UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549-1004
===============================================================================
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report
(Date of earliest event reported) January 20, 2004
GENERAL MOTORS CORPORATION
(Exact Name of Registrant as Specified in its Charter)
STATE OF DELAWARE 38-0572515
(State or other jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
300 Renaissance Center, Detroit, Michigan 48265-3000
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (313) 556-5000
ITEM 12. Disclosure of information on financial conditions
On January 20, 2004, a news release was issued on the subject of fourth
quarter consolidated earnings for General Motors Corporation (GM). The news
release did not include certain financial statements, related footnotes and
certain other financial information that will be filed with the Securities and
Exchange Commission as part of GM's Quarterly Report on Form 10-Q. The following
is the fourth quarter earnings release for GM.
GM Earns $3.8 Billion, or $7.14 Per Share in 2003
-- Adjusted EPS of $5.62
Fourth Quarter Earnings $1.0 Billion, or $2.13 Per Share
-- Adjusted EPS of $1.47
GMAC Posts Ninth Straight Year of Earnings Growth
GM Generated More Than $32 Billion in Cash in 2003
DETROIT - General Motors Corp. (NYSE: GM) today reported 2003 consolidated net
income of $3.8 billion, or $7.14 per diluted share of common stock, compared
with $1.7 billion, or $3.35 per share, in 2002. Revenue rose 4.6 percent to
$185.5 billion from $177.3 billion in 2002, which is restated to exclude Hughes
Electronics.
GM's adjusted income, which excludes special items and results from Hughes
Electronics, totaled $3.2 billion, or $5.62 per share, in 2003, compared with
$3.9 billion, or $6.98 per share in 2002.
FOURTH QUARTER 2003
In the fourth quarter of 2003, General Motors reported consolidated net income
of $1.0 billion, or $2.13 per share, compared with $1.0 billion, or $1.71 per
share, in the fourth quarter of 2002. Revenue rose 7.7 percent to $49.1 billion
from $45.6 billion in the fourth quarter of 2002.
Excluding special items and Hughes, GM earned $838 million, or $1.47 per share,
in the fourth quarter of 2003, compared with $934 million, or $1.67 per share,
in the year ago period.
GM's fourth-quarter-2003 results reflect various special items with a net
favorable effect of $339 million, or $0.72 per share. These special items
include a net gain of $1.2 billion associated with the split-off of Hughes
Electronics from GM and related sale of Hughes stock to News Corp., and a
positive adjustment of $103 million to previous accruals for excess employees at
certain North American facilities. These items were partially offset by a charge
of $725 million for the cost of lump-sum payments and vehicle-discount vouchers
to retirees as provided for in the 2003 United Auto Workers (UAW) labor
contract, and additional restructuring actions at GM Europe totaling $218
million.
GM's 2003 results reflect increased dilution primarily attributable to the
status of employee stock options, which reduced earnings per share by
approximately $0.03 in the fourth quarter of 2003 and $0.08 in calendar year
2003. GM's 2003 results also include preliminary earnings from Hughes
Electronics (NYSE: HS). Hughes, now an independent, publicly traded company,
will report financial results at a later date. GM split off Hughes Electronics
and retired the GM Class H common stock on Dec. 22, 2003.
GM financial results described throughout the remainder of this release exclude
special items unless otherwise noted (see "Highlights").
YEAR IN REVIEW
"GM reported solid overall results in 2003, reflecting strong contributions from
GMAC and our Asia Pacific automotive operations," GM Chairman and Chief
Executive Officer Rick Wagoner said. "By leveraging our strengths as a global
manufacturer with strong brands and great cars and trucks, we expect to improve
our automotive profitability, increase revenue and build market share in 2004."
2
GM generated more than $32 billion in cash in 2003, about three times the
company's original target, including more than $10 billion in cash from
automotive operations, as well as proceeds from non-core asset sales and global
debt offerings.
GM's strong cash performance enabled the company to contribute a total of $18.5
billion to its U.S. pension plans and $3.3 billion to the Voluntary Employees'
Beneficiary Associated (VEBA) Trust for retiree health-care benefits in 2003. As
previously disclosed, GM contributed an additional $2.4 billion to the VEBA
Trust in January 2004.
"These moves considerably strengthened our balance sheet, and enabled us to end
the year with our combined U.S. hourly and salaried pension plans fully funded,"
Wagoner said. "This was a remarkable accomplishment considering that these plans
were nearly $18 billion underfunded at the start of 2003."
Cash, marketable securities, and assets of the VEBA trust invested in short-term
fixed-income securities totaled $26.9 billion at Dec. 31, 2003, excluding GMAC
and Hughes, compared with $17.3 billion the end of 2002.
GM AUTOMOTIVE OPERATIONS
GM's global automotive operations earned $396 million in the fourth quarter of
2003, compared with $574 million in the year-ago quarter, excluding special
items. The fourth- quarter-2003 results reflected sharply higher profits in the
company's Asia Pacific operations, reduced losses in Europe, lower income in
North America, and increased losses in Latin America. For all of 2003, GM's
automotive operations earned $1.1 billion, compared with $2.6 billion in 2002.
The deterioration in profitability is partially attributable to higher pension
and health-care costs in the U.S.
GM increased its global market share to 15.2 percent in the fourth quarter of
2003 from 15.1 percent the prior year. For the full year, three out of four
automotive regions posted gains, although GM's global market share declined to
14.7 percent from 15.0 percent. The decline reflects primarily the mix effect of
strong industry growth in Asia where GM's share is less than its global share.
GM North America (GMNA) earned $397 million in the fourth quarter of 2003,
compared with $644 million in the year-ago period, as lower production volumes
and higher pension and health-care costs were partially offset by strong cost
performance and favorable mix. For 2003, GMNA earned $1.2 billion, down from
$3.1 billion in 2002.
Despite strong gains in the second half of the year, GM's share of the U.S.
market in 2003 was 28.0 percent compared with 28.3 percent in 2002.
"While overall market share was down, we were pleased with our sales momentum in
the second half of 2003 when our market share was 28.7 percent," Wagoner said.
"As we continue our aggressive new-product cadence, we are optimistic about
increasing market share in 2004.
"Over the last few years, we have significantly improved the quality and
competitive position of our vehicles," Wagoner said. "This trend continued in
2003 with Cadillac leading the way. There's still more to do, but we believe our
cars and trucks are beginning to change consumer perceptions."
GM Europe (GME) reported a loss of $66 million in the fourth quarter of 2003,
compared with a loss of $129 million a year ago as continued material and
structural cost reductions were partially offset by foreign-exchange losses,
continued price pressure and unfavorable mix. For 2003, GME had a loss of $286
million, an improvement from the $549 million loss in 2002.
"While we're disappointed that we fell short of our financial targets in Europe,
we continue to make good progress on cost reduction," Wagoner said. "In 2004, we
expect to improve our operating performance as we launch new models such as the
Opel Astra, Vectra wagon and a new, small convertible."
GM Asia Pacific (GMAP) earned $177 million in the fourth quarter of 2003, a
significant improvement from year-ago earnings of $66 million. Continued strong
performance by Shanghai GM in China and Holden in Australia, together with
improved results from GM's equity alliances, contributed to GMAP's performance.
For all of 2003, GMAP earned $577 million, more than three times the net income
of $188 million in 2002.
3
"GM's Asia Pacific operations delivered great results in 2003, led by China and
Australia," Wagoner said. "In 2003, China became the world's third-largest
market, and we expect sales to continue to grow this year. GM is well positioned
to participate in this growth through its joint ventures in China."
GM Latin America/Africa/Mid-East (GMLAAM) reported a loss of $112 million in the
fourth quarter of 2003, compared with a loss of $7 million in the year-ago
period. For all of 2003, GMLAAM reported a loss of $331 million, up from a loss
of $181 million in 2002. Results for 2003 in Latin America were negatively
affected by weak economic conditions and an asset write-down in Brazil.
GMAC
GMAC reported record fourth-quarter income of $630 million in 2003, up 20
percent from the $524 million earned in the fourth quarter of 2002. All three of
GMAC's business units -- Financing, Insurance and Mortgage Operations --
reported improved results during the quarter.
For calendar year 2003, GMAC posted another record year with income of $2.8
billion, compared with $1.9 billion in 2002. Earnings from financing operations
improved as lower credit provisions offset the negative impact of narrower
net-interest margins. Insurance operations benefited from higher underwriting
income and a reduction in capital losses related to its investment portfolio.
Income from mortgage operations more than doubled, reflecting record
originations in both the residential and commercial mortgage sectors.
"GMAC had an outstanding year in 2003," Wagoner said. "In addition to delivering
its ninth-straight year of earnings growth, GMAC also did a terrific job of
diversifying its funding sources and supporting GM's auto sales around the
globe."
PROFIT SHARING
General Motors also announced that its approximately 125,000 hourly employees in
the United States will receive a profit-sharing payment in 2004. A typical U.S.
hourly employee, eligible under the profit-sharing program, would qualify for a
payment of approximately $170.
LOOKING AHEAD
GM expects global auto-industry sales to rise about 3 percent in 2004 to a
record 60 million vehicles. In the United States, GM expects total U.S. industry
vehicle sales of approximately 17.3 million. GM expects robust industry growth
in Asia Pacific with moderate growth in Europe and the LAAM region.
GM expects to generate $5 billion in operating cash in 2004. In addition, GM
estimates that earnings in the first quarter of 2004 will be approximately $1.75
per share, excluding any special items and at current dilution levels. For the
2004 calendar year, GM's earnings target is $6.00 to $6.50 per share, excluding
any special items and at current dilution levels. (The dilution calculation may
be affected by the Series C Convertible Senior Debentures issued by GM in July
of 2003 and due in 2033.)
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" 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-18) 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.
# # #
4
General Motors Corporation
List of Special Items - After Tax
(dollars in millions except per share amounts)
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 Year to Date
Dec. 31, 2003 Dec. 31, 2003
--------------- ---------------
Net $1-2/3 Net $1-2/3
Income EPS Income EPS
------ ----- ------ -----
REPORTED
Income (loss) from continuing
operations $(2) $ - $2,862 $5.03
(Loss) from discontinued
operations (164) (0.06) (219) (0.09)
Gain on sale of discontinued
operations 1,179 2.19 1,179 2.20
----- ---- ----- ----
Net income 1,013 2.13 3,822 7.14
ADJUSTMENTS
Hourly Retiree Lump Sum/
Vouchers (A) 725 1.27 725 1.28
Reserve for Idled Workers (B) (103) (0.18) (103) (0.18)
GME Restructuring Charge (C) 218 0.38 218 0.38
Gain on Sale of GM Defense (D) - - (505) (0.89)
Gain on sale of Hughes (1,179) (2.19) (1,179) (2.20)
----- ---- ----- ----
Subtotal (339) (0.72) (844) (1.61)
----- ---- ----- ----
ADJUSTED
Income from continuing
operations $838 $1.47 $3,197 $5.62
(Loss) from discontinued
operations (164) (0.06) (219) (0.09)
--- ---- ----- ----
Adjusted income $674 $1.41 $2,978 $5.53
=== ==== ===== ====
(A) The October 2003 contract with the United Auto Workers
provided for lump-sum payments and vehicle discount vouchers
for retirees, accounted for in GMNA and Other.
(B) The Reserve for Idled Workers primarily relates to adjustments
to previously established reserves for the Janesville, Wis.
Plant, accounted for in GMNA.
(C) The GME Restructuring Charge relates to the initiative
implemented in the fourth quarter of 2003 to improve
competitiveness of GM's automotive operations in Europe.
(D) The Gain on Sale of GM Defense relates to the sale of GM's
light armored vehicle business to General Dynamics Corporation
for net proceeds of approximately $1.1 billion.
5
General Motors Corporation
List of Special Items - After Tax
(dollars in millions except per share amounts)
Three Months Ended Year to Date
Dec. 31, 2002 Dec. 31, 2002
--------------- ---------------
Net $1-2/3 Net $1-2/3
Income EPS Income EPS
------ ----- ------ -----
REPORTED
Income from continuing
operations $934 $1.67 $1,975 $3.51
Income(loss)from discontinued
operations 86 0.04 (239) (0.16)
----- ---- ----- ----
Net income 1,020 1.71 1,736 3.35
ADJUSTMENTS
Fiat Investment (A) - - 1,371 2.44
GMNA Production
Footprint (B) - - 116 0.21
GME End of Life Vehicle
Charge (C) - - 55 0.10
GME Restructuring
Charge (D) - - 407 0.72
----- ---- ----- ----
Subtotal - - 1,949 3.47
----- ---- ----- ----
Adjustments to discontinued
operations (E) (170) (0.09) (228) (0.13)
----- ---- ----- ----
ADJUSTED
Income from continuing
operations $934 $1.67 $3,924 $6.98
(Loss) from discontinued
operations (84) (0.05) (467) (0.29)
----- ---- ----- ----
Adjusted income $850 $1.62 $3,457 $6.69
===== ==== ===== ====
(A) The Write-down of Fiat Investment relates to GM's investment
in Fiat Auto Holdings, B.V. 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.
(B) The GMNA Production Footprint charge primarily relates to
costs associated with the transfer of commercial truck
production from Janesville, Wis., to Flint, Michigan.
(C) 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 and the
responsibility of manufacturers for dismantling and recycling
vehicles they have sold.
(D) 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.
(E) Various adjustments recorded by Hughes.
6
General Motors Corporation
Summary Corporate Financial Results
Fourth Quarter Year to Date
-------------- --------------
2003 2002 2003 2002
---- ---- ---- ----
(Dollars in millions except per share amounts)
Total net sales and
revenues $49,084 $45,584 $185,524 $177,324
Adjusted $49,084 $45,584 $184,710 $177,324
Income (loss) from continuing
operations $(2) $934 $2,862 $1,975
Adjusted $838 $934 $3,197 $3,924
Income (loss) from
discontinued operations $(164) $86 $(219) $(239)
Adjusted (164) (84) (219) (467)
Net income $1,013 $1,020 $3,822 $1,736
Adjusted $674 $850 $2,978 $3,457
Net margin from continuing
operations
(Income from continuing
operations/Total net sales
and revenues) - 2.0% 1.5% 1.1%
Adjusted 1.7% 2.0% 1.7% 2.2%
Earnings per share - basic
$1-2/3 par value
Continuing operations $ - $1.67 $5.10 $3.53
Discontinued operations $2.17 $0.04 $2.14 $(0.16)
---- ---- ---- ----
Net income $2.17 $1.71 $7.24 $3.37
Discontinued operations -
Class H $(0.18) $0.06 $(0.22) $(0.21)
Earnings per share - diluted
$1-2/3 par value
Continuing operations $ - $1.67 $5.03 $3.51
Discontinued operations $2.13 $0.04 $2.11 $(0.16)
---- ---- ---- ----
Net income $2.13 $1.71 $7.14 $3.35
Discontinued operations -
Class H $(0.18) $0.06 $(0.22) $(0.21)
Earnings per share - adjusted
$1-2/3 par value
Continuing operations $1.47 $1.67 $5.62 $6.98
Discontinued operations $(0.06) $(0.05) $(0.09) $(0.29)
---- ---- ---- ----
Net income $1.41 (1) $1.62 $5.53 $6.69
Discontinued operations -
Class H $(0.12) $(0.06) $(0.16) $(0.38)
GM $1-2/3 par value average
shares outstanding (Mil's)
Basic shares 561 560 561 560
Diluted shares 571 561 569 562
Cash dividends per share
of common stocks
GM $1-2/3 par value $0.50 $0.50 $2.00 $2.00
See reconciliation of adjusted financial results on pages 9 - 14 and
footnotes on page 16.
7
General Motors Corporation
Summary Corporate Financial Results
Fourth Quarter Year to Date
-------------- --------------
2003 2002 2003 2002
---- ---- ---- ----
Book value per share of
common stocks at Dec. 31
GM $1-2/3 par value $44.96 $9.06
GM Class H N/A $1.81
AO total cash & marketable
securities at Dec. 31
($Bil's) $23.5 $14.3
Cash in short-term VEBA $3.4 $3.0
---- ----
Total Automotive cash &
marketable securities plus
short-term VEBA $26.9 $17.3
==== ====
Automotive and Other Operations ($Mil's)
Depreciation $1,380 $1,023 $4,526 $3,675
Amortization of special
tools 1,362 751 3,391 2,647
Amortization of intangible
assets 10 - 29 1
----- ----- ----- -----
Total $2,752 $1,774 $7,946 $6,323
===== ===== ===== =====
See reconciliation of adjusted financial results on pages 9 - 14 and
footnotes on page 16.
8
General Motors Corporation
Summary Corporate Financial Results
Fourth Quarter
2003 and 2002
--------------
(Dollars in millions)
Total net sales and Reported Special Items Adjusted
revenues -------- ------------ --------
2003 2002 2003 2002 2003 2002
---- ---- ---- ---- ---- ----
GMNA $30,979 $29,190 $ - $ - $30,979 $29,190
GME 7,283 6,763 - - 7,283 6,763
GMLAAM 1,919 1,342 - - 1,919 1,342
GMAP 1,540 1,180 - - 1,540 1,180
------ ------ -- -- ------ ------
Total GMA 41,721 38,475 - - 41,721 38,475
Other 108 58 - - 108 58
------ ------ -- -- ------ ------
Total AO 41,829 38,533 - - 41,829 38,533
------ ------ -- -- ------ ------
GMAC 7,201 7,050 - - 7,201 7,050
Other Financing 54 1 - - 54 1
------ ------ -- -- ------ ------
Total FIO 7,255 7,051 - - 7,255 7,051
------ ------ -- -- ------ ------
Total net sales and
revenues $49,084 $45,584 $ - $ - $49,084 $45,584
====== ====== == == ====== ======
Income (loss) from
continuing operations
before income taxes and
minority interest
GMNA $(114) $855 $556 $ - $442 $855
GME (510) (233) 311 - (199) (233)
GMLAAM (188) (6) - - (188) (6)
GMAP 31 45 - - 31 45
----- ----- --- -- ----- ---
Total GMA (781) 661 867 - 86 661
Other (820) (291) 447 - (373) (291)
----- ----- ----- -- ----- ---
Total AO (1,601) 370 1,314 - (287) 370
----- ----- ----- -- ----- ---
GMAC 1,002 778 - - 1,002 778
Other Financing 63 4 - - 63 4
----- ----- -- -- ----- ---
Total FIO 1,065 782 - - 1,065 782
----- ----- -- -- ----- ---
Total income (loss)
from continuing
operations before
income taxes and
minority interest $(536) $1,152 $1,314 $ - $778 $1,152
==== ===== ===== == === =====
9
General Motors Corporation
Summary Corporate Financial Results
Fourth Quarter
2003 and 2002
---------------
(Dollars in millions) Reported Special Items Adjusted
-------- ------------ --------
2003 2002 2003 2002 2003 2002
---- ---- ---- ---- ---- ----
Income (loss) from
continuing operations
GMNA $52 $644 $345 $- $397 $644
GME (284) (129) 218 - (66) (129)
GMLAAM (112) (7) - - (112) (7)
GMAP 177 66 - - 177 66
--- --- --- --- --- ---
Total GMA (167) 574 563 - 396 574
Other (511) (210) 277 - (234) (210)
--- --- --- --- --- ---
Total AO (678) 364 840 - 162 364
--- --- --- --- --- ---
GMAC 630 524 - - 630 524
Other Financing 46 46 - - 46 46
--- --- --- --- --- ---
Total FIO 676 570 - - 676 570
--- --- --- --- --- ---
Income (loss) from
continuing operations $(2) $934 $840 $- $838 $934
Income (loss) from
discontinued
operations (164) 86 - (170) (164) (84)
Gain on sale of
discontinued
operations 1,179 - (1,179) - - -
----- ----- ----- --- --- ---
Net income (loss) $1,013 $1,020 $(339) $(170) $674 $850
===== ===== === === === ===
Income tax expense
(benefit)
GMNA $(97) $246 $211 $- $114 $246
GME (151) (62) 93 - (58) (62)
GMLAAM (66) 3 - - (66) 3
GMAP 18 43 - - 18 43
--- --- --- --- --- ---
Total GMA (296) 230 304 - 8 230
Other (329) (114) 170 - (159) (114)
--- --- --- --- --- ---
Total AO (625) 116 474 - (151) 116
--- --- --- --- --- ---
GMAC 283 243 - - 283 243
Other Financing 13 (42) - - 13 (42)
--- --- --- --- --- ---
Total FIO 296 201 - - 296 201
--- --- --- --- --- ---
Income tax expense
(benefit) $(329) $317 $474 $ - $145 $317
=== === === === === ===
10
General Motors Corporation
Summary Corporate Financial Results
Fourth Quarter
2003 and 2002
---------------
(Dollars in millions) Reported Special Items Adjusted
-------- ------------ --------
2003 2002 2003 2002 2003 2002
---- ---- ---- ---- ---- ----
Effective tax rate
GMNA 85.1% 28.8% 38.0% - 25.8% 28.8%
GME 29.6% 26.6% 30.0% - 29.1% 26.6%
GMLAAM 35.1% (50.0%) - - 35.1% (50.0%)
GMAP 58.1% 95.6% - - 58.1% 95.6%
GMAC 28.2% 31.2% - - 28.2% 31.2%
Total GM Corp. (2) 43.4% 29.3% 36.1% 41.4% 26.0% 26.0%
Equity income and
minority interests
GMNA $69 $35 $ - $ - $69 $35
GME 75 42 - - 75 42
GMLAAM 10 2 - - 10 2
GMAP 164 64 - - 164 64
--- --- --- --- --- ---
Total GMA $318 $143 $ - $ - $318 $143
=== === === === === ===
See footnotes on page 16.
11
General Motors Corporation
Summary Corporate Financial Results
Year to Date
2003 and 2002
--------------
(Dollars in millions)
Total net sales and Reported Special Items Adjusted
revenues -------- ------------ --------
2003 2002 2003 2002 2003 2002
---- ---- ---- ---- ---- ----
GMNA $116,310 $115,809 $ - $ - $116,310 $115,809
GME 27,478 23,912 - - 27,478 23,912
GMLAAM 5,387 5,110 - - 5,387 5,110
GMAP 5,338 4,524 - - 5,338 4,524
------- ------- --- -- ------- -------
Total GMA 154,513 149,355 - - 154,513 149,355
Other 1,318 895 (814) - 504 895
------- ------- --- -- ------- -------
Total AO 155,831 150,250 (814) - 155,017 150,250
------- ------- --- -- ------- -------
GMAC 29,625 26,841 - - 29,625 26,841
Other Financing 68 233 - - 68 233
------- ------- --- -- ------- -------
Total FIO 29,693 27,074 - - 29,693 27,074
------- ------- --- -- ------- -------
Total net sales and
revenues $185,524 $177,324 $(814) $ - $184,710 $177,324
======= ======= === == ======= =======
Income (loss) from
continuing operations
before income taxes
and minority interest
GMNA $915 $4,160 $556 $186 $1,471 $4,346
GME (909) (1,523) 311 726 (598) (797)
GMLAAM (474) (240) - - (474) (240)
GMAP 61 10 - - 61 10
------ ----- --- ----- ----- -----
Total GMA (407) 2,407 867 912 460 3,319
Other (1,101) (3,040) (367) 2,211 (1,468) (829)
------ ----- --- ----- ----- -----
Total AO (1,508) (633) 500 3,123 (1,008) 2,490
------ ----- --- ----- ----- -----
GMAC 4,442 3,001 - - 4,442 3,001
Other Financing 47 (30) - - 47 (30)
------ ----- --- ----- ----- -----
Total FIO 4,489 2,971 - - 4,489 2,971
------ ----- --- ----- ----- -----
Total income from
continuing operations
before income taxes
and minority interests $2,981 $2,338 $500 $3,123 $3,481 $5,461
===== ===== === ===== ===== =====
12
General Motors Corporation
Summary Corporate Financial Results
Year to Date
2003 and 2002
--------------
(Dollars in millions) Reported Special Items Adjusted
-------- ------------ --------
2003 2002 2003 2002 2003 2002
---- ---- ---- ---- ---- ----
Income (loss) from
continuing operations
GMNA $811 $2,992 $345 $116 $1,156 $3,108
GME (504) (1,011) 218 462 (286) (549)
GMLAAM (331) (181) - - (331) (181)
GMAP 577 188 - - 577 188
----- ----- --- ----- ----- -----
Total GMA 553 1,988 563 578 1,116 2,566
Other (518) (1,895) (228) 1,371 (746) (524)
----- ----- --- ----- ----- -----
Total AO 35 93 335 1,949 370 2,042
----- ----- --- ----- ----- -----
GMAC 2,793 1,870 - - 2,793 1,870
Other Financing 34 12 - - 34 12
----- ----- --- ----- ----- -----
Total FIO 2,827 1,882 - - 2,827 1,882
----- ----- --- ----- ----- -----
Income from continuing
operations $2,862 $1,975 $335 $1,949 $3,197 $3,924
(Loss) from discontinued
operations (219) (239) - (228) (219) (467)
Gain on sale of
discontinued operations 1,179 - (1,179) - - -
----- ----- ----- ----- ----- -----
Net income (loss) $3,822 $1,736 $(844) $1,721 $2,978 $3,457
===== ===== === ===== ===== =====
Income tax expense
(benefit)
GMNA $171 $1,213 $211 $70 $382 $1,283
GME (303) (436) 93 264 (210) (172)
GMLAAM (149) (76) - - (149) (76)
GMAP 44 55 - - 44 55
----- ----- --- ----- ----- -----
Total GMA (237) 756 304 334 67 1,090
Other (632) (1,134) (139) 840 (771) (294)
----- ----- --- ----- ----- -----
Total AO (869) (378) 165 1,174 (704) 796
----- ----- --- ----- ----- -----
GMAC 1,591 1,071 - - 1,591 1,071
Other Financing 9 (49) - - 9 (49)
----- ----- --- ----- ----- -----
Total FIO 1,600 1,022 - - 1,600 1,022
----- ----- --- ----- ----- -----
Income tax expense $731 $644 $165 $1,174 $896 $1,818
=== === === ===== === =====
13
General Motors Corporation
Summary Corporate Financial Results
Year to Date
2003 and 2002
--------------
(Dollars in millions) Reported Special Items Adjusted
-------- ------------ --------
2003 2002 2003 2002 2003 2002
---- ---- ---- ---- ---- ----
Effective tax rate
GMNA 18.7% 29.2% 38.0% 37.6% 26.0% 29.5%
GME 33.3% 28.6% 30.0% 36.4% 35.1% 21.6%
GMLAAM 31.4% 31.7% - - 31.4% 31.7%
GMAP 72.1% 550.0% - - 72.1% 550.0%
GMAC 35.8% 35.7% - - 35.8% 35.7%
Total GM Corp. (2) 24.5% 25.6% 33.0% 37.2% 26.0% 32.2%
Equity income (loss)
and minority interests
GMNA $67 $45 $ - $ - $67 $45
GME 102 76 - - 102 76
GMLAAM (6) (17) - - (6) (17)
GMAP 560 233 - - 560 233
--- --- -- -- --- ---
Total GMA $723 $337 $ - $ - $723 $337
=== === == == === ===
See footnotes on page 16.
14
General Motors Corporation
Operating Statistics
Fourth Quarter Year to Date
-------------- --------------
2003 2002 2003 2002
---- ---- ---- ----
(units in thousands)
Worldwide Wholesale Sales
United States - Cars 522 535 1,961 2,103
United States - Trucks 766 754 2,971 2,832
----- ----- ----- -----
Total United States 1,288 1,289 4,932 4,935
Canada, Mexico, and Other 196 205 675 786
----- ----- ----- -----
Total GMNA 1,484 1,494 5,607 5,721
GME 412 420 1,657 1,645
GMLAAM 183 164 561 640
GMAP 70 92 273 405
----- ----- ----- -----
Total Worldwide 2,149 2,170 8,098 8,411
===== ===== ===== =====
Vehicle Unit Deliveries
Chevrolet - Cars 189 161 801 747
Chevrolet - Trucks 460 466 1,855 1,896
Pontiac 123 115 476 517
GMC 153 146 579 561
Buick 79 108 337 432
Oldsmobile 30 32 126 155
Saturn 54 69 271 280
Cadillac 62 54 216 200
Other 24 23 96 71
----- ----- ----- -----
Total United States 1,174 1,174 4,757 4,859
Canada, Mexico, and Other 169 192 683 762
----- ----- ----- -----
Total GMNA 1,343 1,366 5,440 5,621
GME 432 411 1,821 1,765
GMLAAM 178 132 570 565
GMAP 222 165 764 674
----- ----- ----- -----
Total Worldwide 2,175 2,074 8,595 8,625
===== ===== ===== =====
Market Share
United States - Cars 26.8% 25.5% 25.7% 25.4%
United States - Trucks 30.2% 32.1% 29.9% 31.0%
Total United States 28.8% 29.2% 28.0% 28.3%
Total North America 28.1% 28.5% 27.4% 27.9%
Total Europe 9.4% 9.2% 9.4% 9.1%
Total LAAM 17.8% 15.5% 16.0% 15.7%
Asia and Pacific 5.7% 4.6% 4.9% 4.6%
Total Worldwide 15.2% 15.1% 14.7% 15.0%
U.S. Retail/Fleet Mix
% Fleet Sales - Cars 36.9% 29.7% 31.7% 28.9%
% Fleet Sales - Trucks 15.6% 10.3% 13.6% 11.3%
Total Vehicles 23.9% 17.9% 21.1% 18.8%
Retail Lease as % of Retail Sales
Total Smartlease
and Smartbuy 8.5% 7.1%
Days Supply of Inventory
at December 31
United States - Cars 79 77
United States - Trucks 86 62
GMNA Capacity Utilization
(2 shift rated) 94.3% 96.5% 89.7% 90.2%
GMNA Vehicle Revenue
Per Unit $19,311 $18,538
15
General Motors Corporation
Operating Statistics
Fourth Quarter Year to Date
-------------- --------------
2003 2002 2003 2002
---- ---- ---- ----
GMAC's U.S. Cost of Borrowing 3.30% 3.93%
Current Debt Spreads Over
U.S. Treasuries
2 Year 120 bp 330 bp
5 Year 140 bp 335 bp
10 Year 165 bp 335 bp
Worldwide Employment
at December 31 (in 000's)
United States Hourly 118 124
United States Salary 40 41
--- ---
Total United States 158 165
Canada, Mexico, and Other 32 33
--- ---
GMNA 190 198
GME 62 66
GMLAAM 23 24
GMAP 14 11
GMAC 31 31
Other 5 7
--- ---
Total 325 337
=== ===
Worldwide Payrolls ($Bil's) $5.7 $5.4 $21.5 $21.0
Footnotes:
---------
(1) This amount is comparable to First Call analysts' consensus.
(2) Total GM Corporation effective tax rate includes Hughes
operations results through December 22, 2003.
16
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended December 31,
-------------------------------
2003 2002
---- ----
(dollars in millions except
per share amounts)
Total net sales and revenues $49,084 $45,584
------ ------
Cost of sales and other expenses 41,894 37,388
Selling, general, and administrative
expenses 5,053 5,196
Interest expense 2,673 1,848
------ ------
Total costs and expenses 49,620 44,432
------ ------
Income (loss) from continuing
operations before income
taxes and minority interests (536) 1,152
Income tax expense (benefit) (329) 317
Equity income and minority interests 205 99
--- ----
Income (loss) from continuing
operations (2) 934
Income (loss) from discontinued
operations (164) 86
Gain on sale of discontinued
operations 1,179 -
----- -----
Net income $1,013 $1,020
===== =====
Basic earnings (loss) per share
attributable to common stocks
$1-2/3 par value
Continuing operations $ - $1.67
Discontinued operations $2.17 $0.04
---- ----
Earnings per share attributable to
$1-2/3 par value $2.17 $1.71
==== ====
Earnings per share from discontinued
operations attributable to Class H $(0.18) $0.06
==== ====
Earnings (loss) per share
attributable to common stocks
assuming dilution
$1-2/3 par value
Continuing operations $ - $1.67
Discontinued operations $2.13 $0.04
---- ----
Earnings per share attributable to
$1-2/3 par value $2.13 $1.71
==== ====
Earnings per share from discontinued
operations attributable to Class H $(0.18) $0.06
==== ====
17
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION TO THE CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended December 31,
-------------------------------
2003 2002
---- ----
(dollars in millions)
AUTOMOTIVE AND OTHER OPERATIONS
Total net sales and revenues $41,829 $38,533
------ ------
Cost of sales and other expenses 39,157 34,870
Selling, general, and administrative
expenses 3,470 3,157
Interest expense 710 48
-------- --------
Total costs and expenses 43,337 38,075
Net expense from transactions with
Financing and Insurance Operations 93 88
-------- --------
Income (loss) from continuing
operations before income taxes
and minority interests (1,601) 370
Income tax (benefit) expense (625) 116
Equity income and minority interests 298 110
---- ----
Income (loss) from continuing
operations (678) 364
Income (loss) from discontinued
operations (164) 86
Gain on sale of discontinued
operations 1,179 -
----- -----
Net income - Automotive and Other
Operations $337 $450
=== ===
FINANCING AND INSURANCE OPERATIONS
Total revenues $7,255 $7,051
----- -----
Interest expense 1,963 1,800
Depreciation and amortization expense 1,464 1,432
Operating and other expenses 1,999 2,172
Provisions for financing and
insurance losses 857 953
------ ------
Total costs and expenses 6,283 6,357
Net income from transactions with
Automotive and Other Operations (93) (88)
------ -----
Income before income taxes and
minority interests 1,065 782
Income tax expense 296 201
Equity income (loss) and minority
interests (93) (11)
----- ----
Net income - Financing and Insurance
Operations $676 $570
=== ===
18
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
Years Ended December 31,
------------------------
2003 2002 2001
---- ---- ----
(dollars in millions except
per share amounts)
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
Total net sales and revenues $185,524 $177,324 $169,051
------- ------- -------
Cost of sales and other expenses 152,071 146,793 138,847
Selling, general, and administrative
expenses 21,008 20,690 19,433
Interest expense 9,464 7,503 8,317
------- ------- -------
Total costs and expenses 182,543 174,986 166,597
------- ------- -------
Income from continuing operations before
income taxes and minority interests 2,981 2,338 2,454
Income tax expense 731 644 1,094
Equity income (loss) and minority interests 612 281 (138)
----- ----- -----
Income from continuing operations 2,862 1,975 1,222
Loss from discontinued operations (219) (239) (621)
Gain on sale of discontinued operations 1,179 - -
----- ----- -----
Net income 3,822 1,736 601
Dividends on preference stocks - (46) (99)
----- ----- ----
Earnings attributable to common stocks $3,822 $1,690 $502
===== ===== ===
Basic earnings (loss) per share
attributable to common stocks
$1-2/3 par value
Continuing operations $5.10 $3.53 $2.21
Discontinued operations $2.14 $(0.16) $(0.42)
---- ---- ----
Earnings per share attributable to $1-2/3
par value $7.24 $3.37 $1.79
==== ==== ====
Earnings per share from discontinued
operations attributable to Class H $(0.22) $(0.21) $(0.55)
==== ==== ====
Earnings (loss) per share attributable to
common stocks assuming dilution
$1-2/3 par value
Continuing operations $5.03 $3.51 $2.20
Discontinued operations $2.11 $(0.16) $(0.43)
---- ---- ----
Earnings per share attributable to $1-2/3
par value $7.14 $3.35 $1.77
==== ==== ====
Earnings per share from discontinued
operations attributable to Class H $(0.22) $(0.21) $(0.55)
==== ==== ====
19
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION TO THE CONSOLIDATED STATEMENTS OF INCOME
Years Ended December 31,
------------------------
2003 2002 2001
---- ---- ----
(dollars in millions)
AUTOMOTIVE AND OTHER OPERATIONS
Total net sales and revenues $155,831 $150,250 $143,173
------- ------- -------
Cost of sales and other expenses 143,464 138,359 130,158
Selling, general, and administrative
expenses 11,863 11,749 12,430
------- ------- -------
Total costs and expenses 155,327 150,108 142,588
------- ------- -------
Interest expense 1,780 479 572
Net expense from transactions with
Financing and Insurance Operations 232 296 435
--- --- ---
(Loss) from continuing operations before
income taxes and minority interests (1,508) (633) (422)
Income tax (benefit) expense (869) (378) 56
Equity income (loss) and minority
interests 674 348 (68)
--- --- ---
Income (loss) from continuing operations 35 93 (546)
(Loss) from discontinued operations (219) (239) (621)
Gain on sale of discontinued operations 1,179 - -
----- --- -----
Net income (loss) - Automotive and
Other Operations $995 $(146) $(1,167)
=== === =====
FINANCING AND INSURANCE OPERATIONS
Total revenues $29,693 $27,074 $25,878
------ ------ ------
Interest expense 7,684 7,024 7,745
Depreciation and amortization expense 6,032 5,541 5,857
Operating and other expenses 8,529 8,306 7,308
Provisions for financing and insurance
losses 3,191 3,528 2,527
------ ------ ------
Total costs and expenses 25,436 24,399 23,437
------ ------ ------
Net income from transactions with
Automotive and Other Operations (232) (296) (435)
------ ------ ------
Income before income taxes and minority
interests 4,489 2,971 2,876
Income tax expense 1,600 1,022 1,038
Equity income (loss) and minority
interests (62) (67) (70)
----- ----- -----
Net income - Financing and Insurance
Operations $2,827 $1,882 $1,768
===== ===== =====
20
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31,
------------
2003 2002
---- ----
ASSETS (dollars in millions)
Cash and cash equivalents $30,054 $20,320
Other marketable securities 24,715 16,825
------ ------
Total cash and marketable securities 54,769 37,145
Finance receivables - net 172,423 133,964
Loans held for sale 19,609 15,720
Accounts and notes receivable (less allowances) 21,246 16,106
Inventories (less allowances) 10,960 9,737
Assets of discontinued operations - 18,653
Deferred income taxes 27,190 39,767
Net equipment on operating leases
(less accumulated depreciation) 34,383 31,026
Equity in net assets of nonconsolidated associates 6,032 5,097
Property - net 38,211 35,956
Intangible assets - net 4,760 10,796
Other assets 58,924 15,086
------- -------
Total assets $448,507 $369,053
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable (principally trade) $25,422 $21,138
Notes and loans payable 271,756 200,168
Liabilities of discontinued operations - 7,956
Postretirement benefits other than pensions 36,292 38,152
Pensions 8,024 22,679
Deferred income taxes 7,508 6,523
Accrued expenses and other liabilities 73,930 65,344
------- -------
Total liabilities 422,932 361,960
Minority interests 307 279
Stockholders' equity
$1-2/3 par value common stock
(outstanding, 561,997,725
and 560,447,797 shares) 937 936
Class H common stock (outstanding,
958,284,272 shares in 2002) - 96
Capital surplus (principally additional
paid-in capital) 15,185 21,583
Retained earnings 12,710 10,031
------ ------
Subtotal 28,832 32,646
Accumulated foreign currency translation adjustments (1,815) (2,784)
Net unrealized losses on derivatives 51 (205)
Net unrealized gains on securities 660 372
Minimum pension liability adjustment (2,460) (23,215)
----- ------
Accumulated other comprehensive loss (3,564) (25,832)
----- ------
Total stockholders' equity 25,268 6,814
------ -------
Total liabilities and stockholders' equity $448,507 $369,053
======= =======
21
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION TO THE CONSOLIDATED BALANCE SHEETS
December 31,
------------
GENERAL MOTORS CORPORATION AND SUBSIDIARIES 2003 2002
---- ----
ASSETS (dollars in millions)
Automotive and Other Operations
Cash and cash equivalents $11,924 $12,162
Marketable securities 11,567 2,174
------ ------
Total cash and marketable securities 23,491 14,336
Accounts and notes receivable (less allowances) 5,380 4,735
Inventories (less allowances) 10,960 9,737
Assets of discontinued operations - 18,653
Net equipment on operating leases (less accumulated
depreciation) 7,173 5,305
Deferred income taxes and other current assets 10,851 9,631
------ ------
Total current assets 57,855 62,397
Equity in net assets of nonconsolidated associates 6,032 5,097
Property - net 36,071 34,135
Intangible assets - net 1,479 7,453
Deferred income taxes 18,086 31,431
Other assets 42,262 1,461
------- -------
Total Automotive and Other Operations assets 161,785 141,974
Financing and Insurance Operations
Cash and cash equivalents 18,130 8,158
Investments in securities 13,148 14,651
Finance receivables - net 172,423 133,964
Loans held for sale 19,609 15,720
Net equipment on operating leases (less accumulated
depreciation) 27,210 25,721
Other assets 36,202 28,865
Net receivable from Automotive and Other Operations 1,492 1,089
------- -------
Total Financing and Insurance Operations assets 288,214 228,168
------- -------
Total assets $449,999 $370,142
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Automotive and Other Operations
Accounts payable (principally trade) $21,542 $17,919
Loans payable 2,813 1,994
Liabilities of discontinued operations - 7,956
Accrued expenses 45,417 39,113
Net payable to Financing and Insurance Operations 1,492 1,089
------ ------
Total current liabilities 71,264 68,071
Long-term debt 29,593 14,261
Postretirement benefits other than pensions 32,285 34,244
Pensions 7,952 22,633
Other liabilities and deferred income taxes 15,567 13,734
------- -------
Total Automotive and Other Operations liabilities 156,661 152,943
Financing and Insurance Operations
Accounts payable 3,880 3,219
Debt 239,350 183,913
Other liabilities and deferred income taxes 24,533 22,974
------- -------
Total Financing and Insurance Operations liabilities 267,763 210,106
------- -------
Total liabilities 424,424 363,049
Minority interests 307 279
Total stockholders' equity 25,268 6,814
------- -------
Total liabilities and stockholders' equity $449,999 $370,142
======= =======
22
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For The Years Ended December 31,
--------------------------------
2003 2002 2001
---- ---- ----
Cash flows from operating activities (dollars in millions)
Income from continuing operations $2,862 $1,975 $1,222
Adjustments to reconcile income
from continuing operations to net cash
provided by operating activities
Depreciation and amortization expenses 13,977 11,865 11,764
Postretirement benefits other than
pensions, net of payments and
VEBA contributions (1,563) (208) 1,882
Pension expense, net of contributions (13,849) (3,396) 144
Net change in mortgage loans 456 (4,716) (4,608)
Net change in mortgage securities 236 (656) (777)
Change in other investments and
miscellaneous assets (1,445) (478) (59)
Change in other operating assets and
liabilities 3,204 855 (622)
Other 3,722 3,221 4,215
----- ------ ------
Net cash provided by operating activities $7,600 $13,177 $12,180
----- ------ ------
Cash flows from investing activities
Expenditures for property (7,330) (6,871) (7,832)
Investments in marketable securities -
acquisitions (25,456) (39,386) (38,248)
Investments in marketable securities -
liquidations 18,549 35,688 37,560
Net change in mortgage servicing rights (2,556) (1,711) (2,075)
Increase in finance receivables (149,419) (143,025)(107,567)
Proceeds from sale of business units 4,148 - -
Proceeds from sale of finance receivables 107,504 117,276 95,949
Operating leases - acquisitions (11,761) (16,624) (12,938)
Operating leases - liquidations 9,952 13,994 11,892
Investments in companies, net of cash acquired (201) (870) (1,283)
Other (1,422) 1,005 127
------ ------ ------
Net cash used in investing activities (57,992) (40,524) (24,415)
------ ------ ------
Cash flows from financing activities
Net (decrease) increase in loans payable 235 770 (21,740)
Long-term debt - borrowings 97,391 51,411 62,957
Long-term debt - repayments (38,962) (24,365) (19,790)
Repurchases of common and preference stocks - (97) (264)
Proceeds from issuing common stocks - 62 100
Proceeds from sales of treasury stocks 60 19 418
Cash dividends paid to stockholders (1,121) (1,121) (1,105)
Other 1,319 2,638 924
------- ------- ------
Net cash provided by financing activities 58,922 29,317 21,500
------ ------ ------
Net cash provided by discontinued operations 275 - -
Effect of exchange rate changes on cash
and cash equivalents 929 495 (96)
------ ------ -------
Net increase (decrease) in cash and cash
equivalents 9,734 2,465 9,169
Cash and cash equivalents at beginning of the
year 20,320 17,855 8,686
------ ------ ------
Cash and cash equivalents at end of the year $30,054 $20,320 $17,855
====== ====== ======
23
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION TO THE CONSOLIDATED STATEMENTS OF CASH FLOWS
For The Years Ended December 31,
2003 2002 2001
-------------------------------------------
Auto., Auto., Auto.,
and Finan. and Finan. and Finan.
Other and Other and Other and
Oper. Insur. Oper. Insur. Oper. Insur.
----- ------ ----- ------ ----- ------
(dollars in millions)
Cash flows from
operating activities
Income (loss) from
continuing operations $35 $2,827 $93 $1,882 $(546) $1,768
Adjustments to
reconcile income (loss)
from continuing
operations to net cash
provided by operating
activities
Depreciation and
amortization expenses 7,946 6,031 6,324 5,541 5,907 5,857
Postretirement benefits
other than pensions,
net of payments and VEBA
contributions (1,563) - (223) 15 1,862 20
Pension expense, net of
contributions (13,849) - (3,396) - 144 -
Net change in mortgage
loans - 456 - (4,716) - (4,608)
Net change in mortgage
securities - 236 - (656) - (777)
Change in other
investments and
miscellaneous assets (200) (1,245) 2,064 3,506 591 (2,194)
Change in other operating
assets and liabilities 3,067 137 3,808 (4,286) (1,152) 1,093
Other (762) 4,484 (659) 3,880 981 3,234
----- ------ ----- ----- ----- -----
Net cash provided by
operating activities $(5,326) $12,926 $8,011 $5,166 $7,787 $4,393
----- ------ ----- ----- ----- -----
Cash flows from investing
activities
Expenditures for property (6,616) (714) (6,414) (457) (7,812) (20)
Investments in marketable
securities -
acquisitions (9,934) (15,522) (2,228)(37,158) (767)(37,481)
Investments in marketable
securities -
liquidations 1,405 17,144 873 34,815 1,228 36,332
Net change in mortgage
servicing rights - (2,556) - (1,711) - (2,075)
Increase in finance
receivables - (149,419) -(143,025) -(107,567)
Proceeds from sale of
business units 4,148 - - - - -
Proceeds from sales of
finance receivables - 107,504 - 117,276 - 95,949
Operating leases -
acquisitions - (11,761) - (16,624) - (12,938)
Operating leases -
liquidations - 9,952 - 13,994 - 11,892
Investments in companies,
net of cash
acquired (57) (144) (688) (182) (741) (542)
Net investing activity with
Financing and
Insurance Operations 1,000 - 400 - (500) -
Other 332 (1,754) 1,513 (508) 244 (117)
----- ----- ----- ------ ----- ------
Net cash used in
investing activities (9,722) (47,270) (6,544) 33,580) (8,348)(16,567)
----- ------ ----- ------ ----- ------
Cash flows from financing
activities
Net (decrease) increase in
loans payable (234) 469 (335) 1,105 (1,440)(20,300)
Long-term debt -
borrowings 14,785 82,606 4,562 46,849 4,435 58,522
Long-term debt -
repayments (19) (38,943) (145)(24,220) (884)(18,906)
Net financing activity with
Automotive and Other
Operations - (1,000) - (400) - 500
Repurchases of common and
preference stocks - - (97) - (264) -
Proceeds from issuing
common stocks - - 62 - 100 -
Proceeds from sales of
treasury stocks 60 - 19 - 418 -
Cash dividends paid to
stockholders (1,121) - (1,121) - (1,105) -
Other - 1,319 - 2,638 - 924
----- ----- ----- ----- ----- ------
Net cash provided by (used
in) financing
activities 13,471 44,451 2,945 25,972 1,260 20,740
------ ------ ---- ------ ----- ------
Net cash provided by
discontinued
operations 275 - - - - -
Effect of exchange rate
changes on cash
and cash equivalents 661 268 485 10 (74) (22)
Net transactions with
Automotive/Financing
Operations 403 (403) (467) 467 (414) 414
------ ----- ----- ----- ----- -----
Net increase (decrease) in
cash and cash
equivalents (238) 9,972 4,430 (1,965) 211 8,958
Cash and cash equivalents
at beginning of
the year 12,162 8,158 7,732 10,123 7,521 1,165
------ ------ ------ ------ ----- ------
Cash and cash equivalents
at end of the
year $11,924 $18,130 $12,162 $8,158 $7,732 $10,123
====== ====== ====== ===== ===== ======
24
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GENERAL MOTORS CORPORATION
----------------------------
(Registrant)
Date: January 20, 2004 By: /s/PETER R. BIBLE.
----------------------- ----------------------------
(Peter R. Bible,
Chief Accounting Officer)
25