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8-K - GECC FORM 8-K - GENERAL ELECTRIC CAPITAL CORPgecc8k2013earnings.htm
 
Exhibit 99
 
General Electric Capital Corporation
Condensed Statement of Earnings
 


 
Three months ended December 31,
   
Twelve months ended December 31,
 
(Dollars in millions, Unaudited)
 
2012 
   
2011 
 
V
%
   
2012 
   
2011 
 
V
%
                                   
Revenues
                                 
Revenues from services
$
11,741 
 
$
11,545 
       
$
45,920 
 
$
48,920 
     
Sales of goods
 
29 
   
32 
         
119 
   
148 
     
   Total revenues
 
11,770 
   
11,577 
 
%
   
46,039 
   
49,068 
 
(6)
%
                                   
Costs and expenses
                                 
Costs of sales, operating and administrative expenses
 
5,237 
   
4,883 
         
19,512 
   
20,582 
     
Interest
 
2,708 
   
3,128 
         
11,697 
   
13,866 
     
Investment contracts, insurance losses and insurance
                                 
   annuity benefits
 
713 
   
745 
         
2,984 
   
3,059 
     
Provision for losses on financing receivables
 
1,163 
   
1,058 
         
3,891 
   
3,951 
     
   Total costs and expenses
 
9,821 
   
9,814 
 
— 
%
   
38,084 
   
41,458 
 
 (8)
%
                                   
Earnings from continuing operations before
                                 
   income taxes
 
1,949 
   
1,763 
 
11 
%
   
7,955 
   
7,610 
 
%
Benefit (provision) for income taxes
 
(124)
   
(65)
         
(491)
   
(899)
     
Earnings from continuing operations
 
1,825 
   
1,698 
 
%
   
7,464 
   
6,711 
 
11 
%
                                   
Earnings (loss) from discontinued operations,
                                 
   net of taxes
 
(305)
   
(240)
         
(1,186)
   
(74)
     
                                   
Net earnings
 
1,520 
   
1,458 
 
%
   
6,278 
   
6,637 
 
(5)
%
Less net earnings attributable to
                                 
    noncontrolling interests
 
17 
   
38 
         
63 
   
127 
     
Net earnings attributable to GECC
 
1,503 
   
1,420 
 
%
   
6,215 
   
6,510 
 
(5)
%
Preferred stock dividends declared
 
(123)
   
— 
         
(123)
   
— 
     
Net earnings attributable to GECC common shareowner
$
1,380 
 
$
1,420 
 
(3)
%
 
$
6,092 
 
$
6,510 
 
(6)
%
                                   
                                   
Amounts attributable to GECC:
                                 
Earnings from continuing operations
$
1,808 
 
$
1,660 
 
%
 
$
7,401 
 
$
6,584 
 
12 
%
Earnings (loss) from discontinued operations, net of taxes
 
(305)
   
(240)
         
(1,186)
   
(74)
     
Net earnings attributable to GECC
$
1,503 
 
$
1,420 
 
%
 
$
6,215 
 
$
6,510 
 
(5)
%
 

 
 
(1)
 
 


General Electric Capital Corporation
Summary of Operating Segments
 


 
Three months ended December 31,
   
Twelve months ended December 31,
 
(Dollars in millions, Unaudited)
 
2012 
   
2011 
 
V
%
   
2012 
   
2011 
 
V
%
                                   
Revenues
                                 
   Commercial Lending and Leasing (CLL)
$
4,150 
 
$
4,392 
 
 (6)%
   
$
16,857 
 
$
18,178 
 
 (7)%
 
   Consumer
 
3,979 
   
3,744 
 
6%
     
15,579 
   
16,767 
 
 (7)%
 
   Real Estate
 
994 
   
878 
 
13%
     
3,654 
   
3,712 
 
 (2)%
 
   Energy Financial Services
 
422 
   
292 
 
45%
     
1,508 
   
1,223 
 
23%
 
   GE Capital Aviation Services (GECAS)
 
1,397 
   
1,345 
 
4%
     
5,294 
   
5,262 
 
1%
 
      Total segment revenues
 
10,942 
   
10,651 
 
3%
     
42,892 
   
45,142 
 
 (5)%
 
   GECC corporate items and eliminations
 
828 
   
926 
 
 (11)%
     
3,147 
   
3,926 
 
 (20)%
 
Total revenues
$
11,770 
 
$
11,577 
 
2%
   
$
46,039 
 
$
49,068 
 
 (6)%
 
                                   
Segment profit
                                 
   CLL
$
544 
 
$
777 
 
 (30)%
   
$
2,423 
 
$
2,720 
 
 (11)%
 
   Consumer
 
755 
   
617 
 
22%
     
3,240 
   
3,703 
 
 (13)%
 
   Real Estate
 
309 
   
(153)
 
F
     
803 
   
(928)
 
F
 
   Energy Financial Services
 
107 
   
110 
 
 (3)%
     
432 
   
440 
 
 (2)%
 
   GECAS
 
343 
   
315 
 
9%
     
1,220 
   
1,150 
 
6%
 
      Total segment profit
 
2,058 
   
1,666 
 
24%
     
8,118 
   
7,085 
 
15%
 
   GECC corporate items and eliminations
 
(250)
   
(6)
 
U
     
(717)
   
(501)
 
 (43)%
 
Earnings from continuing operations
                                 
   attributable to GECC
 
1,808 
   
1,660 
 
9%
     
7,401 
   
6,584 
 
12%
 
Earnings (loss) from discontinued operations,
                                 
   net of taxes, attributable to GECC
 
(305)
   
(240)
 
 (27)%
     
(1,186)
   
(74)
 
U
 
Net earnings attributable to GECC
$
1,503 
 
$
1,420 
 
6%
   
$
6,215 
 
$
6,510 
 
 (5)%
 
                                   

 
(2)
 
 

 
General Electric Capital Corporation
Condensed Statement of Financial Position
 


 
December 31,
 
December 31,
(In billions, Unaudited)
2012 
 
2011 
         
Assets
         
   Cash & marketable securities
$
110.2 
 
$
124.1 
   Inventories
 
0.1 
   
0.1 
   Financing receivables - net
 
269.0 
   
288.8 
   Property, plant & equipment - net
 
53.7 
   
51.4 
   Goodwill & intangible assets
 
28.6 
   
28.8 
   Other assets
 
76.3 
   
88.9 
   Assets of businesses held for sale
 
0.2 
   
0.7 
   Assets of discontinued operations
 
1.1 
   
1.7 
           
Total assets
$
539.2 
 
$
584.5 
           
           
Liabilities and equity
         
   Borrowings and bank deposits
$
397.3 
 
$
443.1 
   Investment contracts, insurance liabilities and insurance annuity benefits
 
28.7 
   
30.2 
   Other liabilities
 
28.1 
   
31.6 
   Liabilities of businesses held for sale
 
0.2 
   
0.3 
   Liabilities of discontinued operations
 
2.3 
   
1.5 
   GECC shareowners' equity
 
81.9 
   
77.1 
   Noncontrolling interests
 
0.7 
   
0.7 
           
Total liabilities and equity
$
539.2 
 
$
584.5 
           


 
(3)