FAIRFIELD, Conn.--(BUSINESS WIRE)--GE [NYSE: GE] today released its 2013 Annual Report, available at www.ge.com/annualreport. The title of the report is “Progress,” also the theme of GE Chairman and CEO Jeff Immelt’s letter to shareowners. “Progress is about getting better, being better, doing better; this is why GE people get up every day,” Immelt writes.
Simplifying the Company is central to GE’s progress, notes Immelt. “Simplification is making us more competitive. This is not a reorganization or an initiative. Rather, it defines the way we make decisions, work together and work with our customers. We are focused on efficiency, speed and market impact. We are driving decisions closer to markets and making our teams accountable for outcomes, not process."
In the letter, Immelt details GE’s progress in:
- Delivering customer productivity: “We can draw on the 'GE store'— gas turbine technology, aviation materials, healthcare imaging, global capability — to solve customer problems."
- Linking the "iron and the data": “Our assets have sensors that produce a customized stream of performance data. We know that smart machines, guided by domain-based analytics, in a distributed setting, will drive new levels of productivity. We call this the Industrial Internet."
- Leading in advanced manufacturing: “We are a leader in advanced fabrication innovations like 3D printing, to lower product cost and drive speed. We are at the leading edge of robotics and automation. Our factories are smarter, more distributed and reconfigurable."
- Driving the “age of gas”: “There are billions being invested in gas exploration, transportation and monetization to connect gas supply with demand. GE can participate in every step of the gas value chain.”
- Delivering for investors: "Our total shareholder return expanded by 38% in 2013, ahead of the market. We added $64 billion of market cap and, at $282 billion, are the sixth most valuable company in the world. At year-end, we increased our dividend by 16%."
“I am investing right alongside of you,” Immelt tells shareowners. “I have invested my entire bonus in GE stock and have purchased 145,000 shares so far this year. Like the rest of our leaders, I believe in GE.”
Immelt concludes by highlighting GE leaders who embody the Company’s progress. “Our team is excited and united,” he writes. “We will execute the strategy: driving infrastructure leadership; investing in the innovation of efficiency; building competitive advantage; achieving a culture of simplification; and investing your cash wisely.”
Distribution of printed annual reports and proxy statements begins this week in preparation for GE’s annual shareowners meeting on Wednesday, April 23, 2014, in Chicago, Illinois.
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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 sovereign debt situations; 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; pending and future mortgage securitization claims and litigation in connection with WMC, which may affect our estimates of liability, including possible loss estimates; 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 or to repurchase shares at the planned level; GECC’s ability to pay dividends to GE at the planned level; our ability to convert pre-order commitments/wins into orders; the price we realize on orders since commitments/wins are stated at list prices; 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; our capital allocation plans, as such plans may change including with respect to the timing and size of share repurchases, acquisitions, joint ventures, dispositions and other strategic actions; our success in completing announced transactions and integrating acquired businesses; our ability to complete the staged exit from our North American Retail Finance business as planned; 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.