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GM Annual Report and Accounts
GM Annual Report and Accounts.
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[{"type":"text","content":"\n \n GM Files 2005 Annual Report on Form 10-K \n \n DETROIT, March 29 -- General Motors Corp. (NYSE: GM) today announced that it \nhad finalized its 2005 financial results and filed its annual report on Form 10-\nK with the Securities and Exchange Commission. In addition, GM also included \nrestated results for the years 2000 - 2004 on Form 10-K/A, as expected. \n GM concluded its internal review involving the classification of cash \nflows principally at Residential Capital Corp. (ResCap), the residential \nmortgage subsidiary of GMAC. Revisions were made to the consolidated \nstatement of cash flows for GM for 2002 - 2004, while the 2005 annual \nstatement of cash flows was finalized and reported for the first time today as \npart of the 10-K filing. These restatements do not affect GM's, GMAC's or \nResCap's income statements, balance sheets, or the net cash flows for any of \nthe affected periods. In addition, these revisions to consolidated cash flows \ndo not affect GM's cash flows from automotive operations. \n In concluding the review, GM determined that the cash flows related to \ncertain mortgage activities were not appropriately classified as either \noperating cash flows or investing cash flows. As a result, GM restated its \nfinancial statements relating to 2002 - 2004, and for the first three quarters \nof 2005. These changes reduced operating cash flows and increased investing \ncash flows in each respective period by the same amount. \n GM previously disclosed that it was restating its financial results for \nthe calendar-year periods 2000 - 2004 and the first quarter of 2005 as a \nresult of revisions in a number of other accounting areas. All of these \nmatters are detailed in GM's Form 10-K/A and Forms 10-Q/A. \n Furthermore, as a result of cash flow adjustments mentioned above and \nother previously announced adjustments, GM concluded its consolidated \nfinancial statements for 2002 - 2004 and for the first three quarters of 2005 \nshould no longer be relied upon. \n All of today's filings are available on GM's investor website \n(http://investor.gm.com ) as well as at the SEC. \n \n FORWARD LOOKING STATEMENTS \n In this press release and in related comments by General Motors' and \nGeneral Motors Acceptance Corporation's management, the use of the words \n\"expect,\" \"anticipate,\" \"estimate,\" \"forecast...