Final Results
GM Reports 2006 Financial Results
- Record revenue of $207 billion in 2006
- 2006 adjusted net income of $2.2 billion - improvement of $5.4 billion
- 2006 reported net loss of $2.0 billion - improvement of $8.4 billion
- Positive fourth quarter net income and operating cash flow
- Year-end cash balance of $26.4 billion
DETROIT, March 14 -- General Motors Corp. (NYSE: GM) today posted net
income for 2006, excluding special items, of $2.2 billion, or $3.88 per share
fully diluted, compared with a net loss of $3.2 billion, or $5.67 per share,
in 2005, marking a $5.4 billion improvement. Including special items, GM had
a net loss of $2.0 billion, or $3.50 per share for 2006, compared with a net
loss of $10.4 billion, or $18.42 per share in the year-ago period. GM earned
record revenue of $207 billion in 2006, compared with $195 billion in 2005.
"We needed 2006 to be a big year, and it was," GM Chairman and CEO Rick
Wagoner said. "Our performance last year reflects the significant progress
we've made toward transforming GM into a more competitive, global business
focused on long-term, sustainable success. The improvement is a credit to our
employees, union partners, dealers and suppliers worldwide. It's also
validation that our strategy is working, and faster than many people thought
possible.
"But nobody at GM is declaring victory, because we all know there is still
a lot more work to do to achieve our goals of steady growth, solid
profitability and positive cash flow generation. We're confident that the
momentum we generated in 2006 will continue to build through this year and
beyond," Wagoner added.
GM's net income in the fourth quarter 2006 was $180 million, or $.32 per
diluted share, excluding special items. These results compare to a net loss of
$936 million, or $1.66 per share in the year ago period. Including the net
favorable effect of all special items, GM's net income was $950 million, or
$1.68 per diluted share in the fourth quarter of 2006, compared with a loss of
$6.6 billion, or $11.63 per share in the fourth quarter of 2005. GM had
revenue of $51.2 billion in the fourth quarter 2006, compared with $51.7
billion in the same period a year ago, with the decline more than accounted
for by the exclusion of GMAC revenue starting December 1, 2006, which is
explained in greater detail in the "GMAC" section of the press release.
The reported results for the fourth quarter 2006 include special items
totaling $770 million after-tax, or $1.36 per diluted share. These are
primarily attributable to gains related to GMAC transaction-related items and
the sale of the GM desert proving ground property, partially offset by costs
related to previously announced GM restructuring items. Additional details on
these special items are included in the "Highlights" section of the press
release.
GM Automotive Operations
Net income from global automotive operations for 2006 improved by more
than $5.7 billion, totaling $422 million on an adjusted basis, excluding
special items (reported net loss of $3.2 billion). Adjusted net income for
GM's automotive operations in the fourth quarter 2006 was $228 million
(reported net income of $194 million), compared with an adjusted loss of $1.2
billion in the year-ago period.
GM sold 9.1 million vehicles worldwide in 2006. For the second
consecutive year, unit sales outside of the U.S. surpassed domestic sales with
almost 5 million units, or 55 percent of global volume. GM Europe (GME), GM
Asia Pacific (GMAP), and GM Latin America, Africa and the Middle East (GMLAAM)
all set regional sales records, with GME exceeding 2 million units, GMAP
topping 1.25 million units, and LAAM surpassing 1 million units for the first
time.
GM North America (GMNA) posted a $5 billion earnings improvement in 2006,
with an adjusted net loss of $779 million (reported net loss of $4.6 billion).
In the fourth quarter of 2006, GMNA recorded its fourth consecutive quarter of
more than $1 billion improvement in adjusted earnings. GMNA had an adjusted
net loss of $14 million in the fourth quarter 2006 (reported net income of $50
million), versus an adjusted loss of $1.4 billion in the same quarter 2005.
The calendar year improvement was realized despite a 207,000 unit reduction in
GMNA production to balance inventory with deliveries, and reflects continued
significant reductions in structural costs related to health care,
manufacturing and workforce attrition, as well as positive sales mix and the
impact of the company's product and value focused sales and marketing
strategy.
GM reduced structural costs in North America by $6.8 billion in 2006,
exceeding its target of $6 billion, and remains on-track to deliver the
previously announced $9 billion of annual structural cost savings in
2007(versus 2005 structural cost levels). GM's progress in globalizing its
product development, powertrain and manufacturing operations, combined with
aggressive GMNA turnaround actions, are driving these significant structural
cost reductions. GM reduced its global automotive structural cost from over
34 percent of revenue in 2005 to 30 percent of revenue in 2006, an impressive
first step toward GM's goal of cutting structural cost to 25 percent of
revenue by 2010.
"We made very significant progress in 2006 toward our 25 percent
structural cost goal," Wagoner said. "At the same time, we continue to invest
heavily in future products, technology and growth markets. GM plans to
increase its global capital spending from $7.5 billion in 2006, to between
$8.5 and $9 billion in 2007 and 2008."
GM's commitment to quality and design leadership was reinforced in 2006
with strong consumer and media reception to GM's newest cars and trucks,
including the Chevrolet Tahoe, GMC Yukon, and Cadillac Escalade full-size
utilities; GMC Sierra and Chevrolet Silverado full-size pickups; the Saturn
Aura midsize sedan; Opel Corsa small car; and the Holden Commodore full-size
sedan. In addition, early public reaction to the Saturn Outlook and GMC
Acadia midsize crossovers, introduced late in 2006, has been positive.
GME posted its first full-year of profitability since 1999 with adjusted
earnings of $227 million for 2006 (reported net loss of $225 million). GME
had an adjusted loss of $8 million in the fourth quarter 2006 (reported net
loss of $119 million), compared to net income of $5 million in the year-ago
quarter. GME revenue in the fourth quarter 2006 was $9 billion, up from $8.1
billion in the same quarter 2005. Contributing to GME's improved performance
during the year was strong revenue growth due to record volume of over 2
million units, and continued structural cost reductions.
"The actions we've taken in Europe to reduce structural cost and re-
energize our product lineup is making a big impact on the business," Wagoner
noted. "And our multi-brand approach in Europe is really getting traction.
The Opel/Vauxhall brands are strengthening, led by products like the all-new
Corsa and segment-leading Meriva and Zafira. And, the Chevrolet brand again
achieved record sales, while Saab and Cadillac also demonstrated strong
growth. And we're especially pleased with our progress in Russia, where GM
sales grew 73 percent in 2006."
GMAP delivered adjusted earnings of $441 million in 2006 (reported net
income of $1.2 billion), compared with $557 million in 2005, with the decline
totally attributable to the loss of Suzuki equity income in 2006, as a result
of the divestiture of most of GM's holdings in Suzuki Motor Corp. For the
fourth quarter of 2006, GMAP's adjusted earnings were $122 million (reported
net income of $135 million), consistent with the same quarter 2005 earnings of
$124 million. Record 2006 sales of GM Daewoo products contributed to GM's
continued strong performance in the region, headlined by sales gains of 32
percent in China and 19 percent in Korea.
"The AP region remains the core of GM's global growth strategy. In 2006,
GM advanced its leading position in China, again improving its market share to
almost 12 percent. We also announced plans to add a new assembly plant in
India to take advantage of opportunities in that important market, and we
continue to grow in Korea," Wagoner said.
GM's LAAM region delivered its best financial performance in 10 years with
adjusted earnings of $533 million in 2006 (reported net income of $490
million), an improvement of $381 million over 2005. GMLAAM also recorded
adjusted and reported fourth quarter earnings of $128 million, up from
adjusted earnings of $63 million in the same quarter of 2005. These
improvements were driven by record revenue and volume for the region, and
significant gains at GM do Brasil.
"By cost-effectively leveraging GM's products and resources from around
the world, GMLAAM has been able to take advantage of growth opportunities
throughout the region, achieving milestone sales of over 1 million units and
impressive revenue and profit results," Wagoner said.
GMAC
On a standalone basis, GMAC Financial Services reported 2006 net income of
$2.1 billion, compared with net income of $2.3 billion in 2005. GMAC's
operating earnings for 2006, excluding two significant items, amounted to
$2.0 billion, compared to $2.7 billion of operating earnings in 2005.
For the fourth quarter of 2006, GMAC had net income of $1.0 billion, up
from $112 million in the fourth quarter of 2005. The 2006 fourth quarter
results include a $791 million after-tax benefit related to deferred tax
liabilities that GMAC transferred to GM when GMAC converted to a Limited
Liability Company (LLC). Conversely, fourth quarter 2005 results included the
impact of goodwill impairment charges of $439 million after-tax. Excluding
the LLC benefit, GMAC operating earnings for the fourth quarter 2006 were $225
million, compared to $551 million in the year-ago period.
On November 30, 2006, GM closed the previously-announced transaction to
sell 51 percent controlling interest in GMAC to an investor consortium led by
Cerberus Capital. As a result of the closing of the GMAC transaction, GMAC
results through November were fully consolidated in GM's reporting, and
December results were reflected on an equity income basis for GM's remaining
49 percent interest.
After adjusting GMAC results for equity income in December, dividends to
GM on preferred stock and various transaction-related items, GM reported an
adjusted net loss of $284 million associated with GMAC for the fourth quarter
2006, and net income of $1.5 billion for the calendar year. Going forward, GM
will record GMAC results on an equity income basis.
Based on GMAC's results, GM will refund approximately $1 billion to GMAC,
in the form of a capital contribution, to restore its adjusted tangible equity
balance as of November 30, 2006 to the $14.4 billion level that was agreed
upon in conjunction with the 51 percent sale of GMAC. The amount of the
refund reflects reduced tangible book value at November 30, 2006, principally
caused by a deterioration in GMAC's Residential Capital, LLC (ResCap)
earnings, changes in GMAC deferred tax balances and the restatement of prior
financial results.
For additional details on GMAC 2006 fourth quarter and calendar-year
financial results, see the company's earnings release dated March 13, 2007 on
the company web site at www.gmacfs.com.
Cash and Liquidity
GM achieved positive adjusted operating cash flow for the fourth quarter
2006 of approximately $300 million, an improvement of $1.4 billion compared to
the fourth quarter 2005.
Cash, marketable securities, and readily-available assets of the Voluntary
Employees' Beneficiary Association (VEBA) Trust totaled $26.4 billion at
December 31, 2006, up from $20.4 billion on September 30, 2006. In addition
to the impact of favorable operating cash flow in fourth quarter, this
reflects the impact of distributions received from the closing of the sale of
the 51 percent interest in GMAC.
Financial Restatements
GM previously disclosed that it had understated its stockholders' equity
as of December 31, 2001 and subsequent periods by approximately $500 million
related to deferred tax liabilities and taxation of foreign currency
translation. GM today confirmed a final adjustment to stockholders' equity as
of January 1, 2002 of $245 million.
GM also previously disclosed it would be restating its financial
statements for 2002 through the third quarter of 2006 largely due to hedge
accounting. The following chart provides a summary of the impact of the
restatements on reported net income for the 2002-2006 periods.
($Ms) GM Reported Net Income (after-tax GAAP)
Q1-Q3 2006 2005 2004 2003 2002
Previously reported (3,025) (10,567) 2,804 3,859 1,574
Adjustments 97 150 (103) (334) 161
Restated results (2,928) (10,417) 2,701 3,525 1,735
These results had no impact on cash flow for any of the restated periods.
Details on all of the restatements for the periods 2002 through the third
quarter 2006 can be found in the "Highlights" section of this press release.
GM plans to file its annual report on Form 10-K with the Securities and
Exchange Commission on March 15, 2007. Once filed, it will be available in
the "SEC Filings" section of GM's investor website at
www.gm.com/company/investor_information/sec/.
General Motors Corp. (NYSE: GM), the world's largest automaker, has been
the global industry sales leader for 76 years. Founded in 1908, GM today
employs about 280,000 people around the world. With global headquarters in
Detroit, GM manufactures its cars and trucks in 33 countries. In 2006, nearly
9.1 million GM cars and trucks were sold globally under the following brands:
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac,
Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in
vehicle safety, security and information services. More information on GM can
be found at www.gm.com.
Forward-looking Statements
In this press release and in related comments by General Motors'
management, we will use words like "expect," "anticipate," "estimate,"
"forecast," "initiative," "objective," "plan," "goal," "project," "outlook,"
"priorities," "target," "intend," "evaluate," "pursue," "seek," "may,"
"would," "could," "should," "believe," "potential," "continue," "designed," or
"impact" to identify forward-looking statements that represent our current
judgments about possible future events. We believe these judgments are
reasonable, but GM's actual results may differ materially due to a variety of
important factors. Among other items, such factors include: the ability of GM
to realize production efficiencies, to achieve reductions in costs as a result
of the turnaround restructuring and health care cost reductions and to
implement capital expenditures at levels and times planned by management; the
pace of product introductions; market acceptance of the Corporation's new
products; significant changes in the competitive environment and the effect of
competition in the Corporation's markets, including on the Corporation's
pricing policies; our ability to maintain adequate liquidity and financing
sources and an appropriate level of debt; changes in the existing, or the
adoption of new, laws, regulations, policies or other activities of
governments, agencies and similar organizations where such actions may affect
the production, licensing, distribution or sale of our products, the cost
thereof or applicable tax rates; costs and risks associated with litigation;
the final results of investigations and inquiries by the SEC and other
governmental agencies; changes in our accounting principles, or their
application or interpretation, and our ability to make estimates and the
assumptions underlying the estimates, including the range of estimates for the
Delphi pension benefit guarantees, which could result in an impact on
earnings; changes in relations with unions and employees/retirees and the
legal interpretations of the agreements with those unions with regard to
employees/retirees and the successful completion of a collective bargaining
agreement; negotiations and bankruptcy court actions with respect to Delphi's
obligations to GM, negotiations with respect to GM's obligations under the
pension benefit guarantees to Delphi employees, and GM's ability to recover
any indemnity claims against Delphi; labor strikes or work stoppages at GM or
its key suppliers such as Delphi or financial difficulties at GM's key
suppliers such as Delphi; additional credit rating downgrades and the effects
thereof; factors affecting GMAC's results of operations and financial
condition such as credit ratings, interest rates, the housing market(including
the downturn in residential mortgages, particularly in the nonprime sector),
adequate access to the capital, changes in the residual value of off-lease
vehicles, changes in U.S. government-sponsored mortgage programs or
disruptions in the markets in which our mortgage subsidiaries operate, and
changes in GMAC's contractual servicing rights; shortages of and price
increases for fuel; changes in economic conditions, commodity prices, such as
steel and other raw materials, currency exchange rates or political stability
in the markets in which we operate; the effects of transactions or alliances
entered into by one or more of our competitors; currency exchange rates or
political instability in the markets in which we operate; and general economic
conditions, in particular stability of consumer confidence. The most recent
annual reports on Form 10-K and quarterly reports on Form 10-Q filed by GM and
GMAC provide information about these factors, which may be revised or
supplemented in future reports to the SEC on those forms.
General Motors Corporation
Use of Non-GAAP Financial Measures
This press release and the accompanying tables include the following non-
GAAP financial measures: (a) adjusted net income, (b) managerial cash flow,
and (c) GM North America vehicle revenue per unit. Each of these financial
measures excludes the impact of certain items and therefore has not been
calculated in accordance with U.S. generally accepted accounting principles,
or GAAP.
Adjusted Net Income
Adjusted net income excludes a charge for the special attrition program
agreement, restructuring and impairments charges, gains and losses on the sale
of businesses and business interests, and charges associated with the Delphi
bankruptcy. Each of the adjustments is described in more detail below. This
press release also contains a reconciliation of each of these non-GAAP
measures to its most comparable GAAP financial measure.
Management believes that these non-GAAP financial measures provide
meaningful supplemental information regarding our operating results because
they exclude amounts that GM management does not consider part of operating
results when assessing the performance of the organization and measuring the
results of GM's performance. In addition, GM has historically reported similar
non-GAAP financial measures. GM believes that inclusion of these non-GAAP
financial measures provides consistency and comparability with past earnings
releases. GM management uses these non-GAAP financial measures to evaluate
GM's performance and believes these measures allow GM management to readily
view operating trends, perform analytical comparisons, benchmark performance
among geographic regions and assess whether the GM North American structural
cost turnaround plan is on target. Also, GM management uses adjusted net
income for forecasting purposes, and in determining its future capital
investment allocations. Also, adjusted net income is a key variable in
determining management incentive compensation. Accordingly, GM believes these
non-GAAP financial measures are useful to investors in allowing for greater
transparency of supplemental information used by management in its financial
and operational decision-making.
While GM believes that these non-GAAP financial measures provide useful
supplemental information, there are limitations associated with the use of
these non-GAAP financial measures. These non-GAAP financial measures are not
prepared in accordance with GAAP, do not reflect a comprehensive system of
accounting and may not be completely comparable to similarly titled measures
of other companies due to potential differences in the exact method of
calculation between companies. Items such as special attrition program
agreement and restructuring charges that are excluded from GM's non-GAAP
financial measures can have a material impact on net earnings. As a result,
these non-GAAP financial measures have limitations and should not be
considered in isolation from, or as a substitute for, net earnings, cash flow
from operations or other measures of performance prepared in accordance with
GAAP. GM compensates for these limitations by using these non-GAAP financial
measures as supplements to GAAP financial measures and by reviewing the
reconciliations of the non-GAAP financial measures to their most comparable
GAAP financial measure. Investors are encouraged to review the reconciliations
of these non-GAAP financial measures to their most comparable GAAP financial
measures that are included elsewhere in this press release.
The following is a discussion of the adjustments to the comparable GAAP
financial measure that produces our non-GAAP financial measures:
* Special attrition program charges. Our non-GAAP financial measures
exclude the estimated charge associated with the special attrition program
agreement among the UAW, GM and Delphi. Management believes it is useful in
evaluating the performance of GM and its management teams and business units
during a particular time period to exclude charges associated with the special
attrition program, because the charge occurs irregularly and is generally
associated with one-time structural changes to GM's North America business.
Accordingly, management does not consider these costs as part of its core
earnings for purposes of evaluating the performance of the business, and
excludes such costs when evaluating the performance of the Corporation, its
business units and its management teams and when making decisions to allocate
resources among GM's business units.
* Restructuring and impairment charges. Our non-GAAP financial measures
exclude exit costs and related charges, primarily consisting of severance
costs and lease abandonment costs, and any subsequent changes in estimates
related to exit activities as they relate to GM's significant restructurings,
which involved significant layoffs. Management believes the exclusion of
restructuring and impairment charges from adjusted net income is useful
because management does not consider these costs part of GM's core earnings in
evaluating GM's operational managers and the exclusion permits investors to
evaluate the performance of our management the same way management does.
Additionally, management excludes restructuring and impairment charges in its
determinations regarding the allocation of resources, such as capital
investment, among the Corporation's business units and as part of its
forecasting and budgeting.
General Motors Corporation
Use of Non-GAAP Financial Measures
* Gains and losses on the sale of business units and business interests.
The gains or losses on the sale of business units and business interests are
excluded from adjusted net income. While GM is involved in sales of its
business units and business interests from time to time and the Corporation
may have significant gains or losses from such sales in the future, such
events have historically occurred sporadically. Management excludes the
charges associated with these events when it evaluates the Corporation's
operations and for internal reporting, forecasting purposes and allocation of
additional resources.
* Charges associated with the Delphi bankruptcy. Our non-GAAP financial
measures exclude charges associated with the Delphi bankruptcy, the estimated
contingent liability reserve established by management. Management believes
it is useful in evaluating the performance of GM and its management teams and
business units during a particular time period to exclude charges associated
with the Delphi bankruptcy, because this charge is not in the ordinary course
of GM's business. Accordingly, management does not consider these costs part
of its core earnings for purposes of evaluating the performance of GM's
business and excludes such costs when evaluating the performance of GM, its
business units and its management teams and when making decisions to allocate
resources among GM's business units.
* Tax-related items. The income tax expense that arose as a result of the
conversion of GMAC to a limited liability company (LLC) in connection with the
sale of a controlling interest in GMAC and is offset by the reversal of
State/Local tax contingencies and income related to the portfolio of
automotive leases transferred to GM as part of the GMAC transaction, is
excluded from adjusted net income. GM is involved in sales of its business
units and business interests from time to time, which may result in unusual
tax events. Management excludes the charges and gains associated with these
unusual events when it evaluates the Corporation's operations and for internal
reporting, forecasting purposes and allocation of additional resources.
General Motors Corporation
Use of Non-GAAP Financial Measures
Managerial Cash Flow
GM also reports non-GAAP managerial automotive operating cash flow in its
earnings releases and charts for securities analysts. Management believes
that providing managerial automotive operating cash flow furnishes it and
investors with useful information by representing the cash flow generated or
consumed by its automotive operations, including cash consumed by automotive
capital expenditures and equity investments in companies related to our core
business and cash generated by sales of automotive operating assets and equity
investments in companies related to GM's core business, before funding non-
operating-related obligations including debt maturities, dividends and other
non-operating items. Management uses this non-GAAP financial measure to
assess its automotive cash flow when evaluating the performance of GM, its
business units and its management teams and when making decisions to allocate
resources among GM's business units.
GM North America Vehicle Revenue per Unit
GM's earnings releases and charts for securities analysts also include the
use of non-GAAP measures of revenue per vehicle. Management uses revenue per
vehicle to track operating efficiency and to facilitate comparisons between
periods and between manufacturers, and believes that it would provide valuable
information to investors who are interested in identifying trends and
comparing different companies. Revenue per vehicle includes certain vehicles
sales to other GM regions that are excluded from GAAP reporting, and excludes
non-vehicle sales such as service parts and operations and OnStar service, and
other income that GM does not derive from the sale of vehicles, such as
interest on the GM credit card. Management also includes sales to daily car
rental companies in revenue per vehicle, although they are not treated as
sales under GAAP reporting because of GM's repurchase obligations.
Structural Cost Reduction Target
GM structural cost reduction target in North America excludes the cost of
the three $1 billion contributions to an independent VEBA Trust in 2006, 2007,
and 2011, in connection with the UAW health care settlement agreement.
Management uses this measure to track the structural cost reduction target on
a running rate basis since a significant portion of the benefit of the
health-care settlement agreement related to hourly employees is anticipated to
extend well beyond the periods in which the expense related to the
contributions will be incurred. Management believes that this measure is
useful to investors as it allows them to evaluate the ongoing effects of GM's
structural cost reduction initiatives.
General Motors Corporation
Explanatory Note
On November 30, 2006, GM completed the sale of a 51% controlling interest
in GMAC, LLC. For the eleven months ended November 30, 2006, GMAC's earnings
and cash flows are fully consolidated in GM's Consolidated Statements of
Operations and Statements of Cash Flows. After November 30, 2006, GM's
remaining 49% interest in GMAC's common membership interests is reflected as
an equity method investment. Also, GM's interest in GMAC's preferred
membership interest of 1,555,000 units which was purchased for $1.4 billion at
the time of the closing is reflected as a cost method investment.
GM has restated its financial statements and financial information for
2002 through the third quarter of 2006. These restatements primarily relate to
the following: (1) accounting for derivative contracts in accordance with
Statement of Financial Accounting Standards (SFAS) No. 133, Accounting for
Derivative Instruments and Hedging Activities, as amended; (2) accounting for
deferred income taxes in accordance with SFAS No. 109, Accounting for Income
Taxes; and (3) other various accounting adjustments.
General Motors Corporation
Prior Period Restatements - After-Tax
(Dollars in millions except per share amounts)
(unaudited)
Three Months Ended Three Months Ended
Sept. 30, 2006 June 30, 2006
-------------------- -------------------
As Prev. As Prev.
Reported Restated Reported Restated
-------- -------- -------- --------
REPORTED
--------
Net Loss $(91) $(147) $(3,379) $(3,383)
EPS-Basic $(0.16) $(0.26) $(5.97) $(5.98)
==== ==== ==== ====
ADJUSTMENTS
-----------
Delphi (A) 325 325 - -
GMAC Commercial Finance
Goodwill Impairment (B) 695 695 - -
GMAC Transaction Related (C) (322) (322) 690 690
Special Attrition Program (D) (64) (64) 4,214 4,214
Restructuring (E) 46 46 (357) (357)
Product Impairments (F) 112 112 197 197
Tax related items (G) (148) (148) - -
Sale of Investments (H) - - (212) (212)
--- --- ---- ----
Subtotal 644 644 4,532 4,532
ADJUSTED
-------- --- --- ----- -----
Adjusted Income / (Loss) $553 $497 $1,153 $1,149
=== === ===== =====
Adjusted EPS-Basic $0.98 $0.88 $2.04 $2.03
See footnotes.
General Motors Corporation
Prior Period Restatements - After-Tax
(Dollars in millions except per share amounts)
(unaudited)
Three Months Ended Nine Months Ended
March 31, 2006 Sept. 30, 2006
-------------------- -------------------
As Prev. As Prev.
Reported Restated Reported Restated
-------- -------- -------- --------
REPORTED
--------
Net Income / (Loss) $445 $602 $(3,025) $(2,928)
EPS-Basic $0.79 $1.06 $(5.34) $(5.18)
==== ==== ==== ====
ADJUSTMENTS
-----------
Delphi (A) - - 325 325
GMAC Commercial Finance
Goodwill Impairment (B) - - 695 695
GMAC Transaction Related(C) - - 368 368
Special Attrition Program (D) 52 52 4,202 4,202
Restructuring (E) 59 91 (252) (220)
Product Impairments (F) - - 309 309
Tax related items (G) - - (148) (148)
Sale of Investments (H) (372) (372) (584) (584)
---- ---- ----- -----
Subtotal (261) (229) 4,915 4,947
ADJUSTED
-------- --- --- ----- -----
Adjusted Income / (Loss) $184 $373 $1,890 $2,019
=== === ===== =====
Adjusted EPS-Basic $0.33 $0.66 $3.33 $3.56
See footnotes.
General Motors Corporation
Prior Period Restatements - After-Tax
(Dollars in millions except per share amounts)
(unaudited)
Three Months Ended Three Months Ended
Dec. 31, 2005 Sept. 30, 2005
------------------ --------------------
As Prev. As Prev.
Reported Restated Reported Restated
-------- -------- -------- --------
REPORTED
--------
Net Loss $(6,663) $(6,577) $(1,664) $(1,673)
EPS-Basic $(11.78) $(11.63) $(2.94) $(2.96)
===== ===== ===== =====
ADJUSTMENTS
-----------
North America restructuring
Charge (A) 1,651 1,651 - -
Delphi (B) 3,575 3,575 - -
U.S. salaried attrition
program (C) - - - -
Plant & facility impairments (D) - - 805 805
Adjustments to investment in
Fuji Heavy Industries (E) (51) (51) - -
Restructuring charges:
GME, GMAP, and Other (F) 97 97 56 56
Cumulative effect of
accounting change (G) 109 109 - -
Change in Polish tax law (H) (49) (49) - -
Tax items (I) (129) (129) (311) (311)
Goodwill Impairment (J) 438 438 - -
----- ----- ----- -----
Subtotal 5,641 5,641 550 550
ADJUSTED
-------- ----- ----- ----- -----
Adjusted Income / (Loss) $(1,022) $(936) $(1,114) $(1,123)
===== === ===== =====
Adjusted EPS-Basic $(1.81) $(1.66) $(1.97) $(1.99)
See footnotes.
General Motors Corporation
Prior Period Restatements - After-Tax
(Dollars in millions except per share amounts)
(unaudited)
Three Months Ended Three Months Ended
June 30, 2005 March 31, 2005
------------------ --------------------
As Prev. As Prev.
Reported Restated Reported Restated
-------- -------- -------- --------
REPORTED
--------
Net Loss $(987) $(917) $(1,253) $(1,250)
EPS-Basic $(1.75) $(1.62) $(2.22) $(2.21)
===== ===== ===== =====
ADJUSTMENTS
-----------
North America restructuring
Charge (A) - - - -
Delphi (B) - - - -
U.S. salaried attrition
program (C) - - 148 148
Plant & facility impairments (D) - - 84 84
Adjustments to investment in
Fuji Heavy Industries (E) 788 788 - -
Restructuring charges:
GME, GMAP, and Other (F) 126 126 422 422
Cumulative effect of
accounting change (G) - - - -
Change in Polish tax law (H) - - - -
Tax items (I) (158) (158) (389) (389)
Goodwill Impairment (J) - - - -
---- ---- ---- ----
Subtotal 756 756 265 265
ADJUSTED
-------- ---- ---- ---- ----
Adjusted Income / (Loss) $(231) $(161) $(988) $(985)
=== === === ===
Adjusted EPS-Basic $(0.41) $(0.28) $(1.75) $(1.74)
See footnotes.
General Motors Corporation
Prior Period Restatements - After-Tax
(Dollars in millions except per share amounts)
(unaudited)
Twelve Months Ended
December 31, 2005
-------------------
As Prev.
Reported Restated
-------- --------
REPORTED
--------
Net Loss $(10,567) $(10,417)
EPS-Basic $(18.69) $(18.42)
====== ======
ADJUSTMENTS
-----------
North America restructuring
Charge (A) 1,651 1,651
Delphi (B) 3,575 3,575
U.S. salaried attrition
program (C) 148 148
Plant & facility impairments (D) 889 889
Adjustments to investment in
Fuji Heavy Industries (E) 737 737
Restructuring charges:
GME, GMAP, and Other (F) 701 701
Cumulative effect of
accounting change (G) 109 109
Change in Polish tax law (H) (49) (49)
Tax items (I) (987) (987)
Goodwill Impairment (J) 438 438
----- -----
Subtotal 7,212 7,212
ADJUSTED
-------- ----- -----
Adjusted Income / (Loss) $(3,355) $(3,205)
===== =====
Adjusted EPS-Basic $(5.93) $(5.67)
See footnotes.
General Motors Corporation
Prior Period Restatements - After-Tax
(Dollars in millions except per share amounts)
(unaudited)
Twelve Months Ended
December 31, 2004
--------------------
As Prev.
Reported Restated
-------- --------
REPORTED
--------
Net Income $2,804 $2,701
EPS-Basic $4.97 $4.78
===== =====
ADJUSTMENTS
-----------
Gain on Sale of XM Stock (A) (118) (118)
Plant & Facility Impairments (B) 133 133
Asset Impairments (C) 297 297
Write-down of Fiat
Investment (D) 136 136
Tax Items (E) (540) (540)
Fiat Charge (F) 886 886
Continuously Variable (G)
Transmission 31 31
----- -----
Subtotal 825 825
ADJUSTED
-------- ----- -----
Adjusted Income / (Loss) $3,629 $3,526
===== =====
Adjusted EPS-Basic $6.43 $6.24
(A) In December 2004, GM contributed 11 million shares of XM
Satellite Radio Holdings Inc. Class A common stock valued at
$432 million to its Voluntary Employees' Beneficiary Association
(VEBA). The contribution resulted in a pre-tax gain of $190
million ($118 million after-tax).
(B) Includes charges for previously announced facilities
rationalization actions at GM's Baltimore, MD and Linden, NJ
plants.
(C) Reflects the results of GM's annual review of the carrying
value of its long-lived assets held and used, other than
goodwill and intangible assets with indefinite lives.
Impairments relate to product-specific assets and facilities
(D) Relates to GM's investment in Fiat Auto Holdings, B.V. and
reflects completion of an impairment study relating to the
carrying value of that investment, which resulted in the
write-off of the remaining balance of $220 million pre-tax
($136 million after-tax).
(E) Reflects various adjustments resulting from changes in tax
laws both in the U.S. and overseas and capital loss carryforwards.
(F) On February 13, 2005, GM and Fiat reached a settlement agreement
related to various issues that resulted in an after-tax charge to
earnings of $886 million. Since the underlying events and
disputes giving rise to GM's and Fiat's agreement existed at
December 31, 2004, GM recognized this charge in the fourth
quarter of 2004.
(G) Relates to GM's cancellation of its Continuous Variable
Transmission product in Europe. Charges are for related asset
impairments and contract cancellation costs.
General Motors Corporation
Prior Period Restatements - After-Tax
(Dollars in millions except per share amounts)
(unaudited)
Twelve Months Ended
December 31, 2003
-------------------
As Prev.
Reported Restated
-------- --------
REPORTED
--------
Net Income $3,859 $3,525
EPS-Basic $7.31 $6.71
===== =====
ADJUSTMENTS
-----------
Hourly Retiree Lump Sum/
Vouchers (A) 725 725
Reserve for Idled Workers (B) (103) (103)
GME Restructuring Charge (C) 218 218
Gain on Sale of GM Defense (D) (505) (505)
Gain on sale of Hughes (E) (1,179) (1,179)
----- -----
Subtotal (844) (844)
ADJUSTED
-------- ----- -----
Adjusted Income / (Loss) $3,015 $2,681
===== =====
Adjusted EPS-Basic $5.77 $5.17
(A) The October 2003 contract with the United Auto Workers provided
for lump-sum payments and vehicle discount vouchers for retirees,
accounted for in GMNA and Other.
(B) The Reserve for Idled Workers primarily relates to adjustments to
previously established reserves for the Janesville, Wisconsin
plant, accounted for in GMNA.
(C) The GME Restructuring Charge relates to the initiative implemented
in the fourth quarter of 2003 to improve competitiveness of GM's
automotive operations in Europe.
(D) The Gain on Sale of GM Defense relates to the sale of GM's light
armored vehicle business to General Dynamics Corporation for net
proceeds of approximately $1.1 billion.
(E) The Gain on Sale of Hughes relates to the split-off of Hughes
from GM and the simultaneous sale of GM's 19.8% economic interest
in Hughes to the News Corporation, Ltd. for a total of
approximately $3.1 billion in cash.
General Motors Corporation
Prior Period Restatements - After-Tax
(Dollars in millions except per share amounts)
(unaudited)
Twelve Months Ended
December 31, 2002
-------------------
As Prev.
Reported Restated
-------- --------
REPORTED
--------
Net loss $1,574 $1,735
EPS-Basic $3.08 $3.36
===== =====
ADJUSTMENTS
-----------
Hughes EchoStar
Termination Payment (A) (372) (372)
Hughes Write-down of
Crown Media Investment (B) 27 27
Hughes Write-down of XM
Radio Investment (C) 63 63
Hughes Costs Related to
Shut-down of DIRECTV DSL(TM)
Service (D) 97 97
Hughes Loss on HTIL
Transaction (E) 15 15
Write-down of
Fiat Auto Investment (F) 1,371 1,371
GMNA Production
Footprint (G) 116 116
Hughes Sale of Equity
Interests (H) (68) (68)
GME End of Life Vehicle
Charge (I) 55 55
GME Restructuring
Charge (J) 407 407
Hughes Space Shuttle
Settlement (K) (59) (59)
Hughes GECC Contractual
Dispute (L) 51 51
Hughes Loan Guarantee
Charge (M) 18 18
----- -----
Subtotal 1,721 1,721
ADJUSTED
-------- ----- -----
Adjusted Income / (Loss) $3,295 $3,456
===== =====
Adjusted EPS-Basic $5.88 $6.17
(A) The Hughes EchoStar Termination Payment reflects the $600 million
EchoStar paid to Hughes in connection with the termination of the
October 28, 2001 merger agreement between Hughes and EchoStar.
(B) The Hughes Write-down of Crown Media Investment relates to the
recognition of an other than temporary decline in the market
value of Hughes' investment in Crown Media.
(C) The Hughes Write-down of XM Radio Investment relates to the
recognition of an other than temporary decline in the market
value of Hughes' investment in XM Radio.
General Motors Corporation
Prior Period Restatements - After-Tax
(Dollars in millions except per share amounts)
(unaudited)
(D) The Hughes Costs Related to Shut-down of DIRECTV DSL(TM) Service
relates to the costs to close the business including contract
termination payments, write-offs of equipment, and severance
payments.
(E) The Hughes Loss on HTIL Transaction relates to the exchange of
Hughes' ownership in Hughes Tele.com (India) Limited for an equity
interest in and long term receivables from Tata Teleservices
Limited.
(F) The Write-down of Fiat Auto Investment relates to GM's investment
in Fiat Auto Holdings, B.V. ("Fiat Auto") and reflects completion
of an impairment study relating to the carrying value of that
investment, which was reduced from $2.4 billion to $220 million.
(G) The GMNA Production Footprint charge primarily relates to costs
associated with the transfer of commercial truck production from
Janesville, Wisconsin, to Flint, Michigan.
(H) The Hughes Sale of Equity Interests relates primarily to the
investment in the multimedia company Thomson.
(I) The GME End of Life Vehicle Charge relates to the European Union's
directive requiring member states to enact legislation regarding
end-of-life vehicles to be the responsibility of manufacturers for
dismantling and recycling vehicles they have sold.
(J) The GME Restructuring Charge relates to the initiative implemented
in the first quarter of 2002 to improve the competitiveness of GM's
automotive operations in Europe.
(K) The Hughes Space Shuttle Settlement relates to the favorable
resolution of a lawsuit that was filed against the U.S. government
on March 22, 1991, based upon the National Aeronautics and Space
Administration's (NASA) breach of contract to launch ten satellites
on the Space Shuttle.
(L) The Hughes GECC Contractual Dispute relates to an expected loss
associated with a contractual dispute with General Electric
Capital Corporation.
(M) The Hughes Loan Guarantee Charge relates to a loan guarantee for a
Hughes Network Systems' affiliate in India.
General Motors Corporation
List of Special Items - After-Tax
(Dollars in millions except per share amounts)
(unaudited)
Three Months Ended Year to Date
Dec. 31, 2006 Dec. 31, 2006
------------------ ----------------
Net $1-2/3 Net $1-2/3
Income EPS Income EPS
------- ------ ------- ------
REPORTED
--------
Net Income / (Loss) $950 $1.68 $(1,978) $(3.50)
=== ==== ===== ====
ADJUSTMENTS
-----------
Delphi (A) - - 325 0.57
GMAC Commercial Finance
Goodwill Impairment (B) - - 695 1.23
GMAC Transaction Related (C) (712) (1.26) (344) (0.60)
Special Attrition Program (D) (51) (0.09) 4,151 7.33
Restructuring (E) 180 0.32 (40) (0.07)
Product Impairments (F) - - 309 0.55
Tax related items (G) (66) (0.12) (214) (0.38)
Sale of Investments (H) - - (584) (1.03)
Gain on Sale (I) (175) (0.31) (175) (0.31)
Component Plant Settlement (J) 146 0.26 146 0.26
Delphi - Medicare Part D (K) (92) (0.16) (92) (0.16)
--- ---- ----- ----
Subtotal (770) (1.36) 4,177 7.39
ADJUSTED
-------- --- ---- ----- ----
Adjusted Income - Basic EPS $180 $0.32 $2,199 $3.89
=== ==== ===== ====
Adjusted EPS - Fully Diluted $0.32 $3.88
==== ====
(A) During the third quarter of 2006, GM increased its contingent
liability by $325 million after-tax ($500 million pre-tax),
based on current available data and ongoing discussions with
Delphi and other stakeholders. GM recorded a charge of $3.6
billion after-tax ($5.5 billion pre-tax) in the fourth quarter
of December 2005. GM's current estimate of the range of
reasonably possible outcomes are between $6 billion and $7.5
billion. GM believes the more likely amount of the liability is
at the lower end of this range. GM may incur a payment in 2007
not expected to exceed $400 million pre-tax and additional ongoing
expenses on a limited duration estimated to be less than $100
million (pre-tax) annually.
(B) During the third quarter GMAC's commercial finance business
recognized a goodwill impairment charge of $695 million after-tax
($839 million pre-tax). The charge was the result of a decision
made by new management to eliminate certain low margin product
lines in its commercial finance business.
(C) In the second quarter of 2006, GM recognized impairment losses
on GMAC to reflect the net assets held for sale as required by
SFAS 144. In the third quarter, GM recognized a reversal of
losses previously recognized due to the fact that an impairment
charge was recorded by GMAC's commercial finance business.
General Motors Corporation
List of Special Items - After-Tax
(Dollars in millions except per share amounts)
(unaudited)
At the end of November, GM closed its sale of GMAC to a
consortium of investors. GM recognized gains on curtailments
of its pension and post retirement benefit liabilities. These
gains were offset by the loss on sale of GMAC including various
tax items related to the sale. In addition, as part of its
investment and capital strategy, GMAC Insurance Operations
completed a securities portfolio review and decided to reduce the
elevated investment leverage and free up capital for growth
strategies and dividends. This was achieved by reducing the
investment in equities from nearly 35% of total invested assets
to approximately 10% and resulted in a pre-tax gain of
approximately $873 million or $567 million after-tax. The
proceeds from the sales have been either invested in fixed
income securities or will be used to remit dividends in 2007.
(D) During the fourth quarter, GM recorded a favorable adjustment
primarily due to closed plants and the related JOBS bank in GMNA.
The second quarter charge relates to the results of the
GM-UAW-Delphi Special Attrition Program, primarily for payments
to employees (approximately $1.4 billion) and for the curtailment
charges associated with GM's U.S. hourly pension plan as a result
of the attrition program (approximately $2.8 billion).
(E) Relates to various restructuring initiatives and other matters,
as follows:
o For the fourth quarter of 2006:
o Restructuring charges of $53 million at GMAP related
to reduced volume and employee separation at Holden.
o Additional charges of $111 million were recognized at GME
primarily related to separations.
o Year-to-date totals include the following:
o favorable revision of the accrual taken in the fourth
quarter of 2005 for the North American plant capacity
actions (approximately $600 million).
o Charges totaling $309 million were recognized at GME,
related to the announced closure in December 2006 of the
GM assembly plant in Azambuja, Portugal, which includes
amounts for the writedown to fair market value of plant
assets, employee separation costs, and contract
cancellation charges. Additional costs were incurred
related to the elimination of a shift at the Ellesmere
Port plant in the U.K.
o Other restructuring charges of $43 million at GMLAAM.
o Estimated charges of $76 million related to separations of
salaried employees at GMNA.
(F) GMNA has recorded impairment charges of $309 million after-tax
related to product specific assets and write down of plant assets
in connection with the planned stoppage of production at the
Doraville, Georgia assembly plant.
(G) Primarily reflects the reversal of a deferred tax asset valuation
allowance at GM Daewoo and residual taxes at Suzuki.
(H) Year-to-date results include an after-tax gain of $212 million
from the sale of GM's entire investment in Isuzu Motors, Ltd.
Additionally, year-to-date results include an after-tax gain of
$372 million from the sale of 92.36 million shares of GM's
investment in Suzuki Motor Corp. (Suzuki) for approximately $2
billion in cash, reducing GM's equity stake in Suzuki from 20.4%
to approximately 3.7% (16.3 million shares). The gains were
recognized at GMAP.
(I) During the fourth quarter, GM sold its desert proving grounds
in Mesa, Arizona.
(J) During the fourth quarter, GM announced its plan to cease
production at two former component plants that are included in
GM's consolidated financial results. GM recorded a charge of
$146 million after-tax related to the idling and separation
costs of the workforce.
(K) During the fourth quarter, GM was able to recognize tax benefit
associated with Medicare Part D subsidies related to certain
Delphi flow-back employees and retirees.
General Motors Corporation
List of Special Items - After-Tax
(Dollars in millions except per share amounts)
(unaudited)
Three Months Ended Year to Date
Dec. 31, 2005 Dec. 31, 2005
------------------ ---------------
$1-2/3 $1-2/3
Restated EPS Restated EPS
-------- ------ -------- -------
REPORTED
--------
Net loss $(6,577) $(11.63) $(10,417) $(18.42)
===== ===== ====== ====
ADJUSTMENTS
-----------
North America restructuring
charge (A) 1,651 2.92 1,651 2.92
Delphi (B) 3,575 6.32 3,575 6.32
U.S. salaried attrition
program (C) - - 148 0.26
Plant & facility impairments (D) - - 889 1.57
Adjustments to investment in
Fuji Heavy Industries (E) (51) (0.09) 737 1.30
Restructuring charges:
GME, GMAP, and Other (F) 97 0.17 701 1.25
Cumulative effect of
accounting change (G) 109 0.19 109 0.19
Change in Polish tax law (H) (49) (0.09) (49) (0.09)
Tax items (I) (129) (0.22) (987) (1.74)
Goodwill Impairment (J) 438 0.77 438 0.77
----- ---- ----- -----
Subtotal 5,641 9.97 7,212 12.75
ADJUSTED
--------
--- --- ----- ---
Adjusted (loss) - Basic EPS $(936) $(1.66) $(3,205) $(5.67)
=== === ===== ===
(A) In connection with the North American manufacturing capacity
actions announced in November, GM recorded an after-tax charge
of $1.7 billion in the fourth quarter of 2005. This charge
includes $1.2 billion associated employees and $455 million for
the non-cash write-down of property, plants and equipment.
(B) In the fourth quarter of 2005, GM recorded a contingent liability
due to Delphi's Chapter 11 filing. At that time, GM believed that
the range of the contingent exposures was between $5.5 billion
and $12 billion, with amounts near the low end of the range
considered more possible than amounts near the high end of the
range. During the third quarter of 2006, GM increased its
contingent liability by $325 million after-tax ($500 million
pre-tax), based on current available data and ongoing discussions
with Delphi and other stakeholders. GM's current estimate of the
range of reasonably possible outcomes are between $6 billion and
$7.5 billion. GM believes the more likely amount of the liability
is at the lower end of this range. GM may incur a payment in 2007
not expected to exceed $400 million pre-tax and additional ongoing
expenses on a limited duration estimated to be less than $100
million (pre-tax) annually.
(C) Relates to voluntary early retirement and other separation programs
in the U.S. in the first quarter of 2005.
(D) Year-to-date adjustments include after-tax impairment charges
totaling $805 million ($468 million at GMNA, $176 million at GME,
$99 million at GMLAAM, and $62 million at GMAP) resulting from
third quarter reviews of the carrying value of long-lived
assets held and used, other than goodwill and intangible assets
with indefinite lives. These impairments consist of $711 million
related to product-specific assets and $94 million related to
office and production facilities, which were still in service at
year-end 2005. Year-to-date results also include an after-tax
charge of $84 million, recorded at GMNA in the first quarter 2005,
for the write-down to fair market value of various plant assets
in connection with the cessation of production at a Lansing
assembly plant.
(E) Relates to the $788 million after-tax write-down to fair market
value, as of June 30, 2005, of GM's investment in approximately
20% of the common stock of Fuji Heavy Industries (FHI). In the
fourth quarter, GM completed the sale of its investment in the
common stock of FHI and recorded a gain of $71 million (after-tax)
due to the appreciation of the fair value of such stock after
June 30, 2005, the date of the FHI impairment charge. Also in
the fourth quarter, GME recorded cancellation charges of $20
million (after-tax) related to FHI, resulting in a net adjustment
of $(51) million in the fourth quarter.
(F) The fourth quarter charge relates to after-tax restructuring
charges of $69 million at GME, $21 million at GMAP, and $7
million at Other. In the fourth quarter of 2004, GM Europe
announced a restructuring plan targeting a reduction in annual
structural costs of an estimated $600 million by 2006. A total
reduction of 12,000 employees, including 10,000 in Germany, from
2005-2007 through separation programs, early retirements, and
selected outsourcing initiatives is expected. The fourth quarter
GME restructuring charge of $69 million relates to approximately
800 additional separations, as well as charges related to previous
separations that are required to be amortized over future periods.
The year-to-date GME charge of $672 million also includes costs
related to the separation of approximately 6,700 people in the
first three quarters.
(G) Relates to the adoption of Financial Accounting Standards Board
Interpretation No. 47, "Accounting for Conditional Asset
Retirement Obligations," as of December 31, 2005.
(H) Relates to the effect of changes in Polish tax law at a GM
Powertrain joint venture. Amount is included in equity income.
(I) Fourth quarter and year-to-date amounts of $746 million and $1.6
billion, respectively, relate to tax benefits, in excess of GM's
previously communicated annual effective tax rate of 15%. In
addition, the fourth quarter includes recognition of a valuation
allowance of $617 million against deferred tax assets at GM do
Brasil. Adjusted loss reflects an effective tax rate of 15%.
(J) Relates to goodwill impairment charges in GMAC's commercial
finance business.
General Motors Corporation
Summary Corporate Financial Results
(unaudited)
Fourth Quarter Year to Date
------------------ ---------------
Restated Restated
2006 2005 2006 2005
---- ---- ---- ----
(Dollars in millions except per share amounts)
Total net sales and
revenues $51,209 $51,652 $207,349 $194,655
Adjusted $50,337 $51,574 $206,477 $194,577
Net income (loss) $950 $(6,577) $(1,978) $(10,417)
Adjusted $180 $(936) $2,199 $(3,205)
Net margin
(Net income / Total net
sales and revenues) 1.9% (12.7)% (1.0)% (5.4)%
Adjusted 0.4% (1.8)% 1.1% (1.6)%
Earnings (losses) per share
- basic
$1-2/3 par value $1.68 $(11.63) $(3.50) $(18.42)
Earnings (losses) per share
- diluted
$1-2/3 par value $1.68 $(11.63) $(3.50) $(18.42)
Earnings (losses) per share
- adjusted diluted
$1-2/3 par value $0.32 $(1.66) $3.88 $(5.67)
GM $1-2/3 par value average
shares outstanding (Mil's)
Basic shares 566 566 566 566
Diluted shares 567 566 567 566
Cash dividends per share
of common stocks
GM $1-2/3 par value $0.25 $0.50 $1.00 $2.00
See reconciliation of adjusted financial results and footnotes.
General Motors Corporation
Summary Corporate Financial Results
(unaudited)
Fourth Quarter Year to Date
------------------- --------------
Restated Restated
2006 2005 2006 2005
---- ---- ---- ----
Book value per share of
common stocks at Dec. 31
GM $1-2/3 par value $(9.62) $25.91
Auto & Other total cash
& marketable securities
at Dec. 31 ($Bil's) $23.9 $16.6
Readily-available assets
in VEBA $2.5 $3.8
---- ----
Total Auto & Other cash
& marketable securities
plus readily-available
assets in VEBA $26.4 $20.4
==== ====
Auto & Other Operations
($Mil's)
Depreciation $1,366 $1,687 $4,622 $5,517
Amortization of special
tools 743 989 3,468 4,516
Amortization of intangible
assets 17 32 69 68
----- ----- ----- ------
Total $2,126 $2,708 $8,159 $10,101
===== ===== ===== ======
GM's share of significant nonconsolidated
affiliates' net income (loss)
($Mil's)
United States^ $(5) NA $(5) NA
Italy* NA NA NA $32
Japan+ NA $43 $21 $183
China $73 $90 $306 $302
South Korea# NA NA NA $17
^ GM sold a 51% ownership interest in GMAC in November 2006. As
such, the remaining 49% ownership interest held by GM is
accounted for under the equity method.
* During the second quarter of 2005, GM and Fiat S.p.A. completed
the liquidation and termination of all joint ventures between
them in existence at that time. As a result, GM regained
complete ownership of all assets it originally contributed to
each joint venture.
+ In the fourth quarter 2005, GM completed the sale of its 20.1%
investment in the common stock of Fuji Heavy Industries (FHI).
In 2006, GM sold 92.36 million shares of its investment in Suzuki,
reducing GM's stake from 20.4% to 3.7% (16.3 million shares).
Effective with the completion of the sale, GM's remaining interest
in Suzuki is accounted for as an available-for-sale equity
security.
# Effective for the third quarter 2005, the results of GM Daewoo's
operations are consolidated by GM.
General Motors Corporation
Summary Corporate Financial Results
(unaudited)
Fourth Quarter
2006 and 2005
-----------------------
(Dollars in millions) Reported Special Items Adjusted
-------- ------------- --------
Restated Restated
2006 2005 2006 2005 2006 2005
---- ---- ---- ---- ---- ----
Total net sales
and revenues
GMNA $26,584 $27,770 $ - $ - $26,584 $27,770
GME 8,975 8,102 - - 8,975 8,102
GMLAAM 3,973 3,546 - - 3,973 3,546
GMAP 4,492 3,449 - (78) 4,492 3,371
------ ------ --- -- ------ ------
Total GMA 44,024 42,867 - (78) 44,024 42,789
Other (1) (23) (39) - - (23) (39)
------ ------ --- -- ------ ------
Total Auto &
Other 44,001 42,828 - (78) 44,001 42,750
------ ------ --- -- ------ ------
GMAC (2) 6,486 8,808 (872) - 5,614 8,808
Other Financing(1) 722 16 - - 722 16
------ ----- --- -- ------ ------
Total Financing 7,208 8,824 (872) - 6,336 8,824
------ ----- --- -- ------ ------
Total net sales
and revenues $51,209 $51,652 $(872) $(78) $50,337 $51,574
====== ====== === == ====== ======
Income (loss)
before income
taxes, equity
income, and
minority interests
GMNA $124 $(4,114) $(99) $2,537 $25 $(1,577)
GME (153) (197) 142 125 (11) (72)
GMLAAM 74 48 - - 74 48
GMAP (5) (60) 76 (49) 71 (109)
--- ----- --- ----- --- -----
Total GMA 40 (4,323) 119 2,613 159 (1,710)
Other 426 (5,991) (607) 5,511 (181) (480)
--- ----- --- ----- --- -----
Total Auto &
Other 466 (10,314) (488) 8,124 (22) (2,190)
--- ------ --- ----- --- -----
GMAC(2) 371 55 (872) 712 (501) 767
Other Financing (345) (9) 382 - 37 (9)
--- ------ --- ----- --- -----
Total Financing 26 46 (490) 712 (464) 758
--- ------ --- ----- --- -----
Total income (loss)
before income
taxes, equity
income, and
minority
interests $492 $(10,268) $(978) $8,836 $(486) $(1,432)
=== ====== === ===== === =====
See footnotes.
General Motors Corporation
Summary Corporate Financial Results
(unaudited)
Fourth Quarter
2006 and 2005
-----------------------
(Dollars in millions) Reported Special Items Adjusted
-------- ------------- --------
2006 2005 2006 2005 2006 2005
---- ---- ---- ---- ---- ----
Net income (loss)
GMNA $50 $(3,150) $(64) $1,734 $(14) $(1,416)
GME (119) (56) 111 61 (8) 5
GMLAAM 128 (556) - 619 128 63
GMAP 135 171 (13) (47) 122 124
--- ----- ----- ----- ----- -----
Total GMA 194 (3,591) 34 2,367 228 (1,224)
Other 470 (3,074) (493) 2,836 (23) (238)
--- ----- ----- ----- ----- -----
Total Auto &
Other 664 (6,665) (459) 5,203 205 (1,462)
----- ----- ----- ----- ----- -----
GMAC(2) 1,069 111 (1,353) 438 (284) 549
Other Financing (783) (23) 1,042 - 259 (23)
--- ----- ----- ----- --- ---
Total Financing 286 88 (311) 438 (25) 526
--- ----- --- ----- --- ---
Net income (loss) $950 $(6,577) $(770) $5,641 $180 $(936)
=== ===== === ===== === ===
Income tax expense
(benefit)
GMNA $39 $(1,021) $(35) $886 $4 $(135)
GME (35) (136) 31 36 (4) (100)
GMLAAM (52) 605 - (617) (52) (12)
GMAP (106) (124) 89 1 (17) (123)
--- ----- --- ----- --- ---
Total GMA (154) (676) 85 306 (69) (370)
Other (46) (2,904) (114) 2,675 (160) (229)
--- ----- --- ----- --- ---
Total Auto &
Other (200) (3,580) (29) 2,981 (229) (599)
--- ----- --- ----- --- ---
GMAC(2) (705) (1) 481 274 (224) 273
Other Financing 438 14 (660) - (222) 14
--- ----- --- ----- --- ---
Total Financing (267) 13 (179) 274 (446) 287
--- ----- --- ----- --- ---
Income tax expense
(benefit) $(467) $(3,567) $(208) $3,255 $(675) $(312)
=== ===== === ===== === ===
See footnotes.
General Motors Corporation
Summary Corporate Financial Results
(unaudited)
Fourth Quarter
2006 and 2005
-----------------------
(Dollars in millions) Reported Special Items Adjusted
-------- ------------- --------
2006 2005 2006 2005 2006 2005
---- ---- ---- ---- ---- ----
Effective tax rate
Total GM Corp. (95)% 35% 21% 37% 139% 22%
GMNA 32% 25% 35% 35% 16% 9%
GME 23% 69% 22% 29% 36% 139%
GMAC(2) (190)% (2)% 55% 38% 45% 36%
Equity income (loss)
and minority interests
GMNA $(35) $26 - $ - $(35) $26
GME (1) 26 - (49) (1) (23)
GMLAAM 2 3 - - 2 3
GMAP 34 110 - - 34 110
GMAC (2) (7) 55 - - (7) 55
-- --- -- -- --- ---
Total GMA $(7) $220 - $(49) $(7) $171
== === == == === ===
See footnotes.
General Motors Corporation
Summary Corporate Financial Results
(unaudited)
Year to Date
2006 and 2005
-----------------------
(Dollars in millions) Reported Special Items Adjusted
-------- ------------- --------
2006 2005 2006 2005 2006 2005
---- ---- ---- ---- ---- ----
Total net sales
and revenues
GMNA $109,779 $105,640 $ - $ - $109,779 $105,640
GME 33,193 31,892 - - 33,193 31,892
GMLAAM 14,618 11,844 - - 14,618 11,844
GMAP 15,499 10,821 - (78) 15,499 10,743
------- ------- --- -- ------- -------
Total GMA 173,089 160,197 - (78) 173,089 160,119
Other (1) (162) 31 - - (162) 31
------- ------- --- -- ------- -------
Total Auto &
Other 172,927 160,228 - (78) 172,927 160,150
------- ------- --- -- ------- -------
GMAC(2) 33,629 34,081 (872) - 32,757 34,081
Other Financing (1) 793 346 - - 793 346
------- ------- --- -- ------- -------
Total Financing 34,422 34,427 (872) - 33,550 34,427
------- ------- --- -- ------- -------
Total net sales
and revenues $207,349 $194,655 $(872) $(78) $206,477 $194,577
======= ======= === == ======= =======
Income (loss)
before income
taxes, equity
income, and
minority interests
GMNA $(6,903) $(10,583) $5,908 $3,637 $(995) $(6,946)
GME (312) (1,794) 654 1,330 342 (464)
GMLAAM 527 43 43 150 570 193
GMAP 1,023 (889) (865) 853 158 (36)
----- ------ ----- ------ ----- ------
Total GMA (5,665) (13,223) 5,740 5,970 75 (7,253)
Other (1,152) (6,916) (102) 5,524 (1,254) (1,392)
----- ------ ----- ------ ----- ------
Total Auto &
Other (6,817) (20,139) 5,638 11,494 (1,179) (8,645)
----- ------ ----- ------ ----- ------
GMAC(2) 2,247 3,426 (33) 712 2,214 4,138
Other Financing (377) (27) 422 - 45 (27)
----- ------ ----- ------ ----- ------
Total Financing 1,870 3,399 389 712 2,259 4,111
----- ------ ----- ------ ----- ------
Total income (loss)
before income
taxes, equity
income, and
minority
interests $(4,947) $(16,740) $6,027 $12,206 $1,080 $(4,534)
===== ====== ===== ====== ===== =====
See footnotes.
General Motors Corporation
Summary Corporate Financial Results
(unaudited)
Year to Date
2006 and 2005
-----------------------
(Dollars in millions) Reported Special Items Adjusted
-------- ------------- ---------
2006 2005 2006 2005 2006 2005
---- ---- ---- ---- ---- ----
Net income (loss)
GMNA $(4,619) $(8,233) $3,840 $2,426 $(779) $(5,807)
GME (225) (1,028) 452 841 227 (187)
GMLAAM 490 (566) 43 718 533 152
GMAP 1,186 (246) (745) 803 441 557
----- ------ ----- ----- ----- -----
Total GMA (3,168) (10,073) 3,590 4,788 422 (5,285)
Other 161 (2,601) (165) 1,986 (4) (615)
----- ------ ----- ----- ----- -----
Total Auto &
Other (3,007) (12,674) 3,425 6,774 418 (5,900)
----- ------ ----- ----- ----- -----
GMAC(2) 2,179 2,280 (658) 438 1,521 2,718
Other Financing (1,150) (23) 1,410 - 260 (23)
----- ------ ----- ----- ----- -----
Total Financing 1,029 2,257 752 438 1,781 2,695
----- ------ ----- ----- ----- -----
Net income (loss)$(1,978) $(10,417) $4,177 $7,212 $2,199 $(3,205)
===== ====== ===== ===== ===== =====
Income tax expense
(benefit)
GMNA $(2,243) $(2,480) $2,068 $1,294 $(175) $(1,186)
GME (72) (734) 202 461 130 (273)
GMLAAM 28 611 - (566) 28 45
GMAP (23) (172) (15) 53 (38) (119)
----- ----- ----- ----- ----- -----
Total GMA (2,310) (2,775) 2,255 1,242 (55) (1,533)
Other (1,310) (4,288) 63 3,538 (1,247) (750)
----- ----- ----- ----- ----- -----
Total Auto &
Other (3,620) (7,063) 2,318 4,780 (1,302) (2,283)
----- ----- ----- ----- ----- -----
GMAC(2) 62 1,197 625 274 687 1,471
Other Financing 773 (4) (988) - (215) (4)
----- ----- ----- ----- ----- -----
Total Financing 835 1,193 (363) 274 472 1,467
----- ----- ----- ----- ----- -----
Income tax expense
(benefit) $(2,785) $(5,870) $1,955 $5,054 $(830) $(816)
===== ===== ===== ===== === ===
See footnotes.
General Motors Corporation
Summary Corporate Financial Results
(unaudited)
Year to Date
2006 and 2005
-----------------------
(Dollars in millions) Reported Special Items Adjusted
-------- ------------- --------
2006 2005 2006 2005 2006 2005
---- ---- ---- ---- ---- ----
Effective tax rate
Total GM Corp. 56% 35% 32% 41% (77)% 18%
GMNA 33% 23% 35% 36% 18% 17%
GME 23% 41% 31% 35% 38% 59%
GMAC(2) 3% 35% (1894)% 38% 31% 36%
Equity income (loss)
and minority interests
GMNA $41 $(47) - $ - $41 $(47)
GME 15 53 - (49) 15 4
GMLAAM (9) 4 - - (9) 4
GMAP 140 474 105 - 245 474
GMAC (2) (6) 51 - - (6) 51
--- --- --- -- --- ---
Total GMA $181 $535 $105 $(49) $286 $486
=== === === == === ===
See footnotes.
General Motors Corporation
Operating Statistics
(unaudited)
Fourth Quarter Year to Date
----------------- --------------
2006 2005 2006 2005
---- ---- ---- ----
(Units in thousands)
Worldwide Production Volume
GMNA - Cars 446 483 1,822 1,834
GMNA - Trucks 661 798 2,827 3,022
----- ----- ----- -----
Total GMNA 1,107 1,281 4,649 4,856
GME 443 443 1,806 1,858
GMLAAM 215 188 830 775
GMAP 509 420 1,896 1,562
----- ----- ----- -----
Total Worldwide 2,274 2,332 9,181 9,051
===== ===== ===== =====
Vehicle Unit Deliveries
Chevrolet - Cars 160 186 798 866
Chevrolet - Trucks 377 364 1,618 1,804
Pontiac 88 97 410 438
GMC 118 104 481 566
Buick 50 52 241 282
Oldsmobile 0 0 0 2
Saturn 58 46 226 214
Cadillac 57 52 227 235
Other 32 30 124 111
----- ----- ----- -----
Total United States 940 931 4,125 4,518
Canada, Mexico, and Other 169 180 682 728
----- ----- ----- -----
Total GMNA 1,109 1,111 4,807 5,246
GME 475 453 2,003 1,984
GMLAAM 289 249 1,035 882
GMAP 330 291 1,253 1,065
----- ----- ----- -----
Total Worldwide 2,203 2,104 9,098 9,177
===== ===== ===== =====
Market Share
United States - Cars 20.2% 21.0% 20.7% 22.6%
United States - Trucks 26.4% 26.0% 27.1% 28.5%
Total United States 23.6% 23.8% 24.2% 25.9%
Total North America 23.2% 23.6% 23.8% 25.5%
Total Europe 9.2% 9.1% 9.2% 9.4%
Total LAAM 17.9% 18.1% 17.0% 16.8%
Asia and Pacific 6.6% 6.3% 6.4% 5.8%
Total Worldwide 13.3% 13.4% 13.5% 14.1%
Worldwide Retail/Fleet Mix
% Fleet Sales - Cars 38.1% 39.3% 33.9% 35.2%
% Fleet Sales - Trucks 18.5% 21.8% 20.5% 19.6%
Total Vehicles 25.8% 28.7% 28.3% 28.6%
GMNA Capacity Utilization
(2 shift rated, annualized) 88.8% 94.4% 92.4% 90.0%
General Motors Corporation
Operating Statistics
(unaudited)
Fourth Quarter Year to Date
---------------- --------------
2006 2005 2006 2005
---- ---- ---- ----
GMAC's Worldwide Cost of
Borrowing (3) 6.01% 5.26% 5.88% 4.78%
GMAC Period End Debt Spreads
Over U.S. Treasuries
2 Year 106 bp 475 bp
5 Year 154 bp 535 bp
10 Year 194 bp 540 bp
Cash balances ($Bil's) $18.3 $20.0
GMAC Automotive Finance
Operations Consumer
Credit (North America)
Net charge-offs as a % of
managed receivables 1.14% 1.00% 1.02% 0.99%
Retail contracts 30 days
delinquent as a % of average
number of contracts
outstanding (4) 2.62% 2.45% 2.49% 2.21%
Retail penetration (U.S. only)
Total retail contract volume
(retail and lease) as a % of
retail sales 31% 32% 44% 39%
SmartLease and SmartBuy
as a % of retail sales 16% 14% 18% 17%
Off-lease Vehicle
Remarketing (U.S. only)
Sales proceeds on scheduled
lease terminations (36-month)
per vehicle - Serviced $13,493 $13,668 $13,848 $13,949
Off-lease vehicles terminated -
Serviced (units in 000s) 66 58 272 283
ResCap ($Bil's)
Production volume $49.3 $45.3 $189 $175.6
Mortgage servicing rights,
net $4.9 $4.0
GMAC Insurance Operations ($Mil's)
Combined ratio (5) 92.8% 92.8% 92.3% 93.9%
Premium revenue written $965 $941 $4,133 $4,150
Investment portfolio
market value $7,574 $7,664
After-tax net unrealized
capital gains $99 $573
See footnotes.
General Motors Corporation
(unaudited)
2006 2005 Year to Date
---- ---- ------------
Worldwide Employment
at December 31 (in 000's)
United States Hourly 89 105
United States Salary 33 36
--- ---
Total United States 122 141
Canada, Mexico, and Other 30 32
--- ---
GMNA 152 173
GME 60 63
GMLAAM 32 31
GMAP 34 31
GMAC(2) 0 34
Other 2 3
--- ---
Total 280 335
=== ===
Worldwide Payrolls ($Bil's) $5.6 $5.9 $22.3 $21.5
Footnotes:
----------------
(1) Other Operations and Other Financing include intercompany
eliminations.
(2) GM closed the sale of its 51% controlling interest in GMAC at
November 30, 2006. Since the GMAC Transaction, GM has accounted
for its 49% ownership interest in GMAC using the equity method.
Financial results reflect GMAC's fully consolidated financial
results for the first 11 months of the year. GM recorded equity
income on its GMAC investment for the last month of 2006.
(3) Calculated by dividing total interest expense (excluding mark
to market adjustments) by total debt. For 2006, annualized rate
is based on the first 11 months of the year.
(4) Excludes accounts in bankruptcy.
(5) Calculated as the sum of all reported losses and expenses
(excluding interest and income tax expense) divided by the
total of premiums and service revenues earned and other income.
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months
Ended December 31,
-------------------
2006 2005
(Dollars in millions
except per share amounts)
Net sales and revenues
Automotive sales $ 44,001 $ 42,828
Financial services and insurance revenues 7,208 8,824
-------- --------
Total net sales and revenues 51,209 51,652
-------- --------
Costs and expenses
Automotive cost of sales 39,405 43,339
Selling, general, and administrative expenses 6,151 7,662
Interest expense 3,394 4,368
Provisions for credit and insurance losses
related to financing and
insurance operations 1,304 737
Other expenses 1,087 6,212
-------- --------
Total costs and expenses 51,341 62,318
-------- --------
Operating income (loss) (132) (10,666)
Automotive interest income and other
non-operating income, net 624 398
-------- --------
Income (loss) before income taxes, equity
income (loss) and minority interests
and cumulative effect of
accounting change 492 (10,268)
Income tax (benefit) (467) (3,567)
Equity income (loss) and minority interests,
net of tax (9) 233
-------- --------
Income (loss) before cumulative effect of
accounting change 950 (6,468)
Cumulative effect of a change in accounting
principle -- (109)
-------- --------
Net income (loss) $ 950 $ (6,577)
======== ========
Basic earnings (loss) per share
Earnings (loss) before cumulative effect of
accounting change $ 1.68 $ (11.44)
Cumulative effect of accounting change -- (0.19)
-------- --------
Earnings (loss) per share, basic $ 1.68 $ (11.63)
======== ========
Weighted average common shares outstanding,
basic (millions) 566 565
======== ========
Diluted earnings (loss) per share
Earnings (loss) before cumulative effect of
accounting change $ 1.68 $ (11.44)
Cumulative effect of accounting change -- (0.19)
-------- --------
Earnings (loss) per share, diluted $ 1.68 $ (11.63)
======== ========
Weighted average common shares outstanding,
diluted (millions) 566 565
======== ========
Cash dividends per share $ 0.25 $ 0.50
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Years Ended December 31,
2006 2005 2004
---------- ---------- --------
(Dollars in millions
except per share amounts)
Net sales and revenues
Automotive sales $ 172,927 $ 160,228 $ 163,341
Financial services and insurance
revenues 34,422 34,427 32,010
--------- --------- ---------
Total net sales and revenues 207,349 194,655 195,351
--------- --------- ---------
Costs and expenses
Automotive cost of sales 164,682 158,887 152,115
Selling, general, and
administrative expenses 25,081 27,513 25,969
Interest expense 16,945 15,607 11,913
Provisions for credit and insurance
losses related to financing and
insurance operations 4,071 3,430 4,315
Other expenses 4,238 7,024 1,584
--------- --------- ---------
Total costs and expenses 215,017 212,461 195,896
--------- --------- ---------
Operating income (loss) (7,668) (17,806) (545)
Automotive interest income and other
non-operating income (expense), net 2,721 1,066 1,400
--------- --------- ---------
Income (loss) before income taxes,
equity income (loss) and minority
interests and cumulative effect of
accounting change (4,947) (16,740) 855
Income tax (benefit) (2,785) (5,870) (1,126)
Equity income (loss) and minority
interests, net of tax 184 562 720
--------- --------- ---------
Income (loss) before cumulative
effect of accounting change (1,978) (10,308) 2,701
Cumulative effect of accounting
change in accounting principle -- (109) --
--------- --------- ---------
Net income (loss) $ (1,978) $ (10,417) $ 2,701
========= ========= =========
Basic earnings (loss) per share
Earnings (loss) before cumulative
effect of accounting change $ (3.50) $ (18.23) $ 4.78
Cumulative effect of accounting
change -- (0.19) --
--------- --------- ---------
Earnings (loss) per share, basic $ (3.50) $ (18.42) $ 4.78
========= ========= =========
Weighted average common shares
outstanding, basic (millions) 566 565 565
========= ========= =========
Diluted earnings (loss) per share
Earnings (loss) before cumulative
effect of accounting change $ (3.50) $ (18.23) $ 4.76
Cumulative effect of accounting
change -- (0.19) --
--------- ---------- ---------
Earnings (loss) per share, diluted $ (3.50) $ (18.42) $ 4.76
========= ========= =========
Weighted average common shares
outstanding, diluted (millions) 566 565 567
========= ========= =========
Cash dividends per share $ 1.00 $ 2.00 $ 2.00
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31,
2006 2005
-------- -------
(Dollars in millions)
ASSETS
Current Assets
Cash and cash equivalents $ 23,774 $ 15,187
Marketable securities 138 1,416
--------- ---------
Total cash and marketable securities 23,912 16,603
Accounts and notes receivable, net 8,216 5,917
Inventories 13,921 13,862
Equipment on operating leases, net 6,125 6,993
Deferred income taxes and other current assets 11,957 8,982
--------- ---------
Total current assets 64,131 52,357
Financing and Insurance Operations assets
Cash and cash equivalents 349 15,539
Investments in securities 188 18,310
Finance receivables, net -- 180,849
Loans held for sale -- 21,865
Assets held for sale -- 19,030
Equipment on operating leases, net 11,794 31,194
Equity in net assets of GMAC LLC 7,523 --
Other assets 2,269 25,157
--------- ---------
Total Financing and Insurance Operations assets 22,123 311,944
Non-Current Assets
Equity in net assets of nonconsolidated
affiliates 1,969 3,242
Property, net 41,934 38,543
Intangible assets, net 1,118 1,869
Deferred income taxes 32,967 23,761
Prepaid pension 17,366 37,576
Other assets 4,584 4,864
--------- ---------
Total non-current assets 99,938 109,855
--------- ---------
Total assets $ 186,192 $ 474,156
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable (principally trade) $ 26,931 $ 26,402
Short-term borrowings and current portion
of long-term debt 5,666 1,627
Accrued expenses 35,225 42,697
--------- ---------
Total current liabilities 67,822 70,726
Financing and Insurance Operations Liabilities
Accounts payable 1,214 3,731
Liabilities related to assets held for sale -- 10,941
Debt 9,438 253,508
Other liabilities and deferred income taxes 925 26,325
--------- ---------
Total Financing and Insurance Operations
liabilities 11,577 294,505
Non-Current Liabilities
Long-term debt 33,067 32,580
Postretirement benefits other than pensions 50,086 28,990
Pensions 11,934 11,225
Other liabilities and deferred income taxes 15,957 20,430
--------- ---------
Total non-current liabilities 111,044 93,225
--------- ---------
Total liabilities 190,443 458,456
Minority interests 1,190 1,047
Stockholders' equity (deficit)
Preferred stock, no par value, authorized
6,000,000, no shares issued and
outstanding -- --
$1 2/3 par value common stock (2,000,000,000
shares authorized, 756,637,541
and 565,670,254 shares issued and outstanding,
at December 31, 2006, respectively and
756,637,541 and 565,518,106 at December 31,
2005, respectively) 943 943
Capital surplus (principally additional paid-in
capital) 15,336 15,285
Retained earnings 406 2,960
Accumulated other comprehensive loss (22,126) (4,535)
--------- ---------
Total stockholders' equity (deficit) (5,441) 14,653
---------- ---------
Total liabilities, minority interests, and
stockholders' equity (deficit) $ 186,192 $ 474,156
========= =========
SOURCE General Motors Corporation
-0- 03/14/2007
NOTE TO EDITORS: For additional media information visit
http://media.gm.com .
CONTACT: Renee Rashid-Merem, +1-313-665-3128, or
renee.rashid-merem@gm.com, or Randy Arickx, +1-313-667-0006, or
randy.c.arickx@gm.com, both of General Motors Corporation
Web site: http://media.gm.com
http://www.gm.com
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