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46 I AMERCO ANNUAL REPORT
Board฀of฀Directors฀and฀Stockholders
AMERCO
Reno,฀Nevada
We฀have฀audited฀the฀accompanying฀consolidated฀balance฀sheets฀of฀AMERCO฀and฀consolidated฀entities฀(the฀“Company”)฀
as฀of฀March฀31,฀2005฀and฀2004฀and฀the฀related฀consolidated฀statements฀of฀operations,฀changes฀in฀stockholders’฀equity,฀
other฀ comprehensive฀ income/฀ (loss),฀ and฀ cash฀ flows฀ for฀ each฀ of฀ the฀ three฀ years฀ in฀ the฀ period฀ ended฀ March฀ 31,฀ 2005.฀
We฀have฀also฀audited฀the฀schedules฀listed฀in฀the฀accompanying฀index.฀These฀financial฀statements฀and฀schedules฀are฀the฀
responsibility฀of฀the฀Company’s฀management.฀Our฀responsibility฀is฀to฀express฀an฀opinion฀on฀these฀financial฀statements฀and฀
schedules฀based฀on฀our฀audits.฀We฀did฀not฀audit฀the฀financial฀statements฀of฀SAC฀Holding฀II฀Corporation฀for฀2005,฀which฀
statements฀reflect฀total฀assets฀of฀$152.4฀million฀as฀of฀March฀31,฀2005,฀and฀total฀revenues฀of฀$43.2฀million฀for฀the฀year฀then฀
ended.฀Those฀statements฀were฀audited฀by฀other฀auditors฀whose฀report฀has฀been฀furnished฀to฀us,฀and฀our฀opinion,฀insofar฀
as฀it฀relates฀to฀the฀amounts฀included฀for฀such฀consolidated฀entity,฀is฀based฀solely฀on฀the฀report฀of฀the฀other฀auditors.
We฀conducted฀our฀audits฀in฀accordance฀with฀the฀standards฀of฀the฀Public฀Company฀Accounting฀Oversight฀Board฀(United฀
States).฀Those฀standards฀require฀that฀we฀plan฀and฀perform฀the฀audit฀to฀obtain฀reasonable฀assurance฀about฀whether฀the฀
financial฀ statements฀ and฀ schedules฀ are฀ free฀ of฀ material฀ misstatement.฀ An฀ audit฀ includes฀ examining,฀ on฀ a฀ test฀ basis,฀
evidence฀ supporting฀ the฀ amounts฀ and฀ disclosures฀ in฀ the฀ financial฀ statements฀ and฀ schedules,฀ assessing฀ the฀ accounting฀
principles฀ used฀ and฀ significant฀ estimates฀ made฀ by฀ management,฀ as฀ well฀ as฀ evaluating฀ the฀ overall฀ presentation฀ of฀ the฀
financial฀ statements฀ and฀ schedules.฀ We฀ believe฀ that฀ our฀ audits฀ and฀ the฀ report฀ of฀ other฀ auditors฀ for฀ 2005฀ provide฀ a฀
reasonable฀basis฀for฀our฀opinion.
In฀our฀opinion,฀based฀on฀our฀audits฀and฀the฀report฀of฀other฀auditors฀for฀2005,฀the฀consolidated฀financial฀statements฀referred฀
to฀above฀present฀fairly,฀in฀all฀material฀respects,฀the฀financial฀position฀of฀AMERCO฀and฀consolidated฀entities฀at฀March฀31,฀
2005฀and฀2004,฀and฀the฀results฀of฀its฀operations฀and฀its฀cash฀flows฀for฀each฀of฀the฀three฀years฀in฀the฀period฀ended฀March฀31,฀
2005฀in฀conformity฀with฀accounting฀principles฀generally฀accepted฀in฀the฀United฀States฀of฀America.฀Also,฀in฀our฀opinion,฀
the฀schedules฀present฀fairly,฀in฀all฀material฀respects,฀the฀information฀set฀forth฀therein.
Our฀audits฀were฀conducted฀for฀the฀purpose฀of฀forming฀an฀opinion฀on฀the฀consolidated฀financial฀statements฀and฀schedules฀
taken฀as฀ a฀ whole.฀The฀ summary฀ of฀earnings฀of฀independent฀rental฀ fleets฀information฀included฀on฀pages฀F-53฀ through฀
F-54฀is฀presented฀for฀purposes฀of฀additional฀analysis฀of฀the฀consolidated฀financial฀statements฀rather฀than฀to฀present฀the฀
earnings฀of฀the฀independent฀trailer฀fleets.฀Accordingly,฀we฀do฀not฀express฀an฀opinion฀on฀the฀earnings฀of฀the฀independent฀
trailer฀ fleets.฀ However,฀ such฀ information฀ has฀ been฀ subjected฀ to฀ the฀ auditing฀ procedures฀ applied฀ in฀ the฀ audit฀ of฀ the฀
consolidated฀financial฀statements฀and฀schedules฀and,฀in฀our฀opinion,฀is฀fairly฀stated฀in฀all฀material฀respects฀in฀relation฀to฀
the฀consolidated฀financial฀statements฀and฀schedules฀taken฀as฀a฀whole.
We฀ have฀ also฀ audited,฀in฀ accordance฀ with฀ the฀ standards฀of฀the฀ Public฀Company฀Accounting฀ Oversight฀Board฀(United฀
States),฀the฀effectiveness฀of฀AMERCO’s฀internal฀control฀over฀financial฀reporting฀as฀of฀March฀31,฀2005,฀based฀on฀criteria฀
established฀in฀Internal฀Control฀—฀Integrated฀Framework฀issued฀by฀the฀Committee฀of฀Sponsoring฀Organizations฀of฀the฀
Treadway฀Commission฀(COSO)฀and฀our฀report฀dated฀June฀13,฀2005฀expressed฀an฀unqualified฀opinion฀thereon.
฀ ฀ /s/฀BDO฀Seidman,฀LLP
Los฀Angeles,฀California
June฀13,฀2005
Report of Independent Registered Public Accounting Firm