General Electric (GE) 1999年年度报告「NYSE」.pdf

1、1999 eGE Annual ReportThis entire Annual Report is printed on recycled paper.Contents1 Letter to Share Owners8 Introduction to GE Businesses10 Business Reports27 Community Service28 Board of Directors30 Management33 Financial Section77 Corporate InformationFinancial HighlightsGeneral Electric Compan

2、y and consolidated affiliates(Dollar amounts in millions;per-share amounts in dollars)199919981997Revenues$111,630$100,469$90,840Net earnings10,7179,2968,203Dividends declared4,7864,0813,535Per shareNet earnings3.222.802.46Dividends declared1.461.251.08GE ongoing operating margin rate(a)17.8%16.7%15

3、.7%(a)“Ongoing operating margin”here and elsewhere in this report excludes unusual charges in 1999 and 1997.To Our Share Owners,Customers and EmployeesChairman and Chief Executive Officer John F.Welch,Jr.(center)and Vice Chairmen and Executive Officers John D.Opie(left)andDennis D.Dammerman(right)fo

4、rm GEs Corporate Executive Office.Our share ownersincluding ouractive and retired employees who have$24 billion of GE stock in their savingsplanswere rewarded for this perfor-mance.The total return on a share of GEstock in 1999 was 54%.This followedreturns of 41%in 1998,51%in 1997,40%in 1996 and 45%

5、in 1995.The final year of the century was ourfinest,as 340,000 GE people around the globe posted the strongest resultsin the Companys 122-year history.Revenues rose 11%to$112 billion,a record.Earnings increased 15%to$10.7 billion,the first time GE has broken the$10 billion mark in earnings from oper

6、ations.Earnings per share were up 15%.Free cash flow was a strong$11.8 billion,up 17%.Our ongoing operating margin rate grew to 17.8%,a gain of more than a full point from 98 and the third straight year of more than a full pointimprovement.Working capital turns hit an all-time high of 11.5an improve