Download Supplemental Data

Credit Suisse 2012 Industrial Conference
August 8, 2012
Supplemental Information
• Real Estate ending net investment
• Real Estate Equity ENI
• Real Estate Debt ENI
Caution Concerning Forward-Looking Statements:
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: 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 the European sovereign debt situation; the impact of conditions in the financial and
credit markets on the availability and cost of our funding and on our ability to reduce our asset levels as planned; the impact 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; our ability to pay dividends to GE at the planned level; the level of demand and financial performance
of the major industries we serve, including, without limitation, air transportation, real estate and healthcare; the impact of regulation and regulatory, investigative and legal proceedings and legal
compliance risks, including the impact of financial services regulation; strategic actions, including acquisitions, joint ventures and dispositions and our success in completing announced
transactions and integrating acquired businesses; the impact of potential information technology or data security breaches; 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 forwardlooking statements. We do not undertake to update our forward-looking 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” refers to the Industrial businesses of the Company including GECC on an equity basis. “GE (ex. GECC)” and/or “Industrial” refer to GE excluding Financial Services.”
1
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
2009
2010
2011
2Q’12
$90.6
$81.5
$72.6
$60.9
$57.9
3.7
2.0
0.2
0.4
0.6
86.9
79.5
72.4
60.5
57.3
5.8
4.7
-
-
-
$92.7
$84.2
$72.4
$60.5
$57.3
2
Real Estate Equity ENI
($ 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
1Q’08
2Q’08
2009
2010
2011
2Q’12
$43.4
$40.1
$34.5
$30.5
$26.0
$25.6
2.4
2.0
1.1
0.5
0.2
0.2
41.0
38.1
33.4
30.0
25.8
25.4
-
-
-
-
-
-
$41.0
$38.1
$33.4
$30.0
$25.8
$25.4
3
Real Estate Debt ENI
($ 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
2Q’08
2009
2010
2011
2Q’12
$50.5
$47.0
$42.2
$34.9
$32.3
1.7
0.8
0.2
0.2
0.4
48.8
46.2
42.4
34.7
31.9
5.8
4.7
-
-
-
$54.6
$50.9
$42.4
$34.7
$31.9
4