Financial Results. In connection with the transaction, the historical results of GECAS will be reported in GE's consolidated financial statements as discontinued operations beginning in the first quarter of 2021. gecas.aero. Good morning, everyone, and thank you for joining us for our first quarter 2022 earnings call. GECAS had net earnings of $271 million, up 5% Y/Y. . GECAS owns, services or has on order approximately 1,700 aircraft. For purposes of the financial statement display of sales and costs of sales in our consolidated Statement of Earnings (Loss), "goods" is required by SEC regulations to include all sales of tangible products, and "services . AerCap's average . Financial Auditor GECAS-CI Oct 2017 - Mar 2019 1 year 6 months. looking-statement-information. The aircraft from GECAS' skyline is the first A320neo family aircraft to enter service with a Pakistani airline. Historically, GECAS operated within the GE Capital segment as a business of the Parent, and GECAS' results of operations have been reported in the Parent's Consolidated Financial Statements. Earnings Presentation. The note states that at the date of signing off on the financial statements, the . Audio. We took a huge step in 2021 with the close of the GE Capital Aviation Services (GECAS) and AerCap Holdings N.V. (AerCap) transaction, creating an industry leader and strategic partner to airline customers.GE now owns approximately 46 percent of the combined company. Our combined company has a portfolio of over 2,000 aircraft, over 900 engines and over 300 helicopters, and an order book of approximately 450 of the most fuel efficient and . . After the deal closes, GE intends to use the transaction proceeds and its existing cash sources . Call Transcript. GECAS PPA Explanation. . % Completed majority of sale of GECAS' PK AirFinance aviation lending platform and $3.6 billion in receivables to Apollo and Athene. GECAS owns, services or has on order more than 1,850 aircraft (~1,500 fixed wing/ ~350 rotary wing) and serves ~250 customers in over 75 countries from a network of 22 offices around the world. GECAS serves over 200 customers in ~75 countries from a network of 15 offices around the world. Date. GECAS provides a wide range of assets including narrow- or widebody . . Quiet Periods shall commence one month before, and shall end with, the submission to the HKEX and . This means GE will report industrial-only financials and move from three-column to simpler one-column financial statement reporting. www.gecas.com. GECAS reported a segment loss of $786 million . 20-F Filing. May 17, 2022 8:30am ET. Apollo Forward Looking Statements Disclaimer GE Capital is the financial services division of GE, focused on serving customers and markets aligned with GE's industrial businesses. GECAS owns, services or has on order more than 1,600 aircraft and serves approximately 205 customers in 73 countries from a network of 15 offices around the world. The latest financial statements from GECAS SERVICES LIMITED show that the company currently has 26 employees. My main areas of responsibilities included: • Onsite auditing of financial statements in line with international auditing standards. Nov 10, 2021 8:30am ET: Q3 2021 Financial Results : Show Details: Location. GECAS owns, services or has on order more than 1,600 aircraft and serves approximately 205 customers in 73 countries from a network of 15 offices around the world. GECAS serves over 200 customers in ~75 countries from a network of 15 offices around the world. Net loss for the first quarter of 2022, including net charges related to the Ukraine Conflict, was $2.0 billion, or $8.35 . 21 June 2011 Statement on GECAS Agreement with Boeing for 747-8 Freighters and 777-300ERs 747-8 Freighter is a new addition to the GECAS portfolioLE BOURGET, France, June 21, 2011 - Boeing [NYSE: BA]. As of the end of 2020, GE Capital had $103 billion of assets, excluding liquidity. . Financial Results To avoid the potential for selective disclosure or even the perception or appearance of selective disclosure, BOC Aviation will observe "Quiet Periods" prior to earnings announcements and when material changes are pending. How much revenue does GECAS SERVICES LIMITED earn? With a commitment to Christian Service, we apply this six phase audit process as an expression of our values of Integrity, Respect, Professionalism . Location. These statements, estimates and forecasts are . This means GE will report industrial-only financials and move from three-column to simpler one-column financial statement reporting. Certain of these data are considered non-GAAP financial measures . gecas.aero. PDF. GECAS SERVICES LIMITED's most recent financial statements were submitted on 2020-12-31 and they show revenue of €40M for 2020. According to GE's Q3 2018 supplemental report, GECC had net earnings of $59 million. Simplification of financial statements. Financial details of the transaction were not disclosed, although the $3.6 billion of PK AirFinance financing receivables that were held for sale in the second quarter of 2019 are being sold at a premium to book value in this transaction. • SOX/Internal controls testing. Title. • Reporting results to management and clients and meeting deadlines set at the planning stage. Financial details of the transaction are not being disclosed, although today's close represents receipt by GE of more than 90% of agreed proceeds. Net loss for the first quarter of 2022, including net charges related to the Ukraine Conflict, was $2.0 billion, or $8.35 per share. DUBLIN, Nov. 10, 2021 /PRNewswire/ -- AerCap Holdings N.V. (NYSE: AER ), the global leader in aviation leasing, today reported financial results for the third quarter of 2021 ended September 30 . Net income for the first quarter of 2022 was $540 million, or $2.23 per share, after adjustments for net charges related to the Ukraine Conflict and other items. Côte d'Ivoire Account Receivable APM Terminals Aug 2017 - Sep 2017 2 months. PDF. No pro forma consolidated condensed statement of earnings for the nine months ended September 30, 2021 or related balance sheet as of September 30, 2021 are provided in this report, as GECAS was presented as discontinued operations in the interim financial statements included in the Company's Quarterly Report on Form 10-Q for the nine months . (i) the audited historical combined carve-out financial statements of GECAS as of and for the year ended December 31, 2020, and the related notes thereto; (ii) the unaudited historical condensed combined carve-out financial statements of GECAS as of June 30, 2021, and for the three and six month periods ended June 30, 2021 and the related notes thereto; and (iii) a description of the GECAS . Apollo Forward Looking Statements Disclaimer This press release may contain forward looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as . The run-off insurance business is a meaningful financial risk and is expected to require ongoing financial support. Newport Beach, California and Shannon, Ireland, (October 19, 2020) -- PIMCO, one of the world's premier fixed income investment managers, and GE Capital Aviation Services (GECAS), a world-leading lessor and business unit of GE (NYSE: GE), announce that they have reached a preliminary agreement to develop an aviation leasing platform to support up to $3 billion in aircraft asset financings. From emerging markets to developed economies, our focused team of finance experts connect capital to infrastructure and deliver innovative financial solutions that help make the world work . Culp continued, "AerCap is the right partner for our exceptional GECAS team. Bringing these complementary franchises together will deliver strategic and financial value for both companies and their stakeholders. Press Release AerCap Holdings N.V. Reports Financial Results for the Third Quarter 2021. Conference Call Audio. Gecas employs 256 people at its Shannon base, and last year its directors shared $7.6 million in remuneration. This press release may contain forward . GCAS uses a financial audit process which is based on the latest professional standards and includes six phases that assures delivery of excellence on every engagement. Apollo Global Management, LLC (together with its consolidated subsidiaries,"Apollo"); Athene Holding Ltd; and GE Capital, the financial services arm of GE, today announced that they have entered into a definitive agreement for Apollo and Athene to purchase PK AirFinance, an aviation lending business, from GE Capital's Aviation Services (GECAS) unit. gecas.aero. After the deal closes, GE intends to use the transaction proceeds and its existing cash . Show Details. GECAS owns, services or has on order approximately 1,700 aircraft. Newport Beach, California and Shannon, Ireland, (October 19, 2020) — PIMCO, one of the world's premier fixed income investment managers, and GE Capital Aviation Services (GECAS), a world-leading lessor and business unit of GE (NYSE: GE), announce that they have reached a preliminary agreement to develop an aviation leasing platform to . XBRL. 20-F Filing. Financial Solutions for Small Business and Middle Market Companies Trade Finance Factoring, lending, receivables management and trade . We're GE Capital. GECAS is a world-leading aviation lessor and financier with over 50 years of experience. DUBLIN, May 17, 2022 /PRNewswire . General Electric Company (the "Company" or "GE") is filing this Current Report on Form 8-K to provide certain unaudited pro forma financial information giving effect to the proposed transaction to combine the GE Capital Aviation Services ("GECAS") business with AerCap Holdings N.V. ("AerCap").. As previously reported in its Current Report on Form 8-K filed on March 10 . Revealed in footnotes of financial statements under US GAAP AerCap Holdings N.V. ("AerCap") (NYSE: AER), the global leader in aircraft leasing, announced today that it has completed its acquisition of the GE Capital Aviation Services business ("GECAS . These statements, estimates and forecasts are . Apollo Forward Looking Statements Disclaimer GECAS owns, services or has on order more than 1,850 aircraft (~1,500 fixed wing/ ~350 rotary wing), plus provides loans collateralizes on an additional ~320 aircraft. As described further in Note 4— GECAS Transaction to our Consolidated Financial Statements included in this annual report, pursuant to the transaction agreement dated March 9, 2021, GE, AerCap and certain of their affiliates agreed to the GECAS Transaction whereby AerCap acquired the entities and assets that represented GECAS in exchange for . GECAS made up over a third of that total ($35.9 billion), with GE's runoff insurance business accounting for most . (i) the audited historical combined carve-out financial statements of GECAS as of and for the year ended December 31, 2020, and the related notes thereto; (ii) the unaudited historical condensed combined carve-out financial statements of GECAS as of June 30, 2021, and for the three and six month periods ended June 30, 2021 and the related notes thereto; and (iii) a description of the GECAS . None of PIMCO, GE or GECAS undertakes any obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.PIMCO Media Contact Michael Reid . . Effective 1Q 2021, all results of operations, financial position, and cash flows for GECAS are reported as discontinued operations and the notes to the financial statements have been adjusted on a retrospective basis (p. 56) 1-for-8 reverse stock split In 2Q of 2021, we announced that we would proceed with a 1-for-8 reverse stock split. No pro forma consolidated condensed statement of earnings for the nine months ended September 30, 2021 or related balance sheet as of September 30, 2021 are provided in this report, as GECAS was presented as discontinued operations in the interim financial statements included in the Company's Quarterly Report on Form 10-Q for the nine months . Item 8.01 Other Events. • Finalising financial statements in line with statutory requirements. GE Capital is the financial services division of GE, focused on serving customers and markets aligned with GE's industrial businesses. Strong Financial Position. From emerging markets to developed economies, our focused team of finance experts connect capital to infrastructure and deliver innovative financial solutions that help make the world work . GECAS is a world-leading aviation lessor and financier with over 50 years of experience. GE released its third quarter 2020 results today, and I encourage you to read the full materials and listen to our earnings call at 8:00 AM ET. PDF. GCAS uses a financial audit process which is based on the latest professional standards and includes six phases that assures delivery of excellence on every engagement. gecas.aero. AerCap Holdings N.V. May 17, 2022, 7:00 AM ET. Forward-Looking . Interest expense excluding mark-to-market of interest rate caps and swaps was $288 million for the third quarter of 2021, compared with $307 million for the same period in 2020. The Broadcasting Directive seeks to set clear rules for broadcasting online. Forward-Looking Statements This press release contains certain statements, estimates and forecasts with respect to future performance and events. www.gecas.com. Côte d'Ivoire . Press Release AerCap Holdings N.V. Reports Financial Results for the Fourth Quarter 2021. Q1 2022 Financial Results. The Financial Audit Process. Total revenues (GAAP) $19.4B, (17)%; Industrial organic revenues* $17.9B, (12)%. ZIP HTML XLS. HTML. After the deal closes, GE intends to use the transaction proceeds and its existing cash sources . GECAS had revenue of $1.1 billion and segment profit of about $200 million. GESAC and its members have a vested interest in this matter, in light of the fact that according to our annual numbers in 2017, 37% of their collections come from TV and radio broadcasting and retransmissions. . AerCap is pleased to announce it has completed its acquisition of the GE Capital Aviation Services business ("GECAS") from General Electric (NYSE: GE). PDF. Net income for . GE's disposition of its shares in the combined AerCap//GECAS business could lead to additional deleveraging. HTML. % Completed $27 billion total asset . Forward-Looking Statements This press release contains certain statements, estimates and forecasts with respect to future performance and events. Combined revenue for GECAS and AerCap would be about $5.0 billion, down 19% Y/Y. The GECAS sale should put a dent in its debt load with little to no loss of earnings. Forward-Looking Statements This press release contains certain statements, estimates and forecasts with respect to future performance and events. The MD&A should be read in conjunction with the Financial Statements and Notes to the consolidated financial statements. GECAS (GE Capital Aviation Services) was an Irish-American commercial aviation financing and leasing company. NON-GAAP FINANCIAL MEASURES We sometimes use information derived from consolidated financial data but not presented in our financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP). Following the GECAS sale it is envisioned that the GE Capital balance sheet will be collapsed into GE Industrial's financial statements, specifically in the . generally accepted accounting principles GAAP. The Financial Audit Process. GE reduced industrial debt to $26 billion at Sept. 30, 2021 as calculated by Fitch from $49 billion at the end of 2019. GECAS PPA Explanation. Sans GECAS, GECC's other operations would have been a money . Details. AerCap risk factor updates and a description of the GECAS business, together with the Management's Discussion and Analysis in connection with the audited combined carve-out financial statements and unaudited condensed combined carve-out financial statements of GECAS filed as Exhibits 99.1 and 99.2 hereto, respectively, are filed as Exhibit 99.3 to this report on Form 6-K and are incorporated . DUBLIN - Wednesday, May 12, 2021 - AerCap Holdings N.V. ("AerCap" or the "Company") (NYSE: AER) today announced that its shareholders have approved the previously announced acquisition of GE Capital Aviation Services ("GECAS"), a General Electric business, at the Annual General Meeting of Shareholders held earlier today (the "Annual . ZIP HTML XLS. This means GE will report industrial-only financials and move from three-column to simpler one-column financial statement reporting. Chief Financial Officer & Senior Vice President: Victor Abate: Chief Technology Officer & Senior Vice President: Nancy . XBRL. Over the last number of years the 'Non Incident Statement' (NIS) has been repudiated, not only by GECAS, but by the aircraft leasing and airline industry in general and it has been replaced by . . With a commitment to Christian Service, we apply this six phase audit process as an expression of our values of Integrity, Respect, Professionalism . Audio. | May 20, 2022 . We're creating an industry-leading aviation lessor with expertise, scale and reach to better serve customers around the world, while . Historically, GECAS operated within the GE Capital segment as a business of the Parent, and GECAS' results of operations have been reported in the Parent's Consolidated Financial Statements. This is a decrease of -77.51% for GECAS SERVICES LIMITED. But for the impact of Russia, this was a strong underlying quarter for the company and I am pleased . Apollo Forward Looking Statements Disclaimer. Nov 10, 2021 8:30am ET: Q3 2021 Financial Results . This combination was an important catalyst to solidify our financial position. The rise in the BKR stake and the cash inflow from the GECAS sale have immensely helped the balance sheet. GECAS ILFC RBS AerCap BOC FLY ACG AWAS Aircastle Source: Ascend Online as of 12/14/10 and CIT forecasted NI as of 12/31/10. Corporate Financial Statement Creation Learning HubSpot The Future of Audit See all courses Franck Elysée's public profile badge . owned by the Airplanes Group, on the one part, and Aircraft, on the other part, the Servicer is required to perform the services in good faith and to the extent that two particular Aircraft or the Aircraft and other aircraft then managed by GECAS are substantially similar in terms of objectively identifiable characteristics that are relevant for purposes of the particular services to be . AerCap Holdings N.V. Reports Financial Results for the First Quarter 2022. After the deal closes, GE intends to use the transaction proceeds and its existing cash sources to reduce debt by approximately $30 billion, for an expected total reduction of more than $70 billion since the end . . GECAS. We're GE Capital. LLP brought a class action lawsuit against Molycorp, Inc. for "materially misleading statements" in its financial . This means GE will report industrial-only financials and move from three-column to simpler one-column financial statement . In Q4 2020 GECAS generated revenue of 3.9 billion, down 19% Y/Y. Key points on GE's financial performance this quarter: Total orders $15.5B, (31)%; organic orders (28)%. in our financial statements prepared in accordance with .S. We do not undertake to update our forward-looking statements. Webcast. Press Release AerCap Holdings N.V. Reports Financial Results for the Third Quarter 2019 and Announces New Share Repurchase Program. Upon completion of the transaction, GE will deconsolidate GECAS and intends to use the transaction proceeds and its existing cash sources to reduce . GECAS (GE Capital Aviation Services) was an Irish-American commercial aviation financing and leasing company. This means GE will report industrial-only financials and move from three-column to simpler one-column financial statement reporting. GECAS serves ~250 customers in over 75 countries from a network of 20 offices around the world. The call can be accessed live by dialing (U.S./Canada) +1 929 477 0448 or (International) +353 1 246 5638 and referencing code 5103066 at least 5 minutes before start time.