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 4, 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
(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)) |
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
INDEX TO EXHIBITS
News Release Dated August 4, 2011 and Financial Statements
Charts Furnished to Securities Analysts
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On August 4, 2011 a news release was issued on the subject of second 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 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 2011 earnings release are attached as Exhibit 99.2.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
EXHIBITS
Exhibits |
Description |
Method of Filing | ||
Exhibit 99.1 |
News Release Dated August 4, 2011 and Financial Statements |
Attached as Exhibit | ||
Exhibit 99.2 |
Charts Furnished to Securities Analysts |
Attached as Exhibit |
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 4, 2011 | By: | /s/ NICK S. CYPRUS | ||
(Nick S. Cyprus Vice President, Controller and Chief Accounting Officer) |
Exhibit 99.1
For Release: Aug. 4, 2011, 7:30 a.m. EDT
GM Net Income Increases 89 percent to $2.5 Billion
Net income of $1.54 per share; EBIT of $3.0 billion
DETROIT General Motors Co. (NYSE: GM) today announced second quarter net income attributable to common stockholders of $2.5 billion, or $1.54 per fully-diluted share, marking the companys sixth consecutive profitable quarter. In the second quarter of 2010, GMs net income attributable to common stockholders was $1.3 billion, or 85 cents per fully-diluted share.
Revenue increased $6.2 billion to $39.4 billion, compared with the second quarter of 2010. Earnings before interest and tax (EBIT) adjusted was $3.0 billion compared with $2.0 billion in the second quarter of 2010. There were no special items in either period.
GMs investments in fuel economy, design and quality are paying off around the world as our global market share growth and financial results bear out, said Dan Akerson, chairman and CEO. Our progress has been steady and were preparing to launch more new products this year, including the Chevrolet Sonic in North America, the Opel/Vauxhall Zafira in Europe and the Baojun 630 in China to keep the momentum going.
GM Results Overview (in billions except for per share amounts)
Q2 2010 | Q2 2011 | |||||||
Revenue |
$ | 33.2 | $ | 39.4 | ||||
Net income attributable to common stockholders |
$ | 1.3 | $ | 2.5 | ||||
Earnings per share (EPS) diluted |
$ | 0.85 | $ | 1.54 | ||||
EBIT-adjusted |
$ | 2.0 | $ | 3.0 | ||||
Special items |
$ | 0 | $ | 0 | ||||
Automotive net cash flow from operating activities |
$ | 3.8 | $ | 5.0 | ||||
Automotive free cash flow |
$ | 2.8 | $ | 3.8 |
| GM North America (GMNA) reported EBIT-adjusted of $2.2 billion, an improvement of $0.6 billion compared with the second quarter of 2010. |
| GM Europe (GME) reported EBIT-adjusted of $0.1 billion, an improvement of $0.3 billion compared with the second quarter of 2010. In the second quarter of 2011, GME incurred restructuring costs of approximately $100 million which was approximately $200 million less than in the second quarter of 2010. |
| GM International Operations (GMIO) reported EBIT-adjusted of $0.6 billion, up $0.1 billion from the second quarter of 2010. |
| GM South America (GMSA) reported EBIT-adjusted of $0.1 billion, down $0.1 billion from the second quarter of 2010. |
For the quarter, automotive cash flow from operating activities was $5.0 billion and automotive free cash flow was $3.8 billion.
GM ended the quarter with very strong total automotive liquidity of $39.7 billion. Automotive cash and marketable securities, including Canadian Health Care Trust restricted cash, was $33.8 billion compared with $30.6 billion at the end of the first quarter of 2011.
Based on current industry outlook, the company expects that EBIT-adjusted in the second half of 2011 will be modestly lower than in the first half and that its full-year 2011 EBIT-adjusted will show solid improvement over 2010.
Our earnings and cash flow are solid and were going to keep working on the fundamentals of strong brands, great products and operating leverage to create profitable growth around the world, said Dan Ammann, senior vice president and CFO.
About General Motors General Motors (NYSE: GM, TSX: GMM), one of the worlds largest automakers, traces its roots back to 1908. With its global headquarters in Detroit, GM employs 208,000 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. GMs largest national market is China, followed by the United States, Brazil, the United Kingdom, Germany, Canada, and Italy. GMs 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 |
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. GMs most recent annual report on Form 10-K and quarterly reports on Form 10-Q provides information about these and other factors, which we may revise or supplement in future reports to the SEC.
2
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 GMs 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 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 and benchmark performance among geographic regions. 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 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 June 30, |
Six Months
Ended June 30, |
|||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Operating segments |
||||||||||||||||
GMNA(a) |
$ | 2,249 | $ | 1,592 | $ | 5,147 | $ | 2,810 | ||||||||
GME(a)(b) |
102 | (160 | ) | (288 | ) | (637 | ) | |||||||||
GMIO(a)(b) |
573 | 504 | 1,053 | 1,412 | ||||||||||||
GMSA(a)(b) |
57 | 195 | 147 | 460 | ||||||||||||
GM Financial(c) |
144 | | 274 | | ||||||||||||
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Total operating segments |
3,125 | 2,131 | 6,333 | 4,045 | ||||||||||||
Corporate and eliminations |
(163 | ) | (98 | ) | 154 | (188 | ) | |||||||||
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EBIT(c) |
2,962 | 2,033 | 6,487 | 3,857 | ||||||||||||
Interest income |
124 | 114 | 251 | 204 | ||||||||||||
Automotive interest expense |
155 | 250 | 304 | 587 | ||||||||||||
Income tax expense (benefit) |
(61 | ) | 361 | 76 | 870 | |||||||||||
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Net income attributable to stockholders |
2,992 | 1,536 | 6,358 | 2,604 | ||||||||||||
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Less: cumulative dividends on preferred stock |
214 | 202 | 429 | 405 | ||||||||||||
Less: undistributed earnings allocated to Series B Preferred Stock participating security |
254 | | 542 | | ||||||||||||
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Net income attributable to common stockholders |
$ | 2,524 | $ | 1,334 | $ | 5,387 | $ | 2,199 | ||||||||
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(a) | Interest and income taxes are recorded centrally in Corporate; therefore, there are no reconciling items for GMs 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 GMs GME segment to GMs GMIO segment and certain entities geographically located in Brazil, Argentina, Colombia, Ecuador, Venezuela, Bolivia, Chile, Paraguay, Peru and Uruguay were transferred from GMs GMIO segment to GMs newly created GMSA segment. GM has retrospectively revised the segment presentation for all periods presented. |
(c) | GM Financial amounts represent income before income taxes. GM Financial was not a subsidiary for the three and six months ended June 30, 2010. |
3
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 June 30, |
Six Months
Ended June 30, |
|||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
EBIT adjusted (a) |
$ | 2,962 | $ | 2,033 | $ | 5,004 | $ | 3,734 | ||||||||
Special items |
| | 1,483 | 123 | ||||||||||||
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EBIT (a) |
$ | 2,962 | $ | 2,033 | $ | 6,487 | $ | 3,857 | ||||||||
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(a) | GM Financial amounts included in EBIT and EBIT adjusted represent income before income taxes. |
Special Items
In the six months ended June 30, 2011 special items included:
| Gain of $1.6 billion in GMNA related to the sale of GMs 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 GMs India joint venture. |
In the six months ended June 30, 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 operating activities (dollars in millions):
Three Months Ended June 30, |
Six Months
Ended June 30, |
|||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Automotive |
||||||||||||||||
Free cash flow |
$ | 3,789 | $ | 2,834 | $ | 1,871 | $ | 3,844 | ||||||||
Capital expenditures |
1,172 | 1,011 | 2,494 | 1,851 | ||||||||||||
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Net cash provided by operating activities |
$ | 4,961 | $ | 3,845 | $ | 4,365 | $ | 5,695 | ||||||||
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4
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 June 30, 2011 |
||||||||||||||||||||||||||||||||||||||||
Total net sales and revenue |
$ | 23,128 | $ | 7,459 | $ | 6,616 | $ | 4,363 | $ | 14 | $ | (2,537 | ) | $ | 39,043 | $ | 330 | $ | | $ | 39,373 | |||||||||||||||||||
Depreciation, amortization and impairment of long- lived assets and finite-lived intangible assets |
$ | 990 | $ | 374 | $ | 123 | $ | 115 | $ | 13 | $ | | $ | 1,615 | $ | 19 | $ | | $ | 1,634 | ||||||||||||||||||||
Equity income, net of tax and gain on disposal of investments |
$ | 3 | $ | | $ | 379 | $ | | $ | | $ | | $ | 382 | $ | | $ | | $ | 382 | ||||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive |
GM Financial |
Eliminations | Total | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2011 |
||||||||||||||||||||||||||||||||||||||||
Total net sales and revenue |
$ | 45,238 | $ | 14,329 | $ | 12,043 | $ | 8,259 | $ | 30 | $ | (4,957 | ) | $ | 74,942 | $ | 625 | $ | | $ | 75,567 | |||||||||||||||||||
Depreciation, amortization and impairment of long- lived assets and finite-lived intangible assets |
$ | 1,967 | $ | 714 | $ | 239 | $ | 231 | $ | 26 | $ | | $ | 3,177 | $ | 33 | $ | | $ | 3,210 | ||||||||||||||||||||
Equity income, net of tax and gain on disposal of investments(a) |
$ | 1,732 | $ | | $ | 794 | $ | | $ | | $ | | $ | 2,526 | $ | | $ | | $ | 2,526 |
(a) | Includes a gain of $1.6 billion in GMNA recorded on the sale of GMs Class A Membership Interests in Delphi Automotive LLP. |
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive |
Total | |||||||||||||||||||||||||
Three Months Ended June 30, 2010 |
||||||||||||||||||||||||||||||||
Total net sales and revenue |
$ | 20,266 | $ | 6,044 | $ | 5,331 | $ | 3,608 | $ | 32 | $ | (2,107 | ) | $ | 33,174 | $ | 33,174 | |||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets |
$ | 1,082 | $ | 359 | $ | 94 | $ | 126 | $ | 15 | $ | | $ | 1,676 | $ | 1,676 | ||||||||||||||||
Equity income (loss), net of tax and gain on disposal of investments |
$ | 41 | $ | 4 | $ | 368 | $ | (3 | ) | $ | 1 | $ | | $ | 411 | $ | 411 | |||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive |
Total | |||||||||||||||||||||||||
Six Months Ended June 30, 2010 |
||||||||||||||||||||||||||||||||
Total net sales and revenue |
$ | 39,552 | $ | 11,505 | $ | 10,316 | $ | 6,932 | $ | 77 | $ | (3,732 | ) | $ | 64,650 | $ | 64,650 | |||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets |
$ | 2,223 | $ | 744 | $ | 159 | $ | 261 | $ | 66 | $ | | $ | 3,453 | $ | 3,453 | ||||||||||||||||
Equity income (loss), net of tax and gain on disposal of investments |
$ | 75 | $ | 11 | $ | 730 | $ | (3 | ) | $ | 1 | $ | | $ | 814 | $ | 814 |
5
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following tables summarize worldwide employment and payroll:
June 30, 2011 | December 31, 2010 | |||||||
Worldwide Employment (in thousands) |
||||||||
GMNA |
98 | 96 | ||||||
GME |
41 | 40 | ||||||
GMIO |
33 | 32 | ||||||
GMSA |
33 | 31 | ||||||
GM Financial |
3 | 3 | ||||||
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Total Worldwide |
208 | 202 | ||||||
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U.S. Salaried |
29 | 28 | ||||||
U.S. Hourly |
50 | 49 |
Three Months Ended June 30, |
Six Months Ended June 30, |
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2011 | 2010 | 2011 | 2010 | |||||||||||||
Worldwide Payroll (in billions) |
$ | 3.6 | $ | 3.2 | $ | 6.9 | $ | 6.3 |
6
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Three Months Ended June 30, |
Six Months Ended June 30, |
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2011 | 2010 | 2011 | 2010 | |||||||||||||
Production Volume (units in thousands)(a) |
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GMNA Cars |
308 | 279 | 593 | 523 | ||||||||||||
GMNA Trucks |
516 | 452 | 1,017 | 876 | ||||||||||||
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Total GMNA |
824 | 731 | 1,610 | 1,399 | ||||||||||||
GME |
326 | 331 | 670 | 636 | ||||||||||||
GMIO - Consolidated Entities |
310 | 268 | 567 | 516 | ||||||||||||
GMIO - Joint Ventures(b) |
693 | 697 | 1,402 | 1,351 | ||||||||||||
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Total GMIO |
1,003 | 965 | 1,969 | 1,867 | ||||||||||||
GMSA |
247 | 230 | 478 | 440 | ||||||||||||
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Total Worldwide |
2,400 | 2,257 | 4,727 | 4,342 | ||||||||||||
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(a) | Production volume includes vehicles produced by certain joint ventures. |
(b) | The joint venture agreements with SGMW and FAW-GM allow for significant rights as a member as well as the contractual right to report SGMW and FAW-GM joint venture production in China. |
7
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Three Months Ended June 30, |
Six Months Ended June 30, |
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2011 | 2010(a) | 2011 | 2010(a)(b) | |||||||||||||
Vehicle Sales (units in thousands)(c)(d)(e) |
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United States |
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Chevrolet Cars |
249 | 192 | 430 | 348 | ||||||||||||
Chevrolet Trucks |
239 | 252 | 475 | 434 | ||||||||||||
Cadillac |
36 | 35 | 76 | 65 | ||||||||||||
Buick |
49 | 38 | 94 | 70 | ||||||||||||
GMC |
97 | 83 | 187 | 152 | ||||||||||||
Other |
| 3 | | 11 | ||||||||||||
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Total United States |
669 | 603 | 1,262 | 1,081 | ||||||||||||
Canada, Mexico and Other |
115 | 113 | 206 | 199 | ||||||||||||
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Total GMNA |
784 | 716 | 1,468 | 1,280 | ||||||||||||
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GME |
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Opel/Vauxhall |
339 | 314 | 659 | 608 | ||||||||||||
Chevrolet |
143 | 128 | 252 | 233 | ||||||||||||
Other |
1 | 2 | 2 | 6 | ||||||||||||
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Total GME |
483 | 443 | 912 | 847 | ||||||||||||
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GMIO |
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Chevrolet |
268 | 219 | 527 | 445 | ||||||||||||
Wuling |
267 | 303 | 604 | 637 | ||||||||||||
Buick |
159 | 132 | 325 | 254 | ||||||||||||
GM Daewoo |
1 | 32 | 17 | 60 | ||||||||||||
Holden |
35 | 37 | 66 | 73 | ||||||||||||
FAW-GM |
14 | 22 | 30 | 50 | ||||||||||||
GMC |
12 | 9 | 19 | 17 | ||||||||||||
Cadillac |
9 | 5 | 17 | 10 | ||||||||||||
Other |
15 | 11 | 29 | 23 | ||||||||||||
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Total GMIO(f)(g) |
780 | 771 | 1,635 | 1,567 | ||||||||||||
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GMSA |
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Chevrolet |
270 | 229 | 515 | 466 | ||||||||||||
Other |
3 | 3 | 6 | 6 | ||||||||||||
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Total GMSA |
273 | 231 | 521 | 472 | ||||||||||||
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Total Worldwide |
2,320 | 2,162 | 4,536 | 4,166 | ||||||||||||
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(a) | Includes HUMMER, Saturn and Pontiac vehicle sales data. |
(b) | Includes 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 (units in thousands): |
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Joint venture sales in China |
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SGM |
290 | 245 | 600 | 480 | ||||||||||||
SGMW and FAW-GM |
296 | 340 | 672 | 727 | ||||||||||||
Joint venture sales in India |
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HKJV |
27 | 28 | 55 | 51 |
(g) | The joint venture agreements with SGMW and FAW-GM 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 GMs global market share. |
8
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Three Months Ended June 30, |
Six Months Ended June 30, |
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2011 | 2010(a) | 2011 | 2010(a)(b) | |||||||||||||
Market Share(c)(d)(e) |
||||||||||||||||
United States Cars |
18.4 | % | 15.2 | % | 17.0 | % | 15.0 | % | ||||||||
United States Trucks |
21.6 | % | 23.4 | % | 22.0 | % | 22.8 | % | ||||||||
Total United States |
20.0 | % | 19.4 | % | 19.6 | % | 18.9 | % | ||||||||
Total GMNA |
19.1 | % | 18.7 | % | 18.7 | % | 18.3 | % | ||||||||
Total GME |
9.1 | % | 8.8 | % | 8.8 | % | 8.7 | % | ||||||||
Total GMIO(f)(g) |
9.6 | % | 8.9 | % | 9.4 | % | 8.9 | % | ||||||||
Total GMSA |
19.2 | % | 19.5 | % | 19.0 | % | 20.1 | % | ||||||||
Total Worldwide |
12.2 | % | 11.6 | % | 11.8 | % | 11.3 | % | ||||||||
U.S. Retail/Fleet Mix |
||||||||||||||||
% Fleet Sales Cars |
38.6 | % | 42.4 | % | 34.3 | % | 40.6 | % | ||||||||
% Fleet Sales Trucks |
29.2 | % | 28.2 | % | 25.2 | % | 25.9 | % | ||||||||
Total Vehicles |
34.8 | % | 35.5 | % | 30.3 | % | 33.9 | % | ||||||||
GMNA Capacity Utilization(h) |
103.0 | % | 93.2 | % | 98.7 | % | 89.5 | % |
(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 June 30, |
Six Months Ended June 30, |
|||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Joint venture sales in China |
||||||||||||||||
SGM |
290 | 245 | 600 | 480 | ||||||||||||
SGMW and FAW-GM |
296 | 340 | 672 | 727 | ||||||||||||
Joint venture sales in India |
||||||||||||||||
HKJV |
27 | 28 | 55 | 51 |
(g) | The joint venture agreements with SGMW and FAW-GM 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 GMs global market share. |
(h) | Two shift rated, annualized. |
9
General Motors Company and Subsidiaries
Condensed Consolidated Income Statements
(In millions)
(Unaudited)
Three Months
Ended June 30, |
Six Months
Ended June 30, |
|||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Net sales and revenue |
||||||||||||||||
Automotive sales and revenue |
$ | 39,043 | $ | 33,174 | $ | 74,942 | $ | 64,650 | ||||||||
GM Financial revenue |
330 | | 625 | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total net sales and revenue |
39,373 | 33,174 | 75,567 | 64,650 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Costs and expenses |
||||||||||||||||
Automotive cost of sales |
33,793 | 28,609 | 65,478 | 56,163 | ||||||||||||
GM Financial operating and other expenses |
186 | | 351 | | ||||||||||||
Automotive selling, general and administrative expense |
2,924 | 2,623 | 5,918 | 5,307 | ||||||||||||
Other automotive expenses, net |
19 | 39 | 25 | 85 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total costs and expenses |
36,922 | 31,271 | 71,772 | 61,555 | ||||||||||||
Goodwill impairment charges |
| | 395 | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating income |
2,451 | 1,903 | 3,400 | 3,095 | ||||||||||||
Automotive interest expense |
155 | 250 | 304 | 587 | ||||||||||||
Interest income and other non-operating income (expense), net |
308 | (91 | ) | 912 | 357 | |||||||||||
Loss on extinguishment of debt |
10 | | 10 | 1 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income before income taxes and equity income |
2,594 | 1,562 | 3,998 | 2,864 | ||||||||||||
Income tax expense (benefit) |
(61 | ) | 361 | 76 | 870 | |||||||||||
Equity income, net of tax and gain on disposal of investments |
382 | 411 | 2,526 | 814 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income |
3,037 | 1,612 | 6,448 | 2,808 | ||||||||||||
Net income attributable to noncontrolling interests |
(45 | ) | (76 | ) | (90 | ) | (204 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income attributable to stockholders |
$ | 2,992 | $ | 1,536 | $ | 6,358 | $ | 2,604 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income attributable to common stockholders |
$ | 2,524 | $ | 1,334 | $ | 5,387 | $ | 2,199 | ||||||||
|
|
|
|
|
|
|
|
10
General Motors Company and Subsidiaries
Basic and Diluted Earnings per Share
(Unaudited)
In the three and six months ended June 30, 2011 GM was required to use the two-class method for calculating earnings per share as the applicable market value of GMs common stock was outside the range of $33.00 to $39.60 per common share in the period ended June 30, 2011.
The following table summarizes basic and diluted earnings per share for three and six months ended June 30, 2011 (in millions, except per share amounts):
Basic | Diluted | |||||||||||||||
Three Months Ended June 30, 2011 |
Six Months Ended June 30, 2011 |
Three Months Ended June 30, 2011 |
Six Months Ended June 30, 2011 |
|||||||||||||
Net income attributable to common stockholders |
||||||||||||||||
Net income attributable to stockholders |
$ | 2,992 | $ | 6,358 | $ | 2,992 | $ | 6,358 | ||||||||
Less: cumulative dividends on preferred stock and undistributed earnings allocated to Series B Preferred Stock participating security(a) |
468 | 971 | 447 | 924 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income attributable to common stockholders |
$ | 2,524 | $ | 5,387 | $ | 2,545 | $ | 5,434 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Weighted-average shares outstanding |
||||||||||||||||
Weighted-average common shares outstanding |
1,505 | 1,505 | 1,505 | 1,505 | ||||||||||||
Dilutive effect of warrants |
| | 147 | 154 | ||||||||||||
Dilutive effect of restricted stock units |
| | 2 | 2 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Weighted-average common shares outstanding-diluted |
1,505 | 1,505 | 1,654 | 1,661 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Earnings per share |
$ | 1.68 | $ | 3.58 | $ | 1.54 | $ | 3.27 |
(a) | Includes cumulative dividends on preferred stock of $214 million and $429 million in the three and six months ended June 30, 2011. Earnings of $254 million and $542 million for the three and six months ended June 30, 2011 have been allocated to the Series B Preferred Stock holders for the basic earnings per share calculation. Earnings of $233 million and $495 million for the three and six months ended June 30, 2011 have been allocated to the Series B Preferred Stock holders for the diluted earnings per share calculation. |
The following table summarizes basic and diluted earnings per share for three and six months ended June 30, 2010 (in millions, except per share amounts):
Basic | Diluted | |||||||||||||||
Three Months Ended June 30, 2010 |
Six Months Ended June 30, 2010 |
Three Months Ended June 30, 2010 |
Six Months Ended June 30, 2010 |
|||||||||||||
Net income attributable to common stockholders |
||||||||||||||||
Net income attributable to stockholders |
$ | 1,536 | $ | 2,604 | $ | 1,536 | $ | 2,604 | ||||||||
Less: cumulative dividends on preferred stock |
202 | 405 | 202 | 405 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income attributable to common stockholders |
$ | 1,334 | $ | 2,199 | $ | 1,334 | $ | 2,199 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Weighted-average shares outstanding |
||||||||||||||||
Weighted-average common shares outstanding |
1,500 | 1,500 | 1,500 | 1,500 | ||||||||||||
Dilutive effect of warrants |
| | 67 | 67 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Weighted-average common shares outstanding-diluted |
1,500 | 1,500 | 1,567 | 1,567 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Earnings per share |
$ | 0.89 | $ | 1.47 | $ | 0.85 | $ | 1.40 |
11
General Motors Company and Subsidiaries
Condensed Consolidated Balance Sheets
(In millions, except share amounts)
(Unaudited)
June 30, 2011 | December 31, 2010 | |||||||
ASSETS | ||||||||
Automotive Current Assets |
||||||||
Cash and cash equivalents |
$ | 20,471 | $ | 21,061 | ||||
Marketable securities |
12,298 | 5,555 | ||||||
Accounts and notes receivable (net of allowance of $363 and $252) |
11,789 | 8,699 | ||||||
Inventories |
14,105 | 12,125 | ||||||
Equipment on operating leases, net |
4,180 | 2,568 | ||||||
Other current assets and deferred income taxes |
3,141 | 3,045 | ||||||
|
|
|
|
|||||
Total current assets |
65,984 | 53,053 | ||||||
Automotive Non-current Assets |
||||||||
Equity in net assets of nonconsolidated affiliates |
7,160 | 8,529 | ||||||
Property, net |
20,989 | 19,235 | ||||||
Goodwill |
28,767 | 30,513 | ||||||
Intangible assets, net |
11,083 | 11,882 | ||||||
Other assets and deferred income taxes |
4,323 | 4,754 | ||||||
|
|
|
|
|||||
Total non-current assets |
72,322 | 74,913 | ||||||
|
|
|
|
|||||
Total Automotive Assets |
138,306 | 127,966 | ||||||
GM Financial Assets |
||||||||
Finance receivables, net (including gross finance receivables transferred to SPEs of $8,333 and $7,156) |
8,587 | 8,197 | ||||||
Restricted cash |
1,125 | 1,090 | ||||||
Goodwill |
1,279 | 1,265 | ||||||
Other assets |
1,118 | 380 | ||||||
|
|
|
|
|||||
Total GM Financial Assets |
12,109 | 10,932 | ||||||
|
|
|
|
|||||
Total Assets |
$ | 150,415 | $ | 138,898 | ||||
|
|
|
|
|||||
LIABILITIES AND EQUITY | ||||||||
Automotive Current Liabilities |
||||||||
Accounts payable (principally trade) |
$ | 25,412 | $ | 21,497 | ||||
Short-term debt and current portion of long-term debt (including debt at GM Korea of $157 and $70) |
2,027 | 1,616 | ||||||
Accrued liabilities (including derivative liabilities at GM Korea of $19 and $111) |
26,409 | 24,044 | ||||||
|
|
|
|
|||||
Total current liabilities |
53,848 | 47,157 | ||||||
Automotive Non-current Liabilities |
||||||||
Long-term debt (including certain debt at GM Korea of $8 and $835) |
2,690 | 3,014 | ||||||
Postretirement benefits other than pensions |
9,379 | 9,294 | ||||||
Pensions |
21,389 | 21,894 | ||||||
Other liabilities and deferred income taxes |
12,887 | 13,021 | ||||||
|
|
|
|
|||||
Total non-current liabilities |
46,345 | 47,223 | ||||||
|
|
|
|
|||||
Total Automotive Liabilities |
100,193 | 94,380 | ||||||
GM Financial Liabilities |
||||||||
Securitization notes payable |
6,881 | 6,128 | ||||||
Credit facilities |
423 | 832 | ||||||
Other liabilities |
886 | 399 | ||||||
|
|
|
|
|||||
Total GM Financial Liabilities |
8,190 | 7,359 | ||||||
|
|
|
|
|||||
Total Liabilities |
108,383 | 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 June 30, 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 June 30, 2011 and December 31, 2010) |
4,855 | 4,855 | ||||||
Common stock, $0.01 par value (5,000,000,000 shares authorized, 1,561,450,455 and |
15 | 15 | ||||||
Capital surplus (principally additional paid-in capital) |
24,412 | 24,257 | ||||||
Retained earnings |
4,729 | 266 | ||||||
Accumulated other comprehensive income |
1,571 | 1,251 | ||||||
|
|
|
|
|||||
Total stockholders equity |
41,118 | 36,180 | ||||||
Noncontrolling interests |
914 | 979 | ||||||
|
|
|
|
|||||
Total Equity |
42,032 | 37,159 | ||||||
|
|
|
|
|||||
Total Liabilities and Equity |
$ | 150,415 | $ | 138,898 | ||||
|
|
|
|
12
General Motors Company
Q2 2011 Results
August 4, 2011
Exhibit 99.2 |
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 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.
|
Second Quarter 2011 Highlights
2
Q2 11
F/(U) vs.
Q2 10
Global Deliveries
2.3M
Net Revenue
$39.4B
EBIT -
Adj.
$3.0B
-
GMNA
$2.2B
-
GME
$0.1B
-
GMIO
$0.6B
-
GMSA
$0.1B
Auto Free Cash Flow
$3.8B |
Q2
2010
Q2
2011
GAAP
Net Revenue ($B)
33.2
39.4
Operating Income ($B)
1.9
2.5
Net Income to Common Stockholders ($B)
1.3
2.5
EPS
Diluted ($/Share)
0.85
1.54
Non-
GAAP
EBIT-
Adj. ($B)
2.0
3.0
Automotive Free Cash Flow ($B)
2.8
3.8
Summary of Q2 2011 Results
3
Note: Starting Q4 2010 EBIT-Adj. includes GM Financial on an Earnings Before
Tax (EBT) basis |
Net
Income Impact of Special Items 4
Q2
2010
Q2
2011
Net Income to Common Stockholders ($B)
1.3
2.5
EPS
Diluted ($/Share)
0.85
1.54
Special Items Included ($B):
None
-
-
Total Impact of Special Items:
Net Income to Common Stockholders ($B)
-
-
EPS
Diluted ($/Share)
-
- |
5
Info Item: Fully Diluted EPS Calculation
Q2
2010
Q1
2011
Q2
2011
Net income to stockholders ($B)
Cumulative dividend on Series A
Cumulative dividend on Series B
Undistributed earnings allocated to Series B
Net income to common ($B)
1.5
(0.2)
n/a
n/a
1.3
3.4
(0.2)
(0.1)
0.0
3.2
3.0
(0.2)
(0.1)
(0.3)
2.5
Add back Series B Preferred dividend
n/a
0.1
0.0
Net income to common
diluted EPS calc. ($B)
1.3
3.2
2.5
Fully diluted share count (M)
Memo: Series B equivalents included
1,567
n/a
1,817
148
1,654
0
EPS
Diluted ($/share)
0.85
1.77
1.54
Memo:
Average
stock
price
in
$33.00
-
$39.60
range
EPS calculation method
n/a
n/a
Y
If Converted
N
Two-Class
Note: Results may not foot due to rounding |
Q2
Operating Income Walk to EBIT- Adj.
6
($B)
Q2
2010
Q2
2011
Operating Income
1.9
2.5
Equity Income
0.4
0.4
Non-Controlling Interests
(0.1)
0.0
Non-Operating Income
(0.2)
0.2
Earnings Before Interest & Taxes (EBIT)
2.0
3.0
Less Special Items
0.0
0.0
EBIT-
Adj.
2.0
3.0
Note: Results may not foot due to rounding
Note: Starting Q4 2010 EBIT & EBIT-Adj. include GM Financial on an Earnings
Before Tax (EBT) basis |
Q2
EBIT & EBIT- Adj.
($B)
* GMF at an Earnings Before Tax basis (EBT)
GMNA
GME
GMIO
GMSA
GMF*
Corp./
Elims
EBIT-Adj.
Plus
Special Items
EBIT
Q2 2010
Q2 2011
Note: Results may not foot due to rounding
7 |
Global Deliveries
(000s)
Global Share
11.4%
11.5%
11.4%
12.2%
GM deliveries & market share include vehicles sold around the world under GM
and JV brands, and through GM-branded distribution network
8
2,162
2,068
2,179
2,216
2,320
1,000
1,700
2,400
Q2 2010
Q3 2010
Q4 2010
Q1 2011
Q2 2011
11.6% |
Earnings Before Interest & Taxes
($B)
Revenue ($B)
33.2
34.1
36.9
36.2
39.4
Oper Inc % Rev
5.7%
5.4%
0.6%
2.6%
6.2%
EBIT-Adj % Rev.
6.1%
6.7%
2.8%
5.6%
7.5%
Production (000s)
2,257
2,104
2,269
2,327
2,400
1.0
EBIT-Adj.
2.0
EBIT-Adj.
Note: Starting Q4 2010 EBIT & EBIT-Adj. include GM Financial on an Earnings
Before Tax (EBT) basis 9
2.0
2.3
1.3
3.5
3.0
0.0
1.0
2.0
3.0
4.0
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011 |
Consolidated EBIT
Q2 2010 vs. Q2 2011
Q2 2010
EBIT ($B)
Q2 2011
EBIT ($B)
$1.0B Improvement
EBIT
EBIT-Adj.
Less Special
Items
EBIT-Adj.
EBIT
Plus Special
Items
0.6
1.0
(0.4)
(0.2)
Volume /
Mix
Price
Cost
Other
0.0
2.0
2.0
3.0
0.0
3.0
10 |
GMNA
Deliveries (000s) GMNA Share
18.7%
17.7%
18.5%
18.3%
19.1%
U.S. Share
19.4%
18.3%
19.1%
19.0%
20.0%
716
660
685
684
11
784
0
450
900
Q2 2010
Q3 2010
Q4 2010
Q1 2011
Q2 2011 |
Key
GMNA Performance Indicators Avg. U.S. Retail Incentive as % of ATP
GM %
9.9
11.2
11.7
12.6
10.7
9.6
9.6
9.4
10.4
12.6
13.2
9.8
8.9
9.1
8.9
9.5
GM vs. Ind.
(GM % / Ind. %)
0.95
1.03
1.10
1.12
1.01
0.95
1.02
0.97
1.00
1.26
1.23
0.96
1.00
1.10
1.01
0.98
Share
$/Unit
U.S. Retail Share
U.S. Total Share
Avg. GM U.S. Retail
Incentive
Note: Incentive & ATP Information Based on J.D. Power and Associates
Power Information Network data Jul
2011
est.
12 |
GMNA
Earnings Before Interest & Taxes ($B)
Revenue ($B)
20.3
21.5
22.0
22.1
23.1
EBIT-Adj % Rev
7.9%
9.9%
3.4%
5.7%
9.7%
Production
(000s)
731
707
703
786
824
U.S. Dealer Inv (000s) 438
478
511
574
605
1.6
2.1
0.8
2.9
13
2.2
(1.0)
0.0
1.0
2.0
3.0
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
1.3
EBIT-Adj. |
GMNA
EBIT Q2 2010 vs. Q2 2011
Q2 2010
EBIT ($B)
Q2 2011
EBIT ($B)
$0.6B Improvement
EBIT
EBIT-Adj.
Less Special
Items
EBIT-Adj.
EBIT
Plus Special
Items
0.3
0.8
(0.2)
(0.3)
Volume /
Mix
Price
Cost
Other
0.0
1.6
1.6
2.2
0.0
2.2
14 |
Info
Item: U.S. Full-size Pickup Dealer Stock 15
U.S. Dealer Stock
Units (000s)
Days Supply
December 2010
June 2011
July 2011
December 2011 Objective
159
219
209
~200
70
122
115
~90
5 Plant
Capacity
1,300
Normal
3 Plant
Capacity
~780
2012
3 Plant
Capacity
~640
U.S. Sales
(000s)
U.S. Country of
Sale Capacity*
(000s)
GM U.S. F/S
Pickup Sales
GM U.S. Country Of Sale
F/S Pickup Capacity
* Capacity on three-shift basis |
16
EBIT-Adj.
(prior period)
Volume
Mix
Price
Cost
C$
NML
Other
EBIT-Adj.
(current period)
$1.6B
(Q2 2010)
0.1
0.2
0.6
0.0
(0.4)
0.0
$2.1B
(Q3 2010)
$2.1B
(Q3 2010)
0.4
(0.9)
(0.3)
(0.5)
0.0
0.0
$0.8B
(Q4 2010)
$0.8B
(Q4 2010)
0.2
0.1
(0.1)
0.2
0.0
0.1
$1.3B
(Q1 2011)
$1.3B
(Q1 2011)
0.0
0.2
0.6
0.0
0.2
(0.1)
$2.2B
(Q2 2011)
$1.6B
(Q2 2010)
0.6
(0.3)
0.8
(0.2)
(0.2)
(0.1)
$2.2B
(Q2 2011)
Info Item: GMNA EBIT-Adj (Sequential & Y-o-Y)
($B)
Note: Results may not foot due to rounding |
GME Deliveries
(000s)
GME Share
8.8%
8.9%
9.0%
8.5%
9.1%
Germany Share
8.0%
8.5%
9.0%
8.2%
8.9%
U.K. Share
13.8%
12.6%
12.4%
12.6%
13.3%
Chevrolet
GME Excl.
Chevrolet
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
17 |
GME
Earnings Before Interest & Taxes ($B)
Revenue ($B)
6.0
5.7
6.9
6.9
7.5
EBIT-Adj % Rev
(2.6)%
(9.9)%
(9.2)%
0.1%
1.4%
Production (000s)
331
286
313
344
326
(0.2)
(0.6)
(0.6)
(0.4)
0.0
EBIT-Adj.
18
0.1 |
GME
EBIT Q2 2010 vs. Q2 2011
Q2 2010
EBIT ($B)
Q2 2011
EBIT ($B)
$0.3B Improvement
EBIT
EBIT-Adj.
Less Special
Items
EBIT-Adj.
EBIT
Plus Special
Items
Volume /
Mix
Price
Cost
Other
0.2
0.0
0.2
(0.1)
0.0
0.0
(0.2)
(0.2)
0.1
0.1
19 |
GMIO
Deliveries (000s)
GMIO Share
8.9%
8.7%
8.6%
9.2%
9.6%
China Share
13.1%
13.6%
11.6%
13.6%
13.3%
India Share
4.0%
3.0%
3.4%
3.1%
3.4%
China
GMIO Excl.
China
20 |
GMIO
Earnings Before Interest & Taxes Revenue ($B)
EBIT margin from
consolidated operations*
Total China JV NI/Rev**
5.3
3.7%
12.6%
5.1
4.5%
11.9%
6.1
2.0%
7.7%
5.4
3.0%
12.0%
6.6
3.4%
11.1%
Consolidated Prod. (000s)
Joint Venture Prod. (000s)
Total Production (000s)
268
697
965
235
631
866
265
747
1,012
257
709
966
310
693
1,003
21
* Excludes equity income and non-controlling interest adjustment. See
supplementary schedule S9 for additional details. ** Revenue not consolidated
in GM results, pro-rata share of earnings reported as equity inc. |
EBIT
EBIT-Adj.
Less Special
Items
EBIT-Adj.
EBIT
Plus Special
Items
Volume /
Mix
Price
Cost
Other
Q2 2010
EBIT ($B)
Q2 2011
EBIT ($B)
$0.1B Improvement
0.1
(0.2)
0.1
0.1
0.0
0.0
0.5
0.5
0.6
0.6
GMIO EBIT
Q2 2010 vs. Q2 2011
22 |
GMSA
Deliveries (000s)
GMSA Share
19.5%
19.8%
19.6%
18.7%
19.2%
Brazil Share
18.4%
18.3%
18.4%
17.3%
17.6%
Brazil
GMSA Other
23 |
GMSA
Earnings Before Interest & Taxes ($B)
Revenue ($B)
3.6
4.0
4.5
3.9
4.4
EBIT-Adj % Rev
5.4%
4.1%
4.4%
2.3%
1.3%
Production (000s)
230
245
241
231
247
0.2
0.2
0.2
0.1
0.1
24 |
GMSA
EBIT Q2 2010 vs. Q2 2011
Q2 2010
EBIT ($B)
Q2 2011
EBIT ($B)
$0.1B Reduction
EBIT
0.0
(0.2)
0.0
0.1
EBIT
EBIT-Adj.
Less Special
Items
EBIT-Adj.
Plus Special
Items
Volume /
Mix
Price
Cost
Other
0.2
0.2
0.0
0.1
0.0
0.1
25 |
Automotive Free Cash Flow
($B)
Q2 2010
Q2 2011
Net Income to Common Stockholders
1.3
2.5
Add-back Non-Controlling Interests, Preferred Dividends &
undistributed earnings allocated to Series B
0.3
0.5
Deduct Non-Auto (GM Financial)
n/a
(0.2)
Automotive Net Income
1.6
2.9
Depreciation / Amortization
1.7
1.6
Working Capital
0.0
0.1
Pension / OPEB
Cash in Excess of Expense
(0.2)
(0.4)
Other
0.7
0.7
Automotive Net Cash Provided/(Used)
Operating Activities
3.8
5.0
Capital Expenditures
(1.0)
(1.2)
Automotive Free Cash Flow
2.8
3.8
Note: Results may not foot due to rounding
26 |
Key
Automotive Balance Sheet Items ($B)
Jun. 30
2010
Mar. 31
2011
Jun. 30
2011
Cash & marketable securities*
32.5
30.6
33.8
Available Credit Facilities
1.1
5.9
5.9
Available Liquidity*
33.6
36.5
39.7
Key Obligations:
Debt
8.2
5.0
4.7
Series A Preferred Stock
7.0
5.5
5.5
U.S. Pension Underfunded Status**
15.8
11.2
10.8
Unfunded OPEB
9.3
10.0
10.0
* Includes Canadian HC Trust restricted cash
** Excludes U.S. non-qualified plan PBO of ~$0.9 billion
*** Excludes ~$2B stock contribution completed 1/13/11 that will be counted as
a plan asset starting in July 2011 ***
27
*** |
GM
Financial Q2
2010
Q2
2011
Industry Avg. (Excl. GM)
Q2
2010
Q2
2011
GM Sales Penetrations
U.S. Subprime (<=620)
4.9%
6.8%
4.2%
5.1%
U.S. Lease
6.5%
13.3%
20.9%
21.2%
Canada Lease
2.7%
8.4%
15.8%
19.0%
GM / GMF Linkage
GM as % of GMF Originations
(GM New / GMF Loan & Lease)
14.0%
38.0%
GMF as % of GM U.S. S/P & Lease
11.1%
18.1%
GMF Performance
GMF Credit Losses
(annualized net charge-offs as % avg. receivables)
4.5%
2.4%
EBT ($M)
139*
144
28
GM Sales Penetrations based on JD Power PIN
* GM acquired GMF in Oct. 2010, prior to this GMF was an independent entity and not
consolidated into GM results. Q2 2010 does not reflect purchase accounting
and is not directly comparable to Q2 2011 |
Second Quarter Summary
Solid second quarter results
-
Continued success in the marketplace
-
Improved GMNA margins
-
Continued progress in Europe
Good progress, but more to do
-
Flawless execution of H2 production launches
-
Focus on cost containment
-
Leverage global growth
Based on current industry outlook, expect H2 2011
EBIT-Adj. to be modestly lower than H1, and full-year
2011 EBIT-Adj. to show solid improvement over 2010
29 |
New
GM 30
New
Business
Model
Significantly Lower Risk Profile
Leverage
to Global Growth |
Success in Marketplace
Segment
Retail Market
Share
14.6%
+ $3,800
49%
15.5%
+ $7,000
45%
Average
Transaction
Price (ATP)
36 month
Residual
Value
4.7%
31%
Prior
Chevrolet Equinox, Q2 2009
Buick LaCrosse, Q2 2009
5.3%
31%
Current
Chevrolet Equinox, Q2 2011
Buick LaCrosse, Q2 2011
12.5%
+ $4,200
6.2%
Chevrolet Cobalt, Q2 2010
Chevrolet Cruze, Q2 2011
48%
41%
31
Residual value based on ALG 36 mo. May/June |
32
2005
2006
2007
2008
2009
2010
2011
Success in Marketplace
GM Total U.S.
Share
GM Global Share
New GM
10%
15%
20%
25%
30%
Old GM |
Leverage Global Growth
Industry
Volume
2010*
(Millions)
5 YR Industry
Growth
2010-2015E*
2011 H1 GM
2011 H1 GM
Performance
Performance
(Millions)
% Global
Growth
Market
Position**
Market
Share**
BRIC
-
China
25
17
+ 12
+ 8
50%
33%
1
1
12%
>13%
North America
14
+ 6
25%
1
19%
Western Europe
14
+ 2
8%
5
8%
All Other
19
+ 4
17%
3
8%
72
+ 24
100%
* 2010 industry volume & 5 YR projected growth based on IHS Automotive car and
light truck sales forecast July 2011 ** GM market position and share based on GM
internal data and includes sales by joint ventures on a total vehicle basis
33 |
Significantly Lower Risk Profile
34
Profitable in all regions, Q2 2011
H1 GMNA EBIT-Adj. $3.5B, US
SAAR 12.8M
H1 GME EBIT-Adj. $0.1B, +$0.9B
vs. 2010
$39.7B Automotive Liquidity
$4.7B Automotive Debt
$10.8B underfunded status of U.S.
qualified pension plans
Break-
Even at
Bottom of
Cycle
Fortress
Balance Sheet |
New
GM 35
New
Business
Model
Significantly Lower Risk Profile
Leverage
to Global Growth |
General Motors Company
Select Supplemental Financial Information |
EBIT
Walk to Net Income to Common Stockholders S1
($B)
Q2
2010
Q2
2011
GMNA
1.6
2.2
GME
(0.2)
0.1
GMIO
0.5
0.6
GMSA
0.2
0.1
Corp & Elims
(0.1)
(0.2)
GMF
n/a
0.1
Total EBIT
2.0
3.0
Interest Expense / (Income)
0.1
0.0
Income Tax Expense / (Benefit)
0.4
(0.1)
Net Income to Stockholders
1.5
3.0
Undistributed earnings allocated to Series B (Basic)
n/a
0.3
Dividends on Preferred Stock
0.2
0.2
Net Income to Common Stockholders
1.3
2.5
Note: Starting Q4 2010 EBIT includes GM Financial on an Earnings
Before Tax (EBT) basis
Note: Results may not foot due to rounding |
Reconciliation of Q2 2011 EBIT-Adj.
($B)
Q2
2010
Q2
2011
Net Income to Common Stockholders
1.3
2.5
Add Back:
Undistributed earnings allocated to Series B (Basic)
n/a
0.3
Dividends on Preferred Stock
0.2
0.2
Interest Expense / (Income)
0.1
0.0
Income Tax Expense / (Benefit)
0.4
(0.1)
Earnings Before Interest & Taxes (EBIT)
2.0
3.0
Less Special Items:
None
0.0
0.0
Total Special Items
0.0
0.0
EBIT
Adj.
2.0
3.0
Note: Results may not foot due to rounding
S2
Note: Starting Q4 2010 EBIT includes GM Financial on an Earnings
Before Tax (EBT) basis |
Q2
2011 Special Items ($B)
Q2
2010
Q2
2011
Total GMNA
0.0
0.0
Total GME
0.0
0.0
Total GMIO
0.0
0.0
Total GMSA
0.0
0.0
Total Corp.
0.0
0.0
Total Special Items
0.0
0.0
S3 |
Restructuring (not included in special items)
($B)
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
GMNA
Dealer Related
0.0
0.0
0.0
0.0
0.0
0.0
GMNA
Non-Dealer
Related
0.1
0.0
0.1
0.2
0.0
0.0
Total GMNA
0.1
0.0
0.1
0.2
0.0
0.0
Total GME
(0.3)
(0.2)
(0.1)
(0.1)
0.0
(0.1)
Total GMIO
0.0
0.0
0.0
0.0
0.0
0.0
Total GMSA
0.0
0.0
0.0
0.0
0.0
0.0
Total
(0.2)
(0.2)
(0.1)
0.1
(0.1)
(0.1)
S4
Note: Results may not foot due to rounding |
Operating Income Walk to EBIT-
Adj
($B)
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
Operating Income
1.9
1.8
0.2
0.9
2.5
Equity Income
0.4
0.4
0.3
2.1
0.4
Non-Controlling Interests
(0.1)
(0.1)
(0.1)
0.0
0.0
Non-Operating Income/(Expense)
(0.2)
0.1
0.9
0.5
0.2
Earnings Before Interest & Taxes
(EBIT)
2.0
2.3
1.3
3.5
3.0
Less Special Items
0.0
0.0
0.3
1.5
0.0
EBIT-
Adj.
2.0
2.3
1.0
2.0
3.0
Note: Starting Q4 2010 EBIT & EBIT-Adj. include GM Financial on an
Earnings Before Tax (EBT) basis S5
Note: Results may not foot due to rounding |
Reconciliation of Automotive Free Cash Flow
($B)
Q2
2010
Q2
2011
Net cash provided by operating activities
3.8
5.1
Less net cash provided by operating activities-GM Financial
n/a
0.1
Automotive Net Cash Provided/(Used)
Operating Activities
3.8
5.0
Capital expenditures
(1.0)
(1.2)
Automotive Free Cash Flow
2.8
3.8
S6
Note: Results may not foot due to rounding |
GM
Financial Key Metrics
($M)
Q2 2011
Memo:
Q2 2010**
Earnings Before Tax
144
139
Total Originations
1,522
906
GM new vehicles as % of total
38.0%
14.0%
Finance Receivables
9,110
8,734
Delinquencies (>30 days)*
6.1%
8.9%
Annualized net charge-offs as % of
avg. receivables
2.4%
4.5%
S7
* Excludes finance receivables in repossession
** GM acquired GMF in Oct. 2010, prior to this GMF was an independent entity and not consolidated into
GM results. Q2 2010 does not reflect purchase accounting and is not directly
comparable to Q2 2011 |
Info
Item: GMNA C$ Net Monetary Liability
GMNA CAD NML Translational Impact
Q1
2010
Q2
2010
Q3
2010
Q4
2010
CY
2010
Q1
2011
Q2
2011
Non-Cash EBIT Impact ($B)
$(0.2)
$0.2
$(0.2)
$(0.2)
$(0.4)
$(0.2)
$0.0
Period
End
FX
(CAD
per
USD)
Inc/(Dec) vs. Prior Period
1.0164
(0.0323)
1.0491
0.0327
1.0269
(0.0222)
0.9980
(0.0289)
0.9980
(0.
0507) 0.9713
(0.0267)
0.9730
0.0017
GM Canada balance sheet includes ~CAD $7B Net Monetary Liability
(NML) position, primarily pension, OPEB and accrued liabilities
USD value of NML will vary due to difference in period end to period end FX
Since GM Canada is USD functional, translation exchange realized
as non-
cash charge recorded to GMNA P&L
S8 |
Calculation of EBIT-Adj. as a Percent of Revenue
($B)
Q2
2010
%
Q3
2010
%
Q4
2010
%
Q1
2011
%
Q2
2011
%
Consolidated
Revenue
33.2
34.1
36.9
36.2
39.4
Operating Income
1.9
5.7%
1.8
5.4%
0.2
0.6%
0.9
2.6%
2.5
6.2%
EBIT-Adj.
2.0
6.1%
2.3
6.7%
1.0
2.8%
2.0
5.6%
3.0
7.5%
GMIO
Revenue
5.3
5.1
6.1
5.4
6.6
Operating Income
0.3
5.2%
0.1
2.5%
0.1
1.1%
0.1
1.8%
0.2
2.3%
Non-Operating Income (Expense)
(0.1)
0.1
0.1
0.0
0.1
Plus Special Items *
0.0
0.0
0.0
0.1
0.0
EBIT from consolidated operations
0.2
3.7%
0.2
4.5%
0.1
2.0%
0.2
3.0%
0.2
3.4%
Note: EBIT-Adj. includes GMF on an Earnings Before Tax (EBT) basis;
Results may not foot due to rounding
* Q1 2011 includes $67 million charge recorded as a special item
S9 |