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) April 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 April 20, 2004, a news release was issued on the subject of first
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 first quarter earnings release for GM.
GM EARNS $1.3 BILLION OR $2.25 PER SHARE IN FIRST QUARTER 2004
- GM first-quarter earnings rise 24 percent versus adjusted 2003 results
- GMAC reports record first-quarter results, driven by financing and
insurance
- GM increases 2004 earnings forecast to approximately $7.00 per share
DETROIT - General Motors Corp. (NYSE: GM) today reported earnings of $1.3
billion, or $2.25 per diluted share of GM common stock, in the first quarter of
2004. These results represent an increase of 24 percent from the year-ago
period, when GM earned $1.0 billion, or $1.84 per share, from continuing
operations and before special items. Revenue rose 3.1 percent to $47.8 billion.
The year-ago results exclude a gain of $505 million, or $0.90 per share, from
the sale of GM Defense. The year-ago results also exclude Hughes Electronics
(Hughes), which was split off from GM in late 2003 and is now reported for 2003
as a discontinued operation. Including the gain from GM Defense, GM earned $1.5
billion, or $2.74 per share, in the first quarter of 2003 from continuing
operations. There were no special items in the first quarter of 2004.
"Our financial results in the first quarter reflect continued progress," said GM
Chairman and Chief Executive Officer Rick Wagoner. "General Motors Acceptance
Corp. had yet another record quarter, and our automotive operations, led by very
strong results at GM Asia Pacific, reported a 12-percent increase in earnings.
"GM continues to improve in key areas such as productivity and quality. Even
more important, our many new products around the world are being well received,"
Wagoner said. "But, we still have more work to do to improve our profitability,
as we face a challenging competitive environment, continuing high health-care
costs and the effects of the artificially weakened Japanese yen."
GM financial results described throughout the remainder of this release exclude
special items and Hughes unless otherwise noted. See Highlights for
reconciliation of adjusted results to results based on Generally Accepted
Accounting Principles (GAAP).
GM Automotive Operations
------------------------
GM's global automotive earnings increased 12 percent in the first quarter of
2004 to $611 million from $546 million in the prior-year period, despite lower
production levels in North America and Europe. The increase was driven by
improved results in the GM Latin America/Africa/Mid-East and Asia Pacific
regions, offset by lower earnings in North America and higher losses in Europe.
GM's global market share increased in the first quarter of 2004 to 13.7 percent
from 13.6 percent in the year-ago period, with three out of four regions gaining
share.
GM North America (GMNA) earned $451 million in the first quarter of 2004,
compared with $548 million in the first quarter of 2003, principally reflecting
a tough pricing environment, lower production volumes, and continued high pretax
health-care costs of approximately $1.5 billion per quarter. GM's market share
in North America rose to 26.4 percent in the first quarter of 2004, from 26.1
percent in the year-earlier period.
"The automotive market in North America remains very competitive, and our
results reflect that," Wagoner said. "We're pleased with our new vehicles and
our progress in rebuilding many of our brands, such as Cadillac and Chevrolet.
But, improving market share and profitability remain an important priority."
GM's aggressive product assault so far this model year includes the Chevrolet
Malibu, Equinox and Aveo, the Pontiac GTO, the Cadillac CTS-V, and the GMC
Canyon and Chevrolet Colorado. The rollout continues with the introduction of
additional new and important vehicles later this year, such as Saab 9-2X, the
Hummer H2 SUT, the Cadillac STS, the next-generation Chevrolet Corvette, the
Buick LaCrosse, the Chevrolet Cobalt and the Pontiac G6.
2
GM Europe (GME) reported a loss of $116 million in the first quarter of 2004
compared with a loss of $65 million in the year-ago quarter, reflecting
continued pricing pressure, higher foreign-exchange losses and launch costs for
the new Opel Astra. GM's market share in Europe declined slightly to 9.5 percent
in the first quarter of 2004 from 9.6 percent in the year-ago period.
"Our first-quarter financial results in Europe were below expectations," Wagoner
said. "Going forward, we expect to see improved results through the balance of
the year as we ramp up production of the new Astra, which has been well
received."
GM Asia Pacific (GMAP) earned $275 million in the first quarter of 2004, up from
$75 million in the year-ago quarter. Continued strong performance by Shanghai GM
in China, Holden in Australia, smaller losses at GM-Daewoo Auto & Technology Co.
and improved results from GM's equity alliances in Japan contributed to GMAP's
overall performance. GM's market share in the Asia Pacific region rose to 4.7
percent in the first quarter from 4.3 percent a year ago, led by gains in China
and India.
"GM Asia Pacific continues to deliver impressive growth and financial results,"
Wagoner said. "I'm especially pleased that our position in the rapidly growing
China market continues to strengthen as we expand our vehicle lineup, production
capacity, sales and market share."
GM Latin America/Africa/Mid-East (GMLAAM) earned $1 million in the first quarter
of 2004, an improvement from the year-ago loss of $12 million. Higher production
volumes and improved results in Venezuela and South Africa offset continued
losses in Brazil. GM's market share in the GMLAAM region rose to 17.1 percent in
the first quarter of 2004 from 15.7 percent a year ago.
GMAC
----
General Motors Acceptance Corporation (GMAC) reported record first-quarter
earnings of $786 million, up from $699 million a year ago, as increased
profitability in GMAC's financing and insurance operations offset moderating
earnings at its mortgage unit.
Both GMAC's North American and international financing operations posted strong
performances with combined earnings of $442 million in the quarter, up $140
million from a year ago, reflecting lower credit-loss provisions and improved
off-lease remarketing results. First quarter earnings at the insurance group
were $91 million, up $65 million from a year ago, due to continued growth in
underwriting income and improved investment-portfolio performance. Earnings at
the mortgage group totaled $253 million, down from last year's record earnings
of $371 million; this was a result of lower mortgage-origination volume versus
the prior year and decreased pricing margins resulting from reduced
mortgage-refinancing activity.
"GMAC remains a critical contributor to GM's business and financial results,"
Wagoner said. "The benefit of GMAC's balanced business portfolio was clear in
the first quarter, as increased profitability in its financing and insurance
sectors more than offset lower profits in its mortgage activities."
Cash and Liquidity
------------------
GM generated approximately $1.4 billion in automotive cash in the first quarter
of 2004. Cash, marketable securities, and assets of the Voluntary Employees'
Beneficiary Association (VEBA) trust invested in short-term fixed-income
securities totaled $23.5 billion at March 31, 2004, excluding financing and
insurance operations, compared with $26.9 billion on Dec. 31, 2003. As
previously announced, GM contributed $5 billion to its VEBA trust in the first
quarter of 2004.
3
Looking Ahead
-------------
GM continues to expect improved economic conditions in the United States in
2004, resulting in total U.S. industry vehicle sales of approximately 17.3
million units. Reflecting this robust U.S. market, GM's strong first-quarter
results, the positive environment in Asia Pacific and GMAC, and a lower
corporate tax rate, GM is increasing its 2004-calendar-year earnings estimate to
approximately $7.00 per share, excluding special items and at current dilution
levels. This compares with the previous target of $6.00 to $6.50 per share and
represents a further step toward GM's mid-decade target of earning at least $10
per share.
For the second quarter of 2004, GM expects to earn approximately $2.00 to $2.25
per share, excluding special items. In the first quarter of 2004, GM's effective
tax rate was 21 percent and GM expects a lower effective tax rate in the second
quarter due to anticipated tax settlements. Excluding these settlements, GM's
effective tax rate is expected to be about 21 percent on an ongoing quarterly
basis.
# # #
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-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.
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
March 31, 2004
------------------
(Unaudited)
Net $1-2/3
Income EPS
------ -----
REPORTED
--------
Income from continuing
operations $1,280 $2.25
===== ====
There were no special items in the First Quarter of 2004.
5
General Motors Corporation
List of Special Items - After Tax
(dollars in millions except per share amounts)
Three Months Ended
March 31, 2003
------------------
(Unaudited)
Net $1-2/3
Income EPS
------ -----
REPORTED
--------
Income from continuing
operations $1,537 $2.74
Loss from discontinued
operations (54) (0.03)
----- ----
Net income 1,483 2.71
ADJUSTMENTS
-----------
Gain on Sale of GM Defense (A) (505) (0.90)
----- ----
Subtotal (505) (0.90)
----- ----
ADJUSTED
--------
Income from continuing
operations $1,032 $1.84
Loss from discontinued
operations (54) (0.03)
----- ----
Adjusted income $978 $1.81
===== ====
(A) 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.
6
General Motors Corporation
Summary Corporate Financial Results
First Quarter
--------------
(Unaudited)
2004 2003
---- ----
(Dollars in millions except per share amounts)
Total net sales and
revenues $47,779 $47,146
Adjusted $47,779 $46,332
Income from continuing
operations $1,280 $1,537
Adjusted $1,280 $1,032
Loss from discontinued
operations - $(54)
Adjusted - $(54)
Net income $1,280 $1,483
Adjusted $1,280 $978
Net margin from continuing
operations
(Income from continuing
operations/Total net sales
and revenues) 2.7% 3.3%
Adjusted 2.7% 2.2%
Earnings per share - basic
$1-2/3 par value
Continuing operations $2.27 $2.74
Discontinued operations $ - $(0.03)
---- ----
Earnings per share $2.27 $2.71
Earnings per share - diluted
$1-2/3 par value
Continuing operations $2.25 $2.74
Discontinued operations $ - $(0.03)
---- ----
Earnings per share $2.25 $2.71
Earnings per share - adjusted
$1-2/3 par value
Continuing operations $2.25 $1.84
Discontinued operations $ - $(0.03)
---- ----
Earnings per share $2.25 (1) $1.81
GM $1-2/3 par value average
shares outstanding (Mil's)
Basic shares 564 561
Diluted shares 569 561
Cash dividends per share
of common stocks
GM $1-2/3 par value $0.50 $0.50
See reconciliation of adjusted financial results on pages 9 - 11 and
footnotes on page 13.
7
General Motors Corporation
Summary Corporate Financial Results
First Quarter
--------------
(Unaudited)
2004 2003
---- ----
Book value per share of
common stocks at March 31
GM $1-2/3 par value $46.71 $11.98
Auto & Other total cash & marketable
securities at March 31
($Bil's) $20.0 $17.2
Cash in short-term VEBA $3.5 $3.4
---- ----
Total Auto & Other cash &
marketable securities plus
short-term VEBA $23.5 $20.6
==== ====
Auto & Other Operations ($Mil's)
Depreciation $1,148 $986
Amortization of special
tools 726 702
Amortization of intangible
assets 7 5
----- -----
Total $1,881 $1,693
===== =====
See reconciliation of adjusted financial results on pages 9 - 11.
8
General Motors Corporation
Summary Corporate Financial Results
First Quarter
2004 and 2003
--------------
(Unaudited)
(Dollars in millions) Reported Special Items Adjusted
-------- ------------- --------
2004 2003 2004 2003 2004 2003
---- ---- ---- ---- ---- ----
Total net sales
and revenues
GMNA $29,103 $29,963 $ - $ - $29,103 $29,963
GME 7,543 6,622 - - 7,543 6,622
GMLAAM 1,833 1,045 - - 1,833 1,045
GMAP 1,599 1,147 - - 1,599 1,147
------ ------ -- --- ------ ------
Total GMA 40,078 38,777 - - 40,078 38,777
Other 59 1,038 - (814) 59 224
------ ------ -- --- ------ ------
Total Auto &
Other 40,137 39,815 - (814) 40,137 39,001
------ ------ -- --- ------ ------
GMAC 7,634 7,338 - - 7,634 7,338
Other Financing 8 (7) - - 8 (7)
------ ------ -- --- ------ ------
Total FIO 7,642 7,331 - - 7,642 7,331
------ ------ -- --- ------ ------
Total net sales
and revenues $47,779 $47,146 $ - $(814) $47,779 $46,332
====== ====== == === ====== ======
Income (loss)
from continuing
operations before
before income
taxes and minority
interest
GMNA $586 $739 $ - $ - $586 $739
GME (223) (114) - - (223) (114)
GMLAAM 8 (17) - - 8 (17)
GMAP 13 19 - - 13 19
--- ----- -- --- --- ---
Total GMA 384 627 - - 384 627
Other (320) 449 - (814) (320) (365)
--- ----- -- --- --- ---
Total Auto &
Other 64 1,076 - (814) 64 262
----- ----- -- --- ----- -----
GMAC 1,238 1,147 - - 1,238 1,147
Other Financing (1) (25) - - (1) (25)
----- ----- -- --- ----- -----
Total FIO 1,237 1,122 - - 1,237 1,122
----- ----- -- --- ----- -----
Total income (loss)
from continuing
operations before
income taxes and
minority interest $1,301 $2,198 $ - $(814) $1,301 $1,384
===== ===== == === ===== =====
9
General Motors Corporation
Summary Corporate Financial Results
First Quarter
2004 and 2003
--------------
(Unaudited)
(Dollars in millions) Reported Special Items Adjusted
-------- ------------- --------
2004 2003 2004 2003 2004 2003
---- ---- ---- ---- ---- ----
Income (loss) from
continuing
operations
GMNA $451 $548 $ - $ - $451 $548
GME (116) (65) - - (116) (65)
GMLAAM 1 (12) - - 1 (12)
GMAP 275 75 - - 275 75
--- --- -- --- --- ---
Total GMA 611 546 - - 611 546
Other (117) 309 - (505) (117) (196)
--- --- -- --- --- ---
Total Auto &
Other 494 855 - (505) 494 350
--- --- -- --- --- ---
GMAC 786 699 - - 786 699
Other Financing - (17) - - - (17)
--- --- -- --- --- ---
Total FIO 786 682 - - 786 682
--- --- -- --- --- ---
Income (loss) from
continuing
operations $1,280 $1,537 $ - $(505) $1,280 $1,032
Loss from
discontinued
operations - (54) - - - (54)
----- ----- -- --- ----- ---
Net income (loss) $1,280 $1,483 - $(505) $1,280 $978
===== ===== == === ===== ===
Income tax expense
(benefit)
GMNA $102 $191 $ - $ - $102 $191
GME (85) (43) - - (85) (43)
GMLAAM 5 (7) - - 5 (7)
GMAP 6 11 - - 6 11
--- --- -- --- --- ---
Total GMA 28 152 - - 28 152
Other (204) 100 - (309) (204) (209)
--- --- -- --- --- ---
Total Auto &
Other (176) 252 - (309) (176) (57)
--- --- -- --- --- ---
GMAC 450 438 - - 450 438
Other Financing (1) (8) - - (1) (8)
--- --- -- --- --- ---
Total FIO 449 430 - - 449 430
--- --- -- --- --- ---
Income tax expense
(benefit) $273 $682 $ - $(309) $273 $373
=== === == === === ===
10
General Motors Corporation
Summary Corporate Financial Results
First Quarter
2004 and 2003
--------------
(Unaudited)
(Dollars in millions) Reported Special Items Adjusted
-------- ------------- --------
2004 2003 2004 2003 2004 2003
---- ---- ---- ---- ---- ----
Effective tax rate
Total GM Corp. 21% 31% - 38% 21% 27%
GMNA 17% 26% - - 17% 26%
GME 38% 38% - - 38% 38%
GMAC 36% 38% - - 36% 38%
Equity income and
minority interests
GMNA $(33) $ - $ - $ - $(33) $ -
GME 22 6 - - 22 6
GMLAAM (2) (2) - - (2) (2)
GMAP 268 67 - - 268 67
--- -- -- -- --- --
Total GMA $255 $71 $ - $ - $255 $71
=== == == == === ==
11
General Motors Corporation
Operating Statistics
First Quarter
----------------
2004 2003
---- ----
(units in thousands)
Worldwide Wholesale Sales
United States - Cars 482 500
United States - Trucks 726 756
----- -----
Total United States 1,208 1,256
Canada, Mexico, and Other 175 182
----- -----
Total GMNA 1,383 1,438
GME 433 427
GMLAAM 167 121
GMAP 62 62
----- -----
Total Worldwide 2,045 2,048
===== =====
Vehicle Unit Deliveries
Chevrolet - Cars 214 171
Chevrolet - Trucks 387 373
Pontiac 120 107
GMC 130 108
Buick 78 83
Oldsmobile 17 33
Saturn 52 75
Cadillac 51 46
Other 18 22
----- -----
Total United States 1,067 1,018
Canada, Mexico, and Other 163 151
----- -----
Total GMNA 1,230 1,169
GME 501 475
GMLAAM 160 132
GMAP 215 179
----- -----
Total Worldwide 2,106 1,955
===== =====
Market Share
United States - Cars 25.9% 24.9%
United States - Trucks 27.3% 28.2%
Total United States 26.7% 26.7%
Total North America 26.4% 26.1%
Total Europe 9.5% 9.6%
Total LAAM 17.1% 15.7%
Asia and Pacific 4.7% 4.3%
Total Worldwide 13.7% 13.6%
U.S. Retail/Fleet Mix
% Fleet Sales - Cars 37.8% 30.3%
% Fleet Sales - Trucks 18.2% 14.7%
Total Vehicles 26.7% 21.6%
Retail Lease as % of Retail Sales
Total Smartlease
and Smartbuy 13.6% 13.9%
Days Supply of Inventory
at March 31
United States - Cars 78 88
United States - Trucks 117 109
GMNA Capacity Utilization
(2 shift rated) 83.6% 90.9%
GMNA Vehicle Revenue
Per Unit $19,084 $19,089
12
General Motors Corporation
Operating Statistics
First Quarter
----------------
2004 2003
---- ----
GMAC's U.S. Cost of Borrowing 3.33% 3.53%
Current Debt Spreads Over
U.S. Treasuries
2 Year 140 bp 290 bp
5 Year 175 bp 310 bp
10 Year 220 bp 350 bp
Worldwide Employment
at March 31 (in 000's)
United States Hourly 114 121
United States Salary 40 41
--- ---
Total United States 154 162
Canada, Mexico, and Other 32 32
--- ---
GMNA 186 194
GME 63 66
GMLAAM 22 23
GMAP 14 12
GMAC 33 31
Other 5 7
--- ---
Total 323 333
=== ===
Worldwide Payrolls ($Bil's) $5.5 $5.3
Footnotes:
---------
(1) This amount is comparable to First Call analysts' consensus.
13
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
March 31,
----------------------
2004 2003
---- ----
(dollars in millions
except per share amounts)
Total net sales and revenues $47,779 $47,146
------ ------
Cost of sales and other expenses 38,663 37,762
Selling, general, and administrative expenses 5,048 5,106
Interest expense 2,767 2,080
------ ------
Total costs and expenses 46,478 44,948
Income from continuing operations before income
taxes, equity income and minority interests 1,301 2,198
Income tax expense 273 682
Equity income (loss) and minority interests 252 21
----- -----
Income from continuing operations 1,280 1,537
Loss from discontinued operations - (54)
----- -----
Net income $1,280 $1,483
===== =====
Basic earnings (loss) per share attributable to
common stocks
$1-2/3 par value
Continuing Operations $2.27 $2.74
Discontinued Operations $ - $(0.03)
---- ----
Earnings per share attributable to $1-2/3 par value $2.27 $2.71
==== ====
Losses per share from discontinued operations
attributable to Class H $ - $(0.04)
==== ====
Earnings (loss) per share attributable to common
stocks assuming dilution
$1-2/3 par value
Continuing Operations $2.25 $2.74
Discontinued Operations $ - $(0.03)
---- ----
Earnings per share attributable to $1-2/3 par value $2.25 $2.71
==== ====
Losses per share from discontinued operations
attributable to Class H $ - $(0.04)
=== ====
14
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION TO THE CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
March 31,
----------------------
2004 2003
---- ----
(dollars in millions
AUTOMOTIVE AND OTHER OPERATIONS
Total net sales and revenues $40,137 $39,815
------ ------
Cost of sales and other expenses 36,440 35,824
Selling, general, and administrative expenses 3,036 2,625
------ ------
Total costs and expenses 39,476 38,449
------ ------
Interest expense 562 249
Net expense from transactions with
Financing and Insurance Operations 35 41
------ ------
Income (loss) from continuing operations before
income taxes, equity income, and
minority interests 64 1,076
Income tax expense (benefit) (176) 252
Equity income (loss) and minority interests 254 31
--- -----
Income from continuing operations 494 855
(Loss) from discontinued operations - (54)
--- -----
Net income - Automotive and Other Operations $494 $801
=== ===
FINANCING AND INSURANCE OPERATIONS
Total revenues $7,642 $7,331
----- -----
Interest expense 2,205 1,831
Depreciation and amortization expense 1,455 1,506
Operating and other expenses 1,943 2,161
Provisions for financing and insurance losses 837 752
----- -----
Total costs and expenses 6,440 6,250
----- -----
Net income from transactions with Automotive and
Other Operations (35) (41)
----- -----
Income before income taxes, equity income, and
minority interests 1,237 1,122
Income tax expense 449 430
Equity income (loss) and minority interests (2) (10)
---- ----
Net income - Financing and Insurance Operations $786 $682
=== ===
15
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
Mar. 31, Mar. 31,
2004 Dec. 31, 2003
(Unaudited) 2003 (Unaudited)
--------- --------- ---------
ASSETS (dollars in millions)
Cash and cash equivalents $28,535 $32,554 $24,020
Marketable securities 21,036 22,215 16,841
------ ------ ------
Total cash and marketable securities 49,571 54,769 40,861
Finance receivables - net 184,563 173,137 140,764
Loans held for sale 18,285 19,609 12,496
Accounts and notes receivable (less
allowances) 19,515 20,532 16,784
Inventories (less allowances) 11,718 10,960 10,479
Assets of discontinued operations - - 20,414
Deferred income taxes 27,357 27,190 38,915
Net equipment on operating leases -
(less accumulated depreciation) 33,624 34,383 35,068
Equity in net assets of
nonconsolidated associates 6,054 6,032 5,027
Property - net 37,664 38,211 36,133
Intangible assets - net 4,727 4,760 10,821
Other assets 61,149 58,924 14,729
------- ------- -------
Total assets $454,227 $448,507 $382,491
======= ======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable (principally trade) $27,163 $25,422 $22,489
Notes and loans payable 278,972 271,756 208,151
Liabilities of discontinued operations - - 9,773
Postretirement benefits other than 31,512 36,292 38,205
pensions
Pensions 7,795 8,024 22,446
Deferred income taxes 7,660 7,508 6,738
Accrued expenses and other liabilities 74,440 73,930 65,052
------- ------- -------
Total liabilities 427,542 422,932 372,854
Minority interests 319 307 271
Stockholders' equity
$1-2/3 par value common stock
(outstanding, 564,488,127;
561,997,725; and 560,616,422 shares) 961 937 934
Class H common stock (outstanding
1,107,517,793 shares
at March 31, 2003 - - 111
Capital surplus (principally
additional paid-in capital) 15,135 15,185 22,808
Retained earnings 13,750 12,752 11,234
------ ------ ------
Subtotal 29,846 28,874 35,087
Accumulated foreign currency
translation adjustments (1,788) (1,815) (2,665)
Net unrealized gains (losses) on
derivatives (8) 51 (196)
Net unrealized gains on securities 762 618 344
Minimum pension liability adjustment (2,446) (2,460) (23,204)
------- ------- -------
Accumulated other comprehensive loss (3,480) (3,606) (25,721)
------- ------- -------
Total stockholders' equity 26,366 25,268 9,366
------- ------- -------
Total liabilities and stockholders'
equity $454,227 $448,507 $382,491
======= ======= =======
16
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION TO THE CONSOLIDATED BALANCE SHEETS
Mar. 31, Mar. 31,
2004 Dec. 31, 2003
(Unaudited) 2003 (Unaudited)
--------- -------- ---------
ASSETS (dollars in millions)
Automotive and Other Operations
Cash and cash equivalents $11,262 $14,424 $14,015
Marketable securities 8,763 9,067 3,239
------- ------ ------
Total cash and marketable
securities 20,025 23,491 17,254
Accounts and notes receivable
(less allowances) 6,868 5,380 4,975
Inventories (less allowances) 11,718 10,960 10,479
Assets of discontinued operations - - 20,414
Net equipment on operating
leases - (less
accumulated depreciation) 6,519 7,173 5,661
Deferred income taxes and other
current assets 10,855 10,851 9,858
------ ------ ------
Total current assets 55,985 57,855 68,641
Equity in net assets of
nonconsolidated associates 6,054 6,032 5,027
Property - net 35,768 36,071 34,308
Intangible assets - net 1,438 1,479 7,483
Deferred income taxes 18,302 18,086 30,473
Other assets 42,103 42,262 1,451
------- ------- -------
Total Automotive and Other
Operations assets 159,650 161,785 147,383
Financing and Insurance
Operations
Cash and cash equivalents 17,273 18,130 10,005
Investments in securities 12,273 13,148 13,602
Finance receivables - net 184,563 173,137 140,764
Loans held for sale 18,285 19,609 12,496
Net equipment on operating
leases (less
accumulated depreciation) 27,105 27,210 29,407
Other assets 35,078 35,488 28,834
Net receivable from Automotive
and Other Operations 1,660 1,492 486
------- ------- -------
Total Financing and Insurance
Operations assets 296,237 288,214 235,594
------- ------- -------
Total assets $455,887 $449,999 $382,977
======= ======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Automotive and Other Operations
Accounts payable (principally
trade) $23,970 $21,542 $19,076
Loans payable 2,868 2,813 2,212
Liabilities of discontinued
operations - - 9,773
Accrued expenses 45,255 45,417 40,412
Net payable to Financing and 1,660 1,492 486
------- ------- -------
Insurance Operations
Total current liabilities 73,753 71,264 71,959
Long-term debt 29,557 29,593 14,248
Postretirement benefits other
than pensions 27,519 32,285 34,260
Pensions 7,731 7,952 22,398
Other liabilities and deferred
income taxes 15,617 15,567 13,684
------- ------- -------
Total Automotive and Other 154,177 156,661 156,549
Operations liabilities
Financing and Insurance
Operations
Accounts payable 3,193 3,880 3,413
Debt 246,547 239,350 191,691
Other liabilities and deferred
income taxes 25,285 24,533 21,687
------- ------- -------
Total Financing and Insurance
Operations liabilities 275,025 267,763 216,791
------- ------- -------
Total liabilities 429,202 424,424 373,340
Minority interests 319 307 271
Total stockholders' equity 26,366 25,268 9,366
------- ------- -------
Total liabilities and
stockholders' equity $455,887 $449,999 $382,977
======= ======= =======
17
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
March 31,
------------------------
2004 2003
---- ----
(dollars in millions)
Net cash provided by operating activities $1,098 $8,938
Cash flows from investing activities
Expenditures for property (1,399) (1,612)
Investments in marketable securities -
acquisitions (2,652) (2,830)
Investments in marketable securities -
liquidations 2,905 2,906
Net originations and purchases of mortgage
servicing rights (300) (455)
Increase in finance receivables (34,156) (33,947)
Proceeds from sales of finance receivables 25,034 23,446
Proceeds from sale of business units - 1,076
Operating leases - acquisitions (3,163) (3,661)
Operating leases - liquidations 2,028 2,510
Investments in companies, net of cash
acquired 5 (21)
Other (2,626) 78
------ ------
Net cash used in investing activities (14,324) (12,510)
Cash flows from financing activities
Net increase (decrease) in loans payable 2,217 (19)
Long-term debt - borrowings 20,677 16,832
Long-term debt - repayments (15,068) (10,019)
Proceeds from issuing common stocks 34 -
Cash dividends paid to stockholders (282) (280)
Other 1,730 809
----- -----
Net cash provided by financing activities 9,308 7,323
Effect of exchange rate changes on cash and
cash equivalents (101) (51)
----- -----
Net (decrease) increase in cash and cash
equivalents (4,019) 3,700
Cash and cash equivalents at beginning of
the period 32,554 20,320
------ ------
Cash and cash equivalents at end of the
period $28,535 $24,020
====== ======
18
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,
-----------------------------------
2004 2003 2004 2003
---- ---- ---- ----
(dollars in millions)
Net cash provided by operating
activities $(1,809) $4,447 $2,907 $4,491
Cash flows from investing activities
Expenditures for property (1,298) (1,508) (101) (104)
Investments in marketable securities
- acquisitions (700) (1,155) (1,952) (1,675)
Investments in marketable securities
- liquidations 1,004 90 1,901 2,816
Net change in mortgage services rights - - (300) (455)
Increase in finance receivables - - (34,156) (33,947)
Proceeds from sales of finance
receivables - - 25,034 23,446
Proceeds from sale of business units - 1,076 - -
Operating leases - acquisitions - - (3,163) (3,661)
Operating leases - liquidations - - 2,028 2,510
Investments in companies, net of cash
acquired (16) (21) 21 -
Other (16) (176) (2,610) 254
------ ------ ------ ------
Net cash used in investing activities (1,026) (1,694) (13,298) (10,816)
Cash flows from financing activities
Net (decrease) increase in loans
payable (149) (23) 2,366 4
Long-term debt - borrowings 24 7 20,653 16,825
Long-term debt - repayments (26) (1) (15,042) (10,018)
Proceeds from issuing common stocks 34 - - -
Cash dividends paid to stockholders (282) (280) - -
Other - - 1,730 809
--- --- ----- -----
Net cash (used in) provided by
financing activities (399) (297) 9,707 7,620
Effect of exchange rate changes on
cash and cash equivalents (96) 1 (5) (52)
Net transactions with
Automotive/Financing
Operations 168 (604) (168) 604
------ ------ --- -----
Net (decrease) increase in cash and
cash equivalents (3,162) 1,853 (857) 1,847
Cash and cash equivalents at
beginning of the period 14,424 12,162 18,130 8,158
------ ------ ------ ------
Cash and cash equivalents at end of
the period $11,262 $14,015 $17,273 $10,005
====== ====== ====== ======
19
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: April 20, 2004 By: /s/PETER R. BIBLE.
--- ------------------
(Peter R. Bible,
Chief Accounting Officer)
20