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General Motors Company Message Board

  • the_moolah_mullah the_moolah_mullah Feb 18, 2013 11:21 PM Flag

    GMNA: 16.6% market share in 4Q12, according to their presentation (slide #14)

    And that is with the highest incentives of the entire year coming in December (slide #13).
    There's also a $13.1B US pension underfunded status (slide #24)
    Lost another tenth of a point in global market share in 2012 (11.6 dropped to 11.5%)
    Equity Income from non-controlling interests was only $0.2B (that would be your Chinese JVs, boys!) (Slide #S3)
    Consumer Finance Delinquencies ( 30 days)rose from 7.2% in 4q11 to 8.2% in 4Q12 (Slide #S7)
    I'd say you guys are pretty much in big trouble.

    /mm

    mediaDOTgmDOTcom/content/dam/Media/gmcom/investor/2013/q4/GM-2012-Q4-Chart-Set.pdf

    Sentiment: Strong Sell

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    • So they got Japna to Manipulate the YEN for them. A 20% drop since Nov.
      Moody's said in a statement that the ratings cut reflected Toyota's low level of profitability, which it expected to continue until at least 2012.

      "Its product quality and recall challenges -- largely centered in the U.S. -- have created significant uncertainty over whether it can maintain the pricing power it has historically achieved over its rivals," Moody's Senior Analyst Tadashi Usui said.

      In another blow, Toyota's position in the Forbes ranking of the world's leading companies released on April 21 nosedived to 360th from third last year.

    • "... Equity Income from non-controlling interests was only $0.2B (that would be your Chinese JVs, boys!) (Slide #S3) ..."

      Mullah girl, don't get too excited .... To give you a hint, ~$200 million is the amount of equity income that GM makes from the China JV's in about 1 1/2 months.

      Please correct yourself ASAP ... I REALLY want YOU to spell out the CORRECT number. Thx in advance.

    • "... There's also a $13.1B US pension underfunded status (slide #24) ..."

      Micky mullah, thanks for noting this. Pensions, besides Opel, were the main reason why GM dropped below $20. In June, GM announced the pension buyout plan, which reduced pension obligations by close to ~$30 Billion. That was the main reason why the PPS went up from $20 to $25 (prior to the UST share buyback, which pushed us above the $28). Now, the pensions are much more manageable.

      It's all good.

    • "... Lost another tenth of a point in global market share in 2012 (11.6 dropped to 11.5%) ..."

      Spiny Mullah, I sure hope you'll report on every 1/10 of a percent when GM increases it's global market share after it releases it's new fleet of vehicles ... it will take a few months of lower market share and margins, but GM's new vehicles will almost certainly generate much more moolah for Warren Buffet ... well, and for me too ... but not for you . Too bad..

    • "... Consumer Finance Delinquencies ( 30 days)rose from 7.2% in 4q11 to 8.2% in 4Q12 (Slide #S7) ..."

      Myth maker, don't you worry about that item too much.

      The Annualized Net Credit Losses as % of Avg. Receivables are the same as in Q4/2011 and improved by 2.2% relative to Q4/2010.

      Q4/2010 ... 5.5%
      Q4/2011 ... 3.3%
      Q4/2012 ... 3.3%

      So, it's all good.

      I hope, that answers the last of your concerns.

      (And please don't forget to come back to the board with the correct number for the China JV's equity income + non-controlling interests.)

    • "Equity Income from non-controlling interests was only $0.2B (that would be your Chinese JVs, boys!) (Slide #S3)"

      Once again, only part of the story. The Chinese JVs had net income of $3.2 billion on sales of $36.3 billion (8.8% margin). If you care to you can verify this by looking on page 108 of the 10K recently filed.

      If I were going to try to influence the less sophisticated of this board, like some do, I would leave it at that. However, wanting to be balanced, I will tell you that GM receives only their equity share of these profits which amounts to slightly more than $1.5 billion (page 106 of the 10K). As you probably know, GM's equity share in these JVs range from 25-50% resulting in a carrying amount of investment of $6.6 billion. So, $1.5B/$6.6B = 22.7% return on equity not including the $200 million equity income. Not bad.

      THAT is the whole story.

 
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