This document provides an overview and update of a transaction where GM will sell a 51% controlling stake in GMAC to a consortium led by Cerberus Capital Management. Key points:
- GM will receive $14B in cash over 3 years from the sale, addressing its liquidity needs.
- GMAC's credit rating is expected to be de-linked from GM's rating following the transaction.
- Cerberus will control GMAC's board and have a long-term investment horizon to support GMAC's growth.
- GM and GMAC will maintain a strategic relationship where GMAC continues as the exclusive provider of GM's auto financing programs worldwide.
Services Presents at AFSA Finance Industry Conference for Fixed Income Invest...finance8
The document provides an overview of a proposed transaction where GM would sell a 51% controlling stake in GMAC to a consortium led by Cerberus Capital Management. Key points:
- Cerberus would control the consortium's voting shares and has a strong track record in financial institutions.
- GM would receive $14B cash over 3 years, with $10B at closing. GMAC's credit rating would be de-linked from GM.
- The transaction aims to strengthen GMAC's capital base long-term through investment and earnings reinvestment.
- GMAC would continue to exclusively provide GM's auto financing programs for 10 years, supporting GM vehicle sales while generating profitable assets for
Services AFSA Finance Industry Conference for European Fixed Income Investorsfinance8
The document provides an overview and update of GMAC's European fixed income business. Key points include:
1) GM has agreed to sell a 51% controlling stake in GMAC to a consortium led by Cerberus Capital, which will invest $1.9 billion in preferred equity to strengthen GMAC's capital base.
2) The transaction is expected to achieve a de-linkage of GMAC's credit ratings from GM. GMAC will also see a reduction in credit exposure to GM.
3) GMAC reported first quarter 2006 net income of $640 million, down from $728 million in the first quarter of 2005, with strong performances in insurance but declines in financing and mortgage operations
Services London, United Kingdom Investor Updatefinance8
The document provides an update on GMAC's proposed sale of a controlling 51% stake to a consortium led by Cerberus Capital. Key points:
1) Cerberus Capital will control the consortium's 51% voting shares and invest $1.9 billion for the stake. GM will retain a 49% stake.
2) The transaction will significantly reduce GMAC's credit exposure to GM and is expected to result in GMAC achieving independent investment grade credit ratings.
3) GMAC will continue to exclusively provide wholesale and retail financing to support GM's vehicle sales globally through long-term services agreements.
GM Teleconference for Investors (Note: Chart 17 corrected to state $0.8B proc...finance8
GM has agreed to sell a controlling 51% interest in GMAC to a Cerberus-led consortium for $14 billion over three years. This will strengthen GM's balance sheet while also making GMAC a stronger, more independent company with an expected separate credit rating from GM. The transaction benefits both companies by preserving their strategic relationship, providing significant liquidity to GM, and giving GMAC opportunities for long-term growth under new ownership.
David Walker, Group Vice President - Global Borrowings, GMAC LLC Presentation...finance8
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 – GMAC Financial Services M...finance8
The document summarizes a presentation given by Sanjiv Khattri, CFO of GM, at a 2006 GM/GMAC conference. It discusses GMAC's financial performance in 2005 and Q1 2006, highlighting strong net income and return on equity. It also outlines GMAC's strong liquidity position, evolution of its US term funding, and components of GM's planned sale of a 51% controlling stake in GMAC to a consortium led by Cerberus Capital.
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.
The document summarizes a GMAC Fixed Income Investor Presentation from April 2006. A consortium led by Cerberus Capital will acquire a 51% controlling stake in GMAC from GM. Cerberus will invest $500 million in preferred stock and help arrange $25 billion in credit facilities to improve GMAC's liquidity and credit ratings. The transaction aims to strengthen GMAC's capital base, reduce its credit exposure to GM, and allow it to expand as an independent finance company. GM will retain a 49% stake and certain lease assets, and sign long-term services agreements to preserve its relationship with GMAC.
Services Presents at AFSA Finance Industry Conference for Fixed Income Invest...finance8
The document provides an overview of a proposed transaction where GM would sell a 51% controlling stake in GMAC to a consortium led by Cerberus Capital Management. Key points:
- Cerberus would control the consortium's voting shares and has a strong track record in financial institutions.
- GM would receive $14B cash over 3 years, with $10B at closing. GMAC's credit rating would be de-linked from GM.
- The transaction aims to strengthen GMAC's capital base long-term through investment and earnings reinvestment.
- GMAC would continue to exclusively provide GM's auto financing programs for 10 years, supporting GM vehicle sales while generating profitable assets for
Services AFSA Finance Industry Conference for European Fixed Income Investorsfinance8
The document provides an overview and update of GMAC's European fixed income business. Key points include:
1) GM has agreed to sell a 51% controlling stake in GMAC to a consortium led by Cerberus Capital, which will invest $1.9 billion in preferred equity to strengthen GMAC's capital base.
2) The transaction is expected to achieve a de-linkage of GMAC's credit ratings from GM. GMAC will also see a reduction in credit exposure to GM.
3) GMAC reported first quarter 2006 net income of $640 million, down from $728 million in the first quarter of 2005, with strong performances in insurance but declines in financing and mortgage operations
Services London, United Kingdom Investor Updatefinance8
The document provides an update on GMAC's proposed sale of a controlling 51% stake to a consortium led by Cerberus Capital. Key points:
1) Cerberus Capital will control the consortium's 51% voting shares and invest $1.9 billion for the stake. GM will retain a 49% stake.
2) The transaction will significantly reduce GMAC's credit exposure to GM and is expected to result in GMAC achieving independent investment grade credit ratings.
3) GMAC will continue to exclusively provide wholesale and retail financing to support GM's vehicle sales globally through long-term services agreements.
GM Teleconference for Investors (Note: Chart 17 corrected to state $0.8B proc...finance8
GM has agreed to sell a controlling 51% interest in GMAC to a Cerberus-led consortium for $14 billion over three years. This will strengthen GM's balance sheet while also making GMAC a stronger, more independent company with an expected separate credit rating from GM. The transaction benefits both companies by preserving their strategic relationship, providing significant liquidity to GM, and giving GMAC opportunities for long-term growth under new ownership.
David Walker, Group Vice President - Global Borrowings, GMAC LLC Presentation...finance8
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 – GMAC Financial Services M...finance8
The document summarizes a presentation given by Sanjiv Khattri, CFO of GM, at a 2006 GM/GMAC conference. It discusses GMAC's financial performance in 2005 and Q1 2006, highlighting strong net income and return on equity. It also outlines GMAC's strong liquidity position, evolution of its US term funding, and components of GM's planned sale of a 51% controlling stake in GMAC to a consortium led by Cerberus Capital.
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.
The document summarizes a GMAC Fixed Income Investor Presentation from April 2006. A consortium led by Cerberus Capital will acquire a 51% controlling stake in GMAC from GM. Cerberus will invest $500 million in preferred stock and help arrange $25 billion in credit facilities to improve GMAC's liquidity and credit ratings. The transaction aims to strengthen GMAC's capital base, reduce its credit exposure to GM, and allow it to expand as an independent finance company. GM will retain a 49% stake and certain lease assets, and sign long-term services agreements to preserve its relationship with GMAC.
Dan Haynes Government Contract Accounting Updatedanhaynes
This document discusses government contract accounting and compliance requirements. It provides an overview of the Federal Acquisition Regulation (FAR) which governs federal contracts. Key parts of the FAR discussed include cost accounting standards, cost principles, and business ethics compliance. The document also summarizes a study on economic crimes in the aerospace and defense industry which found that a third of companies reported crimes in the last two years.
This document provides a preliminary summary of GMAC's fourth quarter and full-year 2008 results. Key highlights include:
- GMAC reported a Q4 2008 consolidated net income of $7.5 billion, primarily driven by an $11.4 billion gain on debt exchanges. Excluding this gain, GMAC had a net loss of $3.96 billion for the quarter.
- GMAC's auto finance segment reported a Q4 net loss of $1.3 billion, driven by weak credit conditions and falling used vehicle prices.
- GMAC ended Q4 2008 with $15.2 billion in cash and cash equivalents.
- Actions taken by GMAC in 2008 included restruct
This document summarizes Jeffrey Peek's remarks from a Lehman Brothers Financial Services Conference on September 8, 2008. Peek discusses CIT's transition to a global commercial finance company, securing over $11 billion in liquidity, continued funding progress in Q3, reducing high risk exposures, and initiatives to enhance profitability. The future vision is outlined as a global commercial finance company focused on the middle market with a balanced funding model and strong capital levels and ratings.
Eric Feldstein, Group Vice President and Chairman GMAC Financial Servicesfinance8
The document is a presentation from Eric Feldstein, Chairman of GMAC Financial Services, given at a 2006 GM/GMAC Global Relationship Conference. It summarizes GMAC's strategic vision to become a premier global finance company through leadership positions across major sectors. It outlines how a proposed sale of 51% of GMAC to an investor consortium would benefit both GMAC and GM by strengthening GMAC's credit profile, improving its credit ratings, and delinking its ratings from GM. Feldstein also reviews GMAC's business outlook and competitive advantages in its insurance operations.
McGladrey presentation at June 2012 EEI Public Filers Symposium - Update on J...Brian Marshall
Update on Joint Revenue Recognition Project
Speaker - Brian Marshall
This session focuses on the FASB and IASB's second joint exposure draft on Revenue Recognition issued in November 2011, a key step in the Board's efforts to finalize converged guidance.
Spectrum acted as the exclusive restructuring and financial advisor to Southwest Georgia Ethanol LLC, a ethanol manufacturing company that faced a liquidity crisis due to increased corn prices and operational issues. Spectrum helped the company file for Chapter 11 bankruptcy and emerge from bankruptcy in only 11 months with no debt and a potential recovery for equity holders. Spectrum also advised Third Party Logistics company 3PD, Inc. in successfully refinancing its credit facilities when it faced potential covenant violations during the recession. Additionally, Spectrum advised Quixote Corporation, a $100 million company with a hostile debt situation, in its successful restructuring and sale to a strategic buyer, providing shareholders a 3.4x return on investment.
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.
This document is a letter from GM's CEO to stockholders summarizing GM's performance in 2007. It discusses GM's continued efforts to transform the company through cost reductions, new vehicle launches, and addressing legacy costs. While adjusted earnings improved, GM reported a large loss due to a tax valuation allowance. The letter also outlines GM's strategies for growth in emerging markets and advanced propulsion technologies.
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.
- Dana Holding Corporation presented financial results for the second quarter and first half of 2008 at the Credit Suisse 2008 Global Automotive Conference.
- For the first half of 2008, Dana reported sales of $4.6 billion, a 5% increase over the previous year, though earnings were impacted by higher steel costs and lower volumes in North America.
- Dana expected weaker financial results in the second half of 2008 compared to the first half due to anticipated volume declines in North America and continued high steel costs. However, the company had taken actions to reduce costs and improve operational efficiency.
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.
Unlocking The Value Through Corporate Restructuring Gvalior Seminar Corp Re...Pavan Kumar Vijay
This presentation enumerates the practical aspects of merger, demerger and reduction of capital and the strategies involved therein. It also highlights certain key issues involved in corporate restructuring.
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.
Delivering Synergies : A closer look at post merger integrationSanjay Uppal
1) The document discusses Emirates NBD's integration process following its merger in 2007.
2) It outlines key stages of integration including designing an integration plan, establishing dedicated integration teams, and communicating expected synergies.
3) By mid-2008, Emirates NBD had exceeded synergy targets for the year, achieving cost savings and revenue increases through initiatives like branch consolidation and cross-selling.
The Bankruptcy Option Recapitalization Through A 363 Salemindimcclure
Bank holding companies ("BHC"s) across the US have billions of dollars of holding company debt and trust preferred stock ("TruPS"). Deeply troubled banks with highly leveraged holding companies are struggling with bond and TruPS holders who either cannot or will not consider any restructuring to facilitate a recapitalization or sale. These BHCs should exhaust all alternatives to complete a recapitalization of the BHC. If those efforts are not successful, they should consider a bankruptcy and a sale of bank stock pursuant to 11 U.S.C. §363 (a "363 Sale") to avoid seizure of the bank.
The document does not contain any substantive content to summarize. It appears to be a blank document with no text, only formatting characters. In 3 sentences or less, there is no meaningful information that can be extracted from the given document to summarize.
Internet es una red global que permite el intercambio de información entre usuarios. Surgió hace 30 años como un proyecto militar en EE.UU. para conectar ordenadores y luego se expandió a universidades y hogares. Ofrece servicios como correo electrónico, web, FTP y telefonía. Tiene ventajas como facilitar la comunicación y búsqueda de información mundial, pero también riesgos como encontrar contenido inadecuado y depender de la conexión.
This document provides an introduction to essential oils, including how they are produced by plants and extracted. It discusses Young Living's process for growing and harvesting plants and distilling the oils. It also outlines several common uses for essential oils, such as diffusing, applying topically, cooking with, and internal consumption. Finally, it highlights some individual essential oils and recommends starter kits for beginning to use oils.
Este documento presenta un índice de las unidades que componen Microsoft Office Word 2007 para que los usuarios puedan familiarizarse con el programa de forma fácil y sencilla. El índice incluye cómo iniciar Word 2007, crear y guardar documentos, desplazarse por un documento, formatear texto, revisar ortografía y gramática, configurar páginas, y crear y modificar tablas.
YouthNet is a UK charity established in 1995 that aims to engage, inform and inspire young people through their websites TheSite.org and do-it.org.uk. Do-it.org.uk is the UK's largest volunteering database that allows users to search over 75,000 volunteering opportunities by location, interests or other filters and apply online. Volunteers receive confirmation of their application and the organization receives their details. Do-it works with over 450 organizations and has additional features like alerts, syndication and an employee volunteering program.
El rey visita su jardín y encuentra que los árboles y arbustos se están muriendo, cada uno quejándose de no ser como los demás. El único que florece es un clavel, que acepta ser solo un clavel. El clavel le enseña al rey que debemos aceptarnos a nosotros mismos en lugar de compararnos y quejaros, y que la felicidad depende de nuestra perspectiva personal. El autor anima al lector a vivir plenamente el presente y a valorar a los amigos.
Dan Haynes Government Contract Accounting Updatedanhaynes
This document discusses government contract accounting and compliance requirements. It provides an overview of the Federal Acquisition Regulation (FAR) which governs federal contracts. Key parts of the FAR discussed include cost accounting standards, cost principles, and business ethics compliance. The document also summarizes a study on economic crimes in the aerospace and defense industry which found that a third of companies reported crimes in the last two years.
This document provides a preliminary summary of GMAC's fourth quarter and full-year 2008 results. Key highlights include:
- GMAC reported a Q4 2008 consolidated net income of $7.5 billion, primarily driven by an $11.4 billion gain on debt exchanges. Excluding this gain, GMAC had a net loss of $3.96 billion for the quarter.
- GMAC's auto finance segment reported a Q4 net loss of $1.3 billion, driven by weak credit conditions and falling used vehicle prices.
- GMAC ended Q4 2008 with $15.2 billion in cash and cash equivalents.
- Actions taken by GMAC in 2008 included restruct
This document summarizes Jeffrey Peek's remarks from a Lehman Brothers Financial Services Conference on September 8, 2008. Peek discusses CIT's transition to a global commercial finance company, securing over $11 billion in liquidity, continued funding progress in Q3, reducing high risk exposures, and initiatives to enhance profitability. The future vision is outlined as a global commercial finance company focused on the middle market with a balanced funding model and strong capital levels and ratings.
Eric Feldstein, Group Vice President and Chairman GMAC Financial Servicesfinance8
The document is a presentation from Eric Feldstein, Chairman of GMAC Financial Services, given at a 2006 GM/GMAC Global Relationship Conference. It summarizes GMAC's strategic vision to become a premier global finance company through leadership positions across major sectors. It outlines how a proposed sale of 51% of GMAC to an investor consortium would benefit both GMAC and GM by strengthening GMAC's credit profile, improving its credit ratings, and delinking its ratings from GM. Feldstein also reviews GMAC's business outlook and competitive advantages in its insurance operations.
McGladrey presentation at June 2012 EEI Public Filers Symposium - Update on J...Brian Marshall
Update on Joint Revenue Recognition Project
Speaker - Brian Marshall
This session focuses on the FASB and IASB's second joint exposure draft on Revenue Recognition issued in November 2011, a key step in the Board's efforts to finalize converged guidance.
Spectrum acted as the exclusive restructuring and financial advisor to Southwest Georgia Ethanol LLC, a ethanol manufacturing company that faced a liquidity crisis due to increased corn prices and operational issues. Spectrum helped the company file for Chapter 11 bankruptcy and emerge from bankruptcy in only 11 months with no debt and a potential recovery for equity holders. Spectrum also advised Third Party Logistics company 3PD, Inc. in successfully refinancing its credit facilities when it faced potential covenant violations during the recession. Additionally, Spectrum advised Quixote Corporation, a $100 million company with a hostile debt situation, in its successful restructuring and sale to a strategic buyer, providing shareholders a 3.4x return on investment.
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.
This document is a letter from GM's CEO to stockholders summarizing GM's performance in 2007. It discusses GM's continued efforts to transform the company through cost reductions, new vehicle launches, and addressing legacy costs. While adjusted earnings improved, GM reported a large loss due to a tax valuation allowance. The letter also outlines GM's strategies for growth in emerging markets and advanced propulsion technologies.
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.
- Dana Holding Corporation presented financial results for the second quarter and first half of 2008 at the Credit Suisse 2008 Global Automotive Conference.
- For the first half of 2008, Dana reported sales of $4.6 billion, a 5% increase over the previous year, though earnings were impacted by higher steel costs and lower volumes in North America.
- Dana expected weaker financial results in the second half of 2008 compared to the first half due to anticipated volume declines in North America and continued high steel costs. However, the company had taken actions to reduce costs and improve operational efficiency.
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.
Unlocking The Value Through Corporate Restructuring Gvalior Seminar Corp Re...Pavan Kumar Vijay
This presentation enumerates the practical aspects of merger, demerger and reduction of capital and the strategies involved therein. It also highlights certain key issues involved in corporate restructuring.
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.
Delivering Synergies : A closer look at post merger integrationSanjay Uppal
1) The document discusses Emirates NBD's integration process following its merger in 2007.
2) It outlines key stages of integration including designing an integration plan, establishing dedicated integration teams, and communicating expected synergies.
3) By mid-2008, Emirates NBD had exceeded synergy targets for the year, achieving cost savings and revenue increases through initiatives like branch consolidation and cross-selling.
The Bankruptcy Option Recapitalization Through A 363 Salemindimcclure
Bank holding companies ("BHC"s) across the US have billions of dollars of holding company debt and trust preferred stock ("TruPS"). Deeply troubled banks with highly leveraged holding companies are struggling with bond and TruPS holders who either cannot or will not consider any restructuring to facilitate a recapitalization or sale. These BHCs should exhaust all alternatives to complete a recapitalization of the BHC. If those efforts are not successful, they should consider a bankruptcy and a sale of bank stock pursuant to 11 U.S.C. §363 (a "363 Sale") to avoid seizure of the bank.
The document does not contain any substantive content to summarize. It appears to be a blank document with no text, only formatting characters. In 3 sentences or less, there is no meaningful information that can be extracted from the given document to summarize.
Internet es una red global que permite el intercambio de información entre usuarios. Surgió hace 30 años como un proyecto militar en EE.UU. para conectar ordenadores y luego se expandió a universidades y hogares. Ofrece servicios como correo electrónico, web, FTP y telefonía. Tiene ventajas como facilitar la comunicación y búsqueda de información mundial, pero también riesgos como encontrar contenido inadecuado y depender de la conexión.
This document provides an introduction to essential oils, including how they are produced by plants and extracted. It discusses Young Living's process for growing and harvesting plants and distilling the oils. It also outlines several common uses for essential oils, such as diffusing, applying topically, cooking with, and internal consumption. Finally, it highlights some individual essential oils and recommends starter kits for beginning to use oils.
Este documento presenta un índice de las unidades que componen Microsoft Office Word 2007 para que los usuarios puedan familiarizarse con el programa de forma fácil y sencilla. El índice incluye cómo iniciar Word 2007, crear y guardar documentos, desplazarse por un documento, formatear texto, revisar ortografía y gramática, configurar páginas, y crear y modificar tablas.
YouthNet is a UK charity established in 1995 that aims to engage, inform and inspire young people through their websites TheSite.org and do-it.org.uk. Do-it.org.uk is the UK's largest volunteering database that allows users to search over 75,000 volunteering opportunities by location, interests or other filters and apply online. Volunteers receive confirmation of their application and the organization receives their details. Do-it works with over 450 organizations and has additional features like alerts, syndication and an employee volunteering program.
El rey visita su jardín y encuentra que los árboles y arbustos se están muriendo, cada uno quejándose de no ser como los demás. El único que florece es un clavel, que acepta ser solo un clavel. El clavel le enseña al rey que debemos aceptarnos a nosotros mismos en lugar de compararnos y quejaros, y que la felicidad depende de nuestra perspectiva personal. El autor anima al lector a vivir plenamente el presente y a valorar a los amigos.
Services speaks at Frankfurt, Germany Investor Luncheon April 24, 2006 finance8
The document provides an overview and update of GMAC's European fixed income business. Key points include:
1) GM has agreed to sell a 51% controlling stake in GMAC to a consortium led by Cerberus Capital, which will invest $1.9 billion in preferred equity to strengthen GMAC's capital base.
2) The transaction is expected to achieve a de-linkage of GMAC's credit ratings from GM. GMAC will also see a reduction in credit exposure to GM.
3) GMAC reported first quarter 2006 net income of $640 million, down from $728 million in the first quarter of 2005, with strong performances in insurance and mortgage offset by a decline in
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.
2006 GM/GMAC Global Relationship Bank Conference Fritz Henderson, Vice Chairm...finance8
This document provides a summary of GM's financial results for the first quarter of 2006. It reported an adjusted net loss of $529 million compared to a loss of $988 million in the first quarter of 2005. Improved results were driven by higher production volumes, better pricing, and profitability in Europe, Latin America, and other regions. However, results included a $681 million after-tax charge for GM's contribution to a retiree healthcare trust. North America continued its restructuring efforts and saw improved pricing, but still reported a loss due to the healthcare charge.
Gm Events & Presentations Gm Media Briefing – Gm Business Plan Submitted To T...Manya Mohan
General Motors submitted a plan to Congress requesting federal bridge loans totaling $18 billion. The plan outlines GM's commitment to increasing production of fuel-efficient vehicles and implementing significant restructuring measures to make the company profitable and self-sustaining in the long run. If approved, the loans would support GM through 2009 as it works to rationalize its brands and dealerships, lower costs, restructure debt, and develop more green technologies and energy-saving cars. GM believes the restructuring plan will allow it to emerge from the credit crisis as a fully competitive manufacturer and help transform the US auto industry.
GM_Events & Presentations_GM Media Briefing – GM Business Plan SubmittedManya Mohan
General Motors submitted a plan to Congress requesting $12 billion in bridge loans and a $6 billion line of credit from the federal government. The plan details actions GM will take to restructure its operations, including focusing on more fuel-efficient vehicles, restructuring its brands, and reducing costs. It also requests oversight from a federal board to help expedite restructuring. The loans would help GM weather the current industry downturn and emerge as a competitive manufacturer.
AMC Entertainment Holdings plans to acquire Carmike Cinemas for $30 per share in cash, for a total consideration of $757 million. The acquisition will create the largest movie theater chain in the US with over 600 theaters in 45 states. AMC expects to realize $35 million in annual synergies from eliminating redundant costs. The combined company will have complementary theater footprints, with AMC focused on large urban areas and Carmike on mid-sized non-urban markets. AMC intends to maintain the two brands and expects the acquisition to be accretive to free cash flow per share in its first full year.
Winnebago Industries plans to acquire Newmar Corporation for approximately $344 million in cash and stock. Newmar is a leading manufacturer of Class A diesel motorhomes and will expand Winnebago's premium motorhome portfolio. The acquisition is expected to be immediately accretive to cash flow and earnings. Winnebago believes the cultural and strategic alignment between the companies will allow them to achieve synergies and leverage their combined strengths to drive long-term growth.
The document summarizes a proposed combination of Washington Prime Group (WPG) and Glimcher Realty Trust that would create a leading retail real estate investment trust (REIT). Key points include:
- WPG will acquire Glimcher for $14.20 per share in cash and WPG stock, adding 119 properties across the US and increasing total enterprise value to $8.5 billion.
- Simon Property Group will acquire two Glimcher assets for $1.09 billion in a concurrent transaction to help finance the deal.
- The combined company expects to achieve significant cost synergies while maintaining WPG's annual dividend of $1.00 per share.
- The transaction is expected
GM_Events & Presentations_GM Media Briefing – GM Business Plan Submitted to t...Manya Mohan
General Motors presented an updated viability plan to the U.S. government that details additional actions to streamline operations and improve competitiveness. Key elements include reducing brands and nameplates, consolidating the dealer network, accelerated cost reductions through plant closures and labor agreements, and investments in fuel-efficient technologies like the Chevrolet Volt. GM is requesting a total of $30 billion in government funding by 2011 to complete its restructuring amid weak market conditions, with repayment beginning in 2012 if industry volumes improve as forecast. The plan argues that bankruptcy would be too risky and costly compared to the proposed restructuring.
GCC Hotel Management Contracts Survey - February 2015John_Podaras
Review of the main commercial terms for 61 management contracts between owners of hotels in the GCC and international hotel management companies.
Survey carried out in February 2015 by Hotel Development Resources, Dubai with the support and assistance of the office of Al Tamimi & Co.
Gm Events & Presentations General Motors At The Automotive Securities Analyst...Manya Mohan
General Motors provided an update on its restructuring efforts at an auto analyst event. GM reported that it is on track to meet the targets of its viability plan submitted to the government. However, GM adopted more conservative assumptions for vehicle sales in light of economic uncertainty, now planning for 2009 U.S. sales of 10.5 million units and global sales of 57.5 million units. GM said lowering the sales assumptions will require tougher operational decisions but better position the company for long-term viability as the auto market recovers. An updated viability plan is due to the government in February 2009.
Gm Events & Presentations Gm Restructuring Plan Submitted To U.S. Department ...Manya Mohan
General Motors presented an updated viability plan to the U.S. government that details further actions to reduce costs, streamline operations, and improve competitiveness. Key aspects of the plan include reducing the number of GM brands and nameplates, cutting costs through layoffs and capacity reductions, and achieving break-even at lower production volumes in North America. If approved, the plan would help GM repay its loans but additional government support is still requested.
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.
The document discusses Aimia's financial outlook and investments to grow. It notes that Aimia has a track record of growing gross billings and free cash flow. It also focuses on returning value to shareholders through dividend increases and share repurchases. The document outlines details of new long-term financial credit card agreements with TD and CIBC that are expected to drive Aeroplan program growth. It provides financial implications and targets for 2013-2015, including higher gross billings, adjusted EBITDA, and free cash flow. Aimia has a strong balance sheet to support further investments in emerging markets and capabilities.
The document outlines key terms of new 10-year agreements between Aeroplan and credit card issuers TD and CIBC, including increased rates for miles purchases and $140M in marketing spend over 4 years. It also details a purchase agreement where TD will acquire around half of CIBC's Aeroplan credit card portfolio, representing $20B in spending. Members will be able to accumulate miles seamlessly during the transition and receive enhanced benefits starting in 2014.
General Motors Workout Case Jan Adriaanse 2009 Insoljanadriaanse
General Motors is facing severe financial difficulties due to the economic downturn and shrinking auto sales. GM requested a restructuring plan from a specialized firm to negotiate with stakeholders. The plan must critically review GM's current ideas, provide a long-term viability plan including an operational turnaround, negotiate a step-by-step stakeholder plan, and advise on a Chapter 11 reorganization or out-of-court workout. Limited data was available due to time constraints, requiring a "quick and dirty" preliminary plan to share with major stakeholders that afternoon.
AIG Third Quarter 2008 U.S. Treasury, Federal Reserve and AIG Establish Comp...finance2
The U.S. Treasury, Federal Reserve, and AIG established a comprehensive solution for AIG that included:
1) The Treasury purchasing $40 billion in preferred shares and warrants to help pay down AIG's credit facility.
2) Revising AIG's credit facility with the Federal Reserve to extend the term and reduce costs.
3) Creating entities to purchase assets from AIG's securities lending program and credit default swap portfolio to reduce its exposure.
This solution was designed to resolve AIG's liquidity issues and create a durable capital structure to enable repayment of loans over time.
The U.S. Treasury, Federal Reserve, and AIG established a comprehensive solution for AIG that included:
1) The Treasury purchasing $40 billion in preferred shares and warrants to help pay down AIG's credit facility.
2) Revising AIG's credit facility with the Federal Reserve to reduce rates and extend the term.
3) Creating entities to purchase assets from AIG's securities lending program and credit default swap portfolio to reduce its exposure.
GM_Events & Presentations_GM Analyst Briefing - GM Plan for Long-Term ViabilityManya Mohan
The document outlines a restructuring plan for General Motors to achieve long-term viability and profitability. The plan calls for focusing resources on four core brands, reducing dealerships, lowering labor costs to match foreign competitors by 2012, restructuring debt and VEBA obligations, and investing in more fuel efficient vehicles. Government support of $4 billion in immediate loans and up to $12 billion in loans and credit lines is requested to provide liquidity during restructuring. The goal is for GM to break even with a 12.5-13 million annual US vehicle industry and be profitable by 2011 if the restructuring plan is implemented.
Similar to Services Toronto Investor Presentation (20)
The document summarizes Alcoa's 1st quarter 2008 financial results and outlook. Key highlights include income from continuing operations of $303 million, revenues of $7.4 billion, and segment ATOI increasing 42% excluding packaging. Business conditions included lower aluminum prices, unfavorable currency and energy costs, and continued pressure in automotive. The outlook anticipates production increases and improved efficiencies. Alcoa reviews growth opportunities in aerospace, transportation, and infrastructure and discusses strategic priorities around profitable growth, competitive advantages, and disciplined execution.
- 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.
- Alcoa reported net income of $268 million for 3Q 2008, which included $29 million for restructuring. Revenues were $7.2 billion, up from $6.5 billion in 3Q 2007 excluding divested businesses.
- The aluminum industry is facing significant increases in input costs such as caustic soda, calcined coke, ocean freight, and fuel oil. These rising costs have squeezed margins across the industry.
- 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.
The document provides an overview of Alcoa's 4th quarter 2008 financial results and outlook for 1st quarter 2009. Key points include:
- 4Q 2008 loss from continuing operations of $929 million or $1.16 per share due to restructuring and impairment charges of $708 million.
- Revenue declined 18% sequentially to $5.7 billion on lower metal prices and market deterioration.
- Cash from operations was $608 million and cash on hand was $762 million.
- 1Q 2009 outlook includes further price declines and production cuts due to weak market conditions across key end markets.
The document summarizes Alcoa's annual shareholders meeting on May 8, 2008. It lists nominees for the board of directors to serve until 2011 and current directors. It also provides an executive council listing and forward-looking statements. Financial highlights from 2007 include record income and cash from operations. Q1 2008 results showed income from continuing operations of $303M excluding restructuring impacts. It outlines Alcoa's share repurchase program and total shareholder return, which outperformed indexes in 2007 and 2008 to date.
Alcoa endorses The Business Roundtable Principles of Corporate finance8
The document outlines principles of corporate governance established by The Business Roundtable. It discusses the roles and responsibilities of boards of directors, CEOs, management, stockholders, and other parties. The board's primary duties are selecting the CEO and overseeing management. Management runs day-to-day operations and informs the board of business status. Effective governance requires understanding these roles and their relationships with stockholders and other constituencies.
The Alcoa 1996 Annual Report provides the following information:
1) Alcoa's earnings in 1996 totaled $514.9 million with revenues of $13.1 billion and a return on equity of 11.6%. Before special charges, earnings were $637 million for a return on equity of 14.4%.
2) Over the past decade, Alcoa has made safety its top priority and has successfully reduced injury rates at its facilities around the world, demonstrating that continuous improvement is possible.
3) Alcoa has expanded its global operations over the past year through acquisitions and new contracts, and it aims to leverage its resources and technologies worldwide to remain the leader in the aluminum industry.
The document provides cable customer metrics and financial data for 2007 and 2008. It shows that the company gained over 4,000 revenue generating units (RGUs) in 2008 but lost 575 total video customers. Digital video customers and homes passed increased while average monthly revenue per video customer rose to $110.48. Total revenue increased over $2.5 billion from 2007 to 2008 while operating cash flow increased over $1 billion. Capital expenditures focused on growth areas like customer premise equipment and scalable infrastructure to support additional customers and services.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...mayaclinic18
Whatsapp (+971581248768) Buy Abortion Pills In Dubai/ Qatar/Kuwait/Doha/Abu Dhabi/Alain/RAK City/Satwa/Al Ain/Abortion Pills For Sale In Qatar, Doha. Abu az Zuluf. Abu Thaylah. Ad Dawhah al Jadidah. Al Arish, Al Bida ash Sharqiyah, Al Ghanim, Al Ghuwariyah, Qatari, Abu Dhabi, Dubai.. WHATSAPP +971)581248768 Abortion Pills / Cytotec Tablets Available in Dubai, Sharjah, Abudhabi, Ajman, Alain, Fujeira, Ras Al Khaima, Umm Al Quwain., UAE, buy cytotec in Dubai– Where I can buy abortion pills in Dubai,+971582071918where I can buy abortion pills in Abudhabi +971)581248768 , where I can buy abortion pills in Sharjah,+97158207191 8where I can buy abortion pills in Ajman, +971)581248768 where I can buy abortion pills in Umm al Quwain +971)581248768 , where I can buy abortion pills in Fujairah +971)581248768 , where I can buy abortion pills in Ras al Khaimah +971)581248768 , where I can buy abortion pills in Alain+971)581248768 , where I can buy abortion pills in UAE +971)581248768 we are providing cytotec 200mg abortion pill in dubai, uae.Medication abortion offers an alternative to Surgical Abortion for women in the early weeks of pregnancy. Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
1. Update on
Investor Update
Toronto, Canada
May 23, 2006
Sanjiv Khattri
EVP & CFO
2. Forward Looking Statements
In the presentation that follows and in related comments by General Motors Acceptance Corporation
management, our use of the words “expect”, “anticipate”, “estimate”, “forecast”, “objective”, “plan”,
“goal”, “project”, “outlook”, “priorities,” ”targets”, “intend”, “evaluate”, “pursue”, “seek” and similar
expressions is intended to identify forward looking statements.
While these statements represent our current judgment on what the future may hold, and we believe
these judgments are reasonable, actual results may differ materially due to numerous important
factors that are described in GMAC’s most recent report on SEC Form 10-K, which may be revised or
supplemented in subsequent reports on SEC Forms 10-Q and 8-K. Such factors include, among
others, the following: the ability of General Motors to complete a transaction with a strategic investor
regarding a controlling interest in GMAC while maintaining a significant stake in GMAC, securing
separate credit ratings and low cost funding to sustain growth for GMAC and ResCap and maintaining
the mutually beneficial relationship between GMAC and General Motors; changes in economic
conditions, currency exchange rates, significant terrorist attacks or political instability in the major
markets where we operate; changes in the laws, regulations, policies or other activities of
governments, agencies and similar organizations where such actions may affect the production,
licensing, distribution or sale of our products, the cost thereof or applicable tax rates; and the threat of
terrorism, the outbreak or escalation of hostilities between the United States and any foreign power or
territory and changes in international political conditions may continue to affect both the United States
and the global economy and may increase other risks.
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.
1
6. Components of Transaction
GM has agreed to sell a 51% controlling interest in GMAC to a
Consortium led by Cerberus Capital Management, L.P. (“Cerberus”)
Cerberus will control all of the Consortium’s 51% voting shares
Cerberus has a strong track record of performance
One of the largest private investment firms in North America, with $18 billion
under management
Experienced investor in financial institutions and automotive businesses
Long-term investment horizon
Significant stability for all stakeholders
Consortium and GM to invest $1.9 billion in preferred equity
GM expects to receive approximately $14B in cash over 3 years
$10B at closing
7. Components of Transaction (cont’d)
GM will receive dividends from GMAC equal to its earnings
prior to closing, which will largely fund GM repayment of inter-
company debt
GMAC and most of its U.S. operations (excluding the Insurance
Group) will be converted to Limited Liability Company (LLC)
form
Beneficial for shareholders’ tax planning
Long-term investment by Consortium
Committed to a 5-year minimum hold period
In years 1-2 after closing, plan to retain essentially all GMAC’s “after-
tax” earnings in the business
In years 3-5 after closing, Cerberus committed to reinvest all of its after-
tax distributions into GMAC preferred stock
Capital plan reflects a return to GMAC’s historical record of
successfully reinvesting profits for growth and profitability
8. Components of Transaction (cont’d)
Assets retained by GM
At closing, GM will retain approximately $20 billion of assets
Predominantly U.S. lease assets and associated funding
Net book value estimated at about $4 billion
Retained lease assets reduce GMAC’s credit exposure to GM
Going forward, GMAC will continue to originate and retain all lease
assets
GM call option term of ten years on Global Auto Finance
business
GM has to have either an investment grade rating or a rating higher
than GMAC’s rating to enable call
Arranging incremental credit facilities totaling $25 billion --
supported by $12.5 billion Citigroup commitment -- to enhance
GMAC’s already strong liquidity
Committed 3-year revolving facility
Asset-backed funding to support lease, wholesale, SmartBuy and other
not traditionally securitized assets
9. Strong Independent Corporate Governance
Cerberus will be the managing owner of GMAC LLC and control the
Consortium’s 51% voting shares
Board Composition:
13 Board members
Consortium: 6
GM: 4
Independent: 3
Audit Committee to consist of all three Independent Directors
Consortium has the ability to raise a significant amount of new equity
capital for GMAC and dilute GM’s ownership without GM consent
Majority Independent Director approval required for certain matters,
including related party transactions and certain dividend payouts
10. Mutually Beneficial Services Agreements
Services Agreements support key GM-GMAC objectives:
GM: Strategic support for GM vehicle sales worldwide
GMAC: Increased finance penetration and revenue
GMAC granted 10-year exclusivity covering U.S., Canadian and
International subvented wholesale and consumer business
GMAC commitment to provide financing to GM retail customers and
wholesale dealers in accordance with historical practices
GMAC will retain right to make all credit decisions
GMAC will finance a broad spectrum of customers and dealers generally in line
with prior years
Agreement provides GMAC ample flexibility to provide GM with required
financing support without compromising historical underwriting standards
Agreement provides GMAC with a competitive return
11. Profitable Asset Generation Capability Protected
Services agreements will preserve GM / GMAC mutually-beneficial
relationship for the long-term
Support global $60+ billion a year auto loan origination platform
Services Agreements
Will continue to finance
Will continue to give GMAC
GM vehicles to customers
exclusivity on retail and
across the full credit
lease subvented financing
spectrum
programs
GM “special rate” programs represent steady profitable business for
GMAC
Generate large volume of auto finance assets
Assets originated at low acquisition cost to GMAC
Generate higher credit quality assets
13. Credit Exposure to GM
Under terms of transaction, GMAC’s unsecured credit exposure to
GM will be capped at $1.5 billion on a global basis
Cap will include receivables from GM and any implicit “out of the money”
risk sharing or residual value support due to loss in residual values
Estimate that GMAC’s unsecured credit exposure to GM will
amount to $0.4 billion at closing
GM to repay certain inter-company borrowings prior to closing
GM to paydown residual support and risk sharing obligations on lease
assets remaining with GMAC
Going forward, GM to pay residual support upfront on new lease assets
originated by GMAC
Undrawn GMAC $4 billion unsecured credit line to GM, expiring Sept 2006,
not planned to be renewed
14. GMAC Credit Profile
GMAC’s credit profile will be improved considerably
Consortium and GM to invest $1.9 billion in preferred equity
Significant re-investment of earnings over 5 years
Substantial reduction in credit exposure to GM
Strong independent corporate governance
10-year steady flow of auto financing volume for GMAC
15. Impact to Credit Rating
Transaction expected to achieve rating de-linkage from GM
Sale by GM of controlling interest
Dramatic reduction in GM exposure
Sound governance to protect all GMAC stakeholders
Contractual agreement that ensures arm’s length GM-GMAC operating
relationship
Rating agencies have provided indication that transaction will
achieve de-linkage of GMAC credit ratings from those of GM
Target stable investment grade rating
Fundamentally strong credit profile
Need some time to “season” new structure and validate de-linkages
with GM
16. GM/GMAC Strategic Linkage
Solid
Strategic
Linkage
Auto financing relationship
GMAC exclusive provider of GM’s subvented auto finance programs
GMAC relationships with GM dealer network
GMAC Customers: Dealer floorplan financing
GMAC Sales Force: Auto finance & insurance products
“GM Family” customer base
Millions of customers for GMAC’s consumer finance products
17. Next Steps
Meet all pre-closing conditions
PBGC agreement that GMAC and its subsidiaries will have no
liability that could arise from GM’s pension plans
No Material Adverse Effect (including a credit rating below CCC
for GM’s unsecured long-term debt)
Obtain significant number of regulatory approvals
Other appropriate conditions, certain legal opinions and
approvals
Close transaction in Q4-2006
18. Transaction Benefits Summary - GM
Significant liquidity for GM
$10 billion upfront
$14 billion over 3 years
Broad auto financing support for GM
GM will benefit from comprehensive wholesale and retail automotive financing
to support its vehicle sales globally
Ongoing earnings from GM’s 49% equity stake retained in GMAC
Expect that minority equity stake in thriving company will generate steadily
growing earnings stream
Will remain a significant % of GM total earnings
19. Transaction Benefits Summary - GMAC
Strengthened GMAC capital base long-term
Preferred equity injection of $1.9 billion
Earnings reinvestment provisions
Improved GMAC liquidity
Committed 3-year $25 billion funding facilities
Anticipated access to unsecured markets
Significant and steady flow of auto financing revenue
Agreement grants GMAC 10-year exclusivity on GM’s subvented auto
finance programs
Believe transaction will achieve credit rating de-linkage from GM
Governance provisions further establishing GMAC independence from GM
Cap on unsecured credit exposure to GM
Contractual arm’s length agreement governing all GM/GMAC auto financing
Consortium committed to a successful GMAC
View transaction as ‘strategic” with a long-term investment horizon
25. Earnings Mix – Business Diversification
2005 *
2001
38%
30%
62%
70%
Financing Mortgage / Insurance
* Excludes goodwill impairment charge of $439 million
26. Earnings Mix – Geographic Diversification
International Net Income*
CAGR**
2001 2005
$ Millions
Financing 192 415 21%
Mortgage 72 270 39%
Insurance 9 63 63%
Total 273 748 29%
* Income outside U.S. and Canada ** Compound Annual Growth Rate
27. Insurance Operations
Premium / Revenue Insurance Net Income
growing $ Millions
417
International growth 400
329
Niche acquisitions
300
Favorable loss cost
experience 179
200
Steadily increasing
87
100
underwriting profits
Increasing competitive 0
trends 2002 2003 2004 2005
Growing investment
portfolio
($ Billions) 12/02 12/03 12/04 12/05
Market Value of Investment $5.1 $6.2 $7.3 $7.7
Portfolio
28. Mortgage Operations
GMAC has maintained
ResCap Net Income
strong profitability at
$ Millions
its Residential
1,200
Mortgage Operations 1,021
despite decline in 912
1,000 904
industry volume and 800
margin pressures
600
Growth in residential
market share for 9 319
400
consecutive years
200
Increased mortgage
servicing income 0
Profitable expansion 2002 2003 2004 2005
overseas Memo: ($ Trillions)
2.8 3.8 2.7 2.9
Industry Volume*
Stand-alone investment
U.S. Mortgage
6.3 7.1 8.1 9.1
grade rating Debt Outstanding*
* Source: Fannie Mae
29. Financing Operations
Funding constrained
business Financing
$ Millions
Ratings impact 1,600 1,476
competitiveness 1,360
1,239
Upcoming ratings 1,200 1,064*
delinkage will benefit
costs
800
Leverage existing
relationships to capture
400
opportunities within GM
dealer channel
0
Leverage existing dealer 2002 2003 2004 2005
relationships to expand
• Excluding after-tax goodwill impairment of $398 million for
presence in non-GM Commercial Finance
dealer network
Continue to expand
footprint into new
countries
31. Strong Liquidity Position
GMAC continues to have access to large liquidity cushion
Cash balance of $22 billion* at March 31, 2006
Over $45 billion of unutilized bank lines and conduit capacity
Multi-year committed whole loan facilities with Bank of America and
Bank of Nova Scotia with $59 billion of unutilized commitments
Arranging incremental credit facilities totaling $25 billion –
supported by $12.5 billion Citigroup commitment – to
enhance GMAC’s already strong liquidity
Committed 3-year revolving facility
Asset-backed funding to support SmartLease, wholesale, SmartBuy
and other assets that have not been traditionally securitized
* Includes $4.8B in cash invested in a portfolio of highly liquid marketable securities
32. Strong Liquidity Position (cont’d)
In March, closed sale of majority interest in GMAC
Commercial Mortgage and received $8.8 billion comprised of
sale proceeds and repayment of inter-company debt
Strong stand-alone ResCap funding capability established
ResCap has repaid all inter-company debt to GMAC using proceeds
from recent bond transactions
Many other innovative funding channels established
33. 2005 U.S. Term Funding
$41 Billion
10% Secured Funding
& Whole Loan
Sales
Unsecured
Funding
90%
Note: Represents domestic auto finance only
34. 2005 U.S. Term Funding
$41 Billion
Money Market
Investors
10% Secured
Funding
Term Investors & Whole
42% Loan Sales
(90%)
35% Whole Loans
13%
Unsecured
(10%)
Funding
Note: Represents domestic auto finance only
35. Evolution of U.S. Term Funding
2005
2004
2001
10%
21%
46%
54%
90%
79%
$41 Billion
$47 Billion
$65 Billion
Secured Funding & Unsecured Funding
Whole Loan Sales
Note: Represents domestic auto finance only
36. Structural Subordination Analysis
Asset Coverage Ratio continues to adequately protect
unsecured debt holders despite increase in secured funding
Although unencumbered assets have declined, asset coverage ratio
remains stable-to-higher as unsecured debt levels decline even more
rapidly
$ Billions 2004 2005 Q1 2006 2006
188 151 140
Unencumbered
Assets*
Unsecured Debt 169 132 120
Stable-to-
Asset Coverage 111% 115% 117%
Higher
Ratio
* Total Assets less [Secured Debt+Other Non-Debt Liabilities+Intangible Assets]
37. GMAC Funding Plan
GMAC’s innovative funding initiatives have reduced its need to
rely on unsecured financing
With a stable and potentially improving credit rating post-
closing, GMAC will opportunistically seek to access the
unsecured institutional and retail markets
38. GMAC Global Liquidity Profile
GMAC has access to massive liquidity cushion
Two large, multi-year funding agreements: Bank of America (BofA), Bank of
Nova Scotia (BNS), with plans for a third $25B facility anchored by Citigroup
BofA and BNS commitments for retail assets while the $25B facility includes leases,
dealer floor plan, SmartBuy, and other assets not traditionally securitized
Continued access to significant amount of bank funding
$ billion
As of 3/31/06 Line Size Utilized Unutilized
Cash (1) 22 0 22
(2)
Committed Flow agreements 75 16 59
Proposed Citigroup-led $25B Funding Facility 25 0 25
Committed Bank facilities 85 39 46
185 55 130
Total Committed
Uncommitted Bank facilities 9 8 1
Total 216 63 153
Note: (1) Including $4.8Bn of marketable securities
(2) Utilized/expired
39. Consolidated Asset and Liability Maturities
Interest-Earning Assets
$ Billions
125 Interest-Bearing Liabilities 104
100 86
77
67
75 63
56
50 44
50
29
19
25
-
Under 3 Under 6 Under 1 Under 2 Under 3
months months year years years
Note: Includes cash, excludes on-balance sheet secured debt and the related assets, as of March 31, 2006
40. ResCap Capital Structure
GMAC plans to maintain the ResCap firewall to preserve
ResCap’s relatively higher credit rating
ResCap already enjoys significant
access to unsecured liquidity
$ Billion (as of 05/16/06)
Global Debt Issued 12.4
Global Bank Lines 4.0
Total 16.4
Firewall: Governance and Dividend Limitations
41. Conclusion
Operating metrics for Financing, Mortgage and Insurance
remain strong
Some margin pressures due to interest rate cycle and competitive
trends, but expect to have solid performance in 2006
GM, GMAC and Cerberus led consortium working on speedy
closing of 51% sale transaction
Target fourth quarter closing
Plan to maintain current conservative funding strategy until risks to
closing are reduced
Following the closing of the 51% sale, GMAC will be even better
positioned to execute our business plan under which we will:
Support GM vehicle sales with a broad range of auto financing activities
Continue to grow all segments of the business
Generate a strong return on investment for GMAC’s shareholders
42. GMAC Strategic Vision
Create Premier Global Finance Company
GMAC Business Strengths Consortium Provided Benefits
Leadership positions Stable/Improving credit rating
across all major sectors
Balance sheet capacity
#1 in Auto Finance
Top 10 player in Mortgage Competitive funding cost
#1 provider of Extended
Operational expertise
Warranty
#1 provider of Dealer Inventory
Strong independent corporate
Insurance
governance
Tremendous asset
origination capability
World-class servicing
Well-managed risk profile
Global franchise
43. Long-Term Outlook
Existing Improved Capital
+
Business Position and Credit
Strengths Ratings
Long Term Profitable Growth