GE 2011 Annual Report Download - page 47

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GE 2011 ANNUAL REPORT 45
GE CAPITAL
(In millions) 2011 2010 2009
REVENUES $ 45,730 $ 46,422 $ 48,906
SEGMENT PROFIT $ 6,549 $ 3,158 $ 1,325
December 31 (In millions) 2011 2010
TOTAL ASSETS $552,514 $565,337
(In millions) 2011 2010 2009
REVENUES
Commercial Lending and
Leasing (CLL) $ 18,178 $ 18,447 $ 20,762
Consumer 16,781 17,204 16,794
Real Estate 3,712 3,744 4,009
Energy Financial Services 1,223 1,957 2,117
GE Capital Aviation
Services (GECAS) 5,262 5,127 4,594
SEGMENT PROFIT (LOSS)
CLL $ 2,720 $ 1,554 $ 963
Consumer 3,551 2,523 1,282
Real Estate (928) (1,741) (1,541)
Energy Financial Services 440 367 212
GECAS 1,150 1,195 1,016
December 31 (In millions) 2011 2010
TOTAL ASSETS
CLL $193,869 $202,650
Consumer 139,000 147,327
Real Estate 60,873 72,630
Energy Financial Services 18,357 19,549
GECAS 48,821 49,106
GE Capital revenues decreased 1% and net earnings increased
favorably in 2011 as compared with 2010. Revenues for 2011 and
2010 included $0.3 billion and $0.2 billion, respectively, from
acquisitions and were reduced by $1.1 billion and $2.3 billion,
respectively, as a result of dispositions. Revenues also increased
as a result of the gain on sale of a substantial portion of our
Garanti Bank equity investment (the Garanti Bank transaction),
the weaker U.S. dollar and higher gains and investment income,
partially offset by reduced revenues from lower ENI. Net earnings
increased by $3.4 billion in 2011, primarily due to lower provisions
for losses on fi nancing receivables, the gain on the Garanti Bank
transaction and lower impairments. GE Capital net earnings in
2011 also included restructuring, rationalization and other
charges of $0.1 billion and net losses of $0.2 billion related to our
Treasury operations.
During 2011, GE Capital provided approximately $104 billion
of new fi nancings in the U.S. to various companies, infrastruc-
ture projects and municipalities. Additionally, we extended
approximately $87 billion of credit to approximately 56 million U.S.
consumers. GE Capital provided credit to approximately 19,600
new commercial customers and 37,000 new small businesses
in the U.S. during 2011 and ended the period with outstanding
credit to more than 284,000 commercial customers and 191,000
small businesses through retail programs in the U.S.
GE Capital revenues decreased 5% and net earnings increased
favorably in 2010 as compared with 2009. Revenues for 2010
and 2009 included $0.2 billion and $0.1 billion of revenues
from acquisitions, respectively, and in 2010 were increased by
$0.1 billion and in 2009 were reduced by $2.3 billion as a result
of dispositions, including the effects of the 2010 deconsolida-
tion of Regency Energy Partners L.P. (Regency) and the 2009
deconsolidation of Penske Truck Leasing Co., L.P. (PTL). The 2010
deconsolidation of Regency included a $0.1 billion gain on the
sale of our general partnership interest in Regency and remea-
surement of our retained investment (the Regency transaction).
Revenues for 2010 also decreased $0.6 billion compared with
2009 as a result of organic revenue declines primarily driven by a
lower asset base and a lower interest rate environment, partially
offset by the weaker U.S. dollar. Net earnings increased for 2010
compared with 2009, primarily due to lower provisions for losses
on fi nancing receivables, lower selling, general and administrative
costs and the gain on the Regency transaction, offset by higher
marks and impairments, mainly at Real Estate, the absence of
the fi rst quarter 2009 tax benefi t from the decision to indefi nitely
reinvest prior-year earnings outside the U.S., and the absence of
the fi rst quarter 2009 gain related to the PTL sale. GE Capital net
earnings in 2010 also included restructuring, rationalization and
other charges of $0.2 billion and net losses of $0.1 billion related
to our Treasury operations.
Additional information about certain GE Capital businesses
follows.
CLL 2011 revenues decreased 1% and net earnings increased
75% compared with 2010. Revenues decreased as a result of
organic revenue declines ($1.1 billion), primarily due to lower ENI,
partially offset by the weaker U.S. dollar ($0.5 billion) and higher
gains and investment income ($0.4 billion). Net earnings increased in
2011, refl ecting lower provisions for losses on fi nancing receivables
($0.6 billion), higher gains and investment income ($0.3 billion), core
increases ($0.2 billion) and lower impairments ($0.1 billion).
CLL 2010 revenues decreased 11% and net earnings increased
61% compared with 2009. Revenues in 2010 and 2009 included
$0.2 billion and $0.1 billion, respectively, from acquisitions, and
in 2010 were reduced by $1.2 billion from dispositions, primarily
related to the 2009 deconsolidation of PTL. Revenues in 2010 also
decreased $1.2 billion compared with 2009 as a result of organic
revenue declines ($1.4 billion), partially offset by the weaker U.S.
dollar ($0.2 billion). Net earnings increased by $0.6 billion in 2010,
refl ecting lower provisions for losses on fi nancing receivables
($0.6 billion), higher gains ($0.2 billion) and lower selling, gen-
eral and administrative costs ($0.1 billion). These increases were
partially offset by the absence of the gain on the PTL sale and
remeasurement ($0.3 billion) and declines in lower-taxed earnings
from global operations ($0.1 billion).
Consumer 2011 revenues decreased 2% and net earnings
increased 41% compared with 2010. Revenues included $0.3 bil-
lion from acquisitions and were reduced by $0.4 billion as a result
of dispositions. Revenues in 2011 also decreased $0.3 billion as a