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 3, 2012
___________________
GENERAL MOTORS COMPANY
(Exact Name of Registrant as Specified in its Charter)
___________________
DELAWARE (State or other jurisdiction of incorporation) | 001-34960 (Commission File Number) | 27-0756180 (I.R.S. Employer Identification No.) | |
300 Renaissance Center, Detroit, Michigan (Address of Principal Executive Offices) | 48265-3000 (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
SIGNATURE
INDEX TO EXHIBITS
News Release Dated May 3, 2012 and Financial Statements
Charts Furnished to Securities Analysts
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On May 3, 2012 a news release was issued on the subject of 2012 first quarter 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 2012 first quarter earnings release are attached as Exhibit 99.2.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
EXHIBITS
Exhibit | Description | Method of Filing |
Exhibit 99.1 | News Release Dated May 3, 2012 and Financial Statements | Attached as Exhibit |
Exhibit 99.2 | Charts Furnished to Securities Analysts | Attached as Exhibit |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GENERAL MOTORS COMPANY (Registrant) | ||
/s/ Nick S. Cyprus | ||
Date: May 3, 2012 | By: | Nick S. Cyprus Vice President, Controller and Chief Accounting Officer |
Exhibit 99.1
For Release: May 3, 7:30 a.m. EDT
GM Reports First Quarter Net Income of $1.0 Billion
and EBIT-adjusted of $2.2 billion
Net income of $0.60 per share after net loss from special items of $0.33 per share
DETROIT - General Motors Co. (NYSE: GM) today announced first quarter net income attributable to common stockholders of $1.0 billion, or $0.60 per fully-diluted share. These results include a net loss from special items related to goodwill impairment that reduced net income by $0.6 billion, or $0.33 per fully-diluted share.
In the first quarter of 2011, GM's net income attributable to common stockholders was $3.2 billion, or $1.77 per fully-diluted share, including a net gain from special items of $1.5 billion or $0.82 per share.
Net revenue in the first quarter of 2012 was $37.8 billion, an increase of $1.6 billion compared with the first quarter of 2011. Earnings before interest and tax (EBIT) adjusted was $2.2 billion, an increase of $0.2 billion compared with the first quarter of 2011.
“The U.S. economic recovery, record demand for GM vehicles in China and the global growth of the Chevrolet brand helped deliver solid earnings for General Motors,” said Dan Akerson, chairman and CEO. “New products are starting to make a difference in South America but Europe remains a work in progress. We'll continue to work on both revenue and cost opportunities until we have brought GM to competitive levels of profitability.”
GM Results Overview (in billions except for per share amounts)
Q1 2012 | Q1 2011 | |||||
Revenue | $ | 37.8 | $ | 36.2 | ||
Net income attributable to common stockholders | $ | 1.0 | $ | 3.2 | ||
Earnings per share (EPS) fully diluted | $ | 0.60 | $ | 1.77 | ||
Impact of special items on EPS fully diluted | $ | (0.33 | ) | $ | 0.82 | |
EBIT-adjusted | $ | 2.2 | $ | 2.0 | ||
Automotive net cash flow from operating activities | $ | 2.3 | $ | (0.6 | ) | |
Automotive free cash flow | $ | 0.3 | $ | (1.9 | ) | |
Segment Results
• | GM North America (GMNA) reported EBIT-adjusted of $1.7 billion, including restructuring costs of $0.1 billion, an improvement of $0.4 billion compared with the first quarter of 2011. |
• | GM Europe (GME) reported an EBIT-adjusted loss of $0.3 billion compared with break-even results in the first quarter of 2011. |
1
• | GM International Operations (GMIO) reported EBIT-adjusted of $0.5 billion, compared with $0.6 billion in the first quarter of 2011. |
• | GM South America's (GMSA) EBIT-adjusted of $0.1 billion was flat compared with the first quarter of 2011. |
• | GM Financial earnings before tax was $0.2 billion for the quarter, a $0.1 billion increase from the prior year. |
Cash Flow and Liquidity
For the quarter, automotive cash flow from operating activities was $2.3 billion and automotive free cash flow was $0.3 billion. GM ended the quarter with very strong total automotive liquidity of $37.3 billion. Automotive cash and marketable securities was $31.5 billion compared with $31.6 billion at the end of the fourth quarter of 2011.
2012 GMNA Outlook
With the strengthening U.S. economy helping release pent-up demand, GM now expects that full-year 2012 U.S. light vehicle sales will be in the 14.0 million - 14.5 million range. Previously, the company expected sales to fall between 13.5 million - 14.0 million units.
Based upon the company's current outlook, GMNA's results for the second and third quarters of 2012 are expected to be comparable to the first quarter of 2012 due to the scheduled downtime at factories that produce full-size trucks.
“We are aggressively eliminating complexity to reduce our costs, and at that same time, we are preparing for more than 20 major vehicle launches around the world in 2012 to drive revenue this year and farther into the future,” said Dan Ammann, senior vice president and CFO.
General Motors Co. (NYSE:GM, TSX: GMM) and its partners produce vehicles in 30 countries, and the company has leadership positions in the world's largest and fastest-growing automotive markets. GM's brands include Chevrolet and Cadillac, as well as Baojun, Buick, GMC, Holden, Isuzu, Daewoo, Jiefang, Opel, Vauxhall and Wuling. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://www.gm.com.
Contacts: | ||
Jim Cain | Randy Arickx | |
Cell 313-407-2843 | Cell 313-268-7070 | |
james.cain@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. GM's 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.
1
Exhibit 1
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The accompanying tables and charts include earnings before interest and taxes adjusted for special items, presented net of noncontrolling interests, and Automotive free cash flow. These metrics 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-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 between periods and 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-adjusted to its most comparable U.S. GAAP measure (dollars in millions):
Three Months Ended March 31, | |||||||
2012 | 2011 | ||||||
Operating segments | |||||||
GMNA(a) | $ | 1,691 | $ | 1,253 | |||
GME(a) | (256 | ) | 5 | ||||
GMIO(a) | 529 | 586 | |||||
GMSA(a) | 83 | 90 | |||||
GM Financial(b) | 181 | 130 | |||||
Total operating segments(b) | 2,228 | 2,064 | |||||
Corporate and eliminations | (46 | ) | (22 | ) | |||
EBIT-adjusted(b) | 2,182 | 2,042 | |||||
Special items | (612 | ) | 1,483 | ||||
Interest income | 89 | 127 | |||||
Automotive interest expense | 110 | 149 | |||||
Loss on extinguishment of debt | 18 | — | |||||
Income tax expense | 216 | 137 | |||||
Net income attributable to stockholders | $ | 1,315 | $ | 3,366 | |||
__________
(a) | GM's automotive operations interest and income taxes are recorded centrally in Corporate; therefore, there are no reconciling items for GM's automotive operating segments between EBIT-adjusted and Net income attributable to stockholders. |
(b) | GM Financial amounts represent income before income taxes. |
1
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following summarizes the special items:
In the three months ended March 31, 2012 special items included the following:
• | Goodwill impairment charges of $590 million in GME and $22 million in GMIO. |
In the three months ended March 31, 2011 special items included the following:
• | 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, Inc. preferred stock; |
• | Goodwill impairment charges of $395 million in GME; and |
• | Charges of $106 million in GMIO related to GM's India joint venture. |
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, | |||||||
2012 | 2011 | ||||||
Automotive free cash flow | $ | 282 | $ | (1,918 | ) | ||
Capital expenditures | 1,990 | 1,322 | |||||
Automotive net cash provided by (used in) operating activities | $ | 2,272 | $ | (596 | ) | ||
2
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Three Months Ended March 31, 2012 | |||||||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 24,176 | $ | 5,513 | $ | 6,060 | $ | 3,939 | $ | 15 | $ | (2,375 | ) | $ | 37,328 | $ | 431 | $ | — | $ | 37,759 | ||||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 888 | $ | 280 | $ | 129 | $ | 118 | $ | 12 | $ | — | $ | 1,427 | $ | 43 | $ | (2 | ) | $ | 1,468 | ||||||||||||||||||
Equity income, net of tax | $ | 2 | $ | — | $ | 421 | $ | — | $ | — | $ | — | $ | 423 | $ | — | $ | — | $ | 423 | |||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Three Months Ended March 31, 2011 | |||||||||||||||||||||||||||||||||||||||
Total net sales and revenue(a) | $ | 22,110 | $ | 6,870 | $ | 5,208 | $ | 3,896 | $ | 16 | $ | (2,201 | ) | $ | 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 | $ | 1,729 | $ | — | $ | 415 | $ | — | $ | — | $ | — | $ | 2,144 | $ | — | $ | — | $ | 2,144 | |||||||||||||||||||
__________
(a) | Presentation of intersegment sales has been adjusted to conform to the current presentation. |
3
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
March 31, 2012 | December 31, 2011 | ||||
Worldwide Employment (thousands) | |||||
GMNA | 100 | 98 | |||
GME | 39 | 39 | |||
GMIO | 35 | 34 | |||
GMSA | 32 | 33 | |||
GM Financial | 3 | 3 | |||
Total Worldwide | 209 | 207 | |||
U.S. - Salaried | 29 | 29 | |||
U.S. - Hourly | 50 | 48 | |||
4
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Three Months Ended March 31, | |||||
2012 | 2011 | ||||
Production Volume (units in thousands)(a) | |||||
GMNA - Cars | 321 | 284 | |||
GMNA - Trucks | 541 | 502 | |||
Total GMNA | 862 | 786 | |||
GME | 292 | 344 | |||
GMIO - Consolidated Entities | 275 | 257 | |||
GMIO - Joint Ventures(b) | 792 | 709 | |||
Total GMIO | 1,067 | 966 | |||
GMSA | 203 | 231 | |||
Total Worldwide | 2,424 | 2,327 | |||
__________
(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. |
5
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Three Months Ended March 31, | |||||
2012 | 2011 | ||||
Vehicle Sales (units in thousands)(a)(b)(c) | |||||
United States | |||||
Chevrolet - Cars | 217 | 181 | |||
Chevrolet - Trucks | 151 | 144 | |||
Chevrolet - Crossovers | 80 | 91 | |||
Cadillac | 31 | 41 | |||
Buick | 37 | 45 | |||
GMC | 92 | 91 | |||
Total United States | 608 | 593 | |||
Canada, Mexico and Other | 95 | 92 | |||
Total GMNA | 703 | 684 | |||
GME | |||||
Opel/Vauxhall | 275 | 321 | |||
Chevrolet | 122 | 112 | |||
Other | 1 | 1 | |||
Total GME | 398 | 434 | |||
GMIO | |||||
Chevrolet | 288 | 259 | |||
Wuling | 355 | 337 | |||
Buick | 181 | 166 | |||
GM Daewoo | — | 15 | |||
Holden | 31 | 32 | |||
GMC | 11 | 7 | |||
Cadillac | 9 | 8 | |||
Other | 53 | 29 | |||
Total GMIO(d) | 928 | 852 | |||
GMSA | |||||
Chevrolet | 248 | 245 | |||
Other | 1 | 3 | |||
Total GMSA | 249 | 248 | |||
Total Worldwide | 2,278 | 2,218 | |||
__________
(a) | GMNA vehicle sales primarily represent sales to the end customer. GME, GMIO and GMSA vehicle sales primarily represent estimated sales to the end customer. In countries where end customer data is not readily available other data sources, such as wholesale or forecast volumes, are used to estimate vehicle sales. |
(b) | 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. |
(c) | Vehicle sales data may include rounding differences. |
(d) | Includes the following joint venture sales: |
Three Months Ended March 31, | |||||
2012 | 2011 | ||||
Joint venture sales in China | |||||
SGM | 337 | 310 | |||
SGMW and FAW-GM | 407 | 376 | |||
Joint venture sales in India | |||||
HKJV | 28 | 29 | |||
6
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Three Months Ended March 31, | |||
2012 | 2011 | ||
Market Share(a)(b) | |||
United States - Cars | 14.3% | 15.5% | |
United States - Trucks | 22.8% | 24.8% | |
United States - Crossovers | 17.3% | 19.8% | |
Total United States | 17.2% | 19.0% | |
Total GMNA | 16.7% | 18.3% | |
Total GME | 8.2% | 8.4% | |
Total GMIO(c) | 9.4% | 9.3% | |
Total GMSA | 18.4% | 18.8% | |
Total Worldwide | 11.3% | 11.4% | |
U.S. Retail/Fleet Mix | |||
% Fleet Sales - Cars | 33.4% | 28.6% | |
% Fleet Sales - Trucks | 25.0% | 21.1% | |
% Fleet Sales - Crossovers | 17.2% | 19.7% | |
Total Vehicles | 26.7% | 23.6% | |
GMNA Capacity Utilization(d) | 103.0% | 97.3% | |
__________
(a) | Market share information is based on vehicle sales volume. |
(b) | GMNA vehicle sales primarily represent sales to the end customer. GME, GMIO and GMSA vehicle sales primarily represent estimated sales to the end customer. In countries where end customer data is not readily available other data sources, such as wholesale or forecast volumes, are used to estimate vehicle sales. |
(c) | Includes the following joint venture sales: |
Three Months Ended March 31, | |||||
2012 | 2011 | ||||
Joint venture sales in China | |||||
SGM | 337 | 310 | |||
SGMW and FAW-GM | 407 | 376 | |||
Joint venture sales in India | |||||
HKJV | 28 | 29 | |||
(d) | Two shift rated, annualized. |
7
General Motors Company and Subsidiaries
Condensed Consolidated Income Statements
(In millions, except per share amounts)
(Unaudited)
Three Months Ended March 31, | |||||||
2012 | 2011 | ||||||
Net sales and revenue | |||||||
Automotive sales and revenue | $ | 37,328 | $ | 35,899 | |||
GM Financial revenue | 431 | 295 | |||||
Total net sales and revenue | 37,759 | 36,194 | |||||
Costs and expenses | |||||||
Automotive cost of sales | 32,910 | 31,685 | |||||
GM Financial operating and other expenses | 248 | 165 | |||||
Automotive selling, general and administrative expense | 2,973 | 2,994 | |||||
Other automotive expenses, net | 15 | 6 | |||||
Goodwill impairment charges | 617 | 395 | |||||
Total costs and expenses | 36,763 | 35,245 | |||||
Operating income | 996 | 949 | |||||
Automotive interest expense | 110 | 149 | |||||
Interest income and other non-operating income, net | 275 | 604 | |||||
Loss on extinguishment of debt | 18 | — | |||||
Income before income taxes and equity income | 1,143 | 1,404 | |||||
Income tax expense | 216 | 137 | |||||
Equity income, net of tax and gain on disposal of investments | 423 | 2,144 | |||||
Net income | 1,350 | 3,411 | |||||
Net income attributable to noncontrolling interests | (35 | ) | (45 | ) | |||
Net income attributable to stockholders | $ | 1,315 | $ | 3,366 | |||
Net income attributable to common stockholders | $ | 1,004 | $ | 3,151 | |||
Earnings per share | |||||||
Basic | |||||||
Basic earnings per common share | $ | 0.64 | $ | 2.09 | |||
Weighted-average common shares outstanding | 1,572 | 1,504 | |||||
Diluted | |||||||
Diluted earnings per common share | $ | 0.60 | $ | 1.77 | |||
Weighted-average common shares outstanding | 1,692 | 1,817 | |||||
8
General Motors Company and Subsidiaries
Basic and Diluted Earnings per Share
(Unaudited)
In the three months ended March 31, 2012 GM was required to use the two-class method for calculating earnings per share as the applicable market value of its common stock was below $33.00 per common share in the period ended March 31, 2012.
The following table summarizes basic and diluted earnings per share for three months ended March 31, 2012 and 2011 (in millions, except per share amounts):
Three Months Ended March 31, | |||||||
2012 | 2011 | ||||||
Basic earnings per share | |||||||
Net income attributable to stockholders(a) | $ | 1,315 | $ | 3,366 | |||
Less: cumulative dividends on preferred stock and undistributed earnings allocated to Series B Preferred Stock participating security(b) | (311 | ) | (215 | ) | |||
Net income attributable to common stockholders | $ | 1,004 | $ | 3,151 | |||
Weighted-average common shares outstanding - basic | 1,572 | 1,504 | |||||
Basic earnings per share | $ | 0.64 | $ | 2.09 | |||
Diluted earnings per share | |||||||
Net income attributable to stockholders(a) | $ | 1,315 | $ | 3,366 | |||
Less: cumulative dividends on preferred stock and undistributed earnings allocated to Series B Preferred Stock participating security(c) | (305 | ) | (215 | ) | |||
Add: preferred dividends to holders of Series B Preferred Stock | — | 59 | |||||
Net income attributable to common stockholders | $ | 1,010 | $ | 3,210 | |||
Weighted-average shares outstanding - diluted | |||||||
Weighted-average common shares outstanding - basic | 1,572 | 1,504 | |||||
Dilutive effect of warrants | 116 | 162 | |||||
Dilutive effect of conversion of Series B Preferred Stock | — | 148 | |||||
Dilutive effect of restricted stock units | 4 | 3 | |||||
Weighted-average common shares outstanding - diluted | 1,692 | 1,817 | |||||
Diluted earnings per share | $ | 0.60 | $ | 1.77 | |||
__________
(a) | Includes earned but undeclared dividends of $26 million on GM's Series A Preferred Stock and $20 million on GM's Series B Preferred Stock in the three months ended March 31, 2012 and 2011. |
(b) | Includes cumulative dividends on preferred stock of $215 million and earnings of $96 million that have been allocated to the Series B Preferred Stock holders in the three months ended March 31, 2012 and cumulative dividends on preferred stock of $215 million in the three months ended March 31, 2011. |
(c) | Includes cumulative dividends on preferred stock of $215 million and earnings of $90 million that have been allocated to the Series B Preferred Stock holders in the three months ended March 31, 2012 and cumulative dividends on preferred stock of $215 million in the three months ended March 31, 2011. |
9
General Motors Company and Subsidiaries
Condensed Consolidated Balance Sheets
(In millions, except share amounts)
(Unaudited)
March 31, 2012 | December 31, 2011 | ||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 17,378 | $ | 16,071 | |||
Marketable securities | 14,686 | 16,148 | |||||
Restricted cash and marketable securities | 924 | 1,005 | |||||
Accounts and notes receivable (net of allowance of $390 and $331) | 12,485 | 9,964 | |||||
GM Financial finance receivables, net (including gross finance receivables transferred to SPEs of $3,357 and $3,295) | 3,314 | 3,251 | |||||
Inventories | 15,844 | 14,324 | |||||
Equipment on operating leases, net | 2,600 | 2,464 | |||||
Other current assets and deferred income taxes | 1,985 | 1,696 | |||||
Total current assets | 69,216 | 64,923 | |||||
Non-current Assets | |||||||
Restricted cash and marketable securities | 1,151 | 1,228 | |||||
GM Financial finance receivables, net (including gross finance receivables transferred to SPEs of $5,742 and $5,773) | 6,162 | 5,911 | |||||
Equity in net assets of nonconsolidated affiliates | 6,793 | 6,790 | |||||
Property, net | 24,275 | 23,005 | |||||
Goodwill | 28,433 | 29,019 | |||||
Intangible assets, net | 9,687 | 10,014 | |||||
GM Financial equipment on operating leases, net (including assets transferred to SPEs of $373 and $274) | 1,066 | 785 | |||||
Other assets and deferred income taxes | 3,411 | 2,928 | |||||
Total non-current assets | 80,978 | 79,680 | |||||
Total Assets | $ | 150,194 | $ | 144,603 | |||
LIABILITIES AND EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable (principally trade) | $ | 27,576 | $ | 24,551 | |||
Short-term debt and current portion of long-term debt | |||||||
Automotive (including certain debt at GM Korea of $116 and $171) | 1,557 | 1,682 | |||||
GM Financial | 3,793 | 4,118 | |||||
Accrued liabilities (including derivative liabilities at GM Korea of $26 and $44) | 23,651 | 22,875 | |||||
Total current liabilities | 56,577 | 53,226 | |||||
Non-current Liabilities | |||||||
Long-term debt | |||||||
Automotive | 3,828 | 3,613 | |||||
GM Financial | 5,046 | 4,420 | |||||
Postretirement benefits other than pensions | 6,832 | 6,836 | |||||
Pensions | 25,017 | 25,075 | |||||
Other liabilities and deferred income taxes | 12,754 | 12,442 | |||||
Total non-current liabilities | 53,477 | 52,386 | |||||
Total Liabilities | 110,054 | 105,612 | |||||
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, 2012 and December 31, 2011) | 5,536 | 5,536 | |||||
Series B (100,000,000 shares issued and outstanding (each with a $50.00 liquidation preference) at March 31, 2012 and December 31, 2011) | 4,855 | 4,855 | |||||
Common stock, $0.01 par value (5,000,000,000 shares authorized and 1,565,842,758 shares and 1,564,727,289 shares issued and outstanding at March 31, 2012 and December 31, 2011) | 16 | 16 | |||||
Capital surplus (principally additional paid-in capital) | 26,334 | 26,391 | |||||
Retained earnings | 8,283 | 7,183 | |||||
Accumulated other comprehensive loss | (5,768 | ) | (5,861 | ) | |||
Total stockholders’ equity | 39,256 | 38,120 | |||||
Noncontrolling interests | 884 | 871 | |||||
Total Equity | 40,140 | 38,991 | |||||
Total Liabilities and Equity | $ | 150,194 | $ | 144,603 | |||
10
General Motors Company Q1 2012 Results May 3, 2012 Exhibit 99.2
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,” “outlook” 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 may 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 financing sources, 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 provides information about these and other factors, which we may revise or supplement in future reports to the SEC. 1
First Quarter 2012 Highlights 2 Q1 ‘11 Q1 ‘12 vs. Q1 ‘11 Global Deliveries 2.2M 2.3M Net Revenue $36.2B $37.8B Net Income to Common $3.2B $1.0B Net Cash from Operating Activities - Automotive $(0.6)B $2.3B EBIT- Adjusted $2.0B $2.2B - GMNA $1.3B $1.7B - GME $0.0B $(0.3)B - GMIO $0.6B $0.5B - GMSA $0.1B $0.1B - Automotive Free Cash Flow $(1.9)B $0.3B Favorable Unfavorable Note: EBIT- Adjusted includes GM Financial on an Earnings Before Tax (EBT) basis
First Quarter Highlights • Created a global alliance with PSA Peugeot • Set quarterly sales record in China • Sales in Russia increased 29% • Record global Chevrolet sales – 1.2 million vehicles • Selected a single global advertising agency for Chevrolet • Named Wells Fargo & Co. as retail and wholesale financing partner in western U.S. • Pension de-risking • Important product announcements – Chevrolet Impala – CNG bi-fuel pick-ups 3
Q1 2011 Q1 2012 GAAP Net Revenue ($B) 36.2 37.8 Operating Income ($B) 0.9 1.0 Net Income to Common Stockholders ($B) 3.2 1.0 EPS – Diluted ($/Share) 1.77 0.60 Net Cash from Operating Activities – Automotive ($B) (0.6) 2.3 Non- GAAP EBIT- Adjusted ($B) 2.0 2.2 EBIT- Adjusted % Revenue 5.6% 5.8% Automotive Free Cash Flow ($B) (1.9) 0.3 Summary of Q1 2012 Results 4 Note: EBIT- Adjusted includes GM Financial on an Earnings Before Tax (EBT) basis
5 Q1 2011 Q1 2012 Net Income to Common Stockholders ($B) 3.2 1.0 EPS – Diluted ($/Share) 1.77 0.60 Included in Above ($B): - Gain on Sale of Delphi Membership Interest 1.6 0.0 - Gain on Sale of Ally Preferred 0.3 0.0 - India JV Impairment & related charges (0.1) 0.0 - Goodwill Impairment (0.4) (0.6) Total Impact Net Income to Common Stockholders ($B) 1.5 (0.6) Total Impact EPS – Diluted ($/Share) 0.82 (0.33) Note: Results may not foot due to rounding Impact of Special Items
1.3 0.0 0.6 0.1 0.1 0.0 2.0 1.7 (0.3) 0.5 0.1 0.2 0.0 2.2 GMNA GME GMIO GMSA GM Financial* Corp. / Elims Total GM EBIT- Adjusted ($B) GMNA GME GMIO GMSA GM Financial* Corp./ Elims Total GM Q1 2011 Q1 2012 Note: Results may not foot due to rounding 6 Q1 EBIT- Adjusted * GM Financial at an Earnings Before Tax basis (EBT)
0.0 1.0 2.0 3.0 4.0 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Earnings Before Interest & Taxes - Adjusted ($B) Revenue ($B) 36.2 39.4 36.7 38.0 37.8 Oper. Inc % Rev 2.6% 6.2% 4.9% 1.2% 2.6% EBIT- Adj. % Rev 5.6% 7.5% 6.1% 2.9% 5.8% Production (000’s) 2,327 2,400 2,221 2,319 2,424 Global Share 11.4% 12.3% 12.1% 11.6% 11.3% 2.0 Note: EBIT- Adjusted includes GM Financial on an Earnings Before Tax (EBT) basis 7 3.0 2.2 1.1 2.2
Consolidated EBIT- Adj. – Q1 2011 vs. Q1 2012 Q1 2011 Q1 2012 $0.2B Increase 8 Note: EBIT- Adjusted includes GM Financial on an Earnings Before Tax (EBT) basis EBIT-Adj. EBIT-Adj. Volume Price Cost Other Mix (0.2) 0.8 (0.9) 0.1 2.0 2.2 0.4 ($B)
2,500 3,000 3,500 4,000 4,500 5,000 5,500 6% 8% 10% 12% 14% 16% 18% 20% 22% Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Key GMNA Performance Indicators Avg. U.S. Retail Incentive as % of ATP GM % 12.5 13.1 9.7 8.7 8.9 8.7 9.7 10.1 9.8 8.9 10.7 10.4 10.0 10.1 11.0 10.3 GM vs. Ind. (GM % / Ind. %) 1.25 1.22 0.95 0.99 1.08 0.99 0.98 1.03 1.03 1.03 1.12 1.07 1.09 1.06 1.13 1.15 Share $/Unit U.S. Retail Share U.S. Total Share Avg. GM U.S. Retail Incentive Note: Incentive & ATP Information Based on J.D. Power and Associates Power Information Network data Apr 2012 Est. 9
(1.0) 0.0 1.0 2.0 3.0 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 GMNA EBIT- Adjusted ($B) Revenue ($B) 22.1 23.1 21.9 23.1 24.2 EBIT- Adj. % Rev 5.7% 9.7% 10.2% 6.5% 7.0% U.S. Dealer Inv (000’s) 574 605 558 583 713 Production (000’s) 786 824 740 739 862 GMNA Share 18.3% 19.1% 18.8% 17.5% 16.7% 1.3 10 2.2 2.2 1.5 1.7
GMNA EBIT- Adj. – Q1 2011 vs. Q1 2012 Q1 2011 Q1 2012 $0.4B Improvement 0.4 0.6 (0.3) 0.0 1.3 1.7 11 (0.3) EBIT-Adj. EBIT-Adj. Volume Price Cost Other Mix ($B)
(1.0) 0.0 1.0 2.0 3.0 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 GME EBIT- Adjusted ($B) Revenue ($B) 6.9 7.5 6.2 6.3 5.5 EBIT- Adj. % Rev 0.1% 1.4% (4.7)% (9.0)% (4.6)% Production (000’s) 344 326 270 249 292 GME Share 8.4% 9.0% 8.9% 8.5% 8.2% 0.0 12 0.1 (0.3) (0.6) (0.3)
GME EBIT- Adj. – Q1 2011 vs. Q1 2012 Q1 2011 Q1 2012 $0.3B Decrease 0.0 (0.2) 0.0 (0.1) 0.0 (0.3) 13 0.0 EBIT-Adj. EBIT-Adj. Volume Price Cost Other Mix ($B)
0.5 0.4 0.4 0.3 0.4 (1.0) 0.0 1.0 2.0 3.0 GMIO EBIT- Adjusted ($B) Revenue ($B) EBIT-Adj. margin from consolidated operations* Total China JV NI/Rev** 5.2 3.1% 12.0% 6.4 3.7% 11.1% 6.1 (0.6)% 10.5% 7.0 1.5% 8.4% 6.1 2.1% 10.2% Total Production (000’s) 966 1,003 968 1,104 1,067 GMIO Share 9.3% 9.8% 9.6% 9.5% 9.4% 0.6 14 0.6 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 * Excludes equity income and non-controlling interest adjustment. ** Revenue not consolidated in GM results, pro-rata share of earnings reported as equity income 0.4 Equity Income 0.4 0.5
GMIO EBIT- Adj. – Q1 2011 vs. Q1 2012 Q1 2011 Q1 2012 $0.1B Decrease 0.2 0.1 (0.4) 0.0 0.6 0.5 15 0.0 EBIT-Adj. EBIT-Adj. Volume Price Cost Other Mix ($B)
(1.0) 0.0 1.0 2.0 3.0 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 GMSA EBIT- Adjusted ($B) Revenue ($B) 3.9 4.4 4.4 4.2 3.9 EBIT- Adj. % Rev 2.3% 1.4% (1.0)% (5.4)% 2.1% Production (000’s) 231 247 243 227 203 GMSA Share 18.8% 19.3% 18.7% 18.4% 18.4% 0.1 0.1 0.0 16 (0.2) 0.1
GMSA EBIT- Adj. – Q1 2011 vs. Q1 2012 Q1 2011 Q1 2012 $0.0B Increase 0.1 0.0 (0.2) 0.1 0.1 0.1 17 0.1 EBIT-Adj. EBIT-Adj. Volume Price Cost Other Mix ($B) Note: Results may not foot due to rounding
Automotive Free Cash Flow – Q1 2011 vs. Q1 2012 ($B) Q1 2011 Q1 2012 Net Income to Common Stockholders 3.2 1.0 Add-back Non-Controlling Interests, Preferred Dividends & undistributed earnings allocated to Series B 0.3 0.3 Deduct Non-Auto (GM Financial) (0.1) (0.1) Automotive Income 3.4 1.2 Special Items (1.5) 0.6 Depreciation / Amortization / Impairment 1.6 1.4 Working Capital (2.9) (0.7) Pension / OPEB – Cash in Excess of Expense (0.4) (0.2) Other (0.8) (0.1) Automotive Net Cash Provided/(Used) Operating Activities (0.6) 2.3 Capital Expenditures (1.3) (2.0) Automotive Free Cash Flow (1.9) 0.3 18 Note: Results may not foot due to rounding
Key Automotive Balance Sheet Items ($B) Mar. 31 2011 Dec. 31 2011 Mar. 31 2012 Cash & marketable securities 30.6 31.6 31.5 Available Credit Facilities 5.9 5.9 5.9 Available Liquidity 36.5 37.5 37.3 Key Obligations: Debt 5.0 5.3 5.4 Series A Preferred Stock 5.5 5.5 5.5 U.S. Pension Underfunded Status 11.2 13.3 12.9 Non-U.S. Pension Underfunded Status 10.0 11.2 11.6 Unfunded OPEB 10.0 7.3 7.3 (1) Includes Canadian Healthcare Trust restricted cash (2) Excludes U.S. non-qualified plan PBO of ~$0.9 billion (3) Balance is rolled forward and does not reflect re-measurement. 19 (3) Note: Results may not foot due to rounding (3) (3) (3) (3) (3) (2) (1) (1)
GM Financial Q1 2011 Q1 2012 Industry Avg. (Excl. GM) Q1 2011 Q1 2012 GM Sales Penetrations U.S. Subprime (<=620) 6.1% 8.2% 5.5% 6.0% U.S. Lease 17.2% 12.6% 23.1% 21.6% Canada Lease 3.9% 8.9% 20.9% 19.0% GM / GM Financial Linkage GM as % of GM Financial Originations (GM New / GMF Loan & Lease) 39% 45% GMF as % of GM U.S. S/P & Lease 18% 23% GM Financial Performance GM Financial Credit Losses (annualized net credit losses as % avg. finance receivables) 4.0% 2.5% EBT ($M) 130 181 20 Note: GM Sales Penetrations based on JD Power PIN
• Expect U.S. light vehicle sales to be 14.0 – 14.5 million • Expect GMNA Q2 & Q3 results to be in the range of Q1 – Affected by full-size truck production decreases versus last year • Expect effective tax rate similar to Q1 (12%-13%) – Excluding special items 21 2012 Outlook
First Quarter Summary • Improved Sales volumes Pricing EBIT-Adjusted EBIT-Adjusted margins Cash Flow • More than 20 major product launches in 2012 – Cadillac ATS & XTS in GMNA – Opel Mokka in GME – Chevrolet Sail in GMIO – Chevrolet mid-size truck in GMSA 22
General Motors Company Select Supplemental Financial Information
Global Deliveries Note: GM deliveries include vehicles sold around the world under GM and JV brands, and through GM-branded distribution network. S1 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 GMNA 684 784 746 712 703 GME 434 487 415 415 398 Chevrolet in GME 112 145 134 138 122 GMIO 852 775 811 844 928 China 686 588 619 654 745 GMSA 248 274 277 267 249 Brazil 143 161 161 168 137 Global Deliveries 2,218 2,320 2,249 2,238 2,278
Global Market Share Note: GM market share include vehicles sold around the world under GM and JV brands, and through GM-branded distribution network. Market share data excludes the markets of Iran, North Korea, Sudan and Syria S2 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 GMNA 18.3% 19.1% 18.8% 17.5% 16.7% U.S. 19.0% 20.0% 19.7% 18.0% 17.2% GME 8.4% 9.0% 8.9% 8.5% 8.2% Germany 8.2% 8.9% 8.6% 8.4% 7.6% U.K. 12.6% 13.3% 11.9% 12.1% 11.0% GMIO 9.3% 9.8% 9.6% 9.5% 9.4% China 13.6% 13.4% 14.4% 13.2% 15.1% India 3.1% 3.4% 3.6% 3.4% 2.7% GMSA 18.8% 19.3% 18.7% 18.4% 18.4% Brazil 17.3% 17.6% 17.1% 17.6% 16.7% Global Market Share 11.4% 12.3% 12.1% 11.6% 11.3%
Operating Income Walk to EBIT- Adjusted ($B) Q1 2011 Q1 2012 Operating Income 0.9 1.0 Equity Income 2.1 0.4 Non-Controlling Interests 0.0 0.0 Non-Operating Income 0.5 0.2 Special Items (1.5) 0.6 EBIT- Adjusted 2.0 2.2 Note: EBIT-Adjusted includes GM Financial on an Earnings Before Tax (EBT) basis S3
Reconciliation of EBIT- Adjusted ($B) Q1 2011 Q1 2012 Net Income to Common Stockholders 3.2 1.0 Add Back: Undistributed earnings allocated to Series B (Basic) N/A 0.1 Dividends on Preferred Stock 0.2 0.2 Interest Expense / (Income) 0.0 0.0 Income Tax Expense 0.1 0.2 Special Items: - Gain on Sale of Delphi Membership Interest (1.6) 0.0 - Gain on Sale of Ally Preferred (0.3) 0.0 - India JV Impairment & related charges 0.1 0.0 - Goodwill Impairment 0.4 0.6 Total Special Items (1.5) 0.6 EBIT- Adjusted 2.0 2.2 Note: Results may not foot due to rounding S4 Note: EBIT-Adj. includes GM Financial on an Earnings Before Tax (EBT) basis
Restructuring (not included in special items) ($B) Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 GMNA – Dealer Related 0.0 0.0 0.0 0.0 0.0 GMNA – Non-Dealer Related 0.0 0.0 (0.1) 0.0 (0.1) Total GMNA 0.0 0.0 (0.1) 0.0 (0.1) Total GME 0.0 (0.1) (0.1) (0.2) 0.0 Total GMIO 0.0 0.0 0.0 0.0 0.0 Total GMSA 0.0 0.0 0.0 (0.1) 0.0 Total (0.1) (0.1) (0.2) (0.2) (0.1) S5 Note: Results may not foot due to rounding
Reconciliation of Automotive Free Cash Flow ($B) Q1 2011 Q1 2012 Net cash provided by operating activities (0.4) 2.5 Less net cash provided by operating activities-GM Financial 0.2 0.2 Automotive Net Cash Provided/(Used) Operating Activities (0.6) 2.3 Capital expenditures (1.3) (2.0) Automotive Free Cash Flow (1.9) 0.3 S6
GM Financial – Key Metrics ($M) Q1 2011 Q1 2012 Earnings Before Tax 130 181 Total Loan and Lease Originations 1,449 1,780 GM New Vehicles as % of Total 39% 45% Finance Receivables 8,750 10,001 Delinquencies (>30 days)* 5.3% 4.4% Annualized Net Credit Losses as % of Avg. Finance Receivables 4.0% 2.5% S7 * Excludes finance receivables in repossession
Calculation of EBIT- Adj. as a Percent of Revenue Total GM ($B) Q1 2011 % Q2 2011 % Q3 2011 % Q4 2011 % Q1 2012 % Revenue 36.2 39.4 36.7 38.0 37.8 Operating Income 0.9 2.6% 2.5 6.2% 1.8 4.9% 0.5 1.2% 1.0 2.6% EBIT- Adjusted 2.0 5.6% 3.0 7.5% 2.2 6.1% 1.1 2.9% 2.2 5.8% GMIO Consolidated Results ($B) Q1 2011 % Q2 2011 % Q3 2011 % Q4 2011 % Q1 2012 % Revenue 5.2 6.4 6.1 7.0 6.1 Operating Income 0.1 1.8% 0.2 2.4% 0.0 0.2% (0.3) (3.6)% 0.1 0.9% Non-Operating Income (Expense) 0.0 0.1 (0.1) 0.1 0.0 Plus Special Items 0.1 0.0 0.0 0.3 0.0 EBIT-Adjusted from consolidated operations 0.2 3.1% 0.2 3.7% 0.0 (0.6)% 0.1 1.5% 0.1 2.1% Note: EBIT- Adjusted includes GM Financial on an Earnings Before Tax (EBT) basis; Results may not foot due to rounding; Certain data has been adjusted to conform to the current presentation S8