U-Haul 2005 Annual Report Download - page 95

Download and view the complete annual report

Please find page 95 of the 2005 U-Haul annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 103

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103

94 I AMERCO ANNUAL REPORT
The฀ following฀ Summary฀ of฀ Earnings฀ of฀ Independent฀ Rental฀ Fleets฀ is฀ presented฀ for฀ purposes฀ of฀ analysis฀ and฀ is฀ not฀ a฀
required฀part฀of฀the฀basic฀financial฀statements.
ADDITIONAL INFORMATION
SUMMARY OF EARNINGS OF INDEPENDENT RENTAL FLEETS
The following Summary of Earnings of Independent Rental Fleets is presented for purposes of analysis
and is not a required part of the basic financial statements.
Years Ended March 31,
2005 2004 2003 2002 2001
(In thousands, except earnings per $100
of average Investment)
Earnings data (Note A):
Fleet owner income:
Credited to fleet owner gross rental
income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 560 $ 739 $ 823 $ 1,028 $ 1,350
Credited to trailer accident fund
(Notes D and E) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 34 46 49 61 79
Total fleet owner income ÏÏÏÏÏÏÏÏÏÏÏÏ 594 785 872 1,089 1,429
Fleet owner operation expenses:
Charged to fleet owner (Note C)ÏÏÏÏÏÏÏ 383 437 422 532 719
Charged to trailer accident fund
(Notes D and E) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 7 8 9 15 18
Total fleet owner operation expenses ÏÏ 390 445 431 547 737
Fleet owner earnings before trailer accident
fund credit, depreciation and income taxes 177 304 402 496 631
Trailer accident fund credit (Note D) ÏÏÏÏÏÏÏ 27 36 39 46 61
Net fleet owner earnings before depreciation
and income taxesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 204 340 441 542 692
Investment data (Note A):
Amount at end of year ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 967 1,202 1,389 1,663 2,046
Average amount during year ÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,085 1,296 1,526 1,855 2,350
Net fleet owner earnings before
depreciation and income taxes per
$100 of average investment
(Note B) (unaudited) ÏÏÏÏÏÏÏÏÏÏÏÏ $14.01 $18.84 $19.95 $ 20.06 $ 23.38
The accompanying notes are an integral part of this Summary of Earnings of Independent Rental Fleets.
(A) The accompanying Summary of Earnings of Independent Rental Fleets includes the operations of rental
equipment under the brand name of ""U-Haul'' owned by independent fleet owners. Earnings data
represent the aggregate results of operations before depreciation and taxes. Investment data represent the
cost of the rental equipment and investments before accumulated depreciation.
Fleet owner income is based on Independent Rental Dealer reports of rentals transacted through the day
preceding the last Monday of each month and received by U-Haul International, Inc. by the end of the
month and U-Haul Center reports of rentals transacted through the last day of each month. Payments to
fleet owners for trailers lost or retired from rental service as a result of damage by accident have not been
reflected in this summary because such payments do not relate to earnings before depreciation and
income taxes but, rather, investment (depreciation).
The investment data is based upon the cost of the rental equipment to the fleet owners as reflected by
sales records of the U-Haul manufacturing facilities.
(B) The summary of earnings data stated in terms of an amount per $100 of average investment represents
the aggregate results of operations (earnings data) divided by the average amount of investment during
F-53
The฀ accompanying฀ notes฀ are฀ an฀ integral฀ part฀ of฀ this฀
Summary฀of฀Earnings฀of฀Independent฀Rental฀Fleets.
(A)฀ ฀The฀ accompanying฀ Summary฀ of฀ Earnings฀ of฀
Independent฀ Rental฀ Fleets฀ includes฀ the฀ operations฀
of฀ rental฀ equipment฀ under฀ the฀ brand฀ name฀ of฀
“”U-Haul’’owned฀ by฀ independent฀ fleet฀ owners.
Earnings฀ data฀ represent฀ the฀ aggregate฀ results฀ of฀
operations฀before฀depreciation฀and฀taxes.Investment฀
data฀represent฀the฀cost฀of฀the฀rental฀equipment฀and฀
investments฀before฀accumulated฀depreciation.
฀ ฀Fleet฀owner฀income฀is฀based฀on฀Independent฀Rental฀
Dealer฀ reports฀ of฀ rentals฀ transacted฀ through฀ the฀
day฀preceding฀the฀last฀Monday฀of฀each฀month฀and฀
received฀ by฀ U-Haul฀ International,Inc.by฀ the฀ end฀
of฀the฀month฀and฀U-Haul฀Center฀reports฀of฀rentals฀
transacted฀ through฀ the฀ last฀ day฀ of฀ each฀ month.
Payments฀to฀fleet฀owners฀for฀trailers฀lost฀or฀retired฀
from฀rental฀service฀as฀a฀result฀of฀damage฀by฀accident฀
have฀ not฀ been฀ reflected฀ in฀ this฀ summary฀ because฀
such฀ payments฀ do฀ not฀ relate฀ to฀ earnings฀ before฀
depreciation฀and฀income฀taxes฀but,rather,investment฀
(depreciation).
฀ ฀The฀ investment฀ data฀is฀ based฀ upon฀ the฀ cost฀of฀the฀
rental฀ equipment฀ to฀ the฀ fleet฀ owners฀ as฀ reflected฀
by฀ sales฀ records฀ of฀ the฀ U-Haul฀ manufacturing฀
facilities.
(B)฀ ฀The฀ summary฀ of฀ earnings฀ data฀ stated฀ in฀ terms฀
of฀ an฀ amount฀ per฀ $100฀ of฀ average฀ investment฀
represents฀ the฀ aggregate฀ results฀ of฀ operations฀
(earnings฀ data)divided฀ by฀ the฀ average฀ amount฀ of฀
investment฀during฀the฀periods.The฀average฀amount฀
of฀investment฀is฀based฀upon฀a฀simple฀average฀of฀the฀
month-end฀investment฀ during฀ each฀ period.Average฀
earnings฀data฀is฀not฀necessarily฀representative฀of฀an฀
individual฀fleet฀owner’s฀earnings.
Additional Information
Summary of Earnings of Independent Rental Fleets