General Electric (GE) 1997年年度报告「NYSE」.pdf

1、General Electric CompanyFairfield,Connecticut 06431Bulk RateU.S.PostagePaidGeneral Electric CompanyGeneral Electric Company 1997 Annual ReportGeneral Electric Companye1997Annual Reportg1To Our Share Owners and EmployeesIn 1997,your Company had a great yeara record year.Ongoing revenues rose to$89.3

2、billion;up 13%.Global(non-U.S.)revenues rose to$38.5billion,now 42%of total revenues.Earnings increased to more than$8.2 bil-lion;up 13%.Earnings per share increased 14%to arecord$2.50.Ongoing operating margin rose to a record15.7%,exceeding 15%for the first time inthe history of our Company.Operati

3、ng cash flow rose to a record$9.3billion.This,in combination with our Triple A debt rating,fueled theinvestment of$17.2 billion in more than 75 industrial and financialservices acquisitions in 1997.This record cash flow also allowed us to return$7 billion to share owners:$3.5 billion in dividends an

4、d$3.5 billion for the repurchaseof GE stock.Dividends were increased by 15%,our 22nd consecutiveannual dividend increase.In April,our share owners approved a 2-for-1 stock split,the fourthin the last 15 years.Our share owners including our active and retired employees,who now own more than$12 billio

5、n inGEstockintheirsavingsplans wererewardedforthisperformance.The totalreturnon a share of GE stock was 51%in 1997;this followed gains of 40%in 1996 and 45%in 1995.Chairman and ChiefExecutive Officer John F.Welch,Jr.(front)and Vice Chair-men and ExecutiveOfficers Paolo Fresco(left),John D.Opie(cente

6、r)and Eugene F.Murphy(right)formGEs Corporate Executive Office.Mexico in the mid-1990s was a similar story:dis-location,uncertainty and turbulence.Reacting tothe peso crisis of 1995 and its aftermath,GE moved,acquiring 10 companies and investing more than$1 billion in new and existing operations.The