Interim Results
GM Reports Improved Second-Quarter Financial Results
* Reported net loss of $3.2 billion, or $5.62 per share
* Adjusted net income of $1.2 billion, or $2.03 per share
* Structural cost reduction target increased to $9 billion
* Increased liquidity to $22.9 billion, supported by improved cash flow
* Record revenue of $54.4 billion
DETROIT, July 26 -- General Motors Corp. (NYSE: GM) today reported
significantly improved 2006 second quarter financial results. Global automotive
operations were profitable on an adjusted basis, excluding special items, for
the first time since 2004, and the company posted a second consecutive quarter
of record revenue.
GM reported a net loss of $3.2 billion, or $5.62 per share, for the second
quarter of 2006, compared with a reported loss of $987 million, or $1.75 per
share, for the year-ago quarter. The net loss for the quarter included a
total of $4.3 billion, or $7.66 per share, in special items that reflected a
previously announced $3.7 billion after-tax charge related to the successful
accelerated attrition program, in which 34,400 hourly employees participated.
Other special items included a loss related to the pending sale of 51 percent
of GMAC, a gain on the disposition of Isuzu stock, and restructuring charges.
GM posted 2006 second-quarter adjusted net income, excluding special
items, of $1.2 billion, or $2.03 per share, on record revenue of $54.4
billion. This reflects a $1.4 billion improvement from the year-ago adjusted
loss of $231 million, or $0.41 per share, on revenue of $48.5 billion.
"With the support of our employees, unions, dealers, suppliers and
stockholders, we are moving rapidly and aggressively to address our challenges
and restructure GM for future success," said Rick Wagoner, GM chairman and
chief executive officer. "It's rewarding to see our automotive business
return to profitability on an operating basis and a clear sign that we're on
the right track, but there is more work to be done."
Wagoner also said the success of the accelerated attrition program in the
United States, along with other cost initiatives, led GM to increase its
structural cost reduction target in North America to $9 billion from $8
billion on an average annual running rate basis by the end of 2006.
"Our turnaround has not just gained traction, it's accelerating into high
gear," Wagoner said. "While significant work still remains, our ability to
identify and initiate $9 billion in cost cuts over the course of the past year
is unprecedented in this industry.
"We're particularly pleased with the speed with which our people have
implemented our turnaround plan. Conventional wisdom is that you can't turn a
ship as big as GM around quickly. We aim to prove that conventional wisdom
wrong."
GM Automotive Operations
GM's global automotive operations earned $362 million on an adjusted
basis, excluding special items, representing an improvement of $1.3 billion
year-over-year. This is due primarily to significant improvement in GM North
America and continued profitability improvement in other regions.
GM's global market share in the second quarter was 13.8 percent, up from
the first quarter market share of 13.1 percent, but down from 15.1 percent
last year. The change in global market share is largely attributable to last
year's highly successful employee discount incentive program in North America
and lower fleet sales in Europe.
"We know we have to develop and build great cars and trucks to grow our
business and we're encouraged by the recent success of our newest vehicles,
particularly in the U.S. market," Wagoner said. "Our new full-size SUVs, the
Chevrolet Impala and HHR, and Pontiac G6 have all posted strong sales this
quarter. Our newly launched vehicles will account for about 30 percent of our
U.S. retail sales this year and grow to 40 percent next year."
GM North America posted an adjusted net loss of $85 million, excluding
special items, in the second quarter of 2006, a $1.1 billion improvement over
the prior year period. The improvement is attributable to reductions in GM's
cost base across a broad range of activities, including improvement in
warranty and other quality-related costs and a reduction in ongoing pension
expense, due largely to the success of the hourly attrition program.
The attrition program and other cost initiatives have enabled GM to
increase its structural cost reduction target in North America. GM expects to
realize approximately $6 billion in cost savings in 2006, up from the
previously announced $5 billion. A major contributor to this improvement is
the April 30 remeasurement of the U.S. hourly pension plans, which will result
in a pre-tax pension expense reduction of about $700 million for the 2006
calendar year.
"We have made solid progress in implementing our North America turnaround
plan in the first half, posting more than $2 billion worth of improvements at
GMNA, excluding special items," Wagoner continued. "More significantly, the
impact of our cost-reduction efforts on the bottom line will accelerate in the
second half. This, combined with building sales momentum from our new cars
and trucks and improved marketing, should enable us to continue to improve
year-over-year results significantly."
GM Europe posted adjusted earnings, excluding special items, of $124
million for the quarter, an improvement of $94 million compared with earnings
of $30 million in the second quarter of 2005. The improved earnings reflect
favorable material costs and improvements in pricing.
"Our European operations continue to gain momentum, posting a second
consecutive profitable quarter, excluding special items," Wagoner said. "We
are pleased with Saab's global market performance, posting a sales increase of
24 percent for the first half of the year, and the continued growth of the
Chevrolet brand in Europe. We are also encouraged by the response to the new
Opel/Vauxhall Corsa, unveiled at the recent London Motor Show and scheduled to
arrive in showrooms this fall."
On an adjusted basis, excluding special items, GM Asia Pacific posted
earnings of $167 million in the second quarter, down slightly from last year's
earnings of $183 million. The difference is more than accounted for by the
loss of equity income from Suzuki following the reduction in GM's equity
stake. Market share in the region increased to 6.7 percent in the second
quarter of 2006, up from 6.2 percent during the second quarter of 2005, driven
by strong sales in China.
GM Latin America, Africa and Middle East posted adjusted earnings,
excluding special items, of $156 million, a significant increase of $131
million compared with last year's second quarter results of $25 million. This
reflects an increase in volume and improved pricing.
GMAC
General Motors Acceptance Corporation (GMAC) reported record net income of
$898 million for the second quarter of 2006, up $82 million from second
quarter 2005 earnings of $816 million. GMAC's mortgage business, ResCap,
reported increased results, while the Automotive Finance and Insurance
businesses reported lower earnings.
"GMAC continues to perform well despite pressure on profit margins from
rising interest rates," Wagoner said. "We remain on track to complete the
sale of 51 percent of GMAC to a consortium of investors in the fourth
quarter."
GMAC's Automotive Finance operations reported earnings of $251 million,
down $115 million from $366 million earned in the second quarter of 2005. The
decrease is due to a combination of continued margin pressures, lower
remarketing results in the U.S. and Canada and higher consumer credit
provisions, slightly offset by certain favorable non-U.S. tax rate changes and
increases in investment income.
ResCap earnings were $547 million in the second quarter of 2006, up from
the $300 million earned in the year-ago period, due primarily to the $259
million gain on sale of its equity investment in a regional homebuilder.
Excluding the gain on sale, ResCap earnings declined slightly in comparison to
the same period last year. Mortgage originations were $47 billion for the
second quarter, representing an increase from the $42.6 billion in the second
quarter of last year.
GMAC's insurance operations generated net income of $80 million for the
quarter, down $20 million from earnings of $100 million in the second quarter
of 2005, primarily due to a combination of lower capital gains and wholesale
losses incurred in the quarter related to hail storms in the Midwest. In
addition, GMAC's insurance operations maintained a strong investment
portfolio, with a market value of $7.7 billion on June 30, 2006, including
after-tax net unrealized capital gains of $545 million.
GMAC provided a significant source of cash flow to GM through the payment
of a $1.4 billion dividend in the second quarter.
GMAC continues to maintain adequate liquidity with cash reserve balances
at June 30, 2006 of $22.7 billion, including $17.2 billion in cash and cash
equivalents and $5.5 billion invested in marketable securities.
Cash and Liquidity
GM continues to bolster its liquidity position, a key element to fund the
North America turnaround plan. GM generated adjusted operating cash flow of
$700 million in the second quarter of 2006, a more than $2 billion improvement
versus the year-ago period. Cash, marketable securities, and readily-
available assets of the Voluntary Employees' Beneficiary Association (VEBA)
trust totaled $22.9 billion on June 30, 2006, up from $21.6 billion on
March 31, 2006.
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 might include: our ability to achieve
reductions in costs as a result of the turnaround restructuring, health care
cost reductions and an accelerated attrition program, to realize production
efficiencies and to implement capital expenditures at levels and times planned
by management; the pace of product introductions and market acceptance of our
new products; changes in the competitive environment and the effect of
competition in our markets, including on our pricing policies; our ability to
maintain adequate liquidity and financing sources and an appropriate level of
debt; restrictions on GMAC's and ResCap's ability to pay dividends and prepay
subordinated debt obligations to us; the final results of investigations and
inquiries by the SEC and other government agencies; changes in relations with
unions and employees/retirees and the legal interpretations of the agreements
with those unions with regard to employees/retirees; our ability to complete
the timely sale of a 51-percent controlling interest in GMAC and the effect of
that sale on the results of GM's and GMAC's operations and liquidity; labor
strikes or work stoppages at GM or its key suppliers such as Delphi
Corporation or financial difficulties at those key suppliers; negotiations and
bankruptcy court actions with respect to our relationship with Delphi;
additional credit rating downgrades and their effects; costs and risks
associated with litigation; new or amended laws, regulations, policies or
other activities of governments, agencies and similar organizations; price
increases or shortages of fuel; changes in economic conditions, commodity
prices, currency exchange rates or political stability in the markets in which
we operate; and other factors affecting financing and insurance operating
segments' results of operations and financial condition such as credit
ratings, adequate access to the market, changes in the residual value of off-
lease vehicles, changes in U.S. government-sponsored mortgage programs or
disruptions in the markets in which its mortgage subsidiaries operate, and
changes in its contractual servicing rights.
In addition to these factors, a variety of other factors may materially
affect GMAC's actual results, including: changes in the competitive
environment and the effect of competition in GMAC's markets, including GMAC's
pricing policies; GMAC's ability to maintain adequate financing sources and an
appropriate level of debt; the profitability and financial condition of GM,
including changes in production or sales of GM vehicles and risks based on
GM's contingent benefit guarantees; changes in GMAC's accounting assumptions
that may require or that result from changes in the accounting rules or their
application, which could result in an impact on earnings; and the threat of
natural calamities.
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 or on
Form 8-K.
We caution investors not to place undue reliance on forward-looking
statements, and do not undertake any obligation to update publicly or
otherwise revise any forward-looking statements, whether as a result of new
information, future events or other such factors that affect the subject of
these statements, except where expressly required by law.
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) automotive cash flow,
(c) GM North America vehicle revenue per unit, and (d) GMAC loss on sale.
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, and gains and losses on the
sale of businesses and business interests. 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 GM's and its management teams' and business units' performance
during a particular time period to exclude charges associated with the special
attrition program, because this irregular charge is generally associated with
right sizing the GM 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 including the restructuring charges
would hamper investors' ability to evaluate the performance of our management
in the manner in which GM's management evaluates performance. 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.
* 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.
* Adjusted Operating Cash Flow. GM also includes the use of non-GAAP
automotive cash flow in its earnings releases and charts for securities
analysts. Management believes that providing automotive 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 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 excluded from GAAP reporting because of GM's
repurchase obligations.
General Motors Corporation
Non-GAAP Disclosure
GM includes the use of non-GAAP adjusted net income (loss) in its
earnings releases and charts for securities analysts. GM management
evaluates its business and makes certain operating decisions (e.g.,
budgeting, forecasting, employee compensation, asset management and
resource allocation) using adjusted net income. Management believes
that because this measure provides it with useful supplemental
information for evaluating and operating the business, investors
would find it beneficial to have the opportunity to view the business
in the same manner. Adjusted net income is a measure that focuses
on the Corporation's core business operations and facilitates
comparison of those businesses from period to period on a consistent
basis. Management also believes it is appropriate in evaluating the
Corporation's operations to exclude restructuring charges and any
gain or losses from one-time items because these costs vary in size
and frequency among the four geographic regions, since inclusion of
these events would make results less comparable between periods and
between regions.
GM also includes the use of 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 our core business, before
funding non-operating-related obligations including debt maturities,
dividends and other non-operating items.
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 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 or the GM credit card. Management also includes sales to
daily car rental companies in revenue per vehicle, although they
are excluded from GAAP reporting because of GM's repurchase
obligations.
Non-GAAP measures should not be considered as a substitute for
measures of financial performance prepared in accordance with GAAP.
Investors and potential investors are encouraged to review the
reconciliation of non-GAAP financial measures contained within the
attached press release with their most directly comparable GAAP
financial results.
General Motors Corporation
List of Special Items - After Tax
(Dollars in millions except per share amounts)
(Unaudited)
Three Months Ended Year to Date
June 30, 2006 June 30, 2006
-------------- --------------
Net $1-2/3 Net $1-2/3
Income EPS Income EPS
------ ----- ------ -----
REPORTED
--------
Net income $(3,179) $(5.62) $(2,734) $(4.83)
===== ==== ===== ====
ADJUSTMENTS
-----------
Special attrition program (A) 3,659 6.47 3,659 6.47
Sale of GMAC (B) 490 0.86 490 0.86
Restructuring and impairment
charges (C) 395 0.70 506 0.89
Sale of investments (D) (212) (0.37) (584) (1.03)
----- ---- ----- ----
Subtotal 4,332 7.66 4,071 7.19
ADJUSTED
--------
----- ---- ----- ----
Adjusted Income - Basic EPS $1,153 $2.04 $1,337 $2.36
===== ==== ===== ====
Adjusted EPS - Fully Diluted $2.03 $2.36
==== ====
(A) 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 $2.9 billion). The charge also includes a favorable
revision of the accrual taken in the fourth quarter of 2005 for
the North American plant capacity actions (approximately $600
million).
(B) Relates to the sale of a 51% controlling interest in GMAC,
expected to close in the fourth quarter of 2006.
o Approximately $281 million after tax ($433 million pre-tax)
is attributable to differences between tangible book value
to be paid by the consortium of investors and GMAC's actual
book value, partially offset by 51% of the effects of
previously unrecognized net gains reflected in GMAC's other
comprehensive income. The pretax portion is recorded as
part of the "Loss on controlling interest in GMAC - held
for sale" line item of the consolidated statement of
operations, whereas the tax benefit of $152 million is
recorded in the "Income tax benefit" line of the consolidated
statement of operations.
o Approximately $209 million, after tax, associated with
incremental tax costs created by book to tax basis differences
now recognized due to the pending sale. The tax expense of
$209 million is recorded in the "Income tax benefit" line
of the consolidated statement of operations.
General Motors Corporation
List of Special Items - After Tax
(Unaudited)
The consolidated statement of operations reflects a pretax loss
to date of $1.2 billion in the "Loss on controlling interest in
GMAC - held for sale" line item. The line item includes the
$433 million pretax amount noted above, as well as a remaining
pretax loss of $775 million attributable to GMAC operating
lease assets classified as held for sale. Pursuant to the
requirements of Statement of Financial Accounting Standards
No. 144, the company is required to cease depreciation on
long-lived assets classified as held for sale. Accordingly,
pretax income in the second quarter was higher by $775 million
as reported in the "Cost of sales and other expenses" line
item of the consolidated statement of operations. However, because
that amount is not recoverable at close in the sales price, a
corresponding increase of $775 million was recorded in the "Loss
on controlling interest in GMAC - held for sale" line item
during the quarter, reducing the carrying value of operating
lease assets held for sale.
(C) Relates to various restructuring initiatives and other matters,
as follows:
o Second quarter 2006:
o A charge of $197 million, after tax ($303 million pretax),
for the write down of product-related assets at GMNA.
o Charges totaling $182 million were recognized at GME,
primarily 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. Second quarter GME charges
also include other product-related asset impairments and
separation charges.
o Other restructuring charge of $16 million at GMLAAM.
o Year-to-date totals include the following charges recognized
in the first quarter of 2006:
o Estimated charges of $65 million related to separations of
salaried employees at GMNA.
o Curtailment charges associated with modifications to the U.S.
Retirement Program for Salaried Employees announced in the
first quarter of 2006. GMNA and Other Operations recognized
charges of $12 million and $3 million respectively associated
with these modifications.
o A favorable adjustment of $88 million for higher than
anticipated headcount reductions associated with previously
announced GMNA plant idling activities.
o A charge of $52 million for certain components of the hourly
attrition program related to retroactive lump-sum payments,
recognized at GMNA.
o Other restructuring charges of $40 million and $27 million,
recognized at GME and GMLAAM, respectively.
(D) Second quarter results include an after-tax gain of $212 million
from the sale of GM's entire investment in Isuzu Motors, Ltd.
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 $2.0 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.
General Motors Corporation
List of Special Items - After Tax
(Dollars in millions except per share amounts)
(Unaudited)
Three Months Ended Year to Date
June 30, 2005 June 30, 2005
-------------- --------------
Net $1-2/3 Net $1-2/3
Income EPS Income EPS
------ ----- ------ -----
REPORTED
--------
Net income $(987) $(1.75) $(2,240) $(3.96)
=== ==== ===== ====
ADJUSTMENTS
-----------
Salaried attrition program (A) 148 0.26
Plant and facility
impairments (B) 84 0.15
Impairment of investment
in FHI(C) 788 1.39 788 1.39
GME restructuring charge (D) 126 0.22 548 0.97
Tax items (E) (158) (0.27) (547) (0.97)
--- ---- ----- ----
Subtotal 756 1.34 1,021 1.80
ADJUSTED
--------
--- ---- ----- ----
Adjusted Income $(231) $(0.41) $(1,219) $(2.16)
=== ==== ===== ====
(A) Salaried attrition program relates to voluntary early retirement
and other separation programs in the U.S. in the first quarter
of 2005.
(B) Plant and facility impairments relates to the first quarter 2005
write-down to fair market value of various plant assets in
connection with the cessation of production at the Lansing
assembly plant.
(C) Relates to the 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).
(D) 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 restructuring charge of $126
million in the second quarter of 2005 relates to approximately
500 additional separations in the second quarter, as well as
those charges related to previous separations that are required
to be amortized over future periods. The year-to-date charge of
$548 million also includes a separation cost of $422 million in
the first quarter of 2005, which related to approximately
5,650 people.
(E) Tax items relate to tax benefits (including the Medicare Part D
benefit in the U.S.), in excess of GM's previously communicated
annual effective tax rate of 15%, which do not vary with the
level of pre-tax income. Adjusted loss reflects an effective
tax rate of 15%.
General Motors Corporation
Summary Corporate Financial Results
(Unaudited)
Second Quarter Year to Date
-------------- --------------
2006 2005 2006 2005
---- ---- ---- ----
(Dollars in millions except per share amounts)
Total net sales and
revenues $54,395 $48,469 $106,640 $94,242
Adjusted $54,084 $48,469 $105,790 $94,242
Net income (loss) $(3,179) $(987) $(2,734) $(2,240)
Adjusted $1,153 $(231) $1,337 $(1,219)
Net margin
(Net income / Total net
sales and revenues) (5.8)% (2.0)% (2.6)% (2.4)%
Adjusted 2.1% (0.5)% 1.3% (1.3)%
Earnings (losses) per share
- basic
$1-2/3 par value $(5.62) $(1.75) $(4.83) $(3.96)
Earnings (losses) per share
- diluted
$1-2/3 par value $(5.62) $(1.75) $(4.83) $(3.96)
Earnings (losses) per share
- adjusted diluted
$1-2/3 par value $2.03(1) $(0.41) $2.36 $(2.16)
GM $1-2/3 par value average
shares outstanding (Mil's)
Basic shares 566 565 566 565
Diluted shares 567 565 567 565
Cash dividends per share
of common stock
GM $1-2/3 par value $0.25 $0.50 $0.50 $1.00
See reconciliation of adjusted financial results and footnotes.
General Motors Corporation
Summary Corporate Financial Results
(Unaudited)
Second Quarter Year to Date
-------------- --------------
2006 2005 2006 2005
---- ---- ---- ----
Book value per share of
common stocks at June 30
GM $1-2/3 par value $20.93 $42.17
Auto & Other total cash
& marketable securities
at June 30 ($Bil's) $20.1 $16.0
Readily-available assets
in VEBA $2.8 $4.2
---- ----
Total Auto & Other cash
& marketable securities
plus readily-available
assets in VEBA $22.9 $20.2
==== ====
Auto & Other Operations
($Mil's)
Depreciation $1,077 $1,292 $2,191 $2,562
Amortization of special
tools 1,112 803 1,845 1,619
Amortization of intangible
assets 15 13 29 23
----- ----- ----- -----
Total $2,204 $2,108 $4,065 $4,204
===== ===== ===== =====
GM's share of nonconsolidated
affiliates' net income (loss)
($Mil's)
Italy * NA $11 NA $32
Japan + NA $45 $21 $95
China $100 $99 $170 $132
South Korea # NA $25 NA $17
* 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.
+ GM sold its investment in FHI in the fourth quarter of 2005.
GM sold most of its investment in Suzuki in the first quarter
of 2006, and consequently now accounts for its remaining
investment as an equity security, and no longer records income
on the equity basis.
# Effective for the second quarter 2005, the results of GM Daewoo's
operations are consolidated by GM.
General Motors Corporation
Summary Corporate Financial Results
(Unaudited)
Second Quarter
2006 and 2005
--------------
(Dollars in millions) Reported Special Items Adjusted
-------- ------------- --------
2006 2005 2006 2005 2006 2005
---- ---- ---- ---- ---- ----
Total net sales
and revenues
GMNA(2) $28,590 $26,999 $ - $ - $28,590 $26,999
GME (2) 8,743 8,589 - - 8,743 8,589
GMLAAM 3,820 2,935 - - 3,820 2,935
GMAP 4,091 1,922 (311) - 3,780 1,922
------ ------ ----- -- ------ ------
Total GMA 45,244 40,445 (311) - 44,933 40,445
Other(3) (331) (267) - - (331) (267)
------ ------ ----- -- ------ ------
Total Auto &
Other 44,913 40,178 (311) - 44,602 40,178
------ ------ --- -- ------ ------
GMAC 9,442 8,319 - - 9,442 8,319
Other Financing(3) 40 (28) - - 40 (28)
------ ------ --- -- ------ ------
Total FIO 9,482 8,291 - - 9,482 8,291
------ ------ --- -- ------ ------
Total net sales
and revenues $54,395 $48,469 $(311) $ - $54,084 $48,469
====== ====== === == ====== ======
Income (loss)
before income
taxes, equity
income, and
minority interests
GMNA $(6,164) $(1,334)$5,932 $ - $(232) $(1,334)
GME (83) (160) 274 186 191 26
GMLAAM 158 47 16 - 174 47
GMAP 396 (805) (311) 813 85 8
----- ----- ----- --- ----- -----
Total GMA (5,693) (2,252) 5,911 999 218 (1,253)
Other (409) (381) - - (409) (381)
----- ----- ----- --- ----- -----
Total Auto &
Other (6,102) (2,633) 5,911 999 (191) (1,634)
----- ----- ----- --- ----- -----
GMAC 1,331 1,243 - - 1,331 1,243
Other Financing (431) (15) 433 - 2 (15)
----- ----- ----- --- ----- -----
Total FIO 900 1,228 433 - 1,333 1,228
----- ----- ----- --- ----- -----
Total income (loss)
before income
taxes, equity
income, and
minority
interests $(5,202) $(1,405)$6,344 $999 $1,142 $(406)
===== ===== ===== === ===== ===
See footnotes.
General Motors Corporation
Summary Corporate Financial Results
(Unaudited)
Second Quarter
2006 and 2005
--------------
(Dollars in millions) Reported Special Items Adjusted
-------- ------------- --------
2006 2005 2006 2005 2006 2005
---- ---- ---- ---- ---- ----
Net income (loss)
GMNA(2) $(3,941) $(1,137)$3,856 $ - $(85) $(1,137)
GME (2) (58) (96) 182 126 124 30
GMLAAM 140 25 16 - 156 25
GMAP 379 (605) (212) 788 167 183
----- ----- ----- --- ----- -----
Total GMA (3,480) (1,813) 3,842 914 362 (899)
Other (108) 18 - (158) (108) (140)
----- ----- ----- --- ----- -----
Total Auto &
Other (3,588) (1,795) 3,842 756 254 (1,039)
----- ----- ----- --- ----- -----
GMAC 898 816 - - 898 816
Other Financing (489) (8) 490 - 1 (8)
----- --- ----- --- ----- ---
Total FIO 409 808 490 - 899 808
----- --- ----- --- ----- ---
Net income (loss)$(3,179) $(987)$4,332 $756 $1,153 $(231)
===== === ===== === ===== ===
Income tax expense
(benefit)
GMNA $(2,145) $(212)$2,076 $ - $(69) $(212)
GME (19) (53) 92 60 73 7
GMLAAM 17 24 - - 17 24
GMAP 105 (28) (99) 25 6 (3)
----- --- ---- -- --- ---
Total GMA (2,042) (269) 2,069 85 27 (184)
Other (300) (396) - 158 (300) (238)
----- --- ----- --- --- ---
Total Auto &
Other (2,342) (665) 2,069 243 (273) (422)
----- --- ----- --- --- ---
GMAC 429 427 - - 429 427
Other Financing 58 (7) (57) - 1 (7)
----- --- ----- --- --- ---
Total FIO 487 420 (57) - 430 420
----- --- ----- --- --- ---
Income tax expense
(benefit) $(1,855) $(245)$2,012 $243 $157 $(2)
===== === ===== === === =
See footnotes.
General Motors Corporation
Summary Corporate Financial Results
(Unaudited)
Second Quarter
2006 and 2005
--------------
(Dollars in millions) Reported Special Items Adjusted
-------- ------------- --------
2006 2005 2006 2005 2006 2005
---- ---- ---- ---- ---- ----
Effective tax rate
Total GM Corp. 36% 17% 32% 24% 14% 1%
GMNA 35% 16% 35% - 30% 16%
GME 23% 33% 34% 32% 38% 27%
GMAC 32% 34% - - 32% 34%
Equity income (loss)
and minority interests
GMNA $78 $(15) $ - $ - $78 $(15)
GME 6 11 - - 6 11
GMLAAM (1) 2 - - (1) 2
GMAP 88 172 - - 88 172
--- --- -- -- --- ---
Total GMA $171 $170 $ - $ - $171 $170
=== === == == === ===
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(2) $57,121 $52,226 $ - $ - $57,121 $52,226
GME (2) 16,834 16,697 - - 16,834 16,697
GMLAAM 6,960 5,234 - - 6,960 5,234
GMAP 8,024 3,616 (850) - 7,174 3,616
------- ------ ----- -- ------- ------
Total GMA 88,939 77,773 (850) - 88,089 77,773
Other (636) (292) - - (636) (292)
------- ------ ----- -- ------- ------
Total Auto &
Other 88,303 77,481 (850) - 87,453 77,481
------- ------ --- -- ------- ------
GMAC 18,264 16,540 - - 18,264 16,540
Other Financing 73 221 - - 73 221
------- ------ --- -- ------- ------
Total FIO 18,337 16,761 - - 18,337 16,761
------- ------ --- -- ------- ------
Total net sales
and revenues $106,640 $94,242 $(850) $ - $105,790 $94,242
======= ====== === == ======= ======
Income (loss)
before income
taxes, equity
income, and
minority interests
GMNA $(6,784) $(3,546)$5,996 $357 $(788) $(3,189)
GME (8) (1,020) 337 857 329 (163)
GMLAAM 238 102 43 - 281 102
GMAP 1,030 (828) (941) 813 89 (15)
----- ----- ----- ----- ----- -----
Total GMA (5,524) (5,292) 5,435 2,027 (89) (3,265)
Other (932) (793) 4 13 (928) (780)
----- ----- ----- ----- ----- -----
Total Auto &
Other (6,456) (6,085) 5,439 2,040 (1,017) (4,045)
----- ----- ----- ----- ----- -----
GMAC 2,255 2,403 - - 2,255 2,403
Other Financing (429) (17) 433 - 4 (17)
----- ----- ----- ----- ----- -----
Total FIO 1,826 2,386 433 - 2,259 2,386
----- ----- ----- ----- ----- -----
Total income (loss)
before income
taxes, equity
income, and
minority
interests $(4,630) $(3,699)$5,872 $2,040 $1,242 $(1,659)
===== ===== ===== ===== ===== =====
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 $(4,444) $(2,874)$3,897 $224 $(547) $(2,650)
GME (10) (610) 222 548 212 (62)
GMLAAM 169 56 43 - 212 56
GMAP 832 (535) (584) 788 248 253
----- ----- ----- ---- ----- -----
Total GMA (3,453) (3,963) 3,578 1,560 125 (2,403)
Other (328) 186 3 (539) (325) (353)
----- ----- ----- ----- ----- -----
Total Auto &
Other (3,781) (3,777) 3,581 1,021 (200) (2,756)
----- ----- ----- ----- ----- -----
GMAC 1,535 1,544 - - 1,535 1,544
Other Financing (488) (7) 490 - 2 (7)
----- ----- ----- ----- ----- -----
Total FIO 1,047 1,537 490 - 1,537 1,537
----- ----- ----- ----- ----- -----
Net income (loss)$(2,734) $(2,240)$4,071 $1,021 $1,337 $(1,219)
===== ===== ===== ===== ===== =====
Income tax expense
(benefit)
GMNA(2) $(2,264) $(718)$2,099 $133 $(165) $(585)
GME (2) 10 (386) 115 309 125 (77)
GMLAAM 67 49 - - 67 49
GMAP 342 (38) (357) 25 (15) (13)
----- ----- ----- --- --- ---
Total GMA (1,845) (1,093) 1,857 467 12 (626)
Other (602) (970) 1 552 (601) (418)
----- ----- ----- ----- ----- -----
Total Auto &
Other (2,447) (2,063) 1,858 1,019 (589) (1,044)
----- ----- ----- ----- ----- -----
GMAC 727 856 - - 727 856
Other Financing 59 (10) (57) - 2 (10)
----- ----- ----- ----- --- ---
Total FIO 786 846 (57) - 729 846
----- ----- ----- ----- --- ---
Income tax expense
(benefit) $(1,661) $(1,217)$1,801 $1,019 $140 $(198)
===== ===== ===== ===== === ===
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. 36% 33% 31% 50% 11% 12%
GMNA 33% 20% 35% 37% 21% 18%
GME (125)% 38% 34% 36% 38% 47%
GMAC 32% 36% - - 32% 36%
Equity income (loss)
and minority interests
GMNA $76 $(46) $ - $ - $76 $(46)
GME 8 24 - - 8 24
GMLAAM (2) 3 - - (2) 3
GMAP 144 255 - - 144 255
--- --- -- -- --- ---
Total GMA $226 $236 $ - $ - $226 $236
=== === == == === ===
General Motors Corporation
Operating Statistics
Second Quarter Year to Date
-------------- --------------
2006 2005 2006 2005
---- ---- ---- ----
(Units in thousands)
Worldwide Production Volume
GMNA - Cars 462 458 958 928
GMNA - Trucks 775 789 1,534 1,501
----- ----- ----- -----
Total GMNA 1,237 1,247 2,492 2,429
GME 502 501 996 1,003
GMLAAM 207 195 401 380
GMAP 489 398 961 733
----- ----- ----- -----
Total Worldwide 2,435 2,341 4,850 4,545
===== ===== ===== =====
Vehicle Unit Deliveries
Chevrolet - Cars 227 244 422 463
Chevrolet - Trucks 434 549 810 946
Pontiac 105 114 204 214
GMC 129 185 234 308
Buick 63 88 125 149
Oldsmobile 0 1 0 1
Saturn 56 56 103 104
Cadillac 60 72 111 122
Other 30 28 58 46
----- ----- ----- -----
Total United States 1,104 1,337 2,067 2,353
Canada, Mexico, and Other 190 201 353 367
----- ----- ----- -----
Total GMNA 1,294 1,538 2,420 2,720
GME 547 554 1,071 1,068
GMLAAM 245 226 476 409
GMAP 314 281 637 513
----- ----- ----- -----
Total Worldwide 2,400 2,599 4,604 4,710
===== ===== ===== =====
Market Share
United States - Cars 20.0% 23.5% 20.3% 23.4%
United States - Trucks 27.9% 31.3% 27.1% 29.4%
Total United States 24.2% 27.8% 24.0% 26.7%
Total North America 24.0% 27.3% 23.8% 26.4%
Total Europe 9.3% 9.6% 9.3% 9.7%
Total LAAM 17.5% 17.6% 17.2% 16.5%
Asia and Pacific 6.7% 6.2% 6.5% 5.6%
Total Worldwide 13.8% 15.1% 13.5% 14.3%
U.S. Retail/Fleet Mix
% Fleet Sales - Cars 33.7% 34.7% 37.4% 36.9%
% Fleet Sales - Trucks 24.4% 17.2% 23.5% 17.6%
Total Vehicles 28.1% 23.8% 29.0% 25.1%
GMNA Capacity Utilization
(2 shift rated, annualized) 96.6% 92.7% 97.6% 90.1%
General Motors Corporation
Operating Statistics
Second Quarter Year to Date
-------------- --------------
2006 2005 2006 2005
---- ---- ---- ----
GMAC's Worldwide Cost of
Borrowing (4) 5.79% 4.60% 5.60% 4.45%
GMAC Period End Debt Spreads
Over U.S. Treasuries (bps)
2 Year 300 bp 325 bp
5 Year 370 bp 485 bp
10 Year 390 bp 480 bp
GMAC Cash Reserve Balance
($Bil's) (5) $22.7 $22.2
GMAC Automotive Finance
Operations Consumer
credit (North America)
Net charge-offs as a % of
managed receivables 0.89% 0.90% 0.99% 0.93%
Retail contracts 30 days
delinquent - % of average
number of contracts
outstanding (6) 2.38% 1.94% 2.35% 2.02%
Share of GM retail sales (U.S. only)
Total consumer volume (retail
and lease) as % of retail sales 39% 37% 42% 44%
SmartLease as % of retail sales 19% 16% 21% 16%
Off-lease vehicle remarketing (U.S. only)
Sales proceeds on scheduled lease
terminations (36-month)
per vehicle (7) $13,160 $13,526 $13,408 $13,609
Off-lease vehicles
terminated (units in 000s) 69 84 139 156
ResCap ($Bils)
Origination volume ($ billions) $47.0 $42.6 $88.6 $79.0
Mortgage servicing rights, net $5.1 $3.2
GMAC Insurance Operations ($Mil's)
Combined ratio (8) 96.2% 94.4% 93.8% 94.1%
Premiums / revenue written $1,030 $1,038 $2,131 $2,156
Investment portfolio
market value $7,738 $7,526
After-tax net unrealized
capital gains $545 $528
See footnotes.
General Motors Corporation
2006 2005
---- ----
Worldwide Employment
at June 30 (in 000's)
United States Hourly 103 109
United States Salary 34 36
--- ---
Total United States 137 145
Canada, Mexico, and Other 30 32
--- ---
GMNA 167 177
GME (9) 63 58
GMLAAM 32 32
GMAP (10) 34 14
GMAC 31 34
Other 2 4
--- ---
Total 329 319
=== ===
Worldwide Payrolls ($Bil's) $5.4 $5.2 $10.7 $10.5
Footnotes:
---------
(1) This amount is comparable to First Call analysts' consensus.
(2) Effective January 1, 2006, four powertrain entities were
transferred from GMNA to GME for management reporting. Accordingly,
second quarter 2005 amounts have been revised for comparability
by reclassifying $126 million of revenue and $16 million of net
income from GMNA to GME. Year to date 2005 amounts have been
revised by reclassifying $277 million of revenue and $49 million
of net income from GMNA to GME.
(3) Other Operations and Other Financing include intercompany
eliminations.
(4) Calculated by dividing total interest expense (excluding mark
to market adjustments) by total debt.
(5) Balance at June 30, 2006 comprises $17.2 billion of cash and
cash equivalents and $5.5 billion in marketable securities with
maturities greater than 90 days. Balance at June 30, 2005
comprises $19.7 billion of cash and cash equivalents and $2.5
billion in marketable securities with maturities greater than
90 days.
(6) Excludes accounts in bankruptcy.
(7) Prior period amounts based on current vehicle mix, in order to
be comparable.
(8) 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.
(9) Approximately 7,000 employees were added in the fourth quarter
of 2005 from a former powertrain joint venture with Fiat.
(10) Approximately 13,000 employees were added as a result of the
GM Daewoo consolidation in the third quarter of 2005.
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------ -----------------
2006 2005 2006 2005
------------------ -----------------
(dollars in millions
except per share amounts)
Total net sales and revenues $54,395 $48,469 $106,640 $94,242
------- ------- -------- -------
Cost of sales and other
expenses 48,300 40,730 90,212 80,229
Selling, general, and
administrative expenses 5,558 5,432 11,090 10,321
Loss on controlling interest
in GMAC - held for sale 1,208 - 1,208 -
Interest expense 4,531 3,712 8,760 7,391
------- ------- ------- ------
Total costs and expenses 59,597 49,874 111,270 97,941
------- ------- ------- -------
Loss before income tax benefit,
equity income and minority
interests (5,202) (1,405) (4,630) (3,699)
Income tax benefit (1,855) (245) (1,661) (1,217)
Equity income (loss) and
minority interests 168 173 235 242
------- ------- ------- -------
Net loss $(3,179) $ (987) $(2,734) $(2,240)
======= ======= ======= =======
Basic loss per share attributable
to common stock $ (5.62) $ (1.75) $ (4.83) $ (3.96)
======= ======= ======= =======
Loss per share attributable to
common stock, assuming dilution $ (5.62) $ (1.75) $ (4.83) $ (3.96)
======= ======= ======= =======
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION TO THE
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------ -----------------
2006 2005 2006 2005
------------------ -----------------
(dollars in millions)
AUTOMOTIVE AND OTHER OPERATIONS
Total net sales and revenues $44,913 $40,178 $88,303 $77,481
------- ------- ------- -------
Cost of sales and other expenses 46,851 38,720 86,365 75,866
Selling, general, and
administrative expenses 3,284 3,320 6,684 6,157
------ ------ ------ -------
Total costs and expenses 50,135 42,040 93,049 82,023
Interest expense 723 671 1,407 1,356
Net expense from transactions
with Financing and
Insurance Operations 157 100 303 187
------ ------ ------ -------
Loss before income taxes,
equity income, and
minority interests (6,102) (2,633) (6,456) (6,085)
Income tax benefit (2,342) (665) (2,447) (2,063)
Equity income and minority interests 172 173 228 245
------ ------ ------ ------
Net loss - Automotive and Other
Operations $(3,588) $(1,795) $(3,781) $(3,777)
======= ======= ======= =======
FINANCING AND INSURANCE OPERATIONS
Total revenues $9,482 $8,291 $18,337 $16,761
------ ------ ------- -------
Interest expense 3,808 3,041 7,353 6,035
Depreciation and amortization expense 637 1,404 2,148 2,802
Operating and other expenses 2,148 1,921 4,435 4,010
Loss on controlling interest in
GMAC - held for sale 1,208 - 1,208 -
Provisions for financing and
insurance losses 938 797 1,670 1,715
------ ------ ------- -------
Total costs and expenses 8,739 7,163 16,814 14,562
Net income from transactions with
Automotive and Other Operations (157) (100) (303) (187)
------ ------ ------- -------
Income before income taxes, equity
income, and minority interests 900 1,228 1,826 2,386
Income tax expense 487 420 786 846
Equity income (loss) and minority
interests (4) -- 7 (3)
------ ------ ------- -------
Net income - Financing and
Insurance Operations $ 409 $ 808 $ 1,047 $ 1,537
====== ====== ======= =======
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30, December 31, June 30,
2006 2005 2005
------- ------- -------
(Dollars in millions)
ASSETS
Cash and cash equivalents $22,845 $30,726 $32,261
Marketable securities 314 19,726 23,013
-------- -------- --------
Total cash and marketable securities 23,159 50,452 55,274
Finance receivables -- net 4,284 180,793 178,137
Loans held for sale - 21,865 26,903
Accounts and notes receivable
(less allowances) 10,691 15,578 18,465
Inventories (less allowances) 14,449 14,354 13,350
Assets held for sale 274,294 19,030 -
Deferred income taxes 32,528 29,889 27,910
Net equipment on operating leases
-- (less accumulated depreciation) 23,425 38,187 36,076
Equity in net assets of
nonconsolidated affiliates 1,901 3,291 4,156
Property -- net 39,772 40,214 40,325
Intangible assets -- net 1,662 4,339 4,947
Other assets 44,541 58,086 60,458
-------- -------- --------
Total assets $470,706 $476,078 $466,001
======== ======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable (principally trade) $27,697 $29,913 $28,694
Notes and loans payable 45,378 285,750 283,621
Liabilities related to assets
held for sale 267,551 10,941 -
Postretirement benefits other
than pensions 35,675 33,997 30,592
Pensions 15,793 11,304 9,712
Deferred income taxes 3,724 4,477 6,632
Accrued expenses and other liabilities 61,967 84,060 82,002
-------- -------- --------
Total liabilities 457,785 460,442 441,253
Minority interests 1,081 1,039 902
Stockholders' equity
$1 2/3 par value common stock
(outstanding, 565,607,779;
565,518,106; and 565,503,422 shares) 943 943 943
Capital surplus (principally additional
paid-in capital) 15,306 15,285 15,255
Retained earnings (669) 2,361 11,252
-------- -------- --------
Subtotal 15,580 18,589 27,450
Accumulated foreign currency
translation adjustments (1,679) (1,722) (1,645)
Net unrealized gains on derivatives 1,149 733 331
Net unrealized gains on securities 633 786 687
Minimum pension liability adjustment (3,843) (3,789) (2,977)
-------- -------- --------
Accumulated other comprehensive loss (3,740) (3,992) (3,604)
-------- -------- --------
Total stockholders' equity 11,840 14,597 23,846
-------- -------- --------
Total liabilities and
stockholders' equity $470,706 $476,078 $466,001
======== ======== ========
SOURCE General Motors Corporation
-0- 07/26/2006 P
NOTE TO EDITORS: For additional media information visit
http://media.gm.com .
CONTACT: Gina Proia, +1-212-418-6389, +1-914-714-9166 mobile, or Brenda
Rios, +1-313-665-3165, +1-313-268-4710 mobile, both of General Motors
Corporation
Web site: http://media.gm.com
http://www.gm.com
(GM)
Latest directors dealings
- 1 day ago IntegraFin Holding
- 1 day ago Spirent Communications
- 1 day ago CRH (CDI)
- 1 day ago Bezant Resources
- 1 day ago EJF Investments Ltd NPV