Download Supplemental Data

GE Capital Investor Meeting
November 15, 2013
Supplemental Information
• GE Capital ending net investment
• Real Estate Debt ending net investment
• 3Q’13 ENI by business
• Real Estate Debt net income
• 2012 ENI by business
• Debt/equity ratio – GECC
• Real Estate ending net investment
• GE operating earnings & EPS
• Real Estate Equity ending net investment
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expressed in our forward-looking statements include: current economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices and the
value of financial assets; potential market disruptions or other impacts arising in the United States or Europe from developments in sovereign debt situations; the impact of conditions in
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of conditions in the housing market and unemployment rates on the level of commercial and consumer credit defaults; changes in Japanese consumer behavior that may affect our
estimates of liability for excess interest refund claims (GE Money Japan); pending and future mortgage securitization claims and litigation in connection with WMC, which may affect our
estimates of liability, including possible loss estimates; our ability to maintain our current credit rating and the impact on our funding costs and competitive position if we do not do so; the
adequacy of our cash flow and earnings and other conditions which may affect our ability to pay our quarterly dividend at the planned level or to repurchase shares at the planned level;
GECC’s ability to pay dividends to GE at the planned level; our ability to convert pre-order commitments into orders; the level of demand and financial performance of the major industries
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and strategic actions, including acquisitions, joint ventures and dispositions; our success in completing announced transactions and integrating acquired businesses; our inability to
complete the staged exit from our North American Retail Finance business as planned; the impact of potential information technology or data security breaches; and numerous other
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1
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)
Adjust FX @ 1Q'10 Fx rates
GE Capital ENI (ex. cash)
@1Q'10 Fx rates
2008
3Q'12
2012
3Q’13
2013E
$633.7
$559.3
$537.0
$519.0
~$511
85.4
57.5
57.6
58.1
~57
$548.3
$501.8
$479.4
$460.9
~$454
37.7
77.7
61.9
76.3
~69
$510.6
$424.1
$417.5
$384.6
~$385
(14.8)
$525.4
GECC disc. ops. ENI (ex. cash)
@1Q'10 Fx rates
31.0
GECC ENI (ex. cash) @1Q'10
Fx rates including disc. ops.
$556.4
2
3Q’13 ENI by business
($ in billions)
Assets (cont. ops.)
Subtract: nondebt liabilities
ENI
Subtract: cash &
equivalents
ENI (ex. cash)
Consumer
(ex. Retail)
Retail
CRE
$170.3
$80.6
$55.0
$39.9
$65.3
$107.9
7.8
16.9
3.9
2.7
(0.1)
10.5
24.2
$15.4
$39.4
$153.4
$76.7
$52.3
$40.0
$54.8
$83.7
0.0
0.2
0.0
1.9
5.4
2.7
0.3
0.2
65.8
$13.6
$15.2
$39.4
$151.5
$71.3
$49.6
$39.7
$54.6
$17.9
HFS
EFS
GECAS
CLL
$14.4
$18.1
$47.2
0.8
2.7
$13.6
Verticals-a)
Corp./Other
3
(a– Verticals include EFS and GECAS
2012 ENI by business
($ in billions)
Assets (cont. ops.)
Subtract: non-debt liabilities
ENI
Subtract: cash & equivalents
ENI (ex. cash)
GE Capital
Americas
GE Capital
International
$108.9
$147.0
8.1
10.5
$100.8
$136.5
0.1
7.5
$100.7
$129.0
4
Real Estate ending net investment
($ in billions)
Real Estate assets (cont. ops.)
Subtract: non-debt liabilities
Real Estate ENI
Add: Off-book ENI (FAS167)
Adjusted Real Estate ENI
2Q’08
2012
2013E
$90.6
$46.2
~$40
3.7
0.0
~(0)
$86.9
$46.2
~$40
5.8
-
-
$92.7
$46.2
~$40
5
Real Estate Equity ending net investment
($ in billions)
Real estate Equity assets (cont. ops.)
Subtract: non-debt liabilities
Real Estate Equity ENI
Add: Off-book ENI (FAS167)
Adjusted Real Estate Equity ENI
2Q’08
2012
2013E
$40.1
$22.4
~$15
2.0
0.2
~(0)
$38.1
$22.2
~$15
-
-
-
$38.1
$22.2
~$15
6
Real Estate Debt ending net investment
($ in billions)
Real Estate Debt assets (cont. ops.)
Subtract: non-debt liabilities
Real Estate Debt ENI
Add: Off-book ENI (FAS167)
Adjusted Real Estate Debt ENI
Subtract: cash & equivalents
Real Estate Debt ENI (ex. cash)
2Q’08
2010
2011
2012
2013E
$50.5
$42.2
$34.9
$23.9
~$25
1.7
(0.3)
0.2
(0.1)
~0
$48.8
$42.5
$34.7
$24.0
~$25
5.8
-
-
-
-
$54.6
$42.5
$34.7
$24.0
~$25
0.1
0.1
0.0
0.1
~0
$54.5
$42.4
$34.7
$23.9
~$25
7
Real Estate Debt net income
($ in billions)
2012
Real Estate Debt net income
$479
Subtract: Business Properties net
income
133
Real Estate Debt net income ex.
Business Properties
$346
8
Debt/Equity ratio
-a)
($ in billions)
GECC
2008
4Q'11
4Q'12
3Q'13
4Q'13 E
As Reported
Debt
Equity-b)
Leverage Ratio
$512.7
53.3
9.6
$443.4
77.1
5.7
$397.4
81.9
4.9
$376.1
84.1
4.5
~$370
~83
~4
Debt
Less: hybrid debt
Less: cash & equivalents
Adjusted debt
$512.7
(7.7)
(37.9)
$467.1
$443.4
(7.7)
(77.0)
$358.7
$397.4
(7.7)
(62.1)
$327.6
$376.1
(7.7)
(76.4)
$292.0
~$370
~(8)
~(69)
~$293
$53.3
7.7
$61.0
$77.1
7.7
$84.8
$81.9
7.7
$89.6
$84.1
7.7
$91.8
~83
~8
~$91
7.7
4.2
3.7
3.2
~3
Equity-b)
Add: hybrid debt
Adjusted equity
Adjusted leverage ratio
(a– Includes discontinued operations for all periods
(b– Total equity ex. non-controlling interests
9
GE operating earnings & EPS
($ in millions except earnings per share)
TY’12
Earnings from continuing operations
attributable to GE-a)
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
Less: preferred stock redemption
$14,657
1,386
$16,043
$1.39
.13
$1.52
(a- 2012 earnings from continuing operations attributable to GE were recast in 1Q’13 for the reclassification of GE Capital’s CLL trailer services business
in Europe to discontinued operations. Originally reported earnings from continuing operations attributable to GE were $14,679.
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