U-Haul 2004 Annual Report Download - page 20

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Resources'' and ""Disclosures about Contractual Obligations and Commercial Commitments.'' We conclude
this MD&A by discussing our outlook for Ñscal year 2005.
This MD&A should be read in conjunction with the other sections of this Annual Report on Form 10-K,
including ""Item 1: Business'', ""Item 6: Selected Financial Data and ""Item 8: Financial Statements and
Supplementary Data.'' The various sections of this MD&A contain a number of forward looking statements,
all of which are based on our current expectations and could be aÅected by the uncertainties and risk factors
described throughout this Ñling and particularly under the caption ""Risk Factors'' in this section. Our actual
results may diÅer materially with these forward looking statements.
Description of Operating Segments
AMERCO has three reportable operating segments and Ñve identiÑable operating segments. The three
reportable segments are Moving and Self Storage, Property and Casualty Insurance and Life Insurance. The
Ñve identiÑable segments include U-Haul moving and storage, Real Estate, and SAC moving and storage,
which are separately listed under the reportable segment, Moving and Self Storage. The remaining identiÑable
segments are Property and Casualty Insurance and Life Insurance. See Notes 1, 21 and 21A to the
Consolidated Financial Statements included in this Form 10-K.
Strategy
Our plan is to maintain our leadership position in the North American ""do-it-yourself'' moving and
storage industry. Our overall strategy is to provide a seamless and integrated supply chain to the ""do-it-
yourself'' moving and storage market. As part of executing this strategy, we leverage the brand recognition of
U-Haul with our full line of moving and self-storage related products and services and the convenience of our
broad geographic presence.
Our primary focus is to provide our customers with a wide selection of moving rental equipment,
convenient self-storage rental facilities and related moving and self-storage products and services. We are able
to expand our distribution and improve customer service by increasing the amount of moving equipment and
storage rooms available for rent, expanding the number of independent dealers in our network and expanding
and taking advantage of our growing eMove capabilities.
During Ñscal year 2004, RepWest decided to focus its activities on providing property and casualty
insurance to U-Haul, its customers, its independent dealers and aÇliates. This will enable RepWest to focus
its core competencies and Ñnancial resources to better support our overall strategy. RepWest has incurred
losses as it exits unproÑtable non-U-Haul business.
Moving and Self-Storage
U-Haul moving and self-storage operations consist of the rental of trucks and trailers, sales of moving
supplies, sales of trailer hitches, sales of propane, and the rental of self-storage spaces to the ""do-it-yourself''
mover. Operations are conducted under the registered trade name U-Haul» throughout the United States and
Canada.
Real Estate owns approximately 90 percent of the Company's real estate assets, including U-Haul Center
and Storage locations. The remainder of our real estate assets are owned by various U-Haul entities. Real
Estate is responsible for overseeing property acquisitions, dispositions and managing environmental risks of the
properties.
SAC moving and self-storage operations consist of the rental of self-storage spaces, sales of moving
supplies, sales of trailer hitches, and sales of propane. In addition, SAC functions as an independent dealer and
earns commissions from the rental of U-Haul trucks and trailers. Operations are conducted under the
registered trade name U-Haul» throughout the United States and Canada.
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