Attached files
| file | filename |
|---|---|
| 8-K - GECS 8-K 01202012 - GENERAL ELECTRIC CAPITAL SERVICES INC/CT | gecs8k01202012.htm |
| EX-2.1 - EXHIBIT 2.1 - GENERAL ELECTRIC CAPITAL SERVICES INC/CT | exhibit21.htm |
Exhibit 99.1
General Electric Capital Services, Inc.
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
|
$
|
11,547
|
$
|
12,618
|
$
|
48,933
|
$
|
49,348
|
|||||||||
|
Sales of goods
|
32
|
44
|
148
|
533
|
|||||||||||||
|
Total revenues
|
11,579
|
12,662
|
(9)%
|
49,081
|
49,881
|
(2)%
|
|||||||||||
|
Costs and expenses
|
|||||||||||||||||
|
Costs of sales, operating and administrative expenses
|
4,886
|
5,960
|
20,604
|
22,934
|
|||||||||||||
|
Interest
|
3,133
|
3,610
|
13,883
|
14,526
|
|||||||||||||
|
Investment contracts, insurance losses and insurance
|
|||||||||||||||||
|
annuity benefits
|
745
|
844
|
3,059
|
3,197
|
|||||||||||||
|
Provision for losses on financing receivables
|
1,095
|
1,352
|
4,083
|
7,176
|
|||||||||||||
|
Total costs and expenses
|
9,859
|
11,766
|
(16)%
|
41,629
|
47,833
|
(13)%
|
|||||||||||
|
Earnings from continuing operations before
|
|||||||||||||||||
|
income taxes
|
1,720
|
896
|
92%
|
7,452
|
2,048
|
F
|
|||||||||||
|
Benefit (provision) for income taxes
|
(64)
|
136
|
(893)
|
991
|
|||||||||||||
|
Earnings from continuing operations
|
1,656
|
1,032
|
60%
|
6,559
|
3,039
|
F
|
|||||||||||
|
Earnings (loss) from discontinued operations,
|
|||||||||||||||||
|
net of taxes
|
(198)
|
634
|
78
|
(868)
|
|||||||||||||
|
Net earnings
|
1,458
|
1,666
|
(12)%
|
6,637
|
2,171
|
F
|
|||||||||||
|
Less net earnings attributable to
|
|||||||||||||||||
|
noncontrolling interests
|
38
|
25
|
127
|
16
|
|||||||||||||
|
Net earnings attributable to GECS
|
$
|
1,420
|
$
|
1,641
|
(13)%
|
$
|
6,510
|
$
|
2,155
|
F
|
|||||||
|
Amounts attributable to GECS:
|
|||||||||||||||||
|
Earnings from continuing operations
|
$
|
1,618
|
$
|
1,007
|
61%
|
$
|
6,432
|
$
|
3,023
|
F
|
|||||||
|
Earnings (loss) from discontinued operations, net of taxes
|
(198)
|
634
|
78
|
(868)
|
|||||||||||||
|
Net earnings attributable to GECS
|
$
|
1,420
|
$
|
1,641
|
(13)%
|
$
|
6,510
|
$
|
2,155
|
F
|
|||||||
(1)
General Electric Capital Services, Inc.
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)%
|
|||||||||||
|
GECS corporate items and eliminations
|
926
|
1,058
|
(12)%
|
3,925
|
3,402
|
15%
|
|||||||||||
|
Total Revenues
|
$
|
11,579
|
$
|
12,662
|
(9)%
|
$
|
49,081
|
$
|
49,881
|
(2)%
|
|||||||
|
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%
|
|||||||||||
|
GECS corporate items and eliminations
|
(6)
|
(162)
|
96%
|
(501)
|
(875)
|
43%
|
|||||||||||
|
Earnings from continuing operations
|
|||||||||||||||||
|
attributable to GECS
|
|
1,618
|
|
1,007
|
61%
|
|
6,432
|
|
3,023
|
F
|
|||||||
|
Earnings (loss) from discontinued operations,
|
|||||||||||||||||
|
net of taxes, attributable to GECS
|
(198)
|
634
|
U
|
78
|
(868)
|
F
|
|||||||||||
|
Net earnings attributable to GECS
|
$
|
1,420
|
$
|
1,641
|
(13)%
|
$
|
6,510
|
$
|
2,155
|
F
|
|||||||
(2)
General Electric Capital Services, Inc.
Condensed Statement of Financial Position
|
December 31,
|
December 31,
|
||||
|
(In billions, Unaudited)
|
2011
|
2010
|
|||
|
Assets
|
|||||
|
Cash & marketable securities
|
$
|
124.1
|
$
|
104.2
|
|
|
Inventories
|
0.1
|
0.1
|
|||
|
Financing receivables - net
|
289.3
|
312.2
|
|||
|
Property, plant & equipment - net
|
51.4
|
53.8
|
|||
|
Goodwill & intangible assets
|
28.8
|
29.4
|
|||
|
Other assets
|
88.9
|
90.1
|
|||
|
Assets of businesses held for sale
|
0.7
|
3.1
|
|||
|
Assets of discontinued operations
|
1.2
|
12.4
|
|||
|
Total assets
|
$
|
584.5
|
$
|
605.3
|
|
|
Liabilities and equity
|
|||||
|
Borrowings and bank deposits
|
$
|
443.1
|
$
|
470.5
|
|
|
Investment contracts, insurance liabilities and insurance annuity benefits
|
30.2
|
30.0
|
|||
|
Other liabilities
|
31.6
|
31.6
|
|||
|
Liabilities of businesses held for sale
|
0.3
|
0.6
|
|||
|
Liabilities of discontinued operations
|
1.5
|
2.4
|
|||
|
GECS shareowner's equity
|
77.1
|
69.0
|
|||
|
Noncontrolling interests
|
0.7
|
1.2
|
|||
|
Total liabilities and equity
|
$
|
584.5
|
$
|
605.3
|
|
(3)