Exhibit 99.1
For Release: Thursday, Feb. 14, 2013, 7:30 a.m. EST
GM Reports 2012 Net Income of $4.9 Billion
Full-year EBIT-adjusted of $7.9 billion
| • | Company posts third consecutive year of strong earnings |
| • | Fourth quarter net income of $0.9 billion, up from $0.5 billion last year |
| • | EBIT-adjusted of $1.2 billion in the fourth quarter, up from $1.1 billion last year |
DETROIT - General Motors Co. (NYSE: GM) today announced 2012 calendar-year net income attributable to common stockholders of $4.9 billion, or $2.92 per fully diluted share, down from $7.6 billion, or $4.58 per fully diluted share in 2011, due primarily to unfavorable special items.
Special items during the calendar year impacted full-year net income to common stockholders unfavorably, $(0.5) billion, or $(0.32) per share, compared to a favorable $1.2 billion impact in 2011, or $0.70 per share.
Revenue increased 1 percent to $152.3 billion, compared with $150.3 billion in 2011. Full-year earnings before interest and tax (EBIT) adjusted was $7.9 billion, compared with $8.3 billion in 2011. Full-year EBIT-adjusted for 2012 includes the impact of restructuring charges of $(0.4) billion.
“We recorded another solid year in 2012 as we grew the business, delivered a third straight year of profitability and took significant actions to put the company on a solid path for future growth,” said Dan Akerson, chairman and CEO. “This year our priorities will be executing flawless new vehicle launches, controlling costs and delivering more vehicles to our customers at outstanding value.”
Overview (in billions except for per share amounts)
| Q4 2011 | Q4 2012 | Full-year 2011 | Full-year 2012 | |||
| Revenue | $38.0 | $39.3 | $150.3 | $152.3 | ||
| Net income attributable to common stockholders | $0.5 | $0.9 | $7.6 | $4.9 | ||
Earnings per share (EPS) fully diluted | $0.28 | $0.54 | $4.58 | $2.92 | ||
| Impact of special items on EPS fully diluted | $(0.11) | $0.06 | $0.70 | $(0.32) | ||
| EBIT-adjusted | $1.1 | $1.2 | $8.3 | $7.9 | ||
| Automotive net cash flow from operating activities | $1.2 | $0.5 | $7.4 | $9.6 | ||
Adjusted automotive free cash flow | $(0.2) | $1.1 | $3.0 | $4.3 | ||
1
Fourth Quarter Results
Revenue in the fourth quarter of 2012 increased 3 percent to $39.3 billion, compared with the fourth quarter of 2011. GM's fourth quarter 2012 net income attributable to common stockholders was $0.9 billion, or $0.54 per fully diluted share, including a net gain from special items of $0.1 billion or $0.06 per fully diluted share.
In the fourth quarter of 2011, GM's net income attributable to common stockholders was $0.5 billion, or $0.28 per fully diluted share, including a net loss from special items of $(0.2) billion, or $(0.11) per fully diluted share.
EBIT-adjusted was $1.2 billion in the fourth quarter of 2012, compared with $1.1 billion in the fourth quarter of 2011. Fourth quarter EBIT-adjusted for 2012 includes the impact of restructuring charges of $(0.2) billion.
GM's fourth quarter 2012 special items impact to net income of $0.1 billion includes a $34.9 billion non-cash benefit from the release of the majority of the company's valuation allowances on U.S. and Canada deferred tax assets and an associated $(26.2) billion non-cash goodwill impairment charge; a $(5.2) billion non-cash impairment of GM Europe long-lived assets; and a $(2.2) billion charge related to U.S. salaried pension plan actions announced earlier this year, among other smaller items.
The non-cash impairment of GM Europe long-lived assets does not reflect any change to the company's objective to break-even in its European operations by mid-decade.
Segment Results
| • | GM North America (GMNA) reported EBIT-adjusted of $1.4 billion in the fourth quarter of 2012 compared with $1.5 billion in 2011. Full-year EBIT-adjusted was $7.0 billion in 2012 compared to $7.2 billion in 2011. Based on GMNA's 2012 financial performance, the company will pay profit sharing of up to $6,750 to approximately 49,000 eligible GM U.S. hourly employees. |
| • | GM Europe (GME) reported EBIT-adjusted of $(0.7) billion in the fourth quarter of 2012, compared to $(0.6) billion in 2011. Full-year EBIT-adjusted was $(1.8) billion in 2012, compared with $(0.7) billion in 2011. |
| • | GM International Operations (GMIO) reported EBIT-adjusted of $0.5 billion in the fourth quarter of 2012 compared with $0.4 billion in 2011. Full-year EBIT-adjusted was $2.2 billion in 2012 compared with $1.9 billion in 2011. |
| • | GM South America (GMSA) reported EBIT-adjusted of $0.1 billion in the fourth quarter of 2012, compared with $(0.2) billion in 2011. Full-year EBIT-adjusted was $0.3 billion in 2012 compared with EBIT-adjusted of $(0.1) billion in 2011. |
| • | GM Financial reported earnings before taxes (EBT) of $0.1 billion in the fourth quarter of 2012, compared with $0.2 billion in 2011. Full-year EBT was $0.7 billion, compared to $0.6 billion in 2011. |
Cash Flow and Liquidity
For the fourth quarter of 2012, automotive cash flow from operating activities was $0.5 billion, compared to $1.2 billion in 2011. In the fourth quarter of 2012, adjusted automotive free cash flow was $1.1 billion, compared to $(0.2) billion in 2011. For the year, adjusted automotive free cash flow was $4.3 billion, compared to $3.0 billion a year ago.
GM ended 2012 with strong total automotive liquidity of $37.2 billion compared with $37.0 billion at year-end in 2011. Automotive cash and marketable securities was $26.1 billion at the end of 2012, compared with $31.6 billion a year earlier.
GM expects capital expenditures for 2013 to be similar to 2012.
2
U.S. Pension Update
GM's U.S. defined benefit pension plans earned asset returns of 11.6 percent in 2012 and ended the year 84 percent funded. The underfunded position stood at $13.1 billion, slightly improved from the prior year. As previously announced, during 2012 GM settled approximately $28 billion of its U.S. salaried pension liability through a combination of lump sum offers and annuitizations.
Under current economic conditions, GM expects no mandatory contributions to U.S. defined benefit pension plans for at least five years. While the company will continue to evaluate opportunities to make voluntary cash contributions, it has no current plans to do so in 2013.
“We're pleased with our fourth quarter results, as the business generated strong adjusted free cash flow and we took significant steps to strengthen our fortress balance sheet,” said Dan Ammann, senior vice president and CFO. “Our aggressive vehicle launch cadence and focus on improving the topline, combined with rigorous cost discipline will help us continue to generate strong business results moving forward.”
General Motors Co. (NYSE:GM, TSX: GMM) and its partners produce vehicles in 30 countries, and the company has leadership positions in the world's largest and fastest-growing automotive markets. GM's brands include Chevrolet and Cadillac, as well as Baojun, Buick, GMC, Holden, Isuzu, Daewoo, Jiefang, Opel, Vauxhall and Wuling. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://www.gm.com.
Contacts:
Tom Henderson
Office 313-667-2702
Cell 313-410-2704
tom.e.henderson@gm.com
Randy Arickx
Office 313-667-0006
Cell 313-268-7070
randy.c.arickx@gm.com
Forward-Looking Statements
In this press release and in related comments by our management, our use of the words “expect,” “anticipate,” “possible,” “potential,” “target,” “believe,” “commit,” “intend,” “continue,” “may,” “would,” “could,” “should,” “project,” “projected,” “positioned” or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors. Among other items, such factors might include: our ability to realize production efficiencies and to achieve reductions in costs as a result of our restructuring initiatives and labor modifications; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; our ability to maintain adequate financing sources, including as required to fund our planned significant investment in new technology; our ability to successfully integrate Ally Financial's international operations; the ability of our suppliers to timely deliver parts, components and systems; our ability to realize successful vehicle applications of new technology; overall strength and stability of our markets, particularly Europe; and our ability to continue to attract new customers, particularly for our new products. GM's most recent annual report on Form 10-K provides information about these and other factors, which we may revise or supplement in future reports to the SEC.
3
Exhibit 1
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The accompanying tables and charts include earnings before interest and taxes adjusted for special items, presented net of noncontrolling interests (EBIT-adjusted), and Automotive adjusted free cash flow. These metrics are not prepared in accordance with Accounting Principles Generally Accepted in the United States of America (U.S. GAAP) and have not been audited or reviewed by GM's independent auditors. EBIT-adjusted and Automotive adjusted free cash flow are considered non-GAAP financial measures.
Management believes these non-GAAP financial measures provide meaningful supplemental information regarding GM's operating results because they exclude amounts that management does not consider part of operating results when assessing and measuring the operational and financial performance of the organization. Management believes these measures allow it to readily view operating trends, perform analytical comparisons and benchmark performance between periods and among geographic regions. Accordingly, GM believes these non-GAAP financial measures are useful in allowing for greater transparency of GM's core operations and they are therefore used by management in its financial and operational decision-making.
While management believes that these non-GAAP financial measures provide useful information, they are not operating measures under U.S. GAAP, and there are limitations associated with their use. GM's calculation of these non-GAAP financial measures may not be completely comparable to similarly titled measures of other companies due to potential differences between companies in their method of calculation. As a result the use of these non-GAAP financial measures has limitations and should not be considered in isolation from, or as a substitute for, other measures such as Net income or Net income attributable to stockholders. Due to these limitations, these non-GAAP financial measures are used as a supplement to U.S. GAAP measures.
The following table summarizes the reconciliation of EBIT-adjusted to its most comparable U.S. GAAP measure (dollars in millions):
| Three Months Ended | Year Ended | ||||||||||||||
| December 31, 2012 | December 31, 2011 | December 31, 2012 | December 31, 2011 | ||||||||||||
| Operating segments | |||||||||||||||
| GMNA(a) | $ | 1,395 | $ | 1,497 | $ | 6,953 | $ | 7,194 | |||||||
| GME(a) | (699 | ) | (562 | ) | (1,797 | ) | (747 | ) | |||||||
| GMIO(a) | 473 | 373 | 2,191 | 1,897 | |||||||||||
| GMSA(a) | 99 | (225 | ) | 271 | (122 | ) | |||||||||
| GM Financial(b) | 146 | 170 | 744 | 622 | |||||||||||
| Total operating segments(b) | 1,414 | 1,253 | 8,362 | 8,844 | |||||||||||
| Corporate and eliminations | (166 | ) | (156 | ) | (503 | ) | (540 | ) | |||||||
| EBIT-adjusted(b) | 1,248 | 1,097 | 7,859 | 8,304 | |||||||||||
| Adjustments | (35,418 | ) | (622 | ) | (36,106 | ) | 861 | ||||||||
| Corporate interest income | 84 | 92 | 343 | 455 | |||||||||||
| Automotive interest expense | 133 | 135 | 489 | 540 | |||||||||||
| Loss on extinguishment of debt | 232 | — | 250 | — | |||||||||||
| Income tax expense (benefit) | (35,645 | ) | (293 | ) | (34,831 | ) | (110 | ) | |||||||
| Net income attributable to stockholders | 1,194 | 725 | 6,188 | 9,190 | |||||||||||
| Less: cumulative dividends on and undistributed earnings allocated to Series B Preferred Stock participating security | 302 | 253 | 1,329 | 1,605 | |||||||||||
| Net income (loss) attributable to common stockholders | $ | 892 | $ | 472 | $ | 4,859 | $ | 7,585 | |||||||
__________
| (a) | GM's automotive operations interest and income taxes are recorded centrally in Corporate; therefore, there are no reconciling items for GM's automotive operating segments between EBIT-adjusted and Net income attributable to stockholders. |
| (b) | GM Financial amounts represent income before income taxes. |
1
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following table summarizes the impact of special items to net income to common stockholders (in millions):
| Years Ended | |||||||
| December 31, 2012 | December 31, 2011 | ||||||
| Net income attributable to common stockholders | $ | 4,859 | $ | 7,585 | |||
| Included in Above: | |||||||
| Gain on sale of our New Delphi Class A Membership Interests | $ | — | $ | 1,645 | |||
| Gain related to Canadian Health Care Trust (HCT) settlement | — | 749 | |||||
| Impairment related to Ally Financial common stock | — | (555 | ) | ||||
| Gain on sale of Ally Financial preferred stock | — | 339 | |||||
| Charges related to HKJV | — | (106 | ) | ||||
| Gain on extinguishment of debt | — | 63 | |||||
| Deferred tax valuation allowance release | 34,936 | 415 | |||||
| Goodwill impairment charges | (26,899 | ) | (1,274 | ) | |||
| GME long-lived and intangible asset impairment | (5,232 | ) | — | ||||
| Pension settlement charges | (2,249 | ) | — | ||||
| Premium paid to purchase our common stock from the U.S.Treasury | (402 | ) | — | ||||
| GM Korea hourly wage litigation | (336 | ) | — | ||||
| Redemption of GM Korea mandatorily redeemable preferred shares | (174 | ) | — | ||||
| Impairment charge related to our investment in PSA | (220 | ) | — | ||||
| Charge to record General Motors Strasbourg S.A.S. (GMS) assets and liabilities to estimated fair value | (119 | ) | — | ||||
| Income related to insurance recoveries | 112 | — | |||||
| Impact to undistributed earnings allocated to our Series B Preferred Stock | 52 | (115 | ) | ||||
| Total impact to net income to common stockholders | $ | (531 | ) | $ | 1,161 | ||
2
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following tables summarize the impact of special items to EBIT-adjusted (in millions):
| Year Ended December 31, 2012 | |||||||||||||||||||||||
| GMNA | GME | GMIO | GMSA | Corporate | Total | ||||||||||||||||||
| Goodwill impairment charges | $ | (26,399 | ) | $ | (590 | ) | $ | (132 | ) | $ | — | $ | — | $ | (27,121 | ) | |||||||
| Impairment charges of property | — | (3,714 | ) | — | — | — | (3,714 | ) | |||||||||||||||
| Impairment charges of intangible assets | — | (1,755 | ) | — | — | — | (1,755 | ) | |||||||||||||||
| Pension settlement charges | (2,662 | ) | — | — | — | — | (2,662 | ) | |||||||||||||||
| Premium paid to purchase our common stock from the UST | — | — | — | — | (402 | ) | (402 | ) | |||||||||||||||
| GM Korea hourly wage litigation | — | — | (336 | ) | — | — | (336 | ) | |||||||||||||||
| Impairment charge related to our investment in PSA | — | (220 | ) | — | — | — | (220 | ) | |||||||||||||||
| Income related to insurance recoveries | 9 | 7 | 112 | 27 | — | 155 | |||||||||||||||||
| Charge to record General Motors Strasbourg S.A.S. (GMS) assets and liabilities to estimated fair value | — | (119 | ) | — | — | — | (119 | ) | |||||||||||||||
| Noncontrolling interests related to redemption of the GM Korea mandatorily redeemable preferred shares | — | — | 68 | — | — | 68 | |||||||||||||||||
| Total adjustments to EBIT | $ | (29,052 | ) | $ | (6,391 | ) | $ | (288 | ) | $ | 27 | $ | (402 | ) | $ | (36,106 | ) | ||||||
| Year Ended December 31, 2011 | |||||||||||||||||||||||
| GMNA | GME | GMIO | GMSA | Corporate | Total | ||||||||||||||||||
| Gain on sale of our New Delphi Class A Membership Interests | $ | 1,645 | $ | — | $ | — | $ | — | $ | — | $ | 1,645 | |||||||||||
| Goodwill impairment charges | — | (1,016 | ) | (258 | ) | — | — | (1,274 | ) | ||||||||||||||
| Gain related to HCT settlement | 749 | — | — | — | — | 749 | |||||||||||||||||
| Impairment related to Ally Financial common stock | — | — | — | — | (555 | ) | (555 | ) | |||||||||||||||
| Gain on sale of Ally Financial preferred stock | — | — | — | — | 339 | 339 | |||||||||||||||||
| Charges related to HKJV | — | — | (106 | ) | — | — | (106 | ) | |||||||||||||||
| Gain on extinguishment of debt | — | — | — | 63 | — | 63 | |||||||||||||||||
| Total adjustments to EBIT | $ | 2,394 | $ | (1,016 | ) | $ | (364 | ) | $ | 63 | $ | (216 | ) | $ | 861 | ||||||||
The following table summarizes the reconciliation of Automotive adjusted free cash flow to Automotive net cash provided by operating activities (dollars in millions):
| Three Months Ended | Year Ended | ||||||||||||||
| December 31, 2012 | December 31, 2011 | December 31, 2012 | December 31, 2011 | ||||||||||||
| Automotive adjusted free cash flow | $ | 1,136 | (174 | ) | $ | 4,288 | $ | 3,018 | |||||||
| Less: Adjustments for voluntary management actions | 2,712 | 767 | 2,712 | 1,830 | |||||||||||
| Automotive free cash flow | (1,576 | ) | (941 | ) | 1,576 | 1,188 | |||||||||
| Capital expenditures | 2,062 | 2,176 | 8,055 | 6,241 | |||||||||||
| Automotive net cash provided by operating activities | $ | 486 | $ | 1,235 | $ | 9,631 | $ | 7,429 | |||||||
Adjustments for voluntary management actions include the following items: voluntary contributions to the Retiree Plan of $2.3 billion for the purchase of annuity contracts and the premium paid to purchase our common stock from the UST of $0.4 billion in December 2012; termination of in-transit wholesale advance agreement in GMNA resulting in an increase to accounts receivable of $1.1 billion and OPEB payments relating to the HCT settlement of $0.8 billion in 2011.
3
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
| GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Three Months Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||
| Total net sales and revenue | $ | 24,175 | $ | 5,580 | $ | 7,940 | $ | 4,491 | $ | (1 | ) | $ | (3,408 | ) | $ | 38,777 | $ | 529 | $ | 1 | $ | 39,307 | |||||||||||||||||
| Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 940 | $ | 5,742 | $ | 197 | $ | 131 | $ | 12 | $ | — | $ | 7,022 | $ | 69 | $ | (3 | ) | $ | 7,088 | ||||||||||||||||||
| Equity income, net of tax and gain on investments | $ | 2 | $ | — | $ | 419 | $ | — | $ | — | $ | — | $ | 421 | $ | — | $ | — | $ | 421 | |||||||||||||||||||
| GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Three Months Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||||
| Total net sales and revenue | $ | 23,111 | $ | 6,277 | $ | 7,035 | $ | 4,200 | $ | 11 | $ | (3,035 | ) | $ | 37,599 | $ | 394 | $ | (3 | ) | $ | 37,990 | |||||||||||||||||
| Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 844 | $ | 328 | $ | 137 | $ | 113 | $ | 13 | $ | (1 | ) | $ | 1,434 | $ | 28 | $ | (2 | ) | $ | 1,460 | |||||||||||||||||
| Equity income, net of tax and gain on investments | $ | — | $ | — | $ | 288 | $ | 1 | $ | — | $ | — | $ | 289 | $ | — | $ | — | $ | 289 | |||||||||||||||||||
| GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||
| Total net sales and revenue | $ | 94,595 | $ | 22,050 | $ | 27,690 | $ | 16,950 | $ | 40 | $ | (11,032 | ) | $ | 150,293 | $ | 1,961 | $ | 2 | $ | 152,256 | ||||||||||||||||||
| Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 3,663 | $ | 6,570 | $ | 638 | $ | 483 | $ | 49 | $ | (1 | ) | $ | 11,402 | $ | 225 | $ | (10 | ) | $ | 11,617 | |||||||||||||||||
| Equity income, net of tax and gain on investments | $ | 9 | $ | — | $ | 1,552 | $ | 1 | $ | — | $ | — | $ | 1,562 | $ | — | $ | — | $ | 1,562 | |||||||||||||||||||
| GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||||
| Total net sales and revenue | $ | 90,233 | $ | 26,757 | $ | 24,761 | $ | 16,877 | $ | 61 | $ | (9,820 | ) | $ | 148,869 | $ | 1,410 | $ | (3 | ) | $ | 150,276 | |||||||||||||||||
| Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 3,693 | $ | 1,371 | $ | 491 | $ | 454 | $ | 50 | $ | (1 | ) | $ | 6,058 | $ | 85 | $ | (2 | ) | $ | 6,141 | |||||||||||||||||
| Equity income, net of tax and gain on investments(a) | $ | 1,733 | $ | — | $ | 1,458 | $ | 1 | $ | — | $ | — | $ | 3,192 | $ | — | $ | — | $ | 3,192 | |||||||||||||||||||
__________
| (a) | Includes a gain of 1.6 billion recorded on the sale of GM's New Delphi Class A Membership Interests. |
4
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
| December 31, 2012 | December 31, 2011 | December 31, 2010 | |||||||
| Worldwide Employment (thousands) | |||||||||
| GMNA | 101 | 98 | 96 | ||||||
| GME | 37 | 39 | 40 | ||||||
| GMIO(a) | 39 | 34 | 32 | ||||||
| GMSA | 32 | 33 | 31 | ||||||
| GM Financial | 4 | 3 | 3 | ||||||
| Total Worldwide | 213 | 207 | 202 | ||||||
| U.S. - Salaried | 30 | 29 | 28 | ||||||
| U.S. - Hourly | 50 | 48 | 49 | ||||||
______
| (a) | Increase in GMIO includes an increase of 4,000 employees due to the acquisition of HKJV. |
5
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
| Three Months Ended | Year Ended | ||||||||||
| December 31, 2012 | December 31, 2011 | December 31, 2012 | December 31, 2011 | ||||||||
| Production Volume (units in thousands)(a) | |||||||||||
| GMNA - Cars | 305 | 285 | 1,270 | 1,145 | |||||||
| GMNA - Trucks | 470 | 454 | 1,967 | 1,944 | |||||||
| Total GMNA | 775 | 739 | 3,237 | 3,089 | |||||||
| GME | 209 | 249 | 927 | 1,189 | |||||||
| GMIO - Consolidated Entities | 342 | 294 | 1,208 | 1,114 | |||||||
| GMIO - Joint Ventures(b) | 886 | 810 | 3,238 | 2,927 | |||||||
| Total GMIO | 1,228 | 1,104 | 4,446 | 4,041 | |||||||
| GMSA | 223 | 227 | 879 | 948 | |||||||
| Total Worldwide | 2,435 | 2,319 | 9,489 | 9,267 | |||||||
__________
| (a) | Production volume includes vehicles produced by certain joint ventures. |
| (b) | The joint venture agreements with SGMW and FAW-GM allow for significant rights as a member as well as the contractual right to report SGMW and FAW-GM joint venture production in China. |
6
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
| Three Months Ended | Year Ended | ||||||||||
| December 31, 2012 | December 31, 2011 | December 31, 2012 | December 31, 2011 | ||||||||
| Vehicle Sales (units in thousands)(a)(b)(c) | |||||||||||
| United States | |||||||||||
| Chevrolet - Cars | 167 | 150 | 837 | 763 | |||||||
| Chevrolet - Trucks | 184 | 192 | 673 | 668 | |||||||
| Chevrolet - Crossovers | 80 | 79 | 341 | 344 | |||||||
| Cadillac | 46 | 39 | 150 | 152 | |||||||
| Buick | 43 | 38 | 180 | 178 | |||||||
| GMC | 107 | 103 | 414 | 398 | |||||||
| Total United States | 628 | 602 | 2,596 | 2,504 | |||||||
| Canada, Mexico and Other | 107 | 110 | 423 | 421 | |||||||
| Total GMNA | 735 | 712 | 3,019 | 2,925 | |||||||
| GME | |||||||||||
| Opel/Vauxhall | 236 | 276 | 1,054 | 1,218 | |||||||
| Chevrolet | 135 | 141 | 550 | 528 | |||||||
| Other | 1 | 1 | 3 | 4 | |||||||
| Total GME | 372 | 417 | 1,607 | 1,751 | |||||||
| GMIO | |||||||||||
| Chevrolet | 329 | 285 | 1,186 | 1,087 | |||||||
| Wuling | 345 | 310 | 1,335 | 1,194 | |||||||
| Buick | 184 | 151 | 700 | 646 | |||||||
| GM Daewoo | — | — | — | 15 | |||||||
| Holden | 32 | 32 | 124 | 134 | |||||||
| GMC | 9 | 9 | 40 | 39 | |||||||
| Cadillac | 10 | 10 | 35 | 35 | |||||||
| Other | 59 | 47 | 195 | 132 | |||||||
| Total GMIO(d) | 968 | 844 | 3,616 | 3,281 | |||||||
| GMSA | |||||||||||
| Chevrolet | 258 | 266 | 1,041 | 1,057 | |||||||
| Other | 1 | 1 | 6 | 9 | |||||||
| Total GMSA | 260 | 267 | 1,047 | 1,066 | |||||||
| Total Worldwide | 2,334 | 2,240 | 9,288 | 9,024 | |||||||
__________
| (a) | GMNA vehicle sales primarily represent sales to the end customer. GME, GMIO and GMSA vehicle sales primarily represent estimated sales to the end customer. In countries where end customer data is not readily available other data sources, such as wholesale or forecast volumes, are used to estimate vehicle sales. |
| (b) | Certain fleet sales that are accounted for as operating leases are included in vehicle sales at the time of delivery to the daily rental car companies. |
| (c) | Vehicle sales data may include rounding differences. |
| (d) | Includes the following joint venture sales. Vehicle sales for SAIC GM Investment Limited, General Motors India Private Limited and Chevrolet Sales India Private Limited (collectively HKJV) are included through August 31, 2012: |
| Year Ended December 31, | |||||
| 2012 | 2011 | ||||
| Joint venture sales in China | |||||
| SGM | — | 1,200 | |||
| SGMS | 1,331 | — | |||
| SGMW and FAW-GM | 1,501 | 1,342 | |||
| Joint venture sales in India | |||||
| HKJV | 64 | 111 | |||
7
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
| Three Months Ended | Year Ended | ||||||
| December 31, 2012 | December 31, 2011 | December 31, 2012 | December 31, 2011 | ||||
| Market Share(a)(b) | |||||||
| United States - Cars | 12.8% | 12.8% | 14.3% | 15.7% | |||
| United States - Trucks | 24.9% | 26.1% | 23.7% | 25.2% | |||
| United States - Crossovers | 16.5% | 17.3% | 17.3% | 18.8% | |||
| Total United States | 17.1% | 18.0% | 17.5% | 19.2% | |||
| Total GMNA | 16.6% | 17.5% | 16.9% | 18.4% | |||
| Total GME | 8.3% | 8.6% | 8.5% | 8.7% | |||
| Total GMIO(c) | 9.8% | 9.5% | 9.5% | 9.5% | |||
| Total GMSA | 17.7% | 18.4% | 18.0% | 18.8% | |||
| Total Worldwide | 11.5% | 11.6% | 11.5% | 11.9% | |||
| U.S. Retail/Fleet Mix | |||||||
| % Fleet Sales - Cars | 27.9% | 24.4% | 30.6% | 31.3% | |||
| % Fleet Sales - Trucks | 21.8% | 21.8% | 25.3% | 24.2% | |||
| % Fleet Sales - Crossovers | 16.7% | 16.6% | 19.2% | 18.8% | |||
| Total Vehicles | 22.7% | 21.4% | 25.9% | 25.5% | |||
| GMNA Capacity Utilization | 93.4% | 91.5% | 97.5% | 95.6% | |||
__________
| (a) | Market share information is based on vehicle sales volume. |
| (b) | GMNA vehicle sales primarily represent sales to the end customer. GME, GMIO and GMSA vehicle sales primarily represent estimated sales to the end customer. In countries where end customer data is not readily available other data sources, such as wholesale or forecast volumes, are used to estimate vehicle sales. |
| (c) | Includes the following joint venture sales. Vehicle sales for SAIC GM Investment Limited, General Motors India Private Limited and Chevrolet Sales India Private Limited (collectively HKJV) are included through August 31, 2012: |
| Year Ended | |||||
| December 31, 2012 | December 31, 2011 | ||||
| Joint venture sales in China | |||||
| SGM | — | 1,200 | |||
| SGMS | 1,331 | — | |||
| SGMW and FAW-GM | 1,501 | 1,342 | |||
| Joint venture sales in India | |||||
| HKJV | 64 | 111 | |||
8
General Motors Company and Subsidiaries
Consolidated Income Statements
(In millions, except per share amounts)
(Unaudited)
| Years Ended December 31, | |||||||||||
| 2012 | 2011 | 2010 | |||||||||
| Net sales and revenue | |||||||||||
| Automotive sales and revenue | $ | 150,295 | $ | 148,866 | $ | 135,311 | |||||
| GM Financial revenue | 1,961 | 1,410 | 281 | ||||||||
| Total net sales and revenue | 152,256 | 150,276 | 135,592 | ||||||||
| Costs and expenses | |||||||||||
| Automotive cost of sales | 140,236 | 130,386 | 118,768 | ||||||||
| GM Financial operating and other expenses | 1,207 | 785 | 152 | ||||||||
| Automotive selling, general and administrative expense | 13,593 | 12,105 | 11,446 | ||||||||
| Other automotive expenses, net | 438 | 58 | 118 | ||||||||
| Goodwill impairment charges | 27,145 | 1,286 | — | ||||||||
| Total costs and expenses | 182,619 | 144,620 | 130,484 | ||||||||
| Operating income (loss) | (30,363 | ) | 5,656 | 5,108 | |||||||
| Automotive interest expense | 489 | 540 | 1,098 | ||||||||
| Interest income and other non-operating income, net | 845 | 851 | 1,531 | ||||||||
| Gains (losses) on extinguishment of debt | (250 | ) | 18 | 196 | |||||||
| Income (loss) before income taxes and equity income | (30,257 | ) | 5,985 | 5,737 | |||||||
| Income tax expense (benefit) | (34,831 | ) | (110 | ) | 672 | ||||||
| Equity income, net of tax and gain on investments | 1,562 | 3,192 | 1,438 | ||||||||
| Net income | 6,136 | 9,287 | 6,503 | ||||||||
| Net (income) loss attributable to noncontrolling interests | 52 | (97 | ) | (331 | ) | ||||||
| Net income attributable to stockholders | $ | 6,188 | $ | 9,190 | $ | 6,172 | |||||
| Net income attributable to common stockholders | $ | 4,859 | $ | 7,585 | $ | 4,668 | |||||
| Earnings per share | |||||||||||
| Basic | |||||||||||
| Basic earnings per common share | $ | 3.10 | $ | 4.94 | $ | 3.11 | |||||
| Weighted-average common shares outstanding | 1,566 | 1,536 | 1,500 | ||||||||
| Diluted | |||||||||||
| Diluted earnings per common share | $ | 2.92 | $ | 4.58 | $ | 2.89 | |||||
| Weighted-average common shares outstanding | 1,675 | 1,668 | 1,624 | ||||||||
9
General Motors Company and Subsidiaries
Basic and Diluted Earnings per Share
(Unaudited)
In the three months and year ended December 31, 2012 GM was required to use the two-class method for calculating earnings per share as the applicable market value of its common stock was below $33.00 per common share in the period ended December 31, 2012.
The following table summarizes basic and diluted earnings per share for the three months and years ended December 31, 2012 and 2011 (in millions, except per share amounts):
| Three Months Ended | Year Ended | ||||||||||||||
| December 31, 2012 | December 31, 2011 | December 31, 2012 | December 31, 2011 | ||||||||||||
| Basic earnings (loss) per share | |||||||||||||||
| Net income (loss) attributable to stockholders | $ | 1,194 | $ | 725 | $ | 6,188 | $ | 9,190 | |||||||
| Less: cumulative dividends on preferred stock and undistributed earnings allocated to Series B Preferred Stock participating security(a)(b) | 302 | 253 | 1,329 | 1,605 | |||||||||||
| Net income (loss) attributable to common stockholders | $ | 892 | $ | 472 | $ | 4,859 | $ | 7,585 | |||||||
| Weighted-average common shares outstanding - basic | 1,551 | 1,571 | 1,566 | 1,536 | |||||||||||
| Basic earnings (loss) per common share | $ | 0.58 | $ | 0.30 | $ | 3.10 | $ | 4.94 | |||||||
| Diluted earnings (loss) per share | |||||||||||||||
| Net income (loss) attributable to stockholders | $ | 1,194 | $ | 725 | $ | 6,188 | $ | 9,190 | |||||||
| Less: cumulative dividends on preferred stock and undistributed earnings allocated to Series B Preferred Stock participating security(a)(c) | 296 | 257 | 1,301 | 1,552 | |||||||||||
| Net income attributable to common stockholders | $ | 898 | $ | 468 | $ | 4,887 | $ | 7,638 | |||||||
| Weighted-average shares outstanding - diluted | |||||||||||||||
| Weighted-average common shares outstanding - basic | 1,551 | 1,571 | 1,566 | 1,536 | |||||||||||
| Dilutive effect of warrants | 116 | 96 | 104 | 130 | |||||||||||
| Dilutive effect of restricted stock units (RSUs) | 7 | 1 | 5 | 2 | |||||||||||
| Weighted-average common shares outstanding - diluted | 1,674 | 1,668 | 1,675 | 1,668 | |||||||||||
| Diluted earnings (loss) per common share | $ | 0.54 | $ | 0.28 | $ | 2.92 | $ | 4.58 | |||||||
___________
| (a) | Includes earned but undeclared dividends of $26 million on our Series A Preferred Stock and $20 million on our Series B Preferred Stock in the years ended December 31, 2012 and 2011. |
| (b) | Includes cumulative dividends on preferred stock of $215 million and earnings of $87 million that have been allocated to the Series B Preferred Stock holders in the three months ended December 31, 2012; and includes cumulative dividends on preferred stock of $215 million and earnings of $38 million that have been allocated to the Series B Preferred Stock holders in the three months ended December 31, 2011. Includes cumulative dividends on preferred stock of $859 million and earnings of $470 million that have been allocated to the Series B Preferred Stock holders in the year ended December 31, 2012; and includes cumulative dividends on preferred stock of $859 million and earnings of $746 million that have been allocated to the Series B Preferred Stock holders in the year ended December 31, 2011. |
| (c) | Includes cumulative dividends on preferred stock of $215 million and earnings of $81 million that have been allocated to the Series B Preferred Stock holders in the three months ended December 31, 2012; and includes cumulative dividends on preferred stock of $215 million and earnings of $42 million that have been allocated to the Series B Preferred Stock holders in the three months ended December 31, 2011. Includes cumulative dividends on preferred stock of $859 million and earnings of $442 million that have been allocated to the Series B Preferred Stock holders in the year ended December 31, 2012; and includes cumulative dividends on preferred stock of $859 million and earnings of $693 million that have been allocated to the Series B Preferred Stock holders in the year ended December 31, 2011. |
10
General Motors Company and Subsidiaries
Consolidated Balance Sheets
(In millions, except share amounts)
(Unaudited)
| December 31, 2012 | December 31, 2011 | ||||||
| ASSETS | |||||||
| Current Assets | |||||||
| Cash and cash equivalents | $ | 18,422 | $ | 16,071 | |||
| Marketable securities | 8,988 | 16,148 | |||||
| Restricted cash and marketable securities | 686 | 1,005 | |||||
| Accounts and notes receivable (net of allowance of $311 and $331) | 10,395 | 9,964 | |||||
| GM Financial finance receivables, net (including gross consumer finance receivables transferred to SPEs of $3,444 and $3,295) | 4,044 | 3,251 | |||||
| Inventories | 14,714 | 14,324 | |||||
| Equipment on operating leases, net | 1,782 | 2,464 | |||||
| Deferred income taxes | 9,429 | 527 | |||||
| Other current assets | 1,536 | 1,169 | |||||
| Total current assets | 69,996 | 64,923 | |||||
| Non-current Assets | |||||||
| Restricted cash and marketable securities | 682 | 1,228 | |||||
| GM Financial finance receivables, net (including gross consumer finance receivables transferred to SPEs of $6,458 and $5,773) | 6,954 | 5,911 | |||||
| Equity in net assets of nonconsolidated affiliates | 6,883 | 6,790 | |||||
| Property, net | 24,196 | 23,005 | |||||
| Goodwill | 1,973 | 29,019 | |||||
| Intangible assets, net | 6,809 | 10,014 | |||||
| GM Financial equipment on operating leases, net (including assets transferred to SPEs of $540 and $274) | 1,649 | 785 | |||||
| Deferred income taxes | 27,922 | 512 | |||||
| Other assets and deferred income taxes | 2,358 | 2,416 | |||||
| Total non-current assets | 79,426 | 79,680 | |||||
| Total Assets | $ | 149,422 | $ | 144,603 | |||
| LIABILITIES AND EQUITY | |||||||
| Current Liabilities | |||||||
| Accounts payable (principally trade) | $ | 25,166 | $ | 24,551 | |||
| Short-term debt and current portion of long-term debt | |||||||
| Automotive (including certain debt at VIEs of $228 and $171) | 1,748 | 1,682 | |||||
| GM Financial | 3,770 | 4,118 | |||||
| Accrued liabilities (including derivative liabilities at VIEs of $18 and $44) | 23,308 | 22,875 | |||||
| Total current liabilities | 53,992 | 53,226 | |||||
| Non-current Liabilities | |||||||
| Long-term debt | |||||||
| Automotive (including certain debt at VIEs of $122 and $7) | 3,424 | 3,613 | |||||
| GM Financial | 7,108 | 4,420 | |||||
| Postretirement benefits other than pensions | 7,309 | 6,836 | |||||
| Pensions | 27,420 | 25,075 | |||||
| Other liabilities and deferred income taxes | 13,169 | 12,442 | |||||
| Total non-current liabilities | 58,430 | 52,386 | |||||
| Total Liabilities | 112,422 | 105,612 | |||||
| Commitments and contingencies | |||||||
| Equity | |||||||
| Preferred stock, $0.01 par value, 2,000,000,000 shares authorized: | |||||||
| Series A (276,101,695 shares issued and outstanding (each with a $25.00 liquidation preference) at December 31, 2012 and 2011) | 5,536 | 5,536 | |||||
| Series B (99,988,796 and 100,000,000 shares issued and outstanding (each with a $50.00 liquidation preference) at December 31, 2012 and 2011) | 4,855 | 4,855 | |||||
| Common stock, $0.01 par value (5,000,000,000 shares authorized and 1,366,373,526 shares and 1,564,727,289 shares issued and outstanding at December 31, 2012 and 2011) | 14 | 16 | |||||
| Capital surplus (principally additional paid-in capital) | 23,834 | 26,391 | |||||
| Retained earnings | 10,057 | 7,183 | |||||
| Accumulated other comprehensive loss | (8,052 | ) | (5,861 | ) | |||
| Total stockholders’ equity | 36,244 | 38,120 | |||||
| Noncontrolling interests | 756 | 871 | |||||
| Total Equity | 37,000 | 38,991 | |||||
| Total Liabilities and Equity | $ | 149,422 | $ | 144,603 | |||
11