GENERAL ELECTRIC CO

Christabel N.S. Bimpong

Richard Yeboah

Urantugs Tsogtbayar
C CO
 NAME: GENERAL ELECTRIC CO
TICKER SYMBOL: GE
PRIMARY SIC CODE: 9997
STOCK EXCHANGE: 11 New York Stock Exchange
CUSIP: 369604

STATEMENT OF FINANCIAL POSITION

Fiscal Year: 2009 2010 2011
(FYR Ending): (31DEC2009 ) (31DEC2010 ) (31DEC2011 )
ASSETS
Cash & Equivalents 77,853.000 82,563.000 87,424.000
Receivables - Total (Net) 361,923.000 338,725.000 308,786.000
Inventories - Total 15,695.000 15,066.000 18,317.000
Prepaid Expenses .000 1,853.000 1,560.000
Current Assets - Other .000 .000 .000

Current Assets - Total

Plant, Property & Equip (Gross) 113,315.000 110,045.000 108,117.000

Accumulated Depreciation 44,103.000 43,831.000 42,378.000

Plant, Property & Equip (Net) 69,212.000 66,214.000 65,739.000

Investments at Equity 27,084.000 27,754.000 44,052.000

Investments and Advances - Other 87,716.000 76,611.000 76,917.000
Intangibles 77,503.000 74,446.000 84,693.000
Deferred Charges 3,613.000 2,042.000 1,382.000
Assets - Other 61,219.000 65,942.000 28,372.000

TOTAL ASSETS 781,818.000 751,216.000 717,242.000

LIABILITIES
Accounts Payable 50,902.000 43,962.000 46,228.000
Notes Payable 62,765.000 52,326.000 54,920.000
Accrued Expenses
Taxes Payable .000 .000 .000
Debt (Long-Term) Due In One Year 70,289.000 101,532.000 118,905.000
Other Current Liabilities 26,719.000 24,101.000 26,995.000

Total Current Liabilities

Long Term Debt 377,138.000 324,782.000 279,618.000

Deferred Taxes (Balance Sheet) 2,173.000 2,840.000 -131.000
Investment Tax Credit .000 .000 .000
Liabilities - Other 66,696.000 77,475.000 72,573.000
Noncontrolling Interest - Redeemable .000 .000 .000
TOTAL LIABILITIES 446,007.000 405,097.000 352,060.000

SHAREHOLDERS' EQUITY
Preferred Stock .000 .000 .000
Common Stock 702.000 702.000 702.000
Capital Surplus 37,729.000 36,890.000 33,693.000
Retained Earnings (Net Other) 111,098.000 113,282.000 113,812.000
Less: Treasury Stock 32,238.000 31,938.000 31,769.000
Shareholders Equity - Parent 117,291.000 118,936.000 116,438.000
Noncontrolling Interest - Nonredeemable 7,845.000 5,262.000 1,696.000

TOTAL SHAREHOLDERS EQUITY 125,136.000 124,198.000 118,134.000

TOTAL LIABILITIES AND EQUITY 781,818.000 751,216.000 717,242.000

INCOME STATEMENT
Fiscal Year: 2009 2010 2011
(FYR Ending): (31DEC2009 ) (31DEC2010 ) (31DEC2011 )
Sales (Net) 155,777.000 149,060.000 141,547.000
Cost of Goods Sold 66,202.000 62,963.000 60,273.000

Gross Profit 89,575.000 86,097.000 81,274.000

Selling, General, & Admin Expenses 48,732.000 45,295.000 41,467.000

Operating Income Before Depreciation 40,843.000 40,802.000 39,807.000

Depreciation, Depletion, & Amortiz 12,736.000 11,762.000 10,917.000

Operating Income After Depreciation 28,107.000 29,040.000 28,890.000

Interest Expense 18,769.000 15,983.000 14,545.000
Non-Operating Income/Expense 1,006.000 1,151.000 1,358.000
Special Items 4,395.000

Pretax Income 10,344.000 14,208.000 20,098.000

Income Taxes - Total -1,090.000 1,050.000 5,732.000
Minority Interest 216.000 535.000 292.000
Income Before EI&DO 11,218.000 12,623.000 14,074.000
Extraordinary Items .000 .000 .000
Discontinued Operations -193.000 -979.000 77.000

Net Income (Loss) 11,025.000 11,644.000 14,151.000

Income Before EI&DO 11,218.000 12,623.000 14,074.000
Preferred Dividends 300.000 300.000 1,031.000

Available for Common Before EI&DO 10,918.000 12,323.000 13,043.000

Common Stock Equivalents - Savings .000 .000 .000

Adjusted Available for Common 10,918.000 12,323.000 13,043.000

EARNINGS PER SHARE
EPS - Primary, Excluding EI&DO 1.030 1.150 1.230
EPS - Primary, Including EI&DO 1.010 1.060 1.240
EPS - Fully Diluted, Excluding EI&DO 1.030 1.150 1.230
EPS - Fully Diluted, Including EI&DO 1.010 1.060 1.230
COMMON SHARES
Common Shares for Primary EPS Calculation 10,614.000 10,661.000 10,591.000
Common Shares for Fully Diluted EPS Calc. 10,615.000 10,678.000 10,620.000
Common Shares Outstanding at Fiscal Yr End 10,663.075 10,615.376 10,573.017

STATEMENT OF RETAINED EARNINGS

Fiscal Year: 2009 2010 2011
(FYR Ending): (31DEC2009 ) (31DEC2010 ) (31DEC2011 )
Retained Rearnings - Beginning Balance 100,270.000 111,098.000 113,282.000
Net Income 11,025.000 11,644.000 14,151.000
Cash Dividends 8,986.000 4,790.000 6,458.000

Retained Earnings After Dividends 102,309.000 117,952.000 120,975.000

Change - Foreign Currency Translation
Adj. to Long-Term Marketable Securities -435.000 -636.000 -30.000
Other CMP Adj,(Stock Splits/Retirement) -18,666.000 -17,133.000 -24,077.000
Non-Compustat Adjustments (Plug Calculation) 27,455.000 12,463.000 16,914.000

Retained Earnings - Ending Balance 111,098.000 113,282.000 113,812.000

Retroactive Adjustments (Acct'g Chgs) .000 .000 .000

Retained Earnings - After Adjustments 111,098.000 113,282.000 113,812.000

STATEMENT OF CASH FLOWS

Fiscal Year: 2009 2010 2011
(FYR Ending): (31DEC2009 ) (31DEC2010 ) (31DEC2011 )
INDIRECT OPERATING ACTIVITIES
Income Before Extraordinary Items 11,434.000 13,158.000 14,366.000
Depreciation and Amortizations 10,636.000 10,013.000 9,185.000
Extraordinary Items and Disc. Operations -131.000 331.000 758.000
Deferred Taxes -2,705.000 1,046.000 -203.000
Equity in Net Loss (Earnings)
Sale of PPEq and Investments - Loss (Gain) .000 .000 .000
Funds from Operations - Other 1,965.000 11,731.000 11,046.000
Receivables - Decrease (Increase) 3,273.000 -126.000 -466.000
Inventory - Decrease (Increase) 1,101.000 342.000 -1,168.000
Accounts/P and Accrued Liabs - Inc(Dec) -480.000 805.000 1,235.000
Income Taxes - Accrued - Increase(Decrease)
Other Assets and Liabilities - Net Change -500.000 -1,177.000 -1,394.000
Operating Actiities - Net Cash Flow 24,593.000 36,123.000 33,359.000

INVESTING ACTIVITIES
Investments - Increase
Sale of Investments 43,690.000 25,010.000 14,652.000
Short term Investments - Change
Capital Expenditures 8,634.000 9,800.000 12,650.000
Sale of Property Plant and Equipment 6,479.000 7,208.000 5,896.000
Acquisitions 6,130.000 1,212.000 11,202.000
Investing Activities - Other 7,592.000 11,230.000 23,186.000

Investing Activites - Net Cash Flow 42,997.000 32,436.000 19,882.000

FINANCING ACTIVITIES
Sale of Common and Preferred Stock 623.000
Purchase of Common and Preferred Stock 1,263.000 4,756.000
Cash Dividends 8,986.000 4,790.000 6,458.000
Long Term Debt - Issuance 82,959.000 52,245.000 50,595.000
Long Term Debt - Reduction 89,164.000 100,154.000 85,706.000
Current Debt - Changes -25,741.000 -1,228.000 5,951.000
Financing Activities - Other -3,204.000 -6,396.000 -6,489.000

Financing Activities - Net Cash Flow -43,513.000 -61,586.000 -46,863.000

Exchange Rate Effect .000 -333.000 -841.000

Cash and Cash Equivalents - Change 24,077.000 6,640.000 5,537.000

OTHER INFORMATION
Interest Paid - Net< 19,601.000 17,132.000 15,571.000
Income Taxes Paid 2,535.000 2,671.000 2,919.000

ADDITIONAL SCHEDULES
Fiscal Year: 2009 2010 2011
(FYR Ending): (31DEC2009 ) (31DEC2010 ) (31DEC2011 )
Receivables - Trade 336,137.000 319,045.000 290,331.000
Income Tax Refund .000 .000 .000
Receivables - Other - Current 25,786.000 19,680.000 18,455.000

Receivables - Total (Net) 361,923.000 338,725.000 308,786.000

Inventories - Raw Materials

Inventories - Work In Process
Inventories - Finished Goods 4,176.000 4,501.000 5,022.000
Inventories - Other -529.000 -404.000 -450.000

Inventories - Total 15,695.000 15,066.000 18,317.000

LESS: Debt (Long Term) Due In One Year -70,289.000 -101,532.000 -118,905.000
Debt - Convertible Subordinated .000 .000 .000
Debt - Senior Convertible .000 .000 .000
Debt - Subordinated 10,333.000 9,873.000 12,077.000
Debt - Notes 325,210.000 271,760.000 219,130.000
Debt - Debentures 264.000 .000 .000
Debt - Long Term - Other 42,269.000 43,889.000 48,748.000
Debt - Capitalized Lease Obligations .000 .000 .000

Long Term Debt Total 377,138.000 324,782.000 279,618.000

Property, Plant and Equipment (Cost)

Beginning Balance
Capital Expenditures 8,634.000 9,800.000 12,650.000
Retirements
Other Changes

Ending Balance 113,315.000 110,045.000 108,117.000

Accumulated Depreciation on PPE

Beginning Balance
Depreciation Expense
Depletion Expense
Retirements
Other Changes

Ending Balance 44,103.000 43,831.000 42,378.000

Deferred Taxes - Federal -2,423.000 2,099.000 1,529.000

Deferred Taxes - Foreign -1,167.000 -2,076.000
Deferred Taxes - State
Income Taxes - Federal -886.000 -3,253.000 1,032.000
Income Taxes - Foreign 2,416.000 3,258.000 4,657.000
Income Taxes - State
Income Taxes - Other

Income Taxes - Total -1,090.000 1,050.000 5,732.000

Common Shares Reserved For Conversion

Convertible Debt
Preferred Stock
Stock Options
Warrants and Other

Total
 ADDITIONAL DATA
Fiscal Year: 2009 2010 2011
(FYR Ending): (31DEC2009 ) (31DEC2010 ) (31DEC2011 )
Acquisitions - Income Contribution .000 .000
Acquisitions - Sales Contribution .000 .000
Adjustmnet Factor-Cum, Ex-Date 1.000 1.000 1.000
Advertising Expense
Average Short Term Borrowing Rate
Average Short term Borrowing
Common Shareholders (# of) 598.000 578.000 561.000
Common Shares Traded (Calendar Yr) ### 18,172,785,020.000 16,086,382,040.000
Compensating Balance
Convertible Debt and Preferred Stock .000 .000 .000
Debt (Long Term) Maturing Due in 2 Years 67,543.000 83,713.000 43,500.000
Debt (Long Term) Maturing Due in 3 Years 83,343.000 40,037.000 36,577.000
Debt (Long Term) Maturing Due in 4 Years Years 34,584.000 29,643.000 23,485.000
Debt (Long Term) Maturing Due in 5 Years 27,477.000 21,780.000 21,227.000
Debt - Long-Term Debt - Tied to Prime
Debt - Martgages and Other Securities
Debt - Unamortized Debt Discount and Other -938.000 -740.000 -337.000
Dividends (Cash)per Share Ex-Date .610 .460 .610
Dividends (Cash) - Common 6,785.000 5,212.000 7,498.000
Dividends (Cash) - Preferred 300.000 300.000 1,031.000
Employees (# of) 304.000 287.000 301.000
Equity in Earnings - Unconsolidated Subs 781,818.000 751,216.000 717,242.000
Foreign Currency Translation Adj - Bal. Sheet 3,836.000 -86.000 133.000
Foreign Currency Translation Adj - Inc. Stmnt.
Interest Capitalized (in fiscal yr)
Interest Capitalized - Net Income Effect
Interest Expense on Long Term Debt
Investment Tax Credit .000 .000 .000
Labor Related Expenses
LIFO Reserve 529.000 404.000 450.000
Order Backlog 175,000.000 175,400.000 200,200.000
Preferred Stock - Dividends In Arrears .000 .000 .000
Preferred Stock - Liquidation Value .000 .000 .000
Preferred Stock - Redemption Value .000 .000 .000
Present Value - Noncapitalized Leases
Price - Calendar Year Close 15.130 18.290 17.910
Price - Calendar Year High 17.520 19.700 21.650
Price - Calendar Year Low 5.728 13.750 14.020
Price - Fiscal Year Close 15.130 18.290 17.910
Receivables - Estimated Doubtful 8,655.000 8,500.000 6,802.000
Rental Commitments - Minimum Year+1 1,201.000 1,130.000 1,024.000
Rental Commitments - Minimum Year+2 993.000 936.000 782.000
Rental Commitments - Minimum Year+3 852.000 661.000 634.000
Rental Commitments - Minimum Year+4 622.000 509.000 504.000
Rental Commitments - Minimum Year+5 489.000 392.000 430.000
Rental Expense 1,829.000 1,713.000 1,583.000
Rental Income
Research and Development Expense 3,324.000 3,939.000 4,601.000
Tax Loss Carry Forward .000 .000
Treasury Stock ($) - Common 32,238.000 31,938.000 31,769.000
Treasury Stock ($) - Preferred .000 .000 .000
Treasury Stock - # Shares 1,030.758 1,078.465 1,120.824

INPUTS INTO FINANCIAL STATEMENTS AND

MARKET RELATIONS
Fiscal Year: 2009 2010 2011
(FYR Ending): (31DEC2009 ) (31DEC2010 ) (31DEC2011 )
Cash & Equivalents 77,853.000 82,563.000 87,424.000
Receivables - Total (Net) 361,923.000 338,725.000 308,786.000
Inventories - Total 15,695.000 15,066.000 18,317.000
Prepaid Expenses .000 1,853.000 1,560.000
Current Assets - Other .000 .000 .000
Current Assets - Total
Plant, Property & Equip (Gross) 113,315.000 110,045.000 108,117.000
Accumulated Depreciation 44,103.000 43,831.000 42,378.000
Plant, Property & Equip (Net) 69,212.000 66,214.000 65,739.000
Investments at Equity 27,084.000 27,754.000 44,052.000
Investments and Advances - Other 87,716.000 76,611.000 76,917.000
Intangibles 77,503.000 74,446.000 84,693.000
Deferred Charges 3,613.000 2,042.000 1,382.000
Assets - Other 61,219.000 65,942.000 28,372.000
TOTAL ASSETS 781,818.000 751,216.000 717,242.000
Accounts Payable 50,902.000 43,962.000 46,228.000
Notes Payable 62,765.000 52,326.000 54,920.000
Accrued Expenses
Taxes Payable .000 .000 .000
Debt (Long-Term) Due In One Year 70,289.000 101,532.000 118,905.000
Other Current Liabilities 26,719.000 24,101.000 26,995.000
Total Current Liabilities
Long Term Debt 377,138.000 324,782.000 279,618.000
Deferred Taxes (Balance Sheet) 2,173.000 2,840.000 -131.000
Investment Tax Credit .000 .000 .000
Liabilities - Other 66,696.000 77,475.000 72,573.000
TOTAL LIABILITIES 446,007.000 405,097.000 352,060.000
Noncontrolling Interest - Redeemable .000 .000 .000
Preferred Stock .000 .000 .000
Common Stock 702.000 702.000 702.000
Capital Surplus 37,729.000 36,890.000 33,693.000
Retained Earnings (Net Other) 111,098.000 113,282.000 113,812.000
Less: Treasury Stock 32,238.000 31,938.000 31,769.000
Shareholders Equity - Parent 117,291.000 118,936.000 116,438.000
Noncontrolling Interest - Nonredeemable 7,845.000 5,262.000 1,696.000
TOTAL SHAREHOLDERS EQUITY 125,136.000 124,198.000 118,134.000
Sales (Net) 155,777.000 149,060.000 141,547.000
Cost of Goods Sold 66,202.000 62,963.000 60,273.000
Gross Profit 89,575.000 86,097.000 81,274.000
Selling, General, & Admin Expenses 48,732.000 45,295.000 41,467.000
Operating Income Before Depreciation 40,843.000 40,802.000 39,807.000
Depreciation, Depletion, & Amortization 12,736.000 11,762.000 10,917.000
Operating Income After Depreciation 28,107.000 29,040.000 28,890.000
Interest Expense 18,769.000 15,983.000 14,545.000
Non-Operating Income/Expense 1,006.000 1,151.000 1,358.000
Special Items 4,395.000
Pretax Income 10,344.000 14,208.000 20,098.000
Income Taxes - Total -1,090.000 1,050.000 5,732.000
Minority Interest 216.000 535.000 292.000
INCOME BEFORE EI&DO 11,218.000 12,623.000 14,074.000
Extraordinary Items .000 .000 .000
Discontinued Operations -193.000 -979.000 77.000
Net Income (Loss) 11,025.000 11,644.000 14,151.000
Preferred Dividends 300.000 300.000 1,031.000
EPS - Primary - Excluding EI&DO 1.030 1.150 1.230
EPS - Primary - Including EI&DO 1.010 1.060 1.240
EPS - Fully Diluted - Excluding EI&DO 1.030 1.150 1.230
EPS - Fully Diluted - Including EI&DO 1.010 1.060 1.230
SHARES - for Primary EPS Calculation 10,614.000 10,661.000 10,591.000
STATEMENT OF CASH FLOWS
SHARES - for Fully Diluted EPS Calculation 10,615.000 10,678.000 10,620.000
SHARES - Outstanding at Fiscal Year End 10,663.075 10,615.376 10,573.017
Operating Activities - Net Cash Flow 24,593.000 36,123.000 33,359.000
Capital Expenditures 8,634.000 9,800.000 12,650.000
Sale of Property Plant and Equipment 6,479.000 7,208.000 5,896.000
Acquisitions 6,130.000 1,212.000 11,202.000
Investing Activites - Net Cash Flow 42,997.000 32,436.000 19,882.000
Cash Dividends 8,986.000 4,790.000 6,458.000
CASH STATEMENT - SOURCE & USE
Interest Paid - Net 19,601.000 17,132.000 15,571.000
Income Taxes Paid 2,535.000 2,671.000 2,919.000
Funds From Operations - Total
Current Debt - Changes -25,741.000 -1,228.000 5,951.000
Working Capital Changes - Other - Inc(Dec)
Adjustmnet Factor-Cum, Ex-Date 1.000 1.000 1.000
Advertising Expense
Dividends (Cash)per Share Ex-Date .610 .460 .610
Dividends (Cash) - Common 6,785.000 5,212.000 7,498.000
Dividends (Cash) - Preferred 300.000 300.000 1,031.000
Preferred Stock - Liquidation Value .000 .000 .000
Preferred Stock - Redemption Value .000 .000 .000
Price - Calendar Year Close 15.130 18.290 17.910
Price - Fiscal Year Close 15.130 18.290 17.910
Receivables - Estimated Doubtful 8,655.000 8,500.000 6,802.000
Rental Expense 1,829.000 1,713.000 1,583.000
Research and Development Expense 3,324.000 3,939.000 4,601.000
 2012 2013 2014 2015 2016 2017
(31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 )

79,564.000 91,052.000 92,722.000 81,370.000 55,277.000 49,647.000

288,203.000 273,435.000 257,148.000 45,856.000 42,262.000 41,075.000
19,579.000 19,896.000 17,689.000 22,515.000 22,354.000 21,923.000
1,813.000 2,328.000 1,406.000 1,809.000 1,632.000
.000 .000 .000 .000 .000 .000

116,763.000 116,469.000 113,321.000 90,022.000 85,875.000 89,608.000

47,020.000 47,642.000 46,934.000 35,927.000 35,357.000 35,734.000

69,743.000 68,827.000 66,387.000 54,095.000 50,518.000 53,874.000

41,288.000 21,285.000 20,131.000 11,955.000 11,698.000

75,012.000 60,665.000 59,850.000 35,043.000 40,351.000 33,048.000
85,434.000 91,958.000 90,709.000 82,270.000 86,875.000 104,242.000
986.000 896.000 866.000 199.000 .000 .000
23,706.000 26,218.000 41,441.000 157,580.000 54,216.000 74,136.000

685,328.000 656,560.000 648,349.000 492,692.000 365,183.000 377,945.000

41,067.000 40,045.000 40,996.000 36,613.000 35,989.000 48,274.000

52,060.000 38,605.000 31,732.000 7,119.000 7,088.000 8,803.000

.000 .000 .000 .000 .000 .000

87,127.000 78,132.000 87,599.000 43,691.000 23,946.000 15,854.000
27,752.000 28,726.000 27,536.000 41,540.000 36,431.000 38,211.000

274,873.000 266,303.000 245,649.000 147,466.000 105,177.000 109,934.000

-75.000 .000 .000 .000 .000 .000
.000 .000 .000 .000 .000 .000
74,054.000 67,966.000 78,004.000 113,153.000 76,036.000 71,484.000
.000 .000 .000 2,972.000 3,025.000 3,399.000
 348,852.000 334,269.000 323,653.000 263,591.000 184,238.000 184,817.000

.000 .000 .000 6.000 6.000 6.000

702.000 702.000 702.000 702.000 702.000 702.000
33,070.000 32,494.000 32,889.000 37,613.000 37,225.000 37,170.000
123,825.000 139,931.000 137,161.000 123,492.000 120,933.000 111,287.000
34,571.000 42,561.000 42,593.000 63,539.000 83,038.000 84,902.000
123,026.000 130,566.000 128,159.000 98,274.000 75,828.000 64,263.000
5,444.000 6,217.000 8,674.000 1,864.000 1,663.000 17,723.000

128,470.000 136,783.000 136,833.000 100,138.000 77,491.000 81,986.000

685,328.000 656,560.000 648,349.000 492,692.000 365,183.000 377,945.000

2012 2013 2014 2015 2016 2017

(31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 )
144,796.000 141,024.000 146,156.000 115,158.000 119,688.000 120,468.000
66,206.000 68,344.000 72,787.000 78,946.000 79,869.000 84,843.000

78,590.000 72,680.000 73,369.000 36,212.000 39,819.000 35,625.000

40,278.000 39,961.000 38,019.000 19,621.000 19,359.000 17,613.000

38,312.000 32,719.000 35,350.000 16,591.000 20,460.000 18,012.000

10,961.000 11,473.000 11,072.000 6,352.000 6,832.000 7,359.000

27,351.000 21,246.000 24,278.000 10,239.000 13,628.000 10,653.000

12,508.000 10,145.000 9,507.000 3,489.000 5,060.000 4,911.000
2,563.000 2,041.000 2,202.000 1,006.000 596.000 1,101.000
3,009.000 256.000 430.000 -134.000 -15,634.000

17,406.000 16,151.000 17,229.000 8,186.000 9,030.000 -8,791.000

2,504.000 676.000 1,772.000 6,486.000 -464.000 -3,043.000
223.000 298.000 112.000 19.000 -290.000 -277.000
14,679.000 15,177.000 15,345.000 1,681.000 9,784.000 -5,471.000
.000 .000 .000 .000 .000 .000
-1,038.000 -2,117.000 -112.000 -7,808.000 -955.000 -303.000

13,641.000 13,060.000 15,233.000 -6,127.000 8,829.000 -5,774.000

14,679.000 15,177.000 15,345.000 1,681.000 9,784.000 -5,471.000
.000 .000 .000 18.000 656.000 436.000

14,679.000 15,177.000 15,345.000 1,663.000 9,128.000 -5,907.000

.000 -20.000 -21.000 10.000 -10.000 -36.000

14,679.000 15,157.000 15,324.000 1,673.000 9,118.000 -5,943.000

 1.390 1.480 1.530 .170 1.010 -.680
1.290 1.280 1.510 -.620 .900 -.720
1.390 1.470 1.510 .170 1.000 -.680
1.290 1.270 1.500 -.610 .890 -.720

10,523.000 10,222.000 10,045.000 9,944.000 9,025.000 8,687.000

10,564.000 10,289.000 10,123.000 10,016.000 9,130.000 8,687.000
10,405.625 10,060.881 10,057.380 9,379.288 8,742.614 8,680.571

2012 2013 2014 2015 2016 2017

(31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 )
113,812.000 123,825.000 139,931.000 137,161.000 123,492.000 120,933.000
13,641.000 13,060.000 15,233.000 -6,127.000 8,829.000 -5,774.000
7,189.000 7,821.000 8,851.000 9,295.000 8,806.000 8,650.000

120,264.000 129,064.000 146,313.000 121,739.000 123,515.000 106,509.000

677.000 307.000 1,013.000 460.000 674.000 -102.000

-21,319.000 -9,553.000 -16,758.000 -11,490.000 -12,457.000 -9,640.000
24,880.000 20,420.000 7,606.000 13,243.000 9,875.000 14,418.000

123,825.000 139,931.000 137,161.000 123,492.000 120,933.000 111,287.000

.000 .000 .000 .000 .000 .000

123,825.000 139,931.000 137,161.000 123,492.000 120,933.000 111,287.000

2012 2013 2014 2015 2016 2017

(31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 )

14,902.000 15,475.000 15,457.000 1,700.000 9,494.000 -5,748.000

9,346.000 9,762.000 9,283.000 4,847.000 4,997.000 5,139.000
79.000 -458.000 195.000 8,035.000 -6,343.000 -968.000
-1,171.000 -3,295.000 -1,186.000 383.000 814.000 -4,845.000

.000 .000 .000 .000 .000 .000

11,567.000 6,695.000 6,956.000 6,829.000 -12,365.000 13,562.000
-774.000 -485.000 -1,913.000 -52.000 1,514.000 1,551.000
-1,274.000 -1,368.000 -872.000 -314.000 -1,389.000 747.000
-424.000 360.000 305.000 -541.000 1,198.000 -335.000
.000 .000 .000 .000
-920.000 1,893.000 -515.000 -996.000 1,836.000 1,323.000
 31,331.000 28,579.000 27,710.000 19,891.000 -244.000 10,426.000

4,267.000
6,872.000 19,414.000 1,043.000 201.000 805.000

15,126.000 13,458.000 13,727.000 7,309.000 7,199.000 7,371.000

6,200.000 5,883.000 6,262.000 3,020.000 4,424.000 5,746.000
1,456.000 1,642.000 2,639.000 12,027.000 2,271.000 6,087.000
14,812.000 18,920.000 9,341.000 74,761.000 54,047.000 9,229.000

11,302.000 29,117.000 -5,030.000 59,488.000 49,202.000 2,322.000

3,960.000 990.000 2,842.000 .000

4,164.000 9,278.000 1,218.000 1,099.000 21,429.000 2,550.000
7,189.000 7,821.000 8,851.000 9,295.000 8,806.000 8,650.000
65,451.000 47,589.000 50,834.000 13,951.000 1,492.000 14,876.000
103,942.000 61,461.000 53,380.000 47,038.000 58,768.000 25,622.000
-2,231.000 -14,230.000 -6,112.000 -24,460.000 -1,135.000 1,794.000
-2,959.000 -1,362.000 -1,073.000 -8,112.000 -485.000 1,006.000

-51,074.000 -45,573.000 -16,958.000 -76,053.000 -89,131.000 -19,146.000

1,278.000 -795.000 -3,492.000 -3,464.000 -1,146.000 891.000

-7,163.000 11,328.000 2,230.000 -138.000 -41,319.000 -5,507.000

12,717.000 8,690.000 9,560.000 9,558.000 5,779.000 5,049.000

3,237.000 2,487.000 2,955.000 2,486.000 7,469.000 2,436.000

2012 2013 2014 2015 2016 2017

(31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 )
281,070.000 265,013.000 248,053.000 39,074.000 36,318.000 34,774.000
.000 .000 .000 .000 .000 .000
7,133.000 8,422.000 9,095.000 6,782.000 5,944.000 6,301.000

288,203.000 273,435.000 257,148.000 45,856.000 42,262.000 41,075.000

6,099.000 6,794.000 7,176.000 8,265.000 8,798.000 9,650.000

-398.000 -273.000 -62.000 207.000 383.000 516.000

19,579.000 19,896.000 17,689.000 22,515.000 22,354.000 21,923.000

-87,127.000 -78,132.000 -87,599.000 -43,691.000 -23,946.000 -15,854.000
.000 .000 .000 .000 .000 .000
.000 .000 .000 .000 .000 .000
12,251.000 12,283.000 11,889.000 9,881.000 3,723.000 3,121.000
210,609.000 197,401.000 174,574.000 132,094.000 98,526.000 103,479.000
.000 .000 .000 .000 .000 .000
52,133.000 56,748.000 59,231.000 73,022.000 50,101.000 35,413.000
.000 .000 .000 .000 .000 .000

274,873.000 266,303.000 245,649.000 147,466.000 105,177.000 109,934.000

15,126.000 13,458.000 13,727.000 7,309.000 7,199.000 7,371.000

116,763.000 116,469.000 113,321.000 90,022.000 85,875.000 89,608.000

47,020.000 47,642.000 46,934.000 35,927.000 35,357.000 35,734.000

-414.000 -2,315.000 -177.000 492.000 -754.000 -4,261.000

-792.000 -1,038.000 -849.000 -121.000 1,239.000 -470.000

651.000 85.000 51.000 1,549.000 -2,646.000 -823.000

2,895.000 3,659.000 2,978.000 4,867.000 1,730.000 2,286.000

2,504.000 676.000 1,772.000 6,486.000 -464.000 -3,043.000

 2012 2013 2014 2015 2016 2017
(31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 )
-3,115.000
9,833.000
1.000 1.000 1.000 1.000 1.000 1.000

523.000 500.000 480.000 458.000 440.000 418.000

11,415,443,680.000 9,587,321,050.000 7,958,188,500.000 13,218,831,400.000 8,940,650,230.000 11,553,351,330.000

.000 .000 .000 .000 .000 .000

38,863.000 41,861.000 31,901.000 25,243.000 13,477.000 8,363.000
38,307.000 32,125.000 31,093.000 15,634.000 7,898.000 18,572.000
23,088.000 29,889.000 19,039.000 9,463.000 18,103.000 7,515.000
28,790.000 18,205.000 21,985.000 18,725.000 6,839.000 10,631.000

30,545.000 28,513.000 4,886.000 2,665.000 1,118.000

-120.000 -129.000 -45.000 -67,531.000 -47,173.000 -32,079.000
.700 .790 .890 .920 .930 .840
7,372.000 8,060.000 8,949.000 9,143.000 8,398.000 7,305.000
.000 .000 .000 18.000 656.000 436.000
305.000 307.000 305.000 333.000 295.000 313.000
685,328.000 656,560.000 648,349.000 492,692.000 365,183.000 377,945.000
412.000 126.000 -2,427.000 -5,499.000 -6,816.000 -4,653.000

29.000 25.000 26.000 35.000 42.000

.000 .000 .000 .000 .000 .000

398.000 273.000 62.000 -207.000 -383.000 -516.000

209,500.000 244,100.000 260,800.000 314,700.000 320,900.000 341,400.000
.000 .000 .000 .000 .000 .000
.000 .000 .000 6.000 6.000 6.000
.000 .000 .000 6.000 6.000 6.000

20.990 28.030 25.270 31.150 31.600 17.450

23.180 28.090 27.940 31.490 33.000 31.835
18.020 20.681 23.690 19.370 27.100 17.250
20.990 28.030 25.270 31.150 31.600 17.450
5,447.000 5,625.000 5,570.000 596.000 916.000 1,124.000
885.000 854.000 799.000 794.000 798.000 1,081.000
744.000 752.000 687.000 707.000 722.000 908.000
594.000 674.000 581.000 591.000 621.000 748.000
495.000 569.000 492.000 519.000 524.000 638.000
410.000 451.000 439.000 456.000 427.000 578.000
 1,731.000 1,513.000 1,419.000 1,196.000 1,493.000 1,746.000

4,520.000 4,750.000 4,233.000 4,249.000 4,782.000 4,803.000

34,571.000 42,561.000 42,593.000 63,539.000 83,038.000 84,902.000

.000 .000 .000 .000 .000 .000
1,288.216 1,632.960 1,636.461 2,314.553 2,951.227 3,013.270

2012 2013 2014 2015 2016 2017

(31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 )
79,564.000 91,052.000 92,722.000 81,370.000 55,277.000 49,647.000
288,203.000 273,435.000 257,148.000 45,856.000 42,262.000 41,075.000
19,579.000 19,896.000 17,689.000 22,515.000 22,354.000 21,923.000
1,813.000 2,328.000 1,406.000 1,809.000 1,632.000
.000 .000 .000 .000 .000 .000

116,763.000 116,469.000 113,321.000 90,022.000 85,875.000 89,608.000

47,020.000 47,642.000 46,934.000 35,927.000 35,357.000 35,734.000
69,743.000 68,827.000 66,387.000 54,095.000 50,518.000 53,874.000
41,288.000 21,285.000 20,131.000 11,955.000 11,698.000
75,012.000 60,665.000 59,850.000 35,043.000 40,351.000 33,048.000
85,434.000 91,958.000 90,709.000 82,270.000 86,875.000 104,242.000
986.000 896.000 866.000 199.000 .000 .000
23,706.000 26,218.000 41,441.000 157,580.000 54,216.000 74,136.000
685,328.000 656,560.000 648,349.000 492,692.000 365,183.000 377,945.000
41,067.000 40,045.000 40,996.000 36,613.000 35,989.000 48,274.000
52,060.000 38,605.000 31,732.000 7,119.000 7,088.000 8,803.000

.000 .000 .000 .000 .000 .000

87,127.000 78,132.000 87,599.000 43,691.000 23,946.000 15,854.000
27,752.000 28,726.000 27,536.000 41,540.000 36,431.000 38,211.000

274,873.000 266,303.000 245,649.000 147,466.000 105,177.000 109,934.000

-75.000 .000 .000 .000 .000 .000
.000 .000 .000 .000 .000 .000
74,054.000 67,966.000 78,004.000 113,153.000 76,036.000 71,484.000
348,852.000 334,269.000 323,653.000 263,591.000 184,238.000 184,817.000
.000 .000 .000 2,972.000 3,025.000 3,399.000
.000 .000 .000 6.000 6.000 6.000
702.000 702.000 702.000 702.000 702.000 702.000
33,070.000 32,494.000 32,889.000 37,613.000 37,225.000 37,170.000
123,825.000 139,931.000 137,161.000 123,492.000 120,933.000 111,287.000
34,571.000 42,561.000 42,593.000 63,539.000 83,038.000 84,902.000
123,026.000 130,566.000 128,159.000 98,274.000 75,828.000 64,263.000
5,444.000 6,217.000 8,674.000 1,864.000 1,663.000 17,723.000
128,470.000 136,783.000 136,833.000 100,138.000 77,491.000 81,986.000
144,796.000 141,024.000 146,156.000 115,158.000 119,688.000 120,468.000
66,206.000 68,344.000 72,787.000 78,946.000 79,869.000 84,843.000
78,590.000 72,680.000 73,369.000 36,212.000 39,819.000 35,625.000
40,278.000 39,961.000 38,019.000 19,621.000 19,359.000 17,613.000
38,312.000 32,719.000 35,350.000 16,591.000 20,460.000 18,012.000
10,961.000 11,473.000 11,072.000 6,352.000 6,832.000 7,359.000
27,351.000 21,246.000 24,278.000 10,239.000 13,628.000 10,653.000
12,508.000 10,145.000 9,507.000 3,489.000 5,060.000 4,911.000
2,563.000 2,041.000 2,202.000 1,006.000 596.000 1,101.000
3,009.000 256.000 430.000 -134.000 -15,634.000
17,406.000 16,151.000 17,229.000 8,186.000 9,030.000 -8,791.000
2,504.000 676.000 1,772.000 6,486.000 -464.000 -3,043.000
223.000 298.000 112.000 19.000 -290.000 -277.000
14,679.000 15,177.000 15,345.000 1,681.000 9,784.000 -5,471.000
.000 .000 .000 .000 .000 .000
-1,038.000 -2,117.000 -112.000 -7,808.000 -955.000 -303.000
13,641.000 13,060.000 15,233.000 -6,127.000 8,829.000 -5,774.000
.000 .000 .000 18.000 656.000 436.000
1.390 1.480 1.530 .170 1.010 -.680
1.290 1.280 1.510 -.620 .900 -.720
1.390 1.470 1.510 .170 1.000 -.680
1.290 1.270 1.500 -.610 .890 -.720
10,523.000 10,222.000 10,045.000 9,944.000 9,025.000 8,687.000

10,564.000 10,289.000 10,123.000 10,016.000 9,130.000 8,687.000

10,405.625 10,060.881 10,057.380 9,379.288 8,742.614 8,680.571
31,331.000 28,579.000 27,710.000 19,891.000 -244.000 10,426.000
15,126.000 13,458.000 13,727.000 7,309.000 7,199.000 7,371.000
6,200.000 5,883.000 6,262.000 3,020.000 4,424.000 5,746.000
1,456.000 1,642.000 2,639.000 12,027.000 2,271.000 6,087.000
11,302.000 29,117.000 -5,030.000 59,488.000 49,202.000 2,322.000
7,189.000 7,821.000 8,851.000 9,295.000 8,806.000 8,650.000

12,717.000 8,690.000 9,560.000 9,558.000 5,779.000 5,049.000

3,237.000 2,487.000 2,955.000 2,486.000 7,469.000 2,436.000

-2,231.000 -14,230.000 -6,112.000 -24,460.000 -1,135.000 1,794.000

1.000 1.000 1.000 1.000 1.000 1.000

.700 .790 .890 .920 .930 .840

7,372.000 8,060.000 8,949.000 9,143.000 8,398.000 7,305.000
.000 .000 .000 18.000 656.000 436.000
.000 .000 .000 6.000 6.000 6.000
.000 .000 .000 6.000 6.000 6.000
20.990 28.030 25.270 31.150 31.600 17.450
20.990 28.030 25.270 31.150 31.600 17.450
5,447.000 5,625.000 5,570.000 596.000 916.000 1,124.000
1,731.000 1,513.000 1,419.000 1,196.000 1,493.000 1,746.000
4,520.000 4,750.000 4,233.000 4,249.000 4,782.000 4,803.000
 2018 2019
(31DEC2018 ) ( N/A )

35,556.000
33,791.000
19,271.000

.000

87,475.000
36,726.000

50,749.000

46,414.000
77,772.000
5,739.000
39,837.000

309,129.000

47,481.000
4,555.000

.000
8,519.000
37,335.000

96,884.000
.000
.000
62,492.000
382.000
 159,758.000

6.000
702.000
35,503.000
78,695.000
83,925.000
30,981.000
20,500.000

51,481.000

309,129.000

2018 2019
(31DEC2018 ) ( N/A )
121,615.000
85,837.000

35,778.000
16,011.000

19,767.000
8,224.000

11,543.000
5,059.000
-1,868.000
-24,750.000

-20,134.000
583.000
-88.000
-20,629.000
.000
-1,726.000

-22,355.000
-20,629.000
447.000

-21,076.000
-7.000

-21,083.000
 -2.430
-2.620
-2.430
-2.620

8,691.000
8,691.000
8,702.227

2018 2019
(31DEC2018 ) ( N/A )
111,287.000
-22,355.000
4,474.000

84,458.000

-39.000
-8,241.000
2,478.000

78,695.000
.000

78,695.000

2018 2019
(31DEC2018 ) ( N/A )

-20,717.000
8,224.000
-416.000
-2,464.000

19,346.000
-430.000
-902.000
2,199.000
.000
-594.000
 4,246.000

1,796.000

7,695.000
4,519.000
90.000
19,709.000

18,239.000

.000
17.000
4,474.000
3,201.000
21,166.000
-4,436.000
-4,141.000

-31,033.000

-628.000

-9,176.000

4,409.000
1,864.000

2018 2019
(31DEC2018 ) ( N/A )
27,573.000
.000
6,218.000

33,791.000

8,606.000
.000

19,271.000
-8,519.000
.000
.000
3,001.000
90,952.000
.000
22,823.000
.000

96,884.000

7,695.000

87,475.000

36,726.000

-3,393.000
1,240.000

954.000
1,859.000

583.000
 2018 2019
(31DEC2018 ) ( N/A )

1.000

397.000
22,472,565,500.000

.000
18,351.000
7,242.000
10,437.000
6,644.000

885.000
-19,892.000
.370
3,222.000
447.000
283.000
309,129.000
-6,134.000

.000

.000
391,000.000
.000
6.000
6.000

7.570
19.385
6.660
7.570
1,032.000
1,088.000
938.000
776.000
681.000
565.000
 1,848.000

4,134.000

83,925.000
.000
2,991.614

2018 2019
(31DEC2018 ) ( N/A )
35,556.000
33,791.000
19,271.000

.000

87,475.000
36,726.000
50,749.000

46,414.000
77,772.000
5,739.000
39,837.000
309,129.000
47,481.000
4,555.000

.000
8,519.000
37,335.000

96,884.000
.000
.000
62,492.000
159,758.000
382.000
6.000
702.000
35,503.000
78,695.000
83,925.000
30,981.000
20,500.000
 51,481.000
121,615.000
85,837.000
35,778.000
16,011.000
19,767.000
8,224.000
11,543.000
5,059.000
-1,868.000
-24,750.000
-20,134.000
583.000
-88.000
-20,629.000
.000
-1,726.000
-22,355.000
447.000
-2.430
-2.620
-2.430
-2.620
8,691.000

8,691.000
8,702.227
4,246.000
7,695.000
4,519.000
90.000
18,239.000
4,474.000

4,409.000
1,864.000

-4,436.000

1.000

.370
3,222.000
447.000
6.000
6.000
7.570
7.570
1,032.000
1,848.000
4,134.000
 INCOME STATEMENT
Fiscal Year: 2009 2010 2011 2012
(FYR Ending): (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 )
Sales (Net) 155,777.000 149,060.000 141,547.000 144,796.000
Cost of Goods Sold 66,202.000 62,963.000 60,273.000 66,206.000

Gross Profit 89,575.000 86,097.000 81,274.000 78,590.000

Selling, General, & Admin
Expenses 48,732.000 45,295.000 41,467.000 40,278.000

Operating Income Before

Depreciation 40,843.000 40,802.000 39,807.000 38,312.000
Depreciation, Depletion, &
Amortiz 12,736.000 11,762.000 10,917.000 10,961.000

Operating Income After

Depreciation 28,107.000 29,040.000 28,890.000 27,351.000
Interest Expense 18,769.000 15,983.000 14,545.000 12,508.000
Non-Operating
Income/Expense 1,006.000 1,151.000 1,358.000 2,563.000
Special Items 4,395.000

Pretax Income 10,344.000 14,208.000 20,098.000 17,406.000

Income Taxes - Total -1,090.000 1,050.000 5,732.000 2,504.000
Minority Interest 216.000 535.000 292.000 223.000
Income Before EI&DO 11,218.000 12,623.000 14,074.000 14,679.000
Extraordinary Items .000 .000 .000 .000
Discontinued Operations -193.000 -979.000 77.000 -1,038.000

Net Income (Loss) 11,025.000 11,644.000 14,151.000 13,641.000

Income Before EI&DO 11,218.000 12,623.000 14,074.000 14,679.000
Preferred Dividends 300.000 300.000 1,031.000 .000

Available for Common Before

EI&DO 10,918.000 12,323.000 13,043.000 14,679.000
Common Stock Equivalents -
Savings .000 .000 .000 .000

Adjusted Available for Common 10,918.000 12,323.000 13,043.000 14,679.000

EARNINGS PER SHARE

EPS - Primary, Excluding
EI&DO 1.030 1.150 1.230 1.390
EPS - Primary, Including
EI&DO 1.010 1.060 1.240 1.290
 EPS - Fully Diluted,
Excluding EI&DO 1.030 1.150 1.230 1.390
EPS - Fully Diluted, Including
EI&DO 1.010 1.060 1.230 1.290
COMMON SHARES
Common Shares for Primary
EPS Calculation 10,614.000 10,661.000 10,591.000 10,523.000
Common Shares for Fully
Diluted EPS Calc. 10,615.000 10,678.000 10,620.000 10,564.000
Common Shares Outstanding
at Fiscal Yr End 10,663.075 10,615.376 10,573.017 10,405.625
INCOME STATEMENT
2013 2014 2015 2016 2017 2018
(31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 )
141,024.000 146,156.000 115,158.000 119,688.000 120,468.000 121,615.000
68,344.000 72,787.000 78,946.000 79,869.000 84,843.000 85,837.000

72,680.000 73,369.000 36,212.000 39,819.000 35,625.000 35,778.000

39,961.000 38,019.000 19,621.000 19,359.000 17,613.000 16,011.000

32,719.000 35,350.000 16,591.000 20,460.000 18,012.000 19,767.000

11,473.000 11,072.000 6,352.000 6,832.000 7,359.000 8,224.000

21,246.000 24,278.000 10,239.000 13,628.000 10,653.000 11,543.000

10,145.000 9,507.000 3,489.000 5,060.000 4,911.000 5,059.000

2,041.000 2,202.000 1,006.000 596.000 1,101.000 -1,868.000

3,009.000 256.000 430.000 -134.000 -15,634.000 -24,750.000

16,151.000 17,229.000 8,186.000 9,030.000 -8,791.000 -20,134.000

676.000 1,772.000 6,486.000 -464.000 -3,043.000 583.000
298.000 112.000 19.000 -290.000 -277.000 -88.000
15,177.000 15,345.000 1,681.000 9,784.000 -5,471.000 -20,629.000
.000 .000 .000 .000 .000 .000
-2,117.000 -112.000 -7,808.000 -955.000 -303.000 -1,726.000

13,060.000 15,233.000 -6,127.000 8,829.000 -5,774.000 -22,355.000

15,177.000 15,345.000 1,681.000 9,784.000 -5,471.000 -20,629.000
.000 .000 18.000 656.000 436.000 447.000

15,177.000 15,345.000 1,663.000 9,128.000 -5,907.000 -21,076.000

-20.000 -21.000 10.000 -10.000 -36.000 -7.000

15,157.000 15,324.000 1,673.000 9,118.000 -5,943.000 -21,083.000

1.480 1.530 .170 1.010 -.680 -2.430

1.280 1.510 -.620 .900 -.720 -2.620

 1.470 1.510 .170 1.000 -.680 -2.430

1.270 1.500 -.610 .890 -.720 -2.620

10,222.000 10,045.000 9,944.000 9,025.000 8,687.000 8,691.000

10,289.000 10,123.000 10,016.000 9,130.000 8,687.000 8,691.000

10,060.881 10,057.380 9,379.288 8,742.614 8,680.571 8,702.227

 STATEMENT OF CASH FLOWS
Fiscal Year: 2009 2010 2011 2012
(FYR Ending): (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 )
INDIRECT OPERATING
ACTIVITIES
Income Before Extraordinary
Items 11,434.000 13,158.000 14,366.000 14,902.000
Depreciation and
Amortizations 10,636.000 10,013.000 9,185.000 9,346.000
Extraordinary Items and Disc.
Operations -131.000 331.000 758.000 79.000
Deferred Taxes -2,705.000 1,046.000 -203.000 -1,171.000
Equity in Net Loss (Earnings)
Sale of PPEq and Investments
- Loss (Gain) .000 .000 .000 .000
Funds from Operations -
Other 1,965.000 11,731.000 11,046.000 11,567.000
Receivables - Decrease
(Increase) 3,273.000 -126.000 -466.000 -774.000
Inventory - Decrease
(Increase) 1,101.000 342.000 -1,168.000 -1,274.000
Accounts/P and Accrued
Liabs - Inc(Dec) -480.000 805.000 1,235.000 -424.000
Income Taxes - Accrued -
Increase(Decrease)
Other Assets and Liabilities -
Net Change -500.000 -1,177.000 -1,394.000 -920.000

Operating Actiities - Net Cash

Flow 24,593.000 36,123.000 33,359.000 31,331.000

INVESTING ACTIVITIES
Investments - Increase
Sale of Investments 43,690.000 25,010.000 14,652.000 6,872.000
Short term Investments -
Change
Capital Expenditures 8,634.000 9,800.000 12,650.000 15,126.000
Sale of Property Plant and
Equipment 6,479.000 7,208.000 5,896.000 6,200.000
Acquisitions 6,130.000 1,212.000 11,202.000 1,456.000
Investing Activities - Other 7,592.000 11,230.000 23,186.000 14,812.000

Investing Activites - Net Cash

Flow 42,997.000 32,436.000 19,882.000 11,302.000

FINANCING ACTIVITIES
Sale of Common and
Preferred Stock 623.000 3,960.000
Purchase of Common and
Preferred Stock 1,263.000 4,756.000 4,164.000
Cash Dividends 8,986.000 4,790.000 6,458.000 7,189.000
Long Term Debt - Issuance 82,959.000 52,245.000 50,595.000 65,451.000
Long Term Debt - Reduction 89,164.000 100,154.000 85,706.000 103,942.000
Current Debt - Changes -25,741.000 -1,228.000 5,951.000 -2,231.000
Financing Activities - Other -3,204.000 -6,396.000 -6,489.000 -2,959.000

Financing Activities - Net

Cash Flow -43,513.000 -61,586.000 -46,863.000 -51,074.000

Exchange Rate Effect .000 -333.000 -841.000 1,278.000

Cash and Cash Equivalents -

Change 24,077.000 6,640.000 5,537.000 -7,163.000

OTHER INFORMATION
Interest Paid - Net< 19,601.000 17,132.000 15,571.000 12,717.000
Income Taxes Paid 2,535.000 2,671.000 2,919.000 3,237.000
ATEMENT OF CASH FLOWS
2013 2014 2015 2016 2017 2018
(31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 )

15,475.000 15,457.000 1,700.000 9,494.000 -5,748.000 -20,717.000

9,762.000 9,283.000 4,847.000 4,997.000 5,139.000 8,224.000

-458.000 195.000 8,035.000 -6,343.000 -968.000 -416.000

-3,295.000 -1,186.000 383.000 814.000 -4,845.000 -2,464.000

.000 .000 .000 .000 .000

6,695.000 6,956.000 6,829.000 -12,365.000 13,562.000 19,346.000

-485.000 -1,913.000 -52.000 1,514.000 1,551.000 -430.000

-1,368.000 -872.000 -314.000 -1,389.000 747.000 -902.000

360.000 305.000 -541.000 1,198.000 -335.000 2,199.000

.000 .000 .000 .000 .000

1,893.000 -515.000 -996.000 1,836.000 1,323.000 -594.000

28,579.000 27,710.000 19,891.000 -244.000 10,426.000 4,246.000

4,267.000
19,414.000 1,043.000 201.000 805.000 1,796.000

13,458.000 13,727.000 7,309.000 7,199.000 7,371.000 7,695.000

5,883.000 6,262.000 3,020.000 4,424.000 5,746.000 4,519.000

1,642.000 2,639.000 12,027.000 2,271.000 6,087.000 90.000
18,920.000 9,341.000 74,761.000 54,047.000 9,229.000 19,709.000

29,117.000 -5,030.000 59,488.000 49,202.000 2,322.000 18,239.000

990.000 2,842.000 .000 .000

 9,278.000 1,218.000 1,099.000 21,429.000 2,550.000 17.000
7,821.000 8,851.000 9,295.000 8,806.000 8,650.000 4,474.000
47,589.000 50,834.000 13,951.000 1,492.000 14,876.000 3,201.000
61,461.000 53,380.000 47,038.000 58,768.000 25,622.000 21,166.000
-14,230.000 -6,112.000 -24,460.000 -1,135.000 1,794.000 -4,436.000
-1,362.000 -1,073.000 -8,112.000 -485.000 1,006.000 -4,141.000

-45,573.000 -16,958.000 -76,053.000 -89,131.000 -19,146.000 -31,033.000

-795.000 -3,492.000 -3,464.000 -1,146.000 891.000 -628.000

11,328.000 2,230.000 -138.000 -41,319.000 -5,507.000 -9,176.000

8,690.000 9,560.000 9,558.000 5,779.000 5,049.000 4,409.000

2,487.000 2,955.000 2,486.000 7,469.000 2,436.000 1,864.000
 NAME: GENERAL ELECTRIC CO

TICKER SYMBOL: GE
PRIMARY SIC
CODE: 9997
STOCK
EXCHANGE: 11 New York Stock Exchange
CUSIP: 369604

STATEMENT OF FINANCIAL POSI

Fiscal Year: 2009 2010 2011 2012
(FYR Ending): (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 )
ASSETS
Cash & Equivalents 77,853.000 82,563.000 87,424.000 79,564.000
Receivables - Total
(Net) 361,923.000 338,725.000 308,786.000 288,203.000
Inventories - Total 15,695.000 15,066.000 18,317.000 19,579.000
Prepaid Expenses .000 1,853.000 1,560.000 1,813.000
Current Assets - Other .000 .000 .000 .000

Current Assets - Total 455,471.000 438,207.000 416,087.000 389,159.000

Plant, Property & Equip

(Gross) 113,315.000 110,045.000 108,117.000 116,763.000
Accumulated
Depreciation 44,103.000 43,831.000 42,378.000 47,020.000

Plant, Property & Equip

(Net) 69,212.000 66,214.000 65,739.000 69,743.000

Investments at Equity 27,084.000 27,754.000 44,052.000 41,288.000

Investments and
Advances - Other 87,716.000 76,611.000 76,917.000 75,012.000
Intangibles 77,503.000 74,446.000 84,693.000 85,434.000
Deferred Charges 3,613.000 2,042.000 1,382.000 986.000
Assets - Other 61,219.000 65,942.000 28,372.000 23,706.000

Total Non current assets 326,347.000 313,009.000 301,155.000 296,169.000

TOTAL ASSETS 781,818.000 751,216.000 717,242.000 685,328.000

LIABILITIES
Accounts Payable 50,902.000 43,962.000 46,228.000 41,067.000
Notes Payable 62,765.000 52,326.000 54,920.000 52,060.000
Accrued Expenses
Taxes Payable .000 .000 .000 .000
Debt (Long-Term) Due
In One Year 70,289.000 101,532.000 118,905.000 87,127.000
Other Current Liabilities 26,719.000 24,101.000 26,995.000 27,752.000

Total Current Liabilities 210,675.000 221,921.000 247,048.000 208,006.000

Long Term Debt 377,138.000 324,782.000 279,618.000 274,873.000

Deferred Taxes (Balance
Sheet) 2,173.000 2,840.000 -131.000 -75.000
Investment Tax Credit .000 .000 .000 .000
Liabilities - Other 66,696.000 77,475.000 72,573.000 74,054.000
Noncontrolling Interest -
Redeemable .000 .000 .000 .000

Total Non current

Liabilities 446,007.000 405,097.000 352,060.000 348,852.000

TOTAL LIABILITIES 446,007.000 405,097.000 352,060.000 348,852.000

SHAREHOLDERS'
EQUITY
Preferred Stock .000 .000 .000 .000
Common Stock 702.000 702.000 702.000 702.000
Capital Surplus 37,729.000 36,890.000 33,693.000 33,070.000
Retained Earnings (Net
Other) 111,098.000 113,282.000 113,812.000 123,825.000
Less: Treasury Stock 32,238.000 31,938.000 31,769.000 34,571.000
Shareholders Equity -
Parent 117,291.000 118,936.000 116,438.000 123,026.000
Noncontrolling Interest -
Nonredeemable 7,845.000 5,262.000 1,696.000 5,444.000

TOTAL
SHAREHOLDERS
EQUITY 125,136.000 124,198.000 118,134.000 128,470.000

TOTAL LIABILITIES
AND EQUITY 781,818.000 751,216.000 717,242.000 685,328.000
ENT OF FINANCIAL POSITION
2013 2014 2015 2016 2017 2018
(31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 )

91,052.000 92,722.000 81,370.000 55,277.000 49,647.000 35,556.000

273,435.000 257,148.000 45,856.000 42,262.000 41,075.000 33,791.000

19,896.000 17,689.000 22,515.000 22,354.000 21,923.000 19,271.000
2,328.000 1,406.000 1,809.000 1,632.000
.000 .000 .000 .000 .000 .000

386,711.000 368,965.000 151,550.000 121,525.000 112,645.000 88,618.000

116,469.000 113,321.000 90,022.000 85,875.000 89,608.000 87,475.000

47,642.000 46,934.000 35,927.000 35,357.000 35,734.000 36,726.000

68,827.000 66,387.000 54,095.000 50,518.000 53,874.000 50,749.000

21,285.000 20,131.000 11,955.000 11,698.000

60,665.000 59,850.000 35,043.000 40,351.000 33,048.000 46,414.000

91,958.000 90,709.000 82,270.000 86,875.000 104,242.000 77,772.000
896.000 866.000 199.000 .000 .000 5,739.000
26,218.000 41,441.000 157,580.000 54,216.000 74,136.000 39,837.000

269,849.000 279,384.000 341,142.000 243,658.000 265,300.000 220,511.000

656,560.000 648,349.000 492,692.000 365,183.000 377,945.000 309,129.000

 40,045.000 40,996.000 36,613.000 35,989.000 48,274.000 47,481.000
38,605.000 31,732.000 7,119.000 7,088.000 8,803.000 4,555.000

.000 .000 .000 .000 .000 .000

78,132.000 87,599.000 43,691.000 23,946.000 15,854.000 8,519.000

28,726.000 27,536.000 41,540.000 36,431.000 38,211.000 37,335.000

185,508.000 187,863.000 128,963.000 103,454.000 111,142.000 97,890.000

266,303.000 245,649.000 147,466.000 105,177.000 109,934.000 96,884.000

.000 .000 .000 .000 .000 .000

.000 .000 .000 .000 .000 .000
67,966.000 78,004.000 113,153.000 76,036.000 71,484.000 62,492.000

.000 .000 2,972.000 3,025.000 3,399.000 382.000

334,269.000 323,653.000 263,591.000 184,238.000 184,817.000 159,758.000

334,269.000 323,653.000 263,591.000 184,238.000 184,817.000 159,758.000

.000 .000 6.000 6.000 6.000 6.000

702.000 702.000 702.000 702.000 702.000 702.000
32,494.000 32,889.000 37,613.000 37,225.000 37,170.000 35,503.000

139,931.000 137,161.000 123,492.000 120,933.000 111,287.000 78,695.000

42,561.000 42,593.000 63,539.000 83,038.000 84,902.000 83,925.000

130,566.000 128,159.000 98,274.000 75,828.000 64,263.000 30,981.000

6,217.000 8,674.000 1,864.000 1,663.000 17,723.000 20,500.000

136,783.000 136,833.000 100,138.000 77,491.000 81,986.000 51,481.000

656,560.000 648,349.000 492,692.000 365,183.000 377,945.000 309,129.000

 STATEMENT OF RETAINED EARNIN
Fiscal Year: 2009 2010 2011 2012

(FYR Ending): (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 )

Retained Rearnings -
Beginning Balance 100,270.000 111,098.000 113,282.000 113,812.000
Net Income 11,025.000 11,644.000 14,151.000 13,641.000
Cash Dividends 8,986.000 4,790.000 6,458.000 7,189.000

Retained Earnings After

Dividends 102,309.000 117,952.000 120,975.000 120,264.000
Change - Foreign Currency
Translation
Adj. to Long-Term
Marketable Securities -435.000 -636.000 -30.000 677.000
Other CMP Adj,(Stock
Splits/Retirement) -18,666.000 -17,133.000 -24,077.000 -21,319.000
Non-Compustat
Adjustments (Plug
Calculation) 27,455.000 12,463.000 16,914.000 24,880.000

Retained Earnings - Ending

Balance 111,098.000 113,282.000 113,812.000 123,825.000
Retroactive Adjustments
(Acct'g Chgs) .000 .000 .000 .000

Retained Earnings - After

Adjustments 111,098.000 113,282.000 113,812.000 123,825.000
NT OF RETAINED EARNINGS
2013 2014 2015 2016 2017 2018
(31DEC2015 (31DEC2016
(31DEC2013 ) (31DEC2014 ) ) ) (31DEC2017 ) (31DEC2018 )

123,825.000 139,931.000 137,161.000 123,492.000 120,933.000 111,287.000

13,060.000 15,233.000 -6,127.000 8,829.000 -5,774.000 -22,355.000
7,821.000 8,851.000 9,295.000 8,806.000 8,650.000 4,474.000

129,064.000 146,313.000 121,739.000 123,515.000 106,509.000 84,458.000

307.000 1,013.000 460.000 674.000 -102.000 -39.000

-9,553.000 -16,758.000 -11,490.000 -12,457.000 -9,640.000 -8,241.000

20,420.000 7,606.000 13,243.000 9,875.000 14,418.000 2,478.000

139,931.000 137,161.000 123,492.000 120,933.000 111,287.000 78,695.000

.000 .000 .000 .000 .000 .000

139,931.000 137,161.000 123,492.000 120,933.000 111,287.000 78,695.000

 Determination of Implied Cost of Debt for General Electric
(FYR Ending): (31DEC2009 ) (31DEC2010 ) (31DEC2011 )
Cash & Equivalents ( in millions of) 77,853.000 82,563.000 87,424.000

Debt (Long-Term) Due In One Year( in millions of) 70,289.000 101,532.000 118,905.000

Long Term Debt( in millions of) 377,138.000 324,782.000 279,618.000

Net Debt ( in millions of USD) 369,574.00 343,751.00 311,099.00

Interest Expense 18,769.000 15,983.000 14,545.000

Net Interest ( in millions of USD) 18,769.00 15,983.00 14,545.00

Implied Cost of Debt 4.48% 4.44%

Average of Implied Cost Of Debt 4.64%

Determination of Tax Rate for General Electric

Pretax Income 10,344.000 14,208.000 20,098.000
Income Taxes - Total -1,090.000 1,050.000 5,732.000
Implied Tax Rate -10.54% 7.39% 28.52%

Average Tax Rate(2018-2009) 25.52%

Electric
(31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 )
79,564.000 91,052.000 92,722.000 81,370.000 55,277.000 49,647.000

87,127.000 78,132.000 87,599.000 43,691.000 23,946.000 15,854.000

274,873.000 266,303.000 245,649.000 147,466.000 105,177.000 109,934.000

282,436.00 253,383.00 240,526.00 109,787.00 73,846.00 76,141.00

12,508.000 10,145.000 9,507.000 3,489.000 5,060.000 4,911.000

12,508.00 10,145.00 9,507.00 3,489.00 5,060.00 4,911.00

4.21% 3.79% 3.85% 1.99% 5.51% 6.55%

ic
17,406.000 16,151.000 17,229.000 8,186.000 9,030.000 -8,791.000
2,504.000 676.000 1,772.000 6,486.000 -464.000 -3,043.000
14.39% 4.19% 10.28% 79.23% -5.14% 34.61%

#VALUE!
(31DEC2018 )
35,556.000

8,519.000

96,884.000

69,847.00

5,059.000
5,059.00

6.93%

-20,134.000
583.000
-2.90%
 ESTIMATION OF WACC
Shares Outstanding (in millions) 8,730.00
Share Price(as at 26/12/2019) 11.19
Equity Value, E (in millions ) 97,688.70 =B2*B3

〖 T 〗 _c
Net Debt, D (In millions) 69,847.00

Cost of Debt, r_
Tax Rate, 25.52%

D 〖𝐸 (𝑟 〗 _𝑀)
4.64%

𝑟_𝑓
Expected Market Return, 9.74%
Risk-free Rate, 1.05%

𝑟_𝐸
Equity Beta, β 1.10
Cost of Equity, 10.60% =B9+(B10*(B8-B9))
WACC 7.62% =$B$11*($B$4/($B$4+$B$5))+$B$7*(1-$B$6)*($B$5/($B$
(1-$B$6)*($B$5/($B$4+$B$5))
GENERAL ELECTRIC., PRAT model ESTIMATION OF SHORT-TERM FCF GROWTH RATE

FYR Ending): (31DEC2009 ) (31DEC2010 ) (31DEC2011 )

Selected Financial Data ( in millions)
Interest Expense 18,769.000 15,983.000 14,545.000
Net Income (Loss) 11,025.000 11,644.000 14,151.000

Effective income tax rate (EITR) -10.54% 7.39% 28.52%

Interest expense, after tax 20,746.79 14,801.82 10,396.73

Cash dividends declared, preferred 300.000 300.000 1,031.000
Cash dividends declared, common 8,986.000 4,790.000 6,458.000

Interest expense (after tax) and dividends 30,033 19,892 17,886

EBIT(1 – EITR) 31,772 26,446 24,548

Debt (Long-Term) Due In One Year 70,289.000 101,532.000 118,905.000

Long Term Debt 377,138.000 324,782.000 279,618.000

Total General Electrical shareholders’
equity 117,291.000 118,936.000 116,438.000
Total capital 564,718 545,250 514,961

Ratios
Retention rate (RR) 0.05 0.25 0.27
Return on invested capital (ROIC) 5.63% 4.85% 4.77%

Averages
RR 1.15 =AVERAGE(C22:L22)
ROIC 2.13% =AVERAGE(C23:L23)

Short-Term Growth rate of FCF(Model

Value) 2.46% =B26*B27
Long-Term Growth rate of FCF(Model Va 2.10%
M FCF GROWTH RATE

(31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 )

12,508.000 10,145.000 9,507.000 3,489.000 5,060.000 4,911.000

13,641.000 13,060.000 15,233.000 -6,127.000 8,829.000 -5,774.000

14.39% 4.19% 10.28% 79.23% -5.14% 34.61%

10,708.62 9,720.38 8,529.21 724.57 5,320.00 3,211.06

.000 .000 .000 18.000 656.000 436.000
7,189.000 7,821.000 8,851.000 9,295.000 8,806.000 8,650.000

17,898 17,541 17,380 10,038 14,782 12,297

24,350 22,780 23,762 -5,402 14,149 -2,563

87,127.000 78,132.000 87,599.000 43,691.000 23,946.000 15,854.000

274,873.000 266,303.000 245,649.000 147,466.000 105,177.000 109,934.000

123,026.000 130,566.000 128,159.000 98,274.000 75,828.000 64,263.000

485,026 475,001 461,407 289,431 204,951 190,051

0.26 0.23 0.27 2.86 -0.04 5.80

5.02% 4.80% 5.15% -1.87% 6.90% -1.35%
(31DEC2018 )

5,059.000
-22,355.000

-2.90%

5,205.49
447.000
4,474.000

10,126

-17,150

8,519.000

96,884.000

30,981.000
136,384

1.59
-12.57%
Short-Term Growth rate of FCF PRAT
(Model Value) 2.46%
Long-Term Growth rate of FCF(Model Value) 2.10%

2009 2010 2011

Tax rate -10.54% 7.39% 28.52%
Net Interest ( in millions) 18,769.00 15,983.00 14,545.00

General Electric., co.., FCFF calculation

in millions 2009 2010 2011
Operating Activities - Net Cash Flow 24,593.000 36,123.000 33,359.000
Capital Expenditures (8,634.00) (9,800.00) (12,650.00)
Sale of Property Plant and Equipment 6,479.000 7,208.000 5,896.000
Net interest*(1-tax) 20,746.79 14,801.82 10,396.73
FREE CASH FLOW 43,184.79 48,332.82 37,001.73

Year on Year 11.92% -23.44% -10.51%

Year on Year Average 23.28% =AVERAGE(B18:J18)
CAGR 15.28% =(B16/J16)^(1/9)-1
PRAT Model 2.46% =+$'FCF GROWTH'.B29

BASIC CASH FLOW VALUATION

Current Free Cash Flow 6,275.49 =K16
Short-term Growth rate of FCF 2.46% =B1
Long-term FCF growth rate 2.10% =B2
Weighted Average Cost of Capital(WACC) 7.62% =$WACC.B12

Year 2018 2019 2020

Future FCFs 6,429.90 6,588.11
Terminal Value
Total 6,429.90 6,588.11

Enterprise Value 122,631.17 =NPV(B28,C33:H33)*(1+B28)^0.5

Add back initial cash 35,556.00 =$'FINANCIAL STATEMENTS'.K12
Subtract debt (96,884.00) =-$'FINANCIAL STATEMENTS'.K47
Equity Value 61,303.17 =SUM(B35:B37)
Number of Outstanding shares 8,730.00
Equity Value Per Share 7.02 =B38/B39
Current Value Per Share 11.19

Share Valu
=IF(B28>B27,B40,"NO") 7.02 1% 2%
2%
4%
WACC 6%
8%
10%
12%
 2012 2013 2014 2015 2016 2017 2018
14.39% 4.19% 10.28% 79.23% -5.14% 34.61% -2.90%
12,508.00 10,145.00 9507 3489 5060 4911 5059

2012 2013 2014 2015 2016 2017 2018

31,331.000 28,579.000 27,710.000 19,891.000 -244.000 10,426.000 4,246.000
(15,126.00) (13,458.00) (13727.00) (7309.00) (7199.00) (7371.00) (7,695.00)
6,200.000 5,883.000 6,262.000 3,020.000 4,424.000 5,746.000 4,519.000
10,708.62 9,720.38 8,529.21 724.57 5,320.00 3,211.06 5,205.49
33,113.62 30,724.38 28,774.21 16,326.57 2,301.00 12,012.06 6,275.49

-7.22% -6.35% -43.26% -85.91% 422.04% -47.76%

2021 2022 2023 2024

6,750.22 6,916.31 7,086.49 7,260.85 =F31*(1+$B$26)
134,245.34 =H31*(1+B27)/(B28-B27)
6,750.22 6,916.31 7,086.49 141,506.20 =SUM(G31:G32)

H33)*(1+B28)^0.5
STATEMENTS'.K12
L STATEMENTS'.K47

DATA TABLE
Share Value as a function of WACC and Long-Term Growth
 Long-Term Growth rate
3% 4% 5% 6% 7% 8% 9%
10%
 SALES GROWTH ESTIMATION
YEAR SALES(in millions) YEAR ON YEAR GROWTH
2009 155,777.00
2010 149,060.00 -4.31% =(B4-B3)/B3
2011 141,547.00 -5.04% =(B5-B4)/B4
2012 144,796.00 2.30% =(B6-B5)/B5
2013 141,024.00 -2.61% =(B7-B6)/B6
2014 146,156.00 3.64% =(B8-B7)/B7
2015 115,158.00 -21.21% =(B9-B8)/B8
2016 119,688.00 3.93% =(B10-B9)/B9
2017 120,468.00 0.65% =(B11-B10)/B10
2018 121,615.00 0.95% =(B12-B11)/B11
 CAGR
CAGR -2.71% =(B12/B3)^(1/9)-1

REGRESSION
SLOPE -4246.539394 =SLOPE(B3:B12,A3:A12)
SLOPE/2018 SALES -3.49% =H5/B12
INTERCEPT 8685935.9697 =INTERCEPT(B3:B12,A3:A12)
R-SQUARED 0.7650418822 =RSQ(B3:B12,A3:A12)

Model Value -0.06%

Average growth rate -2.41%

Average growth rate (exc.2015) -0.06%
 SALES PROJECTION FROM THE VARIOUS APPROACH

CAGR
2018 2019 2020 2021 2022 2023
121,615.00 118,315.30 115,105.12 111,982.05 108,943.71 105,987.81

REGRESSION
2018 2019 2020 2021 2022 2023
121,615.00 117,368.46 113,270.20 109,315.04 105,497.99 101,814.23
###

###
 ANALYSIS OF COST OF SALES
2018 2017 2016 2015 2014
Sales 121,615.00 120,468.00 119,688.00 115,158.00 146,156.00
Cost of Sales 85,837.00 84,843.00 79,869.00 78,946.00 72,787.00
Cost of Sales/Sales 70.58% 70.43% 66.73% 68.55% 49.80%

Model Value 54.76% =AVERAGE(B5:K5)

 2013 2012 2011 2010 2009
141,024.00 144,796.00 141,547.00 149,060.00 155,777.00 =$'INCOME STATEMENT'.B4
68,344.00 66,206.00 60,273.00 62,963.00 66,202.00 =$'INCOME STATEMENT'.B5
48.46% 45.72% 42.58% 42.24% 42.50% =F4/F3
TEMENT'.B4
TEMENT'.B5
 ANALYSIS OF OPERATING COST
2018 2017 2016 2015
Operating Cost 16,011.00 17,613.00 19,359.00 19,621.00
Depreciation 8,224.00 5,139.00 4,997.00 4,847.00
Operating Cost net of Depreciation 7,787.00 12,474.00 14,362.00 14,774.00
Sales 121,615.00 120,468.00 119,688.00 115,158.00
Net Operating Cost/Sales 6.40% 10.35% 12.00% 12.83%

REGRESSING NET OPERATING COST ON SALES

Intercept -71430.03752 =INTERCEPT(B5:K5,B6:K6)
Slope 70.78% =SLOPE(B5:K5,B6:K6)
R-Squared 90.64% =RSQ(B5:K5,B6:K6)

Model Value 17.50% =B18

Net Operating Cost/Sales 17.50% =AVERAGE(B7:K7)
 2014 2013 2012 2011 2010 2009
38,019.00 39,961.00 40,278.00 41,467.00 45,295.00 48,732.00 =$'INCOME STATEMENT
9,283.00 9,762.00 9,346.00 9,185.00 10,013.00 10,636.00 =$'STATEMENT OF CASH
28,736.00 30,199.00 30,932.00 32,282.00 35,282.00 38,096.00 ###
146,156.00 141,024.00 144,796.00 141,547.00 149,060.00 155,777.00 =$COGS.K3
19.66% 21.41% 21.36% 22.81% 23.67% 24.46% ###
=$'INCOME STATEMENT'.B8
=$'STATEMENT OF CASH FLOW'.B6

=$COGS.K3
 ANALYSIS OF INTEREST AND OTHER INCOME
2018 2017 2016 2015
Non-Operating Income/Expense (1,868.00) 1,101.00 596.00 1,006.00
Sales 121,615.00 120,468.00 119,688.00 115,158.00
Non operating income and expense/Sales -1.54% 0.91% 0.50% 0.87%

Model Value 0.45% =AVERAGE(B5:F5)

2018 2017 2016 2015

Discontinued Operations (1,726.00) (303.00) (955.00) (7,808.00)
Sales 121,615.00 120,468.00 119,688.00 115,158.00
Discontinued operations/Sales -1.42% -0.25% -0.80% -6.78%

Model Value -1.87% =AVERAGE(B13:F13)

2018 2017 2016 2015

Special Items (24,750.00) (15,634.00) (134.00) 430.00
Sales 121,615.00 120,468.00 119,688.00 115,158.00
Special items/Sales -20.35% -12.98% -0.11% 0.37%

Model Value -6.58% =AVERAGE(B21:F21)

 2014
2,202.00
146,156.00 =$COGS.F3
1.51% =F3/F4

2014
(112.00)
146,156.00 =F4
-0.08% =F11/F12

2014
256.00
146,156.00 =F12
0.18% =F19/F20
 ANALYSIS OF DIVIDENDS GROWTH
2018 2017 2016 2015 2014
Dividends 4,474.00 8,650.00 8,806.00 9,295.00 8,851.00
Year-on-year growth -48.28% -1.77% -5.26% 5.02% 13.17%
Total Dividend CAGR -7.46%

ANALYSIS OF DIVIDEND PAYOUT

2018 2017 2016 2015 2014
Dividends 4,474.00 8,650.00 8,806.00 9,295.00 8,851.00
Net Income (loss) (22,355.00) (5,774.00) 8,829.00 (6,127.00) 15,233.00
Dividend Payout -0.20 -1.50 1.00 -1.52 0.58

Model Value 11.72% =AVERAGE(B12:K12)

`
 2013 2012 2011 2010 2009
7,821.00 7,189.00 6,458.00 4,790.00 8,986.00 =$'STATEMENT OF CASH FLOW'.B34
8.79% 11.32% 34.82% -46.69% ###
=(B3/K3)^(1/9)-1

2013 2012 2011 2010 2009

7,821.00 7,189.00 6,458.00 4,790.00 8,986.00
13,060.00 13,641.00 14,151.00 11,644.00 11,025.00 =$'INCOME STATEMENT'.B25
0.60 0.53 0.46 0.41 0.82 =F10/F11
FLOW'.B34
 ANALYSIS OF CURRENT ASSETS AND LIABILITIES
2018 2017 2016 2015 2014
Sales 121,615.00 120,468.00 119,688.00 115,158.00 146,156.00 ###
CA 88,618.00 112,645.00 121,525.00 151,550.00 368,965.00 ###
CL 97,890.00 111,142.00 103,454.00 128,963.00 187,863.00 ###
CA/SALES 72.87% 93.51% 101.53% 131.60% 252.45% ###
CL/SALES 80.49% 92.26% 86.44% 111.99% 128.54% ###

Model Values
CA/SALES 130.39% =AVERAGE(B6:F6)
CL/SALES 99.94% =AVERAGE(B7:F7)
 ANALYSIS OF NET FIXED ASSETS
2018 2017 2016
Property, Plant and Equipment, Gross 87,475.00 89,608.00 85,875.00
Acc Depreciation 36,726.00 35,734.00 35,357.00
Property, Plant and Equipment, net 50,749.00 53,874.00 50,518.00
Sales 121,615.00 120,468.00 119,688.00
Net PPE/Sales 41.73% 44.72% 42.21%
Gross PPE/Sales 71.93% 74.38% 71.75%

Investments and Advances - Other 46,414.00 33,048.00 40,351.00

Investments and Advances - Other/Sales 38.16% 27.43% 33.71%

Intangible Assets 77,772.00 104,242.00 86,875.00

Intangible Assets/Sales 63.95% 86.53% 72.58%

Deferrred charges 5,739.00 0.00 0.00

Deferred charges/Sales 4.72% 0.00% 0.00%

Other Assets 39,837.00 74,136.00 54,216.00

Other Assets/Sales 32.76% 61.54% 45.30%

Model Values
Net PPE/Sales 45.33% =AVERAGE(B7:K7)
Investments and Advances - Other/Sales 42.76% =AVERAGE(B11:K11)
Intangible Assets/Sales 64.03% =AVERAGE(B14:K14)
Deferred charges/Sales 1.15% =AVERAGE(B17:K17)
Other Assets/Sales 44.33% =AVERAGE(B20:K20)

DEPRECIATION ANALYSIS
2018 2017 2016
Property, Plant and Equipment, Gross 87,475.00 89,608.00 85,875.00
Depreciation expense 8224.00 5139.00 4997.00

Depreciation rate 9.40% 5.73% 5.82%

Model Depreciation Rate 7.79%
 2015 2014 2013 2012 2011 2010
90,022.00 113,321.00 116,469.00 116,763.00 108,117.00 110,045.00
35,927.00 46,934.00 47,642.00 47,020.00 42,378.00 43,831.00
54,095.00 66,387.00 68,827.00 69,743.00 65,739.00 66,214.00
115,158.00 146,156.00 141,024.00 144,796.00 141,547.00 149,060.00
46.97% 45.42% 48.81% 48.17% 46.44% 44.42%
78.17% 77.53% 82.59% 80.64% 76.38% 73.83%

35,043.00 59,850.00 60,665.00 75,012.00 76,917.00 76,611.00

30.43% 40.95% 43.02% 51.81% 54.34% 51.40%

82,270.00 90,709.00 91,958.00 85,434.00 84,693.00 74,446.00

71.44% 62.06% 65.21% 59.00% 59.83% 49.94%

199.00 866.00 896.00 986.00 1,382.00 2,042.00

0.17% 0.59% 0.64% 0.68% 0.98% 1.37%

157,580.00 41,441.00 26,218.00 23,706.00 28,372.00 65,942.00

136.84% 28.35% 18.59% 16.37% 20.04% 44.24%

2015 2014 2013 2012 2011 2010

90,022.00 113,321.00 116,469.00 116,763.00 108,117.00 110,045.00
4847.00 9283.00 9762.00 9346.00 9185.00 10013.00

5.38% 8.19% 8.38% 8.00% 8.50% 9.10%

 2009
113,315.00 ###
44,103.00 ###
69,212.00 ###
155,777.00 ###
44.43% ###
72.74% ###

87,716.00 ###
56.31% ###

77,503.00 ###
49.75% ###

3,613.00 ###
2.32% ###

61,219.00 ###
39.30% ###

2009
113,315.00
10636.00

9.39% ###
 ANALYSIS OF OTHER LIABILITIES
2018 2017 2016 2015 2014
Other Liabilities 62,492.00 71,484.00 76,036.00 113,153.00 78,004.00
Year-on-year growth -12.58% -5.99% -32.80% 45.06%
Whole Period CAGR -5.39% =(B3/F3)^(1/4)-1
Year-on-Year Average Whole Period -1.58% =AVERAGE(B4:E4)
Model Value -5.39% =B5
 VARIOUS PLUGS VS SALES AND OTHER
2018 2017 2016 2015 2014
Sales 121,615.00 120,468.00 119,688.00 115,158.00 146,156.00
Total Assets 309,129.00 377,945.00 365,183.00 492,692.00 648,349.00

Cash 35,556.00 49,647.00 55,277.00 81,370.00 92,722.00

Cash/Sales 29.24% 41.21% 46.18% 70.66% 63.44%

Long term debt 96,884.00 109,934.00 105,177.00 147,466.00 245,649.00

Long term debt/Sales 79.66% 91.26% 87.88% 128.06% 168.07%
Long term debt/Total Assets 31.34% 29.09% 28.80% 29.93% 37.89%

Model Values
Cash/Sales 29.24% =B7
Long term debt/Assets 31.34% =B11

We use the cash/sales and the debt/assets ratios. This leaves treasury stock as the plug in our model.
 ###

###
###

plug in our model.

 GENERAL ELECTRICS- PRO FORMA MODEL
Sales growth -0.06% =$'SALES GROWTH'.H10
Current assets/Sales 130.39% =$'CA and CL Ratio'.B10
Current liabilities/Sales 99.94% =$'CA and CL Ratio'.B11
Investments and Advances - Other/Sales 42.76% =$'NET FIXED ASSETS'.B24
Intangible Assets/Sales 64.03% =$'NET FIXED ASSETS'.B25
Deferred charges/Sales 1.15% =$'NET FIXED ASSETS'.B26
Net PPE/Sales 45.33% =$'NET FIXED ASSETS'.B23
Cost of Sales/Sales 54.76% =$COGS.B7
Depreciation rate 7.79% =$'NET FIXED ASSETS'.B36
Other liabilities, growth -5.39% =$'OTHER LIABILITIES'.B7
Non operating income and expense/sales 0.45% =$'OTHER INCOME'.B7
Cash/Sales 29.24% =$PLUGS.B15
Debt/Assets 31.34% =$PLUGS.B16
Discontinued operations/Sales -1.87% =$'OTHER INCOME'.B15
Special items/Sales -6.58% =$'OTHER INCOME'.B23
Interest rate on debt 4.64% =$'COST OF DEBT & TAX RATE
Tax rate 25.52% =$'COST OF DEBT & TAX RATE
Dividend growth -7.46% =$DIVIDENDS.B5
Net Operating Cost/Sales 17.50% =$'OPERATING COST'.B18
Other assets/ sales 44.33% =$'NET FIXED ASSETS'.B27

Income Statement(USD ($) shares in Millions, $ in Million 2018 2019

Revenues 121,615.00 121,541.23
Cost of sales (112,225.00) (74,551.63)
Gross Profit 9,390.00 46,989.60
Operating Cost net depreciation (16,011.00) (21,264.36)
Depreciation (8,224.00) (7,266.51)
Operating Profit (14,845.00) 18,458.74
EBIT (14,845.00) 18,458.74
Interest expense (5,059.00) (5,145.90)
Interest and Other Income (1,868.00) 548.42
Income before income taxes (21,772.00) 13,861.26
Benefit from/(provision for income taxes) (583.00) (3,536.89)
Net Income/Loss (22,355.00) 10,324.37
Dividends 4,474.00 4,140.41
Retained Earnings (17,881.00) 14,464.78

Consolidated Balance Sheet - USD ($) $ in Millions 2018 2019

ASSETS
Cash and Cash Equivalents 35,556.00 35,534.43
Other Current Assets 53,062.00 122,944.75
Total Current Assets 88,618.00 158,479.18
Fixed Assets
PPE at Cost 87,475.00 99,089.64
Accummulated Depreciation (36,726.00) (43,992.51)
Property, Plant and Equipment, net 50,749.00 55,097.13
Intangible Assets, net 77,772.00 77,823.98
Investments and Advances - Other 46,414.00 51,966.02
Deferred Charges 5,739.00 1,393.62
Other Assets 39,837.00 53,883.06
Total Assets 309,129.00 398,643.00
LIABILITIES AND EQUITY
Curent Liabilties 97,890.00 121,470.85
Long-Term Debt Obligations 96,884.00 124,938.55
Deferred Income Tax Liabilities, Net - -
Other Liabilities, Noncurrent 62,492.00 59,122.30
Liabilities 257,266.00 305,531.70
Preferred Stock 6.00 6.00
Common Stock 702.000 702.000
Capital surplus 35,503.00 35,503.00
Accummulated Retained Earnings 78,695.00 93,159.78
Less: Treasury Stock 63,127.00 36,343.48
Total Common Shareholders' equity 51,779.00 93,027.30
Non-Controlling Interest 84.00 84.00
Total Equity 51,863.00 93,111.30
Total Liabilities and Equity 309,129.00 398,643.00

FREE CASH FLOW FROM PAT

2018 2019
PAT 10,324.37
Add Depreciation 7,266.51
Subtract change in current asset (69,882.75)
Add changes in current lib 23,580.85
CAPEX (11,614.64)
Net interest 3,424.37
FCF (36,901.29)

WACC 7.62% =$WACC.B12

LGR 2.10% =$'FCF GROWTH'.B30

FCF (36,901.29)
Terminal Value
Total (36,901.29)

Enterprise Value 147,406.48 =NPV(B86,C91:H91)*(1+B86)^0.5

Add Cash and short term investment 35,556.00 =B44
Subtract Debt (96,884.00) =-B58
Equity Value 86,078.48 =SUM(B93:B95)
Number of Shares Outstanding 8730
Equity per share 9.86 =B96/B97
Current Share Price 11.19

FREE CASH FLOW FROM EBITDA

2018 2019
EBIT*(1-Tax) 13,748.74
Add Depreciation 7,266.51
Subtract change in current asset (69,882.75)
Add changes in current lib 23,580.85
CAPEX (11,614.64)
FCF (36,901.29)

WACC 7.62% =B86

LGR 2.10% =B87

FCF (36,901.29)
Terminal Value
Total (36,901.29)

Enterprise Value 147,406.52 =NPV(B113,C118:H118)*(1+B113)^

Add Cash and short term investment 35,556.00 =B44
Subtract Debt (96,884.00) =-B58
Equity Value 86,078.52 =SUM(B120:B122)
Number of Shares Outstanding 8730
Equity per share 9.86 =B123/B124
Current Share Price 11.19

CONSOLIDATED STATEMENT OF CASH FLOWS: RECONCILING CASH FLOW AND CASH

2019
Cash flow from operating activities
Profit after tax 10,324.37
Add back depreciation 7,266.51
Adjust for changes in net working capital:
Subtract change in current assets (69,882.75)
Add back change in current liabilities 23,580.85
Net cash from operating activities (28,711.02)
Cash flow from investing activities
Acquisition of Assets (26,919.32)
Purchases or Sale of investment securities 5,552.02
Net cash used in investing activities (21,367.30)
Cash flow from financing activities
Net proceeds from borrowing activities 28,054.55
Net proceeds from other liabilities (3,369.70)
Dividends paid 4,140.41
Net cash used or from financing activities 28,825.26
Net increase in cash and cash equivalents (21,253.06)
Check: changes in cash and mkt. securities (21.57)
 O FORMA MODEL
SALES GROWTH'.H10
CA and CL Ratio'.B10
CA and CL Ratio'.B11
NET FIXED ASSETS'.B24
NET FIXED ASSETS'.B25
NET FIXED ASSETS'.B26
NET FIXED ASSETS'.B23

NET FIXED ASSETS'.B36

OTHER LIABILITIES'.B7
OTHER INCOME'.B7
LUGS.B15
LUGS.B16
OTHER INCOME'.B15
OTHER INCOME'.B23
COST OF DEBT & TAX RATE'.B14
COST OF DEBT & TAX RATE'.B22
IVIDENDS.B5
OPERATING COST'.B18
NET FIXED ASSETS'.B27

2020 2021 2022 2023 2024

121,467.51 121,393.84 121,320.20 121,246.62 121,173.08
(74,506.41) (74,461.22) (74,416.06) (74,370.92) (74,325.81) =-(G25*$B$9)+G25*$B$16
46,961.10 46,932.61 46,904.15 46,875.70 46,847.26 =SUM(G25:G26)
(21,251.46) (21,238.57) (21,225.69) (21,212.81) (21,199.94) =-(G25*$B$20)
(8,030.36) (8,678.55) (9,379.28) (10,136.82) (10,955.75) =-($B$10*((F48+G48)/2))
17,679.28 17,015.50 16,299.18 15,526.07 14,691.57 =SUM(H27:H29)
17,679.28 17,015.50 16,299.18 15,526.07 14,691.57 =SUM(H30:H30)
(5,794.96) (5,791.44) (5,787.93) (5,784.42) (5,780.91) =-$B$17*((F58+G58)/2)
548.08 547.75 547.42 547.09 546.76 =$B$12*G25
12,432.41 11,771.81 11,058.67 10,288.74 9,457.41 =SUM(H31:H33)
(3,172.30) (3,003.74) (2,821.77) (2,625.31) (2,413.19) =-(G34*$B$18)
9,260.11 8,768.07 8,236.90 7,663.43 7,044.23 =SUM(H34:H35)
3,831.70 3,546.00 3,281.61 3,036.93 2,810.49 =F37*(1+$B$19)
13,091.81 12,314.07 11,518.51 10,700.36 9,854.72 =SUM(H36:H37)

2020 2021 2022 2023 2024

35,512.88 35,491.34 35,469.81 35,448.30 35,426.80 #VALUE!

122,870.18 122,795.65 122,721.17 122,646.73 122,572.34 #VALUE!
 158,383.06 158,286.99 158,190.98 158,095.03 157,999.14 =G25*$B$3

107,086.58 115,731.73 125,077.63 135,181.09 146,103.50 #VALUE!

(52,022.86) (60,701.41) (70,080.69) (80,217.51) (91,173.26) =F49+G29
55,063.71 55,030.31 54,996.94 54,963.58 54,930.24 =G25*$B$8
77,776.77 77,729.60 77,682.45 77,635.33 77,588.24 =$B$6*G25
51,934.50 51,903.00 51,871.52 51,840.06 51,808.61 =$B$5*G25
1,392.78 1,391.93 1,391.09 1,390.24 1,389.40 =$B$7*G25
53,850.38 53,817.71 53,785.07 53,752.45 53,719.84 =G25*$B$21
398,401.20 398,159.55 397,918.04 397,676.69 397,435.48 =SUM(G50:G54)+G46

121,397.18 121,323.54 121,249.95 121,176.41 121,102.91 =$B$4*G25

124,862.77 124,787.03 124,711.34 124,635.70 124,560.10 =$B$14*G55
- - - - -
55,934.30 52,918.20 50,064.74 47,365.14 44,811.11 =F60*(1+$B$11)
302,194.24 299,028.77 296,026.03 293,177.25 290,474.12 =SUM(G57:G60)
6.00 6.00 6.00 6.00 6.00
702.000 702.000 702.000 702.000 702.000
35,503.00 35,503.00 35,503.00 35,503.00 35,503.00
106,251.59 118,565.67 130,084.17 140,784.53 150,639.25 =F65+G38
46,339.63 55,729.89 64,487.16 72,580.09 79,972.89 PLUG
96,122.96 99,046.77 101,808.01 104,415.44 106,877.35 #VALUE!
84.00 84.00 84.00 84.00 84.00
96,206.96 99,130.77 101,892.01 104,499.44 106,961.35 =G70-G61
398,401.20 398,159.55 397,918.04 397,676.69 397,435.48 #VALUE!

FROM PAT
2020 2021 2022 2023 2024
9,260.11 8,768.07 8,236.90 7,663.43 7,044.23 =G36
8,030.36 8,678.55 9,379.28 10,136.82 10,955.75 =-G29
74.57 74.53 74.48 74.44 74.39 =-(G45-F45)
(73.68) (73.63) (73.59) (73.54) (73.50) =G57-F57
(7,996.94) (8,645.15) (9,345.90) (10,103.46) (10,922.41) =-(G48-F48)
3,908.06 3,905.69 3,903.32 3,900.95 3,898.59 =(1-$B$18)*-(G32+G33)
13,202.49 12,708.05 12,174.49 11,598.63 10,977.04 =SUM(G78:G83)

WACC.B12
FCF GROWTH'.B30

13,202.49 12,708.05 12,174.49 11,598.63 10,977.04 =G84

202,953.60 =H89*(1+B87)/(B86-B87)
 13,202.49 12,708.05 12,174.49 11,598.63 213,930.64 =G89

PV(B86,C91:H91)*(1+B86)^0.5

UM(B93:B95)

ROM EBITDA
2020 2021 2022 2023 2024
13,168.17 12,673.76 12,140.22 11,564.38 10,942.81 =G31*(1-$B$18)
8,030.36 8,678.55 9,379.28 10,136.82 10,955.75 =-G29
74.57 74.53 74.48 74.44 74.39 =-(G45-F45)
(73.68) (73.63) (73.59) (73.54) (73.50) =G57-F57
(7,996.94) (8,645.15) (9,345.90) (10,103.46) (10,922.41) =-(G48-F48)
13,202.49 12,708.05 12,174.49 11,598.63 10,977.04 =SUM(G106:G110)

13,202.49 12,708.05 12,174.49 11,598.63 10,977.04 =G111

202,953.66 =H116*(1+B114)/(B113-B114)
13,202.49 12,708.05 12,174.49 11,598.63 213,930.71 =SUM(G116:G117)

PV(B113,C118:H118)*(1+B113)^0.5

UM(B120:B122)

ING CASH FLOW AND CASH AND MKT SECURITIES

2020 2021 2022 2023 2024

9,260.11 8,768.07 8,236.90 7,663.43 7,044.23 =G36

 8,030.36 8,678.55 9,379.28 10,136.82 10,955.75 =-G29

74.57 74.53 74.48 74.44 74.39 =-(G45-F45)

(73.68) (73.63) (73.59) (73.54) (73.50) =(G57-F57)
17,291.36 17,447.51 17,617.07 17,801.13 18,000.87 =SUM(G135:G139)

(7,884.68) (8,532.97) (9,233.79) (9,991.41) (10,810.43) =-((G48-F48)+(G52-F52)+(G53-F53)

(31.52) (31.50) (31.48) (31.46) (31.44) =G52-F52
(7,916.20) (8,564.47) (9,265.27) (10,022.87) (10,841.88) =SUM(G142:G143)

(75.78) (75.74) (75.69) (75.64) (75.60) =(G58-F58)

(3,188.00) (3,016.10) (2,853.46) (2,699.60) (2,554.03) =(G59-F59)+(G60-F60)
3,831.70 3,546.00 3,281.61 3,036.93 2,810.49 =G37
567.92 454.17 352.46 261.69 180.86 =SUM(G146:G148)
9,943.08 9,337.22 8,704.26 8,039.95 7,339.86 =G140+G144+G149
(21.55) (21.54) (21.53) (21.51) (21.50) =G44-F44
G25*$B$9)+G25*$B$16
UM(G25:G26)
G25*$B$20)
$B$10*((F48+G48)/2))
UM(H27:H29)
UM(H30:H30)
B$17*((F58+G58)/2)

UM(H31:H33)
G34*$B$18)
UM(H34:H35)
7*(1+$B$19)
UM(H36:H37)
UM(G50:G54)+G46

0*(1+$B$11)
UM(G57:G60)

-$B$18)*-(G32+G33)
UM(G78:G83)

89*(1+B87)/(B86-B87)
31*(1-$B$18)

UM(G106:G110)

116*(1+B114)/(B113-B114)
UM(G116:G117)
UM(G135:G139)

G48-F48)+(G52-F52)+(G53-F53)+(G51-F51)+(G54-F54))

UM(G142:G143)

59-F59)+(G60-F60)

UM(G146:G148)
140+G144+G149