General Motors Company · NYSE:GM
General Motors — Q2 2013 Earnings Presentation
30 slides from General Motors's earnings presentation, Jul 25, 2013
Slide 1: General Motors Company Q2 2013 Results
General Motors Company Q2 2013 Results July 25, 2013 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: Second Quarter 2013 Performance
Second Quarter 2013 Performance 2Note: EBIT- Adjusted includes GM Financial on an Earnings Before Tax (EBT) basis * See Adjusted Automotive Free Cash Flow reconciliation on slide 18 Q2 2012 Q2 2013 vs. Q2 2012 Global Deliveries 2.4M 2.5M Global Market Share 11.6% 11.5% Net Revenue $37.6B $39.1B Net
Slide 4: Second Quarter 2013 Highlights
Second Quarter 2013 Highlights • GM #1 in J.D. Power and Associates Initial Quality Study • Record global Chevrolet sales • Chevrolet Silverado and GMC Sierra launches on track • Cadillac U.S. sales up more than 33 percent year-to-date • Broke ground on a new Cadillac assembly plant in Shanghai • Cl
Slide 5: Summary of Q2 2013 Results
Summary of Q2 2013 Results 4Note: EBIT- Adjusted includes GM Financial on an Earnings Before Tax (EBT) basis Q2 Q2 2012 2013 Net Revenue ($B) 37.6 39.1 Operating Income ($B) 1.8 1.8 Net Income to Common Stockholders ($B) 1.5 1.2 EPS – Diluted ($/Share) 0.90 0.75 Net Cash from Operating Activities –
Slide 6: Impact of Special Items
5 Impact of Special Items Q2 Q2 2012 2013 Net Income to Common Stockholders ($B) 1.5 1.2 EPS – Diluted ($/Share) 0.90 0.75 Included in Above ($B): Acquisition of GM Korea Preferred Shares - (0.2) Total Impact Net Income to Common Stockholders ($B) 0.0 (0.2) Total Impact EPS – Diluted ($/Share) - (0.
Slide 7: Consolidated EBIT-Adjusted
2.1 2.3 1.2 1.8 2.3 0.0 1.0 2.0 3.0 4.0 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Consolidated EBIT- Adjusted ($B) Note: EBIT- Adjusted includes GM Financial on an Earnings Before Tax (EBT) basis 6 Revenue ($B) 37.6 37.6 39.3 36.9 39.1 Oper. Inc % Rev 4.8% 4.3% (88.5)% 2.6% 4.5% EBIT- Adj. % Rev 5.6 6
Slide 8: Consolidated EBIT-Adj. – Q2 2012 vs. Q2 2013
2.1 2.3 (0.5) (0.2)0.3 0.4 0.1 EBIT-Adj Volume Mix Price Cost Other EBIT-Adj 7 $0.2B IncreaseQ2 2012 Q2 2013 ($B) Consolidated EBIT- Adj. – Q2 2012 vs. Q2 2013 Note: EBIT- Adjusted includes GM Financial on an Earnings Before Tax (EBT) basis; Results may not foot due to rounding
Slide 9: EBIT-Adjusted by Segment
1.9 (0.4) 0.6 0.0 0.2 (0.2) 2.1 2.0 (0.1) 0.2 0.1 0.3 (0.1) 2.3 GMNA GME GMIO GMSA GM Financial* Corp. / Elims Total GM Q2 2012 Q2 2013 EBIT- Adjusted ($B) 8 Q2 2013 EBIT- Adjusted * GM Financial at an Earnings Before Tax basis (EBT); Note: Results may not foot due to rounding
Slide 10: Key GMNA Performance Indicators
Key GMNA Performance Indicators
Slide 11: GMNA EBIT-Adjusted
1.9 1.7 1.1 1.4 2.0 -1.0 0.0 1.0 2.0 3.0 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 GMNA EBIT- Adjusted ($B) 10 Revenue ($B) 21.6 22.3 22.8 23.0 23.5 EBIT- Adj. % Rev 8.8% 7.7% 5.0% 6.2% 8.4% U.S. Dealer Inv (000’s) 701 689 717 744 708 Wholesale (000’s) 760 773 826 829 809 North America Share 17.4% 16.
Slide 12: GMNA EBIT-Adj. – Q2 2012 vs. Q2 2013
1.9 2.0 (0.2) (0.4) 0.0 0.4 0.3 EBIT-Adj Volume Mix Price Cost Other EBIT-Adj GMNA EBIT- Adj. – Q2 2012 vs. Q2 2013 11 ($B) Q2 2012 Q2 2013 $0.1B Increase
Slide 13: GME EBIT-Adjusted
(0.4) (0.5) (0.8) (0.2) (0.1) -1.0 0.0 1.0 2.0 3.0 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 GME EBIT- Adjusted ($B) 12 Revenue ($B) 5.5 4.7 5.2 4.8 5.2 EBIT- Adj. % Rev (7.1)% (10.4)% (14.6)% (3.6)% (2.1)% Wholesale (000’s) 290 254 269 249 276 Europe Share 8.8% 8.6% 8.3% 8.3% 8.5% (1) (1) (1) 2012 Q3
Slide 14: GME EBIT-Adj. – Q2 2012 vs. Q2 2013
GME EBIT- Adj. – Q2 2012 vs. Q2 2013
Slide 15: GMIO EBIT-Adjusted
Revenue ($B) 5.9 5.7 6.3 4.8 5.3 EBIT-Adj. margin from consolidated operations 6.3% 6.4% 3.9% (1.4)% (3.6)% Total China JV NI/Rev 9.3% 9.7% 9.1% 11.7% 9.4% Wholesale (000’s) 295 275 297 243 268 Note: China JV wholesale 696 692 765 841 772 IO Share 9.2% 9.4% 9.8% 9.5% 9.3% 0.3 0.4 0.3 0.3 0.4 0.4 0.6
Slide 16: GMIO EBIT-Adj. – Q2 2012 vs. Q2 2013
0.6 0.2 (0.1) (0.2) (0.1) (0.1) 0.1 EBIT-Adj Volume Mix Price Cost Other EBIT-Adj GMIO EBIT- Adj. – Q2 2012 vs. Q2 2013 Q2 2012 Q2 2013 15 ($B) $0.4B Decrease
Slide 17: GMSA EBIT-Adjusted
0.0 0.2 0.1 0.0 0.1 0.0 1.0 2.0 3.0 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 GMSA EBIT- Adjusted ($B) 16 Revenue ($B) 4.1 4.3 4.4 3.7 4.3 EBIT- Adj. % Rev 0.4 % 3.7 % 3.0 % (1.0)% 1.3 % Wholesale (000’s) 265 267 282 233 278 South America Share 18.1% 17.9% 17.7% 17.2% 17.1% * * * 2012 Q3 - Q4 estimate
Slide 18: GMSA EBIT-Adj. – Q2 2012 vs. Q2 2013
GMSA EBIT- Adj. – Q2 2012 vs. Q2 2013
Slide 19: Adjusted Automotive Free Cash Flow
Adjusted Automotive Free Cash Flow 18 * Excludes impact of non-cash special items ($B) Q2 2012 Q2 2013 Net Income to Common Stockholders 1.5 1.2 Adjusted for Non-Controlling Interests, Preferred Dividends & undistributed earnings allocated to Series B 0.4 0.2 Deduct Non-Auto (GM Financial) (0.1) (0.
Slide 20: Key Automotive Balance Sheet Items
Key Automotive Balance Sheet Items 19 Jun. 30 Mar. 31 Jun. 30 ($B) 2012 2013 2013 Cash & Current Marketable Securities 32.6 24.3 24.2 Available Credit Facilities(1) 5.3 11.0 10.6 Available Liquidity 37.9 35.3 34.8 Key Obligations: Debt 5.1 5.2 4.0 Series A Preferred Stock 5.5 5.5 5.5 U.S. Pension Un
Slide 21: GM Financial
GM Financial 20Note: GM Sales Penetrations based on JD Power PIN Q2 Q2 Q2 Q2 GM Sales Penetrations 2012 2013 2012 2013 U.S. Subprime APR (<=620) 8.6% 8.6% 5.9% 6.4% U.S. Lease 15.4% 20.0% 21.8% 24.3% Canada Lease 9.1% 9.2% 19.2% 21.2% GM / GM Financial Linkage GM as % of GM Financial Loan and Lease
Slide 22: Second Half Areas of Focus
Second Half Areas of Focus 21 • Strong execution of new vehicle launches • Continued efforts on reducing cost and complexity to ensure winning vehicles at a compelling value • Build on the momentum of industry best J.D. Power Initial Quality Study scores with intense focus on quality and customer ex
Slide 23: General Motors Company Select Supplemental Financial Information
General Motors Company Select Supplemental Financial Information
Slide 24: Global Deliveries
Q2 Q3 Q4 Q1 Q2 (000’s) 2012 2012 2012 2013 2013 North America 820 759 735 761 880 Europe 455 382 372 373 425 Chevrolet in Europe 155 138 135 112 139 International Operations 862 857 968 992 925 China 672 665 754 816 751 South America 254 285 265 235 262 Brazil 154 183 169 141 164 Global Deliveries 2
Slide 25: Global Market Share
Global Market Share Note: GM market share includes 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 (1) Europe share includes Chevrolet Europe (2) International Operati
Slide 26: Operating Income Walk to EBIT-Adjusted
Operating Income Walk to EBIT- Adjusted S3 Note: EBIT-Adj. includes GM Financial on an Earnings Before Tax (EBT) basis Q2 Q2 2012 2013 Operating Income 1.8 1.8 Equity Income 0.3 0.4 Non-Controlling Interests (0.1) 0.0 Non-Operating Income 0.1 0.2 Special Items 0.0 (0.1) EBIT- Adjusted 2.1 2.3 ($B)
Slide 27: Reconciliation of EBIT-Adjusted
Reconciliation of EBIT- Adjusted S4Note: EBIT-Adj. includes GM Financial on an Earnings Before Tax (EBT) basis; Results may not foot due to rounding Q2 Q2 2012 2013 Net Income to Common Stockholders 1.5 1.2 Add Back: Undistributed earnings allocated to Series B (Basic) 0.1 0.0 Dividends on Preferred
Slide 28: Restructuring (not included in special items)
Restructuring (not included in special items) S5Note: Results may not foot due to rounding Q2 Q3 Q4 Q1 Q2 ($B) 2012 2012 2012 2013 2013 GMNA 0.0 0.1 0.0 0.0 0.0 GME 0.0 0.0 (0.1) 0.0 0.0 GMIO 0.0 0.0 0.0 0.0 0.0 GMSA (0.1) 0.0 0.0 0.0 0.0 Total (0.1) 0.0 (0.2) (0.1) (0.1)
Slide 29: GM Financial – Key Metrics
GM Financial – Key Metrics S6 (1) Includes international Operations purchased in Q2 2013; Q2 2012 reflects North American operations only (2) Excludes $7M and $625M for Q2 2012 and Q2 2013 respectively in outstanding loans to dealers that are majority- owned and consolidated by GM, in connection wit
Slide 30: Info Item: Fully Diluted EPS Calculation
Info Item: Fully Diluted EPS Calculation Note: Results may not foot due to rounding S7