EX-99.B 4 ex99b.htm EXHIBIT 99(B) Exhibit 99(b)


Exhibit 99(b)
 

 

 
Revised Segment Results, with Annual Results for the Five Years Ended December 31, 2004, and Quarterly Results for the Six Quarters Ended June 30, 2005 (Pages 1-8)
 

 




Exhibit 99(b)
 
Revised Segment Results, with Annual Results for the Five Years Ended December 31, 2004, and Quarterly Results for the Six Quarters Ended June 30, 2005 (Pages 1-8)
 
Segment Operations
 
Revenues and segment profit of our operating segments are shown below. As described in our Form 8-K filed June 23, 2005, we reorganized our businesses on July 5, 2005, around markets and customers. We believe this organization will help us accelerate growth, improve productivity and retain, as well as grow, the best management talent.
 
Our six reporting segments as of July 5, 2005, were as follows:
 
•
Commercial Financial Services - the combination of our previous Commercial Finance (excluding Aviation Services, Energy Financial Services and Transportation Finance) and Insurance segments and GE Equity, previously reported in the Equipment & Other Services segment
 
•
Consumer Finance - unchanged
 
•
Healthcare - unchanged
 
•
Industrial - the combination of our previous Consumer & Industrial and Advanced Materials segments, the security, sensing and Fanuc Automation businesses of our previous Infrastructure segment, the inspection technology business of our previous Transportation segment and Equipment Services, previously reported in the Equipment & Other Services segment
 
•
Infrastructure - the combination of our previous Energy and Transportation segments, the water business of our previous Infrastructure segment, and Aviation Services, Energy Financial Services and Transportation Finance of our previous Commercial Finance segment
 
•
NBC Universal - unchanged
 
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; certain gains and losses from dispositions; and litigation settlements or other charges, responsibility for which precedes the current management team.
 
Segment profit always excludes the effects of principal pension plans 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 refer to as “operating profit,” for Healthcare, NBC Universal and the industrial businesses of the Industrial and Infrastructure segments; included in determining segment profit, which we refer to as “net earnings,” for Commercial Financial Services, Consumer Finance, and the financial services businesses of the Industrial and Infrastructure segments.
 

(1)

All periods presented have been reclassified to conform to the changes in our organization effective July 5, 2005. 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.
 
Consolidated
 
For the years ended December 31 (In millions)
2004
  
2003
  
2002
  
2001
  
2000
  
                               
Revenues
                              
Commercial Financial Services
$
42,594
  
$
43,121
  
$
38,984
  
$
38,498
  
$
40,905
  
Consumer Finance
  
15,734
    
12,845
    
10,266
    
9,508
    
9,320
  
Healthcare
  
13,456
    
10,198
    
8,955
    
8,409
    
7,275
  
Industrial
  
30,722
    
24,988
    
26,154
    
26,101
    
29,541
  
Infrastructure
  
37,373
    
36,569
    
40,119
    
36,419
    
30,133
  
NBC Universal
  
12,886
    
6,871
    
7,149
    
5,769
    
6,797
  
Corporate items and eliminations
  
101
    
49
    
599
    
1,669
    
6,414
  
Consolidated revenues
$
152,866
  
$
134,641
  
$
132,226
  
$
126,373
  
$
130,385
  
                               
Segment profit
                              
Commercial Financial Services
$
4,139
  
$
5,009
  
$
2,075
  
$
3,663
  
$
4,604
  
Consumer Finance
  
2,520
    
2,161
    
1,799
    
1,602
    
1,295
  
Healthcare
  
2,286
    
1,701
    
1,546
    
1,498
    
1,321
  
Industrial
  
1,833
    
1,385
    
1,837
    
2,642
    
3,251
  
Infrastructure
  
6,797
    
7,362
    
9,178
    
7,869
    
5,545
  
NBC Universal
  
2,558
    
1,998
    
1,658
    
1,408
    
1,609
  
Total segment profit
  
20,133
    
19,616
    
18,093
    
18,682
    
17,625
  
GECS goodwill amortization
  
-
    
-
    
-
    
(552
)
  
(620
)
Corporate items and eliminations
  
(362
)
  
5
    
1,495
    
958
    
340
  
GE interest and other financial charges
  
(979
)
  
(941
)
  
(569
)
  
(817
)
  
(811
)
GE provision for income taxes
  
(1,973
)
  
(2,857
)
  
(3,837
)
  
(4,193
)
  
(3,799
)
Earnings before accounting changes
  
16,819
    
15,823
    
15,182
    
14,078
    
12,735
  
Cumulative effect of accounting changes
  
-
    
(587
)
  
(1,015
)
  
(287
)
  
-
  
Consolidated net earnings
$
16,819
  
$
15,236
  
$
14,167
  
$
13,791
  
$
12,735
  

 

(2)

Consolidated
 
 
2005
  
(In millions)
First
quarter
  
Second
quarter
  
Six
months
  
                   
Revenues
                  
Commercial Financial Services
$
11,405
  
$
10,936
  
$
22,341
  
Consumer Finance
  
4,689
    
4,928
    
9,617
  
Healthcare
  
3,321
    
3,768
    
7,089
  
Industrial
  
7,668
    
8,253
    
15,921
  
Infrastructure
  
9,374
    
10,221
    
19,595
  
NBC Universal
  
3,601
    
3,858
    
7,459
  
Corporate items and eliminations
  
(332
)
  
(408
)
  
(740
)
Consolidated revenues
$
39,726
  
$
41,556
  
$
81,282
  
                   
Segment Profit
                  
Commercial Financial Services
$
1,309
  
$
1,156
  
$
2,465
  
Consumer Finance
  
735
    
735
    
1,470
  
Healthcare
  
409
    
672
    
1,081
  
Industrial
  
526
    
635
    
1,161
  
Infrastructure
  
1,540
    
1,916
    
3,456
  
NBC Universal
  
709
    
979
    
1,688
  
Total segment profit
  
5,228
    
6,093
    
11,321
  
Corporate items and eliminations
  
(303
)
  
(327
)
  
(630
)
GE interest and other financial charges
  
(381
)
  
(336
)
  
(717
)
GE provision for income taxes
  
(579
)
  
(783
)
  
(1,362
)
Consolidated net earnings
$
3,965
  
$
4,647
  
$
8,612
  

 
Commercial Financial Services
 
 
2005
  
(In millions)
First
quarter
  
Second
quarter
  
Six
months
  
                   
Revenues
$
11,405
  
$
10,936
  
$
22,341
  
                   
Net revenues
                  
Total revenues
$
11,405
  
$
10,936
  
$
22,341
  
Interest expense
  
1,529
    
1,598
    
3,127
  
Total net revenues
$
9,876
  
$
9,338
  
$
19,214
  
                   
Segment profit
$
1,309
  
$
1,156
  
$
2,465
  

 
Quarters ended (In millions)
First
quarter
  
Second
quarter
      
                   
Total assets
$
365,559
  
$
360,771
        

 

(3)


 
2005
  
(In millions)
First
quarter
  
Second
quarter
  
Six
months
  
                   
Revenues
                  
Capital Solutions
$
2,889
  
$
2,856
  
$
5,745
  
Insurance
  
6,333
    
6,007
    
12,340
  
Real Estate
  
898
    
744
    
1,642
  
                   
Segment profit
                 
Capital Solutions
$
286
  
$
325
  
$
611
  
Insurance
  
383
    
284
    
667
  
Real Estate
  
310
    
240
    
550
  

 
Quarters ended (In millions)
First
quarter
  
Second
quarter
      
                   
Total assets
                  
Capital Solutions
$
86,230
  
$
85,069
        
Insurance
  
177,933
    
175,107
        
Real Estate
  
36,299
    
35,619
        

 
Industrial
 
 
2005
  
(In millions)
First
quarter
  
Second
quarter
  
Six
months
  
                   
Revenues
$
7,668
  
$
8,253
  
$
15,921
  
                   
Segment profit
$
526
  
$
635
  
$
1,161
  
                   
Revenues
                  
Consumer & Industrial
$
3,261
  
$
3,576
  
$
6,837
  
Equipment Services
  
1,574
    
1,652
    
3,226
  
Plastics
  
1,648
    
1,640
    
3,288
  
                   
Segment profit
                 
Consumer & Industrial
$
165
  
$
227
  
$
392
  
Equipment Services
  
10
    
36
    
46
  
Plastics
  
240
    
208
    
448
  

 

(4)


Infrastructure
 
 
2005
  
(In millions)
First
quarter
  
Second
quarter
  
Six
months
  
                   
Revenues
$
9,374
  
$
10,221
  
$
19,595
  
                   
Segment profit
$
1,540
  
$
1,916
  
$
3,456
  
                   
Revenues
                  
Aircraft Engines
$
2,590
  
$
2,971
  
$
5,561
  
Aviation Services
  
817
    
819
    
1,636
  
Energy
  
3,951
    
3,884
    
7,835
  
Energy Financial Services
 
228
    
382
    
610
  
Oil & Gas
  
641
    
763
    
1,404
  
Rail
  
756
    
892
    
1,648
  
                   
Segment profit
                  
Aircraft Engines
$
527
  
$
690
  
$
1,217
  
Aviation Services
  
163
    
185
    
348
  
Energy
  
577
    
625
    
1,202
  
Energy Financial Services
  
94
    
179
    
273
  
Oil & Gas
  
27
    
75
    
102
  
Rail
  
82
    
101
    
183
  
 

(5)

Consolidated
 
 
2004
  
(In millions)
First
quarter
  
Second
quarter
  
Third
quarter
  
Fourth
quarter
  
Total
year
  
                               
Revenues
                              
Commercial Financial Services
$
10,392
  
$
10,319
  
$
10,496
  
$
11,387
  
$
42,594
  
Consumer Finance
  
3,589
    
3,830
    
4,011
    
4,304
    
15,734
  
Healthcare
  
2,495
    
3,372
    
3,330
    
4,259
    
13,456
  
Industrial
  
7,036
    
7,673
    
7,635
    
8,378
    
30,722
  
Infrastructure
  
8,314
    
9,108
    
9,074
    
10,877
    
37,373
  
NBC Universal
  
1,582
    
2,867
    
4,096
    
4,341
    
12,886
  
Corporate items and eliminations
  
184
    
(388
)
  
(306
)
  
611
    
101
  
Consolidated revenues
$
33,592
  
$
36,781
  
$
38,336
  
$
44,157
  
$
152,866
  
                               
Segment profit
                              
Commercial Financial Services
$
1,110
  
$
827
  
$
1,135
  
$
1,067
  
$
4,139
  
Consumer Finance
  
602
    
600
    
681
    
637
    
2,520
  
Healthcare
  
339
    
584
    
503
    
860
    
2,286
  
Industrial
  
368
    
450
    
402
    
613
    
1,833
  
Infrastructure
  
1,501
    
1,592
    
1,608
    
2,096
    
6,797
  
NBC Universal
  
394
    
768
    
536
    
860
    
2,558
  
Total segment profit
  
4,314
    
4,821
    
4,865
    
6,133
    
20,133
  
Corporate items and eliminations
  
(242
)
  
(566
)
  
11
    
435
    
(362
)
GE interest and other financial charges
  
(239
)
  
(49
)
  
(355
)
  
(336
)
  
(979
)
GE provision for income taxes
  
(467
)
  
(455
)
  
(450
)
  
(601
)
  
(1,973
)
Consolidated net earnings
$
3,366
  
$
3,751
  
$
4,071
  
$
5,631
  
$
16,819
  

 
Commercial Financial Services
 
 
2004
  
(In millions)
First
quarter
  
Second
quarter
  
Third
quarter
  
Fourth
quarter
  
Total
year
  
                               
Revenues
$
10,392
  
$
10,319
  
$
10,496
  
$
11,387
  
$
42,594
  
                               
Net revenues
                              
Total revenues
$
10,392
  
$
10,319
  
$
10,496
  
$
11,387
  
$
42,594
  
Interest expense
  
1,214
    
1,230
    
1,288
    
1,448
    
5,180
  
Total net revenues
$
9,178
  
$
9,089
  
$
9,208
  
$
9,939
  
$
37,414
  
                               
Segment profit
$
1,110
  
$
827
  
$
1,135
  
$
1,067
  
$
4,139
  
                               

 
Quarters ended (In millions)
First
quarter
  
Second
quarter
  
Third
quarter
  
Fourth
quarter
      
                               
Total assets
$
353,065
  
$
349,260
  
$
353,112
  
$
363,593
        

 

(6)


 
2004
  
(In millions)
First
quarter
  
Second
quarter
  
Third
quarter
  
Fourth
quarter
  
Total
year
  
                               
Revenues
                              
Capital Solutions
$
2,652
  
$
2,848
  
$
2,877
  
$
3,126
  
$
11,503
  
Insurance
  
5,953
    
5,554
    
5,544
    
6,019
    
23,070
  
Real Estate
  
714
    
746
    
730
    
894
    
3,084
  
                               
Segment profit
                              
Capital Solutions
$
251
  
$
268
  
$
351
  
$
455
  
$
1,325
  
Insurance
  
410
    
53
    
120
    
(14)
    
569
  
Real Estate
  
245
    
262
    
243
    
374
    
1,124
  
                               


Quarters ended (In millions)
First
quarter
  
Second
quarter
  
Third
quarter
  
Fourth
quarter
      
                               
Total assets
                              
Capital Solutions
$
76,844
  
$
78,787
  
$
76,720
  
$
80,514
        
Insurance
  
175,142
    
171,112
    
176,265
    
179,205
        
Real Estate
  
38,105
    
37,218
    
37,736
    
39,515
        
                               

 
Industrial
 
 
2004
  
(In millions)
First
quarter
  
Second
quarter
  
Third
quarter
  
Fourth
quarter
  
Total
year
  
                               
Revenues
$
7,036
  
$
7,673
  
$
7,635
  
$
8,378
  
$
30,722
  
                               
Segment profit
$
368
  
$
450
  
$
402
  
$
613
  
$
1,833
  
                               
Revenues
                              
Consumer & Industrial
$
3,097
  
$
3,490
  
$
3,423
  
$
3,757
  
$
13,767
  
Equipment Services
  
1,573
    
1,606
    
1,665
    
1,727
    
6,571
  
Plastics
  
1,374
    
1,492
    
1,485
    
1,715
    
6,066
  
                               
                               
Segment profit
                              
Consumer & Industrial
$
149
  
$
204
  
$
163
  
$
200
  
$
716
  
Equipment Services
  
(16
)
  
13
    
30
    
55
    
82
  
Plastics
  
137
    
115
    
94
    
220
    
566
  

 

(7)

Infrastructure
 
 
2004
  
(In millions)
First
quarter
  
Second
quarter
  
Third
quarter
  
Fourth
quarter
  
Total
year
  
                               
Revenues
$
8,314
  
$
9,108
  
$
9,074
  
$
10,877
  
$
37,373
  
                               
Segment profit
$
1,501
  
$
1,592
  
$
1,608
  
$
2,096
  
$
6,797
  
                               
Revenues
                              
Aircraft Engines
$
2,493
  
$
2,756
  
$
2,667
  
$
3,178
  
$
11,094
  
Aviation Services
  
715
    
777
    
792
    
875
    
3,159
  
Energy
  
3,297
    
3,472
    
3,417
    
4,400
    
14,586
  
Energy Financial Services
  
238
    
233
    
301
    
200
    
972
  
Oil & Gas
  
651
    
714
    
790
    
980
    
3,135
  
Rail
  
627
    
771
    
733
    
876
    
3,007
  
                               
Segment profit
                              
Aircraft Engines
$
475
  
$
536
  
$
518
  
$
709
  
$
2,238
  
Aviation Services
  
144
    
133
    
76
    
167
    
520
  
Energy
  
613
    
575
    
553
    
802
    
2,543
  
Energy Financial Services
  
92
    
81
    
146
    
57
    
376
  
Oil and Gas
  
49
    
61
    
98
    
123
    
331
  
Rail
  
84
    
139
    
140
    
153
    
516
  

(8)