GE Hungary revenue HUF 4.452 tln last year following Alstom merger

Deals

Revenue of the Hungarian unit of General Electric (GE) rose to HUF 4.452 trillion last year from HUF 1.606 tln in 2014 because of the integration of Alstomʼs power generation and grid business and the related restructuring and one-off revenue, Joerg Bauer, head of GE Hungary, said in an interview with Hungarian news agency MTI yesterday.

GE completed the acquisition of Alstomʼs power business last November. 

Pre-tax profits of the company rose to HUF 4.415 tln in 2015 from HUF 304 billion a year before, and the unitʼs tax burden rose to HUF 585 bln from HUF 64 bln, GE Hungary CFO Farkas Bársony said, citing consolidated, unaudited data.

Bársony noted that GE had spent HUF 30 bln a year on investments in Hungary in the past few years and initiated several strategic projects.

GE Hungary has twelve manufacturing plants and five R&D centers in the country, it employs more than 10,000 people, and operates three regional business centers.

GE noted in its 2015 annual report that a “substantial portion” of the benefit related to business operations subject to tax in countries where the tax on that income is lower than the statutory rate in the United States is derived from its GECAS aircraft leasing operations located in Ireland and from its Power Services manufacturing operations located in Hungary. GE put the benefit in 2015 of lower foreign tax rates on indefinitely reinvested non-U.S. earnings at $1.1 bln in its report.

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