1st Quarter Results
General Motors Corp
16 April 2002
GENERAL MOTORS EARNS $791 MILLION, OR $1.39 PER SHARE IN THE
FIRST QUARTER, EXCLUDING SPECIAL ITEMS AND HUGHES
-- REPORTED NET INCOME TOTALS $228 MILLION, OR $0.57 PER SHARE
-- STRONG CASH FLOW AND NET LIQUIDITY IMPROVEMENTS
-- $5.00 EARNINGS PER SHARE EXPECTED FOR 2002, EXCLUDING HUGHES AND SPECIAL
ITEMS
DETROIT -- Strong vehicle sales and improved product mix in North America and a
continued focus on cost reduction were key drivers of improved earnings and
robust cash generation for General Motors Corp. (NYSE: GM, GMH) in the first
quarter of 2002. GM today reported that it earned $791 million, or $1.39 diluted
earnings per share of GM $1-2/3 par value common stock, on revenue of $44.3
billion in the first quarter, excluding special items and Hughes. That compares
with $321 million, or $0.57 per share, on revenue of $40.7 billion in the first
quarter of 2001, also excluding special items and Hughes.
Including special items and Hughes, GM's first-quarter 2002 reported net income
totaled $228 million, or $0.57 per share on revenue of $46.3 billion. First-
quarter-2002 results included a restructuring charge of $407 million after-tax,
or $0.72 per share, related to improving the competitiveness of GM's automotive
operations in Europe. In addition, there were three special items at Hughes that
had a total net unfavorable effect of $10 million after taxes. GM's results in
the first quarter compare with $237 million, or $0.53 per share, on revenue of
$42.6 billion in the first quarter of 2001. The first-quarter-2001 results
included the $12 million, or $0.03 per share, favorable effect of the initial
adoption of an accounting change (SFAS No. 133) relating to the treatment of
derivatives.
-2-
Hughes had a net loss of $156 million in the first quarter of 2002, or $0.10 per
share of GM $1-2/3 par value common stock, including the above-mentioned special
items.
GM financial results described throughout the remainder of this release exclude
special items unless otherwise noted (see Highlights).
'We are encouraged by the first-quarter performance at GM North America and
GMAC,' said GM Chairman Jack Smith. 'We continue to focus on great products and
improving our competitiveness. Momentum is on our side and we plan to build on
our success.'
'Strong vehicle sales in North America coupled with cost reductions drove our
profit improvements,' said Rick Wagoner, president and chief executive officer.
'The quality of our market share keeps improving with a richer mix of more-
profitable vehicles and a higher percentage of retail sales.'
Strong automotive cash generation contributed to a significant improvement in
GM's cash position and net liquidity. Cash, marketable securities, and assets of
the Voluntary Employees' Beneficiary Association (VEBA) trust invested in short-
term fixed-income securities, excluding Hughes, totaled $17.3 billion at March
31, 2002, compared with $11.5 billion at Dec. 31, 2001. The increase is
primarily attributable to the approximately $3.7 billion in proceeds from the
recent convertible bond issuance and cash generation from automotive operations.
Net liquidity, excluding Hughes, improved to $2.3 billion, an increase of $1.3
billion from year-end 2001, reflecting the cash flow from automotive operations.
As a result of the strong cash position, GM took action in early April to
further strengthen its balance sheet, making a $2.2 billion cash contribution to
its U.S. hourly pension plan.
-3-
GM AUTOMOTIVE OPERATIONS
GM's global automotive operations earned $467 million in the first quarter of
2002, compared with $20 million in the prior-year period. Global production
increased approximately 3.7 percent in the first quarter, compared with the same
period in 2001. Strong performance in North America was partially offset by GM's
European operations, which have not yet realized full benefit from the current
restructuring.
'The competitive landscape continues to be very challenging in all regions, but
our improving results show that we are on the right course,' Wagoner said. 'We
intend to continue our steady drumbeat of innovative new products around the
globe to build upon our momentum in the marketplace.'
GM North America (GMNA) posted a substantial increase in income, earning $625
million in the first quarter of 2002, compared with $120 million in the first
quarter of 2001. Production volume increased 11.4 percent, with trucks growing
to about 56 percent of total production, compared with about 52 percent in the
first quarter of 2001. GM's overall U.S. market share was relatively stable at
28.3 percent in the quarter, however higher-profit retail sales increased
significantly. GM estimates that its retail vehicle share increased about 1
percentage point, driven by a 4 percentage-point jump in truck retail share.
GM Europe (GME) had a loss of $125 million in the first quarter of 2002,
excluding the restructuring charge, compared with a loss of $86 million in the
prior-year period. The increased loss at GME was primarily attributable to a 15
percent reduction in production volume, and was only partially offset by
reductions in material and structural costs. The restructuring charge of $407
million after taxes for the Project Olympia turnaround plan included employee
separations, asset write-downs, and streamlining the dealer network.
-4-
'The restructuring of our European operations, combined with our aggressive new
product programs, will strengthen our brands and improve the efficiency of our
operations and distribution system,' Wagoner said. 'We know we must make
significant progress in Europe, and we're working hard to make it happen.'
GM Asia-Pacific earned $7 million in the first quarter of 2002, compared with a
loss of $20 million in the first quarter last year. Increased equity earnings
from alliance partners and favorable mix were primary factors. GM Latin
America/Africa/Mid-East (GMLAAM) recorded a loss of $40 million in the first
quarter of 2002, compared with earnings of $6 million in the first quarter of
2001. Steady production volume and increased market share were more than offset
by the continuing effect of the Argentina currency devaluation, economic
pressures, and unfavorable product mix in Brazil.
GMAC
General Motors Acceptance Corporation (GMAC) earned $439 million in the first
quarter of 2002, up 2 percent from the prior-year period when earnings totaled
$431 million. These results reflect a significant increase in earnings from
mortgage operations, with continued strong origination volumes in both the
residential and commercial sectors.
Income from automotive financing operations declined due to higher credit losses
and unfavorable borrowing spreads, which were only partially offset by strong
retail asset growth in North America. Income from insurance operations was down
slightly in the quarter as lower capital gains more than offset improved
underwriting results.
-5-
HUGHES
Hughes lost $146 million in the first quarter of 2002, compared with a
loss of $96 million in the prior-year quarter, primarily because of the cost of
adding DIRECTV subscribers. Hughes revenues increased 6.5 percent to $2.0
billion. Total DIRECTV subscriptions increased approximately 374,000 from the
fourth quarter of 2001 to 12.2 million.
LOOKING AHEAD
As a result of stronger-than-expected U.S. industry sales in the first quarter
and improving economic indicators, General Motors is now forecasting total U.S.
industry vehicle sales to be approximately 16.5 million units in 2002. GM's U.S.
dealer inventories remain lean at approximately 1 million units, and second-
quarter North American production is expected to increase approximately 10
percent over the second quarter of 2001, to approximately 1.5 million units.
Production for the calendar-year is expected to increase about 6 percent to
more than 5.4 million units. For the second quarter of 2002, GM estimates its
earnings excluding Hughes, at $2.00 per share. Calendar-year- 2002 earnings are
now expected to be approximately $5.00 per share, compared with prior guidance
of $3.50 per share. Including Hughes, the targets are approximately $1.90 per
share for the second quarter, and $4.60 per share for the calendar year.
'We're moving in the right direction,' Wagoner said. 'We know we have major
challenges, particularly in Europe, but we're aggressively taking actions
designed to win in the market and improve our financial performance.'
# # #
In this press release and related comments by General Motors management, our use
of the words 'outlook,' 'expect,' 'anticipate,' 'estimate,' 'forecast,'
'project,' 'likely,' 'objective,' 'plan,' 'designed,' 'goal,' 'target,' and
similar expressions is intended to identify forward looking statements. While
these statements represent our current judgment on what the future may hold, and
we believe these judgments are reasonable, actual results may differ materially
due to numerous important factors that are described in GM's most recent report
on SEC Form 10-K (at page 11-15, 16) which may be revised or supplemented in
subsequent reports on SEC Forms 10-Q and 8-K. Such factors include, among
others, the following: changes in economic conditions, currency exchange rates
or political stability; shortages of fuel or interruptions in transportation
systems, labor strikes or work stoppages; market acceptance of the corporation's
new products; significant changes in the competitive environment; changes in
laws, regulations and tax rates; and the ability of the corporation to achieve
reductions in cost and employment levels to realize production efficiencies and
implement capital expenditures at levels and times planned by management.
-6-
General Motors Corporation
List of Special Items - After Tax
(dollars in millions except per share amounts)
Three Months Ended
March 31, 2002
---------------------
Net
Income EPS
--------- ---------
Reported $228 $0.57
GME Restructuring Charge (A) 407 0.72
Hughes Space Shuttle Settlement (B) (59) (0.04)
Hughes GECC Contractual Dispute (C) 51 0.03
Hughes Loan Guarantee Charge (D) 18 0.01
--- ----
Adjusted $645 $1.29
=== ====
Three Months Ended
March 31, 2001
---------------------
Net
Income EPS
--------- ---------
Reported $237 $0.53
SFAS 133 (E) (12) (0.03)
--- ----
Adjusted $225 $0.50
=== ====
(A) The GME Restructuring Charge relates to the previously announced
restructuring to improve the competitiveness of GM's automotive operations
in Europe.
(B) The Space Shuttle Settlement relates to the favorable resolution of a
lawsuit that was filed against the U.S. government on March 22, 1991, based
upon the National Aeronautics and Space Administration's (NASA) breach of
contract to launch ten satellites on the Space Shuttle.
(C) The GECC Contractual Dispute relates to an expected loss associated
with a contractual dispute with General Electric Capital Corporation.
(D) The Loan Guarantee Charge relates to a loan guarantee for a Hughes
Network Systems' affiliate in India.
(E) The SFAS 133 adjustment represents the net income impact from initially
adopting SFAS No. 133, Accounting for Derivatives and Hedging Activities as
follows ($Mil's): GMNA $(14); GME $2; GMLAAM $(1); GMAP $(1); Hughes $(8);
and GMAC $34.
- 7 -
General Motors Corporation
Adjusted Corporate Financial Results
First Quarter
-------------
2002(1) 2001(1)
---- ----
Total net sales and
revenues ($Mil's) (2) $46,293 $42,623
Excluding Hughes $44,252 $40,706
Consolidated net income ($Mil's) $645 $225
Excluding Hughes $791 $321
Net margin from consolidated
net income 1.4% 0.5%
Excluding Hughes 1.8% 0.8%
GM $1-2/3 par value earnings
per share
Basic EPS $1.32 $0.51
Diluted EPS $1.29 $0.50
Diluted EPS excluding Hughes $1.39 $0.57
GM Class H earnings per share
Basic EPS $(0.13) $(0.09)
Diluted EPS $(0.13) $(0.09)
Earnings attributable to GM $1-2/3 par
value ($Mil's)
Consolidated net income $645 $225
Preferred dividends (24) (28)
Losses attributable to GM Class H 115 81
--- ---
Total earnings attributable to
GM $1-2/3 par value $736 $278
=== ===
GM $1-2/3 par value average shares
outstanding (Mil's)
Basic shares 559 548
Diluted shares 570 554
Cash dividends per share of
common stocks
GM $1-2/3 par value $0.50 $0.50
GM Class H - -
Book value per share of common
stocks at March 31
GM $1-2/3 par value $24.56 $38.23
GM Class H $4.91 $7.65
Total cash at March 31,
excluding Hughes($Bil's) (3) $17.3 $9.4
Automotive, Communications Services,
and Other Operations ($Mil's)
Depreciation $1,045 $1,031
Amortization of special tools 592 565
Amortization of intangible assets 9 73
----- -----
Total $1,646 $1,669
===== =====
See footnotes on page 11.
- 8 -
General Motors Corporation
Adjusted Segment Financial Results
First Quarter
-------------
2002(1) 2001(1)
---- ----
(Dollars in millions)
Total net sales and revenues
GMNA $29,017 $25,106
GME 5,584 6,268
GMLAAM 1,301 1,395
GMAP 1,057 1,010
------ ------
Total GMA 36,959 33,779
Hughes 2,041 1,917
Other 802 468
------ ------
Total ACO 39,802 36,164
------ ------
GMAC 6,403 6,377
Other Financing 88 82
------ ------
Total FIO 6,491 6,459
------ ------
Consolidated net sales
and revenues $46,293 $42,623
====== ======
Pre-tax income (loss)
GMNA $891 $216
GME (157) (153)
GMLAAM (41) 8
GMAP (13) -
----- ---
Total GMA 680 71
Hughes (4) (214) (152)
Other (188) (146)
----- ---
Total ACO 278 (227)
----- --
GMAC 736 718
Other Financing (2) (14)
----- ---
Total FIO 734 704
----- ---
Consolidated pre-tax income $1,012 $477
===== ===
Net income (loss)
GMNA $625 $120
GME (125) (86)
GMLAAM (40) 6
GMAP 7 (20)
--- ---
Total GMA 467 20
Hughes (4)(5) (146) (96)
Other (113) (119)
--- ---
Total ACO 208 (195)
--- ---
GMAC 439 431
Other Financing (2) (11)
--- ---
Total FIO 437 420
--- ---
Consolidated net income $645 $225
=== ===
See footnotes on page 11.
- 9 -
General Motors Corporation
Supplementary Adjusted Segment Financial Results
First Quarter
-------------
2002(1) 2001(1)
---- ----
(Dollars in millions)
Income tax expense (benefit)
GMNA $254 $65
GME (26) (64)
GMLAAM (1) 2
GMAP - (2)
--- -
Total GMA $227 $1
=== =
Equity income (loss) and
minority interests
GMNA $(12) $(31)
GME 6 3
GMLAAM - -
GMAP 20 (22)
-- --
Total GMA $14 $(50)
== ==
Effective income tax rate
GMNA 28.5% 30.1%
GME 16.6% 41.8%
GMLAAM 2.4% 25.0%
GMAP - N/A
Total ACO 29.0% 30.1%
Net margins
GMNA 2.2% 0.5%
GME (2.2%) (1.4%)
GMLAAM (3.1%) 0.4%
GMAP 0.7% (2.0%)
Total GMA 1.3% 0.1%
Hughes (7.2%) (5.0%)
Total ACO 0.5% (0.5%)
GMAC 6.9% 6.8%
Consolidated net income 1.4% 0.5%
See footnotes on page 11.
- 10 -
General Motors Corporation
Operating Statistics
First Quarter
-------------
2002 2001
---- ----
(units in thousands)
Worldwide Wholesale Sales
United States - Cars 499 507
United States - Trucks 667 567
----- -----
Total United States 1,166 1,074
Canada, Mexico, and Other 196 151
----- -----
Total GMNA 1,362 1,225
GME 424 468
GMLAAM 155 159
GMAP 108 139
----- -----
Total Worldwide 2,049 1,991
===== =====
Vehicle Unit Deliveries
Chevrolet - Cars 185 232
Chevrolet - Trucks 465 422
Pontiac 118 138
GMC 127 125
Buick 83 86
Oldsmobile 43 77
Saturn 57 66
Cadillac 40 38
Other 12 12
----- -----
Total United States 1,130 1,196
Canada, Mexico, and Other 180 162
----- -----
Total GMNA 1,310 1,358
GME 435 499
GMLAAM 151 164
GMAP 141 127
----- -----
Total Worldwide 2,037 2,148
===== =====
Market Share
United States - Cars 24.7% 28.9%
United States - Trucks 31.4% 28.0%
Total United States 28.3% 28.4%
Total North America 28.0% 28.1%
Total Europe 8.7% 9.4%
Latin America (6) 23.2% 21.3%
Asia and Pacific 4.1% 3.7%
Total Worldwide 14.6% 14.7%
U.S. Retail/Fleet Mix
% Fleet Sales - Cars 24.9% 33.0%
% Fleet Sales - Trucks 10.3% 14.0%
Total Vehicles 16.4% 23.6%
Retail Lease as % of Retail Sales
Total Smartlease and Smartbuy 9.8% 16.5%
Days Supply of Inventory at March 31
United States - Cars 73 70
United States - Trucks 75 95
GMNA Capacity Utilization
(2 shift rated) 80.6% 70.8%
GMNA Net Price (1.0%) (1.0%)
See footnotes on page 11.
- 11 -
General Motors Corporation
Operating Statistics
First Quarter
-------------
2002 2001
---- ----
GMAC's U.S. Cost of Borrowing 4.41% 6.36%
Current Debt Spreads Over U.S.
Treasuries
2 Year 170 bp 145 bp
5 Year 180 bp 180 bp
10 Year 205 bp 210 bp
Worldwide Employment at
March 31, Excluding Contract (in 000's)
United States Hourly 124 130
United States Salary 42 44
--- ---
Total United States 166 174
Canada, Mexico, and Other 33 34
--- ---
GMNA 199 208
GME 71 79
GMLAAM 23 23
GMAP 11 11
Hughes 13 14
GMAC 30 28
Other 12 13
--- ---
Total 359 376
=== ===
Worldwide Payrolls ($Mil's) $5,033 $5,002
Footnotes:
---------
(1) The Q1 2002 and 2001 adjusted amounts represent the reported amounts
excluding the effects of special items as detailed on page 6.
(2) The Q1 2002 and 2001 reported total net sales and revenues totaled
$46,264 million and $42,615 million, respectively.
(3) Represents total cash for Automotive, Communications Services, and Other
Operations, excluding Hughes, which includes cash and marketable
securities, as well as $3.0 billion invested in short-term fixed income
securities of the Corporation's Voluntary Employees' Beneficiary
Association Trust.
(4) The Q1 2001 amount excludes the effects of purchase accounting
adjustments related to General Motors' acquisition of Hughes in 1985.
This purchase accounting adjustment is not recorded in 2002 because the
related goodwill is no longer being amortized effective January 1, 2002
in accordance with SFAS No. 142, Goodwill and Other Intangible Assets.
(5) Excludes Hughes Series A Preferred Stock dividends payable to General
Motors.
(6) Latin America excludes the Middle East and Africa.
- 12 -
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
March 31,
2002 2001
(dollars in millions
except per share amounts)
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
Total net sales and revenues $46,264 $42,615
Cost of sales and other expenses 38,326 34,510
Selling, general, and administrative expenses 5,621 5,390
Interest expense 1,963 2,211
Total costs and expenses 45,910 42,111
Income before income taxes and minority interests 354 504
Income tax expense 125 208
Equity income/(loss) and minority interests (1) (59)
Net income 228 237
Dividends on preference stocks (24) (28)
Earnings attributable to common stocks $204 $209
Basic earnings (losses) per share attributable to
common stocks
Earnings per share attributable to $1-2/3 par value $0.58 $0.54
Earnings per share attributable to Class H $(0.14) $(0.10)
Earnings (losses) per share attributable to common
stocks assuming dilution
Earnings per share attributable to $1-2/3 par value $0.57 $0.53
Earnings per share attributable to Class H $(0.14) $(0.10)
- 13 -
CONSOLIDATED STATEMENTS OF INCOME - concluded
(Unaudited)
Three Months Ended
March 31,
2002 2001
(dollars in millions
AUTOMOTIVE, COMMUNICATIONS SERVICES, AND OTHER OPERATIONS
Total net sales and revenues $39,773 $36,164
Cost of sales and other expenses 36,211 32,494
Selling, general, and administrative expenses 3,690 3,639
Total costs and expenses 39,901 36,133
Interest expense 162 162
Net expense from transactions with
Financing and Insurance Operations 90 131
Loss before income taxes and minority interests (380) (262)
Income tax benefit (160) (81)
Equity income/(loss) and minority interests 11 (36)
Net loss - Automotive, Communications Services,
and Other Operations $(209) $(217)
FINANCING AND INSURANCE OPERATIONS
Total revenues $6,491 $6,451
Interest expense 1,801 2,049
Depreciation and amortization expense 1,361 1,509
Operating and other expenses 1,870 1,717
Provisions for financing and insurance losses 815 541
Total costs and expenses 5,847 5,816
Net income from transactions with Automotive,
Communications Services, and Other Operations (90) (131)
Income before income taxes and minority interests 734 766
Income tax expense 285 289
Equity income/(loss) and minority interests (12) (23)
Net income - Financing and Insurance Operations $437 $454
- 14 -
CONSOLIDATED BALANCE SHEETS
Mar. 31, 2002 Dec. 31 Mar. 31, 2001
GENERAL MOTORS CORPORATION AND SUBSIDIARIES (Unaudited) 2001 (Unaudited)
ASSETS (dollars in millions)
Automotive, Communications Services, and Other Operations
Cash and cash equivalents $14,656 $8,432 $7,445
Marketable securities 781 790 455
Total cash and marketable securities 15,437 9,222 7,900
Accounts and notes receivable (less allowances) 5,957 5,406 6,264
Inventories (less allowances) 9,802 10,034 11,885
Equipment on operating leases - net 3,675 4,524 5,365
Deferred income taxes and other current assets 7,974 7,877 8,421
Total current assets 42,845 37,063 39,835
Equity in net assets of nonconsolidated associates 4,871 4,950 4,271
Property - net 34,443 34,908 34,081
Intangible assets - net 13,745 13,721 7,563
Deferred income taxes 22,826 22,294 14,806
Other assets 16,939 17,274 31,290
Total Automotive, Communications Services, and
Other Operations assets 135,669 130,210 131,846
Financing and Insurance Operations
Cash and cash equivalents 4,393 10,123 6,209
Investments in securities 11,874 10,669 10,107
Finance receivables - net 103,327 99,813 87,845
Investment in leases and other receivables 33,177 34,618 36,386
Other assets 36,240 36,979 29,041
Net receivable from Automotive, Communications
Services, and Other Operations 477 1,557 1,380
Total Financing and Insurance Operations assets 189,488 193,759 170,968
Total assets $325,157 $323,969 $302,814
LIABILITIES AND STOCKHOLDERS' EQUITY
Automotive, Communications Services, and Other Operations
Accounts payable (principally trade) $19,367 $18,297 $18,587
Loans payable 1,591 2,402 2,052
Accrued expenses 34,352 34,090 33,861
Net payable to Financing and Insurance Operations 477 1,557 1,380
Total current liabilities 55,787 56,346 55,880
Long-term debt 16,797 10,726 8,510
Postretirement benefits other than pensions 34,719 34,515 33,416
Pensions 11,072 10,790 3,386
Other liabilities and deferred income taxes 13,741 13,794 15,109
Total Automotive, Communications Services, and
Other Operations liabilities 132,116 126,171 116,301
Financing and Insurance Operations
Accounts payable 8,098 7,900 6,669
Debt 148,082 153,186 135,334
Other liabilities and deferred income taxes 16,519 16,259 14,366
Total Financing and Insurance Operations liabilities 172,699 177,345 156,369
Total liabilities 304,815 303,516 272,670
Minority interests 766 746 702
General Motors - obligated mandatorily redeemable preferred
securities of subsidiary trusts holding solely junior
subordinated debentures of General Motors
Series G - - 139
Stockholders' equity
$1-2/3 par value common stock (issued, 560,498,859; 559,044,427;
and 548,924,480 shares) 934 932 915
Class H common stock (issued, 877,794,882; 877,505,382;
and 875,728,294 shares) 88 88 88
Capital surplus (principally additional paid-in capital) 21,589 21,519 21,105
Retained earnings 9,387 9,463 10,053
Subtotal 31,998 32,002 32,161
Accumulated foreign currency translation adjustments (3,014) (2,919) (2,992)
Net unrealized loss on derivatives (256) (307) (121)
Net unrealized gains on securities 428 512 300
Minimum pension liability adjustment (9,580) (9,581) (45)
Accumulated other comprehensive loss (12,422) (12,295) (2,858)
Total stockholders' equity 19,576 19,707 29,303
Total liabilities and stockholders' equity $325,157 $323,969 $302,814
- 15 -
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended March 31,
2002 2001
Automotive, Financing Automotive, Financing
Comm.Serv. and Comm.Serv. and
and Other Insurance and Other Insurance
(dollars in millions)
Net cash provided by (used in) operating activities $2,989 $4,268 $873 $(153)
Cash flows from investing activities
Expenditures for property (1,888) (16) (2,078) (19)
Investments in marketable securities - acquisitions (399) (19,557) (279) (7,225)
Investments in marketable securities - liquidations 408 18,391 985 6,713
Mortgage servicing rights - acquisitions - (622) - (447)
Finance receivables - acquisitions - (54,936) - (50,804)
Finance receivables - liquidations - 22,564 - 34,521
Proceeds from sales of finance receivables - 28,366 - 19,968
Operating leases - acquisitions (968) (2,942) (1,748) (2,850)
Operating leases - liquidations 1,718 2,258 1,925 2,481
Investments in companies, net of cash acquired (39) (122) (548) (116)
Other 547 287 (824) 503
Net cash (used in) provided by investing activities (621) (6,329) (2,567) 2,725
Cash flows from financing activities
Net decrease in loans payable (811) (5,852) (156) (16,857)
Long-term debt - borrowings 6,414 7,270 2,041 22,518
Long-term debt - repayments (392) (6,168) (947) (3,770)
Proceeds from issuing common stocks 50 - 33 -
Proceeds from sales of treasury stocks 19 - - -
Cash dividends paid to stockholders (304) - (301) -
Net cash provided by (used in) financing activities 4,976 (4,750) 670 1,891
Effect of exchange rate changes on cash and
cash equivalents (40) 1 (59) (10)
Net transactions with Automotive/Financing Operations (1,080) 1,080 (591) 591
Net increase (decrease) in cash and cash equivalents 6,224 (5,730) (1,674) 5,044
Cash and cash equivalents at beginning of the period 8,432 10,123 9,119 1,165
Cash and cash equivalents at end of the period $14,656 $4,393 $7,445 $6,209
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