GE 2007 Annual Report Download - page 66

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64 ge 2007 annual report
Statement of Earnings
General Electric Company
and consolidated affi liates
For the years ended December 31 (In millions; per-share amounts in dollars)
2007 2006 2005
REVENUES
Sales of goods $ 60,670 $ 55,181 $ 50,727
Sales of services 38,856 36,329 32,839
Other income (note 3) 3,019 2,154 1,673
GECS earnings from continuing operations — — —
GECS revenues from services (note 4) 70,193 58,179 51,341
Total revenues
172,738 151,843 136,580
COSTS AND EXPENSES (note 5)
Cost of goods sold 47,309 43,279 39,169
Cost of services sold 25,816 23,494 20,615
Interest and other financial charges 23,787 18,896 14,811
Investment contracts, insurance losses and insurance annuity benefits 3,469 3,213 3,374
Provision for losses on financing receivables (note 13) 4,546 3,130 3,239
Other costs and expenses 40,297 35,639 33,278
Minority interest in net earnings of consolidated affiliates 916 862 916
Total costs and expenses
146,140 128,513 115,402
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 26,598 23,330 21,178
Provision for income taxes (note 7) (4,130) (3,950) (3,824)
EARNINGS FROM CONTINUING OPERATIONS 22,468 19,380 17,354
Earnings (loss) from discontinued operations, net of taxes (note 2) (260) 1,362 (634)
NET EARNINGS $ 22,208 $ 20,742 $ 16,720
Per-share amounts (note 8)
Per-share amounts — earnings from continuing operations
Diluted earnings per share
$ 2.20 $ 1.86 $ 1.64
Basic earnings per share 2.21 1.87 1.64
Per-share amounts — net earnings
Diluted earnings per share 2.17 2.00 1.57
Basic earnings per share 2.18 2.00 1.58
DIVIDENDS DECLARED PER SHARE $ 1.15 $ 1.03 $ 0.91
Consolidated Statement of Changes in Shareowners’ Equity
(In millions) 2007 2006 2005
CHANGES IN SHAREOWNERS’ EQUITY (note 22)
Balance at January 1 $111,509 $108,633 $110,181
Dividends and other transactions with shareowners
(23,102) (17,983) (13,249)
Changes other than transactions with shareowners
Investment securities—net
(1,484) (223) (437)
Currency translation adjustments — net 4,527 3,649 (4,318)
Cash flow hedges — net (539) 223 (47)
Benefit plans — net 2,566 287 (217)
Total changes other than earnings
5,070 3,936 (5,019)
Increases attributable to net earnings 22,208 20,742 16,720
Total changes other than transactions with shareowners
27,278 24,678 11,701
Cumulative effect of changes in accounting principles (a)
(126) (3,819) —
Balance at December 31
$115,559 $111,509 $108,633
(a) The effect of the 2006 accounting change was previously included in the caption “Benefit plans — net.”
See accompanying notes.
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