General Motors Company · NYSE:GM
General Motors — Q1 2011 Earnings Presentation
38 slides from General Motors's earnings presentation, May 5, 2011
Slide 1: General Motors Company Q1 2011 Results
Exhibit 99.2 General Motors Company Q1 2011 Results May 5, 2011
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” or similar exp
Slide 3: First Quarter 2011 Highlights
First Quarter 2011 Highlights Q1 ‘11 F/(U) vs. Q1 ‘10 Global Deliveries 2.2M Net Revenue $36.2B EBIT - Adj. $2.0B - GMNA $1.3B - GME $0.0B - GMIO $0.6B - GMSA $0.1B Available Liquidity $36.5B
Slide 4: Summary of Q1 2011 Results
Summary of Q1 2011 Results Q1 2010 Q1 2011 GAAP Net Revenue ($B) 31.5 36.2 Operating Income ($B) 1.2 0.9 Net Income to Common Stockholders ($B) 0.9 3.2 EPS – Diluted ($/Share) 0.55 1.77 Non- GAAP EBIT- Adj. ($B) 1.7 2.0* Automotive Free Cash Flow ($B) 1.0 (1.9)** * EBIT-Adj. includes GM Financial on
Slide 5: Net Income to Common Stockholders
Net Income to Common Stockholders Q1 2010 Q1 2011 Net Income to Common Stockholders ($B) 0.9 3.2 EPS – Diluted ($/Share) 0.55 1.77 Special Items Included ($B): - Gain on Sale of Delphi Membership Interest 0.0 1.6 - Gain on Sale of Ally Preferred 0.0 0.3 - GME Goodwill Impairment 0.0 (0.4) - Gain on
Slide 6: Q1 Operating Income Walk to EBIT-Adj.
Q1 Operating Income Walk to EBIT- Adj. ($B) Q1 2010 Q1 2011 Operating Income 1.2 0.9 Equity Income 0.4 2.1 Non-Controlling Interests (0.1) 0.0 Non-Operating Income 0.3 0.5 Earnings Before Interest & Taxes (EBIT) 1.8 3.5 Less Special Items 0.1 1.5 EBIT- Adj. 1.7 2.0 Note: EBIT-Adj. includes GM Financ
Slide 7: Q1 EBIT & EBIT-Adj.
Q1 EBIT & EBIT- Adj. ($B) GMNA GME GMIO GMSA GMF* Corp./Elims EBIT-Adj. Plus Special Items EBIT Q1 2010 Q1 2011 1.2 1.3 0.0 0.9 0.6 0.3 0.1 n/a 0.1 0.0 1.7 2.0 0.1 1.5 1.8 3.5 0.6 0.1 GMNA GME GMIO GMSA GMF* Corp. / Elims EBIT - Adj. Plus Special Items EBIT * GMF at an Earnings Before Tax basis (EBT
Slide 8: Global Deliveries
Global Deliveries (000’s) 2,400 1,999 2,155 2,062 2,175 2,221 1,700 1,000 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Global Share 11.1% 11.6% 11.5% 11.5% 11.5% GM deliveries & market share include vehicles sold around the world under GM and JV brands, and through GM-branded distribution network
Slide 9: Earnings Before Interest & Taxes
Earnings Before Interest & Taxes ($B) 4.0 3.5 3.0 2.3 2.0 2.0 1.8 2.0 1.7 1.3 EBIT-Adj. EBIT-Adj. 1.0 1.0 EBIT-Adj. 0.0 Q1 Q2 Q3 Q4 Q1 2010 2010 2010 2010 2011 Revenue ($B) 31.5 33.2 34.1 36.9 36.2 Note: Q4/2010 & Q1/2011 EBIT & EBIT-Adj. include GM Financial on an Earnings Before Tax (EBT) basis
Slide 10: GMNA Deliveries
GMNA Deliveries (000’s) 716 685 660 684 450 Chevy, Buick, 708 658 683 684 GMC, Cadillac Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 GMNA Share 17.8% 18.7% 17.7% 18.5% 18.3% U.S. Share 18.4% 19.4% 18.3% 19.1% 19.0% U.S. 4-Brand Share 18.1% 19.3% 18.3% 19.1% 19.0%
Slide 11: Key GMNA Performance Indicators
Key GMNA Performance Indicators U.S. Total Share Avg. GM U.S. Retail Share U.S. Retail Share Incentive $/Unit 22% 5,500 20% 5,000 18% 4,500 16% 14% 4,000 12% 3,500 10% 3,000 8% 6% 2,500 Apr Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 2011 est. Avg. U.S. Retail Incentive as % of ATP GM % 10.3 9.7 9.3 9.9
Slide 12: GMNA Earnings Before Interest & Taxes
GMNA Earnings Before Interest & Taxes ($B) 3.0 2.9 2.1 2.0 1.6 1.2 1.0 0.8 1.3 EBIT-Adj. 0.0 (1.0) Q1 Q2 Q3 Q4 Q1 2010 2010 2010 2010 2011 Revenue ($B) 19.3 20.3 21.5 22.0 22.1 Production (000’s) 668 731 707 703 786 U.S. Dealer Inv (000’s) 428 438 478 511 574
Slide 13: Info Item: GMNA – C$ Net Monetary Liability
Info Item: GMNA – C$ Net Monetary Liability GM Canada balance sheet includes ~CAD $7B Net Monetary Liability (NML) position, primarily pension, OPEB and accrued liabilities USD value of NML will vary due to difference in period end to period end FX Since GM Canada is USD functional, translation exch
Slide 14: GMNA EBIT – Q1 2010 vs. Q1 2011
GMNA EBIT – Q1 2010 vs. Q1 2011 Q1 2010 EBIT ($B) $0.1B Improvement Q1 2011 EBIT ($B) 1.6 2.9 0.9 (0.3) (0.4) (0.1) 1.2 0.0 1.2 1.3 Less Special Volume / Plus Special EBIT EBIT-Adj. Price Cost Other EBIT-Adj. EBIT Items Mix Items
Slide 15: GME Deliveries
GME Deliveries (000’s) 443 428 433 450 404 389 105 128 129 112 Chevrolet GME Excl. 299 315 274 299 321 Chevrolet Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 GME Share 8.5% 8.8% 8.9% 9.0% 8.6% Germany Share 8.2% 8.0% 8.5% 9.0% 8.2% U.K. Share 12.0% 13.8% 12.6% 12.4% 12.6% GME deliveries and market share
Slide 16: GME Earnings Before Interest & Taxes
GME Earnings Before Interest & Taxes ($B) 3.0 2.0 1.0 0.0 EBIT-Adj. 0.0 (0.5) (0.2) (0.4) (0.6) (0.6) (0.6) (1.0) EBIT-Adj. Q1 Q2 Q3 Q4 Q1 2010 2010 2010 2010 2011 Revenue ($B) 5.5 6.0 5.7 6.9 6.9 Production (000’s) 305 331 286 313 344
Slide 17: GME Goodwill Impairment
GME Goodwill Impairment New GAAP accounting guidelines issued for testing goodwill impairment when reporting units have zero or negative equity effective Jan 1, 2011 GME had negative equity and $3.1B of goodwill at Dec 31, 2010 – Arose from fresh-start accounting and related primarily to difference
Slide 18: GME EBIT — Q1 2010 vs. Q1 2011
GME EBIT — Q1 2010 vs. Q1 2011 Q1 2010 EBIT ($B) (0.5) 0.1 (0.6) EBIT Less Special Items EBIT-Adj. $0.6B Improvement 0.2 0.0 0.2 0.2 Volume / Mix Price Cost Other Q1 2011 EBIT ($B) 0.0 (0.4) (0.4) EBIT-Adj. Plus Special Items EBIT
Slide 19: GMIO Deliveries
GMIO Deliveries (000’s) 900 855 790 765 745 777 450 624 586 567 576 686 China 0 166 179 178 201 169 GMIO Excl. China Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 GMIO Share 8.8% 9.0% 8.7% 8.6% 9.2% China Share 13.3% 13.1% 13.6% 11.6% 13.6% India Share 4.2% 4.0% 3.0% 3.4% 3.2% Note: Prior results have bee
Slide 20: GMIO Earnings Before Interest & Taxes
GMIO Earnings Before Interest & Taxes ($B) 3.0 2.0 1.0 0.9 0.6 0.4 0.5 0.5 0.3 0.5 EBIT-Adj. 0.4 0.3 0.2 0.4 0.0 Equity Income (1.0) Q1 Q2 Q3 Q4 Q1 2010 2010 2010 2010 2011 Revenue ($B) 5.0 5.3 5.1 6.1 5.4 Consolidated Prod. (000’s) 248 268 235 265 257 Joint Venture Prod. (000’s) 654 697 631 747 709
Slide 21: GMIO EBIT — Q1 2010 vs. Q1 2011
GMIO EBIT — Q1 2010 vs. Q1 2011 Q1 2010 Q1 2011 EBIT($B) $0.3B Reduction EBIT ($B) 0.9 0.0 0.9 (0.1) 0.0 (0.3) 0.1 0.6 (0.1) 0.5 EBIT Less Special Items EBIT-Adj. Volume / Mix Price Cost Other EBIT-Adj. Plus Special Items EBIT
Slide 22: GMSA Deliveries
GMSA Deliveries (000’s) 241 231 268 285 250 Brazil 156 146 169 186 143 85 85 99 99 107 GMSA Other Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 GMSA Share 20.7% 19.5% 19.8% 19.6% 18.8% Brazil Share 19.9% 18.4% 18.3% 18.4% 17.3%
Slide 23: GMSA Earnings Before Interest & Taxes
GMSA Earnings Before Interest & Taxes ($B) 3.0 2.0 1.0 0.0 (1.0) 0.3 0.2 0.2 0.2 0.1 Q1 Q2 Q3 Q4 Q1 2010 2010 2010 2010 2011 Revenue ($B) 3.3 3.6 4.0 4.5 3.9 Production (000’s) 210 230 245 241 231
Slide 24: GMSA EBIT – Q1 2010 vs. Q1 2011
GMSA EBIT – Q1 2010 vs. Q1 2011 Q1 2010 Q1 2011 $0.2B Reduction EBIT ($B) EBIT ($B) 0.3 0.0 0.3 0.0 0.1 (0.3) (0.0) 0.1 0.0 0.1 Less Special Volume / Plus Special EBIT EBIT-Adj. Price Cost Other EBIT-Adj. EBIT Items Mix Items
Slide 25: Automotive Free Cash Flow
Automotive Free Cash Flow ($B) Q1 2010 Q1 2011 Net Income to Common Stockholders 0.9 3.2 Add-back Non-Controlling Interests & Preferred Dividends 0.3 0.3 Deduct Non-Auto (GM Financial) n/a (0.1) Automotive Net Income 1.2 3.4 Special Items (0.1) (1.5) Depreciation / Amortization 1.8 1.6 Working Capit
Slide 26: Key Automotive Balance Sheet Items
Key Automotive Balance Sheet Items Mar. 31 Dec. 31 Mar. 31 ($B) 2010 2010 2011 Cash & marketable securities* 35.7 27.6 30.6 Available Credit Facilities 0.7 5.9 5.9 Available Liquidity* 36.4 33.5 36.5 Key Obligations: Debt 14.2 4.6 5.0 Series A Preferred Stock 7.0 5.5 5.5 U.S. Pension Underfunded Sta
Slide 27: GM Financial
GM Financial Industry Average Q1 Q1 Q1 Q1 2010 2011 2010* 2011* GM Sales Penetrations U.S. Subprime (<=620) 4.0% 6.1% 4.2% 5.4% U.S. Lease 7.6% 16.8% 21.4% 23.1% Canada Lease 2.7% 4.1% 19.0% 19.6% GM / GMF Linkage GM as % of GMF Originations 8.3% 38.8% (GM New / GMF Loan & Lease) GMF as % of GM U.S.
Slide 28: Current Outlook
Current Outlook 2011 CY EBIT-adj. expected to show solid improvement over 2010 - Japan crisis not expected to have a material impact on full-year results GMNA quarterly EBIT-adj. expected to improve on average for the remainder of the year versus the first quarter - Better pricing and improved fixed
Slide 29: Global Growth
Global Growth Regional Net Revenue ($B) Q1 Q1 2010 2011 % Change GMNA 19.3 22.1 15% GME 5.5 6.9 26% GMIO 5.0 5.4 9% GMSA 3.3 3.9 17%
Slide 30: Summary
Summary On plan Important to leverage global growth Cost containment is key, as commodity and launch costs increase Expect full-year 2011 EBIT-adjusted results to be solid improvement over 2010
Slide 31: Select Supplemental Financial Information
General Motors Company Select Supplemental Financial Information
Slide 32: EBIT Walk to Net Income to Common Stockholders
EBIT Walk to Net Income to Common Stockholders Q1 Q1 ($B) 2010 2011 GMNA 1.2 2.9 GME (0.5) (0.4) GMIO 0.9 0.5 GMSA 0.3 0.1 Corp & Elims (0.1) 0.3 GMF - 0.1 Total EBIT 1.8 3.5 Interest Expense / (Income) 0.2 0.0 Income Tax Expense / (Benefit) 0.5 0.1 Net Income to Stockholders 1.1 3.4 Dividends on Pr
Slide 33: Reconciliation of Q1 2011 EBIT-Adj.
Reconciliation of Q1 2011 EBIT-Adj. Q1 Q1 ($B) 2010 2011 Net Income to Common Stockholders 0.9 3.2 Add Back: Dividends on Preferred Stock 0.2 0.2 Interest Expense / (Income) 0.2 0.0 Income Tax Expense / (Benefit) 0.5 0.1 Earnings Before Interest & Taxes (EBIT) 1.8 3.5 Less Special Items: - Gain on S
Slide 34: Q1 2011 Special Items
Q1 2011 Special Items Q1 Q1 ($B) 2010 2011 - Sale of Delphi Membership Interest 0.0 1.6 Total GMNA 0.0 1.6 - Gain on Saab Sale 0.1 0.0 - GME Goodwill Impairment 0.0 (0.4) Total GME 0.1 (0.4) - India JV Impairment & related charges 0.0 (0.1) Total GMIO 0.0 (0.1) Total GMSA 0.0 0.0 - Sale of Ally Pref
Slide 35: Restructuring (not included in special items)
Restructuring (not included in special items) Q1 Q2 Q3 Q4 Q1 ($B) 2010 2010 2010 2010 2011 GMNA – Dealer Related 0.0 0.0 0.0 0.0 0.0 GMNA – Non-Dealer Related 0.1 0.0 0.0 0.2 0.0 Total GMNA 0.1 0.0 0.0 0.2 0.0 Total GME (0.3) (0.2) (0.1) (0.1) 0.0 Total GMIO 0.0 0.0 0.0 0.0 0.0 Total GMSA 0.0 0.0 0.
Slide 36: Operating Income Walk to EBIT-Adj
Operating Income Walk to EBIT- Adj Q1 Q2 Q3 Q4 Q1 ($B) 2010 2010 2010 2010 2011 Operating Income 1.2 1.8 1.9 0.3 0.9 Equity Income 0.4 0.4 0.4 0.3 2.1 Non-Controlling Interests (0.1) (0.1) (0.1) (0.1) 0.0 Non-Operating Income/(Expense) 0.3 (0.1) 0.1 0.8 0.5 Earnings Before Interest & Taxes 1.8 2.0 2
Slide 37: Reconciliation of Automotive Free Cash Flow
Reconciliation of Automotive Free Cash Flow Q1 Q1 ($B) 2010 2011 Net cash provided by operating activities 1.9 (0.4) Less net cash provided by operating activities-GM Financial n/a 0.2 Automotive Net Cash Provided/(Used) 1.9 (0.6) Operating Activities Capital expenditures (0.8) (1.3) Automotive Free
Slide 38: GM Financial – Key Metrics
GM Financial – Key Metrics ($M) Q1 2011 Memo: Q1 2010* Earnings Before Tax 130 96 Total Originations 1,449 624 GM new vehicles as % of total 38.8% N/A Finance Receivables 8,750 8,810 Delinquencies (>30 days) 5.3% 7.5% Annualized net charge-offs as % of 4.0% 7.6% avg. receivables * Q1 2010 not includ