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

 
(1)
 

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.
 

 
(2)
 

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
  

 

 
(3)
 

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
  

 

 
(4)
 

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
        
                   

 
(5)
 


 
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
  

 

 
(6)
 

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
  

 

 
(7)
 

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
        

 

 
(8)
 


 
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
  
                               

 

 
(9)