Attached files
| file | filename |
|---|---|
| 8-K - GECC 8K 1-17-2013 - GENERAL ELECTRIC CAPITAL CORP | gecc8k2014earnings.htm |
Exhibit 99
General Electric Capital Corporation
Condensed Statement of Earnings
|
Three months ended December 31,
|
Twelve months ended December 31,
|
||||||||||||||||
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(Dollars in millions, Unaudited)
|
2013
|
2012
|
V
|
%
|
2013
|
2012
|
V
|
%
|
|||||||||
|
Revenues
|
|||||||||||||||||
|
Revenues from services
|
$
|
11,041
|
$
|
11,576
|
$
|
43,941
|
$
|
45,245
|
|||||||||
|
Sales of goods
|
36
|
29
|
126
|
119
|
|||||||||||||
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Total revenues
|
11,077
|
11,605
|
(5)%
|
44,067
|
45,364
|
(3)%
|
|||||||||||
|
Costs and expenses
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|||||||||||||||||
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Costs of sales, operating and administrative expenses
|
5,178
|
5,118
|
19,884
|
19,023
|
|||||||||||||
|
Interest
|
2,273
|
2,682
|
9,267
|
11,596
|
|||||||||||||
|
Investment contracts, insurance losses and insurance
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|||||||||||||||||
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annuity benefits
|
648
|
713
|
2,779
|
2,984
|
|||||||||||||
|
Provision for losses on financing receivables
|
1,562
|
1,144
|
4,818
|
3,832
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|||||||||||||
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Total costs and expenses
|
9,661
|
9,657
|
0%
|
36,748
|
37,435
|
(2)%
|
|||||||||||
|
Earnings from continuing operations before
|
|||||||||||||||||
|
income taxes
|
1,416
|
1,948
|
(27)%
|
7,319
|
7,929
|
(8)%
|
|||||||||||
|
Benefit (provision) for income taxes
|
1,092
|
(126)
|
992
|
(521)
|
|||||||||||||
|
Earnings from continuing operations
|
2,508
|
1,822
|
38%
|
8,311
|
7,408
|
12%
|
|||||||||||
|
Loss from discontinued operations, net of taxes
|
(723)
|
(302)
|
(1,057)
|
(1,130)
|
|||||||||||||
|
Net earnings
|
1,785
|
1,520
|
17%
|
7,254
|
6,278
|
16%
|
|||||||||||
|
Less net earnings attributable to
|
|||||||||||||||||
|
noncontrolling interests
|
15
|
17
|
53
|
63
|
|||||||||||||
|
Net earnings attributable to GECC
|
1,770
|
1,503
|
18%
|
7,201
|
6,215
|
16%
|
|||||||||||
|
Preferred stock dividends declared
|
(163)
|
(123)
|
(298)
|
(123)
|
|||||||||||||
|
Net earnings attributable to GECC common shareowner
|
$
|
1,607
|
$
|
1,380
|
16%
|
$
|
6,903
|
$
|
6,092
|
13%
|
|||||||
|
Amounts attributable to GECC
|
|||||||||||||||||
|
Earnings from continuing operations
|
$
|
2,493
|
$
|
1,805
|
38%
|
$
|
8,258
|
$
|
7,345
|
12%
|
|||||||
|
Loss from discontinued operations, net of taxes
|
(723)
|
(302)
|
(1,057)
|
(1,130)
|
|||||||||||||
|
Net earnings attributable to GECC
|
$
|
1,770
|
$
|
1,503
|
18%
|
$
|
7,201
|
$
|
6,215
|
16%
|
|||||||
(1)
General Electric Capital Corporation
Summary of Operating Segments
|
Three months ended December 31,
|
Twelve months ended December 31,
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||||||||||||||||
|
(Dollars in millions, Unaudited)
|
2013
|
2012
|
V
|
%
|
2013
|
2012
|
V
|
%
|
|||||||||
|
Revenues
|
|||||||||||||||||
|
Commercial Lending and Leasing (CLL)
|
$
|
3,225
|
$
|
4,052
|
(20)%
|
$
|
14,316
|
$
|
16,458
|
(13)%
|
|||||||
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Consumer
|
4,583
|
3,912
|
17%
|
15,741
|
15,303
|
3%
|
|||||||||||
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Real Estate
|
697
|
994
|
(30)%
|
3,915
|
3,654
|
7%
|
|||||||||||
|
Energy Financial Services
|
442
|
422
|
5%
|
1,526
|
1,508
|
1%
|
|||||||||||
|
GE Capital Aviation Services (GECAS)
|
1,373
|
1,397
|
(2)%
|
5,346
|
5,294
|
1%
|
|||||||||||
|
Total segment revenues
|
10,320
|
10,777
|
(4)%
|
40,844
|
42,217
|
(3)%
|
|||||||||||
|
GECC corporate items and eliminations
|
757
|
828
|
(9)%
|
3,223
|
3,147
|
2%
|
|||||||||||
|
Total revenues
|
$
|
11,077
|
$
|
11,605
|
(5)%
|
$
|
44,067
|
$
|
45,364
|
(3)%
|
|||||||
|
Segment profit
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|||||||||||||||||
|
CLL
|
$
|
263
|
$
|
546
|
(52)%
|
$
|
1,965
|
$
|
2,401
|
(18)%
|
|||||||
|
Consumer
|
2,057
|
751
|
F
|
4,319
|
3,207
|
35%
|
|||||||||||
|
Real Estate
|
128
|
309
|
(59)%
|
1,717
|
803
|
F
|
|||||||||||
|
Energy Financial Services
|
117
|
107
|
9%
|
410
|
432
|
(5)%
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|||||||||||
|
GECAS
|
71
|
343
|
(79)%
|
896
|
1,220
|
(27)%
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|||||||||||
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Total segment profit
|
2,636
|
2,056
|
28%
|
9,307
|
8,063
|
15%
|
|||||||||||
|
GECC corporate items and eliminations
|
(143)
|
(251)
|
43%
|
(1,049)
|
(718)
|
(46)%
|
|||||||||||
|
Earnings from continuing operations
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|||||||||||||||||
|
attributable to GECC
|
2,493
|
1,805
|
38%
|
8,258
|
7,345
|
12%
|
|||||||||||
|
Loss from discontinued operations,
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|||||||||||||||||
|
net of taxes, attributable to GECC
|
(723)
|
(302)
|
U
|
(1,057)
|
(1,130)
|
6%
|
|||||||||||
|
Net earnings attributable to GECC
|
$
|
1,770
|
$
|
1,503
|
18%
|
$
|
7,201
|
$
|
6,215
|
16%
|
|||||||
(2)
General Electric Capital Corporation
Condensed Statement of Financial Position
|
December 31,
|
December 31,
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||||
|
(In billions, Unaudited)
|
2013
|
2012
|
|||
|
Assets
|
|||||
|
Cash & marketable securities
|
$
|
118.5
|
$
|
110.3
|
|
|
Inventories
|
0.1
|
0.1
|
|||
|
Financing receivables - net
|
253.0
|
268.2
|
|||
|
Property, plant & equipment - net
|
51.6
|
53.0
|
|||
|
Goodwill & intangible assets
|
27.3
|
28.3
|
|||
|
Other assets
|
63.9
|
76.0
|
|||
|
Assets of businesses held for sale
|
0.1
|
0.2
|
|||
|
Assets of discontinued operations
|
2.3
|
3.3
|
|||
|
Total assets
|
$
|
516.8
|
$
|
539.4
|
|
|
Liabilities and equity
|
|||||
|
Borrowings and bank deposits
|
$
|
371.1
|
$
|
397.0
|
|
|
Investment contracts, insurance liabilities and insurance annuity benefits
|
27.0
|
28.7
|
|||
|
Other liabilities
|
31.8
|
28.2
|
|||
|
Liabilities of businesses held for sale
|
-
|
0.2
|
|||
|
Liabilities of discontinued operations
|
2.8
|
2.7
|
|||
|
GECC shareowners' equity
|
83.7
|
81.9
|
|||
|
Noncontrolling interests
|
0.4
|
0.7
|
|||
|
Total liabilities and equity
|
$
|
516.8
|
$
|
539.4
|
|
(3)