Attached files
file | filename |
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8-K - GECC 8-K 01202012 - GENERAL ELECTRIC CAPITAL CORP | gecc8k01202012.htm |
EX-99.1 - EXHIBIT 99.1 - GENERAL ELECTRIC CAPITAL CORP | exhibit991.htm |
Exhibit 99.2
General Electric Capital Corporation
Condensed Statement of Earnings
Three months ended December 31
|
Twelve months ended December 31
|
||||||||||||||||
(In millions, Unaudited)
|
2011
|
2010
|
V
|
%
|
2011
|
2010
|
V
|
%
|
|||||||||
Revenues
|
|||||||||||||||||
Revenues from services
|
$
|
10,713
|
$
|
11,702
|
$
|
45,582
|
$
|
45,889
|
|||||||||
Sales of goods
|
32
|
44
|
148
|
533
|
|||||||||||||
Total revenues
|
10,745
|
11,746
|
(9)%
|
45,730
|
46,422
|
(1)%
|
|||||||||||
Costs and expenses
|
|||||||||||||||||
Costs of sales, operating and administrative expenses
|
4,745
|
5,829
|
20,034
|
22,383
|
|||||||||||||
Interest
|
3,124
|
3,602
|
13,845
|
14,494
|
|||||||||||||
Investment contracts, insurance losses and insurance
|
|||||||||||||||||
annuity benefits
|
27
|
35
|
108
|
144
|
|||||||||||||
Provision for losses on financing receivables
|
1,095
|
1,352
|
4,083
|
7,176
|
|||||||||||||
Total costs and expenses
|
8,991
|
10,818
|
(17)%
|
38,070
|
44,197
|
(14)%
|
|||||||||||
Earnings from continuing operations before
|
|||||||||||||||||
income taxes
|
1,754
|
928
|
89%
|
7,660
|
2,225
|
F
|
|||||||||||
Benefit (provision) for income taxes
|
(94)
|
124
|
(984)
|
949
|
|||||||||||||
Earnings from continuing operations
|
1,660
|
1,052
|
58%
|
6,676
|
3,174
|
F
|
|||||||||||
Earnings (loss) from discontinued operations,
|
|||||||||||||||||
net of taxes
|
(260)
|
634
|
17
|
(867)
|
|||||||||||||
Net earnings
|
1,400
|
1,686
|
(17)%
|
6,693
|
2,307
|
F
|
|||||||||||
Less net earnings attributable to
|
|||||||||||||||||
noncontrolling interests
|
38
|
25
|
127
|
16
|
|||||||||||||
Net earnings attributable to GECC
|
$
|
1,362
|
$
|
1,661
|
(18)%
|
$
|
6,566
|
$
|
2,291
|
F
|
|||||||
Amounts attributable to GECC:
|
|||||||||||||||||
Earnings from continuing operations
|
$
|
1,622
|
$
|
1,027
|
58%
|
$
|
6,549
|
$
|
3,158
|
F
|
|||||||
Earnings (loss) from discontinued operations, net of taxes
|
(260)
|
634
|
17
|
(867)
|
|||||||||||||
Net earnings attributable to GECC
|
$
|
1,362
|
$
|
1,661
|
(18)%
|
$
|
6,566
|
$
|
2,291
|
F
|
(1)
General Electric Capital Corporation
Summary of Operating Segments
Three months ended December 31
|
Twelve months ended December 31
|
||||||||||||||||
(In millions, Unaudited)
|
2011
|
2010
|
V
|
%
|
2011
|
2010
|
V
|
%
|
|||||||||
Revenues
|
|||||||||||||||||
Commercial Lending and Leasing (CLL)
|
$
|
4,392
|
$
|
4,796
|
(8)%
|
$
|
18,178
|
$
|
18,447
|
(1)%
|
|||||||
Consumer
|
3,746
|
4,364
|
(14)%
|
16,781
|
17,204
|
(2)%
|
|||||||||||
Real Estate
|
878
|
856
|
3%
|
3,712
|
3,744
|
(1)%
|
|||||||||||
Energy Financial Services
|
292
|
280
|
4%
|
1,223
|
1,957
|
(38)%
|
|||||||||||
GE Capital Aviation Services (GECAS)
|
1,345
|
1,308
|
3%
|
5,262
|
5,127
|
3%
|
|||||||||||
Total segment revenues
|
10,653
|
11,604
|
(8)%
|
45,156
|
46,479
|
(3)%
|
|||||||||||
GECC corporate items and eliminations
|
92
|
142
|
(35)%
|
574
|
(57)
|
F
|
|||||||||||
Total Revenues
|
$
|
10,745
|
$
|
11,746
|
(9)%
|
$
|
45,730
|
$
|
46,422
|
(1)%
|
|||||||
Segment profit
|
|||||||||||||||||
CLL
|
$
|
777
|
$
|
567
|
37%
|
$
|
2,720
|
$
|
1,554
|
75%
|
|||||||
Consumer
|
575
|
546
|
5%
|
3,551
|
2,523
|
41%
|
|||||||||||
Real Estate
|
(153)
|
(409)
|
63%
|
(928)
|
(1,741)
|
47%
|
|||||||||||
Energy Financial Services
|
110
|
33
|
F
|
440
|
367
|
20%
|
|||||||||||
GECAS
|
315
|
432
|
(27)%
|
1,150
|
1,195
|
(4)%
|
|||||||||||
Total segment profit
|
1,624
|
1,169
|
39%
|
6,933
|
3,898
|
78%
|
|||||||||||
GECC corporate items and eliminations
|
(2)
|
(142)
|
99%
|
(384)
|
(740)
|
48%
|
|||||||||||
Earnings from continuing operations
|
|||||||||||||||||
attributable to GECC
|
|
1,622
|
|
1,027
|
58%
|
|
6,549
|
|
3,158
|
F
|
|||||||
Earnings (loss) from discontinued operations,
|
|||||||||||||||||
net of taxes, attributable to GECC
|
(260)
|
634
|
U
|
17
|
(867)
|
F
|
|||||||||||
Net earnings attributable to GECC
|
$
|
1,362
|
$
|
1,661
|
(18)%
|
$
|
6,566
|
$
|
2,291
|
F
|
|||||||
(2)
General Electric Capital Corporation
Condensed Statement of Financial Position
December 31,
|
December 31,
|
||||
(In billions, Unaudited)
|
2011
|
2010
|
|||
Assets
|
|||||
Cash & marketable securities
|
$
|
93.5
|
$
|
77.5
|
|
Inventories
|
0.1
|
0.1
|
|||
Financing receivables - net
|
289.3
|
312.2
|
|||
Property, plant & equipment - net
|
51.4
|
53.7
|
|||
Goodwill & intangible assets
|
28.8
|
29.4
|
|||
Other assets
|
88.8
|
89.3
|
|||
Assets of businesses held for sale
|
0.7
|
3.1
|
|||
Assets of discontinued operations
|
1.1
|
12.4
|
|||
Total assets
|
$
|
553.7
|
$
|
577.7
|
|
Liabilities and equity
|
|||||
Borrowings and bank deposits
|
$
|
438.0
|
$
|
465.3
|
|
Investment contracts, insurance liabilities and insurance annuity benefits
|
4.4
|
5.8
|
|||
Other liabilities
|
29.1
|
29.7
|
|||
Liabilities of businesses held for sale
|
0.3
|
0.6
|
|||
Liabilities of discontinued operations
|
1.2
|
2.2
|
|||
GECC shareowner's equity
|
80.0
|
72.9
|
|||
Noncontrolling interests
|
0.7
|
1.2
|
|||
Total liabilities and equity
|
$
|
553.7
|
$
|
577.7
|
(3)