Attached files
EXHIBIT 99.3
Unaudited Supplemental Information
for
Engineered Products Acquisition Limited
as of December 31, 2013
(US Presentation)
Unaudited Supplemental Information
for
Engineered Products Acquisition Limited
as of December 31, 2013
(US Presentation)
The audited financial statements of Engineered Products Acquisition Limited (“EPAL”) included as Exhibit 99.2 as of and for the year ended December 31, 2013 are prepared in accordance with UK GAAP with the amounts in British Pounds. The unaudited financial statement for EPAL for the six months ended June 30, 2014 and June 29, 2013 and pro forma financial information included as Exhibits 99.4 and Exhibit 99.5, respectively are presented in accordance with US GAAP with the amounts in US Dollars. The following unaudited tables are selected EPAL financial information as of and for the year ended December 31, 2013 prepared in accordance with US GAAP with the amounts in US Dollars. Together with Note 25 UK to US GAAP Reconciliation in the EPAL audited financial statements, these tables provide supplemental information for the purpose of converting the financial information to the US presentation.
| Engineered Products Acquisition Limited | ||||||||||||
| Supplemental Financial Information | ||||||||||||
| As of December 31, 2013 | ||||||||||||
| (Unaudited) | ||||||||||||
| Balance Sheet | As of December 31, 2013 (As Adjusted for US GAAP) | Currency Translation Adjustment (1) | As of December 31, 2013 | |||||||||
| £000 | $000 | |||||||||||
| Current Assets | £ | 10,336 | 6,762 | $ | 17,098 | |||||||
| Property and Equipment | 1,931 | 1,262 | 3,193 | |||||||||
| Other Assets | 1,512 | 990 | 2,502 | |||||||||
| Total Assets | £ | 13,779 | 9,014 | $ | 22,793 | |||||||
| Current Liabilities | £ | 8,907 | 5,825 | $ | 14,732 | |||||||
| Long-term Liabilities | 1,267 | 829 | 2,096 | |||||||||
| Stockholders' Equity | 3,605 | (3) | 2,360 | 5,965 | (2) | |||||||
| Total Liabilities and Stockholders' Equity | £ | 13,779 | 9,014 | $ | 22,793 | |||||||
____________
| (1) | The balance sheet items were translated into USD at the spot rate as of December 31, 2013 or for the applicable transaction date. | |
| (2) | In order to convert the company's financial statements from GBP to USD, Stockholders' Equity includes a positive cumulative translation adjustment of $514,795. | |
| (3) | Amount agrees to Note 25 UK to US GAAP Reconciliation in the EPAL audited financial statements. |
| 1 |
| Engineered Products Acquisition Limited | ||||||||||||
| Supplemental Financial Information | ||||||||||||
| For the Year Ended December 31, 2013 | ||||||||||||
| (Unaudited) | ||||||||||||
| Income Statement | For the Year Ended December 31, 2013 (As Adjusted for US GAAP) (1) | Currency Translation Adjustment (2) | For the Year Ended December 31, 2013 | |||||||||
| £000 | $000 | |||||||||||
| Net Sales | £ | 26,101 | 14,697 | $ | 40,798 | |||||||
| Gross Profit | 4,044 | 2,277 | 6,321 | |||||||||
| Operating Income | 959 | 540 | 1,499 | |||||||||
| Income Before Tax Provision | 3,903 | 2,021 | 5,924 | |||||||||
| Net Income | £ | 3,791 | (3) | 1,958 | $ | 5,749 | ||||||
____________
| (1) | As explained in Footnote 15 Acquisitions in the audited financial statements, EPAL acquired all the ordinary shares of Gweco 478 Limited, the holding company for Wardle Storeys (Group), on March 4, 2013. Accordingly, these amounts only include the operating results of Wardle Storeys (Group) for the ten months ended December 2013. | |
| (2) | The income statement items were translated into USD at the average rate for the reporting period. | |
| (3) | Amount agrees to Note 25 UK to US GAAP Reconciliation in the EPAL audited financial statements. |
As indicated in the tables, EPAL acquired all the ordinary shares of Gweco 478 Limited the holding company for Wardle Storeys (Group) on March 4, 2013. Accordingly the operating results for Wardle Storeys (Group) for the period from January 1, 2013 to March 3, 2013 are not included in the results of EPAL since it is prior to the acquisition. The following table summarize the operating results for this period:
For information purposes only:
| For the Period January 1, 2013 to March 3, 2013 | Currency Translation Adjustment (1) | For the Period January 1, 2013 to March 3, 2013 | ||||||||||
| £000 | $000 | |||||||||||
| Net Sales | £ | 5,709 | 3,261 | $ | 8,970 | |||||||
| Gross Profit | 782 | 427 | 1,175 | |||||||||
| Operating Income | 114 | 65 | 179 | |||||||||
| Income Before Tax Provision | 87 | 50 | 137 | |||||||||
| Net Income | £ | 73 | 42 | $ | 115 | |||||||
____________
| (1) | The items were translated into USD at the average rate for the reporting period. |
| 2 |