Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - JARDEN CORP | d591320d8k.htm |
| EX-99.2 - EX-99.2 - JARDEN CORP | d591320dex992.htm |
| EX-23.2 - EX-23.2 - JARDEN CORP | d591320dex232.htm |
| EX-23.1 - EX-23.1 - JARDEN CORP | d591320dex231.htm |
| EX-99.4 - EX-99.4 - JARDEN CORP | d591320dex994.htm |
| EX-99.1 - EX-99.1 - JARDEN CORP | d591320dex991.htm |
| EX-99.3 - EX-99.3 - JARDEN CORP | d591320dex993.htm |
Exhibit 99.5
Supplemental Pro Forma Financial Information (unaudited)
| ($ in millions) | ||||||||||||
| Jarden 12 Months Ended 6/30/13 |
Yankee Candle 52 Weeks Ended 6/29/2013 |
Pro Forma 12 Months Ended 6/30/13 |
||||||||||
| Net sales |
$ | 6,865 | $ | 863 | $ | 7,728 | ||||||
| Adjusted gross profit |
$ | 1,985 | $ | 494 | $ | 2,479 | ||||||
| % Margin |
28.9 | % | 57.2 | % | 32.1 | % | ||||||
| Adjusted EBITDA (Segment Earnings) |
$ | 813 | $ | 205 | $ | 1,018 | ||||||
| % Margin |
11.8 | % | 23.8 | % | 13.2 | % | ||||||
Supplemental Combined Financial Information (unaudited)
| ($ in millions) | ||||||||||||
| Jarden 12 Months Ended 6/30/13 |
Yankee Candle 52 Weeks Ended 6/29/2013 |
Combined 12 Months Ended 6/30/13 |
||||||||||
| Cash flow from operations |
$ | 436 | $ | 82 | $ | 518 | ||||||
Jarden Supplemental Financial Information (unaudited)
| ($ in millions) | Six Months Ended | |||||||||||
| 6/30/2013 | 6/30/2012 | Inc/(Dec) % | ||||||||||
| Net sales |
$ | 3,340 | $ | 3,171 | 5.3 | % | ||||||
| Adjusted gross profit |
$ | 962 | $ | 916 | 5.0 | % | ||||||
| % Margin |
28.8 | % | 28.9 | % | ||||||||
| Adjusted EBITDA (Segment Earnings) |
$ | 348 | $ | 349 | (0.4 | %) | ||||||
| % Margin |
10.4 | % | 11.0 | % | ||||||||
| Cash flow from operations |
$ | (41 | ) | $ | 3 | NM | ||||||
Jarden Corporation
Reconciliation of GAAP to Non-GAAP
Jarden Latest Twelve Months (“LTM”) Segment Earnings Reconciliation (unaudited)
| ($ in millions) | Year Ended | Six Months Ended | LTM Ended | |||||||||||||
| 12/31/2012 | 6/30/2013 | 6/30/2012 | 6/30/2013 | |||||||||||||
| Reconciliation of Non-GAAP measure: |
||||||||||||||||
| Net income |
$ | 244 | $ | 72 | $ | 118 | $ | 198 | ||||||||
| Income tax provision |
148 | 42 | 70 | 120 | ||||||||||||
| Interest expense, net |
185 | 96 | 90 | 191 | ||||||||||||
| Loss on early extinguishment of debt |
— | 26 | — | 26 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Operating Earnings |
$ | 577 | $ | 236 | $ | 278 | $ | 535 | ||||||||
| Adjustments to reconcile to Segment Earnings |
||||||||||||||||
| Depreciation and amortization |
$ | 153 | $ | 76 | $ | 71 | $ | 158 | ||||||||
| Fair market value adjustments to inventory |
6 | 5 | — | 11 | ||||||||||||
| Reorganization costs, net |
27 | 2 | — | 29 | ||||||||||||
| Acquisition-related and other costs, net |
17 | — | — | 17 | ||||||||||||
| Venezuela devaluation-related charges |
— | 29 | — | 29 | ||||||||||||
| Cumulative adjustment of stock compensation |
34 | — | — | 34 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Segment Earnings |
$ | 814 | $ | 348 | $ | 349 | $ | 813 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
Jarden Historical Segment Earnings Reconciliation (unaudited)
| Years Ended December 31, | ||||||||||||||||||||
| ($ in millions) | 2008 | 2009 | 2010 | 2011 | 2012 | |||||||||||||||
| Reconciliation of Non-GAAP measure: |
||||||||||||||||||||
| Net income (loss) |
$ | (59 | ) | $ | 129 | $ | 107 | $ | 205 | $ | 244 | |||||||||
| Income tax provision |
26 | 111 | 123 | 126 | 148 | |||||||||||||||
| Interest expense, net |
179 | 147 | 177 | 179 | 185 | |||||||||||||||
| Loss on early extinguishment of debt |
— | — | 13 | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Operating Earnings |
146 | 387 | 407 | 523 | 577 | |||||||||||||||
| Adjustments to reconcile to Adjusted EBITDA (Segment Earnings) |
| |||||||||||||||||||
| Depreciation and amortization |
$ | 120 | $ | 130 | $ | 143 | $ | 164 | $ | 153 | ||||||||||
| Fair value of adjustment to inventory |
— | — | 27 | 7 | 6 | |||||||||||||||
| Venezuela hyperinflationary and devaluation charges |
— | — | 71 | — | — | |||||||||||||||
| Reorganization costs, net |
60 | 49 | — | 23 | 27 | |||||||||||||||
| Acquisition-related and other costs, net |
— | — | 42 | 21 | 17 | |||||||||||||||
| Impairment of goodwill, intangibles and other assets |
283 | 23 | 20 | 53 | 34 | |||||||||||||||
| Other adjustments |
— | 17 | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Adjusted EBITDA (Segment Earnings) |
$ | 609 | $ | 606 | $ | 710 | $ | 791 | $ | 814 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Jarden LTM Gross Profit Reconciliation (unaudited)
| ($ in millions) | Year Ended | Six Months Ended | LTM Ended 6/30/2013 |
|||||||||||||
| 12/31/2012 | 6/30/2013 | 6/30/2012 | ||||||||||||||
| Reconciliation of Non-GAAP measure: |
||||||||||||||||
| Net sales |
$ | 6,696 | $ | 3,340 | $ | 3,171 | $ | 6,865 | ||||||||
| Cost of sales |
4,772 | 2,383 | 2,255 | 4,900 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Gross profit |
$ | 1,924 | $ | 957 | $ | 916 | $ | 1,965 | ||||||||
| Adjustments to reconcile to Adjusted Gross Profit |
||||||||||||||||
| Fair market value adjustments to inventory |
6 | 5 | — | 11 | ||||||||||||
| Accelerated depreciation related to international platform rationalization |
9 | — | — | 9 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjusted Gross Profit |
$ | 1,939 | $ | 962 | $ | 916 | $ | 1,985 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
Yankee Candle Segment Earnings Reconciliation (unaudited)
| ($ in millions) | 52 Weeks Ended |
26 Weeks Ended | 52 Weeks Ended |
|||||||||||||
| 12/29/2012 | 6/29/2013 | 6/30/2012 | 6/29/2013 | |||||||||||||
| Reconciliation of Non-GAAP measure: |
||||||||||||||||
| Net income (loss) |
$ | 33 | $ | (18 | ) | $ | (28 | ) | $ | 43 | ||||||
| Provision of income taxes |
22 | (9 | ) | (16 | ) | 29 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income (loss) from continuing operations before provision for income taxes |
$ | 55 | $ | (27 | ) | $ | (44 | ) | $ | 72 | ||||||
| Adjustments to reconcile to Income from continuing operations before provision for income taxes |
||||||||||||||||
| Interest expense |
$ | 107 | $ | 49 | $ | 53 | $ | 103 | ||||||||
| Depreciation and amortization |
35 | 17 | 18 | 34 | ||||||||||||
| Amortization included in interest expense |
(7 | ) | (4 | ) | (3 | ) | (8 | ) | ||||||||
| Realized gain on derivative contracts |
(8 | ) | (2 | ) | (4 | ) | (6 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| EBITDA from Continuing Operations |
$ | 182 | $ | 33 | $ | 20 | $ | 195 | ||||||||
| Loss on early extinguishment of debt |
13 | — | 13 | — | ||||||||||||
| Restructuring costs |
2 | 1 | 1 | 2 | ||||||||||||
| Non-recurring advisory fee |
1 | 1 | 1 | 1 | ||||||||||||
| Realized losses on foreign currency |
1 | — | 1 | — | ||||||||||||
| Non-cash equity based compensation |
1 | — | — | 1 | ||||||||||||
| Other one-time charges |
1 | 1 | 1 | 1 | ||||||||||||
| Estimated impact of certain non-recurring events |
5 | 1 | 1 | 5 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Segment Earnings |
$ | 206 | $ | 37 | $ | 38 | $ | 205 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
Yankee Candle Historical Adjusted EBITDA Reconciliation (unaudited)
| ($ in millions) | Fiscal Years Ended December | |||||||||||||||||||
| 2008 | 2009 | 2010 | 2011 | 2012 | ||||||||||||||||
| Reconciliation of Non-GAAP measure: |
||||||||||||||||||||
| Net income (loss) |
$ | (409 | ) | $ | 16 | $ | 42 | $ | 34 | $ | 33 | |||||||||
| Loss from discontinued operations, net of income taxes |
23 | 8 | — | — | — | |||||||||||||||
| Provision for (benefit from) income taxes |
(13 | ) | 17 | 24 | 20 | 22 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income (loss) from continuing operations before provision for (benefit from) income taxes |
$ | (399 | ) | $ | 41 | $ | 66 | $ | 54 | $ | 55 | |||||||||
| Adjustments to reconcile to Income from continuing operations before provision for income taxes |
||||||||||||||||||||
| Interest expense |
$ | 91 | $ | 86 | $ | 80 | $ | 89 | $ | 92 | ||||||||||
| Depreciation |
27 | 27 | 38 | 25 | 26 | |||||||||||||||
| Amortization |
18 | 20 | 5 | 19 | 9 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| EBITDA from Continuing Operations |
$ | (263 | ) | $ | 174 | $ | 189 | $ | 187 | $ | 182 | |||||||||
| Loss (gain) on early extinguishment of debt |
(2 | ) | — | — | — | 13 | ||||||||||||||
| Restructuring costs |
— | 2 | 1 | — | 2 | |||||||||||||||
| Non-recurring advisory fee |
2 | 2 | 2 | 2 | 1 | |||||||||||||||
| Realized losses on foreign currency |
1 | 1 | — | — | 1 | |||||||||||||||
| Non-cash equity based compensation |
1 | 1 | 1 | 4 | 1 | |||||||||||||||
| Other one-time charges |
454 | — | 1 | — | 1 | |||||||||||||||
| Estimated impact of certain non-recurring events |
— | — | — | — | 5 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Segment Earnings |
$ | 193 | $ | 180 | $ | 194 | $ | 193 | $ | 206 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Yankee Candle Gross Profit Reconciliation (unaudited)
| ($ in millions) | 52 Weeks Ended |
26 Weeks Ended | 52 Weeks |
|||||||||||||
| 12/29/2012 | 6/29/2013 | 6/30/2012 | 6/29/2013 | |||||||||||||
| Reconciliation of Non-GAAP measure: |
||||||||||||||||
| Net sales |
$ | 844 | $ | 319 | $ | 300 | $ | 863 | ||||||||
| Cost of sales |
364 | 145 | 135 | 374 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Gross profit |
$ | 480 | $ | 174 | $ | 165 | $ | 489 | ||||||||
| Adjustments to reconcile to Adjusted Gross Profit |
||||||||||||||||
| Estimated impact of certain non-recurring events |
5 | 1 | 1 | 5 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjusted Gross Profit |
$ | 485 | $ | 175 | $ | 166 | $ | 494 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
Pro Forma Combined Adjusted EBITDA Reconciliation (unaudited)
| ($ in millions) | LTM Ended 6/30/2013 |
|||
| Pro Forma | ||||
| Reconciliation of Non-GAAP measure: |
||||
| Net income |
$ | 273 | ||
| Provision of income taxes |
168 | |||
|
|
|
|||
| Income from continuing operations before provision for income taxes |
$ | 441 | ||
| Interest expense |
$ | 227 | ||
| Realized gain on derivative contracts |
(6 | ) | ||
| Loss on early extinguishment of debt |
26 | |||
|
|
|
|||
| EBIT |
$ | 688 | ||
| Depreciation and amortization |
$ | 208 | ||
| Amortization included in interest expense |
(8 | ) | ||
|
|
|
|||
| EBITDA from Continuing Operations |
$ | 888 | ||
| Fair market value adjustments to inventory |
11 | |||
| Reorganization costs, net |
29 | |||
| Acquisition-related and other costs, net |
17 | |||
| Venezuela devaluation-related charges |
29 | |||
| Cumulative adjustment of stock compensation |
35 | |||
| Restructuring costs, net |
2 | |||
| Non-recurring advisory fee |
1 | |||
| Other one-time charges |
1 | |||
| Estimated impact of certain non-recurring events |
5 | |||
|
|
|
|||
| Segment Earnings |
$ | 1,018 | ||
|
|
|
|||