Rayovac 2014 Annual Report Download - page 65

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Below are reconciliations of GAAP Net income (loss), as adjusted, to Adjusted Earnings Before Interest and
Taxes (“Adjusted EBIT”) and to Adjusted EBITDA for each segment and for Consolidated SB Holdings for
Fiscal 2013 and Fiscal 2012:
Fiscal 2013
Global
Batteries &
Appliances
Global Pet
Supplies
Home and
Garden
Hardware &
Home
Improvement
Corporate /
Unallocated
Items(a)
Consolidated
SB Holdings
(in millions)
Net income (loss), as adjusted(a) .......... $214 $ 77 $ 78 $ 75 $(499) $ (55)
Pre-acquisition earnings of HHI(b) .... — — — 30 — 30
Income tax expense ................ — — — — 27 27
Interest expense ................... — — — — 376 376
Acquisition and integration related
charges ........................ 6 2 — 7 33 48
Restructuring and related charges ..... 15 11 1 6 1 34
HHI Business inventory fair value
adjustment ..................... — — — 31 — 31
Venezuela devaluation .............. 2 — — — — 2
Adjusted EBIT ........................ $237 $ 90 $ 79 $149 $ (62) $493
Depreciation and amortization(c) . . . . . 67 30 11 32 44 184
Adjusted EBITDA ..................... $304 $120 $ 90 $181 $ (18) $677
Fiscal 2012
Global
Batteries &
Appliances
Global Pet
Supplies
Home and
Garden
Hardware &
Home
Improvement
Corporate /
Unallocated
Items(a)
Consolidated
SB Holdings
(in millions)
Net income (loss), as adjusted(a) .......... $221 $ 70 $ 71 $— $(313) $ 49
Pre-acquisition earnings of HHI(b) . . . . — — — 183 — 183
Income tax expense ................ — — — — 60 60
Interest expense ................... — — — — 192 192
Acquisition and integration related
charges ........................ 15 5 2 — 9 31
Restructuring and related charges ..... 7 10 1 — 1 19
Adjusted EBIT ........................ $243 $ 85 $ 74 $183 $ (51) $534
Depreciation and amortization(c) . . . . . 64 28 13 — 29 134
Adjusted EBITDA ..................... $307 $113 $ 87 $183 $ (22) $668
(a) It is the Company’s policy to record Income tax expense and interest expense on a consolidated basis.
Accordingly, such amounts are not reflected in the operating results of the operating segments and are
presented within Corporate / Unallocated Items.
(b) The Pre-acquisition earnings of HHI do not include the TLM Taiwan business as stand alone financial data
is not available for the periods presented. The TLM Taiwan business is not deemed material to the
Company’s operating results.
(c) Included within depreciation and amortization is amortization of stock based compensation.
Global Batteries & Appliances
Fiscal Year
2013 2012
Net sales to external customers ................................................... $2,204 $2,250
Segment profit ................................................................ $ 238 $ 244
Segment profit as a % of net sales ................................................ 10.8% 10.9%
Segment Adjusted EBITDA ..................................................... $ 304 $ 307
Assets as of September 30 ....................................................... $2,361 $2,243
53