Attached files
| file | filename |
|---|---|
| 8-K - GECC 8-K Q2'11 - GENERAL ELECTRIC CAPITAL CORP | gecc8kq211.htm |
Exhibit 99
General Electric Capital Corporation
Condensed Statement of Earnings
|
Three months ended June 30
|
Six months ended June 30
|
||||||||||||||||
|
(In millions, Unaudited)
|
2011
|
2010
|
V
|
%
|
2011
|
2010
|
V
|
%
|
|||||||||
|
Revenues
|
|||||||||||||||||
|
Revenues from services
|
$
|
11,584
|
$
|
11,614
|
$
|
23,753
|
$
|
23,126
|
|||||||||
|
Sales of goods
|
42
|
168
|
84
|
449
|
|||||||||||||
|
Total revenues
|
11,626
|
11,782
|
(1)%
|
23,837
|
23,575
|
1%
|
|||||||||||
|
Costs and expenses
|
|||||||||||||||||
|
Costs of sales, operating and administrative expenses
|
5,149
|
5,473
|
10,316
|
11,161
|
|||||||||||||
|
Interest
|
3,583
|
3,638
|
7,164
|
7,327
|
|||||||||||||
|
Investment contracts, insurance losses and insurance
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|||||||||||||||||
|
annuity benefits
|
30
|
38
|
54
|
73
|
|||||||||||||
|
Provision for losses on financing receivables
|
811
|
2,007
|
1,968
|
4,187
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|||||||||||||
|
Total costs and expenses
|
9,573
|
11,156
|
(14)%
|
19,502
|
22,748
|
(14)%
|
|||||||||||
|
Earnings from continuing operations before
|
|||||||||||||||||
|
income taxes
|
2,053
|
626
|
F
|
4,335
|
827
|
F
|
|||||||||||
|
Benefit (provision) for income taxes
|
(378)
|
95
|
(824)
|
459
|
|||||||||||||
|
Earnings from continuing operations
|
1,675
|
721
|
F
|
3,511
|
1,286
|
F
|
|||||||||||
|
Earnings (loss) from discontinued operations,
|
|||||||||||||||||
|
net of taxes
|
218
|
(100)
|
275
|
(450)
|
|||||||||||||
|
Net earnings
|
1,893
|
621
|
F
|
3,786
|
836
|
F
|
|||||||||||
|
Less net earnings (loss) attributable to
|
|||||||||||||||||
|
noncontrolling interests
|
20
|
(22)
|
51
|
(27)
|
|||||||||||||
|
Net earnings attributable to GECC
|
$
|
1,873
|
$
|
643
|
F
|
$
|
3,735
|
$
|
863
|
F
|
|||||||
|
Amounts attributable to GECC:
|
|||||||||||||||||
|
Earnings from continuing operations
|
$
|
1,655
|
$
|
743
|
F
|
$
|
3,460
|
$
|
1,313
|
F
|
|||||||
|
Earnings (loss) from discontinued operations, net of taxes
|
218
|
(100)
|
275
|
(450)
|
|||||||||||||
|
Net earnings attributable to GECC
|
$
|
1,873
|
$
|
643
|
F
|
$
|
3,735
|
$
|
863
|
F
|
|||||||
(1)
General Electric Capital Corporation
Summary of Operating Segments
|
Three months ended June 30,
|
Six months ended June 30,
|
||||||||||||||||
|
(In millions, Unaudited)
|
2011
|
2010
|
V
|
%
|
2011
|
2010
|
V
|
%
|
|||||||||
|
Revenues
|
|||||||||||||||||
|
Commercial Lending and Leasing (CLL)
|
$
|
4,666
|
$
|
4,506
|
4%
|
$
|
9,274
|
$
|
9,100
|
2%
|
|||||||
|
Consumer
|
4,176
|
4,317
|
(3)%
|
9,003
|
8,743
|
3%
|
|||||||||||
|
Real Estate
|
992
|
991
|
-%
|
1,899
|
1,935
|
(2)%
|
|||||||||||
|
Energy Financial Services
|
365
|
595
|
(39)%
|
710
|
1,386
|
(49)%
|
|||||||||||
|
GE Capital Aviation Services (GECAS)
|
1,327
|
1,259
|
5%
|
2,652
|
2,498
|
6%
|
|||||||||||
|
Total segment revenues
|
11,526
|
11,668
|
(1)%
|
23,538
|
23,662
|
(1)%
|
|||||||||||
|
GECC corporate items and eliminations
|
100
|
114
|
(12)%
|
299
|
(87)
|
F
|
|||||||||||
|
Total Revenues
|
$
|
11,626
|
$
|
11,782
|
(1)%
|
$
|
23,837
|
$
|
23,575
|
1%
|
|||||||
|
Segment profit
|
|||||||||||||||||
|
CLL
|
$
|
701
|
$
|
312
|
F
|
$
|
1,255
|
$
|
544
|
F
|
|||||||
|
Consumer
|
1,020
|
649
|
57%
|
2,239
|
1,204
|
86%
|
|||||||||||
|
Real Estate
|
(335)
|
(524)
|
36%
|
(693)
|
(927)
|
25%
|
|||||||||||
|
Energy Financial Services
|
139
|
126
|
10%
|
251
|
279
|
(10)%
|
|||||||||||
|
GECAS
|
321
|
288
|
11%
|
627
|
605
|
4%
|
|||||||||||
|
Total segment profit
|
1,846
|
851
|
F
|
3,679
|
1,705
|
F
|
|||||||||||
|
GECC corporate items and eliminations
|
(191)
|
(108)
|
(77)%
|
(219)
|
(392)
|
44%
|
|||||||||||
|
Earnings from continuing operations
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|||||||||||||||||
|
attributable to GECC
|
1,655
|
743
|
F
|
3,460
|
1,313
|
F
|
|||||||||||
|
Earnings (loss) from discontinued operations,
|
|||||||||||||||||
|
net of taxes, attributable to GECC
|
218
|
(100)
|
F
|
275
|
(450)
|
F
|
|||||||||||
|
Net earnings attributable to GECC
|
$
|
1,873
|
$
|
643
|
F
|
$
|
3,735
|
$
|
863
|
F
|
|||||||
(2)
General Electric Capital Corporation.
Condensed Statement of Financial Position
|
June 30,
|
December 31,
|
||||
|
(In billions, Unaudited)
|
2011
|
2010
|
|||
|
Assets
|
|||||
|
Cash & marketable securities
|
$
|
95.6
|
$
|
77.5
|
|
|
Inventories
|
0.1
|
0.1
|
|||
|
Financing receivables - net
|
300.7
|
312.2
|
|||
|
Property, plant & equipment - net
|
55.3
|
53.7
|
|||
|
Goodwill & intangible assets
|
30.0
|
29.4
|
|||
|
Other assets
|
88.1
|
92.7
|
|||
|
Assets of businesses held for sale
|
0.9
|
3.1
|
|||
|
Assets of discontinued operations
|
6.4
|
12.4
|
|||
|
Total assets
|
$
|
577.1
|
$
|
581.1
|
|
|
Liabilities and equity
|
|||||
|
Borrowings and bank deposits
|
$
|
458.1
|
$
|
465.3
|
|
|
Investment contracts, insurance liabilities and insurance annuity benefits
|
5.1
|
5.8
|
|||
|
Other liabilities
|
31.7
|
33.1
|
|||
|
Liabilities of businesses held for sale
|
0.5
|
0.6
|
|||
|
Liabilities of discontinued operations
|
1.7
|
2.2
|
|||
|
GECC shareowner's equity
|
78.8
|
72.9
|
|||
|
Noncontrolling interests
|
1.2
|
1.2
|
|||
|
Total liabilities and equity
|
$
|
577.1
|
$
|
581.1
|
|
(3)