StingRay
Guest
|
 Posted:
Wed Nov 30, 2005 8:30 am Post subject:
Re: GM hedge funds |
|
|
"James C. Reeves" <jcnospam@nospam.com> wrote in message
news:NPidnbjATYWtZRHenZ2dnUVZ_sKdnZ2d@comcast.com...
| Quote: | Must be since most of the financial guys that study the books of companies
are quite worried. Probably more a denial thing, actually. GM isn't
beyond hope. All they need to do is figure out how to pay off ~278
billion dollars in debt with the ~18 billion dollars they have in the bank
while loosing an additional 6 billion dollars a year. Should be a piece
of cake! ;-)
|
James, I am a "financial guy" and I'm puzzled by your debt figure, as well
as your 18 billion dollar figure. I just visited GM's site and pulled off
their SEC Filings. I'll post their Condensed Balance Sheet for September
30, 2005, below. You will note therein that GM had "Total Debt" of $ 446
Billion at that time. But the most important figure is the company's
"Current Debt", which was recorded at $ 74.7Billion. Now if you take a look
at the Assets, you will see "Current Assets" of $ 53.8Billion. To this,
you have to add the Current Assets of Financing and Insurance Operations,
which look like this:
Cash & Cash Equivalents $ 21.4Billion
Investments in Securities 16.5Billion
Finance Receivables - Net 177.0Billion
Loans Held For Sale 17.6Billion
Assets Held For Sale 18.7Billion
-------------------
Current Assets of $ 251.2Billion
Financing & Ins. Ops.
Now James, if we add this figure to the $ 53.8Billion figure above, we find
that as at September 30, 2005, GM had Total Current Assets of $ 305Billion,
which would quite easily handle their Current Debt, which was $ 74.7
Billion. I fail to see the liquidity crisis you seem to allude to. Even if
GM had a temporary liquidity problem at some point, they could raise
Billions of dollars quite quickly by leveraging up some of their Fixed
Assets, which I'm sure would have substantial value over Book Value. So
let's not get out the shovels to bury GM just yet. Her demise is highly
exaggerated and the funeral wake is premature.
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(As
restated,
see
Note 1)
Sept. 30, Sept.
30,
2005 Dec. 31, 2004
(Unaudited) 2004
(Unaudited)
---------- -------- ----------
ASSETS (dollars in millions)
Cash and cash equivalents $35,089 $35,993
$37,589
Marketable securities 18,012 21,737
21,034
------ ------ ------
Total cash and marketable securities 53,101 57,730
58,623
Finance receivables - net 177,082 199,600
193,755
Loans held for sale 17,581 19,934
20,116
Accounts and notes receivable (less allowances) 16,285 21,236
17,379
Inventories (less allowances) (Note 4) 14,175 12,247
12,544
Assets held for sale (Note 1)
18,748 - -
Deferred income taxes 28,499 26,241
27,219
Net equipment on operating leases (less
accumulated depreciation) 37,972 34,214
33,016
Equity in net assets of nonconsolidated
affiliates 4,260 6,776
6,637
Property - net 39,616 39,020
37,432
Intangible assets - net (Note 5) 4,799 4,925
4,732
Other assets 56,993 57,680
57,182
------- ------- -------
Total assets $469,111 $479,603
$468,635
======= =======
=======
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable (principally trade) $29,886 $28,830
$26,404
Notes and loans payable 278,232 300,279
290,920
Liabilities related to assets held for sale
(Note 1)
12,319 - -
Postretirement benefits other than pensions 32,101 28,111
31,948
Pensions 9,982 9,455
7,824
Deferred income taxes 6,718 7,078
6,134
Accrued expenses and other liabilities 76,620 77,727
77,417
------- ------- -------
Total liabilities 445,858 451,480
440,647
Minority interests 829 397
369
Stockholders' equity
$1-2/3 par value common stock (outstanding,
565,504,852; 565,132,021; and
564,804,464 shares) 943 942
941
Capital surplus (principally additional
paid-in capital 15,281 15,241
15,209
Retained earnings 9,754 14,428
14,804
------ ------ ------
Subtotal 25,978 30,611
30,954
Accumulated foreign currency translation
adjustments (1,630) (1,194)
(1,678)
Net unrealized gains on derivatives 406 589
215
Net unrealized gains on securities 742 751
610
Minimum pension liability adjustment (3,072) (3,031)
(2,482)
------- ------- -------
Accumulated other comprehensive loss (3,554) (2,885)
(3,335)
------- ------- -------
Total stockholders' equity 22,424 27,726
27,619
------- ------- -------
Total liabilities and stockholders' equity $469,111 $479,603
$468,635
======= =======
=======
Reference should be made to the notes to condensed consolidated financial
statements.
_____________________________________________________________________________________________________________________________________________
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION TO THE CONDENSED CONSOLIDATED BALANCE SHEETS
(As
restated,
see
Note 1)
Sept. 30, Sept.
30,
2005 Dec. 31, 2004
(Unaudited) 2004
(Unaudited)
---------- -------- ----------
ASSETS (dollars in millions)
Automotive and Other Operations
Cash and cash equivalents $13,695 $13,148
$12,984
Marketable securities 1,437 6,655
7,969
------ ------ ------
Total cash and marketable securities 15,132 19,803
20,953
Accounts and notes receivable (less allowances) 7,800 6,713
6,542
Inventories (less allowances) (Note 4) 13,755 11,717
12,035
Net equipment on operating leases (less
accumulated depreciation) 7,302 6,488
6,764
Deferred income taxes and other current assets 9,859 10,794
10,813
------ ------ ------
Total current assets 53,848 55,515
57,107
Equity in net assets of nonconsolidated
affiliates 4,260 6,776
6,637
Property - net 37,860 37,170
35,583
Intangible assets - net (Note 5) 1,674 1,599
1,445
Deferred income taxes 20,343 17,399
18,086
Other assets 41,101 40,844
41,251
------- ------- -------
Total Automotive and Other Operations assets 159,086 159,303
160,109
Financing and Insurance Operations
Cash and cash equivalents 21,394 22,845
24,605
Investments in securities 16,575 15,082
13,065
Finance receivables - net 177,082 199,600
193,755
Loans held for sale 17,581 19,934
20,116
Assets held for sale (Note 1)
18,748 - -
Net equipment on operating leases (less
accumulated depreciation) 30,670 27,726
26,252
Other assets 27,975 35,113
30,733
Net receivable from Automotive and Other
Operations 3,399 2,426
2,548
------- ------- -------
Total Financing and Insurance Operations
assets 313,424 322,726
311,074
------- ------- -------
Total assets $472,510 $482,029
$471,183
======= =======
=======
LIABILITIES AND STOCKHOLDERS' EQUITY
Automotive and Other Operations
Accounts payable (principally trade) $26,784 $24,257
$23,287
Loans payable 1,509 2,062
2,540
Accrued expenses 43,040 46,147
45,420
Net payable to Financing and Insurance
Operations 3,399 2,426
2,548
------ ------ ------
Total current liabilities 74,732 74,892
73,795
Long-term debt 30,929 30,460
30,065
Postretirement benefits other than pensions 27,380 23,406
27,996
Pensions 9,891 9,371
7,755
Other liabilities and deferred income taxes 15,764 15,657
15,402
------- ------- -------
Total Automotive and Other Operations
liabilities 158,696 153,786
155,013
Financing and Insurance Operations
Accounts payable 3,102 4,573
3,117
Liabilities related to assets held for sale
(Note 1)
12,319 - -
Debt 245,794 267,757
258,315
Other liabilities and deferred income taxes 29,346 27,790
26,750
------- ------- -------
Total Financing and Insurance Operations
liabilities 290,561 300,120
288,182
------- ------- -------
Total liabilities 449,257 453,906
443,195
Minority interests 829 397
369
Total stockholders' equity 22,424 27,726
27,619
------- ------- -------
Total liabilities and stockholders' equity $472,510 $482,029
$471,183
======= =======
=======
The above Supplemental Information is intended to facilitate analysis of
General
Motors Corporation's businesses: (1) Automotive and Other Operations; and
(2)
Financing and Insurance Operations.
Reference should be made to the notes to condensed consolidated financial
statements. |
|
FAQ
Memberlist
Register
Profile
Log in to check your private messages
Log in