3. US Auto Sales
• Auto sales approached levels last seen in 1981
Source: Bloomberg 3
4. Detroit 3 Market Shares
• Detroit 3 share fell from 75% in 1985 to 50% in 2008
Source: Glenn Mercer Presentation “The Automotive Crisis” dtd Sept-09 4
11. Financial Restructuring
Key Income Statement Items
$ in billions
YE 2008 YE 2010 Change
Revenues 149.0 135.6 -13.4
COGS 149.3 118.8
SG&A 14.3 11.4
Other 12.7 -2.1
EBIT -27.3 7.5 34.8
Margin -18.3% 5.5%
Net Income -30.9 4.7 35.6
11
12. Financial Restructuring
Key Balance Sheet Items
$ in billions
YE 2008 YE 2010 Change
Cash 14.2 26.6
Debt 45.9 4.6
Preferreds - 6.9
Net Debt 31.7 -15.1 -46.8
Pensions/OPEB 55.7 32.8 -23.0
Net Debt + Pensions/OPEB 87.4 17.6 -69.8
12
13. Valuation Multiples
P/E Auto TEV / EBITDAP
2013E 2014E 2013E 2014E
GM 7.9 x 6.3 x 2.4 x 2.1 x
Ford 9.3 x 7.8 x 3.8 x 3.4 x
S&P 13.7 x 12.3 x
Note: Auto TEV excludes joint ventures, finance company stakes and present value of NOLs, but includes underfunded 13
pension and OPEB liabilities
14. GM’s Performance
$ in billions
2010A 2012E Change
Operational
US SAAR (mm) 11.6 14.4 2.8
GM Market Share 19.1% 18.0% -1.1 pts
GM US Units (mm) 2.2 2.6 0.4
GMNA Price / Car ($) 29,583 28,458 -1,125
Financial
GMNA Revenues 83.1 92.1 9.0
GMNA Auto EBITDAP 8.9 9.8 0.9
Margin 10.7% 10.6%
Source: Deutsche Bank 2012 estimates 14