GE 2005 Annual Report Download - page 68

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(68)
Statement of Earnings (continued)
GE GECS
For the years ended December 31
(In millions; per-share amounts in dollars)
2005
(Restated)
2004
(Restated)
2003
(Restated)
2005
(Restated)
2004
(Restated)
2003
(Restated)
REVENUES
Sales of goods $57,378 $ 52,260 $ 47,767 $ 2,528 $ 2,840 $ 2,228
Sales of services 33,052 29,954 22,675
–
–
Other income (note 3) 1,764 1,076 645
–
–
GECS earnings from continuing operations
before accounting changes 9,499 8,194 6,256
–
–
GECS revenues from services (note 4)
–
–
56,769 50,054 40,750
GECS commercial paper interest rate swap
adjustment (note 1)
–
–
540 518 535
Total revenues 101,693 91,484 77,343 59,837 53,412 43,513
COSTS AND EXPENSES (note 5)
Cost of goods sold 43,870 39,999 35,102 2,369 2,741 2,119
Cost of services sold 20,945 19,368 14,301
–
–
Interest and other financial charges 1,432 979 941 14,259 11,076 9,896
Investment contracts, insurance losses
and insurance annuity benefits
–
–
5,674 3,800 3,069
Provision for losses on financing
receivables (note 14)
–
–
3,841 3,888 3,752
Other costs and expenses 13,279 12,001 9,870 22,658 21,788 17,095
Minority interest in net earnings of
consolidated affiliates 784 538 181 202 190 127
Total costs and expenses 80,310 72,885 60,395 49,003 43,483 36,058
EARNINGS FROM CONTINUING
OPERATIONS BEFORE INCOME
TAXES AND ACCOUNTING CHANGES 21,383 18,599 16,948 10,834 9,929 7,455
Provision for income taxes (note 8) (2,750) (1,973) (2,857) (1,335) (1,735) (1,199)
EARNINGS FROM CONTINUING OPERATIONS
BEFORE ACCOUNTING CHANGES 18,633 16,626 14,091 9,499 8,194 6,256
Earnings (loss) from discontinued
operations, net of taxes (note 2) (1,922) 534 2,057
(1,922) 534 2,057
EARNINGS BEFORE ACCOUNTING CHANGES 16,711 17,160 16,148 7,577 8,728 8,313
Cumulative effect of accounting changes (note 1)
–
(587)
–
–
(339)
NET EARNINGS $16,711 $ 17,160 $ 15,561 $ 7,577 $ 8,728 $ 7,974
In the consolidating data on this page, “GE” means the basis of consolidation as described in note 1 to the consolidated financial statements; “GECS” means General
Electric Capital Services, Inc. and all of its affiliates and associated companies. Transactions between GE and GECS have been eliminated from the “General Electric
Company and consolidated affiliates” columns on the previous page.