GE估值模型

General Electric Capital Services Balance Sheet

in millions

FY2000FY2001FY2002FY2003FY2004

12-31-0012-31-0112-31-0212-31-0312-31-04 ASSETS

Current assets

Cash and cash equivalents6,0527,3147,91811,27312,367 Investment securities90,330100,138116,530128,889135,152 Current receivables

Inventories-finished goods666270208197189 Financing receivables143,299174,140199,917247,906282,467 Insurance receivables23,80228,31231,58527,54125,971 Other GECS receivables13,28813,26712,99612,10314,134 Total current assets277,437323,441369,154427,909470,280 Other assets

Property, plant, and equipment, cost37,80140,05546,34355,57067,208 Less accumulated depreciation-9,985-10,714-12,882-16,748-20,630 Property, plant, and equipment, net27,81629,34133,46138,82246,578 Investment in GECS

Intangible assets15,01720,75723,13124,82128,520 All other assets50,36651,94564,08263,13672,949 Total assets370,636425,484489,828554,688618,327

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Short-term borrowings123,992160,844130,126155,468154,843 Accounts payable, principally trade accounts10,43613,70512,60813,56617,104 Total current liabilities134,428174,549142,734169,034171,947 Long term liabilities

Long-term debt81,37979,091140,836164,850206,499 Deferred income taxes8,2388,11710,59010,73610,798 Insurance liabilities, reserves and annuity benefits106,150114,223135,853136,428140,902 Other liabilities13,45116,64718,44123,21725,744 Total liabilities343,646392,627448,454504,265555,890

Minority interest in equity of consolidated affiliates3,9684,2674,4455,1158,682 Shareholders' equity

Common shares11111 Investment securities4-3481,1911,8642,345 Currency translation adjustments-957-840-7822,6395,183 Derivatives qualifying as hedges-890-2,076-1,727-1,354 Minimum pension liabilties-41-150 Accumulated gains/losses net-953-2,078-1,6672,7356,024 Other capital2,7525,98912,27112,26812,370 Retained earnings21,22224,67826,32430,30435,360

Total shareholders' equity23,02228,59036,92945,30853,755 Total liabilities and shareholders' equity370,636425,484489,828554,688618,327

Source: Company reports, Goldman Sachs Research estimates.