GE 2008 Annual Report Download - page 52

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50 ge 2008 annual report
audited financial statements
Statement of Earnings
General Electric Company
and consolidated affiliates
For the years ended December 31 (In millions; per-share amounts in dollars) 2008 2007 2006
REVENUES
Sales of goods $ 69,100 $ 60,670 $ 55,181
Sales of services 43,669 38,856 36,329
Other income (Note 3) 1,586 3,019 2,154
GECS earnings from continuing operations ———
GECS revenues from services (Note 4) 68,160 69,943 57,904
Total revenues 182,515 172,488 151,568
COSTS AND EXPENSES (Note 5)
Cost of goods sold 54,602 47,309 43,279
Cost of services sold 29,170 25,816 23,494
Interest and other financial charges 26,209 23,762 18,879
Investment contracts, insurance losses and insurance annuity benefits 3,213 3,469 3,213
Provision for losses on financing receivables (Note 13) 7,518 4,431 3,062
Other costs and expenses 42,021 40,173 35,491
Minority interest in net earnings of consolidated affiliates 641 916 862
Total costs and expenses 163,374 145,876 128,280
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 19,141 26,612 23,288
Provision for income taxes (Note 7) (1,052) (4,155) (3,944)
EARNINGS FROM CONTINUING OPERATIONS 18,089 22,457 19,344
Earnings (loss) from discontinued operations, net of taxes (Note 2) (679) (249) 1,398
NET EARNINGS 17,410 22,208 20,742
Preferred stock dividends declared (75) ——
NET EARNINGS ATTRIBUTABLE TO COMMON SHAREOWNERS $ 17,335 $ 22,208 $ 20,742
Per-share amounts (Note 8)
Earnings from continuing operations
Diluted earnings per share $ 1.78 $ 2.20 $ 1.86
Basic earnings per share 1.79 2.21 1.87
Net earnings
Diluted earnings per share 1.72 2.17 2.00
Basic earnings per share 1.72 2.18 2.00
DIVIDENDS DECLARED PER COMMON SHARE $ 1.24 $ 1.15 $ 1.03
Consolidated Statement of Changes in Shareowners’ Equity
(In millions) 2008 2007 2006
CHANGES IN SHAREOWNERS’ EQUITY (Note 23)
Balance at January 1 $115,559 $111,509 $108,633
Dividends and other transactions with shareowners 1,873 (23,102) (17,983)
Other comprehensive income
Investment securities — net (3,218) (1,484) (223)
Currency translation adjustments— net (11,007) 4,527 3,649
Cash flow hedges — net (2,664) (539) 223
Benefit plans — net (13,288) 2,566 287
Total other comprehensive income (30,177) 5,070 3,936
Increases attributable to net earnings 17,410 22,208 20,742
Comprehensive income (12,767) 27,278 24,678
Cumulative effect of changes in accounting principles —(126) (3,819)
Balance at December 31 $104,665 $115,559 $111,509
See accompanying notes.