GENERAL MOTORS 
By First quarter reported net loss of
Results reflect continuation of global economic downturn and lower industry-wide sales volume
Losses partially offset by strong structural cost reduction due to aggressive restructuring efforts
First Quarter
2009 2008 O/(U) 2008
Revenue (bils.): $22.4 $42.4 $(20.0)
Reported automotive EBIT (bils.): $(5.2) $0.5 $(5.7)
Adjusted automotive EBIT (bils.): $(3.9) $0.8 $(4.7)
Reported net income (bils.): $(6.0) $(3.3) $(2.7)
Adjusted net income (bils.): $(5.9) $(0.4) $(5.5)
Reported earnings per share (dollars): $(9.78) $(5.80) $(3.98)
Adjusted operating cash flow (bils.): $(10.2) $(3.1) $(7.1)
"Our first quarter results underscore the importance of executing GM's revised Viability Plan, which goes further and faster to lower our break-even point," said
GM posted a reported net loss of
The reported results for the first quarter of 2009 include special items and charges netting to a loss of
GM's revenue for the first quarter of 2009 was
Beginning in the first quarter of 2009 and reflected in this release, GM will report its automotive operations and regional results on an earnings-before-interest-and-taxes (EBIT) basis, with interest expense and income tax reported in the corporate sector.
GM Automotive Operations
GM recorded an adjusted automotive EBIT loss of
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
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
GMNA
First Quarter
2009 2008 '09 O/(U) '08
Revenue (bils.) $12.3 $24.5 $(12.2)
Reported EBIT (bils.) $(3.2) $(.4) $(2.8)
Adjusted EBIT (bils.) $(2.8) $(.2) $(2.6)
GMNA Market Share 17.9% 21.7% (3.8) p.p.
GMNA revenue for the first quarter 2009 was
GME
First Quarter
2009 2008 '09 O/(U) '08
Revenue (bils.) $5.3 $9.9 $(4.6)
Reported EBIT (bils.) $(2.0) $0.1 $(2.1)
Adjusted EBIT (bils.) $(1.2) $0.2 $(1.4)
GME Market Share 8.9% 9.6% (0.7) p.p
GM
GMAP
First Quarter
2009 2008 '09 O/(U) '08
Revenue (bils.) $2.4 $5.3 $(2.9)
Reported EBIT (mils.) $(21) $310 $(331)
Adjusted EBIT (mils.) $(21) $310 $(331)
GMAP Market Share 8.0% 6.9% 1.1 p.p.
GM sales in China were up 17 percent, driven by strong SAIC-GM-Wuling performance and aggressive government stimulus. This helped fuel overall regional sales and market share increases. However, sales decreased in most countries across the region excluding China, driving down production volumes, which impacted GMAP revenue. In addition, GM Daewoo revenue dropped as export volumes declined significantly across its major export markets.
GMLAAM
First Quarter
2009 2008 '09 O/(U) '08
Revenue (bils.) $3.4 $4.8 $(1.4)
Reported EBIT (mils.) $16 $500 $(484)
Adjusted EBIT (mils.) $42 $500 $(458)
GMLAAM Market Share 16.9% 17.6% (0.7) p.p.
GM
GMAC
On a standalone basis, GMAC reported a net loss of
GMAC's results were primarily attributable to continued pressure in mortgage operations, weaker credit performance on both auto and mortgage assets, mark-to-market adjustments, and an original issue discount related to its fourth quarter debt exchange. The losses were partially offset by profitable performance in its insurance business and gains on debt extinguishment transactions.
Cash and Liquidity
Cash and marketable securities totaled
The change in liquidity reflects negative adjusted operating cash flow of
Reinventing GM
On
In addition, GM announced a number of initiatives to restructure and deleverage its balance sheet as an important part of the revised Viability Plan, including an exchange offer to its bondholders aimed at reducing its unsecured debt by at least
"This is a defining moment in the history of General Motors, and we are committed to our Plan, which we believe will lead to a stable and sustainable operating structure with a strong balance sheet," said Henderson. "Our goal is to fix this business once and for all to position ourselves to win in the long-term. That will be achieved by putting the customer first in all we do, focusing on fewer, stronger brands and developing great products that lead in design, technology, quality and fuel efficiency."
About GM
General Motors Corp. (NYSE: GM), one of the world's largest automakers, was founded in 1908, and today manufactures cars and trucks in 34 countries. With its global headquarters in
Forward-Looking Statements
This document contains "forward-looking statements." Such statements are based on the current expectations and assumptions of GM management, and as such involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those now anticipated - both in connection with the proposed exchange offers and consent solicitations, and GM's business and financial prospects -- including (without limitation) those set forth in the Prospectus Documents filed with the SEC as part of GM's Registration Statement on Form S-4 (as amended and supplemented). To better understand these risks and uncertainties, holders of notes and other readers are encouraged to read carefully the Prospectus Documents (as amended or supplemented), GM's Annual Report on Form 10-K for the fiscal year ended
Exhibit 1
General Motors Corporation and Subsidiaries
Use of Non-GAAP Financial Measures
This press release, the accompanying tables and the charts for securities analysts include the following financial measures, which are not prepared in accordance with Accounting Principles Generally Accepted in
In the three months ended
Management believes these non-GAAP financial measures provide meaningful supplemental information regarding GM's operating results because they exclude amounts that GM management does not consider part of operating results when assessing and measuring the operational and financial performance of the organization. In addition, GM has historically reported similar non-GAAP financial measures and believes that inclusion of these non-GAAP financial measures provides consistency and comparability with past earnings releases. GM management believes these measures allow it to readily view operating trends, perform analytical comparisons, benchmark performance among geographic regions and assess whether GM's plan to return to profitability is on target. Also, GM management uses adjusted net income and adjusted earnings before interest and income taxes for forecasting purposes and in determining future capital investment allocations. Accordingly, GM believes these non-GAAP financial measures are useful to investors in allowing for greater transparency of supplemental information used by management in its financial and operational decision-making.
While GM believes that these non-GAAP financial measures provide useful supplemental information, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures are not prepared in accordance with GAAP, do not reflect a comprehensive system of accounting and may not be comparable to similarly titled measures of other companies due to potential differences in the method of calculation between companies. Costs such as the special attrition programs and restructuring charges that are excluded from GM's non-GAAP financial measures can have a material effect on net earnings. As a result, these non-GAAP financial measures have limitations and should not be considered in isolation from, or as a substitute for, net earnings, cash flow from operations, or other measures of performance or liquidity prepared in accordance with GAAP. GM compensates for these limitations by using these non-GAAP financial measures as supplements to GAAP financial measures and by providing the reconciliations of the non-GAAP financial measures to their most comparable GAAP financial measures. Investors are encouraged to review the reconciliations of these non-GAAP financial measures to their most comparable GAAP financial measures that are included elsewhere in this press release.
General Motors Corporation and Subsidiaries
Use of Non-GAAP Financial Measures
Adjusted Net Income and Adjusted Earnings Before Interest and Income Taxes
Adjusted net income excludes charges for certain tax related items, gains and losses on the sale of business units and business interests, charges associated with accounting changes, restructuring, plant closure and impairment charges, charges associated with Delphi Corporation (Delphi), special attrition program charges, and other gains and losses which management excludes when assessing the internal performance of the organization.
Adjusted earnings before interest and income taxes begins with adjusted net income and is adjusted to remove any remaining interest and income tax expense or benefit.
Managerial Cash Flow
GM reports non-GAAP managerial operating cash flow in its earnings releases and charts for securities analysts. Management believes that providing managerial operating cash flow furnishes it and investors with useful information by representing the cash flow generated or consumed by its operations, including cash consumed by capital expenditures and equity investments in companies related to GM's core business and cash generated by sales of operating assets and equity investments in companies related to GM's core business, before funding non-operating-related obligations including debt maturities, dividends and other non-operating items. Management uses this non-GAAP financial measure to assess its cash flow when evaluating the performance of GM, its business units and its management teams and when making decisions to allocate resources among GM's business units.
General Motors Corporation and Subsidiaries
List of Special Items
(Dollars in millions, except per share amounts)
(Unaudited)
Three Months Ended
March 31, 2009
--------------
Earnings EPS
REPORTED
--------
Net loss attributable to GM Common
Stockholders - basic and diluted * $(5,975) $(9.78)
ADJUSTMENTS
-----------
Pre-Tax Adjustments:
Gain on extinguishment of debt (a) $(906)
Saab related (b) 822
GMAC related (c) (385)
Impairments (d) 291
Restructuring/Special attrition program (e) 116
Delphi (f) 135
---
Total Adjustments $73 0.12
=== ====
ADJUSTED
--------
Adjusted loss attributable to GM Common
Stockholders - basic and diluted * $(5,902) $(9.66)
=========== =============
* See average shares outstanding .
(a) On March 4, 2009 GM entered into an agreement to amend a $1.5
billion U.S. term loan, which expires November 2013. Because the
terms of the amended U.S. term loan were substantially different
than the original terms, primarily due to the revised borrowing
rate, the amendment was accounted for as a debt extinguishment. As a
result, GM recorded the amended U.S. term loan at fair value and
recorded a gain of $906 million for the extinguishment of the
original loan facility.
(b) On February 20, 2009, Saab Automobile AB (Saab) filed for
Reorganization under a self-managed Swedish court process, which is
similar to U.S. Chapter 11 bankruptcy protection. The reorganization
filing resulted in the loss of control necessary for consolidation
and therefore GM deconsolidated Saab on February 20, 2009. Charges of
$822 million were recorded related to GM's net investment in, and
advances to, Saab and other commitments and obligations, including a
commitment to provide up to $150 million of debtor-in-possession
financing.
(c) Income of $385 million representing our proportionate share of
GMAC's debt extinguishment.
(d) Charges of $291 million were recorded for impairments as follows:
GMNA recorded $263 million charges related to long-lived asset
impairments and $28 million related to GM's equity investment in
CAMI Automotive Inc.
General Motors Corporation and Subsidiaries
List of Special Items
(Dollars in millions, except per share amounts)
(Unaudited)
(e) Net charges of $116 million were recorded for various restructuring
initiatives and the 2009 special attrition program. Charges and gains
recorded by region are as follows:
GMNA: Charges of $315 million were recorded for the 2009 Special
Attrition Program. At March 31, 2009, 7,000 hourly employees
participated in the program.
Gains of $411 million were recorded for adjustments to the closed
plant reserve for the suspension of the Job Opportunity Bank and
reductions to accrued wages and benefits due to 7,000 employees
participating in the 2009 Special Attrition Program.
Charges of $169 million were recorded for separation programs
affecting salaried employees and additional planned capacity
actions affecting hourly employees in the United States and Canada.
GME: Charges of $17 million were recorded for separation programs,
primarily in Germany.
GMLAAM: Charges of $26 million were recorded for voluntary and
involuntary separation programs affecting salaried and hourly
employees, primarily in South America and South Africa.
(f) Charges of $135 million were recorded for advances made under the
Delphi Advance Agreement. A reserve was recorded to write-off the
advance as it was deemed uncollectable. No advances were outstanding
at December 31, 2008.
General Motors Corporation and Subsidiaries
List of Special Items
(Dollars in millions, except per share amounts)
(Unaudited)
Three Months Ended
March 31, 2008
--------------
Earnings EPS
REPORTED
--------
Net loss attributable to GM Common
Stockholders - basic and diluted * $(3,282) $(5.80)
ADJUSTMENTS
-----------
Pre-Tax Adjustments:
Impairment charges related to investment in
GMAC LLC (a) $1,452
Delphi (b) 731
Restructuring/Special attrition program (c) 324
---
2,507
-----
Tax Related Adjustments:
Valuation allowances on deferred tax assets
(d) 394
---
Total Adjustments $2,901 $5.13
====== =====
ADJUSTED
--------
Adjusted loss attributable to GM Common
Stockholders - basic and diluted * $(381) $(0.67)
========== ============
* See average shares outstanding.
(a) Charges to record impairments of GM's investments in Common and
Preferred Membership Interests of GMAC LLC. During the period, GM
determined that these investments were impaired and that such
impairment was not temporary in nature. Due to the uncertainty
regarding the timing of a recovery, if any, in valuation, GM reduced
the carrying value of these investments to estimated fair value.
(b) Charge primarily related to updated estimates reflecting the
uncertainty around the nature, value and timing of GM's recoveries
upon Delphi's emergence from bankruptcy.
(c) Relates to various restructuring initiatives and the 2008 Special
Attrition Program. Charges recorded by region are as follows:
GMNA: Charges of $201 million for retirement pension and benefit
incentives, pre-retirement incentives and cash buyouts related to
the 2008 Special Attrition Program.
GME: Charges of $123 million were recognized for separation programs
primarily in Belgium, Germany and Sweden.
(d) Charges of $394 million for valuation allowances on GM's net
deferred tax assets in Spain and the United Kingdom.
General Motors Corporation and Subsidiaries
Summary Corporate Financial Results
(Dollars in millions, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
---------
2009 2008
---- ----
REPORTED
--------
Total net sales and revenue $22,431 $42,383
Net loss attributable to GM Common Stockholders $(5,975) $(3,282)
Net margin (a) (26.6)% (7.7)%
Loss per share, basic and diluted, attributable to GM
Common Stockholders $(9.78) $(5.80)
ADJUSTED
--------
Total net sales and revenue $22,431 $42,383
Net loss attributable to GM Common Stockholders $(5,902) $(381)
Net margin (a) (26.3)% (0.9)%
Loss per share, basic and diluted, attributable to GM
Common Stockholders $(9.66) $(0.67)
See reconciliation of adjusted financial results.
(a) Calculated as Net loss attributable to GM Common Stockholders/Total
net sales and revenue.
General Motors Corporation and Subsidiaries
Summary Corporate Financial Results
(Unaudited)
Three Months Ended
March 31,
---------
2009 2008
---- ----
Weighted average common shares outstanding: (Millions)
Reported (GAAP) and Adjusted (Non-GAAP):
Basic and diluted shares 611 566
Cash dividends per share of common
stock $- $0.25
Cash & marketable securities and (Billions)
readily-available assets in
VEBA at March 31:
Cash & marketable securities $11.6 $23.6
Readily-available assets in VEBA - 0.7
- ---
Available Liquidity $11.6 $24.3
===== =====
Depreciation and amortization: (Millions)
Depreciation $1,482 $1,437
Amortization of special tools 1,036 772
Amortization of intangible assets 22 20
-- --
Total $2,540 $2,229
====== ======
General Motors Corporation and Subsidiaries
Summary Corporate Financial Results
(Dollars in millions)
(Unaudited)
Three Months Ended March 31,
2009 and 2008
Reported Special Items Adjusted
-------- ------------- --------
2009 2008 2009 2008 2009 2008
---- ---- ---- ---- ---- ----
Net sales and
revenue:
GMNA $12,319 $24,543 $- $- $12,319 $24,543
GME 5,318 9,909 - - 5,318 9,909
GMLAAM 3,446 4,763 - - 3,446 4,763
GMAP 2,429 5,296 - - 2,429 5,296
Auto Eliminations
(a) (1,259) (2,567) - - (1,259) (2,567)
------- ------- - - ------- -------
Total GMA 22,253 41,944 - - 22,253 41,944
GMAC - - - - - -
Corporate and
Other (a) 178 439 - - 178 439
--- --- - - --- ---
Total $22,431 $42,383 $- $- $22,431 $42,383
======= ======= ======= ======= ======= =======
(a) Auto Eliminations and Corporate and Other include inter-company
eliminations.
General Motors Corporation and Subsidiaries
Summary Corporate Financial Results
(Dollars in millions)
(Unaudited)
Three Months Ended March 31,
2009 and 2008
Reported Special Items Adjusted
-------- ------------- --------
2009 2008 2009 2008 2009 2008
---- ---- ---- ---- ---- ----
Equity income (loss), net of tax:
GMNA $(59) $(20) $28 $- $(31) $(20)
GME (2) 13 - - (2) 13
GMLAAM 2 5 - - 2 5
GMAP 107 134 - - 107 134
Auto Eliminations
(a) - - - - - -
- - - - - -
Total GMA 48 132 28 - 76 132
GMAC - - - - - -
Corporate and
Other (a) - - - - - -
- - - - - -
Total $48 $132 $28 $- $76 $132
=== ==== === === === ====
Net income attributable to noncontrolling
interests:
GMNA $(16) $3 $- $- $(16) $3
GME (13) (7) - - (13) (7)
GMLAAM (4) (6) - - (4) (6)
GMAP (41) (50) - - (41) (50)
Auto Eliminations
(a) - - - - - -
- - - - - -
Total GMA (74) (60) - - (74) (60)
GMAC - - - - - -
Corporate and
Other (a) (2) (13) - - (2) (13)
--- ---- - - --- ----
Total $(76) $(73) $- $- $(76) $(73)
===== ===== ======= ==== ===== =====
(a) Auto Eliminations and Corporate and Other include inter-company
eliminations.
General Motors Corporation and Subsidiaries
Summary Corporate Financial Results
(Dollars in millions)
(Unaudited)
Three Months Ended March 31,
2009 and 2008
Earnings (loss)
Before Reported Special Items Adjusted
interest -------- ------------- --------
and taxes (a): 2009 2008 2009 2008 2009 2008
---- ---- ---- ---- ---- ----
GMNA $(3,216) $(449) $452 $201 $(2,764) $(248)
GME (1,989) 118 751 123 (1,238) 241
GMLAAM 16 500 26 - 42 500
GMAP (21) 310 - - (21) 310
Auto
Eliminations (b) 54 5 - - 54 5
Total GMA EBIT (5,156) 484 1,229 324 (3,927) 808
GMAC (500) (1,612) (385) 1,310 (885) (302)
Corporate &
Other (c) (433) (1,501) (771) 873 (1,204) (628)
Total EBT (6,089) (2,629) 73 2,507 (6,016) (122)
Income tax expense
(benefit): (114) 653 - (394) (114) 259
Net loss
attributable to
GM Common
Stockholders $(5,975) $(3,282) $73 $2,901 $(5,902) $(381)
(a) Defined here as Operating income (loss) before interest and income
taxes and after equity income and net income attributable to
noncontrolling interests.
(b) Auto Eliminations include inter-company eliminations.
(c) Corporate and Other include inter-company eliminations, total
interest income and total interest expense.
General Motors Corporation and Subsidiaries
Summary Corporate Financial Results
(Dollars in billions)
(Unaudited)
Three Months Ended
March 31,
---------
2009 2008
---- ----
Adjusted Operating Cash Flow:
Total pre-tax earnings (loss) (a) $(6.1) $(2.6)
Depreciation, amortization and impairments 2.5 2.2
Capital expenditures (1.6) (1.9)
Change in receivables, payables and inventory (1.9) (2.2)
Pension and OPEB expense (net of payments) (0.5) (0.7)
Accrued expenses and other (2.6) 2.1
----- ---
Total Adjusted Operating Cash Flow $(10.2) $(3.1)
======= ======
GAAP to Adjusted Operating Cash Flow:
Net cash used in operating activities (GAAP) (b) $(9.4) $(1.6)
Capital expenditures (1.6) (1.9)
Restructuring costs 0.5 0.3
Delphi restructuring costs 0.3 -
Other - 0.1
- ---
Total Adjusted Operating Cash Flow $(10.2) $(3.1)
======= ======
(a) Defined here as Operating income (loss) before income taxes and
after equity income and net income attributable to noncontrolling
interests.
(b) Operating cash flow from operations.
General Motors Corporation and Subsidiaries
Operating Statistics
(Unaudited)
Three Months Ended
March 31,
---------
2009 2008
Worldwide Production Volume: (Units in thousands)
--------------------
GMNA - Cars 116 360
GMNA - Trucks 255 525
--- ---
Total GMNA 371 885
GME 267 493
GMLAAM 185 243
GMAP (b) 507 612
--- ---
Total Worldwide (a) 1,330 2,233
===== =====
Vehicle Unit Deliveries:
Chevrolet - Cars 93 181
Chevrolet - Trucks 154 299
Pontiac 41 72
GMC 54 104
Buick 21 38
Saturn 20 48
Cadillac 24 47
Other 6 17
- --
Total United States 413 806
Canada, Mexico and Other 88 141
-- ---
Total GMNA 501 947
GME 405 571
GMLAAM 274 324
GMAP (b) 436 411
--- ---
Total Worldwide (a) 1,616 2,253
===== =====
(a) Total Worldwide may include rounding differences.
(b) Under a contractual agreement with SGMW, GM also reports Wuling
China vehicle sales in China as part of GM's global market share.
Wuling China vehicle first quarter Worldwide Production Volume
included in GM's global vehicle sales and market share data was
of 237 thousand vehicles and 172 thousand vehicles in 2009 and 2008,
respectively. Wuling China Vehicle Unit Sales in China were 231
thousand vehicles and 173 thousand vehicles in 2009 and 2008,
respectively. Consistent with industry practice, vehicle sales
information includes estimates of industry sales in certain
countries where public reporting is not legally required or
otherwise available on a consistent basis.
General Motors Corporation and Subsidiaries
Operating Statistics
(Unaudited)
Three Months Ended
March 31,
---------
Market Share: 2009 2008
---- ----
United States - Cars 15.3% 19.1%
United States - Trucks 21.4% 24.9%
Total United States 18.4% 22.1%
Total GMNA 17.9% 21.7%
Total GME 8.9% 9.6%
Total GMLAAM 16.9% 17.6%
Total GMAP (a) 8.0% 6.9%
Total Worldwide 11.2% 12.4%
U.S. Retail/Fleet Mix:
% Fleet Sales - Cars 19.9% 33.5%
% Fleet Sales - Trucks 15.2% 21.9%
Total Vehicles 17.1% 26.7%
GMNA Capacity Utilization (b) 36.6% 76.3%
(a) Under a contractual agreement with SGMW, GM also reports Wuling
China vehicle sales in China as part of GM's global market share.
(b) Two shift rated, annualized.
General Motors Corporation and Subsidiaries
Operating Statistics
(Unaudited)
Three Months Ended
March 31,
---------
2009 2008
---- ----
GMAC's share of GM retail sales (U.S. only)
Total consumer volume (retail and lease) as %
of retail 19% 45%
SmartLease as % of retail 0% 19%
Worldwide Employment at March 31: (Thousands)
-----------
United States - Hourly 61 76
United States - Salaried 27 32
-- --
Total United States 88 108
Canada, Mexico and Other 24 28
-- --
GMNA 112 136
GME 55 58
GMLAAM 33 35
GMAP 33 35
Corporate and other 2 2
- -
Total Worldwide 235 266
=== ===
(Billions)
----------
Worldwide Payroll $2.9 $4.3
General Motors Corporation and Subsidiaries
Condensed Consolidated Statements of Operations
(Dollars in millions, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
---------
2009 2008
---- ----
Net sales and revenue
Automotive sales $22,232 $41,944
Other revenue 199 439
--- ---
Total net sales and revenue 22,431 42,383
------ ------
Costs and expenses
Cost of sales 24,611 38,152
Selling, general and administrative
expense 2,497 3,699
Other expenses 985 1,121
--- -----
Total costs and expenses 28,093 42,972
------ ------
Operating loss (5,662) (589)
Equity in loss of GMAC LLC (500) (1,612)
Interest expense (1,230) (805)
Interest income and other
non-operating income, net 425 318
Gain on extinguishment of debt 906 -
--- -
Loss before income taxes and equity
income (6,061) (2,688)
Income tax expense (benefit) (114) 653
Equity income, net of tax 48 132
-- ---
Net loss (5,899) (3,209)
Less: Net income attributable to
noncontrolling interests (76) (73)
---- ----
Net loss attributable to GM Common
Stockholders $(5,975) $(3,282)
============ ============
Loss per share, basic and diluted,
attributable to GM Common
Stockholders $(9.78) $(5.80)
============ ============
Weighted average common shares
outstanding, basic and diluted
(millions) 611 566
=== ===
Cash dividends per share $- $0.25
========= =====
General Motors Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in millions)
(Unaudited)
March 31, December 31, March 31,
2009 2008 2008
---- ---- ----
ASSETS
Current Assets
Cash and cash
equivalents $11,448 $14,053 $21,601
Marketable securities 132 141 2,043
--- --- -----
Total cash and
marketable securities 11,580 14,194 23,644
Accounts and notes
receivable, net 7,567 7,918 10,471
Inventories 11,606 13,195 17,321
Equipment on operating
leases, net 3,430 5,142 7,094
Other current assets
and deferred income
taxes 2,593 3,146 4,142
----- ----- -----
Total current assets 36,776 43,595 62,672
Non-Current Assets
Equity in net assets
of nonconsolidated
affiliates 2,447 2,146 7,322
Property, net 37,625 39,665 43,294
Goodwill and
intangible assets,
net 242 265 1,093
Deferred income taxes 89 98 915
Prepaid pension 106 109 20,593
Equipment on operating
leases, net 375 442 3,035
Other assets 4,630 4,719 6,784
----- ----- -----
Total non-current
assets 45,514 47,444 83,036
------ ------ ------
Total Assets $82,290 $91,039 $145,708
======= ======= ========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities
Accounts payable (principally
trade) $18,253 $22,259 $29,817
Short-term debt and current
portion of long-term debt 25,556 16,920 8,532
Accrued expenses 36,989 36,429 34,806
------ ------ ------
Total current liabilities 80,798 75,608 73,155
Non-Current Liabilities
Long-term debt 28,846 29,018 34,757
Postretirement benefits other
than pensions 22,503 28,919 46,994
Pensions 24,476 25,178 11,624
Other liabilities and deferred
income taxes 16,187 17,392 18,554
------ ------ ------
Total non-current liabilities 92,012 100,507 111,929
------ ------- -------
Total Liabilities 172,810 176,115 185,084
Commitments and contingencies
Stockholders' Deficit
Preferred stock, no par value,
6,000,000 shares authorized,
no shares issued and
outstanding - - -
Preference stock, $0.10 par
value, authorized 100,000,000
shares, no shares issued and
outstanding - - -
Common stock, $1 2/3 par value
(2,000,000,000 shares
authorized, 800,937,541 and 1,018 1,017 944
610,505,273 shares issued and
outstanding at March 31,
2009, respectively,
800,937,541 and 610,483,231
shares issued and outstanding
at December 31, 2008,
respectively, and 756,637,541
and 566,100,839 shares issued
and outstanding at March 31,
2008, respectively)
Capital surplus (principally
additional paid-in capital) 16,489 16,489 16,108
Accumulated deficit (76,703) (70,727) (42,912)
Accumulated other
comprehensive loss (31,946) (32,339) (14,490)
-------- -------- --------
Total GM stockholders' deficit (91,142) (85,560) (40,350)
Noncontrolling interests 622 484 974
--- --- ---
Total stockholders' deficit (90,520) (85,076) (39,376)
-------- -------- --------
Total Liabilities and
Stockholders' Deficit $82,290 $91,039 $145,708
=========== ========== =========
SOURCE General Motors Corporation
