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GE Annual Report for 2000

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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. Box 11002, New York, NY Information on the GE Fund, GE’s philanthropic foundation, can ▪ Insist on excellence and are intolerant celebrate results 10286-1002. be viewed at www.ge.com/community/fund.html. of bureaucracy For share owner inquiries, including enrollment information Internet Address Information ▪ Demonstrate…always with infectious and a prospectus for the Direct Purchase and Reinvestment Plan, ▪ Act in a boundaryless fashion…always Visit us online at www.ge.com for more information about GE and enthusiasm for the customer…the “GE Stock Direct,”write to GE Share Owner Services, c/o The search for and apply the best ideas Bank of New York, P.O. Box 11402, New York, NY 10286-1402; or its products and services. “4-E’s” of GE leadership: the personal The 2000 GE Annual Report is available online at regardless of their source call (800) 786-2543 (800-STOCK-GE) or (908) 769-9619; or send an Energy to welcome and deal with the e-mail to [email protected]. www.ge.com/annual00. For detailed news and information ▪ Prize global intellectual capital and the speed of change…the ability to create For Internet access to general share owner information and regarding our key business initiatives, including Globalization, Services, Six Sigma and e-Business, please visit our Press Room people that provide it …build diverse an atmosphere that Energizes others… certain forms, including transfer instructions or stock power, visit the Web site at www.stockbny.com/ge. online at www.ge.com/news. teams to maximize it the Edge to make difficult decisions… Product Information and the ability to consistently Execute Stock Exchange Information ▪ See change for the growth opportunities In the United States, GE common stock is listed on the New York For information about GE consumer products and services, call it brings…e.g., “e-Business” Stock Exchange (its principal market) and the Boston Stock the GE Answer Center service at (800) 626-2000 or (502) 423-7710. Exchange. It also is listed on certain non-U.S. exchanges, You may also visit us at www.geappliances.com. For information including The Stock Exchange, London. about the varied financial products and services offered by GE Capital, call (800) 243-2222 or (203) 357-3301. You may also visit Trading and Dividend Information us at www.gecapital.com. Common Stock Market Price Dividends Cassette Recordings Financial General Electric Company and consolidated affiliates (In dollars) High Low declared For an audiocassette version of this report, write to Target Mail, Highlights 2000 705 Corporations Park, Scotia, NY 12302; or call (518) 385-1075; or Fourth quarter $ 59.94 $ 47.19 $ .16 send an e-mail to [email protected]. 2 (Dollar amounts in millions; per-share amounts in dollars) 2000 1999 1998 Third quarter 60.50 49.50 .13 ⁄3 Second quarter 55.98 47.69 .132⁄3 Corporate Ombudsperson Revenues $129,853 $111,630 $100,469 First quarter 54.96 41.67 .132⁄3 To report concerns related to compliance with the law, GE Net earnings 12,735 10,717 9,296 policies or government contracting requirements, contact the 1999 Dividends declared 5,647 4,786 4,081 GE Corporate Ombudsperson, P.O. Box 911, Fairfield, CT 06430. Fourth quarter $ 53.17 $ 38.21 $ .132⁄3 Per share Telephone: (800) 227-5003 or (203) 373-2603. Third quarter 40.83 34.19 .112⁄3 Net earnings 1.27 1.07 0.93 2 Second quarter 39.15 33.27 .11 ⁄3 ©2001 General Electric Company Printed in U.S.A. 2 2 Dividends declared 0.57 0.48 ⁄3 0.41 ⁄3 First quarter 38.06 31.42 .112⁄3 GE ongoing operating margin rate (a) 18.9% 17.8% 16.7% Note: Unless otherwise indicated by the context, the terms “GE,” “General Electric” The per-share amounts and share data have been adjusted and “Company” are used on the basis of consolidation described on page 56. GE and Per-share amounts have been adjusted to reflect the 3-for-1 stock split effective on April 27, 2000. to reflect the 3-for-1 stock split effective on April 27, 2000. e are registered trademarks of General Electric Company; NBC and are regis- tered trademarks of National Broadcasting Company, Inc.; MSNBC is a trademark of (a) “Ongoing operating margin” here and elsewhere in this report excludes unusual charges in 2000 and 1999. As of December 31, 2000, there were about 616,000 share MSNBC Cable, L.L.C.; ®, ™ and æ indicate registered and unregistered trade and owner accounts of record. service marks, respectively. Caution Concerning Forward-Looking Statements: This document includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in global economic, business, competitive market and regulatory factors. More detailed information about This entire Annual Report is printed on recycled paper. those factors is contained in GE’s filings with the Securities and Exchange Commission. 77 To Our Customers, Share Owners and Employees 2000 was a memorable year for GE: ▪ Revenues rose 16% to $129.9 billion—a record. ▪ Net income rose 19% to a record $12.7 billion, with It was a year of record-breaking business 15 of GE’s top 20 businesses posting double-digit earnings increases. performance; a year that saw the proposal ▪ Earnings per share increased 19%. to acquire and integrate the businesses ▪ Cash generated from our operations was a record $15.4 billion—up 31%, or $3.6 billion from 1999. of Honeywell; and a year that began the ▪ Ongoing operating margin—a key metric of business transition to a new leadership team. performance—rose to nearly 19%—this from a Company that struggled for 111 years to reach 10%. ▪ The Company made over 100 acquisitions for the fourth consecutive year and moved quickly to acquire Honeywell, whose businesses are a perfect complementary fit with our Aircraft Engines, Industrial Systems and Plastics businesses. Honeywell share owners approved the merger in January, and GE and Honeywell are working with regulatory agencies to close the transaction as early as possible in 2001. We expect the acquired Honeywell businesses to give us double-digit earnings- per-share accretion and, within two years, add one to two percentage points to GE’s bottom-line growth rate. ▪ In 2000, GE continued its share repurchase program, raised the dividend 17% and split the stock 3 for 1. ▪ Our stock price was down 7% but outperformed the S&P 500, which was down 10%. This is not the kind of “outperformance” we’ve been proud to report in past years— particularly after posting the best operating results in the history of the Company. Still, share owners who have held our stock for five years, including 2000, have been rewarded with an average 34% total annual return on their investment. Those who have held it for a decade, 29%; two decades, a 23% total annual return. ▪ Substantial progress was made in 2000 in further diversifying GE’s leadership. 26% of the Company’s top 3,900 executives are now women and minorities, and over $30 billion of our 2000 revenues were generated by business operations led by female and minority operating managers. ▪ GE continued to be the world’s most honored company—awarded for the fourth straight year Fortune’s “Most Admired Company in America,” as well as, for the third time, “The World’s Most Respected Company,” by the Financial Times. 1 We write this in a year of transition to a new team, pany will generate over $1.5 billion in operating margin and we would like to use this occasion to reflect on what improvements in 2001. GE is today: why it works, the values and beliefs it is built The initiatives are playing a critical role in changing upon and how they will serve to take us to the even better GE, but the most significant change in GE has been its days that we know lie ahead for our Company.
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