GENERAL ELECTRIC CAPITAL CORP - FORM 8-K - EX-99 - GECC 2Q 2015 EARNINGS RELEASE EXHIBIT 99 - July 17, 2015

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8-K - GECC 2Q 2015 EARNINGS RELEASE 8-K - GENERAL ELECTRIC CAPITAL CORPgecc8k2q15.htm
Exhibit 99
 
                               
                               
GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES
 
 
CONDENSED STATEMENT OF EARNINGS (LOSS) (UNAUDITED)
                               
 
Three months ended June 30
  
Six months ended June 30
(Dollars in millions)
  
2015
    
2014
  
V%
    
2015
    
2014
  
V%
                               
Revenues
                              
Revenues from services
$
6,196
  
$
6,241
      
$
11,098
  
$
12,778
    
Sales of goods
  
22
    
34
        
43
    
61
    
   Total revenues
  
6,218
    
6,275
  
(1)%
    
11,141
    
12,839
  
(13)%
                               
Costs and expenses
                              
Costs of sales, operating and administrative expense
  
2,873
    
2,649
        
5,677
    
5,204
    
Interest
  
996
    
1,024
        
1,945
    
2,123
    
Investment contracts, insurance losses and insurance
                              
  annuity benefits
  
710
    
698
        
1,354
    
1,341
    
Provision for losses on financing receivables
  
783
    
948
        
3,898
    
1,835
    
   Total costs and expenses
  
5,362
    
5,319
  
1%
    
12,874
    
10,503
  
23%
                               
Earnings (loss) from continuing operations before income taxes
  
856
    
956
  
(10)%
    
(1,733)
    
2,336
  
U
Benefit (provision) for income taxes
  
(384)
    
217
        
(6,211)
    
94
    
                               
Earnings (loss) from continuing operations
  
472
    
1,173
  
(60)%
    
(7,944)
    
2,430
  
U
Earnings (loss) from discontinued operations, net of taxes
  
(3,747)
    
665
        
(9,985)
    
1,364
    
                               
Net earnings (loss)
  
(3,275)
    
1,838
  
U
    
(17,929)
    
3,794
  
U
 Less net earnings (loss) attributable to noncontrolling interests
  
93
    
10
        
184
    
21
    
Net earnings (loss) attributable to GECC
  
(3,368)
    
1,828
  
U
    
(18,113)
    
3,773
  
U
Preferred stock dividends declared
  
(161)
    
(161)
  
-%
    
(161)
    
(161)
  
-%
Net earnings (loss) attributable to GECC common shareowner
$
(3,529)
  
$
1,667
  
U
  
$
(18,274)
  
$
3,612
  
U
                               
Amounts attributable to GECC common shareowner:
                              
Earnings (loss) from continuing operations
$
472
  
$
1,173
  
(60)%
  
$
(7,944)
  
$
2,430
  
U
Less net earnings (loss) attributable to noncontrolling interests
  
93
    
10
        
184
    
21
    
Earnings (loss) from continuing operations attributable to GECC
  
379
    
1,163
  
(67)%
    
(8,128)
    
2,409
  
U
Preferred stock dividends declared
  
(161)
    
(161)
        
(161)
    
(161)
    
Earnings (loss) from continuing operations attributable to GECC
                              
  common shareowner
  
218
    
1,002
  
(78)%
    
(8,289)
    
2,248
  
U
Earnings (loss) from discontinued operations, net of taxes
  
(3,747)
    
665
        
(9,985)
    
1,364
    
Net earnings (loss) attributable to GECC common shareowner
$
(3,529)
  
$
1,667
  
U
  
$
(18,274)
  
$
3,612
  
U
                                 
                                 
 
GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES
 
 
  
SUMMARY OF OPERATING SEGMENTS (UNAUDITED)
  
                                 
 
Three months ended June 30
  
Six months ended June 30
  
(Dollars in millions)
2015
  
2014
  
V%
  
2015
  
2014
  
V%
  
                                 
Revenues
                                
Commercial Lending & Leasing
$
262
  
$
251
  
4%
  
$
505
  
$
492
  
3%
  
Consumer
  
3,527
    
3,598
  
(2)%
    
5,585
    
7,200
  
(22)%
  
Energy Financial Services
  
396
    
307
  
29%
    
681
    
776
  
(12)%
  
GECAS
  
1,345
    
1,345
  
 - %
    
2,627
    
2,690
  
(2)%
  
   Total segment revenues
  
5,530
    
5,501
  
1%
    
9,398
    
11,158
  
(16)%
  
GECC corporate items and eliminations
  
688
    
774
  
(11)%
    
1,743
    
1,681
  
4%
  
Total revenues
$
6,218
  
$
6,275
  
(1)%
  
$
11,141
  
$
12,839
  
(13)%
  
                                 
Segment profit (loss)
                                
Commercial Lending & Leasing
$
96
    
86
  
12%
  
$
175
  
$
162
  
8%
  
Consumer
  
459
    
472
  
(3)%
    
(2,316)
    
1,258
  
U
  
Energy Financial Services
  
109
    
76
  
43%
    
144
    
229
  
(37)%
  
GECAS
  
361
    
343
  
5%
    
668
    
695
  
(4)%
  
   Total segment profit (loss)
  
1,025
    
977
  
5%
    
(1,329)
    
2,344
  
U
  
GECC Corporate items and eliminations
  
(646)
    
186
  
U
    
(6,799)
    
65
  
U
  
Earnings (loss) from continuing operations,
                                
   attributable to GECC
  
379
    
1,163
  
(67)%
    
(8,128)
    
2,409
  
U
  
Preferred stock dividends declared
  
(161)
    
(161)
  
 - %
    
(161)
    
(161)
  
 - %
  
Earnings (loss) from continuing operations attributable
                                
   to GECC common shareowner
  
218
    
1,002
  
(78)%
    
(8,289)
    
2,248
  
U
  
Earnings (loss) from discontinued operations, net of taxes,
                                
   attributable to GECC
  
(3,747)
    
665
  
U
    
(9,985)
    
1,364
  
U
  
Net earnings (loss) attributable to GECC common shareowner
$
(3,529)
  
$
1,667
  
U
  
$
(18,274)
  
$
3,612
  
U
  
                                 
 
GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES
 
 
CONDENSED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
           
           
(Dollars in billions)
June 30, 2015
  
December 31, 2014
       
Assets
          
Cash & marketable securities
$
114.0
  
$
107.3
Inventories
  
-
    
0.1
Financing receivables - net
  
81.1
    
122.5
Property, plant and equipment - net
  
34.8
    
31.5
Goodwill & intangible assets - net
  
12.8
    
12.3
Other assets
  
32.4
    
37.7
Financing receivables held for sale
  
28.0
    
0.8
Assets of businesses held for sale
  
5.3
    
3.5
Assets of discontinued operations
  
154.9
    
186.9
Total assets
$
463.3
  
$
502.6
           
Liabilities and equity
          
Borrowings and bank deposits
$
296.4
  
$
317.7
Investment contracts, insurance liabilities and insurance annuity benefits
  
27.4
    
28.0
Other liabilities
  
20.1
    
15.4
Liabilities of businesses held for sale
  
0.4
    
2.4
Liabilities of discontinued operations
  
48.9
    
48.7
GECC shareowners' equity
  
67.0
    
87.5
Noncontrolling interests(a)
  
3.1
    
2.9
Total liabilities and equity
$
463.3
  
$
502.6
           
(a)
Included $2.4 billion related to the Synchrony Financial initial public offering.

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