GENERAL ELECTRIC CAPITAL CORP - FORM 8-K - EX-99 - October 17, 2014

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Exhibit 99
GENERAL ELECTRIC CAPITAL CORPORATION
Condensed Statement of Earnings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended September 30
 
Nine months ended September 30
(Dollars in millions, Unaudited)
 
 
2014
 
 
2013
 
V%
 
 
2014
 
 
2013
 
V%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues from services
 
$
 10,423
 
$
 10,573
 
 
 
$
 31,124
 
$
 32,900
 
 
Sales of goods
 
 
 28
 
 
 33
 
 
 
 
 89
 
 
 90
 
 
   Total revenues
 
 
 10,451
 
 
 10,606
 
(1)%
 
 
 31,213
 
 
 32,990
 
(5)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Costs and expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Costs of sales, operating and administrative
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   expenses
 
 
 5,107
 
 
 4,963
 
 
 
 
 14,558
 
 
 14,706
 
 
Interest
 
 
 2,093
 
 
 2,224
 
 
 
 
 6,325
 
 
 6,994
 
 
Investment contracts, insurance losses and insurance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  annuity benefits
 
 
 700
 
 
 714
 
 
 
 
 2,041
 
 
 2,131
 
 
Provision for losses on financing receivables
 
 
 957
 
 
 789
 
 
 
 
 2,895
 
 
 3,256
 
 
   Total costs and expenses
 
 
 8,857
 
 
 8,690
 
2%
 
 
 25,819
 
 
 27,087
 
(5)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings from continuing operations before
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   income taxes
 
 
 1,594
 
 
 1,916
 
(17)%
 
 
 5,394
 
 
 5,903
 
(9)%
Benefit (provision) for income taxes
 
 
 (47)
 
 
 (3)
 
 
 
 
 (29)
 
 
 (100)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings from continuing operations
 
 
 1,547
 
 
 1,913
 
(19)%
 
 
 5,365
 
 
 5,803
 
(8)%
Earnings (loss) from discontinued operations,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   net of taxes
 
 
 57
 
 
 (91)
 
 
 
 
 33
 
 
 (334)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings
 
 
 1,604
 
 
 1,822
 
(12)%
 
 
 5,398
 
 
 5,469
 
(1)%
Less net earnings (loss) attributable to
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   noncontrolling interests
 
 
 55
 
 
 10
 
 
 
 
 76
 
 
 38
 
 
Net earnings attributable to GECC
 
 
 1,549
 
 
 1,812
 
(15)%
 
 
 5,322
 
 
 5,431
 
(2)%
Preferred stock dividends declared
 
 
 -
 
 
 -
 
 
 
 
 (161)
 
 
 (135)
 
 
Net earnings attributable to
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   GECC common shareowner
 
$
 1,549
 
$
 1,812
 
(15)%
 
$
 5,161
 
$
 5,296
 
(3)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amounts attributable to GECC common shareowner:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings from continuing operations
 
$
 1,547
 
$
 1,913
 
(19)%
 
$
 5,365
 
$
 5,803
 
(8)%
Less net earnings (loss) attributable to
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   noncontrolling interests
 
 
 55
 
 
 10
 
 
 
 
 76
 
 
 38
 
 
Earnings from continuing operations attributable
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   to GECC
 
 
 1,492
 
 
 1,903
 
(22)%
 
 
 5,289
 
 
 5,765
 
(8)%
Preferred stock dividends declared
 
 
 -
 
 
 -
 
 
 
 
 (161)
 
 
 (135)
 
 
Earnings from continuing operations attributable to GECC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  common shareowner
 
 
 1,492
 
 
 1,903
 
(22)%
 
 
 5,128
 
 
 5,630
 
(9)%
Earnings (loss) from discontinued operations,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   net of taxes
 
 
 57
 
 
 (91)
 
 
 
 
 33
 
 
 (334)
 
 
Net earnings attributable to GECC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   common shareowner
 
$
 1,549
 
$
 1,812
 
(15)%
 
$
 5,161
 
$
 5,296
 
(3)%
 
 
 
(4)

 


GENERAL ELECTRIC CAPITAL CORPORATION
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Summary of Operating Segments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended September 30
 
Nine months ended September 30
(Dollars in millions, unaudited)
2014
 
2013
 
V%
 
2014
 
2013
 
V%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial Lending and Leasing (CLL)
$
 3,681
 
$
 3,677
 
-%
 
$
 10,874
 
$
 11,091
 
(2)%
Consumer
 
 3,622
 
 
 3,683
 
(2)%
 
 
 10,822
 
 
 11,158
 
(3)%
Real Estate
 
 697
 
 
 689
 
1%
 
 
 1,992
 
 
 3,218
 
(38)%
Energy Financial Services
 
 344
 
 
 438
 
(21)%
 
 
 1,120
 
 
 1,084
 
3%
GE Capital Aviation Services (GECAS)
 
 1,262
 
 
 1,312
 
(4)%
 
 
 3,952
 
 
 3,973
 
(1)%
    Total segment revenues
 
 9,606
 
 
 9,799
 
(2)%
 
 
 28,760
 
 
 30,524
 
(6)%
Corporate items and eliminations
 
 845
 
 
 807
 
5%
 
 
 2,453
 
 
 2,466
 
(1)%
Total revenues
$
 10,451
 
$
 10,606
 
(1)%
 
$
 31,213
 
$
 32,990
 
(5)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Segment profit
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CLL
$
 617
 
$
 479
 
29%
 
$
 1,722
 
$
 1,702
 
1%
Consumer
 
 621
 
 
 898
 
(31)%
 
 
 1,879
 
 
 2,262
 
(17)%
Real Estate
 
 175
 
 
 464
 
(62)%
 
 
 703
 
 
 1,589
 
(56)%
Energy Financial Services
 
 61
 
 
 150
 
(59)%
 
 
 290
 
 
 293
 
(1)%
GECAS
 
 133
 
 
 173
 
(23)%
 
 
 828
 
 
 825
 
-%
    Total segment profit
 
 1,607
 
 
 2,164
 
(26)%
 
 
 5,422
 
 
 6,671
 
(19)%
Corporate items and eliminations
 
 (115)
 
 
 (261)
 
56%
 
 
 (133)
 
 
 (906)
 
85%
Earnings from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    attributable to GECC
 
 1,492
 
 
 1,903
 
(22)%
 
 
 5,289
 
 
 5,765
 
(8)%
Preferred stock dividends declared
 
 -
 
 
 -
 
-%
 
 
 (161)
 
 
 (135)
 
(19)%
Earnings from continuing operations attributable
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   to GECC common shareowner
 
 1,492
 
 
 1,903
 
(22)%
 
 
 5,128
 
 
 5,630
 
(9)%
Earnings (loss) from discontinued operations,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    net of taxes
 
 57
 
 
 (91)
 
F
 
 
 33
 
 
 (334)
 
F
Net earnings attributable to GECC
   common shareowner
$
 1,549
 
$
 1,812
 
(15)%
 
$
 5,161
 
$
 5,296
 
(3)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(5)

 

 
 
 
 
 
 
GENERAL ELECTRIC CAPITAL CORPORATION
 
 
 
 
 
 
Condensed Statement of Financial Position
 
 
 
 
 
 
(In billions, unaudited)
September 30, 2014
 
December 31, 2013
 
 
 
 
Assets
 
 
 
 
 
Cash & marketable securities
$
 126.6
 
$
 118.5
Inventories
 
 0.1
 
 
 0.1
Financing receivables - net
 
 237.4
 
 
 253.0
Property, plant and equipment - net
 
 49.1
 
 
 51.6
Goodwill & intangible assets - net
 
 26.9
 
 
 27.3
Other assets
 
 62.3
 
 
 63.9
Assets of businesses held for sale
 
 3.2
 
 
 0.1
Assets of discontinued operations
 
 1.3
 
 
 2.3
Total assets
$
 506.9
 
$
 516.8
 
 
 
 
 
 
Liabilities and equity
 
 
 
 
 
Borrowings and bank deposits
$
 358.5
 
$
 371.1
Investment contracts, insurance liabilities and insurance annuity benefits
 
 28.0
 
 
 27.0
Other liabilities
 
 29.4
 
 
 31.8
Liabilities of businesses held for sale
 
 0.9
 
 
 -
Liabilities of discontinued operations
 
 1.0
 
 
 3.8
GECC shareowners' equity
 
 86.3
 
 
 82.7
Noncontrolling interests(a)
 
 2.8
 
 
 0.4
Total liabilities and equity
$
 506.9
 
$
 516.8
 
 
 
 
 
 
(a)
Included $2.4 billion related to the Synchrony Financial initial public offering.

(6)

GENERAL ELECTRIC CAPITAL CORP Reports