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 July 1, 2003 to July 31, 2003
Current Period Activity Activity - Filing Period to Date
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ACTUAL PROJECTED ACTUAL PROJECTED
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Cash - Beginning of Period $ 66,568,411 $ 29,852,000 $ 101,226,814 $ 99,778,000
Receipts:
Credit Card and Local Deposits $ 188,676,956 $ 222,588,000 $3,451,050,851 $3,393,382,000
Collections of Accounts Receivable 39,816,756 37,502,000 1,050,222,729 665,514,000
Other Receipts 54,732,421 28,723,000 770,776,197 456,870,000
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Total Receipts $ 283,226,133 $ 288,813,000 $5,272,049,777 $4,515,766,000
Disbursements:
US Trustee Fees Paid $ 83,500 $ -- $ 545,750 $ --
4 Fleet Operating Expenses 12,210,713 15,465,000 288,130,496 299,169,000
5a Personnel - Net Cash Payroll 20,541,290 22,409,198 432,318,523 407,402,318
5b Personnel - Payroll Taxes Paid 7,247,248 7,906,272 163,644,082 151,004,633
5c Personnel - Benefits Payments 6,986,666 7,621,994 129,949,419 120,768,878
5d Personnel - Payments of Garnishments Withheld 193,904 211,537 3,667,660 3,462,415
6 Travel Expenses Paid 305,503 845,000 9,057,621 9,647,000
7 Fuel Payments For Rental Fleet 4,330,977 5,199,000 80,984,581 91,404,000
8 Airport - Agency - Concession Fees Paid 16,288,961 18,328,000 342,761,920 204,111,000
9 Insurance Payments All 10,560,557 15,876,000 200,697,063 229,421,000
11 Facility and Other Fixed Operating Expenses Paid 18,498,910 23,962,000 347,016,556 253,700,000
13 Travel Agency Tour Operator Commission Payments 5,454,586 9,018,000 145,013,999 155,827,000
14 Advertising Payments 2,818,625 7,394,000 96,287,165 133,681,000
15 IT Consulting Payments 4,731,609 5,408,000 97,466,880 89,626,000
16 IT Other Cash Payments 1,193,519 847,000 36,478,886 81,839,000
17 Sales Taxes and Other Taxes Paid 18,811,226 20,570,000 410,179,782 477,542,000
18 Professional Fees Paid - Ordinary Course 1,496,690 1,184,000 26,189,983 13,771,000
19 Professional Fees Paid - Bankruptcy Professionals 1,232,115 1,394,000 42,189,018 44,296,000
20 Other Miscellaneous Operating Expenses Paid 3,246,399 1,394,000 165,877,408 68,298,000
23 Capital Expenditures 1,561,606 1,480,000 27,425,592 93,289,000
24 Interest and Financing Fees Paid 5,783,862 4,376,000 50,727,061 39,803,000
25 Vehicle Holding Costs Paid 86,872,394 81,646,000 1,630,469,328 1,447,186,000
25.1 Fleet Purchase Payments and Financing Enhancements 32,902,124 12,000,000 555,756,256 351,954,000
26 Working Capital Fundings to Subsidiaries -- -- 4,000,000 6,000,000
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Total Disbursements $ 263,352,984 $ 264,535,000 $5,286,835,031 $4,773,202,245
Net Cash Flow $ 19,873,149 $ 24,278,000 $ (14,785,254) $ (257,436,245)
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Cash at End of Period $ 86,441,560 $ 54,130,000 $ 86,441,560 $ (157,658,245)
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Notes: "Projected" amounts for the month of July posted from the 2003
Cash Collateral Budget.
Beginning Projected Balance for March '03 adjusted to 2003 Cash
Collateral Beginning Balance and carried forward to July
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
July 31, 2003
Assets
Cash & Cash Equivalents $ 85,845,271
Restricted Cash 596,289
Receivables, net 132,285,160
Prepaid Expenses 55,279,801
Revenue Earning Vehicles, net (50,051,930)
Property Plant & Equip, net 189,947,350
Investment in Subsidiaries 3,881,917,762
Other Assets 71,214,326
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Total Assets $ 4,367,034,029
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Liabilities & Shareholders' Equity
Accounts Payable $ 129,215,506
Accrued Liabilities 231,421,092
Insurance Reserves 270,201,285
Other Debt 384,593,431
Deferred Income Taxes 253,710,734
Interest Rate Hedges at Fair Value 82,260,000
Due to Affiliates 35,663,998
Other Liabilities 88,209,754
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Total Liabilities 1,475,275,800
Shareholders' Equity 2,891,758,229
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Total Liabilities & Shareholders' Equity $ 4,367,034,029
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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 ($364) 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.,
Case Number 01-11200 Jointly
Administered Combined Statement of Operations
For the Periods as Indicated
For the Period
For the One 11/13/2001
Month Ended through
07/31/2003 07/31/2003
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Total Revenue 193,390,951 3,447,918,342
Direct Operating Costs 74,672,923 1,669,038,297
Vehicle Depreciation, net 64,058,968 1,389,375,587
SGA 31,623,412 724,650,999
Amortization of Intangibles -- 305,027
Transition Cost (Benefit) 4,735,231 189,904,796
Interest Income (158,270) (4,187,138)
Interest Expense (Income) 2,606,860 90,715,919
FMV Stand Alone Caps 2,004,803 64,818,726
Other (Income) / expense net (116,760) 120,362,777
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Net Income 13,963,784 (797,066,648)
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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.