Avis 2007 Annual Report Download - page 116
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Table of Contents
The following consolidating financial information presents Consolidating Condensed Statements of Operations for the years ended
December 31, 2007, 2006 and 2005, Consolidating Condensed Balance Sheets as of December 31, 2007 and December 31, 2006 and
Consolidating Condensed Statements of Cash Flows for the years ended December 31, 2007, 2006 and 2005 for: (i) Avis Budget Group,
Inc. (the “Parent”); (ii) Avis Budget Car Rental and Avis Budget Finance, Inc. (the “Subsidiary Issuers”); (iii) the guarantor subsidiaries;
(iv) the non-guarantor subsidiaries; (v) elimination entries necessary to consolidate the Parent with the Subsidiary Issuers, the guarantor
and non-guarantor subsidiaries; and (vi) the Company on a consolidated basis. The Subsidiary Issuers and the guarantor and non-guarantor
subsidiaries are 100% owned by the Parent, either directly or indirectly. All guarantees are full and unconditional and joint and several.
This financial information is being presented in relation to the Company’s Guarantee of the Notes issued by Avis Budget Car Rental. See
Note 16—Long-term Debt and Borrowing Arrangements for additional description of these Notes. The Notes have separate investors than
the equity investors of the Company and the Notes are guaranteed by certain subsidiaries.
Investments in subsidiaries are accounted for using the equity method of accounting for purposes of the consolidating presentation. The
principal elimination entries relate to investments in subsidiaries and intercompany balances and transactions. For purposes of the
accompanying Consolidating Condensed Statements of Operations, certain expenses incurred by the Subsidiary Issuers are allocated to the
guarantor and non-guarantor subsidiaries. The results of operations of discontinued operations are included in the non-guarantor
subsidiaries column. Income from discontinued operations, net of tax within the Parent column includes the equity in earnings from
discontinued operations and gain (loss) on disposal of discontinued operations.
F
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24.
Guarantor and Non
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Guarantor Consolidating Financial Statements