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GE third quarter ’11
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 – GECC & GECS
Tier 1 common ratio estimate – GECC & GECS
GE Capital Ending Net Investment
GE Capital reserves
Industrial CFOA from continuing operations
Effective tax rate GE (ex. GECS)
GE Industrial organic revenue growth – continuing operations
Total revenues excluding NBCU impact
Industrial sales excluding NBCU impact
2010 EPS: continuing & operating
Operating earnings & EPS
GE Capital segment results
($ in millions – net earnings)
3Q’11
3Q’10
V%
$688
$443
55%
Real Estate
(82 )
(405 )
F
Consumer
737
773
(5)
GECAS
208
158
32
79
55
44
(163)
(206 )
21
CLL
EFS
Corporate & elims.
GE Capital
$1,467
$818
79%
Preliminary 2011 third quarter results 2
GE Capital segment assets
($ in billions)
3Q’11
3Q’10
$195.3
$203.6
Real Estate
64.4
75.2
(14)
Consumer
141.1
146.1
(3)
GECAS
48.6
48.7
–
EFS
18.2
19.8
(8)
103.7
80.9
28
$571.3
$574.4
CLL
Corporate & elims.
GE Capital
V%
(4)%
(1)%
Preliminary 2011 third quarter results 3
GE Capital non-earnings/write-offs
($ in millions)
Non-earning assets/non-earnings % fin. rec.
3Q’11
2Q’11
3Q’10
$3,299
2.53%
$3,488
2.65%
$4,308
3.04%
1,028
2.99
1,003
2.72
1,425
3.35
GECAS
62
0.52
64
0.53
EFS
135
2.26
CLL
Real Estate
Consumer
Corporate & elims.
GE Capital
Total write-offs/write-offs % fin. rec.
3Q’11
CLL
$264
0.80%
2Q’11
$273
0.82%
3Q’10
$254
0.71%
Real Estate
187
2.10
117
1.24
222
2.05
–
0.00
GECAS
0
0.01
3
0.08
7
0.23
136
2.21
163
2.24
EFS
(2)
(0.10)
(7)
(0.42)
0
0.00
5,276
4.54
5,431
4.54
5,948
5.05
Consumer
834
2.83
983
3.32
1,259
4.33
71
5.13
88
5.83
90
4.32
Corporate & elims.
13
3.51
8
2.02
0
0.03
$1,296
1.71%
$1,377
1.78%
$1,742
2.15%
$9,871
3.29%
$10,209
3.32%
$11,935
3.69%
GE Capital
Preliminary 2011 third quarter results 4
GECS funding
($ in billions)
Debt composition –a)
Non-recourse
securitization
LT debt - TLGP
$480
30
59
$471
30
53
Unsecured term issuances
$457-b)
$70
29
45
'09
LT debt nonguaranteed
Alternative
funding/others
Comm’l. paper
Bank lines
CP coverage
Cash & equiv.
LT debt<1 yr.
289
284
276
61
41
62
66
42
41
3Q'10
4Q'10
3Q'11
$52
100%+
$66
$63
$52
100%+
$60
$66
$54
100%+
$83
$76
$25
$24
'10
'11 YTD
• Completed $24B of LT debt issuance YTD in
10 currencies (including $3B in 4Q)
• Liquidity in the global CP markets continues
to be strong … ~3% market share
• Alternative funding ~14% of total debt,
securitization ~6%
• Liquidity position remains strong
(a- Continuing operations
(b- Includes ~$7B YTD FX impact and ~$5B YTD FAS 133
Preliminary 2011 third quarter results 5
Debt/equity ratio
–a)
($ in billions)
As reported
Debt
Shareowner’s equity–b)
Book leverage (debt/equity)
Debt
Subtract: hybrids from debt
Subtract: cash & equiv. from debt
Adjusted book debt
Shareowner’s equity–b)
Add: hybrids to equity
Adjusted book equity
Adjusted leverage
GECC
GECS
3Q’10
2Q’11
3Q’11
3Q’10
2Q’11
3Q’11
$481.4
70.5
$458.1
78.8
$453.2
79.1
$486.5
66.9
$463.2
75.1
$458.4
76.0
6.8
5.8
5.7
7.3
6.2
6.0
481.4
(7.7 )
(65.4 )
408.3
458.1
(7.7 )
(77.4 )
372.9
453.2
(7.7)
(82.7)
362.8
486.5
(7.7 )
(66.0 )
412.7
463.2
(7.7 )
(78.1)
377.4
458.4
(7.7)
(83.6)
367.1
70.5
7.7
78.2
78.8
7.7
86.6
79.1
7.7
86.8
66.9
7.7
79.6
75.1
7.7
82.8
76.0
7.7
83.7
5.2
4.3
4.2
5.5
4.6
4.4
(a- Includes discontinued operations for all periods
(b- Total equity ex. noncontrolling interests
Preliminary 2011 third quarter results 6
Tier 1 common ratio estimate
–a), -b)
($ in billions)
GECC
GECS
3Q’10
2Q’11
3Q’11
3Q’10
2Q’11
3Q’11
$70.5
$78.8
$79.1
$66.9
$75.1
$76.0
Shareowner’s equity–c)
- Intang. & GW
- Unr. G/(L) on invt. & hdg.
- Other additions/(deductions)
70.5
(30.1 )
2.2
(0.5 )
78.8
(30.0 )
2.0
(0.6 )
79.1
(29.4)
2.4
(0.6 )
66.9
(30.1 )
2.1
(0.5 )
75.1
(30.0 )
2.0
(0.7 )
76.0
(29.4)
1.8
(0.7)
Tier 1 common
42.0
50.2
51.4
38.3
46.3
47.6
510.0
480.9
468.7
527.8
507.5
496.1
As reported
Shareowner’s equity–c)
Estimated risk weighted assets
Tier 1 common ratio
8.2%
10.4%
11.0%
7.3%
9.1%
9.6%
(a- Includes discontinued operations for all periods
(b- Based on Basel One RWA estimates
(c- Total equity ex. noncontrolling interests
Preliminary 2011 third quarter results 7
GE Capital ending net investment
($ in billions)
GECC assets (cont. ops.)
Subtract: non-debt liabilities
GE Capital ENI
Subtract: cash & equivalents
GE Capital ENI (ex. cash)
GECC disc. ops. ENI (ex. cash)
GECC ENI (ex. cash)
1/1/09
3Q’10
2Q’11
3Q’11
$612.1
59.7
$574.4
39.2
$570.7
36.1
$571.3
36.8
552.5
535.2
534.6
534.5
36.6
63.6
77.3
82.4
$515.8
$471.6
$457.3
$452.1
$21.4
$0.1
$537.2
$452.2
Preliminary 2011 third quarter results 8
GE Capital reserves
($ in billions)
Allowances
for losses
Commercial
Consumer
Coverage:
Reserves
Non-earnings
$8.9
$7.1
$6.7
3.1
2.8
4.0
3.9
3Q'10
2Q'11
3Q'11
2.75%
74%
2.29%
69%
2.22%
68%
4.0
4.9
Environment continues to improve
Preliminary 2011 third quarter results 9
Industrial CFOA from continuing
operations
($ 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’11 YTD
3Q’10 YTD
$6,544
$10,142
–
–
$6,544
$10,142
YTD V%
(35)%
(35)%
Preliminary 2011 third quarter results 10
Effective tax rate GE (ex. GECS)
($ in millions)
3Q’11
3Q’10
3Q’11 YTD
3Q’10 YTD
GE earnings from continuing operations
before income taxes
$3,604
$3,951
$14,704
$11,409
Less GECS earnings from continuing ops.
attributable to the company
1,453
780
4,814
2,016
Adjusted earnings from continuing ops.
before income taxes
$2,151
$3,171
$9,890
$9,393
$378
$705
$4,437
$2,479
GE (ex. GECS) provision for income taxes –
continuing ops.
Effective tax rate GE (ex. GECS)
18%
22%
45%
26%
Preliminary 2011 third quarter results 11
GE Industrial organic revenue
growth – continuing operations
($ in millions)
Industrial revenue
Less the effects of:
Acquisitions, business dispositions
(other than dispositions of businesses
acquired for investment) & currency
exchange rates
Industrial revenues excluding the
effects of acquisitions, business dispositions
(other than dispositions of businesses
acquired for investment), currency
exchange rates
3Q’11
3Q’10
V%
$23,851
$23,816
2,476
4,113
$21,375
$19,703
0%
8%
Preliminary 2011 third quarter results 12
Total revenues excluding NBCU impact
($ in millions)
Total Company revenues as reported
Less: NBCU related revenues
Company revenues excluding NBCU impact
3Q’11
3Q’10
V%
$35,367
$35,373
(0)%
394
4,069
$34,973
$31,304
12%
Preliminary 2011 third quarter results 13
Industrial sales excluding NBCU impact
($ in millions)
GE sales as reported
Less: NBCU related sales
Industrial sales excluding NBCU impact
3Q’11
3Q’10
V%
$23,230
$23,593
(2)%
–
3,957
$23,230
$19,636
18%
Preliminary 2011 third quarter results 14
2010 EPS: continuing & operating
2010 total year EPS
Transfers to
As originally discontinued
operations
reported
Earnings per share from continuing operations
Less the effects of excluding non-operating
pension costs
Operating earnings per share
$1.15
$0.01
0.02
$1.13
Recast for
discontinued
operations
$1.14
0.02
$0.01
$1.12
GE Capital Consumer recasts to discontinued
operations: Singapore, Australia, New Zealand
Preliminary 2011 third quarter results 15
Operating earnings & EPS
($ in millions except earnings per share)
Earnings from continuing operations attributable to GE
Less: non-operating pension costs/(income), net of tax
Operating earnings
Earnings per share – diluted–a)
Continuing earnings per share
Less: non-operating pension costs/(income) after tax
Operating earnings per share
Less: preferred stock redemption
Operating earnings per share excluding the effect of the
preferred stock redemption
3Q’11
3Q’10
$3,223
$3,107
172
V%
4%
(50 )
$3,395
$3,057
11%
$0.22
$0.28
(21)%
.02
–
$0.24
$0.28
0.08
–
$0.31
$0.28
(14)%
11%
(a- Earnings-per-share amounts are computed independently. As a result, the sum of per -share amounts may not equal the total
Preliminary 2011 third quarter results 16