DocumentGm

General Motors (NYSE:GM)Recommendation: BUYTarget Price: $50.00University Securities Investment TeamAnurag Bansal | Connor Ruddick | Charlene ShuPriyanka Suri | Michael Tian

2T H E S I S V A L U A T I ONC O M P A N Y R I S K SI N D U S T R Y

Investment Thesis

Introduction of Autonomous Vehicles and a Partnership With Lyft

The Initiative to Cut Unnecessary Costs

Favorable Environment for Sales in 2016

3T H E S I S V A L U A T I ONC O M PA N Y R I S K SI N D U S T R Y

Business SegmentsAu

tom

otiv

e Se

gmen

tsGMNA

GME

GMIO

GMSA

37 countries under 13 brands, GM is one of the largest automakers worldwide


Automotive Distribution Diversified vehicle sales

Wholesale

Sales to dealers for consumer retailLargest component of revenue

Retail

Sales directly to an end customerIncluding fleet customers: daily rental car companies, commercial fleets, leasing companies, government


GM FinancialGlobal automotive financing

Earning assets of $53B with operations in 20 countries to over 16,000 dealers• Sub-prime lending• Full credit spectrum

leasing• Prime lending

T H E S I S V A L U A T I ONC O M PA N Y R I S K SI N D U S T R Y

New Initiatives

6

GM’s Plans for 2016

GM’s Super Cruise driving technology:2017 Cadillac CT6

Mixed-Metal Manufacturing:2016 Chevrolet MalibuReduction of market complexity:Withdrawal of Chevrolet brand from Europe

Increased exposure:Uses OnStar navigation and autonomous technology

Car-sharing project: Integrates with autonomous vehicles 2017 Chevrolet Volts

Lyft Partnership

A Shift Toward Efficiency

Autonomous Vehicle

Deployment

Adaptations to evolving industry:Utilization of Maven to generate revenue for Lyft

7T H E S I S V A L U A T I ONC O M P A N Y R I S K SI N D U S T R

Y

Competitors

GM #1 Sales in North America, South America, and China

Consistently leads US Market


Y

Industry Overview

HIGHBarriers to Entry

Industry Dynamic

Porter’s Assessment

Rationale

Bargaining Power of Buyers

MEDIUM

Intensity of Rivalry HIGH

• Low switching costs for consumers

• Anticipation of continuous innovation

• Strong brand loyalty among consumersThreat of

Substitutes MEDIUMBargaining

Power of Suppliers

LOW• Exclusive manufacturing

contracts• High amount of raw material

suppliers

• Substitutes exist in alternative transportation

• Offset by high brand loyalty

• High initial costs of production• Strict government regulation• Difficult to obtain economies of

scale

• Replacements such as autonomous and crowd-sourced transportation

• Traditional automakers are adapting


Y

Lower Energy Prices Drive Sales

Oil Prices at Record Lows

Upward Trend in Auto Sales


Y

Consumer Confidence and Sales

Consumer Confidence at a 6-year high

SAAR (Seasonally-Adjusted Annual Rate) up 6% since last year


Y

“Uberification” and Autonomous Vehicles

The ridesharing industry is rapidly growing and its impact on auto sales is still unknown

Auto Industries in general are partnering with ridesharing and AV companiesHowever, GM is a fast mover among traditional automakers, with a bold $500 million deal

Early movers like Delphi could surpass established traditional auto companies

However, most rideshare users are car owners and will continue to buy cars

Autonomous Vehicles

Lyft Partnership

Uber’s Paradigm Shift

Current landscape has no clear winners


Y

Risks & Mitigations

Company-wide engineering Review

Ongoing R&D

Fixed cost cuts

Increased profitability

Efficient resource allocation

Efforts to adapt with industry

Lyft partnership

Car sharing programs

Sales Decline from Factory Shutdowns

Industry ShiftProduct Recalls

13T H E S I S V A L U A T IO NC O M P A N Y R I S K SI N D U S T R Y

Relative ValuationComparables analysis

Name Price Market Cap P/E EV / EBIT EV / EBITDA D / E P / BMinimum 9,809.0 8.3X 2.5X 1.3X 147.6X 0.6XMedian 37,001.2 10.2X 4.4X 2.3X 203.9X 1.2XMaximum 65,106.2 13.7X 6.3X 30.7X 458.4X 18.6XAverage 37,229.4 10.7X 4.4X 9.2X 253.4X 5.4X

GENERAL MOTORS CO GM US 29.65$ 46,140.6 6.3X 3.8X 2.1X 163.4X 1.4X

FORD MOTOR CO F US 12.26$ 48,655.4 8.3X 6.3X 2.8X 458.4X 1.8XVOLKSWAGEN AG VOW GR 135.54$ 65,106.2 10.2X 2.5X 1.3X 147.6X 0.6XTESLA MOTORS INC TSLA US 193.56$ 25,346.9 N.A. N.A. 30.7X 193.5X 18.6XFIAT CHRYSLER AUTOMOBILES NV FCAU US 7.61$ 9,809.0 13.7X N.A. 1.8X 214.2X 0.6X

General Mo-tors

Ford Volkswagen Fiat02468

10121416

Price to Earnings

General Mo-tors

Ford Volkswagen Fiat0

0.5

1

1.5

2

2.5

3

EV/EBITDA


Base DCFGeneral Motors Company (NYSE:GM)

Projected(in millions) 2011 2012 2013 2014 2015E 2016E 2017E 2018E 2019ERevenue 150,276.0 152,256.0 155,427.0 155,929.0 161,628.9 166,257.6 171,362.6 175,466.6 179,585.3

Growth 1.3% 2.1% 0.3% 3.7% 2.9% 3.1% 2.4% 2.3%COGS 116,228.0 121,434.0 120,723.0 124,482.0 126,189.7 123,972.2 124,672.9 126,596.9 129,883.9

COGS Margin 77.3% 79.8% 77.7% 79.8% 78.1% 74.6% 72.8% 72.1% 72.3%Gross Profit 34,048.0 30,822.0 34,704.0 31,447.0 35,439.2 42,285.5 46,689.7 48,869.7 49,701.4

Gross Margin 22.7% 20.2% 22.3% 20.2% 21.9% 25.4% 27.2% 27.9% 27.7%

Operating Expenses (excl. D&A) 22,249.0 49,558.0 22,073.0 22,799.0 24,111.2 28,110.0 30,276.5 31,626.8 31,735.9 OpEx Margin 14.8% 32.5% 14.2% 14.6% 14.9% 16.9% 17.7% 18.0% 17.7%

EBITDA 11,799.0 (18,736.0) 12,631.0 8,648.0 11,328.0 14,175.4 16,413.2 17,242.9 17,965.4 Operating Margin 7.9% (12.3%) 8.1% 5.5% 7.0% 8.5% 9.6% 9.8% 10.0%

D&A 6,143.0 11,627.0 7,500.0 7,118.0 8,074.2 8,633.7 9,160.3 9,567.1 9,937.6 EBIT 5,656.0 (30,363.0) 5,131.0 1,530.0 3,253.8 5,541.7 7,252.9 7,675.8 8,027.8

EBIT Margin 3.8% -19.9% 3.3% 1.0% 2.0% 3.3% 4.2% 4.4% 4.5%

Taxes @ 22.3% 1,261.9 (6,774.0) 1,144.7 341.3 725.9 1,236.4 1,618.1 1,712.5 1,791.0 NOPAT 4,394.1 (23,589.0) 3,986.3 1,188.7 2,527.9 4,305.4 5,634.8 5,963.3 6,236.8

Net Margin 2.9% (15.5%) 2.6% 0.8% 1.6% 2.6% 3.3% 3.4% 3.5%

Plus: D&A 6,143.0 11,627.0 7,500.0 7,118.0 8,074.2 8,633.7 9,160.3 9,567.1 9,937.6 Less: CapEx 6,269.0 8,076.0 7,565.0 7,091.0 7,273.3 8,312.9 10,624.5 11,229.9 12,391.4 Less: Increase NWC - (10,213.0) (2,055.0) 1,219.4 (239.7) (69.4) (992.6) (571.4) Unleavered FCF 4,268.1 (20,038.0) 14,134.3 3,270.7 2,109.4 4,865.9 4,240.0 5,293.1 4,354.4

0 1 2 3 4PV of FCF 2,109.4 4,562.4 3,727.5 4,363.2 3,365.5

Historical


Base DCF

WACC 6.7%Exit Multiple 2.10x

Terminal Value 37,727.4 PV of Terminal Value 29,159.5

% Enterprise Value 61.7%EV 47,287.5 Total Debt 57,403.0 Minority Interest 497.0 Preferred Stock - Cash 23,462.0 Adjustments 46,308.0 Equity Value 59,157.5 Shares Outstanding 1,618.0 Implied Share Price 36.56$ Current Share Price 29.65$ Implied Discount 23.3%

Exit Multiple23.31% 1.10x 1.60x 2.10x 2.60x 3.10x

3.7% 0.6% 16.8% 33.1% 49.3% 65.5%4.7% -1.6% 14.1% 29.7% 45.3% 60.9%5.7% -3.6% 11.4% 26.4% 41.4% 56.5%6.7% -5.6% 8.8% 23.3% 37.8% 52.3%7.7% -7.5% 6.4% 20.4% 34.3% 48.2%8.7% -9.4% 4.1% 17.5% 30.9% 44.4%9.7% -11.1% 1.8% 14.8% 27.7% 40.7%

WAC

C


Bull/Base/Bear DCF Share Price

Bull DCF Base DCF Bear DCF$25

$30

$35

$40

$45

41.59

36.56

33.81

Implied Share Price Current


Summary

Introduction of Autonomous Vehicles and a Partnership With Lyft

The Initiative to Cut Unnecessary Costs

Favorable Environment for Sales in 2016

Q&A


Bull DCF




3.7% 15.4% 33.5% 51.7% 69.8% 87.9%4.7% 12.8% 30.2% 47.7% 65.1% 82.6%5.7% 10.3% 27.1% 43.9% 60.7% 77.5%6.7% 7.9% 24.1% 40.3% 56.5% 72.6%7.7% 5.6% 21.2% 36.8% 52.4% 68.0%8.7% 3.4% 18.5% 33.5% 48.5% 63.5%9.7% 1.3% 15.8% 30.3% 44.8% 59.3%

WAC

C


Bear DCF




3.7% -7.6% 7.7% 22.9% 38.1% 53.4%4.7% -9.5% 5.2% 19.8% 34.5% 49.1%5.7% -11.4% 2.7% 16.9% 31.0% 45.1%6.7% -13.2% 0.4% 14.0% 27.6% 41.2%7.7% -14.9% -1.8% 11.3% 24.4% 37.5%8.7% -16.5% -3.9% 8.7% 21.4% 34.0%9.7% -18.1% -5.9% 6.3% 18.4% 30.6%

WAC

C

21

General Motors Company (NYSE:GM)Projected

(in millions) 2011 2012 2013 2014 2015E 2016E 2017E 2018E 2019ERevenue

AutomotiveVolume 2,925,000 3,019,000 3,234,000 3,413,000 3,617,780 3,751,638 3,860,435 3,945,365 4,016,382

Growth % 3.2% 7.1% 5.5% 6.0% 3.7% 2.9% 2.2% 1.8%Avg. Price per Unit 30,848.9 29,781.4 29,403.5 29,651.0 29,888.2 30,088.5 30,238.9 30,269.2 30,299.5

Growth % -3.5% -1.3% 0.8% 0.8% 0.7% 0.5% 0.1% 0.1%GMNA 90,233.0 89,910.0 95,091.0 101,199.0 108,129.1 112,881.2 116,735.5 119,423.0 121,694.2

Growth % -0.4% 5.8% 6.4% 6.8% 4.4% 3.4% 2.3% 1.9%

Volume 1,751,000 1,607,000 1,557,000 1,256,000 1,283,632 1,257,959 1,257,959 1,264,249 1,276,892 Growth % -8.2% -3.1% -19.3% 2.2% -2.0% 0.0% 0.5% 1.0%

Avg. Price per Unit 15,281.0 14,346.6 14,105.3 17,703.0 17,880.1 18,058.9 18,239.4 18,421.8 18,606.1 Growth % -6.1% -1.7% 25.5% 1.0% 1.0% 1.0% 1.0% 1.0%

GME 26,757.0 23,055.0 21,962.0 22,235.0 22,951.4 22,717.3 22,944.5 23,289.8 23,757.9 Growth % -13.8% -4.7% 1.2% 3.2% -1.0% 1.0% 1.5% 2.0%

Volume 3,281,000 3,616,000 3,886,000 4,378,000 4,596,900 4,799,164 4,967,134 5,106,214 5,208,338 Growth % 10.2% 7.5% 12.7% 5.0% 4.4% 3.5% 2.8% 2.0%

Avg. Price per Unit 7,546.8 5,693.6 4,737.8 3,287.3 2,794.2 2,458.9 2,286.8 2,195.3 2,195.3 Growth % -24.6% -16.8% -30.6% -15.0% -12.0% -7.0% -4.0% 0.0%

GMIO 24,761.0 20,588.0 18,411.0 14,392.0 12,844.9 11,800.8 11,358.9 11,209.9 11,434.1 Growth % -16.9% -10.6% -21.8% -10.8% -8.1% -3.7% -1.3% 2.0%

Volume 1,067,000 1,046,000 1,037,000 878,000 798,980 783,000 783,000 790,830 798,739 Growth % -2.0% -0.9% -15.3% -9.0% -2.0% 0.0% 1.0% 1.0%

Avg. Price per Unit 15,817.2 15,965.6 15,890.1 14,937.4 14,190.5 14,048.6 13,950.2 13,950.2 14,089.7 Growth % 0.9% -0.5% -6.0% -5.0% -1.0% -0.7% 0.0% 1.0%

GMSA 16,877.0 16,700.0 16,478.0 13,115.0 11,337.9 11,000.0 10,923.0 11,032.3 11,254.0 Growth % -1.0% -1.3% -20.4% -13.6% -3.0% -0.7% 1.0% 2.0%

Total Automotive 158,628.0 150,253.0 151,942.0 150,941.0 155,263.3 158,399.3 161,961.9 164,954.9 168,140.2 Growth % -5.3% 1.1% -0.7% 2.9% 2.0% 2.2% 1.8% 1.9%

GM Financial 1,410.0 1,961.0 3,335.0 4,854.0 5,824.8 6,756.8 7,500.0 8,100.0 8,505.0 Current/Bull Growth % 39.1% 70.1% 45.5% 39.0% 36.0% 29.0% 20.0% 17.5%Base Growth % 28.0% 24.0% 20.0% 12.0% 9.0%Bear Growth % 20.0% 16.0% 11.0% 8.0% 5.0%

Corporate & Other 61.0 40.0 150.0 151.0 152.5 154.0 155.6 157.1 158.7 % Growth -34.4% 275.0% 0.7% 1.0% 1.0% 1.0% 1.0% 1.0%

Eliminations (9,823.0) 2.0 - (17.0) - - - - - % Total Automotive -6.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Total Revenue 150,276.0 152,256.0 155,427.0 155,929.0 161,240.6 165,310.1 169,617.5 173,212.0 176,803.9 Growth % 1.3% 2.1% 0.3% 3.4% 2.5% 2.6% 2.1% 2.1%

Historical


COGS Projections

General Motors Company (NYSE:GM)Projected

(in millions) 2011 2012 2013 2014 2015E 2016E 2017E 2018E 2019ECOGSAutomotive COGS

GMNA NR 79,907.0 81,404.0 89,371.0 95,153.6 98,206.6 100,392.5 102,703.8 104,657.0 % GMNA Revenue - 88.9% 85.6% 88.3% 88.0% 87.0% 86.0% 86.0% 86.0%

GME NR 26,497.0 20,824.0 21,712.0 22,262.9 21,581.4 21,797.3 22,125.3 22,570.0 % GME Revenue - 114.9% 94.8% 97.6% 97.0% 95.0% 95.0% 95.0% 95.0%

GMIO NR 18,589.0 17,599.0 14,009.0 12,331.1 11,210.8 10,790.9 10,649.4 10,862.4 % GMIO Revenue - 90.3% 95.6% 97.3% 96.0% 95.0% 95.0% 95.0% 95.0%

GMSA NR 15,299.0 15,221.0 12,736.0 10,884.4 10,560.0 10,486.1 10,591.0 10,803.9 % GMSA Revenue - 91.6% 92.4% 97.1% 96.0% 96.0% 96.0% 96.0% 96.0%

Corporate & Eliminations NR (56.0) (123.0) 254.0 152.5 154.0 155.6 157.1 158.7 % Corporate & Other Revenue - -140.0% -82.0% 168.2% 100.0% 100.0% 100.0% 100.0% 100.0%

Total Automotive COGS 130,386.0 140,236.0 134,925.0 138,082.0 140,784.5 141,712.9 143,622.4 146,226.5 149,051.9 % Total Automotive Revenue 82.2% 93.3% 88.8% 91.5% 90.7% 89.5% 88.7% 88.6% 88.6%

Less: R&D 8,100.0 7,400.0 7,200.0 7,400.0 7,763.2 10,771.2 11,823.2 12,371.6 11,769.8 % Total Automotive Revenue 5.1% 4.9% 4.7% 4.9% 5.0% 6.8% 7.3% 7.5% 7.0%

Less: Automotive D&A 6,058.0 11,402.0 7,002.0 6,200.0 6,831.6 6,969.6 7,126.3 7,258.0 7,398.2 % Total Automotive Revenue 3.8% 7.6% 4.6% 4.1% 4.4% 4.4% 4.4% 4.4% 4.4%

Net COGS (less R&D, D&A) 116,228.0 121,434.0 120,723.0 124,482.0 126,189.7 123,972.2 124,672.9 126,596.9 129,883.9 % Total Revenue 77.3% 79.8% 77.7% 79.8% 78.3% 75.0% 73.5% 73.1% 73.5%

Historical


OpEx/D&A/CapEx ProjectionsGeneral Motors Company (NYSE:GM)

Projected(in millions) 2011 2012 2013 2014 2015E 2016E 2017E 2018E 2019EOperating Expenses

Automotive SG&A 12,163.0 14,031.0 12,382.0 12,158.0 12,110.5 12,275.9 12,471.1 12,619.0 12,778.7 % Automotive Revenue 7.7% 9.3% 8.1% 8.1% 7.8% 7.8% 7.7% 7.7% 7.6%

GM Financial Operating & Other 785.0 1,207.0 2,448.0 4,039.0 4,834.6 5,608.1 6,225.0 6,723.0 7,059.2 % GM Financial Revenue 55.7% 61.6% 73.4% 83.2% 83.0% 83.0% 83.0% 83.0% 83.0%

Less: GM Financial D&A 85.0 225.0 498.0 918.0 1,165.0 1,459.5 1,650.0 1,806.3 1,913.6 % GM Financial Revenue 6.0% 11.5% 14.9% 18.9% 20.0% 21.6% 22.0% 22.3% 22.5%

Net GM Financial Operating & Other 700.0 982.0 1,950.0 3,121.0 3,669.6 4,148.7 4,575.0 4,916.7 5,145.5 % GM Financial Revenue 49.6% 50.1% 58.5% 64.3% 63.0% 61.4% 61.0% 60.7% 60.5%

Goodwill Impairment 1,286.0 27,145.0 541.0 120.0 322.5 330.6 339.2 346.4 353.6 % Total Revenue 0.9% 17.8% 0.3% 0.1% 0.2% 0.2% 0.2% 0.2% 0.2%

R&D Expense 8,100.0 7,400.0 7,200.0 7,400.0 7,763.2 10,771.2 11,823.2 12,371.6 11,769.8 % Automotive Revenue 5.1% 4.9% 4.7% 4.9% 5.0% 5.8% 6.3% 6.9% 7.0%

Total Operating Expenses 22,249.0 49,558.0 22,073.0 22,799.0 23,865.8 27,526.4 29,208.5 30,253.8 30,047.6 % Total Revenue 14.8% 32.5% 14.2% 14.6% 14.8% 16.7% 17.2% 17.5% 17.0%

D&A, CapExAutomotive D&A 6,058.0 11,402.0 7,002.0 6,200.0 6,831.6 6,969.6 7,126.3 7,258.0 7,398.2

% Automotive Revenue 3.8% 7.6% 4.6% 4.1% 4.4% 4.4% 4.4% 4.4% 4.4%

GM Financial D&A 85.0 225.0 498.0 918.0 1,165.0 1,459.5 1,650.0 1,806.3 1,913.6 % GM Financial Revenue 6.0% 11.5% 14.9% 18.9% 20.0% 21.6% 22.0% 22.3% 22.5%

CapEx 6,269.0 8,076.0 7,565.0 7,091.0 7,255.8 8,265.5 10,516.3 11,085.6 12,199.5 % Total Revenue 4.2% 5.3% 4.9% 4.5% 4.5% 5.0% 6.2% 6.4% 6.9%

Total D&A 6,143.0 11,627.0 7,500.0 7,118.0 7,996.5 8,429.0 8,776.3 9,064.3 9,311.8 % Total Revenue 4.1% 7.6% 4.8% 4.6% 5.0% 5.1% 5.2% 5.2% 5.3%

Total CapEx 6,269.0 8,076.0 7,565.0 7,091.0 7,255.8 8,265.5 10,516.3 11,085.6 12,199.5 % Total Revenue 4.2% 5.3% 4.9% 4.5% 4.5% 5.0% 6.2% 6.4% 6.9%

Historical


NWC ProjectionsGeneral Motors Company (NYSE:GM)

Projected(in millions) 2011 2012 2013 2014 2015E 2016E 2017E 2018E 2019ERevenue 150,276.0 152,256.0 155,427.0 155,929.0 161,240.6 165,310.1 169,617.5 173,212.0 176,803.9 Cost of Sales 116,228.0 121,434.0 120,723.0 124,482.0 126,189.7 123,972.2 124,672.9 126,596.9 129,883.9 Operating Expenses 22,249.0 49,558.0 22,073.0 22,799.0 23,865.8 27,526.4 29,208.5 30,253.8 30,047.6

Current AssetsAccounts Receivable 9,964.0 10,395.0 8,535.0 9,078.0 9,276.9 9,511.0 9,758.8 9,965.6 10,172.3 Inventories 14,324.0 14,714.0 14,039.0 13,642.0 13,829.0 13,586.0 13,662.8 13,873.6 14,233.9 Other Current Assets - 3,318.0 4,060.0 5,148.0 5,804.7 6,281.8 6,784.7 6,928.5 7,072.2

Total Current Assets 24,288.0 28,427.0 26,634.0 27,868.0 28,910.5 29,378.8 30,206.3 30,767.7 31,478.3

Current LiabilitiesAccounts Payable 24,551.0 25,166.0 23,621.0 22,529.0 22,126.4 21,058.3 20,494.2 20,810.5 21,350.8 Accrued Liabilities 22,818.0 23,282.0 24,633.0 28,184.0 27,761.7 27,273.9 27,428.0 27,851.3 28,574.5 Other Current Liabilities 5,857.0 5,544.0 14,158.0 14,988.0 15,512.8 17,616.9 18,693.5 19,362.4 19,230.5

Total Current Liabilities 53,226.0 53,992.0 62,412.0 65,701.0 65,400.9 65,949.1 66,615.7 68,024.2 69,155.7

Net Working Capital (28,938.0) (25,565.0) (35,778.0) (37,833.0) (36,490.4) (36,570.3) (36,409.4) (37,256.5) (37,677.4) % Sales -19.3% -16.8% -23.0% -24.3% -22.6% -22.1% -21.5% -21.5% -21.3%

Change in NWC (10,213.0) (2,055.0) 1,342.6 (79.9) 160.9 (847.1) (421.0)

AssumptionsDays Sales Outstanding 24.2 24.9 20.0 21.2 21.0 21.0 21.0 21.0 21.0Days Inventory Held 45.0 44.2 42.4 40.0 40.0 40.0 40.0 40.0 40.0Other Current Assets (% of sales) 0.0% 2.2% 2.6% 3.3% 3.6% 3.8% 4.0% 4.0% 4.0%

Days Payable Outstanding 77.1 75.6 71.4 66.1 64 62 60 60 60Accrued Liabilities (% of COGS) 19.6% 19.2% 20.4% 22.6% 22.0% 22.0% 22.0% 22.0% 22.0%Other Current Liabilities (% of OpEx) 26.3% 11.2% 64.1% 65.7% 65.0% 64.0% 64.0% 64.0% 64.0%

Historical


Relative ValuationDebt metrics

GM FIAT Ford02468

101214

Interest Coverage Ratio (EBIT)

GM Fiat Ford0123456

Debt/Equity


APPENDIX 2014 2013 2012GM

EBIT 4,649,000 7,792,000-

28,206,000interest expense 403,000 334,000 489,000EBIT/interest expense

11.53598015

23.32934132

-57.680981

6FIAT EBIT 3,900,000 4,137,000 4,527,000interest expense 2,477,000 2,738,000 2,518,000EBIT/interest expense

1.574485264

1.510956903

1.797855441

Ford EBIT 5,139,000 7,869,000 8,351,000interest expense 797,000 829,000 713,000EBIT/interest expense

6.447929737

9.492159228

11.71248247

DAI EBIT 9346000 7620000 7768000interest expense -357,000 -523,000 -579,000EBIT/interest expense

-26.179271

71

-14.569789

67

-13.416234

89

2014 2013 2012GMdebt 31,853,000 22,025,000 3,424,000equity 35,457,000 42,607,000 36,244,000debt/equity 0.898355755 0.516933837 0.094470809Fiatdebt 40,808,000 41,729,000 37,315,000equity 16,245,000 11,473,000 8,157,000debt/equity 2.512034472 3.637148087 4.574598504Forddebt 119,171,000 114,688,000 105,058,000equity 24,805,000 26,112,000 15,947,000debt/equity 4.804313646 4.392156863 6.587947576

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