GE 2015 Annual Report Download - page 57

MD&A CONSOLIDATED RESULTS
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CONSOLIDATED RESULTS
(Dollars in billions)
2015 GEOGRAPHIC REVENUES 2015 SEGMENT REVENUES
SIGNIFICANT DEVELOPMENTS IN 2015
Our consolidated results were significantly affected by the stronger U.S. dollar compared with various foreign currencies
as described in our segment operating results and geographic information.
On April 10, 2015, we announced our plan to reduce the size of the financial services businesses through the sale of most
of its assets over the following 24 months. See the GE Capital Exit Plan section within the MD&A for additional
information.
On November 17, 2015, we completed the split-off of Synchrony Financial through which the Company accepted
671,366,809 shares of GE common stock from its shareholders in exchange for 705,270,833 shares of Synchrony
Financial common stock that it owned and recorded an after-tax gain of $3.4 billion in discontinued operations.
On November 2, 2015, we completed the acquisition of AlVWRP¶V7KHUPDO5HQHZDEOHVDQG*rid businesses. The
completion of the transaction followed the regulatory approval of the deal in over 20 countries and regions including the
EU, U.S., China, India, Japan and Brazil. 7KHSXUFKDVHSULFHZDV¼2 billion (approximately $10.1 billion). The
acquisition and alliances with Alstom affected our Power, Renewable Energy, and Energy Management segments.
On November 2, 2015, we also completed the sale of our Signaling business to Alstom with proceeds of $0.8 billion and a
pre-tax gain of $0.6 billion.
On December 7, 2015, we announced that we had terminated our agreement to sell our Appliances business to
Electrolux.
On January 15, 2016, we announced the signing of a definitive agreement to sell our Appliances business to Qingdao
Haier Co., Ltd. (HaierIRUELOOLRQ7KHWUDQVDFWLRQKDVEHHQDSSURYHGE\RXUERDUGRIGLUHFWRUVDQG+DLHU¶VERDUGRI
directors and remains subject to customary closing conditions, including Haier shareholder approval, and regulatory
approvals. The transaction is targeted to close in mid-2016.
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