DOCSLIB.ORG

500883 Final Thesis HT PN V2

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
500883 Final Thesis HT PN V2 Abstract The conglomerate has been a widely debated topic in academic research since the late 1960s. With neo-classical and managerial scholars on either side, diverging evidence has been presented on the effect of diversification and mergers on shareholder value. The heterogeneity of these empirical results paves the way for causal rationalizations that form the contemporary theories on conglomerate valuation. This is the point of departure for the thesis, which investigates these theories and tests them on a conglomerate case study. To frame the analysis, two simplified tests are performed to establish the relevance of conglomerates in today’s corporate environment. Insinuating a valuation discount for U.S. conglomerates, in general, and for the case company, General Electric, the thesis attempts to validate the latter by conducting an analysis and valuation of the company. By adhering to publicly available data, the analysis scrutinizes strategic, accounting, governance and financial aspects of the case company, forming the foundation for a valuation. Applying two types of multiples analysis, this thesis estimates General Electric’s implied share price as of March 2nd, 2018, and finds that the firm is trading at a conglomerate discount in the range of 2.4% to 46.0%. The main underlying rationales for this discount are, i) financial complexity and opacity of reporting, ii) mismatch between analyst expertise and conglomerate’s multifaceted operations, and iii) inefficient corporate governance and inactive shareholders. The fundamental sources of these rationales are discussed, with the authors suggesting the conglomerate’s financial division, GE Capital, and the absent disciplining of management as the ultimate roots. Conclusively, the thesis addresses the conglomerate structure’s raison d’être, signifying and preparing the stage for further empirical research on this topic. I List of Abbreviations BHGE: Baker Hughes, a GE Company IFRS: International Financial Reporting Standards BoD: Board of directors JV: Joint venture CAGR: Compounded annual growth rate KPI: Key performance index CAPEX: Capital expenditure M&A: Mergers & acquisitions CCC: Cash conversion cycle MW: Megawatt CEO: Chief executive officer NOPAT: Net operating profit after tax CFO: Chief financial officer NPV: Net present value CHE: Current healthcare expenses OECD: Organisation for Economic Co-operation & Development COGS: Cost of goods sold OEM: Original equipment manufacturer COSS: Cost of services sold OLS: Ordinary least squares D&A: Depreciation & amortization OPEC: Organization of the Petroleum Exporting DCF: Discounted cash flow Countries DIJA: Dow Jones Industrial Average P&L: Profit & loss DoJ: U.S. Department of Justice PESTLE: Political, economic, sociological, technological, legal, environmental EBIT: Earnings before interest & tax PPE: Property, plant & equipment EBITDA: Earnings before interest, tax, depreciation & amortization R&D: Research & development EPS: Earnings per share ROIC: Return on invested capital EV: Enterprise value RPK: Revenue passenger kilometers FASB: Financial Accounting Standard Board SEC: Securities & Exchange Commission FDA: U.S. Food & Drug Administration SG&A: Selling, general & administrative FTK: Freight tonne kilometers SIC: Standard industry classification GAAP: Generally Accepted Accounting Principles SOTP: Sum of the parts GDP: Gross domestic product SWOT: Strengths, weaknesses, opportunities & threats GE: General Electric TARP: Troubled Asset Relief Program GECAS: GE capital aviation services TWh: Terawatt hours GW: Gigawatt WACC: Weighted average cost of capital H1: First half of year YoY: Year-over-year H2: Second half of year II List of Figures Figure 1.1: Thesis structure Figure 5.26: GE Ren. En. relative to competitors & peers Figure 2.1: Regional differences in the conglomerate discount Figure 5.27: GE Healthcare revenue split 2017 Figure 2.2: No. of conglomerates in the U.S. Figure 5.28: Current health expenditure as % of GDP Figure 4.1: Stock returns 2001-2018 Figure 5.29: MRI scanners per million population Figure 4.2: GE's historical revenue split Figure 5.30: Healthcare expenditure growth EU 28 Figure 5.1: GE Aviation revenue split 2017 Figure 5.31: Demographic development EU 28 Figure 5.2: World passenger traffic and load factor Figure 5.32: GE Healthcare total addressable market Figure 5.3: Geographical traffic split and growth Figure 5.33: Market split of top-3 players (revenue) Figure 5.4: Jet fuel and crude oil historical prices Figure 5.34: GE Healthcare rel. to competitors & peers Figure 5.5: Jet fuel and crude oil price changes Figure 5.35: GE Transportation revenue split 2017 Figure 5.6: Global commercial engines split on OEMs Figure 5.36: U.S. rail freight market development Figure 5.7: Global military engines split on OEMs Figure 5.37: Global mining industry development Figure 5.8: GE Aviation relative to competitors & peers Figure 5.38: Global rolling stock OEMs market split Figure 5.9: GE Power revenue split 2017 Figure 5.39: Revenue growth in 2017 Figure 5.10: World consumption of gas Figure 5.40: GE Transportation rel. to comps. & peers Figure 5.11: World energy consumption by type Figure 5.41: GE Lighting revenue split 2017 Figure 5.12: World energy consumption by fuel type Figure 5.42: Global lighting market size & segment split Figure 5.13: Global heavy-duty gas turbine orders Figure 5.43: GE Lighting relative to competitors & peers Figure 5.14: Global gas turbine market size in USDbn Figure 5.44: GE Capital revenue split 2017 Figure 5.15: Global gas turbine market split on OEMs Figure 5.45: GE Power quarterly perf. YoY comparison Figure 5.16: Top 5 countries by total energy supply Figure 5.46: GE contract assets 2010-2018 Figure 5.17: GE Power relative to competitors & peers Figure 5.47: GE Actual EPS versus consensus forecast Figure 5.18: GE Oil & Gas revenue split 2017 Figure 5.48: Accounts receivable Figure 5.19: GE Renewable Energy revenue split 2017 Figure 5.49: Accounts receivable to total assets Figure 5.20: Global new investments in renewables Figure 5.50: Working capital metrics Figure 5.21: Global renewable energy consumption Figure 5.51: Cash conversion cycle Figure 5.22: Historical & projected global wind power Figure 5.52: Changes in cash flows 2013-2017 Figure 5.23: Projections of renewable energy's share Figure 5.53: Net change in cash available 2013-2017 Figure 5.24: Global wind turbine OEMs market split Figure 5.54: GE share target price from analysts Figure 5.25: Capacity added in 2016 Figure 6.1: GE's implied share price and discount III List of Tables Table 1.1: Thesis sub-questions to be addressed Table 5.6: Intersegment revenues & eliminations (adapted) Table 2.1: Academic findings on conglomerate discount Table 5.7: Statement of Cash Flows (selected accounts) Table 2.2: Abnormal returns related to spin-off in the U.S. Table 5.8: GE and peers restructuring charges to revenue Table 2.3: Overview of theoretical hypotheses Table 5.9: GE and peers net change in cash to revenue Table 3.1: Stock performance periods Table 5.10: GE divisional sales growth & profitability 2013-‘17 Table 3.2: Pros and cons of the two multiple analyses Table 5.11: Public comps peer groups for each industrial division Table 3.3: Data composition for stock performance test Table 5.12: Public company comparables valuation multiples Table 4.1: Regression model output Table 5.13: Transaction comps peer groups for industrial divisions Table 4.2: Return and volatility results Table 5.14: Precedent transactions valuation multiples Table 4.3: Return and volatility for selected peers Table 5.15: Aggr. multiples valuation for the industrial divisions Table 5.1: Key findings of strategic and market analysis Table 5.16: BHGE net interest bearing debt and value contribution Table 5.2: GE adjusted non-GAAP metrics versus GAAP Table 5.17: Consolidated valuation of GE Table 5.3: Consolidated Income Statement (adapted) Table 5.18: Selected equity report findings Table 5.4: Un-consolidated Income Statement (adapted) Table 6.1: Overview of hypotheses' key findings and conclusions Table 5.5: Supplemental information GE annual report IV Table of Contents 1. Introduction ...................................................................................................................................... 5 1.1. Research question .......................................................................................................................... 6 1.2. Structure of the thesis ................................................................................................................... 7 2. Theory ............................................................................................................................................. 10 2.1. Literature review .......................................................................................................................... 10 2.2. Theoretical framework ................................................................................................................ 19 3. Method ........................................................................................................................................... 21 3.1. Research approach ...................................................................................................................... 21 3.2. Analysis method ........................................................................................................................... 22 3.3. Data collection ............................................................................................................................
Load more

Recommended publications
  • 2018 Annual Report WHERE YOU CAN FIND MORE INFORMATION Annual Report
    2018 Annual Report WHERE YOU CAN FIND MORE INFORMATION Annual Report https://www.ge.com/investor-relations/annual-report Sustainability Website https://www.ge.com/sustainability FORWARD-LOOKING STATEMENTS Some of the information we provide in this document is forward-looking and therefore could change over time to reflect changes in the environment in which GE competes. For details on the uncertainties that may cause our actual results to be materially different than those expressed in our forward-looking statements, see https://www.ge.com/ investor-relations/important-forward-looking-statement-information. We do not undertake to update our forward-looking statements. NON-GAAP FINANCIAL MEASURES We sometimes use information derived from consolidated financial data but not presented in our financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP). Certain of these data are considered “non-GAAP financial measures” under the U.S. Securities and Exchange Commission rules. These non-GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP measure. The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures are included in the CEO letter supplemental information package posted to the investor relations section of our website at www.ge.com. Cover: The GE9X engine hanging on a test stand at our Peebles Test Operation facility in Ohio. Here we test how the engine’s high-pressure turbine nozzles and shrouds, composed of a new lightweight and ultra-strong material called ceramic matrix composites (CMCs), are resistant to the engine’s white-hot air.
    [Show full text]
  • A Great Deal More Change Coming… Interview with CP's Hunter Harrison
    Winter / Hiver 2012 A great deal more change coming… Interview with CP’s New Lab will Tackle Railway Geographical Hunter Harrison Challenges 2012 Safety Awards VIA Transformation Paying Off Offi cial Publication of the Railway Association of Canada / Publication offi cielle de l’Association des chemins de fer du Canada Same name, better service This is a different railway than it once was. As part of the global supply chain, we’re helping We’re providing better service than ever before, customers become more competitive with rapid, delivering products to market faster with consistent reliable rail. Visit us online to learn more. transit times. cpr.ca 613474_Canadian.indd 1 01/11/12 4:16 PM 607818_CNCanadian.indd 1 9/28/12 3:21:50 PM the digital standard – TRUSTED by Class 1 Railways in North America Advanced features, extended coverage, strong security and 12.5 / 6.25 kHz compatibility are just some of the benefits of adopting NEXEDGE® for advanced digital communications. Call today and ask about the NXDN® Series of reliable mobiles and portables, ready for today and into tomorrow. 1-800-775-0148 ext.320 Scan with your smart phone. ADS#36612 600021_Kenwood.indd 1 8/10/12 9:06:14 AM Chairman: Claude Mongeau President and CEO: Michael Bourque Vice-President, Public and Corporate Affairs: Bruce Burrows Vice-President, Operations and Regulatory Affairs: Mike Lowenger Director, Finance and Administration, and Treasurer: Don Dickson Art Direction and Design Lead: Ivan Novotny (Taylor|Sprules) contents Editor-in-chief: Paul Goyette, Director, Public Affairs and Communications 10 A Great Deal More Change Coming: Published for Interview with Canadian Pacifi c’s Hunter Harrison The Railway Association of Canada 99 Bank Street, Suite 901 20 New Lab will Tackle Canadian Railway Geographical Ottawa, ON K1P 6B9 Challenges Phone: 613.567.8591 Fax: 613.567.6726 24 CN Adds New Terminal and Launches New Maintenance and www.railcan.ca Training Facilities Interchange is published four times a year by 33 A Short Line is More than the Sum of its Tracks Naylor (Canada), Inc.
    [Show full text]
  • AUCTION COMPLETE RAILCAR RENOVATION & REPAIR FACILITY Including: Ultra Late Model JBI Painting Facilities and Railcar Shot Blasting System; 2002 Grove 15 T
    AUCTION COMPLETE RAILCAR RENOVATION & REPAIR FACILITY Including: Ultra Late Model JBI Painting Facilities and Railcar Shot Blasting System; 2002 Grove 15 T. Carry Deck Crane; Heavy Fabricating Equipment; Late Model Welding Machines; (2) Kone Overhead Bridge Cranes, New 2004; Late Model Rough Terrain and Cushion Tire Forklifts; Air Compressors; Large Quantity of Hand and Power Tools; Material Handling Equipment; Much, Much More! At the Premises of RAILROAD REPAIR FACILITY FKA GE CAPITAL RAIL SERVICES 2801 Northcutt Street TEXARKANA ARKANSAS 71854 (See Directions on Back Page) 2001 WEDNESDAY DECEMBER 15 RAILCAR BLAST BOOTH PREP AREA JBI DOWNDRAFT PAINT BOOTH 1O:00 A.M. INSPECTION: Tuesday, December 14, A 10% BUYER’S PREMIUM WILL APPLY 9:00 A.M. to 4:00 P.M. & Morning of Sale 2002 2004 VIEW OF (2) KONE 20 T. X 58' SPAN OVERHEAD BRIDGE CRANES GROVE 15 T. CARRY DECK CRANE Read Terms and Conditions on Back Page of Brochure Sale Conducted By: In Conjunction With: PLANT & MACHINERY INC. AUCTIONEERS•APPRAISERS•LIQUIDATORS•REAL ESTATE 2901 W. Sam Houston Pkwy. N., Suite A-130, Houston, TX 77043 PHONE: (713) 691-4401 FAX: (713) 672-7905 E-MAIL: [email protected] • WEBSITE: www.pmi-auction.com 77 East Palatine Road • Prospect Heights (Chicago), IL 60070 Phone: 312-280-1234 • Fax: 312-280-1266 Bob Braman, AR Lic.#1349 • Ron Moore, AR Lic.#1348 2001 AUCTION At the Premises of RAILROAD REPAIR FACILITY FKA GE CAPITAL RAIL SERVICES 2801 Northcutt Street TEXARKANA, ARKANSAS 71854 (See Directions on Back Page) WEDNESDAY, DECEMBER 15 • 1O:00 A.M. 2001 INSPECTION: Tuesday, December 14, 9:00 A.M.
    [Show full text]
  • Determination of Mergernotification M/14/032
    DETERMINATION OF MERGER NOTIFICATION M/14/032 - GE / MILESTONE Section 21 of the Competition Act 2002 Proposed acquisition of Milestone Aviation Group Limited by GE Capital Aviation Funding Dated 12 December 2014 Introduction 1. On 7 November 2014, in accordance with section 18(1) of the Competition Act 2002, as amended 1 (“the Act”), the Competition and Consumer Protection Commission (“Commission”) received a notification of a proposed transaction whereby General Electric Company (“GE”), through its wholly-owned indirect subsidiary GE Capital Aviation Funding ("GECAF"), would acquire all the issued shares in Milestone Aviation Group Limited (“Milestone”) and all of its subsidiaries. The Undertakings Involved The Acquirer – GE 2. GE is a global, diversified technology and services public company incorporated in the United States. GE is divided into a number of business units, each of which has its own divisions. Its primary business units include: GE Energy Management, GE Power & Water, GE Oil & Gas, GE Healthcare, GE Aviation, GE Transportation, GE Capital and GE Home & Business Solutions. 3. GE is active globally in the following sectors: aircraft engines, consumer products, specialty materials, power systems, industrial systems, medical systems, plastics, broadcasting, financial services and transportation systems. 4. Most of GE’s main business segments operate within the State. In particular, GE manufactures wind turbines and healthcare products, carries out much of GE’s airplane leasing operations and has its GE Capital European headquarters within the State. 5. For the financial year ending 31 December 2013, GE had a worldwide turnover of €[…] billion and a turnover in the State of €[…] million. 2 1 It should be noted that the Competition and Consumer Protection Act 2014 made a number of important amendments to the merger review regime set out in the Competition Act 2002.
    [Show full text]
  • Per 10CFR72.80(B)
    GE Nuclear Energy Morris Operation General Electric Company 7555 E. Collins Rd., Morris, IL 60450 815 942-5590 Fx: 815 942-5631 GE Nuclear Energy April 3, 2000 Mr. Carl A. Paperiello, Director Office of Nuclear Materials Safety and Safeguards U.S. Nuclear Regulatory Commission Mail Station TWFN8A23 Washington, DC 20555 Dear Mr. Paperiello: Per 1OCFR72.80(b), enclosed is your copy of GE's Annual Report If we can be any further assistance, please give me a call at (815) 942-5590 ex. 74. Sin erely, Ron K Wright Radiation Safety Specialist Enclosures: (1) /115Sj Pn§§24i2JD,C firolo Financial Highlights General Electric Company and consolidated affiliates (Dollar amounts in millions; per-share amounts in dollars) RUM 1998 1997 Revenues $111,630 $100,469 $90,840 Net earnings 10,717 9,296 8,203 Dividends declared 4,786 4,081 3,535 Per share Net earnings 3.22 2.80 2.46 Dividends declared 1.46 1.25 1.08 GE ongoing operating margin rate (a) 17.8% 16.7% 15.7% (a) "Ongoing operating margin" here and elsewhere inthis report excludes unusual charges in 1999 and 1997. Contents 1 Letter to Share Owners 8 Introduction to GE Businesses 10 Business Reports 27 Community Service 28 Board of Directors 30 Management 33 Financial Section 77 Corporate Information This entire Annual Report is printed on recycled paper. To Our Share Owners, Customers and Employees The final year of the century was our finest, as 340,000 GE people around the globe posted the strongest results in the Company's 122-year history.
    [Show full text]
  • Differences Between Commercial and Corporate Aircraft Finance
    DIFFERENCES BETWEEN COMMERCIAL AND CORPORATE AIRCRAFT FINANCE Mark Bisset 23 September 2011 The world’s Global Aviation Law Firm of the Year by Who’s Who premier aviation Legal for the past 7 years (2005-2011). law firm Law Firm of the Year 2011 (Legal Business Awards). Over 150 dedicated aviation lawyers, including finance, litigation, insurance & regulatory specialists. Over 1,400 staff based in 25 offices around the world, including in China: INTRODUCTION What are the financing requirements? Who is in the market? Structuring a business jets transaction What are the terms? WHAT ARE THE FINANCING REQUIREMENTS? BUSINESS JETS FINANCING Business jets 11,167 REQUIREMENTS Jetliners/regional jets 585 2011-2020 Business turboprops 3,153 _________ TOTAL 14,905 ========= Value $296 bn CHINA – c.100 aircraft in service “A permanent shift in favour of more expensive models” Source: Teal Group DELIVERIES BY TYPE, 2011-2020 Cessna 3,567 Embraer 2,227 Bombardier 1,579 Gulfstream 1,284 Dassault 1,261 Hawker 1,040 Airbus 141 Boeing 86 Others 539 HOW MANY DELIVERIES ARE PAID IN CASH? “Almost 90 per cent” (V-ref aircraft price guide) “85% of customers at the top half of the market” [$25m + range] (Teal group) “75% (Bank of America) 2006-7 20 – 30% cash COMMERCIAL AIRCRAFT Single aisle 17,870 FINANCING REQUIREMENTS Twin aisle 6,240 Very large 1,740 2009-2029 _________ TOTAL 25,850 ========= Value $3.2 trillion CHINA – 1,386 in service aircraft; backlog of 565 REGIONAL DEMAND BUSINESS JETS 2011-2015 North America Europe Latin America Asia Africa/ME
    [Show full text]
  • General Electric Company Snapshot Taken 08/18/2015
    General Electric Company Snapshot Taken 08/18/2015 Copyright © 2015 LexisNexis, a division of Reed Elsevier Inc. All Rights reserved CorporateAffiliations.com LexisNexis® Corporate Affiliations Page 1 Family Tree General Electric Company(Fairfield, CT) GE Industrial Solutions(Plainville, CT) GE Appliances(Louisville, KY) Advanced Services, Inc.(Memphis, TN) GE Appliances Caribbean & Co.(Carolina, PR) Roper Corporation(La Fayette, GA) GE Intelligent Platforms, Inc.(Charlottesville, VA) GE Intelligent Platforms, Inc. - Huntsville(Huntsville, AL) GE Lighting, LLC(Cleveland, OH) GE Lighting, LLC - Lexington Plant(Lexington, KY) GE Lighting Ltd.(Enfield, United Kingdom) GE Sensing & Inspection Technologies(Billerica, MA) GE Inspection Technologies(Lewistown, PA) GE Sensing(Anasco, PR) GE Thermometrics Saint Marys(Saint Marys, PA) GE Sensing(Houston, TX) GE Inspection Technologies, GmbH(Hurth, Germany) GE Thermometrics Mexico, S.A. de C.V.(Tijuana, Mexico) GE Thermometrics UK(Taunton, United Kingdom) Rheonik Messgerate GmbH(Munich, Germany) GE Sensing Ltd.(Leicester, United Kingdom) GE Sensing(Shannon, Ireland) GE Sensing-Protimeter(Pforzheim, Germany) GE Zenith Controls(Chicago, IL) GE Canada Company(Mississauga, Canada) GE Multilin(Markham, Canada) GE (USA) Controls Pte. Ltd.(Singapore, Singapore) Fuji Electric Fa Taiwan(Taipei, Taiwan) Fuji/GE Private Ltd.(Singapore, Singapore) GE Technology Infrastructure(Wilton, CT) GE Aviation Systems LLC(Cincinnati, OH) GE Engine Services, Inc.(Cincinnati, OH) GE Aviation Materials LP(Grand Prairie,
    [Show full text]
  • GE Annual Report 2001
    GE Annual Report 2001 click to begin > Table of Contents 1 Letter to Our Share Owners, Customers and Employees 7 GE Values 8 People, Performance, Possibilities 16 GE at a Glance 22 GE Businesses 36 Board of Directors 38 Corporate Management 39 Operating Management 41 Financial Section 93 Corporate Information Financial Highlights Consolidated revenues Earnings per share before Cumulative cash flows accounting changes since 1994 (In billions) (In dollars) (In billions) $132 $1.44 1.41 $90 125.9 84.9 110 1.20 75 88 .96 60 53.8 66 .72 45 44 .48 30 21.8 22 .24 15 97 98 99 00 01 97 98 99 00 01 97 98 99 00 01 Cash flows from operating activities Dividends paid Shares repurchased since program authorized in 1994 < home > To Our Share Owners, Customers and Employees: 2001 was a challenging but successful year for our Company. We were tested by one of the most brutal global economies in decades, as well as by the impact of the tragedy of September 11. But the GE business model works. Our people responded remarkably to these challenges, allowing GE’s earnings to outperform the S&P 500 by the widest margin in 25 years. We have much to be proud of. Earnings grew 11% to $14.1billion – a record. Earnings per share also increased 11% while average earnings for the S&P 500 declined by more than 20%. Revenues were $125.9 billion, down 3% on a reported basis over 2000 but up 4% on a comparable basis. Industrial revenues grew 6%.
    [Show full text]
  • Comshare 1966
    Report to the Computer History Museum on the Information Technology Corporate Histories Project Time‐Sharing Sector Comshare Company Details Name: Comshare Sector: Time-Sharing Description Comshare was founded in February, 1966 in Ann Arbor, MI by Richard (Rick) Crandall and Bob Guise to commercialize the time-sharing operating system technology for SDS computers being developed at U.C. Berkeley. Guise undertook the responsibility of running the company while Crandall went to California to work with Tymshare, SDS, and U.C. Berkeley on a joint project to develop the time- sharing operating system, a copy of which was then given to each of the four partner organizations in August, 1966. In November 1968, Comshare became one of the first software/services companies to go public. In August 1970, Guise exited the company and Crandall was appointed CEO. Comshare successfully further developed and marketed time-sharing services well into the 1980s. However, in the late 1970s, as computing power became less expensive, many of Comshare’s customers wanted to be able to run the applications they were buying as a service from Comshare on their own in-house computers. Anticipating the decline of the time-sharing market, Crandall undertook the process of changing Comshare’s business model from time-sharing services to software products enabling another growth spurt for Comshare which continued to successfully market software products until its sale to GEAC in 2003. Facilitators Luanne Johnson Statistics Contributors (0), Events (21), Stories (0), Documents
    [Show full text]
  • GE Annual Report for 2000
    General Electric Company Bulk Rate Fairfield, Connecticut 06431 U.S. Postage www.ge.com Paid General Electric Company e GE Annual Report GeneralCompany Electric 2000 2000 Annual Report Annual 2000 Corporate Information Corporate Headquarters Form 10-K and Other Reports General Electric Company The financial information in this report, in the opinion of manage- 3135 Easton Turnpike ment, substantially conforms with information required in the “10-K GE Values All of us…always with unyielding integrity… Fairfield, CT 06431 Report” to be submitted to the Securities and Exchange Commission (203) 373-2211 (SEC) by the end of March 2001. However, the 10-K Report also contains certain supplemental information and it can be viewed, ▪ Are passionately focused on driving ▪ Create a clear, simple, customer- Annual Meeting without exhibits, on the Internet at www.ge.com/investor/sec.htm. customer success centered vision…and continually General Electric Company’s 2001 Annual Meeting of Share Owners Copies also are available, without charge, from GE Corporate will be held on Wednesday, April 25, at the Atlanta Civic Center in renew and refresh its execution Investor Communications, 3135 Easton Turnpike, Fairfield, CT 06431. ▪ Live Six Sigma Quality…ensure that the Atlanta, Georgia. GE Capital Services and GE Capital Corporation file Form customer is always its first beneficiary… ▪ Create an environment of “stretch,” Share Owner Services 10-K Reports with the SEC, and these can also be viewed at and use it to accelerate growth excitement, informality and trust… To transfer securities, write to GE Share Owner Services, www.ge.com/investor/sec.htm. reward improvements …and c/o The Bank of New York, P.O.
    [Show full text]
  • What Companies Are Members?
    Traffic Club of Chicago Member Companies as of 9/17/2018 3MD Relocation Services A&R Logistics ABL Logistics Group, LLC Acme Transportation Co. Advanced Resources AECOM Aim Transfer & Storage LLC Air Canada Aljex Software All Aboard Florida AllGreen Group Alliance Shippers Inc. AllTranstek, LLC Alpek Polyester (DAK Americas LLC) Alpha Technical Services American Airlines Cargo American Railcar Industries, Inc. America's Best Value Inn's Amstan Logistics Anacostia Rail Holdings Company APL Logistics Arrow Material Services ASLRRA Association of American Railroads Avatar Corporation Badger Mining Corporation Bank of America Merrill Lynch Basic Crating Inc. BDG International, Inc. Bear Cartage & Intermodal, Inc Behr & Associates Belt Railway Company of Chicago Benesch Friedlander Coplan & Aronoff LLP Blackbear Group BMO Harris Bank BNSF Railway Bominx Transport/Landstar Boyd Brothers Transportation Bulkmatic Transport Business to Business Communications C K Industries, Inc C L Services, Inc. C&K Trucking LLC C. F. Lynch & Associates C.H. Robinson CAI International, Inc. CAI Rail Canada Steamship Lines Canadian Pacific Railway Canal Barge Co Canpotex Carboline Cargolux Airlines International Cathcart Rail Holdings CBSL Transportation Services CDM Software Solutions, Inc. Celtic Cartage Celtic International Celtic Marine Corp Central Grocers, Inc. Central Truck Leasing CF Rail Services LLC. CG Railway, LLC Challenger Chicago Freight Car Leasing Co. Chicago Rockford International Airport Chicago South Shore and South Bend Railroad Chicago Southland Economic Development Corporation Chicago, Fort Wayne & Eastern Railroad Chicago-Caribbean-School-Initiative ( C.C.S.I. Circle Logistics, Inc. CIT Group CIT Rail City Colleges of Chicago CJ Solutions Group Clark Freight Lines Clientek Clutch Global Logistics, Inc. CN CN Transportation Ltd (CNTL) COFC Logistics, LLC COFCO International Compass Land Group Compass Lease, LLC Consolidated Chassis Management, LLC ContainerPort Group, Inc.
    [Show full text]
  • GE Annual Report 1999 Financial Highlights
    e GE Annual Report 1999 Financial Highlights General Electric Company and consolidated affiliates (Dollar amounts in millions; per-share amounts in dollars) 1999 1998 1997 Revenues $111,630 $ 100,469 $ 90,840 Net earnings 10,717 9,296 8,203 Dividends declared 4,786 4,081 3,535 Per share Net earnings 3.22 2.80 2.46 Dividends declared 1.46 1.25 1.08 GE ongoing operating margin rate (a) 17.8% 16.7% 15.7% (a) “Ongoing operating margin” here and elsewhere in this report excludes unusual charges in 1999 and 1997. Contents 1 Letter to Share Owners 8 Introduction to GE Businesses 10 Business Reports 27 Community Service 28 Board of Directors 30 Management 33 Financial Section 77 Corporate Information This entire Annual Report is printed on recycled paper. To Our Share Owners, Customers and Employees The final year of the century was our finest, as 340,000 GE people around the globe posted the strongest results in the Company’s 122-year history. ▪ Revenues rose 11% to $112 billion, a record. ▪ Earnings increased 15% to $10.7 billion, the first time GE has broken the $10 billion mark in earnings from operations. ▪ Earnings per share were up 15%. ▪ Free cash flow was a strong $11.8 billion, up 17%. Chairman and Chief Executive Officer John F. Welch, Jr. (center) ▪ Our ongoing operating margin rate grew to 17.8%, and Vice Chairmen and Executive Officers John D. Opie (left) and Dennis D. Dammerman (right) form GE’s Corporate Executive Office. a gain of more than a full point from ’98 and the third straight year of more than a full point improvement.
    [Show full text]