
| GMIO |
||||||||
| Chevrolet |
256 | 220 | ||||||
| Wuling |
337 | 334 | ||||||
| Buick |
166 | 122 | ||||||
| GM Daewoo |
16 | 28 | ||||||
| Holden |
32 | 36 | ||||||
| FAW-GM |
17 | 28 | ||||||
| GMC |
7 | 8 | ||||||
| Cadillac |
8 | 4 | ||||||
| Other |
17 | 11 | ||||||
| Total GMIO(f)(g) |
855 | 790 | ||||||
| GMSA |
||||||||
| Chevrolet |
247 | 237 | ||||||
| Other |
3 | 4 | ||||||
| Total GMSA |
250 | 241 | ||||||
| Total Worldwide |
2,221 | 1,999 | ||||||
| (a) | Includes HUMMER, Saturn and Pontiac vehicle sales data. |
| (b) | Includes GM Saab Automobile AB (Saab) vehicle sales data through February 2010. |
| (c) | Vehicle sales data may include rounding differences. |
| (d) | Certain fleet sales that are accounted for as operating leases are included in vehicle sales at the time of delivery to the daily rental car companies. |
| (e) | GMNA vehicle sales primarily represent sales to the ultimate customer. GME, GMIO and GMSA vehicle sales primarily represent estimated sales to the ultimate customer. In countries where end customer data is not readily available other data sources, such as wholesale volumes, are used to estimate vehicle sales. |
| (f) | Includes the following joint venture vehicle sales: |
| Three Months Ended March 31, 2011 |
Three Months Ended March 31, 2010 |
|||||||
| Joint venture sales in China |
||||||||
| SGM |
310 | 235 | ||||||
| SGMW and FAW-GM |
376 | 388 | ||||||
| Joint venture sales in India |
||||||||
| HKJV |
29 | 22 | ||||||
| (g) | The joint venture agreements with SGMW (44%) in the three months ended March 31, 2011 and (34%) in the three months ended March 31, 2010 and FAW-GM (50%) allow 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 GM’s global market share. |
5
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
| Three Months Ended March 31, 2011 |
Three
Months Ended March 31, 2010(a)(b) |
|||||||
| Market Share(c)(d)(e) |
||||||||
| United States – Cars |
15.4 | % | 14.8 | % | ||||
| United States – Trucks |
22.4 | % | 22.0 | % | ||||
| Total United States |
19.0 | % | 18.4 | % | ||||
| Total GMNA |
18.3 | % | 17.8 | % | ||||
| Total GME |
8.6 | % | 8.5 | % | ||||
| Total GMIO(f)(g) |
9.2 | % | 8.8 | % | ||||
| Total GMSA |
18.8 | % | 20.7 | % | ||||
| Total Worldwide |
11.5 | % | 11.1 | % | ||||
| U.S. Retail/Fleet Mix |
||||||||
| % Fleet Sales – Cars |
28.6 | % | 40.6 | % | ||||
| % Fleet Sales – Trucks |
20.5 | % | 24.5 | % | ||||
| Total Vehicles |
23.6 | % | 30.9 | % | ||||
| GMNA Capacity Utilization(h) |
99.1 | % | 85.1 | % | ||||
| (a) | Includes HUMMER, Saturn and Pontiac vehicle sales data. |
| (b) | Includes GM Saab vehicle sales data through February 2010. |
| (c) | Market share information is based on vehicle sales volume. |
| (d) | Certain fleet sales that are accounted for as operating leases are included in vehicle sales at the time of delivery to the daily rental car companies. |
| (e) | GMNA vehicle sales primarily represent sales to the ultimate customer. GME, GMIO and GMSA vehicle sales primarily represent estimated sales to the ultimate customer. In countries where end customer data is not readily available other data sources, such as wholesale volumes, are used to estimate vehicle sales. |
| (f) | Includes the following joint venture vehicle sales (units in thousands): |
| Three Months Ended March 31, 2011 |
Three Months Ended March 31, 2010 |
|||||||
| Joint venture sales in China |
||||||||
| SGM |
310 | 235 | ||||||
| SGMW and FAW-GM |
376 | 388 | ||||||
| Joint venture sales in India |
||||||||
| HKJV |
29 | 22 | ||||||
| (g) | The joint venture agreements with SGMW (44%) in the three months ended March 31, 2011 and (34%) in the three months ended March 31, 2010 and FAW-GM (50%) allow 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 GM’s global market share. |
| (h) | Two shift rated, annualized. |
6
General Motors Company and Subsidiaries
Condensed Consolidated Income Statements
(In millions, except per share amounts)
(Unaudited)
| Three Months Ended March 31, 2011 |
Three Months Ended March 31, 2010 |
|||||||
| Net sales and revenue |
||||||||
| Automotive sales |
$ | 35,879 | $ | 31,422 | ||||
| GM Financial revenue |
295 | — | ||||||
| Other automotive revenue |
20 | 54 | ||||||
| Total net sales and revenue |
36,194 | 31,476 | ||||||
| Costs and expenses |
||||||||
| Automotive cost of sales |
31,685 | 27,553 | ||||||
| GM Financial operating and other expenses |
165 | — | ||||||
| Automotive selling, general and administrative expense |
2,994 | 2,684 | ||||||
| Other automotive expenses, net |
6 | 46 | ||||||
| Total costs and expenses |
34,850 | 30,283 | ||||||
| Goodwill impairment charges |
395 | — | ||||||
| Operating income |
949 | 1,193 | ||||||
| Automotive interest expense |
149 | 337 | ||||||
| Interest income and other non-operating income, net |
604 | 447 | ||||||
| Loss on extinguishment of debt |
— | (1 | ) | |||||
| Income before income taxes and equity income |
1,404 | 1,302 | ||||||
| Income tax expense |
137 | 509 | ||||||
| Equity income, net of tax and gain on disposal of investments |
2,144 | 403 | ||||||
| Net income |
3,411 | 1,196 | ||||||
| Net income attributable to noncontrolling interests |
(45 | ) | (128 | ) | ||||
| Net income attributable to stockholders |
3,366 | 1,068 | ||||||
| Less: Cumulative dividends on preferred stock |
215 | 203 | ||||||
| Net income attributable to common stockholders |
$ | 3,151 | $ | 865 | ||||
| Earnings per share |
||||||||
| Basic and Diluted |
||||||||
| Net income attributable to common stockholders – basic |
$ | 3,151 | $ | 865 | ||||
| Addition of preferred dividends to holders of Series B Preferred Stock |
59 | — | ||||||
| Net income attributable to common stockholders – diluted |
$ | 3,210 | $ | 865 | ||||
| Basic and Diluted |
||||||||
| Weighted-average common shares outstanding – basic |
1,504 | 1,500 | ||||||
| Dilutive effect of warrants |
162 | 67 | ||||||
| Dilutive effect of conversion of Series B Preferred Stock |
148 | — | ||||||
| Dilutive effect of restricted stock units |
3 | — | ||||||
| Weighted-average common shares outstanding – diluted |
1,817 | 1,567 | ||||||
| Basic earnings per share |
$ | 2.09 | $ | 0.58 | ||||
| Diluted earnings per share |
$ | 1.77 | $ | 0.55 | ||||
7
General Motors Company and Subsidiaries
Condensed Consolidated Balance Sheets
(In millions, except share amounts)
(Unaudited)
| March 31, 2011 | December 31, 2010 | |||||||
| ASSETS | ||||||||
| Automotive Current Assets |
||||||||
| Cash and cash equivalents |
$ | 20,975 | $ | 21,061 | ||||
| Marketable securities |
8,618 | 5,555 | ||||||
| Total cash, cash equivalents and marketable securities |
29,593 | 26,616 | ||||||
| Accounts and notes receivable (net of allowance of $336 and $252) |
12,990 | 8,699 | ||||||
| Inventories |
13,991 | 12,125 | ||||||
| Equipment on operating leases, net |
3,099 | 2,568 | ||||||
| Other current assets and deferred income taxes |
3,276 | 3,045 | ||||||
| Total current assets |
62,949 | 53,053 | ||||||
| Automotive Non-current Assets |
||||||||
| Equity in net assets of nonconsolidated affiliates |
6,937 | 8,529 | ||||||
| Property, net |
19,944 | 19,235 | ||||||
| Goodwill |
28,752 | 30,513 | ||||||
| Intangible assets, net |
11,488 | 11,882 | ||||||
| Other assets and deferred income taxes |
4,249 | 4,754 | ||||||
| Total non-current assets |
71,370 | 74,913 | ||||||
| Total Automotive Assets |
134,319 | 127,966 | ||||||
| GM Financial Assets |
||||||||
| Finance receivables, net (including finance receivables transferred to special purpose entities of $8,603 and $7,156) |
8,276 | 8,197 | ||||||
| Restricted cash |
1,201 | 1,090 | ||||||
| Goodwill |
1,265 | 1,265 | ||||||
| Other assets (including leased assets transferred to special purpose entities of $188 at March 31, 2011) |
785 | 380 | ||||||
| Total GM Financial Assets |
11,527 | 10,932 | ||||||
| Total Assets |
$ | 145,846 | $ | 138,898 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Automotive Current Liabilities |
||||||||
| Accounts payable (principally trade) |
$ | 24,739 | $ | 21,497 | ||||
| Short-term debt and current portion of long-term debt (including debt at GM Korea of $117 and $70) |
1,743 | 1,616 | ||||||
| Accrued liabilities (including derivative liabilities at GM Korea of $49 and $111) |
25,200 | 24,044 | ||||||
| Total current liabilities |
51,682 | 47,157 | ||||||
| Automotive Non-current Liabilities |
||||||||
| Long-term debt (including debt at GM Korea of $8 and $835) |
3,268 | 3,014 | ||||||
| Postretirement benefits other than pensions |
9,396 | 9,294 | ||||||
| Pensions |
21,660 | 21,894 | ||||||
| Other liabilities and deferred income taxes |
12,851 | 13,021 | ||||||
| Total non-current liabilities |
47,175 | 47,223 | ||||||
| Total Automotive Liabilities |
98,857 | 94,380 | ||||||
| GM Financial Liabilities |
||||||||
| Securitization notes payable |
6,061 | 6,128 | ||||||
| Credit facilities |
1,412 | 832 | ||||||
| Other liabilities |
430 | 399 | ||||||
| Total GM Financial Liabilities |
7,903 | 7,359 | ||||||
| Total Liabilities |
106,760 | 101,739 | ||||||
| Commitments and contingencies |
||||||||
| Equity |
||||||||
| Preferred stock, $0.01 par value, 2,000,000,000 shares authorized: |
||||||||
| Series A (276,101,695 shares issued and outstanding (each with a $25.00 liquidation preference) at March 31, 2011 and December 31, 2010) |
5,536 | 5,536 | ||||||
| Series B (100,000,000 shares issued and outstanding (each with a $50.00 liquidation preference) at March 31, 2011 and December 31, 2010) |
4,855 | 4,855 | ||||||
| Common stock, $0.01 par value (5,000,000,000 shares authorized, 1,560,755,989 and 1,500,149,928 shares issued and outstanding at March 31, 2011 and 1,500,136,998 shares issued and outstanding at December 31, 2010) |
15 | 15 | ||||||
| Capital surplus (principally additional paid-in capital) |
24,347 | 24,257 | ||||||
| Retained earnings |
1,951 | 266 | ||||||
| Accumulated other comprehensive income |
1,494 | 1,251 | ||||||
| Total stockholders’ equity |
38,198 | 36,180 | ||||||
| Noncontrolling interests |
888 | 979 | ||||||
| Total Equity |
39,086 | 37,159 | ||||||
| Total Liabilities and Equity |
$ | 145,846 | $ | 138,898 | ||||
8
|
Exhibit 99.2
General Motors Company
Q1 2011 Results
May 5, 2011
|
Forward Looking Statements
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 suppliers’ ability to deliver parts, systems and components at such times to allow us to meet production schedules; our ability to maintain adequate liquidity and financing sources and an appropriate level of debt, including as required to fund our planned 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.
1
|
First Quarter 2011 Highlights
Q1 ‘11 F/(U) vs. Q1 ‘10
Global Deliveries 2.2M
Net Revenue $36.2B
EBIT - Adj. $2.0B
- GMNA $1.3B
- GME $0.0B
- GMIO $0.6B
- GMSA $0.1B
Available Liquidity $36.5B
2
|
Summary of Q1 2011 Results
Q1 2010 Q1 2011
GAAP
Net Revenue ($B) 31.5 36.2
Operating Income ($B) 1.2 0.9
Net Income to Common Stockholders ($B) 0.9 3.2
EPS – Diluted ($/Share) 0.55 1.77
Non- GAAP
EBIT- Adj. ($B) 1.7 2.0*
Automotive Free Cash Flow ($B) 1.0 (1.9)**
* EBIT-Adj. includes GM Financial on an Earnings Before Tax (EBT) basis
** Automotive Free Cash Flow includes unfavorable $2.5B impact related to termination of in-transit financing
3
|
Net Income to Common Stockholders
Q1 2010 Q1 2011
Net Income to Common Stockholders ($B) 0.9 3.2
EPS – Diluted ($/Share) 0.55 1.77
Special Items Included ($B):
- Gain on Sale of Delphi Membership Interest 0.0 1.6
- Gain on Sale of Ally Preferred 0.0 0.3
- GME Goodwill Impairment 0.0 (0.4)
- Gain on Saab Sale 0.1 0.0
- India JV Impairment & related charges 0.0 (0.1)
Total Impact of Special Items:
Net Income to Common Stockholders ($B) 0.1 1.5
EPS – Diluted ($/Share) 0.08 0.82
Note: Results may not foot due to rounding
4
|
Q1 Operating Income Walk to EBIT- Adj.
($B) Q1 2010 Q1 2011
Operating Income 1.2 0.9
Equity Income 0.4 2.1
Non-Controlling Interests (0.1) 0.0
Non-Operating Income 0.3 0.5
Earnings Before Interest & Taxes (EBIT) 1.8 3.5
Less Special Items 0.1 1.5
EBIT- Adj. 1.7 2.0
Note: EBIT-Adj. includes GM Financial on an Earnings Before Tax (EBT) basis
5
|
Q1 EBIT & EBIT- Adj.
($B)
GMNA GME GMIO GMSA GMF* Corp./Elims EBIT-Adj. Plus Special Items EBIT
Q1 2010 Q1 2011
1.2 1.3 0.0 0.9 0.6 0.3 0.1 n/a 0.1 0.0 1.7 2.0 0.1 1.5 1.8 3.5
0.6 0.1
GMNA GME GMIO GMSA GMF* Corp. / Elims EBIT - Adj. Plus Special Items EBIT
* GMF at an Earnings Before Tax basis (EBT) Note: Results may not foot due to rounding
6
|
Global Deliveries
(000’s)
2,400 1,999 2,155 2,062 2,175 2,221
1,700
1,000
Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011
Global Share 11.1% 11.6% 11.5% 11.5% 11.5%
GM deliveries & market share include vehicles sold around the world under GM and JV brands, and through GM-branded distribution network
7
|
Earnings Before Interest & Taxes
($B)
4.0
3.5
3.0
2.3
2.0
2.0 1.8
2.0
1.7 1.3 EBIT-Adj.
EBIT-Adj.
1.0
1.0
EBIT-Adj.
0.0
Q1 Q2 Q3 Q4 Q1
2010 2010 2010 2010 2011
Revenue ($B) 31.5 33.2 34.1 36.9 36.2
Note: Q4/2010 & Q1/2011 EBIT & EBIT-Adj. include GM Financial on an Earnings Before Tax (EBT) basis
| 8 |
|
|
GMNA Deliveries
(000’s)
900
716 685
660 684
564
450 Chevy, Buick,
708 658 683 684 GMC, Cadillac
551
0
Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011
GMNA Share 17.8% 18.7% 17.7% 18.5% 18.3%
U.S. Share 18.4% 19.4% 18.3% 19.1% 19.0%
U.S. 4-Brand Share
18.1% 19.3% 18.3% 19.1% 19.0%
9
|
Key GMNA Performance Indicators
U.S. Total Share Avg. GM U.S. Retail
Share U.S. Retail Share Incentive $/Unit
22% 5,500
20%
5,000
18%
4,500
16%
14% 4,000
12%
3,500
10%
3,000
8%
6% 2,500
Apr
Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 2011
est.
Avg. U.S. Retail Incentive as % of ATP
GM % 10.3 9.7 9.3 9.9 11.2 11.7 12.6 10.7 9.6 9.6 9.4 10.4 12.6 13.2 9.8 8.6
GM vs. Ind. 1.06 0.93 0.85 0.95 1.03 1.10 1.12 1.01 0.95 1.02 0.97 1.00 1.26 1.23 0.96 0.97
(GM % / Ind. %)
Note: Incentive & ATP Information Based on J.D. Power and Associates Power Information Network data 10
|
GMNA Earnings Before Interest & Taxes
($B)
3.0 2.9
2.1
2.0
1.6
1.2
1.0 0.8 1.3
EBIT-Adj.
0.0
(1.0)
Q1 Q2 Q3 Q4 Q1
2010 2010 2010 2010 2011
Revenue ($B) 19.3 20.3 21.5 22.0 22.1
Production (000’s) 668 731 707 703 786
U.S. Dealer Inv (000’s) 428 438 478 511 574
11
|
Info Item: GMNA – C$ Net Monetary Liability
GM Canada balance sheet includes ~CAD $7B Net Monetary Liability (NML) position, primarily pension, OPEB and accrued liabilities
USD value of NML will vary due to difference in period end to period end FX
Since GM Canada is USD functional, translation exchange realized as non-cash charge recorded to GMNA P&L
GMNA CAD NML Translational Impact
Q1 Q2 Q3 Q4 CY Q1
2010 2010 2010 2010 2010 2011
Non-Cash EBIT Impact ($B) $(0.2) $0.2 $(0.2) $(0.2) $(0.4) $(0.2)
Period End FX (CAD per USD) 1.0164 1.0491 1.0269 0.9980 0.9980 0.9713
Inc/(Dec) vs. Prior Period (0.0323) 0.0327 (0.0222) (0.0288) (0.0506) (0.0267)
12
|
GMNA EBIT – Q1 2010 vs. Q1 2011
Q1 2010 EBIT ($B) $0.1B Improvement Q1 2011 EBIT ($B)
1.6 2.9
0.9 (0.3)
(0.4)
(0.1)
1.2 0.0 1.2 1.3
Less Special Volume / Plus Special
EBIT EBIT-Adj. Price Cost Other EBIT-Adj. EBIT
Items Mix Items
13
|
GME Deliveries
(000’s)
900
443 428 433
450 404 389
105 128 129 112 Chevrolet
115
GME Excl.
299 315 274 299 321 Chevrolet
0
Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011
GME Share 8.5% 8.8% 8.9% 9.0% 8.6%
Germany Share 8.2% 8.0% 8.5% 9.0% 8.2%
U.K. Share 12.0% 13.8% 12.6% 12.4% 12.6%
GME deliveries and market share include unit sales of Chevrolets produced by GMIO and delivered to customers in GME. Revenue and associated costs of these unit sales are reported by GMIO
14
|
GME Earnings Before Interest & Taxes
($B)
3.0
2.0
1.0
0.0
EBIT-Adj.
0.0
(0.5) (0.2)
(0.4)
(0.6) (0.6) (0.6)
(1.0) EBIT-Adj.
Q1 Q2 Q3 Q4 Q1
2010 2010 2010 2010 2011
Revenue ($B) 5.5 6.0 5.7 6.9 6.9
Production (000’s) 305 331 286 313 344
15
|
GME Goodwill Impairment
New GAAP accounting guidelines issued for testing goodwill impairment when reporting units have zero or negative equity effective Jan 1, 2011
GME had negative equity and $3.1B of goodwill at Dec 31, 2010
– Arose from fresh-start accounting and related primarily to difference at July 2009, between fair value & U.S. GAAP value of employee benefit plans
Write-down & impairment represent convergence between fair value and U.S. GAAP value of such plans driven by convergence between GM borrowing rate and high quality bond rate
– $1.5B write-down of goodwill directly to equity upon Jan 1, 2011 implementation
– $0.4B non-cash impairment charge to EBIT based on Mar 31, 2011 testing
GME could experience future goodwill impairments related to the above factors
– $1.3B of remaining GME goodwill as of Mar 31, 2011
16
|
GME EBIT — Q1 2010 vs. Q1 2011
Q1 2010 EBIT ($B)
(0.5) 0.1 (0.6)
EBIT Less Special Items EBIT-Adj.
$0.6B Improvement
0.2 0.0 0.2 0.2
Volume / Mix Price Cost Other
Q1 2011 EBIT ($B)
0.0 (0.4) (0.4)
EBIT-Adj. Plus Special Items EBIT
17
|
GMIO Deliveries
(000’s)
900 855
790 765 745 777
450 624 586 567 576 686 China
0 166 179 178 201 169 GMIO Excl. China
Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011
GMIO Share 8.8% 9.0% 8.7% 8.6% 9.2%
China Share 13.3% 13.1% 13.6% 11.6% 13.6%
India Share 4.2% 4.0% 3.0% 3.4% 3.2%
Note: Prior results have been adjusted to reflect the breakout of GMSA separately
18
|
GMIO Earnings Before Interest & Taxes
($B)
3.0
2.0
1.0 0.9 0.6
0.4 0.5 0.5 0.3 0.5 EBIT-Adj.
0.4 0.3 0.2 0.4
0.0
Equity Income
(1.0)
Q1 Q2 Q3 Q4 Q1
2010 2010 2010 2010 2011
Revenue ($B) 5.0 5.3 5.1 6.1 5.4
Consolidated Prod. (000’s) 248 268 235 265 257
Joint Venture Prod. (000’s) 654 697 631 747 709
Total Production (000’s) 902 965 866 1,012 966
Note: Prior results have been adjusted to reflect the breakout of GMSA separately 19
|
GMIO EBIT — Q1 2010 vs. Q1 2011
Q1 2010 Q1 2011
EBIT($B) $0.3B Reduction EBIT ($B)
0.9 0.0 0.9 (0.1) 0.0 (0.3) 0.1 0.6 (0.1) 0.5
EBIT Less Special Items EBIT-Adj.
Volume / Mix Price Cost Other
EBIT-Adj. Plus Special Items EBIT
20
|
GMSA Deliveries
(000’s)
900
450
241 231 268 285 250 Brazil
156 146 169 186 143
0
85 85 99 99 107 GMSA Other
Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011
GMSA Share 20.7% 19.5% 19.8% 19.6% 18.8%
Brazil Share 19.9% 18.4% 18.3% 18.4% 17.3%
21
|
GMSA Earnings Before Interest & Taxes
($B)
3.0
2.0
1.0
0.0
(1.0)
0.3 0.2 0.2 0.2 0.1
Q1 Q2 Q3 Q4 Q1
2010 2010 2010 2010 2011
Revenue ($B) 3.3 3.6 4.0 4.5 3.9
Production (000’s) 210 230 245 241 231
22
|
GMSA EBIT – Q1 2010 vs. Q1 2011
Q1 2010 Q1 2011
$0.2B Reduction
EBIT ($B) EBIT ($B)
0.3 0.0 0.3 0.0 0.1 (0.3)
(0.0) 0.1 0.0 0.1
Less Special Volume / Plus Special
EBIT EBIT-Adj. Price Cost Other EBIT-Adj. EBIT
Items Mix Items
23
|
Automotive Free Cash Flow
($B) Q1 2010 Q1 2011
Net Income to Common Stockholders 0.9 3.2
Add-back Non-Controlling Interests & Preferred Dividends 0.3 0.3
Deduct Non-Auto (GM Financial) n/a (0.1)
Automotive Net Income 1.2 3.4
Special Items (0.1) (1.5)
Depreciation / Amortization 1.8 1.6
Working Capital (0.8) (0.4)
Termination of In-Transit Financing 0.0 (2.5)
Pension / OPEB – Cash in Excess of Expense (0.5) (0.4)
Other 0.3 (0.8)
Automotive Net Cash Provided/(Used)
1.9 (0.6)
Operating Activities
Capital Expenditures (0.8) (1.3)
Automotive Free Cash Flow 1.0 (1.9)
Note: Results may not foot due to rounding 24
|
Key Automotive Balance Sheet Items
Mar. 31 Dec. 31 Mar. 31
($B) 2010 2010 2011
Cash & marketable securities* 35.7 27.6 30.6
Available Credit Facilities 0.7 5.9 5.9
Available Liquidity* 36.4 33.5 36.5
Key Obligations:
Debt 14.2 4.6 5.0
Series A Preferred Stock 7.0 5.5 5.5
U.S. Pension Underfunded Status** 16.0 11.5 11.2 ***
Unfunded OPEB 9.4 9.9 10.0
* Includes Canadian HC Trust restricted cash in 2010 & 2011 and UST restricted cash at March 31, 2010
** Excludes U.S. non-qualified plan PBO of ~$0.9 billion
*** Excludes ~$2B stock contribution completed 1/13/11 that will be counted as a plan asset once certain conditions are met 25
|
GM Financial
Industry Average
Q1 Q1 Q1 Q1
2010 2011 2010* 2011*
GM Sales Penetrations
U.S. Subprime (<=620) 4.0% 6.1% 4.2% 5.4%
U.S. Lease 7.6% 16.8% 21.4% 23.1%
Canada Lease 2.7% 4.1% 19.0% 19.6%
GM / GMF Linkage
GM as % of GMF Originations 8.3% 38.8%
(GM New / GMF Loan & Lease)
GMF as % of GM U.S. S/P & Lease 6.1% 17.8%
GMF Performance
GMF Credit Losses 7.6% 4.0%
(annualized net charge-offs as % avg. receivables)
EBT ($M) 96** 130
* Industry average excludes GM ** Q1 2010 not included in consolidated GM results, does not reflect purchase accounting 26
|
Current Outlook
2011 CY EBIT-adj. expected to show solid improvement over 2010
- Japan crisis not expected to have a material impact on full-year results
GMNA quarterly EBIT-adj. expected to improve on average for the remainder of the year versus the first quarter
- Better pricing and improved fixed cost expected to more than offset commodity cost increases and unfavorable mix
Targeting to achieve breakeven GME EBIT-adj. before restructuring
27
|
Global Growth
Regional Net Revenue ($B)
Q1 Q1
2010 2011 % Change
GMNA 19.3 22.1 15%
GME 5.5 6.9 26%
GMIO 5.0 5.4 9%
GMSA 3.3 3.9 17%
28
|
Summary
On plan
Important to leverage global growth
Cost containment is key, as commodity and launch costs increase
Expect full-year 2011 EBIT-adjusted results to be solid improvement over 2010
29
|
General Motors Company
Select Supplemental Financial Information
|
EBIT Walk to Net Income to Common Stockholders
Q1 Q1
($B) 2010 2011
GMNA 1.2 2.9
GME (0.5) (0.4)
GMIO 0.9 0.5
GMSA 0.3 0.1
Corp & Elims (0.1) 0.3
GMF - 0.1
Total EBIT 1.8 3.5
Interest Expense / (Income) 0.2 0.0
Income Tax Expense / (Benefit) 0.5 0.1
Net Income to Stockholders 1.1 3.4
Dividends on Preferred Stock 0.2 0.2
Net Income to Common Stockholders 0.9 3.2
Note: EBIT includes GM Financial on an Earnings Before Tax (EBT) basis
Note: Results may not foot due to rounding S1
|
Reconciliation of Q1 2011 EBIT-Adj.
Q1 Q1
($B) 2010 2011
Net Income to Common Stockholders 0.9 3.2
Add Back:
Dividends on Preferred Stock 0.2 0.2
Interest Expense / (Income) 0.2 0.0
Income Tax Expense / (Benefit) 0.5 0.1
Earnings Before Interest & Taxes (EBIT) 1.8 3.5
Less Special Items:
- Gain on Sale of Delphi Membership Interest 0.0 1.6
- Gain on Sale of Ally Preferred 0.0 0.3
- GME Goodwill Impairment 0.0 (0.4)
- India JV Impairment & related charges 0.0 (0.1)
- Gain on Saab Sale 0.1 0.0
Total Special Items 0.1 1.5
EBIT – Adj. 1.7 2.0
Note: Q1 2011 EBIT & EBIT-Adj. includes GM Financial on an Earnings Before Tax (EBT) basis
Note: Results may not foot due to rounding S2
|
Q1 2011 Special Items
Q1 Q1
($B) 2010 2011
- Sale of Delphi Membership Interest 0.0 1.6
Total GMNA 0.0 1.6
- Gain on Saab Sale 0.1 0.0
- GME Goodwill Impairment 0.0 (0.4)
Total GME 0.1 (0.4)
- India JV Impairment & related charges 0.0 (0.1)
Total GMIO 0.0 (0.1)
Total GMSA 0.0 0.0
- Sale of Ally Preferred 0.0 0.3
Total Corp. 0.0 0.3
Total Special Items 0.1 1.5
Note: Results may not foot due to rounding S3
|
Restructuring (not included in special items)
Q1 Q2 Q3 Q4 Q1
($B) 2010 2010 2010 2010 2011
GMNA – Dealer Related 0.0 0.0 0.0 0.0 0.0
GMNA – Non-Dealer Related 0.1 0.0 0.0 0.2 0.0
Total GMNA 0.1 0.0 0.0 0.2 0.0
Total GME (0.3) (0.2) (0.1) (0.1) 0.0
Total GMIO 0.0 0.0 0.0 0.0 0.0
Total GMSA 0.0 0.0 0.0 0.0 0.0
Total (0.2) (0.2) (0.1) 0.1 0.1
Note: Results may not foot due to rounding S4
|
Operating Income Walk to EBIT- Adj
Q1 Q2 Q3 Q4 Q1
($B) 2010 2010 2010 2010 2011
Operating Income 1.2 1.8 1.9 0.3 0.9
Equity Income 0.4 0.4 0.4 0.3 2.1
Non-Controlling Interests (0.1) (0.1) (0.1) (0.1) 0.0
Non-Operating Income/(Expense) 0.3 (0.1) 0.1 0.8 0.5
Earnings Before Interest & Taxes
1.8 2.0 2.3 1.3 3.5
(EBIT)
Less Special Items 0.1 0.0 0.0 0.3 1.5
EBIT- Adj. 1.7 2.0 2.3 1.0 2.0
Note: Q4 & CY 2011 EBIT & EBIT-Adj. includes GM Financial on an Earnings Before Tax (EBT) basis
S5
|
Reconciliation of Automotive Free Cash Flow
Q1 Q1
($B) 2010 2011
Net cash provided by operating activities 1.9 (0.4)
Less net cash provided by operating activities-GM Financial n/a 0.2
Automotive Net Cash Provided/(Used)
1.9 (0.6)
Operating Activities
Capital expenditures (0.8) (1.3)
Automotive Free Cash Flow 1.0 (1.9)
S6
|
GM Financial – Key Metrics
($M) Q1 2011 Memo: Q1 2010*
Earnings Before Tax 130 96
Total Originations 1,449 624
GM new vehicles as % of total 38.8% N/A
Finance Receivables 8,750 8,810
Delinquencies (>30 days) 5.3% 7.5%
Annualized net charge-offs as % of 4.0% 7.6%
avg. receivables
* Q1 2010 not included in consolidated GM results, does not reflect purchase accounting and is not directly comparable to Q1 2011.
S7