Slide 1: Preliminary 2008 Fourth Quarter and Calendar Year Results
Exhibit 99.2 Preliminary 2008 Fourth Quarter and Calendar Year Results February 26, 2009
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,” “estimate,” “goal,” “target,” “believe,” “improve,” “intend,” “potential,” “continue,” “designed,” “opportunity,” “risk,” “may,” “would,” “could,” “should,” “projec
Slide 3: Fourth Quarter & Calendar Year Highlights
Fourth Quarter & Calendar Year Highlights Fourth Quarter • GAAP net loss of $(9.6)B, $(15.71) EPS including special items of $(3.7)B • Adjusted net loss of $(5.9)B, $(9.65) EPS, excluding special items • Adjusted automotive earnings before tax (EBT) of $(4.0)B, down $3.2B vs. Q4 2007 (excluding disc
Slide 4: Fourth Quarter Adjusted Results
Fourth Quarter Adjusted Results 4Q08 Inc/(Dec) ($ Millions) 4Q07 4Q08 vs 4Q07 GMNA $ (1,060) $ (2,101) $ (1,041) GME (215) (956) (741) GMLAAM 424 (154) (578) GMAP 72 (879) (951) Auto Eliminations (24) 103 127 Total Auto Earnings Before Tax (803) (3,987) (3,184) GMAC (394) (1,939) (1,545) Corp. Other
Slide 5: Calendar Year Adjusted Results
Calendar Year Adjusted Results 2008 Inc/(Dec) ($ Millions) 2007 2008 vs 2007 GMNA $ (1,535) $ (9,442) $ (7,907) GME 55 (1,633) (1,688) GMLAAM 1,348 1,322 (26) GMAP 744 (664) (1,408) Auto Eliminations (59) 34 93 Total Auto Earnings Before Tax 553 (10,383) (10,936) GMAC Earnings Before Tax (1,147) (4,
Slide 6: Fourth Quarter Adjustments to Income
Fourth Quarter Adjustments to Income $ Millions EPS Adjusted Net Income / (Loss) (5,895) $ (9.65) Fourth Quarter Adjustments (497) Saab Related Impairments (1,093) (229) HUMMER Related Deferred Tax Asset Valuation Allowance, net (1,007) (367) Other Restructuring (900) Delphi Related (660) Goodwill I
Slide 7: Calendar Year Adjustments to Income
Calendar Year Adjustments to Income $ Millions EPS Adjusted Net Income / (Loss) (16,786) $ (29.00) Calendar Year Adjustments UAW VEBA Curtailment Gain 4,901 Restructuring & 2008 SAP (6,463) Delphi Related (4,797) GMAC Related (2,504) Salaried Post-65 Healthcare Settlement (1,704) Deferred Tax Asset
Slide 8: Accounting for Derivatives
Accounting for Derivatives • Effective January 1, 2008, updated derivative liability valuation methodology in accordance with SFAS 157 to consider own nonperformance risk • In Q4, significant deterioration in credit markets and own financial condition caused CDS spreads to widen, driving net gain of
Slide 9: GMNA 4Q08 Adjusted Results
GMNA 4Q08 Adjusted Results 4Q08 Inc/(Dec) ($ Millions) 4Q07 4Q08 vs 4Q07 Revenue $28,121 $19,280 ($8,841) Earnings Before Tax/(Loss) (1,060) (2,101) (1,041) Earnings Before Tax Margin (3.8)% (10.9)% (7.1) p.p. North America: - Production Volume (000) 1,042 815 (227) - GM Total Deliveries (000) 1,054
Slide 10: GMNA Adjusted EBT – 4Q08 vs. 4Q07
GMNA Adjusted EBT – 4Q08 vs. 4Q07 $ Billions – Continuing Operations Only Q4 Key Drivers 2007 Earnings Before Tax $ (1.1) (2.2) Industry decline 1.0 YoY Inventory Change Volume (1.5) (0.3) Segment mix/Other Mix (0.7) (0.7) Product line mix (0.9) Lease reserve adj. Price (1.1) (0.2) Pricing/incentive
Slide 11: GMNA Adjusted EBT – CY2008 vs. CY2007
GMNA Adjusted EBT – CY2008 vs. CY2007 $ Billions – Continuing Operations Only CY Key Drivers (4.8) Industry decline 2007 Earnings Before Tax $ (1.5) 1.0 YoY Inventory Change (1.6) Segment mix / Other Volume (5.4) (2.8) Product line mix (0.5) Model/option mix Mix (3.5) (0.2) Fleet mix/other (1.8) Lea
Slide 12: GME 4Q08 Adjusted Results
GME 4Q08 Adjusted Results 4Q08 Inc/(Dec) ($ Millions) 4Q07 4Q08 vs 4Q07 Revenue $10,710 $6,418 ($4,292) Earnings Before Tax/(Loss) (215) (956) (741) Earnings Before Tax Margin (2.0)% (14.9)% (12.9) p.p. Total Europe: - Production Volume (000) 457 214 (243) - Industry SAAR (Mil.) 24.2 19.5 (4.7) - GM
Slide 13: GME Adjusted EBT – 4Q08 vs. 4Q07
GME Adjusted EBT – 4Q08 vs. 4Q07 $ Billions – Continuing Operations Only Q4 Key Drivers 2007 Earnings Before Tax $ (0.2) (0.7) Industry decline Volume/Mix (1.0) (0.2) Model/option mix (0.1) Share performance Price (0.2) Cost Factors 0.4 0.4 Structural Cost Hedging / Exchange / Other 0.0 0.4 Commodit
Slide 14: GME Adjusted EBT – CY2008 vs. CY2007
GME Adjusted EBT – CY2008 vs. CY2007 $ Billions – Continuing Operations Only CY Key Drivers 2007 Earnings Before Tax $ 0.1 (0.7) Industry decline Volume/Mix (1.4) (0.4) Share performance (0.3) Model/option mix Price (0.4) Cost Factors 0.4 0.4 Structural Cost (1.1) Exchange related Hedging / Exchange
Slide 15: GMLAAM 4Q08 Adjusted Results
GMLAAM 4Q08 Adjusted Results 4Q08 Inc/(Dec) ($ Millions) 4Q07 4Q08 vs 4Q07 Revenue $6,040 $4,707 $(1,333) Earnings Before Tax/(Loss) 424 (154) (578) Earnings Before Tax Margin 7.0% (3.3)% (10.3) p.p. Total LAAM: - Production Volume (000) 253 166 (87) - Industry SAAR (Mil.) 7.4 6.2 (1.2) - GM Total D
Slide 16: GMLAAM Adjusted EBT – 4Q08 vs. 4Q07
GMLAAM Adjusted EBT – 4Q08 vs. 4Q07 $ Billions – Continuing Operations Only Q4 Key Drivers 2007 Earnings Before Tax $ 0.4 (0.3) Industry decline Volume/Mix (0.3) (0.1) Share performance 0.1 Model/option mix Price 0.2 Cost Factors (0.2) (0.1) Exchange related Hedging / Exchange / Other (0.3) 0.1 Comm
Slide 17: GMLAAM Adjusted EBT – CY2008 vs. CY2007
GMLAAM Adjusted EBT – CY2008 vs. CY2007 $ Billions – Continuing Operations Only CY Key Drivers 2007 Earnings Before Tax $ 1.3 (0.1) Industry decline Volume/Mix 0.1 0.2 Model/option mix Price 1.0 (0.4) Structural Cost Cost Factors (0.9) (0.5) Contribution Cost 0.1 Commodity/FX hedging Hedging / Excha
Slide 18: GMAP 4Q08 Adjusted Results
GMAP 4Q08 Adjusted Results 4Q08 Inc/(Dec) ($ Millions) 4Q07 4Q08 vs 4Q07 Revenue $5,342 $2,608 $(2,734) Pre-Tax Income/(Loss) 13 (883) (896) China JVs Equity Income 90 20 (70) Minority Interest (31) (16) 15 Earnings Before Tax/(Loss) 72 (879) (951) Earnings Before Tax Margin 1.3% (33.7)% (35.0) p.p.
Slide 19: GMAP Adjusted EBT – 4Q08 vs. 4Q07
GMAP Adjusted EBT – 4Q08 vs. 4Q07 $ Billions – Continuing Operations Only Q4 Key Drivers 2007 Earnings Before Tax $ 0.1 (0.3) Industry decline Volume/Mix (0.1) 0.2 Model/option mix Price (0.3) Cost Factors 0.1 (0.5) FX hedging Hedging / Exchange / Other (0.7) (0.2) Exchange/Other 2008 Earnings Befor
Slide 20: GMAP Adjusted EBT – CY2008 vs. CY2007
GMAP Adjusted EBT – CY2008 vs. CY2007 $ Billions – Continuing Operations Only CY Key Drivers 2007 Earnings Before Tax $ 0.7 (0.1) Industry decline Volume/Mix (0.2) (0.1) Model/option mix Price (0.4) Cost Factors (0.3) (1.0) FX hedging Hedging / Exchange / Other (0.5) 0.5 Exchange/Other 2008 Earnings
Slide 21: GMAC Highlights
GMAC Highlights Fourth Quarter • GMAC reported $7.5B net income due primarily to bond exchange • Excluding the gain on bond exchange of $11.4B, Q4 2008 net loss was $(4.0)B driven primarily by losses in North America automotive finance and ongoing losses at ResCap – Global Auto Finance reflected a l
Slide 22: GMAC 4Q08 Business Line Results
GMAC 4Q08 Business Line Results 4Q08 Inc/(Dec) ($ Millions) 4Q07 4Q08 vs 4Q07 Global Automotive Finance $ 137 $ (1,313) $ (1,450) Insurance 68 95 27 Other (excl. Bond Exchange)* (50) (1,005) (955) Gain on Bond Exchange & Debt Retirement 562 11,420 10,858 Sub-Total Net Income/(Loss) $ 717 $ 9,197 $ 8
Slide 23: GMAC Update – Ownership & Trust Structure
GMAC Update – Ownership & Trust Structure • GM plans to reduce its ownership interest in GMAC to below 10% • Equity purchased with proceeds of $884 million U.S. Department of the Treasury (UST) loan will be placed in a trust (UST to appoint trustee) – UST has the right to convert the loan into the u
Slide 24: Delphi Update
Delphi Update • Q4 adjustment of $0.7B to Delphi reserve – Primarily related to revaluation of pension obligations – Total of $12.3B in net Delphi-related charges taken to date • In December 2008, Delphi obtained an accommodation on its DIP financing through June 30, 2009 – In conjunction with the a
Slide 25: Liquidity Summary
Liquidity Summary • Liquidity position of $14.0B at December 31, 2008 – Represents decrease of $2.2B from prior quarter driven primarily by negative OCF offset by U.S. TARP funding – Represents $13.3B decrease from year-end 2007 • Net liquidity of $(31.3)B, a decrease of $4.2B from prior quarter and
Slide 26: Automotive Cash Flow Summary
Automotive Cash Flow Summary ($ Billions) 4Q 2007 4Q 2008 F/(U) CY 2007 CY 2008 F/(U) GAAP Net Income (0.7) (9.6) (8.9) (38.7) (30.9) 7.8 Adjustment to Exclude Financing/Insurance Operations & Taxes * (2.2) 2.1 4.3 33.2 8.8 (24.4) Earnings Before Tax (Automotive & Corp/Other) ** (2.9) (7.5) (4.6) (5
Slide 27: Key Cash Flow Variance Drivers
Key Cash Flow Variance Drivers • Change in Pension and OPEB mainly driven by UAW VEBA curtailment $ Billions 4Q07 4Q08 F/(U) CY 2007 CY 2008 F/(U) UAW VEBA Curtailment - - - - (4.9) (4.9) Salaried Post-65 OPEB Settlement - - - - 1.7 1.7 IUE-CWA Curtailment - (0.3) (0.3) - (0.3) (0.3) All Other - 0.0
Slide 28: U.S. Pensions
U.S. Pensions Actuals ($ Billions) 2007 2008 U.S. Pension Expense / (Income) 1.1 3.2 Related Interest Expense 1.1 0.9 Total Expense / (Income) 2.2 4.0 FAS 87 Pension Expense / (Income) 0.5 (0.6) YE Funded Status 1 20.0 (12.4) Hourly 11.8 (10.9) Salaried 8.2 (1.5) YE Discount Rate 6.4% 6.3% Asset Ret
Slide 29: U.S. Pension Funded Status – CY2008 vs. CY2007
U.S. Pension Funded Status – CY2008 vs. CY2007 25 Est. ROA = (11.0)% (2.3) UAW Special Attrition Program 20 (2.7) VEBA Settlement Pension Increase (2.3) Delphi Hourly Pension 20.0 (0.2) IUE Contract 15 (5.9) (3.7) Post-65 Benefit Increase 10 (0.6) Window Retirement Funded Program Status 5 124% 0 $ B
Slide 30: U.S. Healthcare Spending & OPEB Expense
U.S. Healthcare Spending & OPEB Expense Actuals ($ Billions) 2007 2008 U.S. OPEB Expense 2.1 (2.4) OPEB Liability 59.7 40.0 VEBA Assets 16.3 10.0 Net Liability 43.4 30.0 U.S. Health Care Cash Payments Active 1.3 1.1 Retired 3.3 3.3 Total Cash 4.6 4.4 Mitigation VEBA Contributions 1.0 - Assumptions 2
Slide 31: GMNA Contribution Margin – CY2009 vs. CY2008
GMNA Contribution Margin – CY2009 vs. CY2008 $ Billions – Increase / (Decrease) CY Key Drivers 2008 Aggregate CM $ 21.1 (4.0) Industry decline (1.3) Inventory related Volume (5.6) (0.3) Segment mix / other 0.6 Brand/Option Mix Mix 0.4 (0.2) Fleet mix/other 1.7 U.S. (largely in market) Price 2.5 0.3
Slide 32: GMNA Structural Cost – CY2009 vs. CY2008
GMNA Structural Cost – CY2009 vs. CY2008 $ Billions – Increase / (Decrease) CY Key Drivers JOBs Suspension 2008 Structural Cost $ 30.8 SAP Programs Capacity Actions Tier II Wage Structure Tools/Manufacturing (4.2) UAW Tentative Agreement Engineering (0.6) Impact of portfolio actions & salaried headc
Slide 33: Summary
Summary • Results marked by dramatic deterioration in economic and market conditions, falling consumer confidence and declining auto markets in the U.S. and around the world • Expect 2009 to remain challenging • Moving aggressively to align cost structure with dramatically lower industry demand • Co
Slide 34: Supplemental Charts
Supplemental Charts The following supplemental charts are provided to reconcile adjusted financial data comprehended in the primary chart set with GAAP- based data (per GM’s financial statements) and/or provide clarification with regard to definition of non-GAAP terminology S-0
Slide 35: Reconciliation to Adjusted Net Income / EPS Q4 2008
Reconciliation to Adjusted Net Income / EPS Q4 2008 $ Millions, except for EPS Auto Corp. Other QTD December 31, 2008 GMNA GME GMLAAM GMAP Elims Total Auto GMAC Other Financing Total Total Net Sales & Revenue 19,280 6,418 4,707 2,608 (2,401) 30,612 - - 166 30,778 Income (loss) before tax (3,523) (1,
Slide 36: Reconciliation to Adjusted Net Income / EPS Q4 2007
Reconciliation to Adjusted Net Income / EPS Q4 2007 $ Millions, except for EPS Auto Corp. Other QTD December 31, 2007 GMNA GME GMLAAM GMAP Elims Total Auto GMAC Other Financing Total Total Net Sales & Revenue 28,121 10,710 6,040 5,342 (3,695) 46,518 - - 286 46,804 Income (loss) before tax (1,252) (4
Slide 37: Reconciliation to Adjusted Net Income / EPS CY 2008
Reconciliation to Adjusted Net Income / EPS CY 2008 $ Millions, except for EPS Auto Corp. Other GMNA GME GMLAAM GMAP Elims Total Auto GMAC Other Financing Total YTD December 31, 2008 Total Net Sales & Revenue 86,187 34,388 20,260 17,828 (10,931) 147,732 - - 1,247 148,979 Income (loss) before tax (14
Slide 38: Reconciliation to Adjusted Net Income / EPS CY 2007
Reconciliation to Adjusted Net Income / EPS CY 2007 $ Millions, except for EPS Auto Corp. Other GMNA GME GMLAAM GMAP Elims Total Auto GMAC Other Financing Total YTD December 31, 2007 Total Net Sales & Revenue 112,448 37,478 18,894 20,317 (11,543) 177,594 - - 2,390 179,984 Income (loss) before tax (3
Slide 39: Reconciliation of Automotive & Corp/Other Cash Flow Q4 and CYTD
Reconciliation of Automotive & Corp/Other Cash Flow Q4 and CYTD General Motors Corporation Automotive and Corp/Other GAAP to Managerial Cash Flow reconciliation $ Billions Q4 2008 CYTD 2008 Q4 2007 CYTD 2007 Net Cash Provided By Operating Activities (GAAP) * (2.8) (13.3) 3.4 5.4 Reclassifications to
Slide 40: Reconciliation to Pension Expense (CY2007, CY2008)
Reconciliation to Pension Expense (CY2007, CY2008) $ Millions 2007 Total FAS 87 Expense 507 FAS 88 Expense 5 Other Delphi Benefit Increases 552 Allison 19 Guide Prepaid (17) Other - Data Remediation 49 Total Other 603 Total Pension Expense 1,114 $ Millions 2008 Total FAS 87 Expense (628) FAS 88 Expe