Attached files
| file | filename |
|---|---|
| 8-K - GECS FORM 8-K 10-21-2011 - GENERAL ELECTRIC CAPITAL SERVICES INC/CT | gecsform8k10212011.htm |
Exhibit 99
General Electric Capital Services, Inc.
Condensed Statement of Earnings
|
Three months ended September 30
|
Nine months ended September 30
|
||||||||||||||||
|
(In millions, Unaudited)
|
2011
|
2010
|
V
|
%
|
2011
|
2010
|
V
|
%
|
|||||||||
|
Revenues
|
|||||||||||||||||
|
Revenues from services
|
$
|
11,986
|
11,914
|
$
|
37,386
|
$
|
36,730
|
||||||||||
|
Sales of goods
|
32
|
40
|
116
|
489
|
|||||||||||||
|
Total revenues
|
12,018
|
11,954
|
1%
|
37,502
|
37,219
|
1%
|
|||||||||||
|
Costs and expenses
|
|||||||||||||||||
|
Costs of sales, operating and administrative expenses
|
5,135
|
5,536
|
15,718
|
16,974
|
|||||||||||||
|
Interest
|
3,560
|
3,573
|
10,750
|
10,916
|
|||||||||||||
|
Investment contracts, insurance losses and insurance
|
|||||||||||||||||
|
annuity benefits
|
755
|
796
|
2,314
|
2,353
|
|||||||||||||
|
Provision for losses on financing receivables
|
1,020
|
1,637
|
2,988
|
5,824
|
|||||||||||||
|
Total costs and expenses
|
10,470
|
11,542
|
(9)%
|
31,770
|
36,067
|
(12)%
|
|||||||||||
|
Earnings from continuing operations before
|
|||||||||||||||||
|
income taxes
|
1,548
|
412
|
F
|
5,732
|
1,152
|
F
|
|||||||||||
|
Benefit (provision) for income taxes
|
(57)
|
386
|
(829)
|
855
|
|||||||||||||
|
Earnings from continuing operations
|
1,491
|
798
|
87%
|
4,903
|
2,007
|
F
|
|||||||||||
|
Earnings (loss) from discontinued operations,
|
|||||||||||||||||
|
net of taxes
|
2
|
(1,052)
|
276
|
(1,502)
|
|||||||||||||
|
Net earnings (loss)
|
1,493
|
(254)
|
F
|
5,179
|
505
|
F
|
|||||||||||
|
Less net earnings (loss) attributable to
|
|||||||||||||||||
|
noncontrolling interests
|
38
|
18
|
89
|
(9)
|
|||||||||||||
|
Net earnings (loss) attributable to GECS
|
$
|
1,455
|
(272)
|
F
|
$
|
5,090
|
$
|
514
|
F
|
||||||||
|
Amounts attributable to GECS:
|
|||||||||||||||||
|
Earnings from continuing operations
|
$
|
1,453
|
780
|
86%
|
$
|
4,814
|
$
|
2,016
|
F
|
||||||||
|
Earnings (loss) from discontinued operations, net of taxes
|
2
|
(1,052)
|
276
|
(1,502)
|
|||||||||||||
|
Net earnings (loss) attributable to GECS
|
$
|
1,455
|
(272)
|
F
|
$
|
5,090
|
$
|
514
|
F
|
||||||||
(1)
General Electric Capital Services, Inc.
Summary of Operating Segments
|
Three months ended September 30
|
Nine months ended September 30
|
||||||||||||||||
|
(In millions, Unaudited)
|
2011
|
2010
|
V
|
%
|
2011
|
2010
|
V
|
%
|
|||||||||
|
Revenues
|
|||||||||||||||||
|
Commercial Lending and Leasing (CLL)
|
$
|
4,512
|
$
|
4,551
|
(1)%
|
$
|
13,786
|
$
|
13,651
|
1%
|
|||||||
|
Consumer
|
4,032
|
4,097
|
(2)%
|
13,035
|
12,840
|
2%
|
|||||||||||
|
Real Estate
|
935
|
953
|
(2)%
|
2,834
|
2,888
|
(2)%
|
|||||||||||
|
Energy Financial Services
|
221
|
291
|
(24)%
|
931
|
1,677
|
(44)%
|
|||||||||||
|
GE Capital Aviation Services (GECAS)
|
1,265
|
1,321
|
(4)%
|
3,917
|
3,819
|
3%
|
|||||||||||
|
Total segment revenues
|
10,965
|
11,213
|
(2)%
|
34,503
|
34,875
|
(1)%
|
|||||||||||
|
GECS corporate items and eliminations
|
1,053
|
741
|
42%
|
2,999
|
2,344
|
28%
|
|||||||||||
|
Total Revenues
|
$
|
12,018
|
$
|
11,954
|
1%
|
$
|
37,502
|
$
|
37,219
|
1%
|
|||||||
|
Segment profit
|
|||||||||||||||||
|
CLL
|
$
|
688
|
$
|
443
|
55%
|
$
|
1,943
|
$
|
987
|
97%
|
|||||||
|
Consumer
|
737
|
773
|
(5)%
|
2,976
|
1,977
|
51%
|
|||||||||||
|
Real Estate
|
(82)
|
(405)
|
80%
|
(775)
|
(1,332)
|
42%
|
|||||||||||
|
Energy Financial Services
|
79
|
55
|
44%
|
330
|
334
|
(1)%
|
|||||||||||
|
GECAS
|
208
|
158
|
32%
|
835
|
763
|
9%
|
|||||||||||
|
Total segment profit
|
1,630
|
1,024
|
59%
|
5,309
|
2,729
|
95%
|
|||||||||||
|
GECS corporate items and eliminations
|
(177)
|
(244)
|
27%
|
(495)
|
(713)
|
31%
|
|||||||||||
|
Earnings from continuing operations
|
|||||||||||||||||
|
attributable to GECS
|
1,453
|
780
|
86%
|
4,814
|
2,016
|
F
|
|||||||||||
|
Earnings (loss) from discontinued operations,
|
|||||||||||||||||
|
net of taxes, attributable to GECS
|
2
|
(1,052)
|
F
|
276
|
(1,502)
|
F
|
|||||||||||
|
Net earnings (loss) attributable to GECS
|
$
|
1,455
|
$
|
(272)
|
F
|
$
|
5,090
|
$
|
514
|
F
|
|||||||
(2)
General Electric Capital Services, Inc.
Condensed Statement of Financial Position
|
September 30,
|
December 31,
|
||||
|
(In billions, Unaudited)
|
2011
|
2010
|
|||
|
Assets
|
|||||
|
Cash & marketable securities
|
$
|
129.7
|
$
|
104.2
|
|
|
Inventories
|
–
|
0.1
|
|||
|
Financing receivables - net
|
293.7
|
312.2
|
|||
|
Property, plant & equipment - net
|
52.3
|
53.8
|
|||
|
Goodwill & intangible assets
|
29.4
|
29.4
|
|||
|
Other assets
|
93.4
|
93.5
|
|||
|
Assets of businesses held for sale
|
3.1
|
3.1
|
|||
|
Assets of discontinued operations
|
1.5
|
12.4
|
|||
|
Total assets
|
$
|
603.1
|
$
|
608.7
|
|
|
Liabilities and equity
|
|||||
|
Borrowings and bank deposits
|
$
|
456.8
|
$
|
470.5
|
|
|
Investment contracts, insurance liabilities and insurance annuity benefits
|
30.4
|
30.0
|
|||
|
Other liabilities
|
35.3
|
35.0
|
|||
|
Liabilities of businesses held for sale
|
1.8
|
0.6
|
|||
|
Liabilities of discontinued operations
|
1.6
|
2.4
|
|||
|
GECS shareowner's equity
|
76.0
|
69.0
|
|||
|
Noncontrolling interests
|
1.2
|
1.2
|
|||
|
Total liabilities and equity
|
$
|
603.1
|
$
|
608.7
|
|
(3)