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) July 25, 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 July 25, 2013 and Financial Statements
Charts Furnished to Securities Analysts
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On July 25, 2013 a news release was issued on the subject of second quarter consolidated earnings for General Motors Company (GM). The news release did not include certain financial statements, related footnotes and certain other financial information that will be filed with the Securities and Exchange Commission as part of GM's Quarterly Report on Form 10-Q. The news release and financial statements are incorporated as Exhibit 99.1.
Charts furnished to securities analysts in connection with GM's quarter ended June 30, 2013 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 July 25, 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/THOMAS S. TIMKO | ||
Date: July 25, 2013 | By: | Thomas S. Timko Vice President, Controller and Chief Accounting Officer |
For Release: Thursday, July 25, 7:30 a.m. EDT Exhibit 99.1
GM Reports Second Quarter Net Income of $1.2 Billion
• | EPS of $0.75 including net loss from special items of $0.09 per share |
• | EBIT-adjusted of $2.3 billion |
DETROIT - General Motors Co. (NYSE: GM) today announced second quarter net income attributable to common stockholders of $1.2 billion, or $0.75 per fully diluted share. These results include a net loss from special items that reduced net income by $0.2 billion, or $0.09 per fully diluted share.
In the second quarter of 2012, GM's net income attributable to common stockholders was $1.5 billion, or $0.90 per fully diluted share.
Net income for the second quarter of 2013 included an increase in tax expense of $0.5 billion, or $0.29 per fully diluted share, compared to the second quarter of 2012.
Net revenue in the second quarter of 2013 was $39.1 billion, compared to $37.6 billion in the second quarter of 2012. Earnings before interest and tax (EBIT) adjusted was $2.3 billion, compared to $2.1 billion in the second quarter of 2012.
"We continue to perform well in the world's two most important markets, the U.S. and China," said Dan Akerson, GM chairman and CEO. "We also made further progress in our European business and saw the steady performance of our global brands Chevrolet and Cadillac. For the rest of the year, we'll focus on winning customers with high-quality vehicles at a compelling value."
GM Results Overview (in billions except for per share amounts)
Q2 2013 | Q2 2012 | |
Revenue | $39.1 | $37.6 |
Net income attributable to common stockholders | $1.2 | $1.5 |
Earnings per share (EPS) fully diluted | $0.75 | $0.90 |
Impact of special items on EPS fully diluted | $(0.09) | — |
EBIT-adjusted | $2.3 | $2.1 |
Automotive net cash flow from operating activities | $4.5 | $3.8 |
Adjusted automotive free cash flow | $2.6 | $1.7 |
1
Segment Results
• | GM North America reported EBIT-adjusted of $2.0 billion, compared with $1.9 billion in the second quarter of 2012. |
• | GM Europe reported an EBIT-adjusted of $(0.1) billion, compared with $(0.4) billion in the second quarter of 2012. |
• | GM International Operations reported EBIT-adjusted of $0.2 billion, compared with $0.6 billion in the second quarter of 2012. |
• | GM South America reported EBIT-adjusted of $0.1 billion, compared with EBIT-adjusted of $0.0 billion in the second quarter of 2012. |
• | GM Financial earnings before tax was $0.3 billion for the quarter, compared to $0.2 billion in the second quarter of 2012. |
Cash Flow and Liquidity
For the quarter, automotive cash flow from operating activities was $4.5 billion and automotive free cash flow adjusted was $2.6 billion. GM ended the quarter with very strong total automotive liquidity of $34.8 billion. Automotive cash and marketable securities was $24.2 billion compared with $24.3 billion for the first quarter of 2013.
“Our results in this quarter were clearly pegged to winning vehicles like the Cadillac ATS, Chevrolet Impala and Opel Mokka,” said Dan Ammann, GM executive vice president and CFO. “We will continue to address our business challenges head-on, execute flawless launches of our future products and most importantly, satisfy our customers.”
General Motors Co. (NYSE:GM, TSX: GMM) and its partners produce vehicles in 30 countries, and the company has leadership positions in the world's largest and fastest-growing automotive markets. GM, its subsidiaries and joint venture entities sell vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Isuzu, Jiefang, Opel, Vauxhall and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://www.gm.com.
# # #
CONTACTS:
Tom Henderson 313-410-2704 tom.e.henderson@gm.com | Randy Arickx 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.
2
Exhibit 1
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The accompanying tables and charts include earnings before interest and taxes adjusted for special items, presented net of noncontrolling interests, (EBIT-adjusted) and Adjusted automotive free cash flow. These metrics are not prepared in accordance with Accounting Principles Generally Accepted in the United States of America (U.S. GAAP) and have not been audited or reviewed by GM's independent auditors. EBIT-adjusted and Adjusted automotive free cash flow are considered non-GAAP financial measures.
Management believes these non-GAAP financial measures provide meaningful supplemental information regarding GM's operating results because they exclude amounts that management does not consider part of operating results when assessing and measuring the operational and financial performance of the organization. Management believes these measures allow it to readily view operating trends, perform analytical comparisons and benchmark performance between periods and among geographic regions. Accordingly, GM believes these non-GAAP financial measures are useful in allowing for greater transparency of GM's core operations and they are therefore used by management in its financial and operational decision-making.
While management believes that these non-GAAP financial measures provide useful information, they are not operating measures under U.S. GAAP, and there are limitations associated with their use. GM's calculation of these non-GAAP financial measures may not be completely comparable to similarly titled measures of other companies due to potential differences between companies in their method of calculation. As a result the use of these non-GAAP financial measures has limitations and should not be considered in isolation from, or as a substitute for, other measures such as 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 | Six Months Ended | ||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||||||
Operating segments | |||||||||||||||
GMNA(a)(b) | $ | 1,976 | $ | 1,891 | $ | 3,390 | $ | 3,533 | |||||||
GME(a)(b) | (110 | ) | (394 | ) | (285 | ) | (688 | ) | |||||||
GMIO(a)(b) | 228 | 627 | 723 | 1,148 | |||||||||||
GMSA(a)(b) | 54 | 16 | 16 | 169 | |||||||||||
GM Financial(c) | 254 | 217 | 434 | 398 | |||||||||||
Total operating segments | 2,402 | 2,357 | 4,278 | 4,560 | |||||||||||
Corporate(a) | (126 | ) | (238 | ) | (236 | ) | (259 | ) | |||||||
EBIT-adjusted | 2,276 | 2,119 | 4,042 | 4,301 | |||||||||||
Special items | 104 | — | (66 | ) | (612 | ) | |||||||||
Corporate interest income | 77 | 86 | 156 | 175 | |||||||||||
Automotive interest expense | 61 | 118 | 152 | 228 | |||||||||||
Loss on extinguishment of debt | 240 | — | 240 | 18 | |||||||||||
Income tax expense | 742 | 241 | 1,151 | 457 | |||||||||||
Net income attributable to stockholders | 1,414 | 1,846 | 2,589 | 3,161 | |||||||||||
Less: cumulative dividends on preferred stock | 214 | 214 | 429 | 429 | |||||||||||
Less: undistributed earnings allocated to Series B Preferred Stock participating security(d) | 145 | 241 | |||||||||||||
Net income attributable to common stockholders | $ | 1,200 | $ | 1,487 | $ | 2,160 | $ | 2,491 | |||||||
__________
(a) | In the three months ended March 31, 2013 GM changed its managerial and reporting structure to report segment revenues and profits based on the geographic region in which a vehicle is sold. Previously, segment results included the impacts of inter-segment sales and profits. Prior year segment results have been reclassified so all information is shown on a comparable basis. Consolidated results are unaffected by this change. |
(b) | GM'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. |
(c) | GM Financial amounts represent income before income taxes. |
(d) | In the three and six months ended June 30, 2013 the applicable market value of our common stock was within the range of $33.00 to $39.60 per common share, as such, we applied the if-converted method for purposes of calculating basic earnings per share. |
1
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following summarizes the special items:
In the three months ended June 30, 2013 special items included the following:
•The acquisition of GM Korea preferred shares of $67 million in GMIO; and
•Pension settlement credits of $37 million in GMNA.
In the six months ended June 30, 2013 special items included the following:
•Venezuela currency devaluation of $162 million in GMSA;
•The acquisition of GM Korea preferred shares of $67 million in GMIO; and
•Net pension settlement charges and income related to various insurance recoveries, net, of $29 million.
There were no special items in the three months ended June 30, 2012.
In the six months ended June 30, 2012 special items included Goodwill impairment charges of $590 million in GME and $22 million in GMIO.
The following table summarizes the reconciliation of Adjusted automotive free cash flow to Automotive net cash provided by operating activities (dollars in millions):
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||||||
Adjusted automotive free cash flow | $ | 2,565 | $ | 1,698 | $ | 1,240 | $ | 1,980 | |||||||
Less: Adjustments for voluntary management actions | — | — | 71 | — | |||||||||||
Automotive free cash flow | 2,565 | 1,698 | 1,169 | 1,980 | |||||||||||
Capital expenditures | 1,890 | 2,062 | 3,829 | 4,052 | |||||||||||
Automotive net cash provided by operating activities | $ | 4,455 | $ | 3,760 | $ | 4,998 | $ | 6,032 | |||||||
In the three months ended March 31, 2013 adjustments for voluntary management actions included pension contributions of $71 million related to the previously announced annuitization of the U.S. salaried pension plan.
The following tables summarize key financial information by segment (dollars in millions):
2
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 23,495 | $ | 5,154 | $ | 5,250 | $ | 4,308 | $ | 39 | $ | — | $ | 38,246 | $ | 836 | $ | (7 | ) | $ | 39,075 | ||||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 1,014 | $ | 127 | $ | 196 | $ | 128 | $ | 7 | $ | (1 | ) | $ | 1,471 | $ | 111 | $ | (4 | ) | $ | 1,578 | |||||||||||||||||
Equity income, net of tax | $ | 3 | $ | — | $ | 426 | $ | — | $ | — | $ | — | $ | 429 | $ | — | $ | — | $ | 429 | |||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Three Months Ended June 30, 2012 | |||||||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 21,552 | $ | 5,532 | $ | 5,915 | $ | 4,117 | $ | 10 | $ | — | $ | 37,126 | $ | 487 | $ | 1 | $ | 37,614 | |||||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 894 | $ | 295 | $ | 149 | $ | 117 | $ | 14 | $ | (1 | ) | $ | 1,468 | $ | 54 | $ | (2 | ) | $ | 1,520 | |||||||||||||||||
Equity income, net of tax | $ | 2 | $ | — | $ | 298 | $ | — | $ | — | $ | — | $ | 300 | $ | — | $ | — | $ | 300 | |||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 46,474 | $ | 9,972 | $ | 10,070 | $ | 7,999 | $ | 75 | $ | — | $ | 74,590 | $ | 1,376 | $ | (7 | ) | $ | 75,959 | ||||||||||||||||||
Expenditures for property | $ | 2,739 | $ | 351 | $ | 435 | $ | 253 | $ | 51 | $ | — | $ | 3,829 | $ | 4 | $ | — | $ | 3,833 | |||||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 1,940 | $ | 237 | $ | 399 | $ | 258 | $ | 23 | $ | (1 | ) | $ | 2,856 | $ | 195 | $ | (8 | ) | $ | 3,043 | |||||||||||||||||
Equity income, net of tax | $ | 8 | $ | — | $ | 976 | $ | — | $ | — | $ | — | $ | 984 | $ | — | $ | — | $ | 984 | |||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Six Months Ended June 30, 2012 | |||||||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 44,727 | $ | 10,787 | $ | 10,931 | $ | 7,984 | $ | 25 | $ | — | $ | 74,454 | $ | 918 | $ | 1 | $ | 75,373 | |||||||||||||||||||
Expenditures for property | $ | 2,241 | $ | 624 | $ | 616 | $ | 538 | $ | 33 | $ | — | $ | 4,052 | 7 | — | $ | 4,059 | |||||||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 1,782 | $ | 575 | $ | 278 | $ | 235 | $ | 26 | $ | (1 | ) | $ | 2,895 | $ | 97 | $ | (4 | ) | $ | 2,988 | |||||||||||||||||
Equity income, net of tax | $ | 4 | $ | — | $ | 719 | $ | — | $ | — | $ | — | $ | 723 | $ | — | $ | — | $ | 723 | |||||||||||||||||||
3
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
June 30, 2013 | December 31, 2012 | ||||
Worldwide Employment (in thousands) | |||||
GMNA(a) | 107 | 101 | |||
GME | 35 | 37 | |||
GMIO | 39 | 39 | |||
GMSA | 33 | 32 | |||
GM Financial | 5 | 4 | |||
Total Worldwide | 219 | 213 | |||
U.S. - Salaried(a) | 34 | 30 | |||
U.S. - Hourly | 51 | 50 | |||
_________
(a) | Headcount increased primarily due to the insourcing of certain information technology support functions that were previously provided by outside parties. |
Wholesale and Retail Vehicle Sales
Wholesale vehicle sales data, which represents sales directly to dealers and others, is the measure that correlates vehicle sales to our revenue from the sale of vehicles, which is the largest component of Automotive sales and revenue. Wholesale vehicle sales exclude vehicles produced by unconsolidated joint ventures. Retail vehicle sales data, which represents estimated sales to the end customer, including fleets, does not correlate directly to the revenue recognized during the period. However, retail vehicle sales data is indicative of the underlying demand for GM's vehicles, is the basis for market share, and is based upon the good faith estimates of management and includes all sales by joint ventures on a total vehicle basis, not based on the percentage of ownership in the joint venture. Market share information is based primarily on retail vehicle sales volume, but estimates may be used where retail vehicle sales volume is not available. Worldwide market share and retail vehicle sales data exclude the markets of Iran, North Korea, Sudan and Syria.
GM presents both wholesale and retail vehicle sales data to assist in the analysis of its revenue and market share.
The joint venture agreements with SAIC-GM-Wuling Automobile Co., Ltd. (SGMW) and FAW-GM Light Duty Commercial Vehicle Co., Ltd. (FAW-GM) allow for significant rights as a member as well as the contractual right to report SGMW and FAW-GM joint venture sales in China.
4
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Wholesale Vehicle Sales
The following table summarizes total wholesale vehicle sales of new motor vehicles by automotive segment (vehicles in thousands):
Three Months Ended | Six Months Ended | ||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||
GMNA | 809 | 760 | 1,638 | 1,608 | |||||||
GME | 276 | 290 | 525 | 556 | |||||||
GMIO | 268 | 295 | 511 | 538 | |||||||
GMSA | 278 | 265 | 511 | 502 | |||||||
Worldwide | 1,631 | 1,610 | 3,185 | 3,204 | |||||||
5
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Three Months Ended | Six Months Ended | ||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||
Retail Vehicle Sales (units in thousands)(a)(b)(c) | |||||||||||
United States | |||||||||||
Chevrolet - Cars | 245 | 246 | 450 | 463 | |||||||
Chevrolet - Trucks | 194 | 171 | 361 | 321 | |||||||
Chevrolet - Crossovers | 107 | 97 | 204 | 178 | |||||||
Cadillac | 41 | 32 | 84 | 63 | |||||||
Buick | 53 | 53 | 101 | 90 | |||||||
GMC | 116 | 109 | 221 | 201 | |||||||
Total United States | 755 | 707 | 1,420 | 1,316 | |||||||
Canada, Mexico and Other | 125 | 113 | 221 | 209 | |||||||
Total North America | 880 | 820 | 1,642 | 1,524 | |||||||
Europe | |||||||||||
Opel/Vauxhall | 284 | 299 | 544 | 574 | |||||||
Chevrolet | 139 | 155 | 252 | 277 | |||||||
Other | 1 | 1 | 1 | 2 | |||||||
Total Europe | 425 | 455 | 797 | 853 | |||||||
Asia/Pacific, Middle East and Africa | |||||||||||
Chevrolet | 278 | 276 | 568 | 567 | |||||||
Wuling | 350 | 332 | 747 | 687 | |||||||
Buick | 192 | 162 | 401 | 343 | |||||||
Holden | 30 | 29 | 57 | 61 | |||||||
GMC | 8 | 12 | 17 | 22 | |||||||
Cadillac | 13 | 8 | 22 | 17 | |||||||
Other | 53 | 43 | 104 | 94 | |||||||
Total Asia/Pacific, Middle East and Africa(d) | 925 | 862 | 1,917 | 1,791 | |||||||
South America | |||||||||||
Chevrolet | 260 | 252 | 494 | 499 | |||||||
Other | 1 | 2 | 3 | 3 | |||||||
Total South America | 262 | 254 | 497 | 502 | |||||||
Total Worldwide | 2,492 | 2,392 | 4,853 | 4,670 | |||||||
________
(a) | North America vehicle sales primarily represent sales to the end customer. Europe, Asia/Pacific, Middle East and Africa and South America vehicle sales primarily represent estimated sales to the end customer. In countries where end customer data is not readily available other data sources, such as wholesale or forecast volumes, are used to estimate vehicle sales. |
(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) | The joint venture vehicle sales presented in the following table are included in GM's retail vehicle sales. Vehicle sales for HKJV are included in the three and six months ended June 30, 2013. |
Three Months Ended | Six Months Ended | |||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | |||||||||
Joint venture sales in China | ||||||||||||
SGMS | 361 | 337 | 302 | 743 | 640 | |||||||
SGMW and FAW-GM | 389 | 407 | 368 | 822 | 775 | |||||||
Joint venture sales in India | ||||||||||||
HKJV | 28 | 21 | 49 | |||||||||
6
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Three Months Ended | Six Months Ended | ||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||
Market Share(a)(b) | |||||||
United States - Cars | 14.7% | 15.4% | 14.3% | 14.8% | |||
United States - Trucks | 23.8% | 23.4% | 24.0% | 23.1% | |||
United States - Crossovers | 18.0% | 18.5% | 18.4% | 17.9% | |||
Total United States | 18.0% | 18.2% | 17.8% | 17.7% | |||
Total North America | 17.3% | 17.4% | 17.2% | 17.0% | |||
Total Europe | 8.5% | 8.8% | 8.4% | 8.5% | |||
Total Asia/Pacific, Middle East and Africa(c) | 9.3% | 9.2% | 9.4% | 9.3% | |||
Total South America | 17.1% | 18.1% | 17.2% | 18.2% | |||
Total Worldwide | 11.5% | 11.6% | 11.5% | 11.4% | |||
U.S. Retail/Fleet Mix | |||||||
% Fleet Sales - Cars | 28.2% | 31.0% | 30.0% | 32.1% | |||
% Fleet Sales - Trucks | 28.4% | 30.6% | 25.9% | 28.0% | |||
% Fleet Sales - Crossovers | 23.1% | 25.7% | 22.0% | 21.9% | |||
Total Vehicles | 27.0% | 29.6% | 26.5% | 28.2% | |||
North America Capacity Utilization | 102.1% | 101.0% | 100.1% | 102.4% | |||
________
(a) Market Share information is based on retail vehicles sales volume.
(b) North America vehicle sales primarily represent sales to the end customer. Europe, Asia/Pacific, Middle East and Africa and South America vehicle sales primarily represent estimated sales to the end customer. In countries where end customer data is not readily available other data sources, such as wholesale or forecast volumes, are used to estimate vehicle sales.
(c) The joint venture vehicle sales presented in the following table are included in GM's retail vehicle sales. Vehicle sales for HKJV are included in the three and six months ended June 30, 2013.
Three Months Ended | Six Months Ended | |||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | |||||||||
Joint venture sales in China | ||||||||||||
SGMS | 361 | 337 | 302 | 743 | 640 | |||||||
SGMW and FAW-GM | 389 | 407 | 368 | 822 | 775 | |||||||
Joint venture sales in India | ||||||||||||
HKJV | 28 | 21 | 49 | |||||||||
7
General Motors Company and Subsidiaries
Condensed Consolidated Income Statements
(In millions, except per share amounts)
(Unaudited)
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||||||
Net sales and revenue | |||||||||||||||
Automotive | $ | 38,240 | $ | 37,127 | $ | 74,584 | $ | 74,455 | |||||||
GM Financial | 835 | 487 | 1,375 | 918 | |||||||||||
Total | 39,075 | 37,614 | 75,959 | 75,373 | |||||||||||
Costs and expenses | |||||||||||||||
Automotive cost of sales | 33,824 | 32,678 | 66,441 | 65,588 | |||||||||||
GM Financial operating and other expenses | 575 | 268 | 931 | 516 | |||||||||||
Automotive selling, general and administrative expense | 2,925 | 2,847 | 5,877 | 5,835 | |||||||||||
Goodwill impairment charges | — | — | — | 617 | |||||||||||
Total costs and expenses | 37,324 | 35,793 | 73,249 | 72,556 | |||||||||||
Operating income | 1,751 | 1,821 | 2,710 | 2,817 | |||||||||||
Automotive interest expense | 61 | 118 | 152 | 228 | |||||||||||
Interest income and other non-operating income, net | 251 | 139 | 422 | 414 | |||||||||||
Loss on extinguishment of debt | 240 | — | 240 | 18 | |||||||||||
Income before income taxes and equity income | 1,701 | 1,842 | 2,740 | 2,985 | |||||||||||
Income tax expense | 742 | 241 | 1,151 | 457 | |||||||||||
Equity income, net of tax | 429 | 300 | 984 | 723 | |||||||||||
Net income | 1,388 | 1,901 | 2,573 | 3,251 | |||||||||||
Net (income) loss attributable to noncontrolling interests | 26 | (55 | ) | 16 | (90 | ) | |||||||||
Net income attributable to stockholders | $ | 1,414 | $ | 1,846 | $ | 2,589 | $ | 3,161 | |||||||
Net income attributable to common stockholders | $ | 1,200 | $ | 1,487 | $ | 2,160 | $ | 2,491 | |||||||
Earnings per share | |||||||||||||||
Basic | |||||||||||||||
Basic earnings per common share | $ | 0.87 | $ | 0.95 | $ | 1.57 | $ | 1.59 | |||||||
Weighted-average common shares outstanding | 1,376 | 1,569 | 1,374 | 1,571 | |||||||||||
Diluted | |||||||||||||||
Diluted earnings per common share | $ | 0.75 | $ | 0.90 | $ | 1.37 | $ | 1.49 | |||||||
Weighted-average common shares outstanding | 1,677 | 1,671 | 1,668 | 1,681 | |||||||||||
8
General Motors Company and Subsidiaries
Basic and Diluted Earnings per Share
(Unaudited)
In the three and six months ended June 30, 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 three and six months ended June 30, 2013 GM was required to use the if-converted method for calculating earnings per share as the applicable market value of its common stock was within the price range of $33.00 to $39.60 per common share.
The following table summarizes basic and diluted earnings per share (in millions, except per share amounts):
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||||||
Basic earnings per share | |||||||||||||||
Net income attributable to stockholders | $ | 1,414 | $ | 1,846 | $ | 2,589 | $ | 3,161 | |||||||
Less: cumulative dividends on preferred stock(a) | (214 | ) | (214 | ) | (429 | ) | (429 | ) | |||||||
Less: undistributed earnings allocated to Series B Preferred Stock participating security | (145 | ) | (241 | ) | |||||||||||
Net income attributable to common stockholders | $ | 1,200 | $ | 1,487 | $ | 2,160 | $ | 2,491 | |||||||
Weighted-average common shares outstanding - basic | 1,376 | 1,569 | 1,374 | 1,571 | |||||||||||
Basic earnings per common share | $ | 0.87 | $ | 0.95 | $ | 1.57 | $ | 1.59 | |||||||
Diluted earnings per share | |||||||||||||||
Net income attributable to stockholders | $ | 1,414 | $ | 1,846 | $ | 2,589 | $ | 3,161 | |||||||
Add: preferred dividends to holders of Series B Preferred Stock | 60 | 118 | |||||||||||||
Less: cumulative dividends on preferred stock(a) | (214 | ) | (214 | ) | (429 | ) | (429 | ) | |||||||
Less: undistributed earnings allocated to Series B Preferred Stock participating security | (136 | ) | (226 | ) | |||||||||||
Net income attributable to common stockholders | $ | 1,260 | $ | 1,496 | $ | 2,278 | $ | 2,506 | |||||||
Weighted-average shares outstanding - diluted | |||||||||||||||
Weighted-average common shares outstanding - basic | 1,376 | 1,569 | 1,374 | 1,571 | |||||||||||
Dilutive effect of warrants | 147 | 98 | 140 | 106 | |||||||||||
Dilutive effect of conversion of Series B Preferred Stock | 151 | 151 | |||||||||||||
Dilutive effect of restricted stock units | 3 | 4 | 3 | 4 | |||||||||||
Weighted-average common shares outstanding - diluted | 1,677 | 1,671 | 1,668 | 1,681 | |||||||||||
Diluted earnings per common share | $ | 0.75 | $ | 0.90 | $ | 1.37 | $ | 1.49 | |||||||
__________
(a) | Includes earned but undistributed dividends of $26 million on GM's Series A Preferred Stock and $20 million on GM's Series B Preferred Stock in the three and six months ended June 30, 2013 and 2012. |
9
General Motors Company and Subsidiaries
Condensed Consolidated Balance Sheets
(In millions, except share amounts)
(Unaudited)
June 30, 2013 | December 31, 2012 | ||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 19,697 | $ | 18,422 | |||
Marketable securities | 6,258 | 8,988 | |||||
Restricted cash and marketable securities | 1,067 | 686 | |||||
Accounts and notes receivable (net of allowance of $305 and $311) | 11,119 | 10,395 | |||||
GM Financial receivables, net (including receivables transferred to SPEs of $8,726 and $3,444) | 10,865 | 4,044 | |||||
Inventories | 14,777 | 14,714 | |||||
Equipment on operating leases, net | 2,492 | 1,782 | |||||
Deferred income taxes | 9,771 | 9,429 | |||||
Other current assets | 1,699 | 1,536 | |||||
Total current assets | 77,745 | 69,996 | |||||
Non-current Assets | |||||||
Restricted cash and marketable securities | 726 | 682 | |||||
GM Financial receivables, net (including receivables transferred to SPEs of $10,283 and $6,458) | 11,453 | 6,954 | |||||
Equity in net assets of nonconsolidated affiliates | 7,463 | 6,883 | |||||
Property, net | 25,351 | 24,196 | |||||
Goodwill | 1,993 | 1,973 | |||||
Intangible assets, net | 6,598 | 6,809 | |||||
GM Financial equipment on operating leases, net (including assets transferred to SPEs of $663 and $540) | 2,575 | 1,649 | |||||
Deferred income taxes | 26,608 | 27,922 | |||||
Other assets | 2,598 | 2,358 | |||||
Total non-current assets | 85,365 | 79,426 | |||||
Total Assets | $ | 163,110 | $ | 149,422 | |||
LIABILITIES AND EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable (principally trade) | $ | 26,820 | $ | 25,166 | |||
Short-term debt and current portion of long-term debt | |||||||
Automotive (including certain debt at VIEs of $244 and $228) | 699 | 1,748 | |||||
GM Financial (including certain debt at VIEs of $7,865 and $3,770) | 9,262 | 3,770 | |||||
Accrued liabilities | 23,240 | 23,308 | |||||
Total current liabilities | 60,021 | 53,992 | |||||
Non-current Liabilities | |||||||
Long-term debt | |||||||
Automotive (including certain debt at VIEs of $23 and $122) | 3,263 | 3,424 | |||||
GM Financial (including certain debt at VIEs of $9,206 and $5,608) | 13,524 | 7,108 | |||||
Postretirement benefits other than pensions | 7,165 | 7,309 | |||||
Pensions | 26,661 | 27,420 | |||||
Other liabilities and deferred income taxes | 13,472 | 13,169 | |||||
Total non-current liabilities | 64,085 | 58,430 | |||||
Total Liabilities | 124,106 | 112,422 | |||||
Commitments and contingencies | |||||||
Equity | |||||||
Preferred stock, $0.01 par value | |||||||
Series A | 5,536 | 5,536 | |||||
Series B | 4,855 | 4,855 | |||||
Common stock, $0.01 par value | 14 | 14 | |||||
Additional paid-in capital | 23,818 | 23,834 | |||||
Retained earnings | 12,191 | 10,057 | |||||
Accumulated other comprehensive loss | (8,040 | ) | (8,052 | ) | |||
Total stockholders’ equity | 38,374 | 36,244 | |||||
Noncontrolling interests | 630 | 756 | |||||
Total Equity | 39,004 | 37,000 | |||||
Total Liabilities and Equity | $ | 163,110 | $ | 149,422 | |||
10
General Motors Company Q2 2013 Results July 25, 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 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. 1
Second Quarter 2013 Performance 2Note: EBIT- Adjusted includes GM Financial on an Earnings Before Tax (EBT) basis * See Adjusted Automotive Free Cash Flow reconciliation on slide 18 Q2 2012 Q2 2013 vs. Q2 2012 Global Deliveries 2.4M 2.5M Global Market Share 11.6% 11.5% Net Revenue $37.6B $39.1B Net Income to Common Stockholders $1.5B $1.2B Net Cash from Operating Activities - Automotive $3.8B $4.5B EBIT- Adjusted $2.1B $2.3B - GMNA $1.9B $2.0B - GME $(0.4)B $(0.1)B - GMIO $0.6B $0.2B - GMSA $0.0B $0.1B - GM Financial $0.2B $0.3B Adjusted Automotive Free Cash Flow * $1.7B $2.6B Favorable Unfavorable
Second Quarter 2013 Highlights • GM #1 in J.D. Power and Associates Initial Quality Study • Record global Chevrolet sales • Chevrolet Silverado and GMC Sierra launches on track • Cadillac U.S. sales up more than 33 percent year-to-date • Broke ground on a new Cadillac assembly plant in Shanghai • Closed on acquisition of Ally Europe operations • Created an all-new Global Business Services Group 3
Summary of Q2 2013 Results 4Note: EBIT- Adjusted includes GM Financial on an Earnings Before Tax (EBT) basis Q2 Q2 2012 2013 Net Revenue ($B) 37.6 39.1 Operating Income ($B) 1.8 1.8 Net Income to Common Stockholders ($B) 1.5 1.2 EPS – Diluted ($/Share) 0.90 0.75 Net Cash from Operating Activities – Automotive ($B) 3.8 4.5 EBIT- Adjusted ($B) 2.1 2.3 EBIT- Adjusted % Revenue 5.6% 5.8% Adjusted Automotive Free Cash Flow ($B) 1.7 2.6 GAAP Non- GAAP
5 Impact of Special Items Q2 Q2 2012 2013 Net Income to Common Stockholders ($B) 1.5 1.2 EPS – Diluted ($/Share) 0.90 0.75 Included in Above ($B): Acquisition of GM Korea Preferred Shares - (0.2) Total Impact Net Income to Common Stockholders ($B) 0.0 (0.2) Total Impact EPS – Diluted ($/Share) - (0.09)
2.1 2.3 1.2 1.8 2.3 0.0 1.0 2.0 3.0 4.0 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Consolidated EBIT- Adjusted ($B) Note: EBIT- Adjusted includes GM Financial on an Earnings Before Tax (EBT) basis 6 Revenue ($B) 37.6 37.6 39.3 36.9 39.1 Oper. Inc % Rev 4.8% 4.3% (88.5)% 2.6% 4.5% EBIT- Adj. % Rev 5.6 6.1 3.2% 4.8 5.8 Wholesale (000’s) 1,610 1,569 1,673 1,554 1,631 Global Share 11.6% 11.7% 11.5% 11.4% 11.5% * Excludes China JVs *
2.1 2.3 (0.5) (0.2)0.3 0.4 0.1 EBIT-Adj Volume Mix Price Cost Other EBIT-Adj 7 $0.2B IncreaseQ2 2012 Q2 2013 ($B) Consolidated EBIT- Adj. – Q2 2012 vs. Q2 2013 Note: EBIT- Adjusted includes GM Financial on an Earnings Before Tax (EBT) basis; Results may not foot due to rounding
1.9 (0.4) 0.6 0.0 0.2 (0.2) 2.1 2.0 (0.1) 0.2 0.1 0.3 (0.1) 2.3 GMNA GME GMIO GMSA GM Financial* Corp. / Elims Total GM Q2 2012 Q2 2013 EBIT- Adjusted ($B) 8 Q2 2013 EBIT- Adjusted * GM Financial at an Earnings Before Tax basis (EBT); Note: Results may not foot due to rounding
Key GMNA Performance Indicators
1.9 1.7 1.1 1.4 2.0 -1.0 0.0 1.0 2.0 3.0 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 GMNA EBIT- Adjusted ($B) 10 Revenue ($B) 21.6 22.3 22.8 23.0 23.5 EBIT- Adj. % Rev 8.8% 7.7% 5.0% 6.2% 8.4% U.S. Dealer Inv (000’s) 701 689 717 744 708 Wholesale (000’s) 760 773 826 829 809 North America Share 17.4% 16.9% 16.6% 17.1% 17.3% * 2012 Q3 - Q4 estimated; all periods unaudited * *
1.9 2.0 (0.2) (0.4) 0.0 0.4 0.3 EBIT-Adj Volume Mix Price Cost Other EBIT-Adj GMNA EBIT- Adj. – Q2 2012 vs. Q2 2013 11 ($B) Q2 2012 Q2 2013 $0.1B Increase
(0.4) (0.5) (0.8) (0.2) (0.1) -1.0 0.0 1.0 2.0 3.0 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 GME EBIT- Adjusted ($B) 12 Revenue ($B) 5.5 4.7 5.2 4.8 5.2 EBIT- Adj. % Rev (7.1)% (10.4)% (14.6)% (3.6)% (2.1)% Wholesale (000’s) 290 254 269 249 276 Europe Share 8.8% 8.6% 8.3% 8.3% 8.5% (1) (1) (1) 2012 Q3 - Q4 estimated; all periods unaudited (2) Includes Chevrolet Europe (2)
GME EBIT- Adj. – Q2 2012 vs. Q2 2013
Revenue ($B) 5.9 5.7 6.3 4.8 5.3 EBIT-Adj. margin from consolidated operations 6.3% 6.4% 3.9% (1.4)% (3.6)% Total China JV NI/Rev 9.3% 9.7% 9.1% 11.7% 9.4% Wholesale (000’s) 295 275 297 243 268 Note: China JV wholesale 696 692 765 841 772 IO Share 9.2% 9.4% 9.8% 9.5% 9.3% 0.3 0.4 0.3 0.3 0.4 0.4 0.6 (1.0) 0.0 1.0 2.0 3.0 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 201 GMIO EBIT- Adjusted ($B) 14 0.6 (1) 2012 Q3 - Q4 estimated; all periods unaudited (2) Excludes equity income and non-controlling interest adjustment (3) Revenue not consolidated in GM results, pro-rata share of earnings reported as equity income (4) Excludes China JV ‘s (5) Excludes Chevrolet Europe and Russia 0.8 Equity Income 0.7 0.5 0.2 (4) (1)(2) (1) (3) (5)
0.6 0.2 (0.1) (0.2) (0.1) (0.1) 0.1 EBIT-Adj Volume Mix Price Cost Other EBIT-Adj GMIO EBIT- Adj. – Q2 2012 vs. Q2 2013 Q2 2012 Q2 2013 15 ($B) $0.4B Decrease
0.0 0.2 0.1 0.0 0.1 0.0 1.0 2.0 3.0 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 GMSA EBIT- Adjusted ($B) 16 Revenue ($B) 4.1 4.3 4.4 3.7 4.3 EBIT- Adj. % Rev 0.4 % 3.7 % 3.0 % (1.0)% 1.3 % Wholesale (000’s) 265 267 282 233 278 South America Share 18.1% 17.9% 17.7% 17.2% 17.1% * * * 2012 Q3 - Q4 estimated; all periods unaudited
GMSA EBIT- Adj. – Q2 2012 vs. Q2 2013
Adjusted Automotive Free Cash Flow 18 * Excludes impact of non-cash special items ($B) Q2 2012 Q2 2013 Net Income to Common Stockholders 1.5 1.2 Adjusted for Non-Controlling Interests, Preferred Dividends & undistributed earnings allocated to Series B 0.4 0.2 Deduct Non-Auto (GM Financial) (0.1) (0.2) Automotive Income 1.8 1.2 Non-Cash Special Items - 0.2 Depreciation and Amortization 1.5 1.5 Working Capital (1.0) 0.3 Pension / OPEB – Cash in Excess of Expense* (0.2) (0.1) Other* 1.7 1.3 Automotive Net Cash Provided/(Used) Operating Activities 3.8 4.5 Capital Expenditures (2.1) (1.9) Adjusted Automotive Free Cash Flow 1.7 2.6
Key Automotive Balance Sheet Items 19 Jun. 30 Mar. 31 Jun. 30 ($B) 2012 2013 2013 Cash & Current Marketable Securities 32.6 24.3 24.2 Available Credit Facilities(1) 5.3 11.0 10.6 Available Liquidity 37.9 35.3 34.8 Key Obligations: Debt 5.1 5.2 4.0 Series A Preferred Stock 5.5 5.5 5.5 U.S. Pension Underfunded Status(2) (3) 12.8 13.0 12.9 Non-U.S. Pension Underfunded Status(3) 11.2 13.3 13.1 Unfunded OPEB(3) 7.2 7.7 7.6 (1) Excludes uncommitted facilities (2) Excludes U.S. non-qualified plan PBO of ~$0.8 billion (3) Balances are rolled forward and do not reflect remeasurement, except for the remeasurement of certain U.S., Canada and GME plans in March and June, 2012
GM Financial 20Note: GM Sales Penetrations based on JD Power PIN Q2 Q2 Q2 Q2 GM Sales Penetrations 2012 2013 2012 2013 U.S. Subprime APR (<=620) 8.6% 8.6% 5.9% 6.4% U.S. Lease 15.4% 20.0% 21.8% 24.3% Canada Lease 9.1% 9.2% 19.2% 21.2% GM / GM Financial Linkage GM as % of GM Financial Loan and Lease Originations* (GM New / GMF Loan & Lease) GMF as % of GM U.S. Subprime & Lease 22% 25% GM Financial Performance* GM Financial Credit Losses (annualized net credit losses as % avg. consumer finance receivables) EBT ($M) 217 254 1.5% 1.4% Industry Avg. (Excl. GM) 45% 68% * Includes international Operations purchased in Q2 2013; Q2 2012 reflects North American operations only
Second Half Areas of Focus 21 • Strong execution of new vehicle launches • Continued efforts on reducing cost and complexity to ensure winning vehicles at a compelling value • Build on the momentum of industry best J.D. Power Initial Quality Study scores with intense focus on quality and customer experience • Develop and execute initiatives to improve GMIO consolidated operations
General Motors Company Select Supplemental Financial Information
Q2 Q3 Q4 Q1 Q2 (000’s) 2012 2012 2012 2013 2013 North America 820 759 735 761 880 Europe 455 382 372 373 425 Chevrolet in Europe 155 138 135 112 139 International Operations 862 857 968 992 925 China 672 665 754 816 751 South America 254 285 265 235 262 Brazil 154 183 169 141 164 Global Deliveries 2,392 2,283 2,339 2,361 2,492 Global Deliveries Note: GM deliveries include vehicles sold around the world under GM and JV brands, and through GM-branded distribution network. S1 * * International Operations deliveries excludes Chevrolet Europe and Russia
Global Market Share Note: GM market share includes vehicles sold around the world under GM and JV brands, and through GM-branded distribution network. Market share data excludes the markets of Iran, North Korea, Sudan and Syria. S2 (1) Europe share includes Chevrolet Europe (2) International Operations share excludes Chevrolet Europe and Russia (1) (2) Q2 Q3 Q4 Q1 Q2 2012 2012 2012 2013 2013 North America 17.4% 16.9% 16.6% 17.1% 17.3% U.S. 18.2% 17.6% 17.1% 17.7% 18.0% Europe 8.8% 8.6% 8.3% 8.3% 8.5% Germany 8.1% 7.4% 6.8% 7.3% 7.7% U.K. 12.0% 11.6% 12.3% 11.7% 11.7% International Operations 9.2% 9.4% 9.8% 9.5% 9.3% China 13.9% 14.9% 14.5% 15.1% 13.9% India 2.5% 2.7% 2.4% 2.5% 3.0% South America 18.1% 17.9% 17.7% 17.2% 17.1% Brazil 17.1% 17.1% 16.7% 17.0% 17.0% Global Market Share 11.6% 11.7% 11.5% 11.4% 11.5%
Operating Income Walk to EBIT- Adjusted S3 Note: EBIT-Adj. includes GM Financial on an Earnings Before Tax (EBT) basis Q2 Q2 2012 2013 Operating Income 1.8 1.8 Equity Income 0.3 0.4 Non-Controlling Interests (0.1) 0.0 Non-Operating Income 0.1 0.2 Special Items 0.0 (0.1) EBIT- Adjusted 2.1 2.3 ($B)
Reconciliation of EBIT- Adjusted S4Note: EBIT-Adj. includes GM Financial on an Earnings Before Tax (EBT) basis; Results may not foot due to rounding Q2 Q2 2012 2013 Net Income to Common Stockholders 1.5 1.2 Add Back: Undistributed earnings allocated to Series B (Basic) 0.1 0.0 Dividends on Preferred Stock 0.2 0.2 Interest Expense / (Income) 0.0 0.0 Income Tax Expense / (Benefit) 0.2 0.7 Special Items: Acquisition of GM Korea Preferred Shares - 0.2 Total Special Items 0.0 0.2 EBIT- Adjusted 2.1 2.3 ($B)
Restructuring (not included in special items) S5Note: Results may not foot due to rounding Q2 Q3 Q4 Q1 Q2 ($B) 2012 2012 2012 2013 2013 GMNA 0.0 0.1 0.0 0.0 0.0 GME 0.0 0.0 (0.1) 0.0 0.0 GMIO 0.0 0.0 0.0 0.0 0.0 GMSA (0.1) 0.0 0.0 0.0 0.0 Total (0.1) 0.0 (0.2) (0.1) (0.1)
GM Financial – Key Metrics S6 (1) Includes international Operations purchased in Q2 2013; Q2 2012 reflects North American operations only (2) Excludes $7M and $625M for Q2 2012 and Q2 2013 respectively in outstanding loans to dealers that are majority- owned and consolidated by GM, in connection with our commercial lending program (3) Excludes consumer finance receivables in repossession (1) (3) (2) Q2 Q2 ($M) 2012 2013 Earnings Before Tax 217 254 Total Loan and Lease Originations 1,884 3,301 GM as % of GM Financial Loan and Lease Originations 45% 68% Commercial Finance Receivables 128 4,334 Consumer Finance Receivables 10,441 18,617 Consumer Finance Delinquencies (>30 days) 5.6% 4.8% Annualized Net Credit Losses as % of Avg. Consumer Finance Receivables 1.5% 1.4%
Info Item: Fully Diluted EPS Calculation Note: Results may not foot due to rounding S7