Attached files
| file | filename |
|---|---|
| 8-K - GECC FORM 8-K 10-21-2011 - GENERAL ELECTRIC CAPITAL CORP | geccform8k10212011.htm |
Exhibit 99
General Electric Capital Corporation
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
|
$
|
11,116
|
$
|
11,061
|
$
|
34,869
|
$
|
34,187
|
|||||||||
|
Sales of goods
|
32
|
40
|
116
|
489
|
|||||||||||||
|
Total revenues
|
11,148
|
11,101
|
–
|
%
|
34,985
|
34,676
|
1
|
%
|
|||||||||
|
Costs and expenses
|
|||||||||||||||||
|
Costs of sales, operating and administrative expenses
|
4,973
|
5,393
|
15,289
|
16,554
|
|||||||||||||
|
Interest
|
3,557
|
3,565
|
10,721
|
10,892
|
|||||||||||||
|
Investment contracts, insurance losses and insurance
|
|||||||||||||||||
|
annuity benefits
|
27
|
36
|
81
|
109
|
|||||||||||||
|
Provision for losses on financing receivables
|
1,020
|
1,637
|
2,988
|
5,824
|
|||||||||||||
|
Total costs and expenses
|
9,577
|
10,631
|
(10)
|
%
|
29,079
|
33,379
|
(13)
|
%
|
|||||||||
|
Earnings from continuing operations before
|
|||||||||||||||||
|
income taxes
|
1,571
|
470
|
F
|
5,906
|
1,297
|
F
|
|||||||||||
|
Benefit (provision) for income taxes
|
(66)
|
366
|
(890)
|
825
|
|||||||||||||
|
Earnings from continuing operations
|
1,505
|
836
|
80
|
%
|
5,016
|
2,122
|
F
|
||||||||||
|
Earnings (loss) from discontinued operations,
|
|||||||||||||||||
|
net of taxes
|
2
|
(1,051)
|
277
|
(1,501)
|
|||||||||||||
|
Net earnings (loss)
|
1,507
|
(215)
|
F
|
5,293
|
621
|
F
|
|||||||||||
|
Less net earnings (loss) attributable to
|
|||||||||||||||||
|
noncontrolling interests
|
38
|
18
|
89
|
(9)
|
|||||||||||||
|
Net earnings (loss) attributable to GECC
|
$
|
1,469
|
$
|
(233)
|
F
|
$
|
5,204
|
$
|
630
|
F
|
|||||||
|
Amounts attributable to GECC:
|
|||||||||||||||||
|
Earnings from continuing operations
|
$
|
1,467
|
$
|
818
|
79
|
%
|
$
|
4,927
|
$
|
2,131
|
F
|
||||||
|
Earnings (loss) from discontinued operations, net of taxes
|
2
|
(1,051)
|
277
|
(1,501)
|
|||||||||||||
|
Net earnings (loss) attributable to GECC
|
$
|
1,469
|
$
|
(233)
|
F
|
$
|
5,204
|
$
|
630
|
F
|
|||||||
(1)
General Electric Capital Corporation
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)%
|
|||||||||||
|
GECC corporate items and eliminations
|
183
|
(112)
|
F
|
482
|
(199)
|
F
|
|||||||||||
|
Total Revenues
|
$
|
11,148
|
$
|
11,101
|
–%
|
$
|
34,985
|
$
|
34,676
|
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%
|
|||||||||||
|
GECC corporate items and eliminations
|
(163)
|
(206)
|
21%
|
(382)
|
(598)
|
36%
|
|||||||||||
|
Earnings from continuing operations
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|||||||||||||||||
|
attributable to GECC
|
1,467
|
818
|
79%
|
4,927
|
2,131
|
F
|
|||||||||||
|
Earnings (loss) from discontinued operations,
|
|||||||||||||||||
|
net of taxes, attributable to GECC
|
2
|
(1,051)
|
F
|
277
|
(1,501)
|
F
|
|||||||||||
|
Net earnings (loss) attributable to GECC
|
$
|
1,469
|
$
|
(233)
|
F
|
$
|
5,204
|
$
|
630
|
F
|
|||||||
(2)
General Electric Capital Corporation
Condensed Statement of Financial Position
|
September 30,
|
December 31,
|
||||
|
(In billions, Unaudited)
|
2011
|
2010
|
|||
|
Assets
|
|||||
|
Cash & marketable securities
|
$
|
99.8
|
$
|
77.5
|
|
|
Inventories
|
–
|
0.1
|
|||
|
Financing receivables - net
|
293.7
|
312.2
|
|||
|
Property, plant & equipment - net
|
52.3
|
53.7
|
|||
|
Goodwill & intangible assets
|
29.4
|
29.4
|
|||
|
Other assets
|
92.9
|
92.7
|
|||
|
Assets of businesses held for sale
|
3.1
|
3.1
|
|||
|
Assets of discontinued operations
|
1.5
|
12.4
|
|||
|
Total assets
|
$
|
572.7
|
$
|
581.1
|
|
|
Liabilities and equity
|
|||||
|
Borrowings and bank deposits
|
$
|
451.6
|
$
|
465.3
|
|
|
Investment contracts, insurance liabilities and insurance annuity benefits
|
4.9
|
5.8
|
|||
|
Other liabilities
|
32.8
|
33.1
|
|||
|
Liabilities of businesses held for sale
|
1.8
|
0.6
|
|||
|
Liabilities of discontinued operations
|
1.3
|
2.2
|
|||
|
GECC shareowner's equity
|
79.1
|
72.9
|
|||
|
Noncontrolling interests
|
1.2
|
1.2
|
|||
|
Total liabilities and equity
|
$
|
572.7
|
$
|
581.1
|
|
(3)