GE 2014 Annual Report Download - page 76

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56 GE 2014 FORM 10-K
MD&A SEGMENT OPERATIONS | GE CAPITAL
FINANCIAL OVERVIEW
(Dollars in billions)
SEGMENT REVENUES & PROFIT(a)
(a) Interest and other financial charges and income taxes are included in determining segment profit for the GE Capital segment.
COMMENTARY: 2014 – 2013
Revenues decreased 3% as a result of the effects of dispositions, organic revenue declines, primarily due to lower ENI, and
lower gains, partially offset by lower impairments.
x CLL 2014 revenues increased by $0.3 billion, or 2%, as a result of lower impairments ($0.8 billion), partially offset by
organic revenue declines ($0.3 billion) and the effects of dispositions ($0.2 billion).
x Consumer 2014 revenues decreased by $0.7 billion, or 5%, as a result of lower gains ($0.6 billion) and the effects of
dispositions ($0.3 billion), partially offset by organic revenue growth ($0.2 billion) and lower impairments ($0.1 billion).
x Real Estate 2014 revenues decreased by $0.9 billion, or 24%, as a result of decreases in net gains on property sales
($0.6 billion) mainly due to the 2013 sale of real estate comprising certain floors located at 30 Rockefeller Center, New
York, organic revenue declines ($0.2 billion) and higher impairments ($0.1 billion).
x Energy Financial Services 2014 revenues increased by $0.2 billion, or 11% as a result of organic revenue growth ($0.4
billion) and higher gains ($0.1 billion), partially offset by the effects of dispositions ($0.2 billion) and higher impairments
($0.2 billion).
x GECAS 2014 revenues decreased by $0.1 billion, or 2%, as a result of organic revenue declines ($0.2 billion), partially
offset by higher gains ($0.1 billion).
Segment profit decreased 12% as a result of the effects of dispositions, core decreases and lower gains, partially offset by
lower impairments and lower provisions for losses on financing receivables.
x CLL 2014 net earnings increased by $0.3 billion, or 16%, reflecting lower impairments ($0.7 billion) and lower provisions
for losses on financing receivables ($0.2 billion), partially offset by core decreases ($0.4 billion) and the effects of
dispositions ($0.2 billion).
x Consumer 2014 net earnings decreased by $1.3 billion, or 30%, as a result of the effects of dispositions ($0.8 billion)
reflecting the 2013 sale of a portion of Cembra and the 2014 sale of GEMB-Nordic, core decreases ($0.5 billion) and
lower gains ($0.4 billion) reflecting the 2013 sale of our remaining equity interest in Bay Bank, partially offset by higher
provisions for losses on financing receivables ($0.3 billion) and lower impairments ($0.1 billion).
x Real Estate 2014 net earnings decreased by $0.7 billion, or 42%, as a result of core decreases ($0.7 billion) including
lower tax benefits ($0.4 billion) and lower gains on property sales ($0.3 billion).
Revenue Profit