Exhibit 99.1
For Release: August 2, 7:30 a.m. EDT

GM Reports Second Quarter Net Income of $1.5 Billion and
EBIT-adjusted of $2.1 Billion


DETROIT - General Motors Co. (NYSE: GM) today announced second quarter net income attributable to common stockholders of $1.5 billion, or $0.90 per fully-diluted share. In the second quarter a year ago, GM's net income attributable to common stockholders was $2.5 billion, or $1.54 per fully-diluted share.

Net revenue in the second quarter of 2012 was $37.6 billion, compared with $39.4 billion in the second quarter of 2011. The decrease was due almost entirely to the strengthening of the U.S. dollar versus other major currencies. Earnings before interest and tax (EBIT) adjusted was $2.1 billion, compared with $3.0 billion in the second quarter of 2011. Total restructuring expense included in EBIT-adjusted for the second quarter of 2012 was $0.1 billion.

“Our results in North America, our International Operations and at GM Financial were solid but we clearly have more work to do to offset the headwinds we face, especially in regions like Europe and South America,” said GM chairman and CEO Dan Akerson. “Despite the challenging environment, GM has now achieved 10 consecutive quarters of profitability, which is a milestone the company has not achieved in more than a decade.”

GM Results Overview (in billions except for per share amounts)
 
Q2 2012

Q2 2011

Revenue
$
37.6

$
39.4

Net income attributable to common stockholders
$
1.5

$
2.5

Earnings per share (EPS) fully diluted
$
0.90

$
1.54

Impact of special items on EPS fully diluted
—

—

 
 
 
EBIT-adjusted
$
2.1

$
3.0

 
 
 
Automotive net cash flow from operating activities
$
3.8

$
5.0

Automotive free cash flow
$
1.7

$
3.8


Segment Results
•
GM North America (GMNA) reported EBIT-adjusted of $2.0 billion, compared with $2.2 billion in the second quarter of 2011.
•
GM Europe (GME) reported an EBIT-adjusted loss of $0.4 billion, compared with EBIT-adjusted of $0.1 billion in second quarter of 2011.
•
GM International Operations (GMIO) reported EBIT-adjusted of $0.6 billion, equal to the second quarter of 2011.
•
GM South America (GMSA) reported breakeven results on an EBIT-adjusted basis, compared

1


with EBIT-adjusted of $0.1 billion in the second quarter of 2011. The second quarter 2012 results include $0.1 billion in restructuring expenses.
•
GM Financial earnings before tax was $0.2 billion for the quarter, compared with $0.1 billion a year ago.
•
In the Corporate segment, GM reported EBIT-adjusted of $(0.2) billion, of which $(0.1) billion was attributable to a non-cash foreign exchange loss.

Cash Flow and Liquidity
For the quarter, automotive cash flow from operating activities was $3.8 billion and automotive free cash flow was $1.7 billion. GM ended the quarter with very strong total automotive liquidity of $38.5 billion. Automotive cash and marketable securities was $32.6 billion, compared with $31.5 billion at the end of the first quarter of 2012.

At the end of the first quarter, GM indicated that GMNA's results for the second and third quarters of 2012 were expected to be comparable to the first quarter. Second quarter GMNA results were stronger in part due to timing of spending that was deferred to the third quarter. GM continues to expect that the average of its second and third quarter EBIT-adjusted in GMNA will be comparable to first quarter results.

“We're executing an aggressive product plan around the world, and at the same time we are working systematically to simplify the business and truly leverage our scale to grow our margins,” said Dan Ammann, senior vice president and CFO.

General Motors Co. (NYSE:GM, TSX: GMM) and its partners produce vehicles in 30 countries, and the company has leadership positions in the world's largest and fastest-growing automotive markets. GM's brands include Chevrolet and Cadillac, as well as Baojun, Buick, GMC, Holden, Isuzu, Jiefang, Opel, Vauxhall and Wuling. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://www.gm.com.


Contacts:
Jim Cain
Cell 313-407-2843
james.cain@gm.com


Randy Arickx
Cell 313-268-7070
randy.c.arickx@gm.com
Forward-Looking Statements

In this press release and in related comments by our management, our use of the words “expect,” “anticipate,” “possible,” “potential,” “target,” “believe,” “commit,” “intend,” “continue,” “may,” “would,” “could,” “should,” “project,” “projected,” “positioned” or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors. Among other items, such factors might include: our ability to realize production efficiencies and to achieve reductions in costs as a result of our restructuring initiatives and labor modifications; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; our ability to maintain adequate liquidity and financing sources and an appropriate level of debt, including as required to fund our planned significant investment in new technology; the ability of our suppliers to timely deliver parts, components and systems; our ability to realize successful vehicle applications of new technology; the overall strength and stability of our markets, particularly Europe; and our ability to continue to attract new customers, particularly for our new products. GM's most recent annual report on Form 10-K and quarterly reports on Form 10-Q provides information about these and other factors, which we may revise or supplement in future reports to the SEC.


2


Exhibit 1

General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)

The accompanying tables and charts include earnings before interest and taxes adjusted for special items, presented net of noncontrolling interests (EBIT-adjusted), and Automotive free cash flow. These metrics are not prepared in accordance with Accounting Principles Generally Accepted in the United States of America (U.S. GAAP) and have not been audited or reviewed by GM's independent auditors. EBIT-adjusted and Automotive free cash flow are considered non-GAAP financial measures.

Management believes these non-GAAP financial measures provide meaningful supplemental information regarding GM's operating results because they exclude amounts that management does not consider part of operating results when assessing and measuring the operational and financial performance of the organization. Management believes these measures allow it to readily view operating trends, perform analytical comparisons and benchmark performance between periods and among geographic regions. Accordingly, GM believes these non-GAAP financial measures are useful in allowing for greater transparency of GM's core operations and they are therefore used by management in its financial and operational decision-making.

While management believes that these non-GAAP financial measures provide useful information, they are not operating measures under U.S. GAAP, and there are limitations associated with their use. GM's calculation of these non-GAAP financial measures may not be completely comparable to similarly titled measures of other companies due to potential differences between companies in their method of calculation. As a result the use of these non-GAAP financial measures has limitations and should not be considered in isolation from, or as a substitute for, other measures such as Net income or Net income attributable to stockholders. Due to these limitations, these non-GAAP financial measures are used as a supplement to U.S. GAAP measures.

The following table summarizes the reconciliation of EBIT-adjusted to its most comparable U.S. GAAP measure (dollars in millions):
 
Three Months Ended
 
Six Months Ended
 
June 30, 2012
 
June 30, 2011
 
June 30, 2012
 
June 30, 2011
Operating segments
 
 
 
 
 
 
 
GMNA(a)
$
1,965

 
$
2,249

 
$
3,656

 
$
3,502

GME(a)
(361
)
 
102

 
(617
)
 
107

GMIO(a)
557

 
573

 
1,086

 
1,159

GMSA(a)
(19
)
 
57

 
64

 
147

GM Financial(b)
217

 
144

 
398

 
274

Total operating segments(b)
2,359

 
3,125

 
4,587

 
5,189

Corporate and eliminations
(240
)
 
(163
)
 
(286
)
 
(185
)
EBIT-adjusted(b)
2,119

 
2,962

 
4,301

 
5,004

Special items
—

 
—

 
(612
)
 
1,483

Corporate interest income
86

 
124

 
175

 
251

Automotive interest expense
118

 
155

 
228

 
304

Loss on extinguishment of debt
—

 
 
 
18

 
 
Income tax expense (benefit)
241

 
(61
)
 
457

 
76

Net income attributable to stockholders
$
1,846

 
$
2,992

 
$
3,161

 
$
6,358

__________
(a)
GM's automotive operations interest and income taxes are recorded centrally in Corporate; therefore, there are no reconciling items for GM's automotive operating segments between EBIT-adjusted and Net income attributable to stockholders.
(b)
GM Financial amounts represent income before income taxes.

1


General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)

The following summarizes the special items:

There were no special items in the three months ended June 30, 2012 and 2011.

In the six months ended June 30, 2012 special items included Goodwill impairment charges of $590 million in GME and $22 million in GMIO.

In the six months ended June 31, 2011 special items included the following:

•
Gain of $1.6 billion in GMNA related to the sale of GM's Class A Membership Interests in Delphi Automotive LLP;
•
Gain of $339 million in Corporate related to the sale of 100% of the Ally Financial, Inc. preferred stock;
•
Goodwill impairment charges of $395 million in GME; and
•
Charges of $106 million in GMIO related to GM's India joint venture.

The following table summarizes the reconciliation of Automotive free cash flow to Automotive net cash provided by operating activities (dollars in millions):
 
Three Months Ended
 
Six Months Ended
 
June 30, 2012
 
June 30, 2011
 
June 30, 2012
 
June 30, 2011
Automotive free cash flow
$
1,698

 
$
3,789

 
$
1,980

 
$
1,871

Capital expenditures
2,062

 
1,172

 
4,052

 
2,494

Automotive net cash provided by operating activities
$
3,760

 
$
4,961

 
$
6,032

 
$
4,365



2


General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)

 
GMNA
 
GME
 
GMIO
 
GMSA
 
Corporate
 
Eliminations
 
Total
Automotive
 
GM
Financial
 
Eliminations
 
Total
Three Months Ended June 30, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total net sales and revenue
$
22,900

 
$
5,894

 
$
6,945

 
$
4,179

 
$
10

 
$
(2,802
)
 
$
37,126

 
$
487

 
$
1

 
$
37,614

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets
$
894

 
$
295

 
$
149

 
$
117

 
$
14

 
$
(1
)
 
$
1,468

 
$
54

 
$
(2
)
 
$
1,520

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity income, net of tax and gain on disposal of investments
$
2

 
$
—

 
$
298

 
$
—

 
$
—

 
$
—

 
$
300

 
$
—

 
$
—

 
$
300

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GMNA
 
GME
 
GMIO
 
GMSA
 
Corporate
 
Eliminations
 
Total
Automotive
 
GM
Financial
 
Eliminations
 
Total
Three Months Ended June 30, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total net sales and revenue(a)
$
23,128

 
$
7,459

 
$
6,402

 
$
4,363

 
$
14

 
$
(2,323
)
 
$
39,043

 
$
330

 
$
—

 
$
39,373

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets
$
990

 
$
374

 
$
123

 
$
115

 
$
13

 
$
—

 
$
1,615

 
$
19

 
$
—

 
$
1,634

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity income, net of tax and gain on disposal of investments
$
3

 
$
—

 
$
379

 
$
—

 
$
—

 
$
—

 
$
382

 
$
—

 
$
—

 
$
382

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GMNA
 
GME
 
GMIO
 
GMSA
 
Corporate
 
Eliminations
 
Total
Automotive
 
GM
Financial
 
Eliminations
 
Total
Six Months Ended June 30, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total net sales and revenue
$
47,076

 
$
11,407

 
$
13,005

 
$
8,118

 
$
25

 
$
(5,177
)
 
$
74,454

 
$
918

 
$
1

 
$
75,373

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets
$
1,782

 
$
575

 
$
278

 
$
235

 
$
26

 
$
(1
)
 
$
2,895

 
$
97

 
$
(4
)
 
$
2,988

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity income, net of tax and gain on disposal of investments
$
4

 
$
—

 
$
719

 
$
—

 
$
—

 
$
—

 
$
723

 
$
—

 
$
—

 
$
723

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GMNA
 
GME
 
GMIO
 
GMSA
 
Corporate
 
Eliminations
 
Total
Automotive
 
GM
Financial
 
Eliminations
 
Total
Six Months Ended June 30, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total net sales and revenue(a)
$
45,238

 
$
14,329

 
$
11,610

 
$
8,259

 
$
30

 
$
(4,524
)
 
$
74,942

 
$
625

 
$
—

 
$
75,567

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets
$
1,967

 
$
714

 
$
239

 
$
231

 
$
26

 
$
—

 
$
3,177

 
$
33

 
$
—

 
$
3,210

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity income, net of tax and gain on disposal of investments
$
1,732

 
$
—

 
$
794

 
$
—

 
$
—

 
$
—

 
$
2,526

 
$
—

 
$
—

 
$
2,526

__________
(a)
Presentation of intersegment sales has been adjusted to conform to the current presentation.


3



General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)

 
June 30, 2012
 
December 31, 2011
Worldwide Employment (thousands)
 
 
 
GMNA
101

 
98

GME
38

 
39

GMIO
35

 
34

GMSA
32

 
33

GM Financial
4

 
3

Total Worldwide
210

 
207

 


 
 
U.S. - Salaried
29

 
29

U.S. - Hourly
50

 
48





4



General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
 
Three Months Ended
 
Six Months Ended
 
June 30, 2012
 
June 30, 2011
 
June 30, 2012
 
June 30, 2011
Production Volume (units in thousands)(a)
 
 
 
 
 
 
 
GMNA - Cars
327

 
308

 
648

 
593

GMNA - Trucks
510

 
516

 
1,051

 
1,017

Total GMNA
837

 
824

 
1,699

 
1,610

GME
230

 
326

 
522

 
670

GMIO - Consolidated Entities
309

 
310

 
584

 
567

GMIO - Joint Ventures(b)
786

 
693

 
1,578

 
1,402

Total GMIO
1,095

 
1,003

 
2,162

 
1,969

GMSA
231

 
247

 
433

 
478

Total Worldwide
2,393

 
2,400

 
4,816

 
4,727

__________
(a)
Production volume includes vehicles produced by certain joint ventures.
(b)
The joint venture agreements with SGMW and FAW-GM allow for significant rights as a member as well as the contractual right to report SGMW and FAW-GM joint venture production in China.



5


General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
 
Three Months Ended
 
Six Months Ended
 
June 30, 2012
 
June 30, 2011
 
June 30, 2012
 
June 30, 2011
Vehicle Sales (units in thousands)(a)(b)(c)
 
 
 
 
 
 
 
United States
 
 
 
 
 
 
 
Chevrolet - Cars
246

 
249

 
463

 
430

Chevrolet - Trucks
171

 
149

 
321

 
293

Chevrolet - Crossovers
97

 
91

 
178

 
181

Cadillac
32

 
36

 
63

 
76

Buick
53

 
49

 
90

 
94

GMC
109

 
97

 
201

 
187

Total United States
707

 
669

 
1,316

 
1,262

Canada, Mexico and Other
113

 
115

 
209

 
207

Total GMNA
820

 
784

 
1,524

 
1,468

GME
 
 
 
 
 
 
 
Opel/Vauxhall
298

 
341

 
573

 
662

Chevrolet
155

 
145

 
277

 
257

Other
1

 
1

 
2

 
2

Total GME
454

 
488

 
852

 
922

GMIO
 
 
 
 
 
 
 
Chevrolet
277

 
265

 
567

 
523

Wuling
332

 
267

 
687

 
604

Buick
162

 
159

 
343

 
325

GM Daewoo
—

 
1

 
—

 
15

Holden
29

 
35

 
61

 
66

GMC
12

 
12

 
22

 
19

Cadillac
8

 
9

 
17

 
16

Other
43

 
27

 
94

 
57

Total GMIO(d)
863

 
775

 
1,791

 
1,627

GMSA
 
 
 
 
 
 
 
Chevrolet
253

 
271

 
501

 
516

Other
1

 
3

 
2

 
6

Total GMSA
254

 
274

 
504

 
522

Total Worldwide
2,391

 
2,320

 
4,671

 
4,538

__________
(a)
GMNA vehicle sales primarily represent sales to the end customer. GME, GMIO and GMSA vehicle sales primarily represent estimated sales to the end customer. In countries where end customer data is not readily available other data sources, such as wholesale or forecast volumes, are used to estimate vehicle sales.
(b)
Certain fleet sales that are accounted for as operating leases are included in vehicle sales at the time of delivery to the daily rental car companies.
(c)
Vehicle sales data may include rounding differences.
(d)
Includes the following joint venture sales:
 
Three Months Ended
 
Six Months Ended
 
June 30, 2012
 
June 30, 2011
 
June 30, 2012
 
June 30, 2011
Joint venture sales in China
 
 
 
 
 
 
 
SGM
302

 
290

 
640

 
600

SGMW and FAW-GM
368

 
296

 
775

 
672

Joint venture sales in India
 
 
 
 
 
 
 
HKJV
21

 
27

 
49

 
55


6



General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
 
Three Months Ended
 
Six Months Ended
 
June 30, 2012
 
June 30, 2011
 
June 30, 2012
 
June 30, 2011
Market Share(a)(b)
 
 
 
 
 
 
 
United States - Cars
15.4%
 
18.5%
 
14.8%
 
17.0%
United States - Trucks
23.4%
 
23.8%
 
23.1%
 
24.3%
United States - Crossovers
18.5%
 
19.2%
 
17.9%
 
19.5%
Total United States
18.2%
 
20.0%
 
17.7%
 
19.6%
Total GMNA
17.4%
 
19.1%
 
17.1%
 
18.7%
Total GME
8.8%
 
9.0%
 
8.5%
 
8.7%
Total GMIO(c)
9.2%
 
9.8%
 
9.3%
 
9.5%
Total GMSA
18.2%
 
19.3%
 
18.2%
 
19.0%
Total Worldwide
11.6%
 
12.3%
 
11.4%
 
11.9%
 
 
 
 
 
 
 
 
U.S. Retail/Fleet Mix
 
 
 
 
 
 
 
% Fleet Sales - Cars
31.0%
 
38.6%
 
32.1%
 
34.3%
% Fleet Sales - Trucks
30.6%
 
29.2%
 
28.0%
 
25.2%
% Fleet Sales - Crossovers
25.7%
 
17.0%
 
21.9%
 
18.4%
Total Vehicles
29.6%
 
30.6%
 
28.2%
 
27.3%
 
 
 
 
 
 
 
 
GMNA Capacity Utilization
100.8%
 
102.1%
 
102.2%
 
99.7%
__________
(a)
Market share information is based on vehicle sales volume.
(b)
GMNA vehicle sales primarily represent sales to the end customer. GME, GMIO and GMSA vehicle sales primarily represent estimated sales to the end customer. In countries where end customer data is not readily available other data sources, such as wholesale or forecast volumes, are used to estimate vehicle sales.
(c)
Includes the following joint venture sales:
 
Three Months Ended
 
Six Months Ended
 
June 30, 2012
 
June 30, 2011
 
June 30, 2012
 
June 30, 2011
Joint venture sales in China
 
 
 
 
 
 
 
SGM
302

 
290

 
640

 
600

SGMW and FAW-GM
368

 
296

 
775

 
672

Joint venture sales in India
 
 
 
 
 
 
 
HKJV
21

 
27

 
49

 
55



7



General Motors Company and Subsidiaries
Condensed Consolidated Income Statements
(In millions, except per share amounts)
(Unaudited)
 
Three Months Ended
 
Six Months Ended
 
June 30, 2012
 
June 30, 2011
 
June 30, 2012
 
June 30, 2011
Net sales and revenue
 
 
 
 
 
 
 
Automotive sales and revenue
$
37,127

 
$
39,043

 
$
74,455

 
$
74,942

GM Financial revenue
487

 
330

 
918

 
625

Total net sales and revenue
37,614

 
39,373

 
75,373

 
75,567

Costs and expenses

 

 

 

Automotive cost of sales
32,678

 
33,793

 
65,588

 
65,478

GM Financial operating and other expenses
268

 
186

 
516

 
351

Automotive selling, general and administrative expense
2,842

 
2,924

 
5,815

 
5,918

Other automotive expenses, net
5

 
19

 
20

 
25

Goodwill impairment charges
—

 
—

 
617

 
395

Total costs and expenses
35,793

 
36,922

 
72,556

 
72,167

Operating income
1,821

 
2,451

 
2,817

 
3,400

Automotive interest expense
118

 
155

 
228

 
304

Interest income and other non-operating income, net
139

 
308

 
414

 
912

Loss on extinguishment of debt
—

 
10

 
18

 
10

Income before income taxes and equity income
1,842

 
2,594

 
2,985

 
3,998

Income tax expense (benefit)
241

 
(61
)
 
457

 
76

Equity income, net of tax and gain on disposal of investments
300

 
382

 
723

 
2,526

Net income
1,901

 
3,037

 
3,251

 
6,448

Net income attributable to noncontrolling interests
(55
)
 
(45
)
 
(90
)
 
(90
)
Net income attributable to stockholders
$
1,846

 
$
2,992

 
$
3,161

 
$
6,358

Net income attributable to common stockholders
$
1,487

 
$
2,524

 
$
2,491

 
$
5,387

 
 
 
 
 
 
 
 
Earnings per share
 
 
 
 
 
 
 
Basic
 
 
 
 
 
 
 
Basic earnings per common share
$
0.95

 
$
1.68

 
$
1.59

 
$
3.58

Weighted-average common shares outstanding
1,569

 
1,505

 
1,571

 
1,505

Diluted
 
 
 
 
 
 
 
Diluted earnings per common share
$
0.90

 
$
1.54

 
$
1.49

 
$
3.27

Weighted-average common shares outstanding
1,671

 
1,654

 
1,681

 
1,661





8



General Motors Company and Subsidiaries
Basic and Diluted Earnings per Share
(Unaudited)

In the three months and six months ended June 30, 2012 GM was required to use the two-class method for calculating earnings per share as the applicable market value of its common stock was below $33.00 per common share in the period ended June 30, 2012.

The following table summarizes basic and diluted earnings per share (in millions, except per share amounts):
 
Three Months Ended
 
Six Months Ended
 
June 30, 2012
 
June 30, 2011
 
June 30, 2012
 
June 30, 2011
Basic earnings per share
 
 
 
 
 
 
 
Net income attributable to stockholders(a)
$
1,846

 
$
2,992

 
$
3,161

 
$
6,358

Less: cumulative dividends on preferred stock and undistributed earnings allocated to Series B Preferred Stock participating security(b)
(359
)
 
(468
)
 
(670
)
 
(971
)
Net income attributable to common stockholders
$
1,487

 
$
2,524

 
$
2,491

 
$
5,387

Weighted-average common shares outstanding - basic
1,569

 
1,505

 
1,571

 
1,505

Basic earnings per share
$
0.95

 
$
1.68

 
$
1.59

 
$
3.58

Diluted earnings per share

 

 

 

Net income attributable to stockholders(a)
$
1,846

 
$
2,992

 
$
3,161

 
$
6,358

Less: cumulative dividends on preferred stock and undistributed earnings allocated to Series B Preferred Stock participating security(c)
(350
)
 
(447
)
 
(655
)
 
(924
)
Net income attributable to common stockholders
$
1,496

 
$
2,545

 
$
2,506

 
$
5,434

Weighted-average shares outstanding - diluted

 

 

 

Weighted-average common shares outstanding - basic
1,569

 
1,505

 
1,571

 
1,505

Dilutive effect of warrants
98

 
147

 
106

 
154

Dilutive effect of restricted stock units
4

 
2

 
4

 
2

Weighted-average common shares outstanding - diluted
1,671

 
1,654

 
1,681

 
1,661

Diluted earnings per share
$
0.90

 
$
1.54

 
$
1.49

 
$
3.27

__________
(a)
Includes earned but undistributed dividends of $26 million on GM's Series A Preferred Stock and $20 million on GM's Series B Preferred Stock in the three and six months ended June 30, 2012 and 2011.
(b)
Includes cumulative dividends on preferred stock of $214 million and earnings of $145 million that have been allocated to the Series B Preferred Stock holders in the three months ended June 30, 2012 and cumulative dividends on preferred stock of $214 million and earnings of $254 million that have been allocated to the Series B Preferred Stock holders in the three months ended June 30, 2011. Includes cumulative dividends on preferred stock of $429 million and earnings of $241 million that have been allocated to the Series B Preferred Stock holders in the six months ended June 30, 2012 and cumulative dividends on preferred stock of $429 million and earnings of $542 million allocated to the Series B Preferred Stock holders in the six months ended June 30, 2011.
(c)
Includes cumulative dividends on preferred stock of $214 million and earnings of $136 million that have been allocated to the Series B Preferred Stock holders in the three months ended June 30, 2012 and cumulative dividends on preferred stock of $214 million and earnings of $233 million that have been allocated to the Series B Preferred Stock holders in the three months ended June 30, 2011. Includes cumulative dividends on preferred stock of $429 million and earnings of $226 million that have been allocated to the Series B Preferred Stock holders in the six months ended June 30, 2012 and cumulative dividends on preferred stock of $429 million and earnings of $495 million that have been allocated to the Series B Preferred Stock holders in the six months ended June 30, 2011.


9



General Motors Company and Subsidiaries
Condensed Consolidated Balance Sheets
(In millions, except share amounts)
(Unaudited)
 
June 30, 2012
 
December 31, 2011
ASSETS
 
 
 
Current Assets
 
 
 
Cash and cash equivalents
$
22,184

 
$
16,071

Marketable securities
11,381

 
16,148

Restricted cash and marketable securities
734

 
1,005

Accounts and notes receivable (net of allowance of $324 and $331)
11,117

 
9,964

GM Financial finance receivables, net (including gross finance receivables transferred to SPEs of $3,359 and $3,295)
3,478

 
3,251

Inventories
15,433

 
14,324

Equipment on operating leases, net
3,819

 
2,464

Other current assets and deferred income taxes
2,087

 
1,696

Total current assets
70,233

 
64,923

Non-current Assets
 
 
 
Restricted cash and marketable securities
1,046

 
1,228

GM Financial finance receivables, net (including gross finance receivables transferred to SPEs of $6,427 and $5,773)
6,552

 
5,911

Equity in net assets of nonconsolidated affiliates
7,058

 
6,790

Property, net
25,026

 
23,005

Goodwill
28,405

 
29,019

Intangible assets, net
9,192

 
10,014

GM Financial equipment on operating leases, net (including assets transferred to SPEs of $478 and $274)
1,324

 
785

Other assets and deferred income taxes
3,151

 
2,928

Total non-current assets
81,754

 
79,680

Total Assets
$
151,987

 
$
144,603

LIABILITIES AND EQUITY
 
 
 
Current Liabilities
 
 
 
Accounts payable (principally trade)
$
26,425

 
$
24,551

Short-term debt and current portion of long-term debt
 
 
 
Automotive (including certain debt at GM Korea of $116 and $171)
1,360

 
1,682

GM Financial
3,732

 
4,118

Accrued liabilities (including derivative liabilities at GM Korea of $31 and $44)
25,134

 
22,875

Total current liabilities
56,651

 
53,226

Non-current Liabilities
 
 
 
Long-term debt
 
 
 
Automotive
3,783

 
3,613

GM Financial
5,918

 
4,420

Postretirement benefits other than pensions
6,732

 
6,836

Pensions
24,558

 
25,075

Other liabilities and deferred income taxes
12,735

 
12,442

Total non-current liabilities
53,726

 
52,386

Total Liabilities
110,377

 
105,612

Commitments and contingencies
 
 
 
Equity
 
 
 
Preferred stock, $0.01 par value, 2,000,000,000 shares authorized:
 
 
 
Series A (276,101,695 shares issued and outstanding (each with a $25.00 liquidation preference) at June 30, 2012 and December 31, 2011)
5,536

 
5,536

Series B (100,000,000 shares issued and outstanding (each with a $50.00 liquidation preference) at June 30, 2012 and December 31, 2011)
4,855

 
4,855

Common stock, $0.01 par value (5,000,000,000 shares authorized and 1,565,941,048 shares and 1,564,727,289 shares issued and outstanding at June 30, 2012 and December 31, 2011)
16

 
16

Capital surplus (principally additional paid-in capital)
26,399

 
26,391

Retained earnings
9,889

 
7,183

Accumulated other comprehensive loss
(5,995
)
 
(5,861
)
Total stockholders’ equity
40,700

 
38,120

Noncontrolling interests
910

 
871

Total Equity
41,610

 
38,991

Total Liabilities and Equity
$
151,987

 
$
144,603



10