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Slide 1: Preliminary 2008 First Quarter Results
Slide 2: Forward Looking Statements In this presentation and in related comments by our management, our use of the words “expect,” “anticipate,” “estimate,” “goal,” “target,” “believe,” “improve,” “intend,” “potential,” “continue,” “designed,” “opportunity,” “risk,” “may,” “would,” “could,” “should” or similar expressions is intended to identify forwardlooking 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. Such factors include, among others: our ability to realize production efficiencies, to achieve reductions in costs and to implement capital expenditures at levels and times planned by management; market acceptance of our products; shortages of and price increases for fuel; significant changes in the competitive environment and the effect of competition in our markets, including on our pricing policies; our ability to maintain adequate liquidity and financing sources and an appropriate level of debt; labor strikes or work stoppages at our facilities or at our key suppliers; financial difficulties of our key suppliers; adoption of new laws or changes in existing laws that may affect the production, licensing, distribution, cost or sale of our products; the final results of investigations and inquiries by the SEC; court approval of the settlement agreement with the UAW and UAW retirees related to the 2007 National Agreement; satisfaction of the conditions to the effectiveness of the post-retirement healthcare benefit plan contemplated by the 2007 National Agreement; changes in economic conditions, commodity prices, currency exchange rates or political stability in the markets in which we operate; possible downgrades for GMAC or ResCap by rating agencies; GMAC’s inability to maintain adequate financing sources for its capital needs; and recent developments in the residential mortgage market, especially in the nonprime sector. The most recent reports on SEC Forms 10-K, 10-Q and 8-K filed by us or GMAC provide information about these and other factors, which may be revised or supplemented in future reports to the SEC on those forms. 1
Slide 3: First Quarter Operational Highlights • Global market share of 12.5%, down 0.5 p.p. vs. Q1 2007 • Record GM sales in 3 of 4 regions driven by emerging markets growth • Total automotive revenue of $42.1B, about flat as decline in North America offset growth in all other regions • Improved adjusted automotive earnings before tax – Unfavorably impacted by American Axle strike, but favorable offsets in commodity hedging and foreign exchange • GMNA operations showed continued cost performance – Approximately $0.5B of year-on-year structural cost savings related to manufacturing and people cost – Material costs lower despite significant commodity headwinds • Q1 gross automotive liquidity of $23.9B 2
Slide 4: American Axle Strike • Through end of Q1, GMNA incurred production losses related to American Axle strike of approximately 100k units – Majority of impact is to full-size pickups and utilities, although also impact full-size vans and midsize trucks – Q1 financial impact of approximately $0.8B EBT • To date, strike has had minimal impact on GM’s ability to meet customer demands • GM will continue to proactively manage schedules across plants to maintain production to the extent possible 3
Slide 5: First Quarter Financial Highlights • GAAP net loss of $(3.3)B, $(5.74) EPS • Adjusted automotive earnings before tax (EBT) of $0.4B, up $0.2B vs. Q1 2007 (excluding Allison results) • Adjusted net loss of $(350) million, $(0.62) EPS, excluding special items • Adjusted GMAC results recognized by GM of $(0.3)B • Adjusted automotive operating cash flow (OCF) of $(3.6)B • Q1 gross automotive liquidity of $23.9B 4
Slide 6: First Quarter Adjusted Results ($ Millions) GMNA GME GMLAAM GMAP Auto Eliminations Total Auto Earnings Before Tax GMAC Earnings Before Tax Corp. Other Earnings Before tax Total Earnings Before Tax/(Loss) Taxes Total Net Income/(Loss) from Cont. Ops. Discontinued Ops. - Allison Transmission Total GM Net Income/(Loss) EPS from Cont. Ops EPS from Disc. Ops Total EPS (Basic) Total EPS (Diluted) Worldwide Production (000) Global Market Share Refer to Supplemental Charts for reconciliation to GAAP figures 2007 $ (269) 61 254 192 (7) 231 (134) (155) (58) 48 (10) 104 94 $ $ $ (0.01) 0.18 0.17 0.17 2,340 13.0% $ $ $ $ 2008 (611) 198 517 286 2 392 (276) (207) (91) (259) (350) (350) (0.62) (0.62) (0.62) 2,233 12.5% 2008 F/(U) 2007 $ (342) 137 263 94 9 161 (142) (52) (33) (307) (340) (104) (444) $ $ $ $ (0.61) (0.18) (0.79) (0.79) (107) (0.5) p.p. 5
Slide 7: GMNA First Quarter Adjusted Results ($ Millions) Revenue Earnings Before Tax/(Loss) Earnings Before Tax Margin North America: - Production Volume (000) - Market Share United States: - Industry SAAR (Mil.) - Market Share - Retail/Fleet Mix - % Fleet - Dealer Inventory (000) 2007 $28,057 (269) (1.0)% 2008 $24,543 (611) (2.5)% 2008 F/(U) 2007 ($3,514) (342) (1.5) p.p. 1,063 22.5% 885 21.7% (178) (0.8) p.p. 16.9 22.8% 25.5% 1,079 15.6 22.1% 26.7% 875 (1.3) (0.7) p.p. (1.2) p.p. 204 2007 excludes results from Allison Transmission, recorded as Discontinued Operations 6
Slide 8: GMNA Vehicle Revenue Per Unit $23,000 Calendar Year $22,000 First Quarter 21,487 Net Revenue Gross Revenue less Sales Incentives 21,575 $21,000 21,072 $20,000 20,189 19,417 19,425 19,495 20,008 Memo: Q4 ’07 $21,915 Q3 ’07 $21,605 $19,000 19,160 18,938 Q2 ‘07 $21,375 $18,000 CY '03 CY '04 CY '05 CY '06 CY '07 Q1 '04 Q1 '05 Q1 '06 Q1 '07 Q1 '08 Vehicle revenue per unit excludes items such as daily rental accounting impact, Service Parts, OnStar, other outside sales Adjusted to remove Allison. Refer to Supplemental Charts for reconciliation to GAAP figures 7
Slide 9: GMNA Adjusted EBT – 2008 vs. 2007 $ Billions – Continuing Operations Only Q1 2007 Earnings Before Tax Volume Mix Price Net Material Pension / OPEB / Manufacturing Hedging / Exchange $(0.3) (1.1) (0.1) (0.5) 0.1 0.5 0.8 (0.4) (0.4) (0.2) (0.1) U.S. Industry U.S. dealer stock U.S. retail share Daily rent reduction (0.4) U.S. (primarily trucks) (0.1) Canada 0.3 Material performance (0.2) Program majors 0.4 Manufacturing/attrition 0.1 Pension/OPEB 0.6 Commodity hedging 0.2 Exchange 2008 Earnings Before Tax $(0.6) Memo: Impact of lost units from American Axle strike approximately $(0.8)B EBT 2007 excludes results from Allison Transmission, recorded as Discontinued Operations 8
Slide 10: GM U.S. Dealer Inventory Trend Industry SAAR GM U.S. Dealer Inventory 19.0 18.5 U.S. Industry SAAR (Millions) 18.0 17.5 17.0 16.5 16.0 15.5 15.0 Q1 06 Q1 07 Q1 08 1,200 1,150 GM U.S. Dealer Inventory (000) 9 1,100 1,050 1,000 950 900 850 800
Slide 11: Overview of Other Regions • $1B of adjusted automotive EBT generated in other regions • GM automotive revenue up +20% outside North America on unit sales records in all overseas regions – 48% of global auto revenue generated in GME / GMLAAM / GMAP – 64% of unit sales generated outside the U.S. • GM share of 9.6% outside GMNA, up 0.1 p.p. vs. Q1 2007 • GME revenue up 17% and adjusted EBT up $137 million • GMLAAM revenue up by 33% and EBT doubled on continued strong industry growth and GM share gains • GMAP revenue and EBT up strongly due to volume growth 10
Slide 12: Emerging Markets Growth Trends Industry Growth Q1 2008 Brazil Russia India China Total Emerging 31% 37% 7% 17% 17% Industry Growth Outlook 2007 - 2012 17% 40% 86% 67% 41% GM Share Q1 2008 20.9% 12.1% 3.1% 12.8% 12.2% GM Share vs. Q1 2007 0.7 p.p. 2.8 p.p. 1.0 p.p. (1.2) p.p. 0.1 p.p. 11
Slide 13: GME First Quarter Adjusted Results ($ Millions) Revenue Earnings Before Tax/(Loss) Earnings Before Tax Margin Total Europe: - Production Volume (000) - Industry SAAR (Mil.) - GM Total Deliveries (000) - Market Share Germany: - Industry SAAR (Mil.) - Market Share UK: - Industry SAAR (Mil.) - Market Share Russia: - Industry SAAR (Mil.) - Market Share 2007 $8,471 61 0.7% 2008 $9,909 198 2.0% 2008 F/(U) 2007 $1,438 137 1.3 p.p. 511 22.1 554 9.7% 3.4 10.0% 2.8 14.9% 2.4 9.3% 493 23.9 572 9.6% 3.7 9.3% 3.0 14.8% 3.3 12.1% (18) 1.8 18 (0.1) p.p. 0.3 (0.7) p.p. 0.2 (0.1) p.p. 0.9 2.8 p.p. 12
Slide 14: GMLAAM First Quarter Adjusted Results ($ Millions) Revenue Earnings Before Tax/(Loss) Earnings Before Tax Margin Total LAAM: - Production Volume (000) - Industry SAAR (Mil.) - GM Total Deliveries (000) - Market Share Brazil: - Industry SAAR (Mil.) - Market Share ANDEAN Markets - Industry SAAR (Mil.) - Market Share 2007 $3,577 254 7.1% 2008 $4,763 517 10.9% 2008 F/(U) 2007 $1,186 263 3.8 p.p. 222 6.7 270 16.7% 243 7.5 323 17.9% 21 0.8 53 1.2 p.p. 2.1 20.2% 2.8 20.9% 0.7 0.7 p.p. 1.0 30.5% 0.9 33.0% (0.1) 2.5 p.p. 13
Slide 15: GMAP First Quarter Adjusted Results ($ Millions) Revenue Pre-Tax Income/(Loss) China JVs Equity Income Minority Interest Earnings Before Tax/(Loss) Earnings Before Tax Margin Total Asia Pacific: - Industry SAAR (Mil.) - GM Total Deliveries (000) - Market Share China: - Industry SAAR (Mil.) - Market Share Australia: - Industry SAAR (Mil.) - Market Share GM-DAT: - Production (Complete Build Units) 2007 $4,568 143 127 (78) 192 4.2% 2008 $5,477 202 134 (50) 286 5.2% 2008 F/(U) 2007 $909 59 7 28 94 1.0 p.p. 20.5 388 7.2% 8.3 14.0% 1.1 15.0% 217 22.5 411 7.0% 9.8 12.8% 1.1 13.1% 221 2.0 23 (0.2) p.p. 1.5 (1.2) p.p. 0.0 (1.9) p.p. 4 14
Slide 16: GMAC First Quarter Business Line Results 2008 F/(U) 2007 $ (140) (11) (184) $ (335) 51 $ (284) ($ Millions) Global Automotive Finance Insurance Other* Sub-Total Net Income/(Loss) ResCap Total Net Income/(Loss) $ $ $ 2007 398 143 64 605 (910) (305) $ $ $ 2008 258 132 (120) 270 (859) (589) * Includes GMAC Commercial Finance and equity interest in Capmark 15
Slide 17: GMAC Auto Delinquency Trends Global Delinquencies- as % of Managed Retail Contracts greater than 30 days past due 2.8% 2.7% 2.6% 2.5% 2.4% 2.3% Q2 '06 Q3 '06 Q4 '06 Q1 '07 Europe 1.36% 1.53% 2.48% 2.66% 2.61% 2.52% 2.63% 2.68% 2.46% 2.42% Q2 '07 Q3 '07 Q4 '07 Latin America 3.75% 3.87% Q1 '08 Global 2.42% 2.52% 16 Loans > 30 Days Past Due North America 2.45% 2.51% Asia Pacific 1.84% 2.38% Q1 2008 Q1 2007
Slide 18: Adjustments to Income $ Millions Adjusted Net Income / (Loss) Pre-Tax Adjustments GMAC impairment Restructuring related Delphi Tax-related Adjustments DTA Valuation Allowance Total Adjustments GAAP Net Income / (Loss) (350) (1,452) (324) (731) (394) (2,901) (3,251) $ (5.74) $ EPS (0.62) Exclusion of special items useful for: • Management to measure operations • Comparisons between reporting periods • Investors to measure and assess company’s core performance 17
Slide 19: GMAC Impairment • U.S. GAAP states that a loss in value of an investment that is other than temporary should be recognized • GM conducted analysis to determine if there is impairment of our GMAC equity investment based on fair value – Based on current market conditions, indicated value of common equity interest is $1.31B less than previous carrying value of $6.7B • Driven by estimated market value of ResCap using market multiples of mortgage companies – Current market pricing also indicates value for preferred equity interest is $0.14B less than previous carrying value of $1.0B • GM recorded Q1 non-cash charges totaling $1.45B to impair both common and preferred equity interests – Current GM carrying values for common and preferred interests now $5.4B and $0.9B, respectively 18
Slide 20: GM Liquidity Position • Liquidity position of $23.9B at March 31, 2008 – Includes $0.7B of readily-available VEBA assets (i.e. short-term VEBA) – Represents decrease of $(3.4)B from year-end 2007 • Reflects negative adjusted automotive OCF driven primarily by lower Q1 production in GMNA, including impact of American Axle strike • Additionally have access to about $7B of undrawn, committed U.S. credit facilities – Total available liquidity of over $30B at the end of Q1 • Net liquidity of $(16.2)B, $(4.1)B lower than year-end 2007 resulting from lower Q1 2008 cash balance 19
Slide 21: Automotive Gross / Net Liquidity 30.0 30.0 25.0 20.0 20.4 20.4 21.6 22.9 26.4 24.7 27.2 27.3 23.9 15.0 $ Billions 10.0 5.0 Net Liquidity 1 Gross Cash (incl. ST VEBA) (13.8) (12.3) (11.4) (14.2) (12.3) (13.3) (12.1) (9.9) (12.1) (16.2) 0.0 (5.0) (10.0) (15.0) 4 Q 5 '0 1 Q 6 '0 2 Q 6 '0 3 Q 6 '0 4 Q 6 '0 1 Q 7 '0 2 Q 7 '0 3 Q 7 '0 07 4' Q 08 1' Q 1 Q4 2005 - Q3 2006 Net Liquidity figures exclude GMAC related debt 20
Slide 22: First Quarter Key Cash Flow Drivers • Q1 2008 adjusted automotive OCF of $(3.6)B – Net OCF impact of American Axle strike estimated at approximately $(2.1)B for the quarter, $(1.3)B of which was related to managed working capital and accrued expenses • Q1 2008 OCF unfavorable by $(3.8)B vs. Q1 2007 due primarily to: – Unfavorable working capital variance – Higher capital expenditures – Lower sales allowance accruals and slightly higher payments 21
Slide 23: Automotive Cash Flow Summary ($ billions) Operating Related Earnings Before Tax (Automotive & Corp/Other) * Depreciation & Amortization Capital Expenditures Change in Receivables, Payables & Inventory Pension/OPEB expense (net of payments) Accrued Expenses & Other Adjusted Operating Cash Flow Allison Operating Cash Flow - Discontinued Operations Cash Restructuring Costs Delphi - Cash Restructuring Costs Adj. Operating Cash Flow after Special Items Non-Operating Related Dividends Change in Debt GMAC Purchase Price Adjustment GMAC Asset Carve Out Flows Change in ST VEBA Other Total Non-Operating Related Net Change in Cash and Cash-related * Earnings before Tax from Continuing Operations on a GAAP basis Q1 2007 2.0 (1.2) (0.5) (0.1) 0.2 0.1 (0.6) (0.3) (0.6) (0.1) (1.1) (1.0) 0.2 1.1 (0.2) (1.1) (1.7) Q1 2008 (1.0) 2.0 (1.9) (2.0) (0.7) (3.6) (0.3) (3.9) (0.1) 0.4 0.2 0.1 (0.1) 0.5 (3.4) F/(U) (1.0) (0.7) (2.0) (0.2) 0.1 (3.8) (0.1) 0.3 0.3 (3.3) 1.5 1.0 (1.0) 0.1 1.6 (1.7) 22 Refer to Supplemental Charts for reconciliation to GAAP figures
Slide 24: Working Capital and Accrued Expenses • Year-to-year Q1 variance in working capital mainly driven by impact of American Axle strike and timing related to certain accounts payable flows in Q1 2007 ($ billions) Accounts Receivable Inventory Accounts Payable Total Working Capital Q1 2007 (1.5) (1.6) 3.1 0.0 Q1 2008 (0.2) (1.8) 0.0 (2.0) F/(U) 1.3 (0.2) (3.1) (2.0) • Accrued Expenses and Other reflects timing of cash flows vs. accruals ($ billions) Net Sales Allowances Non-Cash Charges Net Interest Accruals/ (Payments) Net Daily Rental Sales Net P & W Accruals/ (Payments) Net Tax Refunds/ (Payments) & Other Accrued Expenses & Other Q1 2007 0.3 0.1 (0.2) (0.3) 0.1 (0.1) (0.1) Q1 2008 (0.4) 1.0 (0.2) (0.2) (0.1) (0.1) F/(U) (0.7) 0.9 0.0 0.1 (0.2) 0.1 23
Slide 25: U.S. Industry Outlook • U.S. economy is facing strong headwinds • Aggressive monetary policies have reduced risk of a credit crunch; however with side effects of weakening dollar and surging oil prices • Short-term industry conditions remain very challenging • GM is revising its outlook for 2008 U.S. total industry outlook to the mid-to-high 15 million unit range • Will continue to monitor closely, noting that some positive signs are evident – Outside of housing, autos and finance, employment and investment are holding up – Signs that housing activities may soon stabilize, albeit at low levels 24
Slide 26: Operating Actions – GM North America • Aligning capacity with demand – Eliminated one shift of production at three full-size pickup truck plants and one full-size utility plant – Continue to work on successful implementation of hourly attrition program and 2007 UAW contract • Aligning inventory with demand – Full-size pickup and utility inventory reduced - - consistent with market demand – Total U.S. dealer inventory at end of April (estimated to be ~840k) at lowest April-ending level since 1983 • Maximize success of recent new products • Continue to deliver successful new products to the marketplace 25
Slide 27: Growth Strategies – Emerging Markets • Grow quickly and profitably in fastest growing markets • Expand capacity in cost effective manner – New assembly plants in Russia, India and Mexico – New powertrain plants in Mexico, China and Brazil – Working with partners to increase capacity – Evaluating longer-term capacity increases • Expand “lower cost” product portfolio • Strong focus on brand building and distribution channels 26
Slide 28: Growth Strategies – GMLAAM Example • Adding assembly capacity in Mercosur region – Shifts, line rate increases • Adding assembly capacity in Andean region – Line rate increase in Colombia – Contracted assembly in Venezuela and Ecuador • Adding flex fuel powertrain capacity in Brazil • Distribution improvements in the Middle East • Leveraging GM’s global portfolio and manufacturing footprint 27
Slide 29: Delphi Update • Delphi unable to emerge under its Plan of Reorganization, as Plan Investors terminated their investment agreement on April 4 – GM-Delphi Settlement Agreements and agreements with Delphi’s labor unions remain in place but are not generally effective • GM will agree to advance up to $650M to Delphi during 2008 in anticipation of effectiveness of the GM-Delphi Settlement Agreements – Within amount GM would have paid had Delphi emerged from bankruptcy – Would be concurrent with Delphi DIP extension – GM would receive an administrative claim for advances • GM continues to work with Delphi and its stakeholders to facilitate Delphi’s efforts to emerge from bankruptcy • Q1 charge of $0.7B primarily results from updated estimates reflecting uncertainty around nature, value, and timing of GM’s recoveries – Total of $8.3B in net Delphi-related charges taken to date 28
Slide 30: Outlook • Second Quarter – Volume and revenue growth overseas, particularly in key emerging markets – Manage GMNA business in a more challenging environment – Execute North American capacity actions – Actively manage special risk factors (Delphi, GMAC / ResCap, American Axle) • Looking Ahead – Strong focus on managing business for cash flow – Begin to see impact of current Special Attrition Program – Execute key launches such as Chevrolet Traverse in North America and Opel Insignia in Europe – Bring new capacity on-line in Mexico, Russia and India 29
Slide 31: Supplemental Charts The following supplemental charts are provided to reconcile adjusted financial data comprehended in the primary chart set with GAAP-based data (per GM’s financial statements) and/or provide clarification with regard to definition of non-GAAP terminology
Slide 32: Reconciliation to Adjusted Net Income / EPS Q1 2008 QTD March 31, 2008 Total Net Sales & Revenue Income (loss) before tax Tax expense Net Income (loss) EPS - Basic/Diluted Pre-tax adjustments: Delphi Restructuring Impairment on investment in GMAC Tax adjustments: UK/Spain DTA valuation allowance Total Adjustments Total Adjust. - Net Revenue Adjusted Net Revenue Income (loss) before tax Tax expense Adjusted Net Income (loss) Adjusted EPS - Basic/Diluted GMNA 24,543 (812) (812) GME GMLAAM GMAP 9,909 4,763 5,477 75 517 286 75 517 286 Auto Elims Total Auto (2,567) 42,125 2 68 2 68 GMAC (1,728) (1,728) Corp. Other Other Financing 545 (1,029) 91 (645) (8) (1,674) 83 Total 42,670 (2,598) (653) (3,251) ($5.74) 201 201 201 24,543 (611) (611) 123 123 123 9,909 198 198 4,763 517 517 5,477 286 286 (2,567) 2 2 324 324 324 42,125 392 392 1,452 1,452 1,452 (276) (276) 731 731 394 1,125 (298) (251) (549) 545 91 (8) 83 731 324 1,452 2,507 394 2,901 42,670 (91) (259) (350) ($0.62) S1
Slide 33: Reconciliation to Adjusted Net Income / EPS Q1 2007 Auto Elims Total Auto (2,222) 42,451 (7) 186 (7) 186 104 (7) 290 Corp. Other Other Financing 936 (209) 54 67 (6) (142) 48 (142) 48 QTD March 31, 2007 Total Net Sales & Revenue Income (loss) before tax Tax (expense)/benefit Net income (loss) from Cont. Ops. Net income for Disc. Ops. Net Income (loss) EPS - Basic/Diluted Pre-tax adjustments: Restructuring/Special attrition related Asset Impairments Plant Closures Tax adjustments: Tax on or tax related regional special items Total Adjustments Total Adjust. - Net Revenue Adjusted Net Revenue Income (loss) before tax Tax (expense)/benefit Net income (loss) for Cont. Ops. Net income for Disc. Ops. Adjusted Net Income (loss) Adjusted EPS - Basic/Diluted GMNA 28,057 (208) (208) 104 (104) GME GMLAAM GMAP 8,471 3,577 4,568 4 254 143 4 254 143 4 254 143 GMAC (134) (134) (134) Total 43,387 (103) 61 (42) 104 62 $0.11 (20) (41) (61) (61) 28,057 (269) (269) 104 (165) 57 57 57 8,471 61 61 61 3,577 254 254 254 40 9 49 49 4,568 192 192 192 (2,222) (7) (7) (7) 77 9 (41) 45 45 42,451 231 231 104 335 - (13) - 77 9 (41) 45 (13) (134) (134) (134) (13) (209) 54 (155) (155) 936 54 (6) 48 48 32 43,387 (58) 48 (10) 104 94 $0.17 S2
Slide 34: Reconciliation of GMNA Revenue Per Unit First Quarter 2004 Q1 Revenue Revenue $ (Millions) Per Unit GAAP add/(less): less: Allied Sales Non Vehicle Sales Managerial 2005 Q1 Revenue Revenue $ (Millions) Per Unit 27,150 (498) (2,642) (489) 23,521 $ 21,860 a b c $ 18,938 * 2006 Q1 Revenue Revenue $ (Millions) Per Unit 30,413 155 (3,327) (530) 26,711 $ 22,781 a b c $ 20,008 30,972 (21) (2,931) (571) 27,449 $ 21,997 a b c $ 19,495 less: Other Income Items * 2007 Q1 Revenue Revenue $ (Millions) Per Unit GAAP add/(less): less: Allied Sales Non Vehicle Sales Managerial 2008 Q1 Revenue Revenue $ (Millions) Per Unit 24,543 (582) (2,975) (468) 20,518 $ 25,808 a b c 21,575 28,057 (769) (3,245) (484) 23,559 $ 25,095 a b c $ 21,072 less: Other Income Items * Excludes revenue from Allison Transmission, classified as discontinued operations a). For GAAP reporting purposes, sales to other GM regions are eliminated whereas they are retained for managerial vehicle analysis b). Includes SPO parts, Powertrain engines, MSP, and Onstar service outside sales- excluded from managerial vehicle analysis c). Includes Interest Income, Daily Rental Income, and GM Credit Card Income- excluded from managerial vehicle analysis S3
Slide 35: Reconciliation of GMNA Revenue Per Unit Calendar Year CY '03 Revenue Revenue $ (Millions) Per Unit GAAP add/(less): less: Allied Sales Non Vehicle Sales Managerial CY '04 Revenue Revenue $ (Millions) Per Unit 119,071 (925) (9,175) (2,607) 106,364 $ 21,736 a b c $ 19,417 CY '05 Revenue Revenue $ (Millions) Per Unit 111,376 (827) (9,246) (2,236) 99,067 $ 21,838 a b c $ 19,425 120,566 (1,270) (10,063) (1,973) 107,260 $ 21,537 a b c $ 19,160 less: Other Income Items CY '06 Revenue Revenue $ (Millions) Per Unit GAAP add/(less): less: Allied Sales Non Vehicle Sales Managerial CY '07 Revenue Revenue $ (Millions) Per Unit 112,448 (1,343) (12,764) (1,929) 96,412 $ 25,061 a b c 21,487 116,653 (1,674) (13,487) (2,003) 99,489 $ 23,671 a b c $ 20,189 less: Other Income Items Note: Excludes revenue from Allison Transmission, classified as discontinued operations a). For GAAP reporting purposes, sales to other GM regions are eliminated whereas they are retained for managerial vehicle analysis b). Includes SPO parts, Powertrain engines, MSP, and Onstar service outside sales- excluded from managerial vehicle analysis c). Includes Interest Income, Daily Rental Income, and GM Credit Card Income- excluded from managerial vehicle analysis S4
Slide 36: Reconciliation of Automotive Cash Flow First Quarter General Motors Corporation Automotive and Corp/Other GAAP to Managerial Cash Flow reconciliation $ Billions Q1 2008 Net Cash Provided By Operating Activities (GAAP) * Reclassifications to/ (from) U.S. GAAP Q1 2007 0.9 (2.0) - Expenditures for PPE & Special Tools - Cash Restructuring Costs - Delphi - Cash Restructuring Costs - Other Total Reconciling Items Adjusted Operating Cash Flow before Special Items * Operating Cash Flow from Continuing Operations (1.9) 0.3 (1.6) (3.6) (1.2) 0.6 0.3 (0.4) (0.7) 0.2 S5