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) February 16, 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 February 16, 2012 and Financial Statements
Charts Furnished to Securities Analysts
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On February 16, 2012 a news release was issued on the subject of fourth quarter and 2011 annual 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 quarter and year ended December 31, 2011 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 February 16, 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: February 16, 2012 | By: | Nick S. Cyprus Vice President, Controller and Chief Accounting Officer |
Exhibit 99.1
For Release: Feb. 16, 2012, 7:30 a.m. EST
GM Reports 2011 Net Income of $7.6 Billion
Full-year EBIT-adjusted of $8.3 billion, up $1.3 billion from 2010
Fourth quarter net income of $0.5 billion and EBIT-adjusted of $1.1 billion
DETROIT - General Motors Co. (NYSE: GM) today announced 2011 calendar-year net income attributable to common stockholders of $7.6 billion, or $4.58 per fully-diluted share, up from $4.7 billion, or $2.89 per fully-diluted share, in 2010.
Revenue increased 11 percent to $150.3 billion, compared with $135.6 billion in 2010. Full-year earnings before interest and tax (EBIT) adjusted was $8.3 billion, compared with $7.0 billion in 2010.
“In our first full year as a public company, we grew the top and bottom lines, advanced our global market share and made strategic investments in our brands around the world,” said Dan Akerson, chairman and CEO. “We will build on these results as we bring more new cars, crossovers and trucks to market, and make GM a far more efficient global team. This includes reducing our break-even level in Europe and South America and driving higher revenues around the world.”
Overview (in billions except for per share amounts)
Q4 2010 | Q4 2011 | Full-year 2010 | Full-year 2011 | |||||
Revenue | $36.9 | $38.0 | $135.6 | $150.3 | ||||
Net income attributable to common stockholders | $0.5 | $0.5 | $4.7 | $7.6 | ||||
Earnings per share (EPS) fully diluted | $0.31 | $0.28 | $2.89 | $4.58 | ||||
Impact of special items on EPS fully diluted | $(0.21) | $(0.11) | $(0.14) | $0.70 | ||||
EBIT-adjusted | $1.0 | $1.1 | $7.0 | $8.3 | ||||
Automotive net cash flow from operating activities | $(1.7) | $1.2 | $6.6 | $7.4 | ||||
Automotive free cash flow | $(2.8) | $(0.9) | $2.4 | $1.2 | ||||
Fourth Quarter Results
Revenue in the fourth quarter of 2011 increased 3 percent to $38.0 billion, compared with the fourth quarter of 2010. GM's fourth quarter 2011 net income attributable to common stockholders was $0.5 billion, or $0.28 per fully-diluted share, including a net loss from special items of $0.2 billion or $0.11 per
fully-diluted share.
In the fourth quarter of 2010, GM's net income attributable to common stockholders was $0.5 billion, or $0.31 per fully-diluted share, including a net loss from special items of $0.4 billion or $0.21 per fully-diluted share.
EBIT-adjusted was $1.1 billion in the fourth quarter of 2011, compared with $1.0 billion in the fourth quarter of 2010. Fourth quarter EBIT-adjusted for 2011 includes the impact of restructuring charges of $0.3 billion.
GM's fourth quarter 2011 special items include impairment charges related to goodwill and GM's investment in Ally Financial, and gains related to the Canadian Health Care Trust (HCT) settlement, the reversal of deferred tax asset valuation allowances in Australia and the extinguishment of debt.
Regional Results
• | GM North America (GMNA) reported EBIT-adjusted of $1.5 billion in the fourth quarter of 2011 compared with $0.8 billion in 2010. Full-year EBIT-adjusted was $7.2 billion in 2011 compared with $5.7 billion in 2010. Based on GMNA's 2011 financial performance, the company will pay profit sharing of up to $7,000 to approximately 47,500 eligible GM U.S. hourly employees. The full payout will be paid to employees who had 1,850 or more compensated hours in 2011. |
• | GM Europe (GME) reported an EBIT-adjusted loss of $0.6 billion in the fourth quarter of 2011, including $0.2 billion of restructuring costs, matching last year's results. Full-year EBIT-adjusted was a loss of $0.7 billion in 2011, an improvement of $1.3 billion over 2010. |
• | GM International Operations (GMIO) reported EBIT-adjusted of $0.4 billion in the fourth quarter of 2011 compared with $0.3 billion in 2010. Full-year EBIT-adjusted was $1.9 billion in 2011 compared with $2.3 billion in 2010. |
• | GM South America (GMSA) reported an EBIT-adjusted loss of $0.2 billion in the fourth quarter of 2011, including $0.1 billion in restructuring costs, compared with EBIT-adjusted of $0.2 billion in 2010. Full-year EBIT-adjusted was a loss of $0.1 billion in 2011 compared with EBIT-adjusted of $0.8 billion in 2010. |
Cash Flow and Liquidity
For the fourth quarter of 2011, automotive cash flow from operating activities was $1.2 billion and automotive free cash flow was $(0.9) billion, which includes the previously announced $0.8 billion contribution to the HCT.
GM ended the year with strong total automotive liquidity of $37.5 billion compared with $33.5 billion in 2010. Automotive cash and marketable securities was $31.6 billion compared with $27.6 billion at the end of 2010.
U.S. Pension Update
GM's U.S. defined benefit pension plans earned asset returns of 11.1 percent in 2011. They ended the year 88 percent funded, largely unchanged from 89 percent funded a year ago.
The company also announced today that it is taking further steps toward its goals of de-risking and fully-funding its U.S. pension plans. Effective Sept. 30, 2012, GM will freeze its defined benefit pension plan for U.S. salaried employees, who instead will receive contributions to a defined contribution plan, or 401(k). This initiative will affect GM's U.S. salaried employees hired prior to Jan. 1, 2001. Salaried employees hired after that date are already covered by a defined contribution plan.
2012 Outlook
Looking forward, GM expects to increase its top-line revenue year-over-year in an expanding global automotive industry. In addition, GM expects continued pricing improvement with cost inflation well contained, while product mix and pension expense are expected to be unfavorable.
Capital spending in 2012 is expected to be in the range of $8 billion as the company continues to aggressively invest in new products and technologies.
“We are executing an aggressive product plan that will give customers around the world even more reasons to purchase a General Motors vehicle,” said Dan Ammann, senior vice president and CFO. “Behind the scenes, we are working hard to eliminate complexity and cost throughout the organization to increase margins in all of our regions, and return Europe and South America to profitability. Overall, we have made good progress and we have more work to do.”
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
Office 313-667-7758 Office 313-667-0006
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 financing sources, 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 provides information about these and other factors, which we may revise or supplement in future reports to the SEC.
Exhibit 1
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The accompanying tables and charts for securities analysts include earnings before interest and taxes adjusted for special items (EBIT-adjusted) and Automotive free cash flow which are not prepared in accordance with Accounting Principles Generally Accepted in the United States of America (U.S. GAAP) and have not been audited or reviewed by GM's independent auditors. EBIT-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 (loss) or Net income (loss) 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):
Successor | |||||||||||||||||||||||
Year Ended December 31, 2011 | Three Months Ended December 31, 2011 | Three Months Ended September 30, 2011 | Three Months Ended June 30, 2011 | Three Months Ended March 31, 2011 | Year Ended December 31, 2010 | ||||||||||||||||||
Operating segments | |||||||||||||||||||||||
GMNA(a) | $ | 7,194 | $ | 1,497 | $ | 2,195 | $ | 2,249 | $ | 1,253 | $ | 5,688 | |||||||||||
GME(a) | (747 | ) | (562 | ) | (292 | ) | 102 | 5 | (1,953 | ) | |||||||||||||
GMIO(a) | 1,897 | 373 | 365 | 573 | 586 | 2,262 | |||||||||||||||||
GMSA(a) | (122 | ) | (225 | ) | (44 | ) | 57 | 90 | 818 | ||||||||||||||
GM Financial(b) | 622 | 170 | 178 | 144 | 130 | 129 | |||||||||||||||||
Total operating segments(b) | 8,844 | 1,253 | 2,402 | 3,125 | 2,064 | 6,944 | |||||||||||||||||
Corporate and eliminations | (540 | ) | (156 | ) | (199 | ) | (163 | ) | (22 | ) | 86 | ||||||||||||
EBIT-adjusted(b) | 8,304 | 1,097 | 2,203 | 2,962 | 2,042 | 7,030 | |||||||||||||||||
Special items | 861 | (622 | ) | — | — | 1,483 | 447 | ||||||||||||||||
Interest income | 455 | 92 | 112 | 124 | 127 | 465 | |||||||||||||||||
Automotive interest expense | 540 | 135 | 101 | 155 | 149 | 1,098 | |||||||||||||||||
Income tax expense (benefit) | (110 | ) | (293 | ) | 107 | (61 | ) | 137 | 672 | ||||||||||||||
Net income attributable to stockholders | 9,190 | 725 | 2,107 | 2,992 | 3,366 | 6,172 | |||||||||||||||||
Less: cumulative dividends on and charge related to purchase of preferred stock and undistributed earnings allocated to Series B Preferred Stock participating security | 1,605 | 253 | 381 | 468 | 215 | 1,504 | |||||||||||||||||
Net income attributable to common stockholders | $ | 7,585 | $ | 472 | $ | 1,726 | $ | 2,524 | $ | 3,151 | $ | 4,668 | |||||||||||
__________
(a) | Interest and income taxes are recorded centrally in Corporate and therefore are not reconciling items for GM's automotive operating segments between EBIT-adjusted and Net income (loss) attributable to stockholders. |
(b) | GM Financial amounts represent income before income taxes. |
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following summarizes the special items:
In the three months ended December 31, 2011 special items included the following:
• | Gain of $749 million in GMNA related to Canadian Health Care Trust settlement; |
• | Gain of $63 million in GMSA related to extinguishment of debt; |
• | Goodwill impairment charges of $621 million in GME and $258 million in GMIO; and |
• | Impairment charges of $555 million in Corporate related to GM's investments in Ally Financial common stock. |
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 preferred stock; |
• | Goodwill impairment charge of $395 million in GME; and |
• | Charge of $106 million in GMIO related to GM's India joint venture. |
In the year ended December 31, 2010 special items included the following:
• | Gain of $198 million in Corporate related to extinguishment of the VEBA Notes; |
• | Gain of $123 million in GME related to the sale of Saab Automobile AB to Spyker Cars NV; |
• | Gain of $66 million in GME related to the acquisition of General Motors Strasbourg S.A.S; and |
• | Gain of $60 million in GMNA related to the sale of Nexteer, a manufacturer of steering components and half-shafts. |
The following table summarizes the reconciliation of Automotive free cash flow to Automotive net cash provided by (used in) operating activities (dollars in millions):
Successor | |||||||||||||||
Year Ended December 31, 2011 | Three Months Ended December 31, 2011 | Year Ended December 31, 2010 | Three Months Ended December 31, 2010 | ||||||||||||
Automotive free cash flow | $ | 1,188 | $ | (941 | ) | $ | 2,389 | $ | (2,818 | ) | |||||
Capital expenditures | 6,241 | 2,176 | 4,200 | 1,088 | |||||||||||
Automotive net cash provided by (used in) operating activities | $ | 7,429 | $ | 1,235 | $ | 6,589 | $ | (1,730 | ) | ||||||
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Three Months Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 23,111 | $ | 6,277 | $ | 7,035 | $ | 4,200 | $ | 11 | $ | (3,035 | ) | $ | 37,599 | $ | 394 | $ | (3 | ) | $ | 37,990 | |||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 844 | $ | 328 | $ | 137 | $ | 113 | $ | 13 | $ | (1 | ) | $ | 1,434 | $ | 28 | $ | (2 | ) | $ | 1,460 | |||||||||||||||||
Equity income, net of tax and gain on disposal of investments | $ | — | $ | — | $ | 288 | $ | 1 | $ | — | $ | — | $ | 289 | $ | — | $ | — | $ | 289 | |||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 90,233 | $ | 26,757 | $ | 24,761 | $ | 16,877 | $ | 61 | $ | (9,820 | ) | $ | 148,869 | $ | 1,410 | $ | (3 | ) | $ | 150,276 | |||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 3,693 | $ | 1,371 | $ | 491 | $ | 454 | $ | 50 | $ | (1 | ) | $ | 6,058 | $ | 85 | $ | (2 | ) | $ | 6,141 | |||||||||||||||||
Equity income, net of tax and gain on disposal of investments(b) | $ | 1,733 | $ | — | $ | 1,458 | $ | 1 | $ | — | $ | — | $ | 3,192 | $ | — | $ | — | $ | 3,192 | |||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Three Months Ended December 31, 2010 | |||||||||||||||||||||||||||||||||||||||
Total net sales and revenue(a) | $ | 21,990 | $ | 6,914 | $ | 5,768 | $ | 4,451 | $ | 24 | $ | (2,546 | ) | $ | 36,601 | $ | 281 | $ | — | $ | 36,882 | ||||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 1,050 | $ | 375 | $ | 95 | $ | 125 | $ | 87 | $ | — | $ | 1,732 | $ | 7 | $ | — | $ | 1,739 | |||||||||||||||||||
Equity income, net of tax | $ | 23 | $ | — | $ | 249 | $ | 1 | $ | — | $ | — | $ | 273 | $ | — | $ | — | $ | 273 | |||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Year Ended December 31, 2010 | |||||||||||||||||||||||||||||||||||||||
Total net sales and revenue(a) | $ | 83,035 | $ | 24,076 | $ | 20,561 | $ | 15,379 | $ | 134 | $ | (7,874 | ) | $ | 135,311 | $ | 281 | $ | — | $ | 135,592 | ||||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 4,434 | $ | 1,476 | $ | 349 | $ | 496 | $ | 168 | $ | — | $ | 6,923 | $ | 7 | $ | — | $ | 6,930 | |||||||||||||||||||
Equity income (loss), net of tax | $ | 120 | $ | 11 | $ | 1,307 | $ | (2 | ) | $ | 2 | $ | — | $ | 1,438 | $ | — | $ | — | $ | 1,438 | ||||||||||||||||||
__________
(a) | Presentation of intersegment sales has been adjusted to conform to the current presentation. |
(b) | Includes a gain of $1.6 billion recorded on the sale of GM's New Delphi Class A Membership Interests. |
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Successor | ||||||||
December 31, 2011 | December 31, 2010 | December 31, 2009 | ||||||
Worldwide Employment (thousands) | ||||||||
GMNA | 98 | 96 | 103 | |||||
GME | 39 | 40 | 50 | |||||
GMIO | 34 | 32 | 34 | |||||
GMSA | 33 | 31 | 28 | |||||
GM Financial | 3 | 3 | ||||||
Total Worldwide | 207 | 202 | 215 | |||||
U.S. - Salaried | 29 | 28 | 26 | |||||
U.S. - Hourly | 48 | 49 | 51 | |||||
Successor | Predecessor | |||||||||||||||
Year Ended December 31, 2011 | Year Ended December 31, 2010 | July 10, 2009 Through December 31, 2009 | January 1, 2009 Through July 9, 2009 | |||||||||||||
Worldwide Payroll (billions) | $ | 13.5 | $ | 14.0 | $ | 6.2 | $ | 6.2 | ||||||||
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Successor | |||||||||||
Three Months Ended December 31, 2011 | Year Ended December 31, 2011 | Three Months Ended December 31, 2010 | Year Ended December 31, 2010 | ||||||||
Production Volume (units in thousands)(a) | |||||||||||
GMNA - Cars | 286 | 1,145 | 240 | 977 | |||||||
GMNA - Trucks | 453 | 1,944 | 463 | 1,832 | |||||||
Total GMNA | 739 | 3,089 | 703 | 2,809 | |||||||
GME | 249 | 1,189 | 313 | 1,234 | |||||||
GMIO - Consolidated Entities | 294 | 1,114 | 265 | 1,016 | |||||||
GMIO - Joint Ventures(b) | 810 | 2,927 | 747 | 2,729 | |||||||
Total GMIO | 1,104 | 4,041 | 1,012 | 3,745 | |||||||
GMSA | 227 | 948 | 241 | 926 | |||||||
Total Worldwide | 2,319 | 9,267 | 2,269 | 8,714 | |||||||
__________
(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. |
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Successor | |||||||||||
Three Months Ended December 31, 2011 | Year Ended December 31, 2011 | Three Months Ended December 31, 2010(a) | Year Ended December 31, 2010(b) | ||||||||
Vehicle Sales (units in thousands)(c)(d)(e) | |||||||||||
United States | |||||||||||
Chevrolet - Cars | 150 | 763 | 133 | 636 | |||||||
Chevrolet - Trucks | 192 | 668 | 164 | 598 | |||||||
Chevrolet - Crossovers | 79 | 344 | 93 | 332 | |||||||
Cadillac | 39 | 152 | 42 | 147 | |||||||
Buick | 38 | 178 | 41 | 155 | |||||||
GMC | 103 | 398 | 103 | 335 | |||||||
Other | — | — | 1 | 12 | |||||||
Total United States | 602 | 2,504 | 577 | 2,215 | |||||||
Canada, Mexico and Other | 109 | 420 | 108 | 410 | |||||||
Total GMNA | 710 | 2,924 | 685 | 2,625 | |||||||
GME | |||||||||||
Opel/Vauxhall | 276 | 1,214 | 298 | 1,179 | |||||||
Chevrolet | 135 | 518 | 129 | 477 | |||||||
Other | 1 | 3 | 1 | 8 | |||||||
Total GME | 412 | 1,735 | 427 | 1,663 | |||||||
GMIO | |||||||||||
Chevrolet | 288 | 1,100 | 260 | 909 | |||||||
Wuling | 310 | 1,194 | 240 | 1,149 | |||||||
Buick | 151 | 647 | 150 | 551 | |||||||
GM Daewoo | — | 17 | 40 | 130 | |||||||
Holden | 32 | 134 | 34 | 141 | |||||||
GMC | 9 | 39 | 10 | 35 | |||||||
Cadillac | 10 | 35 | 6 | 22 | |||||||
Other | 46 | 135 | 34 | 134 | |||||||
Total GMIO(f) | 848 | 3,302 | 774 | 3,072 | |||||||
GMSA | |||||||||||
Chevrolet | 264 | 1,056 | 283 | 1,014 | |||||||
Other | 1 | 9 | 2 | 11 | |||||||
Total GMSA | 266 | 1,065 | 285 | 1,025 | |||||||
Total Worldwide | 2,236 | 9,026 | 2,171 | 8,385 | |||||||
__________
(a) | Includes HUMMER, Saturn and Pontiac vehicle sales data. |
(b) | Includes HUMMER, Saab, Saturn and Pontiac vehicle sales data. |
(c) | Vehicle sales data may include rounding differences. |
(d) | Certain fleet sales that are accounted for as operating leases are included in vehicle sales at the time of delivery to the daily rental car companies. |
(e) | GMNA vehicle sales primarily represent sales to the 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. |
(f) | Includes the following joint venture sales: |
Year Ended December 31, | |||||
2011 | 2010 | ||||
Joint venture sales in China | |||||
SGM | 1,200 | 1,033 | |||
SGMW and FAW-GM | 1,342 | 1,315 | |||
Joint venture sales in India | |||||
HKJV | 111 | 101 | |||
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Successor | |||||||
Three Months Ended December 31, 2011 | Year Ended December 31, 2011 | Three Months Ended December 31, 2010(a) | Year Ended December 31, 2010(b) | ||||
Market Share(c)(d) | |||||||
United States - Cars | 12.8% | 15.7% | 13.2% | 14.3% | |||
United States - Trucks | 26.1% | 25.2% | 26.5% | 25.5% | |||
United States - Crossovers | 17.4% | 18.9% | 20.8% | 20.1% | |||
Total United States | 18.0% | 19.2% | 19.1% | 18.8% | |||
Total GMNA | 17.5% | 18.4% | 18.5% | 18.2% | |||
Total GME | 8.6% | 8.8% | 9.0% | 8.8% | |||
Total GMIO(e) | 9.5% | 9.5% | 8.7% | 8.9% | |||
Total GMSA | 18.6% | 18.8% | 19.6% | 19.9% | |||
Total Worldwide | 11.7% | 11.9% | 11.5% | 11.5% | |||
U.S. Retail/Fleet Mix | |||||||
% Fleet Sales - Cars | 24.4% | 31.3% | 29.6% | 36.9% | |||
% Fleet Sales - Trucks | 21.8% | 24.2% | 20.1% | 23.4% | |||
% Fleet Sales - Crossovers | 16.6% | 18.8% | 17.6% | 22.9% | |||
Total Vehicles | 21.4% | 25.5% | 22.3% | 28.2% | |||
GMNA Capacity Utilization(f) | 93.0% | 97.2% | 89.6% | 89.5% | |||
__________
(a) | Includes HUMMER, Saturn and Pontiac vehicle sales data. |
(b) | Includes HUMMER, Saab, Saturn and Pontiac vehicle sales data. |
(c) | Market share information is based on vehicle sales volume. |
(d) | 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. |
(e) | Includes the following joint venture sales: |
Year Ended December 31, | |||||
2011 | 2010 | ||||
Joint venture sales in China | |||||
SGM | 1,200 | 1,033 | |||
SGMW and FAW-GM | 1,342 | 1,315 | |||
Joint venture sales in India | |||||
HKJV | 111 | 101 | |||
(f) | Two shift rated, annualized. |
General Motors Company and Subsidiaries
Consolidated Statements of Operations
(In millions, except per share amounts)
(Unaudited)
Successor | Predecessor | |||||||||||||||
Year Ended December 31, 2011 | Year Ended December 31, 2011 | July 10, 2009 Through December 31, 2009 | January 1, 2009 Through July 9, 2009 | |||||||||||||
Net sales and revenue | ||||||||||||||||
Automotive sales and revenue | $ | 148,866 | $ | 135,311 | $ | 57,474 | $ | 47,115 | ||||||||
GM Financial revenue | 1,410 | 281 | — | — | ||||||||||||
Total net sales and revenue | 150,276 | 135,592 | 57,474 | 47,115 | ||||||||||||
Costs and expenses | ||||||||||||||||
Automotive cost of sales | 130,386 | 118,768 | 56,316 | 55,814 | ||||||||||||
GM Financial operating and other expenses | 785 | 152 | — | — | ||||||||||||
Automotive selling, general and administrative expense | 12,105 | 11,446 | 6,006 | 6,161 | ||||||||||||
Other automotive expenses, net | 58 | 118 | 15 | 1,235 | ||||||||||||
Total costs and expenses | 143,334 | 130,484 | 62,337 | 63,210 | ||||||||||||
Goodwill impairment charges | 1,286 | — | — | — | ||||||||||||
Operating income (loss) | 5,656 | 5,108 | (4,863 | ) | (16,095 | ) | ||||||||||
Equity in income of and disposition of interest in Ally Financial | — | — | — | 1,380 | ||||||||||||
Automotive interest expense | 540 | 1,098 | 694 | 5,428 | ||||||||||||
Interest income and other non-operating income, net | 851 | 1,531 | 375 | 852 | ||||||||||||
Gain (loss) on extinguishment of debt | 18 | 196 | (101 | ) | (1,088 | ) | ||||||||||
Reorganization gains, net | — | — | — | 128,155 | ||||||||||||
Income (loss) before income taxes and equity income | 5,985 | 5,737 | (5,283 | ) | 107,776 | |||||||||||
Income tax expense (benefit) | (110 | ) | 672 | (1,000 | ) | (1,166 | ) | |||||||||
Equity income, net of tax and gain on disposal of investments | 3,192 | 1,438 | 497 | 61 | ||||||||||||
Net income (loss) | 9,287 | 6,503 | (3,786 | ) | 109,003 | |||||||||||
Net (income) loss attributable to noncontrolling interests | (97 | ) | (331 | ) | (511 | ) | 115 | |||||||||
Net income (loss) attributable to stockholders | $ | 9,190 | $ | 6,172 | $ | (4,297 | ) | $ | 109,118 | |||||||
Net income (loss) attributable to common stockholders | $ | 7,585 | $ | 4,668 | $ | (4,428 | ) | $ | 109,118 | |||||||
Earnings (loss) per share | ||||||||||||||||
Basic | ||||||||||||||||
Basic earnings per common share | $ | 4.94 | $ | 3.11 | $ | (3.58 | ) | $ | 178.63 | |||||||
Weighted-average common shares outstanding | 1,536 | 1,500 | 1,238 | 611 | ||||||||||||
Diluted | ||||||||||||||||
Diluted earnings per common share | $ | 4.58 | $ | 2.89 | $ | (3.58 | ) | $ | 178.55 | |||||||
Weighted-average common shares outstanding | 1,668 | 1,624 | 1,238 | 611 | ||||||||||||
11
General Motors Company and Subsidiaries
Basic and Diluted Earnings per Share
(Unaudited)
In the three months and year ended December 31, 2011 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 December 31, 2011.
The following table summarizes basic and diluted earnings per share for three months ended and year ended December 31, 2011 and 2010 (in millions, except per share amounts):
Successor | |||||||||||||||
Three Months Ended December 31, 2011 | Year Ended December 31, 2011 | Three Months Ended December 31, 2010 | Year Ended December 31, 2010 | ||||||||||||
Basic earnings (loss) per share | |||||||||||||||
Net income (loss) attributable to stockholders(a) | $ | 725 | $ | 9,190 | $ | 1,406 | $ | 6,172 | |||||||
Less: cumulative dividends on and charge related to purchase of preferred stock and undistributed earnings allocated to Series B Preferred Stock participating security(b) | 253 | 1,605 | 896 | 1,504 | |||||||||||
Net income (loss) attributable to common stockholders | $ | 472 | $ | 7,585 | $ | 510 | $ | 4,668 | |||||||
Weighted-average common shares outstanding - basic | 1,571 | 1,536 | 1,502 | 1,500 | |||||||||||
Basic earnings (loss) per share | $ | 0.30 | $ | 4.94 | $ | 0.34 | $ | 3.11 | |||||||
Diluted earnings (loss) per share | |||||||||||||||
Net income (loss) attributable to stockholders(a) | $ | 725 | $ | 9,190 | $ | 1,406 | $ | 6,172 | |||||||
Add: preferred dividends to holders of Series B Preferred Stock | — | — | — | 25 | |||||||||||
Less: cumulative dividends on and charge related to purchase of preferred stock and undistributed earnings allocated to Series B Preferred Stock participating security(c) | 257 | 1,552 | 896 | 1,504 | |||||||||||
Net income (loss) attributable to common stockholders | $ | 468 | $ | 7,638 | $ | 510 | $ | 4,693 | |||||||
Weighted-average shares outstanding - diluted | |||||||||||||||
Weighted-average common shares outstanding - basic | 1,571 | 1,536 | 1,502 | 1,500 | |||||||||||
Dilutive effect of warrants | 96 | 130 | 160 | 106 | |||||||||||
Dilutive effect of conversion of Series B Preferred Stock | — | — | — | 17 | |||||||||||
Dilutive effect of restricted stock units | 1 | 2 | 1 | 1 | |||||||||||
Weighted-average common shares outstanding - diluted | 1,668 | 1,668 | 1,663 | 1,624 | |||||||||||
Diluted earnings (loss) per share | $ | 0.28 | $ | 4.58 | $ | 0.31 | $ | 2.89 | |||||||
__________
(a) | Includes earned but undeclared dividends of $26 million and $26 million on GM's Series A Preferred Stock and $20 million and $25 million on GM's Series B Preferred Stock in the periods ended December 31, 2011 and 2010. |
(b) | Includes cumulative dividends on preferred stock of $215 million and earnings of $38 million that have been allocated to the Series B Preferred Stock holders in the three months ended December 31, 2011; cumulative dividends on preferred stock of $859 million and earnings of $746 million that have been allocated to the Series B Preferred Stock holders in the year ended December 31, 2011; cumulative dividends on preferred stock of $219 million and a charge related to the purchase of Series A Preferred Stock of $677 million in the three months ended December 31, 2010; and cumulative dividends on preferred stock of $827 million and a charge related to the purchase of Series A Preferred Stock of $677 million in the year ended December 31, 2010. |
(c) | Includes cumulative dividends on preferred stock of $215 million and earnings of $42 million that have been allocated to the Series B Preferred Stock holders in the three months ended December 31, 2011; cumulative dividends on preferred stock of $859 million and earnings of $693 million that have been allocated to the Series B Preferred Stock holders in the year ended December 31, 2011; cumulative dividends on preferred stock of $219 million and a charge related to the purchase of Series A Preferred Stock of $677 million in the three months ended December 31, 2010; and cumulative dividends on preferred stock of $827 million and a charge related to the purchase of Series A Preferred Stock of $677 million in the year ended December 31, 2010. |
General Motors Company and Subsidiaries
Consolidated Balance Sheets
(In millions, except share amounts)
(Unaudited)
Successor | |||||||
December 31, 2011 | December 31, 2010 | ||||||
ASSETS | |||||||
Automotive Current Assets | |||||||
Cash and cash equivalents | $ | 15,499 | $ | 21,061 | |||
Marketable securities | 16,148 | 5,555 | |||||
Restricted cash and marketable securities | 206 | 1,240 | |||||
Accounts and notes receivable (net of allowance of $331 and $252) | 9,949 | 8,699 | |||||
Inventories | 14,324 | 12,125 | |||||
Equipment on operating leases, net | 2,464 | 2,568 | |||||
Other current assets and deferred income taxes | 1,657 | 1,805 | |||||
Total current assets | 60,247 | 53,053 | |||||
Automotive Non-current Assets | |||||||
Restricted cash and marketable securities | 912 | 1,160 | |||||
Equity in net assets of nonconsolidated affiliates | 6,790 | 8,529 | |||||
Property, net | 22,957 | 19,235 | |||||
Goodwill | 27,741 | 30,513 | |||||
Intangible assets, net | 10,013 | 11,882 | |||||
Other assets and deferred income taxes | 2,900 | 3,594 | |||||
Total non-current assets | 71,313 | 74,913 | |||||
Total Automotive Assets | 131,560 | 127,966 | |||||
GM Financial Assets | |||||||
Finance receivables, net (including gross finance receivables transferred to SPEs of $9,068 and $7,156) | 9,162 | 8,197 | |||||
Restricted cash | 1,115 | 1,090 | |||||
Goodwill | 1,278 | 1,265 | |||||
Other assets (including leased assets, net transferred to SPEs of $274 and $0) | 1,488 | 380 | |||||
Total GM Financial Assets | 13,043 | 10,932 | |||||
Total Assets | $ | 144,603 | $ | 138,898 | |||
LIABILITIES AND EQUITY | |||||||
Automotive Current Liabilities | |||||||
Accounts payable (principally trade) | $ | 24,494 | $ | 21,497 | |||
Short-term debt and current portion of long-term debt (including certain debt at GM Korea of $171 and $70) | 1,682 | 1,616 | |||||
Accrued liabilities (including derivative liabilities at GM Korea of $44 and $111) | 22,756 | 24,044 | |||||
Total current liabilities | 48,932 | 47,157 | |||||
Automotive Non-current Liabilities | |||||||
Long-term debt (including certain debt at GM Korea of $7 and $835) | 3,613 | 3,014 | |||||
Postretirement benefits other than pensions | 6,836 | 9,294 | |||||
Pensions | 25,075 | 21,894 | |||||
Other liabilities and deferred income taxes | 12,336 | 13,021 | |||||
Total non-current liabilities | 47,860 | 47,223 | |||||
Total Automotive Liabilities | 96,792 | 94,380 | |||||
GM Financial Liabilities | |||||||
Securitization notes payable | 6,938 | 6,128 | |||||
Credit facilities | 1,099 | 832 | |||||
Other liabilities | 783 | 399 | |||||
Total GM Financial Liabilities | 8,820 | 7,359 | |||||
Total Liabilities | 105,612 | 101,739 | |||||
Commitments and contingencies | |||||||
Equity | |||||||
Preferred stock, $0.01 par value, 2,000,000,000 shares authorized: | |||||||
Series A (276,101,695 shares issued and outstanding (each with a $25.00 liquidation preference) at December 31, 2011 and 2010) | 5,536 | 5,536 | |||||
Series B (100,000,000 shares issued and outstanding (each with a $50.00 liquidation preference) at December 31, 2011 and 2010) | 4,855 | 4,855 | |||||
Common stock, $0.01 par value (5,000,000,000 shares authorized and 1,564,727,289 shares and 1,500,136,998 shares issued and outstanding at December 31, 2011 and 2010) | 16 | 15 | |||||
Capital surplus (principally additional paid-in capital) | 26,391 | 24,257 | |||||
Retained earnings | 7,183 | 266 | |||||
Accumulated other comprehensive income (loss) | (5,861 | ) | 1,251 | ||||
Total stockholders' equity | 38,120 | 36,180 | |||||
Noncontrolling interests | 871 | 979 | |||||
Total Equity | 38,991 | 37,159 | |||||
Total Liabilities and Equity | $ | 144,603 | $ | 138,898 | |||
General Motors Company CY 2011 Results February 16, 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 might include: our ability to realize production efficiencies and to achieve reductions in costs as a result of our restructuring initiatives and labor modifications; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; our suppliers’ ability to deliver parts, systems and components at such times to allow us to meet production schedules; our ability to maintain adequate 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
2011 CY Highlights 2 CY ‘10 CY ‘11 F/(U) vs. CY ‘10 Global Deliveries 8.4M 9.0M Net Revenue $135.6B $150.3B Net Income to Common $4.7B $7.6B Net Cash from Operating Activities - Automotive $6.6B $7.4B EBIT- Adj. $7.0B $8.3B - GMNA $5.7B $7.2B - GME $(2.0)B $(0.7)B - GMIO $2.3B $1.9B - GMSA $0.8B $(0.1)B Auto. Free Cash Flow $2.4B* $1.2B** * Includes $(4.0)B impact of voluntary U.S. pension contribution ** Includes $(1.1)B related to termination of in-transit financing in GMNA, and $(0.8) impact of contribution to Canadian HCT
Fourth Quarter Highlights • Chevrolet celebrates 100th birthday with record global annual sales for 2011 • Establishment of Canadian Health Care Trust • Named new GME President – appointed new chairman and 3 other top GM leaders to the Opel Supervisory Board • Important product announcements – – Chevrolet Malibu – Cadillac XTS sedan – CUE (Cadillac User Experience) infotainment system • Other upcoming launches – – Cadillac ATS – Chevrolet Spark – Buick Encore 3
CY 2010 CY 2011 GAAP Net Revenue ($B) 135.6 150.3 Operating Income ($B) 5.1 5.7 Net Income to Common Stockholders ($B) 4.7 7.6 EPS – Diluted ($/Share) 2.89 4.58 Net Cash from Operating Activities – Automotive ($B) 6.6 7.4 Non- GAAP EBIT- Adjusted ($B) 7.0 8.3 EBIT- Adj. % Rev. 5.2% 5.5% Automotive Free Cash Flow ($B) 2.4* 1.2** Summary of CY 2011 Results 4 Note: Starting Q4 2010, EBIT- Adj. includes GM Financial on an Earnings Before Tax (EBT) basis * Includes $(4.0)B impact of voluntary U.S. pension contribution ** Includes $(1.1)B related to termination of in-transit financing in GMNA, and $(0.8)B impact of contribution to Canadian HCT
CY 2010 CY 2011 Net Income to Common Stockholders ($B) 4.7 7.6 EPS – Diluted ($/Share) 2.89 4.58 Included in Above ($B): - Gain on Extinguishment of VEBA Note 0.2 - - Gain on Sale of Saab, Nexteer & Purchase of Strasbourg 0.2 - - Loss on Purchase of UST Preferred (0.7) - - Gain on Sale of Delphi Membership Interest - 1.6 - HKJV Impairment & Related Charges - (0.1) - Gain on Sale of Ally Preferred - 0.3 - Goodwill Impairment * - (1.3) - HCT Gain * - 0.7 - Impairment of Ally Investment - (0.6) - Gain on Extinguishment of Debt - 0.1 - Deferred Tax Valuation Allowance Released - 0.4 Total Impact Net Income to Common Stockholders ($B) (0.2) 1.2 Total Impact EPS – Diluted ($/Share) (0.14) 0.70 Note: Results may not foot due to rounding Impact of Adjustments & Special Items * Included in Operating Income 5
Consolidated EBIT- Adj. – CY 2010 vs. CY 2011 CY 2010 CY 2011 $1.3B Improvement EBIT-Adj. EBIT-Adj. 2.4 1.6 (1.7) 0.7 Volume Price Cost Other 7.0 8.3 6 (1.7) Mix
5.7 (2.0) 2.3 0.8 0.1 0.1 7.0 7.2 (0.7) 1.9 (0.1) 0.6 (0.5) 8.3 GMNA GME GMIO GMSA GM Financial* Corp. / Elims Total GM CY EBIT- Adjusted EBIT- Adj. ($B) GMNA GME GMIO GMSA GM Financial* Corp./ Elims Total GM CY 2010 CY 2011 Note: Results may not foot due to rounding 7 * Starting Q4 2010, GM Financial at an Earnings Before Tax basis (EBT) Memo: EBIT-Adjusted before Restructuring: (1.2) (0.4) 0.0
Q4 2010 Q4 2011 GAAP Net Revenue ($B) 36.9 38.0 Operating Income ($B) 0.3 0.5 Net Income to Common Stockholders ($B) 0.5 0.5 EPS – Diluted ($/Share) 0.31 0.28 Net Cash from Operating Activities – Automotive ($B) (1.7) 1.2 Non- GAAP EBIT- Adjusted ($B) 1.0 1.1 EBIT- Adj. % Rev. 2.8% 2.9% Automotive Free Cash Flow ($B) (2.8)* (0.9)** Summary of Q4 2011 Results 8 Note: EBIT-Adj. includes GM Financial on an Earnings Before Tax (EBT) basis * Includes $(4.0)B Impact of voluntary U.S. pension contribution ** Includes $(0.8)B impact of contribution to Canadian HCT
9 Q4 2010 Q4 2011 Net Income to Common Stockholders ($B) 0.5 0.5 EPS – Diluted ($/Share) 0.31 0.28 Included in Above ($B): - Gain on Extinguishment of VEBA Note 0.2 - - Gain on Sale of Nexteer & Purchase of Strasbourg 0.1 - - Loss on Purchase of UST Preferred (0.7) - - Goodwill Impairment * - (0.9) - HCT Gain * - 0.7 - Impairment of Ally Investment - (0.6) - Gain on Extinguishment of Debt - 0.1 - Deferred Tax Valuation Allowance Released - 0.4 Total Impact Net Income to Common Stockholders ($B) (0.4) (0.2) Total Impact EPS – Diluted ($/Share) (0.21) (0.11) Note: Results may not foot due to rounding Impact of Adjustments & Special Items * Included in Operating Income
0.8 (0.6) 0.3 0.2 0.1 0.2 1.0 1.5 (0.6) 0.4 (0.2) 0.2 (0.2) 1.1 GMNA GME GMIO GMSA GM Financial* Corp. / Elims EBIT- Adj. EBIT- Adj. ($B) GMNA GME GMIO GMSA GM Financial* Corp./ Elims Total GM Q4 2010 Q4 2011 Note: Results may not foot due to rounding 10 Q4 EBIT- Adjusted * GM Financial at an Earnings Before Tax basis (EBT) Memo: EBIT-Adjusted before Restructuring: (0.5) (0.4) (0.1)
0.0 1.0 2.0 3.0 4.0 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Earnings Before Interest & Taxes - Adjusted ($B) Revenue ($B) 36.9 36.2 39.4 36.7 38.0 Oper Inc % Rev 0.8% 2.6% 6.2% 4.9% 1.2% EBIT- Adj % Rev 2.8% 5.6% 7.5% 6.0% 2.9% Production (000’s) 2,269 2,327 2,400 2,221 2,319 Global Share 11.5% 11.4% 12.3% 12.1% 11.7% 1.0 2.0 Note: EBIT-Adj. includes GM Financial on an Earnings Before Tax (EBT) basis 11 3.0 2.2 1.1
Consolidated EBIT- Adj. – Q4 2010 vs. Q4 2011 Q4 2010 Q4 2011 $0.1B Improvement 12 Note: EBIT-Adj. includes GM Financial on an Earnings Before Tax (EBT) basis; Results may not foot due to rounding EBIT-Adj. EBIT-Adj. Volume Price Cost Other Mix (0.6) 0.8 0.2 (0.5) 1.0 1.1 0.3
2,500 3,000 3,500 4,000 4,500 5,000 5,500 6% 8% 10% 12% 14% 16% 18% 20% 22% Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Key GMNA Performance Indicators Avg. U.S. Retail Incentive as % of ATP GM % 9.6 9.4 10.4 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 GM vs. Ind. (GM % / Ind. %) 1.02 0.97 1.00 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 Share $/Unit U.S. Retail Share U.S. Total Share Avg. GM U.S. Retail Incentive Note: Incentive & ATP Information Based on J.D. Power and Associates Power Information Network data Jan 2012 13
(1.0) 0.0 1.0 2.0 3.0 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 GMNA EBIT- Adjusted ($B) Revenue ($B) 22.0 22.1 23.1 21.9 23.1 EBIT- Adj % Rev 3.4% 5.7% 9.7% 10.0% 6.5% U.S. Dealer Inv (000’s) 511 574 605 558 583 Production (000’s) 703 786 824 740 739 GMNA Share 18.5% 18.3% 19.1% 18.8% 17.5% 0.8 1.3 14 2.2 2.2 1.5
GMNA EBIT- Adj. – Q4 2010 vs. Q4 2011 Q4 2010 Q4 2011 $0.7B Improvement 0.5 0.3 0.5 0.0 0.8 1.5 15 (0.6) EBIT-Adj. EBIT-Adj. Volume Price Cost Other Mix
(1.0) 0.0 1.0 2.0 3.0 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 GME EBIT- Adjusted ($B) Revenue ($B) 6.9 6.9 7.5 6.2 6.3 EBIT- Adj % Rev (9.2)% 0.1% 1.4% (4.7)% (9.0)% Production (000’s) 313 344 326 270 249 GME Share 9.0% 8.5% 9.1% 8.9% 8.6% (0.6) 0.0 16 0.1 (0.3) (0.6)
GME EBIT- Adj. – Q4 2010 vs. Q4 2011 Q4 2010 Q4 2011 $0.1B Improvement 0.1 (0.1) 0.2 (0.1) (0.6) (0.6) 17 Note: Results may not foot due to rounding 0.0 EBIT-Adj. EBIT-Adj. Volume Price Cost Other Mix
0.2 0.5 0.4 0.4 0.3 (1.0) 0.0 1.0 2.0 3.0 GMIO EBIT- Adjusted ($B) Revenue ($B) EBIT-Adj. margin from consolidated operations* Total China JV NI/Rev** 5.8 2.1% 7.8% 5.2 3.1% 12.0% 6.4 3.6% 11.1% 6.1 (0.6)% 10.5% 7.0 1.5% 8.4% Total Production (000’s) 1,012 966 1,003 968 1,104 GMIO Share 8.7% 9.3% 9.8% 9.6% 9.5% 0.3 0.6 18 0.6 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 * 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
GMIO EBIT- Adj. – Q4 2010 vs. Q4 2011 Q4 2010 Q4 2011 $0.1B Improvement 0.1 0.2 (0.3) 0.1 0.3 0.4 19 Note: Results may not foot due to rounding (0.1) EBIT-Adj. EBIT-Adj. Volume Price Cost Other Mix
(1.0) 0.0 1.0 2.0 3.0 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 GMSA EBIT- Adjusted ($B) Revenue ($B) 4.5 3.9 4.4 4.4 4.2 EBIT- Adj % Rev 4.4% 2.3% 1.3% (1.0)% (5.4)% Production (000’s) 241 231 247 243 227 GMSA Share 19.6% 18.7% 19.3% 18.7% 18.6% 0.2 0.1 0.1 0.0 20 (0.2)
GMSA EBIT- Adj. – Q4 2010 vs. Q4 2011 Q4 2010 Q4 2011 $0.4B Decrease 0.1 (0.1) (0.3) (0.1) 0.2 (0.2) 21 0.0 EBIT-Adj. EBIT-Adj. Volume Price Cost Other Mix
Automotive Free Cash Flow – Q4 2010 vs. Q4 2011 ($B) Q4 2010 Q4 2011 Net Income to Common Stockholders 0.5 0.5 Add-back Non-Controlling Interests, Preferred Dividends & undistributed earnings allocated to Series B 1.0 0.3 Deduct Non-Auto (GM Financial) (0.1) (0.1) Automotive Income 1.4 0.6 Depreciation / Amortization / Impairment 1.7 2.3 Working Capital 0.7 0.9 Pension / OPEB – Cash in Excess of Expense (0.4) (0.4) Canadian Healthcare Trust Cash Payment & Gain - (1.5) Voluntary U.S. Pension Plan Contribution (4.0) - Other (1.1) (0.7) Automotive Net Cash Provided/(Used) Operating Activities (1.7) 1.2 Capital Expenditures (1.1) (2.2) Automotive Free Cash Flow (2.8) (0.9) 22 Note: Results may not foot due to rounding
Key Automotive Balance Sheet Items ($B) Dec. 31 2010 Sep. 30 2011 Dec. 31 2011 Cash & marketable securities* 27.6 33.0 31.6 Available Credit Facilities 5.9 5.9 5.9 Available Liquidity* 33.5 38.8 37.5 Key Obligations: Debt 4.6 4.2 5.3 Series A Preferred Stock 5.5 5.5 5.5 U.S. Pension Underfunded Status** 11.5 8.7 13.3 Non-U.S. Pension Underfunded Status 9.9 9.5 11.2 Unfunded OPEB 9.9 9.5 7.3 * Includes Canadian HC Trust restricted cash for periods ending 12/31/10 & 9/30/11 ** Excludes U.S. non-qualified plan PBO of ~$0.9 billion *** Balance is rolled forward and does not reflect re-measurement. U.S. Pension includes $1.9B stock contribution, counted as plan asset in July 2011. 23 Note: Results may not foot due to rounding *** *** ***
Pension De-Risking Operational Actions • Capped populations of U.S. Hourly/Salaried defined benefit plans • Initiated Salaried pension lump-sum option upon retirement • Freeze Salaried defined benefit plan for active employees effective 9/30/12; transition them to additional contribution to our 401(k) plan • Continue to explore other actions Asset Actions • Reduce funded status volatility 24 U.S. Pension Plan Target Asset Allocation as of: 12/31/10 12/31/11 Equity 29% 14% Debt 41% 66% Real Estate 8% 5% Other 22% 15% 100% 100%
12/31/10 Funded Status* GM Stock Contribution Service & Interest Cost Actual Asset Returns Discount Rate & Other 12/31/11 Funded Status* (8.4) 10.1 U.S. Pension Funded Status – YE 2010 vs. YE 2011 * U.S. Funded status excludes U.S. non-qualified plan PBO of ~$0.9 billion 25 (13.3) (5.4) (11.5) Funded Status* 89% Funded Status* 88% ($B) 1.9 11.1% ~ 80 bp decr. $1.8B Decrease
Pension Income/(Expense) 26 ($B) CY 2010 CY 2011 Estimated CY 2012 GMNA 0.8 1.1 0.3 Rest of World (0.7) (0.6) (0.6) Total 0.1 0.5 (0.3) U.S. Exp. Return on Assets* 8.5% 8.0% 6.2% * On an average weighted basis
GM Financial Q4 2010 Q4 2011 Industry Avg. (Excl. GM) Q4 2010 Q4 2011 GM Sales Penetrations U.S. Subprime (<=620) 4.8% 6.8% 4.7% 4.9% U.S. Lease 12.9% 11.1% 21.7% 21.3% Canada Lease 3.4% 8.5% 16.7% 19.1% GM / GM Financial Linkage GM as % of GM Financial Originations (GM New / GMF Loan & Lease) 19.0% 44.3% GM Fin. as % of GM U.S. S/P & Lease 9.3% 27.1% GM Financial Performance GM Financial Credit Losses (annualized net credit losses as % avg. receivables) 5.5% 3.3% EBT ($M) 129 170 27 Note: GM Sales Penetrations based on JD Power PIN
2012 Outlook 2011 v. 2010 Results 2012 v. 2011 Outlook Industry Market Share ~Flat Volume Price Mix Cost* ~Flat Cap. Ex. * Excluding change in pension income 28
Fourth Quarter Summary 29 • Improved Sales volumes Market share EBIT-Adjusted EBIT-Adjusted margins • Fourth quarter showed solid results for GMNA and GMIO, with challenges in GME and GMSA • We anticipate continued industry volume and top-line revenue growth in 2012 with pension expense, restructuring costs, and mix impacting margins
New GM 30 New Business Model Significantly Lower Risk Profile Leverage to Global Growth
General Motors Company Select Supplemental Financial Information
Global Deliveries Note: GM deliveries include vehicles sold around the world under GM and JV brands, and through GM-branded distribution network. S1 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 GMNA 685 684 784 746 710 GME 427 429 483 411 412 Chevrolet in GME 129 109 142 131 135 GMIO 774 858 781 815 848 China 576 686 588 619 654 GMSA 285 248 274 277 266 Brazil 186 143 161 161 168 Global Deliveries 2,171 2,219 2,322 2,249 2,236
Global Market Share Note: GM market share include vehicles sold around the world under GM and JV brands, and through GM-branded distribution network. Market share data excludes the markets of Iran, North Korea, Sudan and Syria S2 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 GMNA 18.5% 18.3% 19.1% 18.8% 17.5% U.S. 19.1% 19.0% 20.0% 19.7% 18.0% GME 9.0% 8.5% 9.1% 8.9% 8.6% Germany 9.0% 8.2% 8.9% 8.6% 8.4% U.K. 12.4% 12.6% 13.3% 11.9% 12.1% GMIO 8.7% 9.3% 9.8% 9.6% 9.5% China 11.6% 13.6% 13.4% 14.4% 13.2% India 3.4% 3.1% 3.4% 3.6% 3.5% GMSA 19.6% 18.7% 19.3% 18.7% 18.6% Brazil 18.4% 17.3% 17.6% 17.1% 17.6% Global Market Share 11.5% 11.4% 12.3% 12.1% 11.7%
Operating Income Walk to EBIT- Adj. ($B) Q4 2010 Q4 2011 CY 2010 CY 2011 Operating Income 0.3 0.5 5.1 5.7 Equity Income 0.3 0.3 1.4 3.2 Non-Controlling Interests (0.1) 0.0 (0.3) (0.1) Non-Operating Income 0.9 (0.2) 1.3 0.4 Special Items (0.3) 0.6 (0.4) (0.9) EBIT- Adj. 1.0 1.1 7.0 8.3 Note: EBIT-Adj. includes GM Financial on an Earnings Before Tax (EBT) basis S3 Note: Results may not foot due to rounding
Reconciliation of EBIT- Adj. ($B) Q4 2010 Q4 2011 Net Income to Common Stockholders 0.5 0.5 Add Back: Undistributed earnings allocated to Series B (Basic) N/A 0.0 Dividends on Preferred Stock 0.9 0.2 Interest Expense / (Income) 0.1 0.0 Income Tax Expense / (Benefit) (0.2) (0.3) Special Items: - Gain on VEBA Note (0.2) - - Gain on Nexteer Sale & Purchase of Strasbourg (0.1) - - Goodwill Impairment - 0.9 - HCT Gain - (0.7) - Impairment of Ally Investment - 0.6 - Gain on Extinguishment of Debt - (0.1) Total Special Items (0.3) 0.6 EBIT- Adjusted 1.0 1.1 Note: Results may not foot due to rounding S4 Note: EBIT-Adj. includes GM Financial on an Earnings Before Tax (EBT) basis
Restructuring (not included in special items) ($B) Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 GMNA – Dealer Related 0.0 0.0 0.0 0.0 0.0 GMNA – Non-Dealer Related 0.2 0.0 0.0 (0.1) 0.0 Total GMNA 0.2 0.0 0.0 (0.1) 0.0 Total GME (0.1) 0.0 (0.1) (0.1) (0.2) Total GMIO 0.0 0.0 0.0 0.0 0.0 Total GMSA 0.0 0.0 0.0 0.0 (0.1) Total 0.1 (0.1) (0.1) (0.2) (0.2) S5 Note: Results may not foot due to rounding
Reconciliation of Automotive Free Cash Flow ($B) CY 2010 CY 2011 Net cash provided by operating activities 6.8 8.2 Less net cash provided by operating activities-GM Financial 0.2 0.7 Automotive Net Cash Provided/(Used) Operating Activities 6.6 7.4 Capital expenditures (4.2) (6.2) Automotive Free Cash Flow 2.4 1.2 S6 Note: Results may not foot due to rounding
Reconciliation of Automotive Free Cash Flow ($B) Q4 2010 Q4 2011 Net cash provided by operating activities (1.5) 1.4 Less net cash provided by operating activities-GM Financial 0.2 0.2 Automotive Net Cash Provided/(Used) Operating Activities (1.7) 1.2 Capital expenditures (1.1) (2.2) Automotive Free Cash Flow (2.8) (0.9) S7 Note: Results may not foot due to rounding
Automotive Free Cash Flow – 2010 vs. 2011 ($B) CY 2010 CY 2011 Net Income to Common Stockholders 4.7 7.6 Add-back Non-Controlling Interests, Preferred Dividends & undistributed earnings allocated to Series B 1.8 1.7 Deduct Non-Auto (GM Financial) (0.1) (0.4) Automotive Income 6.4 8.9 Depreciation / Amortization / Impairment 6.9 7.3 Working Capital (0.6) (1.1) Termination of In-Transit Financing - (1.1) Pension / OPEB – Cash in Excess of Expense (1.3) (1.5) Canadian Healthcare Trust Cash Payment & Gain - (1.5) Voluntary U.S. Pension Plan Contribution (4.0) - Gain on Sale of Delphi Membership Interest - (1.6) Other (0.8) (1.9) Automotive Net Cash Provided/(Used) Operating Activities 6.6 7.4 Capital Expenditures (4.2) (6.2) Automotive Free Cash Flow 2.4 1.2 Note: Results may not foot due to rounding S8
GM Financial – Key Metrics ($M) Q4 2010 Q4 2011 Earnings Before Tax 129 170 Total Loan and Lease Originations 945 1,554 GM new vehicles as % of total 19.0% 44.3% Finance Receivables 8,648 9,680 Delinquencies (>30 days)* 8.6% 7.2% Annualized Net Credit Losses as % of Avg. Receivables 5.5% 3.3% S9 * Excludes finance receivables in repossession
Info Item: GMNA – C$ Net Monetary Liability GMNA C$ NML Translational Impact Q4 2010 CY 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Non-Cash EBIT Impact ($B) $(0.2) $(0.4) $(0.2) $0.0 $0.3 $0.0 Period End FX (CAD per USD) Inc/(Dec) vs. Prior Period 0.9980 (0.0289) 0.9980 (0.0507) 0.9713 (0.0267) 0.9730 0.0017 1.0317 0.0587 1.0183 (0.0134) • GM Canada balance sheet includes C$ Net Monetary Liability (NML) position, primarily pension, OPEB and accrued liabilities • USD value of NML will vary due to difference in period end to period end FX • Since GM Canada is USD functional, translation exchange realized as non- cash charge recorded to GMNA P&L S10
Calculation of EBIT- Adj. as a Percent of Revenue Total GM ($B) Q4 2010 % Q1 2011 % Q2 2011 % Q3 2011 % Q4 2011 % Revenue 36.9 36.2 39.4 36.7 38.0 Operating Income 0.3 0.8% 0.9 2.6% 2.5 6.2% 1.8 4.9% 0.5 1.2% EBIT- Adj. 1.0 2.8% 2.0 5.6% 3.0 7.5% 2.2 6.0% 1.1 2.9% GMIO Consolidated Results ($B) Q4 2010 % Q1 2011 % Q2 2011 % Q3 2011 % Q4 2011 % Revenue 5.8 5.2 6.4 6.1 7.0 Operating Income 0.1 1.2% 0.1 1.9% 0.2 2.4% 0.0 0.3% (0.3) (3.6)% Non-Operating Income (Expense) 0.1 0.0 0.1 (0.1) 0.1 Plus Special Items 0.0 0.1 0.0 0.0 0.3 EBIT-Adj. from consolidated operations 0.1 2.1% 0.2 3.1% 0.2 3.6% 0.0 (0.6)% 0.1 1.5% Note: EBIT- Adj. includes GM Financial on an Earnings Before Tax (EBT) basis; Results may not foot due to rounding S11