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GENERAL MOTORS CO (GM) CashFlowFlag INCOME STATEMENT

Fiscal year ends in December. USD in millions except per share data.

Assumptions
Historical 5-yr Growth
Tax Rate
COGS/Revenues
SGA/Revenues
Depreciation/Net FA (t-1)
Cash/Revenues
Accounts Receivables/Revenues
Inventory/Revenues
Gross PPE/Revenues
Goodwill/Revenues
Accounts Payables/Revenues
Accruals/Revenues
Interest Rate
Payout Ratio
EBIT/Sales

9%
30%
89%
8%
5%
19%
9%
9%
20%
9%
16%
16%
2%
24%

Actual
Revenue
Cost of revenue
Gross profit
Operating expenses
Sales, General and administrative
Other operating expenses
Total operating expenses
Operating income
Interest Expense
Other income (expense)
Income before taxes
Provision for income taxes
Other income
Net income from continuing operations
Other
Net income
Preferred dividend
Net income available to common shareholders
Weighted average shares outstanding
Basic
Diluted
Projected Depreciation
EBITDA

Computed Metrics
Addition to retained earnings
Implied dividends
Implied payout ratio
Implied depreciation & amortization
Implied depreciation/previous year GPPE
Operating margins

Projected

$
$
$

2010
135,592 $
118,792 $
16,800 $

2011
150,276 $
131,171 $
19,105 $

2012
152,256 $
141,443 $
10,813 $

2013
155,427 $
137,373 $
18,054 $

2014
155,929 $
142,121 $
13,808 $

2015
169,712 $
151,832 $
17,880 $

2016
184,713 $
165,253 $
19,460 $

2017
201,040 $
179,860 $
21,180 $

2018
218,810 $
195,758 $
23,052 $

2019
238,151 $
213,061 $
25,090 $

2020
259,201 $
231,893 $
27,307 $

2021
282,112 $
252,391 $
29,721 $

2022
307,048 $
274,700 $
32,348 $

2023
334,188 $
298,981 $
35,208 $

$
$
$
$
$
$
$
$
$
$
$
$
$
$

11,716
11,716
5,084
1,098
1,751
5,737
672
1,438
6,503
(331)
6,172
1,504
4,668

12,163
1,286
13,449
5,656
540
869
5,985
110
3,412
9,287
(97)
9,190
1,605
7,585

13,593
27,583
41,176
(30,363)
489
595
(30,257)
(34,831)
1,562
6,136
52
6,188
1,329
4,859

12,382
541
12,923
5,131
334
2,661
7,458
2,127
5,331
15
5,346
1,576
3,770

12,158
120
12,278
1,530
403
3,119
4,246
228
4,018
(69)
3,949
1,145
2,804

14,061
120
14,181
3,699
840
3,119
5,978
1,793
4,185
(69)
4,116
1,002
3,113

15,304
120
15,424
4,036
696
3,119
6,459
1,938
4,521
(69)
4,452
1,084
3,368

16,656
120
16,776
4,404
594
3,119
6,928
2,078
4,850
(69)
4,781
1,164
3,616

18,129
120
18,249
4,803
485
3,119
7,438
2,231
5,207
(69)
5,138
1,251
3,886

19,731
120
19,851
5,239
366
3,119
7,992
2,398
5,594
(69)
5,525
1,346
4,179

21,475
120
21,595
5,712
238
3,119
8,594
2,578
6,016
(69)
5,947
1,448
4,498

23,373
120
23,493
6,228
99
3,119
9,248
2,774
6,474
(69)
6,405
1,560
4,845

25,439
120
25,559
6,789
(51)
3,119
9,959
2,988
6,971
(69)
6,902
1,681
5,221

27,688
120
27,808
7,400
(213)
3,119
10,732
3,220
7,512
(69)
7,443
1,813
5,630

13,758 $

$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,500
1,624

1,536
1,668

2010
$
$

$
$
$
$
$
$
$
$
$
$
$
$
$
$

$
1,504 $
24.37%
6,923 $
3.75%

$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,566
1,675

$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,393
1,676

$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,605
1,687
$
11,887 $

$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,605

$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,605

7,938 $
11,636 $

1,605

7,489 $
11,525 $

13,869 $

8,994 $

15,833 $

2011
7,585 $
1,605 $
17.46%
7,344 $
32.62%
3.76%

2012
4,859 $
1,329 $
21.48%
38,762 $
140.66%
-19.94%

2013
3,770 $
1,576 $
29.48%
8,041 $
25.61%
3.30%

2014
3-yr Avg
5-year Avg
2,804 $
3,811 $
4,755
1,145 $
1,350 $
1,432
28.99%
26.65%
24.36%
7,238 $
18,014 $
13,662
22.17%
62.81%
55.26%
0.98%
-5.22%
-1.63%

2013

2014

$
$
$
$
$
$
$
$
$
$
$
$
$
$

$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,605

8,151 $
12,555 $

$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,605

8,871 $
13,675 $

$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,605

9,656 $
14,894 $

$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,605

10,509 $
16,221 $

$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,605

11,438 $
17,666 $

$
$
$
$
$
$
$
$
$
$
$
$
$
$

30,135
120
30,255
8,064
(389)
3,119
11,572
3,472
8,101
(69)
8,032
1,956
6,075

13,549 $
20,949 $

14,747
22,811

1,605

12,449 $
19,238 $

2024
363,727
325,408
38,320

1,605

GENERAL MOTORS CO (GM) CashFlowFlag BALANCE SHEET


Fiscal year ends in December. USD in millions except per share data.
Actual
Assets

Current assets
Surplus Cash
Cash
Receivables
Inventories
Deferred income taxes
Other current assets
Total current assets
Non-current assets
Property, plant and equipment
Gross property, plant and equipment
Accumulated Depreciation
Net property, plant and equipment
Equity and other investments
Goodwill
Intangible assets
Deferred income taxes
Other long-term assets
Total non-current assets
Total assets

2010

2011

Projected

2012

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

$
$
$
$
$
$

26,616
8,699
12,125
1,805
3,808
53,053

$
$
$
$
$
$

31,647
9,949
14,324
1,657
2,670
60,247

$
$
$
$
$
$

27,410
14,439
14,714
9,429
4,004
69,996

$
$
$
$
$
$

28,993
8,535
14,039
10,349
19,585
81,501

$
$
$
$
$
$

28,176
25,606
13,642
9,760
6,486
83,670

$
$
$
$
$
$
$

8,005
32,386
15,081
15,586
9,760
6,486
87,304

$
$
$
$
$
$
$

13,680
35,249
16,414
16,964
9,760
6,486
98,553

$
$
$
$
$
$
$

19,808
38,364
17,865
18,463
9,760
6,486
110,747

$
$
$
$
$
$
$

26,428
41,755
19,444
20,095
9,760
6,486
123,969

$
$
$
$
$
$
$

33,583
45,446
21,163
21,871
9,760
6,486
138,310

$
$
$
$
$
$
$

41,320
49,463
23,034
23,805
9,760
6,486
153,868

$
$
$
$
$
$
$

49,689
53,835
25,070
25,909
9,760
6,486
170,749

$
$
$
$
$
$
$

58,746
58,594
27,286
28,199
9,760
6,486
189,071

$
$
$
$
$
$
$

68,552
63,773
29,698
30,691
9,760
6,486
208,960

$
$
$
$
$
$
$

79,172
69,410
32,323
33,404
9,760
6,486
230,555

$
$
$
$
$
$
$
$
$
$

22,512
3,277
19,235
8,529
31,778
11,882
308
14,113
85,845
138,898

$
$
$
$
$
$
$
$
$
$

27,558
4,601
22,957
6,790
29,019
10,013
2,900
12,677
84,356
144,603

$
$
$
$
$
$
$
$
$
$

31,401
5,556
25,845
6,883
1,973
6,809
27,922
9,994
79,426
149,422

$
$
$
$
$
$
$
$
$
$

32,654
6,787
25,867
8,094
1,560
5,668
22,736
20,918
84,843
166,344

$
$
$
$
$
$
$
$
$
$

35,810
8,067
27,743
8,350
1,427
4,983
25,414
26,090
94,007
177,677

$
$
$
$
$
$
$
$
$
$

33,786
16,005
17,782
8,350
15,600
4,983
25,414
26,090
98,219
185,523

$
$
$
$
$
$
$
$
$
$

36,772
23,493
13,279
8,350
16,979
4,983
25,414
26,090
95,095
193,649

$
$
$
$
$
$
$
$
$
$

40,023
31,644
8,378
8,350
18,480
4,983
25,414
26,090
91,696
202,443

$
$
$
$
$
$
$
$
$
$

43,560
40,516
3,045
8,350
20,114
4,983
25,414
26,090
87,995
211,965

$
$
$
$
$
$
$
$
$
$

47,411
50,171
(2,760)
8,350
21,892
4,983
25,414
26,090
83,968
222,278

$
$
$
$
$
$
$
$
$
$

51,602
60,680
(9,079)
8,350
23,827
4,983
25,414
26,090
79,585
233,453

$
$
$
$
$
$
$
$
$
$

56,163
72,118
(15,955)
8,350
25,933
4,983
25,414
26,090
74,814
245,563

$
$
$
$
$
$
$
$
$
$

61,127
84,567
(23,440)
8,350
28,225
4,983
25,414
26,090
69,622
258,693

$
$
$
$
$
$
$
$
$
$

66,530
98,116
(31,586)
8,350
30,720
4,983
25,414
26,090
63,971
272,931

$
$
$
$
$
$
$
$
$
$

72,411
112,863
(40,452)
8,350
33,435
4,983
25,414
26,090
57,820
288,375

$
$
$
$
$

1,616
21,497
24,044
47,157

$
$
$
$
$

1,682
24,494
22,756
48,932

$
$
$
$
$

5,518
25,166
23,308
53,992

$
$
$
$
$

14,158
23,621
23,357
1,276
62,412

$
$
$
$
$

14,988
22,529
26,562
1,622
65,701

$
$
$
$
$

14,988
26,586
27,237
1,622
70,434

$
$
$
$
$

14,988
28,936
29,645
1,622
75,191

$
$
$
$
$

14,988
31,494
32,265
1,622
80,369

$
$
$
$
$

14,988
34,278
35,117
1,622
86,005

$
$
$
$
$

14,988
37,308
38,221
1,622
92,139

$
$
$
$
$

14,988
40,605
41,600
1,622
98,815

$
$
$
$
$

14,988
44,195
45,277
1,622
106,081

$
$
$
$
$

14,988
48,101
49,279
1,622
113,990

$
$
$
$
$

14,988
52,353
53,635
1,622
122,597

$
$
$
$
$

14,988
56,980
58,375
1,622
131,966

$
$
$
$
$
$

9,142
13,021
31,188
979
1,231

$
$
$
$
$
$

11,650
12,336
31,911
871
783

$
$
$
$
$
$

10,532
13,169
34,729
756
-

$
$
$
$
$
$

22,025
1,249
26,596
567
10,888

$
$
$
$
$
$

31,853
1,556
31,276
567
11,267

31,853
1,556
31,276
567
11,267
76,519
146,953

$
$
$
$
$
$
$
$
$

31,853
1,556
31,276
567
11,267
76,519
151,710

$
$
$
$
$
$
$
$
$

31,853
1,556
31,276
567
11,267
76,519
156,888

$
$
$
$
$
$
$
$
$

31,853
1,556
31,276
567
11,267
76,519
162,524

$
$
$
$
$
$
$
$
$

31,853
1,556
31,276
567
11,267
76,519
168,658

$
$
$
$
$
$
$
$
$

31,853
1,556
31,276
567
11,267
76,519
175,334

$
$
$
$
$
$
$
$
$

31,853
1,556
31,276
567
11,267
76,519
182,600

$
$
$
$
$
$
$
$
$

31,853
1,556
31,276
567
11,267
76,519
190,509

$
$
$
$
$
$
$
$
$

31,853
1,556
31,276
567
11,267
76,519
199,116

$
$
$
$
$
$
$
$
$

31,853
1,556
31,276
567
11,267
76,519
208,485

$
$
$
$
$
$
$

16
28,937
17,690
(8,073)
38,570
185,523

$
$
$
$
$
$
$

16
28,937
21,058
(8,073)
41,938
193,649

$
$
$
$
$
$
$

16
28,937
24,675
(8,073)
45,555
202,443

$
$
$
$
$
$
$

16
28,937
28,561
(8,073)
49,441
211,965

$
$
$
$
$
$
$

16
28,937
32,740
(8,073)
53,620
222,278

$
$
$
$
$
$
$

16
28,937
37,238
(8,073)
58,118
233,453

$
$
$
$
$
$
$

16
28,937
42,083
(8,073)
62,963
245,563

$
$
$
$
$
$
$

16
28,937
47,304
(8,073)
68,184
258,693

$
$
$
$
$
$
$

16
28,937
52,935
(8,073)
73,815
272,931

$
$
$
$
$
$
$

16
28,937
59,010
(8,073)
79,890
288,375

$
$
$

177,519 $
185,523 $
(8,005) $

204,379 $
272,931 $
(68,552) $

209,202
288,375
(79,172)

Liabilities and stockholders' equity

Liabilities
Current liabilities
Short-term debt
Accounts payable
Accrued liabilities
Deferred revenues
Total current liabilities
Non-current liabilities
Long-term debt
Deferred taxes liabilities
Deferred revenues
Pensions and other benefits
Minority interest
Other long-term liabilities
New Debt - AFN
Total non-current liabilities
Total liabilities
Stockholders' equity
Preferred stock
Common stock
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income
Total stockholders' equity
Total liabilities and stockholders' equity

$
$

55,561 $
102,718 $

57,551 $
106,483 $

59,186 $
113,178 $

61,325 $
123,737 $

$
$
$
$
$
$
$
76,519 $
142,220 $

$
$
$
$
$
$
$

10,391
15
24,257
266
1,251
36,180
138,898

10,391
16
26,391
7,183
(5,861)
38,120
144,603

10,391
14
23,834
10,057
(8,052)
36,244
149,422

3,109
15
28,780
13,816
(3,113)
42,607
166,344

16
28,937
14,577
(8,073)
35,457
177,677

$
$
$
$
$
$
$

$
$
$
$
$
$
$

$
$
$
$
$
$
$

$
$
$
$
$
$
$

Projected Assets
Projected Liabilities
AFN

179,968 $
193,649 $
(13,680) $

182,635 $
202,443 $
(19,808) $

185,537 $
211,965 $
(26,428) $

188,695 $
222,278 $
(33,583) $

192,133 $
233,453 $
(41,320) $

195,874 $
245,563 $
(49,689) $

199,946 $
258,693 $
(58,746) $

Free Cash Flows Estimation


2014
Opr. CF
NWC
Inv in NWC
Capex
FCF

$
18,333 $
$
$
$

2015
10,527
9,230
(9,103)
(2,024)
21,654

$
$
$
$
$

2016
10,314
10,046
816
2,986
6,512

$
$
$
$
$

2017
11,233
10,934
888
3,250
7,095

$
$
$
$
$

2018
12,234
11,900
966
3,538
7,730

$
$
$
$
$

2019
13,323
12,952
1,052
3,850
8,420

$
$
$
$
$

2020
14,508
14,097
1,145
4,191
9,172

$
$
$
$
$

2021
15,797
15,343
1,246
4,561
9,990

$
$
$
$
$

2022
17,201
16,699
1,356
4,964
10,881

$
$
$
$
$

2023
18,729
18,175
1,476
5,403
11,850

$
$
$
$
$

2024
20,392
19,781
1,606
5,881
12,905