BALANCE SHEET DATA
December 31,
1989      1989 1988 1987 1986             1985            
   (In    (In billions)                                   
millions)                                                 
Not Covered by Report of Independent Public Accountants   
Amounts in conformity with International Accounting Standards*:
Cash and marketable
securities..............   $ 8,041 Lit. 10,189 Lit. 9,268 Lit. 7,422 Lit. 5,914 Lit. 5,045 
Property, plant and                                                                        
equipment, net........      11,092      14,054     13,096     11,633      9,118      7,799 
Total assets .............  50,679      64,211     56,363     48,963     36,200     29,806 
Medium- and long-term                                                                      
borrowings............       8,930      11,314      8,748      8,538      5,012      5,149 
Stockholders’ equity.....   12,598      15,961     13,549     11,412     10,019      7,305 
Approximate amounts in                                                                     
accordance with United                                                                     
States generally                                                                           
accepted accounting                                                                        
principles*****:                                                                           
Stockholders’ equity.....   11,336      14,363     12,318     10,016      8,448            
Notes to Selected Consolidated Financial Data
* The amounts as of and for the years ended December 31, 1986 and 1985 have not been restated to reflect the consolidation on a line-by-line basis of subsidiaries providing financial services, because of the complexity and cost involved in obtaining such information.
** Fiat acquired the Alfa Romeo automotive business and control of SNIA BPD as of January 1,
      1987.  Pro forma results of operations for the Group for 1986 as if the acquisitions had taken place on January 1, 1986 are as follows: 1986 Net Sales and Revenues—34,750 billion Lire; 1986 Net Income—1,850 billion Lire.
*** Net income per share, calculated in conformity with International Accounting Standards, is based on the total number of ordinary, preference and savings shares outstanding at the end of each year.
**** Net income per ordinary share, calculated in accordance with United States generally accepted accounting principles, is based on the weighted average number of ordinary shares and ordinary share equivalents outstanding during each year. The assumed conversion of the preference shares into savings shares has been excluded from the computations because the effect is not material.
***** A reconciliation to stockholders’ equity for 1985 prepared in accordance with generally accepted accounting principles in the United States has not been presented because of the complexity and cost involved in obtaining such information.
    Dividends. Dividends are declared at the annual general meeting of Fiat shareholders and paid in the middle of each year with respect to shares outstanding on the date such dividends are declared. The following table sets forth the annual dividends paid per ordinary, preference and savings share in each of the years indicated (in the case of dividends payable in the year ended December 31, 1990, the annual dividends declared at the general meeting held on June 29, 1990), as adjusted for a stock
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