-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, rwSHxaj+/BdiFK4YZKEUmbFof5V2D+KQvCVp/zPLv3e0OrNpd+mhuFq7TDgDF4ho ohC0G5s/a+AGmyl+n6IqyQ== 0000950123-95-002257.txt : 19950814 0000950123-95-002257.hdr.sgml : 19950814 ACCESSION NUMBER: 0000950123-95-002257 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950701 FILED AS OF DATE: 19950811 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENERAL ELECTRIC CAPITAL CORP CENTRAL INDEX KEY: 0000040554 STANDARD INDUSTRIAL CLASSIFICATION: FINANCE LESSORS [6172] IRS NUMBER: 131500700 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-06461 FILM NUMBER: 95561627 BUSINESS ADDRESS: STREET 1: 260 LONG RIDGE RD CITY: STAMFORD STATE: CT ZIP: 06927 BUSINESS PHONE: 2033574000 MAIL ADDRESS: STREET 1: 260 LONG RIDGE ROAD CITY: STAMFORD STATE: CT ZIP: 06927 FORMER COMPANY: FORMER CONFORMED NAME: GENERAL ELECTRIC CREDIT CORP DATE OF NAME CHANGE: 19871216 10-Q 1 GENERAL ELECTRIC CAPITAL CORPORATION 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 --------------------------- FORM 10-Q --------------------------- /X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JULY 1, 1995 OR / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ------- TO ------- --------------------------- COMMISSION FILE NUMBER 1-6461 --------------------------- GENERAL ELECTRIC CAPITAL CORPORATION (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) NEW YORK 13-1500700 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 260 LONG RIDGE ROAD, STAMFORD, 06927 CONNECTICUT (Address of principal executive offices) (Zip Code) (203) 357-4000 (Registrant's telephone number, including area code)
--------------------------- Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No At July 28, 1995, 3,837,825 shares of common stock with a par value of $200 were outstanding. REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(A) AND (B) OF FORM 10-Q AND IS THEREFORE FILING THIS FORM 10-Q WITH THE REDUCED DISCLOSURE FORMAT. 2 TABLE OF CONTENTS
PAGE ---- PART I -- FINANCIAL INFORMATION. Item 1. Financial Statements.............................................. 1 Item 2. Management's Discussion and Analysis of Results of Operations...... 5 Exhibit 12. Computation of Ratio of Earnings to Fixed Charges and Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends......................................................... 7 PART II -- OTHER INFORMATION. Item 6. Exhibits and Reports on Form 8-K.................................. 8 Signatures................................................................. 9 Index to Exhibits.......................................................... 10
3 PART I -- FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS. GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES CONDENSED STATEMENT OF CURRENT AND RETAINED EARNINGS (Unaudited)
THREE MONTHS ENDED SIX MONTHS ENDED ---------------------------- ---------------------------- (In millions) JULY 1, 1995 JULY 2, 1994 JULY 1, 1995 JULY 2, 1994 ------------ ------------ ------------ ------------ EARNED INCOME................................. $5,169 $3,982 $9,959 $7,790 ------ ------ ------ ------ EXPENSES Interest...................................... 1,629 1,056 3,131 2,041 Operating and administrative.................. 1,512 1,312 2,944 2,577 Insurance losses and policyholder and annuity benefits.................................... 486 292 1,002 643 Provision for losses on financing receivables................................. 279 251 358 421 Depreciation and amortization of buildings and equipment and equipment on operating leases...................................... 489 382 939 766 Minority interest in net earnings of consolidated affiliates..................... 16 43 33 61 ------ ------ ------ ------ 4,411 3,336 8,407 6,509 ------ ------ ------ ------ EARNINGS Earnings before income taxes.................. 758 646 1,552 1,281 Provision for income taxes.................... (241) (205) (507) (396) ------ ------ ------ ------ NET EARNINGS.................................. 517 441 1,045 885 Dividends..................................... (58) (94) (261) (287) Retained earnings at beginning of period...... 8,646 7,259 8,321 7,008 ------ ------ ------ ------ RETAINED EARNINGS AT END OF PERIOD............ $9,105 $7,606 $9,105 $7,606 ====== ====== ====== ======
See Notes to Condensed, Consolidated Financial Statements. 1 4 ITEM 1. FINANCIAL STATEMENTS (Continued). GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES CONDENSED STATEMENT OF FINANCIAL POSITION
JULY 1, 1995 (In millions) ------------- DECEMBER 31, 1994 (UNAUDITED) ----------------- ASSETS Cash and equivalents............................................ $ 1,041 $ 712 Investment securities........................................... 23,749 22,208 Financing receivables Time sales and loans, net of deferred income.................. 54,252 50,021 Investment in financing leases, net of deferred income........ 32,568 28,398 -------- -------- 86,820 78,419 Allowance for losses on financing receivables................. (2,283) (2,062) -------- -------- Financing receivables -- net............................... 84,537 76,357 Other receivables -- net........................................ 3,822 3,624 Equipment on operating leases (at cost), less accumulated amortization of $4,537 and $4,029............................. 13,761 12,851 Other assets.................................................... 16,655 15,152 -------- -------- TOTAL ASSETS.................................................... $ 143,565 $ 130,904 ======== ======== LIABILITIES AND EQUITY Notes payable within one year................................... $ 51,659 $ 54,579 Senior notes payable after one year............................. 45,205 33,615 Subordinated notes payable after one year....................... 697 697 Insurance liabilities, reserves and annuity benefits............ 18,581 18,593 Other liabilities............................................... 7,852 6,998 Deferred income taxes........................................... 6,079 5,267 -------- -------- Total liabilities............................................. 130,073 119,749 -------- -------- Minority interest in equity of consolidated affiliates.......... 744 615 -------- -------- Capital stock................................................... 769 769 Additional paid-in capital...................................... 2,697 2,172 Retained earnings............................................... 9,105 8,321 Unrealized gains (losses) on investment securities.............. 234 (655) Currency translation adjustments................................ (57) (67) -------- -------- Total equity.................................................. 12,748 10,540 -------- -------- TOTAL LIABILITIES AND EQUITY.................................... $ 143,565 $ 130,904 ======== ========
See Notes to Condensed, Consolidated Financial Statements. 2 5 ITEM 1. FINANCIAL STATEMENTS (Continued). GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES CONDENSED STATEMENT OF CASH FLOWS (Unaudited)
SIX MONTHS ENDED ------------------------------- (IN MILLIONS) JULY 1, 1995 JULY 2, 1994 ------------ ------------ CASH FLOWS FROM OPERATING ACTIVITIES Net earnings....................................................... $ 1,045 $ 885 Adjustments to reconcile net earnings to cash provided from operating activities: Provision for losses on financing receivables.................... 358 421 Depreciation and amortization of buildings and equipment and equipment on operating leases............................. 939 766 Other -- net..................................................... 1,236 (156) -------- -------- Cash provided from operating activities....................... 3,578 1,916 -------- -------- CASH FLOWS FROM INVESTING ACTIVITIES Increase in loans to customers..................................... (22,225) (13,242) Principal collections from customers............................... 20,394 10,880 Investment in assets on financing leases........................... (6,497) (3,892) Principal collections on financing leases.......................... 3,243 2,516 Net decrease (increase) in credit card receivables................. 250 (10) Buildings and equipment and equipment on operating leases: -- additions..................................................... (3,039) (1,703) -- dispositions.................................................. 1,302 848 Payments for principal businesses purchased, net of cash acquired......................................................... (1,887) (1,053) Purchases of investment securities by insurance affiliates and annuity businesses............................................... (2,799) (3,360) Dispositions and maturities of investment securities by insurance affiliates and annuity businesses................................ 3,018 2,838 Other -- net....................................................... (1,240) 3,738 -------- -------- Cash used for investing activities............................ (9,480) (2,440) -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES Net change in borrowings (maturities 90 days or less).............. (5,051) (3,688) Newly issued debt -- short-term (maturities 91-365 days)........... 1,211 1,493 -- long-term senior............................ 18,734 8,933 Repayments and other reductions -- short-term (maturities 91-365 days).............................. (8,489) (4,721) -- long-term senior............ -- (983) Principal payments -- non-recourse, leveraged lease debt........... (157) (164) Proceeds from sales of investment and annuity contracts............ 764 386 Redemption of investment and annuity contracts..................... (1,165) (470) Dividends paid..................................................... (261) (287) Issuance of preferred stock in excess of par value................. 525 -- Issuance of variable cumulative preferred stock by consolidated affiliate........................................................ 120 240 -------- -------- Cash provided from financing activities....................... 6,231 739 -------- -------- INCREASE IN CASH AND EQUIVALENTS................................... 329 215 CASH AND EQUIVALENTS AT BEGINNING OF PERIOD........................ 712 1,049 -------- -------- CASH AND EQUIVALENTS AT END OF PERIOD.............................. $ 1,041 $ 1,264 ======== ========
See Notes to Condensed, Consolidated Financial Statements. 3 6 ITEM 1. FINANCIAL STATEMENTS (Continued). GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES NOTES TO CONDENSED, CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. The condensed, consolidated financial statements represent a consolidation of General Electric Capital Corporation ("Corporation") and all majority-owned and controlled affiliates ("consolidated affiliates"). All significant transactions among the parent and consolidated affiliates have been eliminated. In the opinion of management, all adjustments of a normal recurring nature necessary to present a fair statement of financial position as of July 1, 1995, the statement of cash flows for the six-month interim periods ended July 1, 1995, and July 2, 1994, and the results of operations for the three and six-month interim periods ended July 1, 1995, and July 2, 1994, have been included. The condensed, consolidated financial statements have been prepared in accordance with the instructions for Form 10-Q and therefore do not include some information and notes necessary to constitute a complete and detailed presentation in conformity with annual reporting requirements. 2. The results of operations for the three and six months ended July 1, 1995, should not be regarded as necessarily indicative of the results that may be expected for the entire year. 3. The ratio of earnings to fixed charges was 1.49 for the six months ended July 1, 1995. For purposes of computing the ratio, earnings consist of net earnings adjusted for provision for income taxes, minority interest and fixed charges. Fixed charges consist of interest and discount on all indebtedness and one-third of annual rentals, which the Corporation believes is a reasonable approximation of the interest factor of such rentals. The ratio of earnings to combined fixed charges and preferred stock dividends was 1.47 for the six months ended July 1, 1995. 4. The Corporation adopted Statement of Financial Accounting Standards (SFAS) No. 114, Accounting by Creditors for Impairment of a Loan, and the related SFAS No. 118, Accounting by Creditors for Impairment of a Loan -- Income Recognition and Disclosures, on January 1, 1995. The adoption of these Statements had no effect on earnings or financial position as the same level of allowance for losses was appropriate under both the previous accounting policy and the newly-adopted policy. 4 7 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS. OVERVIEW Net earnings for the first half of 1995 were $1,045 million, a $160 million (18%) increase over the first half of 1994. The Corporation's contribution to its parent, General Electric Capital Services, Inc. (GECS), after payment of dividends on its variable cumulative preferred stock, was $1,025 million, a $153 million (18%) increase over the comparable 1994 period. Earnings of the Corporation's lending, leasing and equipment management businesses are significantly influenced by the level of invested assets, the related financing spreads (the excess of rates earned -- yields -- over rates on borrowings) and the quality of those assets. The Corporation's increase in net earnings principally resulted from a higher average level of invested assets, partially offset by a decrease in spreads, as the increase in interest rates paid on borrowings exceeded the increase in yields. OPERATING RESULTS EARNED INCOME from all sources increased $2,169 million (28%) to $9,959 million for the first half of 1995 over the first half of 1994. Earned income from the Corporation's specialized financing, mid-market financing, consumer services and equipment management businesses increased $2,023 million (29%) over the comparable prior-year period principally reflecting a higher average level of invested assets, resulting from both origination volume and acquisitions of portfolios and businesses, and increased yields. Earned income from the Corporation's specialty insurance businesses increased $146 million (16%) to $1,042 million for the first half of 1995 over the first half of 1994 primarily reflecting growth in premium and investment income in the property and casualty business, due to acquisition growth in the prior year. INTEREST EXPENSE for the first half of 1995 increased $1,090 million (53%) from the first half of the prior year. The increase reflected the effects of significantly higher interest rates and additional borrowings required to finance the higher level of invested assets. The Corporation's composite interest rate for the first half of 1995 was 6.72%, compared with 5.09% for the first half of 1994. OPERATING AND ADMINISTRATIVE EXPENSES were $2,944 million in the first half of 1995, up 14% over the first half of 1994. This increase reflected operating costs associated with the higher level of assets, largely the result of businesses and portfolios acquired over the past year. INSURANCE LOSSES AND POLICYHOLDER AND ANNUITY BENEFITS were $1,002 million for the first half of 1995, compared with $643 million during the first half of 1994, principally as a result of growth in annuity benefits credited to customers of the annuity business acquired in the second half of 1994 and losses in private mortgage pool insurance. PROVISION FOR LOSSES ON FINANCING RECEIVABLES during the first half of 1995 was $358 million, compared with $421 million during the comparable prior-year period, reflecting slightly improved credit quality of the portfolio. DEPRECIATION AND AMORTIZATION OF BUILDINGS AND EQUIPMENT AND EQUIPMENT ON OPERATING LEASES was $939 million in the first half of 1995, $173 million higher than in the first half of 1994, reflecting higher levels of equipment on operating leases as a result of portfolio growth and acquisitions. PROVISION FOR INCOME TAXES for the first half of 1995 was $507 million (an effective tax rate of 33%) compared with $396 million (31%) for the comparable prior-year period. The higher provision for income taxes was primarily due to increased pre-tax earnings subject to regular tax rates. The increase in the effective tax rate was primarily attributable to proportionately lower tax-exempt income on investment securities and lower levels of earnings on leveraged leases having effective tax rates lower than statutory rates. PORTFOLIO QUALITY Financing revenues are directly related to the largest financing asset, the portfolio of financing receivables. The portfolio, net of the allowance for losses, aggregated $84.5 billion at July 1, 1995, an increase of $8.2 billion (11%) from year-end 1994. The related allowance for losses was $2.3 billion (2.63% of 5 8 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS. (Continued). receivables -- the same level as at the end of 1994) and is, in management's judgment, appropriate given the risk profile of the portfolio. A discussion of the portfolio quality of certain elements of financing receivables and investments follows. For the purpose of this discussion, "nonearning" receivables are those that are 90 days or more delinquent and "reduced earning" receivables are those that have been restructured such that the interest rate is below market. CONSUMER loans receivable, primarily retailer and auto, were $25.0 billion at July 1, 1995, an increase of $1.9 billion from the end of 1994. In addition, the Corporation's investment in consumer auto finance lease receivables was $10.5 billion at July 1, 1995, an increase of $3.0 billion from the end of 1994. Nonearning receivables increased to $560 million at July 1, 1995, from $422 million at December 31, 1994, primarily related to acquisitions. Write-offs of retailer and auto financing receivables were $297 million for the first half of 1995, compared with $257 million for the first half of 1994. COMMERCIAL REAL ESTATE INVESTMENTS were $18.5 billion at July 1, 1995, an increase of $1.6 billion from December 31, 1994. Commercial real estate loans, the largest component of the Corporation's commercial real estate investments, increased to $14.1 billion at July 1, 1995, from $13.3 billion at December, 31, 1994. Nonearning and reduced earning receivables were $191 million at July 1, 1995, compared with $179 million at the prior year end. Write-offs of commercial real estate loans were $58 million for the first six months of 1995, compared with $127 million for the comparable prior-year period. OTHER FINANCING RECEIVABLES relate primarily to a diverse commercial, industrial and equipment loan and lease portfolio. Nonearning and reduced earning receivables increased to $236 million at July 1, 1995, from $165 million at the prior year end. This portfolio included approximately $2.5 billion of financings provided for highly leveraged management buyouts and corporate recapitalizations at July 1, 1995, essentially unchanged from December 31, 1994. The Corporation's aggregate loans and leases to commercial airlines at July 1, 1995, increased to $8.1 billion from $7.6 billion at December 31, 1994, due to purchases of aircraft included in equipment on operating leases. ACCOUNTING STANDARDS TO BE ADOPTED Statement of Financial Accounting Standards (SFAS) No. 121, Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of, requires among other things that certain long-lived assets be reviewed for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss is recognized if, upon such review, the sum of expected future cash flows is less than the carrying amount of the asset. An impairment loss is measured based on the difference between the carrying amount of the asset and its fair value. The effect of adopting SFAS No. 121 is not expected to be material. Adoption is required by no later than the first quarter of 1996. SFAS No. 122, Accounting for Mortgage Servicing Rights, requires that rights to service mortgage loans be recognized when the underlying loans are sold. The standard also requires that capitalized mortgage servicing rights be assessed for impairment by individual risk stratum based on the fair value of such rights. Management is gathering information and evaluating the requirements of SFAS No. 122, but has not determined the impact of its application on the Corporation's financial position or results of operations. Adoption is required by no later than the first quarter of 1996. OTHER MATTERS As 1995 progresses, management continues to believe that the diversity and strength of the Corporation's assets, along with vigilant attention to risk management, position it to deal effectively with a changing global economic environment. 6 9 EXHIBIT 12 GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS SIX MONTHS ENDED JULY 1, 1995 (Unaudited)
RATIO OF EARNINGS TO RATIO OF COMBINED EARNINGS FIXED CHARGES TO FIXED AND PREFERRED (Dollar amounts in millions) CHARGES STOCK DIVIDENDS --------- ---------------- Net earnings........................................................ $ 1,045 $1,045 Provision for income taxes.......................................... 507 507 Minority interest in net earnings of consolidated affiliates........ 33 33 ------ ------ Earnings before provision for income taxes and minority interest.... 1,585 1,585 ------ ------ Fixed charges: Interest.......................................................... 3,164 3,164 One-third of rentals.............................................. 77 77 ------ ------ Total fixed charges................................................. 3,241 3,241 ------ ------ Less capitalized interest, net of amortization...................... 7 7 ------ ------ Earnings before provision for income taxes and minority interest plus fixed charges................................................ $ 4,819 $4,819 ====== ====== Ratio of earnings to fixed charges.................................. 1.49 ====== Preferred stock dividend requirements............................... $ 20 Ratio of earnings before provision for income taxes to net earnings.......................................................... 1.49 ------ Preferred stock dividend factor on pre-tax basis.................... 30 Fixed charges....................................................... 3,241 ------ Total fixed charges and preferred stock dividend requirements....... $3,271 ====== Ratio of earnings to combined fixed charges and preferred stock dividends......................................................... 1.47 ======
7 10 PART II--OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K. a.EXHIBITS. Exhibit 3(i) A complete copy of the Organization Certificate of the Corporation as last amended on July 17, 1995 and currently in effect, consisting of the following: (a) the Organization Certificate of the Corporation as in effect immediately prior to the filing of the Certificate of Amendment as of April 21, 1995 (Incorporated by reference to Exhibit 3(i) to the Corporation's Form 10-K Report for the year ended December 31, 1993); (b) a Certificate of Amendment filed in the Office of the Superintendent of Banks of the State of New York (the "Office of the Superintendent") as of April 21, 1995 (Incorporated by reference to Exhibit 4(b) to the Corporation's Registration Statement on Form S-3, File No. 33-58771; (c) a Certificate of Amendment filed in the Office of the Superintendent as of May 11, 1995 (Incorporated by reference to Exhibit 4(c) to the Corporation's Registration Statement on Form S-3, File No. 33-61257); (d) a Certificate of Amendment filed in the Office of the Superintendent as of June 28, 1995 (Incorporated by reference to Exhibit 4(d) to the Corporation's Registration Statement on Form S-3, File No. 33-61257); and (e) a Certificate of Amendment filed in the Office of the Superintendent as of July 17, 1995 (Incorporated by reference to Exhibit 4(e) to the Corporation's Registration Statement on Form S-3, File No. 33-61257). Exhibit 12. Computation of ratio of earnings to fixed charges and computation of ratio of earnings to combined fixed charges and preferred stock dividends. Exhibit 27. Financial Data Schedule (filed electronically only). b.REPORTS ON FORM 8-K. None. 8 11 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 thereunto duly authorized. GENERAL ELECTRIC CAPITAL CORPORATION (Registrant) Date: August 8, 1995 By: /s/ J. A. PARKE ----------------------------------------------------- J. A. Parke, Senior Vice President, Finance (Principal Financial Officer) Date: August 8, 1995 By: /s/ J. C. AMBLE ----------------------------------------------------- J. C. Amble, Vice President and Controller (Principal Accounting Officer)
9 12 GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES INDEX TO EXHIBITS
EXHIBIT NO. PAGE NO. - ----------- -------- 3(i) A complete copy of the Organization Certificate of the Corporation as last amended on July 17, 1995 and currently in effect, consisting of the following: (a) the Organization Certificate of the Corporation as in effect immediately prior to the filing of the Certificate of Amendment as of April 21, 1995 (Incorporated by reference to Exhibit 3(i) to the Corporation's Form 10-K Report for the year ended December 31, 1993); (b) a Certificate of Amendment filed in the Office of the Superintendent of Banks of the State of New York (the "Office of the Superintendent") as of April 21, 1995 (Incorporated by reference to Exhibit 4(b) to the Corporation's Registration Statement on Form S-3, File No. 33-58771); (c) a Certificate of Amendment filed in the Office of the Superintendent as of May 11, 1995 (Incorporated by reference to Exhibit 4(c) to the Corporation's Registration Statement on Form S-3, File No. 33-61257); (d) a Certificate of Amendment filed in the Office of the Superintendent as of June 28, 1995 (Incorporated by reference to Exhibit 4(d) to the Corporation's Registration Statement on Form S-3, File No. 33-61257); and (e) a Certificate of Amendment filed in the Office of the Superintendent as of July 17, 1995 (Incorporated by reference to Exhibit 4(e) to the Corporation's Registration Statement on Form S-3, File No. 33-61257). 12 Computation of ratio of earnings to fixed charges and computation of ratio of earnings to combined fixed charges and preferred stock dividends....................................... 7 27 Financial Data Schedule (filed electronically only)
10 EX-12 2 COMPUTATION OF RATIO OF EARNINGS 1 EXHIBIT 12 GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS SIX MONTHS ENDED JULY 1, 1995 (Unaudited)
RATIO OF EARNINGS TO RATIO OF COMBINED EARNINGS FIXED CHARGES TO FIXED AND PREFERRED (Dollar amounts in millions) CHARGES STOCK DIVIDENDS --------- ---------------- Net earnings........................................................ $ 1,045 $1,045 Provision for income taxes.......................................... 507 507 Minority interest in net earnings of consolidated affiliates........ 33 33 ------ ------ Earnings before provision for income taxes and minority interest.... 1,585 1,585 ------ ------ Fixed charges: Interest.......................................................... 3,164 3,164 One-third of rentals.............................................. 77 77 ------ ------ Total fixed charges................................................. 3,241 3,241 ------ ------ Less capitalized interest, net of amortization...................... 7 7 ------ ------ Earnings before provision for income taxes and minority interest plus fixed charges................................................ $ 4,819 $4,819 ====== ====== Ratio of earnings to fixed charges.................................. 1.49 ====== Preferred stock dividend requirements............................... $ 20 Ratio of earnings before provision for income taxes to net earnings.......................................................... 1.49 ------ Preferred stock dividend factor on pre-tax basis.................... 30 Fixed charges....................................................... 3,241 ------ Total fixed charges and preferred stock dividend requirements....... $3,271 ====== Ratio of earnings to combined fixed charges and preferred stock dividends......................................................... 1.47 ======
EX-27 3 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED MARCH 31, 1995, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000040554 GENERAL ELECTRIC CAPITAL CORPORATION 1,000,000 3-MOS DEC-31-1995 APR-01-1995 1,061 22,834 83,649 2,199 0 0 19,274 5,119 137,996 0 42,848 768 0 1 10,559 137,996 0 4,790 0 0 1,432 79 1,502 794 266 528 0 0 0 528 0 0
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