GE 2005 Annual Report Download - page 42

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(42)
Revenues were up sharply in 2004, to $12.9 billion, and segment profit was up 28% to $2.6 billion.
Operations were significantly affected by the May combination of NBC and VUE, which increased revenues by $4.7
billion and, net of effects of the 20% minority interest, operating profit by $0.6 billion. Other significant 2004
factors affecting results were the Olympic Games broadcasts ($0.9 billion higher revenues), price increases ($0.2
billion of revenues and operating profit), volume ($0.3 billion of revenues and $0.1 billion of operating profit) and
$0.3 billion higher NBC Universal operating costs.
COMMERCIAL FINANCE
(In millions) 2005 2004 2003
REVENUES $20,646 $ 19,524 $ 16,927
SEGMENT PROFIT $4,290 $3,570 $2,907
December 31 (In millions) 2005 2004
TOTAL ASSETS $190,546 $ 184,388
(In millions) 2005 2004 2003
REVENUES
Capital Solutions $11,476 $ 11,503 $ 9,893
Real Estate 3,492 3,084 2,956
SEGMENT PROFIT
Capital Solutions $1,515 $1,325 $1,184
Real Estate 1,282 1,124 947
December 31 (In millions) 2005 2004
ASSETS
Capital Solutions $87,306 $ 80,514
Real Estate 35,323 39,515
Commercial Finance revenues and net earnings increased 6% and 20%, respectively, compared with 2004. Revenues
during 2005 and 2004 included $1.0 billion and $0.3 billion from acquisitions, respectively, and in 2005 were
reduced by $0.7 billion as a result of dispositions. Revenues during 2005 also increased $1.1 billion as a result of
organic revenue growth ($0.8 billion) and the weaker U.S. dollar ($0.3 billion). The increase in net earnings resulted
primarily from core growth ($0.6 billion), including growth in lower-taxed earnings from global operations,
acquisitions ($0.2 billion) and the weaker U.S. dollar ($0.1 billion), partially offset by lower securitizations ($0.1
billion).
Commercial Finance revenues and net earnings increased 15% and 23%, respectively, compared with 2003.
The increase in revenues resulted primarily from acquisitions ($2.2 billion) and the weaker U.S. dollar ($0.6 billion),
partially offset by lower securitizations ($0.2 billion). The increase in net earnings resulted primarily from
acquisitions ($0.4 billion), core growth ($0.3 billion) and the weaker U.S. dollar ($0.1 billion), partially offset by
lower securitizations ($0.1 billion).