We Will Succeed

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We Will Succeed General Motors CorporationAnnual Report 2005 General Motors Corporation 2005 Annual Report General Motors Corporation 300 Renaissance Center P.O. Box 300 Detroit, MI 48265-3000 www.gm.com WE WILL SUCCEED. 002CS10395 A lot of people are watching GM closely. They want to know how we’re addressing the unprecedented challenges that we face. They’re wondering what we’ll do to succeed in a fiercely competitive global auto industry. While 2005 was an extremely difficult year for GM, we have absolute clarity about the road ahead. We have a strong plan. We’re making the tough calls to reduce our costs while gaining efficiency and productivity. Our cars and trucks are better than ever, and we’re leveraging our global capabilities more and more. Our people are confident, committed and driven to succeed. We will succeed. Here’s why: y want to know how we’re addressing the e wondering what we’ll do to succeed in a e 2005 was an extremely difficult year for GM, d. We have a strong plan. We’re making the tough y and productivity. Our cars and trucks are al capabilities more and more. Our people d. We will succeed. Here’s why: FRITZ HENDERSON BOB LUTZ RICK WAGONER JOHN DEVINE Vice Chairman and Vice Chairman, Global Chairman and Vice Chairman Chief Financial Offi cer Product Development Chief Executive Offi cer 2 General Motors Corporation DEAR STOCKHOLDERS: 2005 was one of the most diffi cult years in General Motors’ SECOND HIGHEST SALES IN GM’S HISTORY 98-year history. Outside North America, it was a relatively good year. It was the year in which GM’s two fundamental weaknesses in the Global industry vehicle sales set another record, and we’re fore- U.S. market were fully exposed: our huge legacy cost burden, and our casting a record again this year – almost 66 million units, which would inability to adjust structural costs in line with falling revenue. be up about 1 million units from last year. GM had its second highest The challenges we cited in this space a year ago – global over- sales volume globally last year, with nearly 9.2 million vehicles sold. capacity, falling prices, rising health-care costs, higher fuel prices, GM scored three signifi cant “fi rsts” last year: More than half of global competition – intensifi ed and signifi cantly weakened our GM’s sales globally came outside the United States; in the Asia business. The result was a loss of $3.4 billion, excluding special Pacifi c region, GM sold more than 1 million vehicles; and GM, along items, and a reported loss of $10.6 billion, on revenues of with our joint venture partner, became the No. 1 car manufacturer in $192.6 billion. China, the world’s fastest-growing market. Obviously, that is unsustainable. Though we are confi dent that GM Our success in China is evidence that where the playing fi eld is has time and suffi cient cash to see itself through a turnaround, I want even, GM can compete aggressively with the best and win. you to know that we are working diligently to get things moving in the GM also experienced signifi cant growth in our Latin America, right direction – quickly. Africa and the Middle East region, with sales up 20 percent on Essentially, we are changing our business model to deal with the strength of our Chevrolet brand. GM set sales records in Chile, the larger phenomenon of globalization and the competition it has Ecuador, Venezuela, South Africa and the Middle East as we marked brought to the U.S. economy. We already have made some signifi cant the eighth consecutive year of sales leadership in the region. moves to improve our competitiveness in the long term. We need to In the tough European market, our turnaround remained on track. do more – and we will. GM Europe cut its losses signifi cantly based on good consumer acceptance of our new vehicles and strong progress on our cost- FINANCIAL REPORTING restructuring initiatives. We expect continued improvement in 2006 We also have a renewed commitment to excellence and transparency as we launch an all-new Opel Corsa and continue to expand the in our fi nancial reporting. The recent discovery of prior-year account- Chevrolet brand. ing errors has been extremely disappointing and embarrassing to But most of the news about GM last year was focused on our all of us. North American operations, as we dealt with a dramatically changing Credibility is paramount, for GM as a company and for me per- competitive environment. sonally. While I will not offer excuses, I do apologize on behalf of our We addressed softer demand and our growing inventory in the management team, and assure you that we will strive to deserve your fi rst half with production cuts and our successful campaign that trust. The fact is that errors were made, and we can’t change that. offered consumers the same prices that GM employees pay. Fuel What we have done is disclose our mistakes and work as diligently prices increased sharply through the year, reducing demand for some as we can to fi x them. of our highest-profi t trucks, and tilting our sales mix more toward We are moving aggressively to strengthen our internal accounting lower-margin cars. The devastation of Hurricane Katrina also had an resources. Going forward, we will do our best to re-establish the impact, both on fuel prices nationally and on vehicle sales. ground that we have lost, as we restore GM’s reputation for fi nancial With our inventories now at manageable levels and several accuracy and transparency. high-volume cars and trucks being launched this year, we expect our General Motors Corporation 3 FINANCIAL HIGHLIGHTS (Dollars in millions, except per share amounts) Years ended December 31, 2005 2004 2003 Total net sales and revenues $192,604 $193,517 $185,837 Worldwide production (units in thousands) 9,051 9,098 8,246 Income (loss) from continuing operations $«(10,458) $÷÷2,804 $÷÷2,899 (Loss) from discontinued operations – – $÷÷÷(219) Gain on sale of discontinued operations – – $÷÷1,179 Cumulative effect of accounting change (109) –– Net income (loss) $«(10,567) $÷÷2,804 $÷÷3,859 Net profi t margin from continuing operations (5.4) % 1.4% 1.6% Diluted earnings (loss) per share attributable to $1-2/3 par value common stock Continuing operations $÷«(18.50) $÷÷÷4.94 $÷÷÷5.09 Net income $÷«(18.69) $÷÷÷4.94 $÷÷÷7.20 Income adjusted to exclude Hughes Electronics and special items (1) Income (loss) $÷«(3,354) $÷÷3,629 $÷÷3,234 Diluted earnings (loss) per share attributable to $1-2/3 par value common stock $÷÷«(5.93) $÷÷÷6.40 $÷÷÷5.69 Book value per share of $1-2/3 par value common stock $÷÷25.81 $÷÷48.41 $÷÷44.31 Number of $1-2/3 par value common stock shares outstanding as of December 31 (in millions) 565 565 562 (1) A reconciliation of adjusted amounts to amounts determined in accordance with accounting principles generally accepted in the United States may be found at www.gm.com/company/investor_information/, Earnings Releases, Financial Highlights. Net Sales Income (Loss) from Net Profit Margin from Earnings (Loss) per Share and Revenues Continuing Operations Continuing Operations from Continuing Operations billions billions percent dollars $192.6 $193.5 $185.8 $2.8 $2.9 1.4% 1.6% $4.94 $5.09 05 04 03 $(10.5) (5.4)% $(18.50) 05 04 03 05 04 03 05 04 03 4 General Motors Corporation results in GM North America to improve. But while signifi cant progress in the world has that kind of health-care obligation. Today we has been made, we continue to focus on addressing the challenge compete mostly against foreign-owned companies whose govern- of our long-term, structural issues in the United States. ments cover much of their employee and retiree health-care and pension costs. GM’S LEGACY CHALLENGE The weight of history on our results has been signifi cant. OUR NORTH AMERICA TURNAROUND PLAN GM has been in business for nearly a century, and in the last four In 2005, we laid out and began to aggressively implement a four-point decades, our business has undergone tremendous structural change. turnaround plan aimed at strengthening our competitive position and Vastly improved productivity, greater reliance on suppliers, and large achieving strong business results for years to come. The four elements growth in the number of competitors in our largest market have all of our plan are: had an impact. But while GM today is a far leaner, more productive automaker, we still carry a signifi cant fi nancial burden of the past. ● Keep raising the bar in the execution of great cars and trucks. Consider that in 1962, we employed 605,000 people around the ● Revitalize our sales and marketing strategy. world. Of those, 464,000 were in the United States, where we sold ● Signifi cantly improve our cost competitiveness. 4.2 million cars and trucks. With only two major competitors, GM ● Address our health-care and pension legacy cost burden. reached a record U.S. market share of 51 percent. Fast-forward to 2005: GM employed 335,000 employees world- The last two points of the plan led to some diffi cult and painful wide. Of those, 141,000 were in the United States, where we sold decisions that involved sacrifi ce from virtually everyone with a stake 4.5 million cars and trucks. While last year we competed against in GM’s future: 11 major automakers from around the world, GM still led the market with a 26 percent share.
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