-14-
CONSOLIDATED
STATEMENTS OF INCOME
(Unaudited)
Three
Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
(Dollars
in Millions Except Per Share Amounts)
GENERAL MOTORS CORPORATION AND
SUBSIDIARIES
Total net sales and revenues $42,606 $42,794 $138,207 $130,296
Cost of sales and other expenses 33,678 34,555 108,888 104,261
Selling, general, and administrative expenses 5,182 4,736 15,520 13,169
Interest expense 2,480 1,985 7,066 5,624
Total costs and expenses 41,340 41,276 131,474 123,054
Income from continuing operations before
income taxes and minority
interests 1,266 1,518 6,733 7,242
Income tax expense 436 553 2,148 2,538
Equity income/(loss) and minority interests (1) (88) (222) (273)
Income from continuing operations 829 877 4,363 4,431
Income from discontinued operations - - - 426
Net income 829 877 4,363 4,857
Dividends on preference stocks
(27) (28) (83) (51)
Earnings attributable to
common stocks $802 $849 $4,280 $4,806
Basic earnings (losses) per share attributable to
common stocks
$1-2/3 par value
Continuing operations $1.57 $1.35 $7.51 $6.79
Discontinued operations - - - 0.66
Earnings per share attributable to $1-2/3 par value $1.57 $1.35 $7.51 $7.45
Earnings per share attributable to Class H $(0.09) $(0.04) $(0.23) $(0.06)
Earnings (losses) per share attributable to common
stocks assuming dilution
$1-2/3 par value
Continuing operations $1.55 $1.33 $7.37 $6.67
Discontinued operations - - - 0.65
Earnings per share attributable to $1-2/3 par value $1.55 $1.33 $7.37 $7.32
Earnings per share attributable to Class H $(0.09) $(0.04) $(0.23) $(0.06)
-15-
CONSOLIDATED STATEMENTS OF INCOME -
concluded
(Unaudited)
Three
Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
(Dollars
in Millions)
AUTOMOTIVE, COMMUNICATIONS SERVICES, AND OTHER OPERATIONS
Total net sales and revenues $36,602 $37,546 $120,667 $115,186
Cost of sales and other expenses 31,827 32,894 103,408 99,404
Selling, general, and administrative expenses
3,765 3,486 11,304 9,648
Total costs and expenses 35,592 36,380 114,712 109,052
Interest expense 210 223 648 597
Net expense from transactions with
Financing and Insurance
Operations 197 85 508 245
Income from continuing operations before income
taxes and minority interests 603 858 4,799 5,292
Income tax expense 193 291 1,433 1,799
Equity income/(loss) and minority interests 13
(80) (207) (250)
Income from continuing operations 423 487 3,159 3,243
Income from discontinued operations - - - 426
Net income – Automotive,
Communications
Services, and Other
Operations $423 $487 $3,159 $3,669
Three
Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
(Dollars
in Millions)
FINANCING AND INSURANCE OPERATIONS
Total revenues $6,004 $5,248 $17,540 $15,110
Interest expense 2,270 1,762 6,418 5,027
Depreciation and amortization expense 1,474 1,371 4,480 3,918
Operating and other expenses 1,366 1,216 4,063 3,429
Provision for financing and insurance losses
428 324 1,153 1,031
Total costs and expenses 5,538 4,673 16,114 13,405
Net income from transactions with
Automotive, Communications
Services, and
Other Operations 197 85 508 245
Income before income taxes and minority interests 663 660 1,934 1,950
Income tax expense 243 262 715 739
Equity income/(loss) and minority interests (14) (8) (15) (23)
Net income – Financing and
Insurance Operations $406 $390 $1,204 $1,188
-16-
CONSOLIDATED BALANCE SHEETS
Sept.
30, 2000 Dec. 31, Sept. 30, 1999
GENERAL MOTORS CORPORATION AND
SUBSIDIARIES (Unaudited)
1999 (Unaudited)
ASSETS (Dollars in Millions)
Automotive, Communications Services, and Other Operations
Cash and cash equivalents $9,351 $9,730 $12,056
Marketable securities 1,176 1,698 1,666
Total cash and marketable
securities 10,527 11,428 13,722
Accounts and notes receivable (less allowances) 5,975 5,093 5,480
Inventories (less allowances) 11,300 10,638 10,603
Equipment on operating leases (less accumulated depreciation) 5,980 5,744 6,244
Deferred income taxes and other current assets 9,489 9,006 7,494
Total current assets 43,271 41,909 43,543
Equity in net assets of nonconsolidated associates 3,500 1,711 1,642
Property - net 34,036 32,779 31,761
Intangible assets - net 8,651 8,527 12,338
Deferred income taxes 13,309 15,277 17,139
Other assets 32,662 25,358 13,894
Total Automotive, Comm. Serv., and Other Operations assets 135,429 125,561 120,317
Financing and Insurance Operations
Cash and cash equivalents 912 712 328
Investments in securities 9,309 9,110 8,937
Finance receivables - net 87,534 80,627 76,449
Investment in leases and other receivables 37,551 36,407 35,837
Other assets 24,864 21,312 20,589
Net receivable from Automotive, Comm. Serv., and Other Operations 1,599 1,001 369
Total Financing and Insurance
Operations assets 161,769 149,169 142,509
Total assets $297,198 $274,730 $262,826
LIABILITIES
AND STOCKHOLDERS’ EQUITY
Automotive, Communications Services, and Other Operations
Accounts payable (principally trade) $18,190 $17,254 $16,323
Loans payable 3,321 1,991 695
Accrued expenses 32,196 32,854 32,803
Net payable to Financing and Insurance Operations 1,599 1,001 369
Total current liabilities 55,306 53,100 50,190
Long-term debt 8,245 7,415 7,880
Postretirement benefits other than pensions 34,376 34,166 34,455
Pensions 3,226 3,339 3,179
Other liabilities and deferred income taxes 16,060 17,426 18,170
Total Automotive,
Communications Services, and
Other Operations
liabilities 117,213 115,446 113,874
Financing and Insurance Operations
Accounts payable 5,316 4,262 4,587
Debt 129,325 122,282 115,329
Other liabilities and deferred income taxes 13,238 11,282 11,607
Total Financing and Insurance
Operations liabilities 147,879 137,826 131,523
Minority interests 670 596 635
General Motors - obligated mandatorily redeemable preferred securities
of subsidiary
trusts holding solely junior
subordinated debentures of General Motors
Series D - 79 79
Series G 139 139 140
Stockholders' equity
$1-2/3 par value common stock (issued, 565,371,465; 619,412,233
and 642,050,210 shares) 943 1,033 1,071
Class H common stock (issued, 874,807,080; 411,345,561 and
405,587,898 shares) 87 14 14
Capital surplus (principally additional paid-in capital) 21,818 13,794 15,282
Retained earnings 10,335 6,961 5,573
Subtotal 33,183 21,802 21,940
Accumulated foreign currency translation adjustments (2,480) (2,033) (1,969)
Net unrealized gains on securities 715 996 631
Minimum pension liability adjustment (121) (121) (4,027)
Accumulated
comprehensive loss (1,886) (1,158) (5,365)
Total stockholders'
equity 31,297 20,644 16,575
Total liabilities and stockholders’ equity $297,198 $274,730 $262,826
-17-
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(Unaudited)
Nine Months Ended September
30,
2000
1999
Automotive, Financing Automotive, Financing
Comm.Serv.
and Comm.Serv. and
and Other Insurance
and Other Insurance
(Dollars
in Millions)
Net cash provided by operating activities $9,207 $4,746 $15,372 $9,883
Cash flows from investing activities
Expenditures for property (6,314) (335) (4,721) (204)
Investments in marketable securities - acquisitions (2,425) (18,198) (3,481) (16,089)
Investments in marketable securities - liquidations 2,947 17,998 2,217 15,489
Mortgage servicing rights - acquisitions - (698) - (1,199)
Mortgage servicing rights - liquidations - - - 34
Finance receivables - acquisitions - (140,295) - (139,165)
Finance receivables - liquidations - 88,560 - 100,692
Proceeds from sales of finance receivables - 43,407 - 35,120
Operating leases - acquisitions (5,342) (12,147) (6,175) (13,948)
Operating leases - liquidations 4,615 7,313 4,279 7,104
Investments in companies, net of cash acquired (4,052) - (2,885) (2,120)
Net investing activity with Financing and
Insurance Operations (998) - 75 -
Other (558) 356 (831) 677
Net cash used in investing activities (12,127) (14,039) (11,522) (13,609)
Cash flows from financing activities
Net increase (decrease) in loans payable 1,255 1,121 (551) (7,601)
Long-term debt-borrowings 4,130 19,450 5,414 21,672
Long-term debt-repayments (4,213) (11,482) (4,632) (10,536)
Net financing activity with Automotive, Communications Services,
and Other Operations - 998 - (75)
Repurchases of common and preference stocks (652) - (2,149) -
Proceeds from issuing common and preference stocks 2,778 - 1,905 -
Cash dividends paid to stockholders
(989) - (1,023) -
Net cash provided by (used in) financing activities 2,309 10,087 (1,036) 3,460
Effect of exchange rate changes on cash and
cash equivalents (365) 3 (167) 1
Net transactions with Automotive/Financing Operations 597 (597)
(447) 447
Net cash (used in) provided by continuing operations (379) 200 2,200 182
Net cash provided by discontinued operations - - 128 -
Net (decrease) increase in cash and cash equivalents (379) 200 2,328 182
Cash and cash equivalents at beginning of the period 9,730 712
9,728 146
Cash and cash equivalents at end of the period $9,351 $912 $12,056 $328