IBM 2005 Annual Report Download - page 23
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ManagementDiscussion
INTERNATIONALBUSINESSMACHINESCORPORATION ANDSUBSIDIARYCOMPANIES
22_ ManagementDiscussion
YearinReview
ResultsofContinuingOperations
REVENUE
(Dollarsinmillions)
YR. TOYR.
PERCENT
YR. TOYR. CHANGE
PERCENT CONSTANT
FORTHEYEARENDEDDECEMBER31: 2005 2004 CHANGE CURRENCY
StatementofEarningsRevenuePresentation:
GlobalServices $«47,357 $«46,213 2.5% 2.1%%
Hardware 24,314 31,154 (22.0) (22.2)
Software 15,753 15,094 4.4 3.7
GlobalFinancing 2,407 2,608 (7.7) (8.4)
EnterpriseInvestments/Other 1,303 1,224 6.5 7.0
Total $«91,134 $«96,293 (5.4) % (5.8) %
(Dollarsinmillions)
YR. TOYR.
PERCENT
YR. TOYR. CHANGE
PERCENT CONSTANT
FORTHEYEARENDEDDECEMBER31: 2005 2004* CHANGE CURRENCY
IndustrySector:
FinancialServices $«24,059 $«24,479 (1.7) % (1.8) %
Public 14,020 14,769 (5.1) (5.5)
Industrial 11,666 12,610 (7.5) (7.7)
Distribution 8,844 8,831 0.1 (0.2)
Communications 8,589 8,888 (3.4) (3.8)
Small&Medium 17,969 20,793 (13.6) (13.7)
OEM 3,271 2,885 13.4 13.4
Other 2,716 3,038 (10.6) (16.8)
Total $«91,134 $«96,293 (5.4) % (5.8) %
*Reclassifiedtoconformwith2005presentation.
(Dollarsinmillions)
YR. TOYR.
PERCENT
YR. TOYR. CHANGE
PERCENT CONSTANT
FORTHEYEARENDEDDECEMBER31: 2005 2004 CHANGE CURRENCY
Geographies:
Americas $«38,817 $«40,064 (3.1) % (4.4) %%
Europe/MiddleEast/Africa 30,428 32,068 (5.1) (4.1)
AsiaPacific 18,618 21,276 (12.5) (12.7)
OEM 3,271 2,885 13.4 13.4
Total $«91,134 $«96,293 (5.4) % (5.8)) %%
On April 30, 2005, the company sold its Personal Computing
business.Accordingly,thecompany’sreportedrevenueresults
include four months of revenue for the company’s Personal
Computing business in 2005 versus 12 months in 2004. The
company has presented a discussion on changes in reported
revenuesalongwithadiscussionof revenueresultsexcluding
thedivestedPersonalComputingbusiness.Asignificantdriver
of the changes in revenues, on an as-reported basis, is the
incomparableperiodsfor which the Personal Computing busi-
nessresultsareincludedintheas-reportedresults.Thecompany
believesthatamoreappropriatediscussionisonethatexcludes
therevenueresultsofthePersonalComputingbusinessinboth
2005 and 2004 because it presents results on a comparable
basis and provides a more meaningful discussion which
focuses on the company’s ongoing operational performance.
Suchdiscussionispresentedonpages24and25.