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)
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($ 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)
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| | 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 | |
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Jarden LTM Gross Profit Reconciliation (unaudited)
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($ 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)
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($ 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 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 | ) |
| | | | | | | | | | | | | | | | |
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)
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($ 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)
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($ 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 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 provisionfor 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 | |
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