Berkshire Hathaway 2009 Annual Report Download - page 23

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BERKSHIRE HATHAWAY INC.
and Subsidiaries
Selected Financial Data for the Past Five Years
(dollars in millions except per share data)
2009 2008 2007 2006 2005
Revenues:
Insurance premiums earned (1) ........................... $ 27,884 $ 25,525 $ 31,783 $ 23,964 $ 21,997
Sales and service revenues .............................. 62,555 65,854 58,243 51,803 46,138
Revenues of utilities and energy businesses (2) .............. 11,443 13,971 12,628 10,644 —
Interest, dividend and other investment income ............. 5,245 4,966 4,979 4,382 3,487
Interest and other revenues of finance and financial products
businesses ......................................... 4,579 4,931 5,103 5,111 4,633
Investment and derivative gains/losses (3) .................. 787 (7,461) 5,509 2,635 5,408
Total revenues ....................................... $112,493 $107,786 $118,245 $ 98,539 $ 81,663
Earnings:
Net earnings attributable to Berkshire Hathaway (3) (4) ......... $ 8,055 $ 4,994 $ 13,213 $ 11,015 $ 8,528
Net earnings per share attributable to Berkshire Hathaway
shareholders (5) ..................................... $ 5,193 $ 3,224 $ 8,548 $ 7,144 $ 5,538
Year-end data:
Total assets .......................................... $297,119 $267,399 $273,160 $248,437 $198,325
Notes payable and other borrowings:
Insurance and other non-finance businesses ............ 3,719 4,349 2,680 3,698 3,583
Utilities and energy businesses (2) .................... 19,579 19,145 19,002 16,946 —
Finance and financial products businesses .............. 14,611 13,388 12,144 11,961 10,868
Berkshire Hathaway shareholders’ equity .................. 131,102 109,267 120,733 108,419 91,484
Class A equivalent common shares outstanding, in thousands . . 1,552 1,549 1,548 1,543 1,541
Berkshire Hathaway shareholders’ equity per outstanding
Class A equivalent common share ...................... $ 84,487 $ 70,530 $ 78,008 $ 70,281 $ 59,377
(1) Insurance premiums earned in 2007 included $7.1 billion from a single reinsurance transaction with Equitas.
(2) On February 9, 2006, Berkshire converted its non-voting preferred stock of MidAmerican Energy Holdings Company
(“MidAmerican”) to common stock and upon conversion, owned approximately 83.4% of the voting common stock
interests. Accordingly, the Consolidated Financial Statements reflect the consolidation of the accounts of MidAmerican
beginning in 2006. Berkshire’s investment in MidAmerican was accounted for pursuant to the equity method in 2005.
(3) The amount of investment and derivative gains and losses for any given period has no predictive value, and variations in
amount from period to period have no practical analytical value. Derivative gains/losses include significant amounts
related to non-cash changes in the fair value of long-term contracts arising from short-term changes in equity prices,
interest rates and foreign currency rates, among other factors. After-tax investment and derivative gains/losses were $486
million in 2009, $(4.65) billion in 2008, $3.58 billion in 2007, $1.71 billion in 2006 and $3.53 billion in 2005. Investment
and derivative gains/losses in 2005 include a non-cash pre-tax gain of $5.0 billion ($3.25 billion after-tax) relating to the
exchange of Gillette stock for Procter & Gamble stock.
(4) Net earnings attributable to Berkshire for the year ended December 31, 2005 includes a pre-tax underwriting loss of $3.4
billion in connection with Hurricanes Katrina, Rita and Wilma that struck the Gulf coast and Southeast regions of the
United States. Such loss reduced net earnings attributable to Berkshire by approximately $2.2 billion.
(5) Represents net earnings per equivalent Class A common share. Net earnings per Class B common share is equal to 1/1,500
of such amount.
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