FAIRFIELD, Conn. -- March 9, 2012-- GE [NYSE: GE] today announced that its 2011 annual report entitled "GE Works" is now available on the Company's website at www.ge.com/ar2011.
"Culture is the foundation for any successful enterprise," GE Chairman and CEO Jeff Immelt writes in his letter to shareholders. "GE is a 'We Company', not a 'Me Company'."
"We deliver results. That is the ultimate output of a strong culture. Over the next few years, our performance will accelerate. We aim to reward investors by delivering a more valuable company and returning cash."
"GE's Operating EPS growth was 22% last year," he writes. "We bought back preferred shares of stock we issued during the financial crisis and increased our dividend twice."
"Over the next few years, thanks to NBCU monetization, dividends from GE Capital and solid growth, we expect to have about $30 billion in available cash," Immelt writes. "This will provide us with an opportunity to reward investors while protecting us against a volatile economy."
"Today, GE has a stronger portfolio, large-scale competitive advantage, product and technology leadership, and strength in the growth markets."
"This year, we expect to have organic growth of 5 to 10% with expanding margins. GE Capital is smaller and focused on specialty finance, particularly in mid-market segments. We expect GE Capital's earnings rebound to continue in 2012. Together, this portfolio is built to grow earnings and return cash to investors."
In concluding his letter to shareowners, Immelt writes: "GE Works. For investors, this means solid earnings growth and a solid dividend foundation. For employees, it means a belief in a better way, a relentless drive to invent and build things that matter. For customers, it means more profitable solutions. And for society, GE will help create a world that works better."
Distribution of printed annual reports and proxy statements begins next week in preparation for GE's annual shareowners meeting on Wednesday, April 25, 2012, in Detroit, Michigan. The report was printed with four different cover designs, representing the many ways GE works to build, power, move and cure the world.
The digital version of the 2011 GE Annual Report, like the print edition, focuses on GE works, featuring stories of how the Company's employees and products are at work solving tough problems. It also features video commentary from Jeff Immelt sharing his view of what GE works means for investors, employees, customers and society. A letter from the GE Board of Director's Presiding Director, Ralph Larsen, on GE works and how the theme fits with the Board's governing philosophy and why the Board believes it provides an important business-building advantage is also available online and in the print edition.
GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.
Caution Concerning Forward-Looking Statements:
This document contains "forward-looking statements" -- that is, statements related to future, not past, 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, particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include: current economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices and the value of financial assets; potential market disruptions or other impacts arising in the United States or Europe from developments in the European sovereign debt situation; the impact of conditions in the financial and credit markets on the availability and cost of General Electric Capital Corporation's (GECC) funding and on our ability to reduce GECC's asset levels as planned; the impact of conditions in the housing market and unemployment rates on the level of commercial and consumer credit defaults; changes in Japanese consumer behavior that may affect our estimates of liability for excess interest refund claims (Grey Zone); 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 adequacy of our cash flow and earnings and other conditions which may affect our ability to pay our quarterly dividend at the planned level; our ability to convert customer wins (which represent pre-order commitments) into orders; the level of demand and financial performance of the major industries we serve, including, without limitation, air and rail transportation, energy generation, real estate and healthcare; the impact of regulation and regulatory, investigative and legal proceedings and legal compliance risks, including the impact of financial services regulation; strategic actions, including acquisitions, joint ventures and dispositions and our success in completing announced transactions and integrating acquired businesses; the impact of potential information technology or data security breaches; and numerous other matters of national, regional and global scale, including those of a political, economic, business and competitive nature. These uncertainties may cause 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.
Trevor Schauenberg, 203.373.2424 (office)
Kenny Juarez, 203.373.3061 (office); 917.324.3922 (mobile)