GE 2013 Annual Report Download - page 44

Download and view the complete annual report

Please find page 44 of the 2013 GE annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 150

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150

’   
42 GE 2013 ANNUAL REPORT
Summary of Operating Segments
General Electric Company and consolidated affiliates
(In millions) 2013 2012 2011 2010 2009
REVENUES (a)
Power & Water $ 24,724 $ 28,299 $ 25,675 $ 24,779 $ 27,389
Oil & Gas 16,975 15,241 13,608 9,433 9,683
Energy Management 7,569 7,412 6,422 5,161 5,223
Aviation 21,911 19,994 18,859 17,619 18,728
Healthcare 18,200 18,290 18,083 16,897 16,015
Transportation 5,885 5,608 4,885 3,370 3,827
Appliances & Lighting 8,338 7,967 7,693 7,957 7,816
Total industrial segment revenues 103,602 102,811 95,225 85,216 88,681
GE Capital 44,067 45,364 48,324 49,163 51,065
Total segment revenues 147,669 148,175 143,549 134,379 139,746
Corporate items and eliminations (b) (1,624) (1,491) 2,993 14,496 13,940
CONSOLIDATED REVENUES $146,045 $146,684 $146,542 $148,875 $153,686
SEGMENT PROFIT
Power & Water $ 4,992 $ 5,422 $ 5,021 $ 5,804 $ 5,592
Oil & Gas 2,178 1,924 1,660 1,406 1,440
Energy Management 110 131 78 156 144
Aviation 4,345 3,747 3,512 3,304 3,923
Healthcare 3,048 2,920 2,803 2,741 2,420
Transportation 1,166 1,031 757 315 473
Appliances & Lighting 381 311 237 404 360
Total industrial segment profit 16,220 15,486 14,068 14,130 14,352
GE Capital 8,258 7,345 6,480 3,083 1,364
Total segment profit 24,478 22,831 20,548 17,213 15,716
Corporate items and eliminations (b) (6,300) (4,841) (288) (1,012) (506)
GE interest and other financial charges (1,333) (1,353) (1,299) (1,600) (1,478)
GE provision for income taxes (1,668) (2,013) (4,839) (2,024) (2,739)
Earnings from continuing operations attributable to the Company 15,177 14,624 14,122 12,577 10,993
Earnings (loss) from discontinued operations, net of taxes (2,120) (983) 29 (933) 32
CONSOLIDATED NET EARNINGS ATTRIBUTABLE TO THE COMPANY $ 13,057 $ 13,641 $ 14,151 $ 11,644 $ 11,025
(a) Segment revenues include both revenues and other income related to the segment.
(b) Includes the results of NBCU, our formerly consolidated subsidiary, and our former equity method investment in NBCU LLC until we sold it in the first quarter of 2013.
See accompanying notes to consolidated financial statements.
POWER & WATER revenues of $24.7 billion decreased $3.6 billion,
or 13%, in 2013 as lower volume ($3.9 billion), primarily equip-
ment at Wind and Thermal, and the effects of the stronger U.S.
dollar ($0.1 billion) were partially offset by higher prices ($0.2 bil-
lion) and other income ($0.2 billion) primarily related to a sale
of assets.
Segment profi t of $5.0 billion decreased $0.4 billion, or 8%, in
2013 as lower volume ($0.7 billion) and lower cost productivity
($0.3 billion), despite SG&A cost reductions, were partially offset
by the effects of defl ation ($0.2 billion), higher prices ($0.2 billion)
and other income ($0.2 billion) primarily related to a sale of assets.
Power & Water revenues of $28.3 billion increased $2.6 bil-
lion, or 10%, in 2012 as higher volume ($3.4 billion), driven by an
increase in sales of equipment at Wind, and an increase in other
income ($0.2 billion) were partially offset by the effects of the
stronger U.S. dollar ($0.6 billion) and lower prices ($0.4 billion).
Segment profi t of $5.4 billion increased $0.4 billion, or 8%,
in 2012 as higher volume ($0.7 billion), increased other income
($0.2 billion) and the impacts of defl ation ($0.1 billion) were
partially offset by lower prices ($0.4 billion), lower productivity
($0.1 billion) and the effects of the stronger U.S. dollar ($0.1 billion).
Power & Water orders increased 13% to $27.4 billion in 2013.
Total Power & Water backlog increased 10% to $64.6 billion
at December 31, 2013, composed of equipment backlog of
$11.4 billion and services backlog of $53.2 billion. Comparable
December 31, 2012 equipment and service order backlogs were
$8.6 billion and $50.2 billion, respectively.
OIL & GAS revenues of $17.0 billion increased $1.7 billion (including
$0.7 billion from acquisitions), or 11%, in 2013 primarily due to
higher volume ($1.5 billion) and higher prices ($0.2 billion).
Segment profi t of $2.2 billion increased $0.3 billion, or 13%, in
2013 as higher volume ($0.2 billion) and higher prices ($0.2 billion)
were partially offset by lower cost productivity ($0.1 billion).
Oil & Gas revenues of $15.2 billion increased $1.6 billion
(including $0.7 billion from acquisitions), or 12%, in 2012 as higher
volume ($2.3 billion) driven by acquisitions and an increase in
sales of both equipment and services was partially offset by the
effects of the stronger U.S. dollar ($0.7 billion).
Segment profi t of $1.9 billion increased $0.3 billion, or 16%,
in 2012 as higher volume ($0.3 billion) and increased produc-
tivity ($0.1 billion), refl ecting increased equipment margins,