Download Supplemental Data

GE Capital Investor Meeting
December 8, 2009
Supplemental Information
•Capital Finance portfolio margins
•GECC debt/equity ratio
•GECS debt/equity ratio
•GECS delinquency
•SG&A
•CLL Americas margins
"Results are preliminary and unaudited. This document contains “forward-looking statements”- that is, statements related to future, not past, events. In this context, forward-looking
statements often address our expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,”
“seek,” “see,” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, particular uncertainties that could cause our actual
results to be materially different than those expressed in our forward-looking statements include: the severity and duration of current economic and financial conditions, including volatility
in interest and exchange rates, commodity and equity prices and the value of financial assets; the impact of U.S. and foreign government programs to restore liquidity and stimulate national
and global economies; the impact of conditions in the financial and credit markets on the availability and cost of GE Capital’s funding and on our ability to reduce GE Capital’s asset levels as
planned; the impact of conditions in the housing market and unemployment rates on the level of commercial and consumer credit defaults; 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 soundness of other financial institutions with which GE Capital does business; the adequacy of our cash
flow and earnings and other conditions which may affect our ability to maintain our quarterly dividend at the current level; the level of demand and financial performance of the major
industries we serve, including, without limitation, air and rail transportation, energy generation, network television, real estate and healthcare; the impact of regulation and regulatory,
investigative and legal proceedings and legal compliance risks, including the impact of proposed financial services regulation; strategic actions, including acquisitions and dispositions and
our success in integrating acquired businesses; and numerous other matters of national, regional and global scale, including those of a political, economic, business and competitive nature.
These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forwardlooking statements.”
“This document may also contain non-GAAP financial information. Management uses this information in its internal analysis of results and believes that this information may be informative
to investors in gauging the quality of our financial performance, identifying trends in our results and providing meaningful period-to-period comparisons. For a reconciliation of non-GAAP
measures presented in this document, see the accompanying supplemental information posted to the investor relations section of our website at www.ge.com.”
“In this document, “GE Capital” refers to GE Capital Finance, unless otherwise noted. “GE” refers to the Industrial businesses of the Company including GECS on an equity basis.
“GE (ex. GECS)” and/or “Industrial” refer to GE excluding Financial Services.”
1
Capital Finance portfolio margins
2006
2007
2008
2009E
2010F
Capital Finance portfolio margins
9.8%
9.0%
7.5%
~6.3%
~6.5%
Less: Restructuring Operations
(1.4)
(1.0)
(0.7)
~(0.1)
~0.0
Less: Depreciation, amortization
costs of goods sold, gains
and maintenance
(2.7)
(2.6)
(2.0)
~(1.6)
~(1.4)
Adjusted Capital Finance
portfolio margins
5.7%
5.4%
4.8%
~4.6%
~5.0%
2
GECC debt/equity ratio
($ in billions)
As reported
Debt
Shareowner’s equity–a)
Book leverage (debt/equity)
Debt
Subtract: hybrids from debt
Subtract: cash & equiv. from debt
Adjusted book debt
Shareowner’s equity
Add: hybrids to equity
Adjusted book equity
Adjusted leverage
4Q’08
3Q’09
4Q’09E
$510.4
58.2
$504.1
73.2
$500.3
73.4
8.8
6.9
6.8
510.4
(7.7)
(36.4)
466.3
504.1
(7.7)
(56.2)
440.2
500.3
(7.7)
(56.0)
436.6
58.2
7.7
65.9
73.2
7.7
80.9
73.4
7.7
81.1
7.1
5.4
~5.4
(a- total equity ex. noncontrolling interests
3
GECS debt/equity ratio
($ in billions)
As reported
Debt
Shareowner’s equity–a)
Book leverage (debt/equity)
Debt
Subtract: hybrids from debt
Subtract: cash & equiv. from debt
Adjusted book debt
Shareowner’s equity
Add: hybrids to equity
Adjusted book equity
Adjusted leverage
4Q’08
3Q’09
4Q’09E
$514.6
53.3
$508.4
70.7
$504.6
70.9
9.7
7.2
7.1
514.6
(7.7)
(37.5)
469.4
508.4
(7.7)
(56.9)
443.8
504.6
(7.7)
(56.6)
440.3
53.3
7.7
61.0
70.7
7.7
78.4
70.9
7.7
78.6
7.7
5.7
~5.6
(a- total equity ex. noncontrolling interests
4
GECS delinquency
Oct’09
3Q’09
2Q’09
1Q’09
4Q’08
3Q’08
Consumer
On-book delinquency
9.04%
9.12%
9.08%
8.49%
7.31%
6.29%
Off-book delinquency
7.06
6.85
6.41
6.41
8.24
7.21
Managed delinquency
8.76
8.80
8.73
8.20
7.43
6.38
On-book delinquency
3.19%
3.09%
2.88%
2.97%
2.34%
1.75%
Off-book delinquency
2.16
2.51
2.20
2.04
1.20
0.92
Managed delinquency
3.01
3.01
2.78
2.84
2.17
1.61
Equipment Financing
5
SG&A
($ in billions)
TY’08
SG&A
Less: effect of Penske Truck Leasing,
acquisitions and corporate
assessments
Adjusted SG&A
TY’09E
$13.9
~$10.8
(0.8)
~(1.1)
$13.1
~$9.7
~$3.4
6
CLL Americas margins
2007
1Q’08
2Q’08
3Q’08
4Q’08
1Q’09
2Q’09
CLL Americas margins
6.10%
5.52%
5.74%
4.36%
4.72%
3.99%
5.69%
Less: Capital Gains
(0.84)
(0.71)
(0.90)
0.91
0.20
0.53
(0.35)
Less: Lease Amortization, and
Other
(1.33)
(1.26)
(1.23)
(1.66)
(1.56)
(1.65)
(1.87)
Adjusted CLL Americas margins
3.94%
3.56%
3.61%
3.61%
3.36%
2.87%
3.47%
4Q’09E
1Q’10F
2Q’10F
3Q’10F
4Q’10F
3Q’09
CLL Americas margins
5.56%
5.35%
5.51%
5.62%
5.71%
5.78%
Less: Capital Gains
0.08
(0.16)
(0.20)
(0.18)
(0.18)
(0.16)
Less: Lease Amortization, and
Other
(1.94)
(1.26)
(1.31)
(1.29)
(1.27)
(1.19)
Adjusted CLL Americas margins
3.70%
3.92%
4.00%
4.15%
4.26%
4.43%
7
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