General Motors 2014 Annual Report Download - page 16

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16
In 2014, we earned net income to common
stockholders of $2.8 billion, including recall-
related costs. Absent special items, net income
would have been $5.2 billion. Turning to EBIT-
adjusted results, we earned $6.5 billion, which
included $2.8 billion in recall-related expenses.
Net revenue increased by about $500 million
to $155.9 billion. Our adjusted automotive free
cash flow was $3.1 billion. These results are
important because this is the first year since
2010 that the company met its target for core
operating financial performance.
The results of 2014 are illustrative of what GM
can do as we become more sharply focused.
Among the year’s many highlights:
• Our China joint ventures delivered record
sales, market share and earnings.
• In North America, through the end of 2014
we delivered six consecutive quarters, year
over year, of improved core operating EBIT-
adjusted margins. Market share held steady
despite the impact of recalls.
• In Europe, Opel/Vauxhall enjoyed its second
consecutive year of sales and share growth.
• In South America, we posted a small
loss, but even as conditions became more
challenging, the team finished the year
with three consecutive, quarter to quarter,
improved EBIT-adjusted results.
• GM Financial continues to contribute to
solid earnings.
Looking to 2015 and beyond, we have made
company-wide changes so we are more attuned
to the needs and expectations of customers.
We are more united as a leadership team in
our purpose and direction. And we are putting
concrete strategies and plans in place that will
help us achieve our goal of becoming the most
valued automotive company.
2015 OPEL CORSA