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GE second quarter ’10
supplemental information
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GE Capital segment results
GE Capital segment assets
GE Capital non-earnings/write-offs
GECS funding
Debt/equity ratio – GECS & GECS
Tier 1 Common ratio estimate – GECC & GECS
GE Capital Ending Net Investment
GE Capital non-earning exposure walk
Industrial CFOA from continuing operations
Effective tax rate GE (ex. GECS)
GE Capital segment results
($ in millions – net earnings)
2Q’10
2Q’09
V%
CLL
$312
$243
28%
Real Estate
(524)
(237)
U
Consumer
735
252
F
GECAS
288
285
1
EFS
126
65
94
Corporate & elims.
(107)
(177)
40
GE Capital continuing operations
$830
$431
93%
Preliminary 2010 second quarter results/2
GE Capital segment assets
($ in billions)
2Q’10
2Q’09
V%
$202.4
$224.6
(10)%
Real Estate
76.6
84.0
(9)
Consumer
162.0
178.3
(9)
GECAS
48.6
47.2
3
EFS
20.5
23.0
(11)
Corporate & elims.
77.9
65.8
18
$588.0
$622.9
CLL
GE Capital – continuing operations
(6)%
Preliminary 2010 second quarter results/3
GE Capital non-earnings/write-offs
($ in millions)
Non-earning assets/non-earnings % fin. rec.
2Q’10
1Q’10
2Q’09
$4,424
3.08%
$4,829
3.18%
$4,724
3.01%
1,618
3.68
1,748
3.67
1,325
2.88
GECAS
77
0.62
77
0.61
EFS
77
1.03
CLL
Real Estate
Consumer
Corporate & elims.
GE Capital
Total write-offs/write-offs % fin. rec.
2Q’10
1Q’10
2Q’09
$423
1.14
$425
1.15%
Real Estate
186
1.62
188
1.63
76
0.66
189
1.47
GECAS
18
0.58
71
2.20
-
80
1.01
241
2.83
EFS
(0)
(0.02)
-
-
6,350
4.79
6,803
4.75
6,554
4.75
Consumer
1,542
4.47
1,719
5.00
1,462
4.40
105
4.64
100
4.10
70
2.10
Corporate & elims.
(0)
(0.01)
2
0.34
5
0.56
$12,652
3.70%
$13,637
3.73%
$13,104
3.58%
CLL
GE Capital
$2,168
2.45%
$2,405
2.71%
$372
0.94%
$1,915
2.11%
Preliminary 2010 second quarter results/4
GECS funding
($ in billions)
Unsecured term issuances
Debt composition
Securitization
LT debt - TLGP
$503
5
48
$500
4
59
$482
33
58
-a)
’09 TLGP
Pre-funding
13
$84
13
Early funding of
’10 maturities
$70
Early funding of
’11 maturities
38
71
LT debt nonguaranteed
344
325
282
'08
32
$11 -c)
'09
'10
(c- Completed as of 7/9/10
Highlights
Alternative
funding/others-b)
Comm’l paper
Bank lines
CP coverage
Cash & equiv.
LT debt<1 yr.
56
50
65
47
63
46
• Plan to issue ~$20-$25B LT debt in ’10 to prefund 50%+ of ’11 LTD plan … ~$11B completed …
~41% of the issuances in 7 non-US currencies
2Q'09
4Q'09
2Q'10
$55
100%+
$50
$82
$52
100%+
$64
$70
$52
100%+
$62
$63
• Business ENI reduction and a stronger USD drove
debt reduction
(a- Includes ~$(20)B YTD FX impact, partially offset by ~$4B YTD FAS 133
(b- Includes GE-GECS inter-company loan (~$1.3B in 2Q’10,~$1.6B in 4Q’09,
~$1.5B in 2Q’09) … 2010 YTD Alt. Funding FX impact ~$(3)B
• ~$20B of syndicated bank lines extended by one
year to May 2013 maturity date
• Liquidity position remains strong
Preliminary 2010 second quarter results/5
Debt/equity ratio
($ in billions)
GECS
GECC
4Q’09 1Q’10 2Q’10
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
$497.5 $501.7 $476.6
73.7
71.6 69.8
6.7
7.0
4Q’09 1Q’10
2Q’10
$500.3 $506.6 $481.7
70.8
68.5
67.3
6.8
7.1
497.5 501.7 476.6
(7.7)
(7.7) (7.7)
(63.7) (59.6) (61.2)
426.1 434.4 407.7
500.3
(7.7)
(64.4)
428.2
7.4
7.2
506.6 481.7
(7.7)
(7.7)
(60.0) (61.5)
438.9 412.5
73.7
7.7
81.4
71.6
7.7
79.3
69.8
7.7
77.5
70.8
7.7
78.5
68.5
7.7
76.2
67.3
7.7
75.0
5.2
5.5
5.3
5.5
5.8
5.5
(a- Total equity ex. noncontrolling interests
Preliminary 2010 second quarter results/6
Tier 1 common ratio estimate
($ in billions)
GECC
GECS
4Q’09 1Q’10 2Q’10
4Q’09 1Q’10 2Q’10
$73.7
$71.6
$69.8
$70.8
$68.5
$67.3
Shareholder’s equity–a)
- Intang. & GW
- Unr. G/(L) on invt. & hdg.
- Other additions/(deductions)
73.7
(32.0)
2.5
(1.1)
71.6
(31.3)
2.1
(1.2)
69.8
(29.5)
2.0
(1.1)
70.8
(32.4)
2.2
(1.1)
68.5
(31.7)
1.7
(1.2)
67.3
(29.9)
1.0
(1.1)
Tier 1 common
43.1
41.2
41.2
39.5
37.3
37.3
569.1
528.5
508.4
602.1
544.6
525.3
7.6
7.8
8.1
6.6
6.8
7.1
As reported
Shareholder’s equity–a)
Estimated risk weighted assets
GECC Tier 1 common ratio
(a- Total equity ex. noncontrolling interests
Preliminary 2010 second quarter results/7
GE Capital Ending Net Investment
($ in billions)
GECC assets (cont. ops.)
Subtract: non-debt liabilities
GECC ENI
Subtract: cash & equivalents
GE Capital ENI (ex. cash)
1Q’10
2Q’10
$617.2
42.0
588.0
39.8
575.2
548.2
59.6
61.2
$515.6-a)
$487.0
(a- Includes FX $(6) from 1/1
Preliminary 2010 second quarter results/8
GE Capital non-earnings exposure
($ in billions)
Commercial
Consumer
$6.4
$6.2
(0.3)
(1.0)
1Q’10 coverage
(1.2)
(2.2)
212%
247%
coverage
$3.9
(2.1)
4.2
(1.4)
197%
coverage
(2.4)
$4.3 nonmortgage
reserves
1Q’10 coverage
217%
279%
coverage
1.6
$0.9
Other
Est. loss
2Q’10 Interbanca Collateral Workout
2Q’10
NPL
100% full recovery collateral exposure reserves
nonrecovery
earnings
Non- Mortgage
2Q’10
nonnon- mortgage earnings
earnings
Cure
Est.
collateral
value
(0.1)
0.3
Est. MI
Est. loss
exposure
2Q’10
reserves
Preliminary 2010 second quarter results/9
Industrial CFOA from continuing
operations
($ 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)
2Q’10
2Q’10 YTD
2Q’09 YTD
$3,763
$6,314
$7,044
–
–
–
$3,763
$6,314
$7,044
YTD V%
(10)%
(10)%
Preliminary 2010 second quarter results/10
Effective tax rate GE (ex. GECS)
($ 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)
2Q’10
2Q’09
$4,401
$3,775
822
367
$3,579
$3,408
$986
$897
27.5%
26.3%
Preliminary 2010 second quarter results/11