Attached files
| file | filename |
|---|---|
| 8-K - GECS 8-K 07-16-2010 - GENERAL ELECTRIC CAPITAL SERVICES INC/CT | gecs8k07162010.htm |
Exhibit 99
General Electric Capital Services, Inc.
Condensed Statement of Earnings
|
Three months ended June 30
|
Six months ended June 30
|
||||||||||||||||
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(In millions, Unaudited)
|
2010
|
2009
|
V
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%
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2010
|
2009
|
V
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%
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|||||||||
|
Revenues
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|||||||||||||||||
|
Revenues from services
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$
|
12,980
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$
|
13,252
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$
|
25,870
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$
|
27,436
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|||||||||
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Sales of goods
|
168
|
205
|
449
|
478
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|||||||||||||
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Total revenues
|
13,148
|
13,457
|
(2)%
|
26,319
|
27,914
|
(6)%
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|||||||||||
|
Costs and expenses
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|||||||||||||||||
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Costs of sales, operating and administrative expenses
|
5,791
|
5,635
|
11,789
|
11,988
|
|||||||||||||
|
Interest
|
3,870
|
4,468
|
7,808
|
9,589
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|||||||||||||
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Investment contracts, insurance losses and insurance
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|||||||||||||||||
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annuity benefits
|
770
|
823
|
1,557
|
1,596
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|||||||||||||
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Provision for losses on financing receivables
|
2,009
|
2,817
|
4,272
|
5,153
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|||||||||||||
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Total costs and expenses
|
12,440
|
13,743
|
(9)%
|
25,426
|
28,326
|
(10)%
|
|||||||||||
|
Earnings (loss) from continuing operations before
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|||||||||||||||||
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income taxes
|
708
|
(286)
|
F
|
893
|
(412)
|
F
|
|||||||||||
|
Benefit for income taxes
|
101
|
670
|
458
|
1,821
|
|||||||||||||
|
Earnings from continuing operations
|
809
|
384
|
F
|
1,351
|
1,409
|
(4)%
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|||||||||||
|
Loss from discontinued operations, net of taxes
|
(188)
|
(193)
|
(575)
|
(197)
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|||||||||||||
|
Net earnings
|
621
|
191
|
F
|
776
|
1,212
|
(36)%
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|||||||||||
|
Less net earnings (loss) attributable to noncontrolling –
|
|||||||||||||||||
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interests
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(13)
|
17
|
(10)
|
63
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|||||||||||||
|
Net earnings attributable to GECS
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$
|
634
|
$
|
174
|
F
|
$
|
786
|
$
|
1,149
|
(32)%
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|||||||
|
Amounts attributable to GECS:
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|||||||||||||||||
|
Earnings from continuing operations
|
$
|
822
|
$
|
367
|
F
|
$
|
1,361
|
$
|
1,346
|
1%
|
|||||||
|
Loss from discontinued operations, net of taxes
|
(188)
|
(193)
|
(575)
|
(197)
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|||||||||||||
|
Net earnings attributable to GECS
|
$
|
634
|
$
|
174
|
F
|
$
|
786
|
$
|
1,149
|
(32)%
|
|||||||
(1)
General Electric Capital Services, Inc.
Summary of Operating Segments (unaudited)
|
Three months ended June 30
|
Six months ended June 30
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||||||||||||||||
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(Dollars in millions)
|
2010
|
2009
|
V
|
%
|
2010
|
2009
|
V
|
%
|
|||||||||
|
Revenues
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|||||||||||||||||
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Commercial Lending and Leasing (CLL)(a)
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$
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4,506
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$
|
5,306
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(15)
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$
|
9,100
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$
|
10,986
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(17)
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|||||||
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Consumer(a)
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4,832
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4,851
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(0)
|
9,796
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9,563
|
2
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|||||||||||
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Real Estate
|
991
|
1,014
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(2)
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1,935
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1,989
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(3)
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|||||||||||
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Energy Financial Services
|
595
|
490
|
21
|
1,386
|
1,134
|
22
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|||||||||||
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GE Capital Aviation Services (GECAS)(a)
|
1,259
|
1,163
|
8
|
2,498
|
2,266
|
10
|
|||||||||||
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Total segment revenues
|
12,183
|
12,824
|
(5)
|
24,715
|
25,938
|
(5)
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|||||||||||
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GECS corporate items and eliminations
|
965
|
633
|
52
|
1,604
|
1,976
|
(19)
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|||||||||||
|
Total Revenues
|
$
|
13,148
|
$
|
13,457
|
(2)
|
$
|
26,319
|
$
|
27,914
|
(6)
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|||||||
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Segment profit
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|||||||||||||||||
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CLL(a)
|
$
|
312
|
$
|
243
|
28
|
$
|
544
|
$
|
481
|
13
|
|||||||
|
Consumer(a)
|
735
|
252
|
F
|
1,328
|
989
|
34
|
|||||||||||
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Real Estate
|
(524)
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(237)
|
U
|
(927)
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(410)
|
U
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|||||||||||
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Energy Financial Services
|
126
|
65
|
94
|
279
|
140
|
99
|
|||||||||||
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GECAS(a)
|
288
|
285
|
1
|
605
|
546
|
11
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|||||||||||
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Total segment profit
|
937
|
608
|
54
|
1,829
|
1,746
|
5
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|||||||||||
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GECS corporate items and eliminations
|
(115)
|
(241)
|
52
|
(468)
|
(400)
|
(17)
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|||||||||||
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Earnings from continuing operations
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|||||||||||||||||
|
attributable to GECS
|
822
|
367
|
F
|
1,361
|
1,346
|
1
|
|||||||||||
|
Loss from discontinued operations, net of taxes,
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|||||||||||||||||
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attributable to GECS
|
(188)
|
(193)
|
3
|
(575)
|
(197)
|
U
|
|||||||||||
|
Net earnings attributable to GECS
|
$
|
634
|
$
|
174
|
F
|
$
|
786
|
$
|
1,149
|
(32)
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|||||||
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(a)
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Effective January 1, 2010, we transferred the Transportation Financial Services business from GECAS to CLL and the Consumer business in Italy from Consumer to CLL. Prior-period amounts were reclassified to conform to the current-period’s presentation.
|
(2)
General Electric Capital Services, Inc.
Condensed Statement of Financial Position
|
June 30,
|
December 31,
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||||
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(Dollars in billions)
|
2010
|
2009
|
|||
|
(Unaudited)
|
|||||
|
Assets
|
|||||
|
Cash & marketable securities
|
$
|
103.6
|
$
|
116.3
|
|
|
Inventories
|
0.1
|
0.1
|
|||
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Financing receivables - net
|
333.3
|
336.9
|
|||
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Property, plant & equipment - net
|
53.7
|
56.7
|
|||
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Goodwill & intangible assets
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29.9
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32.4
|
|||
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Other assets
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95.5
|
106.2
|
|||
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Assets of businesses held for sale
|
0.6
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0.1
|
|||
|
Assets of discontinued operations
|
1.2
|
1.5
|
|||
|
Total assets
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$
|
617.9
|
$
|
650.2
|
|
|
Liabilities and equity
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|||||
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Borrowings and bank deposits
|
$
|
481.7
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$
|
500.3
|
|
|
Investment contracts, insurance liabilities and insurance annuity benefits
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31.0
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32.0
|
|||
|
Other liabilities
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35.3
|
43.9
|
|||
|
Liabilities of businesses held for sale
|
0.3
|
0.1
|
|||
|
Liabilities of discontinued operations
|
1.2
|
1.1
|
|||
|
GECS shareowner's equity
|
67.3
|
70.8
|
|||
|
Noncontrolling interests
|
1.1
|
2.0
|
|||
|
Total liabilities and equity
|
$
|
617.9
|
$
|
650.2
|
|
(3)