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GE Works GE 2012 Annual Report Annual 2012 GE General Electric Company Fairfield, Connecticut 06828 www.ge.com GE Works GE 2012 Annual Report 2012 Annual Report 3.EPC055148101A.103 “ Last year we set focused execution goals for GE: double-digit industrial earnings growth; margin expansion; restarting CITIZENSHIP AT GE the GE Capital dividend to the parent; reducing the size of IN 2012, WE GE Capital; and balanced capital allocation. We achieved all As a 130-year-old ~ 2^]caXQdcTS\^aTcWP]!!\X[[X^]c^R^\\d]XcXTbP]S technology company, nonprofit organizations. of our goals for the year.” GE has proven its ~ ;Pd]RWTS abc^UPZX]S_a^VaP\bcWPcQaX]VcWT[PcTbc JEFF IMMELT, CHAIRMAN AND CEO breast cancer technologies to women. sustainability. Working Healthymagination and Susan G. Komen for the Cure have to solve some of the partnered to bring the latest breast cancer technologies to world’s biggest challenges, more women, by encouraging women to be screened through targeted programs in the U.S., China and Saudi Arabia. Citizenship is in the ~ 6T]TaPcTS! QX[[X^]X]aTeT]dTUa^\^daTR^\PVX]PcX^] products we make, how product portfolio. we make them, and in the difference we make 2012 PERFORMANCE in communities around GE’s newest Evolution Series GE is one of the largest locomotive prototype (pictured) employers in the U.S. and the world. reduces emissions by more than the world, with 134,000 70% compared with 2005 engines, U.S. employees and www.gecitizenship.com saving railroad customers more 305,000 employees globally, CONSOLIDATED REVENUES GE SCORECARD (In $ billions) than $1.5 billion in infrastructure as of the end of 2012. 2012 RESULTS 2008 2009 2010 2011 2012 and operational costs. Industrial Segment Earnings Growth +10% 180 154 150 147 147 Industrial Operating Earnings % of Total 55% Cash from GE Capital $6.4 billion Industrial Segment Organic Revenue Growth +8% Margin Growth +30 bps, 15.1% 64XbR^]bXbcT]c[haP]ZTSPb^]T^UcWTf^a[S{b[TPSX]VR^a_^aPcX^]b) Cash Returned to Investors $12.4 billion Returns on Total Capital 11.7% OPERATING EARNINGS (In $ billions) 20082009 2010 2011 2012 RELATIVE PERFORMANCE 16.9 16.1 INDUSTRIAL VS. 20 PEERS GE PEERS QUARTILE 14.9 12.4 Organic Growth (%) 8 3 1st 9.9 BLOOMBERG Margin (%) 15.1 11.5 2nd BARRON’S FORBES BUSINESSWEEK ETHISPHERE FORTUNE Returns (%) 15.5 10.3 2nd World’s Most World’s Most Best Companies World’s Most World’s Most Respected Companies Innovative Companies for Leadership Ethical Companies Admired Companies REGIONAL MONEY GE CAPITAL VS. BANKS GE BANKS CENTER BANKS Tier 1 Common Ratio—Basel 3¹ (%) 8.8 8.1 8.7 CASH FLOW FROM OPERATING ACTIVITIES (CFOA) Liquidity Coverage Ratio² (%) 296 61 116 GE and the New York Stock Exchange have been partners for more than 120 years and share (In $ billions) a commitment to innovation. GE is a proud partner of NYSE Big StartUp, an initiative that Net Interest Margin³ (%) 4.9 3.7 2.9 2008 2009 2010 2011 2012 includes Corporate Connections, a unique technology-matching platform designed to connect 19.1 companies like ours with innovative young companies and entrepreneurs in the U.S. To learn 17.8 ¹ GECC is not currently subject to minimum regulatory capital requirements. This U.S. Basel 3 estimate is based on 16.4 GECC’s current understanding of the Standardized Approach as issued in a Notice of Proposed rulemaking by more, visit nysebigstartup.com 14.7 U.S. federal banking agencies in 2012. This estimate may evolve over time as U.S. Basel 3 rules and their applicability 12.1 to GECC are finalized. Peer data is based on publicly available information incorporating either U.S. Basel 3 standardized or U.S. advanced approaches. ² Financial data as of 3Q 2012. GECC information; Peer comparisons using assumptions based on December 2010 The paper used in this report was supplied by participants of Visit our interactive online annual report guidance and publicly available company data. It does not reflect the revised guidance issued in January 2013. the Responsible Initiative Programs. The majority of the power GECC elevated due to 4Q 2012 maturities; 4Q 2012 LCR estimate 211%. utilized to manufacture this paper was renewable energy, at www.ge.com/annualreport ³ GECC includes operating lease income (net of depreciation) and excludes retailer payments, cash and the legacy produced with GE’s wind and biogas technologies, and powered Thanks to the customers, partners and GE employees insurance business. by GE steam engines and turbine engines. who appear in this annual report for contributing their Note: Financial results from continuing operations unless otherwise noted. time and support. ON THE COVER Top left: Shelli Wilding and George Crichton, GE Oil & Gas. Top right: Juana Hoskins, GE Healthcare. Bottom right: Phan Ngoc. Đang, GE Power & Water. Bottom left: GE Aviation jet engine testing facility, Peebles, Ohio PICTURED: Dr. Tianhong Zhang, GE Power & Water Addison Design by www.addison.com Printing by Cenveo A REAL OPPORTUNITY FOR CHANGE IS HERE, and change will come through a relentless focus on performance and productivity. GE has made strategic decisions in key areas that will drive growth in the Company and create better outcomes for our customers and the world. PICTURED (left to right): Jeffrey R. Immelt Brackett B. Denniston III* Susan Peters* John F. Lynch* Beth Comstock Chairman of the Board and Senior Vice President and Vice President, Senior Vice President, Senior Vice President and Chief Executive Officer General Counsel Executive Development Human Resources Chief Marketing Officer and Chief Learning Officer Michael A. Neal John G. Rice* Vice Chairman, GE, Keith S. Sherin Vice Chairman, GE and and Chairman and Vice Chairman, GE and President and Chief Chief Executive Officer, Chief Financial Officer Executive Officer, Global GE Capital Growth & Operations *Seated GE 2012 ANNUAL REPORT 1 THE GE WORKS EQUATION We look at A belief A relentless A world what the × in a better + drive to invent = that works world needs way and build things better that matter PICTURED: Leonardo Nogueira de Oliveira (left) and Wellington Pereira dos Santos (right), GE Oil & Gas LETTER TO SHAREOWNERS GE WORKS At GE, we look forward with confidence. That is because we can shape some of the big growth drivers in any era. Last fall, we hosted a conference Today, we are at a $3 billion annual teams with great people outperform in Silicon Valley to launch what we run rate, and that could double in the individuals. That is why GE Works. call the Industrial Internet, an open, next few years. GE could have “$1 bil- global network that connects people, lion Franchises” in Nigeria, South The global economy for 2012 was data and machines. It’s about mak- Africa, Mozambique and Angola. We within our planning scenario, but short ing infrastructure more intelligent are investing in capability and people. of our hopes. Maybe the best news— and advancing the industries critical There are very few American compa- believe it or not—was Europe. It didn’t to the world we live in. We believe it’s nies in the region. But we could sell implode! The U.S. is improving, driven about the future of industry—energy, more gas turbines in Africa than in the mainly by housing and the consumer, healthcare, transportation, manufac- U.S. in the next few years. but capital investment remains slug- turing. It’s about making the world gish. As a result, the U.S. continued work better. A GE annual report has never fully its weakest recovery since the 1930s. featured software and Africa. Today, China slowed as it went through a At the conference, we put a GEnx we feel they are essential and we political transition. Because of a weak engine on the stage. People posed can lead. Our ability to create our macro environment, we were able to for pictures with the engine; they own future is why GE can win in lower input costs, and that had a posi- marveled at the technology and its any environment. tive impact on our margins. sheer size. It was a reminder of two things. First, few companies can do It starts with a culture—the foundation We expect 2013 to be another “typi- what GE does; the scale we operate on for any successful enterprise—a cal year” in the Reset Era. We remain and our decades of investment are a culture that inspires our people to confident in the economic strength of competitive advantage. Second, in an improve every day. Our team is mission- the emerging markets. We are encour- uncertain economy, long-term growth based: We build, move, power and aged by renewed growth and reform and competitiveness require the end- cure the world. We believe in a better in China, which has a positive impact less pursuit of innovative productivity. way: We constantly learn from our on other big resource-rich regions like customers, our competition and each Africa, Latin America and the Middle Similarly, I recently returned from other. We seek solutions for our cus- East. At the same time, we are in Sub-Saharan Africa, a region that was tomers and society. And we are a unprecedented fiscal territory in the “off the radar” when I became CEO. “We Company.” We know that strong GE 2012 ANNUAL REPORT 3 LETTER TO SHAREOWNERS U.S. and Europe, which will keep a limit on growth in the short term. A PORTFOLIO THAT PLAYS TO STRENGTH The major source of volatility in corpo- rate planning is the U.S., something I never thought I would see. We would all like to believe that the U.S. will con- tinue at a steady rate of 3%–4% GDP growth, as we saw in the 30 years PREMIER Strength before the global financial crisis.
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