0000040554-13-000055.txt : 20130719 0000040554-13-000055.hdr.sgml : 20130719 20130719110135 ACCESSION NUMBER: 0000040554-13-000055 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130719 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130719 DATE AS OF CHANGE: 20130719 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: 13976199 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 geccform8k07192013.htm GECC FORM 8-K 07.19.2013 geccform8k07192013.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) July 19, 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 July 19, 2013, our parent, General Electric Company (GE), issued a press release setting forth GE’s second-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 six months ended June 30, 2013 and financial position at June 30, 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: July 19, 2013
  
/s/ Walter Ielusic
  
   
Walter Ielusic
  
   
Senior Vice President and Controller
  



 
(3)
 
 


EX-99 2 exhibit99.htm EXHIBIT 99 TO GECC FORM 8K 07.19.2013 exhibit99.htm
Exhibit 99
 
 
 
General Electric Capital Corporation
Condensed Statement of Earnings
 


   
Three months ended June 30,
    
Six months ended June 30,
  
(Dollars in millions, Unaudited)
    
2013
    
2012
  
V
%
    
2013
    
2012
  
V
%
                                     
Revenues
                                    
Revenues from services
  
$
10,949
  
$
11,328
        
$
22,458
  
$
22,638
      
Sales of goods
    
31
    
26
          
57
    
56
      
   Total revenues
    
10,980
    
11,354
  
(3)
%
    
22,515
    
22,694
  
 (1)
%
                                     
Costs and expenses
                                    
Costs of sales, operating and administrative expenses
    
4,868
    
4,690
          
9,806
    
9,212
      
Interest
    
2,405
    
2,979
          
4,805
    
6,164
      
Investment contracts, insurance losses and insurance
                                    
   annuity benefits
    
728
    
702
          
1,417
    
1,473
      
Provision for losses on financing receivables
    
1,029
    
743
          
2,517
    
1,606
      
   Total costs and expenses
    
9,030
    
9,114
  
(1)
%
    
18,545
    
18,455
  
— 
%
                                     
Earnings from continuing operations before
                                    
   income taxes
    
1,950
    
2,240
  
(13)
%
    
3,970
    
4,239
  
 (6)
%
Benefit (provision) for income taxes
    
(11)
    
(104)
          
(93)
    
(319)
      
Earnings from continuing operations
    
1,939
    
2,136
  
(9)
%
    
3,877
    
3,920
  
 (1)
%
                                     
Earnings (loss) from discontinued operations,
                                    
   net of taxes
    
(121)
    
(553)
          
(230)
    
(750)
      
                                     
Net earnings
    
1,818
    
1,583
  
15
%
    
3,647
    
3,170
  
 15
%
Less net earnings attributable to
                                    
    noncontrolling interests
    
17
    
14
          
28
    
26
      
Net earnings attributable to GECC
    
1,801
    
1,569
  
15
%
    
3,619
    
3,144
  
 15
%
Preferred stock dividends declared
    
(135)
    
— 
          
(135)
    
— 
      
Net earnings attributable to GECC common shareowner
  
$
1,666
  
$
1,569
  
6
%
  
$
3,484
  
$
3,144
  
 11
%
                                     
                                     
Amounts attributable to GECC
                                    
Earnings from continuing operations
  
$
1,922
  
$
2,122
  
(9)
%
  
$
3,849
  
$
3,894
  
 (1)
%
Earnings (loss) from discontinued operations, net of taxes
    
(121)
    
(553)
          
(230)
    
(750)
      
Net earnings attributable to GECC
  
$
1,801
  
$
1,569
  
15
%
  
$
3,619
  
$
3,144
  
 15
%


 
(4)
 
 



 
 
 
General Electric Capital Corporation
Summary of Operating Segments
 


   
Three months ended June 30,
    
Six months ended June 30,
  
(Dollars in millions, Unaudited)
    
2013
    
2012
  
V
%
    
2013
    
2012
  
V
%
                                     
Revenues
                                    
   Commercial Lending and Leasing (CLL)
  
$
3,907
  
$
4,038
  
 (3)%
    
$
7,414
  
$
8,378
  
 (12)%
  
   Consumer
    
3,715
    
3,812
  
 (3)%
      
7,606
    
7,689
  
 (1)%
  
   Real Estate
    
872
    
876
  
- %
      
2,529
    
1,712
  
48%
  
   Energy Financial Services
    
303
    
446
  
 (32)%
      
646
    
685
  
 (6)%
  
   GE Capital Aviation Services (GECAS)
    
1,282
    
1,317
  
 (3)%
      
2,661
    
2,648
  
- %
  
      Total segment revenues
    
10,079
    
10,489
  
 (4)%
      
20,856
    
21,112
  
 (1)%
  
   GECC corporate items and eliminations
    
901
    
865
  
4%
      
1,659
    
1,582
  
5%
  
Total revenues
  
$
10,980
  
$
11,354
  
 (3)%
    
$
22,515
  
$
22,694
  
 (1)%
  
                                     
Segment profit
                                    
   CLL
  
$
825
  
$
628
  
31%
    
$
1,223
  
$
1,292
  
 (5)%
  
   Consumer
    
828
    
907
  
 (9)%
      
1,351
    
1,736
  
 (22)%
  
   Real Estate
    
435
    
221
  
97%
      
1,125
    
277
  
F
  
   Energy Financial Services
    
60
    
122
  
 (51)%
      
143
    
193
  
 (26)%
  
   GECAS
    
304
    
308
  
 (1)%
      
652
    
626
  
4%
  
      Total segment profit
    
2,452
    
2,186
  
12%
      
4,494
    
4,124
  
9%
  
   GECC corporate items and eliminations
    
(530)
    
(64)
  
U
      
(645)
    
(230)
  
U
  
Earnings from continuing operations
                                    
   attributable to GECC
    
1,922
    
2,122
  
 (9)%
      
3,849
    
3,894
  
 (1)%
  
Earnings (loss) from discontinued operations,
                                    
   net of taxes, attributable to GECC
    
(121)
    
(553)
  
78%
      
(230)
    
(750)
  
69%
  
Net earnings attributable to GECC
  
$
1,801
  
$
1,569
  
15%
    
$
3,619
  
$
3,144
  
15%
  
                                     


 
(5)
 
 


 
 
 
 
General Electric Capital Corporation
Condensed Statement of Financial Position
 


 
June 30,
  
December 31,
(In billions, Unaudited)
2013
  
2012
         
Assets
          
   Cash & marketable securities
$
113.2
  
$
110.4
   Inventories
  
0.1
    
0.1
   Financing receivables - net
  
257.1
    
269.0
   Property, plant & equipment - net
  
52.6
    
53.0
   Goodwill & intangible assets
  
28.0
    
28.3
   Other assets
  
68.1
    
76.0
   Assets of businesses held for sale
  
0.2
    
0.2
   Assets of discontinued operations
  
1.8
    
2.3
           
Total assets
$
521.1
  
$
539.3
           
           
Liabilities and equity
          
   Borrowings and bank deposits
$
375.6
  
$
397.3
   Investment contracts, insurance liabilities and insurance annuity benefits
  
27.6
    
28.7
   Other liabilities
  
30.7
    
28.1
   Liabilities of businesses held for sale
  
— 
    
0.2
   Liabilities of discontinued operations
  
2.4
    
2.4
   GECC shareowners' equity
  
84.2
    
81.9
   Noncontrolling interests
  
0.6
    
0.7
           
Total liabilities and equity
$
521.1
  
$
539.3
           



 
(6)