Attached files
| file | filename |
|---|---|
| 8-K - GECC 8-K APR 16 2010 - GENERAL ELECTRIC CAPITAL CORP | gecc8k041610.htm |
Exhibit
99
General
Electric Capital Corporation
Condensed
Statement of Earnings
|
Three
months ended March 31
|
|||||||||
|
(In
millions, Unaudited)
|
2010
|
2009
|
V
|
%
|
|||||
|
Revenues
|
|||||||||
|
Revenues
from services
|
$
|
12,050
|
$
|
13,502
|
|||||
|
Sales
of goods
|
281
|
273
|
|||||||
|
Total
revenues
|
12,331
|
13,775
|
(10)%
|
||||||
|
Costs
and expenses
|
|||||||||
|
Costs
of sales, operating and administrative expenses
|
5,866
|
6,306
|
|||||||
|
Interest
|
3,929
|
5,113
|
|||||||
|
Investment
contracts, insurance losses and insurance
|
|||||||||
|
annuity
benefits
|
35
|
73
|
|||||||
|
Provision
for losses on financing receivables
|
2,263
|
2,336
|
|||||||
|
Total
costs and expenses
|
12,093
|
13,828
|
(13)%
|
||||||
|
Earnings
(loss) from continuing operations before
|
|||||||||
|
income
taxes
|
238
|
(53)
|
F
|
||||||
|
Benefit
for income taxes
|
372
|
1,128
|
|||||||
|
Earnings
from continuing operations
|
610
|
1,075
|
(43)%
|
||||||
|
Loss
from discontinued operations, net of taxes
|
(387)
|
(3)
|
|||||||
|
Net
earnings
|
223
|
1,072
|
(79)%
|
||||||
|
Less
net earnings attributable to noncontrolling interests
|
3
|
46
|
|||||||
|
Net
earnings attributable to GECC
|
$
|
220
|
$
|
1,026
|
(79)%
|
||||
|
Amounts
attributable to GECC:
|
|||||||||
|
Earnings
from continuing operations
|
$
|
607
|
$
|
1,029
|
(41)%
|
||||
|
Loss
from discontinued operations, net of taxes
|
(387)
|
(3)
|
|||||||
|
Net
earnings attributable to GECC
|
$
|
220
|
$
|
1,026
|
(79)%
|
||||
(1)
General
Electric Capital Corporation
Summary
of Operating Segments (unaudited)
|
Three
months ended March 31
|
|||||||||
|
(Dollars
in millions)
|
2010
|
2009
|
V
|
%
|
|||||
|
Revenues
|
|||||||||
|
Commercial
Lending and Leasing (CLL)(a)
|
$
|
4,594
|
$
|
5,680
|
(19)%
|
||||
|
Consumer(a)
|
4,964
|
4,712
|
5%
|
||||||
|
Real
Estate
|
944
|
975
|
(3)%
|
||||||
|
Energy
Financial Services
|
791
|
644
|
23%
|
||||||
|
GE
Capital Aviation Services (GECAS)(a)
|
1,239
|
1,103
|
12%
|
||||||
|
Total
segment revenues
|
12,532
|
13,114
|
(4)%
|
||||||
|
GECC
corporate items and eliminations
|
(201)
|
661
|
U
|
||||||
|
Total
Revenues
|
$
|
12,331
|
$
|
13,775
|
(10)%
|
||||
|
Segment
profit
|
|||||||||
|
CLL(a)
|
$
|
232
|
$
|
238
|
(3)%
|
||||
|
Consumer(a)
|
593
|
737
|
(20)%
|
||||||
|
Real
Estate
|
(403)
|
(173)
|
U
|
||||||
|
Energy
Financial Services
|
153
|
75
|
F
|
||||||
|
GECAS(a)
|
317
|
261
|
21%
|
||||||
|
Total
segment profit
|
892
|
1,138
|
(22)%
|
||||||
|
GECC
corporate items and eliminations
|
(285)
|
(109)
|
U
|
||||||
|
Earnings
from continuing operations attributable to GECC
|
607
|
1,029
|
(41)%
|
||||||
|
Loss
from discontinued operations, net of taxes,
|
|||||||||
|
attributable
to GECC
|
(387)
|
(3)
|
U
|
||||||
|
Net
earnings attributable to GECC
|
$
|
220
|
$
|
1,026
|
(79)%
|
||||
|
(a)
|
Effective
January 1, 2010, we transferred the Transportation Financial Services
business from GECAS to CLL and the Consumer business in Italy from
Consumer to CLL. Prior-period amounts were reclassified to conform to the
current-period’s presentation.
|
(2)
General
Electric Capital Corporation.
Condensed
Statement of Financial Position
|
March
31,
|
December
31,
|
||||
|
(Dollars
in billions)
|
2010
|
2009
|
|||
|
(Unaudited)
|
|||||
|
Assets
|
|||||
|
Cash
& marketable securities
|
$
|
75.9
|
$
|
91.2
|
|
|
Inventories
|
0.1
|
0.1
|
|||
|
Financing
receivables - net
|
356.2
|
336.9
|
|||
|
Property,
plant & equipment - net
|
55.9
|
56.7
|
|||
|
Goodwill
& intangible assets
|
31.3
|
32.0
|
|||
|
Other
assets
|
96.9
|
104.2
|
|||
|
Assets
of businesses held for sale
|
0.9
|
0.1
|
|||
|
Assets
of discontinued operations
|
1.0
|
1.5
|
|||
|
Total
assets
|
$
|
618.2
|
$
|
622.7
|
|
|
Liabilities
and equity
|
|||||
|
Borrowings
and bank deposits
|
$
|
501.7
|
$
|
497.5
|
|
|
Investment
contracts, insurance liabilities and insurance annuity
benefits
|
8.4
|
8.7
|
|||
|
Other
liabilities
|
33.4
|
39.6
|
|||
|
Liabilities
of businesses held for sale
|
—
|
0.1
|
|||
|
Liabilities
of discontinued operations
|
0.8
|
0.9
|
|||
|
GECC
shareowner's equity
|
71.7
|
73.7
|
|||
|
Noncontrolling
interests
|
2.2
|
2.2
|
|||
|
Total
liabilities and equity
|
$
|
618.2
|
$
|
622.7
|
|
(3)