Form 8-K
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549-1004

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) April 7, 2010

 

 

GENERAL MOTORS COMPANY

(Exact Name of Company as Specified in its Charter)

 

 

 

333-160471   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

(Company’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 company under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17-CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Table of Contents

TABLE OF CONTENTS

 

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

SIGNATURES

INDEX TO EXHIBITS

News Release Dated April 7, 2010 and Financial Statements

Charts Furnished to Securities Analysts


Table of Contents
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS

On April 7, 2010, a news release was issued on the subject of fresh-start accounting and included information regarding 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 Annual Report on Form 10-K. The news release and financial statements are incorporated as Exhibit 99.1.

Charts furnished to securities analysts in connection with GM’s fourth quarter 2009 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 April 7, 2010 and Financial Statements    Attached as Exhibit
Exhibit 99.2   Charts Furnished to Securities Analysts    Attached as Exhibit


Table of Contents

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

   

GENERAL MOTORS COMPANY

(Company)

Date: April 9, 2010     By:  

/S/    NICK S. CYPRUS        

     

Nick S. Cyprus

Vice President, Controller and Chief Accounting Officer

News Release Dated April 7, 2010

Exhibit 99.1

 

  LOGO    LOGO

LOGO

 

For Release: April 7, 2010

9:45 a.m. Eastern Time

     GM Communications   

300 Renaissance Center

Detroit, Michigan 48265

GM Completes Fresh-Start Accounting

DETROIT, Mich. – General Motors Company announced that it had completed fresh-start accounting, and would be filing its third quarter 2009 Form 10-Q and 2009 Form 10-K with the SEC today.

“We are building the foundation that will allow us to return to public ownership,” said Chris Liddell, GM vice chairman and CFO. “Completing fresh-start accounting is an important step in that process.”

The new company, which was formed on July 10, 2009 through the acquisition of substantially all the assets and certain liabilities of Motors Liquidation Company (formerly General Motors Corporation), had to complete the process of adopting fresh-start accounting to record the acquisition and establishment of the new GM as well as determine the fair value of assets and liabilities and implement new accounting policies.

The following table provides a summary of GM’s financial results for the period ended December 31, 2009 under fresh-start accounting.

 

      

July 10-Dec. 31, ‘09

($ bils)

    

Global revenue

     $57.5

Net income/(loss) attributed to stockholders

     $(4.3)

Net cash provided by operating activities

     $1.0

The $4.3 billion net loss includes the pre-tax impact of a $2.6 billion settlement loss related to the UAW retiree medical plan and a $1.3 billion foreign currency re-measurement loss.

Going public will enable the company to invest in designing, building and selling the world’s best vehicles, attract the best people and access the capital markets. One of the most important measures in establishing the foundation for going public is the company’s ability to return to sustainable profitability.

“As the results for 2009 show there is still significant work to be done. However, I continue to believe we have a chance of achieving profitability in 2010,” said Liddell. “We are also dedicated to delivering on our commitments to our stakeholders. For example we remain committed to repaying the outstanding balance of the U.S. Treasury and Export Development Canada loans by June 2010 at the latest.”

# # #


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 comply with the requirements of our credit agreements with the U.S. Treasury and EDC and to repay those agreements as planned; our ability to realize production efficiencies and to achieve reductions in costs as a result of our restructuring initiatives and labor modifications; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; our ability to maintain adequate liquidity and financing sources and an appropriate level of debt, including as required to fund our planning significant investment in new technology and our ability to realize successful vehicle applications of new technology.

GM’s most recent annual report on Form 10-K will provide information about these and other factors, which we may revise or supplement in future reports to the SEC.

Contacts:

Reneé Rashid-Merem

Office 313.665.3128

Cell 313.701.8560

renee.rashid-merem@gm.com

Randy Arickx

Office 313.667.0006

Cell 313.268.7070

randy.c.arickx@gm.com


Exhibit 1

General Motors Company and Subsidiaries

Supplemental Material

General Motors Company was formed by the United States Department of the Treasury in 2009 originally as a Delaware limited liability company, Vehicle Acquisition Holdings LLC, and subsequently converted to a Delaware corporation, NGMCO, Inc. On July 10, 2009 this company acquired substantially all of the assets and assumed certain liabilities of General Motors Corporation (363 Sale) and changed its name to General Motors Company (GM). General Motors Corporation is sometimes referred to, for the periods on or before July 9, 2009, as Old GM. Prior to July 10, 2009 Old GM operated the business of the Company, and pursuant to the agreement with the SEC Staff, the accompanying consolidated financial statements include the financial statements and related information of Old GM as it is GM’s predecessor entity solely for accounting and financial reporting purposes. On July 10, 2009 in connection with the 363 Sale, General Motors Corporation changed its name to Motors Liquidation Company (MLC). MLC continues to exist as a distinct legal entity for the sole purpose of liquidating its remaining assets and liabilities.

The accompanying tables and charts for securities analysts include earnings before interest and taxes (EBIT), which is not prepared in accordance with Accounting Principles Generally Accepted in the United States of America (GAAP) and has not been audited or reviewed by GM’s independent auditors. EBIT is therefore considered a non-GAAP financial measure. The accompanying charts for securities analysts also contain a reconciliation from EBIT to its most comparable GAAP financial measure.

Management believes EBIT provides meaningful supplemental information regarding GM’s operating results because it excludes 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, benchmark performance among geographic regions and assess whether GM’s plan to return to profitability is on target. Accordingly, GM believes EBIT is useful in allowing for greater transparency of supplemental information used by management in its financial and operational decision-making.

GM is filing an Annual Report on Form 10-K for the year ended December 31, 2009, a Quarterly Report on Form 10-Q for the quarter ended September 30, 2009 and a Registration Statement on Form 10 pursuant to an agreement with the SEC Staff, as described in a no-action letter issued to Old GM by the SEC Staff on July 9, 2009 regarding GM’s filing requirements and those of MLC.

Certain prior period amounts have been reclassified in the consolidated statements of operations to conform to the current period presentation, primarily due to the adoption of ASC 810-10, “Consolidation” and ASC 470-20, “Debt with Conversions and Other Options,” which have retrospective application.

In the year ended 2009 certain data such as vehicle sales, market share data and production volume combine GM’s data in the period July 10, 2009 through December 31, 2009 with Old GM’s data in the period January 1, 2009 through July 9, 2009 for comparative purposes.

 

1


General Motors Company and Subsidiaries

Supplemental Material

(Unaudited)

 

       Three Months Ended
December 31,
     Year Ended
December 31,
           2009              2008              2009              2008    
       (Units in thousands)

Worldwide Production Volume(a)(b)(c)

    

GMNA – Cars

     235      365      727      1,543

GMNA – Trucks

     381      450      1,186      1,906
                           

Total GMNA

     616      815      1,913      3,449

GMIO

     1,040      619      3,456      3,145

GME

     266      214      1,134      1,550
                           

Total Worldwide

     1,922      1,648      6,503      8,144
                           

 

(a) Production volume represents the number of vehicles manufactured by GM’s and Old GM’s assembly facilities and also includes vehicles produced by certain joint ventures.
(b) Includes SGM, SGMW and FAW-GM joint venture production. Ownership of 50% in SGM, 34% in SGMW and 50% in FAW-GM, under the joint venture agreements, allows for significant rights as a member as well as the contractual right to report SGMW and FAW-GM production volume in China. These entities are not consolidated for financial reporting purposes. Income and losses related to these entities are recorded in Equity income, net of tax.
(c) Production data may include rounding differences.

 

2


General Motors Company and Subsidiaries

Supplemental Material

(Unaudited)

 

       Three Months Ended
December 31,
     Year Ended
December 31,
           2009              2008              2009              2008    

Vehicle Unit Deliveries(a)(b)(c)

                   

United States

                   

Chevrolet – Cars

     133      132      546      715

Chevrolet – Trucks

     219      209      799      1,086

Cadillac

     36      32      109      161

Buick

     30      24      102      137

GMC

     78      71      260      377

Other Non-Core Divisions

     42      80      269      504
                           

Total United States

     538      547      2,084      2,981

Canada, Mexico and Other

     100      127      400      585
                           

Total GMNA(d)

     637      675      2,485      3,565
                           

GMIO

                   

Chevrolet

     427      310      1,491      1,456

Buick

     134      69      448      281

GM Daewoo

     41      19      121      121

Holden

     36      32      126      140

Wuling

     247      149      1,001      606

FAW-GM

     26           35     

Other

     26      29      104      150
                           

Total GMIO(e)

     937      608      3,326      2,754
                           

GME

                   

Opel/Vauxhall

     265      284      1,209      1,458

Chevrolet

     107      121      426      510

Saab

     5      13      27      66

Other

     1      1      5      8
                           

Total GME(e)

     378      419      1,667      2,043
                           

Total Worldwide

     1,952      1,702      7,478      8,362
                           

 

(a) Includes HUMMER, Saab, Saturn and Pontiac vehicle sales data.
(b) Includes SGM, SGMW and FAW-GM joint venture sales. Ownership of 50% in SGM, 34% in SGMW and 50% in FAW-GM, under the joint venture agreements, allows 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 global market share. These entities are not consolidated for financial reporting purposes. Income and losses related to these entities are recorded in Equity income, net of tax.
(c) Vehicle sales data may include rounding differences.
(d) Vehicle sales represent sales to the ultimate customer.
(e) Vehicle sales primarily represent estimated sales to the ultimate customer.

 

3


General Motors Company and Subsidiaries

Supplemental Material

(Unaudited)

 

    Three Months Ended
December 31,
  Year Ended
December 31,
        2009           2008           2009           2008    

Market Share(a)(b)

       

United States – Cars

  15.5%   18.2%   16.3%   18.6%

United States – Trucks

  24.5%   24.5%   23.1%   25.5%

Total United States

  20.2%   21.5%   19.6%   22.1%

Total GMNA(c)

  19.3%   21.0%   19.0%   21.5%

Total GMIO(d)

  10.4%   9.6%   10.3%   9.6%

Total GME(d)

  8.3%   9.2%   8.9%   9.3%

Total Worldwide

  11.6%   12.0%   11.6%   12.4%

U.S. Retail/Fleet Mix

       

% Fleet Sales - Cars

  34.6%   45.6%   29.0%   34.8%

% Fleet Sales - Trucks

  20.5%   23.2%   21.6%   22.4%

Total Vehicles

  25.8%   32.2%   24.7%   27.6%

GMNA Capacity Utilization(e)

  61.5%   72.1%   48.0%   74.7%

 

(a) Includes HUMMER, Saab, Saturn and Pontiac vehicle sales data.
(b) Includes SGM, SGMW and FAW-GM joint venture sales. Ownership of 50% in SGM, 34% in SGMW and 50% in FAW-GM, under the joint venture agreements, allows 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 global market share. These entities are not consolidated for financial reporting purposes. Income and losses related to these entities are recorded in Equity income, net of tax.
(c) Vehicle sales represent sales to the ultimate customer.
(d) Vehicle sales primarily represent estimated sales to the ultimate customer.
(e) Two shift rated, annualized.

 

    Successor       Predecessor
    December 31,
2009
      December 31,
2008

Worldwide Employment (thousands)

     

GMNA(a)

  102     116

GMIO

  61     70

GME

  53     55

Corporate

  1     2
         

Total Worldwide

  217     243
         
 

United States — Salaried(a)(b)(d)

  26     29

United States — Hourly(a)(c)

  51     62

 

(a) Includes additional 11,000 employees due to the acquisition of Nexteer, of which 2,000 are U.S. salaried employees, 5,000 are U.S. hourly employees and 4,000 are employees located outside the U.S.
(b) 5,000 U.S. salaried employees irrevocably accepted the 2009 Salaried Window Program (a voluntary program, subject to management approval, to reduce salaried headcount based on individual eligibility and employees elections made) option or the GM severance program option.
(c) 13,000 U.S. hourly employees elected to participate in Old GM’s 2009 Special Attrition Programs, which were introduced in February and June of 2009 and offered cash and other incentives for individuals who elected to retire or voluntarily terminate employment.
(d) Includes employees in GMNA and Corporate.

 

     Successor       Predecessor
      July 10, 2009
Through
December 31, 2009
      January 1, 2009
Through
July 9, 2009
  Twelve Months
Ended
December 31, 2008

Worldwide Payroll (billions)

   $ 6.2     $ 6.2   $ 16.8

 

4


General Motors Company and Subsidiaries

Consolidated Statements of Operations

(Dollars in millions)

(Unaudited)

 

    Successor          Predecessor  
    July 10, 2009
Through
December 31, 2009
         January 1, 2009
Through
July 9, 2009
    Year Ended
December 31, 2008
 

Net sales and revenue

         

Sales

  $ 57,329          $ 46,787      $ 147,732   

Other revenue

    145            328        1,247   
                           

Total net sales and revenue

    57,474            47,115        148,979   
                           

Costs and expenses

         

Cost of sales

    56,381            55,814        149,257   

Selling, general and administrative expense

    6,006            6,161        14,253   

Other expenses, net

    15            1,235        6,699   
                           

Total costs and expenses

    62,402            63,210        170,209   
                           

Operating loss

    (4,928         (16,095     (21,230

Equity in income (loss) of and disposition of interest in GMAC

               1,380        (6,183

Interest expense

    (694         (5,428     (2,525

Interest income and other non-operating income, net

    440            852        424   

Gain (loss) on extinguishment of debt

    (101         (1,088     43   

Reorganization gains, net

               128,155          
                           

Income (loss) before income taxes and equity income

    (5,283         107,776        (29,471

Income tax expense (benefit)

    (1,000         (1,166     1,766   

Equity income, net of tax

    497            61        186   
                           

Net income (loss)

    (3,786         109,003        (31,051

Less: Net (income) loss attributable to noncontrolling interests

    (511         115        108   
                           

Net income (loss) attributable to stockholders

    (4,297         109,118        (30,943

Less: Cumulative dividends on preferred stock

    131                     
                           

Net income (loss) attributable to common stockholders

  $ (4,428       $ 109,118      $ (30,943
                           

Earnings (loss) per share

         

Basic

         

Income (loss) attributable to common stockholders

  $ (10.73       $ 178.63      $ (53.47

Weighted-average common shares outstanding

    413            611        579   

Diluted

         

Income (loss) attributable to common stockholders

  $ (10.73       $ 178.55      $ (53.47

Weighted-average common shares outstanding

    413            611        579   

Cash dividends per common share

  $          $      $ 0.50   
 

Amounts attributable to common stockholders:

         

Income (loss) of tax

  $ (4,428       $ 109,118      $ (30,943

 

5


General Motors Company and Subsidiaries

Consolidated Balance Sheets

(In millions, except share amounts)

(Unaudited)

 

    Successor          Predecessor  
     December 31,
2009
         December 31,
2008
 
ASSETS                 
Current Assets                 

Cash and cash equivalents

  $ 22,679          $ 14,053   

Marketable securities

    134            141   
                   

Total cash, cash equivalents and marketable securities

    22,813            14,194   

Restricted cash

    13,917            672   

Accounts and notes receivable (net of allowance of $250 and $422)

    7,518            7,918   

Inventories

    10,107            13,195   

Assets held for sale

    388              

Equipment on operating leases, net

    2,727            5,142   

Other current assets and deferred income taxes

    1,777            3,146   
                   

Total current assets

    59,247            44,267   

Non-Current Assets

       

Restricted cash

    1,489            1,917   

Equity in net assets of nonconsolidated affiliates

    7,936            2,146   

Assets held for sale

    530              

Equipment on operating leases, net

    3            442   

Property, net

    18,687            39,665   

Goodwill

    30,672              

Intangible assets, net

    14,547            265   

Deferred income taxes

    564            98   

Prepaid pension

    98            109   

Other assets

    2,522            2,130   
                   

Total non-current assets

    77,048            46,772   
                   

Total Assets

  $ 136,295          $ 91,039   
                   
LIABILITIES AND EQUITY (DEFICIT)        

Current Liabilities

       

Accounts payable (principally trade)

  $ 18,725          $ 22,259   

Short-term debt and current portion of long-term debt

    10,221            16,920   

Liabilities held for sale

    355              

Postretirement benefits other than pensions

    846            4,002   

Accrued expenses

    22,288            32,427   
                   

Total current liabilities

    52,435            75,608   

Non-Current Liabilities

       

Long-term debt

    5,562            29,018   

Liabilities held for sale

    270              

Postretirement benefits other than pensions

    8,708            28,919   

Pensions

    27,086            25,178   

Other liabilities and deferred income taxes

    13,279            17,392   
                   

Total non-current liabilities

    54,905            100,507   
                   

Total liabilities

    107,340            176,115   

Commitments and contingencies

       

Preferred stock, $0.01 par value (1,000,000,000 shares authorized and 360,000,000 shares issued and outstanding at December 31, 2009)

    6,998              

Equity (Deficit)

       

Old GM

       

Preferred stock, no par value (6,000,000 shares authorized, no shares issued and outstanding)

                 

Preference stock, $0.10 par value (100,000,000 shares authorized, no shares issued and outstanding)

                 

Common stock, $1 2/3 par value common stock (2,000,000,000 shares authorized, 800,937,541 shares issued and 610,483,231 shares outstanding at December 31, 2008)

               1,017   

General Motors Company

       

Common stock, $0.01 par value (2,500,000,000 shares authorized and 500,000,000 shares issued and outstanding at December 31, 2009)

    5              

Capital surplus (principally additional paid-in capital)

    24,050            16,489   

Accumulated deficit

    (4,394         (70,727

Accumulated other comprehensive income (loss)

    1,588            (32,339
                   

Total stockholders’ equity (deficit)

    21,249            (85,560

Noncontrolling interests

    708            484   
                   

Total equity (deficit)

    21,957            (85,076
                   

Total Liabilities and Equity (Deficit)

  $ 136,295          $ 91,039   
                   

 

6


General Motors Company and Subsidiaries

Supplemental Material

(Unaudited)

Old GM

January 1, 2009 Through July 9, 2009

In the period January 1, 2009 through July 9, 2009, Old GM recorded the following Reorganization gains, net, arising from the 363 Sale and fresh-start reporting:

 

     Predecessor  
     January 1, 2009
Through
July 9, 2009
 

Change in net assets resulting from the application of fresh-start reporting

   $ 33,829   

Fair value of New GM’s Series A Preferred Stock, common shares and warrants issued in 363 Sale

     20,532   

Gain from the conversion of debt owed to UST to equity

     31,561   

Gain from the conversion of debt owed to EDC to equity

     5,964   

Gain from the modification and measurement of GM’s VEBA obligation

     7,731   

Gain from the modification and measurement of other employee benefit plans

     4,585   

Gain from the settlement of net liabilities retained by MLC via the 363 Sale

     25,177   

Income tax benefit for release of valuation allowances and other tax adjustments

     710   

Other 363 Sale adjustments

     (21

Amount recorded in Income tax benefit

     (710

Other losses, net

     (1,203
        

Total Reorganization gains, net

   $ 128,155   
        

 

7

Charts Furnished to Securities Analysts
General Motors Company
April 7, 2010
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,” “believe,” “intend,” 
“target,” “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 comply with the
requirements of our credit agreements with the U.S. Treasury and EDC and
to repay those agreements as planned; our ability to realize production 
efficiencies and to achieve reductions in costs as a result of our restructuring 
initiatives and labor modifications; our ability to maintain quality control over 
our vehicles and avoid material vehicle recalls; our ability to maintain 
adequate liquidity and financing sources and an appropriate level of debt, 
including as required to fund our planning significant investment in new 
technology, and our ability to realize successful vehicle applications of new 
technology.
 
Our most recent annual report on Form 10-K provides information about
these and other factors, which  may be revised or supplemented  in future 
reports to the SEC on Form 10-Q or 8-K.


Vision Statement
2
Design, Build & Sell
the World’s Best Vehicles


Key 2010 CY Launches
3
2011 Chevy Cruze
GMNA
2011 Opel Meriva
GME
GMIO
2011 Buick Regal
2011 Chevy Volt
2011 Opel Astra Wagon
2011 Chevy Orlando
2011 Chevy Sail
2011 Chevy Spark
2011 Buick Excelle
Coming Soon


Rebuild First Class Relationships
4
Customers
Dealers
Communities
Union Partners
Suppliers
Employees


Summary of 2009 Results
5
Q4
July 10 –
Dec 31
Global Revenue
$32.3B
$57.5B
EBIT
$(4.0)B
$(4.8)B
Total Net Income/(Loss)
$(3.4)B
$(4.3)B
Net cash provided/(used)
operating activities
(1.9)
1.0
Memo: Total net income/(loss) excludes preferred dividends
Return to profitability a key priority


Q4 2009 EBIT
6
Q4 2008
(3,403)
(1,855)
(1,074)
(2,321)
(8,653)
Memo: Old GM EBIT
($M)


Sustainable Financial Strength
($B)
Old GM
Dec 31, 2008
New GM
Dec 31, 2009
Cash & marketable securities *
14.2
36.2
Key Obligations:
Debt
45.9
15.8
Preferred Stock
n/a
7.0
Underfunded Pensions
25.6
27.5
Underfunded OPEB
32.9
9.6
Total Key Obligations
104.4
59.9
7
* Includes UST & Canadian HC Trust Restricted Cash


Integrity & Reliability in Public Reporting
Requirement resulting from 363 transaction
Resets the basis for accounting to fair value as of July
10 and results in a new entity for financial reporting
purposes
Substantially all of GM’s assets and liabilities recorded at
fair value as of July 10, similar to purchase accounting
Adjustments recorded to ledgers & subledgers
More than 1 million asset records adjusted
Initiative was a major undertaking
8
Fresh-start accounting a key milestone for going public


July 10 Reorg
& Fresh-Start
9
July 10 Reorganization
$83B reduction in liabilities
extinguished through 363 sale &
issued common equity, warrants &
preferred stock fair valued at $20B
$8B reduction in OPEB related to
Revised UAW Settlement
Agreement
$4B reduction in pension and OPEB
resulting from July 10
implementation of modification to
benefit plans
July 10 Fresh-Start
Recognition of $30B goodwill
Recognition of $16B intangible
assets
$19B balance in property, plant &
equipment which is an $18B
reduction
$8B balance in equity & cost
based investments


Commitments to Stakeholders
Original government loans of $8.4B
Paid $2.4B to UST & $0.4B to EDC through Mar 31
Outstanding balance to be repaid in full by June at the
latest
10


New Leadership Team
11
12 of 13 EC members new to company or in new positions since July 2009
(Tom Stephens appointed to current position May 2009)
Ed Whitacre
Chairman & CEO
Tom Stephens
Tom Stephens
Vice Chairman
Vice Chairman
Global Prod. Ops
Global Prod. Ops
Steve Girsky
Vice Chairman
Corp. Strategy &
Bus. Dev.
Chris Liddell
Chris Liddell
Vice Chairman
Vice Chairman
CFO
CFO
Nick Reilly
Nick Reilly
President
President
Europe
Europe
Mark Reuss
President
North America
Tim Lee
Tim Lee
President
President
International Ops.
International Ops.
Mary Barra
V.P. Human
Resources
Mike Millikin
V.P. Legal
Terry Kline
Terry Kline
V.P. Information
V.P. Information
Technology
Technology
John Montford
Senior Advisor
Gov’t
Relations
Selim
Selim
Bingol
Bingol
V.P. Comm
V.P. Comm
.
.
Bob Lutz
Bob Lutz
Vice Chairman
Vice Chairman


General Motors Company
Select Supplemental Financial Information


EBIT Reconciliation
13
Predecessor
July 10, 2009
October 1, 2009
October 1, 2008
Through
Through
Through
December 31, 2009
December 31, 2009
December 31, 2008
Operating segments (EBIT)
GMNA
$                         (4,820)
GMIO
1,198
GME
(805)
Total operating segments
(4,427)
Corporate and eliminations
(360)
Income (loss) attributable to
stockholders before interest and
income taxes
(4,787)
Interest income
184
Interest expense
694
Income tax expense (benefits) 
(1,000)
Net income (loss) attributable to
stockholders
$                         (4,297)
$                          (3,443)
738
(814)
(3,519)
(527)
(4,046)
75
329
(861)
$                         (3,439)
$                        (3,403)
(1,074)
(1,855)
(6,332)
(2,321)
(8,653)
102
308
737
$                       (9,596)
Successor