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Ge 2013 Annual Report 1 Letter to Shareowners

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Ge 2013 Annual Report 1 Letter to Shareowners Progress GE Works 20132013 AnnualAnnual ReportReport ON THE COVER: Shana Sands, GE Power & Water, Greenville, South Carolina. Turbine is destined for Djelfa, Algeria. PICTURED: Lyman Jerome, GE Aviation Focusing our best capabilities on what matters most to our investors, employees, customers and the world’s progress. PICTURED, PAGE 1 Back row (left to right): JOHN G. RICE KEITH S. SHERIN SUSAN P. PETERS Vice Chairman, GE Vice Chairman, GE Senior Vice President, and Chairman and Human Resources MARK M. LITTLE Chief Executive Officer, Senior Vice President and JEFFREY S. BORNSTEIN GE Capital Chief Technology Officer Senior Vice President and Front row (left to right): Chief Financial Officer JEFFREY R. IMMELT Chairman of the Board and JAMIE S. MILLER BETH COMSTOCK Chief Executive Officer Senior Vice President and Senior Vice President and Chief Information Officer Chief Marketing Officer DANIEL C. HEINTZELMAN Vice Chairman, Enterprise BRACKETT B. DENNISTON III NOT PICTURED: John L. Risk and Operations Senior Vice President and Flannery, Senior Vice President, General Counsel Business Development 2013 PERFORMANCE CONSOLIDATED SEGMENT OPERATING EARNINGS GE CFOA REVENUES (In $ billions) PROFIT (In $ billions) PER SHARE (In $ billions) 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 $154 $149 $147 $147 $146 CAPITAL 5149 48 45 44 $24.5 $1.64 $17.8 $17.4* $22.8 $1.51 $16.4 $20.5 $1.30 $14.7 $17.2 $1.13 NBCU 15 17 6 2 2 $15.7 $12.1 $0.91 INDUSTRIAL 88 83 93 100 100 *Excludes NBCUniversal deal-related taxes GE Scorecard Industrial Segment Profi t Growth 5% Return on Total Capital 11.3% Cash from GE Capital $6B GE Capital Tier 1 Common Ratio 11.2% Margin Growth 60bps GE Year-End Market Capitalization $282B, +$64B Cash Returned to Investors $18.2B GE Rank by Market Capitalization #6 GE 2013 ANNUAL REPORT 1 LETTER TO SHAREOWNERS MAKING PROGRESS GE has stayed competitive for more than a century—not because we are perfect—but because we make progress. Progress is about getting better, being better, doing better; this is why GE people get up every day. We are mission- based. GE technology and people move, power, build and cure the world. As investors, you can expect us to listen, learn, adapt and change. You should expect us to get better every day, to make progress. The diffi cult part about progress reliability for our customers. And, engine line-up. After the 9/11 tragedy, is that great results take time. But, to further performance, it is based the commercial aviation industry the pay-back can be huge. Last on a GE invention: a new material was in full crisis. Instead of panicking, November, we received $40 billion called ceramic matrix composite. we increased our investment in the of engine wins at the Dubai Air This material retains its strength at business and our customers. This Show — in two days. These commit- 2200°F — 500°F higher than metal — has created trust and loyalty for GE ments were for revolutionary new at one-third the weight. that is unmatched. In 2008, during products that have come to market Our wins in Dubai came primarily the depth of the fi nancial crisis, we in the past few years. They are based from three customers: Emirates, substantially increased our invest- on big bet technologies, years in Etihad and Qatar Airways. None of us ment in commercial engine R&D. the making and delivered ahead of grew up at GE with them as custom- Because we made the right bets, we the competition. ers. Each has emerged as a global have the best products at the right Leading these results was the GE9X, leader in the past decade. And, we time, securing decades of leader- which is the sole-source engine for the have built an excellent relationship ship for your Company. The desire to Boeing 777X. This plane is 20% more with them based on solid operational compete and win runs deep across fuel effi cient than the one it replaced, performance and mutual trust. The the Company. saving airlines $11 million per airplane combination of superior technol- GE’s ability to innovate is particularly per year. The GE engine drives ogy and strong relationships is the crucial in the slow-growth and volatile 50% of this improvement based on essence of competitiveness and economy we live in today. Frequently innovative new technology in com- allowed GE to win virtually all of I tell investors that if we ever see a U.S. pressors and combustors. This new the commitments at the show. economy like the ones we had in the engine — the largest and most fuel Winning takes bold commitments, ’90s, GE will have earnings upside. effi cient in the world — has only 16 fan a dedicated team and resilience. While we don’t expect that soon, there blades, down from 22 in its prede- There were at least two “moments of are signs that the U.S. economy is cessor. This achieves effi ciency and truth” as we invested in our new getting a little better each day. 2 GE 2013 ANNUAL REPORT PICTURED: Jacob Wood, GE Power & Water THETHE GGEE WWORKSORKS EQUATIONEQUATION WeWe looklook atat A beliefbelief A rrelentlesselentless A worldworld wwhathat tthehe × iinn a bbetteretter + ddriverive ttoo iinventnvent = tthathat wworksorks wworldorld nneedseeds wwayay aandnd bbuilduild tthingshings bbetteretter tthathat mmatteratter GE 2013 ANNUAL REPORT 3 LETTER TO SHAREOWNERS Meanwhile, Europe has stabilized; like immigration and regulatory Infrastructure is essential. Countries while its expansion is anemic, the “daily reform, there is less disruption. And, must invest in infrastructure to com- crises” have been eliminated. And, we have the fi nancial strength to make pete and create jobs. For instance, there are pockets in the region that progress on our own. Africa has a 100 gigawatt defi cit in are robust for GE like Germany, the We are positive about the future. We electricity. Only by investing in power Nordic region and Central Europe. have positioned GE to capitalize on generation can it sustain growth. We still see opportunities in emerg- the growth themes of the era. We are Fortunately, Africa is surrounded by ing markets. China is one important investing to lead in the new technol- some of the world’s largest reserves engine of growth. China has mas- ogies that will drive effi ciency for the of oil and gas. Converting “gas to sive fi nancial strength, and we see Company and our customers. We are power” is its infrastructure challenge. its reform efforts as a positive. GE improving our speed and lowering Only GE can provide complete solu- has a major role in helping China our cost. We plan to deliver a valuable tions to solve its electricity problem. solve its healthcare, clean energy fi nancial performance. We are mak- In Africa, we are a productivity partner. and transportation challenges. In ing progress. As a result, we are growing 30% the resource-rich countries, our annually there. prospects are bright despite a more GE has a unique advantage volatile macro-situation. GE provides We Are the World’s Most because of our depth and breadth. the capability for these countries to Competitive Infrastructure Customers value our technical depth. industrialize through our technol- Company Our products are the heart of our ogy and localization efforts. That is customers’ operations. GE’s high- Investment in infrastructure is expected why our growth is accelerating in performance locomotive improves to reach $60 trillion by 2030. Success regions like the Middle East, Russia profi tability and safety at a railroad. requires technology, services and and Africa despite social and politi- And, our unique breadth makes GE execution delivered at scale across a cal unrest. a desirable partner. In Russia, we massive global footprint. With more are investing across fi ve business The world is complicated. But, through than $100 billion in revenue and nearly segments. We are building local the fog of the last fi ve years, I would 16% margins, we are the largest capability to deliver local solutions. take the 2014 economy any day. The and most profi table infrastructure GE is one of the largest multination- recovery is slow, but there are no company in the world. Our goal als in the country. major headwinds. While governments is for infrastructure earnings to be are not addressing major challenges 70% of GE’s total. GE9X ENABLING TECHNOLOGIES % % Versus Fuel 2200 -300ER 1100 Burn Lower Airplane Engine Only FUEL BURN CONTRIBUTION FAN BLADES COMPRESSOR COMBUSTOR CERAMIC-MATRIX COMPOSITES (CMCs) % 16 27:129NOx 20% Blades Pressure Ratio Regulatory Less Cooling Margin GE9X commitments to date: $25B 4 GE 2013 ANNUAL REPORT We have a set of enterprise initiatives that capitalize on our scale and ability to spread ideas horizontally across TOTAL BACKLOG GROWTH GE. These initiatives are customized In 2013, our backlog of goods and services for infrastructure and allow us to lead grew to its highest ever, driven by strong $244B in both share and margins. We invest customer demand around the world. more than $10 billion each year to reinforce this leadership. $200B GE wins with technology. We $175B invest 5%–6% of revenue back into new products every year. Technology $158B creates competitive advantage and margins. We spread ideas through our Global Research Center with $110B six locations around the world. Our products must be both innovative and economical. I ran our Healthcare business in the late ’90s, and we sold three types of MR scanners; today we 2005 2007 2009 2011 2013 sell many more with differentiated customer benefi ts.
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