GE 2009年 業績

1) 基本數據

	每股盈利	每股總資產	ROA	ROE
2003	1.37	64	2.1%	17.4%
2004	1.56	71	2.2%	14.7%
2005	1.72	63	2.7%	16.7%
2006	1.86	66	2.8%	17.2%
2007	2.20	77	2.9%	19.4%
2008	1.78	78	2.3%	17.2%
2009	1.02	73	1.0%	9.0%
平均	1.64	70	2.3%	15.5%

	每股盈利
2008 1Q	0.43
2008 2Q	0.54
2008 3Q	0.45
2008 4Q	0.37
2009 1Q	0.26
2009 2Q	0.26
2009 3Q	0.22
2009 4Q	0.28

2) Segment Result
每股EBIT﹕

	weighted		2009	2008	2007	2006
1.Energy Infrastructure	0.51		0.64	0.60	0.47	0.33
2.Technology Infrastructure	0.77		0.70	0.81	0.77	0.81
3.NBC Universal	0.28		0.21	0.31	0.30	0.28
4.Capital Finance	0.79		0.22	0.85	1.20	0.89
5.Consumer & Industrial	0.07		0.04	0.04	0.10	0.09
6.Eliminations	(0.24)		(0.37)	(0.27)	(0.18)	(0.14)
Total	2.17		1.45	2.34	2.67	2.27

3) Energy Infrastructure Segment
每股EBIT﹕

	weighted		2009	2008	2007	2006
1.Energy	0.43		0.54	0.50	0.38	0.28
2.Oil & Gas	0.09		0.11	0.11	0.08	0.05
Total	0.52		0.66	0.61	0.46	0.33

4) Technology Infrastructure Segment
每股EBIT﹕

	weighted		2009	2008	2007	2006
1.Aviation	0.33		0.37	0.36	0.32	0.27
2.Enterprise Solutions	0.07		0.07	0.07	0.07	0.06
3.Healthcare	0.28		0.23	0.28	0.30	0.30
4.Transportation	0.08		0.04	0.10	0.09	0.07
Total	0.75		0.71	0.81	0.77	0.71

5) Capital Finance Segment
每股EBIT﹕

	weighted		2009	2008	2007	2006
1.Commercial Lending and Leasing	0.20		0.09	0.18	0.37	0.17
2.Consumer	0.31		0.16	0.36	0.42	0.31
3.Real Estate	0.09		(0.14)	0.11	0.22	0.18
4.Energy Financial Services	0.06		0.02	0.08	0.07	0.07
5.GE Commercial Aviation Services	0.11		0.10	0.12	0.12	0.11
Total	0.77		0.22	0.85	1.20	0.84

5) 分析
表現良好的部門﹕

1. Energy Infrastructure﹐ 每股EBIT+8%
   
2. Aviation﹐每股EBIT+3%

衰退厲害的部門﹕

1. Real Estate﹐每股EBIT見紅
2. Energy Financial Services﹐每股EBIT-75%
3. Capital Finance-Consumer﹐每股EBIT-55%
4. Commercial Lending and Leasing﹐每股EBIT-50%

總結﹕

1. 衰退厲害的部門全都是和貸款業務有關。
2. GE的最強部門是Energy ﹑Aviation﹑Healthcare
   

6) 新的業務合同

1. GE agreed to team with the Commercial Aircraft Corporation of China to power China's newest commercial aircraft in development, the C919, and established a joint venture with China Aviation Industry Corporation to develop and market integrated avionics systems.
2. $1.4 billion commitment from Caithness Energy (USA) for what could be the world’s largest wind farm by output。
3. 15-year, $1 billion engine service agreement with Brazilian airline Azul Linhas Aéreas。
4. 100-locomotive order from South Africa's state-owned rail freight logistics utility, Transnet Ltd.
5. $1.3 billion contract to supply equipment and long-term services to help boost Kuwait's electricity production。
6. American Airlines commitment to use the GEnx-1B engine for its expected order of 42 firm
   Boeing 787 aircraft plus 58 options.
   

7) GE Chairman and CEO Jeff Immelt﹕
“Last month, we reviewed a 2010 financial framework that was about flat with 2009,” Immelt
said. “We believe this framework is quite achievable and sets us up for solid growth in 2011
and beyond. Moreover, due to the company’s strong cash position, we will have an
opportunity to keep GE secure and create long-term shareholder value.”