Attached files
| file | filename |
|---|---|
| 8-K - 8-K - O-I Glass, Inc. /DE/ | a12-5544_18k.htm |
| EX-99.2 - EX-99.2 - O-I Glass, Inc. /DE/ | a12-5544_1ex99d2.htm |
| EX-99.3 - EX-99.3 - O-I Glass, Inc. /DE/ | a12-5544_1ex99d3.htm |
| EX-99.4 - EX-99.4 - O-I Glass, Inc. /DE/ | a12-5544_1ex99d4.htm |
Exhibit 99.1
Owens-Illinois, Inc.
Unaudited Pro Forma Condensed Consolidated Financial Statements
The unaudited pro forma condensed consolidated financial statements set forth below for Owens-Illinois, Inc. give effect to the change in the method for accounting for U.S. inventories from LIFO to average costs as if the change had occurred on December 31, 2011 for balance sheet purposes and January 1, 2010 for income statement purposes. In the opinion of management, all adjustments necessary to present fairly the unaudited pro forma financial information have been made. The unaudited pro forma condensed consolidated financial statements should be read in conjunction with the historical financial statements of Owens-Illinois, Inc.
Owens-Illinois, Inc.
Unaudited Pro Forma Condensed Consolidated Balance Sheet
|
|
|
December 31, 2011 |
| |||||||
|
Dollars in millions, except per share amounts |
|
As Reported |
|
Effect of |
|
Pro Forma |
| |||
|
|
|
|
|
|
|
|
| |||
|
Assets |
|
|
|
|
|
|
| |||
|
Current assets: |
|
|
|
|
|
|
| |||
|
Cash and cash equivalents |
|
$ |
400 |
|
$ |
— |
|
$ |
400 |
|
|
Receivables, less allowances for losses and discounts |
|
1,158 |
|
|
|
1,158 |
| |||
|
Inventories |
|
1,012 |
|
49 |
|
1,061 |
| |||
|
Prepaid expenses |
|
124 |
|
|
|
124 |
| |||
|
|
|
|
|
|
|
|
| |||
|
Total current assets |
|
2,694 |
|
49 |
|
2,743 |
| |||
|
|
|
|
|
|
|
|
| |||
|
Other assets: |
|
|
|
|
|
|
| |||
|
Goodwill |
|
2,082 |
|
|
|
2,082 |
| |||
|
Other long-term assets |
|
1,273 |
|
|
|
1,273 |
| |||
|
Total other assets |
|
3,355 |
|
— |
|
3,355 |
| |||
|
|
|
|
|
|
|
|
| |||
|
Net property, plant, and equipment |
|
2,877 |
|
|
|
2,877 |
| |||
|
Total assets |
|
$ |
8,926 |
|
$ |
49 |
|
$ |
8,975 |
|
|
|
|
|
|
|
|
|
| |||
|
Liabilities and Share Owners’ Equity |
|
|
|
|
|
|
| |||
|
Current liabilities: |
|
|
|
|
|
|
| |||
|
Short-term loans and long-term debt due within one year |
|
$ |
406 |
|
$ |
— |
|
$ |
406 |
|
|
Accounts payable |
|
1,038 |
|
|
|
1,038 |
| |||
|
Other current liabilities |
|
801 |
|
|
|
801 |
| |||
|
Total current liabilities |
|
2,245 |
|
— |
|
2,245 |
| |||
|
Long-term debt |
|
3,627 |
|
|
|
3,627 |
| |||
|
Other long-term liabilities |
|
2,062 |
|
|
|
2,062 |
| |||
|
Share owners’ equity: |
|
|
|
|
|
|
| |||
|
The Company’s share owners’ equity: |
|
|
|
|
|
|
| |||
|
Common stock, par value $.01 per share |
|
2 |
|
|
|
2 |
| |||
|
Capital in excess of par value |
|
2,991 |
|
|
|
2,991 |
| |||
|
Treasury stock, at cost |
|
(405 |
) |
|
|
(405 |
) | |||
|
Retained earnings (loss) |
|
(428 |
) |
49 |
|
(379 |
) | |||
|
Accumulated other comprehensive loss |
|
(1,321 |
) |
|
|
(1,321 |
) | |||
|
Total share owners’ equity of the Company |
|
839 |
|
49 |
|
888 |
| |||
|
Noncontrolling interests |
|
153 |
|
|
|
153 |
| |||
|
Total share owners’ equity |
|
992 |
|
49 |
|
1,041 |
| |||
|
Total liabilities and share owners’ equity |
|
$ |
8,926 |
|
$ |
49 |
|
$ |
8,975 |
|
Owens-Illinois, Inc.
Unaudited Pro Forma Condensed Consolidated Results of Operations
|
|
|
Year ended December 31, 2011 |
| |||||||
|
Dollars in millions, except per share amounts |
|
As Reported |
|
Effect of |
|
Pro Forma |
| |||
|
|
|
|
|
|
|
|
| |||
|
Net sales |
|
$ |
7,358 |
|
$ |
— |
|
$ |
7,358 |
|
|
Manufacturing, shipping, and delivery |
|
(5,979 |
) |
10 |
|
(5,969 |
) | |||
|
Gross profit |
|
1,379 |
|
10 |
|
1,389 |
| |||
|
|
|
|
|
|
|
|
| |||
|
Selling and administrative expense |
|
(556 |
) |
|
|
(556 |
) | |||
|
Research, development, and engineering expense |
|
(71 |
) |
|
|
(71 |
) | |||
|
Interest expense |
|
(314 |
) |
|
|
(314 |
) | |||
|
Interest income |
|
11 |
|
|
|
11 |
| |||
|
Equity earnings |
|
66 |
|
|
|
66 |
| |||
|
Royalties and net technical assistance |
|
16 |
|
|
|
16 |
| |||
|
Other income |
|
11 |
|
|
|
11 |
| |||
|
Other expense |
|
(948 |
) |
|
|
(948 |
) | |||
|
|
|
|
|
|
|
|
| |||
|
Earnings (loss) from continuing operations before income taxes |
|
(406 |
) |
10 |
|
(396 |
) | |||
|
Provision for income taxes |
|
(85 |
) |
|
|
(85 |
) | |||
|
Earnings (loss) from continuing operations |
|
(491 |
) |
10 |
|
(481 |
) | |||
|
Net earnings of discontinued operations |
|
1 |
|
|
|
1 |
| |||
|
Net earnings (loss) |
|
(490 |
) |
10 |
|
(480 |
) | |||
|
Net earnings attributable to noncontrolling interests |
|
(20 |
) |
|
|
(20 |
) | |||
|
|
|
|
|
|
|
|
| |||
|
Net earnings (loss) attributable to the Company |
|
$ |
(510 |
) |
$ |
10 |
|
$ |
(500 |
) |
|
|
|
|
|
|
|
|
| |||
|
Amounts attributable to the Company: |
|
|
|
|
|
|
| |||
|
Earnings (loss) from continuing operations |
|
$ |
(511 |
) |
$ |
10 |
|
$ |
(501 |
) |
|
Net earnings of discontinued operations |
|
1 |
|
|
|
1 |
| |||
|
Net earnings (loss) |
|
$ |
(510 |
) |
$ |
10 |
|
$ |
(500 |
) |
|
|
|
|
|
|
|
|
| |||
|
Basic earnings per share: |
|
|
|
|
|
|
| |||
|
Earnings (loss) from continuing operations |
|
$ |
(3.12 |
) |
$ |
0.06 |
|
$ |
(3.06 |
) |
|
Net earnings of discontinued operations |
|
0.01 |
|
|
|
0.01 |
| |||
|
Net earnings (loss) |
|
$ |
(3.11 |
) |
$ |
0.06 |
|
$ |
(3.05 |
) |
|
|
|
|
|
|
|
|
| |||
|
Diluted earnings per share: |
|
|
|
|
|
|
| |||
|
Earnings (loss) from continuing operations |
|
$ |
(3.12 |
) |
$ |
0.06 |
|
$ |
(3.06 |
) |
|
Net earnings of discontinued operations |
|
0.01 |
|
|
|
0.01 |
| |||
|
Net earnings (loss) |
|
$ |
(3.11 |
) |
$ |
0.06 |
|
$ |
(3.05 |
) |
Owens-Illinois, Inc.
Unaudited Pro Forma Condensed Consolidated Results of Operations
|
|
|
Year ended December 31, 2010 |
| |||||||
|
Dollars in millions, except per share amounts |
|
As Reported |
|
Effect of |
|
Pro Forma |
| |||
|
|
|
|
|
|
|
|
| |||
|
Net sales |
|
$ |
6,633 |
|
$ |
— |
|
$ |
6,633 |
|
|
Manufacturing, shipping, and delivery |
|
(5,283 |
) |
2 |
|
(5,281 |
) | |||
|
Gross profit |
|
1,350 |
|
2 |
|
1,352 |
| |||
|
|
|
|
|
|
|
|
| |||
|
Selling and administrative expense |
|
(492 |
) |
|
|
(492 |
) | |||
|
Research, development, and engineering expense |
|
(62 |
) |
|
|
(62 |
) | |||
|
Interest expense |
|
(249 |
) |
|
|
(249 |
) | |||
|
Interest income |
|
13 |
|
|
|
13 |
| |||
|
Equity earnings |
|
59 |
|
|
|
59 |
| |||
|
Royalties and net technical assistance |
|
16 |
|
|
|
16 |
| |||
|
Other income |
|
16 |
|
|
|
16 |
| |||
|
Other expense |
|
(227 |
) |
|
|
(227 |
) | |||
|
|
|
|
|
|
|
|
| |||
|
Earnings from continuing operations before income taxes |
|
424 |
|
2 |
|
426 |
| |||
|
Provision for income taxes |
|
(129 |
) |
|
|
(129 |
) | |||
|
Earnings from continuing operations |
|
295 |
|
2 |
|
297 |
| |||
|
Net loss of discontinued operations |
|
(300 |
) |
|
|
(300 |
) | |||
|
Net earnings (loss) |
|
(5 |
) |
2 |
|
(3 |
) | |||
|
Net earnings attributable to noncontrolling interests |
|
(42 |
) |
|
|
(42 |
) | |||
|
|
|
|
|
|
|
|
| |||
|
Net earnings (loss) attributable to the Company |
|
$ |
(47 |
) |
$ |
2 |
|
$ |
(45 |
) |
|
|
|
|
|
|
|
|
| |||
|
Amounts attributable to the Company: |
|
|
|
|
|
|
| |||
|
Earnings from continuing operations |
|
$ |
258 |
|
$ |
2 |
|
$ |
260 |
|
|
Net loss of discontinued operations |
|
(305 |
) |
|
|
(305 |
) | |||
|
Net earnings (loss) |
|
$ |
(47 |
) |
$ |
2 |
|
$ |
(45 |
) |
|
|
|
|
|
|
|
|
| |||
|
Basic earnings per share: |
|
|
|
|
|
|
| |||
|
Earnings from continuing operations |
|
$ |
1.57 |
|
$ |
0.01 |
|
$ |
1.58 |
|
|
Net loss of discontinued operations |
|
(1.86 |
) |
|
|
(1.86 |
) | |||
|
Net earnings (loss) |
|
$ |
(0.29 |
) |
$ |
0.01 |
|
$ |
(0.28 |
) |
|
|
|
|
|
|
|
|
| |||
|
Diluted earnings per share: |
|
|
|
|
|
|
| |||
|
Earnings from continuing operations |
|
$ |
1.55 |
|
$ |
0.01 |
|
$ |
1.56 |
|
|
Net loss of discontinued operations |
|
(1.83 |
) |
|
|
(1.83 |
) | |||
|
Net earnings (loss) |
|
$ |
(0.28 |
) |
$ |
0.01 |
|
$ |
(0.27 |
) |