The document provides preliminary third quarter 2008 results for GMAC. Key points include:
- GMAC reported a consolidated loss of $2.5 billion for Q3 2008, driven by losses at ResCap from credit issues and weak housing markets. Insurance operations remained profitable.
- Auto finance saw higher provisions and weak economies negatively impact results in North America, while Canadian operations faced additional lease impairments.
- ResCap recorded $1.9 billion in losses for the quarter from loan loss provisions and losses on investment securities.
- GMAC ended the quarter with $13.5 billion in cash and cash equivalents.
gmac Robert Hull, GMAC Chief Financial Officer GMAC LLC 2008 First Quarter Fi...finance8
The document provides preliminary results for GMAC's second quarter of 2008. Key points include:
- GMAC reported a consolidated loss of $2.5 billion compared to a $293 million profit in Q2 2007, driven by losses in North America Auto Finance and ResCap.
- North America Auto Finance was negatively impacted by a slowdown in vehicle sales and deterioration in used truck and SUV prices, recording an impairment of $716 million on its operating lease portfolio.
- ResCap results were hurt by losses on asset dispositions and valuation adjustments.
- GMAC ended the quarter with $14.3 billion in cash and cash equivalents.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services 2...finance8
- GMAC reported a preliminary Q3 2007 loss of $1.6 billion compared to a loss of $173 million in Q3 2006. The loss was driven by disappointing results at ResCap including a $455 million goodwill impairment.
- Excluding ResCap, GMAC's Q3 operating income was $665 million, 51% above Q3 2006. However, ResCap reported a loss of $1.806 billion for the quarter.
- Results at ResCap reflect unprecedented disruptions in global capital markets, leading ResCap to implement a significant restructuring of its mortgage operations.
Standard Chartered PLC reported strong financial results for 2004, with profit before tax rising 39% to $2.158 billion. Both the Consumer Banking and Wholesale Banking businesses achieved over $1 billion in operating profit for the first time. The Chairman was pleased with the results and strategic progress, including several acquisitions that will enable the Group to expand. The Group Chief Executive reviewed the company's strategic focus and priorities for 2005, which include expanding consumer banking segments, continuing the transformation of wholesale banking, and integrating recent acquisitions.
This document discusses General Motors' use of non-GAAP financial measures in its earnings releases and analyst presentations. It provides definitions for four non-GAAP measures - adjusted net income, adjusted earnings before tax, managerial cash flow, and GM North America vehicle revenue per unit. It also lists adjustments made to arrive at these non-GAAP figures from the reported GAAP measures. Management believes the non-GAAP measures provide useful supplemental information for assessing performance and making operational and investment decisions.
gmac Robert Hull, GMAC Chief Financial Officer 2007 Fourth Quarter and Full-Y...finance8
The document provides preliminary earnings results for GMAC for Q4 2007 and full year 2007. Key points include:
- Q4 2007 loss of $724 million compared to earnings of $1.016 billion in Q4 2006, driven largely by losses at ResCap.
- Full year 2007 loss of $2.3 billion compared to earnings of $2.125 billion in 2006, also mainly due to ResCap losses.
- GMAC ended 2007 with $22.7 billion in cash and certain marketable securities.
This document is Lincoln Financial Group's statistical report for the first quarter of 2008. It provides financial highlights and details for Lincoln's individual and employer markets segments, as well as investment management, Lincoln UK, and other operations. The report includes income statements, balance sheets, account value roll forwards, assets under management, and other key metrics. This revised report solely corrects a line item for variable annuity expenses and makes no other changes to the financial information presented.
Eric Feldstein, CEO of GMAC LLC - Sale of Majority Interest in GMAC - Investo...finance8
David Walker of GMAC presented a business update on January 19, 2007. GMAC aims to transform into an independent global financial services company following its separation from GM control in 2006. Key strategic priorities include strengthening GMAC's capital base, reducing borrowing costs, expanding operating margins, and increasing net income through initiatives focused on funding, capital, and operations. GMAC maintains significant liquidity protection and plans to diversify its business beyond GM while growing profitable operations internationally and fee-based services.
This document is a statistical report from Lincoln Financial Group for the second quarter of 2008. It includes:
- Financial highlights showing income from operations by segment, with total income from operations of $341.8 million, down 8% from the second quarter of 2007.
- Consolidated statements of income and balance sheets for the periods.
- Segment data including income statements, account value roll forwards, sales and other operational metrics for Individual Markets (Life Insurance and Annuities), Employer Markets (Defined Contribution, Executive Benefits, Group Protection), Investment Management, Lincoln UK, and Other Operations.
- Tables of contents, analyst coverage, and explanatory notes on definitions and accounting treatments.
gmac Robert Hull, GMAC Chief Financial Officer GMAC LLC 2008 First Quarter Fi...finance8
The document provides preliminary results for GMAC's second quarter of 2008. Key points include:
- GMAC reported a consolidated loss of $2.5 billion compared to a $293 million profit in Q2 2007, driven by losses in North America Auto Finance and ResCap.
- North America Auto Finance was negatively impacted by a slowdown in vehicle sales and deterioration in used truck and SUV prices, recording an impairment of $716 million on its operating lease portfolio.
- ResCap results were hurt by losses on asset dispositions and valuation adjustments.
- GMAC ended the quarter with $14.3 billion in cash and cash equivalents.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services 2...finance8
- GMAC reported a preliminary Q3 2007 loss of $1.6 billion compared to a loss of $173 million in Q3 2006. The loss was driven by disappointing results at ResCap including a $455 million goodwill impairment.
- Excluding ResCap, GMAC's Q3 operating income was $665 million, 51% above Q3 2006. However, ResCap reported a loss of $1.806 billion for the quarter.
- Results at ResCap reflect unprecedented disruptions in global capital markets, leading ResCap to implement a significant restructuring of its mortgage operations.
Standard Chartered PLC reported strong financial results for 2004, with profit before tax rising 39% to $2.158 billion. Both the Consumer Banking and Wholesale Banking businesses achieved over $1 billion in operating profit for the first time. The Chairman was pleased with the results and strategic progress, including several acquisitions that will enable the Group to expand. The Group Chief Executive reviewed the company's strategic focus and priorities for 2005, which include expanding consumer banking segments, continuing the transformation of wholesale banking, and integrating recent acquisitions.
This document discusses General Motors' use of non-GAAP financial measures in its earnings releases and analyst presentations. It provides definitions for four non-GAAP measures - adjusted net income, adjusted earnings before tax, managerial cash flow, and GM North America vehicle revenue per unit. It also lists adjustments made to arrive at these non-GAAP figures from the reported GAAP measures. Management believes the non-GAAP measures provide useful supplemental information for assessing performance and making operational and investment decisions.
gmac Robert Hull, GMAC Chief Financial Officer 2007 Fourth Quarter and Full-Y...finance8
The document provides preliminary earnings results for GMAC for Q4 2007 and full year 2007. Key points include:
- Q4 2007 loss of $724 million compared to earnings of $1.016 billion in Q4 2006, driven largely by losses at ResCap.
- Full year 2007 loss of $2.3 billion compared to earnings of $2.125 billion in 2006, also mainly due to ResCap losses.
- GMAC ended 2007 with $22.7 billion in cash and certain marketable securities.
This document is Lincoln Financial Group's statistical report for the first quarter of 2008. It provides financial highlights and details for Lincoln's individual and employer markets segments, as well as investment management, Lincoln UK, and other operations. The report includes income statements, balance sheets, account value roll forwards, assets under management, and other key metrics. This revised report solely corrects a line item for variable annuity expenses and makes no other changes to the financial information presented.
Eric Feldstein, CEO of GMAC LLC - Sale of Majority Interest in GMAC - Investo...finance8
David Walker of GMAC presented a business update on January 19, 2007. GMAC aims to transform into an independent global financial services company following its separation from GM control in 2006. Key strategic priorities include strengthening GMAC's capital base, reducing borrowing costs, expanding operating margins, and increasing net income through initiatives focused on funding, capital, and operations. GMAC maintains significant liquidity protection and plans to diversify its business beyond GM while growing profitable operations internationally and fee-based services.
This document is a statistical report from Lincoln Financial Group for the second quarter of 2008. It includes:
- Financial highlights showing income from operations by segment, with total income from operations of $341.8 million, down 8% from the second quarter of 2007.
- Consolidated statements of income and balance sheets for the periods.
- Segment data including income statements, account value roll forwards, sales and other operational metrics for Individual Markets (Life Insurance and Annuities), Employer Markets (Defined Contribution, Executive Benefits, Group Protection), Investment Management, Lincoln UK, and Other Operations.
- Tables of contents, analyst coverage, and explanatory notes on definitions and accounting treatments.
Lincoln Financial Group released its fourth quarter 2008 financial report. Key highlights include:
- The Retirement Solutions segment lost $172.8 million compared to income of $162 million in Q4 2007, largely due to unfavorable impacts from equity market performance.
- The Insurance Solutions segment earned $100.9 million, down 49.2% from $198.8 million in Q4 2007. Income from life insurance was $82.5 million, down 51.6% from the prior year.
- Investment Management lost $4.3 million compared to income of $27 million in Q4 2007.
- Lincoln UK earned $9.4 million compared to $12.7 million
energy future holindings Q3_08_Investor_Call_Deck_FINALfinance29
This document summarizes key points from an investor call held by EFH Corp. on November 6, 2008. It discusses EFH Corp.'s financial results for Q3 2008 compared to Q3 2007, including adjusted operating earnings, interest expense, and purchase accounting adjustments. It also provides an overview of operational results for Oncor, TXU Energy, and Luminant in Q3 2008, including impacts from Hurricane Ike and progress on new generation projects. The document concludes with an appendix including Regulation G reconciliations.
Bank Of America Fourth Quarter 2008 Resultsearningsreport
Bank of America reported a loss of $1.8 billion for the fourth quarter of 2008. The results were negatively impacted by $4.6 billion in capital markets dislocation charges and a $8.5 billion provision for credit losses, which included a $3 billion increase in loan loss reserves. Despite the loss, pre-provision profits were up in most primary businesses from the third quarter of 2008. Total average deposits grew by $34.3 billion since the prior quarter. The company also raised capital through a common equity offering and funds from the Troubled Asset Relief Program.
The document is a financial report from Lincoln Financial Group for the third quarter of 2008. It provides key financial highlights including income from operations by business segment. Total income from operations was $315.8 million for the quarter, down 13.6% from the prior year. After excluding realized losses and other items, net income was $148.4 million, a decrease of 55% from the previous year.
The document is Credit Suisse's condensed consolidated financial statements for the 4th quarter of 2007. It has been revised to reflect a CHF 2.86 billion valuation reduction in certain ABS positions identified by an internal review. This resulted in a CHF 1,177 million reduction to net revenues and CHF 789 million reduction to net income for 4Q07 and full year 2007. The financial statements include consolidated statements of income, balance sheets, changes in shareholders' equity, and notes providing details on accounting policies, business developments, segments, and other financial information.
This document is Lincoln Financial Group's Statistical Report for the second quarter of 2007. It provides financial highlights and operating results for Lincoln and its business segments. Some key details include:
- Total income from operations for the quarter was $386.7 million, up 10% from the prior year. Net income was $376 million, a 7.7% increase.
- Individual Life Insurance income from operations was $176.4 million, up 19.9% from 2006. Individual Annuities income rose 46.2% to $130.1 million.
- Total operating revenue increased 9.5% to $2.737 billion for the quarter compared to $2.500 billion in 2006.
This document is Lincoln Financial Group's statistical report for the fourth quarter of 2007. It provides financial highlights and key metrics for Lincoln's individual and employer markets segments, investment management business, and international operations in the UK. The report includes income statements, balance sheets, sales and account value data to analyze Lincoln's financial performance.
This Lincoln Financial Group statistical report provides financial data for the third quarter of 2007. Some key highlights include:
- Total income from operations was $352.9 million for the quarter, down 4.9% from the prior year. For the nine months, income from operations was $1.118 billion, up 18.5% year-over-year.
- Individual life insurance income increased 41.4% for the quarter and 52.4% for the nine months compared to 2006.
- Operating revenue increased 11% for individual markets and 6.3% for employer markets for the quarter compared to the prior year.
- Earnings per share (diluted) were $1.21
This document is Lincoln Financial Group's statistical report for the first quarter of 2007. Some key highlights include:
- Income from operations was $379.1 million, up 71.2% from $221.4 million in the first quarter of 2006.
- Individual Life Insurance income from operations was $166.6 million, up 141.4% from $69 million in the prior year.
- Gross deposits for Individual Annuities were $2.821 billion, up 32.1% from $2.136 billion in the first quarter of 2006.
- Assets under management for Investment Management were $98.146 billion, up 13.7% from $86.327 billion at March 31,
PACCAR is a diversified, multinational company that manufactures heavy-duty trucks under brands like Kenworth, Peterbilt, DAF, and Foden. It competes in both the North American and European truck markets, and also provides financing and parts. In 2003, PACCAR achieved record profits and revenues due to strong product quality, geographic diversity, and innovative use of technology. It continues investing in new products, manufacturing improvements, and information systems to support its business and customers.
The financial data in this document is from August 8, 2006 and has not been updated since. It provides key financial highlights and operating results for Lincoln Financial Group for the second quarter and first half of 2006. Some of the key figures include total income from operations of $351 million for Q2 2006 and $573 million for the first half of 2006. Earnings per share (diluted) were $1.23 for Q2 2006 and $2.47 for the first half of 2006. Total operating revenue was $2.5 billion for Q2 2006 and $3.9 billion for the first half of 2006.
Hutchison Whampoa reported a 12% rise in net profit to HK$14.17 billion in 2009, despite a 14% drop in revenue to HK$300.55 billion. Gains from property and asset sales offset losses in its energy and 3G businesses. While losses in 3G operations fell 67%, the division is still dragging on earnings. However, results from property completions and asset sales boosted profits.
Capital Product Partners Fourth Quarter 2008 Earningsearningsreport
Capital Product Partners L.P. reported strong fourth quarter 2008 results with net income of $14.3 million and operating surplus of $17.4 million. They announced a non-recurring exceptional cash distribution of $1.05 per unit, returning profit sharing revenues earned in 2008. Despite a weak shipping market outlook, the company has long-term contracts with reputable counterparties and adequate financial reserves to weather uncertain market conditions.
El Paso Corporation reported second quarter 2006 diluted EPS from continuing operations of $0.21, which included a $0.02 gain from production hedges. The company achieved $487 million in EBIT and $1.4 billion in cash flow from operations. El Paso reduced gross debt by $3 billion through July 2006 through strong cash flow and asset sales, bringing net debt down to $14.45 billion. The company made continued progress on legacy legal issues while pipelines, exploration and production, and other businesses performed well during the quarter.
John Hopper, Vice President and Treasurer of Merrill Lynch, presented at the Leveraged Finance Conference on November 14, 2006. The presentation focused on El Paso Corporation's strong financial results in the third quarter of 2006, significant progress on legacy issues, continued debt reduction, growth in the pipeline business, drilling success in exploration and production, and risk management strategies. El Paso aims to provide natural gas and related energy products in a safe, efficient, and dependable manner.
La Humildad Mas El 7 Por Ciento Alfred ClotiMireia Buchaca
El documento presenta tres historias cortas sobre la humildad. La primera historia habla sobre una conversación entre un padre y su hijo acerca de saber si una carreta está vacía por el ruido que hace. La segunda historia se refiere a personas que hablan demasiado y presumen de sí mismos como carretas vacías ruidosas. La tercera historia es una alegoría sobre el cielo y el infierno que representan compartir con otros versus ser egoísta. El mensaje general es que la verdadera humildad consiste en pensar en los dem
Este documento ofrece 20 consejos para vivir con una filosofía canina, como nunca perder la oportunidad de salir a pasear, jugar diariamente, mostrar alegría al ver a seres queridos, comer con gusto pero sin excesos, y encontrar placer en las pequeñas cosas como paseos o caricias.
Este documento describe el río Chícamo, un tramo fluvial con sistemas de ramblas y humedales asociados en la región de Murcia, España. El río Chícamo es conocido por los amantes de la naturaleza debido a su gran interés geológico, botánico y faunístico. Los sedimentos que se encuentran datan de hace más de 200 millones de años y fueron depositados en grandes lagunas salobres donde desembocaban ríos periódicamente invadidas por aguas marinas, bajo un cl
This document provides an overview of different e-learning methods and tools that can be used as part of a blended learning approach, including learning portals, peer discussions, mentoring, simulations, virtual classes, computer-based training, web-based training, physical classes, broadcasts, and self-paced learning. It encourages combining various online and in-person methods to create a blended e-learning journey for students.
15a sessió web: ¿Las personas debemos tener identidad digital? Cómo construirlagencat .
15a sessió web. 'Les persones hem de tenir identitat digital? Com construir-la' per Juan Freire, que va tenir lloc al Centre d'Estudis Jurídics i Formació Especialitzada el dia 18 de febrer de 2009
Lincoln Financial Group released its fourth quarter 2008 financial report. Key highlights include:
- The Retirement Solutions segment lost $172.8 million compared to income of $162 million in Q4 2007, largely due to unfavorable impacts from equity market performance.
- The Insurance Solutions segment earned $100.9 million, down 49.2% from $198.8 million in Q4 2007. Income from life insurance was $82.5 million, down 51.6% from the prior year.
- Investment Management lost $4.3 million compared to income of $27 million in Q4 2007.
- Lincoln UK earned $9.4 million compared to $12.7 million
energy future holindings Q3_08_Investor_Call_Deck_FINALfinance29
This document summarizes key points from an investor call held by EFH Corp. on November 6, 2008. It discusses EFH Corp.'s financial results for Q3 2008 compared to Q3 2007, including adjusted operating earnings, interest expense, and purchase accounting adjustments. It also provides an overview of operational results for Oncor, TXU Energy, and Luminant in Q3 2008, including impacts from Hurricane Ike and progress on new generation projects. The document concludes with an appendix including Regulation G reconciliations.
Bank Of America Fourth Quarter 2008 Resultsearningsreport
Bank of America reported a loss of $1.8 billion for the fourth quarter of 2008. The results were negatively impacted by $4.6 billion in capital markets dislocation charges and a $8.5 billion provision for credit losses, which included a $3 billion increase in loan loss reserves. Despite the loss, pre-provision profits were up in most primary businesses from the third quarter of 2008. Total average deposits grew by $34.3 billion since the prior quarter. The company also raised capital through a common equity offering and funds from the Troubled Asset Relief Program.
The document is a financial report from Lincoln Financial Group for the third quarter of 2008. It provides key financial highlights including income from operations by business segment. Total income from operations was $315.8 million for the quarter, down 13.6% from the prior year. After excluding realized losses and other items, net income was $148.4 million, a decrease of 55% from the previous year.
The document is Credit Suisse's condensed consolidated financial statements for the 4th quarter of 2007. It has been revised to reflect a CHF 2.86 billion valuation reduction in certain ABS positions identified by an internal review. This resulted in a CHF 1,177 million reduction to net revenues and CHF 789 million reduction to net income for 4Q07 and full year 2007. The financial statements include consolidated statements of income, balance sheets, changes in shareholders' equity, and notes providing details on accounting policies, business developments, segments, and other financial information.
This document is Lincoln Financial Group's Statistical Report for the second quarter of 2007. It provides financial highlights and operating results for Lincoln and its business segments. Some key details include:
- Total income from operations for the quarter was $386.7 million, up 10% from the prior year. Net income was $376 million, a 7.7% increase.
- Individual Life Insurance income from operations was $176.4 million, up 19.9% from 2006. Individual Annuities income rose 46.2% to $130.1 million.
- Total operating revenue increased 9.5% to $2.737 billion for the quarter compared to $2.500 billion in 2006.
This document is Lincoln Financial Group's statistical report for the fourth quarter of 2007. It provides financial highlights and key metrics for Lincoln's individual and employer markets segments, investment management business, and international operations in the UK. The report includes income statements, balance sheets, sales and account value data to analyze Lincoln's financial performance.
This Lincoln Financial Group statistical report provides financial data for the third quarter of 2007. Some key highlights include:
- Total income from operations was $352.9 million for the quarter, down 4.9% from the prior year. For the nine months, income from operations was $1.118 billion, up 18.5% year-over-year.
- Individual life insurance income increased 41.4% for the quarter and 52.4% for the nine months compared to 2006.
- Operating revenue increased 11% for individual markets and 6.3% for employer markets for the quarter compared to the prior year.
- Earnings per share (diluted) were $1.21
This document is Lincoln Financial Group's statistical report for the first quarter of 2007. Some key highlights include:
- Income from operations was $379.1 million, up 71.2% from $221.4 million in the first quarter of 2006.
- Individual Life Insurance income from operations was $166.6 million, up 141.4% from $69 million in the prior year.
- Gross deposits for Individual Annuities were $2.821 billion, up 32.1% from $2.136 billion in the first quarter of 2006.
- Assets under management for Investment Management were $98.146 billion, up 13.7% from $86.327 billion at March 31,
PACCAR is a diversified, multinational company that manufactures heavy-duty trucks under brands like Kenworth, Peterbilt, DAF, and Foden. It competes in both the North American and European truck markets, and also provides financing and parts. In 2003, PACCAR achieved record profits and revenues due to strong product quality, geographic diversity, and innovative use of technology. It continues investing in new products, manufacturing improvements, and information systems to support its business and customers.
The financial data in this document is from August 8, 2006 and has not been updated since. It provides key financial highlights and operating results for Lincoln Financial Group for the second quarter and first half of 2006. Some of the key figures include total income from operations of $351 million for Q2 2006 and $573 million for the first half of 2006. Earnings per share (diluted) were $1.23 for Q2 2006 and $2.47 for the first half of 2006. Total operating revenue was $2.5 billion for Q2 2006 and $3.9 billion for the first half of 2006.
Hutchison Whampoa reported a 12% rise in net profit to HK$14.17 billion in 2009, despite a 14% drop in revenue to HK$300.55 billion. Gains from property and asset sales offset losses in its energy and 3G businesses. While losses in 3G operations fell 67%, the division is still dragging on earnings. However, results from property completions and asset sales boosted profits.
Capital Product Partners Fourth Quarter 2008 Earningsearningsreport
Capital Product Partners L.P. reported strong fourth quarter 2008 results with net income of $14.3 million and operating surplus of $17.4 million. They announced a non-recurring exceptional cash distribution of $1.05 per unit, returning profit sharing revenues earned in 2008. Despite a weak shipping market outlook, the company has long-term contracts with reputable counterparties and adequate financial reserves to weather uncertain market conditions.
El Paso Corporation reported second quarter 2006 diluted EPS from continuing operations of $0.21, which included a $0.02 gain from production hedges. The company achieved $487 million in EBIT and $1.4 billion in cash flow from operations. El Paso reduced gross debt by $3 billion through July 2006 through strong cash flow and asset sales, bringing net debt down to $14.45 billion. The company made continued progress on legacy legal issues while pipelines, exploration and production, and other businesses performed well during the quarter.
John Hopper, Vice President and Treasurer of Merrill Lynch, presented at the Leveraged Finance Conference on November 14, 2006. The presentation focused on El Paso Corporation's strong financial results in the third quarter of 2006, significant progress on legacy issues, continued debt reduction, growth in the pipeline business, drilling success in exploration and production, and risk management strategies. El Paso aims to provide natural gas and related energy products in a safe, efficient, and dependable manner.
La Humildad Mas El 7 Por Ciento Alfred ClotiMireia Buchaca
El documento presenta tres historias cortas sobre la humildad. La primera historia habla sobre una conversación entre un padre y su hijo acerca de saber si una carreta está vacía por el ruido que hace. La segunda historia se refiere a personas que hablan demasiado y presumen de sí mismos como carretas vacías ruidosas. La tercera historia es una alegoría sobre el cielo y el infierno que representan compartir con otros versus ser egoísta. El mensaje general es que la verdadera humildad consiste en pensar en los dem
Este documento ofrece 20 consejos para vivir con una filosofía canina, como nunca perder la oportunidad de salir a pasear, jugar diariamente, mostrar alegría al ver a seres queridos, comer con gusto pero sin excesos, y encontrar placer en las pequeñas cosas como paseos o caricias.
Este documento describe el río Chícamo, un tramo fluvial con sistemas de ramblas y humedales asociados en la región de Murcia, España. El río Chícamo es conocido por los amantes de la naturaleza debido a su gran interés geológico, botánico y faunístico. Los sedimentos que se encuentran datan de hace más de 200 millones de años y fueron depositados en grandes lagunas salobres donde desembocaban ríos periódicamente invadidas por aguas marinas, bajo un cl
This document provides an overview of different e-learning methods and tools that can be used as part of a blended learning approach, including learning portals, peer discussions, mentoring, simulations, virtual classes, computer-based training, web-based training, physical classes, broadcasts, and self-paced learning. It encourages combining various online and in-person methods to create a blended e-learning journey for students.
15a sessió web: ¿Las personas debemos tener identidad digital? Cómo construirlagencat .
15a sessió web. 'Les persones hem de tenir identitat digital? Com construir-la' per Juan Freire, que va tenir lloc al Centre d'Estudis Jurídics i Formació Especialitzada el dia 18 de febrer de 2009
This one sentence document does not provide enough information to generate a meaningful 3 sentence summary. The document consists of a title "MY RACING BIKES" followed by blank lines and "THANK U..." without any other details.
The document discusses the benefits of exercise for mental health. It states that regular exercise can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help alleviate symptoms of mental illnesses.
Enfermedad Inflamatoria de Intestino ¿Como Diagnosticarla? - www.grupodeapoyo...Grupo De Apoyo EII
Enfermedad Inflamatoria de Intestino ¿Como Diagnosticarla?
Forma parte del taller del Grupo De Apoyo De Enfermedades Inflamatorias Del Intestino. Para mas informacion visita: www.grupodeapoyoeii.org
El documento habla sobre los carnavales de Gualeguaychú, una importante ciudad en Entre Ríos, Argentina. Explica que el carnaval de Gualeguaychú es el evento al aire libre más importante del verano en el país, realizado en un gran escenario donde decenas de miles de personas ven pasar las comparsas. También menciona que el espectáculo se lleva a cabo en el primer corsódromo de Argentina, con capacidad para 40.000 personas, y que el carnaval tiene influencias de Brasil y Uruguay pero m
Un campesino chino sabio trabajaba la tierra con su hijo. Cuando su caballo se perdió, el padre dijo que verían lo que traía el tiempo, y el caballo regresó con una yegua. Luego, cuando el hijo se quebró la pierna montando al nuevo caballo, el padre otra vez dijo que verían lo que traía el tiempo, y soldados que reclutaban para la guerra dejaron al hijo por su lesión. El hijo entendió que no se debe juzgar como bueno o malo hasta ver lo que trae el tiempo
- Alcoa reported income from continuing operations of $546 million or $0.66 per share for Q2 2008, an 80% increase over Q1 2008. Revenues increased 3% to $7.6 billion.
- Input costs continued to climb across the industry, with increases in caustic soda, calcined coke, fuel oil, and other materials. However, Alcoa saw double digit profit increases across all operating segments sequentially.
- Cash from operations exceeded $1 billion. The company repurchased $175 million in shares, reaching 10% of shares outstanding under the repurchase program. Global aluminum demand is expected to increase 7.9% in 2008 despite weakness in the US market.
This document provides an analysis of the short story "Brer Possum's Dilemma". It summarizes the story as being about a kind possum who tries to help an evil snake that is trapped under a brick. However, the snake intends to bite the possum. The analysis then examines various elements of the story such as the characters being round but not flat, the possum learning a lesson while the snake does not change, and there being an internal conflict between the snake and possum.
INFORMACION DE EDUCACION DE LA GLOBALIZACIONmariodavalos
Este documento analiza los desafíos que plantea la globalización para la educación. Señala que la globalización ha traído consecuencias negativas como la homogeneización cultural, la exclusión social y la pérdida de identidad nacional, pero también ofrece oportunidades como adoptar criterios de calidad total y competitividad de forma humana. Finalmente, concluye que los cambios son profundos e imparables, por lo que los docentes deben asumir la realidad de forma crítica y buscar formas de llegar a los estudiantes para evitar
El documento modifica artículos de la Ley 13936 de la Provincia de Buenos Aires relacionados con los requisitos para el ingreso a la docencia, la designación de personal docente con carácter de titular interino y provisional, y la asignación de puntos adicionales a docentes en ciertas circunstancias. Se especifican 7 situaciones en las que se le asignarán 10 puntos adicionales a docentes y 3 situaciones en las que se les restarán 10 puntos. También se establecen directivas sobre la titularización de cargos,
This document discusses challenges for least developed countries regarding information and communication technologies. It summarizes the author's dissertation thesis which examines ICT use in four developing countries - Guatemala, Lao PDR, Malawi and Yemen - on the macro and micro levels. On the macro level, the author argues that developed Western countries are failing to address the growing digital divide and are benefiting from developing countries' lack of access to and skills around ICTs, reinforcing patterns of colonialism. On the micro level, the study investigates users' demographics, habits and the opportunities and barriers around ICT use in these countries. The author proposes strategies for implementing ICTs in a sustainable way to counter colonial tendencies and foster development
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services 2...finance8
This document provides a summary of GMAC's preliminary second quarter 2007 earnings results. Key points include:
- Net income of $293 million, down from $787 million in Q2 2006. Excluding ResCap, net income doubled year-over-year.
- ResCap results improved due to reducing nonprime exposure and production, though credit quality continues to weaken with the housing market.
- Auto finance continues to perform well with improving margins and originations up.
- Insurance had favorable underwriting results.
- GMAC and ResCap maintain strong liquidity positions with $17.5 billion in cash and marketable securities.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services U...finance8
This document is the transcript from a fixed income investor presentation given by Sanjiv Khattri, Executive Vice President and Chief Financial Officer of GMAC. The presentation summarizes GMAC's financial performance in Q2 2007, including details on results from their auto finance, insurance, and Residential Capital (ResCap) business segments. It provides key metrics on ResCap's mortgage portfolios and credit quality, noting continued challenges from the weak US housing market.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services A...finance8
1) The document is an investor presentation by GMAC's EVP & CFO from April 2007.
2) It summarizes GMAC's financial performance in 2006, noting challenges in the US residential mortgage market.
3) It provides an outlook for 2007, expecting continued pressure from nonprime assets but stabilization overall as strategic initiatives are implemented.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services C...finance8
The document provides a financial update from GMAC's Executive Vice President and CFO for the first quarter of 2007. It summarizes key performance metrics, including a net loss of $305 million compared to net income of $495 million in Q1 2006, driven by pressures in the residential mortgage market. It also discusses GMAC's continued strong auto finance performance and insurance earnings. ResCap maintained strong liquidity but faced credit issues in nonprime lending.
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The document provides an investor update from David Walker, GMAC's Vice President of Global Borrowings. It summarizes GMAC's business lines and 2007-2008 strategic priorities. GMAC recently became an independent company through a sale of controlling interest to a private equity group. GMAC aims to transform into a premier global financial services company by bolstering its capital base, strengthening its credit profile, and diversifying internationally while maintaining its automotive financing business relationships.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services A...finance8
The document summarizes a presentation given by Sanjiv Khattri, Executive Vice President and CFO of GMAC, to fixed income investors on May 15, 2007. It discusses GMAC's first quarter 2007 performance, with a net loss of $305 million compared to net income of $495 million in first quarter 2006 due to pressures in the US residential mortgage market. It also provides outlooks for ResCap, Auto Finance, and Insurance, discussing strategies to improve performance and mitigate risks. GMAC and its subsidiaries maintained strong liquidity with $13 billion in cash and securities.
Services - GMAC Annual and Fourth Quarter Earnings finance8
GMAC reported full year net income of $2.1 billion in 2006, down from $2.3 billion in 2005. The residential mortgage market experienced a slowdown due to declining home prices and weakness in nonprime credit. Auto finance results were stable despite one-time costs. Insurance reported record earnings through robust underwriting. ResCap results were negatively impacted by $839 million due to homebuilder equity sales and nonprime mortgage market deterioration.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services G...finance8
This document provides a summary of GMAC's preliminary first quarter 2007 earnings. It reports a net loss of $305 million compared to net income of $495 million in the first quarter of 2006. Pressures in the US residential mortgage market impacted results at ResCap. Auto finance had strong operating performance. ResCap maintained strong liquidity at $72.1 billion and GMAC had cash and marketable securities of $12.8 billion.
- KeyCorp reported a net loss of $488 million or $1.09 per share for Q1 2009, compared to net income of $218 million or $0.54 per share for Q1 2008. The loss was primarily due to an increase in loan loss provisions and an impairment charge for intangible assets.
- The loan loss provision increased to $875 million for Q1 2009, exceeding net charge-offs by $383 million. The allowance for loan losses increased to $2.186 billion or 2.97% of total loans.
- A non-cash impairment charge of $187 million was recorded for the National Banking reporting unit due to continued weakness in financial markets. This did not
General Motors reported a preliminary first quarter 2009 net loss of $6 billion including special items. Excluding special items, the adjusted net loss was $5.9 billion. The automotive sector recorded an adjusted operating loss of $3.9 billion, down $4.7 billion from the first quarter of 2008 due to lower industry volumes and market share declines partially offset by cost reductions. GMAC results recognized by GM were a loss of $0.9 billion. Adjusted automotive cash flow was negative $10.2 billion.
- GM reported a GAAP net loss of $38.9 billion for Q3 2007 due to a $38.6 billion non-cash charge for establishing a valuation allowance against deferred tax assets in the US, Canada and Germany. Excluding special items, the adjusted net loss was $1.6 billion.
- Automotive revenue was a record $43.1 billion for Q3, while adjusted automotive results improved $577 million versus Q3 2006. GMAC reported a loss of $757 million due entirely to losses at ResCap related to the challenging US housing market.
- GM's gross liquidity increased to $30 billion at the end of the quarter, including $5.4 billion in proceeds
energy future holindings Q3_08_Investor_Call_Deck_FINALfinance29
This document summarizes an investor call held by EFH Corp. on November 6, 2008. It discusses EFH Corp.'s financial results for Q3 2008 compared to Q3 2007 and year-to-date 2008 compared to year-to-date 2007. It also provides an overview of the operational results and strategic initiatives of EFH Corp.'s subsidiaries Oncor, TXU Energy, and Luminant during Q3 2008. Key highlights include lower adjusted operating earnings due to higher purchased power and fuel costs as well as the impact of Hurricane Ike, progress on construction of new generation plants by Luminant, and the sale of a minority interest in Oncor.
- El Paso Corporation reported a net loss of $321 million for Q3 2005, impacted by $80 million in significant items including asset impairments and a contract termination.
- Regulated pipelines continue to perform solidly, while non-regulated businesses such as production, power, and field services faced challenges from hurricanes and commodity price volatility.
- Restoration of gas flows following hurricanes Katrina and Rita is progressing, but full recovery is not expected until year-end due to dependencies on third-party infrastructure and production.
- El Paso Corporation provides natural gas and related energy products. In Q3 2005 it reported a net loss of $321 million compared to a $214 million loss in Q3 2004.
- Significant items negatively impacting results included $162 million in asset impairments and a $28 million contract termination charge, partially offset by a $110 million gain on asset sales.
- Cash flow from operating activities was negative $398 million for the first nine months of 2005, compared to positive $799 million for the same period in 2004, largely due to working capital changes.
- Total debt increased to $17.9 billion as of September 30, 2005, up from $17.5 billion as of June 30,
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial finance8
- GM reported adjusted net income of $529 million for Q3 2006, an improvement of $1.643 billion from Q3 2005. This was driven by strong performance in GMNA and improvements in GME and GMLAAM.
- In North America, cost reductions led to an adjusted net income improvement of over $1.3 billion versus Q3 2005. Launch vehicles delivered favorable contribution margins despite rising material costs.
- Europe reported an adjusted net income improvement of $105 million versus Q3 2005 due to ongoing restructuring benefits, while Latin America, Africa & Middle East saw a $153 million improvement due to volume growth and mix improvements.
Citi reported a $5.1 billion net loss for Q1 2008, driven by write-downs in fixed income due to sub-prime exposures and losses in highly leveraged finance. Revenues fell 48% to $13.2 billion due to these losses, though transaction services grew 42% and wealth management grew 16%. Credit costs increased $3 billion as consumer delinquencies rose in the weakening US economy. Management is taking actions to strengthen the balance sheet through capital raises and divestitures of non-core assets.
David Walker, Group Vice President - Global Borrowings, GMAC LLC Bank of Amer...finance8
The document discusses GMAC's performance in Q3 2007. It reports a loss of $1.6 billion, driven by disappointing results at ResCap due to the unprecedented disruption in global capital markets and mortgage sector. Auto finance and insurance segments remained strong. ResCap is restructuring its mortgage operations in response to fundamental changes in the mortgage market. GMAC and ResCap maintained strong liquidity and capital positions in Q3.
This document provides an investor update from GMAC's CFO in June 2006. It discusses GMAC's business lines and financial performance. It also summarizes GM's plan to sell a 51% controlling stake in GMAC to a consortium led by Cerberus Capital Management. The sale aims to strengthen GMAC's capital base, improve its credit ratings and liquidity, while preserving its relationship with GM. It is expected to benefit both GMAC and GM over the long term.
Citigroup reported second quarter net income of $5.07 billion, up from $1.14 billion in the same period last year. Revenue was $20.2 billion. Key highlights included growth in customer volumes across most business segments, strong growth in international consumer businesses, and record revenues in transaction services. However, capital markets revenues declined due to difficult market conditions. Expenses declined due to prior year charges, but increased due to investment spending and acquisitions. Credit quality remained stable.
Third Quarter 2006 Financial & Operational Update from El Paso Corporation:
1) El Paso reported its third consecutive profitable quarter with net income of $135 million.
2) The company's pipeline business continued to deliver strong results with $305 million in EBIT and progress on expansions and rate cases.
3) Exploration and production saw higher volumes and a new deep shelf discovery, contributing $141 million in EBIT.
4) The company made significant progress on resolving legacy legal and regulatory issues over the past six months.
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- Compared to 3Q 2007, Alcoa's income from continuing operations excluding special items fell from $340 million to $298 million due to higher costs that were only partially offset by productivity gains and price increases.
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After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
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gmac Robert Hull, GMAC Chief Financial Officer GMAC LLC 2008 Third Quarter Financial Results Conference Call November 5, 2008
1. Preliminary
2008 Third Quarter Results
November 5, 2008
9:00 AM EDT
Contact GMAC Investor Relations at (866) 710-4623 or investor.relations@gmacfs.com
2. Forward-Looking Statements
In the presentation that follows and related comments by GMAC LLC (“GMAC”) management, the use of the words “expect,”
“anticipate,” “estimate,” “forecast,” “initiative,” “objective,” “plan,” “goal,” “project,” “outlook,” “priorities,” “target,” “intend,”
“evaluate,” “pursue,” “seek,” “may,” “would,” “could,” “should,” “believe,” “potential,” “continue,” or similar expressions is intended
to identify forward-looking statements. All statements herein and in related management comments, other than statements of
historical fact, including without limitation, statements about future events and financial performance, are forward-looking
statements that involve certain risks and uncertainties. While these statements represent our current judgment on what the future
may hold, and we believe these judgments are reasonable, these statements are not guarantees of any events or financial
results, and GMAC’s and ResCap’s actual results may differ materially due to numerous important factors that are described in
the most recent reports on SEC Forms 10-K and 10-Q for GMAC and Residential Capital, LLC (“ResCap”), each of which may be
revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. Such factors include, among others, the following:
securing low cost funding for GMAC and ResCap and maintaining the mutually beneficial relationship between GMAC and
General Motors Corporation (“GM”); our ability to maintain an appropriate level of debt; the profitability and financial condition of
GM; restrictions on ResCap’s ability to pay dividends to us; recent developments in the residential mortgage and capital markets;
continued deterioration in the residual value of off-lease vehicles; the impact on ResCap of the continuing decline in the U.S.
housing market; changes in U.S. government-sponsored mortgage programs or disruptions in the markets in which our mortgage
subsidiaries operate; disruptions in the market in which we fund GMAC’s and ResCap’s operations, with resulting negative
impact on our liquidity; uncertainty concerning our ability to access federal liquidity programs; changes in our contractual
servicing rights; costs and risks associated with litigation; changes in our accounting assumptions that may require or that result
from changes in the accounting rules or their application, which could result in an impact on earnings; changes in the credit
ratings of ResCap, GMAC or GM; changes in economic conditions, currency exchange rates or political stability in the markets in
which we operate; and changes in the existing or the adoption of new laws, regulations, policies or other activities of
governments, agencies and similar organizations. Investors are cautioned not to place undue reliance on forward-looking
statements. GMAC undertakes no obligation to update publicly or otherwise revise any forward-looking statements except where
expressly required by law. A reconciliation of certain non-GAAP financial measures included within this presentation is provided
in the supplemental charts.
Use of the term “loans” describes products associated with direct and indirect lending activities of GMAC’s global operations.
The specific products include retail installment sales contracts, loans, lines of credit, leases or other financing products. The term
“originate” refers to GMAC’s purchase, acquisition or direct origination of various “loan” products.
2
Q3 2008 GMAC Preliminary Results
3. Table of Contents
GMAC Page 4
Global Auto Finance Page 6
Insurance Page 10
ResCap Page 12
Liquidity and Funding Page 18
Summary Page 22
Supplemental Page 23
3
Q3 2008 GMAC Preliminary Results
4. GMAC: Third Quarter 2008 Performance Highlights
Q3 2008 consolidated loss of $2.5 billion
• ResCap performance characterized by credit-related losses and limited
revenue opportunities due to deterioration in the domestic and
international housing markets
• Insurance operations remained profitable
• North America Auto Finance business negatively affected by increase in
provisions and weak economic conditions
– Residual values continue to be under pressure, leading to additional
lease impairments in Canada
GMAC ended Q3 2008 with $13.5 billion of cash and cash equivalents
GMAC ex. ResCap $6.6
ResCap* $6.9
GMAC LLC $13.5
*Includes the cash of GMAC Bank as presented on ResCap’s financial statements
4
Q3 2008 GMAC Preliminary Results
5. GMAC: Net Income and Significant Items
Net Income by Segment
Q3 '08 Q3 '07
($ millions)
North America ($250) $438
International (44) 116
Global Automotive Finance (294) 554
Insurance 97 117
ResCap (1,912) (2,261)
Other* (414) (6)
Consolidated net income / (loss) ($2,523) ($1,596)
* Includes Commercial Finance operating segment, 21% ownership of former commercial mortgage unit and other corporate activities.
Notable Items (Pre-tax)
Q3 '08 Q3 '07
($ millions)
Consolidated
Goodwill Impairment (16) (455)
Auto Finance
Valuation Adjustment Auto HFS (LOCOM) and Retained Interests (223) -
Canadian Residual Impairment Charge (93) -
Credit Loss Provision for Retail Balloon Contract Residuals (240) -
Mortgage*
ResCap Gain/Loss on Investment Securities, net (42) (333)
ResCap Provision for Loan Losses (652) (881)
ResCap FX Impact (380) 1
Other
Realized Losses on Investment Securities (137) -
* These amounts are classified according to GMAC's income statement presentation (i.e., excludes Auto division of GMAC Bank).
5
Q3 2008 GMAC Preliminary Results
6. Global Auto Finance: Key Metrics
($ m il)
Net Income Global Consumer Originations
($ bil)
$800 $593 Used
$17
$554 $14.5
$600 $14.0
$398 $395 New
$13.4 $12.9
$15
$258 $12.4
$400 $12.3
$137 $13 $11.3
$10.8
$200
$11
$0
$9
($200)
$7
($400) ($294)
$5
($600) $2.7
$2.3
$2.1 $2.1
$2.0 $2.0
$1.9
$1.4
$3
($800) ($717)
($1,000) $1
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
'06 '07 '07 '07 '07 '08 '08 '08 '06 '07 '07 '07 '07 '08 '08 '08
($ bil)
Global Consumer Auto Asset Base ($ 000's)
Sales Proceeds on Consumer
Operating Lease Terminations*
$124 $122
$123
$130 $121 $20
$120 $120 $120
$115
$115 $18
$100 $86
$85
$16
$83 $84 $83 $83 $81 $77
$85
$14
$70
$55 $12
24/27 months 36 months 48 months
$40
$10
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
$8
'06 '07 '07 '07 '07 '08 '08 '08
'06 '07 '07 '07 '07 '08 '08 '08
Serviced On-Balance Sheet $6
All tables include North American and International Operations except where noted. Origination and asset base figures include auto loans and leases.
*U.S. managed portfolio only, adjusted for Q3 2008 vehicle mix.
6
Q3 2008 GMAC Preliminary Results
7. Global Auto Finance: Condensed Income Statement
Q3 2008 Q3 2007
($ millions)
Revenue
Total financing revenue $3,780 $3,726
Interest expense 2,205 2,129
Depreciation expense on operating leases 1,411 1,275
Impairment of investment in operating leases 93 -
Net financing revenue 71 322
Other revenue
Servicing fees 72 97
Gain on automotive loans, net 163 248
Investment (loss) income (53) 137
Other income 691 552
Total other revenue 873 1,034
Total net revenue 944 1,356
Provision for credit losses 437 85
Noninterest expense 901 694
(Loss) income before income tax expense (394) 577
Income tax (benefit) expense (100) 23
Net (loss) income ($294) $554
7
Q3 2008 GMAC Preliminary Results
8. Global Auto Finance: Consumer Auto Loss Trends
Global Annualized Credit Losses
as % of Managed Retail Contracts
1.6% 1.55%
1.5% 1.40%
1.34%
1.4%
1.3% 1.22%
1.13%
1.2% 1.05%
1.1% 1.01%
1.0% 0.92%
0.9%
0.8%
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
'06 '07 '07 '07 '07 '08 '08 '08
North Asia Latin
Net Retail Losses (% Avg Assets) America Europe Pacific America Global
Q3 2008 1.90% 0.28% 0.70% 1.52% 1.55%
Q3 2007 1.19% 0.41% 0.35% 0.74% 1.01%
Year over Year Change +71bps -13bps +35bps +78bps +54bps
8
Q3 2008 GMAC Preliminary Results
9. Global Auto Finance: Auto Delinquency Trends
Global Delinquencies as % of Average Managed Retail
Contracts
(Greater than 30 Days Past Due)
2.8%
2.7% 2.63% 2.68%
2.62%
2.61%
2.6%
2.52%
2.46%
2.5%
2.4% 2.42%
2.3% 2.30%
2.2%
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
'06 '07 '07 '07 '07 '08 '08 '08
North Asia Latin
Loans > 30 Days Past Due America Europe Pacific America Global
Q3 2008 2.69% 1.43% 1.79% 3.88% 2.62%
Q3 2007 2.69% 1.36% 2.04% 4.03% 2.63%
Year over Year Change 0bps +7bps -25bps -15bps -1bps
9
Q3 2008 GMAC Preliminary Results
11. Insurance: Condensed Income Statement
Q3 2008 Q3 2007
($ millions)
Revenue
Insurance premiums and service revenue earned $1,114 $1,133
Investment (loss) income (6) 96
Other income 39 54
Total insurance premiums and other income 1,147 1,283
Expense
Insurance losses and loss adjustment expenses 610 659
Acquisition and underwriting expense 433 466
Total expense 1,043 1,125
Income before income tax expense 104 158
Income tax expense 7 41
Net income $97 $117
11
Q3 2008 GMAC Preliminary Results
12. ResCap: Key Messages
Operating and market environments
• Execution of strategic initiatives is reducing the balance sheet and lowering operating
costs; however, current market conditions continue to pose problems
– Revenue opportunities are limited
– Credit-related costs are high
– Foreign currency has had a negative impact
Capital and liquidity
• Remained compliant with key covenants
• Ongoing evaluation of plans to address capital and liquidity needs
Market conditions and capital and liquidity needs continue
• Asset sales and losses erode capital base
• Select aspects of contingency plans are subject to external factors
• Absent economic support from GMAC, substantial doubt exists regarding ResCap’s
ability to continue as a going concern
12
Q3 2008 GMAC Preliminary Results
13. ResCap: Key Metrics
($ m il) ($ bil) 1
ResCap Net Income ResCap Total Assets
$140
$150
$600 $131 $126
$116
$89
$100 $81
($128)
($400) $73
($254)
$67
($859)
($910) ($921) Of the total, $7.4 billion was securitized on-balance
$50
($1,400) sheet at 9/30/08, with net economic exposure limited
to $80 million
($1,912) $0
($2,400) ($2,261) ($1,860)
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
'06 '07 '07 '07 '07 '08 '08 '08
'06 '07 '07 '07 '07 '08 '08 '08
($ bil) ($ bil)
Primary Servicing - Period End ResCap Loan Production
$60
$600 $49
$449 $453 $461 $466 $453 $460 $437 $426
$38
$400 $35
$40 $29
$21
$21 $18
$200 $20 $12
$0
$0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
'06 '07 '07 '07 '07 '08 '08 '08
'06 '07 '07 '07 '07 '08 '08 '08
2
2
2
Prime Conforming Prime Non-conforming Nonprime Prime Conforming Prime Non-conforming Nonprime
1 Total assets include the assets of Auto division of GMAC Bank as presented in ResCap’s 10-Q financial statements.
2 Government and Prime Second Liens are included in Prime Non-conforming.
13
Q3 2008 GMAC Preliminary Results
14. ResCap: Condensed Income Statement*
Q3 2008 Q3 2007
($ millions)
Revenue
Total financing revenue $762 $1,565
Interest expense 824 1,626
Net financing loss (62) (61)
Servicing fees 369 451
Servicing asset valuation and hedge activities, net (261) (123)
Net loan servicing income 108 328
Loss on mortgage loans, net (138) (570)
Other loss (45) (139)
Total other expense (183) (709)
Total net loss (137) (442)
Provision for credit losses 652 881
Noninterest expense
Other operating expenses 1,141 617
Impairment of goodwill and other intangible assets - 455
Total noninterest expense 1,141 1,072
Loss before income tax expense (1,930) (2,395)
Income tax benefit (18) (134)
($1,912) ($2,261)
Net loss
*Income statement presentation (condensed) as it appears on a GMAC reported basis; results on a ResCap reported basis can be found on page 29 of this
presentation.
14
Q3 2008 GMAC Preliminary Results
15. ResCap: Global Portfolio Credit Quality
Nonaccrual Loans as a Percentage of Nonaccrual Loans as a Percentage of
Mortgage Loans Held For Investment 19.9% Lending Receivables
20.0% 24.0% 21.8%
15.2%
16.2% 17.1%
14.0% 14.1%
15.0% 18.0%
12.7%
11.9% 12.2% 12.4%
10.5%
11.6%
10.9%
10.0% Excluding 12.0% 9.3%
7.1% 7.2%
loans
5.0%
impacted
5.0% 6.0% 2.9%
by FAS
159
0.0% 0.0%
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
'06 '07 '07 '07 '07 '08 '08 '08 '06 '07 '07 '07 '07 '08 '08 '08
Net Charge-offs as a Percentage of Net Charge-offs as a Percentage of
Mortgage Loans Held For Investment Lending Receivables
1.0% 3.0% 2.65%
0.71%
0.73% 0.76% 2.5%
0.8% 0.67% 0.66%
2.0%
0.61%
0.6% 0.46%
1.5%
0.40% 1.07%
0.41%
0.33% 0.33%
0.4% Excluding 1.0%
0.47% 0.47%
loans 0.37%
0.2% 0.5% 0.14%
impacted 0.22%
0.02%
by FAS 0.0%
0.0% 159
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
'06 '07 '07 '07 '07 '08 '08 '08
'06 '07 '07 '07 '07 '08 '08 '08
Total HFI* = $29.8 billion Total Lending Receivables* = $7.1 billion
*Note: HFI and Lending Receivables balances are carry value before allowance; charge-off percentages are not annualized.
15
Q3 2008 GMAC Preliminary Results
16. ResCap: Nonprime and Prime Exposure
($ bil) ($ bil)
Loan Servicing Portfolio Warehouse Lending Receivables
$412
$450 $401
$406 $393 $386 $2.0
$1.6
$1.6 $1.5
$1.3
$1.5
$300 $1.2
$1.0
$150
$0.5
$60 $53 $48 $44 $0.2 $0.2 $0.2
$40 $0.2 $0.1
$0 $0.0
Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08
($ bil) ($ bil) 3
Held For Sale Loans Held For Investment
$14 $7.4 billion of securitized assets (largely
$12.0 $45
$12 non-prime) at 9/30/08, with net economic
$37.1
$10.0
exposure limited to $80 million
$9.2
$10
$30 $25.3
$8 $24.8
$23.7 $23.3 $23.1
$5.9
$6 $16.9
$3.4
$2.9
$4 $2.6 $15 $9.7
$2.0 $7.7
$0.8
$1.1
$2 $6.7
$0
$0
Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08
Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08
Nonprime1 Prime and Other2
1) The nonprime category includes high FICO/high LTV loans, high FICO alternative attribute loans, purchased distressed assets, and subprime assets (Weighted Average
FICO 618) for the domestic business and international loans with at least some adverse credit history.
2) Prime and Other includes Prime Conforming, Prime Non-conforming, Prime Second-Lien, and Government.
3) HFI is before allowance.
16
Q3 2008 GMAC Preliminary Results
17. ResCap: Capital and Liquidity
Total equity of $2.3 billion (9/30/08)
• GMAC contributed $93 million of ResCap bonds, with a market value of just over $50 million and
forgave the related $2 million of accrued interest, as well as $102 million of debt, for a favorable
impact to equity of $197 million
• Tangible net worth, without GMAC Bank, as required by certain bank facility covenants, was $350
million vs. $250 million requirement
• ResCap was compliant with its tangible net worth and minimum cash covenants at quarter end
• GMAC forgave additional debt in October so that ResCap remained compliant with tangible net
worth covenant; GMAC has not committed to date to provide any further assistance
Global ResCap cash and cash equivalents of $6.9 billion (9/30/08)
• ResCap cash and cash equivalents increased $307 million compared to Q2 2008
• Of the total, $4.9 billion was held at GMAC Bank
• Evaluating additional measures to support liquidity as pressures expected to continue for the
balance of 2008 and into 2009
($ billions) Q3 2008 Q2 2008 Q1 2008 Q4 2007 Q3 2007 Q2 2007 Q1 2007
Cash and cash equivalents1 $6.9 $6.6 $4.2 $4.4 $6.5 $3.7 $2.6
Common equity $2.3 $4.1 $5.7 $6.0 $6.2 $7.5 $7.2
1 These figures include the Auto Division of GMAC Bank.
17
Q3 2008 GMAC Preliminary Results
18. Global Liquidity: GMAC Bank
Continuing to grow GMAC Bank assets and deposits in line with FDIC
guidelines
• Assets of $32.9 billion include $8.5 of assets at the auto division, and $24.4 of assets at
the mortgage division
• Increased marketing efforts have raised deposits to $17.7 billion as of 9/30/08
• Total FHLB borrowing capacity of $10.8 billion ($0.3 billion of which is unused) available
to fund mortgage assets
GMAC Bank Assets and Deposits
($ bil)
40.0
$32.9
$31.9
$30.3
$28.4
30.0 $28.1
$17.7
20.0 $16.9
$15.4
$14.5 $12.8
10.0
0.0
Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08
Assets Deposit Liabilities
18
Q3 2008 GMAC Preliminary Results
19. Global Liquidity: Roll Forward
Cash fell $0.8 billion in the quarter mostly owing to debt maturities
GMAC ResCap GMAC
Consolidated Consolidated* Bank*
($ billions)
Cash & Cash Equivalents (6/30) $14.3 $6.6 $3.7
(6.2)
Debt Maturities 0.0 0.0
(1.5)
Q3 Wholesale Securitization Maturities 0.0 0.0
5.7
Change in Selected Assets 0.2 0.2
1.9
Change in On-Balance Sheet Securitizations 0.0 0.0
Intercompany Secured Loans 0.0 (0.6) 0.0
Other (0.6) 0.7 1.0
Cash & Cash Equivalents (9/30) $13.5 $6.9 $4.9
Net Q3 Change in Cash & Cash Equivalents ($0.8) $0.3 $1.2
* Includes the cash and cash equivalents of Auto division of GMAC Bank as presented on ResCap's financial statements
Note: Numbers may not foot due to rounding
19
Q3 2008 GMAC Preliminary Results
20. GMAC: Funding Components
September 30, 2008 June 30, 2008
GMAC GMAC
Consolidated Consolidated
ResCap ResCap
Period ended, (in billions)
Short-term debt
$0.2 $0.7 $0.3 $1.1
Commercial paper
Demand notes 0.0 3.9 0.0 5.7
Bank loans and overdrafts 0.0 4.8 0.0 6.6
Repurchase agreements and other (a) 6.8 9.6 9.6 12.0
Total short-term debt 7.0 19.0 9.9 25.3
Long-term debt
Due within one year 2.0 32.1 1.4 38.5
Due after one year 36.9 109.2 40.0 109.3
Total long-term debt (b) 38.9 141.3 41.4 147.8
Fair value adjustment (c) (6.6) 0.4 (6.6) 0.3
Total debt $39.3 $160.6 $44.7 $173.5
(a) Repurchase agreements and other at ResCap include third party, parent and other miscellaneous borrowings (secured and unsecured).
Consolidated figures eliminate inter-company borrowings and include nonbank secured borrowings and notes payable to GM.
(b) ResCap long-term debt (due after one year) includes collateralized borrowings with an outstanding balance of $9.1 billion recorded at a fair value of $2.5
billion as of September 30, 2008 while June 30, 2008 has an outstanding balance of $9.6 billion recorded at a fair value of $3.0 billion as a result of elections
made under SFAS 159.
(c) To adjust designated fixed-rate debt to fair value in accordance with SFAS 133.
Note 1: ResCap information as presented on ResCap’s financial statements.
Note 2: Numbers may not foot due to rounding.
20
Q3 2008 GMAC Preliminary Results
21. GMAC: Committed Funding Facilities
Q3 2008 Q2 2008
Current Potential Total Current Potential Total
Outstanding Capacity (1) Capacity (2) Outstanding Capacity (1) Capacity (2) Capacity
($ billions)
TOTAL UNSECURED FACILITIES $2.0 $0.1 $0.0 $2.1 $2.4 $0.4 $0.0 $2.8
North American operations :
Syndicated facilities 14.1 0.4 12.8 27.3 5.6 0.3 21.4 27.3
Bilateral / multi-bank facilities 19.0 0.1 3.0 22.1 27.3 0.1 4.4 31.8
International operations :
Bilateral / multi-bank facilities 10.5 0.0 1.3 11.8 11.7 0.0 1.5 13.2
Total Global Automotive Finance secured facilities 43.6 0.5 17.1 61.2 44.6 0.4 27.3 72.3
ResCap secured facilities:
Repurchase agreements 0.7 0.0 2.6 3.3 1.4 0.0 2.7 4.1
Other ResCap facilities 5.2 0.0 1.1 6.3 6.8 0.0 3.6 10.4
Total ResCap secured facilities 5.9 0.0 3.7 9.6 8.2 0.0 6.3 14.5
Other secured facilities:
Commercial Finance 2.5 0.0 0.7 3.2 2.4 0.0 0.6 3.0
Insurance 0.0 0.0 0.1 0.1 0.0 0.0 0.1 0.1
Total other secured facilities 2.5 0.0 0.8 3.3 2.4 0.0 0.7 3.1
TOTAL SECURED FACILITIES $52.0 $0.5 $21.6 $74.1 $55.2 $0.4 $34.3 $89.9
Memo : Whole-loan forward flow agreements $0.0 $0.0 $20.8 $20.8 $0.0 $0.0 $25.3 $25.3
(1) Funding is generally available upon request as excess collateral resides in certain facilities.
(2) Funding is generally available to the extent incremental collateral is contributed to the facilities.
21
Q3 2008 GMAC Preliminary Results
22. Conclusion
Due to current market and funding challenges, GMAC is pursuing a
tough “self help” plan
• Restructuring ResCap and Auto Finance operations
• Refinanced bank commitments and ResCap liability structure
• Secured ownership of GMAC Bank for 10 years
• Shedding non-core operations
• Limiting originations to match committed funding sources
• Accessing federal liquidity programs where possible
• Transforming company from captive into an independent deposit-funded
lender and servicer
In addition, GMAC has applied for a bank holding company charter
• There can be no assurance that this application will be approved
Ultimately, all our actions are intended to support GMAC customers
and investors as fully as possible given current funding constraints.
22
Q3 2008 GMAC Preliminary Results
24. Supplemental
GMAC: Preliminary Q3 Consolidated Net Income
Q3 2008 Q3 2007
($ millions)
Revenue
$4,641 $5,381
Total financing revenue
Interest expense 2,906 3,715
Depreciation expense on operating lease assets 1,412 1,276
Impairment of investment in operating leases 93 -
Net financing revenue 230 390
Other revenue
Net loan servicing income 180 425
Insurance premiums and service revenue earned 1,123 1,143
Gain (loss) on mortgage and automotive loans, net 25 (320)
Investment (loss) income (216) 13
Other income 373 602
Total other revenue 1,485 1,863
Total net revenue 1,715 2,253
Provision for credit losses 1,099 964
Noninterest expense
Insurance losses and loss adjustment expenses 642 659
Other operating expenses 2,579 1,839
Impairment of goodwill and other intangible assets 16 455
Total noninterest expense 3,237 2,953
Loss before income tax benefit (2,621) (1,664)
Income tax benefit (98) (68)
Net loss ($2,523) ($1,596)
24
Q3 2008 GMAC Preliminary Results
25. Supplemental
GMAC: Preliminary Consolidated Balance Sheet
Assets 9/30/2008 12/31/2007
$13.5 $17.7
Cash and cash equivalents
Investment securities 10.7 16.7
Loans held for sale 12.0 20.6
Finance receivables and loans, net of unearned Income 112.4 127.5
Allowance for credit losses (3.1) (2.8)
Investment in operating leases, net 30.6 32.3
Other assets 35.2 36.9
Total assets 211.3 248.9
Liabilities
Unsecured debt 72.6 102.3
Secured debt 88.0 90.8
Total debt 160.6 193.1
Deposit liabilities 19.6 15.3
Other liabilities 21.9 24.9
Total liabilities 202.1 233.3
Equity
Total equity 9.2 15.6
$211.3 $248.9
Total liabilities, preferred interests and equity
25
Q3 2008 GMAC Preliminary Results
26. Supplemental
Global Auto Finance: Lease Residual Trends
U.S. and Canada Sales Proceeds as a % of Original ALG Estimate
(%)
(%)
Canada -Across All Segments
U.S. -Across All Segments
100
115 (by termination year)**
(by termination year)*
110
95
105
90
100
95
85
90
80
85
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2005 2006 2007 2008
2005 2006 2007 2008
* U.S. scheduled terminations on a managed basis, all lease terms **Canada scheduled terminations on a managed basis, all lease terms
(%) (%)
1 2
U.S. -By Vehicle Segment 2008 Canada -By Vehicle Segment 2008
100
105
90
95
80
85 70
75 60
Jan Feb Mar Apr May Jun Jul Aug Sep Jan Feb Mar Apr May Jun Jul Aug Sep
'08 '08 '08 '08 '08 '08 '08 '08 '08 '08 '08 '08 '08 '08 '08 '08 '08 '08
Cars SUVs Trucks Cars SUVs Trucks
1- U.S. scheduled terminations, all lease terms 2- Canada scheduled terminations, all lease terms
26
Q3 2008 GMAC Preliminary Results
27. Supplemental
Auto Finance: Portfolio Composition
North America Lease Portfolio by Vehicle Mix
As % of Units Units (000's) As % of Value Net Book Value ($bn)
USD
Car 49% 692 39% $10.9
Truck 17% 237 17% 4.8
SUV 34% 488 43% 11.9
TOTAL 1,417 $27.6
As of 9/30/08
27
Q3 2008 GMAC Preliminary Results
28. Supplemental
Reconciliation of Insurance Core Earnings
3Q 2008 2Q 2008 1Q 2008 4Q 2007 3Q 2007 2Q 2007 1Q 2007 4Q 2006
($) in millions
Net Income $97 $135 $132 $68 $117 $131 $143 $735
1
Add: Pre-tax interest (benefit) expense (2) (72) 5 8 9 5 4 6
2
Less: Pre-tax capital (losses) gains (90) 6 7 5 13 1 4 875
Add: Estimated taxes on interest expenses & capital gains (31) 27 1 (1) 1 (1) 0 304
Core Earnings $154 $84 $131 $70 $114 $134 $143 $170
1 Amount within premium tax and other expense in Forms 10-Q and 10-K.
2 Amount within investment income in Forms 10-Q and 10-K.
28
Q3 2008 GMAC Preliminary Results
29. Supplemental
ResCap: Income Statement
Q3 2008 Q3 2007
($ millions)
Revenue
Total financing revenue 1,099 2,021
Interest expense 895 1,681
Depreciation expense on operating lease assets 86 82
Impairment of investment in operating leases - -
Net financing revenue 118 259
Other revenue
Servicing fees 369 451
Servicing asset valuation and hedge activities, net (261) (123)
Gain (loss) on sale of loans (138) (570)
Gain (loss) on investment securities (42) (333)
Gain (loss) on retirement of debt 42 -
Other income (139) (65)
Total other revenue (168) (639)
Total net revenue (50) (380)
Provision for credit losses 661 884
Non-interest expense
Compensation and benefits expense 229 306
Other operating expenses 931 785
Total non-interest expense 1,159 1,091
Minority Interests 37 25
Loss before income tax benefit (1,907) (2,380)
Income tax (benefit) expense 5 (119)
Net income (loss) ($1,912) ($2,261)
Q3 2008 Q3 2007
($ millions)
Net Income
Residential Finance Group ($500) ($1,193)
International Business Group (638) (498)
Business Capital Group (253) (172)
1
ResCap Corp/Elims (521) (398)
Total ($1,912) ($2,261)
Note: Numbers may not foot due to rounding. Income statement presentation (condensed) as it appears on ResCap’s reported basis; results as they appear
on a GMAC reported basis can be found on page 14 of this presentation.
29
Q3 2008 GMAC Preliminary Results
30. Supplemental
ResCap: Mortgage Production
($ billions) Q3 2008 Q2 2008 Q1 2008 Q4 2007 Q3 2007 Q2 2007 Q1 2007 Q4 2006
Prime conforming $6.8 $12.2 $15.4 $13.0 $12.2 $12.7 $9.6 $10.8
Total conforming 6.8 12.2 15.4 13.0 12.2 12.7 9.6 10.8
Prime non-conforming 0.3 0.4 0.5 0.3 5.0 9.8 12.3 17.5
Government 4.1 3.8 2.0 1.2 1.4 0.8 0.6 0.8
Nonprime - - 0.0 0.1 0.2 0.7 3.3 6.9
Prime second-lien 0.1 0.7 0.8 0.9 1.4 3.1 5.3 5.2
Total non-conforming 4.5 4.8 3.3 2.5 8.0 14.5 21.5 30.4
Total domestic 11.2 17.0 18.7 15.5 20.2 27.1 31.0 41.2
1
International 0.6 1.0 2.2 5.3 9.1 7.7 6.5 8.0
TOTAL $11.9 $18.1 $20.9 $20.8 $29.3 $34.9 $37.5 $49.3
1International includes nonprime production.
Note: Totals may not foot due to rounding.
Mortgage Loan Production by Type Mortgage Loan Production
($ bil)
($ bil)
20 30
15
20
10
10
5
0 0
Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08
Prime Conforming Prime Non-conforming
Government Nonprime
Total Domestic Total International 1
Prime Second-lien Total International1
1 International includes some nonprime production.
30
Q3 2008 GMAC Preliminary Results
31. Supplemental
ResCap: Global HFS Portfolio
Q3 2008 Distribution of $13.2 billion
Q3 2008 Total HFS Portfolio of $4.2 billion
(Issuance and whole loan sales)
12%
81%
46%
1%
24%
18%
0%
18%
Prime Conforming Prime Nonconforming Non-Agency Public Securitizations
Nonprime Prime Second-lien Agency
Non-Agency Whole Loans
Government
HFS and HFI Q3 08 transfers:
• HFS to HFI $260 million
• HFI to HFS $11 million
31
Q3 2008 GMAC Preliminary Results
32. Supplemental
ResCap: HFI Portfolio
Q3 2008 Total HFI Portfolio of $29.8 billion
Q4 2007 Total HFI Portfolio of $42.2 billion
25%
26%
15%
7%
38%
36%
53%
On-Balance Sheet HFI GMAC Bank HFI
Securitizations
159 Loans Fair Value Non Bank HFI
• The Q4 2007 pie chart represents the HFI portfolio before FAS 159 Fair Value Election on
January 1, 2008 which resulted in a $10.5 billion reduction in HFI balance related to
securitized loans
32
Q3 2008 GMAC Preliminary Results
33. Supplemental
ResCap: Q3 Significant Items
GMAC ResCap
Significant Items (Pre-tax)
Q3 2008
($ millions)
Q3 2008 Q2 2008 Q1 2008 YTD 2008 Q4 2007 Q3 2007 Q2 2007 Q1 2007 FY 2007
($545) ($2,595)
Provision for Loan Losses ($661) ($467) ($302) ($1,430) ($836) ($884) ($330)
HFS Valuation Adjustments1 (1,561)
(207) (1,439) (772) (2,418) (176) (670) (181) (534)
(748)
(42) (90) (444) (576) (399) (333) (56) 40
Gain/Loss on Investment Securities, net
109 207 802 1,117 473 328 301 145 1,247
Net Servicing Fees
Lot Option/Model Home Impairment (49) (79) (93) (220) (77) (98) (20) (9) (204)
(166) (125) (34) (325) (0) (60) (160) (327)
Repurchase and Other Reserves (107)
(402)
Loss on Foreclosed Real Estate (REO) (49) (75) (85) (210) (172) (138) (70) (22)
(127)
Restructuring Costs (73) (18) (20) (111) (127) - - -
526
Gain from Deconsolidation of Securitized HFI - - - - 438 88 - -
521
Debt Retirement / Tender Offer 42 647 480 1,169 521 - - -
17
(380) 46 (2) (336) 1 (1) 4
FX Currency Impacts 12
(455)
- - - - (455) - -
Goodwill Impairment -
SFAS 159 FV - Securitized Assets (75) (767) (2,202) (3,043) N/A N/A N/A N/A N/A
SFAS 159 FV - Securitized Bond Payable 3 693 2,148 2,843 N/A N/A N/A N/A N/A
($72) ($74) ($54) ($200) N/A N/A N/A N/A N/A
Net SFAS 159 impact recorded in Other Income
1 Q3 and Q2 2008 quot;HFS Valuationquot; includes losses from certain nonconforming asset sales.
Note: These amounts are classified according to ResCap's income statement presentation (includes Auto division of GMAC Bank).
33
Q3 2008 GMAC Preliminary Results