Slide 1: General Motors Company Q1 2012 Results
General Motors Company Q1 2012 Results May 3, 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: First Quarter 2012 Highlights
First Quarter 2012 Highlights 2 Q1 ‘11 Q1 ‘12 vs. Q1 ‘11 Global Deliveries 2.2M 2.3M Net Revenue $36.2B $37.8B Net Income to Common $3.2B $1.0B Net Cash from Operating Activities - Automotive $(0.6)B $2.3B EBIT- Adjusted $2.0B $2.2B - GMNA $1.3B $1.7B - GME $0.0B $(0.3)B - GMIO $0.6B $0.5B - GMSA $0
Slide 4: First Quarter Highlights
First Quarter Highlights • Created a global alliance with PSA Peugeot • Set quarterly sales record in China • Sales in Russia increased 29% • Record global Chevrolet sales – 1.2 million vehicles • Selected a single global advertising agency for Chevrolet • Named Wells Fargo & Co. as retail and whole
Slide 5: Summary of Q1 2012 Results
Q1 2011 Q1 2012 GAAP Net Revenue ($B) 36.2 37.8 Operating Income ($B) 0.9 1.0 Net Income to Common Stockholders ($B) 3.2 1.0 EPS – Diluted ($/Share) 1.77 0.60 Net Cash from Operating Activities – Automotive ($B) (0.6) 2.3 Non- GAAP EBIT- Adjusted ($B) 2.0 2.2 EBIT- Adjusted % Revenue 5.6% 5.8% Autom
Slide 6: Impact of Special Items
5 Q1 2011 Q1 2012 Net Income to Common Stockholders ($B) 3.2 1.0 EPS – Diluted ($/Share) 1.77 0.60 Included in Above ($B): - Gain on Sale of Delphi Membership Interest 1.6 0.0 - Gain on Sale of Ally Preferred 0.3 0.0 - India JV Impairment & related charges (0.1) 0.0 - Goodwill Impairment (0.4) (0.6)
Slide 7: Q1 EBIT-Adjusted by Region
1.3 0.0 0.6 0.1 0.1 0.0 2.0 1.7 (0.3) 0.5 0.1 0.2 0.0 2.2 GMNA GME GMIO GMSA GM Financial* Corp. / Elims Total GM EBIT- Adjusted ($B) GMNA GME GMIO GMSA GM Financial* Corp./ Elims Total GM Q1 2011 Q1 2012 Note: Results may not foot due to rounding 6 Q1 EBIT- Adjusted * GM Financial at an Earnings Be
Slide 8: Earnings Before Interest & Taxes - Adjusted
0.0 1.0 2.0 3.0 4.0 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Earnings Before Interest & Taxes - Adjusted ($B) Revenue ($B) 36.2 39.4 36.7 38.0 37.8 Oper. Inc % Rev 2.6% 6.2% 4.9% 1.2% 2.6% EBIT- Adj. % Rev 5.6% 7.5% 6.1% 2.9% 5.8% Production (000’s) 2,327 2,400 2,221 2,319 2,424 Global Share 11.4% 12
Slide 9: Consolidated EBIT-Adj. Q1 2011 vs. Q1 2012
Consolidated EBIT- Adj. – Q1 2011 vs. Q1 2012 Q1 2011 Q1 2012 $0.2B Increase 8 Note: EBIT- Adjusted includes GM Financial on an Earnings Before Tax (EBT) basis EBIT-Adj. EBIT-Adj. Volume Price Cost Other Mix (0.2) 0.8 (0.9) 0.1 2.0 2.2 0.4 ($B)
Slide 10: 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% Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Key GMNA Performance Indicators Avg. U.S. Retail Incentive as % of ATP GM % 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 10.1 11.0 10.3 GM vs. Ind. (GM % / Ind. %) 1.25 1.
Slide 11: GMNA EBIT-Adjusted
(1.0) 0.0 1.0 2.0 3.0 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 GMNA EBIT- Adjusted ($B) Revenue ($B) 22.1 23.1 21.9 23.1 24.2 EBIT- Adj. % Rev 5.7% 9.7% 10.2% 6.5% 7.0% U.S. Dealer Inv (000’s) 574 605 558 583 713 Production (000’s) 786 824 740 739 862 GMNA Share 18.3% 19.1% 18.8% 17.5% 16.7% 1.3 10 2
Slide 12: GMNA EBIT-Adj. Q1 2011 vs. Q1 2012
GMNA EBIT- Adj. – Q1 2011 vs. Q1 2012 Q1 2011 Q1 2012 $0.4B Improvement 0.4 0.6 (0.3) 0.0 1.3 1.7 11 (0.3) EBIT-Adj. EBIT-Adj. Volume Price Cost Other Mix ($B)
Slide 13: GME EBIT-Adjusted
(1.0) 0.0 1.0 2.0 3.0 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 GME EBIT- Adjusted ($B) Revenue ($B) 6.9 7.5 6.2 6.3 5.5 EBIT- Adj. % Rev 0.1% 1.4% (4.7)% (9.0)% (4.6)% Production (000’s) 344 326 270 249 292 GME Share 8.4% 9.0% 8.9% 8.5% 8.2% 0.0 12 0.1 (0.3) (0.6) (0.3)
Slide 14: GME EBIT-Adj. Q1 2011 vs. Q1 2012
GME EBIT- Adj. – Q1 2011 vs. Q1 2012 Q1 2011 Q1 2012 $0.3B Decrease 0.0 (0.2) 0.0 (0.1) 0.0 (0.3) 13 0.0 EBIT-Adj. EBIT-Adj. Volume Price Cost Other Mix ($B)
Slide 15: GMIO EBIT-Adjusted
0.5 0.4 0.4 0.3 0.4 (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** 5.2 3.1% 12.0% 6.4 3.7% 11.1% 6.1 (0.6)% 10.5% 7.0 1.5% 8.4% 6.1 2.1% 10.2% Total Production (000’s) 966 1,003 968 1,104 1,067 GMIO Share 9.3% 9.8% 9
Slide 16: GMIO EBIT-Adj. Q1 2011 vs. Q1 2012
GMIO EBIT- Adj. – Q1 2011 vs. Q1 2012 Q1 2011 Q1 2012 $0.1B Decrease 0.2 0.1 (0.4) 0.0 0.6 0.5 15 0.0 EBIT-Adj. EBIT-Adj. Volume Price Cost Other Mix ($B)
Slide 17: GMSA EBIT-Adjusted
(1.0) 0.0 1.0 2.0 3.0 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 GMSA EBIT- Adjusted ($B) Revenue ($B) 3.9 4.4 4.4 4.2 3.9 EBIT- Adj. % Rev 2.3% 1.4% (1.0)% (5.4)% 2.1% Production (000’s) 231 247 243 227 203 GMSA Share 18.8% 19.3% 18.7% 18.4% 18.4% 0.1 0.1 0.0 16 (0.2) 0.1
Slide 18: GMSA EBIT-Adj. Q1 2011 vs. Q1 2012
GMSA EBIT- Adj. – Q1 2011 vs. Q1 2012 Q1 2011 Q1 2012 $0.0B Increase 0.1 0.0 (0.2) 0.1 0.1 0.1 17 0.1 EBIT-Adj. EBIT-Adj. Volume Price Cost Other Mix ($B) Note: Results may not foot due to rounding
Slide 19: Automotive Free Cash Flow Q1 2011 vs. Q1 2012
Automotive Free Cash Flow – Q1 2011 vs. Q1 2012 ($B) Q1 2011 Q1 2012 Net Income to Common Stockholders 3.2 1.0 Add-back Non-Controlling Interests, Preferred Dividends & undistributed earnings allocated to Series B 0.3 0.3 Deduct Non-Auto (GM Financial) (0.1) (0.1) Automotive Income 3.4 1.2 Special I
Slide 20: Key Automotive Balance Sheet Items
Key Automotive Balance Sheet Items ($B) Mar. 31 2011 Dec. 31 2011 Mar. 31 2012 Cash & marketable securities 30.6 31.6 31.5 Available Credit Facilities 5.9 5.9 5.9 Available Liquidity 36.5 37.5 37.3 Key Obligations: Debt 5.0 5.3 5.4 Series A Preferred Stock 5.5 5.5 5.5 U.S. Pension Underfunded Status
Slide 21: GM Financial
GM Financial Q1 2011 Q1 2012 Industry Avg. (Excl. GM) Q1 2011 Q1 2012 GM Sales Penetrations U.S. Subprime (<=620) 6.1% 8.2% 5.5% 6.0% U.S. Lease 17.2% 12.6% 23.1% 21.6% Canada Lease 3.9% 8.9% 20.9% 19.0% GM / GM Financial Linkage GM as % of GM Financial Originations (GM New / GMF Loan & Lease) 39% 4
Slide 22: 2012 Outlook
• Expect U.S. light vehicle sales to be 14.0 – 14.5 million • Expect GMNA Q2 & Q3 results to be in the range of Q1 – Affected by full-size truck production decreases versus last year • Expect effective tax rate similar to Q1 (12%-13%) – Excluding special items 21 2012 Outlook
Slide 23: First Quarter Summary
First Quarter Summary • Improved Sales volumes Pricing EBIT-Adjusted EBIT-Adjusted margins Cash Flow • More than 20 major product launches in 2012 – Cadillac ATS & XTS in GMNA – Opel Mokka in GME – Chevrolet Sail in GMIO – Chevrolet mid-size truck in GMSA 22
Slide 24: Select Supplemental Financial Information
General Motors Company Select Supplemental Financial Information
Slide 25: 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 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 GMNA 684 784 746 712 703 GME 434 487 415 415 398 Chevrolet in GME 112 145 134 138 122 GMIO 852 775 811 844 928
Slide 26: 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 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 GMNA 18.3% 19.1% 18.8% 17.5% 1
Slide 27: Operating Income Walk to EBIT-Adjusted
Operating Income Walk to EBIT- Adjusted ($B) Q1 2011 Q1 2012 Operating Income 0.9 1.0 Equity Income 2.1 0.4 Non-Controlling Interests 0.0 0.0 Non-Operating Income 0.5 0.2 Special Items (1.5) 0.6 EBIT- Adjusted 2.0 2.2 Note: EBIT-Adjusted includes GM Financial on an Earnings Before Tax (EBT) basis S3
Slide 28: Reconciliation of EBIT-Adjusted
Reconciliation of EBIT- Adjusted ($B) Q1 2011 Q1 2012 Net Income to Common Stockholders 3.2 1.0 Add Back: Undistributed earnings allocated to Series B (Basic) N/A 0.1 Dividends on Preferred Stock 0.2 0.2 Interest Expense / (Income) 0.0 0.0 Income Tax Expense 0.1 0.2 Special Items: - Gain on Sale of
Slide 29: Restructuring (not included in special items)
Restructuring (not included in special items) ($B) Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 GMNA – Dealer Related 0.0 0.0 0.0 0.0 0.0 GMNA – Non-Dealer Related 0.0 0.0 (0.1) 0.0 (0.1) Total GMNA 0.0 0.0 (0.1) 0.0 (0.1) Total GME 0.0 (0.1) (0.1) (0.2) 0.0 Total GMIO 0.0 0.0 0.0 0.0 0.0 Total GMSA 0.0
Slide 30: Reconciliation of Automotive Free Cash Flow
Reconciliation of Automotive Free Cash Flow ($B) Q1 2011 Q1 2012 Net cash provided by operating activities (0.4) 2.5 Less net cash provided by operating activities-GM Financial 0.2 0.2 Automotive Net Cash Provided/(Used) Operating Activities (0.6) 2.3 Capital expenditures (1.3) (2.0) Automotive Free
Slide 31: GM Financial - Key Metrics
GM Financial – Key Metrics ($M) Q1 2011 Q1 2012 Earnings Before Tax 130 181 Total Loan and Lease Originations 1,449 1,780 GM New Vehicles as % of Total 39% 45% Finance Receivables 8,750 10,001 Delinquencies (>30 days)* 5.3% 4.4% Annualized Net Credit Losses as % of Avg. Finance Receivables 4.0% 2.5%
Slide 32: Calculation of EBIT-Adj. as a Percent of Revenue
Calculation of EBIT- Adj. as a Percent of Revenue Total GM ($B) Q1 2011 % Q2 2011 % Q3 2011 % Q4 2011 % Q1 2012 % Revenue 36.2 39.4 36.7 38.0 37.8 Operating Income 0.9 2.6% 2.5 6.2% 1.8 4.9% 0.5 1.2% 1.0 2.6% EBIT- Adjusted 2.0 5.6% 3.0 7.5% 2.2 6.1% 1.1 2.9% 2.2 5.8% GMIO Consolidated Results ($B)