Attached files
| file | filename |
|---|---|
| 8-K - GECS 8-K Q2'11 - GENERAL ELECTRIC CAPITAL SERVICES INC/CT | gecs8kq211.htm |
Exhibit 99
General Electric Capital Services, Inc.
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
|
$
|
12,401
|
12,464
|
$
|
25,400
|
$
|
24,816
|
||||||||||
|
Sales of goods
|
42
|
168
|
84
|
449
|
|||||||||||||
|
Total revenues
|
12,443
|
12,632
|
(1)%
|
25,484
|
25,265
|
1%
|
|||||||||||
|
Costs and expenses
|
|||||||||||||||||
|
Costs of sales, operating and administrative expenses
|
5,284
|
5,618
|
10,583
|
11,438
|
|||||||||||||
|
Interest
|
3,601
|
3,645
|
7,190
|
7,343
|
|||||||||||||
|
Investment contracts, insurance losses and insurance
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|||||||||||||||||
|
annuity benefits
|
790
|
770
|
1,559
|
1,557
|
|||||||||||||
|
Provision for losses on financing receivables
|
811
|
2,007
|
1,968
|
4,187
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|||||||||||||
|
Total costs and expenses
|
10,486
|
12,040
|
(13)%
|
21,300
|
24,525
|
(13)%
|
|||||||||||
|
Earnings from continuing operations before
|
|||||||||||||||||
|
income taxes
|
1,957
|
592
|
F
|
4,184
|
740
|
F
|
|||||||||||
|
Benefit (provision) for income taxes
|
(344)
|
120
|
(772)
|
469
|
|||||||||||||
|
Earnings from continuing operations
|
1,613
|
712
|
F
|
3,412
|
1,209
|
F
|
|||||||||||
|
Earnings (loss) from discontinued operations,
|
|||||||||||||||||
|
net of taxes
|
217
|
(100)
|
274
|
(450)
|
|||||||||||||
|
Net earnings
|
1,830
|
612
|
F
|
3,686
|
759
|
F
|
|||||||||||
|
Less net earnings (loss) attributable to
|
|||||||||||||||||
|
noncontrolling interests
|
20
|
(22)
|
51
|
(27)
|
|||||||||||||
|
Net earnings attributable to GECS
|
$
|
1,810
|
634
|
F
|
$
|
3,635
|
$
|
786
|
F
|
||||||||
|
Amounts attributable to GECS:
|
|||||||||||||||||
|
Earnings from continuing operations
|
$
|
1,593
|
734
|
F
|
$
|
3,361
|
$
|
1,236
|
F
|
||||||||
|
Earnings (loss) from discontinued operations, net of taxes
|
217
|
(100)
|
274
|
(450)
|
|||||||||||||
|
Net earnings attributable to GECS
|
$
|
1,810
|
634
|
F
|
$
|
3,635
|
$
|
786
|
F
|
||||||||
(1)
General Electric Capital Services, Inc.
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)%
|
|||||||||||
|
GECS corporate items and eliminations
|
917
|
964
|
(5)%
|
1,946
|
1,603
|
21%
|
|||||||||||
|
Total Revenues
|
$
|
12,443
|
$
|
12,632
|
(1)%
|
$
|
25,484
|
$
|
25,265
|
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%
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|||||||||||
|
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
|
|||||||||||
|
GECS corporate items and eliminations
|
(253)
|
(117)
|
U
|
(318)
|
(469)
|
32%
|
|||||||||||
|
Earnings from continuing operations
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|||||||||||||||||
|
attributable to GECS
|
1,593
|
734
|
F
|
3,361
|
1,236
|
F
|
|||||||||||
|
Earnings (loss) from discontinued operations,
|
|||||||||||||||||
|
net of taxes, attributable to GECS
|
217
|
(100)
|
F
|
274
|
(450)
|
F
|
|||||||||||
|
Net earnings attributable to GECS
|
$
|
1,810
|
$
|
634
|
F
|
$
|
3,635
|
$
|
786
|
F
|
|||||||
(2)
General Electric Capital Services, Inc.
Condensed Statement of Financial Position
|
June 30,
|
December 31,
|
||||
|
(In billions, Unaudited)
|
2011
|
2010
|
|||
|
Assets
|
|||||
|
Cash & marketable securities
|
$
|
123.3
|
$
|
104.2
|
|
|
Inventories
|
0.1
|
0.1
|
|||
|
Financing receivables - net
|
300.7
|
312.2
|
|||
|
Property, plant & equipment - net
|
55.3
|
53.8
|
|||
|
Goodwill & intangible assets
|
30.0
|
29.4
|
|||
|
Other assets
|
88.9
|
93.5
|
|||
|
Assets of businesses held for sale
|
0.9
|
3.1
|
|||
|
Assets of discontinued operations
|
6.4
|
12.4
|
|||
|
Total assets
|
$
|
605.6
|
$
|
608.7
|
|
|
Liabilities and equity
|
|||||
|
Borrowings and bank deposits
|
$
|
463.2
|
$
|
470.5
|
|
|
Investment contracts, insurance liabilities and insurance annuity benefits
|
29.9
|
30.0
|
|||
|
Other liabilities
|
33.7
|
35.0
|
|||
|
Liabilities of businesses held for sale
|
0.5
|
0.6
|
|||
|
Liabilities of discontinued operations
|
2.0
|
2.4
|
|||
|
GECS shareowner's equity
|
75.1
|
69.0
|
|||
|
Noncontrolling interests
|
1.2
|
1.2
|
|||
|
Total liabilities and equity
|
$
|
605.6
|
$
|
608.7
|
|
(3)