MARQUES SPECTRUM: Rapport de gestion et analyse de la situation financière et des résultats d'exploitation (formulaire 10-Q)

MARQUES SPECTRUM: Rapport de gestion et analyse de la situation financière et des résultats d’exploitation (formulaire 10-Q)

Lisseur

introduction


The following is management's discussion of the financial results, liquidity and
other key items related to our performance and should be read in conjunction
with the Condensed Consolidated Financial Statements and related notes included
in Item 1 of this Quarterly Report on Form 10-Q. Unless the context indicates
otherwise, the term the "Company," "we," "our," or "us" are used to refer to
Spectrum Brands Holdings, Inc. and its subsidiaries and SB/RH Holdings, LLC and
its subsidiaries ("SB/RH"), collectively.

Présentation de l’entreprise


The Company is a diversified global branded consumer products company. We manage
the businesses in four vertically integrated, product-focused segments: (i)
Hardware & Home Improvement ("HHI"), (ii) Home and Personal Care ("HPC"), (iii)
Global Pet Care ("GPC"), and (iv) Home and Garden ("H&G"). The Company
manufactures, markets and/or distributes its products globally in the North
America ("NA"), Europe, Middle East & Africa ("EMEA"), Latin America ("LATAM")
and Asia-Pacific ("APAC") regions through a variety of trade channels, including
retailers, wholesalers and distributors, original equipment manufacturers
("OEMs"), and construction companies. We enjoy strong name recognition in our
regions under our various brands and patented technologies across multiple
product categories. Global and geographic strategic initiatives and financial
objectives are determined at the corporate level. Each segment is responsible
for implementing defined strategic initiatives and achieving certain financial
objectives and has a president or general manager responsible for sales and
marketing initiatives and the financial results for all product lines within
that segment. See Note 20 - Segment Information for more information pertaining
to segments of continuing operations. The following is an overview of the
consolidated business, by segment, summarizing product types and brands:

Segment                     Products                                Brands

Sécurité HHI: Serrures résidentielles et sécurité des portes: Kwikset®, Weiser®,

matériel, y compris boutons, leviers, pênes dormants, Baldwin®, Tell

ensembles de poignées, y compris électronique et Manufacturing®, et EZSET®

          connected locks.                               ?Plumbing & 

Accessoires:

Plomberie et accessoires: Cuisine et salle de bain Pfister®

          faucets and accessories.                       ?Builders' 

Matériel:

? Quincaillerie du bâtiment: charnières en métal National Hardware®, FANAL®

formes, quincaillerie de sécurité, rail et coulissant

quincaillerie de porte, quincaillerie de portail.
Électroménagers HPC: Petits appareils de cuisine Électroménagers: Noir et

y compris fours grille-pain, cafetières, slow Decker®, Russell Hobbs®,

cuiseurs, mélangeurs, batteurs à main, grils, aliments George Foreman®,

transformateurs, presse-agrumes, grille-pain, machines à pain, Toastmaster®, Juiceman®,

          and irons.                                     Farberware®, and 

Breadman®

? Soins personnels: sèche-cheveux, fers à repasser et? Soins personnels: Remington®,

          straighteners, rotary and foil electric        and LumaBella®
          shavers, personal groomers, mustache and
          beard trimmers, body groomers, nose and ear
          trimmers, women's shavers, haircut kits
          and intense pulsed light hair removal
          systems.
GPC       Companion Animal: Rawhide chews, dog and cat   Companion Animal: 8IN1®
          clean-up, training, health and grooming        (8-in-1), Dingo®,
          products, small animal food and care           Nature's

Miracle®, sauvage

produits, friandises pour chiens sans peau brute, et Harvest ™ humide, Littermaid®,

          and dry pet food for dogs and cats.            Jungle®, Excel®,

? Aquatique: aquarium grand public et commercial FURminator®, IAMS® (L’Europe 

kits, réservoirs autonomes; équipements aquatiques uniquement), Eukanuba® (L’Europe 

tels que les systèmes de filtration, les radiateurs et uniquement), Healthy-Hide®,

pompes; et les consommables aquatiques tels que le poisson DreamBone®, SmartBones®,

          food, water management and care                ProSense®, Perfect Coat®,
                                                         eCOTRITION®, Birdola® and
                                                         Digest-eeze®.
                                                         ?Aquatics: Tetra®,
                                                         Marineland®, Whisper®,
                                                         Instant Ocean®, GloFish®,
                                                         OmegaOne® and OmegaSea®

H&G Household: Solutions de lutte contre les ravageurs des ménages Household: Hot Shot®, Black

tels que les tueurs d’araignées et de scorpions; fourmi et Flag®, Real-Kill®, Ultra

tueurs de gardons; tueurs d’insectes volants; insect Kill®, The Ant Trap® (TAT),

brumisateurs; tueurs de guêpes et de frelons; et et Rid-A-Bug®.

produits contre les punaises de lit, les puces et les tiques. ? Contrôles: Spectracide®,

Contrôles: Contrôle extérieur des insectes et des mauvaises herbes Garden Safe®, Liquid Fence®,

et des répulsifs pour animaux tels que et EcoLogic®.

aérosols, granulés et sprays prêts à l’emploi? Répulsifs: Cutter® et

          or hose-end ready-to-sprays.                   Repel®.
          ?Repellents: Personal use pesticides and
          insect repellent products, including
          aerosols, lotions, pump sprays and wipes,
          yard sprays and citronella candles.


SB/RH is a wholly owned subsidiary of SBH. Spectrum Brands, Inc. ("SBI"), a
wholly-owned subsidiary of SB/RH incurred certain debt guaranteed by SB/RH and
domestic subsidiaries of SBI. See Note 10 - Debt for more information pertaining
to debt. The reportable segments of SB/RH are consistent with the segments of
SBH

COVID-19

The COVID-19 pandemic and the resulting regulations and other disruptions to
both demand and supply may have a substantial impact on the commercial
operations of the Company or impairment of the Company's net assets. Such
impacts may include, but are not limited to, volatility of demand for our
products, disruptions and cost implications in manufacturing and supply
arrangements, inability of third parties to meet obligations under existing
arrangements, and significant changes to the political and economic environments
in which we manufacture, sell, and distribute our products.

As of the date of this report, we have been classified as an essential business
in the jurisdictions that have mandated closure of non-essential businesses, and
therefore have been allowed to remain open. During the three month period ended
March 29, 2020, there were certain HHI operating facilities, primarily within
China and Philippines, that experienced a temporary limit on production in
response to the COVID-19 outbreak, but such facilities were operating at or near
full capacity by the end of the quarter. Additionally, subsequent to the March
29, 2020, additional governmental operating restrictions were announced Mexico
temporarily suspending or limiting production for our HHI operating facilities.
Moreover, our H&G facility in St. Louis was temporarily closed in April 2020 to
provide for additional cleaning and implementation of preventative measures in
response to confirmed cases of COVID-19. These facilities continue to operate to
the extent possible under existing regulations which have limited output for HHI
and our H&G production.

Despite the supply implications, the Company continues to experience customer
demand both during the three month period ended March 29, 2020 and during the
subsequent period. While demand in general for our products remains strong, our
teams continue to monitor demand disruption and there can be no assurance as to
the level of demand that will prevail through the remainder of fiscal 2020. A
large portion of our customers continue to operate and sell our products, with
some customers reducing operations due to closures or reduced store hours. There
have also been changes in consumer needs and spending during the COVID-19
pandemic, which have resulted in a limited number of change orders and reduced
spending. Currently, we have not identified, and will continue to monitor for,
any substantive risk attributable to customer credit. We believe the severity
and duration of the COVID-19 pandemic to be uncertain and may contribute to
retail volatility and consumer purchase behavior changes. The magnitude of the
financial impact on our quarterly and annual results is highly dependent on the
duration of the COVID-19 pandemic and how quickly the U.S. and global economies
resume normal operations.


?

                                       31

————————————————– ——————————

Table des matières


Because the COVID-19 pandemic has not, as of the date of this report, materially
impacted our operations or demand for our products, it has not had a materially
negative impact on the Company's liquidity position.  For the three and six
month periods ended March 29, 2020, the Company estimates that net sales were
negatively impacted by $7.5 million and operating income and adjusted EBITDA
were negatively impacted by $3.6 million. The sweeping nature of COVID-19
pandemic makes it extremely difficult to predict the long-term ramifications on
our financial condition and results of operations. However, the likely overall
economic impact of the COVID-19 pandemic is viewed as highly negative to the
U.S. and global economies. We have initiated mitigating efforts to manage
non-critical capital spending, assess operating spend, preserve cash and
increase capacity under our Revolver Facility.  We continue to generate
operating cash flows to meet our short-term liquidity needs, and we expect to
maintain access to the capital markets, although there can be no assurance of
our ability to do so. We have also not observed any material impairments of our
assets due to the COVID-19 pandemic.

We expect the ultimate significance of the impact on our financial condition,
results of operations, and cash flows will be dictated by the length of time
that such circumstances continue, which will ultimately depend on the
unforeseeable duration and severity of the COVID-19 pandemic and any
governmental and public actions taken in response.

Dessaisissements


?Global Batteries & Lights - On January 2, 2019, the Company completed the sale
of its GBL business pursuant to the GBL acquisition agreement with Energizer for
cash proceeds of $1,956.2 million, resulting in the recognition of a pre-tax
gain on sale of $989.8 million during the year ended September 30, 2019,
including the settlement of customary purchase price adjustments for working
capital and assumed indebtedness, recognition of tax and legal indemnifications
under the acquisition agreement, and contingent purchase price adjustment for
the settlement with the divestiture of the Varta® consumer batteries business by
Energizer. The results of operations and gain on sale for disposal of the GBL
business are recognized as a component of discontinued operations during the
three and six month periods ended March 31, 2019.

?Global Auto Care - On January 28, 2019, the Company completed the sale of its
GAC business pursuant to the GAC acquisition agreement with Energizer for $1.2
billion, consisting of $938.7 million in cash proceeds and $242.1 million in
stock consideration of common stock of Energizer, resulting in the write-down of
net assets held for sale of $111.0 million during the year ended September 30,
2019, including the settlement of customary purchase price adjustments for
working capital and assumed indebtedness, recognition of tax and legal
indemnifications in accordance with the GAC acquisition agreement. The results
of operations and write-down of net assets held for sale for the disposal of the
GAC business are recognized as a component of discontinued operations during the
three and six month periods ended March 31, 2019.

?Coevorden Operations - On March 29, 2020, the Company completed the sale of its
DCF production facility and distribution center in Coevorden, Netherlands for
cash proceeds of $30.1 million subject to working capital and other typical
closing adjustments, resulting in a loss on assets held for sale of $25.7
million during the six month period ended March 29, 2020.

Voir la note 2 – Cessions dans les notes afférentes aux états financiers consolidés résumés
Déclarations, incluses ailleurs dans ce rapport trimestriel, pour plus d’informations sur
les actifs et passifs classés comme détenus en vue de la vente et abandonnés
opérations.

Acquisitions


On March 10, 2020, the Company entered into an asset purchase agreement with
Omega Sea, LLC ("Omega"), a manufacturer and marketer of premium fish foods and
consumable goods for the home and commercial aquarium markets, primarily
consisting of the Omega brand, for a purchase price of approximately $17.0
million. The results of Omega's operations since March 10, 2020 are included in
the Company's Consolidated Statements of Income and reported within the GPC
reporting segment for the three and six month periods ended March 29, 2020. See
Note 3 - Acquisitions in the Notes to the Consolidated Financial statements,
included elsewhere in this Quarterly Report, for more information.

Activité de restructuration


We continually seek to improve our operational efficiency, match our
manufacturing capacity, and product costs to market demand and better utilize
our manufacturing resources. We have undertaken various initiatives to reduce
manufacturing and operating costs, which may have a significant impact on the
comparability of financial results on the condensed consolidated financial
statements. The most significant of these initiatives is the Global Productivity
Improvement Plan, which began during the year ended September 30, 2019. See Note
4 - Restructuring and Related Charges in the Notes to the Condensed Consolidated
Financial Statements, included elsewhere in this Quarterly Report for more
information.

Activité de refinancement


Refinancing activity has a significant impact on the comparability of financial
results on the condensed consolidated financial statements. Effective November
15, 2019, the Company completed a tender and call of its 6.625% Senior Unsecured
Notes with an outstanding principal of $117.4 million, recognizing a loss on
extinguishment of the debt of $2.6 million including a non-cash charge of $1.1
million attributable to the write-off of deferred financing costs associated
with the debt. See Note 10 - Debt in Notes to the Condensed Consolidated
Financial Statements, included elsewhere in this Quarterly Report, for more
information.

Adoption d’une nouvelle norme de comptabilité de location


On October 1, 2019, the Company adopted ASU No. 2016-02, Leases (Topic 842), and
all the related amendments using the modified retrospective transition method,
which resulted in the recognition of additional right-of-use ("ROU") lease
assets of $107.5 million and additional lease liabilities of $113.0 million,
with no material cumulative effect adjustment to equity as of the date of
adoption. The comparative information has not been restated and continues to be
reported under the accounting standards in effect for those periods. See Note 1
- Basis of Presentation and Significant Accounting Policies and Note 11 - Leases
in Notes to the Condensed Consolidated Financial Statements, included elsewhere
in this Quarterly Report, for more information.


?

                                       32

————————————————– ——————————

Table des matières

Mesures non conformes aux PCGR


Our consolidated and segment results contain non-GAAP metrics such as organic
net sales, and adjusted EBITDA ("Earnings Before Interest, Taxes, Depreciation,
Amortization"). While we believe organic net sales and adjusted EBITDA are
useful supplemental information, such adjusted results are not intended to
replace our financial results in accordance with Accounting Principles Generally
Accepted in the United States ("GAAP") and should be read in conjunction with
those GAAP results.

Organic Net Sales. We define organic net sales as net sales excluding the effect
of changes in foreign currency exchange rates and impact from acquisitions (when
applicable). We believe this non-GAAP measure provides useful information to
investors because it reflects regional and operating segment performance from
our activities without the effect of changes in currency exchange rate and
acquisitions. We use organic net sales as one measure to monitor and evaluate
our regional and segment performance. Organic growth is calculated by comparing
organic net sales to net sales in the prior year. The effect of changes in
currency exchange rates is determined by translating the period's net sales
using the currency exchange rates that were in effect during the prior
comparative period. Net sales are attributed to the geographic regions based on
the country of destination. We exclude net sales from acquired businesses in the
current year for which there are no comparable sales in the prior period. The
following is a reconciliation of reported net sales to organic net sales for the
three and six month periods ended March 29, 2020 compared to net sales for the
three and six month periods ended March 31, 2019:

                                                     March 29, 2020
                                                      Net Sales
Three Month Periods                                   Excluding
Ended                                Effect of        Effect of                                       Net Sales
?(in millions,                      Changes in       Changes in         Effect of        Organic     ?March 31,
except %)             Net Sales      Currency         Currency        Acquisitions     ?Net Sales       2019           Variance
HHI                   $   329.1$        0.1$        329.2    $             -   $    329.2$    331.1$ (1.9)   (0.6%)
HPC                       232.7             5.6             238.3                  -        238.3         221.7      16.6      7.5%
GPC                       236.9             1.6             238.5              (0.8)        237.7         214.9      22.8     10.6%
H&G                       139.1                -            139.1                  -        139.1         139.0       0.1      0.1%
Total                 $   937.8$        7.3$        945.1    $         (0.8)   $    944.3$    906.7      37.6      4.1%

                                                     March 29, 2020
                                                      Net Sales
Six Month Periods                                     Excluding
Ended                                Effect of        Effect of                                       Net Sales
?(in millions,                      Changes in       Changes in         Effect of        Organic     ?March 31,
except %)             Net Sales      Currency         Currency        Acquisitions     ?Net Sales       2019           Variance
HHI                   $   626.8    $           -   $        626.8    $             -   $    626.8$    636.2$ (9.4)   (1.5%)
HPC                       554.8            10.8             565.6                  -        565.6         538.9      26.7      5.0%
GPC                       442.7             2.8             445.5              (0.8)        444.7         419.6      25.1      6.0%
H&G                       185.0                -            185.0                  -        185.0         192.3      (7.3)   (3.8%)
Total                 $ 1,809.3$       13.6$      1,822.9    $     
   (0.8)   $  1,822.1$  1,787.0      35.1      2.0%



?

                                       33

————————————————– ——————————

Table des matières


Adjusted EBITDA and Adjusted EBITDA Margin. Adjusted EBITDA and Adjusted EBITDA
Margin are non-GAAP measures used by management, which we believe provide useful
information to investors because they reflect ongoing operating performance and
trends of our segments, excluding certain non-cash based expenses and/or
non-recurring items during each of the comparable periods. They also facilitate
comparisons between peer companies since interest, taxes, depreciation, and
amortization can differ greatly between organizations as a result of differing
capital structures and tax strategies. Adjusted EBITDA is also used for
determining compliance with the Company's debt covenants. EBITDA is calculated
by excluding the Company's income tax expense, interest expense, depreciation
expense and amortization expense (from intangible assets) from net income.
Adjusted EBITDA further excludes:

?Stock based and other incentive compensation costs that consist of costs
associated with long-term compensation arrangements and other equity based
compensation based upon achievement of long-term performance metrics; and
generally consist of non-cash, stock-based compensation. During the year ending
September 30, 2019, the Company issued certain incentive bridge awards due to
changes in the Company's long-term compensation plans that allow for cash based
payment upon employee election which have been included in the adjustment but do
not qualify for shared-based compensation. See Note 16 - Share Based
Compensation for further discussion;

? Frais de restructuration et frais connexes, qui comprennent les coûts de projet associés
avec les initiatives de restructuration à travers les segments. Voir note 4 –
Restructuration et frais connexes pour plus de détails;


?Transaction related charges that consist of (1) transaction costs from
qualifying acquisition transactions during the period, or subsequent integration
related project costs directly associated with an acquired business; and (2)
divestiture related transaction costs that are recognized in continuing
operations and post-divestiture separation costs consisting of incremental costs
to facilitate separation of shared operations, development of transferred shared
service operations, platforms and personnel transferred as part of the
divestitures and exiting of TSAs. See Note 1 - Basis of Presentation &
Significant Accounting Policies for additional details;

?Gains and losses attributable to the Company's investment in Energizer common
stock, acquired as part of consideration received from the Company's sale and
divestiture of GAC. See Note 2 - Divestitures and Note 13 - Fair Value of
Financial Instruments for further discussion;

? Ajustements des stocks comptables pour les achats hors caisse comptabilisés dans les résultats
activités poursuivies après une acquisition (le cas échéant);

? Dépréciations ou radiations d’actifs hors trésorerie réalisées et comptabilisées dans les résultats
des activités poursuivies (le cas échéant);


?Foreign currency gains and losses attributable to multicurrency loans for the
three and six month periods ended March 29, 2020 and March 31, 2019, that were
entered into with foreign subsidiaries in exchange for receipt of divestiture
proceeds by the parent company and the distribution of the respective foreign
subsidiaries' net assets as part of the GBL and GAC divestures during the year
ended September 30, 2019. The Company has entered into various hedging
arrangements to mitigate the volatility of foreign exchange risk associated with
such loans;

?Legal and litigation costs associated with Salus during the three and six month
periods ended March 29, 2020 and March 31, 2019 as they are not considered a
component of the continuing commercial products company, but continue to be
consolidated by the Company until the Salus operations can be wholly dissolved
and/or deconsolidated; and

?Other adjustments primarily consisting of costs attributable to (1) expenses
and cost recovery for flood damage at Company facilities in Middleton, Wisconsin
during the three and six month periods ended March 29, 2020 and March 31, 2019;
(2) incremental costs for separation of a key executive during the three and six
month periods ended March 29, 2020 and March 31, 2019; (3) incremental costs
associated with a safety recall in GPC during the three and six month periods
ended March 31, 2019; (4) operating margin on H&G sales to GAC discontinued
operations during the three and six month period ended March 31, 2019; and (5)
certain fines and penalties for delayed shipments following the completion of a
GPC distribution center consolidation in EMEA during the three and six month
period ended March 31, 2019.

La marge d’EBITDA ajusté est calculée comme l’EBITDA ajusté en pourcentage de
a déclaré des ventes nettes pour la période et le segment respectifs.


?

                                       34

————————————————– ——————————

Table des matières

Le tableau suivant présente un rapprochement du bénéfice net et du BAIIA ajusté pour les trois
mois terminés 29 mars 2020 et 31 mars 2019 pour SBH.


SPECTRUM BRANDS HOLDINGS, INC. (in
millions)                              HHI        HPC        GPC        H&G      Corporate     Consolidated
Three Month Period Ended March 29,
2020
Net income (loss) from continuing
operations                           $  60.8$  (6.2)$  27.2$  23.0$  (164.0)$       (59.2)
Income tax benefit                          -          -          -          -       (19.0)           (19.0)
Interest expense                            -          -          -          -        35.5             35.5
Depreciation and amortization            8.5        9.0        9.8        5.2          3.9             36.4
EBITDA                                  69.3        2.8       37.0       28.2       (143.6)            (6.3)
Share and incentive based
compensation                                -          -          -          -        14.6             14.6

Charges de restructuration et charges connexes 0,2 1,7 6,4 0,2 13,4

             21.9
Transaction related charges                 -       2.7        3.6           -         0.9              7.2
Loss on Energizer investment                -          -          -          -       106.8            106.8
Gain on assets held for sale                -          -      (7.0)          -            -            (7.0)
Foreign currency translation on
multicurrency divestiture loans             -       0.8           -          -         2.3              3.1
Salus                                       -          -          -          -         0.1              0.1
Adjusted EBITDA                      $  69.5$   8.0$  40.0$  28.4$    (5.5)$       140.4
Net Sales                            $ 329.1$ 232.7$ 236.9$ 139.1    $        -   $       937.8
Adjusted EBITDA Margin                  21.1%       3.4%      16.9%      20.4%            -            15.0%
Three Month Period Ended March 31,
2019
Net income (loss) from continuing
operations                           $  43.6$  (6.6)$  19.6$  24.7$  (135.3)$       (54.0)
Income tax benefit                          -          -          -          -       (22.7)           (22.7)
Interest expense                            -          -          -          -        94.2             94.2
Depreciation and amortization            8.3        9.2       10.6        4.8          3.7             36.6
EBITDA                                  51.9        2.6       30.2       29.5        (60.1)            54.1
Share and incentive based
compensation                                -          -          -          -        17.3             17.3

Charges de restructuration et charges connexes 0,4 1,3 2,3 0,3 8,3

             12.6
Transaction related charges              0.4        0.9        0.3           -         3.7              5.3
Unrealized loss on Energizer
investment                                  -          -          -          -         5.0              5.0
Foreign currency loss on
multicurrency divestiture loans             -          -          -          -        21.8             21.8
Other                                       -      (0.3)          -      (0.2)            -            (0.5)
Adjusted EBITDA                      $  52.7$   4.5$  32.8$  29.6$    (4.0)$       115.6
Net Sales                            $ 331.1$ 221.7$ 214.9$ 139.0    $        -   $       906.7
Adjusted EBITDA Margin                  15.9%       2.0%      15.3%      21.3%            -            12.7%

Le tableau suivant présente un rapprochement du bénéfice net et du BAIIA ajusté pour les six
mois terminés 29 mars 2020 et 31 mars 2019 pour SBH.


SPECTRUM BRANDS HOLDINGS, INC. (in
millions)                              HHI        HPC        GPC        H&G      Corporate     Consolidated
Six Month Period Ended March 29,
2020
Net income (loss) from continuing
operations                           $  95.0$  18.8$ (26.0)$  14.4$  (199.1)$       (96.9)
Income tax benefit                          -          -          -          -       (18.3)           (18.3)
Interest expense                            -          -          -          -        70.4             70.4
Depreciation and amortization           16.6       17.8       25.9       10.3          7.4             78.0
EBITDA                                 111.6       36.6       (0.1)      24.7       (139.6)            33.2
Share and incentive based
compensation                                -          -          -          -        29.1             29.1

Charges de restructuration et charges connexes 0,7 2,8 16,7 0,4 28,8

             49.4
Transaction related charges                 -       4.3        5.0           -         2.0             11.3
Loss on Energizer investment                -          -          -          -        68.3             68.3
Loss on assets held for sale                -          -      25.7           -            -            25.7
Write-off from impairment of
intangible assets                           -          -      24.2           -            -            24.2
Foreign currency loss on
multicurrency divestiture loans             -       0.7           -          -        (0.3)             0.4
Salus                                       -          -          -          -         0.4              0.4
Other                                       -          -          -          -         0.5              0.5
Adjusted EBITDA                      $ 112.3$  44.4$  71.5$  25.1$   (10.8)$       242.5
Net Sales                            $ 626.8$ 554.8$ 442.7$ 185.0    $        -   $     1,809.3
Adjusted EBITDA Margin                  17.9%       8.0%      16.2%      13.6%            -            13.4%
Six Month Period Ended March 31,
2019
Net income from continuing
operations                           $  87.3$ (14.7)$  31.4$  22.8$  (209.8)$       (83.0)
Income tax benefit                          -          -          -          -       (26.0)           (26.0)
Interest expense                            -          -          -          -       151.2            151.2
Depreciation and amortization           16.8       47.3       21.3        9.6          7.6            102.6
EBITDA                                 104.1       32.6       52.7       32.4        (77.0)           144.8
Share based compensation                    -          -          -          -        23.2             23.2

Charges de restructuration et charges connexes 3,2 1,5 4,9 1,0 10,9

             21.5
Transaction related charges              0.9        5.5        0.9           -         4.3             11.6
GPC safety recall                           -          -       0.6           -            -             0.6
Loss on Energizer investment                -          -          -          -         5.0              5.0
Foreign currency loss on
multicurrency divestiture loans             -          -          -          -        21.8             21.8
Other                                       -      (0.1)       2.8       (0.7)         0.3              2.3
Adjusted EBITDA                      $ 108.2$  39.5$  61.9$  32.7$   (11.5)$       230.8
Net Sales                            $ 636.2$ 538.9$ 419.6$ 192.3    $        -   $     1,787.0
Adjusted EBITDA Margin                  17.0%       7.3%      14.8%      17.0%            -            12.9%



?

                                       35

————————————————– ——————————

Table des matières

Le tableau suivant présente un rapprochement du bénéfice net et du BAIIA ajusté pour les trois
mois terminés 29 mars 2020 et 31 mars 2019 pour SB / RH.

SB / RH HOLDINGS, LLC (en millions) HHI HPC GPC H&G

      Corporate     Consolidated
Three Month Period Ended March 29,
2020
Net income (loss) from continuing
operations                           $  60.8$  (6.2)$  27.2$  23.0$  (161.4)$       (56.6)
Income tax benefit                          -          -          -          -       (17.5)           (17.5)
Interest expense                            -          -          -          -        35.3             35.3
Depreciation and amortization            8.5        9.0        9.8        5.2          3.9             36.4
EBITDA                                  69.3        2.8       37.0       28.2       (139.7)            (2.4)
Share and incentive based
compensation                                -          -          -          -        14.1             14.1

Charges de restructuration et charges connexes 0,2 1,7 6,4 0,2 13,4

             21.9
Transaction related charges                 -       2.7        3.6           -         0.9              7.2
Loss on Energizer investment                -          -          -          -       106.8            106.8
Gain on assets held for sale                -          -      (7.0)          -            -            (7.0)
Foreign currency translation on
multicurrency divestiture loans             -       0.8           -          -         2.2              3.0
Adjusted EBITDA                      $  69.5$   8.0$  40.0$  28.4$    (2.3)$       143.6
Net Sales                            $ 329.1$ 232.7$ 236.9$ 139.1    $        -   $       937.8
Adjusted EBITDA Margin                  21.1%       3.4%      16.9%      20.4%            -            15.3%
Three Month Period Ended March 31,
2019
Net income (loss) from continuing
operations                           $  43.6$  (6.6)$  19.6$  24.7$   (93.7)$       (12.4)
Income tax benefit                          -          -          -          -       (17.3)           (17.3)
Interest expense                            -          -          -          -        48.3             48.3
Depreciation and amortization            8.3        9.2       10.6        4.8          3.7             36.6
EBITDA                                  51.9        2.6       30.2       29.5        (59.0)            55.2
Share and incentive based
compensation                                -          -          -          -        16.9             16.9

Charges de restructuration et charges connexes 0,4 1,3 2,3 0,3 8,3

             12.6
Transaction related charges              0.4        0.9        0.3           -         3.7              5.3
Loss on Energizer investment                -          -          -          -         5.0              5.0
Foreign currency loss on
multicurrency divestiture loans             -          -          -          -        21.8             21.8
Other                                       -      (0.3)          -      (0.2)            -            (0.5)
Adjusted EBITDA                      $  52.7$   4.5$  32.8$  29.6$    (3.3)$       116.3
Net Sales                            $ 331.1$ 221.7$ 214.9$ 139.0    $        -   $       906.7
Adjusted EBITDA Margin                  15.9%       2.0%      15.3%      21.3%            -            12.8%

Le tableau suivant présente un rapprochement du bénéfice net et du BAIIA ajusté pour les six
mois terminés 29 mars 2020 et 31 mars 2019 pour SB / RH.

SB / RH HOLDINGS, LLC (en millions) HHI HPC GPC H&G

      Corporate     Consolidated
Six Month Period Ended March 29,
2020
Net income (loss) from continuing
operations                           $  95.0$  18.8$ (26.0)$  14.4$  (195.7)$       (93.5)
Income tax benefit                          -          -          -          -       (16.6)           (16.6)
Interest expense                            -          -          -          -        70.0             70.0
Depreciation and amortization           16.6       17.8       25.9       10.3          7.4             78.0
EBITDA                                 111.6       36.6       (0.1)      24.7       (134.9)            37.9
Share and incentive based
compensation                                -          -          -          -        28.5             28.5

Charges de restructuration et charges connexes 0,7 2,8 16,7 0,4 28,8

             49.4
Transaction related charges                 -       4.3        5.0           -         2.0             11.3
Loss on Energizer investment                -          -          -          -        68.3             68.3
Loss on assets held for sale                -          -      25.7           -            -            25.7
Write-off from impairment of
intangible assets                           -          -      24.2           -            -            24.2
Foreign currency translation on
multicurrency divestiture loans             -       0.7           -          -        (0.3)             0.4
Other                                       -          -          -          -         0.4              0.4
Adjusted EBITDA                      $ 112.3$  44.4$  71.5$  25.1$    (7.2)$       246.1
Net Sales                            $ 626.8$ 554.8$ 442.7$ 185.0    $        -   $     1,809.3
Adjusted EBITDA Margin                  17.9%       8.0%      16.2%      13.6%            -            13.6%
Six Month Period Ended March 31,
2019
Net income from continuing
operations                           $  87.3$ (14.7)$  31.4$  22.8$  (158.1)$       (31.3)
Income tax benefit                          -          -          -          -       (15.8)           (15.8)
Interest expense                            -          -          -          -        91.5             91.5
Depreciation and amortization           16.8       47.3       21.3        9.6          7.6            102.6
EBITDA                                 104.1       32.6       52.7       32.4        (74.8)           147.0
Share and incentive based
compensation                                -          -          -          -        22.5             22.5

Charges de restructuration et charges connexes 3,2 1,5 4,9 1,0 10,9

             21.5
Transaction related charges              0.9        5.5        0.9           -         4.3             11.6
Loss on Energizer investment                -          -          -          -         5.0              5.0
Foreign currency loss on
multicurrency divestiture loans             -          -          -          -        21.8             21.8
GPC safety recall                           -          -       0.6           -            -             0.6
Other                                       -      (0.1)       2.8       (0.7)         0.4              2.4
Adjusted EBITDA                      $ 108.2$  39.5$  61.9$  32.7$    (9.9)$       232.4
Net Sales                            $ 636.2$ 538.9$ 419.6$ 192.3    $        -   $     1,787.0
Adjusted EBITDA Margin                  17.0%       7.3%      14.8%      17.0%            -            13.0%



?

                                       36

————————————————– ——————————

Table des matières

© Edgar Online, source Aperçus

Laisser un commentaire

Votre adresse de messagerie ne sera pas publiée. Les champs obligatoires sont indiqués avec *