General Electric (GE) 1998年年度报告「NYSE」.pdf

1、General Electric Companye1998Annual ReportFinancial HighlightsGeneral Electric Company and consolidated affiliates(Dollar amounts in millions;per-share amounts in dollars)199819971996Revenues$100,469$90,840$79,179Net earnings9,2968,2037,280Dividends declared4,0813,5353,138Per shareNet earnings2.802.

2、462.16Dividends declared1.251.08.95GE ongoing operating margin rate(a)16.7%15.7%14.8%(a)“Ongoing operating margin”here and elsewhere in this report excludes restructuring and other special charges in 1997.This entire Annual Report is printed on recycled paper.Contents1 Letter to Share Owners7 Innova

3、tion8 Business Review18 Community Service20 Board of Directors22 Management25 Financial Section69 Corporate Information1o Our Share Owners,Employees and CustomersT1998 was another terrific year for your Company another record year.Chairman and Chief ExecutiveOfficer John F.Welch,Jr.(center)and Vice

4、Chairmen and ExecutiveOfficers Dennis D.Dammerman(left),Eugene F.Murphy(back)and John D.Opie(right)form GEs Corporate Executive Office.Our share owners including our active and retired employees,who now own more than$17 billion in GE stock in their savings plans wererewarded for these actions and th

5、is performance the total return on ashare of GE stock was 41%in 1998.GE has averaged a 24%per-year totalreturn to share owners for the past 18 years.Revenues rose to$100.5 billion,up 11%.Earnings increased 13%to$9.3 billion.Earnings per share grew 14%to$2.80.Operating margin rose to a record 16.7%,u

6、p a full point from the record 15.7%of1997.Working capital turns rose sharply to 9.2,up from 1997s record of 7.4.This performance generated$10 billion infree cash flow,which,in combination with a“AAA”debt rating,allowed us to invest$21 billion for 108 acquisitions in supportof two of our three Compa