Attached files
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|---|---|
| 8-K - FORM 8K 1Q 2014 [EARNINGS RELEASE] - GENERAL ELECTRIC CAPITAL CORP | form8k1q2014.htm |
Exhibit 99
General Electric Capital Corporation
Condensed Statement of Earnings
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Three months ended March 31,
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||||||||||||||||
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(Dollars in millions, Unaudited)
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2014
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2013
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V
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%
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||||||||||||
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Revenues
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||||||||||||||||
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Revenues from services
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$
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10,488
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$
|
11,442
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||||||||||||
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Sales of goods
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27
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26
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||||||||||||||
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Total revenues
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10,515
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11,468
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(8)%
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|||||||||||||
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Costs and expenses
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||||||||||||||||
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Costs of sales, operating and administrative expenses
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4,599
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4,907
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||||||||||||||
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Interest
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2,161
|
2,382
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||||||||||||||
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Investment contracts, insurance losses and insurance
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||||||||||||||||
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annuity benefits
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643
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689
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||||||||||||||
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Provision for losses on financing receivables
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970
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1,457
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||||||||||||||
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Total costs and expenses
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8,373
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9,435
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(11)%
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|||||||||||||
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Earnings from continuing operations before
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||||||||||||||||
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income taxes
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2,142
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2,033
|
5%
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|||||||||||||
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Benefit (provision) for income taxes
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(198)
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(84)
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||||||||||||||
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Earnings from continuing operations
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1,944
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1,949
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(0)%
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|||||||||||||
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Earnings (loss) from discontinued operations, net of taxes
|
12
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(120)
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||||||||||||||
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Net earnings
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1,956
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1,829
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7%
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|||||||||||||
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Less net earnings attributable to
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||||||||||||||||
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noncontrolling interests
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11
|
11
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||||||||||||||
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Net earnings attributable to GECC
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1,945
|
1,818
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7%
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|||||||||||||
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Preferred stock dividends declared
|
-
|
-
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||||||||||||||
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Net earnings attributable to GECC common shareowner
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$
|
1,945
|
$
|
1,818
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7%
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|||||||||||
|
Amounts attributable to GECC
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||||||||||||||||
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Earnings from continuing operations
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$
|
1,933
|
$
|
1,938
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(0)%
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|||||||||||
|
Earnings (loss) from discontinued operations, net of taxes
|
12
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(120)
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||||||||||||||
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Net earnings attributable to GECC
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$
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1,945
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$
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1,818
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7%
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|||||||||||
(1)
General Electric Capital Corporation
Summary of Operating Segments
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Three months ended March 31,
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|||||||||||||||||
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(Dollars in millions, Unaudited)
|
2014
|
2013
|
V
|
%
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|||||||||||||
|
Revenues
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|||||||||||||||||
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Commercial Lending and Leasing (CLL)
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$
|
3,582
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$
|
3,507
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2%
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||||||||||||
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Consumer
|
3,602
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3,825
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(6)%
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||||||||||||||
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Real Estate
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631
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1,657
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(62)%
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||||||||||||||
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Energy Financial Services
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469
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343
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37%
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||||||||||||||
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GE Capital Aviation Services (GECAS)
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1,345
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1,379
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(2)%
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||||||||||||||
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Total segment revenues
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9,629
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10,711
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(10)%
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||||||||||||||
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GECC corporate items and eliminations
|
886
|
757
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17%
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||||||||||||||
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Total revenues
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$
|
10,515
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$
|
11,468
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(8)%
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||||||||||||
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Segment profit
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|||||||||||||||||
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CLL
|
$
|
564
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$
|
398
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42%
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||||||||||||
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Consumer
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786
|
534
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47%
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||||||||||||||
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Real Estate
|
239
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690
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(65)%
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||||||||||||||
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Energy Financial Services
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153
|
83
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84%
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||||||||||||||
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GECAS
|
352
|
348
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1%
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Total segment profit
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2,094
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2,053
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2%
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||||||||||||||
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GECC corporate items and eliminations
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(161)
|
(115)
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(40)%
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||||||||||||||
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Earnings from continuing operations
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|||||||||||||||||
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attributable to GECC
|
1,933
|
1,938
|
(0)%
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||||||||||||||
|
Earnings (loss) from discontinued operations,
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|||||||||||||||||
|
net of taxes, attributable to GECC
|
12
|
(120)
|
F
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||||||||||||||
|
Net earnings attributable to GECC
|
$
|
1,945
|
$
|
1,818
|
7%
|
||||||||||||
(2)
General Electric Capital Corporation
Condensed Statement of Financial Position
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|
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||||
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(In billions, Unaudited)
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March 31, 2014
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December 31, 2013
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|||
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Assets
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|||||
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Cash & marketable securities
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$
|
120.7
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$
|
118.5
|
|
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Inventories
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0.1
|
0.1
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|||
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Financing receivables - net
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247.2
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253.0
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|||
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Property, plant & equipment - net
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50.5
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51.6
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|||
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Goodwill & intangible assets
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27.6
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27.3
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|||
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Other assets
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62.9
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63.9
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|||
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Assets of businesses held for sale
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-
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0.1
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|||
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Assets of discontinued operations
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1.4
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2.3
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|||
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Total assets
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$
|
510.4
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$
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516.8
|
|
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Liabilities and equity
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|||||
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Borrowings and bank deposits
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$
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365.2
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$
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371.1
|
|
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Investment contracts, insurance liabilities and insurance annuity benefits
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27.6
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27.0
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|||
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Other liabilities
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31.5
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31.8
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|||
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Liabilities of businesses held for sale
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-
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-
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|||
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Liabilities of discontinued operations
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1.1
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3.8
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|||
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GECC shareowners' equity
|
84.6
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82.7
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|||
|
Noncontrolling interests
|
0.4
|
0.4
|
|||
|
Total liabilities and equity
|
$
|
510.4
|
$
|
516.8
|
|
(3)