GE 2009 Annual Report Download - page 36

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34 GE 2009 ANNUAL REPORT
Summary of Operating Segments
General Electric Company and consolidated affiliates
(In millions) 2009 2008 2007 2006 2005
REVENUES
Energy Infrastructure $ 37,134 $ 38,571 $ 30,698 $ 25,221 $ 21,921
Technology Infrastructure 42,474 46,316 42,801 37,687 33,873
NBC Universal 15,436 16,969 15,416 16,188 14,689
Capital Finance 50,622 67,008 66,301 56,378 49,071
Consumer & Industrial 9,703 11,737 12,663 13,202 13,040
Total segment revenues 155,369 180,601 167,879 148,676 132,594
Corporate items and eliminations 1,414 1,914 4,609 2,892 3,668
CONSOLIDATED REVENUES $156,783 $182,515 $172,488 $151,568 $136,262
SEGMENT PROFIT
Energy Infrastructure $ 6,842 $ 6,080 $ 4,817 $ 3,518 $ 3,222
Technology Infrastructure 7,489 8,152 7,883 7,308 6,188
NBC Universal 2,264 3,131 3,107 2,919 3,092
Capital Finance 2,344 8,632 12,243 10,397 8,414
Consumer & Industrial 400 365 1,034 970 732
Total segment profit 19,339 26,360 29,084 25,112 21,648
Corporate items and eliminations (3,904) (2,691) (1,840) (1,548) (372)
GE interest and other financial charges (1,478) (2,153) (1,993) (1,668) (1,319)
GE provision for income taxes (2,739) (3,427) (2,794) (2,552) (2,678)
Earnings from continuing operations 11,218 18,089 22,457 19,344 17,279
Earnings (loss) from discontinued operations, net of taxes (193) (679) (249) 1,398 (559)
CONSOLIDATED NET EARNINGS ATTRIBUTABLE TO THE COMPANY $ 11,025 $ 17,410 $ 22,208 $ 20,742 $ 16,720
See accompanying notes to consolidated financial statements.
ENERGY INFRASTRUCTURE
(In millions) 2009 2008 2007
REVENUES $37,134 $38,571 $30,698
SEGMENT PROFIT $ 6,842 $ 6,080 $ 4,817
REVENUES
Energy (a) $30,185 $31,833 $24,788
Oil & Gas 7,743 7,417 6,849
SEGMENT PROFIT
Energy (a) $ 5,782 $ 5,067 $ 4,057
Oil & Gas 1,222 1,127 860
(a) Effective January 1, 2009, our Water business was combined with Energy. Prior-
period amounts were reclassified to conform to the current-period’s presentation.
Energy Infrastructure segment revenues decreased 4%, or
$1.4 billion, in 2009 as higher prices ($1.3 billion) were more than
offset by lower volume ($1.6 billion), the stronger U.S. dollar
($0.7 billion) and lower other income ($0.5 billion), primarily
related to lower earnings from associated companies and marks
on foreign currency contracts. The increase in price was primar-
ily at Energy. The decrease in volume reflected decreased
equipment sales at Energy, partially offset by increased equip-
ment sales at Oil & Gas. The effects of the stronger U.S. dollar
were at both Energy and Oil & Gas.
Segment profit increased 13% to $6.8 billion, compared with
$6.1 billion in 2008, as higher prices ($1.3 billion) and lower
material and other costs ($0.5 billion) were partially offset by
lower other income ($0.7 billion), primarily related to lower earn-
ings from associated companies and marks on foreign currency
contracts, and lower volume ($0.2 billion). Lower material and
other costs were primarily at Energy. Lower volume at Energy
was partially offset by higher volume at Oil & Gas.
Energy Infrastructure segment revenues rose 26%, or
$7.9 billion, in 2008 on higher volume ($6.0 billion), higher prices
($1.4 billion) and the effects of the weaker U.S. dollar ($0.5 bil-
lion). The increase in volume reflected increased sales of thermal
and wind equipment at Energy, and the effects of acquisitions
and increased sales of services at Oil & Gas. The increase in price
was primarily at Energy, while the effects of the weaker U.S.
dollar were primarily at Energy and Oil & Gas.
Segment profit rose 26% to $6.1 billion in 2008, compared
with $4.8 billion in 2007, as higher prices ($1.4 billion), higher
volume ($1.0 billion) and the effects of the weaker U.S. dollar
($0.1 billion) more than offset the effects of higher material and
other costs ($0.7 billion) and lower productivity ($0.5 billion).
Volume and material and other costs increased across all busi-
nesses of the segment. The effects of productivity were primarily
at Energy.
Energy Infrastructure segment orders were $36.0 billion in
2009, down from $43.2 billion in 2008. The $28.5 billion total
backlog at year-end 2009 comprised unfilled product orders of
$19.3 billion (of which 84% was scheduled for delivery in 2010)
and product services orders of $9.1 billion scheduled for 2010
delivery. Comparable December 31, 2008, total backlog was
$32.5 billion, of which $23.0 billion was for unfilled product
orders and $9.5 billion, for product services orders. See
Corporate Items and Eliminations for a discussion of items not
allocated to this segment.