Attached files
| file | filename |
|---|---|
| 8-K - GECS 8-K PRESS RELEASE Q1'11 - GENERAL ELECTRIC CAPITAL SERVICES INC/CT | gecs8kpressreleaseq111.htm |
Exhibit 99
General Electric Capital Services, Inc.
Condensed Statement of Earnings
|
Three months ended March 31,
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||||||||
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(In millions, Unaudited)
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2011
|
2010
|
V
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%
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||||
|
Revenues
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||||||||
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Revenues from services
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$
|
13,112
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$
|
12,489
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||||
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Sales of goods
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42
|
281
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||||||
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Total revenues
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13,154
|
12,770
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3%
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|||||
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Costs and expenses
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||||||||
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Costs of sales, operating and administrative expenses
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5,304
|
5,831
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||||||
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Interest
|
3,667
|
3,800
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||||||
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Investment contracts, insurance losses and insurance
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||||||||
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annuity benefits
|
769
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787
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||||||
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Provision for losses on financing receivables
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1,163
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2,187
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||||||
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Total costs and expenses
|
10,903
|
12,605
|
(14)%
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|||||
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Earnings from continuing operations before
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||||||||
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income taxes
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2,251
|
165
|
F
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|||||
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Benefit (provision) for income taxes
|
(414)
|
345
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||||||
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Earnings from continuing operations
|
1,837
|
510
|
F
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|||||
|
Earnings (loss) from discontinued operations,
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||||||||
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net of taxes
|
19
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(363)
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Net earnings
|
1,856
|
147
|
F
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|||||
|
Less net earnings (loss) attributable to
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||||||||
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noncontrolling interests
|
31
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(5)
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||||||
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Net earnings attributable to GECS
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$
|
1,825
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$
|
152
|
F
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|||
|
Amounts attributable to GECS:
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||||||||
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Earnings from continuing operations
|
$
|
1,806
|
$
|
515
|
F
|
|||
|
Earnings (loss) from discontinued operations, net of taxes
|
19
|
(363)
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||||||
|
Net earnings attributable to GECS
|
$
|
1,825
|
$
|
152
|
F
|
|||
(1)
General Electric Capital Services, Inc.
Summary of Operating Segments
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Three months ended March 31,
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(In millions, Unaudited)
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2011
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2010
|
V
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%
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||||
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Revenues
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||||||||
|
Commercial Lending and Leasing (CLL)
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$
|
4,608
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$
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4,594
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-%
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|||
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Consumer
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4,941
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4,564
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8%
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|||||
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Real Estate
|
907
|
944
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(4)%
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|||||
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Energy Financial Services
|
345
|
791
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(56)%
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|||||
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GE Capital Aviation Services (GECAS)
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1,325
|
1,239
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7%
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|||||
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Total segment revenues
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12,126
|
12,132
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-%
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|||||
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GECS corporate items and eliminations
|
1,028
|
638
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61%
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|||||
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Total Revenues
|
$
|
13,154
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$
|
12,770
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3%
|
|||
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Segment profit
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||||||||
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CLL
|
$
|
554
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$
|
232
|
F
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|||
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Consumer
|
1,257
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569
|
F
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|||||
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Real Estate
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(358)
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(403)
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11%
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|||||
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Energy Financial Services
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112
|
153
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(27)%
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|||||
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GECAS
|
306
|
317
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(3)%
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|||||
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Total segment profit
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1,871
|
868
|
F
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|||||
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GECS corporate items and eliminations
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(65)
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(353)
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82%
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|||||
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Earnings from continuing operations
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||||||||
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attributable to GECS
|
1,806
|
515
|
F
|
|||||
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Earnings (loss) from discontinued operations,
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net of taxes, attributable to GECS
|
19
|
(363)
|
F
|
|||||
|
Net earnings attributable to GECS
|
$
|
1,825
|
$
|
152
|
F
|
|||
(2)
General Electric Capital Services, Inc.
Condensed Statement of Financial Position
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March 31,
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December 31,
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||||
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(In billions, Unaudited)
|
2011
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2010
|
|||
|
Assets
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|||||
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Cash & marketable securities
|
$
|
112.1
|
$
|
104.2
|
|
|
Inventories
|
0.1
|
0.1
|
|||
|
Financing receivables - net
|
308.4
|
317.7
|
|||
|
Property, plant & equipment - net
|
54.3
|
53.8
|
|||
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Goodwill & intangible assets
|
29.6
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29.4
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|||
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Other assets
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86.5
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93.5
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|||
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Assets of businesses held for sale
|
1.6
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3.1
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|||
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Assets of discontinued operations
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5.1
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6.9
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|||
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Total assets
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$
|
597.7
|
$
|
608.7
|
|
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Liabilities and equity
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|||||
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Borrowings and bank deposits
|
$
|
458.1
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$
|
470.6
|
|
|
Investment contracts, insurance liabilities and insurance annuity benefits
|
30.4
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30.0
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|||
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Other liabilities
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33.4
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35.2
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|||
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Liabilities of businesses held for sale
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0.6
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0.6
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|||
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Liabilities of discontinued operations
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1.9
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2.1
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|||
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GECS shareowner's equity
|
72.1
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69.0
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|||
|
Noncontrolling interests
|
1.2
|
1.2
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|||
|
Total liabilities and equity
|
$
|
597.7
|
$
|
608.7
|
|
(3)