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GE first quarter ’12
supplemental information
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GE Capital segment results
GE Capital segment assets
GE Capital non-earnings/write-offs
GECC funding
GECC debt/equity ratio
GECC tier 1 common ratio estimate
GE Capital Ending Net Investment
GE Capital reserves
Industrial CFOA from continuing operations
Effective tax rate GE (ex. GECC)
Effective tax rate GE Company (ex. NBCU gain)
GE Industrial segment organic revenue growth
GE Energy Infrastructure organic revenue growth
GE Oil & Gas organic revenue growth
Total revenues excluding NBCU impact
Industrial sales excluding NBCU impact
Operating earnings & EPS & operating EPS excluding one-time items
GE Capital segment results
($ in millions – net earnings)
1Q’12
$685
1Q’11
$554
V%
24%
Real Estate
56
(358 )
F
Consumer
829
1,241
(33)
GECAS
318
306
4
71
112
(37)
(167 )
(65 )
U
CLL
EFS
GECC Corporate
GE Capital
$1,792
$1,790
Less effects of Garanti
–
381
GE Capital ex. Garanti
$1,792
$1,409
0%
27%
Preliminary 2012 first quarter results 2
GE Capital segment assets
($ in billions)
1Q’12
1Q’11
$190.0
$197.5
Real Estate
59.2
70.9
(17)
Consumer
135.9
141.9
(4)
GECAS
48.7
48.6
0
EFS
19.3
18.8
3
118.9
109.3
9
$572.0
$586.9
CLL
GECC Corporate
GE Capital
V%
(4)%
(3)%
Preliminary 2012 first quarter results 3
GE Capital non-earnings/write-offs
($ in millions)
Non-earning assets/non-earnings % fin. rec.
1Q’12
4Q’11
1Q’11
$3,273
2.58%
$3,309
2.56%
$3,957
2.95%
Real Estate
761
2.41
790
2.41
1,137
2.91
GECAS
17
0.14
55
0.46
EFS
29
0.55
CLL
Consumer
GECC Corporate
GE Capital
Total write-offs/write-offs % fin. rec.
1Q’12
CLL
$212
0.66%
4Q’11
$187
0.57%
1Q’11
$265
0.78%
Real Estate
186
2.32
141
1.68
280
2.83
16
0.13
GECAS
–
0.00
–
0.00
–
0.00
22
0.37
162
2.44
EFS
(0 )
(0.01 )
(1)
(0.06)
4
0.26
4,403
3.96
4,584
4.03
5,128
4.39
Consumer
932
3.31
895
3.12
1,096
3.71
42
6.10
65
5.10
99
6.04
GECC Corporate
(0 )
(0.04 )
15
4.58
8
1.76
$8,524
2.97%
$8,826
2.99%
$1,329
1.83%
$1,237
1.66%
$1,653
2.10%
$10,499
3.38%
GE Capital
Preliminary 2012 first quarter results 4
GECC funding
($ in billions)
Debt composition –a)
Non-recourse
Securitization
LT debt - TLGP
LT debt nonguaranteed
$458
29
45
279
$443
29
35
268
Unsecured term issuances
$432-b)
$27
30
28
266
$12
'10
'11
'12 YTD
• Completed ~$12B LT debt issuance YTD in 9
currencies
Alternative
funding/others
64
67
65
Comm’l paper
41
44
43
1Q'11
4Q'11
1Q'12
Bank lines
CP coverage
Cash & equiv.
LT debt<1 yr.
$25
$53
100%+
$67
$59
$52
100%+
$77
$83
$52
100%+
$76
$79
• Liquidity in the global CP markets continues
to be strong
• Alternative funding ~15% of total debt,
securitization ~7%
• Liquidity position remains strong
(a- Continuing operations
(b- Includes ~$2B YTD FX impact and ~($2B) YTD FAS 133
Preliminary 2012 first quarter results 5
GECC debt/equity ratio
–a)
($ in billions)
As reported
Debt
Shareowner’s equity–b)
Book leverage (debt/equity)
Debt
Subtract: hybrids from debt
Subtract: cash & equiv. from debt
Adjusted book debt
Shareowner’s equity–b)
Add: hybrids to equity
Adjusted book equity
Adjusted leverage
1Q’11
4Q’11
1Q’12
$458.1
72.1
$443.4
77.1
$432.1
79.2
6.4
5.7
5.5
458.1
(7.7 )
(67.4 )
383.0
443.4
(7.7 )
(77.0 )
358.7
432.1
(7.7)
(76.4 )
348.0
72.1
7.7
79.8
77.1
7.7
84.8
79.2
7.7
86.9
4.8
4.2
4.0
(a- Includes discontinued operations for all periods
(b- Total equity ex. non-controlling interests
Preliminary 2012 first quarter results 6
GECC tier 1 common ratio estimate
–a), -b)
($ in billions)
1Q’11
As reported
Shareowner’s equity–c)
$72.1
4Q’11
$77.1
1Q’12
$79.2
Shareowner’s equity–c)
- Intang. & GW
- Unr. G/(L) on invt. & hdg.
- Other additions/(deductions)
72.1
(29.6 )
2.2
(0.8 )
77.1
(28.8 )
1.1
(0.7 )
79.2
(28.8)
0.7
(0.7 )
Tier 1 common
43.9
48.7
50.4
511.5
490.3
482.7
Estimated risk weighted assets
Tier 1 common ratio
8.6%
9.9%
10.4%
(a- Includes discontinued operations for all periods
(b- Based on Basel One RWA estimates
(c- Total equity ex. noncontrolling interests
Preliminary 2012 first quarter results 7
GE Capital ending net investment
($ in billions)
GECC assets (cont. ops.)
Subtract: non-debt liabilities
GE Capital ENI
Subtract: cash & equivalents
GE Capital ENI (ex. cash)
1Q’11
4Q’11
1Q’12
$586.9
62.6
$582.9
61.5
$572.1
60.1
524.3
521.4
512.0
67.3
76.7
76.2
$457.0
$444.7
$435.8
Preliminary 2012 first quarter results 8
GE Capital reserves
($ in billions)
Allowances
for losses
$7.5
$6.2
Commercial
3.3
2.6
Consumer
Coverage:
Reserves
Non-earnings
$5.7
2.3
4.2
3.6
3.4
1Q'11
4Q'11
1Q'12
2.41%
71%
2.10%
70%
1.99%
67%
Environment continues to improve
Preliminary 2012 first quarter results 9
Industrial CFOA from continuing
operations
($ in millions)
1Q’12 YTD
Cash from GE’s operating
activities as reported
Less GECC dividends
Cash from GE’s operating
activities excluding dividends
from GECC (Industrial CFOA)
1Q’11 YTD
$2,059
$1,684
–
–
$2,059
$1,684
YTD V%
22%
22%
Preliminary 2012 first quarter results 10
Effective tax rate GE (ex. GECC)
($ in millions)
1Q’12
1Q’11
1Q’11
1Q’11
NBCU gain
Ex. NBCU gain
GE earnings from continuing operations
before income taxes
$3,727
$6,974
$3,556
$3,418
Less GECC earnings from continuing ops.
attributable to the company
1,792
1,790
–
1,790
$1,935
$5,184
$3,556
$1,628
$450
$3,513
$3,155
$358
Adjusted earnings from continuing ops.
before income taxes
GE (ex. GECC) provision for income taxes –
continuing ops.
Effective tax rate GE (ex. GECC)
23%
68%
89%
22%
Preliminary 2012 first quarter results 11
Effective tax rate GE Company
(ex. NBCU gain)
($ in millions)
1Q’11
GE Company
NBCU
gain
Ex. NBCU
gain
GE earnings from continuing operations
before income taxes
$7,434
$3,556
$3,878
GE provision for income taxes –
continuing ops.
$3,942
$3,155
$787
Effective tax rate GE
53%
89%
20%
Preliminary 2012 first quarter results 12
GE Industrial segment organic
revenue growth
($ in millions)
Industrial segment revenue
Less the effects of:
Acquisitions, business dispositions
(other than dispositions of businesses
acquired for investment) & currency
exchange rates
Industrial revenues excluding the
effects of acquisitions, business dispositions
(other than dispositions of businesses
acquired for investment), currency
exchange rates
1Q’12
1Q’11
V%
$23,720
$20,799
14%
1,210
508
$22,510
$20,291
11%
Preliminary 2012 first quarter results 13
GE Energy Infrastructure organic
revenue growth
($ in millions)
Revenue
Less the effects of:
Acquisitions, business dispositions
(other than dispositions of businesses
acquired for investment) & currency
exchange rates
Revenues excluding the
effects of acquisitions, business dispositions
(other than dispositions of businesses
acquired for investment), currency
exchange rates
1Q’12
1Q’11
V%
$11,168
$9,449
18%
1,191
454
$9,977
$8,995
11%
Preliminary 2012 first quarter results 14
GE Oil & Gas organic revenue growth
($ in millions)
Revenue
Less the effects of:
Acquisitions, business dispositions
(other than dispositions of businesses
acquired for investment) & currency
exchange rates
Revenues excluding the
effects of acquisitions, business dispositions
(other than dispositions of businesses
acquired for investment), currency
exchange rates
1Q’12
1Q’11
V%
$3,416
$2,558
34%
818
360
$2,598
$2,198
18%
Preliminary 2012 first quarter results 15
Total revenues excluding NBCU impact
($ in millions)
Total Company revenues
as reported
Less: NBCU related revenues
Company revenues excluding
NBCU impact
1Q’12
1Q’11
V%
$35,182
$38,329
(8)%
187
4,800
$34,995
$33,529
4%
Preliminary 2012 first quarter results 16
Industrial sales excluding NBCU impact
($ in millions)
GE sales as reported
Less: NBCU related sales
Industrial sales excluding
NBCU impact
1Q’12
1Q’11
V%
$23,687
$22,102
7%
–
1,205
$23,687
$20,897
13%
Preliminary 2012 first quarter results 17
Operating earnings & EPS & operating
EPS excluding one-time items
($ in millions except earnings per share)
Earnings from continuing operations attributable to GE
Adjustment (net of tax): non-operating pension costs/(income)
Operating earnings
Earnings per share - diluted
Continuing earnings per share
Adjustment (net of tax): non-operating pension costs/(income)
Operating earnings per share
Adjustments for one-time items (net of tax):
– NBCU gain
– Garanti
– Other gains
– Restructuring/other
Normalized EPS
1Q’12
1Q’11
V%
$3,251
336
$3,587
$3,398
163
$3,561
(4)%
$0.31
.03
$0.34
$0.31
.02
$0.33
(.01 )
.01
(.04)
(.03)
–
.03
$0.34
$0.29
1%
–
3%
17%
Preliminary 2012 first quarter results 18