General Motors Financial Statement Y/E December 31, 2004
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Transcript of General Motors Financial Statement Y/E December 31, 2004
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What Confidence!!!!
Health care costs!!!???
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Profits!!!(but where from???)
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Automotive lost89 mFinancingmade 2,894m
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Subtract this from net income
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Page 48
This is the source of Profit !!!!
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Where money was lost and why!!!!
GM published a whole page devoted to a national health program
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Total Assets
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Total Liabilities
Total EquityDebt/Equity Ratio = 461,480/27,726 or 16.64 – very high
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Further debt!!!
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Cumulative Debt!!!
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Factors to consider
• GM is facing problems regarding “legacy costs”- agreements signed to provide health care and pension payments to retirees
• Health care costs in the US are the highest in the world, and pensioners are the largest consumers
• Cost per vehicle is estimated at $1,800
• It would be unthinkable for a major US company to advocate a national health care program in the past, but in this statement GM dedicated a whole page to making the case
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Introduction by the CEO of General Motors
Confidence of 2004 is gone!!!!
Loss of 10.6 billion!!!
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Consolidated Results
Automotive Losses
Financial Profits
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Tax Credit
Add this to automotive
loss of $12,925
$12,925 + 5,878 = 18,803
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During 2004 and 2003, Auto & Other had cash outflows related to investments in companies, net of cash acquired, of approximately $50 million and $60 million, respectively.
Interest Payments
Downgrading of corporate debt and increased borrowing means higher interest payments
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GMAC’s Results
This time not enough to stop a loss!!
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Total Assets
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Total Liabilities
Total Equity
Debt/Equity Ratio = 460,442/14,597 = 31.54 – double the previous year
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FOR RELEASE: 2006-04-03 CONTACTS
GM Reaches Agreement to Sell Controlling Stake in GMAC
Cerberus Led Consortium To Buy 51 Percent Of GMAC EquityGM To Receive $14 Billion In Cash Over Three-Year Period
DETROIT - General Motors Corp. (NYSE: GM) today announced it has entered into a definitive agreement to sell a 51-percent controlling interest in General Motors Acceptance Corp. (GMAC) to a consortium of investors led by Cerberus Capital Management, L.P., a private investment firm, and including Citigroup Inc., and Aozora Bank Ltd. GM expects to receive approximately $14 billion in cash from this transaction over three years, including distributions from GMAC, with an estimated $10 billion by closing.
The transaction strengthens GMAC's ability to support GM's automotive operations, improves GMAC's access to cost-effective funding, provides significant liquidity to GM and allows GM to continue to participate in the profitability of GMAC over the long term through its 49-percent ownership stake.
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FOR RELEASE: 2006-04-03 CONTACTS
GM Reaches Agreement to Sell Controlling Stake in GMAC (cont’d)
GM to Receive $14 Billion in CashThe $14 billion in cash that GM is to receive as part of the transaction
includes $7.4 billion from the Cerberus-led consortium at closing and an estimated $2.7 billion cash distribution from GMAC related to the conversion of most of GMAC and its U.S. subsidiaries to limited liability companies. In addition, GM will retain about $20 billion of GMAC automotive lease and retail assets and associated funding with an estimated net book value of $4 billion that will monetize over three years.
General Motors has to sell GMAC – a profitable part Part of the company to get a cash inject.
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Factors to consider
• Confidence expressed in 2004 is gone!!
• Real losses once adjusted for tax rebate and finance profits exceed $18.8 billion
• Troubles have been worsened by downgrade of credit interest is more expensive• GM finally announced that it would have to sell its
sole source of profitability – GMAC to raise cash
• Debt/Equity ratio doubled – on the road to insolvency??
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CEO’s Opening Statement
The confidence of 2004 is gone
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North American market can’t seem to turn a profit
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Sales outside North America are doing much better –but still NA is the most important market
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“unacceptable” perhaps, but what about the management???
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Legacy costs still plague the company
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Real Automotive operating loss
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Total Assets
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Total Liabilities
Total Equity
Equity is negative – GM is technically insolvent!!!
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North American Market is worsening
Sales increased in most other markets, but the decrease in North America brought down overall sales
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P.49
North American situation is serious – notice the loss in car market share
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European losses are not as steep
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No Profits
Then why dividends if there is no equity left????
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“A century is a long time to be in business. For General Motors, it’s been a century of leadership and achievements, of challenges and opportunities. A centennial is a great time to reflect on and celebrate the past. But for us, it’s more than that…it’s an opportunity to look forward to our next 100 years.”
Opening Comments:
“2007 was another year of important progress for GM, as we implemented further significant structural cost reductions in North America, grew aggressively in emerging markets, negotiated an historic labor contract with our United Auto Workers union partners in the U.S., further developed a broad range of advanced propulsion technologies and, most importantly, introduced a series of breakthrough cars and trucks around the world.”
“GM’s core automotive business generated record revenue of $178 billion in 2007, a $7 billion improvement over 2006. In total, GM generated $181 billion in
revenue in 2007, compared with $206 billion in 2006.”
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?
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-21.7%
+2.9%
+37.1%
+39.1%
71%63% 72.5%
20% 17% 17%
7% 5% 4%
9% 5.5% 4.5%1% 1.5% 2%
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P 53
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P 49…our loss from continuing operations increased substantially as a result of the $39 billion valuation allowance established in the third quarter against our net deferred tax assets in the United States, Canada and Germany and was also increased by our share of losses from our equity investment in GMAC totaling $1.2 billion.
Deferred Income Taxes
In the third quarter of 2007, we recorded a charge of $39 billion related to establishing full valuation allowances against our deferred tax assets in the
United States, Canada and Germany. .. We had determined in prior periods that valuation allowances were not necessary for our deferred tax assets in the United States, Canada and Germany based on several factors including: (1) degree to which our three-year historical cumulative losses were attributable to unusual items or charges, several of which were incurred as a result of actions to improve future profitability; (2) long duration of our deferred tax assets; and (3) expectation of continued strong earnings at GMAC and improved earnings in
GMNA.
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P. 73
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email this chart printer-friendly format
43.20
17.47
25.73 (-59.6%)
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Accomplished since the announcement of GM’s turnaround plan in 2005:
• North America structural cost reduced by $9 billion
• Landmark GM-UAW contracts to address retiree health-care costs
• 34,000-plus workers participated in successful U.S. attrition program in 2006
• 51% stake in GMAC sold; total of $13 billion in proceeds over 3 years
• Allison, Isuzu shares, other assets sold generating $8.9 billion in proceeds
• Liquidity increased from $20 billion to $27 billion
• 3 North American International Auto Show Car or Truck of the Year awards
• Launched industry-best powertrain coverage of five years, 100,000 miles
in the U.S. and Canada
• Average U.S. transaction prices up $3,000
• Multi-Brand Strategy in Europe successfully executed
• GM sales in the world’s emerging markets grew 42%; GM is number one in China,
the world’s fastest growing automotive market by volume
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FORM 10-KGeneral Motors CorporationFiled: March 5, 2009
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Assets Dec 31 2008 Dec 31 2007 Dec 31. 2006Current Assets
Cash And Cash Equivalents
14,053,000 24,817,000 24,123,000
Short Term Investments
13,000 2,139,000 138,000
Net Receivables 7,711,000 9,659,000 20,173,000
Inventory 16,405,000 20,222,000 20,046,000
Other Current Assets 3,142,000 3,566,000 -
Total Current Assets 41,324,000 60,403,000 64,480,000
Long Term Investments 2,860,000 10,854,000 11,760,000 Property Plant and Equipment
41,877,000 49,983,000 53,728,000
Goodwill - 736,000 799,000
Intangible Assets 265,000 330,000 319,000
Accumulated Amortization - - -
Other Assets 4,623,000 24,461,000 22,139,000
Deferred Long Term Asset Charges
98,000 2,116,000 32,967,000
Total Assets 91,047,000 148,883,000 186,192,000
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Liabilities
Current Liabilities
Accounts Payable 24,827,000 64,291,000 63,370,000
Short/Current Long Term Debt 18,472,000 6,047,000 5,666,000
Other Current Liabilities 30,635,000 - -
Total Current Liabilities 73,934,000 70,338,000 69,036,000
Long Term Debt 31,603,000 38,556,000 42,505,000
Other Liabilities 69,027,000 72,502,000 78,902,000
Deferred Long Term Liability Charges 1,823,000 2,967,000 -
Minority Interest 814,000 1,614,000 1,190,000
Negative Goodwill - - -
Total Liabilities 177,201,000 185,977,000 191,633,000
Stockholders' Equity
Misc Stocks Options Warrants - - -
Redeemable Preferred Stock - - -
Preferred Stock - - -
Common Stock 1,017,000 943,000 943,000
Retained Earnings (70,610,000) (39,392,000) 406,000
Treasury Stock - - -
Capital Surplus 15,755,000 15,319,000 15,336,000
Other Stockholder Equity (32,316,000) (13,964,000) (22,126,000)
Total Stockholder Equity (86,154,000) (37,094,000) (5,441,000)
Net Tangible Assets ($86,419,000) ($38,160,000) ($6,559,000)
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SEC Filing – Dec 31, 2009
Launch of General Motors Company
Prior to July 10, 2009 Old GM operated the business of the Company, and pursuant to the agreement with the SEC Staff, the accompanying consolidated financial statements include the financial statements and related information of Old GM as it is our predecessor entity solely for accounting and financial reporting purposes. On June 1, 2009 Old GM and three of its domestic direct and indirect subsidiaries filed voluntary petitions for relief under Chapter 11 (Chapter 11 Proceedings) of the U.S. Bankruptcy Code (Bankruptcy Code) in the U.S. Bankruptcy Court for the Southern District of New York (Bankruptcy Court). On July 10, 2009 in connection with the 363 Sale, we, through certain of our subsidiaries, acquired substantially all of the assets and assumed certain liabilities of Old GM. MLC continues to exist as a distinct legal entity for the sole purpose of liquidating its remaining assets and liabilities.
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SOURCE: The Associated Press Published: July 10, 2009
GM ownership stake
Here is the breakdown of who will own the new General Motors:
61 percent: U.S. government
17.5 percent: United Auto Workers union through its retiree health-care trust
11.7 percent: Canadian government
9.8 percent: bondholders from the old company
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GM raises price ahead of share issueUpdated: 13:36, Tuesday, 16 November 2010
US car maker General Motors has raised the price range for its initial offering of shares to between $32 and $33 per share, the company said in a statement today.
The estimated initial price had been between $26 and $29 per share.
The announcement came as the auto giant prepared to move away from government control on Thursday with a sale of 365m shares of common stock.
The sale is one of the largest in US history, and will reduce the US government's stake.
GM is re-entering the stock market after it was forced into a state-backed bankruptcy reorganisation in June 2009.
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General Motors to Boost Workforce Wed, Oct 10, 2012 6:34 PM EDT
General Motors Company is opening the second of its four planned Information Technology Innovation Center in Warren, Michigan. The company pans to hire up to 1,500 high-tech employees over the next few years to support its IT services.
General Motors will hire software developers, database experts, business analysts and other IT personals for the Michigan plant. Recent college graduates as well as experienced professionals are eligible for the positions. In addition, the company is conducting campus recruitment and participating in local job fairs.
Last month, the company opened the first information technology center in Austin, Texas. This facility provided job opportunity to 500 workers, who were engaged for improving the company’s internal information technology capabilities.
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Questions to be Answered
1. Is there a detectable trend in the statements of General Motors?
2. Is General Motors considered to be a safe investment?
3. What are its prospects for the future?
4. Would you recommend this company to any of your friends?