Download Supplemental Data

GE 3Q’14
supplemental information
• GE Capital segment results
• GE Capital segment assets
• GE Capital nonaccrual/net charge-offs
• GECC funding
• GECC leverage ratio
• GECC tier 1 common ratio estimate
• GE Capital ending net investment
• GE Capital reserves
• Orders & backlog by segment
• Equipment orders
• Equipment/service revenue by segment - 3Q’14
• Equipment/service revenue by segment - 3Q’14 YTD
• GE Industrial segment organic revenue growth
• Units summary – orders
• Units summary – sales
• Regional summary
• Corporate operating profit (cost)
• Industrial operating profit (as adjusted)
• Operating earnings & EPS
• GE effective tax rate (ex-GECC)
• GE Industrial CFOA from continuing operations
Imagination at work.
GE Capital segment results
($ in millions – net earnings)
3Q’14
$617
3Q’13
$479
Consumer
621
898
(31)
Real Estate
175
464
(62)
GECAS
133
173
(23)
61
150
(59)
(115)
(261 )
56
CLL
EFS
GECC Corporate
Earnings from continuing ops.
V%
29%
1,492
1,903
(22)
Preferred stock dividends-a)
-
-
-
GE Capital segment profit
$1,492
$ 1,903
(22)%
(a - Effective in the second quarter of 2014, GE began reporting the GE Capital segment results including the effects of the GECC preferred stock dividends. The cost of these dividends
had previously been reported in the GE Corporate Items and Eliminations line in the GE’s Summary of Operating Segments table. Presenting GE Capital segment results including
the effects of the GECC preferred stock dividends aligns the way management currently measures the results of the financial services business. Prior-period information has been
reclassified to be consistent with how management currently measures GE Capital.
2
GE Capital segment assets
($ in billions)
3Q’14
$170.5
3Q’13
$170.3
Consumer
140.5
134.6
4
Real Estate
36.5
39.9
(9)
GECAS
43.0
47.2
(9)
EFS
16.2
18.1
(11)
GECC Corporate
98.9
108.0
(8)
505.6
518.1
(2)%
1.3
2.6
$506.9
$520.7
CLL
GE Capital segment assets
Assets of discontinued operations
GECC total assets
V%
-%
(49)
(3)%
3
GE Capital nonaccrual/net charge-offs
($ in millions)
Nonaccrual assets/nonaccrual % fin. rec.
Total net charge-offs/net charge-offs % fin. rec.
3Q’14
3Q’14
CLL
2Q’14
3Q’13
$2,114
1.92%
$2,530
2.23%
$3,389
2.95%
1,628
8.22
1,948
9.84
3,723
19.63
GECAS
153
1.81
153
1.81
-
EFS
57
2.04
76
2.74
4
0.09
2,249
2.22
2,419
2.36
3,802
3.44
-
-
11
2.80
Real Estate
Consumer
GECC Corporate
GE Capital
$6,201
2.56%
$7,126
2.89%
$10,929
4.23%
CLL
$116
0.42%
2Q’14
3Q’13
$123
0.43%
$95
0.33%
Real Estate
19
0.38
(77)
(1.54)
61
1.26
GECAS
4
0.19
7
0.32
-
EFS
15
2.15
(1)
(0.14)
-
Consumer
717
2.82
814
3.13
757
2.75
GECC Corporate
(0 )
(0.00)
GE Capital
$871
1.42%
$866
1.39%
(1 )
(0.94 )
$912
1.40%
4
GECC funding
($ in billions)
Debt composition-a)
Non-recourse
Securitization
LT debt
non-guaranteed
$376
30
$371
30
Unsecured term issuances
$358-b)
$32
30
$9-e)
238
234
216
-c)
'12
Deposits/CDs
Alternative
funding/other
Comm’l. paper
Bank lines
CP coverage
Cash & equiv.
LT debt <1yr.
$32
51
53
61
24
33
25
29
26
25
3Q'13
4Q'13
3Q'14
$48
100%+
$76
$38
$48
100%+
$75
$39
$44
100%+
$80
$37
(a - Continuing operations
(b - Includes ~$(5.1)B YTD FX impact and ~$1.7B YTD FAS 133;
(c - Includes ~$3.6B of unsecured Synchrony issuance
(d - Includes ~$7.5B of Synchrony bank borrowings
(e - Excludes ~$3.6B of unsecured Synchrony issuance
'13
'14YTD
• Completed $9B of LT debt issuance YTD in
5 currencies
-d)
• Liquidity in the global CP markets continues
to be strong
• Deposits/CDs and other alternative funding
~24% of total debt, securitization ~8%
• Liquidity position remains strong
5
GECC leverage ratio-a)
($ in billions)
As reported
Debt
Equity–b)
Leverage ratio
Debt
Less: cash & equiv.
Adjusted debt
Equity-b)
Adjusted leverage ratio
3Q’14
2Q’14
3Q’13
$359.3
86.3
$ 363.2
85.8
$376.1
84.1
4.2
4.2
4.5
359.3
(80.1 )
279.2
363.2
(76.6)
286.6
376.1
(76.4 )
299.7
86.3
85.8
84.1
3.2
3.3
3.6
(a - Includes discontinued operations and balances recorded as held for sale for all periods
(b - Total equity ex-non-controlling interests
6
GECC tier 1 common ratio estimate-a)
($ in billions)
As reported
Shareowners’ equity-b)
- Preferred equity
- Intang. & GW
- Unr. G/(L) on invt. & hdg.
- Other additions/(deductions)
Tier 1 common
Estimated risk weighted assets-c)
3Q’14
2Q’14
1Q’14
4Q’13
3Q’13
$86.3
$85.8
$84.6
$82.7
$84.1
(4.9 )
(27.1 )
(0.7 )
(0.7 )
(4.9)
(27.6 )
(0.9 )
(0.9 )
(4.9)
(27.6 )
(0.6 )
(0.7 )
(4.9)
(27.4 )
(0.0 )
(0.3 )
(4.9 )
(27.9)
0.1
(0.8)
52.9
51.5
50.8
50.1
50.6
436.2
439.7
444.4
447.2
446.2
Tier 1 common ratio
12.1%
11.7%
11.4%
11.2%
11.3%
Tangible Common Equity/Tangible Assets
11.3%
11.0%
10.8%
10.3%
10.4%
(a - Includes discontinued operations for all periods
(b - Total equity ex-non-controlling interests
(c - Based on Basel 1 RWA estimates
7
GE Capital ending net investment
($ in billions)
GECC total assets
3Q’14
2Q’14
1Q’14
4Q’13
3Q’13
$506.9
$509.6
$510.4
$516.8
$520.7
Less: assets of discontinued operations
Less: non-interest bearing
liabilities & others
(1.3)
(1.5)
(1.4)
(2.3)
(2.6)
(60.9)
(60.5)
(60.0)
(59.3)
(58.0)
GE Capital ENI
444.7
447.6
449.0
455.2
460.1
Less: cash & equivalents
(79.9)
(76.3)
(75.3)
(74.9)
(76.3)
GE Capital ENI (ex-cash)
$364.8
$371.3
$373.7
$380.3
$383.8
8
GE Capital reserves
($ in billions)
Allowances
for losses
$5.1
$5.2
$5.2
Commercial
1.1
1.1
1.0
Consumer
4.0
4.1
4.2
3Q'13
2Q'14
3Q'14
1.97%
47%
2.09%
72%
2.13%
83%
Coverage:
Reserves
Nonaccrual
Note: Reserve components are calculated independently. As a result, the sum of the individually displayed amounts may not equal the total.
9
Orders & backlog by segment
($ in billions)
Power & Water
3Q'14
Orders
$6.4
V%
9%
3Q'14 YTD
Orders
$18.4
V%
8%
3Q'14
Backlog
$64.3
V%
5%
Oil & Gas
4.9
10
14.7
3
18.6
2
Energy Management
2.0
(1)
6.1
(5)
5.0
9
10.1
30
21.4
6
127.6
12
Healthcare
4.7
1
13.8
-
16.4
4
Transportation
3.8
F
7.7
98
18.5
24
Infrastructure
$31.4
Aviation
22%
$80.3
9%
$250.4
9%
10
Equipment orders
($ in billions)
4Q'13
Power & Water
V%
1Q'14
$6.4
81%
$2.6
Oil & Gas
2.9
(8)
2.4
Energy Management
1.7
6
Aviation
4.1
Healthcare
V%
(3)%
2Q'14
V%
3Q'14
$3.0
(1)%
$3.3
(17)
2.5
(9)
2.6
1.6
(6)
1.4
(18)
(15)
2.4
(38)
2.9
3.4
(1)
2.3
-
Transportation
0.6
(2)
1.8
Infrastructure
$18.4
10%
$12.6
V%
8%
Four qtr.
rolling
average
V%
$3.8
24%
14
2.6
(6)
1.5
1
1.6
(4)
(8)
6.8
35
4.0
(4)
2.8
-
2.7
-
2.8
-
F
0.6
40
3.1
F
1.5
F
(8)%
$13.0
(3)%
$19.7
31%
$15.9
8%
11
Equipment/service revenue by segment - 3Q’14
($ in billions)
3Q'14
Equipment
Power & Water
V%
3Q'14
Services
V%
3Q'14
Total
V%
$3.4
(8)%
$2.9
6%
$6.4
(2)%
Oil & Gas
2.5
9
2.1
4
4.6
7
Energy Management
1.3
1
0.5
(6)
1.8
(1)
Aviation
2.9
14
2.8
(1)
5.7
6
Healthcare
2.5
7
2.0
1
4.5
4
Transportation
0.8
23
0.7
(3)
1.5
10
Appliances & Lighting
2.0
1
0.1
(4)
2.1
1
Industrial Segments
$15.4
4%
$11.2
2%
$26.6
3%
Note: Individual amounts are rounded. As a result the sum of the parts presented may not add to the total
12
Equipment/service revenue by segment - 3Q’14 YTD
($ in billions)
3Q'14 YTD
Equipment
Power & Water
V%
3Q'14 YTD
Services
V%
3Q'14 YTD
Total
V%
$9.4
12%
$8.8
1%
$18.2
Oil & Gas
7.4
25
6.3
9
13.7
17
Energy Management
3.9
(3)
1.5
(6)
5.3
(4)
Aviation
9.0
14
8.6
9
17.6
12
Healthcare
7.2
2
5.9
-
13.2
1
Transportation
2.0
(12)
2.1
(4)
4.1
(8)
Appliances & Lighting
5.8
(1)
0.3
-
6.1
(1)
Industrial Segments
$44.7
8%
$33.4
4%
$78.1
7%
6%
Note: Individual amounts are rounded. As a result the sum of the parts presented may not add to the total
13
GE Industrial segment organic revenue growth
($ in millions)
Industrial segment revenue
Less the effects of:
Acquisitions, business dispositions
(other than dispositions of businesses
acquired for investment) & currency
exchange rates
Industrial segment revenues excluding the
effects of acquisitions, business dispositions
(other than dispositions of businesses
acquired for investment), currency
exchange rates
3Q'14
3Q'13
V%
3Q'14
YTD
$26,625
$25,813
3%
$78,082
$73,655
815
880
2,288
1,729
$25,810
$24,933
$75,794
$71,926
4%
3Q'13
YTD
V%
6%
5%
14
Units summary - orders
3Q'14
3Q'13
V
3Q'14
YTD
3Q'13
YTD
V
Power & Water:
Gas Turbines
Wind Turbines
23
839
27
613
(4)
226
64
1,976
59
1,778
5
198
Aviation:
CEO engines
GEnx engines-a)
Military engines
Spares rate-b)
1,376
16
222
$30.9
1,899
96
417
$24.0
(523)
(80)
(195)
$6.9
3,233
35
676
$29.7
4,500
130
702
$24.6
(1,267)
(95)
(26)
$5.1
Transportation:
Locomotives
1,131
324
807
1,528
464
1,064
(a – GEnx engines are a subset of CEO engines
(b - Commercial spares rate in millions of dollars per day
15
Units summary - sales
3Q'14
3Q'13
3Q'14
YTD
V
3Q'13
YTD
V
Power & Water:
Gas Turbines
Wind Turbines
26
642
22
607
4
35
64
1,798
53
1,259
11
539
Aviation:
CEO engines
GEnx engines-a)
Military engines
Spares rate-b)
615
65
295
$30.9
559
26
273
$25.9
56
39
22
$5.0
1,913
210
804
$29.3
1,751
100
832
$24.8
162
110
(28)
$4.5
Transportation:
Locomotives
219
147
72
562
460
102
(a – GEnx engines are a subset of CEO engines
(b - Commercial spares rate in millions of dollars per day
16
Regional summary
($ in billions)
Infrastructure Orders
Resource Rich-a)
Asia-b)
3Q'14
V%
3Q'14
YTD
$11.2
53%
$26.4
3.5
(3)
9.5
Industrial Segment Revenues
V%
3Q'14
V%
26%
$7.4
1%
(5)
3.0
7
3Q'14
YTD
V%
$21.7
5%
8.2
4
Growth Regions
$14.7
34%
$35.9
16%
$10.4
2%
$29.9
5%
Developed-c)
$16.7
14%
$44.3
4%
$16.2
4%
$48.1
7%
Total
$31.4
22%
$80.3
9%
$26.6
3%
$78.1
6%
(a - Resource Rich: Australia & New Zealand, Canada, Latin America, MENAT, Russia/CIS, & Sub Saharan Africa
(b - Asia: ASEAN, China, & India
(c - Developed: US, Europe, Japan, & Korea
Note: Individual amounts are rounded. As a result the sum of the parts presented may not add to the total.
17
Corporate operating profit (cost)
($ in millions)
3Q'14
NBCU/NBCU LLC
3Q'14
YTD
3Q'13
3Q'13
YTD
$-
$31
$-
$1,402
-
-
91
-
Principal retirement plans-a)
(582)
(811)
(1,745)
(2,409)
Restructuring and other charges
(435)
(456)
(1,218)
(1,282)
Other Corporate costs & eliminations
(533)
(668)
(1,694)
(1,842)
(1,550)
(1,904)
(4,566)
(4,131)
(537)
(656)
(1,592)
(1,968)
(1,013)
(1,248)
(2,974)
(2,163)
(435)
(425)
(1,127)
120
($578)
($823)
($1,847)
($2,283)
Gains (losses) on disposed businesses
Total Corporate costs (continuing)
Less: Non-operating pension cost
Total Corporate (operating)
Less: NBCU, restructuring & other, gains
Adjusted Total Corporate (operating)
(a - includes non-operating pension
18
Industrial operating profit (as adjusted)
($ in millions)
3Q'14
Industrial Segments Operating Profit
3Q'13
3Q'14
YTD
3Q'13
YTD
$4,331
$3,965
$11,776
$10,740
(578)
(823)
(1,847)
(2,283)
Industrial Adjusted Operating Profit
$3,753
$3,142
$9,929
$8,457
Variance to prior year
+19%
Add: Adjusted Total Corporate (operating)-a)
+17%
(a – Refer to page 18
19
Operating earnings & EPS
($ in millions except earnings per share)
3Q'14
Earnings from continuing operations
attributable to GE
Adjustment (net of tax): non-operating
pensions costs/(income)
Operating earnings
3Q'13
V%
3Q'14
YTD
3Q'13
YTD
V%
6%
$10,053
$10,186
(1)%
1,035
1,279
$3,480
$3,282
349
426
$3,829
$3,708
3%
$11,088
$11,465
(3)%
$0.34
$0.32
6%
$0.99
$0.98
1%
0.03
0.04
0.10
0.12
$0.38
$0.36
$1.09
$1.11
Earnings per share - diluted-a)
Continuing earnings per share
Adjustment (net of tax): non-operating
pensions costs/(income)
Operating earnings per share
6%
(2)%
(a - Earnings per share amounts are computed independently. As a result, the sum of per share amounts may not equal the total
20
GE effective tax rate (ex-GECC)
($ in millions)
3Q'14
3Q'13
3Q'14
YTD
3Q'13
YTD
GE earnings from continuing operations
before income taxes
$3,813
$3,606
$11,045
$11,353
Less GECC earnings from continuing ops.
attributable to the company
$1,492
$1,903
$5,289
$5,765
Adjusted earnings from continuing ops.
before income taxes
$2,321
$1,703
$5,756
$5,588
GE (ex-GECC) provision for income taxes
- continuing ops.
$416
$344
$1,143
$1,065
18%
20%
20%
19%
Effective tax rate GE (ex-GECC)
21
Industrial CFOA from continuing operations
($ in millions)
3Q’14
3Q’13
V%
3Q’14
YTD
$3,804
$4,131
(8)%
$7,175
$7,828
805
2,000
2,221
3,947
$2,999
$2,131
$4,954
$3,881
Less the effects of NBC-related taxes
–
451
–
2,016
Less the effect of pension contributions
–
–
–
–
$2,999
$2,582
Cash from GE’s operating activities as reported
Less GECC dividends
Cash from GE’s operating activities excluding
dividends from GECC (Industrial CFOA)
Industrial CFOA excluding NBC-related taxes
and pension contributions
41%
16%
$4,954
3Q’13
YTD
V%
(8)%
28%
$5,897 (16)%
22