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EXHIBIT 99.1
ANC RENTAL CORPORATION, ET AL. CASE NO. 01-11200 JOINTLY ADMINISTERED
COMBINED SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS - SUBSTITUTE MOR-1
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FOR THE PERIOD MARCH 1, 2003 TO MARCH 31, 2003
CURRENT PERIOD ACTIVITY ACTIVITY - FILING PERIOD TO DATE
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ACTUAL PROJECTED ACTUAL PROJECTED
------------ ------------ -------------- --------------
Cash - Beginning of Period $ 57,635,915 $ 81,773,000 $ 101,226,814 $ 99,778,000
Receipts:
Credit Card and Local Deposits $169,753,637 $159,069,000 $2,779,785,234 $2,655,154,000
Collections of Accounts Receivable 43,408,097 24,792,000 872,013,916 537,123,000
Other Receipts 60,220,965 42,245,000 513,477,016 359,495,000
------------ ------------ -------------- --------------
Total Receipts $273,382,699 $226,106,000 $4,165,276,165 $3,551,772,000
Disbursements:
US Trustee Fees Paid $ -- $ -- $ 383,250 $ --
4 Fleet Operating Expenses $ 14,480,005 11,642,000 233,990,968 245,251,000
5a Personnel - Net Cash Payroll $ 17,732,060 16,244,255 355,576,164 324,875,177
5b Personnel - Payroll Taxes Paid $ 6,913,841 6,333,737 133,760,656 119,118,311
5c Personnel - Benefits Payments $ 6,211,256 5,690,102 102,911,238 92,048,126
5d Personnel - Payments of Garnishments Withheld $ 155,995 142,906 2,947,704 2,700,632
6 Travel Expenses Paid $ 708,865 750,000 7,626,026 6,565,000
7 Fuel Payments For Rental Fleet $ 4,816,914 4,231,000 64,866,178 72,462,000
8 Airport - Agency - Concession Fees Paid $ 10,459,360 16,268,000 272,950,095 122,564,000
9 Insurance Payments All $ 10,558,606 14,764,000 157,297,885 180,747,000
11 Facility and Other Fixed Operating Expenses Paid $ 13,549,147 13,352,000 278,590,391 190,883,000
13 Travel Agency Tour Operator Commission Payments $ 4,627,728 7,825,000 117,320,524 123,588,000
14 Advertising Payments $ 7,387,149 8,722,000 84,710,035 107,256,000
15 IT Consulting Payments $ 5,515,437 8,327,000 78,953,746 63,903,000
16 IT Other Cash Payments $ 1,386,437 1,146,000 31,057,034 78,325,000
17 Sales Taxes and Other Taxes Paid $ 14,524,597 16,777,000 334,447,217 396,559,000
18 Professional Fees Paid - Ordinary Course $ 2,064,852 1,155,000 20,032,477 9,347,000
19 Professional Fees Paid - Bankruptcy Professionals $ 3,088,797 2,787,000 32,912,465 34,541,000
20 Other Miscellaneous Operating Expenses Paid $ 13,174,049 3,787,000 140,588,547 63,470,000
23 Capital Expenditures $ 2,306,366 4,570,000 21,136,927 85,139,000
24 Interest and Financing Fees Paid $ 1,943,718 1,854,000 31,724,856 21,240,000
25 Vehicle Holding Costs Paid $101,520,792 77,188,000 1,233,573,181 1,131,024,000
25.1 Fleet Purchase Payments and Financing Enhancements $ 9,085,587 8,000,000 446,338,358 303,959,000
26 Working Capital Fundings to Subsidiaries -- -- 4,000,000 6,000,000
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Total Disbursements $252,211,558 $231,556,000 $4,187,695,924 $3,781,565,245
Net Cash Flow $ 21,171,141 $ (5,450,000) $ (22,419,758) $ (229,793,245)
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Cash at End of Period $ 78,807,056 $ 76,323,000 $ 78,807,056 $ (130,015,245)
============ ============ ============== ==============
Notes: "Projected" amounts for the month of March posted from the 2003 Cash
Collateral Budget.
Beginning Projected Balance for March adjusted to 2003 Cash Collateral
Beginning Balance.
Projected amounts for the Filing Period to Date reflect a combination
of:
a. original cash budget
b. revised cash budget of February 15, 2002
c. Cash Collateral Budget of 2003
Effective July 2002, category 12 "Other" has been combined with
Category 20 "Other"
Effective August 2002, all Insurance payments combined in item 9
"Insurance All"
ANC RENTAL CORPORATION ET AL.,
CASE NO. 01-11200 JOINTLY ADMINISTERED
SUMMARY COMBINED BALANCE SHEET
MARCH 31, 2003
ASSETS
Cash & Cash Equivalents $ 78,210,696
Restricted Cash 596,360
Receivables, net 80,852,893
Prepaid Expenses 52,254,160
Revenue Earning Vehicles, net (51,909,039)
Property Plant & Equip, net 214,131,123
Investment in Subsidiaries 3,756,909,350
Other Assets 48,046,077
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TOTAL ASSETS $4,179,091,620
==============
LIABILITIES & SHAREHOLDERS' EQUITY
Accounts Payable $ 143,608,957
Accrued Liabilities 225,176,290
Insurance Reserves 300,376,110
Other Debt 332,785,270
Deferred Income Taxes 253,710,734
Interest Rate Hedges at Fair Value 82,260,000
Due to Affiliates 728,438,408
Other Liabilities 88,477,877
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TOTAL LIABILITIES 2,154,833,646
Shareholders' Equity 2,024,257,974
--------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $4,179,091,620
==============
The Summary Combined Balance Sheet represents the combined balance sheets of the
legal entity Debtors only and does not include either the elimination of
inter-company transactions and investments as required under Generally Accepted
Accounting Principles or the balance sheets of the Non-Debtors. Had
inter-company transactions been eliminated and the balance sheets of the
Non-Debtors, which are also wholly owned subsidiaries, been included and
consolidated, Investments in Subsidiary would have been fully eliminated, Due to
Affiliates would have been fully eliminated and Shareholders' Equity (Deficit)
would have been ($369) million. A non-consolidated combining balance sheet has
the effect of artificially inflating inter-company assets, inter-company
liabilities and shareholders' equity (deficit). Nevertheless such presentation
is required by the Operating Guidelines and Reporting Requirements established
by the Office of the United States Trustee.
ANC RENTAL CORPORATION, ET AL., FOR THE PERIOD
CASE NUMBER 01-11200 JOINTLY ADMINISTERED 11/13/2001
COMBINED STATEMENT OF OPERATIONS FOR THE ONE MONTH THROUGH
FOR THE PERIODS AS INDICATED ENDED MARCH 31, 2003 03/31/2003
- ----------------------------------------- -------------------- --------------
Total Revenue 156,505,210 2,782,120,259
Direct Operating Costs 76,480,283 1,378,164,534
Vehicle Depreciation, net 61,474,450 1,136,343,153
SGA 36,978,760 610,375,785
Amortization of Intangibles -- 305,027
Transition Cost (Benefit) (19,127,607) 165,654,209
Interest Income (88,430) (3,739,458)
Interest Expense (Income) (5,116,123) 80,989,618
FMV Stand Alone Caps 2,170,318 47,774,269
Other (Income) / Expense net (91,930) 120,811,583
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Net Income 3,825,489 (754,558,461)
=========== =============
Note: Obligations incurred by ANC Management Services, Inc., Republic Guy
Salmon, Inc., and certain other subsidiaries are settled by ANC Rental
Corporation then charged to the respective subsidiary by way of an intercompany
charge.