Slide 1: General Motors Company CY 2011 Results
General Motors Company CY 2011 Results February 16, 2012 Exhibit 99.2
Slide 2: Forward Looking Statements
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
Slide 3: 2011 CY Highlights
2011 CY Highlights 2 CY ‘10 CY ‘11 F/(U) vs. CY ‘10 Global Deliveries 8.4M 9.0M Net Revenue $135.6B $150.3B Net Income to Common $4.7B $7.6B Net Cash from Operating Activities - Automotive $6.6B $7.4B EBIT- Adj. $7.0B $8.3B - GMNA $5.7B $7.2B - GME $(2.0)B $(0.7)B - GMIO $2.3B $1.9B - GMSA $0.8B $(0
Slide 4: Fourth Quarter Highlights
Fourth Quarter Highlights • Chevrolet celebrates 100th birthday with record global annual sales for 2011 • Establishment of Canadian Health Care Trust • Named new GME President – appointed new chairman and 3 other top GM leaders to the Opel Supervisory Board • Important product announcements – – Che
Slide 5: Summary of CY 2011 Results
CY 2010 CY 2011 GAAP Net Revenue ($B) 135.6 150.3 Operating Income ($B) 5.1 5.7 Net Income to Common Stockholders ($B) 4.7 7.6 EPS – Diluted ($/Share) 2.89 4.58 Net Cash from Operating Activities – Automotive ($B) 6.6 7.4 Non- GAAP EBIT- Adjusted ($B) 7.0 8.3 EBIT- Adj. % Rev. 5.2% 5.5% Automotive F
Slide 6: Impact of Adjustments & Special Items
CY 2010 CY 2011 Net Income to Common Stockholders ($B) 4.7 7.6 EPS – Diluted ($/Share) 2.89 4.58 Included in Above ($B): - Gain on Extinguishment of VEBA Note 0.2 - - Gain on Sale of Saab, Nexteer & Purchase of Strasbourg 0.2 - - Loss on Purchase of UST Preferred (0.7) - - Gain on Sale of Delphi Mem
Slide 7: Consolidated EBIT-Adj. – CY 2010 vs. CY 2011
Consolidated EBIT- Adj. – CY 2010 vs. CY 2011 CY 2010 CY 2011 $1.3B Improvement EBIT-Adj. EBIT-Adj. 2.4 1.6 (1.7) 0.7 Volume Price Cost Other 7.0 8.3 6 (1.7) Mix
Slide 8: CY EBIT-Adjusted by Segment
5.7 (2.0) 2.3 0.8 0.1 0.1 7.0 7.2 (0.7) 1.9 (0.1) 0.6 (0.5) 8.3 GMNA GME GMIO GMSA GM Financial* Corp. / Elims Total GM CY EBIT- Adjusted EBIT- Adj. ($B) GMNA GME GMIO GMSA GM Financial* Corp./ Elims Total GM CY 2010 CY 2011 Note: Results may not foot due to rounding 7 * Starting Q4 2010, GM Financi
Slide 9: Summary of Q4 2011 Results
Q4 2010 Q4 2011 GAAP Net Revenue ($B) 36.9 38.0 Operating Income ($B) 0.3 0.5 Net Income to Common Stockholders ($B) 0.5 0.5 EPS – Diluted ($/Share) 0.31 0.28 Net Cash from Operating Activities – Automotive ($B) (1.7) 1.2 Non- GAAP EBIT- Adjusted ($B) 1.0 1.1 EBIT- Adj. % Rev. 2.8% 2.9% Automotive F
Slide 10: Q4 Impact of Adjustments & Special Items
9 Q4 2010 Q4 2011 Net Income to Common Stockholders ($B) 0.5 0.5 EPS – Diluted ($/Share) 0.31 0.28 Included in Above ($B): - Gain on Extinguishment of VEBA Note 0.2 - - Gain on Sale of Nexteer & Purchase of Strasbourg 0.1 - - Loss on Purchase of UST Preferred (0.7) - - Goodwill Impairment * - (0.9)
Slide 11: Q4 EBIT-Adjusted by Segment
0.8 (0.6) 0.3 0.2 0.1 0.2 1.0 1.5 (0.6) 0.4 (0.2) 0.2 (0.2) 1.1 GMNA GME GMIO GMSA GM Financial* Corp. / Elims EBIT- Adj. EBIT- Adj. ($B) GMNA GME GMIO GMSA GM Financial* Corp./ Elims Total GM Q4 2010 Q4 2011 Note: Results may not foot due to rounding 10 Q4 EBIT- Adjusted * GM Financial at an Earnin
Slide 12: Earnings Before Interest & Taxes - Adjusted by Quarter
0.0 1.0 2.0 3.0 4.0 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Earnings Before Interest & Taxes - Adjusted ($B) Revenue ($B) 36.9 36.2 39.4 36.7 38.0 Oper Inc % Rev 0.8% 2.6% 6.2% 4.9% 1.2% EBIT- Adj % Rev 2.8% 5.6% 7.5% 6.0% 2.9% Production (000’s) 2,269 2,327 2,400 2,221 2,319 Global Share 11.5% 11.4
Slide 13: Consolidated EBIT-Adj. – Q4 2010 vs. Q4 2011
Consolidated EBIT- Adj. – Q4 2010 vs. Q4 2011 Q4 2010 Q4 2011 $0.1B Improvement 12 Note: EBIT-Adj. includes GM Financial on an Earnings Before Tax (EBT) basis; Results may not foot due to rounding EBIT-Adj. EBIT-Adj. Volume Price Cost Other Mix (0.6) 0.8 0.2 (0.5) 1.0 1.1 0.3
Slide 14: Key GMNA Performance Indicators
2,500 3,000 3,500 4,000 4,500 5,000 5,500 6% 8% 10% 12% 14% 16% 18% 20% 22% Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Key GMNA Performance Indicators Avg. U.S. Retail Incentive as % of ATP GM % 9.6 9.4 10.4 12.5 13.1 9.7 8.7 8.9 8.7 9.7 10.1 9.8 8.9 10.7 10.4 10.0 GM vs. Ind. (GM % / Ind. %) 1.02 0.97
Slide 15: GMNA EBIT-Adjusted
(1.0) 0.0 1.0 2.0 3.0 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 GMNA EBIT- Adjusted ($B) Revenue ($B) 22.0 22.1 23.1 21.9 23.1 EBIT- Adj % Rev 3.4% 5.7% 9.7% 10.0% 6.5% U.S. Dealer Inv (000’s) 511 574 605 558 583 Production (000’s) 703 786 824 740 739 GMNA Share 18.5% 18.3% 19.1% 18.8% 17.5% 0.8 1.3 1
Slide 16: GMNA EBIT-Adj. – Q4 2010 vs. Q4 2011
GMNA EBIT- Adj. – Q4 2010 vs. Q4 2011 Q4 2010 Q4 2011 $0.7B Improvement 0.5 0.3 0.5 0.0 0.8 1.5 15 (0.6) EBIT-Adj. EBIT-Adj. Volume Price Cost Other Mix
Slide 17: GME EBIT-Adjusted
(1.0) 0.0 1.0 2.0 3.0 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 GME EBIT- Adjusted ($B) Revenue ($B) 6.9 6.9 7.5 6.2 6.3 EBIT- Adj % Rev (9.2)% 0.1% 1.4% (4.7)% (9.0)% Production (000’s) 313 344 326 270 249 GME Share 9.0% 8.5% 9.1% 8.9% 8.6% (0.6) 0.0 16 0.1 (0.3) (0.6)
Slide 18: GME EBIT-Adj. – Q4 2010 vs. Q4 2011
GME EBIT- Adj. – Q4 2010 vs. Q4 2011 Q4 2010 Q4 2011 $0.1B Improvement 0.1 (0.1) 0.2 (0.1) (0.6) (0.6) 17 Note: Results may not foot due to rounding 0.0 EBIT-Adj. EBIT-Adj. Volume Price Cost Other Mix
Slide 19: GMIO EBIT-Adjusted
0.2 0.5 0.4 0.4 0.3 (1.0) 0.0 1.0 2.0 3.0 GMIO EBIT- Adjusted ($B) Revenue ($B) EBIT-Adj. margin from consolidated operations* Total China JV NI/Rev** 5.8 2.1% 7.8% 5.2 3.1% 12.0% 6.4 3.6% 11.1% 6.1 (0.6)% 10.5% 7.0 1.5% 8.4% Total Production (000’s) 1,012 966 1,003 968 1,104 GMIO Share 8.7% 9.3% 9.
Slide 20: GMIO EBIT-Adj. – Q4 2010 vs. Q4 2011
GMIO EBIT- Adj. – Q4 2010 vs. Q4 2011 Q4 2010 Q4 2011 $0.1B Improvement 0.1 0.2 (0.3) 0.1 0.3 0.4 19 Note: Results may not foot due to rounding (0.1) EBIT-Adj. EBIT-Adj. Volume Price Cost Other Mix
Slide 21: GMSA EBIT-Adjusted
(1.0) 0.0 1.0 2.0 3.0 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 GMSA EBIT- Adjusted ($B) Revenue ($B) 4.5 3.9 4.4 4.4 4.2 EBIT- Adj % Rev 4.4% 2.3% 1.3% (1.0)% (5.4)% Production (000’s) 241 231 247 243 227 GMSA Share 19.6% 18.7% 19.3% 18.7% 18.6% 0.2 0.1 0.1 0.0 20 (0.2)
Slide 22: GMSA EBIT-Adj. – Q4 2010 vs. Q4 2011
GMSA EBIT- Adj. – Q4 2010 vs. Q4 2011 Q4 2010 Q4 2011 $0.4B Decrease 0.1 (0.1) (0.3) (0.1) 0.2 (0.2) 21 0.0 EBIT-Adj. EBIT-Adj. Volume Price Cost Other Mix
Slide 23: Automotive Free Cash Flow – Q4 2010 vs. Q4 2011
Automotive Free Cash Flow – Q4 2010 vs. Q4 2011 ($B) Q4 2010 Q4 2011 Net Income to Common Stockholders 0.5 0.5 Add-back Non-Controlling Interests, Preferred Dividends & undistributed earnings allocated to Series B 1.0 0.3 Deduct Non-Auto (GM Financial) (0.1) (0.1) Automotive Income 1.4 0.6 Depreciat
Slide 24: Key Automotive Balance Sheet Items
Key Automotive Balance Sheet Items ($B) Dec. 31 2010 Sep. 30 2011 Dec. 31 2011 Cash & marketable securities* 27.6 33.0 31.6 Available Credit Facilities 5.9 5.9 5.9 Available Liquidity* 33.5 38.8 37.5 Key Obligations: Debt 4.6 4.2 5.3 Series A Preferred Stock 5.5 5.5 5.5 U.S. Pension Underfunded Stat
Slide 25: Pension De-Risking
Pension De-Risking Operational Actions • Capped populations of U.S. Hourly/Salaried defined benefit plans • Initiated Salaried pension lump-sum option upon retirement • Freeze Salaried defined benefit plan for active employees effective 9/30/12; transition them to additional contribution to our 401(
Slide 26: U.S. Pension Funded Status – YE 2010 vs. YE 2011
12/31/10 Funded Status* GM Stock Contribution Service & Interest Cost Actual Asset Returns Discount Rate & Other 12/31/11 Funded Status* (8.4) 10.1 U.S. Pension Funded Status – YE 2010 vs. YE 2011 * U.S. Funded status excludes U.S. non-qualified plan PBO of ~$0.9 billion 25 (13.3) (5.4) (11.5) Funde
Slide 27: Pension Income/(Expense)
Pension Income/(Expense) 26 ($B) CY 2010 CY 2011 Estimated CY 2012 GMNA 0.8 1.1 0.3 Rest of World (0.7) (0.6) (0.6) Total 0.1 0.5 (0.3) U.S. Exp. Return on Assets* 8.5% 8.0% 6.2% * On an average weighted basis
Slide 28: GM Financial
GM Financial Q4 2010 Q4 2011 Industry Avg. (Excl. GM) Q4 2010 Q4 2011 GM Sales Penetrations U.S. Subprime (<=620) 4.8% 6.8% 4.7% 4.9% U.S. Lease 12.9% 11.1% 21.7% 21.3% Canada Lease 3.4% 8.5% 16.7% 19.1% GM / GM Financial Linkage GM as % of GM Financial Originations (GM New / GMF Loan & Lease) 19.0%
Slide 29: 2012 Outlook
2012 Outlook 2011 v. 2010 Results 2012 v. 2011 Outlook Industry Market Share ~Flat Volume Price Mix Cost* ~Flat Cap. Ex. * Excluding change in pension income 28
Slide 30: Fourth Quarter Summary
Fourth Quarter Summary 29 • Improved Sales volumes Market share EBIT-Adjusted EBIT-Adjusted margins • Fourth quarter showed solid results for GMNA and GMIO, with challenges in GME and GMSA • We anticipate continued industry volume and top-line revenue growth in 2012 with pension expense, res
Slide 31: New GM New Business Model
New GM 30 New Business Model Significantly Lower Risk Profile Leverage to Global Growth
Slide 32: Select Supplemental Financial Information
General Motors Company Select Supplemental Financial Information
Slide 33: Global Deliveries
Global Deliveries Note: GM deliveries include vehicles sold around the world under GM and JV brands, and through GM-branded distribution network. S1 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 GMNA 685 684 784 746 710 GME 427 429 483 411 412 Chevrolet in GME 129 109 142 131 135 GMIO 774 858 781 815 848
Slide 34: Global Market Share
Global Market Share Note: GM market share include 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 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 GMNA 18.5% 18.3% 19.1% 18.8% 1
Slide 35: Operating Income Walk to EBIT-Adj.
Operating Income Walk to EBIT- Adj. ($B) Q4 2010 Q4 2011 CY 2010 CY 2011 Operating Income 0.3 0.5 5.1 5.7 Equity Income 0.3 0.3 1.4 3.2 Non-Controlling Interests (0.1) 0.0 (0.3) (0.1) Non-Operating Income 0.9 (0.2) 1.3 0.4 Special Items (0.3) 0.6 (0.4) (0.9) EBIT- Adj. 1.0 1.1 7.0 8.3 Note: EBIT-Adj
Slide 36: Reconciliation of EBIT-Adj.
Reconciliation of EBIT- Adj. ($B) Q4 2010 Q4 2011 Net Income to Common Stockholders 0.5 0.5 Add Back: Undistributed earnings allocated to Series B (Basic) N/A 0.0 Dividends on Preferred Stock 0.9 0.2 Interest Expense / (Income) 0.1 0.0 Income Tax Expense / (Benefit) (0.2) (0.3) Special Items: - Gain
Slide 37: Restructuring (not included in special items)
Restructuring (not included in special items) ($B) Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 GMNA – Dealer Related 0.0 0.0 0.0 0.0 0.0 GMNA – Non-Dealer Related 0.2 0.0 0.0 (0.1) 0.0 Total GMNA 0.2 0.0 0.0 (0.1) 0.0 Total GME (0.1) 0.0 (0.1) (0.1) (0.2) Total GMIO 0.0 0.0 0.0 0.0 0.0 Total GMSA 0.0 0.
Slide 38: Reconciliation of Automotive Free Cash Flow – CY
Reconciliation of Automotive Free Cash Flow ($B) CY 2010 CY 2011 Net cash provided by operating activities 6.8 8.2 Less net cash provided by operating activities-GM Financial 0.2 0.7 Automotive Net Cash Provided/(Used) Operating Activities 6.6 7.4 Capital expenditures (4.2) (6.2) Automotive Free Cas
Slide 39: Reconciliation of Automotive Free Cash Flow – Q4
Reconciliation of Automotive Free Cash Flow ($B) Q4 2010 Q4 2011 Net cash provided by operating activities (1.5) 1.4 Less net cash provided by operating activities-GM Financial 0.2 0.2 Automotive Net Cash Provided/(Used) Operating Activities (1.7) 1.2 Capital expenditures (1.1) (2.2) Automotive Free
Slide 40: Automotive Free Cash Flow – 2010 vs. 2011
Automotive Free Cash Flow – 2010 vs. 2011 ($B) CY 2010 CY 2011 Net Income to Common Stockholders 4.7 7.6 Add-back Non-Controlling Interests, Preferred Dividends & undistributed earnings allocated to Series B 1.8 1.7 Deduct Non-Auto (GM Financial) (0.1) (0.4) Automotive Income 6.4 8.9 Depreciation /
Slide 41: GM Financial – Key Metrics
GM Financial – Key Metrics ($M) Q4 2010 Q4 2011 Earnings Before Tax 129 170 Total Loan and Lease Originations 945 1,554 GM new vehicles as % of total 19.0% 44.3% Finance Receivables 8,648 9,680 Delinquencies (>30 days)* 8.6% 7.2% Annualized Net Credit Losses as % of Avg. Receivables 5.5% 3.3% S9 * E
Slide 42: Info Item: GMNA – C$ Net Monetary Liability
Info Item: GMNA – C$ Net Monetary Liability GMNA C$ NML Translational Impact Q4 2010 CY 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Non-Cash EBIT Impact ($B) $(0.2) $(0.4) $(0.2) $0.0 $0.3 $0.0 Period End FX (CAD per USD) Inc/(Dec) vs. Prior Period 0.9980 (0.0289) 0.9980 (0.0507) 0.9713 (0.0267) 0.9730 0.0
Slide 43: Calculation of EBIT-Adj. as a Percent of Revenue
Calculation of EBIT- Adj. as a Percent of Revenue Total GM ($B) Q4 2010 % Q1 2011 % Q2 2011 % Q3 2011 % Q4 2011 % Revenue 36.9 36.2 39.4 36.7 38.0 Operating Income 0.3 0.8% 0.9 2.6% 2.5 6.2% 1.8 4.9% 0.5 1.2% EBIT- Adj. 1.0 2.8% 2.0 5.6% 3.0 7.5% 2.2 6.0% 1.1 2.9% GMIO Consolidated Results ($B) Q4 2