General Motors Company · NYSE:GM
General Motors — Q3 2010 Earnings Presentation
27 slides from General Motors's earnings presentation, Nov 12, 2010
Slide 1: General Motors Company Q3 2010 Results
General Motors Company Q3 2010 Results November 10, 2010 Exhibit 99.1
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: Summary of Q3 2010 Results
GAAP Net Revenue ($B) 31.5 33.2 34.1 Operating Income ($B) 1.2 1.8 1.9 Net Income Attr. Common Stockholders ($B) 0.9 1.3 2.0 EPS – Diluted ($/Share) 0.55 0.85 1.20 Non- GAAP EBIT - Adj. ($B) 1.7 2.0 2.3 Free Cash Flow ($B) 1.0 2.8 1.4 Summary of Q3 2010 Results
Slide 4: Operating Income Walk to EBIT-Adj.
Operating Income Walk to EBIT - Adj. ($ B) Operating Income 1.9 Equity Income 0.4 Non-Controlling Interests (0.1) Non-Operating Income 0.1 Earnings Before Interest & Taxes (EBIT) 2.3 Less Adjustments 0.0 EBIT- Adj. 2.3
Slide 5: EBIT & EBIT-Adj.
EBIT & EBIT - Adj. * Included in Earnings Before Interest and Taxes (EBIT) Note: Results may not foot due to rounding
Slide 6: Global Deliveries
2010 Global Deliveries (000’s) Global Share 11.0% 11.6% 11.5% GM deliveries & market share include vehicles sold around the world under GM and JV brands, and through GM branded distribution network
Slide 7: GMNA Deliveries
2010 GMNA Deliveries (000’s) GMNA Share 17.8% 18.7% 17.7% U.S. Share 18.4% 19.4% 18.3% U.S. 4 Brand Share 18.1% 19.3% 18.3% Discontinued Brands Chevy, Buick, GMC, Cadillac
Slide 8: Key GMNA Performance Indicators
Key GMNA Performance Indicators Avg. U.S. Retail Incentive, as % of ATP GM (4-Brand) % 14.0 12.2 12.5 13.3 12.2 12.0 10.3 9.7 9.3 9.9 11.2 11.7 12.6 10.7 9.6 9.5 GM vs. Ind. (GM % / Ind. %) 1.23 1.23 1.31 1.40 1.29 1.20 1.06 0.93 0.85 0.95 1.03 1.10 1.12 1.01 0.95 1.01 Share $/Unit U.S. 4-Brand Shar
Slide 9: GMNA Net Revenue
2010 GMNA Net Revenue GMNA Production (000’s) U.S. Dealer Inv (000’s)
Slide 10: GMNA Earnings Before Interest & Taxes
2010 GMNA Earnings Before Interest & Taxes
Slide 11: GMNA EBIT – Q2 2010 vs. Q3 2010
GMNA EBIT – Q2 2010 vs. Q3 2010 Q2 2010 EBIT Q3 2010 EBIT $0.5B Improvement
Slide 12: GME Deliveries
2010 GME Deliveries (000’s) GME Share 8.5% 8.8% 8.9% Germany Share 8.2% 8.0% 8.5% U.K. Share 12.0% 13.8% 12.6% Chevrolet GME Excl. Chevrolet GME deliveries and market share include unit sales of Chevrolets produced by GMIO. Revenue and associated costs of these unit sales are reported by GMIO
Slide 13: GME Net Revenue
2010 GME Net Revenue Production (000’s)
Slide 14: GME Earnings Before Interest & Taxes
2010 GME Earnings Before Interest & Taxes
Slide 15: GME EBIT – Q2 2010 vs. Q3 2010
GME EBIT – Q2 2010 vs. Q3 2010 Q2 2010 EBIT Q3 2010 EBIT $0.4B Reduction
Slide 16: GMIO Deliveries
2010 GMIO Deliveries (000’s) GMIO Share 10.2% 10.3% 10.3% China Share 13.3% 13.1% 13.6% Brazil Share 19.9% 18.4% 18.3% India Share 4.2% 4.0% 3.0% China GMIO Excl. China
Slide 17: GMIO Net Revenue
2010 GMIO Net Revenue Production (000’s) Fully Consolidated Joint Venture Total 1,112 1,195 1,111
Slide 18: GMIO Earnings Before Interest & Taxes
2010 GMIO Earnings Before Interest & Taxes 1.2 0.7 0.6 Equity Income Inc. Before Int/Tax/Equity
Slide 19: GMIO EBIT - Q2 2010 vs. Q3 2010
GMIO EBIT - Q2 2010 vs. Q3 2010 Q2 2010 EBIT Q3 2010 EBIT $0.1B Reduction
Slide 20: Cash Flow
Cash Flow Q2 2010 Q3 2010 Net Income Attr. Common Stockholders 1.3 2.0 Add-back Non-Controlling Interests & Preferred Dividends 0.3 0.2 Net Income 1.6 2.2 Depreciation / Amortization 1.7 1.7 Working Capital 0.1 (0.5) Pension / OPEB & Other 0.5 (0.8) Net cash provided/(used) operating activities 3.9
Slide 21: Key Balance Sheet Items
Key Balance Sheet Items June 30 Sept. 30 Cash & marketable securities * 32.5 34.5 Available Credit Facilities 1.1 1.3 Available Liquidity * 33.6 35.8 Key Obligations: Debt 8.2 8.6 Preferred Stock 7.0 7.0 Underfunded Pensions 26.4 29.4 Underfunded OPEB 9.3 9.4 * Includes Canadian HC Trust Restricted
Slide 22: Outlook
Outlook • Expect Q4 EBIT to remain positive, but at a significantly lower run-rate than each of first three quarters – Different production mix – New vehicle launch costs – Increased engineering expense in support of future products • $0.7B non-cash charge associated with purchase of Series A Prefer
Slide 23: Key Messages
Key Messages • Three straight quarters of profitability and positive cash flow • Expect to post solidly profitable results for CY 2010 • Company continues to deliver on major business objectives – Product launches – Cost discipline – European restructuring – Strengthening balance sheet
Slide 24: Select Supplemental Financial Information
General Motors Company Select Supplemental Financial Information
Slide 25: Operating Income Walk to EBIT-Adj
Operating Income Walk to EBIT- Adj S1 Operating Income 1.2 1.8 1.9 Equity Income 0.4 0.4 0.4 Non-Controlling Interests (0.1) (0.1) (0.1) Non-Operating Income/(Expense) 0.3 (0.1) 0.1 Earnings Before Interest & Taxes 1.8 2.0 2.3 Less Adjustments 0.1 0.0 0.0 EBIT- Adj. 1.7 2.0 2.3
Slide 26: Detail of Adjustments
Detail of Adjustments S2 Earnings Before Interest & Taxes (EBIT) 1.8 2.0 2.3 Less Adjustments - Gain on Saab Sale 0.1 Total Adjustments 0.1 0.0 0.0 EBIT – Adj. 1.7 2.0 2.3
Slide 27: Restructuring Excluded From Adjustments
Restructuring Excluded From Adjustments S3 GMNA – Dealer Related 0.0 0.0 0.0 GMNA – Non-Dealer Related 0.1 0.0 0.0 Total GMNA 0.1 0.0 0.0 Total GME (0.3) (0.2) (0.1) Total GMIO 0.0 0.0 0.0 Total (0.2) (0.2) (0.1)