GE 2015 Annual Report Download - page 58

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MD&A CONSOLIDATED RESULTS
30 GE 2015 FORM 10-K
CONSOLIDATED RESULTS
(Dollars in billions)
REVENUES INDUSTRIAL AND FINANCIAL SERVICES REVENUES
(a) Includes $2.0 billion related to Alstom (a) Includes $2.0 billion related to Alstom
COMMENTARY: 2015 ± 2014 2014 ± 2013
Consolidated revenues increased $0.2 billion.
x Industrial segment revenues decreased less than 1%,
reflecting negative foreign currency impacts and the
effects of dispositions, partially offset by organic growth
of 3% and the effects of acquisitions (primarily Alstom).
x Financial Services revenues decreased $0.5 billion, or
5%, primarily as a result of organic revenue declines,
primarily resulting from lower ending net investment
(ENI), lower gains and higher impairments, partially offset
by the effects of acquisitions and dispositions.
x Other income increased $1.4 billion, primarily due to the
gain on sale of our Signaling business of $0.6 billion,
NBCU settlement of $0.5 billion, and $0.2 billion break-up
fee from Electrolux.
x The effects of acquisitions increased consolidated
revenues $2.5 billion and $1.7 billion in 2015 and 2014,
respectively. Dispositions affected our ongoing results
through increased revenues of $0.4 billion in 2015 and
lower revenues of $3.6 in 2014.
x The effects of a stronger U.S. dollar compared to mainly
the euro, Brazilian real, and Canadian dollar, decreased
consolidated revenues by $4.9 billion.
Consolidated revenues increased $3.9 billion, or 3%.
x Industrial segment revenues increased 6%, reflecting organic
growth* of 7% and the effects of acquisitions (primarily Lufkin
Industries, Inc. (Lufkin), Avio S.p.A. (Avio) and certain Thermo
Fisher Scientific Inc. businesses).
x Financial Services revenues increased $0.1 billion as a result of
organic revenue growth and higher gains, partially offset by the
effects of dispositions.
x Other income decreased $2.3 billion, primarily due to the sale of our
remaining 49% common equity interest in NBCU LLC in 2013 ($1.6
billion).
x The effects of acquisitions increased consolidated revenues $1.7
billion and $1.5 billion in 2014 and 2013, respectively. Dispositions
affected our ongoing results through lower revenues of $3.6 billion
and $0.1 in 2014 and 2013, respectively.
x The effects of a stronger U.S. dollar compared to mainly the
Japanese yen, Canadian dollar and Brazilian real, partially offset by
the British pound, decreased consolidated revenues by $0.6 billion.
*Non-GAAP Financial Measure
30 GE 2015 FORM 10-K