Attached files
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|---|---|
| 8-K - GECC FORM 8K 10-2013 - GENERAL ELECTRIC CAPITAL CORP | geccform8k102013.htm |
Exhibit 99
General Electric Capital Corporation
Condensed Statement of Earnings
|
Three months ended September 30,
|
Nine months ended September 30,
|
|||||||||||||||||
|
(Dollars in millions, Unaudited)
|
2013
|
2012
|
V
|
%
|
2013
|
2012
|
V
|
%
|
||||||||||
|
Revenues
|
||||||||||||||||||
|
Revenues from services
|
$
|
10,637
|
$
|
11,240
|
$
|
33,095
|
$
|
33,878
|
||||||||||
|
Sales of goods
|
33
|
34
|
90
|
90
|
||||||||||||||
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Total revenues
|
10,670
|
11,274
|
(5)
|
%
|
33,185
|
33,968
|
(2)
|
%
|
||||||||||
|
Costs and expenses
|
||||||||||||||||||
|
Costs of sales, operating and administrative expenses
|
4,988
|
4,781
|
14,794
|
13,993
|
||||||||||||||
|
Interest
|
2,241
|
2,798
|
7,046
|
8,962
|
||||||||||||||
|
Investment contracts, insurance losses and insurance
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||||||||||||||||||
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annuity benefits
|
714
|
798
|
2,131
|
2,271
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||||||||||||||
|
Provision for losses on financing receivables
|
821
|
1,122
|
3,338
|
2,728
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||||||||||||||
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Total costs and expenses
|
8,764
|
9,499
|
(8)
|
%
|
27,309
|
27,954
|
(2)
|
%
|
||||||||||
|
Earnings from continuing operations before
|
||||||||||||||||||
|
income taxes
|
1,906
|
1,775
|
7
|
%
|
5,876
|
6,014
|
(2)
|
%
|
||||||||||
|
Benefit (provision) for income taxes
|
(1)
|
(80)
|
(94)
|
(399)
|
||||||||||||||
|
Earnings from continuing operations
|
1,905
|
1,695
|
12
|
%
|
5,782
|
5,615
|
3
|
%
|
||||||||||
|
Earnings (loss) from discontinued operations,
|
||||||||||||||||||
|
net of taxes
|
(83)
|
(107)
|
(313)
|
(857)
|
||||||||||||||
|
Net earnings
|
1,822
|
1,588
|
15
|
%
|
5,469
|
4,758
|
15
|
%
|
||||||||||
|
Less net earnings attributable to
|
||||||||||||||||||
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noncontrolling interests
|
10
|
20
|
38
|
46
|
||||||||||||||
|
Net earnings attributable to GECC
|
1,812
|
1,568
|
16
|
%
|
5,431
|
4,712
|
15
|
%
|
||||||||||
|
Preferred stock dividends declared
|
—
|
—
|
(135)
|
—
|
||||||||||||||
|
Net earnings attributable to GECC common shareowner
|
$
|
1,812
|
$
|
1,568
|
16
|
%
|
$
|
5,296
|
$
|
4,712
|
12
|
%
|
||||||
|
Amounts attributable to GECC
|
||||||||||||||||||
|
Earnings from continuing operations
|
$
|
1,895
|
$
|
1,675
|
13
|
%
|
$
|
5,744
|
$
|
5,569
|
3
|
%
|
||||||
|
Earnings (loss) from discontinued operations, net of taxes
|
(83)
|
(107)
|
(313)
|
(857)
|
||||||||||||||
|
Net earnings attributable to GECC
|
$
|
1,812
|
$
|
1,568
|
16
|
%
|
$
|
5,431
|
$
|
4,712
|
15
|
%
|
||||||
(1)
General Electric Capital Corporation
Summary of Operating Segments
|
Three months ended September 30,
|
Nine months ended September 30,
|
|||||||||||||||||
|
(Dollars in millions, Unaudited)
|
2013
|
2012
|
V
|
%
|
2013
|
2012
|
V
|
%
|
||||||||||
|
Revenues
|
||||||||||||||||||
|
Commercial Lending and Leasing (CLL)
|
$
|
3,677
|
$
|
4,028
|
(9)%
|
$
|
11,091
|
$
|
12,406
|
(11)%
|
||||||||
|
Consumer
|
3,747
|
3,911
|
(4)%
|
11,353
|
11,600
|
(2)%
|
||||||||||||
|
Real Estate
|
689
|
948
|
(27)%
|
3,218
|
2,660
|
21%
|
||||||||||||
|
Energy Financial Services
|
438
|
401
|
9%
|
1,084
|
1,086
|
-%
|
||||||||||||
|
GE Capital Aviation Services (GECAS)
|
1,312
|
1,249
|
5%
|
3,973
|
3,897
|
2%
|
||||||||||||
|
Total segment revenues
|
9,863
|
10,537
|
(6)%
|
30,719
|
31,649
|
(3)%
|
||||||||||||
|
GECC corporate items and eliminations
|
807
|
737
|
9%
|
2,466
|
2,319
|
6%
|
||||||||||||
|
Total revenues
|
$
|
10,670
|
$
|
11,274
|
(5)%
|
$
|
33,185
|
$
|
33,968
|
(2)%
|
||||||||
|
Segment profit
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||||||||||||||||||
|
CLL
|
$
|
479
|
$
|
563
|
(15)%
|
$
|
1,702
|
$
|
1,855
|
(8)%
|
||||||||
|
Consumer
|
889
|
749
|
19%
|
2,240
|
2,485
|
(10)%
|
||||||||||||
|
Real Estate
|
464
|
217
|
F
|
1,589
|
494
|
F
|
||||||||||||
|
Energy Financial Services
|
150
|
132
|
14%
|
293
|
325
|
(10)%
|
||||||||||||
|
GECAS
|
173
|
251
|
(31)%
|
825
|
877
|
(6)%
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||||||||||||
|
Total segment profit
|
2,155
|
1,912
|
13%
|
6,649
|
6,036
|
10%
|
||||||||||||
|
GECC corporate items and eliminations
|
(260)
|
(237)
|
(10)%
|
(905)
|
(467)
|
(94)%
|
||||||||||||
|
Earnings from continuing operations
|
||||||||||||||||||
|
attributable to GECC
|
1,895
|
1,675
|
13%
|
5,744
|
5,569
|
3%
|
||||||||||||
|
Earnings (loss) from discontinued operations,
|
||||||||||||||||||
|
net of taxes, attributable to GECC
|
(83)
|
(107)
|
22%
|
(313)
|
(857)
|
63%
|
||||||||||||
|
Net earnings attributable to GECC
|
$
|
1,812
|
$
|
1,568
|
16%
|
$
|
5,431
|
$
|
4,712
|
15%
|
||||||||
(2)
General Electric Capital Corporation
Condensed Statement of Financial Position
|
September 30,
|
December 31,
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||||
|
(In billions, Unaudited)
|
2013
|
2012
|
|||
|
Assets
|
|||||
|
Cash & marketable securities
|
$
|
120.1
|
$
|
110.4
|
|
|
Inventories
|
0.1
|
0.1
|
|||
|
Financing receivables - net
|
254.2
|
269.0
|
|||
|
Property, plant & equipment - net
|
51.7
|
53.0
|
|||
|
Goodwill & intangible assets
|
27.9
|
28.3
|
|||
|
Other assets
|
64.9
|
76.0
|
|||
|
Assets of businesses held for sale
|
0.1
|
0.2
|
|||
|
Assets of discontinued operations
|
1.7
|
2.3
|
|||
|
Total assets
|
$
|
520.7
|
$
|
539.3
|
|
|
Liabilities and equity
|
|||||
|
Borrowings and bank deposits
|
$
|
376.1
|
$
|
397.3
|
|
|
Investment contracts, insurance liabilities and insurance annuity benefits
|
27.2
|
28.7
|
|||
|
Other liabilities
|
30.5
|
28.1
|
|||
|
Liabilities of businesses held for sale
|
—
|
0.2
|
|||
|
Liabilities of discontinued operations
|
2.3
|
2.4
|
|||
|
GECC shareowners' equity
|
84.1
|
81.9
|
|||
|
Noncontrolling interests
|
0.5
|
0.7
|
|||
|
Total liabilities and equity
|
$
|
520.7
|
$
|
539.3
|
|
(3)