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) April 24, 2014
___________________
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)) | |
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On April 24, 2014 a news release was issued on the subject of 2014 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 2014 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 April 24, 2014 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/ THOMAS S. TIMKO | ||
Date: April 24, 2014 | By: | Thomas S. Timko Vice President, Controller and Chief Accounting Officer |
Exhibit 99.1
For Release: Thursday, April 24, 7:30 a.m. EDT
GM Reports First Quarter Net Income of $0.1 Billion
Net income reduced by recall charge and special items
• | EBIT-adjusted of $0.5 billion, reduced by $1.3 billion pre-tax recall charge and $0.3 billion in restructuring costs |
• | Company records strong core operating performance in first quarter |
• | Revenue and free cash flow improved year-over-year |
DETROIT - General Motors Co. (NYSE: GM) today announced first quarter net income attributable to common stockholders of $0.1 billion, or $0.06 per diluted share. Strong core operating performance during the quarter was more than offset by a net loss from special items of $0.4 billion, or $(0.23) per diluted share, and a $1.3 billion pre-tax charge primarily for the cost of recall-related repairs, or $(0.48) per diluted share.
Special items in the quarter were primarily related to changing the exchange rate GM uses for re-measuring the net assets of its Venezuelan subsidiaries.
In the first quarter of 2013, GM’s net income attributable to common stockholders was $0.9 billion, or $0.58 per diluted share, including a net loss from special items of $0.2 billion or $(0.09) per diluted share.
Earnings before interest and tax (EBIT) adjusted was $0.5 billion and included the impact of a $1.3 billion pre-tax charge for recall-related costs and $0.3 billion in restructuring costs. This compares to the first quarter of 2013, when the company recorded EBIT-adjusted of $1.8 billion, which included a pre-tax charge of $0.1 billion for recalls and $0.1 billion in restructuring costs.
Net revenue in the first quarter of 2014 was $37.4 billion, compared to $36.9 billion in the first quarter of 2013.
“The performance of our core operations was very strong this quarter, reflecting the positive response of customers to the new vehicles we are bringing to market,” said GM CEO Mary Barra. “Our focus remains on creating the world’s best vehicles with the highest levels of safety, quality and customer service, while aggressively addressing our business opportunities and challenges globally.”
GM Results Overview (in billions except for per share amounts)
Q1 2014 | Q1 2013 | |
Revenue | $37.4 | $36.9 |
Net income attributable to common stockholders | $0.1 | $0.9 |
Earnings per share (EPS) diluted | $0.06 | $0.58 |
Impact of special items on EPS diluted | $(0.23) | $(0.09) |
EBIT-adjusted | $0.5 | $1.8 |
Automotive net cash flow from operating activities | $2.0 | $0.5 |
Adjusted automotive free cash flow | $0.2 | $(1.3) |
1
Segment Results
• | GM North America reported EBIT-adjusted of $0.6 billion which included the impact of a $1.3 billion pre-tax charge for recall costs in the quarter. This compared with EBIT-adjusted of $1.4 billion in the first quarter of 2013. |
• | GM Europe reported EBIT-adjusted of $(0.3) billion, which includes $0.2 billion for restructuring costs. This compares with EBIT-adjusted of $(0.2) billion in the first quarter of 2013. |
• | GM International Operations reported EBIT-adjusted of $0.3 billion, compared with EBIT-adjusted of $0.5 billion in the first quarter of 2013. |
• | GM South America reported EBIT-adjusted of $(0.2) billion, compared with EBIT-adjusted of $0.0 billion in the first quarter of 2013. |
• | GM Financial earnings before tax was $0.2 billion for the quarter, compared with $0.2 billion in the first quarter of 2013. |
Cash Flow and Liquidity
First quarter automotive cash flow from operating activities of $2.0 billion and automotive free cash flow of $0.2 billion were both significantly improved compared with the first quarter of 2013. GM ended the quarter with very strong total automotive liquidity of $37.4 billion. Automotive cash and marketable securities was $27.0 billion compared with $27.9 billion at year-end 2013.
“Our revenue and cash flow improved this quarter and our underlying business performance remains on plan,” said Chuck Stevens, GM executive vice president and CFO. “Executing flawless launches and using our strength in the U.S. and China to restructure key global operations will continue to be our focus this year.”
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, its subsidiaries and joint venture entities sell vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Jiefang, Opel, Vauxhall and Wuling brands. 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:
Tom Henderson 313-410-2704 Global Financial Communications tom.e.henderson@gm.com | Randy Arickx 313-268-7070 GM Investor Relations 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,” “appears,” “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, and the cost and effect on our reputation of product recalls; our ability to maintain adequate financing sources, including as required to fund our planned significant investment in new technology; our ability to successfully integrate Ally Financial’s international operations; the ability of our suppliers to timely deliver parts, components and systems; our ability to realize successful vehicle applications of new technology; overall strength and stability of our markets, particularly outside of North America and China; costs and risks associated with litigation and government investigations including those related to our recent recalls 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.
2
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, (EBIT-adjusted) and Adjusted 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 Adjusted 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 Income before taxes. 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, Income before income taxes (dollars in millions):
Three Months Ended | |||||||
March 31, 2014 | March 31, 2013 | ||||||
Operating segments | |||||||
GMNA | $ | 557 | $ | 1,414 | |||
GME(a) | (284 | ) | (152 | ) | |||
GMIO(a) | 252 | 472 | |||||
GMSA | (156 | ) | (38 | ) | |||
GM Financial(b) | 221 | 180 | |||||
Total operating segments(c) | 590 | 1,876 | |||||
Corporate and eliminations | (124 | ) | (110 | ) | |||
EBIT-adjusted(c) | 466 | 1,766 | |||||
Special items | (427 | ) | (170 | ) | |||
Corporate interest income | 53 | 79 | |||||
Automotive interest expense | (103 | ) | (91 | ) | |||
Net income attributable to noncontrolling interests | 67 | 10 | |||||
Income before income taxes | $ | 56 | $ | 1,594 | |||
__________
(a) | In the three months ended March 31, 2014 GM changed its managerial and financial reporting structure to reclassify the results of our Russian subsidiaries previously reported in our GMIO segment to our GME segment. Prior year segment results have been reclassified so all information is shown on a comparable basis. Consolidated results are unaffected by this change. |
(b) | GM Financial amounts represent income before income taxes-adjusted. |
(c) | GM's automotive operations' interest income and interest expense and income taxes are recorded centrally in Corporate; therefore, there are no reconciling items for GM's automotive operating segments between EBIT-adjusted and Income before income taxes. |
1
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
In the three months ended March 31, 2014 special items consisted of Venezuela currency devaluation of $419 million in GMSA and other of $8 million.
In the three months ended March 31, 2013 special items consisted of Venezuela currency devaluation of $162 million in GMSA and other of $8 million.
The following table summarizes the reconciliation of Automotive adjusted free cash flow to Automotive net cash provided by operating activities (dollars in millions):
Three Months Ended | |||||||
March 31, 2014 | March 31, 2013 | ||||||
Automotive adjusted free cash flow | $ | 248 | $ | (1,325 | ) | ||
Less: Adjustments | — | 71 | |||||
Automotive free cash flow | 248 | (1,396 | ) | ||||
Capital expenditures | 1,752 | 1,939 | |||||
Automotive net cash provided by operating activities | $ | 2,000 | $ | 543 | |||
Adjustments to free cash flow included pension contributions of $71 million related to the previously announced annuitization of the U.S. salaried pension plan in the three months ended March 31, 2013.
The following tables summarize key financial information by segment (dollars in millions):
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 24,404 | $ | 5,620 | $ | 3,230 | $ | 3,025 | $ | 36 | $ | — | $ | 36,315 | $ | 1,097 | $ | (4 | ) | $ | 37,408 | ||||||||||||||||||
Expenditures for property | $ | 1,195 | $ | 201 | $ | 257 | $ | 68 | $ | 31 | $ | — | $ | 1,752 | $ | 7 | $ | — | $ | 1,759 | |||||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 1,092 | $ | 109 | $ | 114 | $ | 101 | $ | 16 | $ | (1 | ) | $ | 1,431 | $ | 176 | $ | — | $ | 1,607 | ||||||||||||||||||
Equity income, net of tax | $ | 4 | $ | 3 | $ | 598 | $ | — | $ | — | $ | — | $ | 605 | $ | — | $ | — | $ | 605 | |||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Three Months Ended March 31, 2013(a) | |||||||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 22,979 | $ | 5,272 | $ | 4,366 | $ | 3,691 | $ | 36 | $ | — | $ | 36,344 | $ | 540 | $ | — | $ | 36,884 | |||||||||||||||||||
Expenditures for property | $ | 1,285 | $ | 219 | $ | 243 | $ | 139 | $ | 52 | $ | 1 | $ | 1,939 | $ | 1 | $ | — | $ | 1,940 | |||||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 926 | $ | 115 | $ | 198 | $ | 130 | $ | 16 | $ | — | $ | 1,385 | $ | 84 | $ | (4 | ) | $ | 1,465 | ||||||||||||||||||
Equity income, net of tax | $ | 5 | $ | 9 | $ | 541 | $ | — | $ | — | $ | — | $ | 555 | $ | — | $ | — | $ | 555 | |||||||||||||||||||
__________
(a) | In the three months ended March 31, 2014 GM changed its managerial and financial reporting structure to reclassify the results of our Russian subsidiaries previously reported in our GMIO segment to our GME segment. Prior year segment results have been reclassified so all information is shown on a comparable basis. Consolidated results are unaffected by this change. |
2
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
March 31, 2014 | December 31, 2013 | ||||
Worldwide Employment (in thousands) | |||||
GMNA | 110 | 109 | |||
GME | 38 | 37 | |||
GMIO | 35 | 36 | |||
GMSA | 30 | 31 | |||
GM Financial | 6 | 6 | |||
Total Worldwide | 219 | 219 | |||
U.S. - Salaried | 37 | 36 | |||
U.S. - Hourly | 52 | 51 | |||
Wholesale and Retail Vehicle Sales
GM presents both wholesale and retail vehicle sales data to assist in the analysis of its revenue and market share. Worldwide market share and vehicle sales data exclude the markets of Cuba, Iran, North Korea, Sudan and Syria. The joint venture agreements with SAIC-GM-Wuling Automobile Co., Ltd. (SGMW) and FAW-GM Light Duty Commercial Vehicle Co., Ltd. (FAW-GM) allow for significant rights as a member as well as the contractual right to report SGMW and FAW-GM joint venture retail vehicle sales in China.
Wholesale Vehicle Sales
The following table summarizes total wholesale vehicle sales of new motor vehicles by automotive segment (vehicles in thousands):
Three Months Ended | |||||
March 31, 2014 | March 31, 2013 | ||||
GMNA | 807 | 829 | |||
GME(a) | 291 | 275 | |||
GMIO(a) | 162 | 217 | |||
GMSA | 208 | 233 | |||
Worldwide | 1,468 | 1,554 | |||
__________
(a) | In the three months ended March 31, 2014 GM changed its managerial and financial reporting structure to reclassify the results of our Russian subsidiaries previously reported in our GMIO segment to our GME segment. Prior year segment results have been reclassified so all information is shown on a comparable basis. Consolidated results are unaffected by this change. |
3
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Retail Vehicle Sales and Market Share
The following tables summarize total retail vehicle sales volume and market share by geographic region (vehicles in thousands):
Three Months Ended | |||||
March 31, 2014 | March 31, 2013 | ||||
Retail Vehicle Sales | |||||
United States | |||||
Chevrolet - Cars | 217 | 205 | |||
Chevrolet - Trucks | 144 | 167 | |||
Chevrolet - Crossovers | 91 | 98 | |||
Cadillac | 40 | 43 | |||
Buick | 53 | 48 | |||
GMC | 104 | 105 | |||
Total United States | 650 | 665 | |||
Canada, Mexico and Other | 95 | 97 | |||
Total North America | 745 | 761 | |||
Europe | |||||
Opel/Vauxhall | 271 | 258 | |||
Chevrolet | 66 | 77 | |||
Total Europe(a) | 338 | 335 | |||
Asia/Pacific, Middle East and Africa | |||||
Chevrolet | 319 | 326 | |||
Wuling | 461 | 397 | |||
Buick | 238 | 209 | |||
Holden | 30 | 27 | |||
GMC | 7 | 9 | |||
Cadillac | 17 | 9 | |||
Other | 50 | 52 | |||
Total Asia/Pacific, Middle East and Africa(a) | 1,122 | 1,030 | |||
South America | |||||
Chevrolet | 210 | 234 | |||
Other | 2 | 1 | |||
Total South America | 211 | 235 | |||
Total Worldwide | 2,416 | 2,361 | |||
North America vehicle sales primarily represent sales to the end customer. Europe, Asia/Pacific, Middle East and Africa and South America 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. 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. Vehicle sales data may include rounding differences. The vehicle sales at our China JVs presented in the following table are included in our retail vehicle sales:
Three Months Ended | |||||
March 31, 2014 | March 31, 2013 | ||||
SAIC General Motors Sales Co., Ltd. (SGMS) | 422 | 382 | |||
SGMW and FAW-GM | 497 | 434 | |||
4
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Three Months Ended | |||
March 31, 2014 | March 31, 2013 | ||
Market Share | |||
United States - Cars | 14.8% | 13.8% | |
United States - Trucks | 20.4% | 24.2% | |
United States - Crossovers | 17.5% | 18.8% | |
Total United States | 17.0% | 17.7% | |
Total North America | 16.5% | 17.0% | |
Total Europe | 7.3% | 7.6% | |
Total Asia/Pacific, Middle East and Africa | 10.0% | 9.8% | |
Total South America | 16.3% | 17.2% | |
Total Worldwide | 11.1% | 11.3% | |
U.S. Retail/Fleet Mix | |||
% Fleet Sales - Cars | 31.7% | 32.1% | |
% Fleet Sales - Trucks | 17.8% | 23.1% | |
% Fleet Sales - Crossovers | 21.7% | 20.8% | |
Total Vehicles | 24.6% | 25.9% | |
North America Capacity Utilization | 102.9% | 98.3% | |
Market Share information is based on retail vehicles sales volume. North America vehicle sales primarily represent sales to the end customer. Europe, Asia/Pacific, Middle East and Africa and South America 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.
5
General Motors Company and Subsidiaries
Consolidating Income Statements
(In millions)
(Unaudited)
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | ||||||||||||||||||||||||||||||
Automotive | GM Financial | Eliminations | Consolidated | Automotive | GM Financial | Eliminations | Consolidated | ||||||||||||||||||||||||
Net sales and revenue | |||||||||||||||||||||||||||||||
Automotive | $ | 36,315 | $ | — | $ | — | $ | 36,315 | $ | 36,344 | $ | — | $ | — | $ | 36,344 | |||||||||||||||
GM Financial | — | 1,097 | (4 | ) | 1,093 | — | 540 | — | 540 | ||||||||||||||||||||||
Total net sales and revenue | 36,315 | 1,097 | (4 | ) | 37,408 | 36,344 | 540 | — | 36,884 | ||||||||||||||||||||||
Costs and expenses | |||||||||||||||||||||||||||||||
Automotive cost of sales | 34,130 | — | (3 | ) | 34,127 | 32,613 | — | 4 | 32,617 | ||||||||||||||||||||||
GM Financial operating and other expenses | — | 875 | — | 875 | — | 360 | (4 | ) | 356 | ||||||||||||||||||||||
Automotive selling, general and administrative expense | 2,941 | — | — | 2,941 | 2,952 | — | — | 2,952 | |||||||||||||||||||||||
Total costs and expenses | 37,071 | 875 | (3 | ) | 37,943 | 35,565 | 360 | — | 35,925 | ||||||||||||||||||||||
Operating income (loss) | (756 | ) | 222 | (1 | ) | (535 | ) | 779 | 180 | — | 959 | ||||||||||||||||||||
Automotive interest expense | 104 | — | (1 | ) | 103 | 91 | — | — | 91 | ||||||||||||||||||||||
Interest income and other non-operating income, net | 89 | — | — | 89 | 171 | — | — | 171 | |||||||||||||||||||||||
Equity income | 605 | — | — | 605 | 555 | — | — | 555 | |||||||||||||||||||||||
Income (loss) before income taxes | (166 | ) | 222 | — | 56 | 1,414 | 180 | — | 1,594 | ||||||||||||||||||||||
Income tax expense (benefit) | (303 | ) | 79 | — | (224 | ) | 342 | 67 | — | 409 | |||||||||||||||||||||
Net income | 137 | 143 | — | 280 | 1,072 | 113 | — | 1,185 | |||||||||||||||||||||||
Net income attributable to noncontrolling interests | (67 | ) | — | — | (67 | ) | (10 | ) | — | — | (10 | ) | |||||||||||||||||||
Net income attributable to stockholders | $ | 70 | $ | 143 | $ | — | $ | 213 | $ | 1,062 | $ | 113 | $ | — | $ | 1,175 | |||||||||||||||
6
General Motors Company and Subsidiaries
Basic and Diluted Earnings per Share
(Unaudited)
In the three months ended March 31, 2013 GM used the two-class method for calculating earnings per share; accordingly, a portion of undistributed earnings were allocated to the Series B Preferred Stock for determining earnings per share.
The following table summarizes basic and diluted earnings per share (in millions, except per share amounts):
Three Months Ended | |||||||
March 31, 2014 | March 31, 2013 | ||||||
Basic earnings per share | |||||||
Net income attributable to stockholders | $ | 213 | $ | 1,175 | |||
Less: cumulative dividends on preferred stock(a) | (88 | ) | (215 | ) | |||
Less: undistributed earnings allocated to Series B Preferred Stock participating security | (95 | ) | |||||
Net income attributable to common stockholders | $ | 125 | $ | 865 | |||
Weighted-average common shares outstanding - basic | 1,587 | 1,372 | |||||
Basic earnings per common share | $ | 0.08 | $ | 0.63 | |||
Diluted earnings per share | |||||||
Net income attributable to stockholders | $ | 213 | $ | 1,175 | |||
Less: cumulative dividends on preferred stock(a) | (88 | ) | (215 | ) | |||
Less: undistributed earnings allocated to Series B Preferred Stock participating security | (87 | ) | |||||
Less: earnings adjustment for dilutive stock compensation rights | (17 | ) | — | ||||
Net income attributable to common stockholders | $ | 108 | $ | 873 | |||
Weighted-average common shares outstanding - diluted | |||||||
Weighted-average common shares outstanding - basic | 1,587 | 1,372 | |||||
Dilutive effect of warrants | 97 | 134 | |||||
Dilutive effect of restricted stock units | 7 | 1 | |||||
Weighted-average common shares outstanding - diluted | 1,691 | 1,507 | |||||
Diluted earnings per common share | $ | 0.06 | $ | 0.58 | |||
________
(a) | Includes earned but undeclared dividends of $15 million and $26 million on our Series A Preferred Stock in the three months ended March 31, 2014 and 2013 and $20 million on our Series B Preferred Stock in the three months ended March 31, 2013. |
7
General Motors Company and Subsidiaries
Consolidating Balance Sheets
(In millions)
(Unaudited)
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
Automotive | GM Financial | Eliminations | Consolidated | Automotive | GM Financial | Eliminations | Consolidated | ||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 18,264 | $ | 1,162 | $ | — | $ | 19,426 | $ | 18,947 | $ | 1,074 | $ | — | $ | 20,021 | |||||||||||||||
Marketable securities | 8,716 | — | — | 8,716 | 8,972 | — | — | 8,972 | |||||||||||||||||||||||
Restricted cash and marketable securities | 19 | 1,270 | (1 | ) | 1,288 | 31 | 1,216 | — | 1,247 | ||||||||||||||||||||||
Accounts and notes receivable, net | 12,142 | 802 | (1,210 | ) | 11,734 | 8,806 | 846 | (1,117 | ) | 8,535 | |||||||||||||||||||||
GM Financial receivables, net | — | 15,115 | (60 | ) | 15,055 | — | 14,340 | (62 | ) | 14,278 | |||||||||||||||||||||
Inventories | 14,837 | — | — | 14,837 | 14,039 | — | — | 14,039 | |||||||||||||||||||||||
Equipment on operating leases, net | 3,432 | — | — | 3,432 | 2,398 | — | — | 2,398 | |||||||||||||||||||||||
Deferred income taxes | 10,414 | 176 | — | 10,590 | 10,195 | 154 | — | 10,349 | |||||||||||||||||||||||
Other current assets | 1,602 | 144 | 1 | 1,747 | 1,531 | 130 | 1 | 1,662 | |||||||||||||||||||||||
Total current assets | 69,426 | 18,669 | (1,270 | ) | 86,825 | 64,919 | 17,760 | (1,178 | ) | 81,501 | |||||||||||||||||||||
Non-current Assets | |||||||||||||||||||||||||||||||
Restricted cash and marketable securities | 75 | 831 | — | 906 | 88 | 741 | — | 829 | |||||||||||||||||||||||
GM Financial receivables, net | — | 14,869 | (3 | ) | 14,866 | — | 14,354 | — | 14,354 | ||||||||||||||||||||||
Equity in net assets of nonconsolidated affiliates | 8,747 | — | — | 8,747 | 8,094 | — | — | 8,094 | |||||||||||||||||||||||
Property, net | 26,234 | 133 | — | 26,367 | 25,736 | 132 | (1 | ) | 25,867 | ||||||||||||||||||||||
Goodwill | 141 | 1,422 | — | 1,563 | 137 | 1,422 | 1 | 1,560 | |||||||||||||||||||||||
Intangible assets, net | 5,384 | 58 | — | 5,442 | 5,603 | 64 | 1 | 5,668 | |||||||||||||||||||||||
GM Financial equipment on operating leases, net | — | 3,726 | — | 3,726 | — | 3,383 | — | 3,383 | |||||||||||||||||||||||
Deferred income taxes | 22,589 | 251 | — | 22,840 | 22,620 | 116 | — | 22,736 | |||||||||||||||||||||||
Other assets | 3,011 | 120 | (807 | ) | 2,324 | 2,853 | 112 | (613 | ) | 2,352 | |||||||||||||||||||||
Total non-current assets | 66,181 | 21,410 | (810 | ) | 86,781 | 65,131 | 20,324 | (612 | ) | 84,843 | |||||||||||||||||||||
Total Assets | $ | 135,607 | $ | 40,079 | $ | (2,080 | ) | $ | 173,606 | $ | 130,050 | $ | 38,084 | $ | (1,790 | ) | $ | 166,344 | |||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||||||||
Accounts payable (principally trade) | $ | 27,664 | $ | 689 | $ | (638 | ) | $ | 27,715 | $ | 23,550 | $ | 589 | $ | (518 | ) | $ | 23,621 | |||||||||||||
Short-term debt and current portion of long-term debt | |||||||||||||||||||||||||||||||
Automotive | 1,154 | — | (632 | ) | 522 | 1,223 | — | (659 | ) | 564 | |||||||||||||||||||||
GM Financial | — | 14,327 | — | 14,327 | — | 13,594 | — | 13,594 | |||||||||||||||||||||||
Accrued liabilities | 25,995 | 663 | — | 26,658 | 23,980 | 653 | — | 24,633 | |||||||||||||||||||||||
Total current liabilities | 54,813 | 15,679 | (1,270 | ) | 69,222 | 48,753 | 14,836 | (1,177 | ) | 62,412 | |||||||||||||||||||||
Non-current Liabilities | |||||||||||||||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||||||||
Automotive | 6,690 | — | (3 | ) | 6,687 | 6,574 | — | (1 | ) | 6,573 | |||||||||||||||||||||
GM Financial | — | 16,231 | — | 16,231 | — | 15,452 | — | 15,452 | |||||||||||||||||||||||
Postretirement benefits other than pensions | 5,814 | — | — | 5,814 | 5,897 | — | — | 5,897 | |||||||||||||||||||||||
Pensions | 19,065 | 105 | 1 | 19,171 | 19,378 | 105 | — | 19,483 | |||||||||||||||||||||||
Other liabilities and deferred income taxes | 13,010 | 1,439 | (808 | ) | 13,641 | 12,748 | 1,217 | (612 | ) | 13,353 | |||||||||||||||||||||
Total non-current liabilities | 44,579 | 17,775 | (810 | ) | 61,544 | 44,597 | 16,774 | (613 | ) | 60,758 | |||||||||||||||||||||
Total Liabilities | 99,392 | 33,454 | (2,080 | ) | 130,766 | 93,350 | 31,610 | (1,790 | ) | 123,170 | |||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||||
Equity | |||||||||||||||||||||||||||||||
Series A preferred stock | 3,109 | — | — | 3,109 | 3,109 | — | — | 3,109 | |||||||||||||||||||||||
Common stock | 16 | — | — | 16 | 15 | — | — | 15 | |||||||||||||||||||||||
Additional paid-in capital | 28,778 | — | — | 28,778 | 28,780 | — | — | 28,780 | |||||||||||||||||||||||
Retained earnings | 6,849 | 6,608 | — | 13,457 | 7,353 | 6,463 | — | 13,816 | |||||||||||||||||||||||
Accumulated other comprehensive income (loss) | (3,155 | ) | 17 | — | (3,138 | ) | (3,124 | ) | 11 | — | (3,113 | ) | |||||||||||||||||||
Total stockholders’ equity | 35,597 | 6,625 | — | 42,222 | 36,133 | 6,474 | — | 42,607 | |||||||||||||||||||||||
Noncontrolling interests | 618 | — | — | 618 | 567 | — | — | 567 | |||||||||||||||||||||||
Total Equity | 36,215 | 6,625 | — | 42,840 | 36,700 | 6,474 | — | 43,174 | |||||||||||||||||||||||
Total Liabilities and Equity | $ | 135,607 | $ | 40,079 | $ | (2,080 | ) | $ | 173,606 | $ | 130,050 | $ | 38,084 | $ | (1,790 | ) | $ | 166,344 | |||||||||||||
8
General Motors Company and Subsidiaries
Consolidating Statements of Cash Flows
(In millions)
(Unaudited)
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | ||||||||||||||||||||||||||
Automotive | GM Financial | Reclassification(a) | Consolidated | Automotive | GM Financial | Consolidated | |||||||||||||||||||||
Net cash provided by operating activities | $ | 2,000 | $ | 376 | $ | (400 | ) | $ | 1,976 | $ | 543 | $ | 276 | $ | 819 | ||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||||
Expenditures for property | (1,752 | ) | (7 | ) | — | (1,759 | ) | (1,939 | ) | (1 | ) | (1,940 | ) | ||||||||||||||
Available-for-sale marketable securities, acquisitions | (891 | ) | — | — | (891 | ) | (564 | ) | — | (564 | ) | ||||||||||||||||
Trading marketable securities, acquisitions | (302 | ) | — | — | (302 | ) | (1,773 | ) | — | (1,773 | ) | ||||||||||||||||
Available-for-sale marketable securities, liquidations | 1,055 | — | — | 1,055 | 985 | — | 985 | ||||||||||||||||||||
Trading marketable securities, liquidations | 332 | — | — | 332 | 3,727 | — | 3,727 | ||||||||||||||||||||
Proceeds from sale of business units/investments, net of cash disposed | — | — | — | — | (82 | ) | — | (82 | ) | ||||||||||||||||||
Increase in restricted cash and marketable securities | (25 | ) | (256 | ) | — | (281 | ) | (69 | ) | (105 | ) | (174 | ) | ||||||||||||||
Decrease in restricted cash and marketable securities | 50 | 109 | — | 159 | 166 | 22 | 188 | ||||||||||||||||||||
Purchases of finance receivables | — | (3,700 | ) | 400 | (3,300 | ) | — | (1,609 | ) | (1,609 | ) | ||||||||||||||||
Principal collections and recoveries on finance receivables | — | 2,639 | — | 2,639 | — | 1,096 | 1,096 | ||||||||||||||||||||
Purchases of leased vehicles, net | — | (620 | ) | — | (620 | ) | — | (478 | ) | (478 | ) | ||||||||||||||||
Proceeds from termination of leased vehicles | — | 123 | — | 123 | — | 37 | 37 | ||||||||||||||||||||
Other investing activities | 8 | — | — | 8 | 77 | — | 77 | ||||||||||||||||||||
Net cash provided by (used in) investing activities | (1,525 | ) | (1,712 | ) | 400 | (2,837 | ) | 528 | (1,038 | ) | (510 | ) | |||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||||
Net increase (decrease) in short-term debt | (67 | ) | 451 | — | 384 | 50 | 500 | 550 | |||||||||||||||||||
Proceeds from issuance of debt (original maturities greater than three months) | 223 | 5,460 | — | 5,683 | 158 | 2,884 | 3,042 | ||||||||||||||||||||
Payments on debt (original maturities greater than three months) | (197 | ) | (4,567 | ) | — | (4,764 | ) | (183 | ) | (1,001 | ) | (1,184 | ) | ||||||||||||||
Dividends paid | (571 | ) | — | — | (571 | ) | (218 | ) | — | (218 | ) | ||||||||||||||||
Other financing activities | 9 | (23 | ) | — | (14 | ) | (10 | ) | (13 | ) | (23 | ) | |||||||||||||||
Net cash provided by (used in) financing activities | (603 | ) | 1,321 | — | 718 | (203 | ) | 2,370 | 2,167 | ||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (450 | ) | (2 | ) | — | (452 | ) | (254 | ) | (1 | ) | (255 | ) | ||||||||||||||
Net transactions with Automotive/GM Financial | (105 | ) | 105 | — | — | (1 | ) | 1 | — | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (683 | ) | 88 | — | (595 | ) | 613 | 1,608 | 2,221 | ||||||||||||||||||
Cash and cash equivalents at beginning of period | 18,947 | 1,074 | — | 20,021 | 17,133 | 1,289 | 18,422 | ||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 18,264 | $ | 1,162 | $ | — | $ | 19,426 | $ | 17,746 | $ | 2,897 | $ | 20,643 | |||||||||||||
_____
(a) | Reclassification of purchases/collections of wholesale finance receivables resulting from vehicles sold by us to dealers that have arranged their inventory floor plan financing through GM Financial. |
9
General Motors Company Q1 2014 Results April 24, 2014 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,” “appears,” “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 and the cost and effect on our reputation of product recalls; our ability to maintain adequate financing sources, including as required to fund our planned significant investment in new technology; our ability to successfully integrate Ally Financial’s International Operations; the ability of our suppliers to timely deliver parts, components and systems; our ability to realize successful vehicle applications of new technology; overall strength and stability of our markets, particularly outside of North America and China; costs and risks associated with litigation and government investigations including those related to our recent recalls; our ability to remain competitive in Korea 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 2014 Performance 2 Note: EBIT- Adjusted includes GM Financial on an Earnings Before Tax - Adjusted (EBT-Adjusted) basis * See Adjusted Automotive Free Cash Flow reconciliation on slide 20 Q1 2013 Q1 2014 vs. Q1 2013 Global Deliveries 2.4M 2.4M - Global Market Share 11.3% 11.1% Net Revenue $36.9B $37.4B Net Income to Common Stockholders $0.9B $0.1B Net Cash from Operating Activities - Automotive $0.5B $2.0B EBIT- Adjusted $1.8B $0.5B - GMNA $1.4B $0.6B - GME $(0.2)B $(0.3)B - GMIO $0.5B $0.3B - GMSA $0.0B $(0.2)B - GM Financial $0.2B $0.2B - Adjusted Automotive Free Cash Flow * $(1.3)B $0.2B Favorable Unfavorable
First Quarter 2014 Highlights 3 • Paid first common stock dividend since IPO • Record China sales • Opel Mokka and Insignia propel GME results • Record Average Transaction Prices in GMNA • Full-Size SUV and HD truck launches in GMNA • All brands ranked above industry average in JD Power 2014 U.S. Customer Service Index (CSI) study – Cadillac highest ranked luxury brand – Buick highest ranked mainstream brand
First Quarter 2014 Vehicle Recalls 4 • Announced recall campaigns on approximately 7 million vehicles • Recorded charges of $1.3B to cover the cost of repair and courtesy transportation; (5.4)% GMNA EBIT-Adjusted margin impact – Ignition switch & cylinder recall ~ 2.6M vehicles - $0.7B – Other recalls ~ 4.5M vehicles - $0.6B – Not considered a special item • Replacement parts are shipping and repairs began early this month
Response to Vehicle Recalls 5 • Independent investigation led by former U.S. Attorney • Hired Kenneth Feinberg to evaluate options in our response to families of accident victims • Created new position of Vice President Global Vehicle Safety • Announced an employee “Speak up for Safety” program • Created new Global Product Integrity organization • All GM engineers to be certified as Design for Six Sigma black belts by the end of 2015
Summary of Q1 2014 Results 6 Note: EBIT- Adjusted includes GM Financial on an EBT-Adjusted basis Q1 Q1 2013 2014 Net Revenue ($B) 36.9 37.4 Operating Income / (Loss) ($B) 1.0 (0.5) Net Income to Common Stockholders ($B) 0.9 0.1 EPS – Diluted ($/Share) 0.58 0.06 Net Cash from Operating Activities – Automotive ($B) 0.5 2.0 EBIT- Adjusted ($B) 1.8 0.5 EBIT- Adjusted % Revenue 4.8% 1.2% Adjusted Automotive Free Cash Flow ($B) (1.3) 0.2 GAAP Non- GAAP
7 Impact of Special Items * Included in Operating Income Q1 Q1 2013 2014 Net Income to Common Stockholders ($B) 0.9 0.1 EPS – Diluted ($/Share) 0.58 0.06 Included in Above ($B): Venezuela Currency Devaluation* (0.2) (0.4) Total Impact Net Income to Common Stockholders ($B) (0.2) (0.4) Total Impact EPS – Diluted ($/Share) (0.09) (0.23)
Revenue ($B) 36.9 39.1 39.0 40.5 37.4 Op r. Inc/(Loss) % Rev 2. % 4.5% 5.8% 0.4% (1.4)% EBIT- Adj. % Rev 4.8 5.8 6. 4.7 .2% Wholesale (000’s) 1,554 1,631 1,577 1,651 1,468 Global Share 1.3% 1.5% 1.6% 1.4% 1.1% 1.8 2.3 2.6 1.9 0.5 0.0 1.0 2.0 3.0 4.0 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Consolidated EBIT- Adjusted ($B) Note: EBIT- Adjusted includes GM Financial on an EBT-Adjusted basis 8 * Excludes China JVs * Includes $1.3B recall-related charge
1.8 0.5 (0.4) (0.3) (2.1) (0.4) 1.8 EBIT-Adj. Volume Mix Price Cost Other EBIT-Adj. 9 Consolidated EBIT- Adj. – Q1 2013 vs. Q1 2014 Note: EBIT- Adjusted includes GM Financial on an EBT-Adjusted basis. Results may not foot due to rounding ($B) Q1 2013 Q1 2014 $1.3B Decrease Includes $1.3B recall-related charge
1.4 (0.2) 0.5 0.0 0.2 (0.1) 1.8 0.6 (0.3) 0.3 (0.2) 0.2 (0.1) 0.5 GMNA GME GMIO GMSA GM Financial* Corp. / Elims Total GM Q1 2013 Q1 2014 EBIT- Adjusted ($B) 10 Q1 2014 EBIT- Adjusted * GM Financial on an EBT-Adjusted basis Includes $1.3B recall-related charge
Key GMNA Performance Indicators Note: Incentive & ATP Information Based on J.D. Power and Associates Power Information Network (PIN) data 11 Avg. U.S. Retail Incentive as % of ATP GM % 10.9 11.2 12.4 11.7 11.1 11.0 11.3 11.7 10.5 10.5 10.5 10.8 11.0 11.7 10.3 GM vs. Ind. ( % / Ind. %) 1.14 1.11 1.21 1.18 1.10 1.13 1.13 1.17 1.10 1.12 1.05 1.05 1.13 1.10 0.98
1.4 2.0 2.2 1.9 0.6 (1.0) 0.0 1.0 2.0 3.0 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Revenue ($B) 23.0 23.5 23.5 25.1 24.4 EBIT- Adj. % Rev 6.2% 8.4% 9.3% 7.5% 2.3% U.S. Dealer Inv (000’s) 744 708 670 748 815 Wholesale (000’s) 829 809 775 863 807 North America Share 17.0% 17.1% 16.5% 16.5% 16.5% GMNA EBIT- Adjusted ($B) 12 Includes $1.3B recall-related charge; (5.4)% margin impact
1.4 0.6 (0.1) (0.1) (2.3) (0.1) 1.7 EBIT-Adj. Volume Mix Price Cost Other EBIT-Adj. GMNA EBIT- Adj. – Q1 2013 vs. Q1 2014 13 ($B) Q1 2013 Q1 2014 $0.9B Decrease Note: Results may not foot due to rounding Includes $1.3B recall-related charge
Revenue ($B) 5.3 5.6 5.4 5.7 5.6 EBIT- Adj. % Rev (2.9)% (2.0)% (4.4)% (6.4)% (5.1)% Wholesale (000’s) 275 304 287 297 291 Europe Share 7.6% 7.7% 7.8% 7.2% 7.3% (0.2) (0.1) (0.2) (0.4) (0.3) (1.0) 0.0 1.0 2.0 3.0 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 GME EBIT- Adjusted ($B) 14 (1) Includes Chevrolet Europe (1)
GME EBIT- Adj. – Q1 2013 vs. Q1 2014 15
0.5 0.2 0.3 0.2 0.3 (1.0) 0.0 1.0 2.0 3.0 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 GMIO EBIT- Adjusted 16 Revenue ($B) 4.4 4.8 .8 4.4 3.2 EBIT-Adj. margin from consolidated operations (1.9)% (3.7)% (2.4)% (1.8)% (8.8)% Total China JV NI/Rev 11.7% 9.4% 9.4% 7.6% 11.2% Wholesale (000’s) 217 240 233 231 162 Note: China JV wholesale 841 772 761 865 934 IO Share 9.8% 9.7% 9.9% 10.0% 10.0% ($B) (1) Excludes equity income and non-controlling interest adjustment (2) Revenue not consolidated in GM results, pro-rata share of earnings reported as equity income (3) Excludes China JVs (4) Excludes Chevrolet Europe and Russia (3) (2) (4) (1) 0.5 0.4 0.4 0.4 0.6 ( .1) ( .2) ( .1) ( .1) ( .3) Equity Income Consolidated Ops Note: Results may not foot due to rounding
0.5 0.3 (0.2) (0.2) (0.1) 0.0 0.3 EBIT-Adj. Volume Mix Price Cost Other EBIT-Adj. GMIO EBIT- Adj. – Q1 2013 vs. Q1 2014 17 ($B) Q1 2013 Q1 2014 $0.2B Decrease
Revenue ($B) 3.7 4.3 4.4 4.1 3.0 EBIT- Adj. % Rev (1.0)% 1.3% 6.5% 0.7% (5.2)% Wholesale (000’s) 233 278 282 260 208 South America Share 17.2% 17.2% 17.7% 17.8% 16.3% 0.0 0.1 0.3 0.0 (0.2) (1.0) 0.0 1.0 2.0 3.0 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 GMSA EBIT- Adjusted ($B) 18
0.0 (0.2) (0.3) (0.1) 0.0 0.2 0.0 EBIT-Adj. Volume Mix Price Cost Other EBIT-Adj. GMSA EBIT- Adj. – Q1 2013 vs. Q1 2014 19 ($B) Q1 2013 Q1 2014 $0.1B Decrease Note: Results may not foot due to rounding
($B) Q1 2013 Q1 2014 Net Income to Common Stockholders 0.9 0.1 Adjusted for Non-Controlling Interests, Preferred Dividends & Undistributed Earnings Allocated to Series B 0.3 0.2 Deduct Non-Auto (GM Financial) (0.1) (0.1) Automotive Income 1.1 0.1 Non-Cash Special Items 0.2 0.4 Depreciation and Amortization 1.4 1.4 Working Capital (1.0) 0.4 Pension / OPEB – Cash in Excess of Expense* (0.3) (0.2) Other* (0.8) (0.1) Automotive Net Cash Provided By Operating Activities 0.5 2.0 Capital Expenditures (1.9) (1.8) Salaried Pension Settlement Contribution 0.1 - Adjusted Automotive Free Cash Flow (1.3) 0.2 Adjusted Automotive Free Cash Flow 20 * Excludes impact of non-cash special items Note: Results may not foot due to rounding
Mar. 31 Dec. 31 Mar. 31 ($B) 2013 2013 2014 Cash & Current Marketable Securities 24.3 27.9 27.0 Available Credit Facilities(1) 11.0 10.4 10.4 Available Liquidity 35.3 38.3 37.4 Key Obligations: Debt 5.2 7.1 7.2 Series A Preferred Stock 5.5 3.1 3.1 U.S. Pension Underfunded Status(2) 13.9 7.3 7.2 Non-U.S. Pension Underfunded Status(2)(3) 13.2 12.4 12.2 Unfunded OPEB(2) 7.7 6.3 6.2 Key Automotive Balance Sheet Items 21 (1) Excludes uncommitted facilities (2) March 31, 2013 and March 31, 2014 balances are rolled forward and do not reflect remeasurement (3) Non-U.S. represents GM Automotive Only. Excludes $0.1B GMF Pension liability
Q1 Q1 Q1 Q1 GM Sales Penetrations 2013 2014 2013 2014 U.S. Subprime APR (<=620) 7.6% 7.9% 6.3% 7.2% U.S. Lease 21.0% 24.2% 24.4% 26.7% Canada Lease 10.1% 23.4% 22.4% 22.9% GM / GM Financial Linkage GM as % of GM Financial Loan and Lease Originations* (GM New / GMF Loan & Lease) GMF as % of GM U.S. Subprime & Lease 26% 21% GM Financial Performance* GM Financial Credit Losses (annualized net credit losses as % avg. consumer finance receivables) EBT - Adj. ($M) 180 221 2.6% 1.8% Industry Avg. (Excl. GM) 51% 70% GM Financial 22 Note: GM Sales Penetrations based on JD Power PIN * Q1 2014 includes International Operations purchased in Q2 & Q4 2013; Q1 2013 reflects North American operations only
2014 CY Considerations • Total company core operating performance on plan for the year – GMNA and Consolidated International Operations performing as planned – Europe and China performing better than plan – Weaker performance in GMSA due to challenging environments in Venezuela and Brazil Challenges / Headwinds • U.S. market impact – recall • FX headwinds in Russia and South America • Venezuela – political and market volatility 23
General Motors Company Select Supplemental Financial Information
Q1 Q2 Q3 Q4 Q1 (000’s) 2013 2013 2013 2013 2014 North America 761 880 808 785 745 Europe 335 379 343 336 338 Chevrolet in Europe 77 95 95 84 66 International Operations 1,030 971 973 1,085 1,122 China 816 751 745 848 919 South America 235 262 273 267 211 Brazil 141 164 171 174 137 Global Deliveries 2,361 2,492 2,397 2,473 2,416 Global Deliveries Note: GM deliveries include vehicles sold around the world under GM and JV brands and through GM-branded distribution network S1 * * International Operations deliveries excludes Chevrolet Europe and Russia. Note: Results may not foot due to rounding
Q1 Q2 Q3 Q4 Q1 2013 2013 2013 2013 2014 North America 17.0% 17.1% 16.5% 16.5% 16.5% U.S. 17.7% 17.9% 17.3% 17.2% 17.0% Europe 7.6% 7.7% 7.8% 7.2% 7.3% Germany 7.3% 7.7% 7.7% 6.9% 7.2% U.K. 11.7% 11.7% 10.8% 12.3% 11.0% Russia 9.0% 8.7% 9.4% 9.2% 8.8% International Operations 9.8% 9.7% 9.9% 10.0% 10.0% China 15.1% 13.9% 14.4% 13.9% 15.2% South America 17.2% 17.2% 17.7% 17.8% 16.3% Brazil 17.0% 17.0% 17.4% 17.6% 16.8% Global Market Share 11.3% 11.5% 11.6% 11.4% 11.1% Global Market Share Note: GM market share includes vehicles sold around the world under GM and JV brands and through GM-branded distribution network. Market share data excludes the markets of Cuba, Iran, North Korea, Sudan and Syria S2 (1) Europe share includes Chevrolet Europe (2) International Operations share excludes Chevrolet Europe and Russia (1) (2)
Reconciliation of EBIT- Adjusted S3 Note: EBIT-Adj. includes GM Financial on an EBT-Adjusted basis. Results may not foot due to rounding * Included in Operating Income Q1 Q1 2013 2014 Income Before Income Taxes 1.6 0.1 Add Back: Net Income Attributable to Noncontrolling Interests 0.0 (0.1) Interest Expense 0.1 0.1 Interest Income (0.1) (0.1) Special Items: Venezuela Currency Devaluation* 0.2 0.4 EBIT- Adjusted 1.8 0.5 ($B)
Restructuring (not included in special items) S4 Note: Results may not foot due to rounding Q1 Q2 Q3 Q4 Q1 ($B) 2013 2013 2013 2013 2014 GMNA 0.0 0.0 0.0 0.0 0.0 GME 0.0 0.0 0.0 (0.1) (0.2) GMIO 0.0 0.0 (0.1) (0.1) 0.0 GMSA 0.0 0.0 0.0 0.0 0.0 Total (0.1) (0.1) (0.1) (0.2) (0.3)
Q1 Q1 ($M) 2013 2014 Earnings Before Tax - Adjusted 180 221 Total Loan and Lease Originations 1,979 4,185 GM as % of GM Financial Loan and Lease Originations 51% 70% Commercial Finance Receivables 836 6,483 Consumer Finance Receivables 11,191 24,122 Consumer Finance Delinquencies (>30 days) 5.8% 4.5% Annualized Net Credit Losses as % of Avg. Consumer Finance Receivables 2.6% 1.8% GM Financial – Key Metrics S5 (1) (3) (2) (1) Q1 2014 includes International Operations purchased in Q2 & Q4 2013; Q1 2013 reflects North American operations (2) Excludes $47M and $625M for Q1 2013 and Q1 2014 respectively in outstanding loans to dealers that are majority-owned and consolidated by GM, in connection with our commercial lending program (3) Excludes consumer finance receivables in repossession