Interim Results
General Motors Corp (IRS)
17 July 2001
Contact: Mark A.Tanner
(313)665-3146
Tony Simonetti
(212)418-6380
GM EARNS $610 MILLION, OR $1.26 PER SHARE, IN SECOND QUARTER
Net liquidity improves by $1.4 billion
DETROIT - General Motors Corp. (NYSE: GM) today reported that it earned $610
million, or $1.26 diluted earnings per share, in the second quarter of 2001 -
excluding special items - on revenues of $46.1 billion.
The second-quarter-2001 results exclude one-time charges totaling $133 million,
or $0.23 per share, related to the previously announced restructuring of its
affiliate Isuzu Motors Ltd. GM earned $477 million, or $1.03 per share, in the
quarter including the charges. GM financial results described throughout the
remainder of this release exclude the charges relating to Isuzu unless otherwise
noted.
'We had a reasonably solid quarter considering lower North American production
to ensure appropriate levels of inventory in the context of moderating industry
demand and the prevailing tough pricing conditions,' said GM Chairman Jack
Smith.
Cash and net liquidity both increased during the second quarter of 2001. Cash,
marketable securities, and assets of the Voluntary Employees' Beneficiary
Association (VEBA) trust invested in short-term fixed-income securities,
excluding Hughes, totaled $11.1 billion at June 30, 2001, compared with $9.4
billion at March 31, 2001, bringing net liquidity up $1.4 billion, to $1.9
billion.
The second-quarter results compare with record performance in the prior-year
period when GM earned $1.8 billion, or $2.93 per share, on revenue of $48.7
billion.
The highly competitive pricing environment in the United States was exacerbated
by the strength of the U.S. dollar compared with key European and Asian
currencies. The currency exchange rates resulted in a distinct pricing advantage
in the United States for European, Korean and Japanese manufacturers who have
made significant gains in U.S. market share and increased the pricing pressure
on U.S.-based manufacturers.
'We maintained momentum during the quarter as vehicle sales were stronger than
expected in North America,' said GM Chief Executive Officer Rick Wagoner. 'We're
moving faster to deliver innovative new products and services and intensifying
actions to lower our structural costs.'
'We have significantly strengthened our North American product portfolio this
year with the introduction of new sport-utility and innovative crossover
vehicles that have been well received by our customers and the automotive
media,' Wagoner said.
GM's product renaissance continued during the second quarter with the production
ramp-ups of the Chevrolet Avalanche and TrailBlazer; the Buick Rendezvous; the
GMC Envoy; the Oldsmobile Bravada; the Cadillac Escalade; and the Chevrolet
Silverado and GMC Sierra heavy-duty pickup trucks. Later this year, GM will
launch the Cadillac CTS and EXT models; and the Saturn VUE, strengthening its
product lineup even further.
GM is delivering a broader range of new products in other key markets around the
world, as well. GM Europe's new products include the Astra convertible; the
Speedster; and Vivaro and Combo commercial vans. In Latin America, the Chevrolet
Zafira and Grand Vitara are new entries. In the Asia-Pacific region, the Buick
Sail; the Chevrolet Blazer; and the S-10 crewcab pickup, which will be
introduced later in the year, are important new products in China. The Zafira
was recently introduced in Asia-Pacific and is produced at GM's Thailand plant.
GM will begin production this fall at Suzuki's Kosai plant in Japan of the new
Chevrolet Cruze, a small 4X4 lifestyle vehicle.
Big contributors in the second quarter's financial performance were General
Motors Acceptance Corp. (GMAC), and GM North America (GMNA).
GMAC
GMAC earned a second-quarter record $449 million, an increase of more than 13
percent compared with the $395 million earned in the second quarter of 2000.
GMAC's results were driven primarily by stronger earnings in its core automotive
finance operations. In this segment, the improvement came primarily from higher
asset levels and the positive impact of lower short-term interest rates, only
partially offset by higher credit losses and lower off-lease residual values.
Insurance operations posted a decline in earnings due largely to a
timing-related reduction in capital gains. In the mortgage operations, the lower
interest rate environment led to an acceleration of loan prepayments as more
customers refinanced their mortgages requiring a write-down of mortgage
servicing rights. Absent this write-down, mortgage operations remained strong
with a significant increase in mortgage originations and record earnings from
GMAC Commercial Mortgage and Residential Funding Corporation (GMAC's residential
mortgage conduit operation). Overall, GMAC remains on track for another record
year in 2001.
GM NORTH AMERICA
GMNA earned $521 million in the second quarter of 2001 as production fell 13
percent, wholesale vehicle sales declined 12 percent, and net vehicle prices
declined approximately 0.8 percent from the prior-year period. GMNA earned $1.4
billion in the second quarter of 2000 when industry demand was at an all-time
high. During the second quarter of 2001, U.S. dealer inventories were reduced to
less than 1.1 million vehicles, more than 200,000 units below year-end-2000
levels.
In addition, GM outpaced the industry with an 11 percent improvement in quality
in the annual J.D. Power and Associates 2001 Initial Quality Study. GM was the
highest ranking domestic automaker, with nine vehicles placing among the top
three in their categories and three vehicles ranking highest.
GM also was recognized during the quarter for substantial improvements in
productivity. The recent annual Harbour report cited an 8.5 percent improvement
in GM North America's productivity, outperforming all other multi-plant
manufacturers.
'I am especially pleased that the dedicated work of all our employees to improve
quality and manufacturing productivity is being recognized and translated into
improved results,' Wagoner said. 'GM's intense focus on quality is having a very
positive effect on our products and customers.'
GM led all manufacturers in productivity gains in assembly, stamping and engine
operations; took the overall lead in transmission productivity for the first
time, and had six of the 10 most improved assembly plants in North America.
'We've made tremendous progress in productivity and we're working hard to build
on that progress, allowing us to further improve our competitiveness in a
pricing environment that continues to be aggressive and challenging,' Wagoner
said.
GM EUROPE
Fierce price competition, and unfavorable product mix and country mix were key
factors in GM Europe's (GME) loss of $154 million in the second quarter of 2001.
That compares with earnings of $166 million in the second quarter last year.
'The restructuring initiatives announced last year represent only the first step
in returning our European operations to solid profitability. GME and our Opel
unit have announced that they are aggressively identifying additional actions
required to restore profitability and revitalize the Opel/Vauxhall brands,'
Wagoner said. 'We will announce these actions later this year.'
OTHER AUTOMOTIVE REGIONS
GM Asia Pacific (GMAP) had net income of $12 million in the second quarter of
2001, excluding GM's portion of the severance payments and asset write-downs
that were part of the previously announced restructuring of Isuzu. That compares
with a loss of $123 million in the second quarter of 2000. The improvement
resulted primarily from decreased operating losses at Isuzu and strong equity
earnings from GM's alliance partners Fuji Heavy Industries and Suzuki.
GM's Latin America/Africa/Mid-East (GMLAAM) region had net income of $31 million
in the second quarter of 2001, compared with $10 million in the same period last
year. The profit improvement was driven primarily by increased volume. The
region had its highest market penetration for any quarter in the last 10 years
as market share hit 17.8 percent in the second quarter of 2001 - an increase of
nearly two percentage points from the same period a year ago.
HUGHES
Hughes' net loss of $156 million in the second quarter of 2001 was related
primarily to the continued growth of DIRECTV. Hughes added approximately 200,000
net new DIRECTV subscribers in the second quarter, bringing the total subscriber
base to 11.4 million.
LOOKING AHEAD
Sales levels in the first half of 2001 were more robust than initially
projected, while some moderation is expected in the second half of the year.
GM now expects that total U.S. vehicle sales will be approximately 16.8 million
units in calendar-year 2001.
In the European market, sales have moderated from the strong levels last year.
GM expects industry vehicle sales in Europe to be in the range of 19 million to
19.5 million units for the calendar year.
Regarding the earnings outlook, the present analysts' consensus of approximately
$0.83 per share for the third quarter of 2001 appears reasonable and is
consistent with GM's outlook for the quarter. GM's outlook for the full year
remains at $4.25 per share.
In this press release and related comments by General Motors management, our use
of the words 'outlook', 'expect,' 'anticipate,' 'estimate,' 'forecast,'
'objective,' 'plan,' 'goal' and similar expressions is intended to identify
forward looking statements. While these statements represent our current
judgment on what the future may hold, and we believe these judgments are
reasonable, actual results may differ materially due to numerous important
factors that are described in GM's most recent report on SEC Form 10-K (at page
II-10, 11) which may be revised or supplemented in subsequent reports on SEC
Forms 10-Q and 8-K. Such factors include, among others, the following: changes
in economic conditions, currency exchange rates or political stability;
shortages of fuel, labor strikes or work stoppages; market acceptance of the
corporation's new products; significant changes in the competitive environment;
changes in laws, regulations and tax rates; and, the ability of the corporation
to achieve reductions in cost and employment levels to realize production
efficiencies and implement capital expenditures at levels and times planned by
management.
General Motors Corporation
Adjusted Corporate Financial Results
Second Quarter Year to Date
-------------- --------------
2001(1) 2000 2001(2) 2000
---- ---- ---- ----
Total net sales and
revenues ($Mil's) $46,119 $48,743 $88,742 $95,601
Consolidated net
income ($Mil's) $610 $1,751 $835 $3,534
Net margin from
consolidated net income 1.3% 3.6% 0.9% 3.7%
GM $1-2/3 par value
earnings per share
Basic EPS $1.29 $2.99 $1.80 $5.87
Diluted EPS $1.26 $2.93 $1.77 $5.74
GM Class H
earnings per share (3)
Basic EPS $(0.14) $(0.07) $(0.23) $(0.15)
Diluted EPS $(0.14) $(0.07) $(0.23) $(0.15)
Earnings attributable to
GM $1-2/3 par value ($Mil's)
Consolidated net income $610 $1,751 $835 $3,534
Preferred dividends (23) (27) (51) (56)
Losses attributable
to GM Class H 120 38 201 71
--- ----- --- -----
Total earnings attributable
to GM $1-2/3 par value
$707 $1,762 $985 $3,549
=== ===== === =====
GM $1-2/3 par value average
shares outstanding (Mil's)
Basic shares 549 590 549 605
Diluted shares 559 602 559 618
Cash dividends per share
of common stocks
GM $1-2/3 par value $0.50 $0.50 $1.00 $1.00
GM Class H - - - -
Book value per share of
common stocks at June 30
GM $1-2/3 par value $38.85 $38.44
GM Class H (3) $7.77 $7.69
Total cash at June 30
($Bil's) (4) $12.2 $13.3
Automotive, Communications Services,
and Other Operations ($Mil's)
Depreciation $1,137 $972 $2,168 $1,962
Amortization of special
tools 573 661 1,138 1,315
Amortization of intangible
assets 85 81 158 152
----- ----- ----- -----
Total $1,795 $1,714 $3,464 $3,429
===== ===== ===== =====
See footnotes below
General Motors Corporation
Adjusted Segment Financial Results
Second Quarter Year to Date
-------------- --------------
2001(1) 2000 2001(2) 2000
---- ---- ---- ----
(dollars in millions)
Total net sales and revenues
GMNA $28,117 $30,569 $53,223 $59,813
GME 6,231 7,142 12,499 13,976
GMLAAM 1,739 1,368 3,134 2,758
GMAP 1,128 790 2,138 1,653
------ ------ ------ ------
Total GMA 37,215 39,869 70,994 78,200
Hughes 2,003 2,260 3,920 4,378
Other 513 741 981 1,487
------ ------ ------ ------
Total ACO 39,731 42,870 75,895 84,065
GMAC 6,321 5,755 12,698 11,376
Other Financing 67 118 149 160
------ ------ ------ ------
Total FIO 6,388 5,873 12,847 11,536
------ ------ ------ ------
Consolidated net sales
and revenues $46,119 $48,743 $88,742 $95,601
====== ====== ====== ======
Pre-tax income (loss)
GMNA $666 $2,059 $882 $3,982
GME (194) 278 (347) 627
GMLAAM 74 (32) 82 (68)
GMAP 35 6 35 33
----- ----- ----- -----
Total GMA 581 2,311 652 4,574
Hughes (5) (248) (57) (400) (265)
Other (113) (70) (259) (113)
---- ----- ----- -----
Total ACO 220 2,184 (7) 4,196
GMAC 714 628 1,432 1,260
Other Financing (9) 23 (23) 11
----- ----- ----- -----
Total FIO 705 651 1,409 1,271
---- ----- ----- -----
Consolidated pre-tax
income $925 $2,835 $1,402 $5,467
==== ===== ===== =====
Net income (loss)
GMNA $521 $1,411 $641 $2,700
GME (154) 166 (240) 387
GMLAAM 31 10 37 11
GMAP 12 (123) (8) (116)
---- ----- ----- -----
Total GMA 410 1,464 430 2,982
Hughes (5)(6) (156) (64) (252) (141)
Other (82) (69) (201) (105)
---- ----- ----- -----
Total ACO 172 1,331 (23) 2,736
GMAC 449 395 880 792
Other Financing (11) 25 (22) 6
----- ----- ----- -----
Total FIO 438 420 858 798
----- ----- ----- -----
Consolidated net income $610 $1,751 $835 $3,534
===== ===== ===== =====
See footnotes below
General Motors Corporation
Supplementary Adjusted Segment Financial Results
Second Quarter Year to Date
-------------- --------------
2001(1) 2000 2001(2) 2000
---- ---- ---- ----
(dollars in millions)
Income tax expense (benefit)
GMNA $143 $645 $208 $1,260
GME (36) 115 (100) 245
GMLAAM 27 (24) 29 (47)
GMAP 21 1 19 11
--- --- --- -----
Total GMA $ 155 $737 $156 $1,469
=== === === = ====
Equity income (loss) and
minority interests
GMNA $(2) $(3) $(33) $(22)
GME 4 3 7 5
GMLAAM (16) 18 (16) 32
GMAP (2) (128) (24) (138)
-- --- -- ---
Total GMA $(16) $(110) $(66) $(123)
== === == ===
Effective income tax rate
GMNA 21.5% 31.3% 23.6% 31.6%
GME 18.6% 41.4% 28.8% 39.1%
GMLAAM 36.5% 75.0% 35.4% 69.1%
GMAP 60.0% 16.7% 54.3% 33.3%
Net margins
GMNA 1.9% 4.6% 1.2% 4.5%
GME (2.5%) 2.3% (1.9%) 2.8%
GMLAAM 1.8% 0.7% 1.2% 0.4%
GMAP 1.1% (15.6%) (0.4%) (7.0%)
Total GMA 1.1% 3.7% 0.6% 3.8%
Hughes (5)(6) (7.8%) (2.8%) (6.4%) (3.2%)
Total ACO 0.4% 3.1% (0.0%) 3.3%
GMAC 7.1% 6.9% 6.9 7.0%
Consolidated net income
1.3% 3.6% 0.9% 3.7%
See footnotes below
General Motors Corporation
Operating Statistics
Second Quarter Year to Date
-------------- --------------
2001 2000 2001 2000
---- ---- ---- ----
(units in thousands)
Worldwide Wholesale Sales
United States -
Cars 542 684 1,048 1,306
United States -
Trucks 634 669 1,202 1,343
----- ----- ----- -----
Total United States
1,176 1,353 2,250 2,649
Canada, Mexico, and Other
186 223 337 416
----- ----- ----- -----
Total GMNA 1,362 1,576 2,587 3,065
GME 495 539 963 1,038
GMLAAM 187 154 346 289
GMAP 100 95 239 211
----- ----- ----- -----
Total Worldwide
2,144 2,364 4,135 4,603
===== ===== ===== =====
Vehicle Unit Deliveries
Chevrolet - Cars 227 242 459 475
Chevrolet - Trucks 466 468 888 921
Pontiac 144 165 281 320
GMC 144 150 269 289
Buick 95 111 182 214
Oldsmobile 60 81 136 158
Saturn 85 81 151 145
Cadillac 41 46 79 98
Other 13 11 26 18
----- ----- ----- -----
Total United States
1,275 1,355 2,471 2,638
Canada, Mexico, and Other
186 196 348 355
----- ----- ----- -----
Total GMNA 1,461 1,551 2,819 2,993
GME 502 516 999 1,038
GMLAAM 174 143 338 282
GMAP 116 118 245 233
----- ----- ----- -----
Total Worldwide
2,253 2,328 4,401 4,546
===== ===== ===== =====
Market Share
United States -
Cars 26.2% 28.4% 27.5% 28.6%
United States -
Trucks 28.4% 27.3% 28.2% 27.7%
Total United States
27.3% 27.8% 27.8% 28.2%
Total North America 27.0% 27.7% 27.5% 27.9%
Total Europe 9.5% 9.6% 9.5% 9.5%
Latin America (7) 22.8% 20.5% 22.1% 20.0%
Asia and Pacific 3.7% 3.8% 3.7% 3.6%
Total Worldwide
15.2% 15.6% 15.0% 15.2%
U.S. Retail/Fleet Mix
% Fleet Sales -
Cars 24.5% 25.1% 28.7% 26.9%
% Fleet Sales -
Trucks 15.8% 18.2% 15.0% 16.7%
Total Vehicles 20.0% 21.7% 21.7% 21.9%
Retail Lease as % of Retail Sales
Total Smartlease
and Smartbuy 16.0% 24.1%
Days Supply of Inventory
at June 30
United States -
Cars 57 64
United States -
Trucks 84 90
Capacity Utilization
U.S. and Canada
(2 shift rated) 80.7% 94.7% 75.5% 91.2%
GMNA Net Price (0.8%) 0.0%
See footnotes below
General Motors Corporation
Operating Statistics
Second Quarter Year to Date
-------------- --------------
2001 2000 2001 2000
---- ---- ---- ----
GMAC's U.S. Cost of Borrowing
5.90% 6.56%
Current Debt Spreads Over
U.S. Treasuries
2 Year 105 bp 100 bp
5 Year 150 bp 145 bp
10 Year 178 bp 185 bp
Worldwide Employment
at June 30 (in 000's)
United States Hourly 130 139
United States Salary 43 44
--- ---
Total United States
173 183
Canada, Mexico, and Other
34 35
--- ---
GMNA 207 218
GME 76 90
GMLAAM 25 24
GMAP 11 11
Hughes 11 18
GMAC 29 27
Other 13 13
--- ---
Total 372 401
=== ===
Worldwide Payrolls ($Mil's)
$5,164 $5,769 $10,166 $11,360
Footnotes:
---------
(1) The Q2 2001 adjusted amounts represent the reported amounts excluding
General Motors' portion of severance payments and asset impairments that
were part of the previously announced restructuring of its affiliate Isuzu
Motors Ltd. General Motors' share of such charges decreased GMAP and
consolidated net income by $133 million.
(2) The year-to-date 2001 adjusted amounts represent the reported amounts
excluding General Motors' portion of severance payments and asset
impairments that were part of the previously announced restructuring of its
affiliate Isuzu Motors Ltd., less the net Q1 2001 impact from initially
adopting SFAS No. 133, Accounting for Derivatives and Hedging Activities.
The Isuzu restructuring charges decreased consolidated net income by $133
million during Q2 2001 while the net impact from initially adopting SFAS
No. 133 increased consolidated net income by $12 million during Q1 2001.
(3) The 2000 GM Class H common stock earnings per share and book value per
share amounts have been adjusted to reflect the three-for-one stock split,
in the form of a 200% stock dividend, paid on June 30, 2000.
(4) Represents total cash for Automotive, Communications Services, and Other
Operations which includes cash and marketable securities, as well as $3.0
billion invested in short-term fixed income securities of the Corporation's
Voluntary Employees' Beneficiary Association Trust.
(5) Excludes the effects of purchase accounting adjustments related to General
Motors' acquisition of Hughes in 1985.
(6) Excludes Hughes Series A Preferred Stock dividends payable to General
Motors.
(7) Latin America excludes the Middle East and Africa.
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2001 2000 2001 2000
(dollars in millions except per share amounts)
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
Total net sales
and revenues $46,119 $48,743 $88,734 $95,601
Cost of sales and
other expenses 37,181 38,069 71,691 75,210
Selling, general,
and administrative
expenses 5,754 5,481 11,144 10,338
Interest expense 2,259 2,358 4,470 4,586
Total costs
and expenses 45,194 45,908 87,305 90,134
Income before income
taxes and minority
interests 925 2,835 1,429 5,467
Income tax expense 304 929 512 1,712
Equity income/(loss)
and minority
interests (144) (155) (203) (221)
Net income 477 1,751 714 3,534
Dividends on
preference stocks (23) (27) (51) (56)
Earnings attributable
to common stocks $454 $1,724 $663 $3,478
Basic earnings (losses)
per share attributable
to common stocks
Earnings per share
attributable to
$1-2/3 par value $1.05 $2.99 $1.59 $5.87
Earnings per share
attributable to
Class H $(0.14) $(0.07) $(0.24) $(0.15)
Earnings (losses)
per share
attributable to
common stocks
assuming dilution
Earnings per share
attributable to
$1-2/3 par value $1.03 $2.93 $1.56 $5.74
Earnings per share
attributable to
Class H $(0.14) $(0.07) $(0.24) $(0.15)
CONSOLIDATED STATEMENTS OF INCOME - concluded
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2001 2000 2001 2000
(dollars in millions)
AUTOMOTIVE, COMMUNICATIONS SERVICES, AND OTHER OPERATIONS
Total net sales
and revenues $39,731 $42,870 $75,895 $84,065
Cost of sales and
other expenses 35,182 36,260 67,676 71,581
Selling, general,
and
administrative
expenses 4,091 4,032 7,730 7,539
Total costs and
expenses 39,273 40,292 75,406 79,120
Interest expense 151 222 313 438
Net expense from
transactions with
Financing and
Insurance Operations 87 172 218 311
Income (loss) before
income taxes and
minority interests 220 2,184 (42) 4,196
Income tax expense
(benefit) 68 698 (13) 1,240
Equity income/(loss)
and minority
interests (113) (155) (149) (220)
Net income (loss) -
Automotive,
Communications
Services, and
Other Operations $39 $1,331 $(178) $2,736
FINANCING AND INSURANCE OPERATIONS
Total revenues $6,388 $5,873 $12,839 $11,536
Interest expense 2,108 2,136 4,157 4,148
Depreciation and
amortization
expense 1,443 1,483 2,952 3,006
Operating and other
expenses 1,628 1,391 3,345 2,697
Provision for
financing and
insurance losses 591 384 1,132 725
Total costs and
expenses 5,770 5,394 11,586 10,576
Net income from
transactions with
Automotive,
Communications
Services, and Other
Operations (87) (172) (218) (311)
Income before income
taxes and minority
interests 705 651 1,471 1,271
Income tax expense 236 231 525 472
Equity income/(loss)
and minority
interests (31) - (54) (1)
Net income - Financing
and Insurance
Operations $438 $420 $892 $798
CONSOLIDATED BALANCE SHEETS
June 30, 2001 Dec. 31, June 30, 2000
GENERAL MOTORS CORPORATION AND (Unaudited) 2000 (Unaudited)
SUBSIDIARIES (dollars in millions)
ASSETS
Automotive, Communications Services,
and Other Operations
Cash and cash equivalents $8,370 $9,119 $9,441
Marketable securities 795 1,161 893
Total cash and marketable securitieS 9,165 10,280 10,334
Accounts and notes receivable
(less allowances) 6,533 5,835 5,968
Inventories (less allowances) 11,072 10,945 11,680
Equipment on operating leases
(less accumulated depreciation) 5,084 5,699 5,973
Deferred income taxes and other current
assets 8,499 8,388 9,678
Total current assets 40,353 41,147 43,633
Equity in net assets of nonconsolidated
associates 4,934 3,497 3,377
Property - net 33,922 33,977 33,436
Intangible assets - net 7,743 7,622 8,726
Deferred income taxes 15,560 14,870 13,456
Other assets 31,226 32,243 30,207
Total Automotive, Communications
Services, and
Other Operations assets 133,738 133,356 132,835
Financing and Insurance Operations
Cash and cash equivalents 1,139 1,165 692
Investments in securities 10,614 9,595 9,447
Finance receivables - net 89,608 92,415 85,782
Investment in leases and other
receivables 35,701 36,752 37,883
Other assets 31,281 27,846 23,528
Net receivable from Automotive,
Communications Services, and
Other Operations 1,582 1,971 1,182
Total Financing and Insurance
Operations assets 169,925 169,744 158,514
Total assets $303,663 $303,100 $291,349
LIABILITIES AND STOCKHOLDERS' EQUITY
Automotive, Communications Services,
and Other Operations
Accounts payable (principally trade) $19,177 $18,309 $17,329
Loans payable 2,430 2,208 2,554
Accrued expenses 34,512 33,252 32,527
Net payable to Financing and Insurance
Operations 1,582 1,971 1,182
Total current liabilities 57,701 55,740 53,592
Long-term debt 8,662 7,410 8,518
Postretirement benefits other than
pensions 34,109 34,306 33,931
Pensions 3,111 3,480 3,338
Other liabilities and deferred income
taxes 14,791 15,768 17,279
Total Automotive, Communications
Services, and Other Operations
liabilities 118,374 116,704 116,658
Financing and Insurance Operations
Accounts payable 6,348 7,416 4,611
Debt 133,088 135,037 128,164
Other liabilities and deferred income
taxes 15,494 12,922 12,161
Total Financing and Insurance
Operations liabilities 154,930 155,375 144,936
Minority interests 699 707 647
General Motors - obligated mandatorily
redeemable preferred securities of
subsidiary trusts holding solely junior
subordinated debentures of General Motors
Series G - 139 139
Stockholders' equity
$1-2/3 par value common stock
(issued, 549,606,968; 548,181,757;
and 536,912,451 shares) 916 914 895
Class H common stock (issued, 876,465,865;
875,286,559 and 873,646,596 shares) 88 88 87
Capital surplus (principally additional
paid-in capital) 21,114 21,020 19,668
Retained earnings 10,233 10,119 9,816
Subtotal 32,351 32,141 30,466
Accumulated foreign currency translation
adjustments (2,814) (2,502) (2,252)
Net unrealized loss on derivatives (187) - -
Net unrealized gains on securities 355 581 876
Minimum pension liability adjustment (45) (45) (121)
Accumulated comprehensive loss (2,691) (1,966) (1,497)
Total stockholders' equity 29,660 30,175 28,969
Total liabilities and stockholders'
equity $303,663 $303,100 $291,349
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended June 30,
2001 2000
Automotive, Financing Automotive, Financing
Comm.Serv. and Comm.Serv. and
and Other Insurance and Other Insurance
(dollars in millions)
Net cash provided by operating
activities $3,455 $1,278 $6,235 $3,283
Cash flows from investing activities
Expenditures for property (4,220) (42) (3,791) (213)
Investments in marketable
securities - acquisitions (773) (15,691) (1,399) (11,823)
Investments in marketable
securities - liquidations 1,139 14,734 2,204 11,836
Mortgage servicing rights
- acquisitions - (813) - (398)
Mortgage servicing rights
- liquidations - 18 - -
Finance receivables - acquisitions - (107,883) - (108,780)
Finance receivables - liquidations - 68,560 - 73,835
Proceeds from sales of finance
receivables - 41,156 - 28,906
Operating leases - acquisitions (3,182) (6,448) (3,967) (8,883)
Operating leases - liquidations 3,576 5,138 3,507 4,602
Investments in companies, net of
cash acquired (612) (119) (1,554) -
Net investing activity with
Financing and Insurance Operations - - (998) -
Other (351) 129 (371) 151
Net cash used in investing
activities (4,423) (1,261) (6,369) (10,767)
Cash flows from financing activities
Net increase (decrease) in loans
payable 222 (21,634) 488 2,127
Long-term debt - borrowings 3,451 28,904 3,417 12,619
Long-term debt - repayments (2,225) (7,703) (3,337) (8,098)
Net financing activity with
Automotive, Communications
Services, and Other Operations - - - 998
Repurchases of common and
preference stocks (264) - (417) -
Proceeds from issuing common
stocks 71 - 356 -
Cash dividends paid to stockholders (600) - (679) -
Net cash provided by (used in)
financing activities 655 (433) (172) 7,646
Effect of exchange rate changes on
cash and cash equivalents (47) 1 (164) (1)
Net transactions with Automotive/
Financing Operations (389) 389 181 (181)
Net decrease in cash and cash
equivalents (749) (26) (289) (20)
Cash and cash equivalents at
beginning of the period 9,119 1,165 9,730 712
Cash and cash equivalents at end
of the period $8,370 $1,139 $9,441 $692
Tuesday, 1st October 2024
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