General Motors 2010 Annual Report Download - page 49

GENERAL MOTORS COMPANY AND SUBSIDIARIES
Total Net Sales and Revenue
(Dollars in Millions)
Successor
Combined GM
and Old GM Successor Predecessor
Year Ended
December 31, 2010
Year Ended
December 31, 2009
July 10, 2009
Through
December 31, 2009
January 1, 2009
Through
July 9, 2009
Year Ended
December 31, 2008
Year Ended
2010 vs. 2009
Change
Year Ended
2009 vs. 2008
Change
Amount % Amount %
GMNA .................. $ 83,035 $ 56,617 $32,426 $24,191 $ 86,187 $26,418 46.7% $(29,570) (34.3)%
GME ................... 24,076 24,031 11,479 12,552 34,647 45 0.2% (10,616) (30.6)%
GMIO .................. 21,470 14,785 8,567 6,218 24,050 6,685 45.2% (9,265) (38.5)%
GMSA .................. 15,379 13,135 7,399 5,736 14,522 2,244 17.1% (1,387) (9.6)%
GM Financial ............. 281 — — — — 281 n.m. — n.m.
Total operating segments .... 144,241 108,568 59,871 48,697 159,406 35,673 32.9% (50,838) (31.9)%
Corporate and eliminations . . (8,649) (3,979) (2,397) (1,582) (10,427) (4,670) (117.4)% 6,448 61.8 %
Total net sales and revenue . . $135,592 $104,589 $57,474 $47,115 $148,979 $31,003 29.6% $(44,390) (29.8)%
n.m. = not meaningful
In the year ended December 31, 2010 Total net sales and revenue increased by $31.0 billion (or 29.6%), primarily due to:
(1) increased wholesale sales volume of $19.8 billion in GMNA due to an improving economy and recent vehicle launches;
(2) increased wholesale volumes of $3.9 billion in GMIO due to an improving global economy and recent vehicle launches;
(3) favorable vehicle pricing effect of $2.9 billion in GMNA due to lower sales allowances, partially offset by less favorable
adjustments for U.S. residual support programs for leased vehicles; (4) increased wholesale volumes of $2.2 billion in GMSA driven
by launches of the Chevrolet Cruze and Chevrolet Spark; (5) favorable vehicle mix of $1.6 billion due to increased crossover and
truck sales in GMNA; (6) favorable net foreign currency translation effect of $1.0 billion, primarily due to the strengthening of major
currencies in 2010 against the U.S. Dollar in GMSA; (7) increased sales of $1.0 billion due to the acquisition of Nexteer and four
domestic component manufacturing facilities in GMNA; (8) favorable net foreign currency translation effect of $0.9 billion in GMIO;
(9) favorable vehicle mix of $0.8 billion driven by the launch of the Chevrolet Cruze and increased sales of sports utility vehicles in
GMIO; (10) favorable net foreign currency remeasurement effect of $0.8 billion in GMNA; (11) derivative losses of $0.8 billion in
2009, that did not recur in 2010, primarily driven by the depreciation of the Korean Won against the U.S. Dollar in GMIO;
(12) favorable vehicle mix of $0.5 billion in GME; (13) favorable vehicle pricing effect of $0.5 billion driven by launches of the Opel
Astra and Opel Meriva in GME; (14) favorable vehicle pricing effect of $0.3 billion primarily in Venezuela driven by the
hyperinflationary economy in GMSA; (15) increased revenues from OnStar of $0.3 billion in GMNA; and (16) finance charge income
of $0.3 billion due to the acquisition of AmeriCredit.
These increases in Total net sales and revenue were partially offset by: (1) devaluation of the BsF in Venezuela of $0.9 billion in
GMSA; (2) unfavorable net foreign currency translation effect of $0.7 billion in GME; (3) unfavorable vehicle mix of $0.4 billion in
GMSA; and (4) decreased lease financing revenues of $0.3 billion related to the liquidation of the portfolio of automotive leases.
In the year ended December 31, 2009 Total net sales and revenue decreased by $44.4 billion (or 29.8%) primarily due to:
(1) decreased revenue of $36.7 billion in GMNA related to volume reductions; (2) decrease in domestic wholesale volumes and lower
exports of $9.1 billion in GMIO; (3) decreased domestic wholesale volumes of $4.8 billion in GME; (4) unfavorable foreign currency
translation effect and transaction losses of $3.7 billion in GME, primarily due to the strengthening of the U.S. Dollar versus the Euro;
(5) decreased wholesale volumes of $2.2 billion in GMSA; (6) decreased revenue of $1.2 billion in GME related to Saab;
(7) unfavorable net foreign currency effect of $1.0 billion in GMIO; (8) decreased powertrain and parts and accessories revenue of
$0.8 billion in GME; and (9) decreased lease financing revenue of $0.7 billion related to the continued liquidation of the portfolio of
automotive retail leases.
These decreases in Total net sales and revenue were partially offset by: (1) improved pricing, lower sales incentives and improved
lease residuals of $5.4 billion in GMNA; (2) favorable vehicle mix of $2.8 billion in GMNA; (3) favorable vehicle pricing of
General Motors Company 2010 Annual Report 47