0000040554-13-000007.txt : 20130118 0000040554-13-000007.hdr.sgml : 20130118 20130118103402 ACCESSION NUMBER: 0000040554-13-000007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130118 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130118 DATE AS OF CHANGE: 20130118 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: 13536443 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 gecc8k2013earnings.htm GECC FORM 8-K gecc8k2013earnings.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 18, 2013
 
 
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 18, 2013, our parent, General Electric Company (GE), issued a press release setting forth GE’s fourth-quarter 2012 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, 2012 and financial position at December 31, 2012 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 18, 2013
  
/s/ Jamie S. Miller
  
   
Jamie S. Miller
  
   
Senior Vice President and Controller
  
 
 
 
 
 
 
 
 


 
(3)
 
 


EX-99 2 exhibit99.htm GECC-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)
  
2012 
    
2011 
  
V
%
    
2012 
    
2011 
  
V
%
                                   
Revenues
                                  
Revenues from services
$
11,741 
  
$
11,545 
        
$
45,920 
  
$
48,920 
      
Sales of goods
  
29 
    
32 
          
119 
    
148 
      
   Total revenues
  
11,770 
    
11,577 
  
2 
%
    
46,039 
    
49,068 
  
(6)
%
                                   
Costs and expenses
                                  
Costs of sales, operating and administrative expenses
  
5,237 
    
4,883 
          
19,512 
    
20,582 
      
Interest
  
2,708 
    
3,128 
          
11,697 
    
13,866 
      
Investment contracts, insurance losses and insurance
                                  
   annuity benefits
  
713 
    
745 
          
2,984 
    
3,059 
      
Provision for losses on financing receivables
  
1,163 
    
1,058 
          
3,891 
    
3,951 
      
   Total costs and expenses
  
9,821 
    
9,814 
  
— 
%
    
38,084 
    
41,458 
  
 (8)
%
                                   
Earnings from continuing operations before
                                  
   income taxes
  
1,949 
    
1,763 
  
11 
%
    
7,955 
    
7,610 
  
5 
%
Benefit (provision) for income taxes
  
(124)
    
(65)
          
(491)
    
(899)
      
Earnings from continuing operations
  
1,825 
    
1,698 
  
7 
%
    
7,464 
    
6,711 
  
11 
%
                                   
Earnings (loss) from discontinued operations,
                                  
   net of taxes
  
(305)
    
(240)
          
(1,186)
    
(74)
      
                                   
Net earnings
  
1,520 
    
1,458 
  
4 
%
    
6,278 
    
6,637 
  
(5)
%
Less net earnings attributable to
                                  
    noncontrolling interests
  
17 
    
38 
          
63 
    
127 
      
Net earnings attributable to GECC
  
1,503 
    
1,420 
  
6 
%
    
6,215 
    
6,510 
  
(5)
%
Preferred stock dividends declared
  
(123)
    
— 
          
(123)
    
— 
      
Net earnings attributable to GECC common shareowner
$
1,380 
  
$
1,420 
  
(3)
%
  
$
6,092 
  
$
6,510 
  
(6)
%
                                   
                                   
Amounts attributable to GECC:
                                  
Earnings from continuing operations
$
1,808 
  
$
1,660 
  
9 
%
  
$
7,401 
  
$
6,584 
  
12 
%
Earnings (loss) from discontinued operations, net of taxes
  
(305)
    
(240)
          
(1,186)
    
(74)
      
Net earnings attributable to GECC
$
1,503 
  
$
1,420 
  
6 
%
  
$
6,215 
  
$
6,510 
  
(5)
%
 

 
 
(1)
 
 


General Electric Capital Corporation
Summary of Operating Segments
 


 
Three months ended December 31,
    
Twelve months ended December 31,
  
(Dollars in millions, Unaudited)
  
2012 
    
2011 
  
V
%
    
2012 
    
2011 
  
V
%
                                   
Revenues
                                  
   Commercial Lending and Leasing (CLL)
$
4,150 
  
$
4,392 
  
 (6)%
    
$
16,857 
  
$
18,178 
  
 (7)%
  
   Consumer
  
3,979 
    
3,744 
  
6%
      
15,579 
    
16,767 
  
 (7)%
  
   Real Estate
  
994 
    
878 
  
13%
      
3,654 
    
3,712 
  
 (2)%
  
   Energy Financial Services
  
422 
    
292 
  
45%
      
1,508 
    
1,223 
  
23%
  
   GE Capital Aviation Services (GECAS)
  
1,397 
    
1,345 
  
4%
      
5,294 
    
5,262 
  
1%
  
      Total segment revenues
  
10,942 
    
10,651 
  
3%
      
42,892 
    
45,142 
  
 (5)%
  
   GECC corporate items and eliminations
  
828 
    
926 
  
 (11)%
      
3,147 
    
3,926 
  
 (20)%
  
Total revenues
$
11,770 
  
$
11,577 
  
2%
    
$
46,039 
  
$
49,068 
  
 (6)%
  
                                   
Segment profit
                                  
   CLL
$
544 
  
$
777 
  
 (30)%
    
$
2,423 
  
$
2,720 
  
 (11)%
  
   Consumer
  
755 
    
617 
  
22%
      
3,240 
    
3,703 
  
 (13)%
  
   Real Estate
  
309 
    
(153)
  
F
      
803 
    
(928)
  
F
  
   Energy Financial Services
  
107 
    
110 
  
 (3)%
      
432 
    
440 
  
 (2)%
  
   GECAS
  
343 
    
315 
  
9%
      
1,220 
    
1,150 
  
6%
  
      Total segment profit
  
2,058 
    
1,666 
  
24%
      
8,118 
    
7,085 
  
15%
  
   GECC corporate items and eliminations
  
(250)
    
(6)
  
U
      
(717)
    
(501)
  
 (43)%
  
Earnings from continuing operations
                                  
   attributable to GECC
  
1,808 
    
1,660 
  
9%
      
7,401 
    
6,584 
  
12%
  
Earnings (loss) from discontinued operations,
                                  
   net of taxes, attributable to GECC
  
(305)
    
(240)
  
 (27)%
      
(1,186)
    
(74)
  
U
  
Net earnings attributable to GECC
$
1,503 
  
$
1,420 
  
6%
    
$
6,215 
  
$
6,510 
  
 (5)%
  
                                   

 
(2)
 
 

 
General Electric Capital Corporation
Condensed Statement of Financial Position
 


 
December 31,
  
December 31,
(In billions, Unaudited)
2012 
  
2011 
         
Assets
          
   Cash & marketable securities
$
110.2 
  
$
124.1 
   Inventories
  
0.1 
    
0.1 
   Financing receivables - net
  
269.0 
    
288.8 
   Property, plant & equipment - net
  
53.7 
    
51.4 
   Goodwill & intangible assets
  
28.6 
    
28.8 
   Other assets
  
76.3 
    
88.9 
   Assets of businesses held for sale
  
0.2 
    
0.7 
   Assets of discontinued operations
  
1.1 
    
1.7 
           
Total assets
$
539.2 
  
$
584.5 
           
           
Liabilities and equity
          
   Borrowings and bank deposits
$
397.3 
  
$
443.1 
   Investment contracts, insurance liabilities and insurance annuity benefits
  
28.7 
    
30.2 
   Other liabilities
  
28.1 
    
31.6 
   Liabilities of businesses held for sale
  
0.2 
    
0.3 
   Liabilities of discontinued operations
  
2.3 
    
1.5 
   GECC shareowners' equity
  
81.9 
    
77.1 
   Noncontrolling interests
  
0.7 
    
0.7 
           
Total liabilities and equity
$
539.2 
  
$
584.5 
           


 
(3)