Pour info, j'ai copie les Questions - Reponses de la conference call de General Motors. Ne me remerciez pas, je ne vais pas dans le sens du poil.
Capital savings are included.
Accrued in GM Europe – Global Allliance, GM Europe to benefit the most
DB – Toulemonde
Q. 2bn savings, equally spread?
The gain on GM side may be lower in % side.
R&D the savings will be split 50/50
Q. 1bn right issue, why?
The proceeds low CO2 platform, emerging markets, project upscaling
Q. Not linked to acceleration in deterioration in WE?
No dedicated to the highly profitable projects.
MS – Adam Jones
Q. Upfront cost for the synergies?
The purchasing JV is going to be a small office, best pratice,…
Q. Revenue impact?
Each brand will continue to run their own product play
Q. Mechanics in the right issue, Put/Call options?
Standard lock-up and stand still provision.
Q. PSA Banque, Outside the scope?
Nothing decided yet
Q. No change the need to restructure at all, or increase the
We made it clear, we have overcapacity in Europe and the bercapicity has to be reached independently and by each participants.
Q. SocGen – Steven Reidman
Pre,limiriary discussion woth Ford on the Diesel JV?
We don’t want to hurt the successful cooperation here.
Q. Cooperation beyond on the A and B segment?
We covered all segments, we have not taken any decision on any other segments, today we said we focused on these two segments.
Barclays Cap Brian Johnson
Q. GM why a equity investment to seal the deal
To show our commitment and support
Q. Accountability for the progress of this JV
Steering committee, Philip and I active involvement, resolution mechanism
Citi Philip Warkan
Q. $1bn right issue does that also include the treasury shares?
$1bn is the total amount of the right issue – does not include the treasury shares.
Q. Why Peugeot not taking a stake in GM
[haven’t got the cash]
DB – XX?
Q. Common platform strategy in volume term? Extend to GM Global?
Too early to tell in term of volume, some platform will be global. The first one to be produced in 2016.
Natexis – Gerard
Q. Synergies between cost savings
Won’t give the split up of the synergies, they will come along.
The $2.0bn is only on purchasing, capex and R&D
Q. Cross manufacturing
Q. Benefit outside of Europe (China, LatAm, India)
LatAm in the scope
China, we don’t comment at that stage
Small and mid-sized platform. Today there is no impact on production.
Q. Role of Opel
Key representative of the governing structure
Q. Help PSA outside Europe
They are not going to use our networtk
Q. Guaranteed no cannibalisation between PSA and Opel
The design of the products are pretty different, we will compete on our own brands.,
Q. No increased stake in PSA beyond 7%?
Q. Other alliances
Shangai Auto is deepening.
Q. Volt Tech technology for PSA?
We have been though all product portfolio, too early to be specific.
Daily Mail UK
Q. Plant in the UK at danger?
Alliance won’t impact this, each brand has to deal with their own program. It is way too early to speak about plants.
Q. What makes it different fron the alliance with FIAT in 2000?
The deal worked but was unbalanced, with the put option, a gun on the head of GM. The alliance was not all negative and this alliance is broader here, global purchasing function, more balanced, known concrete synergies, organisation can learn.