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 14, 2013
___________________
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 14, 2013 and Financial Statements
Charts Furnished to Securities Analysts
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On February 14, 2013 a news release was issued on the subject of 2012 fourth quarter and full year 2012 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 2012 fourth quarter and full year 2012 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 14, 2013 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 14, 2013 | By: | Nick S. Cyprus Vice President, Controller and Chief Accounting Officer |
Exhibit 99.1
For Release: Thursday, Feb. 14, 2013, 7:30 a.m. EST
GM Reports 2012 Net Income of $4.9 Billion
Full-year EBIT-adjusted of $7.9 billion
• | Company posts third consecutive year of strong earnings |
• | Fourth quarter net income of $0.9 billion, up from $0.5 billion last year |
• | EBIT-adjusted of $1.2 billion in the fourth quarter, up from $1.1 billion last year |
DETROIT - General Motors Co. (NYSE: GM) today announced 2012 calendar-year net income attributable to common stockholders of $4.9 billion, or $2.92 per fully diluted share, down from $7.6 billion, or $4.58 per fully diluted share in 2011, due primarily to unfavorable special items.
Special items during the calendar year impacted full-year net income to common stockholders unfavorably, $(0.5) billion, or $(0.32) per share, compared to a favorable $1.2 billion impact in 2011, or $0.70 per share.
Revenue increased 1 percent to $152.3 billion, compared with $150.3 billion in 2011. Full-year earnings before interest and tax (EBIT) adjusted was $7.9 billion, compared with $8.3 billion in 2011. Full-year EBIT-adjusted for 2012 includes the impact of restructuring charges of $(0.4) billion.
“We recorded another solid year in 2012 as we grew the business, delivered a third straight year of profitability and took significant actions to put the company on a solid path for future growth,” said Dan Akerson, chairman and CEO. “This year our priorities will be executing flawless new vehicle launches, controlling costs and delivering more vehicles to our customers at outstanding value.”
Overview (in billions except for per share amounts)
Q4 2011 | Q4 2012 | Full-year 2011 | Full-year 2012 | |||
Revenue | $38.0 | $39.3 | $150.3 | $152.3 | ||
Net income attributable to common stockholders | $0.5 | $0.9 | $7.6 | $4.9 | ||
Earnings per share (EPS) fully diluted | $0.28 | $0.54 | $4.58 | $2.92 | ||
Impact of special items on EPS fully diluted | $(0.11) | $0.06 | $0.70 | $(0.32) | ||
EBIT-adjusted | $1.1 | $1.2 | $8.3 | $7.9 | ||
Automotive net cash flow from operating activities | $1.2 | $0.5 | $7.4 | $9.6 | ||
Adjusted automotive free cash flow | $(0.2) | $1.1 | $3.0 | $4.3 | ||
1
Fourth Quarter Results
Revenue in the fourth quarter of 2012 increased 3 percent to $39.3 billion, compared with the fourth quarter of 2011. GM's fourth quarter 2012 net income attributable to common stockholders was $0.9 billion, or $0.54 per fully diluted share, including a net gain from special items of $0.1 billion or $0.06 per fully diluted share.
In the fourth quarter of 2011, GM's 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.
EBIT-adjusted was $1.2 billion in the fourth quarter of 2012, compared with $1.1 billion in the fourth quarter of 2011. Fourth quarter EBIT-adjusted for 2012 includes the impact of restructuring charges of $(0.2) billion.
GM's fourth quarter 2012 special items impact to net income of $0.1 billion includes a $34.9 billion non-cash benefit from the release of the majority of the company's valuation allowances on U.S. and Canada deferred tax assets and an associated $(26.2) billion non-cash goodwill impairment charge; a $(5.2) billion non-cash impairment of GM Europe long-lived assets; and a $(2.2) billion charge related to U.S. salaried pension plan actions announced earlier this year, among other smaller items.
The non-cash impairment of GM Europe long-lived assets does not reflect any change to the company's objective to break-even in its European operations by mid-decade.
Segment Results
• | GM North America (GMNA) reported EBIT-adjusted of $1.4 billion in the fourth quarter of 2012 compared with $1.5 billion in 2011. Full-year EBIT-adjusted was $7.0 billion in 2012 compared to $7.2 billion in 2011. Based on GMNA's 2012 financial performance, the company will pay profit sharing of up to $6,750 to approximately 49,000 eligible GM U.S. hourly employees. |
• | GM Europe (GME) reported EBIT-adjusted of $(0.7) billion in the fourth quarter of 2012, compared to $(0.6) billion in 2011. Full-year EBIT-adjusted was $(1.8) billion in 2012, compared with $(0.7) billion in 2011. |
• | GM International Operations (GMIO) reported EBIT-adjusted of $0.5 billion in the fourth quarter of 2012 compared with $0.4 billion in 2011. Full-year EBIT-adjusted was $2.2 billion in 2012 compared with $1.9 billion in 2011. |
• | GM South America (GMSA) reported EBIT-adjusted of $0.1 billion in the fourth quarter of 2012, compared with $(0.2) billion in 2011. Full-year EBIT-adjusted was $0.3 billion in 2012 compared with EBIT-adjusted of $(0.1) billion in 2011. |
• | GM Financial reported earnings before taxes (EBT) of $0.1 billion in the fourth quarter of 2012, compared with $0.2 billion in 2011. Full-year EBT was $0.7 billion, compared to $0.6 billion in 2011. |
Cash Flow and Liquidity
For the fourth quarter of 2012, automotive cash flow from operating activities was $0.5 billion, compared to $1.2 billion in 2011. In the fourth quarter of 2012, adjusted automotive free cash flow was $1.1 billion, compared to $(0.2) billion in 2011. For the year, adjusted automotive free cash flow was $4.3 billion, compared to $3.0 billion a year ago.
GM ended 2012 with strong total automotive liquidity of $37.2 billion compared with $37.0 billion at year-end in 2011. Automotive cash and marketable securities was $26.1 billion at the end of 2012, compared with $31.6 billion a year earlier.
GM expects capital expenditures for 2013 to be similar to 2012.
2
U.S. Pension Update
GM's U.S. defined benefit pension plans earned asset returns of 11.6 percent in 2012 and ended the year 84 percent funded. The underfunded position stood at $13.1 billion, slightly improved from the prior year. As previously announced, during 2012 GM settled approximately $28 billion of its U.S. salaried pension liability through a combination of lump sum offers and annuitizations.
Under current economic conditions, GM expects no mandatory contributions to U.S. defined benefit pension plans for at least five years. While the company will continue to evaluate opportunities to make voluntary cash contributions, it has no current plans to do so in 2013.
“We're pleased with our fourth quarter results, as the business generated strong adjusted free cash flow and we took significant steps to strengthen our fortress balance sheet,” said Dan Ammann, senior vice president and CFO. “Our aggressive vehicle launch cadence and focus on improving the topline, combined with rigorous cost discipline will help us continue to generate strong business results moving forward.”
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:
Tom Henderson
Office 313-667-2702
Cell 313-410-2704
tom.e.henderson@gm.com
Randy Arickx
Office 313-667-0006
Cell 313-268-7070
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; 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 Europe; 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.
3
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 Automotive adjusted free cash flow. These metrics are not prepared in accordance with Accounting Principles Generally Accepted in the United States of America (U.S. GAAP) and have not been audited or reviewed by GM's independent auditors. EBIT-adjusted and Automotive adjusted free cash flow are considered non-GAAP financial measures.
Management believes these non-GAAP financial measures provide meaningful supplemental information regarding GM's operating results because they exclude amounts that management does not consider part of operating results when assessing and measuring the operational and financial performance of the organization. Management believes these measures allow it to readily view operating trends, perform analytical comparisons and benchmark performance between periods and among geographic regions. Accordingly, GM believes these non-GAAP financial measures are useful in allowing for greater transparency of GM's core operations and they are therefore used by management in its financial and operational decision-making.
While management believes that these non-GAAP financial measures provide useful information, they are not operating measures under U.S. GAAP, and there are limitations associated with their use. GM's calculation of these non-GAAP financial measures may not be completely comparable to similarly titled measures of other companies due to potential differences between companies in their method of calculation. As a result the use of these non-GAAP financial measures has limitations and should not be considered in isolation from, or as a substitute for, other measures such as Net income or Net income attributable to stockholders. Due to these limitations, these non-GAAP financial measures are used as a supplement to U.S. GAAP measures.
The following table summarizes the reconciliation of EBIT-adjusted to its most comparable U.S. GAAP measure (dollars in millions):
Three Months Ended | Year Ended | ||||||||||||||
December 31, 2012 | December 31, 2011 | December 31, 2012 | December 31, 2011 | ||||||||||||
Operating segments | |||||||||||||||
GMNA(a) | $ | 1,395 | $ | 1,497 | $ | 6,953 | $ | 7,194 | |||||||
GME(a) | (699 | ) | (562 | ) | (1,797 | ) | (747 | ) | |||||||
GMIO(a) | 473 | 373 | 2,191 | 1,897 | |||||||||||
GMSA(a) | 99 | (225 | ) | 271 | (122 | ) | |||||||||
GM Financial(b) | 146 | 170 | 744 | 622 | |||||||||||
Total operating segments(b) | 1,414 | 1,253 | 8,362 | 8,844 | |||||||||||
Corporate and eliminations | (166 | ) | (156 | ) | (503 | ) | (540 | ) | |||||||
EBIT-adjusted(b) | 1,248 | 1,097 | 7,859 | 8,304 | |||||||||||
Adjustments | (35,418 | ) | (622 | ) | (36,106 | ) | 861 | ||||||||
Corporate interest income | 84 | 92 | 343 | 455 | |||||||||||
Automotive interest expense | 133 | 135 | 489 | 540 | |||||||||||
Loss on extinguishment of debt | 232 | — | 250 | — | |||||||||||
Income tax expense (benefit) | (35,645 | ) | (293 | ) | (34,831 | ) | (110 | ) | |||||||
Net income attributable to stockholders | 1,194 | 725 | 6,188 | 9,190 | |||||||||||
Less: cumulative dividends on and undistributed earnings allocated to Series B Preferred Stock participating security | 302 | 253 | 1,329 | 1,605 | |||||||||||
Net income (loss) attributable to common stockholders | $ | 892 | $ | 472 | $ | 4,859 | $ | 7,585 | |||||||
__________
(a) | GM's automotive operations interest and income taxes are recorded centrally in Corporate; therefore, there are no reconciling items for GM's automotive operating segments between EBIT-adjusted and Net income attributable to stockholders. |
(b) | GM Financial amounts represent income before income taxes. |
1
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following table summarizes the impact of special items to net income to common stockholders (in millions):
Years Ended | |||||||
December 31, 2012 | December 31, 2011 | ||||||
Net income attributable to common stockholders | $ | 4,859 | $ | 7,585 | |||
Included in Above: | |||||||
Gain on sale of our New Delphi Class A Membership Interests | $ | — | $ | 1,645 | |||
Gain related to Canadian Health Care Trust (HCT) settlement | — | 749 | |||||
Impairment related to Ally Financial common stock | — | (555 | ) | ||||
Gain on sale of Ally Financial preferred stock | — | 339 | |||||
Charges related to HKJV | — | (106 | ) | ||||
Gain on extinguishment of debt | — | 63 | |||||
Deferred tax valuation allowance release | 34,936 | 415 | |||||
Goodwill impairment charges | (26,899 | ) | (1,274 | ) | |||
GME long-lived and intangible asset impairment | (5,232 | ) | — | ||||
Pension settlement charges | (2,249 | ) | — | ||||
Premium paid to purchase our common stock from the U.S.Treasury | (402 | ) | — | ||||
GM Korea hourly wage litigation | (336 | ) | — | ||||
Redemption of GM Korea mandatorily redeemable preferred shares | (174 | ) | — | ||||
Impairment charge related to our investment in PSA | (220 | ) | — | ||||
Charge to record General Motors Strasbourg S.A.S. (GMS) assets and liabilities to estimated fair value | (119 | ) | — | ||||
Income related to insurance recoveries | 112 | — | |||||
Impact to undistributed earnings allocated to our Series B Preferred Stock | 52 | (115 | ) | ||||
Total impact to net income to common stockholders | $ | (531 | ) | $ | 1,161 | ||
2
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following tables summarize the impact of special items to EBIT-adjusted (in millions):
Year Ended December 31, 2012 | |||||||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Total | ||||||||||||||||||
Goodwill impairment charges | $ | (26,399 | ) | $ | (590 | ) | $ | (132 | ) | $ | — | $ | — | $ | (27,121 | ) | |||||||
Impairment charges of property | — | (3,714 | ) | — | — | — | (3,714 | ) | |||||||||||||||
Impairment charges of intangible assets | — | (1,755 | ) | — | — | — | (1,755 | ) | |||||||||||||||
Pension settlement charges | (2,662 | ) | — | — | — | — | (2,662 | ) | |||||||||||||||
Premium paid to purchase our common stock from the UST | — | — | — | — | (402 | ) | (402 | ) | |||||||||||||||
GM Korea hourly wage litigation | — | — | (336 | ) | — | — | (336 | ) | |||||||||||||||
Impairment charge related to our investment in PSA | — | (220 | ) | — | — | — | (220 | ) | |||||||||||||||
Income related to insurance recoveries | 9 | 7 | 112 | 27 | — | 155 | |||||||||||||||||
Charge to record General Motors Strasbourg S.A.S. (GMS) assets and liabilities to estimated fair value | — | (119 | ) | — | — | — | (119 | ) | |||||||||||||||
Noncontrolling interests related to redemption of the GM Korea mandatorily redeemable preferred shares | — | — | 68 | — | — | 68 | |||||||||||||||||
Total adjustments to EBIT | $ | (29,052 | ) | $ | (6,391 | ) | $ | (288 | ) | $ | 27 | $ | (402 | ) | $ | (36,106 | ) | ||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Total | ||||||||||||||||||
Gain on sale of our New Delphi Class A Membership Interests | $ | 1,645 | $ | — | $ | — | $ | — | $ | — | $ | 1,645 | |||||||||||
Goodwill impairment charges | — | (1,016 | ) | (258 | ) | — | — | (1,274 | ) | ||||||||||||||
Gain related to HCT settlement | 749 | — | — | — | — | 749 | |||||||||||||||||
Impairment related to Ally Financial common stock | — | — | — | — | (555 | ) | (555 | ) | |||||||||||||||
Gain on sale of Ally Financial preferred stock | — | — | — | — | 339 | 339 | |||||||||||||||||
Charges related to HKJV | — | — | (106 | ) | — | — | (106 | ) | |||||||||||||||
Gain on extinguishment of debt | — | — | — | 63 | — | 63 | |||||||||||||||||
Total adjustments to EBIT | $ | 2,394 | $ | (1,016 | ) | $ | (364 | ) | $ | 63 | $ | (216 | ) | $ | 861 | ||||||||
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 | Year Ended | ||||||||||||||
December 31, 2012 | December 31, 2011 | December 31, 2012 | December 31, 2011 | ||||||||||||
Automotive adjusted free cash flow | $ | 1,136 | (174 | ) | $ | 4,288 | $ | 3,018 | |||||||
Less: Adjustments for voluntary management actions | 2,712 | 767 | 2,712 | 1,830 | |||||||||||
Automotive free cash flow | (1,576 | ) | (941 | ) | 1,576 | 1,188 | |||||||||
Capital expenditures | 2,062 | 2,176 | 8,055 | 6,241 | |||||||||||
Automotive net cash provided by operating activities | $ | 486 | $ | 1,235 | $ | 9,631 | $ | 7,429 | |||||||
Adjustments for voluntary management actions include the following items: voluntary contributions to the Retiree Plan of $2.3 billion for the purchase of annuity contracts and the premium paid to purchase our common stock from the UST of $0.4 billion in December 2012; termination of in-transit wholesale advance agreement in GMNA resulting in an increase to accounts receivable of $1.1 billion and OPEB payments relating to the HCT settlement of $0.8 billion in 2011.
3
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, 2012 | |||||||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 24,175 | $ | 5,580 | $ | 7,940 | $ | 4,491 | $ | (1 | ) | $ | (3,408 | ) | $ | 38,777 | $ | 529 | $ | 1 | $ | 39,307 | |||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 940 | $ | 5,742 | $ | 197 | $ | 131 | $ | 12 | $ | — | $ | 7,022 | $ | 69 | $ | (3 | ) | $ | 7,088 | ||||||||||||||||||
Equity income, net of tax and gain on investments | $ | 2 | $ | — | $ | 419 | $ | — | $ | — | $ | — | $ | 421 | $ | — | $ | — | $ | 421 | |||||||||||||||||||
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 investments | $ | — | $ | — | $ | 288 | $ | 1 | $ | — | $ | — | $ | 289 | $ | — | $ | — | $ | 289 | |||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 94,595 | $ | 22,050 | $ | 27,690 | $ | 16,950 | $ | 40 | $ | (11,032 | ) | $ | 150,293 | $ | 1,961 | $ | 2 | $ | 152,256 | ||||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 3,663 | $ | 6,570 | $ | 638 | $ | 483 | $ | 49 | $ | (1 | ) | $ | 11,402 | $ | 225 | $ | (10 | ) | $ | 11,617 | |||||||||||||||||
Equity income, net of tax and gain on investments | $ | 9 | $ | — | $ | 1,552 | $ | 1 | $ | — | $ | — | $ | 1,562 | $ | — | $ | — | $ | 1,562 | |||||||||||||||||||
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 investments(a) | $ | 1,733 | $ | — | $ | 1,458 | $ | 1 | $ | — | $ | — | $ | 3,192 | $ | — | $ | — | $ | 3,192 | |||||||||||||||||||
__________
(a) | Includes a gain of 1.6 billion recorded on the sale of GM's New Delphi Class A Membership Interests. |
4
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
December 31, 2012 | December 31, 2011 | December 31, 2010 | |||||||
Worldwide Employment (thousands) | |||||||||
GMNA | 101 | 98 | 96 | ||||||
GME | 37 | 39 | 40 | ||||||
GMIO(a) | 39 | 34 | 32 | ||||||
GMSA | 32 | 33 | 31 | ||||||
GM Financial | 4 | 3 | 3 | ||||||
Total Worldwide | 213 | 207 | 202 | ||||||
U.S. - Salaried | 30 | 29 | 28 | ||||||
U.S. - Hourly | 50 | 48 | 49 | ||||||
______
(a) | Increase in GMIO includes an increase of 4,000 employees due to the acquisition of HKJV. |
5
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Three Months Ended | Year Ended | ||||||||||
December 31, 2012 | December 31, 2011 | December 31, 2012 | December 31, 2011 | ||||||||
Production Volume (units in thousands)(a) | |||||||||||
GMNA - Cars | 305 | 285 | 1,270 | 1,145 | |||||||
GMNA - Trucks | 470 | 454 | 1,967 | 1,944 | |||||||
Total GMNA | 775 | 739 | 3,237 | 3,089 | |||||||
GME | 209 | 249 | 927 | 1,189 | |||||||
GMIO - Consolidated Entities | 342 | 294 | 1,208 | 1,114 | |||||||
GMIO - Joint Ventures(b) | 886 | 810 | 3,238 | 2,927 | |||||||
Total GMIO | 1,228 | 1,104 | 4,446 | 4,041 | |||||||
GMSA | 223 | 227 | 879 | 948 | |||||||
Total Worldwide | 2,435 | 2,319 | 9,489 | 9,267 | |||||||
__________
(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. |
6
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Three Months Ended | Year Ended | ||||||||||
December 31, 2012 | December 31, 2011 | December 31, 2012 | December 31, 2011 | ||||||||
Vehicle Sales (units in thousands)(a)(b)(c) | |||||||||||
United States | |||||||||||
Chevrolet - Cars | 167 | 150 | 837 | 763 | |||||||
Chevrolet - Trucks | 184 | 192 | 673 | 668 | |||||||
Chevrolet - Crossovers | 80 | 79 | 341 | 344 | |||||||
Cadillac | 46 | 39 | 150 | 152 | |||||||
Buick | 43 | 38 | 180 | 178 | |||||||
GMC | 107 | 103 | 414 | 398 | |||||||
Total United States | 628 | 602 | 2,596 | 2,504 | |||||||
Canada, Mexico and Other | 107 | 110 | 423 | 421 | |||||||
Total GMNA | 735 | 712 | 3,019 | 2,925 | |||||||
GME | |||||||||||
Opel/Vauxhall | 236 | 276 | 1,054 | 1,218 | |||||||
Chevrolet | 135 | 141 | 550 | 528 | |||||||
Other | 1 | 1 | 3 | 4 | |||||||
Total GME | 372 | 417 | 1,607 | 1,751 | |||||||
GMIO | |||||||||||
Chevrolet | 329 | 285 | 1,186 | 1,087 | |||||||
Wuling | 345 | 310 | 1,335 | 1,194 | |||||||
Buick | 184 | 151 | 700 | 646 | |||||||
GM Daewoo | — | — | — | 15 | |||||||
Holden | 32 | 32 | 124 | 134 | |||||||
GMC | 9 | 9 | 40 | 39 | |||||||
Cadillac | 10 | 10 | 35 | 35 | |||||||
Other | 59 | 47 | 195 | 132 | |||||||
Total GMIO(d) | 968 | 844 | 3,616 | 3,281 | |||||||
GMSA | |||||||||||
Chevrolet | 258 | 266 | 1,041 | 1,057 | |||||||
Other | 1 | 1 | 6 | 9 | |||||||
Total GMSA | 260 | 267 | 1,047 | 1,066 | |||||||
Total Worldwide | 2,334 | 2,240 | 9,288 | 9,024 | |||||||
__________
(a) | GMNA vehicle sales primarily represent sales to the end customer. GME, GMIO and GMSA vehicle sales primarily represent estimated sales to the end customer. In countries where end customer data is not readily available other data sources, such as wholesale or forecast volumes, are used to estimate vehicle sales. |
(b) | Certain fleet sales that are accounted for as operating leases are included in vehicle sales at the time of delivery to the daily rental car companies. |
(c) | Vehicle sales data may include rounding differences. |
(d) | Includes the following joint venture sales. Vehicle sales for SAIC GM Investment Limited, General Motors India Private Limited and Chevrolet Sales India Private Limited (collectively HKJV) are included through August 31, 2012: |
Year Ended December 31, | |||||
2012 | 2011 | ||||
Joint venture sales in China | |||||
SGM | — | 1,200 | |||
SGMS | 1,331 | — | |||
SGMW and FAW-GM | 1,501 | 1,342 | |||
Joint venture sales in India | |||||
HKJV | 64 | 111 | |||
7
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Three Months Ended | Year Ended | ||||||
December 31, 2012 | December 31, 2011 | December 31, 2012 | December 31, 2011 | ||||
Market Share(a)(b) | |||||||
United States - Cars | 12.8% | 12.8% | 14.3% | 15.7% | |||
United States - Trucks | 24.9% | 26.1% | 23.7% | 25.2% | |||
United States - Crossovers | 16.5% | 17.3% | 17.3% | 18.8% | |||
Total United States | 17.1% | 18.0% | 17.5% | 19.2% | |||
Total GMNA | 16.6% | 17.5% | 16.9% | 18.4% | |||
Total GME | 8.3% | 8.6% | 8.5% | 8.7% | |||
Total GMIO(c) | 9.8% | 9.5% | 9.5% | 9.5% | |||
Total GMSA | 17.7% | 18.4% | 18.0% | 18.8% | |||
Total Worldwide | 11.5% | 11.6% | 11.5% | 11.9% | |||
U.S. Retail/Fleet Mix | |||||||
% Fleet Sales - Cars | 27.9% | 24.4% | 30.6% | 31.3% | |||
% Fleet Sales - Trucks | 21.8% | 21.8% | 25.3% | 24.2% | |||
% Fleet Sales - Crossovers | 16.7% | 16.6% | 19.2% | 18.8% | |||
Total Vehicles | 22.7% | 21.4% | 25.9% | 25.5% | |||
GMNA Capacity Utilization | 93.4% | 91.5% | 97.5% | 95.6% | |||
__________
(a) | Market share information is based on vehicle sales volume. |
(b) | GMNA vehicle sales primarily represent sales to the end customer. GME, GMIO and GMSA vehicle sales primarily represent estimated sales to the end customer. In countries where end customer data is not readily available other data sources, such as wholesale or forecast volumes, are used to estimate vehicle sales. |
(c) | Includes the following joint venture sales. Vehicle sales for SAIC GM Investment Limited, General Motors India Private Limited and Chevrolet Sales India Private Limited (collectively HKJV) are included through August 31, 2012: |
Year Ended | |||||
December 31, 2012 | December 31, 2011 | ||||
Joint venture sales in China | |||||
SGM | — | 1,200 | |||
SGMS | 1,331 | — | |||
SGMW and FAW-GM | 1,501 | 1,342 | |||
Joint venture sales in India | |||||
HKJV | 64 | 111 | |||
8
General Motors Company and Subsidiaries
Consolidated Income Statements
(In millions, except per share amounts)
(Unaudited)
Years Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Net sales and revenue | |||||||||||
Automotive sales and revenue | $ | 150,295 | $ | 148,866 | $ | 135,311 | |||||
GM Financial revenue | 1,961 | 1,410 | 281 | ||||||||
Total net sales and revenue | 152,256 | 150,276 | 135,592 | ||||||||
Costs and expenses | |||||||||||
Automotive cost of sales | 140,236 | 130,386 | 118,768 | ||||||||
GM Financial operating and other expenses | 1,207 | 785 | 152 | ||||||||
Automotive selling, general and administrative expense | 13,593 | 12,105 | 11,446 | ||||||||
Other automotive expenses, net | 438 | 58 | 118 | ||||||||
Goodwill impairment charges | 27,145 | 1,286 | — | ||||||||
Total costs and expenses | 182,619 | 144,620 | 130,484 | ||||||||
Operating income (loss) | (30,363 | ) | 5,656 | 5,108 | |||||||
Automotive interest expense | 489 | 540 | 1,098 | ||||||||
Interest income and other non-operating income, net | 845 | 851 | 1,531 | ||||||||
Gains (losses) on extinguishment of debt | (250 | ) | 18 | 196 | |||||||
Income (loss) before income taxes and equity income | (30,257 | ) | 5,985 | 5,737 | |||||||
Income tax expense (benefit) | (34,831 | ) | (110 | ) | 672 | ||||||
Equity income, net of tax and gain on investments | 1,562 | 3,192 | 1,438 | ||||||||
Net income | 6,136 | 9,287 | 6,503 | ||||||||
Net (income) loss attributable to noncontrolling interests | 52 | (97 | ) | (331 | ) | ||||||
Net income attributable to stockholders | $ | 6,188 | $ | 9,190 | $ | 6,172 | |||||
Net income attributable to common stockholders | $ | 4,859 | $ | 7,585 | $ | 4,668 | |||||
Earnings per share | |||||||||||
Basic | |||||||||||
Basic earnings per common share | $ | 3.10 | $ | 4.94 | $ | 3.11 | |||||
Weighted-average common shares outstanding | 1,566 | 1,536 | 1,500 | ||||||||
Diluted | |||||||||||
Diluted earnings per common share | $ | 2.92 | $ | 4.58 | $ | 2.89 | |||||
Weighted-average common shares outstanding | 1,675 | 1,668 | 1,624 | ||||||||
9
General Motors Company and Subsidiaries
Basic and Diluted Earnings per Share
(Unaudited)
In the three months and year ended December 31, 2012 GM was required to use the two-class method for calculating earnings per share as the applicable market value of its common stock was below $33.00 per common share in the period ended December 31, 2012.
The following table summarizes basic and diluted earnings per share for the three months and years ended December 31, 2012 and 2011 (in millions, except per share amounts):
Three Months Ended | Year Ended | ||||||||||||||
December 31, 2012 | December 31, 2011 | December 31, 2012 | December 31, 2011 | ||||||||||||
Basic earnings (loss) per share | |||||||||||||||
Net income (loss) attributable to stockholders | $ | 1,194 | $ | 725 | $ | 6,188 | $ | 9,190 | |||||||
Less: cumulative dividends on preferred stock and undistributed earnings allocated to Series B Preferred Stock participating security(a)(b) | 302 | 253 | 1,329 | 1,605 | |||||||||||
Net income (loss) attributable to common stockholders | $ | 892 | $ | 472 | $ | 4,859 | $ | 7,585 | |||||||
Weighted-average common shares outstanding - basic | 1,551 | 1,571 | 1,566 | 1,536 | |||||||||||
Basic earnings (loss) per common share | $ | 0.58 | $ | 0.30 | $ | 3.10 | $ | 4.94 | |||||||
Diluted earnings (loss) per share | |||||||||||||||
Net income (loss) attributable to stockholders | $ | 1,194 | $ | 725 | $ | 6,188 | $ | 9,190 | |||||||
Less: cumulative dividends on preferred stock and undistributed earnings allocated to Series B Preferred Stock participating security(a)(c) | 296 | 257 | 1,301 | 1,552 | |||||||||||
Net income attributable to common stockholders | $ | 898 | $ | 468 | $ | 4,887 | $ | 7,638 | |||||||
Weighted-average shares outstanding - diluted | |||||||||||||||
Weighted-average common shares outstanding - basic | 1,551 | 1,571 | 1,566 | 1,536 | |||||||||||
Dilutive effect of warrants | 116 | 96 | 104 | 130 | |||||||||||
Dilutive effect of restricted stock units (RSUs) | 7 | 1 | 5 | 2 | |||||||||||
Weighted-average common shares outstanding - diluted | 1,674 | 1,668 | 1,675 | 1,668 | |||||||||||
Diluted earnings (loss) per common share | $ | 0.54 | $ | 0.28 | $ | 2.92 | $ | 4.58 | |||||||
___________
(a) | Includes earned but undeclared dividends of $26 million on our Series A Preferred Stock and $20 million on our Series B Preferred Stock in the years ended December 31, 2012 and 2011. |
(b) | Includes cumulative dividends on preferred stock of $215 million and earnings of $87 million that have been allocated to the Series B Preferred Stock holders in the three months ended December 31, 2012; and 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. Includes cumulative dividends on preferred stock of $859 million and earnings of $470 million that have been allocated to the Series B Preferred Stock holders in the year ended December 31, 2012; and includes 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. |
(c) | Includes cumulative dividends on preferred stock of $215 million and earnings of $81 million that have been allocated to the Series B Preferred Stock holders in the three months ended December 31, 2012; and 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. Includes cumulative dividends on preferred stock of $859 million and earnings of $442 million that have been allocated to the Series B Preferred Stock holders in the year ended December 31, 2012; and includes 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. |
10
General Motors Company and Subsidiaries
Consolidated Balance Sheets
(In millions, except share amounts)
(Unaudited)
December 31, 2012 | December 31, 2011 | ||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 18,422 | $ | 16,071 | |||
Marketable securities | 8,988 | 16,148 | |||||
Restricted cash and marketable securities | 686 | 1,005 | |||||
Accounts and notes receivable (net of allowance of $311 and $331) | 10,395 | 9,964 | |||||
GM Financial finance receivables, net (including gross consumer finance receivables transferred to SPEs of $3,444 and $3,295) | 4,044 | 3,251 | |||||
Inventories | 14,714 | 14,324 | |||||
Equipment on operating leases, net | 1,782 | 2,464 | |||||
Deferred income taxes | 9,429 | 527 | |||||
Other current assets | 1,536 | 1,169 | |||||
Total current assets | 69,996 | 64,923 | |||||
Non-current Assets | |||||||
Restricted cash and marketable securities | 682 | 1,228 | |||||
GM Financial finance receivables, net (including gross consumer finance receivables transferred to SPEs of $6,458 and $5,773) | 6,954 | 5,911 | |||||
Equity in net assets of nonconsolidated affiliates | 6,883 | 6,790 | |||||
Property, net | 24,196 | 23,005 | |||||
Goodwill | 1,973 | 29,019 | |||||
Intangible assets, net | 6,809 | 10,014 | |||||
GM Financial equipment on operating leases, net (including assets transferred to SPEs of $540 and $274) | 1,649 | 785 | |||||
Deferred income taxes | 27,922 | 512 | |||||
Other assets and deferred income taxes | 2,358 | 2,416 | |||||
Total non-current assets | 79,426 | 79,680 | |||||
Total Assets | $ | 149,422 | $ | 144,603 | |||
LIABILITIES AND EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable (principally trade) | $ | 25,166 | $ | 24,551 | |||
Short-term debt and current portion of long-term debt | |||||||
Automotive (including certain debt at VIEs of $228 and $171) | 1,748 | 1,682 | |||||
GM Financial | 3,770 | 4,118 | |||||
Accrued liabilities (including derivative liabilities at VIEs of $18 and $44) | 23,308 | 22,875 | |||||
Total current liabilities | 53,992 | 53,226 | |||||
Non-current Liabilities | |||||||
Long-term debt | |||||||
Automotive (including certain debt at VIEs of $122 and $7) | 3,424 | 3,613 | |||||
GM Financial | 7,108 | 4,420 | |||||
Postretirement benefits other than pensions | 7,309 | 6,836 | |||||
Pensions | 27,420 | 25,075 | |||||
Other liabilities and deferred income taxes | 13,169 | 12,442 | |||||
Total non-current liabilities | 58,430 | 52,386 | |||||
Total Liabilities | 112,422 | 105,612 | |||||
Commitments and contingencies | |||||||
Equity | |||||||
Preferred stock, $0.01 par value, 2,000,000,000 shares authorized: | |||||||
Series A (276,101,695 shares issued and outstanding (each with a $25.00 liquidation preference) at December 31, 2012 and 2011) | 5,536 | 5,536 | |||||
Series B (99,988,796 and 100,000,000 shares issued and outstanding (each with a $50.00 liquidation preference) at December 31, 2012 and 2011) | 4,855 | 4,855 | |||||
Common stock, $0.01 par value (5,000,000,000 shares authorized and 1,366,373,526 shares and 1,564,727,289 shares issued and outstanding at December 31, 2012 and 2011) | 14 | 16 | |||||
Capital surplus (principally additional paid-in capital) | 23,834 | 26,391 | |||||
Retained earnings | 10,057 | 7,183 | |||||
Accumulated other comprehensive loss | (8,052 | ) | (5,861 | ) | |||
Total stockholders’ equity | 36,244 | 38,120 | |||||
Noncontrolling interests | 756 | 871 | |||||
Total Equity | 37,000 | 38,991 | |||||
Total Liabilities and Equity | $ | 149,422 | $ | 144,603 | |||
11
General Motors Company CY 2012 Results February 14, 2013 Exhibit 99.2
Forward Looking Statements In this presentation and in related comments by our management, our use of the words “expect,” “anticipate,” “possible,” “potential,” “target,” “believe,” “commit,” “intend,” “continue,” “may,” “would,” “could,” “should,” “project,” “projected,” “positioned,” “outlook” or similar expressions is intended to identify forward looking statements that represent our current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors. Among other items, such factors may include: our ability to realize production efficiencies and to achieve reductions in costs as a result of our restructuring initiatives and labor modifications; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; our suppliers’ ability to deliver parts, systems and components at such times to allow us to meet production schedules; our ability to maintain adequate financing sources, including as required to fund our planned significant investment in new technology; our ability to successfully integrate Ally Financial’s international operations; our ability to realize successful vehicle applications of new technology; overall strength and stability of our markets, particularly Europe; 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
2012 CY Performance 2 Note: EBIT- Adjusted includes GM Financial on an Earnings Before Tax (EBT) basis * See Adjusted Automotive Free Cash Flow reconciliation in Supplemental Financial Information slide S6 CY ‘11 CY ‘12 vs. CY ‘11 Global Deliveries 9.0M 9.3M Net Revenue $150.3B $152.3B Net Income to Common $7.6B $4.9B Net Cash from Operating Activities - Automotive $7.4B $9.6B EBIT- Adjusted $8.3B $7.9B - GMNA $7.2B 7.0B - GME $(0.7)B $(1.8)B - GMIO $1.9B $2.2B - GMSA $(0.1)B $0.3B - GM Financial $0.6B $0.7B Adjusted Automotive Free Cash Flow ($B)* $3.0B $4.3B Favorable Unfavorable
2012 CY Highlights • Key new vehicles – China – XTS & Encore; South America – Onix; Europe – ADAM & Mokka; North America – Silverado & Sierra truck reveal • GM Europe Breakeven Objective – Strengthened European management team – Cost, revenue, and reinvestment actions – Finalized PSA Peugeot Citroën purchasing and vehicle development plans • Agreed to purchase Ally's Europe, China and South America operations • Clarity on UST Stake • Fortress Balance Sheet – Settled $28 billion of pension obligations – Secured $11 billion revolver 3
CY CY 2011 2012 Net Revenue ($B) 150.3 152.3 Operating Income ($B) 5.7 (30.4) Net Income to Common Stockholders ($B) 7.6 4.9 EPS – Diluted ($/Share) 4.58 2.92 Net Cash from Operating Activities – Automotive ($B) 7.4 9.6 EBIT- Adjusted ($B) 8.3 7.9 EBIT- Adjusted % Revenue 5.5% 5.2% Adjusted Automotive Free Cash Flow ($B)* 3.0 4.3 GAAP Non- GAAP Summary of CY 2012 Results 4 Note: EBIT- Adjusted includes GM Financial on an Earnings Before Tax (EBT) basis * See Adjusted Automotive Free Cash Flow reconciliation in Supplemental Financial Information slide S6
7.2 (0.7) 1.9 (0.1) 0.6 (0.5) 8.3 7.0 (1.8) 2.2 0.3 0.7 (0.5) 7.9 GMNA GME GMIO GMSA GM Financial* Corp. / Elims Total GM CY 2011 CY 2012 EBIT- Adjusted ($B) Note: Results may not foot due to rounding 5 2012 CY EBIT- Adjusted * GM Financial at an Earnings Before Tax basis (EBT)
8.3 7.9 (0.6) (2.0) (0.5) 1.0 1.7 EBIT-Adj Volume Mix Price Cost Other EBIT-Adj 6 $0.4B Decrease CY 2011 CY 2012 ($B) Consolidated EBIT- Adj. – CY 2011 vs. CY 2012 Note: EBIT- Adjusted includes GM Financial on an Earnings Before Tax (EBT) basis
7 Impact of Special Items * Included in Operating Income Q4 Q4 CY CY 2011 2012 2011 2012 Net Income to Common Stockholders ($B) 0.5 0.9 7.6 4.9 EPS – Diluted ($/Share) 0.28 0.54 4.58 2.92 Included in Above ($B): Gain on Sale of Delphi Membership Interest - - 1.6 - HCT Gain* 0.7 - 0.7 - Impairment of Ally Investment (0.6) - (0.6) - Gain on Sale of Ally Preferred - - 0.3 - HKJV Impairment & Related Charges - - (0.1) - Gain/(Loss) on Extinguishment of Debt 0.1 - 0.1 - Deferred Tax Valuation Allowance Released 0.4 34.9 0.4 34.9 Goodwill Impairment Charges* (0.9) (26.2) (1.3) (26.9) GME Long Lived and Intangible Asset Impairment* - (5.2) - (5.2) Pension settlement* - (2.2) - (2.2) Premium to Purchase Common Stock from UST* - (0.4) - (0.4) GM Korea Wage Litigation* - (0.4) - (0.3) Redemption of GM Korea Preferred Shares - (0.2) - (0.2) Impairment of Investment in PSA - (0.2) - (0.2) Loss on GM Strasbourg Sale - (0.1) - (0.1) Various Insurance recoveries - 0.1 - 0.1 Total Impact Net Income to Common Stockholders ($B) (0.2) 0.1 1.2 (0.5) Total Impact EPS – Diluted ($/Share) (0.11) 0.06 0.70 (0.32) Note: Results may not foot due to rounding
Special Items* Deferred Tax Valuation Allowance / Goodwill Impairment • As a result of 3 full years of profitability and the completion of our near and medium term plans forecasting continuing profits, we reversed the majority of the valuation allowance in the U.S. and Canada, recording a $34.9 billion non-cash benefit • This triggered a non-cash goodwill impairment charge of $26.2 billion in Q4 GME Impairment of Long Lived and Intangible Assets • In Q3 we indicated we may impair GME assets if conditions deteriorated • Industry outlook and other factors have deteriorated since Q3 so we are now impairing long-lived assets in Europe, recording a $5.2 billion non-cash charge • No change to our mid-decade objective to breakeven in GME Pension Settlement • Completion of the annuitization agreement with Prudential and lump sum payment to retirees resulted in a charge of $2.2 billion 8 * After tax
Summary of Q4 2012 Results 9 Note: EBIT- Adjusted includes GM Financial on an Earnings Before Tax (EBT) basis Q4 Q4 2011 2012 Net Revenue ($B) 38.0 39.3 Operating Income ($B) 0.5 (34.8) Net Income to Common Stockholders ($B) 0.5 0.9 EPS – Diluted ($/Share) 0.28 0.54 Net Cash from Operating Activities – Automotive ($B) 1.2 0.5 EBIT- Adjusted ($B) 1.1 1.2 EBIT- Adjusted % Revenue 2.9% 3.2% Adjusted Automotive Free Cash Flow ($B) (0.2) 1.1 GAAP Non- GAAP
1.5 (0.6) 0.4 (0.2) 0.2 (0.2) 1.1 1.4 (0.7) 0.5 0.1 0.1 (0.2) 1.2 GMNA GME GMIO GMSA GM Financial* Corp. / Elims Total GM Q4 2011 Q4 2012 EBIT- Adjusted ($B) Note: Results may not foot due to rounding 10 2012 Q4 EBIT- Adjusted * GM Financial at an Earnings Before Tax basis (EBT)
1.1 2.2 2.1 2.3 1.2 0.0 1.0 2.0 3.0 4.0 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Consolidated EBIT- Adjusted ($B) Note: EBIT- Adjusted includes GM Financial on an Earnings Before Tax (EBT) basis 11 Revenue ($B) 38.0 37.8 37.6 37.6 39.3 Oper. Inc % Rev 1.2% 2.6% 4.8% 4.3% (88.5)% EBIT- Adj. % Rev 2.9 5.8 5.7 6.2 3.2% Production (000’s) 2,319 2,424 2,393 2,237 2,435 Gl bal Share 11.6% 11.2% 11.6% 11.7% 11.5%
1.1 1.2 (0.1) (0.5) 0.3 0.3 0.1 EBIT-Adj Volume Mix Price Cost Other EBIT-Adj 12 $0.1B Increase Q4 2011 Q4 2012 ($B) Consolidated EBIT- Adj. – Q4 2011 vs. Q4 2012 Note: EBIT- Adjusted includes GM Financial on an Earnings Before Tax (EBT) basis; Results may not foot due to rounding
2,500 3,000 3,500 4,000 4,500 5,000 5,500 6% 8% 10% 12% 14% 16% 18% 20% 22% Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Jan Key GMNA Performance Indicators Share $/Unit U.S. Retail Share U.S. Total Share Avg. GM U.S. Retail Incentive Note: Incentive & ATP Information Based on J.D. Power and Associates Power Information Network data 13 Avg. U.S. Retail Incentive as % of ATP GM % 8.9 10.7 10.4 10.0 10.1 11.0 11.0 11.0 10.7 10.9 10.6 9.3 9.5 9.3 11.0 10.9 GM vs. Ind. (GM % / Ind. %) 1.03 1.12 1.07 1.09 1.06 1.13 1.17 1.08 1.05 1.10 1.08 1.02 1.08 0.95 1.09 1.15
1.5 1.7 2.0 1.9 1.4 0.0 1.0 2.0 3.0 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 GMNA EBIT- Adjusted ($B) 14 Revenue ($B) 23.1 24.2 22.9 23.3 24.2 EBIT- Adj. % Rev 6.5% 7.0% 8.6% 8.1% 5.8% U.S. Dealer Inv (000’s) 583 713 701 689 717 Production (000’s) 739 862 837 763 775 GMNA Share 17.5% 16.7% 17.4% 16.9% 16.6% Note: Results may not foot due to rounding
GMNA EBIT- Adj. – Q4 2011 vs. Q4 2012 15 1.5 1.4 (0.3) (0.4) 0.1 0.4 0.0 EBIT-Adj Volume Mix Price Cost Other EBIT-Adj ($B) Q4 2011 Q4 2012 $0.1B Decrease Note: Results may not foot due to rounding
(0.6) (0.3) (0.4) (0.5) (0.7)-1.0 0.0 1.0 2.0 3.0 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 GME EBIT- Adjusted ($B) 16 Revenue ($B) 6.3 5.5 5.9 5.1 5.6 EBIT- Adj. % Rev (9.0)% (4.6)% (6.1)% (9.5)% (12.5)% Production (000’s) 249 292 230 196 209 GME Share 8.6% 8.2% 8.8% 8.6% 8.3%
(0.6) (0.7) GME EBIT- Adj. – Q4 2011 vs. Q4 2012 Q4 2011 Q4 2012 $0.1B Decrease 0.2 (0.1) (0.2) 0.0 17 EBIT-Adj. EBIT-Adj. Volume Price Cost Other Mix ($B) (0.1) Note: Results may not foot due to rounding
0.3 0.30.3 0.4 0.3 0.4 0.4 (1.0) 0.0 1.0 2.0 3.0 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 GMIO EBIT- Adjusted ($B) 18 0.4 (1) Excludes equity income and non-controlling interest adjustment. (2) Revenue not consolidated in GM results, pro-rata share of earnings reported as equity income 0.5 Equity Income 0.6 0.7 0.5 Revenue ($B) 7.0 6.1 6.9 6.7 7.9 EBIT-Adj. margin from consolidated operations(1) 1.5% 2.1% 4.3% 4.0% 0.5% Total China JV NI/Rev(2) 8.4% 10.2% 9.3% 9.7% 9.1% Total Production (000’s) 1,104 1,066 1,095 1,056 1,228 GMIO Share 9.5% 9.4% 9.2% 9.5% 9.8%
0.4 0.5 (0.1) (0.4)0.2 0.2 0.2 EBIT-Adj Volume Mix Price Cost Other EBIT-Adj GMIO EBIT- Adj. – Q4 2011 vs. Q4 2012 Q4 2011 Q4 2012 $0.1B Increase 19 ($B)
(0.2) 0.1 0.0 0.1 0.1 (1.0) 0.0 1.0 2.0 3.0 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 GMSA EBIT- Adjusted ($B) 20 Revenue ($B) 4.2 3.9 4.2 4.3 4.5 EBIT- Adj. % Rev (5.4)% 2.1% (0.5)% 2.5% 2.2% Production (000’s) 227 203 231 222 2 3 GMSA Share 18.4% 18.4% 18.2% 17.9% 17.7%
(0.2) 0.1 GMSA EBIT- Adj. – Q4 2011 vs. Q4 2012 Q4 2011 Q4 2012 $0.3B Increase 0.1 0.0 0.1 0.0 21 0.2 EBIT-Adj. EBIT-Adj. Volume Price Cost Other Mix ($B) Note: Results may not foot due to rounding
Adjusted Automotive Free Cash Flow 22 Note: Results may not foot due to rounding * Excludes impact of non-cash special items ($B) Q4 2011 Q4 2012 Net Income to Common Stockholders 0.5 0.9 Adjusted for Non-Controlling Interests, Preferred Dividends & undistributed earnings allocated to Series B 0.3 0.1 Deduct Non-Auto (GM Financial) (0.1) (0.2) Automotive Income 0.6 0.8 Non-Cash Special Items 0.2 (0.3) Depreciation and Amortization* 1.4 1.6 Working Capital 0.9 1.5 Pension / OPEB – Cash in Excess of Expense* (1.2) (2.5) Other* (0.8) (0.5) Automotive Net Cash Provided/(Used) Operating Activities 1.2 0.5 Capital Expenditures (2.2) (2.1) Contribution to Canadian Health Care Trust 0.8 - Salaried Pension Settlement Contribution - 2.3 Premium for UST Share Repurchase - 0.4 Adjusted Automotive Free Cash Flow (0.2) 1.1
Key Automotive Balance Sheet Items (1) Excludes uncommitted facilities (2) Excludes U.S. non-qualified plan PBO of ~$0.9 billion (3) September 30, 2012 balance is rolled forward and does not reflect remeasurement, except for the measurement of the U.S. salaried plans in August, 2012 23 Note: Results may not foot due to rounding Dec. 31 Sept. 30 Dec. 31 ($B) 2011 2012 2012 Cash & Current Marketable Securities 31.6 31.9 26.1 Available Credit Facilities(1) 5.3 5.4 11.1 Available Liquidity 37.0 37.3 37.2 Key Obligations: Debt 5.3 5.6 5.2 Series A Preferred Stock 5.5 5.5 5.5 U.S. Pension Underfunded Status(2) (3) 13.3 13.4 13.1 Non-U.S. Pension Underfunded Status(2) (3) 11.2 11.4 13.8 Unfunded OPEB(3) 7.3 7.2 7.8
$B Obligations(1) Assets Funded Status(1) 12/31/2011 107.7 94.3 (13.3) Remeasurement & Asset Returns(2) 10.2 10.3 0.1 Benefit Payments (8.3) (8.3) 0.0 Annuitization and Lump Sums (28.3) (30.6) (2.3) Cash Contribution 0.0 2.3 2.3 12/31/2012 81.2 68.1 (13.1) Net Change (26.4) (26.3) 0.2 U.S. Pension Funded Status 24 Note: Results may not foot due to rounding Subject to determination of final funding requirements (1) Excludes U.S. non-qualified plan PBO of ~$0.9B (2) Also includes Salaried plan freeze, pension service cost and interest cost, impact of changes in discount rates, and actual asset returns through the settlement dates or 12/31/2012 as applicable
GM Financial 25 Note: GM Sales Penetrations based on JD Power PIN Q4 Q4 Q4 Q4 2011 2012 2011 2012 GM Sales Penetrations U.S. Subprime APR (<=620) 6.8% 7.2% 5.0% 5.4% U.S. Lease 11.0% 14.9% 21.3% 22.9% Canada Lease 8.5% 6.3% 19.1% 20.6% GM / GM Financial Linkage GM as % of GM Financial Loan and Lease Originations (GM New / GMF Loan & Lease) GMF as % of GM U.S. Subprime & Lease 27% 20% GM Financial Performance GM Financial Credit Losses (annualized net credit losses as % avg. consumer finance receivables) EBT ($M) 170 146 3.3% 3.3% Industry Avg. (Excl. GM) 44% 43%
2013 CY Considerations 26 • Our effective GAAP tax rate will be approximately 35% for 2013 • Cash taxes in 2013 are expected to be similar to 2012 • GME will have approximately $0.6 billion in lower depreciation and amortization expenses, primarily due to the impairment of long-lived and intangible assets. This expense reduction is additive to our previously provided outlook for 2013 • We do not expect to have mandatory contributions to our U.S. qualified plans for at least 5 years – No voluntary contributions are currently planned for 2013 • We expect capital expenditures in 2013 to be similar to 2012 • The devaluation of the Venezuelan currency is expected to have a $0.2 billion unfavorable special item impact in Q1 2013
Summary • GM North America – Numerous awards at NAIAS – Chevrolet Impala, Buick Encore • GM South America – Chevrolet Onix “Car of the Year” in Brazil • GM Europe – Expanding in growth markets • GM International Operations – Investing in China growth through our JV’s Profitability, Fortress Balance Sheet, Solid Cash Flow 27
General Motors Company Select Supplemental Financial Information
Global Deliveries Note: GM deliveries include vehicles sold around the world under GM and JV brands, and through GM-branded distribution network. S1 (000’s) Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 GMNA 712 704 820 759 735 GME 417 398 455 382 372 Chevrolet in GME 141 122 155 138 135 GMIO 844 928 862 857 968 China 654 745 672 665 754 GMSA 267 250 255 283 260 Brazil 168 137 154 183 169 Global Deliveries 2,240 2,280 2,392 2,281 2,334
Global Market Share Note: GM market share include vehicles sold around the world under GM and JV brands, and through GM-branded distribution network. Market share data excludes the markets of Iran, North Korea, Sudan and Syria S2 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 GMNA 17.5% 16.7% 17.4% 16.9% 16.6% U.S. 18.0% 17.2% 18.2% 17.6% 17.1% GME 8.6% 8.2% 8.8% 8.6% 8.3% Germany 8.4% 7.6% 8.1% 7.4% 6.8% U.K. 12.1% 11.0% 12.0% 11.6% 12.3% GMIO 9.5% 9.4% 9.2% 9.5% 9.8% China 13.2% 15.2% 13.9% 14.9% 14.3% India 3.4% 2.6% 2.5% 2.7% 2.4% GMSA 18.4% 18.4% 18.2% 17.9% 17.7% Brazil 17.6% 16.7% 17.1% 17.1% 16.7% Global Market Share 11.6% 11.2% 11.6% 11.7% 11.5%
Operating Income Walk to EBIT- Adjusted S3 Note: EBIT-Adj. includes GM Financial on an Earnings Before Tax (EBT) basis Q4 Q4 CY CY 2011 2012 2011 2012 Operating Income 0.5 (34.8) 5.7 (30.4) Equity Income 0.3 0.4 3.2 1.6 Non-Controlling Interests 0.0 0.2 (0.1) 0.1 Non-Operating Income (0.3) 0.0 0.4 0.5 Special Items 0.6 35.4 (0.9) 36.1 EBIT- Adjusted 1.1 1.2 8.3 7.9 ($B) Note: Results may not foot due to rounding
Reconciliation of EBIT- Adjusted S4 Note: EBIT-Adj. includes GM Financial on an Earnings Before Tax (EBT) basis; Results may not foot due to rounding Q4 Q4 CY CY 2011 2012 2011 2012 Net Income to Common Stockholders 0.5 0.9 7.6 4.9 Add Back: Undistributed earnings allocated to Series B (Basic) 0.0 0.1 0.7 0.5 Dividends on Preferred Stock 0.2 0.2 0.9 0.9 Interest Expense / (Income) 0.0 0.0 0.1 0.1 Income Tax Expense / (Benefit) (0.3) (35.6) (0.1) (34.8) Gain/Loss on Extinguishment of Debt - 0.2 - 0.2 Special Items: Gain on Sale of Delphi Membership Interest - - (1.6) - HCT Gain (0.7) - (0.7) - Impairment of Ally Investment 0.6 - 0.6 - Gain on Sale of Ally Preferred - - (0.3) - HKJV Impairment & Related Charges - - 0.1 - Gain/Loss on Extinguishment of Debt (0.1) - (0.1) - Goodwill Impairment Charges 0.9 26.4 1.3 27.1 GME Long Lived and Intangible Asset Impairment - 5.5 - 5.5 Pension Settlement - 2.6 - 2.7 GM Korea Wage Litigation - 0.4 - 0.3 Premium to Purchase Common Stock from UST - 0.4 - 0.4 Redemption of GM Korea Preferred Shares - (0.1) - (0.1) Impairment of Investment in PSA - 0.2 - 0.2 Loss on GM Strasbourg Sale - 0.1 - 0.1 Various Insurance Recoveries - (0.1) - (0.2) EBIT- Adjusted 1.1 1.2 8.3 7.9 ($B)
Restructuring (not included in special items) S5 Note: Results may not foot due to rounding ($B) Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 GMNA 0.0 (0.1) 0.0 0.1 0.0 GME (0.2) 0.0 0.0 0.0 (0.1) GMIO 0.0 0.0 0.0 0.0 0.0 GMSA (0.1) 0.0 (0.1) 0.0 0.0 Total (0.2) (0.1) (0.1) 0.0 (0.2)
Adjusted Automotive Free Cash Flow S6 Note: Results may not foot due to rounding (1) Excludes impact of non-cash special items (2) Includes $1.1B related to termination of in-transit agreement in GMNA ($B) CY 2011 CY 2012 Net Income to Common Stockholders 7.6 4.9 Adjusted for Non-Controlling Interests, Preferred Dividends & undistributed earnings allocated to Series B 1.7 1.3 Deduct Non-Auto (GM Financial) (0.4) (0.6) Automotive Income 8.9 5.6 Non-Cash Special Items (1.3) 0.5 Depreciation and Amortization (1) 6.1 5.9 Working Capital (2) (2.2) (0.7) Pension / OPEB – Cash in Excess of Expense (1) (2.3) (3.2) Other (1) (1.7) 1.5 Automotive Net Cash Provided/(Used) Operating Activities 7.4 9.6 Capital Expenditures (6.2) (8.1) Termination of In-transit Agreement in GMNA 1.1 - Contribution to Canadian Health Care Trust 0.8 - Salaried Pension Settlement Contribution - 2.3 Premium for UST Share Repurchase - 0.4 Adjusted Automotive Free Cash Flow 3.0 4.3
GM Financial – Key Metrics S7 *Excludes consumer finance receivables in repossession ($M) Q4 2011 Q4 2012 Earnings Before Tax 170 146 Total Loan and Lease Originations 1,554 1,481 GM as % of GM Financial Loan and Lease Originations 44% 43% Commercial Finance Receivables - 560 Consumer Finance Receivables 9,680 10,993 Consumer Finance Delinquencies (>30 days)* 7.2% 8.2% Annualized Net Credit Losses as % of Avg. Consumer Finance Receivables 3.3% 3.3%
Calculation of EBIT- Adj. as a Percent of Revenue Note: EBIT- Adjusted includes GM Financial on an Earnings Before Tax (EBT) basis; Certain data has been adjusted to conform to the current presentation S8 Total GM Q4 Q1 Q2 Q3 Q4 2011 2012 2012 2012 2012 % Revenue 38.0 37.8 37.6 37.6 39.3 Operating Income 0.5 1.2% 1.0 2.6% 1.8 4.8% 1.6 4.3% (34.8) (88.5)% EBIT- Adjusted 1.1 2.9% 2.2 5.8% 2.1 5.7% 2.3 6.2% 1.2 3.2% GMIO Consolidated Results Q4 Q1 Q2 Q3 Q4 2011 2012 2012 2012 2012 % Revenue 7.0 6.1 6.9 6.7 7.9 Operating Income (0.3) (3.6)% 0.1 0.9 % 0.2 2.8 % 0.1 1.7 % (0.6) (7.7)% Non-Operating Income 0.1 0.0 0.1 0.1 0.2 Plus Special Items 0.3 0.0 0.0 0.1 0.4 EBIT-Adjusted from consolidated operations 0.1 1.5 % 0.1 2.1 % 0.3 4.3 % 0.3 4.0 % 0.0 0.5 % % ($B) % % % % ($B) % % %