GM First Quarter Results
GM Reports First Quarter Financial Results
* Q1 Adjusted Loss $1.48 Per Share, Excluding Special Items
* Q1 Reported Loss $1.95 Per Share on Revenue of $45.8 Billion
* Continued Strong Liquidity at GM, GMAC
DETROIT, April 19 -- General Motors Corp. (NYSE: GM) today
reported a loss of $839 million, or $1.48 per diluted share in the first
quarter of 2005, excluding special items and a tax-rate adjustment. These
results, in line with the guidance GM issued on March 16, 2005, compare to net
income of $1.2 billion, or $2.12 per share, in the first quarter of 2004.
Revenue fell 4.3 percent to $45.8 billion.
Consolidated net income for the first quarter of 2005, including special
items, was a loss of $1.1 billion, or $1.95 per share. The special items
include charges for restructuring in Europe, U.S. salaried attrition programs,
and facility impairments, partially offset by recognition of the recurring tax
benefits above those reflected in the fifteen-percent rate used in GM's
adjusted earnings. These items had a net unfavorable effect of $265 million,
or $0.47 per share in the first quarter of 2005. There were no special items
in the first quarter of 2004.
'While most of our business units exceeded expectations, the results at GM
North America (GMNA) were clearly disappointing,' said GM Chairman and Chief
Executive Officer Rick Wagoner. 'We have well thought-out plans to address
GMNA's poor performance, starting with aggressive product introductions this
year, value-focused marketing initiatives, and further reductions in our cost
structure, where the greatest need is to address the challenging health-care
cost situation.'
GM financial results described throughout the remainder of this release
exclude special items unless otherwise noted (see 'Highlights').
GM Automotive Operations
GM's automotive operations reported a loss of $1.3 billion in the first
quarter of 2005, compared with earnings of $561 million in the year-ago
quarter.
GM North America accounted for this weak performance, reporting a loss of
$1.3 billion in the first quarter of 2005, compared with earnings of $401
million a year ago. This deterioration reflects lower sales and production
volumes, a tougher pricing environment, an unfavorable sales mix, and a
continuing, large health-care burden.
GM's market share in North America was 25.2 percent in first-quarter of
2005, down from 26.3 percent in the year-ago period.
'While we were encouraged by improved sales in March, we significantly
reduced production volumes during the first quarter to balance inventories,'
Wagoner said. 'These adjustments reduced dealer inventory levels by nearly
100,000 units from the year-ago period, but they also adversely affected our
North American financial results.
'We clearly have the need to do a much better job on both the revenue and
cost side of our business,' Wagoner added. 'Our revenue strategy is clear and
has already begun to play out. On the cost side of the business, we continue
to make progress in most key activities, but we need to accelerate our efforts
on the challenging U.S. health-care situation.'
GM Europe (GME) posted a loss of $103 million in the first quarter of
2005, an improvement from the $116 million loss in the year-ago quarter.
'Our European operations began to show signs of real progress during the
quarter, with the region posting its highest quarterly market share in six
years,' Wagoner said. 'While there is still much work to be done to restore
GME to profitability, we're pleased with our improving direction in Europe.'
GM Asia Pacific (GMAP) reported net income of $60 million in the first
quarter of 2005, compared with $275 million in the same period last year,
reflecting primarily lower equity earnings in China and Japan. The region's
market share rose to 5.0 percent in the first quarter of 2005 from 4.9 percent
in the year-ago quarter.
'GM's Asia Pacific operations delivered profitable results in a
challenging environment,' Wagoner said. 'While net income was down from the
year-ago period, we expect stronger profitability in the Asia Pacific region
as the year progresses. In China, even though industry sales were down, GM
continued to gain market share. We expect to continue to strengthen our
product portfolio in China throughout the year as we roll out 10 new or
upgraded models.'
GM Latin America/Africa/Mid-East (GMLAAM) earned $46 million in the first
quarter of 2005, an improvement from year-ago earnings of $1 million. GMLAAM
recorded record first-quarter sales volume during the quarter but market share
declined slightly to 16 percent in the first quarter of 2005 from 16.2 percent
a year ago.
'GMLAAM reported its fifth consecutive quarter of profitability, with
several countries reporting record sales volumes and market share,' Wagoner
said. 'We're particularly pleased with our performance in Argentina,
Venezuela and South Africa, where we reported double-digit sales gains.'
GMAC
General Motors Acceptance Corp. (GMAC) earned $728 million in the first
quarter of 2005 compared with $764 million in the year-ago period.
'GMAC delivered solid results in a very challenging environment,' Wagoner
said. 'Although interest-rate pressures have grown, GMAC has been very adept
in funding its businesses and maintaining a strong liquidity position. At the
end of the first quarter, GMAC had a balance of cash and certain marketable
securities of $18.5 billion.
'Much of GMAC's success stems from leveraging its core competencies --
borrowing, lending, collecting and assessing risk -- into diversified business
lines that have delivered strong and growing earnings,' Wagoner added.
GMAC's financing operations reported net income of $248 million in the
first quarter of 2005, compared with $442 million a year ago. The decrease
reflects significantly lower net interest margins, partially offset by
improved credit experience and stronger used car prices.
Mortgage operations earned $385 million in the first quarter of 2005, up
from $231 million in the comparable period last year, reflecting increases in
all three of GMAC's mortgage entities -- GMAC Residential Mortgage, GMAC
Residential Funding Corp. and GMAC Commercial Mortgage. Although mortgage
industry volumes in the first quarter of 2005 were down from year-ago levels,
GMAC's residential and commercial mortgage units reported higher origination
volumes during the quarter and increased market share.
GMAC's insurance operations reported net income of $95 million in the
first quarter of 2005, up from the $91 million in the first quarter of 2004.
Strong net underwriting revenue and investment income contributed to the
results.
GMAC continued to provide global support for the marketing of GM vehicles
with a U.S. market penetration of 54 percent of GM's retail sales in the first
quarter of 2005, up from 41 percent in the year-ago period. In addition, GMAC
served as a significant source of cash flow to GM through the payment of a
$500 million dividend in the first quarter of 2005.
Cash and Liquidity
Cash, marketable securities, and readily available assets of the Voluntary
Employees' Beneficiary Association (VEBA) Trust totaled $19.8 billion on
March 31, 2005, excluding financing and insurance operations, down from
$23.3 billion on Dec. 31, 2004. The decline reflects lower production
volumes, net losses including restructuring charges and the settlement with
Fiat S.p.A.
Automotive operating cash flow for the period ended March 31, 2005,
totaled a negative $3.0 billion, before European restructuring charges and the
Fiat settlement.
Outlook
GM expects total U.S. industry sales in the second quarter of 2005 to come
in at a seasonally adjusted annual selling rate of around 17 million, about
flat with the selling rate in the first quarter of 2005.
Given the uncertainty affecting key elements of our financial forecast,
such as resolution of the health-care cost crisis, GM has determined that it
will not provide earnings guidance for the 2005-calendar year at this time.
In this press release and related comments by General Motors management,
our use of the words 'expect,' 'anticipate,' 'estimate,' 'project,'
'forecast,' 'outlook,' 'target,' 'objective,' 'plan,' 'goal,' 'pursue,' 'on
track,' 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-20) 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 except per share amounts)
(Unaudited)
Management believes that the adjusted information set forth
herein is useful to investors as it represents how Management
views the results of operations and cash of the Corporation and,
therefore, is the basis on which internal evaluation metrics are
determined. The internal evaluation metrics are those used by the
Corporation's Board of Directors to evaluate Management.
Three Months Ended
March 31, 2005
------------------
Net $1-2/3
Income EPS
------ -----
REPORTED
--------
Net (loss) $(1,104) $(1.95)
ADJUSTMENTS
-----------
Salaried Attrition Program (A) 148 0.26
Plant and Facility Impairments (B) 84 0.15
GME Restructuring Charge (C) 422 0.75
Tax Items (D) (389) (0.69)
-- ----
Subtotal 265 0.47
ADJUSTED
-------- --- ----
Adjusted (loss) $(839) $(1.48)
=== ====
(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 write-down to fair
market value of various plant assets in connection with the first
quarter announcement to discontinue production at the Lansing
assembly plant during the second quarter of 2005.
(C) 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 after-tax separation cost of $422
million in the first quarter of 2005 covers approximately 5,650
people, of whom 4,900 are in Germany. The Corporation's plan is
on track and anticipates further separations and associated
charges in the remaining three quarters of 2005 and into 2006
and 2007. The amount of such future separation charges will be
recognized in the respective periods, and will depend both on the
type of separations and associated workforce demographics.
(D) 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
List of Special Items - After Tax
(Dollars in millions except per share amounts)
(Unaudited)
Restated
Three Months Ended
March 31, 2004
------------------
Net $1-2/3
Income EPS
------ -----
REPORTED
--------
Income from continuing
operations $1,208 $2.12
===== ====
There were no special items in the First Quarter of 2004.
General Motors Corporation
Summary Corporate Financial Results
(Unaudited)
First Quarter
--------------
Restated
2005 2004
---- ----
(Dollars in millions except per share amounts)
Total net sales and
revenues $45,773 $47,830
Adjusted $45,773 $47,830
Net income (loss) $(1,104) $1,208
Adjusted $(839) $1,208
Net margin
(Net income /Total net sales
and revenues) (2.4%) 2.5%
Adjusted (1.8%) 2.5%
Earnings (losses) per share - basic
$1-2/3 par value $(1.95) $2.14
Earnings (losses) per share - diluted
$1-2/3 par value $(1.95) $2.12
Earnings (losses) per share - adjusted
diluted
$1-2/3 par value $(1.48)(1) $2.12
GM $1-2/3 par value average
shares outstanding (Mil's)
Basic shares 565 564
Diluted shares 566 569
Cash dividends per share
of common stocks
GM $1-2/3 par value $0.50 $0.50
See reconciliation of adjusted financial results and footnotes.
General Motors Corporation
Summary Corporate Financial Results
(Unaudited)
First Quarter
--------------
Restated
2005 2004
---- ----
Book value per share of
common stocks at March 31
GM $1-2/3 par value $45.27 $46.58
Auto & Other total cash & marketable
securities at March 31
($Bil's) $15.6 $20.0
Readily-available assets in VEBA 4.2(2) 3.5
---- ----
Total Auto & Other cash &
marketable securities plus
readily-available assets in VEBA $19.8 $23.5
==== ====
Auto & Other Operations ($Mil's)
Depreciation $1,270 $1,148
Amortization of special
tools 816 726
Amortization of intangible
assets 10 7
----- -----
Total $2,096 $1,881
===== =====
GM's share of nonconsolidated
affiliates' net income (loss)
($Mil's)
Italy $21 $18
Japan $50 $106
China $33 $162
South Korea $(8) $(8)
See footnotes.
General Motors Corporation
Summary Corporate Financial Results
(Unaudited)
First Quarter
2005 and 2004
--------------
(Dollars in millions) Reported Special Items Adjusted
-------- ------------- --------
Restated Restated
2005 2004 2005 2004 2005 2004
---- ---- ---- ---- ---- ----
Total net sales
and revenues
GMNA $25,378 $29,103 $ - $ - $25,378 $29,103
GME 7,957 7,543 - - 7,957 7,543
GMLAAM 2,299 1,833 - - 2,299 1,833
GMAP 1,694 1,599 - - 1,694 1,599
------ ------ --- --- ------ ------
Total GMA 37,328 40,078 - - 37,328 40,078
Other (25) 59 - - (25) 59
------ ------ --- --- ------ ------
Total Auto &
Other 37,303 40,137 - - 37,303 40,137
------ ------ --- --- ------ ------
GMAC 8,221 7,570 - - 8,221 7,570
Other Financing 249 123 - - 249 123
------ ------ --- --- ------ ------
Total FIO 8,470 7,693 - - 8,470 7,693
------ ------ --- --- ------ ------
Total net sales
and revenues $45,773 $47,830 $ - $ - $45,773 $47,830
====== ====== == == ====== ======
Income (loss)
before income
taxes, equity
income and
minority interests
GMNA $(1,923) $575 $357 $ - $(1,566) $575
GME (875) (223) 671 - (204) (223)
GMLAAM 67 8 - - 67 8
GMAP (36) 13 - - (36) 13
----- --- ----- --- ----- ---
Total GMA (2,767) 373 1,028 - (1,739) 373
Other (445) (320) 13 - (432) (320)
--- --- ----- --- --- ---
Total Auto &
Other (3,212) 53 1,041 - (2,171) 53
----- ----- --- --- ----- -----
GMAC 1,106 1,212 - - 1,106 1,212
Other Financing (2) (1) - - (2) (1)
----- ----- --- --- ----- -----
Total FIO 1,104 1,211 - - 1,104 1,211
----- ----- ----- --- ----- -----
Total income (loss)
before income taxes,
equity income and
minority
interests $(2,108) $1,264 $1,041 $ - $(1,067) $1,264
===== ===== ==== == ===== =====
General Motors Corporation
Summary Corporate Financial Results
(Unaudited)
First Quarter
2005 and 2004
--------------
(Dollars in millions) Reported Special Items Adjusted
-------- ------------- --------
Restated Restated
2005 2004 2005 2004 2005 2004
---- ---- ---- ---- ---- ----
Net income (loss)
GMNA $(1,560) $401 $224 $ - $(1,336) $401
GME (525) (116) 422 - (103) (116)
GMLAAM 46 1 - - 46 1
GMAP 60 275 - - 60 275
--- --- --- --- ----- ---
Total GMA (1,979) 561 646 - (1,333) 561
Other 146 (117) (381) - (235) (117)
----- --- --- --- ----- ---
Total Auto &
Other (1,833) 444 265 - (1,568) 444
----- --- --- --- ----- ---
GMAC 728 764 - 728 764
Other Financing 1 - - - 1 -
--- --- --- --- --- ---
Total FIO 729 764 - - 729 764
----- ----- --- --- ---- ---
Net income (loss)$(1,104) $1,208 $265 - $(839) $1,208
===== ===== === === ==== =====
Income tax expense
(benefit)
GMNA $(404) $141 $133 $ - $(271) $141
GME (327) (85) 249 - (78) (85)
GMLAAM 22 5 - - 22 5
GMAP (13) 6 - - (13) 6
--- --- --- --- --- ---
Total GMA (722) 67 382 - (340) 67
Other (585) (204) 394 - (191) (204)
--- --- --- --- --- ---
Total Auto &
Other (1,307) (137) 776 - (531) (137)
----- --- --- --- --- ---
GMAC 375 446 - - 375 446
Other Financing (3) (1) - - (3) (1)
--- --- --- --- --- ---
Total FIO 372 445 - - 372 445
--- --- --- --- --- ---
Income tax expense
(benefit) $(935) $308 $776 $ - $(159) $308
=== === === == === ===
General Motors Corporation
Summary Corporate Financial Results
(Unaudited)
First Quarter
2005 and 2004
---------------
(Dollars in millions) Reported Special Items Adjusted
-------- ------------- --------
Restated Restated
2005 2004 2005 2004 2005 2004
---- ---- ---- ---- ---- ----
Effective tax rate
Total GM Corp. 44% 24% 75% - 15% 24%
GMNA 21% 25% 37% - 17% 25%
GME 37% 38% 37% - 38% 38%
GMAC 34% 37% - - 34% 37%
Equity income (loss)
and minority interests
GMNA $(41) $(33) $ - $ - $(41) $(33)
GME 23 22 - - 23 22
GMLAAM 1 (2) - - 1 (2)
GMAP 83 268 - - 83 268
--- --- -- -- --- ---
Total GMA $66 $255 $ - $ - $66 $255
== === == == == ===
General Motors Corporation
Operating Statistics
First Quarter
----------------
2005 2004
---- ----
(Units in thousands)
Worldwide Production Volume
GMNA - Cars 470 525
GMNA - Trucks 713 820
----- -----
Total GMNA 1,183 1,345
GME 502 473
GMLAAM 185 159
GMAP 341 296
----- -----
Total Worldwide 2,211 2,273
===== =====
Vehicle Unit Deliveries
Chevrolet - Cars 218 214
Chevrolet - Trucks 397 387
Pontiac 100 120
GMC 123 130
Buick 61 78
Oldsmobile 1 17
Saturn 48 52
Cadillac 50 51
Other 17 18
----- -----
Total United States 1,015 1,067
Canada, Mexico, and Other 166 164
----- -----
Total GMNA 1,181 1,231
GME 513 501
GMLAAM 183 159
GMAP 231 224
----- -----
Total Worldwide 2,108 2,115
===== =====
Market Share
United States - Cars 23.3% 25.9%
United States - Trucks 27.1% 27.3%
Total United States 25.4% 26.7%
Total North America 25.2% 26.3%
Total Europe 9.8% 9.4%
Total LAAM 16.0% 16.2%
Asia and Pacific 5.0% 4.9%
Total Worldwide 13.4% 13.6%
U.S. Retail/Fleet Mix
% Fleet Sales - Cars 39.5% 37.8%
% Fleet Sales - Trucks 18.1% 18.2%
Total Vehicles 26.9% 26.7%
GMNA Capacity Utilization
(2 shift rated) 87.6% 90.2%
GMNA Vehicle Revenue
Per Unit $18,396 $19,084
General Motors Corporation
Operating Statistics
First Quarter
----------------
2005 2004
---- ----
GMAC's Worldwide Cost of
Borrowing (3) 4.30% 3.62%
Period End Debt Spreads Over
U.S. Treasuries
2 Year 350 bp 140 bp
5 Year 465 bp 175 bp
10 Year 460 bp 220 bp
GMAC cash reserve balances ($Bil's)(4) $18.5 $17.2
GMAC Automotive Finance Operations
Consumer credit (North America)
Net charge-offs as a % of
managed receivables 0.96% 1.22%
Retail contracts 30 days
delinquent - % of average
number of contracts
outstanding (5) 2.09% 2.08%
Retail penetration (U.S. only)
Total retail contract volume
and lease as % of retail sales 54% 41%
SmartLease and SmartBuy
as % of retail sales 20% 14%
Off-lease vehicle
remarketing (U.S. only)
Average net gain per vehicle $1,179 $461
Off-lease vehicles
terminated (units in 000s) 72 118
GMAC Mortgage Operations ($Bil's)
Origination volume $41.8 $35.6
Mortgage servicing rights - net $4.2 $3.9
GMAC Insurance Operations ($Mil's)
Premiums revenue written $1,118 $1,057
Investment portfolio market value $7,322 $6,531
After-tax net unrealized
capital gains $463 $529
Worldwide Employment
at March 31 (in 000's)
United States Hourly 109 114
United States Salary 39 40
--- ---
Total United States 148 154
Canada, Mexico, and Other 31 32
--- ---
GMNA 179 186
GME 58 63
GMLAAM 30 25
GMAP 15 14
GMAC 34 33
Other 5 5
--- ---
Total 321 326
=== ===
Worldwide Payrolls ($Bil's) $5.3 $5.5
See footnotes.
General Motors Corporation
Footnotes:
----------
(1) This amount is comparable to First Call analysts' consensus.
(2) The increase in readily-available assets results from higher
withdrawal capacity from the hourly VEBA trust due to increased
other postretirement employee benefit payments, and the
addition of withdrawal capacity from the salaried VEBA that
was funded in 2004.
(3) Calculated by dividing total interest expense (excluding mark
to market adjustments) by total debt.
(4) Balance at March 31, 2005 comprises $16.1 billion of cash and
cash equivalents and $2.4 billion in marketable securities
with maturities greater than 90 days. Balance at
March 31, 2004 consisted entirely of cash.
(5) Excludes accounts in bankruptcy.
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
March 31,
------------------
Restated
2005 2004
---- -------
(dollars in millions
except per share amounts)
Total net sales and revenues $45,773 $47,830
Cost of sales and other expenses 39,313 38,841
Selling, general, and administrative expenses 4,889 4,941
Interest expense 3,679 2,784
------ ------
Total costs and expenses 47,881 46,566
------ ------
Income (loss) before income taxes, equity income
and minority interests (2,108) 1,264
Income tax expense (benefit) (935) 308
Equity income (loss) and minority interests 69 252
----- -----
Net income (loss) $(1,104) $1,208
Basic earnings (loss) per share attributable to
common stocks
$1-2/3 par value $(1.95) $2.14
==== ====
Earnings (loss) per share attributable to common
stocks assuming dilution
$1-2/3 par value $(1.95) $2.12
==== ====
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION TO THE CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
March 31,
------------------
Restated
2005 2004
---- -------
(dollars in millions)
AUTOMOTIVE AND OTHER OPERATIONS
Total net sales and revenues $37,303 $40,137
------ ------
Cost of sales and other expenses 36,906 36,431
Selling, general, and administrative expenses 2,837 3,023
------ ------
Total costs and expenses 39,743 39,454
------ ------
Interest expense 685 562
Net expense from transactions with
Financing and Insurance Operations 87 68
------ ------
Income (loss) before income taxes, equity income,
and minority interests (3,212) 53
Income tax (benefit) (1,307) (137)
Equity income (loss) and minority interests 72 254
----- ---
Net income - Automotive and Other Operations $(1,833) $444
===== ===
FINANCING AND INSURANCE OPERATIONS
Total revenues $8,470 $7,693
----- -----
Interest expense 2,994 2,222
Depreciation and amortization expense 1,398 1,399
Operating and other expenses 2,143 1,850
Provisions for financing and insurance losses 918 1,079
----- -----
Total costs and expenses 7,453 6,550
Net income from transactions with Automotive and
Other Operations (87) (68)
--- ---
Income before income taxes, equity income, and
minority interests 1,104 1,211
Income tax expense 372 445
Equity income (loss) and minority interests (3) (2)
--- ---
Net income - Financing and Insurance Operations $729 $764
=== ===
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
Restated
Mar. 31, Mar. 31,
2005 Dec. 31, 2004
(Unaudited) 2004 (Unaudited)
--------- --------- ---------
ASSETS (dollars in millions)
Cash and cash equivalents $26,389 $35,993 $28,535
Marketable securities 26,256 21,737 21,036
------ ------ ------
Total cash and marketable securities 52,645 57,730 49,571
Finance receivables - net 190,646 199,600 186,550
Loans held for sale 22,569 19,934 18,285
Accounts and notes receivable
(less allowances) 18,001 21,236 19,515
Inventories (less allowances) 13,189 12,247 11,718
Deferred income taxes 26,615 26,241 27,357
Net equipment on operating leases
- (less accumulated depreciation) 34,371 34,214 31,637
Equity in net assets of
nonconsolidated affiliates 6,500 6,776 6,054
Property - net 38,106 39,020 37,664
Intangible assets - net 4,864 4,925 4,727
Other assets 60,264 57,680 61,149
------- ------- -------
Total assets $467,770 $479,603 $454,227
======= ======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable (principally trade) $28,519 $28,830 $27,163
Notes and loans payable 291,831 300,279 278,972
Postretirement benefits other
than pensions 28,393 28,111 31,512
Pensions 9,300 9,455 7,795
Deferred income taxes 6,709 7,078 7,660
Accrued expenses and other liabilities 77,001 77,727 74,512
------ ------ ------
Total liabilities 441,753 451,480 427,614
Minority interests 416 397 319
Stockholders' equity
$1-2/3 par value common stock
(outstanding, 565,470,511;
565,132,021; and 564,488,127 shares) 942 942 941
Capital surplus (principally additional
paid-in capital) 15,234 15,241 15,135
Retained earnings 13,041 14,428 13,678
------ ------ ------
Subtotal 29,217 30,611 29,754
Accumulated foreign currency
translation adjustments (1,784) (1,194) (1,768)
Net unrealized gains (losses)
on derivatives 612 589 (8)
Net unrealized gains on securities 535 751 762
Minimum pension liability adjustment (2,979) (3,031) (2,446)
------ ------ ------
Accumulated other comprehensive loss (3,616) (2,885) (3,460)
------- ------ ------
Total stockholders' equity 25,601 27,726 26,294
------- ------ ------
Total liabilities and stockholders'
equity $467,770 $479,603 $454,227
======= ======= =======
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION TO THE CONSOLIDATED BALANCE SHEETS
Restated
Mar. 31, Mar. 31,
2005 Dec. 31, 2004
(Unaudited) 2004 (Unaudited)
--------- --------- ---------
ASSETS (dollars in millions)
Automotive and Other Operations
Cash and cash equivalents $10,205 $13,148 $11,262
Marketable securities 5,447 6,655 8,763
------ ------ ------
Total cash and marketable securities 15,652 19,803 20,025
Accounts and notes receivable
(less allowances) 6,493 6,713 6,868
Inventories (less allowances) 12,736 11,717 11,718
Net equipment on operating leases
- (less accumulated depreciation) 6,329 6,488 6,519
Deferred income taxes and other
current assets 11,002 10,794 10,855
------ ------ ------
Total current assets 52,212 55,515 55,985
Equity in net assets of nonconsolidated
affiliates 6,500 6,776 6,054
Property - net 36,265 37,170 35,768
Intangible assets - net 1,550 1,599 1,438
Deferred income taxes 17,763 17,399 18,302
Other assets 40,405 40,844 42,103
------ ------ ------
Total Automotive and Other
Operations assets 154,695 159,303 159,650
Financing and Insurance Operations
Cash and cash equivalents 16,184 22,845 17,273
Investments in securities 20,809 15,082 12,273
Finance receivables - net 190,646 199,600 186,550
Loans held for sale 22,569 19,934 18,285
Net equipment on operating leases
(less accumulated depreciation) 28,042 27,726 25,119
Other assets 34,825 35,113 35,077
Net receivable from Automotive
and Other Operations 2,300 2,426 1,660
------ ------ -------
Total Financing and Insurance
Operations assets 315,375 322,726 296,237
------- ------- -------
Total assets $470,070 $482,029 $455,887
======= ======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Automotive and Other Operations
Accounts payable (principally trade) $24,168 $24,257 $23,970
Loans payable 2,446 2,062 2,868
Accrued expenses 44,269 46,147 45,305
Net payable to Financing and
Insurance Operations 2,300 2,426 1,660
------ ------ ------
Total current liabilities 73,183 74,892 73,803
Long-term debt 29,879 30,460 29,557
Postretirement benefits other
than pensions 23,685 23,406 27,519
Pensions 9,209 9,371 7,731
Other liabilities and deferred
income taxes 15,381 15,657 15,617
------- ------- -------
Total Automotive and Other
Operations liabilities 151,337 153,786 154,227
Financing and Insurance Operations
Accounts payable 4,351 4,573 3,193
Debt 259,506 267,757 246,547
Other liabilities and deferred
income taxes 28,859 27,790 25,307
------- ------- -------
Total Financing and Insurance
Operations liabilities 292,716 300,120 275,047
------- ------- -------
Total liabilities 444,053 453,906 429,274
Minority interests 416 397 319
Total stockholders' equity 25,601 27,726 26,294
------- ------- -------
Total liabilities and stockholders'
equity $470,070 $482,029 $455,887
======= ======= =======
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
March 31,
------------------
Restated
2005 2004
---- -------
(dollars in millions)
Net cash used in operating activities $(4,137) $(3,279)
Cash flows from investing activities
Expenditures for property (1,288) (1,399)
Investments in marketable securities -
acquisitions (6,178) (2,652)
Investments in marketable securities -
liquidations 4,567 2,905
Net originations and purchases of mortgage
servicing rights (397) (300)
Increase in finance receivables (391) (11,076)
Proceeds from sales of finance receivables 6,475 5,962
Operating leases - acquisitions (3,672) (3,153)
Operating leases - liquidations 1,439 1,957
Investments in companies,
net of cash acquired (75) 5
Other (2,496) (2,196)
Net cash used in investing activities (2,016) (9,947)
Cash flows from financing activities
Net increase in loans payable 1,292 2,217
Long-term debt - borrowings 10,545 20,677
Long-term debt - repayments (16,127) (15,068)
Cash dividends paid to stockholders (283) (282)
Other 1,566 1,764
------ ------
Net cash provided by (used in) financing
activities (3,007) 9,308
Effect of exchange rate changes on cash and
cash equivalents (444) (101)
------ ------
Net decrease in cash and cash equivalents (9,604) (4,019)
Cash and cash equivalents at beginning of
the period 35,993 32,554
------ -----
Cash and cash equivalents at end of the
period $26,389 $28,535
====== ======
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION TO THE CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS
(Unaudited)
Automotive and Financing and
Other Insurance
-------------- -------------
Three Months Ended March 31,
----------------------------------------
Restated
2005 2004 2005 2004
---- ---- ---- ----
(dollars in millions)
Net cash used in operating
activities $(2,555) $(1,809) $(1,582) $(1,470)
Cash flows from investing
activities
Expenditures for property (1,233) (1,298) (55) (101)
Investments in marketable
securities - acquisitions (93) (700) (6,085) (1,952)
Investments in marketable
securities - liquidations 1,429 1,004 3,138 1,901
Net change in mortgage
services rights - - (397) (300)
Increase in finance
receivables - - (391) (11,076)
Proceeds from sales of
finance receivables - - 6,475 5,962
Operating leases -
acquisitions - - (3,672) (3,153)
Operating leases -
liquidations - - 1,439 1,957
Net investing activity with
Financing and Insurance
Operations 500 - - -
Investments in companies, net
of cash acquired (75) (16) - 21
Other (374) (16) (2,122) (2,180)
--- -- ----- -----
Net cash provided by (used
in) investing activities 154 (1,026) (1,670) (8,921)
Cash flows from financing
activities
Net increase (decrease) in
loans payable 223 (149) 1,069 2,366
Long-term debt - borrowings 13 24 10,532 20,653
Long-term debt - repayments - (26) (16,127) (15,042)
Net financing activity with
Automotive & Other - - (500) -
Cash dividends paid to
stockholders (283) (282) - -
Other - 34 1,566 1,730
---- ---- ----- -----
Net cash provided by (used
in) financing activities (47) (399) (3,460) 9,707
Effect of exchange rate
changes on cash and
cash equivalents (369) (96) (75) (5)
Net transactions with
Automotive/Financing
Operations (126) 168 126 (168)
--- --- ------ ---
Net decrease in cash and cash
equivalents (2,943) (3,162) (6,661) (857)
Cash and cash equivalents at
beginning of the period 13,148 14,424 22,845 18,130
------ ------ ------ ------
Cash and cash equivalents at
end of the period $10,205 $11,262 $16,184 $17,273
====== ====== ====== ======
SOURCE General Motors Corporation
-0- 04/19/2005 P
/NOTE TO EDITORS: For additional media information, visit
http://media.gm.com ./
/CONTACT: Toni Simonetti, +1-212-418-6380, toni.simonetti@gm.com , or
Jerry Dubrowski, +1-212-418-6261 (office), +1-917-544-4885,
jerry.dubrowski@gm.com , both of General Motors Corporation/
/Web site: http://media.gm.com
http://www.gm.com /
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