Exhibit 99(b)
Revised Segment Results, with Annual Results for the Five Years Ended December 31, 2007, and Quarterly Results for the Six Quarters Ended June 30, 2008 (Pages 1-9)
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Revised Segment Results, with Annual Results for the Five Years Ended December 31, 2007, and Quarterly Results for the Six Quarters Ended June 30, 2008 (Pages 1-9)
Segment Operations
Revenues and segment profit of our operating segments are shown below. As described in our Form 8-K filed July 25, 2008, we reorganized our businesses effective July 25, 2008. We believe that this new organizational structure simplifies the company and aligns businesses for growth and efficiency.
Our five operating segments as of July 25, 2008, were as follows:
· | Technology Infrastructure – the combination of our previous Healthcare segment, the Aviation and Transportation businesses of our previous Infrastructure segment and the Enterprise Solutions business of our previous Industrial Products segment |
· | Energy Infrastructure – the combination of our Energy (including our motors business which was previously reported in our Industrial Products segment), Oil & Gas and Water & Process Technologies businesses of our previous Infrastructure segment |
· | Capital Finance – the combination of our previous Commercial Finance and GE Money segments and the Aviation Financial Services, Transportation Finance and Energy Financial Services businesses of our previous Infrastructure segment |
· | NBC Universal − unchanged |
· | Consumer & Industrial – the Consumer & Industrial business (excluding our motors business) of our previous Industrial Products segment |
Segment profit is determined based on internal performance measures used by the Chief Executive Officer to assess the performance of each business in a given period. In connection with that assessment, the Chief Executive Officer may exclude matters such as charges for restructuring; rationalization and other similar expenses; in-process research and development and certain other acquisition-related charges and balances; technology and product development costs; certain gains and losses from dispositions; and litigation settlements or other charges, responsibility for which preceded the current management team.
Segment profit always excludes the effects of principal pension plans, results reported as discontinued operations and accounting changes. Segment profit excludes or includes interest and other financial charges and income taxes according to how a particular segment’s management is measured – excluded in determining segment profit, which we sometimes refer to as “operating profit,” for Technology Infrastructure, Energy Infrastructure, NBC Universal and Consumer & Industrial; included in determining segment profit, which we sometimes refer to as “net earnings,” for Capital Finance.
All periods presented have been reclassified to conform to the changes in our organization effective July 25, 2008, and the effects of reporting our Japanese mortgage and card businesses as discontinued operations. In addition to providing information on segments in their entirety, we have also provided supplemental information for certain businesses within the segments for greater clarity.
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Consolidated
For the years ended December 31 (In millions) | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||
Revenues | |||||||||||||||
Technology Infrastructure | $ | 42,801 | $ | 37,687 | $ | 33,873 | $ | 30,142 | $ | 24,738 | |||||
Energy Infrastructure | 30,698 | 25,221 | 21,921 | 19,841 | 21,354 | ||||||||||
Capital Finance | 66,301 | 56,378 | 49,071 | 43,750 | 34,915 | ||||||||||
NBC Universal | 15,416 | 16,188 | 14,689 | 12,886 | 6,871 | ||||||||||
Consumer & Industrial | 12,663 | 13,202 | 13,040 | 12,408 | 11,544 | ||||||||||
Total segment revenues | 167,879 | 148,676 | 132,594 | 119,027 | 99,422 | ||||||||||
Corporate items and eliminations | 4,609 | 2,892 | 3,668 | 4,787 | 4,915 | ||||||||||
Consolidated revenues | $ | 172,488 | $ | 151,568 | $ | 136,262 | $ | 123,814 | $ | 104,337 | |||||
Segment profit | |||||||||||||||
Technology Infrastructure | $ | 7,883 | $ | 7,308 | $ | 6,188 | $ | 5,412 | $ | 4,248 | |||||
Energy Infrastructure | 4,817 | 3,518 | 3,222 | 3,100 | 4,317 | ||||||||||
Capital Finance | 12,243 | 10,397 | 8,414 | 6,593 | 5,325 | ||||||||||
NBC Universal | 3,107 | 2,919 | 3,092 | 2,558 | 1,998 | ||||||||||
Consumer & Industrial | 1,034 | 970 | 732 | 601 | 498 | ||||||||||
Total segment profit | 29,084 | 25,112 | 21,648 | 18,264 | 16,386 | ||||||||||
Corporate items and eliminations | (1,840 | ) | (1,548 | ) | (372 | ) | 165 | 353 | |||||||
GE interest and other financial charges | (1,993 | ) | (1,668 | ) | (1,319 | ) | (901 | ) | (811 | ) | |||||
GE provision for income taxes | (2,794 | ) | (2,552 | ) | (2,678 | ) | (1,937 | ) | (2,756 | ) | |||||
Earnings from continuing operations | |||||||||||||||
before accounting changes | 22,457 | 19,344 | 17,279 | 15,591 | 13,172 | ||||||||||
Earnings (loss) from discontinued | |||||||||||||||
operations, net of taxes | (249 | ) | 1,398 | (559 | ) | 1,631 | 2,933 | ||||||||
Earnings before accounting changes | 22,208 | 20,742 | 16,720 | 17,222 | 16,105 | ||||||||||
Cumulative effect of accounting changes | – | – | – | – | (587 | ) | |||||||||
Consolidated net earnings | $ | 22,208 | $ | 20,742 | $ | 16,720 | $ | 17,222 | $ | 15,518 |
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Consolidated
2008 | |||||||||
(In millions) | First quarter | Second quarter | Six months | ||||||
Revenues | |||||||||
Technology Infrastructure | $ | 10,460 | $ | 11,851 | $ | 22,311 | |||
Energy Infrastructure | 7,724 | 9,671 | 17,395 | ||||||
Capital Finance | 16,969 | 17,981 | 34,950 | ||||||
NBC Universal | 3,584 | 3,882 | 7,466 | ||||||
Consumer & Industrial | 2,862 | 3,139 | 6,001 | ||||||
Total segment revenues | 41,599 | 46,524 | 88,123 | ||||||
Corporate items and eliminations | 629 | 316 | 945 | ||||||
Consolidated revenues | $ | 42,228 | $ | 46,840 | $ | 89,068 | |||
Segment Profit | |||||||||
Technology Infrastructure | $ | 1,701 | $ | 2,056 | $ | 3,757 | |||
Energy Infrastructure | 1,070 | 1,579 | 2,649 | ||||||
Capital Finance | 2,679 | 2,903 | 5,582 | ||||||
NBC Universal | 712 | 909 | 1,621 | ||||||
Consumer & Industrial | 144 | 138 | 282 | ||||||
Total segment profit | 6,306 | 7,585 | 13,891 | ||||||
Corporate items and eliminations | (595 | ) | (656 | ) | (1,251 | ) | |||
GE interest and other financial charges | (602 | ) | (554 | ) | (1,156 | ) | |||
GE provision for income taxes | (758 | ) | (981 | ) | (1,739 | ) | |||
Earnings from continuing operations | 4,351 | 5,394 | 9,745 | ||||||
Loss from discontinued operations, net of taxes | (47 | ) | (322 | ) | (369 | ) | |||
Consolidated net earnings | $ | 4,304 | $ | 5,072 | $ | 9,376 |
Technology Infrastructure
2008 | |||||||||
(In millions) | First quarter | Second quarter | Six months | ||||||
Revenues | $ | 10,460 | $ | 11,851 | $ | 22,311 | |||
Segment profit | $ | 1,701 | $ | 2,056 | $ | 3,757 | |||
Revenues | |||||||||
Aviation | $ | 4,320 | $ | 4,923 | $ | 9,243 | |||
Enterprise Solutions | 1,105 | 1,235 | 2,340 | ||||||
Healthcare | 3,887 | 4,491 | 8,378 | ||||||
Transportation | 1,148 | 1,202 | 2,350 | ||||||
Segment profit | |||||||||
Aviation | $ | 775 | $ | 914 | $ | 1,689 | |||
Enterprise Solutions | 154 | 162 | 316 | ||||||
Healthcare | 528 | 747 | 1,275 | ||||||
Transportation | 254 | 241 | 495 |
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Energy Infrastructure
2008 | |||||||||
(In millions) | First quarter | Second quarter | Six months | ||||||
Revenues | $ | 7,724 | $ | 9,671 | $ | 17,395 | |||
Segment profit | $ | 1,070 | $ | 1,579 | $ | 2,649 | |||
Revenues | |||||||||
Energy | $ | 5,795 | $ | 7,180 | $ | 12,975 | |||
Oil & Gas | 1,535 | 1,895 | 3,430 | ||||||
Segment profit | |||||||||
Energy | $ | 910 | $ | 1,222 | $ | 2,132 | |||
Oil & Gas | 161 | 255 | 416 |
Capital Finance
2008 | |||||||||
(In millions) | First quarter | Second quarter | Six months | ||||||
Revenues | $ | 16,969 | $ | 17,981 | $ | 34,950 | |||
Segment profit | $ | 2,679 | $ | 2,903 | $ | 5,582 | |||
Quarters ended (In millions) | First quarter | Second quarter | |||||||
Total assets | $ | 620,038 | $ | 628,232 | |||||
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2008 | |||||||||
(In millions) | First quarter | Second quarter | Six months | ||||||
Revenues | |||||||||
Commercial Lending and Leasing (CLL) | $ | 6,683 | $ | 7,295 | $ | 13,978 | |||
Energy Financial Services | 770 | 989 | 1,759 | ||||||
GECAS | 1,270 | 1,155 | 2,425 | ||||||
GE Money | 6,363 | 6,578 | 12,941 | ||||||
Real Estate | 1,883 | 1,964 | 3,847 | ||||||
Segment profit | |||||||||
CLL | $ | 694 | $ | 917 | $ | 1,611 | |||
Energy Financial Services | 133 | 167 | 300 | ||||||
GECAS | 391 | 279 | 670 | ||||||
GE Money | 985 | 1,056 | 2,041 | ||||||
Real Estate | 476 | 484 | 960 |
Quarters ended (In millions) | First quarter | Second quarter | |||||||
Assets | |||||||||
CLL | $ | 248,867 | $ | 246,416 | |||||
Energy Financial Services | 20,837 | 21,580 | |||||||
GECAS | 47,484 | 48,383 | |||||||
GE Money | 216,245 | 221,242 | |||||||
Real Estate | 86,605 | 90,611 |
Consumer & Industrial
2008 | |||||||||
(In millions) | First quarter | Second quarter | Six months | ||||||
Revenues | $ | 2,862 | $ | 3,139 | $ | 6,001 | |||
Segment profit | $ | 144 | $ | 138 | $ | 282 |
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Consolidated
2007 | |||||||||||||||
(In millions) | First quarter | Second quarter | Third quarter | Fourth quarter | Total year | ||||||||||
Revenues | |||||||||||||||
Technology Infrastructure | $ | 9,498 | $ | 10,262 | $ | 10,549 | $ | 12,492 | $ | 42,801 | |||||
Energy Infrastructure | 6,322 | 7,543 | 7,386 | 9,447 | 30,698 | ||||||||||
Capital Finance | 15,553 | 15,915 | 16,979 | 17,854 | 66,301 | ||||||||||
NBC Universal | 3,484 | 3,625 | 3,756 | 4,551 | 15,416 | ||||||||||
Consumer & Industrial | 2,924 | 3,250 | 3,163 | 3,326 | 12,663 | ||||||||||
Total segment revenues | 37,781 | 40,595 | 41,833 | 47,670 | 167,879 | ||||||||||
Corporate items and eliminations | 1,343 | 1,724 | 679 | 863 | 4,609 | ||||||||||
Consolidated revenues | $ | 39,124 | $ | 42,319 | $ | 42,512 | $ | 48,533 | $ | 172,488 | |||||
Segment profit | |||||||||||||||
Technology Infrastructure | $ | 1,678 | $ | 1,861 | $ | 1,869 | $ | 2,475 | $ | 7,883 | |||||
Energy Infrastructure | 815 | 1,115 | 1,086 | 1,801 | 4,817 | ||||||||||
Capital Finance | 3,152 | 2,907 | 3,021 | 3,163 | 12,243 | ||||||||||
NBC Universal | 691 | 904 | 589 | 923 | 3,107 | ||||||||||
Consumer & Industrial | 223 | 302 | 255 | 254 | 1,034 | ||||||||||
Total segment profit | 6,559 | 7,089 | 6,820 | 8,616 | 29,084 | ||||||||||
Corporate items and eliminations | (475 | ) | (328 | ) | (600 | ) | (437 | ) | (1,840 | ) | |||||
GE interest and other financial charges | (533 | ) | (422 | ) | (473 | ) | (565 | ) | (1,993 | ) | |||||
GE provision for income taxes | (640 | ) | (731 | ) | (636 | ) | (787 | ) | (2,794 | ) | |||||
Earnings from continuing operations | 4,911 | 5,608 | 5,111 | 6,827 | 22,457 | ||||||||||
Earnings (loss) from discontinued | |||||||||||||||
operations, net of taxes | (340 | ) | (226 | ) | 448 | (131 | ) | (249 | ) | ||||||
Consolidated net earnings | $ | 4,571 | $ | 5,382 | $ | 5,559 | $ | 6,696 | $ | 22,208 |
Technology Infrastructure
2007 | |||||||||||||||
(In millions) | First quarter | Second quarter | Third quarter | Fourth quarter | Total year | ||||||||||
Revenues | $ | 9,498 | $ | 10,262 | $ | 10,549 | $ | 12,492 | $ | 42,801 | |||||
Segment profit | $ | 1,678 | $ | 1,861 | $ | 1,869 | $ | 2,475 | $ | 7,883 | |||||
Revenues | |||||||||||||||
Aviation | $ | 3,451 | $ | 4,079 | $ | 4,240 | $ | 5,049 | $ | 16,819 | |||||
Enterprise Solutions | 1,024 | 1,031 | 1,137 | 1,270 | 4,462 | ||||||||||
Healthcare | 3,895 | 4,045 | 4,062 | 4,995 | 16,997 | ||||||||||
Transportation | 1,128 | 1,107 | 1,109 | 1,179 | 4,523 | ||||||||||
Segment profit | |||||||||||||||
Aviation | $ | 699 | $ | 828 | $ | 736 | $ | 959 | $ | 3,222 | |||||
Enterprise Solutions | 134 | 135 | 193 | 235 | 697 | ||||||||||
Healthcare | 637 | 692 | 692 | 1,035 | 3,056 | ||||||||||
Transportation | 214 | 217 | 253 | 252 | 936 |
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Energy Infrastructure
2007 | |||||||||||||||
(In millions) | First quarter | Second quarter | Third quarter | Fourth quarter | Total year | ||||||||||
Revenues | $ | 6,322 | $ | 7,543 | $ | 7,386 | $ | 9,447 | $ | 30,698 | |||||
Segment profit | $ | 815 | $ | 1,115 | $ | 1,086 | $ | 1,801 | $ | 4,817 | |||||
Revenues | |||||||||||||||
Energy | $ | 4,809 | $ | 5,368 | $ | 5,357 | $ | 6,922 | $ | 22,456 | |||||
Oil & Gas | 1,148 | 1,821 | 1,699 | 2,181 | 6,849 | ||||||||||
Segment profit | |||||||||||||||
Energy | $ | 690 | $ | 902 | $ | 818 | $ | 1,425 | $ | 3,835 | |||||
Oil & Gas | 102 | 189 | 237 | 332 | 860 |
Capital Finance
2007 | |||||||||||||||
(In millions) | First quarter | Second quarter | Third quarter | Fourth quarter | Total year | ||||||||||
Revenues | $ | 15,553 | $ | 15,915 | $ | 16,979 | $ | 17,854 | $ | 66,301 | |||||
Segment profit | $ | 3,152 | $ | 2,907 | $ | 3,021 | $ | 3,163 | $ | 12,243 | |||||
Quarters ended (In millions) | First quarter | Second quarter | Third quarter | Fourth quarter | |||||||||||
Total assets | $ | 502,812 | $ | 528,826 | $ | 553,959 | $ | 583,965 |
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2007 | |||||||||||||||
(In millions) | First quarter | Second quarter | Third quarter | Fourth quarter | Total year | ||||||||||
Revenues | |||||||||||||||
CLL | $ | 6,416 | $ | 6,581 | $ | 6,862 | $ | 7,408 | $ | 27,267 | |||||
Energy Financial Services | 324 | 417 | 832 | 832 | 2,405 | ||||||||||
GECAS | 1,316 | 1,149 | 1,195 | 1,179 | 4,839 | ||||||||||
GE Money | 5,882 | 6,211 | 6,153 | 6,523 | 24,769 | ||||||||||
Real Estate | 1,615 | 1,557 | 1,937 | 1,912 | 7,021 | ||||||||||
Segment profit | |||||||||||||||
CLL | $ | 888 | $ | 840 | $ | 905 | $ | 1,168 | $ | 3,801 | |||||
Energy Financial Services | 89 | 157 | 255 | 176 | 677 | ||||||||||
GECAS | 405 | 281 | 274 | 251 | 1,211 | ||||||||||
GE Money | 1,206 | 1,153 | 947 | 963 | 4,269 | ||||||||||
Real Estate | 564 | 476 | 640 | 605 | 2,285 |
Quarters ended (In millions) | First quarter | Second quarter | Third quarter | Fourth quarter | |||||||||||
Assets | |||||||||||||||
CLL | $ | 204,052 | $ | 214,231 | $ | 220,391 | $ | 229,608 | |||||||
Energy Financial Services | 15,765 | 17,340 | 17,493 | 18,705 | |||||||||||
GECAS | 45,586 | 45,936 | 47,038 | 47,189 | |||||||||||
GE Money | 178,004 | 189,262 | 196,840 | 209,178 | |||||||||||
Real Estate | 59,405 | 62,057 | 72,197 | 79,285 |
Consumer & Industrial
2007 | |||||||||||||||
(In millions) | First quarter | Second quarter | Third quarter | Fourth quarter | Total year | ||||||||||
Revenues | $ | 2,924 | $ | 3,250 | $ | 3,163 | $ | 3,326 | $ | 12,663 | |||||
Segment profit | $ | 223 | $ | 302 | $ | 255 | $ | 254 | $ | 1,034 | |||||
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