Attached files
file | filename |
---|---|
8-K - GECC FORM 8K 7/18/14 - GENERAL ELECTRIC CAPITAL CORP | geccform8k71814.htm |
Exhibit 99
General Electric Capital Corporation
Condensed Statement of Earnings
Three months ended June 30
|
Six months ended June 30
|
|||||||||||||||
(Dollars in millions, Unaudited)
|
2014
|
2013
|
V%
|
2014
|
2013
|
V%
|
||||||||||
Revenues
|
||||||||||||||||
Revenues from services
|
$
|
10,213
|
$
|
10,885
|
$
|
20,701
|
$
|
22,327
|
||||||||
Sales of goods
|
34
|
31
|
61
|
57
|
||||||||||||
Total revenues
|
10,247
|
10,916
|
(6)%
|
20,762
|
22,384
|
(7)%
|
||||||||||
Costs and expenses
|
||||||||||||||||
Costs of sales, operating and administrative expenses
|
4,852
|
4,836
|
9,451
|
9,743
|
||||||||||||
Interest
|
2,071
|
2,388
|
4,232
|
4,770
|
||||||||||||
Investment contracts, insurance losses and insurance
|
||||||||||||||||
annuity benefits
|
698
|
728
|
1,341
|
1,417
|
||||||||||||
Provision for losses on financing receivables
|
968
|
1,010
|
1,938
|
2,467
|
||||||||||||
Total costs and expenses
|
8,589
|
8,962
|
(4)%
|
16,962
|
18,397
|
(8)%
|
||||||||||
Earnings from continuing operations before
|
||||||||||||||||
income taxes
|
1,658
|
1,954
|
(15)%
|
3,800
|
3,987
|
(5)%
|
||||||||||
Benefit (provision) for income taxes
|
216
|
(13)
|
18
|
(97)
|
||||||||||||
Earnings from continuing operations
|
1,874
|
1,941
|
(3)%
|
3,818
|
3,890
|
(2)%
|
||||||||||
Earnings (loss) from discontinued operations, net of taxes
|
(36)
|
(123)
|
(24)
|
(243)
|
||||||||||||
Net earnings
|
1,838
|
1,818
|
1%
|
3,794
|
3,647
|
4%
|
||||||||||
Less net earnings attributable to noncontrolling interests
|
10
|
17
|
21
|
28
|
||||||||||||
Net earnings attributable to GECC
|
1,828
|
1,801
|
1%
|
3,773
|
3,619
|
4%
|
||||||||||
Preferred stock dividends declared
|
(161)
|
(135)
|
(161)
|
(135)
|
||||||||||||
Net earnings attributable to GECC common shareowner
|
$
|
1,667
|
$
|
1,666
|
- %
|
$
|
3,612
|
$
|
3,484
|
4%
|
||||||
Amounts attributable to GECC common shareowner:
|
||||||||||||||||
Earnings from continuing operations
|
$
|
1,874
|
$
|
1,941
|
(3)%
|
$
|
3,818
|
$
|
3,890
|
(2)%
|
||||||
Less net earnings attributable to noncontrolling interests
|
10
|
17
|
21
|
28
|
||||||||||||
Earnings from continuing operations attributable to GECC
|
1,864
|
1,924
|
(3)%
|
3,797
|
3,862
|
(2)%
|
||||||||||
Preferred stock dividends declared
|
(161)
|
(135)
|
(161)
|
(135)
|
||||||||||||
Earnings from continuing operations attributable
|
||||||||||||||||
to GECC common shareowner
|
1,703
|
1,789
|
(5)%
|
3,636
|
3,727
|
(2)%
|
||||||||||
Earnings (loss) from discontinued operations, net of taxes
|
(36)
|
(123)
|
(24)
|
(243)
|
||||||||||||
Net earnings attributable to GECC common shareowner
|
$
|
1,667
|
$
|
1,666
|
- %
|
$
|
3,612
|
$
|
3,484
|
4%
|
(4)
General Electric Capital Corporation
Summary of Operating Segments
Three months ended June 30
|
Six months ended June 30
|
||||||||||||||||
(Dollars in millions, Unaudited)
|
2014
|
2013
|
V%
|
2014
|
2013
|
V%
|
|||||||||||
Revenues
|
|||||||||||||||||
Commercial Lending and Leasing (CLL)
|
$
|
3,611
|
$
|
3,907
|
(8)%
|
$
|
7,193
|
$
|
7,414
|
(3)%
|
|||||||
Consumer
|
3,598
|
3,650
|
(1)%
|
7,200
|
7,475
|
(4)%
|
|||||||||||
Real Estate
|
664
|
872
|
(24)%
|
1,295
|
2,529
|
(49)%
|
|||||||||||
Energy Financial Services
|
307
|
303
|
1%
|
776
|
646
|
20%
|
|||||||||||
GE Capital Aviation Services (GECAS)
|
1,345
|
1,282
|
5%
|
2,690
|
2,661
|
1%
|
|||||||||||
Total segment revenues
|
9,525
|
10,014
|
(5)%
|
19,154
|
20,725
|
(8)%
|
|||||||||||
GECC corporate items and eliminations
|
722
|
902
|
(20)%
|
1,608
|
1,659
|
(3)%
|
|||||||||||
Total revenues
|
$
|
10,247
|
$
|
10,916
|
(6)%
|
$
|
20,762
|
$
|
22,384
|
(7)%
|
|||||||
Segment profit
|
|||||||||||||||||
CLL
|
$
|
541
|
$
|
825
|
(34)%
|
$
|
1,105
|
$
|
1,223
|
(10)%
|
|||||||
Consumer
|
472
|
830
|
(43)%
|
1,258
|
1,364
|
(8)%
|
|||||||||||
Real Estate
|
289
|
435
|
(34)%
|
528
|
1,125
|
(53)%
|
|||||||||||
Energy Financial Services
|
76
|
60
|
27%
|
229
|
143
|
60%
|
|||||||||||
GECAS
|
343
|
304
|
13%
|
695
|
652
|
7%
|
|||||||||||
Total segment profit
|
1,721
|
2,454
|
(30)%
|
3,815
|
4,507
|
(15)%
|
|||||||||||
GECC corporate items and eliminations
|
143
|
(530)
|
F
|
(18)
|
(645)
|
97%
|
|||||||||||
Earnings from continuing operations
|
|||||||||||||||||
attributable to GECC
|
1,864
|
1,924
|
(3)%
|
3,797
|
3,862
|
(2)%
|
|||||||||||
Preferred stock dividends declared
|
(161)
|
(135)
|
(19)%
|
(161)
|
(135)
|
(19)%
|
|||||||||||
Earnings from continuing operations attributable
|
|||||||||||||||||
to GECC common shareowner
|
1,703
|
1,789
|
(5)%
|
3,636
|
3,727
|
(2)%
|
|||||||||||
Earnings (loss) from discontinued operations, net of taxes
|
(36)
|
(123)
|
71%
|
(24)
|
(243)
|
90%
|
|||||||||||
Net earnings attributable to GECC
common shareowner
|
$
|
1,667
|
$
|
1,666
|
- %
|
$
|
3,612
|
$
|
3,484
|
4%
|
|||||||
(5)
General Electric Capital Corporation
Condensed Statement of Financial Position
June 30,
|
December 31,
|
||||
(In billions, Unaudited)
|
2014
|
2013
|
|||
Assets
|
|||||
Cash & marketable securities
|
$
|
122.8
|
$
|
118.5
|
|
Inventories
|
0.1
|
0.1
|
|||
Financing receivables - net
|
241.7
|
253.0
|
|||
Property, plant & equipment - net
|
50.7
|
51.6
|
|||
Goodwill & intangible assets
|
27.3
|
27.3
|
|||
Other assets
|
62.2
|
63.9
|
|||
Assets of businesses held for sale
|
3.3
|
0.1
|
|||
Assets of discontinued operations
|
1.5
|
2.3
|
|||
Total assets
|
$
|
509.6
|
$
|
516.8
|
|
Liabilities and equity
|
|||||
Borrowings and bank deposits
|
$
|
363.0
|
$
|
371.1
|
|
Investment contracts, insurance liabilities and insurance annuity benefits
|
27.9
|
27.0
|
|||
Other liabilities
|
31.2
|
31.8
|
|||
Liabilities of businesses held for sale
|
0.3
|
-
|
|||
Liabilities of discontinued operations
|
1.0
|
3.8
|
|||
GECC shareowners' equity
|
85.8
|
82.7
|
|||
Noncontrolling interests
|
0.4
|
0.4
|
|||
Total liabilities and equity
|
$
|
509.6
|
$
|
516.8
|
|
(6)