EX-99 2 geccexhibit99q111.htm GECC EXHIBIT 99 Q1'11 geccexhibit99q111.htm
Exhibit 99
 
General Electric Capital Corporation
 
Condensed Statement of Earnings
 


 
Three months ended March 31,
 
(In millions, Unaudited)
 
2011 
   
2010 
 
V
%
                 
Revenues
               
Revenues from services
$
12,282 
 
$
11,650 
     
Sales of goods
 
42 
   
281 
     
   Total revenues
 
12,324 
   
11,931 
 
3%
 
                 
Costs and expenses
               
Costs of sales, operating and administrative expenses
 
5,172 
   
5,699 
     
Interest
 
3,660 
   
3,792 
     
Investment contracts, insurance losses and insurance
               
   annuity benefits
 
24 
   
35 
     
Provision for losses on financing receivables
 
1,163 
   
2,187 
     
   Total costs and expenses
 
10,019 
   
11,713 
 
 (14)%
 
                 
Earnings from continuing operations before
               
   income taxes
 
2,305 
   
218 
 
F
 
Benefit (provision) for income taxes
 
(432)
   
360 
     
Earnings from continuing operations
 
1,873 
   
578 
 
F
 
                 
Earnings (loss) from discontinued operations,
               
   net of taxes
 
20 
   
(363)
     
                 
Net earnings
 
1,893 
   
215 
 
F
 
                 
Less net earnings (loss) attributable to
               
    noncontrolling interests
 
31 
   
(5)
     
Net earnings attributable to GECC
$
1,862 
 
$
220 
 
F
 
                 
                 
Amounts attributable to GECC:
               
Earnings from continuing operations
$
1,842 
 
$
583 
 
F
 
Earnings (loss) from discontinued operations, net of taxes
 
20 
   
(363)
     
Net earnings attributable to GECC
$
1,862 
 
$
220 
 
F
 

 
(1)

 


General Electric Capital Corporation
 
Summary of Operating Segments
 


 
Three months ended March 31,
 
(In millions, Unaudited)
 
2011 
   
2010 
 
V
%
                 
Revenues
               
   Commercial Lending and Leasing (CLL)
$
4,608 
 
$
4,594 
 
-%
 
   Consumer
 
4,941 
   
4,564 
 
8%
 
   Real Estate
 
907 
   
944 
 
 (4)%
 
   Energy Financial Services
 
345 
   
791 
 
 (56)%
 
   GE Capital Aviation Services (GECAS)
 
1,325 
   
1,239 
 
7%
 
      Total segment revenues
 
12,126 
   
12,132 
 
-%
 
   GECC corporate items and eliminations
 
 198 
   
 (201)
 
F
 
Total Revenues
$
12,324 
 
$
11,931 
 
3%
 
                 
Segment profit
               
   CLL
$
554 
 
$
232 
 
F
 
   Consumer
 
1,257 
   
569 
 
F
 
   Real Estate
 
(358)
   
(403)
 
11%
 
   Energy Financial Services
 
112 
   
153 
 
 (27)%
 
   GECAS
 
306 
   
317 
 
 (3)%
 
      Total segment profit
 
1,871 
   
868 
 
F
 
   GECC corporate items and eliminations
 
(29)
   
(285)
 
90%
 
Earnings from continuing operations
               
   attributable to GECC
 
1,842 
   
583 
 
F
 
Earnings (loss) from discontinued operations,
               
   net of taxes, attributable to GECC
 
20 
   
(363)
 
F
 
Net earnings attributable to GECC
$
1,862 
 
$
220 
 
F
 
                 

 
(2)

 


General Electric Capital Corporation
 
Condensed Statement of Financial Position
 


 
March 31,
 
December 31,
(In billions, Unaudited)
2011 
 
2010 
         
Assets
         
   Cash & marketable securities
$
 85.2 
 
$
 77.5 
   Inventories
 
 0.1 
   
 0.1 
   Financing receivables - net
 
 308.4 
   
 317.7 
   Property, plant & equipment - net
 
 54.3 
   
 53.7 
   Goodwill & intangible assets
 
 29.6 
   
 29.4 
   Other assets
 
 85.5 
   
 92.7 
   Assets of businesses held for sale
 
 1.6 
   
 3.1 
   Assets of discontinued operations
 
 5.1 
   
 6.9 
           
Total assets
$
 569.8 
 
$
 581.1 
           
           
Liabilities and equity
         
   Borrowings and bank deposits
$
 452.8 
 
$
 465.4 
   Investment contracts, insurance liabilities and insurance annuity benefits
 
 5.6 
   
 5.8 
   Other liabilities
 
 31.8 
   
 33.3 
   Liabilities of businesses held for sale
 
 0.6 
   
 0.6 
   Liabilities of discontinued operations
 
 1.7 
   
 1.9 
   GECC shareowner's equity
 
 76.1 
   
 72.9 
   Noncontrolling interests
 
 1.2 
   
 1.2 
           
Total liabilities and equity
$
 569.8 
 
$
 581.1 


 
(3)