13.8 DISCLOSURE OF FORWARD-LOOKING INFORMATION 13 • 25THE FIAT GROUP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
at December 31, 2001, 2000 and 1999(24) Reconciliation to Generally Accepted Accounting Principles in the United States
The consolidated financial statements of the Fiat Group are prepared in accordance with the ac-
counting policies described above in the notes entitled “Form and content of the consolidated financial
statements” and “Principles of consolidation and significant accounting policies” (hereinafter also re-
ferred to as collectively “Italian GAAP”) which differ in certain respects from accounting principles gen-
erally accepted in the United States of America (“U.S. GAAP”). The significant differences and their ef-
fect on consolidated net income and stockholders’ equity are set out below.
(i) Net income
Years ended December 31,
Note 24Reference (^2001) ____ (^2001) 2000 1999
(in millions (in millions
of U.S. of euros)()
Dollars) ()
(note 22)
Net income (loss) as reported in the consolidated statements of
operations............................................... (393) (445) 664 353
Items increasing (decreasing) reported net income, net of the effects of
minority interest:
Reversal of depreciation of revalued property, plant and equipment..... (d) 16 18 12 23
Capital gains on the sale of revalued property, plant and equipment..... (d) 35 40 78 26
Amortization of goodwill.................................... (e) (40) (46) (55) (60)
Difference of amortization period of Case goodwill................. (e) 46 52 37 —
Elimination of goodwill amortization............................ (e) 26 30 — —
Difference in gains/losses on disposal of investments in subsidiaries..... (f) — — 31 (16)
Accounting for Case acquisition............................... (g) 1 1 1 (41)
Deferred revenue recognition................................. (h) (145) (164) — —
Deferral of gain on real estate sale-leaseback transactions............ (i) (41) (47) 3 3
Write-off of start up costs, net of effect on amortization.............. (j) (41) (47) 61 (52)
Adjustments to financial instruments............................ (k) — — (358) —
Difference in accounting for postretirement benefits................. (m) (21) (24) (24) (6)
Accounting for pensions..................................... (m) (7) (8) (1) (2)
Adjustments to restructuring provisions.......................... (n) (152) (172) 443 (19)
Accounting for deferred income taxes........................... (o) (64) (72) (48) (24)
Treasury stock transactions................................... (p) 8 9 2 (31)
Other accounting differences................................. (q) __ (^34) __ (^38) __ (^34) __(32)
Approximate net income (loss) in accordance with U.S. GAAP, before
cumulative effect of a change in accounting principle, except as
permitted by Item 18...................................... (738) (837) 880 122
Cumulative effect of a change in accounting principle, net of tax......... (j) __— __— __— __(91)
Approximate net income (loss) in accordance with U.S. GAAP, except as
permitted by Item 18....................................... ____(738) ____(837) ____ (^880) ____ 31
Approximate per ordinary share amounts in accordance with U.S. GAAP:
(a)
Basic
Income (loss) before cumulative effect of change in accounting principle. (1.38) (1.56) 1.58 0.20
Cummulative effect of change in accounting principle............... __— __— __— __(0.17)
Net income (loss) per share................................... ____(1.38) ____(1.56) ____1.58 ____0.03
Diluted
Income (loss) before cumulative effect of change in accounting principle. (1.38) (1.56) 1.58 0.20
Cumulative effect of change in accounting principle................ __— __— __— __(0.17)
Net income (loss) per share................................... ____(1.38) ____(1.56) ____1.58 ____0.03
Per ordinary share amounts in accordance with Italian GAAP: (a)
Basic
Net income (loss) per share................................... ____(0.74) ____(0.84) ____1.19 ____0.62
Diluted
Net income (loss) per share................................... ____(0.74) ____(0.84) ____1.19 ____0.62
(*) Except per share data, which is in Euros and Dollars.
Exhibit 13.13. Reconciliation Footnote Disclosure—Fiat S.p.A. Form 20-F for December
31, 2001.