AutoNation 2000 Annual Report Download - page 39

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basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the financial position of AutoNation,
Inc. and subsidiaries as of December 31, 2000 and 1999, and the results of
their operations and their cash flows for each of the years in the three-year
period ended December 31, 2000, in conformity with accounting principles
generally accepted in the United States.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The schedule listed in the index to
consolidated financial statements is presented for the purpose of complying
with the Securities and Exchange Commission's rules and is not part of the
basic financial statements. This schedule has been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in our
opinion, fairly states in all material respects the financial data required to
be set forth therein in relation to the basic financial statements taken as a
whole.
ARTHUR ANDERSEN LLP
Fort Lauderdale, Florida,
March 26, 2001.
38
AUTONATION, INC.
CONSOLIDATED BALANCE SHEETS
As of December 31,
(In millions, except share data)
2000 1999
------------ -------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents ............................................. $ 82.2 $ 218.6
Receivables, net ...................................................... 1,108.8 1,179.5
Inventory ............................................................. 2,769.2 2,706.8
Other current assets .................................................. 216.0 165.6
---------- ----------
Total Current Assets ................................................. 4,176.2 4,270.5
INVESTMENTS ............................................................. 38.8 175.8
PROPERTY AND EQUIPMENT, NET ............................................. 1,538.1 1,360.4
INTANGIBLE ASSETS, NET .................................................. 2,920.2 2,831.0
OTHER ASSETS ............................................................ 156.7 218.8
NET ASSETS OF DISCONTINUED OPERATIONS ................................... -- 726.6
---------- ----------
$ 8,830.0 $ 9,583.1
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable ...................................................... $ 143.2 $ 163.1
Accrued liabilities ................................................... 453.0 622.9
Notes payable and current maturities of long-term debt ................ 2,423.5 2,218.3
Other current liabilities ............................................. 121.6 129.9
---------- ----------