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) October 30, 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 October 30, 2013 and Financial Statements
Charts Furnished to Securities Analysts
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On October 30, 2013 a news release was issued on the subject of 2013 third 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 2013 third quarter earnings release are attached as Exhibit 99.2.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
EXHIBITS
Exhibit | Description | Method of Filing |
Exhibit 99.1 | News Release Dated October 30, 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: October 30, 2013 | By: | Thomas S. Timko Vice President, Controller and Chief Accounting Officer |
Exhibit 99.1
For Release: Wednesday Oct. 30, 2013 7:30 a.m. EDT
GM Reports Third Quarter Net Income of $0.7 Billion
• | EPS of $0.45 includes net loss from special items of $0.51 per share |
• | EBIT-adjusted of $2.6 billion, up from $2.3 billion in the third quarter of 2012 |
DETROIT - General Motors Co. (NYSE: GM) today announced third quarter net income to common stockholders of $0.7 billion or $0.45 per fully diluted share, down from $1.5 billion or $0.89 per fully diluted share a year ago. Improvement in operating performance during the quarter was more than offset by a net loss from special items and incremental tax expense.
Net income to common includes a net loss from special items of $0.9 billion or $0.51 per fully diluted share, including $0.8 billion related to the repurchase of 120 million shares of Preferred Series A Stock. Results were also impacted by incremental tax expense of $0.5 billion or $0.29 per fully diluted share in the quarter compared to the third quarter of 2012.
Net revenue during the quarter was $39.0 billion compared to $37.6 billion in the third quarter of 2012. Earnings before interest and tax (EBIT) adjusted was $2.6 billion compared to $2.3 billion in the third quarter of 2012.
“We made gains in the third quarter as we improved our North American margins and increased our global share on the strength of our Chevrolet brand," said Dan Akerson, GM chairman and CEO. “Our efforts to build great cars and trucks and deliver solid financial results were recognized this quarter by Moody’s investment grade rating.”
GM Results Overview (in billions except for per share amounts)
Q3 2013 | Q3 2012 | |||||
Revenue | $ | 39.0 | $ | 37.6 | ||
Net income attributable to common stockholders | $ | 0.7 | $ | 1.5 | ||
Earnings per share (EPS) fully diluted | $ | 0.45 | $ | 0.89 | ||
Impact of special items on EPS fully diluted | $ | (0.51 | ) | $ | (0.04 | ) |
EBIT-adjusted | $ | 2.6 | $ | 2.3 | ||
Automotive net cash flow from operating activities | $ | 3.3 | $ | 3.1 | ||
Adjusted automotive free cash flow | $ | 1.3 | $ | 1.2 | ||
1
Segment Results
• | GM North America reported EBIT-adjusted of $2.2 billion compared with $1.7 billion in the third quarter of 2012. |
• | GM Europe reported EBIT-adjusted of $(0.2) billion compared with $(0.5) billion in the third quarter of 2012. |
• | GM International Operations reported EBIT-adjusted of $0.3 billion compared with $0.8 billion in the third quarter of 2012. |
• | GM South America reported EBIT-adjusted of $0.3 billion compared with EBIT-adjusted of $0.2 billion in the third quarter of 2012. |
• | GM Financial earnings before tax was $0.2 billion for the quarter compared to $0.2 billion in the third quarter of 2012. |
Cash Flow and Liquidity
For the quarter automotive cash flow from operating activities was $3.3 billion and adjusted automotive free cash flow was $1.3 billion. GM ended the quarter with very strong total automotive liquidity of $37.3 billion. Automotive cash and marketable securities was $26.8 billion compared with $24.2 billion for the second quarter of 2013.
“During the quarter strong demand for new vehicles like the Cadillac ATS, Chevrolet Onix and the all-new Chevrolet Silverado helped boost our top-line,” said Dan Ammann, GM executive vice president and CFO. “We also further strengthened our fortress balance sheet and reduced our cost of capital through our $4.5 billion refinancing of high cost obligations.”
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 and quarterly reports on Form 10-Q provide 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 | Nine Months Ended | ||||||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | ||||||||||||
Operating segments | |||||||||||||||
GMNA(a)(b) | $ | 2,187 | $ | 1,715 | $ | 5,577 | $ | 5,248 | |||||||
GME(a)(b) | (214 | ) | (487 | ) | (499 | ) | (1,175 | ) | |||||||
GMIO(a)(b) | 299 | 761 | 1,022 | 1,909 | |||||||||||
GMSA(a)(b) | 284 | 159 | 300 | 328 | |||||||||||
GM Financial(c) | 239 | 200 | 673 | 598 | |||||||||||
Total operating segments | 2,795 | 2,348 | 7,073 | 6,908 | |||||||||||
Corporate and eliminations(a) | (158 | ) | (52 | ) | (394 | ) | (311 | ) | |||||||
EBIT-adjusted | 2,637 | 2,296 | 6,679 | 6,597 | |||||||||||
Special items | (48 | ) | (62 | ) | (114 | ) | (674 | ) | |||||||
Corporate interest income | 33 | 84 | 189 | 259 | |||||||||||
Automotive interest expense | 65 | 128 | 217 | 356 | |||||||||||
Gain (Loss) on extinguishment of debt | 2 | — | (238 | ) | (18 | ) | |||||||||
Income tax expense | 842 | 357 | 1,993 | 814 | |||||||||||
Net income attributable to stockholders | 1,717 | 1,833 | 4,306 | 4,994 | |||||||||||
Less: cumulative dividends on preferred stock and charge related to purchase of preferred stock | 1,019 | 215 | 1,449 | 644 | |||||||||||
Less: undistributed earnings allocated to Series B Preferred Stock participating security | — | 142 | — | 383 | |||||||||||
Net income attributable to common stockholders(d) | $ | 698 | $ | 1,476 | $ | 2,857 | $ | 3,967 | |||||||
__________
(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 intersegment sales and profits. Prior year operating 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 nine months ended September 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 nine months ended September 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. |
1
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following summarizes the special items:
In the three months ended September 30, 2013 special items consisted of Goodwill impairment charges of $48 million in GMIO, which is presented net of noncontrolling interests.
In the nine months ended September 30, 2013 special items consisted of the following:
•Venezuela currency devaluation of $162 million in GMSA;
•The acquisition of GM Korea preferred shares of $67 million in GMIO;
•Goodwill impairment charges of $48 million in GMIO, which is presented net of noncontrolling interests; and
•Net pension settlement charges and income related to various insurance recoveries, net of $29 million.
In the three months ended September 30, 2012 special items consisted of Goodwill impairment charges of $62 million in GMIO, which is presented net of noncontrolling interests.
In the nine months ended September 30, 2012 special items consisted of Goodwill impairment charges of $590 million in GME and $84 million in GMIO, which is presented net of noncontrolling interests.
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 | Nine Months Ended | ||||||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | ||||||||||||
Adjusted automotive free cash flow | $ | 1,330 | $ | 1,172 | $ | 2,570 | $ | 3,152 | |||||||
Less: Adjustments for voluntary management actions | — | — | 71 | — | |||||||||||
Automotive free cash flow | 1,330 | 1,172 | 2,499 | 3,152 | |||||||||||
Capital expenditures | 1,941 | 1,941 | 5,770 | 5,993 | |||||||||||
Automotive net cash provided by operating activities | $ | 3,271 | $ | 3,113 | $ | 8,269 | $ | 9,145 | |||||||
In the nine months ended September 30, 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.
2
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following tables summarize key financial information by segment (dollars in millions):
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 23,508 | $ | 4,858 | $ | 5,336 | $ | 4,381 | $ | 39 | $ | — | $ | 38,122 | $ | 867 | $ | (6 | ) | $ | 38,983 | ||||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 998 | $ | 83 | $ | 176 | $ | 111 | $ | 24 | $ | — | $ | 1,392 | $ | 145 | $ | (2 | ) | $ | 1,535 | ||||||||||||||||||
Equity income, net of tax | $ | 2 | $ | 1 | $ | 433 | $ | — | $ | — | $ | — | $ | 436 | $ | — | $ | — | $ | 436 | |||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 22,347 | $ | 4,702 | $ | 5,722 | $ | 4,275 | $ | 16 | $ | — | $ | 37,062 | $ | 514 | $ | — | $ | 37,576 | |||||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 941 | $ | 253 | $ | 163 | $ | 117 | $ | 11 | $ | — | $ | 1,485 | $ | 59 | $ | (3 | ) | $ | 1,541 | ||||||||||||||||||
Equity income, net of tax | $ | 3 | $ | — | $ | 414 | $ | 1 | $ | — | $ | — | $ | 418 | $ | — | $ | — | $ | 418 | |||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 69,982 | $ | 14,830 | $ | 15,406 | $ | 12,380 | $ | 114 | $ | — | $ | 112,712 | $ | 2,243 | $ | (13 | ) | $ | 114,942 | ||||||||||||||||||
Expenditures for property | $ | 4,197 | $ | 527 | $ | 612 | $ | 353 | $ | 76 | $ | 5 | $ | 5,770 | $ | 10 | $ | — | $ | 5,780 | |||||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 2,938 | $ | 320 | $ | 575 | $ | 369 | $ | 47 | $ | (1 | ) | $ | 4,248 | $ | 340 | $ | (10 | ) | $ | 4,578 | |||||||||||||||||
Equity income, net of tax | $ | 10 | $ | 1 | $ | 1,409 | $ | — | $ | — | $ | — | $ | 1,420 | $ | — | $ | — | $ | 1,420 | |||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 67,074 | $ | 15,489 | $ | 16,653 | $ | 12,259 | $ | 41 | $ | — | $ | 111,516 | $ | 1,432 | $ | 1 | $ | 112,949 | |||||||||||||||||||
Expenditures for property | $ | 3,497 | $ | 813 | $ | 883 | $ | 765 | $ | 39 | $ | (4 | ) | $ | 5,993 | $ | 11 | $ | — | $ | 6,004 | ||||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 2,723 | $ | 828 | $ | 441 | $ | 352 | $ | 37 | $ | (1 | ) | $ | 4,380 | $ | 156 | $ | (7 | ) | $ | 4,529 | |||||||||||||||||
Equity income, net of tax | $ | 7 | $ | — | $ | 1,133 | $ | 1 | $ | — | $ | — | $ | 1,141 | $ | — | $ | — | $ | 1,141 | |||||||||||||||||||
3
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
September 30, 2013 | December 31, 2012 | ||||
Worldwide Employment (in thousands) | |||||
GMNA(a) | 109 | 101 | |||
GME | 36 | 37 | |||
GMIO | 38 | 39 | |||
GMSA | 32 | 32 | |||
GM Financial | 5 | 4 | |||
Total Worldwide | 220 | 213 | |||
U.S. - Salaried(a) | 35 | 30 | |||
U.S. - Hourly | 53 | 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
GM presents both wholesale and retail vehicle sales data to assist in the analysis of its revenue and market share. Worldwide market share and retail vehicle sales data exclude the markets of Iran, North Korea, Sudan and Syria. The joint venture agreements with SAIC-GM-Wuling Automobile Co., Ltd. (SGMW) and FAW-GM Light Duty Commercial Vehicle Co., Ltd. (FAW-GM) allow for significant rights as a member as well as the contractual right to report SGMW and FAW-GM joint venture retail vehicle sales in China.
Wholesale Vehicle Sales
The following table summarizes total wholesale vehicle sales of new motor vehicles by automotive segment (vehicles in thousands):
Three Months Ended | Nine Months Ended | ||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | ||||||||
GMNA | 775 | 773 | 2,413 | 2,381 | |||||||
GME | 253 | 254 | 778 | 810 | |||||||
GMIO | 267 | 274 | 778 | 812 | |||||||
GMSA | 282 | 268 | 793 | 770 | |||||||
Worldwide | 1,577 | 1,569 | 4,762 | 4,773 | |||||||
4
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Retail Vehicle Sales and Market Share
The following tables summarize total retail vehicle sales volume and market share by geographic region (vehicles in thousands):
Three Months Ended | Nine Months Ended | ||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | ||||||||
Retail Vehicle Sales(a)(b)(c) | |||||||||||
United States | |||||||||||
Chevrolet - Cars | 212 | 207 | 662 | 670 | |||||||
Chevrolet - Trucks | 173 | 168 | 534 | 489 | |||||||
Chevrolet - Crossovers | 93 | 83 | 297 | 261 | |||||||
Cadillac | 50 | 41 | 133 | 104 | |||||||
Buick | 57 | 47 | 158 | 137 | |||||||
GMC | 113 | 106 | 333 | 307 | |||||||
Total United States | 697 | 652 | 2,117 | 1,968 | |||||||
Canada, Mexico and Other | 111 | 107 | 332 | 316 | |||||||
Total North America | 808 | 759 | 2,450 | 2,284 | |||||||
Europe | |||||||||||
Opel/Vauxhall | 249 | 244 | 795 | 818 | |||||||
Chevrolet | 138 | 127 | 390 | 395 | |||||||
Other | 1 | 1 | 2 | 3 | |||||||
Total Europe | 388 | 372 | 1,186 | 1,216 | |||||||
Asia/Pacific, Middle East and Africa | |||||||||||
Chevrolet | 278 | 291 | 846 | 858 | |||||||
Wuling | 340 | 303 | 1,088 | 990 | |||||||
Buick | 205 | 172 | 606 | 516 | |||||||
Holden | 33 | 32 | 90 | 92 | |||||||
GMC | 8 | 9 | 25 | 31 | |||||||
Cadillac | 14 | 8 | 36 | 25 | |||||||
Other | 51 | 42 | 155 | 136 | |||||||
Total Asia/Pacific, Middle East and Africa(d) | 930 | 857 | 2,847 | 2,648 | |||||||
South America | |||||||||||
Chevrolet | 271 | 283 | 766 | 782 | |||||||
Other | 1 | 1 | 4 | 4 | |||||||
Total South America | 273 | 285 | 770 | 786 | |||||||
Total Worldwide | 2,398 | 2,273 | 7,252 | 6,933 | |||||||
________
(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 SAIC GM Investment Limited, the holding company of General Motors India Private Limited and Chevrolet Sales India Private Limited(collectively HKJV) are included in the three and nine months ended September 30, 2013. |
5
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Three Months Ended | Nine Months Ended | ||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | ||||||||
Joint venture sales in China | |||||||||||
SAIC General Motors Sales Co., Ltd. (SGMS) | 368 | 327 | 1,111 | 967 | |||||||
SGMW and FAW-GM | 376 | 336 | 1,198 | 1,111 | |||||||
Joint venture sales in India | |||||||||||
HKJV | 15 | 64 | |||||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | ||||
Market Share(a)(b) | |||||||
United States - Cars | 14.0% | 14.6% | 14.2% | 14.8% | |||
United States - Trucks | 23.1% | 23.5% | 23.7% | 23.2% | |||
United States - Crossovers | 17.5% | 17.0% | 18.1% | 17.6% | |||
Total United States | 17.3% | 17.6% | 17.6% | 17.7% | |||
Total North America | 16.7% | 16.9% | 17.0% | 17.0% | |||
Total Europe | 8.6% | 8.4% | 8.4% | 8.4% | |||
Total Asia/Pacific, Middle East and Africa(c) | 9.6% | 9.4% | 9.5% | 9.3% | |||
Total South America | 17.8% | 17.9% | 17.4% | 18.1% | |||
Total Worldwide | 11.7% | 11.6% | 11.5% | 11.4% | |||
U.S. Retail/Fleet Mix | |||||||
% Fleet Sales - Cars | 22.8% | 29.7% | 27.6% | 31.4% | |||
% Fleet Sales - Trucks | 20.5% | 24.2% | 24.1% | 26.7% | |||
% Fleet Sales - Crossovers | 14.4% | 16.0% | 19.5% | 19.9% | |||
Total Vehicles | 19.8% | 24.4% | 24.3% | 27.0% | |||
North America Capacity Utilization | 96.4% | 91.9% | 98.9% | 98.9% | |||
________
(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 nine months ended September 30, 2013.
Three Months Ended | Nine Months Ended | ||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | ||||||||
Joint venture sales in China | |||||||||||
SGMS | 368 | 327 | 1,111 | 967 | |||||||
SGMW and FAW-GM | 376 | 336 | 1,198 | 1,111 | |||||||
Joint venture sales in India | |||||||||||
HKJV | 15 | 64 | |||||||||
6
General Motors Company and Subsidiaries
Consolidating Income Statements
(In millions)
(Unaudited)
Three Months Ended September 30, 2013 | Three Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||
Automotive | GM Financial | Eliminations | Consolidated | Automotive | GM Financial | Eliminations | Consolidated | ||||||||||||||||||||||||
Net sales and revenue | |||||||||||||||||||||||||||||||
Automotive | $ | 38,122 | $ | — | $ | (2 | ) | $ | 38,120 | $ | 37,062 | $ | — | $ | — | $ | 37,062 | ||||||||||||||
GM Financial | — | 867 | (4 | ) | 863 | — | 514 | — | 514 | ||||||||||||||||||||||
Total | 38,122 | 867 | (6 | ) | 38,983 | 37,062 | 514 | — | 37,576 | ||||||||||||||||||||||
Costs and expenses | |||||||||||||||||||||||||||||||
Automotive cost of sales | 33,172 | — | (6 | ) | 33,166 | 32,731 | — | 4 | 32,735 | ||||||||||||||||||||||
GM Financial operating and other expenses | — | 628 | (3 | ) | 625 | — | 314 | (3 | ) | 311 | |||||||||||||||||||||
Automotive selling, general and administrative expense | 2,876 | — | — | 2,876 | 2,849 | — | — | 2,849 | |||||||||||||||||||||||
Goodwill impairment charges | 60 | — | — | 60 | 78 | — | — | 78 | |||||||||||||||||||||||
Total costs and expenses | 36,108 | 628 | (9 | ) | 36,727 | 35,658 | 314 | 1 | 35,973 | ||||||||||||||||||||||
Operating income | 2,014 | 239 | 3 | 2,256 | 1,404 | 200 | (1 | ) | 1,603 | ||||||||||||||||||||||
Automotive interest expense | 65 | — | — | 65 | 128 | — | — | 128 | |||||||||||||||||||||||
Interest income and other non-operating income (loss), net | (83 | ) | — | 1 | (82 | ) | 318 | — | — | 318 | |||||||||||||||||||||
Gain on extinguishment of debt | 2 | — | — | 2 | — | — | — | — | |||||||||||||||||||||||
Income before income taxes and equity income | 1,868 | 239 | 4 | 2,111 | 1,594 | 200 | (1 | ) | 1,793 | ||||||||||||||||||||||
Income tax expense | 756 | 85 | 1 | 842 | 286 | 71 | — | 357 | |||||||||||||||||||||||
Equity income, net of tax | 436 | — | — | 436 | 418 | — | — | 418 | |||||||||||||||||||||||
Net income | 1,548 | 154 | 3 | 1,705 | 1,726 | 129 | (1 | ) | 1,854 | ||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | 12 | — | — | 12 | (21 | ) | — | — | (21 | ) | |||||||||||||||||||||
Net income attributable to stockholders | $ | 1,560 | $ | 154 | $ | 3 | $ | 1,717 | $ | 1,705 | $ | 129 | $ | (1 | ) | $ | 1,833 | ||||||||||||||
Nine Months Ended September 30, 2013 | Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||
Automotive | GM Financial | Eliminations | Consolidated | Automotive | GM Financial | Eliminations | Consolidated | ||||||||||||||||||||||||
Net sales and revenue | |||||||||||||||||||||||||||||||
Automotive | $ | 112,712 | $ | — | $ | (8 | ) | $ | 112,704 | $ | 111,516 | $ | — | $ | 1 | $ | 111,517 | ||||||||||||||
GM Financial | — | 2,243 | (5 | ) | 2,238 | — | 1,432 | — | 1,432 | ||||||||||||||||||||||
Total | 112,712 | 2,243 | (13 | ) | 114,942 | 111,516 | 1,432 | 1 | 112,949 | ||||||||||||||||||||||
Costs and expenses | |||||||||||||||||||||||||||||||
Automotive cost of sales | 99,609 | — | (2 | ) | 99,607 | 98,314 | — | 9 | 98,323 | ||||||||||||||||||||||
GM Financial operating and other expenses | — | 1,570 | (14 | ) | 1,556 | — | 834 | (7 | ) | 827 | |||||||||||||||||||||
Automotive selling, general and administrative expense | 8,753 | — | — | 8,753 | 8,684 | — | — | 8,684 | |||||||||||||||||||||||
Goodwill impairment charges | 60 | — | — | 60 | 695 | — | — | 695 | |||||||||||||||||||||||
Total costs and expenses | 108,422 | 1,570 | (16 | ) | 109,976 | 107,693 | 834 | 2 | 108,529 | ||||||||||||||||||||||
Operating income | 4,290 | 673 | 3 | 4,966 | 3,823 | 598 | (1 | ) | 4,420 | ||||||||||||||||||||||
Automotive interest expense | 219 | — | (2 | ) | 217 | 356 | — | — | 356 | ||||||||||||||||||||||
Interest income and other non-operating income, net | 343 | — | (3 | ) | 340 | 732 | — | — | 732 | ||||||||||||||||||||||
Loss on extinguishment of debt | (238 | ) | — | — | (238 | ) | (18 | ) | — | — | (18 | ) | |||||||||||||||||||
Income before income taxes and equity income | 4,176 | 673 | 2 | 4,851 | 4,181 | 598 | (1 | ) | 4,778 | ||||||||||||||||||||||
Income tax expense | 1,760 | 232 | 1 | 1,993 | 560 | 254 | — | 814 | |||||||||||||||||||||||
Equity income, net of tax | 1,420 | — | — | 1,420 | 1,141 | — | — | 1,141 | |||||||||||||||||||||||
Net income | 3,836 | 441 | 1 | 4,278 | 4,762 | 344 | (1 | ) | 5,105 | ||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | 28 | — | — | 28 | (111 | ) | — | — | (111 | ) | |||||||||||||||||||||
Net income attributable to stockholders | $ | 3,864 | $ | 441 | $ | 1 | $ | 4,306 | $ | 4,651 | $ | 344 | $ | (1 | ) | $ | 4,994 | ||||||||||||||
7
General Motors Company and Subsidiaries
Basic and Diluted Earnings per Share
(Unaudited)
In the three and nine months ended September 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 nine months ended September 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 | Nine Months Ended | ||||||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | ||||||||||||
Basic earnings per share | |||||||||||||||
Net income attributable to stockholders | $ | 1,717 | $ | 1,833 | $ | 4,306 | $ | 4,994 | |||||||
Less: cumulative dividends on preferred stock and charge related to purchase of preferred stock(a) | (1,019 | ) | (215 | ) | (1,449 | ) | (644 | ) | |||||||
Less: undistributed earnings allocated to Series B Preferred Stock participating security | — | (142 | ) | — | (383 | ) | |||||||||
Net income attributable to common stockholders | $ | 698 | $ | 1,476 | $ | 2,857 | $ | 3,967 | |||||||
Weighted-average common shares outstanding - basic | 1,386 | 1,570 | 1,378 | 1,570 | |||||||||||
Basic earnings per common share | $ | 0.50 | $ | 0.94 | $ | 2.07 | $ | 2.53 | |||||||
Diluted earnings per share | |||||||||||||||
Net income attributable to stockholders | $ | 1,717 | $ | 1,833 | $ | 4,306 | $ | 4,994 | |||||||
Add: preferred dividends to holders of Series B Preferred Stock | 59 | — | 179 | — | |||||||||||
Less: cumulative dividends on preferred stock and charge related to purchase of preferred stock(a) | (1,019 | ) | (215 | ) | (1,449 | ) | (644 | ) | |||||||
Less: undistributed earnings allocated to Series B Preferred Stock participating security | — | (135 | ) | — | (361 | ) | |||||||||
Net income attributable to common stockholders | $ | 757 | $ | 1,483 | $ | 3,036 | $ | 3,989 | |||||||
Weighted-average shares outstanding - diluted | |||||||||||||||
Weighted-average common shares outstanding - basic | 1,386 | 1,570 | 1,378 | 1,570 | |||||||||||
Dilutive effect of warrants | 152 | 88 | 144 | 101 | |||||||||||
Dilutive effect of conversion of Series B Preferred Stock | 140 | — | 148 | — | |||||||||||
Dilutive effect of restricted stock units | 3 | 5 | 2 | 4 | |||||||||||
Weighted-average common shares outstanding - diluted | 1,681 | 1,663 | 1,672 | 1,675 | |||||||||||
Diluted earnings per common share | $ | 0.45 | $ | 0.89 | $ | 1.82 | $ | 2.38 | |||||||
__________
(a) | Includes earned but undistributed dividends of $15 million and $26 million on GM's Series A Preferred Stock and $20 million on GM's Series B Preferred Stock in the three and nine months ended September 30, 2013 and 2012. |
8
General Motors Company and Subsidiaries
Consolidating Balance Sheets
(In millions, except share amounts)
(Unaudited)
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||
Automotive | GM Financial | Eliminations | Consolidated | Automotive | GM Financial | Eliminations | Consolidated | ||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 18,599 | $ | 1,756 | $ | — | $ | 20,355 | $ | 17,133 | $ | 1,289 | $ | — | $ | 18,422 | |||||||||||||||
Marketable securities | 8,215 | — | — | 8,215 | 8,988 | — | — | 8,988 | |||||||||||||||||||||||
Restricted cash and marketable securities | 52 | 908 | (1 | ) | 959 | 220 | 466 | — | 686 | ||||||||||||||||||||||
Accounts and notes receivable, net | 11,348 | 771 | (1,052 | ) | 11,067 | 10,384 | 34 | (23 | ) | 10,395 | |||||||||||||||||||||
GM Financial receivables, net | — | 11,062 | (52 | ) | 11,010 | — | 4,089 | (45 | ) | 4,044 | |||||||||||||||||||||
Inventories | 15,356 | — | 1 | 15,357 | 14,714 | — | — | 14,714 | |||||||||||||||||||||||
Equipment on operating leases, net | 2,559 | — | — | 2,559 | 1,782 | — | — | 1,782 | |||||||||||||||||||||||
Deferred income taxes | 9,789 | 79 | — | 9,868 | 9,369 | 59 | 1 | 9,429 | |||||||||||||||||||||||
Other current assets | 1,671 | 100 | 3 | 1,774 | 1,487 | 60 | (11 | ) | 1,536 | ||||||||||||||||||||||
Total current assets | 67,589 | 14,676 | (1,101 | ) | 81,164 | 64,077 | 5,997 | (78 | ) | 69,996 | |||||||||||||||||||||
Non-current Assets | |||||||||||||||||||||||||||||||
Restricted cash and marketable securities | 156 | 520 | — | 676 | 380 | 302 | — | 682 | |||||||||||||||||||||||
GM Financial receivables, net | — | 12,222 | — | 12,222 | — | 6,955 | (1 | ) | 6,954 | ||||||||||||||||||||||
Equity in net assets of nonconsolidated affiliates | 7,897 | — | — | 7,897 | 6,883 | — | — | 6,883 | |||||||||||||||||||||||
Property, net | 26,124 | 124 | (1 | ) | 26,247 | 24,144 | 52 | — | 24,196 | ||||||||||||||||||||||
Goodwill | 619 | 1,334 | — | 1,953 | 695 | 1,278 | — | 1,973 | |||||||||||||||||||||||
Intangible assets, net | 6,355 | 8 | 1 | 6,364 | 6,809 | — | — | 6,809 | |||||||||||||||||||||||
GM Financial equipment on operating leases, net | — | 3,100 | — | 3,100 | — | 1,703 | (54 | ) | 1,649 | ||||||||||||||||||||||
Deferred income taxes | 26,092 | (72 | ) | — | 26,020 | 27,883 | 38 | 1 | 27,922 | ||||||||||||||||||||||
Other assets | 3,407 | 88 | (599 | ) | 2,896 | 2,873 | 43 | (558 | ) | 2,358 | |||||||||||||||||||||
Total non-current assets | 70,650 | 17,324 | (599 | ) | 87,375 | 69,667 | 10,371 | (612 | ) | 79,426 | |||||||||||||||||||||
Total Assets | $ | 138,239 | $ | 32,000 | $ | (1,700 | ) | $ | 168,539 | $ | 133,744 | $ | 16,368 | $ | (690 | ) | $ | 149,422 | |||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||||||||
Accounts payable (principally trade) | $ | 27,042 | $ | 583 | $ | (383 | ) | $ | 27,242 | $ | 25,132 | $ | 57 | $ | (23 | ) | $ | 25,166 | |||||||||||||
Short-term debt and current portion of long-term debt | |||||||||||||||||||||||||||||||
Automotive | 2,425 | — | (639 | ) | 1,786 | 1,792 | — | (44 | ) | 1,748 | |||||||||||||||||||||
GM Financial | — | 9,653 | — | 9,653 | — | 3,770 | — | 3,770 | |||||||||||||||||||||||
Accrued liabilities | 23,511 | 451 | (80 | ) | 23,882 | 23,168 | 170 | (30 | ) | 23,308 | |||||||||||||||||||||
Total current liabilities | 52,978 | 10,687 | (1,102 | ) | 62,563 | 50,092 | 3,997 | (97 | ) | 53,992 | |||||||||||||||||||||
Non-current Liabilities | |||||||||||||||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||||||||
Automotive | 6,663 | — | (1 | ) | 6,662 | 3,425 | — | (1 | ) | 3,424 | |||||||||||||||||||||
GM Financial | — | 14,022 | — | 14,022 | — | 7,108 | — | 7,108 | |||||||||||||||||||||||
Postretirement benefits other than pensions | 6,855 | — | — | 6,855 | 7,309 | — | — | 7,309 | |||||||||||||||||||||||
Pensions | 26,923 | 108 | (1 | ) | 27,030 | 27,420 | — | — | 27,420 | ||||||||||||||||||||||
Other liabilities and deferred income taxes | 13,789 | 853 | (596 | ) | 14,046 | 13,048 | 712 | (591 | ) | 13,169 | |||||||||||||||||||||
Total non-current liabilities | 54,230 | 14,983 | (598 | ) | 68,615 | 51,202 | 7,820 | (592 | ) | 58,430 | |||||||||||||||||||||
Total Liabilities | 107,208 | 25,670 | (1,700 | ) | 131,178 | 101,294 | 11,817 | (689 | ) | 112,422 | |||||||||||||||||||||
Equity | |||||||||||||||||||||||||||||||
Preferred stock, $0.01 par value | |||||||||||||||||||||||||||||||
Series A | 3,109 | — | — | 3,109 | 5,536 | — | — | 5,536 | |||||||||||||||||||||||
Series B | 4,855 | — | — | 4,855 | 4,855 | — | — | 4,855 | |||||||||||||||||||||||
Common stock, $0.01 par value | 14 | — | — | 14 | 14 | — | — | 14 | |||||||||||||||||||||||
Additional paid-in capital | 23,878 | — | — | 23,878 | 23,834 | — | — | 23,834 | |||||||||||||||||||||||
Retained earnings | 6,600 | 6,303 | — | 12,903 | 5,503 | 4,554 | — | 10,057 | |||||||||||||||||||||||
Accumulated other comprehensive income (loss) | (8,008 | ) | 27 | — | (7,981 | ) | (8,048 | ) | (3 | ) | (1 | ) | (8,052 | ) | |||||||||||||||||
Total stockholders’ equity | 30,448 | 6,330 | — | 36,778 | 31,694 | 4,551 | (1 | ) | 36,244 | ||||||||||||||||||||||
Noncontrolling interests | 583 | — | — | 583 | 756 | — | — | 756 | |||||||||||||||||||||||
Total Equity | 31,031 | 6,330 | — | 37,361 | 32,450 | 4,551 | (1 | ) | 37,000 | ||||||||||||||||||||||
Total Liabilities and Equity | $ | 138,239 | $ | 32,000 | $ | (1,700 | ) | $ | 168,539 | $ | 133,744 | $ | 16,368 | $ | (690 | ) | $ | 149,422 | |||||||||||||
9
General Motors Company and Subsidiaries
Consolidating Statements of Cash Flows
(In millions)
(Unaudited)
Nine Months Ended September 30, 2013 | Nine Months Ended September 30, 2012 | ||||||||||||||||||||||
Automotive | GM Financial | Consolidated | Automotive | GM Financial | Consolidated | ||||||||||||||||||
Net cash provided by operating activities | $ | 8,269 | $ | 1,303 | $ | 9,572 | $ | 9,145 | $ | 679 | $ | 9,824 | |||||||||||
Cash flows from investing activities | |||||||||||||||||||||||
Expenditures for property | (5,770 | ) | (10 | ) | (5,780 | ) | (5,993 | ) | (11 | ) | (6,004 | ) | |||||||||||
Available-for-sale marketable securities, acquisitions | (4,247 | ) | — | (4,247 | ) | (3,818 | ) | — | (3,818 | ) | |||||||||||||
Trading marketable securities, acquisitions | (3,214 | ) | — | (3,214 | ) | (4,867 | ) | — | (4,867 | ) | |||||||||||||
Available-for-sale marketable securities, liquidations | 2,777 | — | 2,777 | 8,923 | — | 8,923 | |||||||||||||||||
Trading marketable securities, liquidations | 5,311 | — | 5,311 | 5,313 | — | 5,313 | |||||||||||||||||
Acquisition of companies, net of cash acquired | (4 | ) | (2,107 | ) | (2,111 | ) | (34 | ) | — | (34 | ) | ||||||||||||
Proceeds from sale of business units/investments, net of cash disposed | (65 | ) | — | (65 | ) | 18 | — | 18 | |||||||||||||||
Increase in restricted cash and marketable securities | (269 | ) | (425 | ) | (694 | ) | (387 | ) | (119 | ) | (506 | ) | |||||||||||
Decrease in restricted cash and marketable securities | 642 | 319 | 961 | 730 | 366 | 1,096 | |||||||||||||||||
Purchases and funding of finance receivables | — | (18,011 | ) | (18,011 | ) | — | (4,941 | ) | (4,941 | ) | |||||||||||||
Principal collections and recoveries on finance receivables | — | 16,137 | 16,137 | — | 3,349 | 3,349 | |||||||||||||||||
Purchases of leased vehicles, net | — | (1,733 | ) | (1,733 | ) | — | (837 | ) | (837 | ) | |||||||||||||
Proceeds from termination of leased vehicles | — | 142 | 142 | 3 | 33 | 36 | |||||||||||||||||
Decrease (increase) in notes receivable | 90 | — | 90 | (2,038 | ) | — | (2,038 | ) | |||||||||||||||
Other investing activities | (162 | ) | 10 | (152 | ) | 29 | — | 29 | |||||||||||||||
Net cash used in investing activities | (4,911 | ) | (5,678 | ) | (10,589 | ) | (2,121 | ) | (2,160 | ) | (4,281 | ) | |||||||||||
Cash flows from financing activities | |||||||||||||||||||||||
Net increase (decrease) in short-term debt | 69 | — | 69 | (221 | ) | — | (221 | ) | |||||||||||||||
Proceeds from issuance of debt (original maturities greater than three months) | 5,195 | 15,873 | 21,068 | 330 | 7,600 | 7,930 | |||||||||||||||||
Payments on debt (original maturities greater than three months) | (1,472 | ) | (12,242 | ) | (13,714 | ) | (208 | ) | (5,059 | ) | (5,267 | ) | |||||||||||
Payments to purchase stock | (2,438 | ) | — | (2,438 | ) | — | — | — | |||||||||||||||
Dividends paid (including charge related to purchase of Series A Preferred Stock) | (1,519 | ) | — | (1,519 | ) | (679 | ) | — | (679 | ) | |||||||||||||
Other financing activities | (78 | ) | (69 | ) | (147 | ) | 4 | (44 | ) | (40 | ) | ||||||||||||
Net cash provided by (used in) financing activities | (243 | ) | 3,562 | 3,319 | (774 | ) | 2,497 | 1,723 | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (366 | ) | (3 | ) | (369 | ) | (19 | ) | 2 | (17 | ) | ||||||||||||
Net transactions with Automotive/GM Financial | (1,283 | ) | 1,283 | — | (216 | ) | 216 | — | |||||||||||||||
Net increase in cash and cash equivalents | 1,466 | 467 | 1,933 | 6,015 | 1,234 | 7,249 | |||||||||||||||||
Cash and cash equivalents at beginning of period | 17,133 | 1,289 | 18,422 | 15,499 | 572 | 16,071 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 18,599 | $ | 1,756 | $ | 20,355 | $ | 21,514 | $ | 1,806 | $ | 23,320 | |||||||||||
10
General Motors Company Q3 2013 Results October 30, 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 and quarterly reports on Form 10-Q provide information about these and other factors, which we may revise or supplement in future reports to the SEC. 1
Third 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 Q3 2012 Q3 2013 vs. Q3 2012 Global Deliveries 2.3M 2.4M Global Market Share 11.6% 11.7% Net Revenue $37.6B $39.0B Net Income to Common Stockholders $1.5B $0.7B Net Cash from Operating Activities - Automotive $3.1B $3.3B EBIT- Adjusted $2.3B $2.6B - GMNA $1.7B $2.2B - GME $(0.5)B $(0.2)B - GMIO $0.8B $0.3B - GMSA $0.2B $0.3B - GM Financial $0.2B $0.2B - Adjusted Automotive Free Cash Flow * $1.2B $1.3B Favorable Unfavorable
Third Quarter 2013 Highlights 3 • Chevrolet Impala becomes the highest-scoring sedan in Consumer Reports’ ratings • Chevrolet Silverado named “Best Truck” by Consumer Reports • GM North America margins above 9% • 12 consecutive quarters of global Chevrolet sales growth • $4.5B refinancing to strengthen Fortress Balance Sheet • Investment grade rating at Moody’s
Summary of Q3 2013 Results 4Note: EBIT- Adjusted includes GM Financial on an Earnings Before Tax (EBT) basis Q3 Q3 2012 2013 Net Revenue ($B) 37.6 39.0 Operating Income ($B) 1.6 2.3 Net Income to Common Stockholders ($B) 1.5 0.7 EPS – Diluted ($/Share) 0.89 0.45 Net Cash from Operating Activities – Automotive ($B) 3.1 3.3 EBIT- Adjusted ($B) 2.3 2.6 EBIT- Adjusted % Revenue 6.1% 6.8% Adjusted Automotive Free Cash Flow ($B) 1.2 1.3 GAAP Non- GAAP
5 Impact of Special Items Q3 Q3 2012 2013 Net Income to Common Stockholders ($B) 1.5 0.7 EPS – Diluted ($/Share) 0.89 0.45 Included in Above ($B): GM Korea Goodwill Impairment (0.1) (0.0) Loss on Purchase of Series A Preferred - (0.8) Total Impact Net Income to Common Stockholders ($B) (0.1) (0.9) Total Impact EPS – Diluted ($/Share) (0.04) (0.51) Note: Results may not foot due to rounding
Revenue ($B) 37.6 39.3 36.9 39.1 39.0 Op r. Inc % Rev 4.3% (88.5)% 2. % 4.5% 5.8% EBIT- Adj. % Rev 6.1 3.2% 4.8 5.8 6. Wholesale (000’s) 1,569 1,673 1,554 1,631 1,577 Global Share 1. % 1.5% 1.4% 1.6% 1. % 2.3 1.2 1.8 2.3 2.6 0.0 1.0 2.0 3.0 4.0 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Consolidated EBIT- Adjusted ($B) Note: EBIT- Adjusted includes GM Financial on an Earnings Before Tax (EBT) basis 6 * Excludes China JVs *
2.3 2.6 (0.2) (0.7) 0.0 0.5 0.8 EBIT-Adj Volume Mix Price Cost Other EBIT-Adj 7 $0.3B IncreaseQ3 2012 Q3 2013 ($B) Consolidated EBIT- Adj. – Q3 2012 vs. Q3 2013 Note: EBIT- Adjusted includes GM Financial on an Earnings Before Tax (EBT) basis; Results may not foot due to rounding
1.7 (0.5) 0.8 0.2 0.2 (0.1) 2.3 2.2 (0.2) 0.3 0.3 0.2 (0.2) 2.6 GMNA GME GMIO GMSA GM Financial* Corp. / Elims Total GM Q3 2012 Q3 2013 EBIT- Adjusted ($B) 8 Q3 2013 EBIT- Adjusted * GM Financial at an Earnings Before Tax basis (EBT)
Key GMNA Performance Indicators $/Unit Note: Incentive & ATP Information Based on J.D. Power and Associates Power Information Network data 9
1.7 1.1 1.4 2.0 2.2 -1.0 0.0 1.0 2.0 3.0 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 GMNA EBIT- Adjusted ($B) 10* 2012 Q4 estimated; all periods unaudited * * Revenue ($B) 22.3 22.8 23.0 23.5 23.5 EBIT- Adj. % Rev 7.7% 5.0% 6.2% 8.4% 9.3% U.S. Dealer Inv (000’s) 689 717 744 708 670 Wholesale (000’s) 773 826 829 809 775 North America Share 16.9% 16.6% 17.1% 17.3% 16.7%
1.7 2.2 (0.4) (0.2) 0.0 0.4 0.6 EBIT-Adj Volume Mix Price Cost Other EBIT-Adj GMNA EBIT- Adj. – Q3 2012 vs. Q3 2013 11 ($B) Q3 2012 Q3 2013 $0.5B Increase Note: Results may not foot due to rounding
(0.5) (0.8) (0.2) (0.1) (0.2) -1.0 0.0 1.0 2.0 3.0 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 GME EBIT- Adjusted ($B) 12 (1) (1) (1) 2012 Q4 estimated; all periods unaudited (2) Includes Chevrolet Europe (2) Revenue ($B) 4.7 5.2 4.8 5.2 4.9 EBIT- Adj. % Rev (10.4)% (14.6)% (3.6)% (2.1)% (4.4)% Wholesale (000’s) 254 269 249 276 253 E rope Share 8.4% 8.0% 8.2% 8.5% 8.6%
GME EBIT- Adj. – Q3 2012 vs. Q3 2013 ($B)
Revenue ($B) 5.7 6.3 4.8 5.3 5.3 EBIT-Adj. margin from consolidated operations 6.4% 3.9% (1.4)% (3.6)% (2.8)% Total China JV NI/Rev 9.7% 9.1% 11.7% 9.4% 9.4% Wholesale (000’s) 274 297 243 268 267 Note: China JV wholesale 692 765 841 772 761 IO Share 9.4% 9.8% 9.5% 9.3% 9.6% 0.4 0.3 0.4 0.4 0.6 (1.0) 0.0 1.0 2.0 3.0 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 GMIO EBIT- Adjusted ($B) 14 0.8 (1) 2012 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 0.7 Equity Income 0.5 0.2 0.3 (4) (1)(2) (1) (3) (5)
0.8 0.3 (0.1) (0.1) (0.2) 0.0 0.0 EBIT-Adj Volume Mix Price Cost Other EBIT-Adj GMIO EBIT- Adj. – Q3 2012 vs. Q3 2013 Q3 2012 Q3 2013 15 ($B) $0.5B Decrease Note: Results may not foot due to rounding
Revenue ($B) 4.3 4.4 3.7 4.3 4.4 EBIT- Adj. % Rev 3.7% 3.0% (1.0)% 1.3% 6.5% Wholesale (000’s) 268 282 233 278 282 South America Share 17.9% 17.7% 17.2% 17.2% 17. % 0.2 0.1 0.0 0.1 0.3 0.0 1.0 2.0 3.0 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 GMSA EBIT- Adjusted ($B) 16 * * * 2012 Q4 estimated; all periods unaudited
GMSA EBIT- Adj. – Q3 2012 vs. Q3 2013
($B) Q3 2012 Q3 2013 Net Income to Common Stockholders 1.5 0.7 Adjusted for Non-Controlling Interests, Preferred Dividends, Series A Redemption & Undistributed Earnings Allocated to Series B 0.4 1.0 Deduct Non-Auto (GM Financial) (0.1) (0.2) Automotive Income 1.7 1.5 Non-Cash Special Items 0.1 0.1 Depreciation and Amortization* 1.5 1.4 Working Capital (0.5) (0.1) Pension / OPEB – Cash in Excess of Expense (0.2) (0.2) Other 0.4 0.6 Automotive Net Cash Provided/(Used) Operating Activities 3.1 3.3 Capital Expenditures (1.9) (1.9) Adjusted Automotive Free Cash Flow 1.2 1.3 Adjusted Automotive Free Cash Flow 18 * Excludes impact of non-cash special items Note: Results may not foot due to rounding
Key Automotive Balance Sheet Items 19 Sep. 30 Jun. 30 Sep. 30 ($B) 2012 2013 2013 Cash & Current Marketable Securities 31.6 24.2 26.8 Available Credit Facilities(1) 5.9 10.6 10.5 Available Liquidity 37.5 34.8 37.3 Key Obligations: Debt 5.6 4.0 8.4 Series A Preferred Stock 5.5 5.5 3.1 U.S. Pension Underfunded Status(2) (3) 13.4 12.9 12.8 Non-U.S. Pension Underfunded Status(3) 11.4 13.1 13.6 Unfunded OPEB(3) 7.2 7.6 7.3 (1) Excludes uncommitted facilities (2) Excludes U.S. non-qualified plan PBO of ~$0.8 billion (3) Balances are rolled forward and do not reflect remeasurement, except for the remeasurement of certain U.S., Canada and GME plans in March, June and September 2012 and September 2013
GM Financial 20Note: GM Sales Penetrations based on JD Power PIN Q3 Q3 Q3 Q3 GM Sales Penetrations 2012 2013 2012 2013 U.S. Subprime APR (<=620) 8.1% 7.8% 5.7% 6.1% U.S. Lease 16.2% 21.3% 21.1% 24.1% Canada Lease 6.6% 8.1% 17.4% 19.1% GM / GM Financial Linkage GM as % of GM Financial Loan and Lease Originations* (GM New / GMF Loan & Lease) GMF as % of GM U.S. Subprime & Lease 19% 20% GM Financial Performance* GM Financial Credit Losses (annualized net credit losses as % avg. consumer finance receivables) EBT ($M) 200 239 2.5% 1.9% Industry Avg. (Excl. GM) 44% 67% * Includes international Operations purchased in Q3 2013; Q3 2012 reflects North American operations only * Includes International Operations purchased in Q2 2013; Q3 2012 reflects North American operations only
Summary 21 • Solid third quarter with year-over-year increases in revenue, market share, EBIT-adjusted, margins, cash flow • Continue to strengthen fortress balance sheet • Focus remains on delivering to our customers – Winning vehicles – Compelling value – Great quality • Q3 results further validation of consistently delivering on our plan
General Motors Company Select Supplemental Financial Information
Q3 Q4 Q1 Q2 Q3 (000’s) 2012 2012 2013 2013 2013 North America 759 735 761 880 808 Europe 372 357 373 426 388 Chevrolet in Europe 127 120 112 140 138 International Operations 857 968 992 925 930 China 665 754 816 751 745 South America 285 265 235 262 273 Brazil 183 169 141 164 171 Global Deliveries 2,273 2,325 2,361 2,493 2,398 Global Deliveries Note: GM deliveries include vehicles sold around the world under GM and JV brands, and through GM-branded distribution network. S1 * * International Operations deliveries excludes Chevrolet Europe and Russia; Note: Results may not foot due to rounding
Q3 Q4 Q1 Q2 Q3 2012 2012 2013 2013 2013 North America 16.9% 16.6% 17.1% 17.3% 16.7% U.S. 17.6% 17.1% 17.7% 17.9% 17.3% Europe 8.4% 8.0% 8.2% 8.5% 8.6% Germany 7.4% 6.8% 7.4% 7.7% 7.7% U.K. 11.6% 12.3% 11.7% 11.7% 10.8% Russia 10.1% 9.4% 9.0% 8.7% 9.4% International Operations 9.4% 9.8% 9.5% 9.3% 9.6% China 14.9% 14.5% 15.1% 13.9% 14.6% South America 17.9% 17.7% 17.2% 17.2% 17.8% Brazil 17.1% 16.7% 17.0% 17.0% 17.4% Global Market Share 11.6% 11.5% 11.4% 11.6% 11.7% 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)
Operating Income Walk to EBIT- Adjusted S3 Note: EBIT-Adj. includes GM Financial on an Earnings Before Tax (EBT) basis Q3 Q3 2012 2013 Operating Income 1.6 2.3 Equity Income 0.4 0.4 Non-Controlling Interests 0.0 0.0 Non-Operating Income 0.2 (0.1) Special Items 0.1 0.0 EBIT- Adjusted 2.3 2.6 ($B)
Reconciliation of EBIT- Adjusted S4Note: EBIT-Adj. includes GM Financial on an Earnings Before Tax (EBT) basis; Results may not foot due to rounding Q3 Q3 2012 2013 Net Income to Common Stockholders 1.5 0.7 Add Back: Undistributed earnings allocated to Series B (Basic) 0.1 - Dividends on Preferred Stock 0.2 0.2 Interest Expense / (Income) 0.0 0.0 Income Tax Expense / (Benefit) 0.4 0.8 Special Items: GM Korea Goodwill 0.1 0.0 Loss on Purchase of Series A - 0.8 Total Special Items 0.1 0.9 EBIT- Adjusted 2.3 2.6 ($B)
Restructuring (not included in special items) S5Note: Results may not foot due to rounding Q3 Q4 Q1 Q2 Q3 ($B) 2012 2012 2013 2013 2013 GMNA 0.1 0.0 0.0 0.0 0.0 GME 0.0 (0.1) 0.0 0.0 0.0 GMIO 0.0 0.0 0.0 0.0 (0.1) GMSA 0.0 0.0 0.0 0.0 0.0 Total 0.0 (0.2) (0.1) (0.1) (0.1)
Q3 Q3 ($M) 2012 2013 Earnings Before Tax 200 239 Total Loan and Lease Originations 1,777 3,230 GM as % of GM Financial Loan and Lease Originations 44% 67% Commercial Finance Receivables 284 4,611 Consumer Finance Receivables 10,853 19,264 Consumer Finance Delinquencies (>30 days) 7.1% 5.3% Annualized Net Credit Losses as % of Avg. Consumer Finance Receivables 2.5% 1.9% GM Financial – Key Metrics S6 (1) (3) (1) Includes International Operations purchased in Q2 2013; Q3 2012 reflects North American operations only (2) Excludes $22M and $635M for Q3 2012 and Q3 2013 respectively in outstanding loans to affiliates (3) Excludes consumer finance receivables in repossession (2)