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GE Capital Strategy
Supplemental information
April 10, 2015
Imagination at work.
GE Industrial/GE Capital % of operating earnings
($ in millions)
2007
2014
$22,468
$15,345
(547)
1,378
$21,921
$16,723
$12,428
$7,019
$9,493
$9,704
- GE Capital
57%
42%
- GE Industrial
43%
58%
Earnings from continuing operations
attributable to GE
Adjustment (net of tax): non-operating
pensions costs/(income)
Operating earnings
- GE Capital
- GE Industrial
% of operating earnings
2
GE Capital leverage ratio-a)
($ in billions)
As reported
Debt
Equity-b)
Leverage Ratio
Debt
liquidity–c)
Less:
Adjusted debt
Equity-b)
Adjusted leverage ratio
2008
2014
$514.6
53.3
$351.9
87.5
9.7:1
4.0:1
514.6
(37.7)
476.9
351.9
(76.4)
275.5
53.3
87.5
8.95: 1
3.15: 1
(a - Includes discontinued operations and balances recorded as held for sale for all periods
(b - Total equity ex-non-controlling interests
(c - Liquidity includes cash & equivalents and $1.2B of debt obligations of the U.S. Treasury at December 31, 2014
3
GE Capital Basel 1 tier 1 common ratio estimate-a)
($ in billions)
2008
2014
$53.3
$87.5
Preferred equity
Goodwill and other intangible assets
(29.0)
Unrealized G/(L) on investments & hedges
6.2
Other additions/(deductions)
(0.8)
(4.9)
(26.3)
(0.3)
(0.5)
As reported
Shareowners' equity -b)
Less:
Less:
Less:
Less:
GECC Tier 1 common
29.7
55.5
Estimated risk weighted assets -c)
632.9
438.1
GECC Tier 1 common ratio estimate
4.7%
12.7%
(a - Includes discontinued operations for all periods
(b - Total equity ex-non-controlling interests
(c - Based on Basel 1 RWA estimates
4
GE Capital ending net investment (ENI) ex. liquidity
($ in billions)
2008-a)
2014
GECC total assets
661.0
500.2
Less: assets of discontinued operations
(25.1)
(1.2)
Less: non-interest bearing
liabilities
(85.4)
(60.5)
GE Capital ENI
550.5
438.5
Less: Liquidity-b)
(37.7)
(75.5)
$512.8
$363.0
GE Capital ENI (ex-Liquidity)
Add: assets of discontinued operations
GE Capital ENI including Disc. Ops.
25.1
537.9
(a – As of January 1, 2009, as originally reported.
(b - Liquidity includes cash & equivalents and $1.2B of debt obligations of the U.S. Treasury as of 4Q’14
5