Selected Financial Data
Information below is divided into three sections: upper portion – consolidated data; middle portion – GE data that reflect various conventional measurements for such enterprises; and lower portion – GECS data that reflect key information pertinent to financial services businesses.
The selected financial data set forth below have been restated to reflect adjustments to our consolidated financial statements and other financial information contained in our Annual Report on Form 10-K for the year ended December 31, 2004, originally filed with the U.S. Securities and Exchange Commission on March 1, 2005. The following selected financial data should be read in conjunction with our restated financial statements and the related Notes to Consolidated Financial Statements.
Selected Financial Data
| (In millions; per-share amounts in dollars) | 2004 (Restated) |
2003 (Restated) |
2002 (Restated) |
2001 (Restated) |
2000 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GENERAL ELECTRIC COMPANY AND CONSOLIDATED AFFILIATES | |||||||||||||||
| Revenues | $ | 152,866 | $ | 134,641 | $ | 132,226 | $ | 126,373 | $ | 130,385 | |||||
| Earnings before accounting changes | 16,819 | 15,823 | 15,182 | 14,078 | 12,735 | ||||||||||
| Cumulative effect of accounting changes | – | (587 | ) | (1,015 | ) | (287 | ) | – | |||||||
| Net earnings | 16,819 | 15,236 | 14,167 | 13,791 | 12,735 | ||||||||||
| Dividends declared | 8,594 | 7,759 | 7,266 | 6,555 | 5,647 | ||||||||||
| Return on average shareowners’ equity excluding the effect of accounting changes | 17.6% | 22.2% | 25.7% | 26.8% | 27.5% | ||||||||||
| Per share | |||||||||||||||
| Earnings before accounting changes — diluted | $ | 1.61 | $ | 1.57 | $ | 1.51 | $ | 1.40 | $ | 1.27 | |||||
| Cumulative effect of accounting changes — diluted | – | (0.06 | ) | (0.10 | ) | (0.03 | ) | – | |||||||
| Earnings — diluted | 1.61 | 1.51 | 1.41 | 1.37 | 1.27 | ||||||||||
| Earnings before accounting changes — basic | 1.62 | 1.58 | 1.52 | 1.42 | 1.29 | ||||||||||
| Cumulative effect of accounting changes — basic | – | (0.06 | ) | (0.10 | ) | (0.03 | ) | – | |||||||
| Earnings — basic | 1.62 | 1.52 | 1.42 | 1.39 | 1.29 | ||||||||||
| Dividends declared | 0.82 | 0.77 | 0.73 | 0.66 | 0.57 | ||||||||||
| Stock price range | 37.75–28.88 | 32.42–21.30 | 41.84–21.40 | 52.90–28.25 | 60.50–41.67 | ||||||||||
| Year-end closing stock price | 36.50 | 30.98 | 24.35 | 40.08 | 47.94 | ||||||||||
| Total assets | 750,507 | 647,828 | 575,236 | 495,012 | 437,006 | ||||||||||
| Long-term borrowings | 212,670 | 171,966 | 140,401 | 79,653 | 82,132 | ||||||||||
| Shares outstanding — average (in thousands) | 10,399,629 | 10,018,587 | 9,947,113 | 9,932,245 | 9,897,110 | ||||||||||
| Shareowner accounts — average | 658,000 | 670,000 | 655,000 | 625,000 | 597,000 | ||||||||||
| GE DATA | |||||||||||||||
| Short-term borrowings | $ | 3,409 | $ | 2,555 | $ | 8,786 | $ | 1,722 | $ | 940 | |||||
| Long-term borrowings | 7,625 | 8,388 | 970 | 787 | 841 | ||||||||||
| Minority interest | 7,701 | 1,079 | 1,028 | 948 | 968 | ||||||||||
| Shareowners’ equity | 110,821 | 79,631 | 64,079 | 55,000 | 50,492 | ||||||||||
| Total capital invested | $ | 129,556 | $ | 91,653 | $ | 74,863 | $ | 58,457 | $ | 53,241 | |||||
| Return on average total capital invested excluding effect of accounting changes | 16.0% | 20.0% | 24.4% | 26.7% | 27.4% | ||||||||||
| Borrowings as a percentage of total capital invested | 9.0% | 11.9% | 13.0% | 4.3% | 3.3% | ||||||||||
| Working capital (a) | $ | 8,328 | $ | 5,282 | $ | 3,821 | ($2,398) | $ | 799 | ||||||
| Additions to property, plant and equipment | 2,427 | 2,158 | 2,386 | 2,876 | 2,536 | ||||||||||
| Employees at year end | |||||||||||||||
| United States | 129,000 | 122,000 | 125,000 | 125,000 | 131,000 | ||||||||||
| Other countries | 98,000 | 96,000 | 94,000 | 94,000 | 92,000 | ||||||||||
| Total employees | 227,000 | 218,000 | 219,000 | 219,000 | 223,000 | ||||||||||
| GECS DATA | |||||||||||||||
| Revenues | $ | 71,279 | $ | 64,733 | $ | 58,715 | $ | 58,813 | $ | 66,709 | |||||
| Earnings before accounting changes | 8,387 | 7,988 | 4,675 | 5,536 | 5,192 | ||||||||||
| Cumulative effect of accounting changes | – | (339 | ) | (1,015 | ) | (12 | ) | – | |||||||
| Net earnings | 8,387 | 7,649 | 3,660 | 5,524 | 5,192 | ||||||||||
| Shareowner’s equity | 54,292 | 45,759 | 37,302 | 28,766 | 23,022 | ||||||||||
| Minority interest | 8,682 | 5,115 | 4,445 | 4,267 | 3,968 | ||||||||||
| Total borrowings | 360,799 | 319,941 | 270,521 | 239,748 | 205,371 | ||||||||||
| Ratio of debt to equity at GE Capital | 6.53:1 | 6.66:1 | 6.51:1 | 7.26:1 | 7.53:1 | ||||||||||
| Total assets | $ | 618,504 | $ | 554,871 | $ | 489,820 | $ | 425,473 | $ | 370,636 | |||||
| Insurance premiums written | 15,250 | 18,602 | 16,999 | 15,843 | 16,461 | ||||||||||
| Employees at year end | |||||||||||||||
| United States | 36,000 | 33,000 | 36,000 | 33,000 | 37,000 | ||||||||||
| Other countries | 44,000 | 54,000 | 60,000 | 58,000 | 53,000 | ||||||||||
| Total employees | 80,000 | 87,000 | 96,000 | 91,000 | 90,000 | ||||||||||
| Transactions between GE and GECS have been eliminated from the consolidated information. |
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| (a) | Working capital is defined as the sum of receivables from the sales of goods and services, plus inventories, less trade accounts payable and progress collections. |
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