GM Posts $9.6 Billion Loss
通用汽车公司(General Motors Corp.)以第四季度净亏损96亿美元的业绩黯然告别了2008年，全球业务的惊人下滑加剧了管理层对这家汽车制造商生存能力的担忧。通用汽车在2008年最后3个月共消耗了62亿美元现金，全年共消耗了190亿美元，原因是销售滑坡的速度已经超过了公司削减成本的能力。刚进入2008年时，通用汽车共有300多亿美元的储备流动资金，比公司业务运营所需的流动资金至少高出了160亿美元。随着美国轻型汽车的销售下滑至数十年来的低点，以及信贷市场冻结另该公司融资无门，这种流动性后盾迅速消失。到2008年底，通用汽车的可用流动资金还剩下140亿美元。2008年全年，通用汽车共亏损了309亿美元，收入为1,490亿美元，比2007年的1,800亿美元下降了17%。这是通用汽车100年历史上第二差的业绩，也使通用汽车首席执行长瓦格纳(Rick Wagoner)自2005年开始大规模重组以来的累计净亏损额达到了820亿美元。通用汽车目前依靠政府提供的134亿美元政府救助贷款维持生存。瓦格纳计划周四会见奥巴马政府的成员，再申请至多166亿美元资金，其中包括维持34月份业务所需的40亿美元。通用汽车表示，它需要能源部额外提供75亿美元贷款，以将产品升级为更省油的车型。通用汽车在新闻稿中说，通用汽车在2009年需要这笔资金以维持运作，直至全球汽车销售复苏和公司的重组行动产生效果，使公司能够自行满足运作所需的资金。通用汽车首席财务长杨世杰(Ray Young)在电话会议上说，公司今年计划还将消耗140亿美元现金。杨世杰警告投资者说，公司可能无法满足审计机构对其“持续经营”的要求，这意味着该公司未来几个月内可能对数十亿美元的债券毁约。违约可能会增加政府提供给通用汽车的救助资金数额。通用汽车的审计机构必须在3月底前对该公司的“持续经营”状态作出决定。杨世杰说，政府进一步提供资金将有助于审计机构做出积极的结论。咨询机构均富会计师行(Grant Thornton)的顾问金伯利•罗德里格斯(Kimberly Rodriguez)说，周四披露的业绩可能是通用汽车的一种行事方式，希望鼓励政府解决所面临的问题，同时平息对政府将采取何种措施的一些猜测。杨世杰表示，通用汽车仍在继续与全美汽车工人联合会(United Auto Workers)和债券持有人分别进行合作，希望改革劳动力成本和债务条款，但各方尚未达成协议。通用汽车希望债转股置换削减270亿美元债务负担中的三分之二，并试图说服全美汽车工人联合会以股票而非现金方式接受公司所欠100亿美元退休人员医疗福利中的至少一半。通用汽车还报告说，退休金状况严重恶化。该公司表示，由于近年来市场状况恶化和依靠这部分资金支付重组活动，美国小时工和受薪工人退休金的欠款额高达124亿美元。第四季度的业绩还显示，通用汽车一度兴盛的海外业务出现了严重的恶化。去年下半年期间，通用汽车的海外销售明显下滑，该公司公布第四季度在欧洲亏损了19亿美元，在亚洲亏损了9.17亿美元，在拉丁美洲亏损了1.81亿美元。在最近几个季度，通用汽车一直依靠强大的海外业务，特别是在中国俄罗斯和巴西来抵消其核心美国市场的低迷。通用汽车首席财务长杨世杰在周四接受记者采访时说，信贷危机的影响已开始蔓延至新兴市场。这是非常非常具有挑战性的一个季度。通用汽车曾表示，复苏计划要想产生效果，至少需要额外60亿美元来自非政府部门的贷款。德国官员周六将召开会议，讨论救助通用汽车在欧洲的最大子公司欧宝(Opel)的事宜。欧宝曾表示，至少需要42亿美元资本才能维持生存和减少对通用汽车的依赖。通用汽车已表示，它愿意出售欧宝的股份，德国政界也面临来自工人要求救助这家汽车制造商，以保留25,000份工作岗位的压力。如果包括零部件供应商和同欧宝有关的其它公司，这一数字还会增加一倍以上。通用汽车的核心问题仍集中在北美地区，第四季度在北美的销售额下降至193亿美元，而上年同期为281亿美元。由于1月份关闭了一些工厂造成的停工，2009年通用汽车在这一地区的情况可能还会进一步恶化。Sharon Terlep / John D. Stoll（更新完成）相关阅读通用汽车破产将造成史上最大信贷风险？ 2009-02-25通用汽车拟舍弃四大品牌以求自保 2009-02-20 本文涉及股票或公司document.write (truthmeter('2009年02月27日07:22', 'GM'));General Motors Corp.总部地点：美国上市地点：纽约证交所股票代码：GM
General Motors Corp. capped a dismal 2008 with a $9.6 billion net loss in the fourth quarter as a stunning downturn throughout global operations heightened management's concerns about the Detroit auto maker's viability.GM burned through $6.2 billion in cash during the last three months of 2008, and $19 billion over the course of the year, as the rate of sales declines outpaced the company's ability to cut costs. GM had entered the year with more than $30 billion in liquidity reserves, or at least $16 billion more than the company needed to fund operations.That cushion disappeared as U.S. light-vehicle sales skidded to multidecade lows and a freeze in the credit markets spoiled the company's fund-raising attempts. GM ended 2008 with $14 billion in available liquidity.GM lost $30.9 billion in total last year as revenue fell 17% to $149 billion from $180 billion in 2007. The results represent the second-worst financial performance in its 100-year history and push the cumulative net loss to $82 billion since GM Chief Executive Rick Wagoner began an intense restructuring of the auto maker in 2005.GM is now subsisting on $13.4 billion in government bailout loans. Mr. Wagoner plans to meet with members of President Barack Obama's administration Thursday to plead for as much as $16.6 billion more, including $4 billion that is needed to fund operations in March and April. GM said it needs an additional $7.5 billion in loans from the Department of Energy to update its products with more fuel-efficient offerings.'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,' the company said in a press release. The car maker plans to burn an additional $14 billion in cash this year, Chief Financial Officer Ray Young said in a conference call.Mr. Young warned investors that it may not be able meet its auditors''going concern' requirements, meaning the the company could break covenants on billions of dollars in debt in coming months. These defaults could increase the amount of bailout funds the government would have to deliver to GM.GM's auditors must make a decision on the company's 'going concern' status by the end of March. Mr. Young said further government funding would help the auditors reach a positive conclusion.Thursday's disclosure could be GM's way to provide 'encouragement to [Washington] to address the issue that is on the table and quiet some of the speculation concerning what the government will do,' said Kimberly Rodriguez, an adviser with the consulting firm Grant Thornton.Mr. Young said GM continues to work with the United Auto Workers union and bondholders on an overhaul of labor costs and debt obligations, respectively, but the parties have not struck a deal. GM is looking to cut two-thirds of its $27 billion debt load through a debt-for-equity swap, and it is trying to convince the UAW to take stock instead of cash for at least half of the $10 billion it owes for retiree health care.GM also reported a substantial deterioration in the status of its pension funds. The company said it U.S. hourly and salaried pension commitments are underfunded by $12.4 billion because of weak market conditions and a reliance on the funds to pay for restructuring actions in recent years.The fourth-quarter numbers also revealed a profound deterioration of GM's once-booming operations outside the U.S.During the second half, GM's international unit showed marked decline, with the company reporting a fourth-quarter loss of $1.9 billion in Europe, $917 million in Asia and $181 million in Latin America. In recent quarters, GM has relied on strong operations overseas, notably in China, Russia and Brazil, to offset weakness in its core U.S. market.'The impact of the credit crisis has started to spread to emerging markets,' Mr. Young, GM's chief financial officer, said Thursday in an interview with reporters. 'It was a very, very challenging quarter.'The auto maker has said needs at least an additional $6 billion in loans from non-U.S. governments for its viability plan to work.German officials will meet Saturday to discuss possible aid for Opel, GM's largest European unit. Opel has said it needs at least $4.2 billion in capital to survive and become less dependent on GM.GM has indicated that it is open to selling a stake in Opel, and German politicians are under pressure from workers to bail out the car maker to help save 25,000 jobs, a number that more than doubles when including parts suppliers and other Opel-linked companies.The heart of GM's problems remain centered in North America, where sales fell to $19.3 billion in the quarter, compared to $28.1 billion a year earlier. The auto maker's problems in the region promise to worsen in 2009 due to a production shutdown that shuttered the company's plants in January.Sharon Terlep / John D. Stoll
General Motors Corp. capped a dismal 2008 with a $9.6 billion net loss in the fourth quarter as a stunning downturn throughout global operations heightened management's concerns about the Detroit auto maker's viability.GM burned through $6.2 billion in cash during the last three months of 2008, and $19 billion over the course of the year, as the rate of sales declines outpaced the company's ability to cut costs. GM had entered the year with more than $30 billion in liquidity reserves, or at least $16 billion more than the company needed to fund operations.That cushion disappeared as U.S. light-vehicle sales skidded to multidecade lows and a freeze in the credit markets spoiled the company's fund-raising attempts. GM ended 2008 with $14 billion in available liquidity.GM lost $30.9 billion in total last year as revenue fell 17% to $149 billion from $180 billion in 2007. The results represent the second-worst financial performance in its 100-year history and push the cumulative net loss to $82 billion since GM Chief Executive Rick Wagoner began an intense restructuring of the auto maker in 2005.GM is now subsisting on $13.4 billion in government bailout loans. Mr. Wagoner plans to meet with members of President Barack Obama's administration Thursday to plead for as much as $16.6 billion more, including $4 billion that is needed to fund operations in March and April. GM said it needs an additional $7.5 billion in loans from the Department of Energy to update its products with more fuel-efficient offerings.'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,' the company said in a press release. The car maker plans to burn an additional $14 billion in cash this year, Chief Financial Officer Ray Young said in a conference call.Mr. Young warned investors that it may not be able meet its auditors''going concern' requirements, meaning the the company could break covenants on billions of dollars in debt in coming months. These defaults could increase the amount of bailout funds the government would have to deliver to GM.GM's auditors must make a decision on the company's 'going concern' status by the end of March. Mr. Young said further government funding would help the auditors reach a positive conclusion.Thursday's disclosure could be GM's way to provide 'encouragement to [Washington] to address the issue that is on the table and quiet some of the speculation concerning what the government will do,' said Kimberly Rodriguez, an adviser with the consulting firm Grant Thornton.Mr. Young said GM continues to work with the United Auto Workers union and bondholders on an overhaul of labor costs and debt obligations, respectively, but the parties have not struck a deal. GM is looking to cut two-thirds of its $27 billion debt load through a debt-for-equity swap, and it is trying to convince the UAW to take stock instead of cash for at least half of the $10 billion it owes for retiree health care.GM also reported a substantial deterioration in the status of its pension funds. The company said it U.S. hourly and salaried pension commitments are underfunded by $12.4 billion because of weak market conditions and a reliance on the funds to pay for restructuring actions in recent years.The fourth-quarter numbers also revealed a profound deterioration of GM's once-booming operations outside the U.S.During the second half, GM's international unit showed marked decline, with the company reporting a fourth-quarter loss of $1.9 billion in Europe, $917 million in Asia and $181 million in Latin America. In recent quarters, GM has relied on strong operations overseas, notably in China, Russia and Brazil, to offset weakness in its core U.S. market.'The impact of the credit crisis has started to spread to emerging markets,' Mr. Young, GM's chief financial officer, said Thursday in an interview with reporters. 'It was a very, very challenging quarter.'The auto maker has said needs at least an additional $6 billion in loans from non-U.S. governments for its viability plan to work.German officials will meet Saturday to discuss possible aid for Opel, GM's largest European unit. Opel has said it needs at least $4.2 billion in capital to survive and become less dependent on GM.GM has indicated that it is open to selling a stake in Opel, and German politicians are under pressure from workers to bail out the car maker to help save 25,000 jobs, a number that more than doubles when including parts suppliers and other Opel-linked companies.The heart of GM's problems remain centered in North America, where sales fell to $19.3 billion in the quarter, compared to $28.1 billion a year earlier. The auto maker's problems in the region promise to worsen in 2009 due to a production shutdown that shuttered the company's plants in January.Sharon Terlep / John D. Stoll