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Name | Symbol | Market | Type |
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Cred Ag Co 29 | LSE:BK19 | London | Medium Term Loan |
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RNS Number:7900S General Motors Accept Corp Canada 02 December 2003 Consolidated Financial Statements of General Motors Acceptance Corporation of Canada, Limited September 30, 2003 (Unaudited) CONSOLIDATED BALANCE SHEETS (in thousands) ASSETS September 30, December 31, 2003 2002 (unaudited) Cash and cash equivalents $ 1,784,000 $ 781,000 Subordinated interests in securitization trusts, net (Note 398,601 346,920 3) Finance receivables and loans, net (Note 2) Consumer 5,231,818 5,556,658 Commercial 2,103,428 3,210,457 Allowance for credit losses (74,149) (76,920) Total finance receivables and loans, net 7,261,097 8,690,195 Investment in operating leases, net (Note 4) 5,770,693 5,169,099 Notes receivable from affiliates 2,486,031 2,706,486 Investments 1,084,392 1,084,392 Other assets 455,461 575,804 TOTAL ASSETS $ 19,240,275 $ 19,353,896 LIABILITIES AND SHAREHOLDER'S EQUITY Liabilities Debt payable within one year (Note 6) $ 5,214,213 $ 6,394,603 Accounts payable to GMCL and affiliates 74,407 92,151 Interest payable 171,914 184,766 Income and other taxes payable - 74,635 Accrued expenses and other liabilities 838,836 693,961 Future income taxes 707,554 656,807 Debt payable after one year (Note 7) 10,322,460 9,432,215 Total Liabilities $ 17,329,384 $ 17,529,138 Shareholder's Equity (Note 9) Capital stock without par value (authorized - unlimited, outstanding - 1,450,000 common shares) 50,000 50,000 Contributed surplus 129,692 129,692 Retained earnings 1,731,199 1,645,066 Total Shareholder's Equity $ 1,910,891 $ 1,824,758 TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY $ 19,240,275 $ 19,353,896 Certain amounts for 2002 have been reclassified to conform with the 2003 presentation. The Notes to Consolidated Financial Statements are an integral part of these statements. CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS (in thousands) For the Nine Months Ended For the Quarter Ended September 30, September 30, 2003 2002 2003 2002 (unaudited) (unaudited) Financing Revenue Consumer $ 240,680 $ 269,244 $ 79,811 $ 87,596 Commercial 205,572 265,077 51,798 79,717 Operating leases 1,001,787 819,065 347,801 305,341 Total financing revenue 1,448,039 1,353,386 479,410 472,654 Interest and discount (602,619) (546,767) (203,088) (189,497) Depreciation on operating (733,256) (559,538) (250,563) (208,834) leases Net financing revenue 112,164 247,081 25,759 74,323 Other income (Note 8) 203,683 211,041 57,404 78,374 Net financing revenue and other income 315,847 458,122 83,163 152,697 Expenses Operating expenses (143,458) (134,001) (46,409) (47,467) Provision for credit losses (18,236) (24,877) (9,087) (8,936) Total expenses (161,694) (158,878) (55,496) (56,403) Income before income taxes 154,153 299,244 27,667 96,294 Provision for income taxes (68,020) (101,556) (13,547) (37,890) Net income 86,133 197,688 14,120 58,404 Retained earnings, beginning of the period 1,645,066 1,375,465 1,717,079 1,514,749 Retained earnings, end of the period $ 1,731,199 $ 1,573,153 $ 1,731,199 $ 1,573,153 Certain amounts for 2002 have been reclassified to conform with the 2003 presentation. The Notes to Consolidated Financial Statements are an integral part of these statements. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) For the Nine Months Ended September 30, For the Quarter Ended September 30, 2003 2002 2003 2002 (unaudited) (unaudited) Operating Activities Net income $86,133 $197,688 $14,120 $58,404 Depreciation 734,689 561,069 251,094 209,559 Provision for 18,236 24,877 9,087 8,936 credit losses Gain on sale (33,520) (35,567) - (21,124) of finance receivables - Consumer Net change in: Other assets 118,910 (102,652) (24,632) (66,631) Accounts (17,744) 62,618 31,762 (688) payable to GMCL and affiliates Interest (12,852) (45,150) (11,513) (31,579) payable Income and (74,635) (47,935) (19,170) (19,905) other taxes receivable / payable Accrued 144,875 (35,288) (68,109) (9,056) expenses and other liabilities Future income 50,747 (13,351) 26,745 1,188 taxes Cash provided by operating 1,014,839 566,309 209,384 129,104 activities Financing Activities Net change in (1,186,141) 396,369 (681,139) 253,904 short-term debt Issuance of 3,744,069 2,601,080 1,552,139 681,109 long-term debt Repayment of (2,848,073) (3,209,471) (707,664) (1,199,481) long-term debt Increase in - 34,692 - - contributed surplus Cash provided by (used in) (290,145) (177,330) 163,336 (264,468) financing activities Investing Activities Acquisitions (15,278,051) (17,128,457) (4,169,809) (5,020,302) of finance receivables and loans Liquidations 14,447,156 15,220,757 4,940,357 5,078,019 of finance receivables and loans Proceeds from 2,275,277 1,941,180 - 797,420 sales of finance receivables Purchases of (2,382,618) (2,560,195) (953,827) (867,971) operating lease assets Disposals of 1,047,768 557,177 410,535 207,967 operating lease assets Net change in: Notes 220,455 1,306,015 222,320 559,374 receivable from affiliates Investments - (34,692) - - Subordinated (51,681) (27,765) 57,196 28,357 interests in securitization trusts Cash provided by (used in) 278,306 (725,980) 506,772 782,864 investing activities Increase (decrease) in cash 1,003,000 (337,001) 879,492 647,500 and cash equivalents Cash and cash equivalents at 781,000 1,302,001 904,508 317,500 beginning of the period Cash and cash equivalents at $1,784,000 $965,000 $1,784,000 $ 965,000 end of the period Supplemental disclosure Cash paid for: Interest $614,360 $ 591,799 $214,154 $ 221,036 Taxes $103,787 $169,332 $ 7,007 $62,116 Certain amounts for 2002 have been reclassified to conform with the 2003 presentation. The Notes to Consolidated Financial Statements are an integral part of these statements. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) 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, 2002. 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, 2002 audited consolidated financial statements. Certain amounts in prior year consolidated financial statements have been reclassified to conform with current year presentation. Note 2. Finance Receivables and Loans The composition of finance receivables and loans outstanding was as follows: September 30, December 31, 2003 2002 (unaudited) (in thousands) Consumer Retail Automotive $ 5,231,818 $ 5,556,658 Commercial Automotive: Wholesale 1,185,272 2,113,952 Leasing and lease financing 576,976 718,349 Term loans to dealers and other 341,180 378,156 Total commercial 2,103,428 3,210,457 Total finance receivables and loans, net 1 $ 7,335,246 $ 8,767,115 1 Net of unearned income of $551,401 and $534,774 at September 30, 2003 and December 31, 2002, respectively. Note 3. Sale of Finance Receivables In May 2003, the Company sold retail finance receivables with contractual principal aggregating $1,713.7 million. An aggregate pre-tax gain of $20.5 million was realized on the sales. In February 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. For the nine months September 2002, the Company sold retail finance receivables with contractual principal aggregating $1,745.1 million, resulting in total realized pre-tax gains of $35.6 million. The outstanding principal balance of sold retail finance receivables totaled $3,519.2 and $2,581.5 million at September 30, 2003 and December 31, 2002, respectively. The Company has also sold wholesale receivables on a revolving basis resulting in a decrease in the balance of wholesale receivables outstanding of $2,203.7 and $2,385.0 million at September 30, 2003 and December 31, 2002, respectively. No gains or losses are recorded with respect to these sales. The retained interest amount recorded with respect to securitization activity is comprised of the following: September 30, December 31, 2003 2002 (unaudited) (in thousands) Subordinated interests in securitization trusts $ 427,541 $ 368,686 Allowance for estimated credit losses on (28,940) (21,766) sold receivables $ 398,601 $ 346,920 Note 4. Investment in Operating Leases, Net Investments in operating leases, including unamortized deferred lease origination costs, were as follows: September 30, December 31, 2003 2002 (unaudited) (in thousands) Vehicles and other equipment, at cost $ 7,073,635 $ 6,393,764 Accumulated depreciation (1,302,942) (1,224,665) Investment in operating leases, net $ 5,770,693 $ 5,169,099 Note 5. Lines of Credit With Banks Established committed revolving lines of credit with banks totaled $1.25 billion at September 30, 2003 and December 31, 2002, and were renewed in June 2003. Of this amount, $625 million will expire on June 14, 2004 and $625 million will expire on June 16, 2008. Note 6. Debt Payable Within One Year September 30, 2003 September 30, December 31, Weighted 2003 2002 Average (unaudited) Interest Rate (in thousands) Short-term notes Domestic 3.053% $ 1,544,821 $ 2,657,598 Foreign 1 3.003% 21,292 87,113 Total principal amount 1,566,113 2,744,711 Unamortized discount (5,200) (8,503) Total 1,560,913 2,736,208 Bank loans and overdrafts 4.530% 9,923 20,770 Other notes and debentures payable within one year Domestic 5.266% 3,118,197 2,799,445 Foreign 2 2.886% 525,180 838,180 Total 3,643,377 3,637,625 Total payable within one year $ 5,214,213 $ 6,394,603 This debt, guaranteed by General Motors Acceptance Corporation, is unsecured. 1 Denominated in U.S. dollars 2 Denominated in Euro, British Pounds, Norwegian Krone and Japanese Yen Note 7. Debt Payable After One Year Denominated in Contract Foreign Currency September 30, December 31, Maturity Date Rate (in millions) 2003 2002 (unaudited) (in thousands) March, 2004 6.500% GBP 100 $ - $ 250,194 June, 2004 6.000% NOK 400 - 90,876 June, 2004 5.500% - 100,000 September, 2004 5.750% - 100,000 September, 2004 1.480% Y 1,000 - 13,286 September, 2004 6.250% - 100,000 December, 2004 6.500% 100,000 100,000 January, 2005 7.000% USD 200 271,820 315,640 February, 2005 (1) Y 6,000 73,204 79,721 February, 2005 8.250% NZD 100 79,833 82,746 February, 2005 (2) USD 30 40,773 47,346 March, 2005 7.000% 100,000 100,000 March, 2005 7.750% USD 250 339,775 394,550 April, 2005 (3) Euro 26 39,774 42,246 April, 2005 7.000% CZK 1,000 48,949 52,458 April, 2005 12.250% PLN 100 34,054 41,233 July, 2005 5.250% DKK 400 83,796 88,979 October, 2005 7.500% NZD 100 79,834 82,745 November, 2005 6.125% DKK 400 83,796 88,979 December, 2005 6.625% 100,000 100,000 February, 2006 6.125% DKK 600 125,693 133,469 March, 2006 6.250% 100,000 100,000 May, 2006 6.250% 100,000 100,000 September, 2006 6.125% 100,000 100,000 November, 2007 6.125% DKK 400 83,796 88,979 February, 2008 6.000% DKK 500 104,744 111,224 May, 2008 7.000% 10,000 - June, 2008 5.825% Euro 50 77,791 - June, 2008 5.665% Euro 25 38,896 - September, 2008 (4) Euro 400 622,332 - September, 2008 7.750% NZD 100 79,834 - Notes with original maturities up to ten years with a weighted average interest rate at September 30, 2003 of 6.10% 7,403,766 6,527,544 $ 10,322,460 $ 9,432,215 This debt, guaranteed by General Motors Acceptance Corporation, is unsecured. (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 Note 8. Other Income Details of other income were as follows: For the Nine Months Ended For the Quarter Ended September 30, September 30, 2003 2002 2003 2002 (unaudited) (unaudited) ( in thousands) ( in thousands) Automotive receivable $ 137,741 $ 136,042 $ 33,034 $ 56,145 securitizations Service fee revenue from GMCL 39,151 63,488 11,446 17,541 Other 26,791 11,511 12,924 4,688 Total other income $ 203,683 $ 211,041 $ 57,404 $ 78,374 Note 9. Shareholder's Equity There have been no changes in authorized or issued share capital as at September 30, 2003. Note 10. 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. This information is provided by RNS The company news service from the London Stock Exchange END QRTEAFAAELFDFAE
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