General Electric Co (GE US) - Adjusted

In Millions of USD except Per Share FY 2012 FY 2013 FY 2014 FY 2015

12 Months Ending 12/31/2012 12/31/2013 12/31/2014 12/31/2015
Revenue 144,121.0 110,137.0 116,406.0 115,158.0
+ Sales & Services Revenue 100,149.0 100,542.0 106,758.0 105,808.0
+ Financing Revenue 43,972.0 9,595.0 9,648.0 9,350.0
- Cost of Revenue 88,763.0 84,523.0 87,872.0 87,599.0
+ Cost of Goods & Services 77,167.0 77,041.0 80,961.0 79,882.0
+ Cost of Financing Revenue 11,596.0 2,021.0 1,638.0 2,301.0
+ Research & Development — 5,461.0 5,273.0 5,416.0
Gross Profit 55,358.0 25,614.0 28,534.0 27,559.0
+ Other Operating Income 0.0 0.0 778.0 2,227.0
- Operating Expenses 38,953.0 17,478.7 15,863.0 18,369.5
+ Selling, General & Admin — 17,945.0 16,848.0 17,831.0
+ Research & Development — — 0.0 —
+ Prov For Doubtful Accts 3,832.0 — — —
+ Other Operating Expense 35,121.0 -466.3 -985.0 538.5
Operating Income (Loss) 16,405.0 8,135.3 13,449.0 11,416.5
- Non-Operating (Income) Loss -1,732.0 -941.8 1,173.0 1,161.9
+ Interest Expense, Net 1,239.0 1,312.0 1,579.0 1,706.0
+ Interest Expense 1,353.0 1,333.0 1,579.0 1,706.0
- Interest Income 114.0 21.0 0.0 0.0
+ Foreign Exch (Gain) Loss 0.0 0.0 0.0 0.0
+ (Income) Loss from Affiliates 0.0 — 0.0 —
+ Other Non-Op (Income) Loss -2,971.0 -2,253.8 -406.0 -544.1
Pretax Income (Loss), Adjusted 18,137.0 9,077.1 12,276.0 10,254.6
- Abnormal Losses (Gains) 756.0 -22.9 2,013.0 2,068.6
+ Merger/Acquisition Expense — — — —
+ Disposal of Assets 178.0 -867.7 — -90.0
+ Early Extinguishment of Debt — — — 0.1
+ Asset Write-Down 242.0 — — 1,258.5
+ Impairment of Goodwill — — — —
+ Gain/Loss on Sale/Acquisition of Busin -274.0 — -91.0 -623.0
+ Legal Settlement 630.0 — — -450.0
+ Restructuring — 1,992.0 1,788.0 1,734.0
+ Sale of Investments — -1,269.2 4.0 —
+ Unrealized Investments -20.0 -48.0 — —
+ Insurance Settlement — — — —
+ Other Abnormal Items — 170.0 312.0 239.0
Pretax Income (Loss), GAAP 17,381.0 9,100.0 10,263.0 8,186.0
- Income Tax Expense (Benefit) 2,534.0 1,219.0 773.0 6,485.0
+ Current Income Tax 3,686.0 4,708.0 1,913.0 6,416.0
+ Deferred Income Tax -1,152.0 -3,575.0 -721.0 371.0
 + Tax Allowance/Credit 0.0 86.0 -419.0 -302.0
Income (Loss) from Cont Ops 14,847.0 7,881.0 9,490.0 1,701.0
- Net Extraordinary Losses (Gains) 983.0 -5,475.0 -5,855.0 7,495.0
+ Discontinued Operations 983.0 -5,475.0 -5,855.0 7,495.0
+ XO & Accounting Changes 0.0 0.0 0.0 0.0
Income (Loss) Incl. MI 13,864.0 13,356.0 15,345.0 -5,794.0
- Minority Interest 223.0 299.0 112.0 332.0
Net Income, GAAP 13,641.0 13,057.0 15,233.0 -6,126.0
- Preferred Dividends 0.0 0.0 0.0 18.0
- Other Adjustments 0.0 0.0 0.0 0.0
Net Income Avail to Common, GAAP 13,641.0 13,057.0 15,233.0 -6,144.0

Net Income Avail to Common, Adj 15,128.8 7,567.1 10,686.5 8,436.5

Net Abnormal Losses (Gains) 504.8 -14.9 1,308.5 7,085.5
Net Extraordinary Losses (Gains) 983.0 -5,475.0 -5,855.0 7,495.0

Basic Weighted Avg Shares 10,523.0 10,222.0 10,045.0 9,944.0

Basic EPS, GAAP 1.29 1.28 1.51 -0.62
Basic EPS from Cont Ops 1.39 0.74 0.95 0.14
Basic EPS from Cont Ops, Adjusted 1.44 0.74 1.08 0.85

Diluted Weighted Avg Shares 10,564.0 10,289.0 10,123.0 10,016.0

Diluted EPS, GAAP 1.29 1.27 1.50 -0.62
Diluted EPS from Cont Ops 1.38 0.74 0.94 0.13
Diluted EPS from Cont Ops, Adjusted 1.43 0.74 1.07 0.84

Reference Items
Accounting Standard US GAAP US GAAP US GAAP US GAAP
EBITDA 25,597.0 13,337.3 18,402.0 16,263.5
EBITDA Margin (T12M) 17.76 12.11 15.81 14.12
EBITA 22,502.0 9,421.3 15,835.0 13,682.5
EBIT 16,405.0 8,135.3 13,449.0 11,416.5
Gross Margin 38.41 23.26 24.51 23.93
Operating Margin 11.38 7.39 11.55 9.91
Profit Margin 10.50 6.87 9.18 7.34
Sales per Employee 472,527.87 — 381,659.02 345,819.82
Dividends per Share 0.70 0.79 0.89 0.92
Total Cash Common Dividends 7,372.0 8,060.0 8,948.0 9,161.0
Capitalized Interest Expense 25.0 29.0 25.0 26.0
Depreciation Expense 3,095.0 3,916.0 2,567.0 2,581.0
Rental Expense 2,270.0 1,513.0 1,256.0 1,196.0
Source: Bloomberg
 FY 2016 FY 2017 FY 2018 Last 12M FY 2019 Est FY 2020 Est
12/31/2016 12/31/2017 12/31/2018 12/31/2018 12/31/2019 12/31/2020
119,687.0 120,468.0 121,615.0 121,616.0 116,706.2 111,283.7
110,390.0 113,192.0 113,543.0 113,544.0
9,297.0 7,276.0 8,072.0 8,072.0
94,070.0 107,247.0 98,443.0 99,956.0
84,800.0 98,502.0 95,461.0 95,463.0
3,790.0 3,145.0 2,982.0 4,493.0
5,480.0 5,600.0 —
25,617.0 13,221.0 23,172.0 21,660.0 29,604.9 30,379.3
561.0 1,073.0 0.0 0.0
15,748.0 1,958.0 19,262.0 19,261.0
18,377.0 18,280.0 18,111.0 18,112.0
— — —
— — —
-2,629.0 -16,322.0 1,151.0 1,149.0
10,430.0 12,336.0 3,910.0 2,399.0 10,464.1 11,345.2
1,235.0 1,725.0 -2,946.0 -3,774.0
2,026.0 2,753.0 —
2,026.0 2,753.0 2,708.0 2,708.0
0.0 0.0 —
0.0 0.0 0.0
— — —
-791.0 -1,028.0 -5,654.0 -6,482.0
9,195.0 10,611.0 6,856.0 6,173.0 6,689.5 7,942.0
165.0 19,402.0 26,990.0 26,307.0
— — —
— — —
— — —
— 2,740.0 —
— 215.0 22,136.0 23,297.0
-3,444.0 -552.0 —
— — —
— 679.0 3,440.0 3,441.0
— — —
— — —
— 9,480.0 —
3,609.0 6,840.0 1,414.0 1,040.0
9,030.0 -8,791.0 -20,134.0 -20,134.0 6,689.5 7,942.0
-464.0 -3,044.0 583.0 583.0
-916.0 1,462.0 —
485.0 -4,731.0 —
 -33.0 225.0 —
9,494.0 -5,747.0 -20,717.0 -20,717.0 4,765.7 5,957.9
954.0 309.0 1,726.0 1,727.0
954.0 309.0 1,726.0 1,727.0
0.0 0.0 0.0 0.0
8,540.0 -6,056.0 -22,443.0 -22,444.0
-291.0 -270.0 -88.0 -89.0
8,831.0 -5,786.0 -22,355.0 -22,355.0 4,765.7 5,957.9
656.0 436.0 447.0 448.0
0.0 0.0 0.0 0.0
8,175.0 -6,222.0 -22,802.0 -22,803.0 4,765.7 5,957.9

10,032.3 10,255.6 5,664.0 5,094.0 5,722.9 6,671.2

903.3 16,168.6 26,740.0 26,170.0
954.0 309.0 1,726.0 1,727.0

9,025.0 8,687.0 8,691.0 8,700.0

0.90 -0.72 -2.62 -2.62 0.51 0.56
1.01 -0.68 -2.43 -2.43 0.51 0.56
1.11 1.18 0.65 0.59 0.72 0.81

9,130.0 8,687.0 8,691.0 8,701.0

0.89 -0.72 -2.62 -2.62 0.51 0.56
1.00 -0.68 -2.43 -2.43 0.51 0.56
1.10 1.18 0.65 0.58 0.72 0.81

US GAAP US GAAP US GAAP

15,427.0 17,475.0 — 13,431.9 15,223.3
12.89 14.51 — 10.84 11.51 13.68
12,661.0 14,526.0 —
10,430.0 12,336.0 3,910.0 2,399.0 10,464.1 11,345.2
21.40 10.97 19.05 17.81 25.37 27.30
8.71 10.24 3.22 1.97 8.97 10.19
8.93 8.88 5.02 4.56 4.90 5.99
405,718.64 384,881.79 —
0.93 0.84 0.37 0.37 0.04 0.04
9,054.0 7,741.0 3,215.7 3,214.8
35.0 42.0 —
2,766.0 2,949.0 —
1,651.0 1,746.0 —