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GE third 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)
Segment operating profit margin
GE Capital segment results
($ in millions – net earnings)
3Q’10
3Q’09
V%
CLL
$443
$130
F
Real Estate
(405)
(538)
25
Consumer
826
443
86
GECAS
158
187
(16)
55
41
34
Corporate & elims.
(206)
(122)
(69)
GE Capital continuing operations
$871
$141
F
EFS
Preliminary 2010 third quarter results/2
GE Capital segment assets
($ in billions)
3Q’10
3Q’09
V%
$203.6
$219.1
(7)%
Real Estate
75.2
83.7
(10)
Consumer
166.5
177.9
(6)
GECAS
48.7
47.4
3
EFS
19.8
22.6
(12)
Corporate & elims.
80.9
78.0
4
$594.8
$628.7
CLL
GE Capital – continuing operations
(5)%
Preliminary 2010 third quarter results/3
GE Capital non-earnings/write-offs
($ in millions)
Non-earning assets/non-earnings % fin. rec.
3Q’10
2Q’10
3Q’09
$4,308
3.04%
$4,424
3.08%
$5,393
3.55%
1,425
3.35
1,618
3.68
1,320
2.90
GECAS
–
0.00
77
0.62
EFS
163
2.24
CLL
Real Estate
Consumer
Corporate & elims.
GE Capital
Total write-offs/write-offs % fin. rec.
3Q’10
CLL
$254
0.71%
2Q’10
$423
1.14%
3Q’09
$399
1.03%
Real Estate
222
2.05
186
1.62
106
0.92
194
1.50
GECAS
7
0.23
18
0.58
-
77
1.03
360
4.31
EFS
(0.00 )
(0.02 )
–
–
6,291
4.67
6,350
4.79
6,463
4.81
90
4.32
105
4.64
78
2.53
$12,278
3.61%
$12,652
3.70%
$13,808
3.88%
Consumer
Corporate & elims.
GE Capital
–
–
1,327
3.97
1,542
4.47
1,407
4.14
0.00
0.03
(0.00 )
(0.01 )
7
0.87
$1,809
2.12%
$2,168
2.45%
$1,919
2.13%
Preliminary 2010 third quarter results/4
GECS funding
($ in billions)
Securitization
LT debt - TLGP
Debt composition
$508
55
4
$500
59
4
Unsecured term issuances
$486-a)
30
55
’09 TLGP
Pre-funding
13
$84
13
Early funding of
’10 maturities
$70
Early funding of
’11 maturities
38
71
LT debt nonguaranteed
338
325
293
'08
$20-c)
32
'09
'10
(c- Completed as of 10/14/10
Alternative
funding/others -b)
Comm’l. paper
Bank lines
CP coverage
Cash & equiv.
LT debt <1 yr.
61
50
65
47
67
41
3Q'09
4Q'09
3Q'10
$52
100%+
$57
$69
$52
100%+
$64
$70
$52
100%+
$66
$63
(a- Includes ~$(9)B YTD FX impact, partially offset by ~$6B YTD FAS 133
(b- Includes GE-GECS inter-company loan
Highlights
• Plan to issue ~$25 LT debt in ’10 … ~$20B
completed in 9 currencies … ~41% in non-U.S.
currencies
• ~$41B business ENI reduction (ex. FX) YTD helped
debt reduction, offset by FAS 167 consolidation
• Alternative funding growth driven by U.S. &
international bank deposits
• Liquidity position remains strong
Preliminary 2010 third quarter results/5
Debt/equity ratio
($ 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
GECC
GECS
4Q’09
2Q’10
3Q’10
4Q’09
2Q’10
3Q’10
$497.5
73.7
$476.6
69.8
$481.4
70.5
$500.3
70.8
$481.7
67.3
$486.5
66.9
6.7
6.8
6.8
7.1
7.2
7.3
497.5
(7.7 )
(63.7 )
426.1
476.6
(7.7 )
(61.2 )
407.7
481.4
(7.7 )
(65.4 )
408.3
500.3
(7.7 )
(64.4 )
428.2
481.7
(7.7 )
(61.5 )
412.5
486.5
(7.7 )
(66.0 )
412.8
73.7
7.7
81.4
69.8
7.7
77.5
70.5
7.7
78.2
70.8
7.7
78.5
67.3
7.7
75.0
66.9
7.7
74.6
5.2
5.3
5.2
5.5
5.5
5.5
(a- Total equity ex. noncontrolling interests
Preliminary 2010 third quarter results/6
Tier 1 common ratio estimate
–a)
($ in billions)
GECC
GECS
4Q’09
2Q’10
3Q’10
4Q’09
2Q’10
3Q’10
$73.7
$69.8
$70.5
$70.8
$67.3
$66.9
Shareowner’s equity–b)
- Intang. & GW
- Unr. G/(L) on invt. & hdg.
- Other additions/(deductions)
73.7
(32.0 )
2.5
(1.1 )
69.8
(29.5 )
2.0
(1.1 )
70.5
(30.1 )
2.2
(0.5 )
70.8
(32.4 )
2.2
(1.1 )
67.3
(29.9 )
1.0
(1.1 )
66.9
(30.1 )
2.1
(0.5 )
Tier 1 common
43.1
41.2
42.0
39.5
37.3
38.4
569.1
508.4
510.0
602.1
525.3
527.8
As reported
Shareowner’s equity–b)
Estimated risk weighted assets
Tier 1 common ratio
7.6%
8.1%
8.2%
6.6%
7.1%
7.3%
(a- Estimated based on SCAP requirements
(b- Total equity ex. noncontrolling interests
Preliminary 2010 third quarter results/7
GE Capital ending net investment
($ in billions)
GECC assets (cont. ops.)
Subtract: non-debt liabilities
GECC ENI
Subtract: cash & equivalents
GE Capital ENI (ex. cash)
1Q’10
2Q’10
3Q’10
$617.2
42.0
$588.0
39.8
$594.8
40.0
575.2
548.2
554.8
59.6
61.2
65.4
$515.6
$487.0
$489.4
Preliminary 2010 third quarter results/8
GE Capital non-earnings exposure
($ in billions)
Commercial
Consumer
$6.3
2Q’10 coverage
$5.9
(0.3)
(2.0)
247%
(1.3)
260%
coverage
4.3
(1.2)
$4.0
(1.6)
(1.6)
205%
coverage
(2.3)
$4.2 nonmortgage
reserves
2Q’10 coverage
279%
298%
coverage
1.5
$0.9
(0.1)
Other
Est. loss
3Q’10 Interbanca Collateral Workout
3Q’10
NPL
100% full recovery collateral exposure reserves
nonrecovery
earnings
Non- Mortgage
3Q’10
nonnon- mortgage earnings
earnings
Cure
Est.
collateral
value
Est. MI
0.3
Est. loss
exposure
3Q’10
reserves
Preliminary 2010 third quarter results/9
Industrial CFOA from continuing
operations
($ 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)
3Q’10
3Q’10 YTD
3Q’09 YTD
$3,828
$10,142
$11,442
–
–
–
$3,828
$10,142
$11,442
YTD V%
(11)%
(11)%
Preliminary 2010 third quarter results/10
Effective tax rate GE (ex. GECS)
($ 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)
3Q’10
3Q’09
$4,004
$3,105
832
133
$3,172
$2,972
$705
$654
22.2%
22.0%
Preliminary 2010 third quarter results/11
Segment operating profit margin
($ in millions)
Revenues
3Q’10
Op.
profit
$8,359
$1,656
$9,769
$1,649
Technology Infrastructure
9,210
1,474
9,306
1,645
Home & Bus. Solutions
2,125
104
2,136
104
$19,694
$3,234
$21,211
$3,398
4,069
625
4,079
732
$23,763
$3,859
$25,290
$4,130
As reported
Energy Infrastructure
Industrial ex. Media
NBCU
Total Industrial
Op.
profit %
16.4%
16.2%
Revenues
3Q’09
Op.
Op.
profit profit %
16.0%
V pts.
0.4 pts.
16.3% (0.1) pts.
Preliminary 2010 third quarter results/12