![]() General Motors Company Q2 2011 Results August 4, 2011 Exhibit 99.2 |
![]() Forward Looking Statements 1 In this presentation and in related comments by our management, our use of the words “expect,” “anticipate,” “possible,” “potential,” “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 suppliers’ ability to deliver parts, systems and components at such times to allow us to meet production schedules; our ability to maintain adequate liquidity and financing sources and an appropriate level of debt, including as required to fund our planned significant investment in new technology; our ability to realize successful vehicle applications of new technology; and our ability to continue to attract new customers, particularly for our new products. GM's most recent annual report on Form 10-K and quarterly report on Form 10-Q provides information about these and other factors, which we may revise or supplement in future reports to the SEC. |
![]() Second Quarter 2011 Highlights 2 Q2 ‘11 F/(U) vs. Q2 ‘10 Global Deliveries 2.3M Net Revenue $39.4B EBIT - Adj. $3.0B - GMNA $2.2B - GME $0.1B - GMIO $0.6B - GMSA $0.1B Auto Free Cash Flow $3.8B |
![]() Q2 2010 Q2 2011 GAAP Net Revenue ($B) 33.2 39.4 Operating Income ($B) 1.9 2.5 Net Income to Common Stockholders ($B) 1.3 2.5 EPS – Diluted ($/Share) 0.85 1.54 Non- GAAP EBIT- Adj. ($B) 2.0 3.0 Automotive Free Cash Flow ($B) 2.8 3.8 Summary of Q2 2011 Results 3 Note: Starting Q4 2010 EBIT-Adj. includes GM Financial on an Earnings Before Tax (EBT) basis |
![]() Net Income Impact of Special Items 4 Q2 2010 Q2 2011 Net Income to Common Stockholders ($B) 1.3 2.5 EPS – Diluted ($/Share) 0.85 1.54 Special Items Included ($B): None - - Total Impact of Special Items: Net Income to Common Stockholders ($B) - - EPS – Diluted ($/Share) - - |
![]() 5 Info Item: Fully Diluted EPS Calculation Q2 2010 Q1 2011 Q2 2011 Net income to stockholders ($B) Cumulative dividend on Series A Cumulative dividend on Series B Undistributed earnings allocated to Series B Net income to common ($B) 1.5 (0.2) n/a n/a 1.3 3.4 (0.2) (0.1) 0.0 3.2 3.0 (0.2) (0.1) (0.3) 2.5 Add back Series B Preferred dividend n/a 0.1 0.0 Net income to common – diluted EPS calc. ($B) 1.3 3.2 2.5 Fully diluted share count (M) Memo: Series B equivalents included 1,567 n/a 1,817 148 1,654 0 EPS – Diluted ($/share) 0.85 1.77 1.54 Memo: Average stock price in $33.00 - $39.60 range EPS calculation method n/a n/a Y If Converted N Two-Class Note: Results may not foot due to rounding |
![]() Q2 Operating Income Walk to EBIT- Adj. 6 ($B) Q2 2010 Q2 2011 Operating Income 1.9 2.5 Equity Income 0.4 0.4 Non-Controlling Interests (0.1) 0.0 Non-Operating Income (0.2) 0.2 Earnings Before Interest & Taxes (EBIT) 2.0 3.0 Less Special Items 0.0 0.0 EBIT- Adj. 2.0 3.0 Note: Results may not foot due to rounding Note: Starting Q4 2010 EBIT & EBIT-Adj. include GM Financial on an Earnings Before Tax (EBT) basis |
![]() Q2 EBIT & EBIT- Adj. ($B) * GMF at an Earnings Before Tax basis (EBT) GMNA GME GMIO GMSA GMF* Corp./ Elims EBIT-Adj. Plus Special Items EBIT Q2 2010 Q2 2011 Note: Results may not foot due to rounding 7 |
![]() Global Deliveries (000’s) Global Share 11.4% 11.5% 11.4% 12.2% GM deliveries & market share include vehicles sold around the world under GM and JV brands, and through GM-branded distribution network 8 2,162 2,068 2,179 2,216 2,320 1,000 1,700 2,400 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 11.6% |
![]() Earnings Before Interest & Taxes ($B) Revenue ($B) 33.2 34.1 36.9 36.2 39.4 Oper Inc % Rev 5.7% 5.4% 0.6% 2.6% 6.2% EBIT-Adj % Rev. 6.1% 6.7% 2.8% 5.6% 7.5% Production (000’s) 2,257 2,104 2,269 2,327 2,400 1.0 EBIT-Adj. 2.0 EBIT-Adj. Note: Starting Q4 2010 EBIT & EBIT-Adj. include GM Financial on an Earnings Before Tax (EBT) basis 9 2.0 2.3 1.3 3.5 3.0 0.0 1.0 2.0 3.0 4.0 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 |
![]() Consolidated EBIT – Q2 2010 vs. Q2 2011 Q2 2010 EBIT ($B) Q2 2011 EBIT ($B) $1.0B Improvement EBIT EBIT-Adj. Less Special Items EBIT-Adj. EBIT Plus Special Items 0.6 1.0 (0.4) (0.2) Volume / Mix Price Cost Other 0.0 2.0 2.0 3.0 0.0 3.0 10 |
![]() GMNA Deliveries (000’s) GMNA Share 18.7% 17.7% 18.5% 18.3% 19.1% U.S. Share 19.4% 18.3% 19.1% 19.0% 20.0% 716 660 685 684 11 784 0 450 900 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 |
![]() Key GMNA Performance Indicators Avg. U.S. Retail Incentive as % of ATP GM % 9.9 11.2 11.7 12.6 10.7 9.6 9.6 9.4 10.4 12.6 13.2 9.8 8.9 9.1 8.9 9.5 GM vs. Ind. (GM % / Ind. %) 0.95 1.03 1.10 1.12 1.01 0.95 1.02 0.97 1.00 1.26 1.23 0.96 1.00 1.10 1.01 0.98 Share $/Unit U.S. Retail Share U.S. Total Share Avg. GM U.S. Retail Incentive Note: Incentive & ATP Information Based on J.D. Power and Associates Power Information Network data Jul 2011 est. 12 |
![]() GMNA Earnings Before Interest & Taxes ($B) Revenue ($B) 20.3 21.5 22.0 22.1 23.1 EBIT-Adj % Rev 7.9% 9.9% 3.4% 5.7% 9.7% Production (000’s) 731 707 703 786 824 U.S. Dealer Inv (000’s) 438 478 511 574 605 1.6 2.1 0.8 2.9 13 2.2 (1.0) 0.0 1.0 2.0 3.0 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 1.3 EBIT-Adj. |
![]() GMNA EBIT – Q2 2010 vs. Q2 2011 Q2 2010 EBIT ($B) Q2 2011 EBIT ($B) $0.6B Improvement EBIT EBIT-Adj. Less Special Items EBIT-Adj. EBIT Plus Special Items 0.3 0.8 (0.2) (0.3) Volume / Mix Price Cost Other 0.0 1.6 1.6 2.2 0.0 2.2 14 |
![]() Info Item: U.S. Full-size Pickup Dealer Stock 15 U.S. Dealer Stock Units (000’s) Days Supply December 2010 June 2011 July 2011 December 2011 Objective 159 219 209 ~200 70 122 115 ~90 5 Plant Capacity 1,300 Normal 3 Plant Capacity ~780 2012 3 Plant Capacity ~640 U.S. Sales (000’s) U.S. Country of Sale Capacity* (000’s) GM U.S. F/S Pickup Sales GM U.S. Country Of Sale F/S Pickup Capacity * Capacity on three-shift basis |
![]() 16 EBIT-Adj. (prior period) Volume Mix Price Cost C$ NML Other EBIT-Adj. (current period) $1.6B (Q2 2010) 0.1 0.2 0.6 0.0 (0.4) 0.0 $2.1B (Q3 2010) $2.1B (Q3 2010) 0.4 (0.9) (0.3) (0.5) 0.0 0.0 $0.8B (Q4 2010) $0.8B (Q4 2010) 0.2 0.1 (0.1) 0.2 0.0 0.1 $1.3B (Q1 2011) $1.3B (Q1 2011) 0.0 0.2 0.6 0.0 0.2 (0.1) $2.2B (Q2 2011) $1.6B (Q2 2010) 0.6 (0.3) 0.8 (0.2) (0.2) (0.1) $2.2B (Q2 2011) Info Item: GMNA EBIT-Adj (Sequential & Y-o-Y) ($B) Note: Results may not foot due to rounding |
![]() GME Deliveries (000’s) GME Share 8.8% 8.9% 9.0% 8.5% 9.1% Germany Share 8.0% 8.5% 9.0% 8.2% 8.9% U.K. Share 13.8% 12.6% 12.4% 12.6% 13.3% Chevrolet GME Excl. Chevrolet GME deliveries and market share include unit sales of Chevrolets produced by GMIO and delivered to customers in GME. Revenue and associated costs of these unit sales are reported by GMIO 17 |
![]() GME Earnings Before Interest & Taxes ($B) Revenue ($B) 6.0 5.7 6.9 6.9 7.5 EBIT-Adj % Rev (2.6)% (9.9)% (9.2)% 0.1% 1.4% Production (000’s) 331 286 313 344 326 (0.2) (0.6) (0.6) (0.4) 0.0 EBIT-Adj. 18 0.1 |
![]() GME EBIT – Q2 2010 vs. Q2 2011 Q2 2010 EBIT ($B) Q2 2011 EBIT ($B) $0.3B Improvement EBIT EBIT-Adj. Less Special Items EBIT-Adj. EBIT Plus Special Items Volume / Mix Price Cost Other 0.2 0.0 0.2 (0.1) 0.0 0.0 (0.2) (0.2) 0.1 0.1 19 |
![]() GMIO Deliveries (000’s) GMIO Share 8.9% 8.7% 8.6% 9.2% 9.6% China Share 13.1% 13.6% 11.6% 13.6% 13.3% India Share 4.0% 3.0% 3.4% 3.1% 3.4% China GMIO Excl. China 20 |
![]() GMIO Earnings Before Interest & Taxes Revenue ($B) EBIT margin from consolidated operations* Total China JV NI/Rev** 5.3 3.7% 12.6% 5.1 4.5% 11.9% 6.1 2.0% 7.7% 5.4 3.0% 12.0% 6.6 3.4% 11.1% Consolidated Prod. (000’s) Joint Venture Prod. (000’s) Total Production (000’s) 268 697 965 235 631 866 265 747 1,012 257 709 966 310 693 1,003 21 * Excludes equity income and non-controlling interest adjustment. See supplementary schedule S9 for additional details. ** Revenue not consolidated in GM results, pro-rata share of earnings reported as equity inc. |
![]() EBIT EBIT-Adj. Less Special Items EBIT-Adj. EBIT Plus Special Items Volume / Mix Price Cost Other Q2 2010 EBIT ($B) Q2 2011 EBIT ($B) $0.1B Improvement 0.1 (0.2) 0.1 0.1 0.0 0.0 0.5 0.5 0.6 0.6 GMIO EBIT – Q2 2010 vs. Q2 2011 22 |
![]() GMSA Deliveries (000’s) GMSA Share 19.5% 19.8% 19.6% 18.7% 19.2% Brazil Share 18.4% 18.3% 18.4% 17.3% 17.6% Brazil GMSA Other 23 |
![]() GMSA Earnings Before Interest & Taxes ($B) Revenue ($B) 3.6 4.0 4.5 3.9 4.4 EBIT-Adj % Rev 5.4% 4.1% 4.4% 2.3% 1.3% Production (000’s) 230 245 241 231 247 0.2 0.2 0.2 0.1 0.1 24 |
![]() GMSA EBIT – Q2 2010 vs. Q2 2011 Q2 2010 EBIT ($B) Q2 2011 EBIT ($B) $0.1B Reduction EBIT 0.0 (0.2) 0.0 0.1 EBIT EBIT-Adj. Less Special Items EBIT-Adj. Plus Special Items Volume / Mix Price Cost Other 0.2 0.2 0.0 0.1 0.0 0.1 25 |
![]() Automotive Free Cash Flow ($B) Q2 2010 Q2 2011 Net Income to Common Stockholders 1.3 2.5 Add-back Non-Controlling Interests, Preferred Dividends & undistributed earnings allocated to Series B 0.3 0.5 Deduct Non-Auto (GM Financial) n/a (0.2) Automotive Net Income 1.6 2.9 Depreciation / Amortization 1.7 1.6 Working Capital 0.0 0.1 Pension / OPEB – Cash in Excess of Expense (0.2) (0.4) Other 0.7 0.7 Automotive Net Cash Provided/(Used) Operating Activities 3.8 5.0 Capital Expenditures (1.0) (1.2) Automotive Free Cash Flow 2.8 3.8 Note: Results may not foot due to rounding 26 |
![]() Key Automotive Balance Sheet Items ($B) Jun. 30 2010 Mar. 31 2011 Jun. 30 2011 Cash & marketable securities* 32.5 30.6 33.8 Available Credit Facilities 1.1 5.9 5.9 Available Liquidity* 33.6 36.5 39.7 Key Obligations: Debt 8.2 5.0 4.7 Series A Preferred Stock 7.0 5.5 5.5 U.S. Pension Underfunded Status** 15.8 11.2 10.8 Unfunded OPEB 9.3 10.0 10.0 * Includes Canadian HC Trust restricted cash ** Excludes U.S. non-qualified plan PBO of ~$0.9 billion *** Excludes ~$2B stock contribution completed 1/13/11 that will be counted as a plan asset starting in July 2011 *** 27 *** |
![]() GM Financial Q2 2010 Q2 2011 Industry Avg. (Excl. GM) Q2 2010 Q2 2011 GM Sales Penetrations U.S. Subprime (<=620) 4.9% 6.8% 4.2% 5.1% U.S. Lease 6.5% 13.3% 20.9% 21.2% Canada Lease 2.7% 8.4% 15.8% 19.0% GM / GMF Linkage GM as % of GMF Originations (GM New / GMF Loan & Lease) 14.0% 38.0% GMF as % of GM U.S. S/P & Lease 11.1% 18.1% GMF Performance GMF Credit Losses (annualized net charge-offs as % avg. receivables) 4.5% 2.4% EBT ($M) 139* 144 28 GM Sales Penetrations based on JD Power PIN * GM acquired GMF in Oct. 2010, prior to this GMF was an independent entity and not consolidated into GM results. Q2 2010 does not reflect purchase accounting and is not directly comparable to Q2 2011 |
![]() Second Quarter Summary • Solid second quarter results - Continued success in the marketplace - Improved GMNA margins - Continued progress in Europe • Good progress, but more to do - Flawless execution of H2 production launches - Focus on cost containment - Leverage global growth • Based on current industry outlook, expect H2 2011 EBIT-Adj. to be modestly lower than H1, and full-year 2011 EBIT-Adj. to show solid improvement over 2010 29 |
![]() New GM 30 New Business Model Significantly Lower Risk Profile Leverage to Global Growth |
![]() Success in Marketplace Segment Retail Market Share 14.6% + $3,800 49% 15.5% + $7,000 45% Average Transaction Price (ATP) 36 month Residual Value 4.7% 31% Prior Chevrolet Equinox, Q2 2009 Buick LaCrosse, Q2 2009 5.3% 31% Current Chevrolet Equinox, Q2 2011 Buick LaCrosse, Q2 2011 12.5% + $4,200 6.2% Chevrolet Cobalt, Q2 2010 Chevrolet Cruze, Q2 2011 48% 41% 31 Residual value based on ALG 36 mo. May/June |
![]() 32 2005 2006 2007 2008 2009 2010 2011 Success in Marketplace GM Total U.S. Share GM Global Share New GM 10% 15% 20% 25% 30% Old GM |
![]() Leverage Global Growth Industry Volume 2010* (Millions) 5 YR Industry Growth 2010-2015E* 2011 H1 GM 2011 H1 GM Performance Performance (Millions) % Global Growth Market Position** Market Share** BRIC - China 25 17 + 12 + 8 50% 33% 1 1 12% >13% North America 14 + 6 25% 1 19% Western Europe 14 + 2 8% 5 8% All Other 19 + 4 17% 3 8% 72 + 24 100% * 2010 industry volume & 5 YR projected growth based on IHS Automotive car and light truck sales forecast July 2011 ** GM market position and share based on GM internal data and includes sales by joint ventures on a total vehicle basis 33 |
![]() Significantly Lower Risk Profile 34 • Profitable in all regions, Q2 2011 • H1 GMNA EBIT-Adj. $3.5B, US SAAR 12.8M • H1 GME EBIT-Adj. $0.1B, +$0.9B vs. 2010 • $39.7B Automotive Liquidity • $4.7B Automotive Debt • $10.8B underfunded status of U.S. qualified pension plans Break- Even at Bottom of Cycle Fortress Balance Sheet |
![]() New GM 35 New Business Model Significantly Lower Risk Profile Leverage to Global Growth |
![]() General Motors Company Select Supplemental Financial Information |
![]() EBIT Walk to Net Income to Common Stockholders S1 ($B) Q2 2010 Q2 2011 GMNA 1.6 2.2 GME (0.2) 0.1 GMIO 0.5 0.6 GMSA 0.2 0.1 Corp & Elims (0.1) (0.2) GMF n/a 0.1 Total EBIT 2.0 3.0 Interest Expense / (Income) 0.1 0.0 Income Tax Expense / (Benefit) 0.4 (0.1) Net Income to Stockholders 1.5 3.0 Undistributed earnings allocated to Series B (Basic) n/a 0.3 Dividends on Preferred Stock 0.2 0.2 Net Income to Common Stockholders 1.3 2.5 Note: Starting Q4 2010 EBIT includes GM Financial on an Earnings Before Tax (EBT) basis Note: Results may not foot due to rounding |
![]() Reconciliation of Q2 2011 EBIT-Adj. ($B) Q2 2010 Q2 2011 Net Income to Common Stockholders 1.3 2.5 Add Back: Undistributed earnings allocated to Series B (Basic) n/a 0.3 Dividends on Preferred Stock 0.2 0.2 Interest Expense / (Income) 0.1 0.0 Income Tax Expense / (Benefit) 0.4 (0.1) Earnings Before Interest & Taxes (EBIT) 2.0 3.0 Less Special Items: None 0.0 0.0 Total Special Items 0.0 0.0 EBIT – Adj. 2.0 3.0 Note: Results may not foot due to rounding S2 Note: Starting Q4 2010 EBIT includes GM Financial on an Earnings Before Tax (EBT) basis |
![]() Q2 2011 Special Items ($B) Q2 2010 Q2 2011 Total GMNA 0.0 0.0 Total GME 0.0 0.0 Total GMIO 0.0 0.0 Total GMSA 0.0 0.0 Total Corp. 0.0 0.0 Total Special Items 0.0 0.0 S3 |
![]() Restructuring (not included in special items) ($B) Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 GMNA – Dealer Related 0.0 0.0 0.0 0.0 0.0 0.0 GMNA – Non-Dealer Related 0.1 0.0 0.1 0.2 0.0 0.0 Total GMNA 0.1 0.0 0.1 0.2 0.0 0.0 Total GME (0.3) (0.2) (0.1) (0.1) 0.0 (0.1) Total GMIO 0.0 0.0 0.0 0.0 0.0 0.0 Total GMSA 0.0 0.0 0.0 0.0 0.0 0.0 Total (0.2) (0.2) (0.1) 0.1 (0.1) (0.1) S4 Note: Results may not foot due to rounding |
![]() Operating Income Walk to EBIT- Adj ($B) Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Operating Income 1.9 1.8 0.2 0.9 2.5 Equity Income 0.4 0.4 0.3 2.1 0.4 Non-Controlling Interests (0.1) (0.1) (0.1) 0.0 0.0 Non-Operating Income/(Expense) (0.2) 0.1 0.9 0.5 0.2 Earnings Before Interest & Taxes (EBIT) 2.0 2.3 1.3 3.5 3.0 Less Special Items 0.0 0.0 0.3 1.5 0.0 EBIT- Adj. 2.0 2.3 1.0 2.0 3.0 Note: Starting Q4 2010 EBIT & EBIT-Adj. include GM Financial on an Earnings Before Tax (EBT) basis S5 Note: Results may not foot due to rounding |
![]() Reconciliation of Automotive Free Cash Flow ($B) Q2 2010 Q2 2011 Net cash provided by operating activities 3.8 5.1 Less net cash provided by operating activities-GM Financial n/a 0.1 Automotive Net Cash Provided/(Used) Operating Activities 3.8 5.0 Capital expenditures (1.0) (1.2) Automotive Free Cash Flow 2.8 3.8 S6 Note: Results may not foot due to rounding |
![]() GM Financial – Key Metrics ($M) Q2 2011 Memo: Q2 2010** Earnings Before Tax 144 139 Total Originations 1,522 906 GM new vehicles as % of total 38.0% 14.0% Finance Receivables 9,110 8,734 Delinquencies (>30 days)* 6.1% 8.9% Annualized net charge-offs as % of avg. receivables 2.4% 4.5% S7 * Excludes finance receivables in repossession ** GM acquired GMF in Oct. 2010, prior to this GMF was an independent entity and not consolidated into GM results. Q2 2010 does not reflect purchase accounting and is not directly comparable to Q2 2011 |
![]() Info Item: GMNA – C$ Net Monetary Liability GMNA CAD NML Translational Impact Q1 2010 Q2 2010 Q3 2010 Q4 2010 CY 2010 Q1 2011 Q2 2011 Non-Cash EBIT Impact ($B) $(0.2) $0.2 $(0.2) $(0.2) $(0.4) $(0.2) $0.0 Period End FX (CAD per USD) Inc/(Dec) vs. Prior Period 1.0164 (0.0323) 1.0491 0.0327 1.0269 (0.0222) 0.9980 (0.0289) 0.9980 (0. 0507) 0.9713 (0.0267) 0.9730 0.0017 • GM Canada balance sheet includes ~CAD $7B Net Monetary Liability (NML) position, primarily pension, OPEB and accrued liabilities • USD value of NML will vary due to difference in period end to period end FX • Since GM Canada is USD functional, translation exchange realized as non- cash charge recorded to GMNA P&L S8 |
![]() Calculation of EBIT-Adj. as a Percent of Revenue ($B) Q2 2010 % Q3 2010 % Q4 2010 % Q1 2011 % Q2 2011 % Consolidated Revenue 33.2 34.1 36.9 36.2 39.4 Operating Income 1.9 5.7% 1.8 5.4% 0.2 0.6% 0.9 2.6% 2.5 6.2% EBIT-Adj. 2.0 6.1% 2.3 6.7% 1.0 2.8% 2.0 5.6% 3.0 7.5% GMIO Revenue 5.3 5.1 6.1 5.4 6.6 Operating Income 0.3 5.2% 0.1 2.5% 0.1 1.1% 0.1 1.8% 0.2 2.3% Non-Operating Income (Expense) (0.1) 0.1 0.1 0.0 0.1 Plus Special Items * 0.0 0.0 0.0 0.1 0.0 EBIT from consolidated operations 0.2 3.7% 0.2 4.5% 0.1 2.0% 0.2 3.0% 0.2 3.4% Note: EBIT-Adj. includes GMF on an Earnings Before Tax (EBT) basis; Results may not foot due to rounding * Q1 2011 includes $67 million charge recorded as a special item S9 |