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GECC Prez

GECC Prez

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Published by zerohedge

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Published by: zerohedge on Mar 19, 2009
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10/17/2011

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GE Capital investor meeting agenda
OpeningGE Capital OverviewFunding & LiquidityPortfolio & Risk ManagementBusiness Reviews & Stress Testing
Real Estate
Commercial Lending & Leasing
GECAS 
U.S. Consumer 
Mortgage
European Banks
BreakOperations UpdateFinancial UpdateGE Capital Summary & OutlookClosingQ&AKeithSherinGE Vice Chairman & CFOMike Neal –GE Vice Chairman & GECC CEOKathy Cassidy –GE TreasurerJim Colica –GECC Chief Risk Officer
Ron Pressman, Stewart Koenigsberg & Jayne Day Dan Henson & WilliamBrasser Henry Hubschman & Anne Kennelly-Kraky MarkBegor& RayDugginsMarkBegor& RayDugginsDmitri Stockton & Denis Hall
LunchBill Cary –GECC COOJeff Bornstein –GECC CFOMike Neal –GE Vice Chairman & GECC CEOKeith Sherin –GE Vice Chairman & CFO
 
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GE CapitalInvestor Meeting
Caution Concerning Forward-Looking Statements:
"Results are preliminary and unaudited. This document contains“forward-looking statements”-that is, statements related to future, notpast, events. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as“expect,” “anticipate,” “intend,” “plan,” believe,” “seek,” “see,” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, particularuncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include: the severity and duration of currenteconomic andfinancial conditions, including volatility in interest and exchange rates, commodity and equity prices and the value of financial assets; the impact of U.S. and foreign government programs torestore liquidity and stimulate national and global economies; the impact of conditions in the financial and credit markets on the availability and cost of GE Capital’s funding and on our ability toreduce GE Capital’s asset levels and commercial paper exposure as planned; the impact of conditions in the housing market and unemployment rates on the level of commercial and consumercredit defaults; our ability to maintain our current credit rating and the impact on our funding costs and competitive position if we do not do so; the soundness of other financial institutions withwhich GE Capital does business; the adequacy of our cash flow and earnings and other conditions which may affect our ability to maintain our quarterly dividend at the current level; the level of demand and financial performance of the major industries we serve, including, without limitation, air and rail transportation, energy generation, network television, real estate and healthcare;the impact of regulation and regulatory, investigative and legalproceedings and legal compliance risks; strategic actions, including acquisitions and dispositions and our success in integratingacquired businesses; and numerous other matters of national, regional and global scale, including those of a political, economic, business and competitive nature. These uncertainties maycause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.“This document may also contain non-GAAP financial information. Management uses this information in its internal analysis of results and believes that this information may be informative toinvestors in gauging the quality of our financial performance, identifying trends in our results and providing meaningful period-to-period comparisons. For a reconciliation of non-GAAPmeasures presented in this document, see the accompanying supplemental information posted to the investor relations section of our website at www.ge.com.”“In this document, “GE” refers to the Industrial businesses of the Company including GECS on an equity basis. “GE (ex. GECS)” and/or “Industrial” refer to GE excluding Financial Services.”
March 19, 2009
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Key messages
Running GE to be safe and secure over the long term
Liquidity position is extremely strong
Completed 93% of our 2009 planned long term funding
Have sufficient capital and alternatives to weather adverseeconomic conditions
Running GE with intensity
Resizing our cost footprint in a meaningful way
Management team is focused on delivering cash
Continuing to invest/position company for long term growth
We expect GE Capital will be profitable in 1Q’09 and 2009
We are committed to GE Capital
GE will come out of this cycle a stronger, morefocused and competitively advantaged company
 
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GE: safe & secure
Infused equity intoGE CapitalStrengthened liquidity
~$45B$42BCompletedto dateTY’09E
Reduced dividend …~$9B in annualizedsavings
82¢40¢~4%Dividends/shareYield @ todays price2010200920097:1~6:11Q’09E4Q’08GECC leverage
-a)
’09 long term funding needs4.9%~6.0%1Q’09E4Q’08GECC tangible commonequity/tangible assets$48B1Q’09E4Q’08GE cash
(a-net of cash and equivalents and withclassification of hybrid debt as equity 
223311
~$41B
4
Ratings update
Concluded rating review with S&PDetailed GE Capital updates on liquidity, funding,business model, risk assessment & capital levelsIndustrial assessment (2009/2010) on revenue, margins& cash flow
S&P rated GE & GE Capital at AA+ with a stable outlook:This rating means “very strong capability to meet itsfinancial commitments” and “rating is unlikely to changein next six months to two years”
“The ratings on GE continue to reflect our view of its excellent business risk profile, its significant cash flow and liquidity, itsstrong corporate governance, and management’s commitment tomaintaining a very high credit quality” –S&P, March 12, 2009

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