0000040545-14-000006.txt : 20140117 0000040545-14-000006.hdr.sgml : 20140117 20140117100203 ACCESSION NUMBER: 0000040545-14-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20140117 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140117 DATE AS OF CHANGE: 20140117 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENERAL ELECTRIC CAPITAL CORP CENTRAL INDEX KEY: 0000040554 STANDARD INDUSTRIAL CLASSIFICATION: PERSONAL CREDIT INSTITUTIONS [6141] IRS NUMBER: 131500700 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06461 FILM NUMBER: 14533764 BUSINESS ADDRESS: STREET 1: 3135 EASTON TURNPIKE CITY: FAIRFIELD STATE: CT ZIP: 06828-0001 BUSINESS PHONE: 203-373-2211 MAIL ADDRESS: STREET 1: 3135 EASTON TURNPIKE CITY: FAIRFIELD STATE: CT ZIP: 06828-0001 FORMER COMPANY: FORMER CONFORMED NAME: GENERAL ELECTRIC CREDIT CORP DATE OF NAME CHANGE: 19871216 8-K 1 gecc8k2014earnings.htm GECC 8K 1-17-2013 gecc8k2014earnings.htm
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
 


Date of Report (Date of earliest event reported) January 17, 2014
 
 
General Electric Capital Corporation
  
 
(Exact name of registrant as specified in its charter)
  
 
Delaware
  
01-06461
  
13-1500700
(State or other jurisdiction
of incorporation)
  
(Commission
File Number)
  
(IRS Employer
Identification No.)
         
901 Main Avenue, Norwalk, Connecticut
      
06851-1168
(Address of principal executive offices)
      
(Zip Code)
         
Registrant’s telephone number, including area code   (203) 840-6300
 
 
Not applicable
  
(Former name or former address, if changed since last report.)

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 

 
 
(1)
 
 
 

Item 8.01 Other Events.
 
On January 17, 2014, our parent, General Electric Company (GE), issued a press release setting forth GE’s fourth-quarter 2013 earnings. Attached hereto as Exhibit 99 and hereby incorporated by reference is a schedule of selected financial information related to the results of operation for the three and twelve months ended December 31, 2013 and financial position at December 31, 2013 of General Electric Capital Corporation.

Item 9.01 Financial Statements and Exhibits.
 
(d) Exhibits
 
The following exhibit is being furnished as part of this report:
 
Exhibit Description
 
Exhibit 99 Selected financial information of General Electric Capital Corporation
 
 
(2)
 
 

 

 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

   
General Electric Capital Corporation
  
   
(Registrant)
  
       
Date: January 17, 2014
  
/s/ Walter Ielusic
  
   
Walter Ielusic
  
   
Senior Vice President and Controller
  
 
 

 
 
(3)
 
 


EX-99 2 exhibit99.htm EXHIBIT 99 exhibit99.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)
  
2013 
    
2012 
  
V
%
    
2013 
    
2012 
  
V
%
                                   
Revenues
                                  
Revenues from services
$
 11,041 
  
$
 11,576 
        
$
 43,941 
  
$
 45,245 
      
Sales of goods
  
 36 
    
 29 
          
 126 
    
 119 
      
   Total revenues
  
 11,077 
    
 11,605 
  
 (5)%
      
 44,067 
    
 45,364 
  
 (3)%
  
                                   
Costs and expenses
                                  
Costs of sales, operating and administrative expenses
  
 5,178 
    
 5,118 
          
 19,884 
    
 19,023 
      
Interest
  
 2,273 
    
 2,682 
          
 9,267 
    
 11,596 
      
Investment contracts, insurance losses and insurance
                                  
   annuity benefits
  
 648 
    
 713 
          
 2,779 
    
 2,984 
      
Provision for losses on financing receivables
  
 1,562 
    
 1,144 
          
 4,818 
    
 3,832 
      
   Total costs and expenses
  
 9,661 
    
 9,657 
  
0%
      
 36,748 
    
 37,435 
  
 (2)%
  
                                   
Earnings from continuing operations before
                                  
   income taxes
  
 1,416 
    
 1,948 
  
 (27)%
      
 7,319 
    
 7,929 
  
 (8)%
  
Benefit (provision) for income taxes
  
 1,092 
    
 (126)
          
 992 
    
 (521)
      
Earnings from continuing operations
  
 2,508 
    
 1,822 
  
38%
      
 8,311 
    
 7,408 
  
12%
  
                                   
                                   
Loss from discontinued operations, net of taxes
  
 (723)
    
 (302)
          
 (1,057)
    
 (1,130)
      
                                   
Net earnings
  
 1,785 
    
 1,520 
  
17%
      
 7,254 
    
 6,278 
  
16%
  
Less net earnings attributable to
                                  
    noncontrolling interests
  
 15 
    
 17 
          
 53 
    
 63 
      
Net earnings attributable to GECC
  
 1,770 
    
 1,503 
  
18%
      
 7,201 
    
 6,215 
  
16%
  
Preferred stock dividends declared
  
 (163)
    
 (123)
          
 (298)
    
 (123)
      
Net earnings attributable to GECC common shareowner
$
 1,607 
  
$
 1,380 
  
16%
    
$
 6,903 
  
$
 6,092 
  
13%
  
                                   
                                   
Amounts attributable to GECC
                                  
Earnings from continuing operations
$
 2,493 
  
$
 1,805 
  
38%
    
$
 8,258 
  
$
 7,345 
  
12%
  
Loss from discontinued operations, net of taxes
  
 (723)
    
 (302)
          
 (1,057)
    
 (1,130)
      
Net earnings attributable to GECC
$
 1,770 
  
$
 1,503 
  
18%
    
$
 7,201 
  
$
 6,215 
  
16%
  
 

 
 
(1)
 
 

General Electric Capital Corporation
Summary of Operating Segments
 


 
Three months ended December 31,
    
Twelve months ended December 31,
  
(Dollars in millions, Unaudited)
  
2013 
    
2012 
  
V
%
    
2013 
    
2012 
  
V
%
                                   
Revenues
                                  
   Commercial Lending and Leasing (CLL)
$
 3,225 
  
$
 4,052 
  
 (20)%
    
$
 14,316 
  
$
 16,458 
  
 (13)%
  
   Consumer
  
 4,583 
    
 3,912 
  
17%
      
 15,741 
    
 15,303 
  
3%
  
   Real Estate
  
 697 
    
 994 
  
 (30)%
      
 3,915 
    
 3,654 
  
7%
  
   Energy Financial Services
  
 442 
    
 422 
  
5%
      
 1,526 
    
 1,508 
  
1%
  
   GE Capital Aviation Services (GECAS)
  
 1,373 
    
 1,397 
  
 (2)%
      
 5,346 
    
 5,294 
  
1%
  
      Total segment revenues
  
 10,320 
    
 10,777 
  
 (4)%
      
 40,844 
    
 42,217 
  
 (3)%
  
   GECC corporate items and eliminations
  
 757 
    
 828 
  
 (9)%
      
 3,223 
    
 3,147 
  
2%
  
Total revenues
$
 11,077 
  
$
 11,605 
  
 (5)%
    
$
 44,067 
  
$
 45,364 
  
 (3)%
  
                                   
Segment profit
                                  
   CLL
$
 263 
  
$
 546 
  
 (52)%
    
$
 1,965 
  
$
 2,401 
  
 (18)%
  
   Consumer
  
 2,057 
    
 751 
  
F
      
 4,319 
    
 3,207 
  
35%
  
   Real Estate
  
 128 
    
 309 
  
 (59)%
      
 1,717 
    
 803 
  
F
  
   Energy Financial Services
  
 117 
    
 107 
  
9%
      
 410 
    
 432 
  
 (5)%
  
   GECAS
  
 71 
    
 343 
  
 (79)%
      
 896 
    
 1,220 
  
 (27)%
  
      Total segment profit
  
 2,636 
    
 2,056 
  
28%
      
 9,307 
    
 8,063 
  
15%
  
   GECC corporate items and eliminations
  
 (143)
    
 (251)
  
43%
      
 (1,049)
    
 (718)
  
 (46)%
  
Earnings from continuing operations
                                  
   attributable to GECC
  
 2,493 
    
 1,805 
  
38%
      
 8,258 
    
 7,345 
  
12%
  
Loss from discontinued operations,
                                  
   net of taxes, attributable to GECC
  
 (723)
    
 (302)
  
U
      
 (1,057)
    
 (1,130)
  
6%
  
Net earnings attributable to GECC
$
 1,770 
  
$
 1,503 
  
18%
    
$
 7,201 
  
$
 6,215 
  
16%
  
                                   
 
 

 
(2)
 
 


General Electric Capital Corporation
Condensed Statement of Financial Position
 


 
December 31,
  
December 31,
(In billions, Unaudited)
2013 
  
2012 
         
Assets
          
   Cash & marketable securities
$
 118.5 
  
$
 110.3 
   Inventories
  
 0.1 
    
 0.1 
   Financing receivables - net
  
 253.0 
    
 268.2 
   Property, plant & equipment - net
  
 51.6 
    
 53.0 
   Goodwill & intangible assets
  
 27.3 
    
 28.3 
   Other assets
  
 63.9 
    
 76.0 
   Assets of businesses held for sale
  
 0.1 
    
 0.2 
   Assets of discontinued operations
  
 2.3 
    
 3.3 
           
Total assets
$
 516.8 
  
$
 539.4 
           
           
Liabilities and equity
          
   Borrowings and bank deposits
$
 371.1 
  
$
 397.0 
   Investment contracts, insurance liabilities and insurance annuity benefits
  
 27.0 
    
 28.7 
   Other liabilities
  
 31.8 
    
 28.2 
   Liabilities of businesses held for sale
  
 - 
    
 0.2 
   Liabilities of discontinued operations
  
 2.8 
    
 2.7 
   GECC shareowners' equity
  
 83.7 
    
 81.9 
   Noncontrolling interests
  
 0.4 
    
 0.7 
           
Total liabilities and equity
$
 516.8 
  
$
 539.4 
           

 

 
(3)