2011 Annual Report
2 Letter to Shareowners 10 Business Overview 29 Board of Directors 31 Financial Section 142 Corporate Information
(In $ billions) 2007 170 NBCU 155 2008 180 163 154 139 150 133 2009 2010
ﬁnancial and strategic highlights
22% increase in Operating EPS excluding impact of the preferred stock redemption, and 20% rise in Operating earnings.
RECORD INDUSTRIAL BACKLOG
Record equipment and service orders drove the backlog to a record of $200 billion.
GE ex NBCU
EARNINGS ATTRIBUTABLE TO GE
(In $ billions) 2007 22.3 NBCU 20.4 17.8 15.9 GE ex NBCU 10.8 9.5 2008 2009 2010
GE had $85 billion of cash and equivalents at year-end 2011.
GE announced two dividend increases in 2011 following two increases in 2010: a total 70% increase over the two years.
CASH FLOW FROM OPERATING ACTIVITIES (CFOA)
(In $ billions) 2007 23.3 GECS Dividend 16.0 Industrial CFOA 19.1 16.4 16.8 14.7 2008 2009 2010
International sales of Americanmade products totaled $18 billion in 2011, a $1 billion increase from 2010.
GE’s global growth initiative helped drive 18% growth in industrial international revenue.
GE continued its strong research and development investment with total spending at 6% of industrial revenue.
GE has announced the creation of 13,000 jobs in the United States since 2009.
ON THE COVER Wellington Pereira dos Santos Operator II GE’s Wellstream facility in Niterói, Brazil, is a leading producer of high-quality ﬂ exible pipe equipment for the Brazilian offshore drilling market, part of a $500 million expansion of operations in the country.
Note: Financial results from continuing operations unless otherwise noted.
At GE, we put our ideas to work. Taking them off the paper, out of the lab and into the world. Engineers, scientists, teachers, leaders and doers, all sharing a belief that things can be made to work better. It’s why we come to work every day. To build, power, move and cure the world. We are at work making the world work better.
Pictured, left to right: Jeffrey R. Immelt Chairman of the Board and Chief Executive Ofﬁcer John Krenicki, Jr. Vice Chairman, GE and President & Chief Executive Ofﬁcer, Energy Infrastructure Keith S. Sherin Vice Chairman, GE and Chief Financial Ofﬁcer Michael A. Neal Vice Chairman, GE and Chairman & Chief Executive Ofﬁcer, GE Capital Corp. John G. Rice Vice Chairman, GE and President & Chief Executive Ofﬁcer, Global Growth & Operations
GE 2011 ANNUAL REPORT
THE GE WORKS EQUATION
We look at what the world needs
A belief in a better way
A relentless drive to invent and build things that matter
A world that works better
LETTER TO SHAREOWNERS
Culture is the foundation for any successful enterprise, and ours inspires our people to improve every day. It is why GE Works. It starts by being “mission-based.” We have a relentless drive to invent things that matter: innovations that build, power, move and help cure the world. We make things that very few in the world can, but that everyone needs. This is a source of pride. To our employees and customers, it deﬁnes GE.
We build on this mission with a belief in a better way. We are constantly learning and driving best practices. We invest to train our people and develop leaders. We learn from customers, competitors, peers and each other. Because we know we can get better, we are never afraid. Competition is in our blood. GE is a “We Company,” not a “Me Company.” We want people who listen more than they talk. We want leaders who build teams. Bob Santamoor represents labor; he is the Chairman of the IUE-CWA GE Aerospace Conference Board. We have worked...