Questions/Business/ManagementDr. Rick – FIN 571 Part 1 and 2
Part 1: APA Format – Watch the “Your Business Structure” and “Corporate Business Structures” videos on the Electronics Reserve Readings page. Identify the different business structures. Write a 350 to 700 word explanation of how each business structure might and might not be advantageous.
Part 2: Separate paper (APA Format) – No limit on amount of words as long as you hit all points that need to be described: Select 1 publicly traded company of your choice. Go to the company`s website and view the annual reports of the last 3 years. From the annual reports, you will be able to pull the Balance sheet, Income statement and Statement of Cashflows. Calculate all liquidity, efficiency, profitability, capital structure and market value ratios. Analyze the financial position of the company and its improvement over the last 3 years. Be sure to provide copies of the data you used in the appendix of your paper. Show all calculations with formulas
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Dr.RickA+ 969 TUTOR Posted 1706. Sold 1831. Bought 2. Solution preview:
elect * publicly traded pany of your choice Go to the pany`s website and view th* ****** ******* ** *** **** * ***** **** *** ****** ******** *** **** ** **** ** **** *** ******* ****** *** statement *** Statement ** Cashflows Calculate *** liquidity, efficiency, profitability, ******* structure *** ****** ***** ****** ******* *** financial ******** ** *** **** *** *** improvement **** *** **** * ***** ** **** ** ******* ****** ** *** **** *** **** ** *** ******** ** **** ***** **** *** calculations **** ********
Attachments
2012_GM_Annual_Report.pdf
* * * * A N N U A L R E P O R TGENERAL MOTORS COMPANY *** Renaissance Center PO *** *** ******** ** *****-**** **
******* ** ***** **** ******** ** ** ***** *** post-consumer *****
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PREFERRED ***** **** ** ****** * mandatory convertible ****** preferred ****** **** *** *****
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****** ******* *** ** ****** ******* ** Stockholders **** ** **** ** *** ** ** ** Thursday, **** ** ***** ** ******** ********
STOCKHOLDER ASSISTANCE Stockholders ** ****** requiring information ***** ***** ******** ****** ******* Computershare ***** ******** ** ******* ****** ******* ** *** ***** Providence, ** *****-****
***-***-**** ** ***-***-**** ***** ******* *** ****** ******* ****** ** ****** *****
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*** ***** information, stockholders *** ******* ** Stockholder ******** ******* ****** ******* **** **** ***-C**-A** *** Renaissance ****** ** *** *** ******** ** *****-**** ***-***-****
ELECTRONIC ******** ** ****** ******* MATERIALS Stockholders *** ******* ** ******* ***** ** ****** ****** *** ***** materials *** *** ******** Stockholders ** ****** *** ****** ** putersharegm ** **** ** ***** ** **** ******* * ******* **** ** ***** ******** ******* ** ********
SECURITIES *** INSTITUTIONAL ******* ******* ** ******** Relations ******* ****** ******* **** **** ***-C**-D** *** Renaissance ****** ** *** *** ******** ** *****-**** ***-***-****
AVAILABLE PUBLICATIONS ****** ****** ******* ***** Statement, ***** **** *** **** *** ******* **** Integrity ***** ** ******** *** available ****** ** gminvestor
******* ****** *** ** requested ** *** ******* ** **** ** Stockholder ******** ** *** ******* ****** ***** ****** **** ** *** ***** *** ******** ** materials)
***** ** ** *** ******** ***** **** ***** ******* ****** ******** *** ******** ** *** ******* ** **
** ******** ASSISTANCE ******* Satisfaction **** **** ****** ****** **** experience ** important ** ** ** ******* ******* information ** ** ******* assistance **** **** ******** ****** ******* *** appropriate ***** *** ***** ** *******
***** ***-***-**** ** @BuickCustCare
******** ***-***-**** ** @CadillacCustSvc
Chevrolet ***-***-**** ** @ChevyCustCare
*** ***-***-**** ** @GMCCustCare
****** ***-***-**** ** @GMCustomerSvc
Oldsmobile ***-***-**** ** @GMCustomerSvc
******* ***-***-**** ** @GMCustomerSvc
**** ***-***-**** ** @GMCustomerSvc
****** ***-***-**** ** @GMCustomerSvc
** ** ****** ***-***-****
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PRINCIPAL ****** ******* ****** ******* *** Renaissance ****** ** *** *** ******** ** *****-**** ***-***-****
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** ******* ***** *** *** ******* ** Reconciliation ** ******** ***** ** ***** ** Directors *** Management **** ** ****** *** Registrants ****** ******* ******* Stockholder *******
*** ****** Purchases ** ****** Securities
** ******** Financial **** ** Managements Discussion *** ******** ** Financial Condition *** ******* ** Operations ** Quantitative *** Qualitative Disclosures ***** ****** **** ** Financial Statements *** Supplementary **** ** Consolidated *** Statements ** Consolidated Statements ** Comprehensive *** ** Consolidated ******* ****** ** Consolidated Statements ** **** ***** ** Consolidated Statements ** ****** ** ***** ** Consolidated Financial Statements
*** ******** *** Procedures
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**** ***** * ****** ** ****** ** *** ** ******* ***** *** ** *** ******** *** processes *** ******* ** ***** ** ***** *** **** ******** ** *** ***** **** **** efficiently *** profitably **** ***** * **** ** **** ** ***** * **** **** *** articulate **** ******* ***** **** *** *** ** stockholders, *** *** ******** **** *** ******* ** **
******* ****** ******* **** ****** ******
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****** ******* *** objective ** ** **** ** *** worlds **** ******** automotive **** **** **** ** attracting *** industrys **** ***** *** enthusiastic customers
*** ****** ******* valuable ***** different ****** ** different ******* ***** ** intentional ** suppliers *** *** ******** ** ***** ** **** ** ***** preferred ******** ******* ** *** ***** ** ***** ** **** ** ***** workplace ** ****** *** ** investors, ** ***** ** **** *** * **** **** ******* ** ****** ** long-term profitable ******* ***** ** *** ***** ** **** ******
**** ** immutable ** *** ***** ** *** customer, ***** ******** ** ** ** **** good ***** ** great ** everything ** *** including ******* ******* ******* ******** durability *** ******* ***** *** ****
** *** **** ***** *** foundation *** greatness ** ***** ***** ** *** introduced ******** **** customers ****** *** ***** **** ** *** aggressively addressing *** ****** **** **** ** **** ** **** maintained *** ******** ******* ***** *** ******** *** financial flexibility *** ** **** ******* *** ***** ** ****** ** ***** ****** ** *** *****
* **** ** SIGNIFICANT ********
**** * financial standpoint, **** *** ******* ***** **** *** ******* ****** **** ** *** **** ******** ***** **** profitable *** ** ****** *** *** attributable ** *** stockholders ** *** *******
***** ** *** *** **** **** ******** ** ** **** **** ** ***** *** operating performance ***** ***** adjusted, ***** ** ******** ****** ******** ******* *** ****** ******** *** ******* ***** ** **** ****** ** ****** *** *******
**** ** **** ***** **** ******* **** * **** **** *** primarily ** * ****** **** ** ****** ***** Americas ******* ******* **** ***** ** **** ******** ** ***** ******* *** International Operations **** ** **** **** **** ** Financial *** ****** *** ****** ***
**** generation *** ***** *** automotive ******* ** **** *** **** ******** *** ******* delivered ** ******* ******** *** ** generated *** ******* ** automotive *** **** ******** ** operating activities ******** automotive **** **** **** *** ** meaningfully **** ***** ******** *** *******
** ***** **** **** ***** liquidity ** **** ******** including **** ******* ** **** *** marketable securities
*****
*** **** ***** ******* *** ******* ******** ****** *** ******** **** ** **** *** ** *** enthusiastic ******** ******** ** *** indication, *** vehicles *** technologies *** **** ****** *** ******* ******* * *** ******** ** *** *******
*****_Narrativeindd * **** *** **
******** ****** ******* **** ****** ******
***** *** ***** favorable ****** ******** Canadas **** *** ***** ******* ** ******* ****** corporate ****** ****** **** *** ***** ** ** investment ***** *** *** ***** ***** ** ******* ******** **** ** ***** *** ***** ***** investment ***** *** ****** ** ** ******* investment ***** across-the- ***** ** **** ** ******** *** ******* **** *****
******** * SUSTAINABLE COMPETITIVE ADVANTAGE
****** **** ******** financial structure *** *** **** ******* ** EBIT-adjusted ***** *** beginning ** **** *** ******** ** ** ******** ** *** ******** ** * consistently **** ****** ******* *** **** **** **** ******** economies *** ** ******** *** ** ***** ******** ***** pre-recession ****** ** ****
*** ******* expenditures increased **** *** ******* ** **** ** *** ******* ** ***** *** * ****** ******* ******** **** **** ** ***** **** ***** ** *** ***** ** *** ** **** ******* ** *** *** break-even ***** ** ***** ******** *** ****** geographic diversity ** *** ******** *** *** ******** ******* *****
*** operating ******* *** financial discipline **** **** ** ******** ** ******* * ****** ** transactions **** **** ******* *** ******** ******** *** ****** **** ***** *******
*** ******* ** Financial, ** *** acquiring **** Financials International Operations ** ****** *** ***** ******** *** ******** ***** ** *** ***** ***** ******* **** *** **** acquisitions *** ** Financials ***** *** ******** initiatives, ** **** ** **** ** ******* financing ** ******* **** represent ** ******* ** *** ***** ****** ** **** **** ** **** ** **** ****** ** strategic *** underserved ******* *** *** **** **** **** ***** ******** ******* *** * ******* ******* ***** **** ***** ******* automotive ******* ******
*** ** ****** ** *** state-of-the-art information technology ***** ** *** consolidating ** ****** ****** *** ****** **** ******* ****** *** ***** **** *** ***** redundant, pany-owned facilities *** **** **** ** ** transform ** **** * ******** advantage, ** ** *** ******** **** innovation ******* ** ******* proprietary ******** application ******** Together, ***** ***** **** **** ** *** **** ****** applications, *** *** **** accurate, ****** *** ****** ****
*** ** * particularly innovative *** ** transactions, ** ******* *** ** ******** ******* obligations ** *** ******* ** ******** ******** * **** *** ******* ** ** insurance pany-backed ******** ** **** **** ** ****** * **** ** leverage, ****** ****** ** *** ****** **** **** *** ******** ******* *** *** ******** ** *** ******** ********
*** **** ** *** ***** ** strengthened *** ******** ******* ***** ** replacing *** ******** ** ******* revolving **** ** ****** **** *** *** ****** facilities ******** *** ******* **** additional liquidity ** appropriate *** * **** ** *** **** *** **** **** ** * ******** **** *** *** **** **** ** ****** investment-grade ******* *** investment-grade ***** *** conditions *** * ***** **** ** confidence ** *** financial ******** ** ******* ******
****** ** ******
*** ** *** ****** ****** ** *** addressing ** *** ******** ****** ** ******* ***** *** ** increased ****** ** *** ****** ***** encouraged **** ***** ******* ***** ** restructuring, ***** intensified ** ***** ** *** *** ****** ***** ****** ******* *** objective ** ** ******* break-even EBIT-adjusted ******* ** mid-decade
*** foundation ** *** ****** revitalization **** ** ** **** Chevrolet *** ******** **** Vauxhalls ***** *** ******** **** * ******** **** structure *** *** ***** ***** ** market ********
Significant ******** *** **** **** ** *** ** ***** ******
*** ** ******** ** rationalize ******** *** ****** productivity ***** ** ****** *** **** ** *** transmission operations ** Strasbourg, ******* *** confirmed **** *** production **** ***** ** *** ***** ** ******* *******
*** ** significantly strengthened *** leadership **** ** ******* **** ******* **** *** appointment ** ** Karl-Thomas ******** * ******* Volkswagen executive, ** ******** ** *** **** management ***** *** president ** ** ****** ** ******* ******* **** ** ***** ** ****
****
******* expenditures
**** ****
******* ****** ******* **** ****** *******
** ** ****** *** ***** *** ******** ***** ** ******* ******* ******** ** **** ******* **** ** **** **** ** *** OpelVauxhall ******** *** ** *** powertrains *** ******* **** *** ****
*** ***** *** ** ***** products, *** ***** *** ***** *** ** ******** ***** ** ******** **** ******* *** **** **** **** **** ** ***** ***** ** ***
****** ******** *** ****** ****** *** *** ***** *** ****** *** *** ****
*** ** *** ******* decisions ** **** ** **** *** ** ****** * broad-based ******** **** ******* ** ****** Europes ******* ******* automaker ** ******
*** *** ******** ***** ** ** **** strategic *** ******** ******
*** ** ****** ** *** ***** ******** ***** ******* *** *** purchasing alliance, ***** ****** modities, ******* *** ***** ***** *** ********
*** *** logistics ***** *** ******* ****** ***** ** ******* *** **** ** *** ******* **** ****** *** ******* logistics ******** ** ****** *** * ****** *** subsidiary
*** ****** *** ******* ** long-term, ** ****** ** ****** **** ******* synergies ** ******* developing ******* ** *** C-segment ******** **** ****** architectures
*** ** **** ******** ** ******** ** *** OpelVauxhall **** ** * ****** trajectory ******** *** political, ******** *** ******** landscape ******* volatile, ** *** ****** ******** ** *** ****** ** *** ******* *** ***** *** ******* ** ******* *** ** **** ****** ** *** *******
PROFITABLE ****** ****** *** *****
****** ******** strengths ***** *** *** ******* ******* positions ** *** ****** ****** *** ****** *** worlds *** ******* *******
** ****** ** *** *** ***** ******* ******** **** * ****** ** ******* ******** ** **** ***** increased *** ******* **** **** *** ** ****** * **** ***** ** ****** ***** ****** ****
*** *** ******* ******* ***** *** ******* *** ******** ***** ******* Chevrolet **** *** * ****** *** ******** ***** ** *** ******** ** ******** **** *** ****** **** *** *** ****** ******** ****** ****** ****** *** *** *** ****** ***** *** ***** ** **** **** ****** ***** ** *** ***** **** **** ** *** marketplace
** ***** *** ****** ** ***** ***** ***** ** ******* ***** annually, ** **** ***** ** ******* ** ***** ** ** *** continuing ** ****** aggressively ** *** ****** ** *** ********
*** ** **** ** introduce **** **** ** *** ** ******** ******** ** ***** ** ******* **** **** ******* ****
*** ******** ** ****** * *** ***** ** ******* Shandong, *** ***** ****** *** *** ****** manufacturing **** ** ****** *****
*** SAIC-GM-Wuling ****** * *** passenger *** production ******** **** *** headquarters ** ******** ******** *** ****** ***** ** ***** * ***** production **** ** Chongqing Municipality
*** ****** *** **** Technical Automotive ****** ******* ***** ******* ****** * ******** **** ****** ** Shanghai, *** ******** **** ****** **** *** ******** *** ** ****** *** ******* automotive ******* ****** ** *** ******* ** ******** *****
GMs ******** strengths ***** *** *** market-leading positions ** *** ****** ****** *** ****** *** worlds *** ******* markets
****
*****_Narrativeindd * **** *** **
******* ****** ******* **** ****** ****** *
*** ******** *** ***** * ******* ****** ** *** brands ******* *** * ***** ****** ***** **** ******** *** ***** application ** ******** ***** ******** ******* technology ** * full-line ****** automotive *****
*** ****** ***** **** ***** ******* ****** ***** ** **** *** *** ******** ** ***** ******* ***** ** ****
*** ** *** **** **** **** ***** dealerships ** ***** *** *** expanding ** *** countrys ******* ******* *** ******* ******
******* ******** ***** ** ***** ** * ******** **** * refreshed ******* ** *** top-selling ******** *** crossover *** ***** production ** *** ******** *** ****** ***** ***** ** ***** ***** ***** **** ****** products, ** **** ***** ******** **** *** **** ** ** ****** ***** ** ******* ***** ****** *** *****
** *** ****** ******* ** **** ** ******* vehicles, ** * ******* ***** **** ***** ******** ****** ***** ******** ** ****** ** *** ******* *** ***** ******* ** *** ** ***** **** ** *** ******** ** *** ******** automakers ***** *** Fukushima earthquake *** ******** *** *** ******** *** ** *** ******* portfolio
******* **** backdrop, ******** ** ******* significant ***** *** **** ** *** *** customers
*** ****** ** continuous improvement ** *** ******* offerings, ****** ***** incentives, ***** **** ** ** *** ******* ** *** industry, *** *** ******** *** consistently ***** *** ******** ******* ** * percentage ** ******* transaction ******* according ** ** ***** *** ****
*** ** *** ***** *** ******** ** ***** *** ******** ****** ** *** segments, including ****** ******** *** **** ***** **** *** ****** crossovers *** ***** ***** **** according ** ** *****
*** *** ******** ** **** desirable vehicles, disciplined incentives *** *** ******** ******** ** ***** ***** *** ****** ***** significant increases ** *** ****** ***** ** *** ** ********
*** *** ****** ** **** *** EBIT-adjusted ******* ** ***** ******* **** ******** ** ******* **** *** **** ***** ******** ****** ******* ****** * relatively ***** ******* ******* *** ** depressed ******* ******** ** **** *** ****
*****_Narrativeindd * **** *** **
******* ****** ******* **** ****** *******
**** **** ** ****** *** ******* Chevrolet Silverado **** full-size ****** ** engineered ** ** *** strongest, ******** *** **** ******* Silverado ****
*****_Narrativeindd * **** *** **
******* ****** ******* **** ****** ****** *
**
** ******
****** *** * ** ***** *******
*** ****** discipline **** ** ** **** **** *** ** aggressive **** ** *** ******* ***** ****** *** ****** ** **** *** ***** ** ******* ** *** ** nameplates **** ** redesigned ** *** **** including
*** * ******** *** Chevrolet ******** Stingray, ***** *** ***** ******* ** ******* ** *** **** ***** ******** International **** **** ** ******* ** *** ******* ** ******** ********
*** *** ******** *** ****** ****** ***** *** ***** **** ***** ******** *** ** *** **** ** * distinguished ***** ** journalists *** *** ***** **** * ******** *** ***
*** *** *** ***** ****** *** ******* ***** *** ******** *** ******** *** *** **** ******** *** revitalization ** *** ***** ***** *** *** delivered ***** consecutive ***** ** ****** ****** *****
*** **** important *** ** **** **** ** *** ******* redesigned Chevrolet Silverado *** *** ****** full-size ******** ***** *** cornerstones ** *** ****** ****** ***** *** profitability ** ***** *******
***** ******* ** ***** ******** *** **** improved, including durability, capability, **** ******* *** refinement **** petitive-make ******* *** *** **-million ****** ***** **** **** **** *** *** ****** **** appealing
**** ** **** *** ******** ** *** portfolio, ** ****** * ****** ******** ** ** ****** ***** ** ***** *** ** **** ******** ****** ** ***** ** ****** ** **** *** ** *** ****** showrooms ** *** ********
*** ******** *** ***** investments *** **** ******* *** ******** ** ***** ******* ** ***** ** ***** ******* ****** EBIT-adjusted ** **** ******** ** ****** **** ******* improvement **** ****
*** **** **** ** ******** ** **** ******* ******** * **** ******* investment ** *** ******* ***** ** Argentina ** ******* **** ******* * *** ****** ***** ** Joinville, *** expansion ** *** ******** ******** ****** extensive ******** ** *** *** ****** ** *** ***** *** **** ****
*** ** **** **** *** **** **** ** ******* *** ** unprecedented **** ** *** Chevrolets, including *** *** ******* ****** **** ****** ***** Trailblazer *** *** ******* ****
*** Chevrolet **** ** ** ******** ** *** envisioned ** * *** *** *** ******* ****** ***** ** ******** ******** *** ***** ******** **** *** ******* *** ***** ******** ** **** ****** ******* *** ***** ******* ** affordability, ftionality *** ******
*** Brazilian Automotive ***** Association ***** *** **** *** ****** ** *** ******** *** ** ***** ******* *** ** **** ** ** ******* ** Chevrolet ***** ** ******
Chevrolets ******* ** ****** ******** including ******* ***** *** ***** *** **** *** best-selling non-domestic nameplate *** *** consecutive ****** ****** **** ** ****** ****** ***** ** **** *** ***** *** * ******** ***** ** *** brands footprint *** ***** **** **** **** ** ******* ** Chevrolets **** **** ****** *** ****** ******
****** **** **** ** ******* ** Chevrolets *** **** ******* *** ****** ****** *** ** *** ** *** worlds fastest-growing ***** automotive *****
******** *** **** ****** ******** *****
Todays ** leadership **** ** attacking ****** **** **** ****** intractable, including *** ******* obligations *** ******** ****** ** **** **** re-established ** ** * ****** ** automotive ****** *** technology **** ******** **** ** *** Chevrolet ***** **** ****** ******** *** *** **** *** **** *** ** **** **** **** ** ** ** ******* ******* *** ******* *** ***** *** **** ****** ******** ***** ********
** **** ******** ******* * described *** *** ******* development **** ** ******* ** ****** ******* *** ****** ******** *** ***** ** ******** *** ****** ** ******* *** powertrain architectures **** ******** *** ********
**** **** *** ** Chevrolets *** **** ******* *** ****** ******
*****_Narrativeindd * **** *** **
******* ****** ******* **** ****** ********
**** **** continues, *** ** *** **** plemented ** ******* ** *** ****** *** engineering organization **** **** flattened *** structure *** ******* **** accountability *** ******* execution, profitability *** ******** satisfaction
******* **** providing *** ******* ***** **** **** **** ******** *** insightful financial ******** **** ***** ** **** ** **** ** ***** *** profitability ** ******** ** ***** **** ** *** ****** ******* ***** **** **** ** prioritize ******* allocations *** ***** investment decisions
Ultimately, ***** ******** **** **** ** *** *** **** strategic ***** ******* development, ****** ******** *** manufacturing decisions, ***** ** **** **** **** ** ***** **** *****
******* ******* *** long-term durability *** *** ***** ***** **** ****** *** unrelenting attention, **** ****** ** *** ***** **** ** *** *****
*** ******** ** ****** *** best-ever ******* ** ** ***** *** Associates **** ******* ******* ***** ** addition, ** ** ****** **** ****** ** *** *** ***** ** ***** ******** ** *** **** ** ***** ******* Dependability ****** ***** ****** *** performance ** three-year-old ******** Chevrolet *** *** ***** *** ***** ****** ******* **** ** *** **** *** ****** *** ******
******** *** ******** ******* ***** **** long-term durability ** hardwired ** ******** retention ****** *** retention ****** profitability *** ******** ** conservatively ******** * *** percentage ***** improvement ** ** ******* ***** ** ***
****** ****** ***** ******* ***** **** ******* ** incremental ******* ** ******* **** ******** *** ***** *** ******* **** ** ******* ******* ******** satisfaction *** *******
** ******* **** ** *** ****** * **** ******** *** *** challenges *** **** *** controllable, *** ***** ****** ** incremental ******* ** ******* **** ****** ** ****** ** *** objective ** ***** *** worlds **** ******** automotive **** *** ** ** ** achievable
******** *** WORLDS **** ******** AUTOMOTIVE *******
** ******** * **** ** ***** ** perspective ** *** ** governments ******* sell-down ** *** ownership ***** ** *** ***** *** ****** ** *** *** ** **** ** ****** * ******* * ****** **** *** ** **** ** *** *** ** ****** *** **** ** ****** **** **** ** ******* ** ******* ** *** ** ***** ** repurchasing *** ******* ****** ** *** *****
** *** ***** **** *** **** ** **** **** ** *** ******** taxpayers rightfully ******** ** ** ****** *** *** ** ** ******** ** ******** *** * ****** ****** **** ** ******* **** ** *** *****
Todays ** *** ******* ** ******** ****
*** ** *** transforming *** financial ******* *** strengthening *** **** management ***** processes ***** simultaneously ******** *** ******* obligations *** ******* ******** ****
***** *** designing ******** ** *** ** *** marketplace, *** **** ***** *** ******* aggressively ******** ****** opportunities ****** *** ********
*****_Narrativeindd ** **** *** **
******* ****** ******* **** ****** ****** **
*** ** ******* *** petitiveness, ** *** restoring information technology ** * **** *******
*** ** *** designing ******** ** *** ** *** marketplace, *** **** ***** *** ******* aggressively ******** ****** opportunities ****** *** *****
*** ** *** ******** ******** relationships **** *** suppliers, ******** employees, ****** *** *** ******** ***** ** ** ********
*** ** ******* *** **** *** break-even ***** **** ** *** **** ** ******** ***** ** ******* ** ******* ** *** ******** ***** **** regardless ** *** ******** *****
**** **** ******** ***** ** *** *** customers ** *** ****** ** ***** decision, ******* ** **** **** *** **** *** ** **** ** ******** *** generations ** * ** ** **** ***** *******
*** ** *** ****** * described *** hallmarks ** ***** ****** *** prerequisites *** ** ** ******* *** overarching **** ** *** *** worlds **** ******** automotive ****
****** challenged *** ** **** ** **** **** *** ******* ***** ** *** **** *** * *** ***** ** ** ******* *** extraordinary assistance taxpayers **** ** *** ***** **** *** ******** ** ** ** **** *** *** ******* ****
******* **** ** *** ***
Sincerely,
***** *** ****
***** ******* *** brands ******** ****** fuel-efficient ***** **** *** ***** crossover ******** ******* ****** showrooms ** ******* **** *** ******* ** ******** *** ******** **** Buicks **** successful ****** ***** performance ** *** *****
*****_Narrativeindd ** **** *** **
******* ****** ******* **** ****** ********
*** ****** ATTRIBUTABLE ** ****** STOCKHOLDERS (MILLIONS)
******** *** ***** ***** *******
*****
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****** ******** * ******** ******* ** ***** ******* **** ******** ** ****** ** ** ****** ****** ** *** *** **** *** ** ***** **** reinvestment ** dividends
$*,*******
********
* * * * * * * * * * * * * * * * * * * * * * * * * *** millions, ****** *** ***** * ****** **** ****
******* ****** INCLUDING ***** ******** * ******** ******
**** ***** *****
*** ***** *****
**** ***** *****
**** ***** *****
FINANCIAL *******
******** ****** ******** *** *** ***** * Adjusted* * ***** * *****
*** *** Attributable ** ****** Stockholders * ***** * *****
******* ******** *** ***** * *** * ***
AUTOMOTIVE LIQUIDITY * *** OBLIGATIONS
****** Facilities ***** ******
*** Automotive Obligations
**** * ***** * *****
***** *** Automotive Obligations * ****** * ******
******** AUTOMOTIVE **** **** ****
Operating **** **** * ***** * *****
******* Expenditures ******* *******
Adjustments *** Voluntary Management ******* ***** *****
******** Automotive **** **** **** * ***** * *****
EMPLOYMENT * **** *** (***S)
**** ** ***
*** ** **
**** ** **
**** ** **
*Includes ** Financial ** ** ******** ****** *** ***** *****
******* ****** ******* **** ****** ********
*****_Narrativeindd ** **** *** **
******* ****** ******* **** ****** ****** **
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *** acpanying ****** ** Stockholders ******** ******** ****** ******** *** ***** ******** *** ******* ***** (EBIT-adjusted) *** ******** automotive **** **** **** ***** *** *** ******** ** accordance **** Accounting Principles Generally ******** ** *** ****** ****** ** ******* *** ***** *** **** *** **** ******* ** ******** ** ****** independent ******** EBIT-adjusted *** ******** automotive **** **** **** *** considered ******** *****
Management ******** ***** ******** ***** ******* meaningful supplemental information regarding ****** operating ******* *** liquidity ******* **** ******* ******* **** management **** *** ******** **** assessing *** ****** operational *** financial performance Management ******** ***** ***** ***** ** ** ******* **** operating ******* ******* analytical ******** *** benchmark performance ******* ******* *** ***** geographic ******* ** ******** ***** ******** ***** *** ****** ** ******** *** ******* transparency ** ****** **** operations *** **** *** therefore **** ** management ** *** financial *** operational decision-making
***** management ******** **** ***** ******** ***** ******* ****** information, **** *** *** operating ***** ***** ** ***** *** ***** *** limitations associated **** ***** *** ****** calculation ** ***** ******** ***** *** *** ** ******* ******* ** similarly ****** ***** ** ***** ****** *** ** potential differences ******* ****** ** ***** ****** ** calculation ** * ******* *** *** ** ***** ******** ***** *** limitations *** ****** *** ** considered ** isolation ***** ** ** * substitute **** ***** ***** **** ** *** *** ** *** *** attributable ** *** stockholders *** ** ***** limitations, ***** ******** ***** *** **** ** * supplement ** ** **** *****
*** following ***** summarizes *** reconciliation ** EBIT-adjusted ** *** **** ******* ** **** **** ******** ** millions)
**** ****
Operating ********
EBIT-adjusted(b) ***** *****
**** ** extinguishment ** **** * ***
*** *** ******* ***** ********
*** *** attributable ** stockholders ****** ******
*** ******** *** *** ***** *** ******** centrally ** Corporate *** therefore *** *** reconciling ***** *** ****** automotive operating ******** ******* EBIT-adjusted *** *** *** ****** attributable ** stockholders
***** Financial ******* represent *** ****** *** *****
*** following summarizes *** adjustments *** voluntary management ******* *** ******** automotive **** **** **** ** *** **** ***** ******** *** **** Adjustments *** voluntary management ******* ******** *** following *** ******** ** ******** receivable ** *** ******* resulting **** *** termination ** ** in-transit wholesale ******* agreement; *** *** Contribution ** ******** ****** **** ***** ** *** *******
** *** **** ***** ******** *** ***** adjustments *** voluntary management ******* *** ******** automotive **** **** **** ******** *** following *** Voluntary contributions ** * ******* **** ** *** ******** *** *** *** ******* **** ** ******** *** *** ***** **** *** ****** ****** ***** ** *** *******
*** following summarizes *** ******* ***** *** EBIT-adjusted ** *** **** ***** ******** *** **** ******* ***** ******** *** following *** **** ** *** ******* ** **** ** *** **** ** ****** ***** * Membership Interests ** ****** Automotive **** *** ******** impairment ******* ** *** ******* ** *** *** **** ******* ** ***** *** **** ** **** ******* ** **** ******* ** ******** ****** **** ***** settlement; *** Impairment ******* ** **** ******* ** Corporate ******* ** ****** investments ** **** Financial, *** *** ****** *** **** ** **** ******* ** Corporate ******* ** *** **** ** **** ** *** **** Financial, *** prefe