GE Capital Commercial Distribution Finance. Sam Yourd May 7, 2013
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1 Commercial Distribution Finance Sam Yourd May 7, 2013
2 GE Overview
3 GE: Overview We ve been at work building, powering, moving and curing the world for a long time. Building Powering Moving Curing employees countries in GE s global presence best global brands (InterBrand, 2011) world s most admired companies (Fortune Magazine, 2012; #1 in electronics, #14 overall) world s best company for leadership (Forbes / Hay Group, 2012) 3
4 GE key messages revenues of $147.4B and $46.0B for GE and Corporate ratings of Aa3 / AA+ by Moody s / S&P ~$77B of cash (@ 12/31/2012) Market capitalization of $240+ billion (2/26/13) dividend to GE reinstated: $6.4B in Operating Framework double-digit earnings growth for GE Industrial segments Significant cash returned to parent from Planning to return ~$12B+ cash to shareholders 4
5 GE: positioned for growth GE Energy GE Tech Energy Healthcare Oil & Gas Aviation Home & Business Solutions, Media Power & Water Transportation ~$147.4B Revenue * $14.7B Earnings From Cont. Ops. * $12.1B Industrial CFOA * *Source: Full year 2012, per 1/18/13 Earnings Release 5
6 Business YE 2012 Assets ($B) Domain + Expertise Commercial Lending & Leasing $182 Entered in the 60 s ~100% secured loans and leases Support mid-market customers Consumer - U.S. PLCC - Global $139 Entered in the 30 s Store cards and sales finance for retailers Broad spread of risk Aviation Services $49 Entered in the 60 s GE domain in aircraft engine manufacturing Broad product set with full life cycle mgmt. Real Estate - Debt - Equity $46 Entered in the 70 s Secured loans against diversified properties Own/operate high quality properties Energy Financial Services $19 Entered in the 80 s GE domain in infrastructure manufacturing Essential assets; secure cash flows Businesses we know deep domain decades of performance 6
7 Focused A great franchise Builders, not just bankers + Help customers build better businesses through better capital + Deliver human, intellectual and financial capital + Provide access to GE expertise and industry experience + Deploy the largest sales direct originations team + Build on deep lending experience across industries and product lines 7
8 Commercial Distribution Finance
9 Each year we fund over $31 billion to over 40,000 small and mid-size businesses in North America, so they can buy and sell their products.
10 CDF business model CDF provides inventory financing solutions, service and intelligence through in-depth industry expertise and commitment that is superior to alternative funding sources Our business model allows for an efficient, uninterrupted flow of products from manufacturers to dealers, enabling their growth and profitability Dealer Value: Value Add Increase sales by ensuring inventory availability Manufacturer Value: Allow manufacturers to focus on their core business and improve balance sheet by transferring credit risk and management Manufacturer Ships Inventory Orders Inventory Dealer 10
11 Value proposition Manufacturer/Distributor Inventory Management Predictable cash flow Reduced credit risk Accelerated funding Reduce capital investment Dealer Ability to stock & quickly deliver better selections Improved cash flow & liquidity E-commerce based account management Larger credit facilities Reduced borrowing cost 11
12 CDF product line/manufacturer overview Marine Recreation Vehicles Lawn and Garden Powersports Technology Industrial Equipment Transportation Consumer Electronic and Appliances Motorcycles 12
13 Factoring is A tool to monetize a portion of your client s working capital A/R CDF Product Factoring Client s Monetizable Working Capital Inventory CDF Product Floorplan 13 / GE Title or job number /
14 Account Receivables Financing Benefits For the Manufacturer ( Seller ) & the Customer ( Debtor ) Manufacturer / Seller Accelerate cash flow Reduce receivables - Exchanging receivables for cash - Enhance operational metrics (DSO) Certainty of payment by GE prior to collection from your customers Eliminate credit losses CDF assumes credit risk. Seller remains responsible for commercial disputes Reduced open account administration costs CDF performs account management (credit/ collections) Customer / Debtor Enhanced repayment terms if the Seller supports the additional terms (financing fee) Limited documentation process for the customers / debtors One dedicated account manager to handle all account servicing issues no call center Limited documentation process for the customers / debtors Drive incremental sales by expanding traditional open account terms - Providing up to 180 days 14 / April 2013
15 Underwriting & Servicing
16 Multi-Layer Loss Protection 4 3 Collateral Security / Repurchase 1 GE Policy Limits Internal Credit Experienced credit professionals Underwriting guidelines Consistent policies/procedures Standardized metrics Financial & performance triggers Risk Classification 2 Portfolio Control Portfolio Control System Systematic queuing (PCS) 38 deficiency rules Assigned to PM Credit line utilization monitoring Portfolio performace monitoring (Non earning, delinquency) Problem Loan Review Special Asset Group Field Audits Collateral Control 200+ field service reps Perform ~18,000 inspections monthly Bank Deposit Review financial team of 20+ Compliance Exam Group of ~16+ Risk based scoring model driving inspection cycle Maintain Value Manufacturer repurchase Discretionary facilities Curtailments Security by inventory Personal Guarantees Vendor recourse, loss pools, risk sharing Risk Ratings AML/KYC 16
17 Underwriting: Credit tools & systems Electronic Approval System (EAS): front-end credit system Automated approval system for small credit lines Statistically validated models / incorporates an individual obligor's probability of default Regulatory Due Diligence: automated screening for government watch list, Politically Exposed Persons (PEP), anti-money laundering, fraud detection, irregular business practices, Know Your Customer requirements Moody s Risk Analyst: financial spreading tool, detailed & robust cash flow & related ratio analysis, integrated projection capability Credit Bureaus: D&B/personal credit reporting agencies, public reporting agencies (S&P, Moody s, Fitch) Data Mart: gives access to dealer information from base operating systems. It is used for portfolio reporting, identification of weaker accounts, aged inventory, portfolio trends, exposures, etc. 17
18 Field Services Group full time FSG employees strategically positioned in North America Coverage in 50 States and 10 Canadian Provinces, NW Territories & Yukon Headquartered in Chicago, IL and Toronto, Canada Highly tenured and expert leadership team and staff 18
19 Technology
20 Easy Transactions & Actionable Analytics Inventory Finance Technology Leader COMS Analytics Online COMS power analytics Mfr. Playbook Quick Transactions 24/7 Actionable Work Queues Easy Online Payments Notifications Customized Views Quick Access to Interest Paid Flexible Document Downloads For Dealers & OEM s Interactive Analytical Tool OEM s (4) Metrics Outstandings, Liquidations Aging, Credit Capacity Dealers (3) Metrics Volume, Outstandings Charges Billed Export Line Item Data For Dealers & OEM s Advanced Analytical Tool 6 Detailed Dashboards Powerful Search State, Region, Country Customized G,Y,R Indicators Customized Dealer Alerts Notifications For OEM Customers* Industry Benchmark Report Key Performance Metrics Financial Comparisons Posted to COMS Monthly For OEM Customers* * Selective OEM s only 20 /
21 Access GE Customer Portal 21st century delivery channel Network with Peers Share Content Connect to GE Experts Social networking Private cohort communities Events Best practices Whitepapers Primers Diagnostic Tools Video Growth & Innovation Operational Effectiveness Leadership & Development Finance Globalization 21
22
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