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This excerpt taken from the GM 8-K filed May 12, 2009. GM Automotive Operations GM recorded an adjusted automotive EBIT loss of $3.9 billion ($5.2 billion reported EBIT loss) in the first quarter 2009. The loss compares with adjusted automotive EBIT income of $808 million in the first quarter of 2008 (reported EBIT income of $484 million). GM’s automotive results in the first quarter of 2009 were driven by a revenue decline in all regions, due in part to a depressed global industry. In addition, GM’s results were impacted by unfavorable foreign currency exchange and mark-to-market commodity hedging versus the year-ago quarter. However, these losses were partially offset by a significant structural cost improvement of $3.1 billion when compared to the first quarter of 2008. Demonstrating its commitment to product and technology excellence, GM launched several new vehicles in the first quarter, including the fuel-efficient Chevrolet Cruze in China. In North America, GM began production of the reinvented Chevrolet Camaro, which offers 29 miles-per-gallon fuel economy on the highway. The company also launched the Chevrolet Captiva Sport with its new 2.4L engine in Brazil, and introduced the Cadillac CTS-V to the Middle East. The 2009 European Car of the Year, the Opel/Vauxhall Insignia, continued to ramp-up production and in its first full quarter of sales, and surpassed all competitors in the mid-size sedan segment in Europe. This excerpt taken from the GM 8-K filed Feb 27, 2009. GM Automotive Operations GM’s global automotive operations posted an adjusted loss before tax of $10.4 billion in 2008 (reported loss of $16.3 billion), compared to adjusted income before tax of $553 million in 2007 (reported loss of $1.9 billion). In the fourth quarter 2008, GM’s automotive operations had an adjusted loss before tax of $4.0 billion (reported loss of $6.4 billion), compared to an adjusted loss before tax of $803 million in the year-ago quarter (reported loss of $1.2 billion). GM 2008 worldwide sales were 8.35 million vehicles, down 11 percent, or 1.01 million vehicles, driven by the industry-wide contraction in global vehicle sales. In 2008, 5.38 million vehicles, or 64 percent of GM’s global sales, were outside of the U.S., up from 59 percent a year ago. GM’s Asia Pacific (GMAP) and Latin America, Africa and Middle East (GMLAAM) regions each grew sales volume by nearly 3 percent, and more than 2 million vehicles were sold in Europe for the third consecutive year. Despite softer industry sales, GM continues to lead in emerging markets, posting market share growth in 14 of 26 of the emerging markets. This excerpt taken from the GM 10-Q filed Nov 7, 2006. Automotive
Operations
Total Automotive revenues were $127.8 billion for the first
nine months of 2006, which includes three consecutive quarters
of growth in revenue over the same periods in 2005. GM
experienced revenue improvements from all regions. Notably
GMNA’s revenues increased 6.6% from the same period in 2005
due primarily to favorable product mix related to the recently
launched full size utility vehicles such as the Chevrolet Tahoe,
GMC Yukon and Cadillac Escalade, as well as favorable net price.
GMAP’s revenues increased 61% from the previous period due
to the consolidation of GM Daewoo Auto & Technology
Company (GM Daewoo) beginning in June 2005 and continued strong
performance in South Korea. GMLAAM’s revenues increased
28.8% due to favorable pricing and increases in volume generated
by new product launches, including continued strong sales growth
primarily in Brazil and the Middle East. During the first nine
months of 2006, GM achieved certain cost cutting measures that
were previously communicated as part of its turnaround plan.
Specifically, GMNA achieved savings of $1.1 billion after
tax related to hourly OPEB savings as a result of the UAW
Settlement Agreement, the hourly pension and OPEB savings as a
result of the Attrition Program, and the effects of the changes
in salaried retiree benefits plans announced in the first
quarter of 2006. In addition, we continued to experience better
vehicle quality than our accrual rate for warranty claims per
car which allowed us to decrease our warranty accruals by
$0.3 billion after tax. See “MD&A —
Turnaround Plan” for a detailed description of the cost
savings measures.
GMNA has increased its target for reduction of structural costs
from the amount previously stated in GM’s 2005 Annual
Report on
Form 10-K
by $2 billion to $9 billion on a running rate basis by
the end of 2006. Running rate basis refers to the average
annualized cost savings into the foreseeable future anticipated
to result from cost savings actions when fully implemented. GM
expects $6 billion of the structural cost reduction to be
realized during 2006, exceeding the $4 billion of
structural cost reductions previously estimated for calendar
year 2006 in GM’s 2005 Annual Report on
Form 10-K.
This improvement is due to the financial impact of the UAW
Attrition Agreement, including the effect of the pension and
OPEB remeasurements, and the impact of the previously
Table of Contents
GENERAL
MOTORS CORPORATION AND SUBSIDIARIES
This excerpt taken from the GM 10-Q filed Aug 8, 2006. Automotive
Operations
Total Automotive revenues were $88.9 billion for the first
half of 2006, which includes two consecutive quarters of record
revenue. GM experienced revenue improvements from all regions.
Notably GMNA’s revenues increased 9.4% from the same period
in 2005 due to favorable net price obtained through a reduction
in sales incentive spending, as well as improvements in pricing
on recently launched full size utility vehicles such as the
Chevrolet Tahoe, GMC Yukon and Cadillac Escalade. GMAP’s
revenues doubled from the previous period due to the
consolidation of GM Daewoo Auto & Technology Company
(GM Daewoo) beginning in June 2005. During the first half of
2006, GM achieved certain cost cutting measures that were
previously communicated as part of its turnaround plan.
Specifically, we continued to experience better vehicle quality
than our accrual rate for warranty claims per car which allowed
us to decrease our warranty accruals by $0.3 billion
after-tax. In addition we achieved savings of $0.3 billion
after tax due to the Attrition Program and other changes to our
salaried pension and OPEB plans that were previously announced.
Other structural costs were reduced by $0.5 billion
after-tax in such areas as engineering and marketing expense.
GMNA is increasing its target for reduction of structural costs
from the amount previously stated in GM’s 2005 Annual
Report on
Form 10-K
by $2 billion to $9 billion on a running rate basis by
the end of 2006. Running rate basis refers to the average
annualized cost savings into the foreseeable future anticipated
to result from cost savings actions when fully implemented. GM
expects $6 billion of the structural cost reduction to be
realized during 2006, exceeding the $4 billion of
structural cost reductions previously estimated for calendar
year 2006 in GM’s 2005 Annual Report on
Form 10-K.
This improvement is due to the financial impact of the UAW
Attrition Agreement, including the effect of the pension
remeasurement, and with the impact of the previously disclosed
change in accounting treatment for the contributions related to
the independent VEBA established under the UAW Settlement
Agreement. The expected total annual cash savings from
structural cost reductions remains $5 billion.
GENERAL
MOTORS CORPORATION AND SUBSIDIARIES
Financial
Results — (continued)
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