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 | ||||||||||||
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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 | ||||||||||||
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Segment Earnings | $ | 814 | $ | 348 | $ | 349 | $ | 813 | ||||||||
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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 | — | ||||||||||||||||
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Operating Earnings | 146 | 387 | 407 | 523 | 577 | |||||||||||||||
Adjustments to reconcile to Adjusted EBITDA (Segment Earnings) |
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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 | — | — | — | |||||||||||||||
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Adjusted EBITDA (Segment Earnings) | $ | 609 | $ | 606 | $ | 710 | $ | 791 | $ | 814 | ||||||||||
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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 | ||||||||||||
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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 | ||||||||||||
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Adjusted Gross Profit | $ | 1,939 | $ | 962 | $ | 916 | $ | 1,985 | ||||||||
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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 | ||||||||||
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Income (loss) from continuing operations before provisionfor 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 | ) | ||||||||
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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 | ||||||||||||
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Segment Earnings | $ | 206 | $ | 37 | $ | 38 | $ | 205 | ||||||||
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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 | ||||||||||||||
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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 | |||||||||||||||
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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 | |||||||||||||||
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Segment Earnings | $ | 193 | $ | 180 | $ | 194 | $ | 193 | $ | 206 | ||||||||||
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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 | ||||||||||||
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Gross profit | $ | 480 | $ | 174 | $ | 165 | $ | 489 | ||||||||
Adjustments to reconcile to Adjusted Gross Profit | ||||||||||||||||
Estimated impact of certain non-recurring events | 5 | 1 | 1 | 5 | ||||||||||||
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Adjusted Gross Profit | $ | 485 | $ | 175 | $ | 166 | $ | 494 | ||||||||
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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 | |||
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Income from continuing operations before provisionfor income taxes | $ | 441 | ||
Interest expense | $ | 227 | ||
Realized gain on derivative contracts | (6 | ) | ||
Loss on early extinguishment of debt | 26 | |||
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EBIT | $ | 688 | ||
Depreciation and amortization | $ | 208 | ||
Amortization included in interest expense | (8 | ) | ||
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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 | |||
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Segment Earnings | $ | 1,018 | ||
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