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GE first quarter ’10
supplemental information
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GE Capital segment results
GE Capital segment assets
GE Capital non-earnings/write-offs
GECS funding
GECC debt/equity ratio
GECS debt/equity ratio
GECC Tier 1 Common ratio estimate
GECS Tier 1 Common ratio estimate
GE Capital Ending Net Investment
GE Capital non-earning exposure walk
Industrial CFOA from continuing operations
Effective tax rate GE (ex. GECS)
Segment reorganization – 1/1/10
NBCU results ex. Olympics
Operating profit % ex. Olympics
GE Capital segment results
($ in millions – net earnings)
1Q’10
1Q’09
V%
CLL
$232
$238
(3)%
Real Estate
(403)
(173)
U
Consumer
593
737
(20)
GECAS
317
261
21
EFS
153
75
F
Corporate & elims.
(285)
(109)
U
$607
$1,029
GE Capital continuing operations
(41)%
Preliminary 2010 first quarter results/2
GE Capital segment assets
($ in billions)
1Q’10
1Q’09
$212.8
$228.1
Real Estate
82.6
81.9
1
Consumer
173.8
162.5
7
GECAS
48.5
47.1
3
EFS
22.9
22.6
1
Corporate & elims.
76.6
67.9
13
$617.2
$610.0
CLL
GE Capital – continuing operations
V%
(7)%
1%
Preliminary 2010 first quarter results/3
GE Capital non-earnings/write-offs
($ in millions)
Non-earning assets/non-earnings % fin. rec.
Total write-offs/write-offs % fin. rec.
1Q’10
4Q’09
1Q’09
$4,829
3.18%
$5,196
3.58%
$3,574
2.22%
1,748
3.67
1,252
2.79
554
1.22
Real Estate
GECAS
77
0.61
153
1.15
191
1.45
GECAS
EFS
80
1.01
78
1.01
241
2.88
EFS
6,803
4.75
6,504
4.94
5,428
4.24
100
4.10
72
2.74
62
1.60
CLL
Real Estate
Consumer
Corporate & elims.
GE Capital
$13,637
3.73%
$13,255
3.84%
$10,049
2.79%
1Q’10
CLL
Consumer
Corporate & elims.
GE Capital
4Q’09
$425
1.15%
1Q’09
$505
1.36%
$276
0.68%
188
1.63
72
0.64
9
0.07
71
2.20
16
0.48
–
–
–
–
67
3.30
–
–
1,719
5.00
1,267
3.81
1,274
3.80
2
0.34
2
0.34
9
0.90
$2,405
2.71%
$1,929
2.20%
$1,567
1.70%
Preliminary 2010 first quarter results/4
GECS funding
($ in billions)
Unsecured term issuances
Debt composition
Non-recourse consol.
Securitization
LT debt - TLGP
$493
5
37
$500
3
60
$507-a)
37
59
’09 TLGP
pre-funding
13
$84
Early funding of
’10 maturities
$70
Early funding of
’11 maturities
38
71
LT debt nonguaranteed
341
325
300
'08
32
$8
'09
'10E
Highlights
Alternative
funding/others-b)
52
65
Comm’l paper
58
Bank lines
CP coverage
Cash & equiv.
LT debt<1 yr.
47
65
46
• Plan to issue ~$20-$25B LT debt in ’10 to prefund 50%+ of ’11 LTD plan … ~$8B completed …
~37% of the issuances in 4 non-US currencies
1Q'09
4Q'09
1Q'10
$58
100%+
$45
$79
$52
100%+
$64
$70
$52
100%+
$60
$65
• Higher debt balance due to ~$34B FAS 167 debt
consolidation on balance sheet offset by
business ENI/cash reduction and FX impact
(a- Includes ~$(6)B 1Q’10 QTD FX impact offset by ~$1B FAS 133 impact
(b- Includes GE-GECS inter-company loan (~$1B in 1Q’10,~$2B in 4Q’09, ~$1B in 1Q’09)
• 40% of Hybrids converted to Tier 1 Capital
• Liquidity remains strong
Preliminary 2010 first quarter results/5
GECC debt/equity ratio
($ 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–a)
Add: hybrids to equity
Adjusted book equity
Adjusted leverage
4Q’08
4Q’09
1Q’10
1Q’10 ex.
FAS 167–b)
$512.2
58.2
$497.5
73.7
$501.7
71.6
$463.5
73.2
8.8
6.7
7.0
6.3
512.2
(7.7)
(36.4)
468.1
497.5
(7.7)
(63.7)
426.1
501.7
(7.7)
(59.6)
434.4
463.5
(7.7)
(59.6)
396.2
58.2
7.7
65.9
73.7
7.7
81.4
71.6
7.7
79.3
73.2
7.7
80.9
7.1
5.2
5.5
4.9
(a- Total equity ex. noncontrolling interests
(b- Adjusted for 1/1 impact of FAS 167
Preliminary 2010 first quarter results/6
GECS debt/equity ratio
($ 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–a)
Add: hybrids to equity
Adjusted book equity
Adjusted leverage
4Q’08
4Q’09
1Q’10
$514.6
53.3
$500.3
70.8
$506.6
68.5
9.6
7.1
7.4
514.6
(7.7)
(37.5)
469.4
500.3
(7.7)
(64.4)
428.2
506.6
(7.7)
(60.0)
438.9
53.3
7.7
61.0
70.8
7.7
78.5
68.5
7.7
76.2
7.7
5.5
5.8
(a- Total equity ex. noncontrolling interests
Preliminary 2010 first quarter results/7
GECC Tier 1 common ratio estimate
($ in billions)
4Q’08
4Q’09
1Q’10
1Q’10 ex.
FAS 167–b)
$58.2
$73.7
$71.6
$73.2
Shareholder’s equity–a)
- Intang. & GW
- Unr. G/(L) on invt. & hdg.
- Other additions/(deductions)
58.2
(28.5)
5.3
(0.8)
73.7
(32.0)
2.5
(1.1)
71.6
(31.3)
2.1
(1.2)
73.2
(31.3)
1.9
(1.2)
Tier 1 common
34.2
43.1
41.2
42.6
604.3
569.1
528.1
543.2
5.7
7.6
7.8
7.8
As reported
Shareholder’s equity–a)
Estimated risk weighted assets
GECC Tier 1 common ratio
(a- Total equity ex. noncontrolling interests
(b- Adjusted for 1/1 impact of FAS 167
Preliminary 2010 first quarter results/8
GECS Tier 1 common ratio estimate
($ in billions)
4Q’08
4Q’09
1Q’10
$53.3
$70.8
$68.5
Shareholder’s equity–a)
- Intang. & GW
- Unr. G/(L) on invt. & hdg.
- Other additions/(deductions)
53.3
(29.0)
6.2
(0.8)
70.8
(32.4)
2.2
(1.1)
68.5
(31.7)
1.7
(1.2)
Tier 1 common
29.7
39.5
37.3
632.9
602.1
547.6
4.7
6.6
6.8
As reported
Shareholder’s equity–a)
Estimated risk weighted assets
GECC Tier 1 common ratio
(a- Total equity ex. noncontrolling interests
Preliminary 2010 first quarter results/9
GE Capital Ending Net Investment
($ in billions)
Capital Finance as reported
GECS assets (cont. ops.)
Subtract: non-debt liabilities
GECS ENI
Subtract: GECS HQ ENI
Capital Finance ENI
Subtract: effects of FX
Capital Finance ENI
(at 4Q’08 FX)
GE Capital ENI
4Q’08
4Q’09
$659.2
(85.5)
$647.9
(74.9)
573.7
(48.5)
573.0
(79.4)
525.2
–
493.6
(21.4)
$525.2
$472.2
1Q’10
GECC assets (cont. ops.)
Subtract: non-debt liabilities
GECC ENI
$617.2
41.9
575.3
Subtract: cash
59.6
GE Capital ENI
$515.6
Preliminary 2010 first quarter results/10
GE Capital non-earning exposure walk
($ in billions)
Commercial
Consumer
$6.8
$6.7
FAS 167
(0.3)
0.3
(2.5)
FAS
0.7
167
(0.7)
(1.6)
212%
coverage
4.3
(1.4)
(2.3)
$3.7
198%
coverage
(2.4)
$4.9 nonmortgage
reserves
217%
coverage
1.8
$0.9
(0.1)
Other
Est. loss
1Q’10 Interbanca Collateral Workout
1Q’10
100% full recovery collateral exposure reserves
NPL
nonrecovery
earnings
4Q’09 coverage
215%
Non- Mortgage
1Q’10
nonnon- mortgage earnings
earnings
Cure
Est.
collateral
value
Est. MI
0.4
Est. loss
exposure
1Q’10
reserves
206%
Preliminary 2010 first quarter results/11
Industrial CFOA from continuing
operations
($ in millions)
Cash from GE’s operating
activities as reported
Less GECS dividends
Cash from GE’s operating
activities excluding dividends
from GECS (Industrial CFOA)
1Q’10
1Q’09
V%
$2,551
$3,075
(17)%
–
–
$2,551
$3,075
(17)%
Preliminary 2010 first quarter results/12
Effective tax rate GE (ex. GECS)
($ in millions)
GE earnings from continuing operations
before income taxes
Less GECS earnings from continuing ops.
attributable to the company
Adjusted earnings from continuing ops.
before income taxes
GE (ex. GECS) provision for income taxes –
continuing ops.
Effective tax rate GE (ex. GECS)
1Q’10
1Q’09
$3,181
$3,731
539
979
$2,642
$2,752
$788
$842
30%
31%
Preliminary 2010 first quarter results/13
–a)
Segment reorganization – 1/1/10
($ in millions)
2009
Revenues
Energy Infrastructure
Technology Infrastructure
NBC Universal
GE Capital
Home and Business Solution
Total segment revenues
Corporate items and eliminations
Consolidated revenues
Segment profit
Energy Infrastructure
Technology Infrastructure
NBC Universal
GE Capital
Home and Business Solution
Total segment profit
Corporate items and eliminations
GE interest and other financial charges
GE provision for income taxes
2Q
3Q
4Q
Total
1Q
2Q
3Q
4Q
Total
$9,082
9,523
3,524
13,775
1,924
$37,828
610
$38,438
$10,459
9,637
3,565
12,736
2,169
$38,566
542
$39,108
$9,769
9,306
4,079
12,005
2,136
$37,295
504
$37,799
$11,338
10,051
4,268
12,735
2,214
$40,606
832
$41,438
$40,648
38,517
15,436
51,251
8,443
$154,295
2,488
$156,783
$8,769
9,355
3,584
17,318
2,473
$41,499
729
$42,228
$10,850
10,617
3,882
18,198
2,706
$46,253
587
$46,840
$10,905
10,257
5,073
17,854
2,566
$46,655
579
$47,234
$12,522
11,376
4,430
15,207
2,368
$45,903
310
$46,213
$43,046
41,605
16,969
68,577
10,113
$180,310
2,205
$182,515
1,318 $
1,702
391
1,029
45
$4,485
(417)
(376)
(842)
1,863 $
1,743
539
431
90
$4,666
(538)
(348)
(897)
1,649 $
1,645
732
141
104
$4,271
(811)
(352)
(654)
2,275 $ 7,105
1,695
6,785
602
2,264
136
1,737
131
370
$4,839
$18,261
(1,060)
(2,826)
(402)
(1,478)
(346)
(2,739)
Earnings from continuing operations, net of taxes,
attributable to the Company
Loss from discontinued operations, (net of taxes),
attributable to the Company
$2,850
$2,883
$2,454
$3,031
(21)
(194)
40
Consolidated net earnings, attributable to the Company
$2,829
$2,689
1Q
$228,074
162,466
81,858
22,596
47,095
67,880
$609,969
2Q
$224,556
178,325
83,960
22,956
47,237
65,840
$622,874
GE Capital Assets -b)
CLL
Consumer
Real Estate
Energy Financial Services
GECAS
Capital Corporate
Total GE Capital Assets
$
2007
2008
1Q
$
Total
$34,880
38,338
15,416
68,148
11,026
$167,808
4,680
$172,488
1,161 $
1,547
712
2,495
145
$6,060
(349)
(602)
(758)
1,675 $
1,894
909
2,789
145
$7,412
(482)
(554)
(982)
1,538 $
1,713
645
2,148
36
$6,080
(83)
(525)
(995)
2,123 $ 6,497
2,306
7,460
865
3,131
694
8,126
42
368
$6,030
$25,582
(999)
(1,913)
(472)
(2,153)
(692)
(3,427)
$
5,238
7,186
3,107
12,369
985
$28,885
(1,641)
(1,993)
(2,794)
$11,218
$4,351
$5,394
$4,477
$3,867
$18,089
$22,457
(18)
(193)
(47)
(322)
(165)
(145)
(679)
(249)
$2,494
$3,013
$11,025
$4,304
$5,072
$4,312
$3,722
$17,410
$22,208
3Q
$219,106
177,913
83,684
22,598
47,444
77,965
$628,710
4Q
$210,742
174,019
81,505
22,616
48,178
84,172
$621,232
1Q
$250,165
218,262
86,605
20,837
44,169
28,673
$648,711
2Q
$247,703
223,409
90,611
21,580
44,928
33,631
$661,862
3Q
$253,696
211,319
88,739
21,856
46,525
30,158
$652,293
4Q
$233,815
185,535
85,266
22,079
46,208
61,738
$634,641
4Q
$230,541
211,572
79,285
18,706
43,862
27,808
$611,774
Preliminary 2010 first quarter results/14
(a- Preliminary & unaudited results reflecting the 1/ 1/10 segment reorganization
(b- Assets of continuing operations
NBCU results ex. Olympics
As reported
Revenue
1Q’10
1Q’09
V%
Operating profit
1Q’10
1Q’09
V%
$4,320
$3,524
23%
$199
$391
782
–
(194)
–
$3,538
$3,524
$393
$391
(49)%
Less effects of:
2010 Olympics broadcasts
NBCU results ex. effects
of Olympics broadcasts
Flat
1%
Preliminary 2010 first quarter results/15
Operating profit % ex. Olympics
($ in millions)
1Q’10
Op
Revenues profit
As reported
Energy Infrastructure
Technology Infrastructure
NBCU
H&BS
$8,655
8,659
4,320
1,940
23,574
$1,481
1,403
199
71
3,154
Op
profit %
13.4%
1Q’09
Op
Revenues
profit
$9,082
9,523
3,524
1,924
24,053
$1,318
1,702
391
45
3,456
–
–
$24,053
$3,456
Op
profit %
V
pts.
14.4%
(1.0) pts.
14.4%
0.3 pts.
Less effects of:
2010 Olympics broadcasts
GE Industrial operating
profit margin excluding
the effects the ’10
Olympics broadcasts
782
$22,792
(194)
$3,348
14.7%
Preliminary 2010 first quarter results/16