General Motors 2011 Annual Report Download - page 49

GENERAL MOTORS COMPANY AND SUBSIDIARIES
In the year ended December 31, 2010 we had positive cash flows from investing activities of $0.7 billion due primarily to: (1) a net
decrease in Restricted cash and marketable securities of $13.0 billion related to withdrawals from an escrow account relating to the
UST Credit Agreement; (2) proceeds from the liquidation of operating leases of $0.3 billion; (3) net proceeds received from the sale
of Nexteer of $0.3 billion; (4) proceeds from the sale of property, plants and equipment of $0.2 billion; partially offset by (5) net
investments in marketable securities with maturities greater than 90 days of $5.4 billion; (6) capital expenditures of $4.2 billion; and
(7) the acquisition of AmeriCredit for $3.5 billion.
In the period July 10, 2009 through December 31, 2009 we had positive cash flows from investing activities of $2.2 billion due
primarily to: (1) a reduction in Restricted cash and marketable securities of $5.2 billion related to withdrawals from an escrow account
relating to the UST Credit Agreement; (2) $0.6 billion related to the liquidation of automotive retail leases; (3) an increase as a result
of the consolidation of Saab of $0.2 billion; (4) tax distributions of $0.1 billion on Ally Financial common stock; partially offset by
(5) net cash payments of $2.0 billion related to the acquisition of Nexteer, four domestic facilities and Class A Membership Interests
in New Delphi; and (6) capital expenditures of $1.9 billion.
Old GM
In the period January 1, 2009 through July 9, 2009 Old GM had negative cash flows from investing activities of $21.1 billion due
primarily to: (1) increase in Restricted cash and marketable securities of $18.0 billion due to the establishment of the UST and
Canadian escrow accounts; (2) capital expenditures of $3.5 billion; and (3) investment in Ally Financial of $0.9 billion; partially
offset by (4) liquidation of operating leases of $1.3 billion.
Financing Activities
GM
In the year ended December 31, 2011 cash flows from financing activities increased by $7.4 billion due primarily to: (1) a reduction
in payments made in excess of proceeds received from debt obligations of $10.0 billion related to the repayment of our indebtedness
under the UST Credit Agreement of $5.7 billion, Canadian Loan of $1.3 billion, principal payments of the VEBA Notes of $2.5
billion and repayment of GM Korea’s credit facility of $1.2 billion in 2010; and (2) purchase of the Series A Preferred Stock shares
held by the UST of $2.1 billion in 2010; partially offset by (3) proceeds received from the issuance of our Series B Preferred Stock of
$4.9 billion in 2010.
In the year ended December 31, 2010 we had negative cash flows from financing activities of $9.3 billion due primarily to:
(1) repayments on the UST Credit Agreement and Canadian Loan of $5.7 billion and $1.3 billion; (2) principal payments on the
VEBA Notes of $2.5 billion; (3) purchase of the Series A Preferred Stock shares from the UST of $2.1 billion; (4) repayment of GM
Korea’s revolving credit facility of $1.2 billion; (5) dividend payments on our Series A Preferred Stock of $0.8 billion; (6) payments
on the program announced in March 2009 by the UST to provide financial assistance to automotive suppliers (Receivables Program)
of $0.2 billion; (7) debt issuance fees of $0.2 billion related to establishing our secured revolving credit facility; (8) net payments on
other debt of $0.2 billion; partially offset by (9) proceeds from the issuance of Series B Preferred Stock of $4.9 billion.
In the period July 10, 2009 through December 31, 2009 we had positive cash flows from financing activities of $0.3 billion due
primarily to: (1) funding of $4.0 billion from the EDC which was converted to our equity; partially offset by (2) payments on the UST
Credit Agreement of $1.4 billion (including payments of $0.4 billion related to the warranty program); (3) net payments on the revolving
bridge facility with the German federal government and certain German states (German Facility) of $1.1 billion; (4) net payments on
other debt of $0.4 billion; (5) a net decrease in short-term debt of $0.4 billion; (6) payment on the Canadian Loan of $0.2 billion; (7) net
payments on Receivables Program of $0.1 billion; and (8) dividend payments on our Series A Preferred Stock of $0.1 billion.
Old GM
In the period January 1, 2009 through July 9, 2009 Old GM had positive cash flows from financing activities of $44.2 billion due
primarily to: (1) proceeds from the DIP Facility of $33.3 billion; (2) proceeds from the UST Loan Agreement of $16.6 billion;
General Motors Company 2011 Annual Report 47