Final Results
For 2002, GM Earned $1.7 Billion, or $3.35 Per Share
-- Excluding Hughes and special items, $3.9 billion, or $6.98 per share
-- In the fourth quarter, GM earned $1.0 billion, or $1.71 per share
Excluding Hughes, $934 million, or $1.67 per share
-- Record revenue, market share gains in three automotive
regions, strong cash generation, and improved cost performance
were key highlights in 2002
-- GMAC posts eighth straight year of earnings growth
DETROIT, Jan. 16 -- General Motors Corp. (NYSE: GM, GMH) today reported record revenues and significantly
improved earnings in both the
calendar year and fourth quarter of 2002.
CALENDAR YEAR 2002
GM earned $1.7 billion on record revenue of $186.8 billion, or $3.35 diluted earnings per share of GM $1-2/3 par
value common stock, compared with $601 million, or $1.77 per share, in 2001.
Excluding special items (see 'Highlights') and Hughes, 2002 earnings totaled $3.9 billion, or $6.98 per share,
nearly double the results in 2001 when GM earned $2.0 billion, or $3.60 per share.
FOURTH QUARTER 2002
Earnings totaled $1.0 billion on record quarterly revenue of $48.7 billion, or $1.71 per share. That compares with
$255 million, or $0.60 per share, in the prior-year period. There were no special items other than those at Hughes in
the fourth quarter of 2002.
Excluding Hughes and its special items, earnings in the fourth quarter of 2002 totaled $934 million, or $1.67 per
share, more than double the $386 million, or $0.69 per share, earned in the prior-year period.
YEAR IN REVIEW
'Our strategy to leverage GM's size, and fundamentally improve its operating efficiency continues to pay off,'
said GM Chairman Jack Smith. 'We're a far leaner, more flexible company, offering cars and trucks that are
winners in the marketplace, which continues to drive our improved earnings.'
'GM delivered strong results despite challenging global economic and market conditions,' said GM President and
Chief Executive Officer Rick Wagoner. 'Strong launches of well-received products, aggressive marketing,
improved quality and productivity, and continued cost reductions were the primary drivers of our improved
performance. Our performance in 2002 gives us confidence in the strength of our fundamental operating systems,
and is an excellent foundation on which we can build.
'General Motors Acceptance Corp. (GMAC) achieved its eighth consecutive year of earnings growth and fourth
straight year of record earnings -- truly an outstanding performance, which was achieved despite considerable
challenges in the capital markets,' Wagoner said.
GM's automotive operations generated approximately $8 billion in cash flow, as total cash generation was about
$12 billion in 2002, exceeding the target of $10 billion. 'We generated significantly more cash than expected,'
Wagoner said. 'This was achieved despite the fact that the Hughes transaction, which had been a major element of
our cash-generation plan, could not be completed. And, we still have a significant store of value in Hughes that we
can capitalize on going forward.'
The strong cash performance allowed GM to contribute a total of $4.8 billion to its U.S. pension plans during the
year, including a $2.6 billion cash contribution in the fourth quarter. In addition, GM made a $1 billion cash
contribution to the long-term Voluntary Employees' Beneficiary Association (VEBA) Trust in June of 2002. Even
with these contributions, net liquidity of $2.3 billion at year-end 2002 was up $1.3 billion from year-
end 2001.
Cash, marketable securities, and assets of the VEBA trust invested in short-term fixed-income securities totaled
$17.3 billion at Dec. 31, 2002, excluding GMAC and Hughes, up almost $6 billion from the end of 2001.
GM financial results described throughout the remainder of this release exclude special items unless otherwise
noted (see 'Highlights').
GM AUTOMOTIVE OPERATIONS
GM's global automotive operations earned $563 million in the fourth quarter of 2002, compared with $66 million
in the prior-year period. The increase was fueled by income growth at GM North America (GMNA) and Asia
Pacific, and moderating losses in Europe and Latin America. For 2002, GMNA earned $3.0 billion, double its 2001
performance.
'For the second year in a row, we increased our market share in three of the four automotive regions, and we
improved the quality of our share with stronger sales of higher-profit models,' Wagoner said.
GM's U.S. market share increased to 28.3 percent for the year, up 0.2 percentage points from 2001. 'We've grown
market share in the United States for the second consecutive year, thanks to strong core products like our full-size
pickups, and mid-size and large SUVs,' Wagoner said. 'GM set all-time industry records for truck and SUV sales in
2002, becoming the first manufacturer ever to top 1.2 million SUV sales in a calendar year. We're making these
gains because we're offering cars and trucks that customers
really want to buy, and we're targeting market share gains again in 2003 as we introduce 12 new vehicles in the
United States alone this year.'
The pricing environment continued to be challenging, with vehicle prices continuing to decline in North America.
Net price retention was negative 3.2 percent in the fourth quarter of 2002, and negative 2.1 percent for the year.
Higher production volume and significant improvements in structural and material costs more than offset the
continued pricing pressures, leading to more than a 50 percent improvement in GMNA's fourth-quarter net income
compared with the same period in 2001. Year-end dealer inventories were well positioned at slightly more than a
million units.
GM Europe (GME) reported a loss of $129 million in the fourth quarter of 2002, an improvement from the $240
million loss in the year-ago period. Significant progress in reducing material and structural costs and increased
volume were partially offset by higher losses at Saab. For 2002, GME had a loss of $549 million, compared with a
loss of $767 million in 2001.
'We've made very good progress on the cost side in Europe, and we continue to focus on revenue growth,'
Wagoner said. 'We've mounted a major product offensive and expect the new Opel/Vauxhall and Saab models,
along with expanded diesel engine availability, to drive increased sales. We're pleased with the progress we're
making in turning around our Opel/Vauxhall operations, and we are intensifying our efforts to cut costs and improve
sales at Saab.'
GM Asia-Pacific (GMAP) reported a profit of $66 million in the fourth quarter of 2002 compared with earnings
of $25 million a year ago, led by continued strong performance at GM's Australia-based Holden and Shanghai GM
in China. The earnings also reflect better-than-expected results from GM's equity alliances. The fourth-quarter-
2002 results included GM's share of start-up related losses at GM Daewoo Auto & Technology Co., which totaled
approximately $50 million. For 2002, GMAP earned $188 million, compared with $77 million in 2001.
'We are very pleased with our steady sales and earnings progress in Asia,' Wagoner said. 'Holden continues to
perform very well, and Shanghai GM is aggressively and profitably expanding its capacity and model lineup in
China.'
GM Latin America/Africa/Mid-East (GMLAAM) reported a loss of $7 million in the fourth quarter of 2002, a
significant improvement versus its loss of $111 million in the year-ago quarter. Results there were negatively
affected by the general economic downturn in the region and turmoil in Venezuela and Argentina. For 2002,
GMLAAM had a loss of $181 million, compared with a loss of $80 million in 2001.
'Responding to the challenging economic conditions, we continued to reduce our costs and grew market share by
nearly one percentage point on the strength of new products, such as the new Corsa and the Chevrolet Meriva. We
strengthened our lead as the number-one manufacturer in the region, and we're well positioned to generate solid
earnings when the economy recovers,' Wagoner
said.
GMAC
GMAC earned $524 million in the fourth quarter of 2002 -- an all-time fourth-quarter record. These results
represent an increase of more than 20 percent from fourth-quarter earnings of $435 million a year ago, with the
improvement driven by strong results from automotive finance and mortgage operations. For 2002, GMAC earned
an all-time record $1.9 billion, compared with $1.8 billion in 2001.
'GMAC continues to be a key contributor to GM's profitability,' Wagoner said. 'Eight consecutive years of
annual income growth demonstrates we have a solid operating strategy and an effective approach to meet the
challenges of the difficult capital-funding environment.'
HUGHES
Hughes had a loss of $84 million in the fourth quarter of 2002, compared with a loss of $131 million in the prior-
year period. The results primarily reflect continued improvement in the operating performance of DIRECTV U.S.
Revenue, led by the growing subscriber base of DIRECTV, totaled $2.5 billion in the fourth quarter of 2002, up
from $2.3 billion in the same quarter last year. Total DIRECTV subscriptions in the United States increased
approximately 256,000 from the third quarter of 2002 to 11.2 million. For 2002, Hughes had a loss of $467 million,
compared with a loss of $525 million in 2001.
Including special items disclosed by Hughes yesterday, earnings totaled $86 million in the fourth quarter of 2002.
The net effect of the fourth-quarter special items totaled a favorable $170 million after taxes (see 'Highlights').
PROFIT SHARING
General Motors also announced that approximately 130,000 hourly employees in the United States will qualify for
profit-sharing payments in 2003. A typical U.S. hourly employee, eligible under the profit-sharing program, will
qualify for a payment of approximately $940.
LOOKING AHEAD
GM expects moderate economic growth in 2003 in the United States, resulting in total U.S. industry vehicle sales
of approximately 16.5 million units. In Europe, total industry vehicle sales are expected to be about 19 million
units. GM's 2003 first-quarter production forecast for North America is now estimated at 1.43 million units, up
nearly 6 percent from the first quarter of 2002. GM estimates that earnings in the first quarter of 2003
will be approximately $1.50 per share, and the calendar-year earnings target is approximately $5.00 per share,
excluding Hughes and any special items. In the fourth quarter of 2002, GM's effective income-tax rate, excluding
financing and insurance operations, was 26 percent, the level expected for GM in each of the next several years.
General Motors, the world's largest vehicle manufacturer, designs, builds and markets cars and trucks worldwide,
and has been the global automotive sales leader since 1931. More information on GM can be found at
www.gm.com .
In this press release and related comments by General Motors management, our use of the words 'expect,'
'anticipate,' 'estimate,' 'forecast,' 'objective,' 'plan,' 'goal' 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 II-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, 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.
General Motors Corporation
List of Special Items - After Tax
(dollars in millions)
Fourth Quarter 2002
---------------------------------
GM $1-2/3
Par Value
Common Stock
Total Diluted
Hughes GM EPS
------ ------ ------------
Reported Net Income $86 $1,020 $1.71
Hughes EchoStar Termination
Payment (A) (372) (372) (0.20)
Hughes Write-down of Crown
Media Investment (B) 27 27 0.02
Hughes Write-down of XM Radio
Investment (C) 63 63 0.03
Hughes Costs Related to
Shut-down of DIRECTV DSL(TM)
Service (D) 97 97 0.05
Hughes Loss on HTIL
Transaction (E) 15 15 0.01
-- --- ----
Adjusted Income (Loss) $(84) $850 $1.62
== === ====
(A) The Hughes EchoStar Termination Payment reflects the $600
million EchoStar paid to Hughes in connection with the
termination of the October 28, 2001 merger agreement
between Hughes and EchoStar.
(B) The Hughes Write-down of Crown Media Investment relates
to the recognition of an other than temporary decline in
the market value of Hughes' investment in Crown Media.
(C) The Hughes Write-down of XM Radio Investment relates to
the recognition of an other than temporary decline in the
market value of Hughes' investment in XM Radio.
(D) The Hughes Costs Related to Shut-down of DIRECTV DSL(TM)
Service relates to the costs to close the business
including contract termination payments, write-offs of
equipment, and severance payments.
(E) The Hughes Loss on HTIL Transaction relates to the exchange
of Hughes' ownership in Hughes Tele.com (India) Limited
for an equity interest in and long term receivables from
Tata Teleservices Limited.
NOTE: There were no special items presented in the fourth
quarter of 2001.
General Motors Corporation
List of Special Items - After Tax
(dollars in millions)
Year to Date 2002
-------------------------------------------------
GM $1-2/3
Par Value
Common Stock
Other Total Diluted
GMNA GME Hughes ACO GM EPS
---- --- ------ ----- ----- ----------
Reported Net Income
(Loss) $2,900 $(1,011) $(239) $(1,803) $1,736 $3.35
Hughes EchoStar
Termination Payment (A) - - (372) - (372) (0.21)
Hughes Write-down of
Crown Media Investment (B) - - 27 - 27 0.02
Hughes Write-down of XM
Radio Investment (C) - - 63 - 63 0.04
Hughes Costs Related to
Shut-down of DIRECTV DSL(TM)
Service (D) - - 97 - 97 0.05
Hughes Loss on HTIL
Transaction (E) - - 15 - 15 0.01
Write-down of
Fiat Auto Investment (F) - - - 1,371 1,371 2.44
GMNA Production
Footprint (G) 116 - - - 116 0.21
Hughes Sale of Equity
Interests (H) - - (68) - (68) (0.04)
GME End of Life Vehicle
Charge (I) - 55 - - 55 0.10
GME Restructuring
Charge (J) - 407 - - 407 0.72
Hughes Space Shuttle
Settlement (K) - - (59) - (59) (0.04)
Hughes GECC Contractual
Dispute (L) - - 51 - 51 0.03
Hughes Loan Guarantee
Charge (M) - - 18 - 18 0.01
----- --- --- --- ----- ----
Adjusted Income
(Loss) $3,016 $(549) $(467) $(432) $3,457 $6.69
===== === === === ===== ====
See notes below
General Motors Corporation
List of Special Items - After Tax
See previous pages for notes (A) - (E)
(F) The Write-down of Fiat Auto Investment relates to GM's
investment in Fiat Auto Holdings, B.V. ('Fiat Auto') and
reflects completion of an impairment study relating to the
carrying value of that investment, which was reduced from
$2.4 billion to $220 million.
(G) The GMNA Production Footprint charge primarily relates to
costs associated with the transfer of commercial truck
production from Janesville, Wisconsin, to Flint, Michigan.
(H) The Hughes Sale of Equity Interests relates primarily to
the investment in the multimedia company Thomson.
(I) The GME End of Life Vehicle Charge relates to the European
Union's directive requiring member states to enact legislation
regarding end-of-life vehicles to be the responsibility of
manufacturers for dismantling and recycling vehicles they
have sold.
(J) The GME Restructuring Charge relates to the initiative
implemented in the first quarter of 2002 to improve the
competitiveness of GM's automotive operations in Europe.
(K) The Hughes Space Shuttle Settlement relates to the favorable
resolution of a lawsuit that was filed against the U.S.
government on March 22, 1991, based upon the National
Aeronautics and Space Administration's (NASA) breach of
contract to launch ten satellites on the Space Shuttle.
(L) The Hughes GECC Contractual Dispute relates to an expected
loss associated with a contractual dispute with General
Electric Capital Corporation.
(M) The Hughes Loan Guarantee Charge relates to a loan guarantee
for a Hughes Network Systems' affiliate in India.
General Motors Corporation
List of Special Items - After Tax
(dollars in millions)
Year to Date 2001
----------------------------------------
Other
GMNA GME GMLAAM GMAP Hughes ACO
---- --- ------ ---- ------ -----
Reported Net Income (Loss) $1,270 $(765) $(81) $(57) $(618) $(916)
Ste. Therese Charge (A) 194 - - - - -
Raytheon Settlement (B) - - - - - 474
Gain on Sale of Thomson (C) - - - - (67) -
SkyPerfecTV! Writedown (D) - - - - 133 -
Severance Charge (E) - - - - 40 -
DirecTV Japan Adjustment (F) - - - - (21) -
Isuzu Restructuring (G) - - - 133 - -
SFAS 133 (H) 14 (2) 1 1 8 -
----- --- -- -- --- ---
Adjusted Income (Loss) $1,478 $(767) $(80) $77 $(525) $(442)
===== === == == === ===
GM $1-2/3
Par Value
Common Stock
Total Other Total Diluted
ACO GMAC FIO GM EPS
----- ------ ----- ----- ------------
Reported Net Income (Loss)$(1,167) $1,786 $(18) $601 $1.77
Ste. Therese Charge (A) 194 - - 194 0.35
Raytheon Settlement (B) 474 - - 474 0.85
Gain on Sale of Thomson (C) (67) - - (67) (0.04)
SkyPerfecTV! Writedown (D) 133 - - 133 0.08
Severance Charge (E) 40 - - 40 0.02
DirecTV Japan Adjustment (F) (21) - - (21) (0.01)
Isuzu Restructuring (G) 133 - - 133 0.24
SFAS 133 (H) 22 (34) - (12) (0.03)
--- ----- -- ----- ----
Adjusted Income (Loss) $(259) $1,752 $(18) $1,475 $3.23
=== ===== == ===== ====
See notes below
General Motors Corporation
List of Special Items - After Tax
A) The Ste. Therese Charge relates to the closing of the Ste.
Therese, Quebec assembly plant.
B) The Raytheon Settlement relates to Hughes' settlement with
the Raytheon Company on a purchase price adjustment related
to Raytheon's 1997 merger with Hughes Defense.
C) The Gain on Sale of Thomson relates to Hughes' sale of 4.1
million shares of Thomson Multimedia common stock.
D) The SkyPerfecTV! Writedown relates to Hughes' non-cash
charge from the revaluation of its investment.
E) The Severance Charge relates to Hughes' 10% company-wide
workforce reduction in the U.S.
F) The DirecTV Japan Adjustment relates to a favorable
adjustment to the expected costs associated with the
shutdown of Hughes' DirecTV Japan business.
G) The Isuzu Restructuring charges include General Motors'
portion of severance payments and asset impairments that
were part of the second quarter restructuring of its
affiliate Isuzu Motors Ltd.
H) The SFAS 133 Adjustment represents the net impact during
the first quarter 2001 from initially adopting SFAS No.
133, Accounting for Derivatives and Hedging Activities.
General Motors Corporation
Adjusted Corporate Financial Results
Fourth Quarter Year to Date
-------------- --------------
2002(1) 2001(1) 2002(1) 2001(1)
---- ---- ---- ----
Total net sales and
revenues ($Mil's) $48,108 $45,950 $186,244 $177,268
Excluding Hughes $45,600 $43,665 $177,276 $168,950
Memo: Reported $48,656 $45,950 $186,763 $177,260
Consolidated adjusted
income ($Mil's) $850 $255 $3,457 $1,475
Excluding Hughes $934 $386 $3,924 $2,000
Net margin from
adjusted income 1.8% 0.6% 1.9% 0.8%
Excluding Hughes 2.0% 0.9% 2.2% 1.2%
GM $1-2/3 par value
earnings per share
Basic EPS $1.62 $0.61 $6.72 $3.26
Diluted EPS $1.62 $0.60 $6.69 $3.23
Diluted EPS excluding
Hughes $1.67 $0.69 $6.98 $3.60
GM Class H
earnings per share
Basic EPS $(0.06) $(0.12) $(0.38) $(0.48)
Diluted EPS $(0.06) $(0.12) $(0.38) $(0.48)
Earnings attributable to
GM $1-2/3 par value ($Mil's)
Adjusted income $850 $255 $3,457 $1,475
Preferred dividends - (23) (47) (99)
Losses attributable
to GM Class H 59 105 352 419
--- --- ----- -----
Total earnings attributable
to GM $1-2/3 par value $909 $337 $3,762 $1,795
=== === ===== =====
GM $1-2/3 par value average
shares outstanding (Mil's)
Basic shares 560 556 560 551
Diluted shares 561 559 562 556
Cash dividends per share
of common stocks
GM $1-2/3 par value $0.50 $0.50 $2.00 $2.00
GM Class H - - - -
Book value per share of
common stocks at Dec. 31
GM $1-2/3 par value $9.06 $24.79
GM Class H $1.81 $4.96
Total cash at Dec. 31,
Excluding Hughes($Bil's) (2) $17.3 $11.5
Automotive, Communications Services,
and Other Operations ($Mil's)
Depreciation $1,282 $1,095 $4,723 $4,354
Amortization of special
tools 751 613 2,647 2,360
Amortization of intangible
assets 21 67 27 285
----- ----- ----- -----
Total $2,054 $1,775 $7,397 $6,999
===== ===== ===== =====
See footnotes
General Motors Corporation
Adjusted Segment Financial Results
Fourth Quarter Year to Date
-------------- --------------
2002(1) 2001(1) 2002(1) 2001(1)
---- ---- ---- ----
(dollars in millions)
Total net sales and revenues
GMNA $28,864 $27,446 $114,444 $106,938
GME 6,763 6,084 23,912 23,700
GMLAAM 1,342 1,392 5,110 5,864
GMAP 1,180 1,063 4,524 4,201
------ ------ ------- -------
Total GMA 38,149 35,985 147,990 140,703
Hughes 2,508 2,285 8,968 8,318
Other 384 1,029 2,260 2,470
------ ------ ------- -------
Total ACO 41,041 39,299 159,218 151,491
GMAC 7,066 6,565 26,793 25,480
Other Financing 1 86 233 297
------ ------ ------- -------
Total FIO 7,067 6,651 27,026 25,777
------ ------ ------- -------
Consolidated net sales
and revenues $48,108 $45,950 $186,244 $177,268
====== ====== ======= =======
Pre-tax income (loss)
GMNA $838 $528 $4,198 $2,051
GME (233) (345) (797) (1,092)
GMLAAM (6) (150) (240) (79)
GMAP 45 (17) 10 27
--- --- ----- -----
Total GMA 644 16 3,171 907
Hughes (3) (92) (213) (640) (786)
Other (274) (135) (681) (537)
--- --- ----- -----
Total ACO 278 (332) 1,850 (416)
GMAC 778 730 3,001 2,872
Other Financing 4 (24) (30) (58)
--- --- ----- -----
Total FIO 782 706 2,971 2,814
----- --- ----- -----
Consolidated pre-tax
income $1,060 $374 $4,821 $2,398
===== === ===== =====
Net income (loss)
GMNA $633 $392 $3,016 $1,478
GME (129) (240) (549) (767)
GMLAAM (7) (111) (181) (80)
GMAP 66 25 188 77
--- --- ----- -----
Total GMA 563 66 2,474 708
Hughes (3)(4) (84) (131) (467) (525)
Other (199) (120) (432) (442)
--- --- ----- -----
Total ACO 280 (185) 1,575 (259)
GMAC 524 435 1,870 1,752
Other Financing 46 5 12 (18)
--- --- ----- -----
Total FIO 570 440 1,882 1,734
--- --- ----- -----
Consolidated adjusted
income $850 $255 $3,457 $1,475
=== === ===== =====
See footnotes
General Motors Corporation
Supplementary Adjusted Segment Financial Results
Fourth Quarter Year to Date
-------------- --------------
2002(1) 2001(1) 2002(1) 2001(1)
---- ---- ---- ----
(dollars in millions)
Income tax expense (benefit)
GMNA $240 $150 $1,227 $537
GME (62) (72) (172) (284)
GMLAAM 3 (38) (76) (17)
GMAP 43 17 55 24
--- --- ----- ---
Total GMA $224 $57 $1,034 $260
=== === ===== ===
Equity income (loss) and
minority interests
GMNA $35 $14 $45 $(36)
GME 42 33 76 41
GMLAAM 2 1 (17) (18)
GMAP 64 59 233 74
--- --- --- --
Total GMA $143 $107 $337 $61
=== === === ==
Effective income tax rate
GMNA 28.6% 28.4% 29.2% 26.2%
GME 26.6% 20.9% 21.6% 26.0%
GMLAAM (50.0%) 25.3% 31.7% 21.5%
GMAP 95.6% (100.0%) - 88.9%
Total ACO 26.0% 31.0% 28.7% 31.0%
Net margins
GMNA 2.2% 1.4% 2.6% 1.4%
GME (1.9%) (3.9%) (2.3%) (3.2%)
GMLAAM (0.5%) (8.0%) (3.5%) (1.4%)
GMAP 5.6% 2.4% 4.2% 1.8%
Total GMA 1.5% 0.2% 1.7% 0.5%
Hughes (3)(4) (3.3%) (5.7%) (5.2%) (6.3%)
Total ACO 0.7% (0.5%) 1.0% (0.2%)
GMAC 7.4% 6.6% 7.0% 6.9%
Consolidated net income 1.8% 0.6% 1.9% 0.8%
See footnotes
General Motors Corporation
Operating Statistics
Fourth Quarter Year to Date
-------------- --------------
2002 2001 2002 2001
---- ---- ---- ----
(units in thousands)
Worldwide Wholesale Sales
United States - Cars 535 503 2,090 2,075
United States - Trucks 754 648 2,810 2,463
----- ----- ----- -----
Total United States 1,289 1,151 4,900 4,538
Canada, Mexico, and Other 205 166 786 649
----- ----- ----- -----
Total GMNA 1,494 1,317 5,686 5,187
GME 420 401 1,645 1,760
GMLAAM 164 166 640 666
GMAP 92 100 405 460
----- ----- ----- -----
Total Worldwide 2,170 1,984 8,376 8,073
===== ===== ===== =====
Vehicle Unit Deliveries
Chevrolet - Cars 161 193 747 830
Chevrolet - Trucks 466 539 1,896 1,860
Pontiac 115 115 517 533
GMC 146 163 561 555
Buick 108 105 432 406
Oldsmobile 32 44 155 234
Saturn 69 61 280 261
Cadillac 54 47 200 172
Other 23 14 71 54
----- ----- ----- -----
Total United States 1,174 1,281 4,859 4,905
Canada, Mexico, and Other 192 172 764 686
----- ----- ----- -----
Total GMNA 1,366 1,453 5,623 5,591
GME 392 382 1,662 1,800
GMLAAM 164 167 647 665
GMAP 156 136 605 524
----- ----- ----- -----
Total Worldwide 2,078 2,138 8,537 8,580
===== ===== ===== =====
Market Share
United States - Cars 25.5% 25.8% 25.4% 26.9%
United States - Trucks 32.1% 31.4% 31.0% 29.2%
Total United States 29.2% 28.9% 28.3% 28.1%
Total North America 28.6% 28.1% 28.0% 27.6%
Total Europe 8.8% 8.5% 8.7% 9.1%
Latin America (5) 23.9% 23.4% 23.8% 22.4%
Asia and Pacific 4.4% 4.3% 4.2% 4.0%
Total Worldwide 15.2% 15.5% 14.9% 15.0%
U.S. Retail/Fleet Mix
% Fleet Sales - Cars 29.7% 14.8% 28.9% 25.7%
% Fleet Sales - Trucks 10.3% 7.4% 11.3% 12.1%
Total Vehicles 17.9% 10.4% 18.8% 18.4%
Retail Lease as % of Retail Sales
Total Smartlease
and Smartbuy 7.2% 4.3% 10.3% 11.9%
Days Supply of Inventory
at December 31
United States - Cars 77 93
United States - Trucks 62 75
GMNA Capacity Utilization
(2 shift rated) 94.3% 83.7% 88.4% 79.7%
GMNA Net Price (3.2%) (1.5%) (2.1%) (1.3%)
See footnotes
General Motors Corporation
Operating Statistics
Fourth Quarter Year to Date
-------------- --------------
2002 2001 2002 2001
---- ---- ---- ----
GMAC's U.S. Cost of Borrowing 4.28% 4.76% 4.33% 5.51%
Current Debt Spreads Over
U.S. Treasuries
2 Year 330 bp 195 bp
5 Year 335 bp 215 bp
10 Year 335 bp 225 bp
Worldwide Employment
at Dec. 31 (in 000's)
United States Hourly 121 126
United States Salary 40 42
--- ---
Total United States 161 168
Canada, Mexico, and Other 32 34
--- ---
GMNA 193 202
GME 66 73
GMLAAM 24 23
GMAP 11 11
Hughes 12 12
GMAC 31 28
Other 12 13
--- ---
Total 349 362
=== ===
Worldwide Payrolls ($Bil's) $5.4 $4.8 $21.0 $19.8
Footnotes:
---------
(1) Adjusted amounts for all periods represent the reported
amounts excluding the effects of special items as detailed
on previous pages.
(2) 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.
(3) The Q4 2001 and Year-to-Date 2001 amounts exclude 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.
(4) Excludes Hughes Series A Preferred Stock dividends paid to
General Motors.
(5) Latin America excludes the Middle East and Africa.
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended December 31,
-------------------------------
2002 2001
---- ----
(dollars in millions except per share amounts)
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
Total net sales and revenues $48,656 $45,950
------ ------
Cost of sales and other expenses 39,827 37,336
Selling, general, and
administrative expenses 5,680 6,131
Interest expense 1,799 2,109
------ -------
Total costs and expenses 47,306 45,576
------ ------
Income before income taxes and
minority interests 1,350 374
Income tax expense 396 180
Equity income and minority
interests 66 61
------ ---
Net income 1,020 255
Dividends on preference stocks - (23)
------ ---
Earnings attributable to
common stocks $1,020 $232
===== ===
Basic earnings (losses) per
share attributable to
common stocks
Earnings per share attributable
to $1-2/3 par value $1.71 $0.61
==== ====
Earnings per share attributable
to Class H $0.06 $(0.12)
==== ====
Earnings (losses) per share
attributable to common
stocks assuming dilution
Earnings per share attributable
to $1-2/3 par value $1.71 $0.60
==== ====
Earnings per share attributable
to Class H $0.06 $(0.12)
==== ====
Three Months Ended
December 31,
------------
2002 2001
---- ----
(dollars in millions)
AUTOMOTIVE, COMMUNICATIONS SERVICES,
AND OTHER OPERATIONS
Total net sales and revenues $41,589 $39,299
------ ------
Cost of sales and other expenses 37,010 35,083
Selling, general, and
administrative expenses 3,840 4,206
------ -------
Total costs and expenses 40,850 39,289
------ ------
Interest expense 83 222
Net expense from transactions with
Financing and Insurance Operations 88 120
--- ---
Income (loss) before income taxes
and minority interests 568 (332)
Income tax expense (benefit) 195 (76)
Equity income and minority interests 77 71
--- ---
Net income (loss) - Automotive,
Communications Services,
and Other Operations $450 $(185)
=== ===
FINANCING AND INSURANCE OPERATIONS
Total revenues $7,067 $6,651
----- -----
Interest expense 1,716 1,887
Depreciation and amortization
expense 1,432 1,428
Operating and other expenses 2,125 1,928
Provisions for financing and
insurance losses 1,100 822
----- -----
Total costs and expenses 6,373 6,065
----- -----
Net income from transactions
with Automotive, Communications
Services, and Other Operations (88) (120)
--- ---
Income before income taxes and
minority interests 782 706
Income tax expense 201 256
Equity loss and minority interests (11) (10)
--- ---
Net income - Financing and
Insurance Operations $570 $440
=== ===
Years Ended December 31,
----------- ------------
2002 2001 2000
---- ---- ----
(dollars in millions except per share amounts)
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
Total net sales and revenues $186,763 $177,260 $184,632
------- ------- -------
Cost of sales and other expenses 153,344 144,093 145,664
Selling, general, and
administrative expenses 23,624 23,302 22,252
Interest expense 7,715 8,347 9,552
------- ------- -------
Total costs and expenses 184,683 175,742 177,468
------- ------- -------
Income before income taxes and
minority interests 2,080 1,518 7,164
Income tax expense 533 768 2,393
Equity income (loss) and minority
interests 189 (149) (319)
----- --- -----
Net income 1,736 601 4,452
Dividends on preference stocks (47) (99) (110)
----- --- -----
Earnings attributable to common
stocks $1,689 $502 $4,342
===== === =====
Basic earnings (losses) per
share attributable to
common stocks
Earnings per share attributable to
$1-2/3 par value $3.37 $1.78 $6.80
==== ==== ====
Earnings per share attributable to
Class H $(0.21) $(0.55) $0.56
==== ==== ====
Earnings (losses) per share
attributable to common
stocks assuming dilution
Earnings per share attributable to
$1-2/3 par value $3.35 $1.77 $6.68
==== ==== ====
Earnings per share attributable to
Class H $(0.21) $(0.55) $0.55
==== ==== ====
Years Ended December 31,
------------------------
2002 2001 2000
---- ---- ----
(dollars in millions)
AUTOMOTIVE, COMMUNICATIONS SERVICES, AND OTHER OPERATIONS
Total net sales and revenues $159,737 $151,491 $160,627
------- ------- -------
Cost of sales and other expenses 144,550 135,620 138,303
Selling, general, and
administrative expenses 14,993 16,043 16,246
------- ------- -------
Total costs and expenses 159,543 151,663 154,549
------- ------- -------
Interest expense 789 751 815
Net expense from transactions with
Financing and Insurance Operations 296 435 682
--- ----- -----
Income (loss) from continuing
operations before income
taxes and minority interests (891) (1,358) 4,581
Income tax (benefit) expense (489) (270) 1,443
Equity income (loss) and minority
interests 256 (79) (299)
--- ----- -----
Net income (loss) - Automotive,
Communications Services,
and Other Operations $(146) $(1,167) $2,839
=== ===== =====
FINANCING AND INSURANCE OPERATIONS
Total revenues $27,026 $25,769 $24,005
------ ------ ------
Interest expense 6,926 7,596 8,737
Depreciation and amortization expense 5,541 5,857 5,982
Operating and other expenses 8,356 7,348 5,805
Provisions for financing and
insurance losses 3,528 2,527 1,580
------ ------ ------
Total costs and expenses 24,351 23,328 22,104
------ ------ ------
Net income from transactions with
Automotive, Communications
Services, and Other Operations (296) (435) (682)
--- --- ---
Income before income taxes and
minority interests 2,971 2,876 2,583
Income tax expense 1,022 1,038 950
Equity loss and minority interests (67) (70) (20)
----- ----- -----
Net income - Financing and
Insurance Operations $1,882 $1,768 $1,613
===== ===== =====
CONSOLIDATED BALANCE SHEETS
December 31,
------------
GENERAL MOTORS CORPORATION AND SUBSIDIARIES 2002 2001
---- ----
ASSETS (dollars in millions)
Automotive, Communications Services,
and Other Operations
Cash and cash equivalents $13,291 $8,432
Marketable securities 2,174 790
------- ------
Total cash and marketable securities 15,465 9,222
Accounts and notes receivable (less allowances) 5,861 5,406
Inventories (less allowances) 10,302 10,034
Equipment on operating leases
(less accumulated depreciation) 5,305 4,524
Deferred income taxes and other current assets 10,938 7,877
------ -------
Total current assets 47,871 37,063
Equity in net assets of nonconsolidated associates 5,044 4,950
Property - net 36,152 34,908
Intangible assets - net 14,611 13,721
Deferred income taxes 32,759 22,294
Other assets 7,323 17,274
------- --------
Total Automotive, Communications Services, and
Other Operations assets 143,760 130,210
Financing and Insurance Operations
Cash and cash equivalents 8,158 10,123
Investments in securities 14,651 11,279
Finance receivables - net 134,647 109,211
Investment in leases and other receivables 35,466 34,618
Other assets 33,798 26,971
Net receivable from Automotive, Communications
Services, and Other Operations 1,089 1,557
------- -------
Total Financing and Insurance Operations assets 227,809 193,759
------- -------
Total assets $371,569 $323,969
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Automotive, Communications Services,
and Other Operations
Accounts payable (principally trade) $20,169 $18,297
Loans payable 1,516 2,402
Accrued expenses 42,304 34,090
Net payable to Financing and Insurance Operations 1,089 1,557
------ ------
Total current liabilities 65,078 56,346
Long-term debt 16,651 10,726
Postretirement benefits other than pensions 34,275 34,515
Pensions 22,709 10,790
Other liabilities and deferred income taxes 15,461 13,794
------- -------
Total Automotive, Communications Services,
and Other Operations
liabilities 154,174 126,171
Financing and Insurance Operations
Accounts payable 6,982 7,900
Debt 183,773 153,186
Other liabilities and deferred income taxes 18,992 16,259
------- -------
Total Financing and Insurance Operations
liabilities 209,747 177,345
------- -------
Total liabilities 363,921 303,516
Minority interests 834 746
Stockholders' equity
$1-2/3 par value common stock (outstanding,
560,447,797. and 559,044,427 shares) 936 932
Class H common stock (outstanding,
958,284,272 and 877,505,382 shares) 96 88
Capital surplus (principally additional
paid-in capital) 21,583 21,519
Retained earnings 10,031 9,463
------ -------
Subtotal 32,646 32,002
Accumulated foreign currency translation
adjustments (2,784) (2,919)
Net unrealized loss on derivatives (205) (307)
Net unrealized gains on securities 372 512
Minimum pension liability adjustment (23,215) (9,581)
------- -------
Accumulated other comprehensive loss (25,832) (12,295)
------- -------
Total stockholders' equity 6,814 19,707
------- -------
Total liabilities and stockholders' equity $371,569 $323,969
======= =======
CONSOLIDATED STATEMENTS OF CASH FLOWS
For The Years Ended December 31,
2002 2001 2000
--------------- --------------- ---------------
Auto., Auto., Auto.,
Comm. Comm. Comm.
Serv., Finan. Serv., Finan. Serv., Finan.
and and and and and and
Other Insur. Other Insur. Other Insur.
------ ------ ------ ------ ------ -------
(dollars in millions)
Cash flows from
operating activities
Income (loss) from
continuing operations (146) 1,882 (1,167) 1,768 $2,839 $1,613
Adjustments to reconcile
income (loss)from
continuing operations
to net cash provided
by operating activities
Depreciation and
amortization
expenses 7,397 5,541 7,051 5,857 7,429 5,982
Postretirement benefits
other than pensions,
net of payments and
VEBA contributions (223) 15 1,861 20 772 27
Pension expense, net
of contributions (3,380) - 148 - 128 -
Net change in mortgage
loans - (4,377) - (4,241) - 242
Net change in mortgage
securities - (656) - (777) - (577)
Operating leases -
acquisitions (5,595) - (4,997) - (6,000) -
Operating leases -
liquidations 4,774 - 6,116 - 6,008 -
Change in other
investments and
miscellaneous
assets 3,024 3,757 959 (958) 1,154 (1,692)
Change in other
operating assets and
liabilities 4,314 (300) (2,056) 719 724 2,505
Other (1,695) 2,776 (357) 3,039 (1,966) 2,257
------ ----- ---- ----- ------ -----
Net cash provided by
operating activities $8,470 $8,638 $7,558 $5,427 $11,088 $10,357
------ ------ ------ ------ ------- -------
Cash flows from
investing activities
Expenditures for
property (6,986) (457) (8,611) (20) (9,200) (522)
Investments in
marketable securities
- acquisitions (2,228) (37,158) (857) (34,273) (2,520) (24,599)
Investments in
marketable securities
- liquidations 873 34,815 1,228 33,124 3,057 24,114
Net change in mortgage
servicing rights - (1,711) - (2,075) - (1,084)
Increase in finance
receivables - (141,567) - (107,440) - (73,754)
Proceeds from sales of
finance receivables - 115,678 - 95,949 - 59,221
Operating leases -
acquisitions - (16,624) - (12,938) - (15,415)
Operating leases -
liquidations - 13,994 - 11,892 - 10,085
Investments in companies,
net of cash acquired (690) (182) (743) (542) (4,302) (2,077)
Net investing activity
with Financing and
Insurance Operations 400 - (500) - (1,069) -
Other 1,700 (834) (768) (416) 2,504 93
----- ---- ---- ---- ----- ------
Net cash used in
investing activities (6,931) (34,046) (10,251) (16,739) (11,530)(23,938)
----- ------ ------ ------ ------ ------
Cash flows from
financing activities
Net increase (decrease)
in loans payable (1,482) 523 194 (20,238) 142 7,723
Long-term debt -
borrowings 6,295 47,404 5,849 58,522 5,279 22,481
Long-term debt -
repayments (328) (24,561) (2,602) (18,906) (6,196)(16,263)
Net financing activity
with Automotive,
Communications Services,
and Other Operations - (400) - 500 - 1,069
Repurchases of common
and preference stocks (97) - (264) - (1,613) -
Proceeds from issuing
common stocks 62 - 100 - 2,792 -
Proceeds from sales of
treasury stocks 19 - 418 - - -
Cash dividends paid to
stockholders (1,167) - (1,201) - (1,294) -
----- ------ ------ ------ ------ ------
Net cash provided by
(used in) financing
activities 3,302 22,966 2,494 19,878 (890) 15,010
----- ------ ------ ------ ------ ------
Effect of exchange rate
changes on cash and
cash equivalents 485 10 (74) (22) (249) (6)
Net transactions with
Automotive/Financing
Operations (467) 467 (414) 414 970 (970)
--- --- --- ------ --- ---
Net (decrease) increase
in cash and cash
equivalents 4,859 (1,965) (687) 8,958 (611) 453
Cash and cash
equivalents at
beginning
of the year 8,432 10,123 9,119 1,165 9,730 712
----- ------ ----- ------ ----- -----
Cash and cash
equivalents at end
of the year $13,291 $8,158 $8,432 $10,123 $9,119 $1,165
====== ===== ===== ====== ===== =====
SOURCE General Motors Corporation
-0- 01/16/2003 P
/CONTACT: Mark Tanner, +1-313-665-3146, mark.tanner@gm.com or Jerry Dubrowski, +1-212-418-6261,
jerry.dubrowski@gm.com , both of General Motors Corporation/
/Web site: http://media.gm.com /
/Web site: http://www.gm.com /
(GM GMH)
CO: General Motors Corporation
ST: Michigan
IN: AUT
SU: ERN ERP
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