RNS Number:8288Y
General Motors Accept Corp Canada
18 May 2004
CONSOLIDATED FINANCIAL STATEMENTS AND NOTES
General Motors Acceptance Corporation of Canada, Limited
March 31, 2004
(unaudited)
Consolidated Balance Sheets (unaudited)
General Motors Acceptance Corporation of Canada, Limited
March 31, December 31,
2004 2003
(in thousands)
Assets
Cash and cash $ 1,571,000 $ 2,366,000
equivalents
Subordinated 448,077 406,908
interests in
securitization
trusts, net
Finance 7,902,165 8,276,764
receivables and
loans, net
Investment in 5,920,492 5,746,415
operating
leases, net
Income and 6,326 -
other taxes
receivable
Notes 2,166,187 1,946,787
receivable from
affiliates
Investments 1,084,392 1,084,392
Other assets 586,641 521,733
TOTAL ASSETS $ 19,685,280 $ 20,348,999
Liabilities
Debt payable $ 5,910,924 $ 5,444,581
within one year
Accounts 84,045 15,177
payable to
affiliates
Interest 153,847 190,025
payable
Income and - 10,527
other taxes
payable
Accrued 855,841 763,794
expenses and
other
liabilities
Future income 715,289 696,679
taxes
Debt payable 9,970,838 11,270,030
after one year
Total Liabilities 17,690,784 18,390,813
Shareholder's Equity
Capital stock
without par
value
(authorized -
unlimited,
outstanding - 50,000 50,000
1,450,000
common shares)
Contributed 129,692 129,692
surplus
Retained 1,814,804 1,778,494
earnings
Total Shareholder's Equity 1,994,496 1,958,186
TOTAL LIABILITIES AND $ 19,685,280 $ 20,348,999
SHAREHOLDER'S EQUITY
Certain amounts for 2003 have been reclassified to conform with the 2004
presentation.
The Notes to Consolidated Financial Statements are an integral part of
these statements.
Consolidated Statements of Income and Retained Earnings (unaudited)
General Motors Acceptance Corporation of Canada, Limited
For the three months ended
March 31,
2004 2003
(in thousands)
Revenue
Consumer $ 73,638 $ 90,826
Commercial 50,458 71,253
Operating leases 370,196 325,105
Total 494,292 487,184
financing
revenue
Interest and discount (209,878) (193,573)
Depreciation on operating leases (269,070) (245,200)
Net 15,344 48,411
financing
revenue
Other income 88,279 68,862
Net financing revenue and other 103,623 117,273
income
Expense
Operating expenses 40,202 50,322
Provision for credit losses 2,180 3,220
Total 42,382 53,542
expenses
Income before income taxes 61,241 63,731
Income tax expense 24,931 26,840
Net income 36,310 36,891
Retained earnings, beginning of 1,778,494 1,645,066
the period
Retained earnings, end of the $ 1,814,804 $ 1,681,957
period
Certain amounts for 2003 have been reclassified to conform with the 2004
presentation.
The Notes to Consolidated Financial Statements are an integral part of these
statements.
Consolidated Statements of Cash Flows (unaudited)
General Motors Acceptance Corporation of Canada, Limited
For the three months ended March 31,
2004 2003
(in thousands)
Operating Activities
Net income $ 36,310 $ 36,891
Depreciation 269,595 245,650
Provision for credit losses 2,180 3,220
Gain on sale of finance receivables - (20,370) (13,016)
Consumer
Net change in:
Other assets (65,433) 142,116
Accounts payable to affiliates 68,868 45,605
Interest payable (36,178) (26,613)
Income and other taxes payable/receivable (16,853) (55,906)
Accrued expenses and other liabilities 92,047 (10,529)
Future income taxes 18,610 4,147
Cash provided by operating activities 348,776 371,565
Financing Activities
Net change in short-term debt (138,583) 82,380
Issuance of long-term debt 614,228 801,291
Repayment of long-term debt (1,308,494) (1,284,084)
Cash used in financing activities (832,849) (400,413)
Investing Activities
Acquisitions of finance receivables and (4,160,226) (5,183,083)
loans
Liquidations of finance receivables and 3,552,191 4,157,536
loans
Proceeds from sales of finance receivables 1,000,824 746,545
Purchases of operating lease assets (604,676) (765,614)
Disposals of operating lease assets 161,529 449,837
Net change in:
Notes receivable from affiliates (219,400) 63,383
Subordinated interests in securitization (41,169) (30,256)
trusts
Cash used in investing activities (310,927) (561,652)
Decrease in cash and cash equivalents (795,000) (590,500)
Cash and cash equivalents at beginning of the period 2,366,000 781,000
Cash and cash equivalents at end of the period $ 1,571,000 $ 190,500
Supplemental disclosure
Cash paid for:
Interest $ 245,522 $ 219,765
Taxes $ 18,147 $ 79,905
Certain amounts for 2003 have been reclassified to conform with the 2004 presentation.
The Notes to Consolidated Financial Statements are an integral part of these
statements.
Notes to Consolidated Financial Statements (unaudited)
General Motors Acceptance Corporation of Canada, Limited
Note 1. Basis of Presentation
The accompanying unaudited consolidated financial statements have been prepared
by General Motors Acceptance Corporation of Canada, Limited (the "Company") in
accordance with Canadian generally accepted accounting principles, using the
same accounting policies and methods of application as used in the Company's
financial statements as of and for the year ended December 31, 2003, except as
discussed in Note 2. In the opinion of management, the financial statements
include all necessary adjustments (which are of a normal and recurring nature)
for the fair presentation of the results of the interim periods presented and
consistent with prior period reporting.
These financial statements should be read in conjunction with the Company's
December 31, 2003 audited consolidated financial statements. Certain amounts in
the prior year consolidated financial statements have been reclassified to
conform with current year presentation.
Note 2. New Accounting Policies
Hedging
Effective January 1, 2004, the Company adopted Accounting Guideline ("AcG")-13 -
"Hedging Relationships", the new accounting guideline issued by the Canadian
Institute of Chartered Accountants ("CICA"), which increases the documentation,
designation and effectiveness criteria to achieve hedge accounting subsequent to
the adoption date. This standard is to be applied prospectively and retroactive
application is not permitted. The guideline requires the discontinuance of
hedge accounting for hedging relationships previously established that do not
meet the criteria at the date it is first applied. AcG-13 does not change the
method of accounting for derivatives in hedging relationships, but the Emerging
Issues Committee of the CICA issued EIC-128 - "Accounting for Trading,
Speculative or Non-Hedging Derivative Financial Instruments", which was adopted
concurrently with AcG-13 and requires fair value accounting for derivatives that
do not qualify for hedge accounting.
The Company is party to derivative financial instruments that it uses in the
normal course of its business to reduce its exposure to fluctuations in interest
rates and foreign currency exchange rates. The Company enters into these
transactions for purposes other than trading. These financial exposures are
managed in accordance with corporate policies and procedures. The objectives of
the derivative financial instruments portfolio are to manage interest rate and
currency risks by offsetting a funding obligation, adjusting fixed and floating
rate funding levels, and facilitating securitization transactions. As part of
the approval process, management identifies the specific financial risk that the
derivative transaction will minimize and the appropriate instrument to be used
to reduce the risk. If it is determined that a high correlation between a
specific transaction risk and the instrument does not exist, the transaction is
generally not approved.
The primary classes of derivatives used by the Company are interest rate and
foreign currency swaps. Those instruments involve, to varying degrees, elements
of credit risk in the event that a counterparty should default, and market risk
as the instruments are subject to interest and foreign currency exchange rate
fluctuations. Credit risk is managed through the continual monitoring and
approval of financially sound counterparties. Market risk is mitigated as
derivatives are generally hedges of underlying transactions. Cash receipts or
payments on these agreements occur at periodic contractually defined intervals.
Interest rate swaps
Interest rate swaps are contractual agreements with a notional amount between
the Company and another party to exchange payments representing the net
difference between a fixed and floating interest rate or between different
floating interest rates, periodically over the life of the agreements without
exchange of the underlying notional amounts. The Company uses swaps to alter its
fixed and floating interest rate exposures. Interest rate swaps that are
designated, and effective, as hedges of underlying debt obligations are not
marked to market, but the cash payments are recorded as an adjustment to
interest expense recognized over the lives of the underlying debt agreements.
Interest rate swaps are reviewed regularly to ensure they remain effective as
hedges in managing interest rate exposure. Interest rate swaps that are not
designated in an effective hedging relationship are carried at fair value with
the changes in fair value, including any payments and receipts made or received,
being recorded in Other Income.
Foreign currency swaps
Foreign currency swaps are used to economically hedge foreign exchange exposure
on foreign currency denominated debt by converting the funding currency to
Canadian dollars. Foreign currency swaps are legal agreements between two
parties to purchase one currency and sell another currency, for a price
specified at the contract date, with delivery and settlement at both the
effective date and maturity date of the contract. Foreign currency swap
agreements are not designated as hedges for accounting purposes. As such, they
are carried at fair value on the balance sheet with the changes in fair value
being recorded as an adjustment to interest expense in the period in which they
occur.
Realized and unrealized gains or losses associated with derivative financial
instruments, which have been terminated, dedesignated from a hedging
relationship or cease to be effective prior to maturity, are deferred under
Other Assets and Other Liabilities on the balance sheet and recognized in income
on a basis consistent with the underlying hedged item. In the event a
designated hedged item is sold, extinguished or matures prior to the termination
of the related derivative financial instrument, any realized or unrealized gain
or loss on such derivative financial instrument is recognized in income.
Derivatives that were dedesignated from pre-existing hedging relationships on
January 1, 2004 when AcG-13 was first adopted were recorded at fair value on the
balance sheet. The cumulative unrealized gain of $17.8 million up to that date
was deferred and recorded in Other Liabilities and will be amortized into
interest expense over the remaining term of the original hedging relationship.
Generally Accepted Accounting Principles
Effective January 1, 2004, the Company adopted the requirements of CICA 1100 - "
Generally Accepted Accounting Principles" which describes what constitutes
Canadian generally accepted accounting principles ("GAAP") and its sources, and
provides guidance on sources to consult when selecting accounting policies and
determining appropriate disclosure. The standards no longer recognize industry
practice as an acceptable source of GAAP. Upon review of the Company's current
accounting policies and financial statement disclosure, the adoption of CICA
1100 did not have an impact on the Company's financial position, results of
operations and cash flows.
Note 3. Guarantees
The Company has standard indemnification clauses in certain of its funding and
securitization arrangements that would require the Company to pay counterparties
for increased costs due to certain changes in laws or regulations. Since any
changes would be dictated by legislative and regulatory actions, which by their
nature are unpredictable, the Company is not able to estimate a maximum exposure
under these arrangements.
Note 4. Finance Receivables and Loans
The composition of finance receivables and loans outstanding was as follows:
March 31, December 31,
2004 2003
(in thousands)
Consumer
Retail Automotive $ 4,750,101 $ 5,557,994
Commercial
Wholesale 2,428,920 1,953,754
Leasing and lease financing 426,559 484,692
Term loans to dealers and other 363,223 357,034
Total commercial 3,218,702 2,795,480
Total finance receivables and loans 7,968,803 8,353,474
Less: Allowance for credit losses 66,638 76,710
Total finance receivables and loans, $ 7,902,165 $ 8,276,764
net1
1 Net of unearned income of $467,340 and 574,423 at March 31, 2004 and December 31, 2003,
respectively.
Note 5. Sale of Finance Receivables
In January 2004, the Company sold retail finance receivables with contractual
principal aggregating $1,171.7 million. A pre-tax gain of $20.4 million was
realized on the sale. For the three months ended March 2003, the Company sold
retail finance receivables with contractual principal aggregating $836.0
million. A pre-tax gain of $13.0 million was realized on the sale. The
outstanding balance of sold retail finance receivables totaled $3,398.3 million
and $2,886.1 million at March 31, 2004 and December 31, 2003, respectively.
The Company has also sold wholesale receivables on a revolving basis resulting
in a decrease in the balance of wholesale receivables outstanding of $2,385.0
million at March 31, 2004 and December 31, 2003. No gains or losses are
recorded with respect to these sales. The Company is committed to sell eligible
loans arising in certain dealer accounts to a maximum of $2,385.0 million.
Note 6. Investment in Operating Leases, Net
Investment in operating leases was as follows:
March 31, December 31,
2004 2003
(in thousands)
Vehicles, at cost $ 7,620,259 $ 7,267,732
Accumulated depreciation (1,699,767) (1,521,317)
Investment in operating leases, net $ 5,920,492 $ 5,746,415
Note 7. Lines of Credit with Banks
Established committed revolving lines of credit with banks totaled $1.25 billion
at March 31, 2004 and December 31, 2003, of which $625 million will expire on
June 14, 2004 and $625 million will expire on June 16, 2008.
Note 8. Debt Payable Within One Year
Weighted
Average
Interest
Rate1
March 31, March 31, December 31,
2004 2004 2003
(in thousands)
Short-term
notes
Domestic 2.519% $ 1,992,699 $2,131,775
Foreign 2 2.534% 46,435 58,011
Total principal amount 2,039,134 2,189,786
Unamortized discount (6,744) (6,482)
Total 2,032,390 2,183,304
Bank loans and overdrafts 4.000% 16,518 4,187
Other notes and debentures payable
within one year
Domestic 4.942% 2,986,130 2,939,338
Foreign 3 2.603% 875,886 317,752
Total 3,862,016 3,257,090
Total debt payable within one year $ 5,910,924 $ 5,444,581
1The weighted average interest rates include the effects of derivative financial intruments designated
as hedges of debt
2 Denominated in U.S.
dollars
3 Denominated in British Pounds, Norwegian Krone, Japanese Yen and Euro
The Company has entered into foreign currency swap agreements to fully hedge its
exposures related to notes and debentures payable in foreign currencies.
All of the above debt is guaranteed by General Motors Acceptance Corporation and
is unsecured.
Note 9. Debt Payable After One Year
Contract Denominated March 31, December
in 31,
Maturity Rate Foreign 2004 2003
Date Currency
(in (in thousands)
millions)
January, 7.000% USD 200 $ - $ 258,220
2005
February, (1) Y 6,000 - 72,369
2005
February, 8.250% NZD 100 - 84,632
2005
February, (2) USD 30 - 38,733
2005
March, 7.000% - 100,000
2005
March, 7.750% USD 250 - 322,775
2005
April, (3) euro 26 40,721 41,656
2005
April, 7.000% CZK 1,000 48,344 50,286
2005
April, 12.250% PLN 100 33,772 34,473
2005
July, 5.250% DKK 400 85,644 87,550
2005
October, 7.500% NZD 100 86,040 84,632
2005
November, 6.125% DKK 400 85,644 87,550
2005
December, 6.625% 100,000 100,000
2005
February, 6.125% DKK 600 128,466 131,324
2006
March, 6.250% 100,000 100,000
2006
May, 6.250% 100,000 100,000
2006
September, 6.125% 100,000 100,000
2006
November, 6.125% DKK 400 85,644 87,550
2007
February, 6.000% DKK 500 107,055 109,437
2008
May, 7.000% 10,000 10,000
2008
June, 4.500% euro 50 79,643 81,472
2008
June, 4.500% euro 25 39,822 40,736
2008
September, (4) euro 400 637,146 651,774
2008
September, 7.750% NZD 100 86,040 84,630
2008
December, 5.750% 100,000 100,000
2008
December, 6.625% GBP 200 477,695 462,561
2010
Notes with original maturities up to ten
years with a weighted
average interest rate at March 31,
2004 of 5.95% 7,439,162 7,847,670
Total debt payable after
one year $ 9,970,838 $ 11,270,030
(1) Interest at a rate of 0.10% above the 3 month JPY LIBOR rate
(2) Interest at a rate of 0.21% above the 3 month US LIBOR rate
(3) Interest at a rate of 0.20% above the 3 month EURIBOR rate
(4) Interest at a rate of 1.75% above the 3 month EURIBOR rate
The Company has entered into foreign currency swap agreements to fully hedge its
exposures related to notes and debentures payable in foreign currencies.
All of the above debt is guaranteed by General Motors Acceptance Corporation and
is unsecured.
Note 10. Shareholder's Equity
There have been no changes in authorized or issued share capital as at March 31,
2004.
Note 11. Other Income
Details of other income were as follows:
For the three months ended March 31,
2004 2003
( in thousands)
Excess interest and other $ 37,256 $ 34,478
ongoing revenue from
securitizations
Gains on securitizations 20,370 13,016
Service fee revenue from 9,389 14,207
General Motors of Canada
Limited
Interest revenue on cash 13,813 5,395
and cash equivalents
Other 7,451 1,766
Total other income $ 88,279 $ 68,862
This information is provided by RNS
The company news service from the London Stock Exchange
END
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