GE 2012 Annual Report Download - page 46

management’s discussion and analsis
44 GE 2012 ANNUAL REPORT
HEALTHCARE revenues of $18.3 billion increased $0.2 billion, or
1%, in 2012 due to higher volume ($0.8 billion) and other income
($0.1 billion), partially offset by the stronger U.S. dollar ($0.4 bil-
lion) and lower prices ($0.3 billion). The revenue increase, driven
by higher equipment sales, is attributable to international mar-
kets, with the strongest growth in emerging markets.
Segment profit of $2.9 billion increased $0.1 billion, or 4%, in
2012 reflecting increased productivity ($0.4 billion), higher vol-
ume ($0.1 billion) and other income ($0.1 billion), partially offset by
lower prices ($0.3 billion) and higher inflation ($0.2 billion), primar-
ily non-material related.
Healthcare revenues of $18.1 billion increased $1.2 billion, or
7%, in 2011 due to higher volume ($1.0 billion) and the weaker
U.S. dollar ($0.4 billion), partially offset by lower prices ($0.3 bil-
lion). The revenue increase was split between equipment sales
($0.7 billion) and services ($0.5 billion). Revenue increased in the
U.S. and international markets, with the strongest growth in
emerging markets.
Segment profit of $2.8 billion increased 2%, or $0.1 billion, in
2011 reflecting increased productivity ($0.3 billion), higher vol-
ume ($0.2 billion) and the weaker U.S. dollar ($0.1 billion), partially
offset by lower prices ($0.3 billion) and higher inflation ($0.1 bil-
lion), primarily non-material related.
Healthcare equipment orders increased 5% to $11.1 billion
in 2012. Total Healthcare backlog increased 15% to $15.4 bil-
lion at December 31, 2012, composed of equipment backlog of
$4.5 billion and services backlog of $10.9 billion. Comparable
December 31, 2011 equipment and service order backlogs
were $3.9 billion and $9.6 billion, respectively. See Corporate
Items and Eliminations for a discussion of items not allocated to
this segment.
TRANSPORTATION revenues of $5.6 billion increased $0.7 billion, or
15%, in 2012 due to higher volume ($0.6 billion) and higher prices
($0.1 billion). The revenue increase was split between equipment
sales ($0.4 billion) and services ($0.3 billion). The increase in
equipment revenue was primarily driven by an increase in U.S.
locomotive sales and growth in our global mining equipment
business. The increase in service revenue was due to higher
overhauls and increased service productivity.
Segment profit of $1.0 billion increased $0.3 billion, or 36%,
in 2012 as a result of higher volume ($0.1 billion), higher prices
($0.1 billion) and increased productivity ($0.1 billion), reflecting
improved service margins.
Transportation revenues of $4.9 billion increased $1.5 bil-
lion, or 45%, in 2011 due to higher volume ($1.5 billion) related
to increased equipment sales ($0.9 billion) and services ($0.6 bil-
lion). The increase in equipment revenue was primarily driven
by an increase in U.S. and international locomotive sales and
growth in our global mining equipment business. The increase
in service revenue was due to higher overhauls and increased
service productivity.
Segment profit of $0.8 billion increased $0.4 billion, or over
100%, in 2011 as a result of increased productivity ($0.4 billion),
reflecting improved service margins, and higher volume ($0.1 bil-
lion), partially offset by higher inflation ($0.1 billion).
Transportation equipment orders increased 35% to $3.0 billion
in 2012. Total Transportation backlog decreased 5% to $14.4 bil-
lion at December 31, 2012, composed of equipment backlog of
$3.3 billion and services backlog of $11.1 billion. Comparable
December 31, 2011 equipment and service order backlogs
were $3.3 billion and $11.8 billion, respectively. See Corporate
Items and Eliminations for a discussion of items not allocated to
this segment.
HOME & BUSINESS SOLUTIONS revenues of $8.0 billion increased
$0.3 billion, or 4%, in 2012 reflecting an increase at Appliances
partially offset by lower revenues at Lighting. Overall, revenues
increased primarily as a result of higher prices ($0.3 billion) princi-
pally at Appliances, partially offset by lower volume ($0.1 billion).
Segment profit of $0.3 billion increased 31%, or $0.1 bil-
lion, in 2012 as higher prices ($0.3 billion) were partially offset
by the effects of inflation ($0.2 billion) and lower productivity
($0.1 billion).
Home & Business Solutions revenues of $7.7 billion decreased
$0.3 billion, or 3%, in 2011 reflecting a decrease at Appliances
partially offset by higher revenues at Lighting. Overall, revenues
decreased primarily as a result of lower volume ($0.4 billion) prin-
cipally at Appliances, partially offset by the weaker U.S. dollar
($0.1 billion) and higher prices.
Segment profit of $0.2 billion decreased 41%, or $0.2 billion,
in 2011 as the effects of inflation ($0.3 billion) were partially offset
by the effects of the weaker U.S. dollar, increased productivity
and higher prices. See Corporate Items and Elimination for a dis-
cussion of items not allocated to this segment.
GE CAPITAL
(In millions) 2012 2011 2010
REVENUES $ 46,039 $ 49,068 $49,856
SEGMENT PROFIT $ 7,401 $ 6,584 $ 3,120
December 31 (In millions) 2012 2011
TOTAL ASSETS $539,223 $584,536
(In millions) 2012 2011 2010
REVENUES
Commercial Lending and
Leasing (CLL) $ 16,857 $ 18,178 $18,447
Consumer 15,579 16,767 17,180
Real Estate 3,654 3,712 3,744
Energy Financial Services 1,508 1,223 1,957
GE Capital Aviation
Services (GECAS) 5,294 5,262 5,127
SEGMENT PROFIT (LOSS)
CLL $ 2,423 $ 2,720 $ 1,554
Consumer 3,240 3,703 2,619
Real Estate 803 (928) (1,741)
Energy Financial Services 432 440 367
GECAS 1,220 1,150 1,195
December 31 (In millions) 2012 2011
TOTAL ASSETS
CLL $182,432 $193,869
Consumer 138,997 138,534
Real Estate 46,247 60,873
Energy Financial Services 19,185 18,357
GECAS 49,420 48,821