EX-99 2 geccex9907162010.htm GECC EXHIBIT 99 07-16-2010 geccex9907162010.htm
Exhibit 99
 
General Electric Capital Corporation
 
Condensed Statement of Earnings
 


 
Three months ended June 30
   
Six months ended June 30
 
(In millions, Unaudited)
 
2010
   
2009
 
V
%
   
2010
   
2009
 
V
%
                                   
Revenues
                                 
Revenues from services
$
12,129 
 
$
12,531 
       
$
 24,179 
 
$
26,033 
     
Sales of goods
 
168 
   
205 
         
 449 
   
478 
     
   Total revenues
 
12,297 
   
12,736 
 
 (3)%
     
 24,628 
   
26,511 
 
 (7)%
 
                                   
Costs and expenses
                                 
Costs of sales, operating and administrative expenses
 
5,646 
   
5,605 
         
 11,512 
   
11,911 
     
Interest
 
3,863 
   
4,475 
         
 7,792 
   
9,588 
     
Investment contracts, insurance losses and insurance
                                 
   annuity benefits
 
38 
   
45 
         
 73 
   
118 
     
Provision for losses on financing receivables
 
2,009 
   
2,817 
         
 4,272 
   
5,153 
     
   Total costs and expenses
 
11,556 
   
12,942 
 
 (11)%
     
 23,649 
   
26,770 
 
 (12)%
 
                                   
Earnings (loss) from continuing operations before
                                 
   income taxes
 
741 
   
(206)
 
F
     
 979 
   
(259)
 
F
 
Benefit for income taxes
 
76 
   
654 
         
 448 
   
1,782 
     
Earnings from continuing operations
 
817 
   
448 
 
82%
     
 1,427 
   
1,523 
 
 (6)%
 
                                   
Loss from discontinued operations, net of taxes
 
(187)
   
(194)
         
 (574)
   
(197)
     
                                   
Net earnings
 
630 
   
254 
 
F
     
 853 
   
1,326 
 
 (36)%
 
                                   
Less net earnings (loss) attributable to noncontrolling
                                 
   interests
 
(13)
   
17 
         
 (10)
   
63 
     
Net earnings attributable to GECC
$
643 
 
$
237 
 
F
   
$
 863 
 
$
1,263 
 
 (32)%
 
                                   
                                   
Amounts attributable to GECC:
                                 
Earnings from continuing operations
$
830 
 
$
431 
 
93%
   
$
 1,437 
 
$
1,460 
 
 (2)%
 
Loss from discontinued operations, net of taxes
 
(187)
   
(194)
         
 (574)
   
(197)
     
Net earnings attributable to GECC
$
643 
 
$
237 
 
F
   
$
 863 
 
$
1,263 
 
 (32)%
 

 
 
(1)

 


General Electric Capital Corporation
 
Summary of Operating Segments (unaudited)
 


 
Three months ended June 30
   
Six months ended June 30
 
(Dollars in millions)
 
2010
   
2009
 
V
%
   
2010
   
2009
 
V
%
                                   
Revenues
                                 
   Commercial Lending and Leasing (CLL)(a)
$
4,506 
 
$
5,306 
 
(15)
   
$
 9,100 
 
$
10,986 
 
(17)
 
   Consumer(a)
 
4,832 
   
4,851 
 
(0)
     
 9,796 
   
9,563 
 
 
   Real Estate
 
991 
   
1,014 
 
(2)
     
 1,935 
   
1,989 
 
(3)
 
   Energy Financial Services
 
595 
   
490 
 
21 
     
 1,386 
   
1,134 
 
22 
 
   GE Capital Aviation Services (GECAS)(a)
 
1,259 
   
1,163 
 
     
 2,498 
   
2,266 
 
10 
 
      Total segment revenues
 
12,183 
   
12,824 
 
(5)
     
 24,715 
   
25,938 
 
(5)
 
      GECC corporate items and eliminations
 
 114 
   
 (88)
 
F
     
 (87)
   
 573 
 
U
 
Total Revenues
$
12,297 
 
$
12,736 
 
(3)
   
$
 24,628 
 
$
26,511 
 
(7)
 
                                   
Segment profit
                                 
   CLL(a)
$
312 
 
$
243 
 
28 
   
$
 544 
 
$
481 
 
13 
 
   Consumer(a)
 
735 
   
252 
 
F
     
 1,328 
   
989 
 
34 
 
   Real Estate
 
(524)
   
(237)
 
U
     
 (927)
   
(410)
 
U
 
   Energy Financial Services
 
126 
   
65 
 
94 
     
 279 
   
140 
 
99 
 
   GECAS(a)
 
288 
   
285 
 
     
 605 
   
546 
 
11 
 
      Total segment profit
 
937 
   
608 
 
54 
     
 1,829 
   
1,746 
 
 
      GECC corporate items and eliminations
 
(107)
   
(177)
 
40 
     
 (392)
   
(286)
 
(37)
 
Earnings from continuing operations
                                 
   attributable to GECC
 
830 
   
431 
 
93 
     
 1,437 
   
1,460 
 
(2)
 
Loss from discontinued operations, net of taxes,
                                 
   attributable to GECC
 
(187)
   
(194)
 
     
 (574)
   
(197)
 
U
 
Net earnings attributable to GECC
$
643 
 
$
237 
 
F
   
$
 863 
 
$
1,263 
 
(32)
 
                                   
                                   
(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
 


 
June 30,
 
December 31,
(Dollars in billions)
2010
 
2009
 
(Unaudited)
     
Assets
         
   Cash & marketable securities
$
 77.0 
 
$
 91.2 
   Inventories
 
 0.1 
   
 0.1 
   Financing receivables - net
 
 333.3 
   
 336.9 
   Property, plant & equipment - net
 
 53.7 
   
 56.7 
   Goodwill & intangible assets
 
 29.5 
   
 32.0 
   Other assets
 
 93.8 
   
 104.2 
   Assets of businesses held for sale
 
 0.6 
   
 0.1 
   Assets of discontinued operations
 
 1.2 
   
 1.5 
           
Total assets
$
 589.2 
 
$
 622.7 
           
           
Liabilities and equity
         
   Borrowings and bank deposits
$
 476.6 
 
$
 497.5 
   Investment contracts, insurance liabilities and insurance annuity benefits
 
 7.4 
   
 8.7 
   Other liabilities
 
 33.0 
   
 39.6 
   Liabilities of businesses held for sale
 
 0.3 
   
 0.1 
   Liabilities of discontinued operations
 
 1.0 
   
 0.9 
   GECC shareowner's equity
 
 69.8 
   
 73.7 
   Noncontrolling interests
 
 1.1 
   
 2.2 
           
Total liabilities and equity
$
 589.2 
 
$
 622.7 


 
 
(3)