U-Haul 2004 Annual Report Download - page 62

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Board of Directors and Stockholders
AMERCO
Reno, Nevada
We have audited the accompanying consolidated balance sheets of AMERCO and its subsidiaries and
SAC Holding II Corporation and its subsidiaries (collectively, the ""Company'') as of March 31, 2004 and the
consolidated balance sheet of AMERCO and its subsidiaries, SAC Holding II Corporation and its
subsidiaries, and SAC Holding Corporation and its subsidiaries (collectively, the ""Consolidated Entities'') as
of March 31, 2003 and the related consolidated statements of operations, changes in stockholders' equity,
other comprehensive income/(loss), and cash Öows for each of the three years in the period ended March 31,
2004. We have also audited the schedules listed in the accompanying index. These Ñnancial statements and
schedules are the responsibility of the Company's management. Our responsibility is to express an opinion on
these Ñnancial statements and schedules based on our audits.
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 Ñnancial statements and schedules are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the Ñnancial
statements and schedules. An audit also includes assessing the accounting principles used and signiÑcant
estimates made by management, as well as evaluating the overall Ñnancial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated Ñnancial statements referred to above present fairly, in all material
respects, the Ñnancial position of AMERCO and its subsidiaries and SAC Holding II Corporation and its
subsidiaries at March 31, 2004 and the Ñnancial position of AMERCO and its subsidiaries, SAC Holding II
Corporation and its subsidiaries, and SAC Holding Corporation and its subsidiaries at March 31, 2003, and
the results of operations and cash Öows for each of the three years in the period ended March 31, 2004, 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 Ñnancial statements
and schedules taken as a whole. The consolidating balance sheets, statements of operations schedules,
statements of cash Öows schedules, and the summary of earnings of independent rental Öeets information
included on pages F-38 through F-48 and F-51 through F-53 are presented for purposes of additional analysis
of the consolidated Ñnancial statements rather than to present the Ñnancial position, results of operations, and
cash Öows or the earnings of the independent Öeets. Accordingly, we do not express an opinion on the Ñnancial
position, results of operations, and cash Öows or on the earnings of the independent trailer Öeets. However,
such information has been subjected to the auditing procedures applied in the audit of the consolidated
Ñnancial statements and schedules and, in our opinion, is fairly stated in all material respects in relation to the
consolidated Ñnancial statements and schedules taken as a whole.
/s/ BDO S
EIDMAN
, LLP
Los Angeles, California
June 1, 2004
F-1