EX-99 2 exhibit99.htm EXHIBIT 99 exhibit99.htm
Exhibit 99
 
General Electric Capital Corporation
 
Condensed Statement of Earnings
 


 
Three months ended September 30
    
Nine months ended September 30
  
(In millions, Unaudited)
  
2010
    
2009
  
V
%
    
2010
    
2009
  
V
%
                                   
Revenues
                                  
Revenues from services
$
11,576 
  
$
11,792 
        
$
 35,755 
  
$
37,825 
      
Sales of goods
  
40 
    
213 
          
 489 
    
691 
      
   Total revenues
  
11,616 
    
12,005 
  
 (3)%
      
 36,244 
    
38,516 
  
 (6)%
  
                                   
Costs and expenses
                                  
Costs of sales, operating and administrative expenses
  
5,575 
    
5,922 
          
 17,087 
    
17,833 
      
Interest
  
3,782 
    
4,135 
          
 11,574 
    
13,723 
      
Investment contracts, insurance losses and insurance
                                  
   annuity benefits
  
36 
    
47 
          
 109 
    
165 
      
Provision for losses on financing receivables
  
1,696 
    
2,868 
          
 5,968 
    
8,021 
      
   Total costs and expenses
  
11,089 
    
12,972 
  
 (15)%
      
 34,738 
    
39,742 
  
 (13)%
  
                                   
Earnings (loss) from continuing operations before
                                  
   income taxes
  
527 
    
(967)
  
F
      
 1,506 
    
(1,226)
  
F
  
Benefit for income taxes
  
367 
    
1,116 
          
 815 
    
2,898 
      
Earnings from continuing operations
  
894 
    
149 
  
F
      
 2,321 
    
1,672 
  
39%
  
                                   
Earnings (loss) from discontinued operations,
                                  
   net of taxes
  
(1,104)
    
84 
          
 (1,678)
    
(113)
      
                                   
Net earnings (loss)
  
(210)
    
233 
  
U
      
 643 
    
1,559 
  
 (59)%
  
                                   
Less net earnings attributable to noncontrolling interests
  
23 
    
8 
          
 13 
    
71 
      
Net earnings (loss) attributable to GECC
$
(233)
  
$
225 
  
U
    
$
 630 
  
$
1,488 
  
 (58)%
  
                                   
                                   
Amounts attributable to GECC:
                                  
Earnings from continuing operations
$
871 
  
$
141 
  
F
    
$
 2,308 
  
$
1,601 
  
44%
  
Earnings (loss) from discontinued operations, net of taxes
  
(1,104)
    
84 
          
 (1,678)
    
(113)
      
Net earnings (loss) attributable to GECC
$
(233)
  
$
225 
  
U
    
$
 630 
  
$
1,488 
  
 (58)%
  

 
(1)
 


General Electric Capital Corporation
 
Summary of Operating Segments (unaudited)
 


 
Three months ended September 30
    
Nine months ended September 30
  
(Dollars in millions)
  
2010
    
2009
  
V
%
    
2010
    
2009
  
V
%
                                   
Revenues
                                  
   Commercial Lending and Leasing (CLL)(a)
$
4,551 
  
$
4,725 
  
 (4)%
    
$
 13,651 
  
$
15,711 
  
 (13)%
  
   Consumer(a)
  
4,612 
    
4,848 
  
 (5)%
      
 14,408 
    
14,411 
  
–
  
   Real Estate
  
953 
    
981 
  
 (3)%
      
 2,888 
    
2,970 
  
 (3)%
  
   Energy Financial Services
  
291 
    
483 
  
 (40)%
      
 1,677 
    
1,617 
  
4%
  
   GE Capital Aviation Services (GECAS)(a)
  
1,321 
    
1,125 
  
17%
      
 3,819 
    
3,391 
  
13%
  
      Total segment revenues
  
11,728 
    
12,162 
  
 (4)%
      
 36,443 
    
38,100 
  
 (4)%
  
      GECC corporate items and eliminations
  
 (112)
    
 (157)
  
29%
      
 (199)
    
 416 
  
U
  
Total Revenues
$
11,616 
  
$
12,005 
  
 (3)%
    
$
 36,244 
  
$
38,516 
  
 (6)%
  
                                   
Segment profit
                                  
   CLL(a)
$
443 
  
$
130 
  
F
    
$
 987 
  
$
611 
  
62%
  
   Consumer(a)
  
826 
    
443 
  
86%
      
 2,154 
    
1,432 
  
50%
  
   Real Estate
  
(405)
    
(538)
  
25%
      
 (1,332)
    
(948)
  
 (41)%
  
   Energy Financial Services
  
55 
    
41 
  
34%
      
 334 
    
181 
  
85%
  
   GECAS(a)
  
158 
    
187 
  
 (16)%
      
 763 
    
733 
  
4%
  
      Total segment profit
  
1,077 
    
263 
  
F
      
 2,906 
    
2,009 
  
45%
  
      GECC corporate items and eliminations
  
(206)
    
(122)
  
 (69)%
      
 (598)
    
(408)
  
 (47)%
  
Earnings from continuing operations
                                  
   attributable to GECC
  
871 
    
141 
  
F
      
 2,308 
    
1,601 
  
44%
  
Earnings (loss) from discontinued operations,
                                  
   net of taxes, attributable to GECC
  
(1,104)
    
84 
  
U
      
 (1,678)
    
(113)
  
U
  
Net earnings (loss) attributable to GECC
$
(233)
  
$
225 
  
U
    
$
 630 
  
$
1,488 
  
 (58)%
  
                                   
                                   
(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
 


 
September 30,
  
December 31,
(Dollars in billions)
2010
  
2009
 
(Unaudited)
      
Assets
          
   Cash & marketable securities
$
 83.9 
  
$
 91.2 
   Inventories
  
 0.1 
    
 0.1 
   Financing receivables - net
  
 331.3 
    
 336.9 
   Property, plant & equipment - net
  
 53.7 
    
 56.7 
   Goodwill & intangible assets
  
 30.1 
    
 32.0 
   Other assets
  
 94.9 
    
 104.2 
   Assets of businesses held for sale
  
 0.8 
    
 0.1 
   Assets of discontinued operations
  
 1.3 
    
 1.5 
           
Total assets
$
 596.1 
  
$
 622.7 
           
           
Liabilities and equity
          
   Borrowings and bank deposits
$
 481.4 
  
$
 497.5 
   Investment contracts, insurance liabilities and insurance annuity benefits
  
 6.7 
    
 8.7 
   Other liabilities
  
 34.0 
    
 39.6 
   Liabilities of businesses held for sale
  
 0.4 
    
 0.1 
   Liabilities of discontinued operations
  
 2.0 
    
 0.9 
   GECC shareowner's equity
  
 70.5 
    
 73.7 
   Noncontrolling interests
  
 1.1 
    
 2.2 
           
Total liabilities and equity
$
 596.1 
  
$
 622.7 


 
(3)