DETROIT -- General Motors filed its annual 2005 earnings statement with the Securities and Exchange Commission on Tuesday. GM included restated results for the years 2000 through 2004.
GM's net loss for 2005 grew from $8.6 billion to $10.6 billion.
GM held up its filing after determining that it erroneously classified cash flows from the residential mortgage subsidiary of its financing arm, General Motors Acceptance Corp. That unit is called Residential Capital Corp. (ResCap).
The restatements reduced operating cash flows and increased cash flows from investments in each respective period by the same amount.
In addition, the restatements reflect adjustments for supplier credits, accounting for benefit plans, inventory adjustments for transactions involving precious metals, and transactions between GM and Delphi Corp. with respect to a settlement agreement and inventory adjustments.
Restatements for 2000-2004 did not change revenues. Net income changes were:
- 2000 -- Net income of $4.37 billion, down from $4.45 billion
- 2001 -- Net income of $420 million, down from $601 million
- 2002 -- Net income of $1.57 billion, down from $1.74 billion
- 2003 -- Net income of $3.86 billion, up from $3.82 billion
- 2004 -- Net income of $2.80 billion, down from $2.81 billion.
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