GE 2013 Annual Report Download - page 46

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44 GE 2013 ANNUAL REPORT
APPLIANCES & LIGHTING revenues of $8.3 billion increased
$0.4 billion, or 5%, in 2013 refl ecting higher volume ($0.4 billion),
primarily at Appliances.
Segment profi t of $0.4 billion increased 23%, or $0.1 billion,
in 2013 primarily due to improved productivity ($0.1 billion) and
higher prices.
Appliances & Lighting revenues of $8.0 billion increased
$0.3 billion, or 4%, in 2012 refl ecting an increase at Appliances,
partially offset by lower revenues at Lighting. Overall, revenues
increased as higher prices ($0.3 billion) principally at Appliances
were partially offset by lower volume ($0.1 billion).
Segment profi t of $0.3 billion increased 31%, or $0.1 billion,
in 2012 as higher prices ($0.3 billion) were partially offset by
the effects of infl ation ($0.2 billion) and lower productivity
($0.1 billion).
GE CAPITAL
(In millions) 2013 2012 2011
REVENUES $ 44,067 $ 45,364 $ 48,324
SEGMENT PROFIT $ 8,258 $ 7,345 $ 6,480
December 31 (In millions) 2013 2012
TOTAL ASSETS $ 516,829 $ 539,351
(In millions) 2013 2012 2011
REVENUES
Commercial Lending and
Leasing (CLL) $ 14,316 $ 16,458 $ 17,714
Consumer 15,741 15,303 16,487
Real Estate 3,915 3,654 3,712
Energy Financial Services 1,526 1,508 1,223
GE Capital Aviation
Services (GECAS) 5,346 5,294 5,262
SEGMENT PROFIT (LOSS)
CLL $ 1,965 $ 2,401 $ 2,703
Consumer 4,319 3,207 3,616
Real Estate 1,717 803 (928)
Energy Financial Services 410 432 440
GECAS 896 1,220 1,150
December 31 (In millions) 2013 2012
TOTAL ASSETS
CLL $ 174,357 $ 181,375
Consumer 132,236 138,002
Real Estate 38,744 46,247
Energy Financial Services 16,203 19,185
GECAS 45,876 49,420
GE Capital 2013 revenues decreased 3% and net earnings
increased 12% compared with 2012. Revenues for 2013 included
$0.1 billion from acquisitions and $0.1 billion as a result of dispo-
sitions. Additionally, revenues decreased as a result of organic
revenue declines, primarily due to lower ENI, and higher impair-
ments, partially offset by higher gains. Net earnings increased as
a result of dispositions, primarily related to the sale of a portion
of Cembra through an IPO and higher gains primarily related to
the sale of our remaining equity interest in Bank of Ayudhya (Bay
Bank), partially offset by higher impairments and higher provi-
sions for losses on fi nancing receivables. GE Capital net earnings
in 2013 also included restructuring, rationalization and other
charges of $0.2 billion and net losses of $0.1 billion related to our
treasury operations. GE Capital net earnings excluded $0.3 billion
of preferred stock dividends declared in 2013.
GE Capital 2012 revenues decreased 6% and net earnings
increased 13% compared with 2011. Revenues for 2012 included
$0.1 billion from acquisitions and were reduced by $0.6 billion
as a result of dispositions. Revenues in 2012 also decreased as
a result of organic revenue declines, primarily due to lower ENI,
the stronger U.S. dollar, and the absence of the 2011 gain on
sale of a substantial portion of our Garanti Bank equity invest-
ment (the Garanti Bank transaction). Net earnings increased by
$0.9 billion in 2012, primarily due to lower impairments and core
increases, including higher tax benefi ts, partially offset by the
absence of the 2011 gain on the Garanti Bank transaction and
operations. GE Capital net earnings in 2012 also included restruc-
turing, rationalization and other charges of $0.1 billion and net
losses of $0.2 billion related to our treasury operations. GE Capital
net earnings excluded $0.1 billion of preferred stock dividends
declared in 2012.
Additional information about certain GE Capital
businesses follows.
CLL 2013 revenues decreased 13% and net earnings
decreased 18% compared with 2012. Revenues for 2013 were
reduced by $0.1 billion as a result of dispositions. Revenues in
2013 also decreased as a result of organic revenue declines
($1.2 billion), primarily due to lower ENI ($0.8 billion), and higher
impairments ($0.7 billion). Net earnings decreased refl ecting
higher impairments ($0.6 billion), partially offset by dispositions
($0.1 billion).
CLL 2012 revenues decreased 7% and net earnings decreased
11% compared with 2011. Revenues for 2012 were reduced by
$0.4 billion as a result of dispositions. Revenues in 2012 also
decreased as a result of organic revenue declines ($0.6 billion),
primarily due to lower ENI ($0.5 billion), and the stronger U.S. dol-
lar ($0.2 billion). Net earnings decreased refl ecting core decreases
($0.2 billion) and dispositions ($0.1 billion).
Consumer 2013 revenues increased 3% and net earnings
increased 35% compared with 2012. Revenues for 2013 included
$0.1 billion from acquisitions and $0.3 billion as a result of dis-
positions. Revenues in 2013 also increased as a result of higher
gains ($0.5 billion), partially offset by organic revenue declines
($0.4 billion). The increase in net earnings resulted primarily
from the sale of a portion of Cembra ($1.2 billion), higher gains
($0.3 billion) related to the sale of Bay Bank and core increases
($0.1 billion). These increases were partially offset by higher pro-
visions for losses on fi nancing receivables ($0.5 billion) refl ecting
the use of a more granular portfolio segmentation approach, by
loss type, in determining the incurred loss period and projected
net write-offs over the next 12 months in our installment and
revolving credit portfolios.