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GE second quarter ’13
supplemental information
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GE Capital segment results
GE Capital segment assets
GE Capital non-earnings/write-offs
GECC funding
GECC leverage ratio
GECC tier 1 common ratio estimate
GE Capital ending net investment
GE Capital reserves
Effective tax rate GE (ex. GECC)
Operating earnings & EPS
GE Industrial segment organic revenue growth
GE Industrial segment organic revenue growth (ex. Power & Water)
Industrial CFOA from continuing operations
GE Capital segment results
($ in millions – net earnings)
2Q’13
2Q’12
V%
$825
$628
31%
Consumer
828
907
(9)
Real Estate
435
221
97
GECAS
304
308
(1)
60
122
(51)
(530)
(64)
U
$1,922
$2,122
(9)%
CLL
EFS
GECC Corporate
GE Capital
2
GE Capital segment assets
($ in billions)
2Q’13
2Q’12
V%
$173.5
$184.2
(6)%
Consumer
135.9
134.9
1
Real Estate
41.6
57.9
(28)
GECAS
48.3
49.9
(3)
EFS
18.4
19.6
(6)
101.6
109.7
(8)
$519.3
$556.2
(7)%
CLL
GECC Corporate
GE Capital
3
GE Capital non-earnings/write-offs
($ in millions)
Non-earning assets/non-earnings % fin. rec.
CLL
Real Estate
GECAS
EFS
Consumer
GECC Corporate
GE Capital
Total write-offs/write-offs % fin. rec.
2Q’13
1Q’13
2Q’12
$2,367
2.03%
$2,702
2.28%
$3,370
2.72%
419
2.14
456
2.31
630
2.27
Real Estate
-
-
56
0.46
4
0.09
-
2
0.04
3,780
3.41
3,979
3.63
4,144
3.78
6
1.41
13
2.85
22
3.75
$6,576
2.51%
$7,150
2.71%
$8,224
2.95%
2Q’13
CLL
$298
1.01%
1Q’13
$199
0.66%
2Q’12
$183
0.58%
34
0.69
29
0.57
146
1.97
GECAS
-
-
11
0.37
EFS
-
-
24
1.84
775
2.81
789
2.81
787
2.85
-
1
0.85
10
6.31
$1,018
1.51%
$1,161
1.64%
Consumer
GECC Corporate
GE Capital
$1,107
1.68%
4
GECC funding
($ in billions)
Debt composition-a)
Non-recourse
Securitization
LT debt - TLGP
LT debt
non-guaranteed
$418
Unsecured term issuances
$32
31
17
$397
30
$376-b)
261
253
237
30
$28
$27
'11
'12
'13YTD
• Completed $28B of LT debt issuance in 10
currencies … including ~$5 in 3Q
Deposits/CDs
Alternative
funding/other
Comm’l. paper
Bank lines
CP coverage
Cash & equiv.
LT debt <1yr.
42
24
43
46
25
43
49
24
36
• Liquidity in the global CP markets continues
to be strong
2Q'12
4Q'12
2Q'13
• Deposits/CDs and other alternative funding
~19% of total debt, securitization ~8%
$49
100%+
$66
$67
$48
100%+
$62
$44
$48
100%+
$70
$32
• Liquidity position remains strong
(a - Continuing operations
(b - Includes ~$(2.1)B YTD FX impact and ~$(4.3)B YTD FAS 133
5
GECC leverage ratio
–a)
($ in billions)
As reported
Debt
Equity–b)
Leverage ratio
Debt
Less: hybrid debt
Less: cash & equiv.
Adjusted debt
Equity–b)
Add: hybrid debt
Adjusted equity
Adjusted leverage ratio
2Q’13
1Q’13
2Q’12
$375.6
84.2
$385.6
83.9
$418.2
79.8
4.5
4.6
5.2
375.6
(7.7)
(69.6)
298.3
385.6
(7.7)
(67.8)
310.1
418.2
(7.7)
(66.5)
344.0
84.2
7.7
91.9
83.9
7.7
91.6
79.8
7.7
87.5
3.2
3.4
3.9
(a - Includes discontinued operations for all periods
(b - Total equity ex. non-controlling interests
6
GECC tier 1 common ratio estimate
-a), -b)
($ in billions)
As reported
Shareowners’ equity-c)
2Q’13
1Q’13
4Q’12
3Q’12
2Q’12
$84.2
$83.9
$81.9
$81.3
$79.8
(5.0)
(28.0)
0.3
(0.7)
(4.0)
(28.2)
(0.1)
(0.7)
(4.0)
(28.6)
0.1
(0.8)
(4.0)
(28.7)
0.4
(0.6)
(2.3)
(28.5)
0.5
(0.7)
50.8
50.9
48.6
48.4
48.8
454.4
458.9
476.8
476.7
482.7
11.2%
11.1%
10.2%
10.2%
10.1%
Tangible Common Equity/Tangible Assets 10.4%
10.3%
9.7%
9.1%
9.3%
- Preferred equity
- Intang. & GW
- Unr. G/(L) on invt. & hdg.
- Other additions/(deductions)
Tier 1 common
Estimated risk weighted assets
Tier 1 common ratio
(a - Includes discontinued operations for all periods
(b - Based on Basel One RWA estimates
(c - Total equity ex. non-controlling interests
7
GE Capital ending net investment
($ in billions)
2Q’13
1Q’13
4Q’12
3Q’12
2Q’12
$521.1
$529.5
$539.3
$561.7
$558.9
(1.8)
(1.9)
(2.3)
(2.4)
(2.7)
Less: non-interest bearing
liabilities & others
(58.6)
(57.8)
(57.6)
(57.5)
(58.4)
GE Capital ENI
460.7
469.8
479.4
501.8
497.8
Less: cash & equivalents
(69.5)
(67.7)
(61.9)
(77.7)
(66.3)
$391.2
$402.1
$417.5
$424.1
$431.5
GECC total assets
Less: assets of discontinued operations
GE Capital ENI (ex. cash)
8
GE Capital reserves
($ in billions)
Allowances
for losses
Commercial
Consumer
Coverage:
Reserves
Non-earnings
$5.4
$5.3
1.3
1.1
4.1
4.2
2Q'12
1Q'13
2Q'13
1.86%
63%
2.03%
75%
2.02%
80%
$5.2
2.1
3.1
9
Effective tax rate GE (ex. GECC)
($ in millions)
GE earnings from continuing operations
before income taxes
Less GECC earnings from continuing ops.
attributable to the company
Adjusted earnings from continuing ops.
before income taxes
GE (ex. GECC) provision for income taxes
– continuing ops.
Effective tax rate GE (ex. GECC)
2Q’13
$3,701
2Q’13
YTD
$7,734
2Q’12
$4,069
2Q’12
YTD
$7,776
1,922
3,849
2,122
3,894
$1,779
$3,885
$1,947
$3,882
$297
$721
$392
$842
17%
19%
20%
22%
10
Operating earnings & EPS
($ in millions except earnings per share)
Earnings from continuing operations
attributable to GE
Adjustment (net of tax): non-operating
pension costs/(income)
Operating earnings
2Q’13
2Q’12
V%
$3,255
$3,658 (11)%
1Q’13
’13YTD
$3,636
$6,891
423
853
430
352
$3,685
$4,010
(8)%
$4,059
$7,744
$0.31
$0.34
(9)%
$0.35
$0.66
.04
.03
.04
.08
$0.36
$0.38
$0.39
$0.75
Earnings per share – diluted -a)
Continuing earnings per share
Adjustment (net of tax): non-operating
pension costs/(income)
Operating earnings per share
(5)%
(a - Earnings per share amounts are computed independently. As a result, the sum of per share amounts may not equal the total
11
GE Industrial segment organic
revenue growth
($ in millions)
Industrial segment revenue
Less the effects of:
Acquisitions, business dispositions
(other than dispositions of businesses
acquired for investment) & currency
exchange rates
Industrial segment revenues excluding the
effects of acquisitions, business dispositions
(other than dispositions of businesses
acquired for investment), currency
exchange rates
2Q’13
2Q’12
V%
$25,168
$25,368
(1)%
121
154
$25,047
$25,214
(1)%
12
GE Industrial segment organic
revenue growth (ex. Power & Water)
($ in millions)
Industrial segment revenue
Less Power & Water
Industrial segment revenues
(ex. Power & Water)
Less the effects of:
Acquisitions, business dispositions
(other than dispositions of businesses
acquired for investment) & currency
exchange rates
Industrial segment revenues excluding the
effects of acquisitions, business dispositions
(other than dispositions of businesses
acquired for investment), currency
exchange rates
2Q’13
2Q’12
V%
$25,168
$25,368
(1)%
5,715
6,900
19,453
18,468
130
105
$19,323
$18,363
+5%
13
Industrial CFOA from continuing
operations
($ in millions)
Cash from GE’s operating
activities as reported
Less GECC dividends
Cash from GE’s operating
activities excluding dividends
from GECC (Industrial CFOA)
Less the effects of NBC
related taxes
Less the effect of pension
contributions
Industrial CFOA excluding NBC
related taxes and pension
contributions
2Q’13
2Q’12
V%
’13YTD
’12YTD
V%
$3,497
$4,730
(26)%
$3,697
$6,789
(46)%
1,947
3,000
1,947
3,000
$1,550
$1,730
$1,750
$3,789
1,565
–
1,565
–
–
216
–
216
$3,115
$1,946
$3,315
$4,005
(10)%
60%
(54)%
(17)%
14
Note: Cash from GE’s operating activities less the effects of NBC related taxes for 2Q’13 is $3,497 + 1,565 = $5,062 and for ’13YTD is $3,697 + 1,565 = $5,262