Documentos de Académico
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August 4, 2011
$3.8B
2
Non- GAAP EBIT- Adj. ($B) Automotive Free Cash Flow ($B) 2.0 2.8 3.0 3.8
3
Note: Starting Q4 2010 EBIT-Adj. includes GM Financial on an Earnings Before Tax (EBT) basis
Q2 2011
2.5 1.54
Total Impact of Special Items: Net Income to Common Stockholders ($B) EPS Diluted ($/Share) -
Q1 2011 3.4
(0.2) (0.1) 0.0
Q2 2011 3.0
(0.2) (0.1) (0.3)
1.5
(0.2) n/a n/a
1.3
n/a
3.2
0.1
2.5
0.0
Net income to common diluted EPS calc. ($B) Fully diluted share count (M)
Memo: Series B equivalents included
1.3 1,567
n/a
3.2 1,817
148
2.5 1,654
0
0.85
n/a n/a
1.77
Y If Converted
1.54
N Two-Class
($B)
Q2 2011 2.5
0.4 0.0 0.2
Operating Income
Equity Income Non-Controlling Interests Non-Operating Income
2.0
0.0
3.0
0.0
EBIT- Adj.
2.0
3.0
Note: Starting Q4 2010 EBIT & EBIT-Adj. include GM Financial on an Earnings Before Tax (EBT) basis Note: Results may not foot due to rounding 6
EBIT
Q2 2010
Q2 2011
3.0
3.0
2.0
0.5 0.6 0.1 (0.2) 0.2 0.1 n/a 0.1 (0.1) (0.2) 0.0 0.0
GMNA
GME
GMIO
GMSA
GMF*
Corp. / Elims
EBIT - Adj.
EBIT
Global Deliveries
(000s)
2,400
2,162 2,068 2,179 2,216 2,320
1,700
1,000
Q2 2010
Global Share 11.6%
Q3 2010
11.4%
Q4 2010
11.5%
Q1 2011
11.4%
Q2 2011
12.2%
GM deliveries & market share include vehicles sold around the world under GM and JV brands, and through GM-branded distribution network 8
3.0
0.0 Q2 2010
Revenue ($B) Oper Inc % Rev EBIT-Adj % Rev. Production (000s) 33.2 5.7% 6.1% 2,257
Q3 2010
34.1 5.4% 6.7% 2,104
Q4 2010
36.9 0.6% 2.8% 2,269
Q1 2011
36.2 2.6% 5.6% 2,327
Q2 2011
39.4 6.2% 7.5% 2,400
9
Note: Starting Q4 2010 EBIT & EBIT-Adj. include GM Financial on an Earnings Before Tax (EBT) basis
0.0
EBIT Less Special EBIT-Adj. Items Volume / Mix Price Cost Other EBIT-Adj.
0.0
Plus Special Items EBIT
10
GMNA Deliveries
(000s)
900 784 716 660 685 684
450
0 Q2 2010
GMNA Share U.S. Share 18.7% 19.4%
Q3 2010
17.7% 18.3%
Q4 2010
18.5% 19.1%
Q1 2011
18.3% 19.0%
Q2 2011
19.1% 20.0%
11
$/Unit
2,500
Q3 2010
9.6
Q4 2010
9.6 9.4
Q1 2011
9.8
Q2 2011
8.9 9.1 8.9
Avg. U.S. Retail Incentive as % of ATP 9.9 11.2 11.7 12.6 10.7 10.4 12.6 13.2
GM vs. Ind.
0.95 1.03 1.10 1.12 1.01 0.95 1.02 0.97 1.00 1.26 1.23 0.96 1.00 1.10 1.01 0.98
12
Note: Incentive & ATP Information Based on J.D. Power and Associates Power Information Network data
2.9 2.2
1.0
0.0
(1.0) Q2 2010
Revenue ($B) EBIT-Adj % Rev Production (000s) U.S. Dealer Inv (000s) 20.3 7.9% 731 438
Q3 2010
21.5 9.9% 707 478
Q4 2010
22.0 3.4% 703 511
Q1 2011
22.1 5.7% 786 574
Q2 2011
23.1 9.7% 824 605
13
0.8
0.0
EBIT Less Special EBIT-Adj. Items Volume / Mix Price Cost Other EBIT-Adj.
0.0
Plus Special Items EBIT
14
1,200 999 904 800 669 600 445 400 2005 * Capacity on three-shift basis 2006 2007 2008 2009 2010 520 882
1,000
15
Volume 0.1
Mix 0.2
Price 0.6
Cost 0.0
C$ NML (0.4)
Other 0.0
EBIT-Adj.
(current period)
$1.6B
(Q2 2010)
$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)
16
GME Deliveries
(000s) 900
450
443
128
389
115
427
129
429
109
483
143 Chevrolet
315
274
298
320
340
0 Q2 2010
GME Share Germany Share U.K. Share 8.8% 8.0% 13.8%
Q3 2010
8.9% 8.5% 12.6%
Q4 2010
9.0% 9.0% 12.4%
Q1 2011
8.5% 8.2% 12.6%
Q2 2011
9.1% 8.9% 13.3%
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
2.0
0.1
(0.6) Q3 2010
5.7 (9.9)% 286
(0.6) Q4 2010
6.9 (9.2)% 313
(0.4) Q1 2011
6.9 0.1% 344
Q2 2011
7.5 1.4% 326
18
$0.3B Improvement
(0.1)
0.1
0.0
0.1
EBIT
EBIT-Adj.
Volume / Mix
Price
Cost
Other
EBIT
19
GMIO Deliveries
(000s) 900 771 751 782 855 780
450
586
567
576
686
588
China
185
184
206
169
192
0 Q2 2010
GMIO Share China Share India Share 8.9% 13.1% 4.0%
Q3 2010
8.7% 13.6% 3.0%
Q4 2010
8.6% 11.6% 3.4%
Q1 2011
9.2% 13.6% 3.1%
Q2 2011
9.6% 13.3% 3.4%
20
0.6 0.5
0.3
EBIT-Adj.
0.6 0.5
0.4
0.3
0.2
0.4
Equity Income
0.0 (1.0)
Revenue ($B) EBIT margin from consolidated operations* Total China JV NI/Rev** Consolidated Prod. (000s) Joint Venture Prod. (000s) Total Production (000s)
Q2 2010
5.3 3.7% 12.6% 268 697 965
Q3 2010
5.1 4.5% 11.9% 235 631 866
Q4 2010
6.1 2.0% 7.7% 265 747 1,012
Q1 2011
5.4 3.0% 12.0% 257 709 966
Q2 2011
6.6 3.4% 11.1% 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.
$0.1B Improvement
0.5 0.0
EBIT Less Special Items
0.5
0.1
0.1
(0.2)
0.1
0.6 0.0
0.6
EBIT-Adj.
Volume / Mix
Price
Cost
Other
EBIT-Adj.
EBIT
22
GMSA Deliveries
(000s) 900
450 231
146
268
169 99
285
186 99
248
143 105
273
161 112 Brazil GMSA Other
85
Q2 2010
GMSA Share Brazil Share 19.5% 18.4%
Q3 2010
19.8% 18.3%
Q4 2010
19.6% 18.4%
Q1 2011
18.7% 17.3%
Q2 2011
19.2% 17.6%
23
2.0
(1.0) Q2 2010
Revenue ($B) EBIT-Adj % Rev Production (000s) 3.6 5.4% 230
Q3 2010
4.0 4.1% 245
Q4 2010
4.5 4.4% 241
Q1 2011
3.9 2.3% 231
Q2 2011
4.4 1.3% 247
24
0.2 0.0
EBIT Less Special Items
0.2
EBIT-Adj.
0.1 0.0
Volume / Mix Price
(0.2) 0.0
Cost Other
0.1
EBIT-Adj.
0.0
Plus Special Items
0.1
EBIT
25
Q2 2010 1.3
0.3 n/a
Q2 2011 2.5
0.5 (0.2)
1.6
1.7 0.0 (0.2) 0.7
2.9
1.6 0.1 (0.4) 0.7
3.8
(1.0)
5.0
(1.2)
2.8
3.8
26
GM Financial
Industry Avg. (Excl. GM)
Q2 2010
GM Sales Penetrations U.S. Subprime (<=620) U.S. Lease Canada Lease GM / GMF Linkage GM as % of GMF Originations
(GM New / GMF Loan & Lease)
Q2 2011
6.8% 13.3% 8.4%
Q2 2010
4.2% 20.9% 15.8%
Q2 2011
5.1% 21.2% 19.0%
14.0% 11.1%
38.0% 18.1%
GMF as % of GM U.S. S/P & Lease GMF Performance GMF Credit Losses
(annualized net charge-offs as % avg. receivables)
4.5% 139*
2.4% 144
28
EBT ($M)
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
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
New Business Model Leverage to Global Growth Significantly Lower Risk Profile
30
Success in Marketplace
Prior
Chevrolet Equinox, Q2 2009
Current
Chevrolet Equinox, Q2 2011
15.5% 5.3%
12.5% 6.2%
31
Success in Marketplace
GM Total U.S. Share
Old GM
GM Global Share
New GM
30%
25%
20%
15%
10%
2005 2006 2007 2008 2009 2010 2011
32
Market Share**
12%
>13%
BRIC
- China
25
17
+ 12
+8
50%
33%
14 14 19 72
+ 6 + 2 + 4 + 24
1 5 3
19% 8% 8%
* 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
$4.7B Automotive Debt $10.8B underfunded status of U.S. qualified pension plans
34
New GM
New Business Model Leverage to Global Growth Significantly Lower Risk Profile
35
($B)
GMNA GME GMIO GMSA Corp & Elims GMF
2010
1.6 (0.2) 0.5 0.2 (0.1) n/a
2011
2.2 0.1 0.6 0.1 (0.2) 0.1
Total EBIT
Interest Expense / (Income) Income Tax Expense / (Benefit)
2.0
0.1 0.4
3.0
0.0 (0.1)
1.5
n/a 0.2
3.0
0.3 0.2
1.3
2.5
S1
2010 1.3
2011 2.5
2.0
3.0
0.0
0.0
0.0 2.0
0.0 3.0
Note: Starting Q4 2010 EBIT includes GM Financial on an Earnings Before Tax (EBT) basis Note: Results may not foot due to rounding S2
Total GME
0.0
0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
S3
($B)
GMNA Dealer Related GMNA Non-Dealer Related
2010
0.0 0.1
2010
0.0 0.0
2010
0.0 0.1
2010
0.0 0.2
2011
0.0 0.0
2011
0.0 0.0
2010
1.9
0.4 (0.1) (0.2)
2010
1.8
0.4 (0.1) 0.1
2010
0.2
0.3 (0.1) 0.9
2011
0.9
2.1 0.0 0.5
2011
2.5
0.4 0.0 0.2
2.0
0.0
2.3
0.0
1.3
0.3
3.5
1.5
3.0
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 Note: Results may not foot due to rounding S5
2010 3.8
n/a
2011 5.1
0.1
3.8
(1.0)
5.0
(1.2)
2.8
3.8
S6
Memo: Q2 2010**
Earnings Before Tax Total Originations GM new vehicles as % of total Finance Receivables Delinquencies (>30 days)* Annualized net charge-offs as % of avg. receivables
* 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
S7
$(0.2) 1.0164
(0.0323)
GMIO Revenue Operating Income Non-Operating Income (Expense) Plus Special Items * EBIT from consolidated operations 5.3 0.3 (0.1) 0.0 0.2 3.7% 5.2% 5.1 0.1 0.1 0.0 0.2 4.5% 2.5% 6.1 0.1 0.1 0.0 0.1 2.0% 1.1% 5.4 0.1 0.0 0.1 0.2 3.0% 1.8% 6.6 0.2 0.1 0.0 0.2 3.4% 2.3%
* Q1 2011 includes $67 million charge recorded as a special item Note: EBIT-Adj. includes GMF on an Earnings Before Tax (EBT) basis; Results may not foot due to rounding S9