E-Z-GO 2012 Annual Report Download - page 10

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receivables declined by $580 million—capping off a four-year
process to exit our Non-Captive finance business. We expect
to liquidate the majority of the remaining $370 million in
Non-Captive receivables over the next two years.
As Textron continues to lead the way with new aircraft,
golf cars and turf care equipment, the Finance segment has
a natural opportunity to facilitate loans and leases for many
of those customers. These services strengthen our customer
relationships, and open new avenues for profitable growth.
SUPPORTING TEXTRON
SALES WORLDWIDE.
PERFORMANCE HIGHLIGHTS
(In millions) 2012 2011 2010
Segment Revenues $215 $103 $218
Segment Profit (Loss) $ 64 $ (333) $(237)
FINANCE PERFORMANCE HIGHLIGHTS (In millions)
8
FINANCE
Aviation: $1,667
CAPTIVE RECEIVABLES: $1,704
Timeshare: $100
Golf Mortgage: $140
Structured Capital: $122
Other: $8
NON-CAPTIVE RECEIVABLES: $370
Our Captive Finance business performed well in 2012,
enabling many of our customers to purchase and
lease Textron-manufactured products—primarily new
Cessna aircraft and Bell helicopters. With more than a
half-century of aviation finance experience, our experts
have guided over 182,000 customers through their aircraft loan
or lease origination—in more than 68 countries.
For aircraft transactions outside the U.S., our Captive Finance
solutions are often superior to what customers can obtain
through their in-country banks. In fact, most of our Captive
Finance loans are related to cross-border aircraft sales. In
2012, Captive Finance supported sales of 93 new aircraft for
Cessna and Bell Helicopter. Of these loans, 87 percent were for
customers outside the United States and coordinated through
our key strategic relationships with the Export-Import Bank of
the United States and Export Development Canada. Our ability to
offer this financing provides added value for our customers, and
is increasingly important for our businesses’ international growth.
In addition to our focus on the financing of Textron product
purchases around the world, we also continued to exit other
types of financial services. As a result, the health of the Finance
segment has strengthened considerably in recent years. Textron’s
Finance segment was profitable in 2012 for the first time since
2007. Revenues totaled $215 million, with segment profit of
$64 million for the year. During 2012, total Non-Captive finance