General Electric (GE) 2015年年度报告「NYSE」.pdf

1、DIGITAL INDUSTRIALGE 2015 Annual ReportGEs Global New Directions TeamCEO Jeff Immelt s culture advisory group made up of promising GE employees from around the worldCover:Krista Carroll,GE AviationWe act.We learn.We get better.We insist on being more than we are today.Some companies are retreating;w

2、e are moving forward to become the Digital Industrial.JEFF IMMELT 2016 GOALS Operating EPS:$1.451.55(Industrial+Verticals)Organic growth of 24%Core margin expansion Corporate$2.02.2B Alstom$0.05;Appliances gain$0.20 Restructuring=gains FX impact$(0.02)at todays rates High-teens Industrial tax rate F

3、ree Cash Flow+Dispositions:$2932B CFOA of$3032B;$18B Capital dividend Dispositions of$34B Net P&E of$4B Cash Returned to Investors:$26B Dividend of$8B Buyback of$18B123HOW WE PERFORMED AGAINST OUR 2015 OPERATING GOALS Target Actual Year-over-yearOperating Earnings Per Share1Industrial$1.101.20$1.14

4、19%GE Capital Verticals$0.15$0.17 6%Operating Profit Margins1,2Industrial(incl.Corporate)3 +15.3%110bpsGE Capital Exit PlanAsset sales(Ending Net Investment excluding liquidity)$90B$104B N/ACashFree cash flow+dispositions1$1215B$15.2B 23%Cash returned to investors$1030B$33.0B$22B1.Non-GAAP Financial

5、 Measure.See Financial Measures That Supplement U.S.Generally Accepted Accounting Principles Measures(Non-GAAP Financial Measures)on page 95.2.Excluding Alstom.3.Excluding restructuring and other&gains.JEFFREY R.IMMELT Chairman of the Board and Chief Executive OfficerJEFFREY S.BORNSTEIN Senior Vice

6、President and Chief Financial OfficerBETH COMSTOCK Vice ChairBILL RUH Senior Vice President and Chief Digital OfficerVIC ABATE Senior Vice President and Chief Technology OfficerKEITH S.SHERIN Vice Chairman,GE,and Chairman and Chief Executive Officer,GE CapitalJOHN G.RICE Vice Chairman and CEO,Global