GE 2015 Annual Report Download - page 104

MD&A OTHER CONSOLIDATED INFORMATION
76 GE 2015 FORM 10-K
GEOGRAPHIC DATA
Our global activities span all geographic regions and primarily encompass manufacturing for local and export markets, import and sale
of products produced in other regions, leasing of aircraft, sourcing for our plants domiciled in other global regions and provision of
financial services within these regional economies. Thus, when countries or regions experience currency and/or economic stress, we
often have increased exposure to certain risks, but also often have new opportunities that include, among other things, expansion of
industrial activities through purchases of companies or assets at reduced prices and lower U.S. debt financing costs.
Financial results of our non-U.S. activities reported in U.S. dollars are affected by currency exchange. We use a number of techniques
to manage the effects of currency exchange, including selective borrowings in local currencies and selective hedging of significant
cross-currency transactions. Such principal currencies are the euro, the pound sterling, the Brazilian real and the Chinese renminbi.
REVENUES
Revenues are classified according to the region to which products and services are sold. For purposes of this analysis, the U.S. is
presented separately from the remainder of the Americas.
GEOGRAPHIC REVENUES
V%
(
Dollars in billions
)
2015 2014 2013 2015-2014 2014-2013
U.S. $ 53.2 $ 51.1 $ 49.4 4 % 4 %
Non-U.S.
Europe 16.8 18.4 18.2
Asia 19.3 20.2 20.9
Americas 12.0 11.8 11.3
Middle East and Africa 16.0 15.6 13.5
Total Non-U.S. 64.1 66.0 63.9
(
3
)
% 3 %
Total $ 117.4 $ 117.2 $ 113.2 - % 3 %
Non-U.S. Revenues as a % of Consolidated Revenues 55% 56% 56%
NON-U.S. REVENUES
The decrease in non-U.S. revenues in 2015 was primarily due to decreases in growth markets of 11% in Canada and 29% in Australia
& New Zealand (ANZ), partially offset by an increase of 2% in Middle East, North Africa and Turkey (MENAT) and 1% in China.
The increase in 2014 was primarily due to increases in growth markets of 14% in MENAT, 28% in sub-Sahara, and 7% in Latin
America, partially offset by a decrease of 15% in ANZ.
The effects of currency fluctuations on reported results were as follows:
x Decreased revenues by $4.9 billion in 2015, primarily driven by the euro ($2.6 billion), the Brazilian real ($0.9 billion) and the
Canadian dollar ($0.2 billion).
x Decreased revenues by $0.6 billion in 2014, primarily driven by the Brazilian real ($0.2 billion), Canadian dollar ($0.1 billion) and
Japanese yen ($0.1 billion), partially offset by the British pound ($0.1).
x Decreased revenues by $0.4 billion in 2013, primarily driven by the Japanese yen ($0.3 billion) and Brazilian real ($0.2 billion),
partially offset by the euro ($0.2 billion).
The effects of foreign currency fluctuations decreased earnings in 2015 by $0.7 billion, primarily driven by the euro ($0.6 billion) and
Brazilian real ($0.1 billion). The effects of foreign currency fluctuations on earnings were minimal in 2014.
76 GE 2015 FORM 10-K