General Motors 2013 Annual Report Download - page 36

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GENERAL MOTORS COMPANY AND SUBSIDIARIES
of $0.1 billion to support launches of new products; partially offset by decreases in contingency reserves of $0.1 billion due to the
resolution of certain items at amounts lower than previously expected; and a bargain purchase gain of $50 million on the purchase of
GMAC de Venezuela CA.
GM Financial
Years Ended December 31,
Year Ended
2013 vs. 2012 Change
Year Ended
2012 vs. 2011 Change
2013 2012 2011 Amount % Amount %
(Dollars in millions)
Total revenue ............................... $ 3,344 $ 1,961 $ 1,410 $ 1,383 70.5% $ 551 39.1%
Provision for loan losses ...................... $ 475 $ 304 $ 178 $ 171 56.3% $ 126 70.8%
Income before income taxes ................... $ 883 $ 744 $ 622 $ 139 18.7% $ 122 19.6%
(Dollars in billions)
Average debt outstanding ..................... $ 21.0 $ 9.5 $ 7.6 $ 11.5 121.1% $ 1.9 25.0%
Effective rate of interest paid ................... 3.4% 3.0% 2.7% 0.4% 0.3%
GM Financial Revenue
In the year ended December 31, 2013 Total revenue increased due primarily to: (1) increased finance charge income of $1.0 billion
due to the acquisition of Ally Financial international operations and increased loan originations; and (2) increased leased vehicle
income of $0.3 billion due to a larger lease portfolio.
In the year ended December 31, 2012 Total revenue increased due primarily to: (1) increased finance charge income of $0.3 billion,
due to a larger portfolio; and (2) increased leased vehicles income of $0.2 billion due to the increased size of the leased asset portfolio.
GM Financial Income Before Income Taxes
In the year ended December 31, 2013 Income before income taxes increased due primarily to: (1) increased revenue of $1.0 billion;
partially offset by (2) increased provision for loan losses; (3) increased interest expenses of $0.4 billion; and (4) increased operating
expenses of $0.4 billion. These changes are due primarily to the acquisition of the Ally Financial international operations.
In the year ended December 31, 2012 Income before income taxes increased due primarily to: (1) increased revenue of $0.6 billion;
partially offset by (2) increased leased vehicle expenses of $0.1 billion due to a larger lease portfolio; (3) increased provision for loan
losses due to a larger loan portfolio; (4) increased interest expenses of $0.1 billion due primarily to new debt; and (5) increased
operating expenses of $0.1 billion due to an increase of personnel to support company growth.
Corporate
(Dollars in Millions)
Years Ended December 31,
Year Ended
2013 vs. 2012 Change
Year Ended
2012 vs. 2011 Change
2013 2012 2011 Amount % Amount %
Net income (loss) attributable to stockholders ..... $ (2,138) $ 33,809 $ (452) $ (35,947) n.m. $ 34,261 n.m.
n.m. = not meaningful
Nonsegment operations are classified as Corporate. Corporate includes certain centrally recorded income and costs, such as interest,
income taxes and corporate expenditures and certain nonsegment specific revenues and expenses.
34
2013 ANNUAL REPORT