<PAGE> 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 APRIL 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 0-14804
---------------------------
GENERAL ELECTRIC CAPITAL SERVICES, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
<TABLE>
<S> <C>
DELAWARE 06-1109503
(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)
</TABLE>
---------------------------
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 April 28, 1995, 101 shares of common stock with a par value of $10,000
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.
<PAGE> 2
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
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
</TABLE>
<PAGE> 3
PART I--FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
GENERAL ELECTRIC CAPITAL SERVICES, INC. AND CONSOLIDATED AFFILIATES
CONDENSED STATEMENT OF CURRENT AND RETAINED EARNINGS
(Unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
-------------------------------
(In millions) APRIL 1, 1995 APRIL 2, 1994
------------- -------------
<S> <C> <C>
EARNED INCOME $ 5,754 $ 4,393
------------- -------------
EXPENSES
Interest 1,543 1,010
Operating and administrative 1,736 1,443
Insurance losses and policyholder and annuity benefits 1,091 693
Provision for losses on financing receivables 79 170
Depreciation and amortization of buildings and equipment and
equipment on operating leases 452 385
Minority interest in net earnings of consolidated affiliates 27 24
------------- -------------
4,928 3,725
------------- -------------
EARNINGS
Earnings from continuing operations before income taxes 826 668
Provision for income taxes (267) (187)
------------- -------------
Earnings from continuing operations 559 481
Loss from discontinued operations -- (151)
------------- -------------
NET EARNINGS 559 330
Dividends (193) (187)
Retained earnings at beginning of period 8,194 8,212
------------- -------------
RETAINED EARNINGS AT END OF PERIOD $ 8,560 $ 8,355
========= =========
</TABLE>
See Notes to Condensed, Consolidated Financial Statements.
1
<PAGE> 4
ITEM 1. FINANCIAL STATEMENTS (Continued).
GENERAL ELECTRIC CAPITAL SERVICES, INC. AND CONSOLIDATED AFFILIATES
CONDENSED STATEMENT OF FINANCIAL POSITION
<TABLE>
<CAPTION>
APRIL 1, 1995
(In millions) ------------- DECEMBER 31, 1994
(UNAUDITED) -----------------
<S> <C> <C>
ASSETS
Cash and equivalents $ 1,596 $ 1,218
Investment securities 32,294 30,872
Financing receivables
Time sales and loans, net of deferred income 53,817 50,021
Investment in financing leases, net of deferred income 29,832 28,398
------------- -----------------
83,649 78,419
Allowance for losses on financing receivables (2,199) (2,062)
------------- -----------------
Financing receivables -- net 81,450 76,357
Other receivables -- net 6,377 6,012
Equipment on operating leases (at cost), less accumulated
amortization of $4,281 and $4,029 13,084 12,859
Other assets 18,253 17,649
Assets of discontinued securities broker-dealer operations 2,397 8,613
------------- -----------------
TOTAL ASSETS $ 155,451 $ 153,580
========= =============
LIABILITIES AND EQUITY
Notes payable within one year $ 54,768 $ 57,087
Senior notes payable after one year 42,151 33,615
Subordinated notes payable after one year 697 697
Insurance liabilities, reserves and annuity benefits 29,850 29,438
Other liabilities 7,951 8,093
Deferred income taxes 5,432 4,937
Liabilities of discontinued securities broker-dealer operations 2,645 8,868
------------- -----------------
Total liabilities 143,494 142,735
------------- -----------------
Minority interest in equity of consolidated affiliates 1,475 1,465
------------- -----------------
Capital stock 11 11
Additional paid-in capital 2,064 2,064
Retained earnings 8,560 8,194
Unrealized losses on investment securities (112) (821)
Currency translation adjustments (41) (68)
------------- -----------------
Total equity 10,482 9,380
------------- -----------------
TOTAL LIABILITIES AND EQUITY $ 155,451 $ 153,580
========= =============
</TABLE>
See Notes to Condensed, Consolidated Financial Statements.
2
<PAGE> 5
ITEM 1. FINANCIAL STATEMENTS (Continued).
GENERAL ELECTRIC CAPITAL SERVICES, INC. AND CONSOLIDATED AFFILIATES
CONDENSED STATEMENT OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
---------------------------------
(In millions) APRIL 1, 1995 APRIL 2, 1994
------------- -------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings $ 559 $ 330
Adjustments for discontinued operations -- 151
Adjustments to reconcile net earnings to cash provided from
operating activities:
Provision for losses on financing receivables 79 170
Depreciation and amortization of buildings and equipment and
equipment on operating leases 452 385
Other -- net 307 (267)
------------- -------------
Cash from continuing operating activities 1,397 769
Cash from (used for) discontinued operating activities 949 (1,500)
------------- -------------
Cash provided from (used for) operating activities 2,346 (731)
------------- -------------
CASH FLOWS FROM INVESTING ACTIVITIES
Increase in loans to customers (11,718) (6,387)
Principal collections from customers 9,870 5,412
Investment in assets on financing leases (2,351) (1,348)
Principal collections on financing leases 1,551 1,176
Net decrease in credit card receivables 459 247
Buildings and equipment and equipment on operating leases:
-- additions (1,310) (889)
-- dispositions 549 41
Payments for principal businesses purchased, net of cash acquired (1,627) (565)
Purchases of investment securities by insurance affiliates and
annuity businesses (3,038) (2,283)
Dispositions and maturities of investment securities by insurance
affiliates and annuity businesses 2,850 2,371
Other -- net (449) 972
------------- -------------
Cash used for investing activities -- continuing operations (5,214) (1,253)
Cash from investing activities -- discontinued operations 227 104
------------- -------------
Cash used for investing activities (4,987) (1,149)
------------- -------------
CASH FLOWS FROM FINANCING ACTIVITIES
Net change in borrowings (maturities 90 days or less) (4,126) (652)
Newly issued debt -- short-term (maturities 91-365 days) 563 762
-- long-term senior 11,965 3,428
Repayments and other reductions -- short-term (maturities 91-365
days) (3,712) (3,194)
-- long-term senior -- (273)
Principal payments -- non-recourse, leveraged lease debt (99) (99)
Proceeds from sales of investment and annuity contracts 387 146
Redemption of investment and annuity contracts (590) (234)
Dividends paid (193) (187)
Issuance of variable cumulative preferred stock by consolidated
affiliate -- 240
------------- -------------
Cash from (used for) financing activities -- continuing
operations 4,195 (63)
Cash from (used for) financing activities -- discontinued
operations (1,176) 1,396
------------- -------------
Cash provided from financing activities 3,019 1,333
------------- -------------
INCREASE (DECREASE) IN CASH AND EQUIVALENTS 378 (547)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 1,218 1,520
------------- -------------
CASH AND EQUIVALENTS AT END OF PERIOD $ 1,596 $ 973
========= =========
</TABLE>
See Notes to Condensed, Consolidated Financial Statements.
3
<PAGE> 6
ITEM 1. FINANCIAL STATEMENTS (Continued).
GENERAL ELECTRIC CAPITAL SERVICES, INC. AND CONSOLIDATED AFFILIATES
NOTES TO CONDENSED, CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. The condensed, consolidated financial statements represent a consolidation
of General Electric Capital Services, Inc. ("Corporation") and all
majority-owned and controlled affiliates ("consolidated affiliates"), except
as discussed in Note 4 below. 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 April 1, 1995, the
statement of cash flows for the three-month interim periods ended April 1,
1995, and April 2, 1994, and the results of operations for the three-month
interim periods ended April 1, 1995, and April 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 months ended April 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 1.53 for the three months ended
April 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 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 1.53 for the
three months ended April 1, 1995.
4. In November 1994, the Corporation elected to terminate the operations of
Kidder, Peabody Group Inc. (Kidder, Peabody) by initiating an orderly
liquidation of its assets and liabilities. The financial results of the
discontinued securities broker-dealer operations are shown on a "one-line"
basis in the condensed, consolidated financial statements.
5. 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 (together, the Statements).
The Statements modify the accounting and disclosures that apply to impaired
loans, which are loans for which management believes it is probable the
Corporation will be unable to collect all amounts due under original
contract terms based on insufficient cash flows and collateral values. The
Statements do not apply to large groups of smaller-balance homogeneous
loans. The Corporation's impaired loans are primarily commercial real estate
loans, originated prior to the severe market downturn in the early 1990's,
which have been restructured from their original terms. This accounting
change had no effect on the Corporation's earnings or financial position
because the Corporation's existing allowance for losses was appropriate
under both the Corporation's previous accounting policy as well as the
newly-adopted policy. At April 1, 1995, the recorded investment in impaired
loans requiring an allowance for losses in accordance with these standards
was $625 million, on which the portion of the Corporation's previously
recorded allowance required by the Statements was $282 million. The
Statements also require disclosure of loans for which the recorded
investment is recoverable but meet the technical definition of "impaired"
because the net investment has been reduced through previous charge-offs or
deferral of income recognition. The amount of such loans, which do not
require any specific allowance for losses because of their recoverability,
was $452 million at April 1, 1995. Interest income on impaired loans is
recognized either as cash is collected or on a cost recovery basis as
conditions warrant.
4
<PAGE> 7
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS.
OVERVIEW
Net earnings for the first quarter of 1995, all from continuing operations,
were $559 million, a $229 million increase from the first quarter of 1994. The
first quarter of 1994 included a $151 million loss ($249 million pretax) from
the discontinued operations of Kidder, Peabody Group Inc. (Kidder, Peabody).
DISCONTINUED OPERATIONS
In November 1994, the Corporation elected to terminate the operations of
Kidder, Peabody by initiating an orderly liquidation of its assets and
liabilities, including the sale of certain assets and operations to Paine Webber
Group Inc. The Corporation expects this liquidation will be largely complete by
the end of 1995.
OPERATING RESULTS FROM CONTINUING OPERATIONS
EARNINGS FROM CONTINUING OPERATIONS were $559 million for the first quarter
of 1995, up 16% from $481 million for the first quarter of 1994.
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 and
lower provisions for losses on financing receivables, partially offset by a
decrease in spreads, as the increase in interest rates paid on borrowings
exceeded the increase in yields.
EARNED INCOME from continuing operations increased $1,361 million (31%) to
$5,754 million for the first quarter of 1995 over the first quarter of 1994.
Earned income from the Corporation's specialized financing, mid-market
financing, consumer services and equipment management businesses increased $956
million (28%) 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 $393
million (38%) over the comparable prior-year period, primarily reflecting growth
in premium and investment income in the property and casualty reinsurance
business due to a business acquisition during the past year and increased
volume.
INTEREST EXPENSE for the first quarter of 1995 increased $533 million (53%)
from the first quarter 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 on borrowings for the first quarter of 1995 was 6.65%, compared
with 4.89% for the first quarter of 1994.
OPERATING AND ADMINISTRATIVE EXPENSES were $1,736 million in the first
quarter of 1995, up 20% over the first quarter 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 $1,091 million
for the first quarter of 1995, compared with $693 million during the first
quarter of 1994, principally as a result of growth in the property and casualty
reinsurance business, annuity benefits credited to customers of the annuity
business resulting from 1994 acquisitions and continued adverse loss development
in private mortgage pool insurance.
PROVISION FOR LOSSES ON FINANCING RECEIVABLES during the first quarter of
1995 was $79 million, compared with $170 million during the comparable
prior-year period, principally reflecting improved credit quality of the
portfolio.
DEPRECIATION AND AMORTIZATION OF BUILDINGS AND EQUIPMENT AND EQUIPMENT ON
OPERATING LEASES was $452 million in the first quarter of 1995, $67 million
higher than in the first quarter of 1994, reflecting higher levels of equipment
on operating leases as a result of portfolio growth and acquisitions.
5
<PAGE> 8
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS
(Continued).
PROVISION FOR INCOME TAXES for the first quarter of 1995 was $267 million
(an effective tax rate of 32%) compared with $187 million (28%) 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, lower amortized tax credits
and reduced earnings on leveraged leases with 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 allowance for losses,
aggregated $81.4 billion at April 1, 1995, an increase of $5.1 billion (7%) from
year-end 1994. The related allowance for losses was $2.2 billion (2.63% of
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. "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 $24.5 billion
at April 1, 1995, an increase of $1.4 billion from the end of 1994. In addition,
the Corporation's investment in consumer auto finance lease receivables was $8.3
billion at April 1, 1995, an increase of $0.8 billion from the end of 1994.
Nonearning receivables increased to $557 million at April 1, 1995, from $422
million at December 31, 1994, primarily related to acquisitions. Write-offs of
retailer and auto financing receivables were $143 million for the first quarter
of 1995, compared with $131 million for the first quarter of 1994.
COMMERCIAL REAL ESTATE LOANS classified as financing receivables by the
Commercial Real Estate business were $12.3 billion at April 1, 1995, compared
with $11.9 billion at December 31, 1994. In addition, the investment portfolio
of the Corporation's annuity business included approximately $1.4 billion of
commercial property loans at April 1, 1995, which remained unchanged from
December 31, 1994. The April 1, 1995, commercial real estate portfolio also
included, in other assets, $2.4 billion of assets acquired for resale from
various institutions compared with $2.1 billion at December 31, 1994. In
addition, at April 1, 1995, investments in real estate ventures amounting to
$1.4 billion were included in other assets (unchanged from year-end 1994).
Nonearning and reduced earning receivables were $182 million at April 1, 1995,
essentially the same as at the prior year end. Write-offs of Commercial Real
Estate loans were $57 million for the first three months of 1995, compared with
$29 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 $191 million at April 1, 1995, from $165
million at the prior year end. This portfolio included approximately $2.4
billion of financings provided for highly leveraged management buyouts and
corporate recapitalizations at April 1, 1995, essentially unchanged from
December 31, 1994.
The Corporation's aggregate loans and leases to commercial airlines at
April 1, 1995, approximated $7.6 billion, essentially unchanged from December
31, 1994.
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, positions it to deal effectively with a changing global economic
environment.
6
<PAGE> 9
EXHIBIT 12
GENERAL ELECTRIC CAPITAL SERVICES, INC. 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
THREE MONTHS ENDED APRIL 1, 1995
(Unaudited)
<TABLE>
<CAPTION>
RATIO OF
EARNINGS TO
RATIO OF COMBINED
EARNINGS FIXED CHARGES
TO FIXED AND PREFERRED
(Dollar amounts in millions) CHARGES STOCK DIVIDENDS
-------- ---------------
<S> <C> <C>
Net earnings $ 559 $ 559
Provision for income taxes 267 267
Minority interest in net earnings of consolidated affiliates 27 27
-------- -------
Earnings before provision for income taxes and minority interest 853 853
-------- -------
Fixed charges:
Interest 1,561 1,561
One-third of rentals 37 37
-------- -------
Total fixed charges 1,598 1,598
-------- -------
Less capitalized interest, net of amortization 3 3
-------- -------
Earnings before provision for income taxes and minority interest
plus fixed charges $2,448 $ 2,448
====== ===========
Ratio of earnings to fixed charges 1.53
======
Preferred stock dividend requirements $ --
Ratio of earnings before provision for income taxes to net earnings 1.48
Preferred stock dividend factor on pre-tax basis --
Fixed charges 1,598
-------
Total fixed charges and preferred stock dividend requirements $ 1,598
===========
Ratio of earnings to combined fixed charges and preferred stock
dividends 1.53
===========
</TABLE>
7
<PAGE> 10
PART II--OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
a.EXHIBITS.
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
<PAGE> 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 SERVICES, INC.
(Registrant)
<TABLE>
<S> <C>
Date: May 15, 1995 By: /s/ J. A.
PARKE
---------------------------------------------------------
J. A. Parke, Senior Vice President, Finance
(Principal Financial Officer)
Date: May 15, 1995 By: /s/ J. C.
AMBLE
---------------------------------------------------------
J. C. Amble, Vice President and Controller
(Principal Accounting Officer)
</TABLE>
9
<PAGE> 12
GENERAL ELECTRIC CAPITAL SERVICES, INC. AND CONSOLIDATED AFFILIATES
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
EXHIBIT NO. PAGE NO.
- ----------- --------
<S> <C> <C>
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)
</TABLE>
10
<PAGE> 1
EXHIBIT 12
GENERAL ELECTRIC CAPITAL SERVICES, INC. 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
THREE MONTHS ENDED APRIL 1, 1995
(Unaudited)
<TABLE>
<CAPTION>
RATIO OF
EARNINGS TO
RATIO OF COMBINED
EARNINGS FIXED CHARGES
TO FIXED AND PREFERRED
(Dollar amounts in millions) CHARGES STOCK DIVIDENDS
-------- ---------------
<S> <C> <C>
Net earnings $ 559 $ 559
Provision for income taxes 267 267
Minority interest in net earnings of consolidated affiliates 27 27
-------- -------
Earnings before provision for income taxes and minority interest 853 853
-------- -------
Fixed charges:
Interest 1,561 1,561
One-third of rentals 37 37
-------- -------
Total fixed charges 1,598 1,598
-------- -------
Less capitalized interest, net of amortization 3 3
-------- -------
Earnings before provision for income taxes and minority interest
plus fixed charges $2,448 $ 2,448
====== ===========
Ratio of earnings to fixed charges 1.53
======
Preferred stock dividend requirements $ --
Ratio of earnings before provision for income taxes to net earnings 1.48
Preferred stock dividend factor on pre-tax basis --
Fixed charges 1,598
-------
Total fixed charges and preferred stock dividend requirements $ 1,598
===========
Ratio of earnings to combined fixed charges and preferred stock
dividends 1.53
===========
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
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.
</LEGEND>
<CIK> 0000797463
<NAME> GENERAL ELECTRIC CAPITAL SERVICES, INC.
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> APR-01-1995
<CASH> 1,596
<SECURITIES> 32,294
<RECEIVABLES> 83,649
<ALLOWANCES> 2,199
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 19,389
<DEPRECIATION> 5,158
<TOTAL-ASSETS> 155,451
<CURRENT-LIABILITIES> 0
<BONDS> 42,848
<COMMON> 1
0
10
<OTHER-SE> 10,471
<TOTAL-LIABILITY-AND-EQUITY> 155,451
<SALES> 0
<TOTAL-REVENUES> 5,754
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,736
<LOSS-PROVISION> 79
<INTEREST-EXPENSE> 1,543
<INCOME-PRETAX> 826
<INCOME-TAX> 267
<INCOME-CONTINUING> 559
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 559
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
