GE 2006 Annual Report Download - page 70

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  
Statement of Earnings
General Electric Company
and consolidated affi liates
For the years ended December 31 (In millions; per-share amounts in dollars) 2006 2005 2004
REVENUES
Sales of goods $ 64,297 $ 59,837 $ 55,005
Sales of services 36,403 32,752 29,700
Other income (note 3) 2,537 1,683 1,064
GECS earnings from continuing operations — — —
GECS revenues from services (note 4) 59,957 53,144 48,004
GECS commercial paper interest rate swap adjustment 197 540 518
Total revenues 163,391 147,956 134,291
COSTS AND EXPENSES (note 5)
Cost of goods sold 50,588 46,169 42,645
Cost of services sold 23,522 20,645 19,114
Interest and other financial charges 19,286 15,102 11,616
Investment contracts, insurance losses and insurance annuity benefits 3,214 3,374 3,086
Provision for losses on financing receivables (note 14) 3,839 3,841 3,888
Other costs and expenses 37,414 35,143 32,917
Minority interest in net earnings of consolidated affiliates 908 986 728
Total costs and expenses 138,771 125,260 113,994
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 24,620 22,696 20,297
Provision for income taxes (note 8) (3,954) (4,035) (3,696)
EARNINGS FROM CONTINUING OPERATIONS 20,666 18,661 16,601
Earnings (loss) from discontinued operations, net of taxes (note 2) 163 (1,950) 559
NET EARNINGS $ 20,829 $ 16,711 $ 17,160
Per-share amounts (note 9)
Per-share amounts — earnings from continuing operations
Diluted earnings per share $ 1.99 $ 1.76 $ 1.59
Basic earnings per share 1.99 1.77 1.60
Per-share amounts — net earnings
Diluted earnings per share 2.00 1.57 1.64
Basic earnings per share 2.01 1.58 1.65
DIVIDENDS DECLARED PER SHARE $ 1.03 $ 0.91 $ 0.82
Consolidated Statement of Changes in Shareowners’ Equity
(In millions) 2006 2005 2004
CHANGES IN SHAREOWNERS’ EQUITY (note 23)
Balance at January 1 $109,351 $110,908 $ 79,662
Dividends and other transactions with shareowners (17,983) (13,249) 10,009
Changes other than transactions with shareowners
Increase attributable to net earnings 20,829 16,711 17,160
Investment securities — net (223) (437) 412
Currency translation adjustments — net 3,649 (4,318) 3,936
Cash flow hedges
— net 223 (47) 150
Benefit plans — net (3,532) (217) (421)
Total changes other than transactions with shareowners 20,946 11,692 21,237
Balance at December 31 $112,314 $109,351 $110,908
The notes to consolidated financial statements are an integral part of these statements.
68 ge 2006 annual report