General Motors Co - FORM 8-K - EX-99.2 - CHARTS FURNISHED TO SECURITIES ANALYSTS

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8-K - FORM 8-K - General Motors Co	d8k.htm
EX-99.1 - NEWS RELEASE DATED FEBRUARY 24, 2011 - General Motors Co	dex991.htm

General Motors Company

Q4 & CY 2010 Results

February 24, 2011

Exhibit 99.2

Forward Looking Statements

In this presentation and in related comments by our management, our use of the

words “expect,” “anticipate,” “possible,” “potential,” “target,” “believe,” “commit,”

“intend,” “continue,” “may,” “would,” “could,” “should,” “project,” “projected,”

“positioned” or similar expressions is intended to identify forward looking

statements that represent our current judgment about possible future events. We

believe these judgments are reasonable, but these statements are not

guarantees of any events or financial results, and our actual results may differ

materially due to a variety of important factors. Among other items, such factors

might include: our ability to realize production efficiencies and to achieve

reductions in costs as a result of our restructuring initiatives and labor

modifications; our ability to maintain quality control over our vehicles and avoid

material vehicle recalls; our ability to maintain adequate liquidity and financing

sources and an appropriate level of debt, including as required to fund our

planning significant investment in new technology; our ability to realize

successful vehicle applications of new technology; and our ability to continue to

attract new customers, particularly for our new products.

GM's most recent annual report on Form 10-K and quarterly report on Form 10-

Q provides information about these and other factors, which we may revise or

supplement in future reports to the SEC.

Summary of Q4 & CY 2010 Results

* EBIT-Adj. includes GM Financial on an Earnings Before Tax (EBT) basis

* * Automotive Free Cash Flow Includes $(4.0)B Impact of Voluntary U.S. Pension Contribution

2010

GAAP

Net

Revenue ($B)

36.9

135.6

Operating Income ($B)

0.3

5.1

Net Income Attr. Common Stockholders ($B)

0.5

4.7

EPS –

Diluted ($/Share)

0.31

2.89

Non-

GAAP

EBIT-

Adj. ($B)

1.0*

7.0*

Automotive Free Cash

Flow ($B)

(2.8)**

2.4**

Presentation of Results

•

Standardized and consistent approach

•

Q4 2010 marks first quarter which prior year results are on a

equivalent fresh-start accounting basis

–

Transition quarterly EBIT bridges to year-over-year comparisons

•

New GM South America segment has been introduced

–

GMIO prior quarter results adjusted to reflect breakout of GMSA

•

GM Financial segment has been added as result of October 1

acquisition

–

GMF included in EBIT & EBIT-Adjusted on a Earnings Before

Tax (EBT) basis

Net Income Attr. Common Stockholders

Note: Results may not foot due to rounding

2010

Net Income Attr. Common Stockholders ($B)

0.5

4.7

EPS –

Diluted ($/Share)

0.31

2.89

Included in Above ($B):

Gain on Extinguishment

of VEBA Note

0.2

Gain on Sale of Nexteer

& Purchase of Strasbourg

0.1

Gain

on Saab Sale

0.0

0.1

Loss on Purchase of UST Preferred

(0.7)

Total Impact Net Income Attr. Common Stockholders ($B)

(0.4)

(0.2)

Total Impact

EPS –

Diluted ($/Share)

(0.21)

(0.14)

Operating

Income

Walk

EBIT

Adj.

Note: EBIT & EBIT-Adj. includes GM Financial on an Earnings Before Tax (EBT) basis

Note: Results may not foot due to rounding

($ B)

2010

Operating Income

5.1

Equity Income

1.4

Non-Controlling Interests

(0.3)

Non-Operating Income

1.3

Earnings Before Interest & Taxes (EBIT)

7.5

Less Adjustments

0.4

EBIT-

Adj.

7.0

CY 2010 EBIT & EBIT-

Adj.

($B)

* GMF at an Earnings Before Tax basis (EBT) ** Included in Earnings Before Interest and Taxes (EBIT)

Note: Results may not foot due to rounding

5.7

(1.8)

2.3

0.8

0.3

0.1

7.5

0.4

7.0

GMNA

GME

GMIO

GMSA

Corp. /

Elims

GMF*

EBIT

Less**

Adjustments

EBIT -

Adj.

Q4 Operating Income Walk to EBIT-

Adj.

Note: EBIT-Adj. includes GM Financial on an Earnings Before Tax (EBT) basis

($ B)

2010

Operating Income

0.3

Equity Income

0.3

Non-Controlling Interests

(0.1)

Non-Operating Income

0.8

Earnings Before Interest & Taxes (EBIT)

1.3

Less Adjustments

0.3

EBIT-

Adj.

1.0

Q4 2010 EBIT & EBIT-

Adj.

($B)

Note: Results may not foot due to rounding

* GMF at an Earnings Before Tax basis (EBT) ** Included in Earnings Before Interest and Taxes (EBIT)

0.8

(0.6)

0.3

0.2

0.4

0.1

1.3

0.3

1.0

GMNA

GME

GMIO

GMSA

Corp. /

Elims

GMF*

EBIT

Less**

Adjustments

EBIT -

Adj.

Global Deliveries

(000’s)

Global Share

11.4%

11.0%

11.6%

11.5%

GM deliveries & market share include vehicles sold around the world under GM and JV brands, and through GM branded

distribution network

1,952

1,999

2,155

2,062

2,173

1,000

1,600

2,200

Q4 2009

Q1 2010

Q2 2010

Q3 2010

Q4 2010

GMNA Deliveries

(000’s)

GMNA Share

19.2%

17.8%

18.7%

17.7%

18.5%

U.S. Share

20.2%

18.4%

19.4%

18.3%

19.1%

U.S. 4 Brand

18.6%

18.1%

19.3%

18.3%

19.1%

Chevy, Buick,

GMC, Cadillac

564

716

660

685

637

587

551

708

658

683

400

800

Q4 2009

Q1 2010

Q2 2010

Q3 2010

Q4 2010

Key GMNA Performance Indicators

Avg. U.S. Retail Incentive, as % of ATP

(4-Brand) %

13.3

12.2

12.0

10.3

9.7

9.3

9.9

11.2

11.7

12.6

10.7

9.6

9.4

10.4

12.6

GM vs. Ind.

(GM % / Ind. %)

1.40

1.29

1.20

1.06

0.93

0.85

0.95

1.03

1.10

1.12

1.01

0.95

1.02

0.97

1.00

1.26

$/Unit

U.S. 4-Brand Share

U.S. Total Share

Avg. GM U.S. Retail

Incentive (4-Brands)

Note: Incentive & ATP Information Based on J.D. Power and Associates Power Information Network data

Jan

2011

2,500

3,000

3,500

4,000

4,500

5,000

5,500

10%

12%

14%

16%

18%

20%

22%

Q4 2009

Q1 2010

Q2 2010

Q3 2010

Q4 2010

GMNA Net Revenue

($B)

Production (000’s)

616

668

731

707

703

U.S. Dealer Inv (000’s)

385

428

438

478

511

18.3

19.3

20.3

21.5

22.0

Q4 2009

Q1 2010

Q2 2010

Q3 2010

Q4 2010

GMNA Earnings Before Interest & Taxes

($B)

2009

2010

(3.4 )

(3.5)

1.2

1.6

2.1

0.8

(1.0)

0.0

1.0

2.0

3.0

GMNA EBIT –

Q4 2009 vs. Q4 2010

($B)

Q4 2009

EBIT

Q4 2010

EBIT

$4.2B Improvement

(3.4)

0.9

0.1

2.9

0.3

0.8

Volume/Mix

Price

Cost

Other

GMNA EBIT –

Q3 2010 vs. Q4 2010

($B)

Q3 2010

EBIT

Q4 2010

EBIT

$1.3B Reduction

2.1

(0.4)

(0.3)

(0.6)

0.0

0.8

Volume/Mix

Price

Cost

Other

GME Deliveries

(000’s)

GME Share

8.2%

8.5%

8.8%

8.9%

9.0%

Germany Share

8.8%

8.2%

8.0%

8.5%

9.0%

U.K. Share

11.2%

12.0%

13.8%

12.6%

12.4%

Chevrolet

GME Excl.

Chevrolet

GME deliveries and market share include unit sales of Chevrolets

produced by GMIO and delivered to customers in GME.

Revenue and associated costs of these unit sales are reported by

GMIO

271

298

315

273

298

107

106

128

115

128

400

800

Q4 2009

Q1 2010

Q2 2010

Q3 2010

Q4 2010

404

443

388

426

378

GME Net Revenue

Production (000’s)

256

305

331

286

313

($B)

6.2

5.5

6.0

5.7

6.9

Q4 2009

Q1 2010

Q2 2010

Q3 2010

Q4 2010

GME Earnings Before Interest & Taxes

($B)

(0.8)

(0.5)

(0.2)

(0.6)

(1.0)

0.0

1.0

2.0

3.0

2009

2010

GME EBIT –

Q4 2009 vs. Q4 2010

($B)

Q4 2009

EBIT

Q4 2010

EBIT

$0.2B Improvement

(0.8)

0.2

0.0

(0.3)

0.3

(0.6)

Volume/Mix

Price

Cost

Other

GMIO Deliveries

(000’s)

GMIO Share

8.9%

8.8%

9.0%

8.7%

8.6%

China Share

13.2%

13.3%

13.1%

13.6%

11.4%

India Share

3.7%

4.2%

4.0%

3.0%

3.5%

China

GMIO Excl.

China

Note: Prior results have been adjusted to reflect the breakout of GMSA separately

179

166

179

178

200

534

624

586

567

576

400

800

Q4 2009

Q1 2010

Q2 2010

Q3 2010

Q4 2010

790

765

745

776

713

GMIO Net Revenue

($B)

Production (000’s)

Consolidated

229

248

268

235

265

Joint Venture

592

654

697

631

747

Total

821

902

965

866

1,012

Note: Prior results have been adjusted to reflect the breakout of GMSA separately

5.1

5.0

5.3

5.1

6.1

Q4 2009

Q1 2010

Q2 2010

Q3 2010

Q4 2010

GMIO Earnings Before Interest & Taxes

($B)

0.9

0.5

Equity Income

0.3

0.4

Note: Prior results have been adjusted to reflect the breakout of GMSA separately

0.5

0.3

0.4

0.3

0.2

(1.0)

0.0

1.0

2.0

3.0

2009

2010

GMIO EBIT –

Q4 2009 vs. Q4 2010

($B)

Q4 2009

EBIT

Q4 2010

EBIT

$0.1B Reduction

Note: Prior results have been adjusted to reflect the breakout of GMSA separately

0.4

0.1

(0.4)

0.1

0.3

Volume/Mix

Price

Cost

Other

GMSA Deliveries

(000’s)

GMSA Share

19.6%

20.7%

19.5%

19.8%

19.6%

Brazil Share

18.7%

19.9%

18.4%

18.3%

18.4%

Brazil

GMSA Other

100

157

156

146

169

186

400

800

Q4 2009

Q1 2010

Q2 2010

Q3 2010

Q4 2010

241

231

268

286

224

GMSA Net Revenue

($B)

Production (000’s)

229

210

230

245

241

4.3

3.3

3.6

4.0

4.5

Q4 2009

Q1 2010

Q2 2010

Q3 2010

Q4 2010

GMSA Earnings Before Interest & Taxes

($B)

0.3

0.2

(1.0)

0.0

1.0

2.0

3.0

2009

2010

GMSA EBIT –

Q4 2009 vs. Q4 2010

($B)

Q4 2009

EBIT

Q4 2010

EBIT

$0.1B Reduction

0.3

0.1

(0.2)

(0.1)

0.2

Volume/Mix

Price

Cost

Other

Automotive Free Cash Flow

($B)

Q4 2010

CY 2010

Net Income Attr. Common Stockholders

0.5

4.7

Add-back Non-Controlling Interests & Preferred Dividends

1.0

1.8

Deduct

Non-Auto (GM Financial)

(0.1)

Automotive Net Income

1.4

6.4

Depreciation / Amortization

1.7

6.9

Working Capital

0.7

(0.6)

Pension

/ (OPEB) Expense Net of Cash Payments

(0.4)

(1.3)

Voluntary U.S. Pension Plan Contribution

(4.0)

Other

(1.1)

(0.8)

Automotive Net Cash Provided/(Used)

Operating Activities

(1.7)

6.6

Capital Expenditures

(1.1)

(4.2)

Automotive Free Cash Flow

(2.8)

2.4

Key Automotive Balance Sheet Items

* Includes Canadian HC Trust Restricted Cash

** Excludes U.S. Non-Qualified plan PBO of $0.9 billion & ~ $2B stock contribution completed 1/13/11

($B)

Dec. 31

2009

Dec. 31

2010

Cash & marketable

securities *

36.2

27.6

Available

Credit Facilities

0.6

5.9

Available

Liquidity *

36.9

33.5

Key Obligations:

Debt

15.8

4.6

Series A Preferred Stock

7.0

5.5

U.S. Pension Underfunded Status**

16.2

11.5

Unfunded OPEB

9.6

9.9

12/31/09

Funded Status

Service &

Interest Cost

Asset

Returns

Discount

Rate

Cash

Contributions

12/31/10

Funded Status

(5.2)

11.6

4.0

U.S. Pension Funded Status –

CY2010 vs. CY2009

Note: Funded status excludes U.S. Non-Qualified plan PBO of $0.9 billion & ~ $2B stock contribution completed 1/13/11

(16.2)

(5.7)

(11.5)

Funded

Status

84%

Funded

Status

89%

($B)

GM Financial –

Key Metrics

* Q4 2009 not included in consolidated GM results, does not reflect purchase accounting and is not directly

comparable to Q4 2010.

($M)

Q4 2010

Memo:

Q4 2009*

Earnings Before

Tax

129

Total Originations

935

379

GM new

vehicles as % of total

18.1%

10.8%

Finance Receivables

8,648

9,305

Delinquencies (>30 days)

8.6%

11.4%

Annualized

net charge-offs as % of

avg. receivables

5.5%

8.9%

Status of Material Weakness

After assessing remediation efforts put in place, the

management team and Audit Committee of the Board of

Directors concluded that as of Dec 31, 2010:

–

Material weakness regarding financial reporting

process no longer exists

–

Disclosure controls and procedures effective

–

Internal control over financial reporting effective

Key Messages

•

CY 2010 Net Income to Common Stockholders of $4.7B &

Automotive Free Cash Flow of $6.4B (excluding $4B Q4 pension

contribution)

•

2011 key areas of focus

–

Launch great products

–

Drive improved business results

–

Technology

–

Continue to improve balance sheet

•

Build on our progress and generate momentum in marketplace

–

Expect first quarter to be strong start

General Motors Company

Select Supplemental Financial Information

EBIT Walk to Net Income Attr. Common Stockholders

Note: EBIT includes GM Financial on an Earnings Before Tax (EBT)

basis

($B)

2009

2010

GMNA

(3.4)

0.8

5.7

GME

(0.8)

(0.6)

(1.8)

GMIO

0.4

0.3

2.3

GMSA

0.3

0.2

0.8

Corp & Elims

(0.5)

0.4

0.3

GMF

N/A

0.1

Total EBIT

(4.0)

1.3

7.5

Interest Expense / (Income)

0.3

0.1

0.6

Income Tax Expense / (Benefit)

(0.9)

(0.2)

0.7

Net Income Attr.

Stockholders

(3.4)

1.4

6.2

Dividends

on Preferred Stock

(0.1)

0.9

1.5

Net Income Attr. Common

Stockholders

(3.5)

0.5

4.7

Reconciliation of 2010 EBIT-Adj.

Note: Results may not foot due to rounding

Note: Q4 &CY EBIT & EBIT-Adj. includes GM Financial on an Earnings Before Tax (EBT) basis

($B)

2010

Net Income Attr. Common

Stockholders

0.9

1.3

2.0

0.5

4.7

Add Back:

Dividends

on Preferred Stock

0.2

0.9

1.5

Interest Expense / (Income)

0.2

0.1

0.6

Income Tax Expense / (Benefit)

0.5

0.4

0.0

(0.2)

0.7

Earnings Before

Interest & Taxes (EBIT)

1.8

2.0

2.3

1.3

7.5

Less Adjustments:

Gain on Saab Sale

0.1

Gain on VEBA

Note

0.2

Gain on Nexteer

Sale & Purchase of

Strasbourg

0.1

Total Adjustments

0.1

0.0

0.3

0.4

EBIT –

Adj.

1.7

2.0

2.3

1.0

7.0

Note: Results may not foot due to rounding

Reconciliation of Q4 2009 EBIT-Adj.

($B)

2009

Net Income Attr. Common

Stockholders

(3.5)

Add Back:

Dividends

on Preferred Stock

0.1

Interest Expense / (Income)

0.3

Income Tax Expense / (Benefit)

(0.9)

Auto Earnings Before

Interest & Taxes (EBIT)

(4.0)

Less Adjustments:

VEBA Settlement

(2.6)

GMAC

Investment Impairment

(0.3)

Delphi Related

(0.1)

CAMI Debt

Ext.

(0.1)

Total Adjustments

(3.0)

Auto EBIT –

Adj.

(1.0)

Restructuring Excluded From Adjustments

($B)

2010

GMNA –

Dealer Related

0.0

GMNA –

Non-Dealer Related

0.1

0.0

0.2

0.3

Total GMNA

0.1

0.0

0.2

0.3

Total

GME

(0.3)

(0.2)

(0.1)

(0.7)

Total GMIO

0.0

Total GMSA

0.0

Total

(0.2)

(0.1)

0.1

(0.4)

Operating

Income

Walk

EBIT-

Adj

Note: Q4 &CY 2010 EBIT & EBIT-Adj. includes GM Financial on an Earnings Before Tax (EBT) basis

($B)

2009

2010

Operating Income

(3.9)

1.2

1.8

1.9

0.3

Equity Income

0.3

0.4

0.3

Non-Controlling Interests

(0.2)

(0.1)

Non-Operating Income/(Expense)

(0.2)

0.3

(0.1)

0.1

0.8

Earnings Before Interest & Taxes

(EBIT)

(4.0)

1.8

2.0

2.3

1.3

Less Adjustments

(3.0)

0.1

0.0

0.3

EBIT-

Adj.

(1.0)

1.7

2.0

2.3

1.0

Reconciliation of Automotive Free Cash Flow

($B)

2010

Net cash provided by operating activities

(1.5)

6.8

Less net cash provided by operating activities-GM Financial

0.2

Automotive Net Cash Provided/(Used)

Operating Activities

(1.7)

6.6

Capital expenditures

(1.1)

(4.2)

Automotive Free

Cash Flow

(2.8)

2.4

General Motors Co - FORM 8-K - EX-99.2 - CHARTS FURNISHED TO SECURITIES ANALYSTS - February 25, 2011

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