English 
English Welcome
on East Filters
Looking for auto parts? Please click below.
Our products
Racor Fuel filter/Water Separator
Oil water separator parts
Sakura Filters Equivalent
Fuel filter accessory
Top Searches
Oil filter
Fuel filter
Air filter
Oil water separator
Fuel water separator
Racor
Volvo
Caterpillar
Benz
Perkins
Scania
Komatsu
MAN
HINO
Iveco
TOYOTA
GM reported a $30.9 billion loss for 2008
GMAP posted an adjusted loss before tax of $879 million for the fourth quarter (reported loss of $917 million), compared to adjusted income of $72 million in the year-ago period (reported income of $72 million). GMAP fourth quarter earnings were impacted by lower industry volume, unfavorable pricing, unfavorable foreign exchange and commodity hedging, partially offset by favorable model and mix and continued favorable cost performance. For the year, GMAP posted an adjusted loss before tax of $664 million (reported loss of $800 million) compared to adjusted income of $744 million (reported income of $681 million) for 2007.
GMAC
In the fourth quarter, GMAC Financial Services (GMAC) reported net income of $7.5 billion, driven largely by the company's December bond exchange, compared to a net loss of $724 million in the fourth quarter of 2007. Excluding the $11.4 billion gain on its bond exchange, GMAC's results in the fourth quarter reflected a net loss of $4.0 billion, driven primarily by losses in North America automotive finance and continued losses at Residential Capital, LLC (ResCap). GMAC reported net income of $1.9 billion in 2008, compared with a net loss of $2.3 billion in 2007.
GM realized an adjusted loss of $4.7 billion attributable to GMAC, as a result of its 49 percent equity interest for the year, and an adjusted loss of $1.9 billion for the fourth quarter. This excludes a fourth quarter net gain of $533 million related to GM's portion of GMAC's bond exchange gain that was largely offset by an impairment of GMs investment in GMAC.
Cash and Liquidity
Cash, marketable securities and readily available assets of the Voluntary Employees Beneficiary Association (VEBA) trust totaled $14.0 billion as of Dec. 31, 2008, down from $27.3 billion on Dec. 31, 2007. GM had adjusted automotive operating cash flow of negative $5.2 billion in the fourth quarter, and ended the 2008 calendar year with adjusted automotive operating cash flow of negative $19.2 billion, largely due to lower volume across GM's global operations and negative working capital.
On Dec. 31, 2008, GM entered into a loan agreement with the U.S. Department of Treasury (UST) for funding of $13.4 billion, payable in three tranches. The initial installment of $4.0 billion was provided to GM on Dec. 31, 2008, followed by subsequent installments of $5.4 billion and $4.0 billion on Jan. 21, 2009 and Feb. 17, 2009, respectively.
In accordance with the terms of the loan, GM submitted to the UST on Feb. 17, 2009 a comprehensive global restructuring plan that demonstrates GM's long-term viability. GM is working with its key stakeholders as the company implements the actions outlined in the plan, to create a revitalized, more cost competitive company, dedicated to developing world-class vehicles and leading advanced propulsion technologies.
As a result of year-end measurements of GM's net pension obligations, it was determined that the U.S. hourly and salaried qualified pension plans are currently underfunded, on a combined basis, by approximately $12.4 billion. Several factors contributed to the underfunded status, including service and interest costs; lower asset returns; lower discount rates; changes in actuarial assumptions; various hourly initiatives including the UAW special attrition program, VEBA agreement, Delphi pension transfer and IUE contract; and salaried initiatives including the pension benefit changes relating to the elimination of post-65 retiree healthcare and the salaried retirement program. While no additional pension contributions are anticipated over the next three years, the funded status of the pension plan is subject to a number of variables. GM will continue to analyze its pension funding strategies going forward.
GM intends to take advantage of the extension of the time required to file its 2008 10-K, which the SEC rules allow by filing Form 12b-25. This provides GM with up to 15 additional days in which to file its 2008 10-K, without being considered "late" by the SEC. The company believes this is a prudent step to take at this critical time as it allows more time for thorough review of the extensive financial and other disclosures regarding the events that occurred at year-end 2008 and during early 2009. Additionally, as a result of the bond exchange, GM's 2008 10-K will contain information regarding executive compensation, which would not normally be disclosed until the proxy statement is issued for GM's annual stockholder meeting.
Finally, GM anticipates receiving a "going concern" opinion from its auditors in the 2008 10-K. GM and its auditors must determine whether there is substantial doubt about GM's ability to continue as a going concern. GM's Viability Plan filed with the UST on Feb. 17, 2009, included a request for additional funding from the UST, as well as support from other governments outside of the U.S. GM requires this funding in 2009 to continue operations until global automotive sales recover and its restructuring actions generate benefits, resulting in the company being able to fund its own operating requirements.
GMAC
In the fourth quarter, GMAC Financial Services (GMAC) reported net income of $7.5 billion, driven largely by the company's December bond exchange, compared to a net loss of $724 million in the fourth quarter of 2007. Excluding the $11.4 billion gain on its bond exchange, GMAC's results in the fourth quarter reflected a net loss of $4.0 billion, driven primarily by losses in North America automotive finance and continued losses at Residential Capital, LLC (ResCap). GMAC reported net income of $1.9 billion in 2008, compared with a net loss of $2.3 billion in 2007.
GM realized an adjusted loss of $4.7 billion attributable to GMAC, as a result of its 49 percent equity interest for the year, and an adjusted loss of $1.9 billion for the fourth quarter. This excludes a fourth quarter net gain of $533 million related to GM's portion of GMAC's bond exchange gain that was largely offset by an impairment of GMs investment in GMAC.
Cash and Liquidity
Cash, marketable securities and readily available assets of the Voluntary Employees Beneficiary Association (VEBA) trust totaled $14.0 billion as of Dec. 31, 2008, down from $27.3 billion on Dec. 31, 2007. GM had adjusted automotive operating cash flow of negative $5.2 billion in the fourth quarter, and ended the 2008 calendar year with adjusted automotive operating cash flow of negative $19.2 billion, largely due to lower volume across GM's global operations and negative working capital.
On Dec. 31, 2008, GM entered into a loan agreement with the U.S. Department of Treasury (UST) for funding of $13.4 billion, payable in three tranches. The initial installment of $4.0 billion was provided to GM on Dec. 31, 2008, followed by subsequent installments of $5.4 billion and $4.0 billion on Jan. 21, 2009 and Feb. 17, 2009, respectively.
In accordance with the terms of the loan, GM submitted to the UST on Feb. 17, 2009 a comprehensive global restructuring plan that demonstrates GM's long-term viability. GM is working with its key stakeholders as the company implements the actions outlined in the plan, to create a revitalized, more cost competitive company, dedicated to developing world-class vehicles and leading advanced propulsion technologies.
As a result of year-end measurements of GM's net pension obligations, it was determined that the U.S. hourly and salaried qualified pension plans are currently underfunded, on a combined basis, by approximately $12.4 billion. Several factors contributed to the underfunded status, including service and interest costs; lower asset returns; lower discount rates; changes in actuarial assumptions; various hourly initiatives including the UAW special attrition program, VEBA agreement, Delphi pension transfer and IUE contract; and salaried initiatives including the pension benefit changes relating to the elimination of post-65 retiree healthcare and the salaried retirement program. While no additional pension contributions are anticipated over the next three years, the funded status of the pension plan is subject to a number of variables. GM will continue to analyze its pension funding strategies going forward.
GM intends to take advantage of the extension of the time required to file its 2008 10-K, which the SEC rules allow by filing Form 12b-25. This provides GM with up to 15 additional days in which to file its 2008 10-K, without being considered "late" by the SEC. The company believes this is a prudent step to take at this critical time as it allows more time for thorough review of the extensive financial and other disclosures regarding the events that occurred at year-end 2008 and during early 2009. Additionally, as a result of the bond exchange, GM's 2008 10-K will contain information regarding executive compensation, which would not normally be disclosed until the proxy statement is issued for GM's annual stockholder meeting.
Finally, GM anticipates receiving a "going concern" opinion from its auditors in the 2008 10-K. GM and its auditors must determine whether there is substantial doubt about GM's ability to continue as a going concern. GM's Viability Plan filed with the UST on Feb. 17, 2009, included a request for additional funding from the UST, as well as support from other governments outside of the U.S. GM requires this funding in 2009 to continue operations until global automotive sales recover and its restructuring actions generate benefits, resulting in the company being able to fund its own operating requirements.
