第99.1展示文本
sifco industries及其子公司
未經審計的合併財務信息
2024年10月15日，SIFCO Industries, Inc.（"公司"）完成了事先宣佈的出售C Blade S.p.A.鍛壓及製造（"CBlade"）給TB2 S.r.l.（"買方"）的交易（"出售"），根據於2024年8月1日簽訂的《股權購買協議》（"購買協議"），以20,000,000歐元的企業價值進行了「鎖盒」安排，導致在交易結束時支付13,800,000歐元的淨股權價值，根據運營資本變動和其他一些條款進行調整。
以下未經審計的基本報表彙編財務信息基於公司的歷史基本報表，經調整以反映出售。公司的以下未經審計的基本報表彙編財務信息，應與本文相關附註以及公司歷史基本報表和相關附註一起閱讀，包括此前向證券交易所提交的文件中包含的信息。
截至2024年6月30日的未經審計的合併利潤表，以及截至2023年和2022年9月30日的年度未經審計合併利潤表反映了本公司的運營業績的基準調整結果，即假設銷售發生在2021年10月1日，這代表了2022財年第一天。截至2024年6月30日的未經審計合併資產負債表使銷售的影響如同發生在該日期。在未經審計的合併利潤表和未經審計的未經審計公司資產負債表中的「基準調整」欄中的調整使其他分離調整生效，好像分別發生在2021年10月1日和2024年6月30日。
以下爲未經審計的操作法集合報表及未經審計的資產負債表，反映了與銷售相關的以下交易。
1.CBlade的停產運營
a.根據ASC 205，可以直接歸因於CBlade的歷史財務結果。
2.其他分隔調整
a.估計未計提的一次性交易成本
未經審計的假設基本財務報表已經由管理層按照美國證券交易委員會（「SEC」）第11條法規S-X的規定編制。 Pro Forma財務信息假設調整是初步的，基於可用信息，並僅出於提供這些假設基本財務報表的目的而進行。未經審計的假設合併財務信息僅供說明和信息目的，不旨在反映或預示公司若在所呈報日期發生交易，則其合併經營業績或財務狀況，並不應被視爲公司未來合併經營業績或財務狀況的表現。例如，這些財務信息不反映從交易所得款項的任何潛在收益或其他影響，也不反映之前分配的公司成本的減少和潛在後續重組費用。
未經審計的基本報表中「臨時調整」欄目中的信息反映了根據SEC規則進行的額外交易會計調整，並在附註中進一步描述。
sifco industries及其子公司
經合併後的資產負債表
截至2024年6月30日
(未經審計，單位爲千美元)
| 歷史數據 (如實報告) | 2024年6月30日調整 (a) | CBlade出售 | 擬製的財務報表 | |||||||||||||||||||||||
| 資產 | ||||||||||||||||||||||||||
| 流動資產： | ||||||||||||||||||||||||||
| 現金及現金等價物 | $ | 1,696 | $ | 1,006 | $ | 14,701 | (d) | $ | 15,707 | |||||||||||||||||
| 短期投資 | 1,713 | — | — | — | ||||||||||||||||||||||
| 應收款項，淨額 | 26,831 | 17,970 | — | 17,970 | ||||||||||||||||||||||
| 合同資產 | 10,055 | 10,055 | — | 10,055 | ||||||||||||||||||||||
| 淨存貨 | 13,423 | 8,201 | — | 8,201 | ||||||||||||||||||||||
| 可退還所得稅 | 84 | 84 | — | 84 | ||||||||||||||||||||||
| 資產預付款和其他流動資產的變動 | 1,200 | 449 | — | 449 | ||||||||||||||||||||||
| 持有待售的流動資產 | — | 17,237 | (17,237) | (b) | — | |||||||||||||||||||||
| 總流動資產 | 55,002 | 55,002 | (2,536) | 52,466 | ||||||||||||||||||||||
| 物業、廠房和設備，淨值 | 33,914 | 27,369 | — | 27,369 | ||||||||||||||||||||||
| 經營租賃使用權資產，淨值 | 13,673 | 13,554 | — | 13,554 | ||||||||||||||||||||||
| 無形資產, 淨額 | 161 | — | — | — | ||||||||||||||||||||||
| 商譽 | 3,493 | 3,493 | — | 3,493 | ||||||||||||||||||||||
| 其他 | 88 | 88 | — | 88 | ||||||||||||||||||||||
| 待售非流動資產 | — | 6,825 | (6,825) | (b) | — | |||||||||||||||||||||
| 總資產 | $ | 106,331 | $ | 106,331 | $ | (9,361) | $ | 96,970 | ||||||||||||||||||
| 負債及股東權益 | ||||||||||||||||||||||||||
| 流動負債: | ||||||||||||||||||||||||||
| 長期債務的流動部分 | $ | 6,116 | $ | 313 | $ | — | $ | 313 | ||||||||||||||||||
| 關聯方應付票據 | 3,366 | 2,969 | — | 2,969 | ||||||||||||||||||||||
| 循環貸款 | 19,693 | 19,693 | — | 19,693 | ||||||||||||||||||||||
| 短期經營租賃負債 | 906 | 866 | — | 866 | ||||||||||||||||||||||
| 應付賬款 | 14,965 | 11,604 | (e) | — | 11,604 | |||||||||||||||||||||
| 合同負債 | 3,880 | 3,529 | — | 3,529 | ||||||||||||||||||||||
| 應計負債 | 6,506 | 3,842 | — | 3,842 | ||||||||||||||||||||||
| 待售的流動負債 | — | 13,541 | (例如) | (13,541) | (b) | — | ||||||||||||||||||||
| 流動負債合計 | 55,432 | 56,357 | (13,541) | 42,816 | ||||||||||||||||||||||
| 長期負債淨額 | 3,620 | — | — | — | ||||||||||||||||||||||
| 長期經營租賃負債 | 13,333 | 13,258 | — | 13,258 | ||||||||||||||||||||||
| 遞延所得稅，淨額 | — | — | — | — | ||||||||||||||||||||||
| 養老金負債 | 3,469 | 3,204 | — | 3,204 | ||||||||||||||||||||||
| 其他長期負債 | 651 | 651 | — | 651 | ||||||||||||||||||||||
| 持有待售的非流動負債 | — | 3,960 | (3,960) | (b) | — | |||||||||||||||||||||
| 股東權益： | ||||||||||||||||||||||||||
| Serial preferred shares | ||||||||||||||||||||||||||
| 普通股 | 6,180 | 6,180 | — | 6,180 | ||||||||||||||||||||||
| 額外實收資本 | 11,745 | 11,745 | — | 11,745 | ||||||||||||||||||||||
| 保留盈餘 | 18,324 | 17,399 | (e) (g) | 2,563 | (h) | 19,962 | ||||||||||||||||||||
| 累計其他綜合損失 | (6,423) | (6,423) | 5,577 | (c) | (846) | |||||||||||||||||||||
| 股東權益合計 | 29,826 | 28,901 | 8,140 | 37,041 | ||||||||||||||||||||||
| 負債和股東權益合計 | $ | 106,331 | $ | 106,331 | $ | (9,361) | $ | 96,970 | ||||||||||||||||||
請參閱附註以查看未經審計的基本報表。
sifco industries及其子公司
經形式合併利潤表
截至2024年6月30日的九個月
(未經審計，金額以千爲單位，每股數據除外)
| 歷史數據 (如報告所述) | 銷售 C 葉片 (f) | 其他分隔調整 | 擬製的財務報表 | |||||||||||||||||||||||
| 淨銷售額 | $ | 76,854 | $ | (18,879) | $ | — | $ | 57,975 | ||||||||||||||||||
| 營業成本 | 68,857 | (14,543) | — | 54,314 | ||||||||||||||||||||||
| 毛利潤 | 7,997 | (4,336) | — | 3,661 | ||||||||||||||||||||||
| 銷售、一般和管理費用 | 9,939 | (1,452) | 454 | (e) | 8,941 | |||||||||||||||||||||
| 無形資產攤銷 | 121 | (121) | — | — | ||||||||||||||||||||||
| 處置營運資產虧損 | 3 | 1 | — | 4 | ||||||||||||||||||||||
| 營業 (虧損) 利潤 | (2,066) | (2,764) | (454) | (5,284) | ||||||||||||||||||||||
| 利息費用，淨額 | 2,471 | (406) | — | 2,065 | ||||||||||||||||||||||
| 淨外幣兌換損失（收益） | 6 | (6) | — | — | ||||||||||||||||||||||
| 其他費用，淨額 | 244 | 69 | — | 313 | ||||||||||||||||||||||
| (虧損)稅前收入 | (4,787) | (2,421) | (454) | (7,662) | ||||||||||||||||||||||
| 所得稅費用（收益） | 153 | (613) | — | (460) | ||||||||||||||||||||||
| 淨虧損 | $ | (4,940) | $ | (1,808) | $ | (454) | $ | (7,202) | ||||||||||||||||||
| 每股終止運營淨虧損。 | ||||||||||||||||||||||||||
| 基本 | $ | (0.82) | $ | (1.20) | ||||||||||||||||||||||
| 稀釋的 | (0.82) | (1.20) | ||||||||||||||||||||||||
| 普通股加權平均數（基本） | 5,991 | 5,991 | ||||||||||||||||||||||||
| 普通股加權平均數（稀釋） | 5,991 | 5,991 | ||||||||||||||||||||||||
請參閱附註以查看未經審計的基本報表。
sifco industries及其子公司
經形式合併利潤表
截至2023年9月30日止年度
(未經審計，金額以千爲單位，每股數據除外)
| Historical (As Reported) | Sale of C Blade (f) | Pro Forma | ||||||||||||||||||
| Net sales | $ | 87,022 | $ | (20,955) | $ | 66,067 | ||||||||||||||
| Cost of goods sold | 79,492 | (16,768) | 62,724 | |||||||||||||||||
| Gross profit | 7,530 | (4,187) | 3,343 | |||||||||||||||||
| Selling, general, and administrative expenses | 14,029 | (1,753) | 12,276 | |||||||||||||||||
| Amortization of intangible assets | 233 | (160) | 73 | |||||||||||||||||
| Loss on disposal of operating assets | 1 | (2) | (1) | |||||||||||||||||
| Operating (loss) profit | (6,733) | (2,272) | (9,005) | |||||||||||||||||
| Interest expense, net | 1,348 | (351) | 997 | |||||||||||||||||
| Gain on debt extinguishment | — | — | — | |||||||||||||||||
| Foreign currency exchange loss (gain), net | 9 | (6) | 3 | |||||||||||||||||
| Other expense, net | 443 | 57 | 500 | |||||||||||||||||
| (Loss) income before income tax expense (benefit) | (8,533) | (1,972) | (10,505) | |||||||||||||||||
| Income tax expense (benefit) | 159 | (144) | 15 | |||||||||||||||||
| Net loss | $ | (8,692) | $ | (1,828) | $ | (10,520) | ||||||||||||||
| Net loss per share from continuing operations | ||||||||||||||||||||
| Basic | $ | (1.47) | $ | (1.77) | ||||||||||||||||
| Diluted | (1.47) | (1.77) | ||||||||||||||||||
| Weighted average number of common shares (basic) | 5,929 | 5,929 | ||||||||||||||||||
| Weighted average number of common shares (diluted) | 5,929 | 5,929 | ||||||||||||||||||
See accompanying notes to unaudited pro forma consolidated financial statements.
SIFCO Industries, Inc. and Subsidiaries
Pro Forma Consolidated Statements of Operations
For the Year Ended September 30, 2022
(Unaudited, Amounts in thousands, except per share data)
| Historical (As Reported) | Sale of C Blade (f) | Pro Forma | ||||||||||||||||||
| Net sales | $ | 83,902 | $ | (15,569) | $ | 68,333 | ||||||||||||||
| Cost of goods sold | 85,757 | (16,453) | 69,304 | |||||||||||||||||
| Gross profit | (1,855) | 884 | (971) | |||||||||||||||||
| Selling, general, and administrative expenses | 11,909 | (1,256) | 10,653 | |||||||||||||||||
| Amortization of intangible assets | 313 | (163) | 150 | |||||||||||||||||
| Loss on disposal of operating assets | (7) | 6 | (1) | |||||||||||||||||
| Operating (loss) profit | (14,070) | 2,297 | (11,773) | |||||||||||||||||
| Interest expense, net | 645 | (179) | 466 | |||||||||||||||||
| Gain on debt extinguishment | (5,106) | — | (5,106) | |||||||||||||||||
| Foreign currency exchange loss (gain), net | 15 | (25) | (10) | |||||||||||||||||
| Other expense, net | 59 | 18 | 77 | |||||||||||||||||
| (Loss) income before income tax expense (benefit) | (9,683) | 2,483 | (7,200) | |||||||||||||||||
| Income tax (benefit) expense | (43) | 72 | 29 | |||||||||||||||||
| Net (loss) income | $ | (9,640) | $ | 2,411 | $ | (7,229) | ||||||||||||||
| Net loss per share from continuing operations | ||||||||||||||||||||
| Basic | $ | (1.65) | $ | (1.24) | ||||||||||||||||
| Diluted | (1.65) | (1.24) | ||||||||||||||||||
| Weighted average number of common shares (basic) | 5,830 | 5,830 | ||||||||||||||||||
| Weighted average number of common shares (diluted) | 5,830 | 5,830 | ||||||||||||||||||
See accompanying notes to unaudited pro forma consolidated financial statements.
SIFCO Industries, Inc. and Subsidiaries
Notes to Unaudited Pro Forma
Consolidated Financial Statements
1.Description of the Sale
The unaudited pro forma consolidated financial information is based upon the historical financial statements of the Company, adjusted to reflect the Sale. The unaudited pro forma consolidated financial information of the Company should be read in conjunction with the other related notes herein and with the historical consolidated financial statements of the Company and the related notes thereto included in previous filings with the Securities and Exchange Commission.
To provide a better understanding of the impact of the Sale, the unaudited pro forma consolidated financial information is presented to reflect how the Sale might have affected the historical financial statements had the transactions been consummated at an earlier date. The unaudited pro forma consolidated statements of operations are presented as if the Sale had occurred on October 1, 2021, the beginning of the earliest period presented. The unaudited pro forma consolidated balance sheet as of June 30, 2024 is presented as if the Sale had occurred on that date.
The unaudited pro forma consolidated financial information is provided for illustrative and informational purposes only and is not intended to reflect or be indicative of the Company's consolidated results of operations or financial position had the Sale occurred as of the dates presented and should not be taken as a representation of the Company's future consolidated results of operations or financial position. For example, the financial information does not reflect any potential earnings or other impacts from the use of the proceeds from the Sale or cost reductions of previously allocated corporate costs and potential subsequent restructuring charges.
The historical consolidated financial information has been adjusted in the unaudited pro forma consolidated financial statements to give effect to pro forma events that are (i) directly attributable to the Sale, (ii) factually supportable, and (iii) with respect to the statements of operations, expected to have a continuing impact on the Company's results.
The pro forma adjustments described below were based on management’s assumptions and estimates, including assumptions relating to the consideration received.
2.Transaction Accounting Adjustments
(a)Adjustments to previously reported unaudited consolidated balance sheet to reflect the recognition of CBlade as an asset held for sale and discontinued operations as of June 30, 2024.
(b)Represents the disposition of the CBlade business's assets and liabilities, which will be reported as “held for sale” and discontinued operations as of September 30, 2024, as if the sale had occurred on June 30, 2024.
SIFCO Industries, Inc. and Subsidiaries
Notes to Unaudited Pro Forma
Consolidated Financial Statements
The principal components of the assets and liabilities held for sale as of June 30, 2024 were as follows:
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 690 | ||||||
| Short-term investments | 1,713 | |||||||
| Receivables, net | 8,861 | |||||||
| Inventories, net | 5,222 | |||||||
| Prepaid expenses and other current assets | 751 | |||||||
| Total current assets | 17,237 | |||||||
| Property, plant and equipment, net | 6,545 | |||||||
| Operating lease right-of-use assets, net | 119 | |||||||
| Intangible assets, net | 161 | |||||||
| Total assets held for sale | $ | 24,062 | ||||||
| LIABILITIES | ||||||||
| Current liabilities: | ||||||||
| Current maturities of long-term debt | $ | 6,200 | ||||||
| Short-term operating lease liabilities | 40 | |||||||
| Accounts payable | 3,693 | |||||||
| Contract liabilities | 351 | |||||||
| Accrued liabilities | 3,257 | |||||||
| Total current liabilities | 13,541 | |||||||
| Long-term debt, net | 3,620 | |||||||
| Long-term operating lease liabilities | 75 | |||||||
| Pension liability | 265 | |||||||
| Total liabilities held for sale | $ | 17,501 | ||||||
(c)Reflects the liquidation of the accumulated other comprehensive loss, which is comprised primarily of related foreign currency translation adjustments.
(d)Represents the increase in cash and cash equivalents related to the cash consideration of $14.7 million received, net of normal purchase price settlement adjustments, less transaction expenses.
(e)Represents adjustments to recognize transaction-related expenses and liabilities of $0.5 million, $0.1 million of which were not included within the Company's historical financial statements for the period ended June 30, 2024, $0.1 million of which incurred during the fourth quarter of fiscal year 2024, and $0.3 million of costs expected to be incurred in connection with the Sale.
(f)The “Sale of CBlade” column in the unaudited pro forma consolidated financial statements represents the historical financial results directly attributable to CBlade in accordance with ASC 205. One-time transaction costs related to the Sale of $0.1 million were captured within selling, general, and administrative and included in this column for unaudited pro forma consolidated statements of operations for the nine months ended June 30, 2024.
(g)The income tax impacts of discontinued operations have been estimated using the applicable statutory income tax rate in the respective jurisdictions, adjusted for effective tax rate impacts related to goodwill impairments for which there is no tax basis, permanent differences, and income tax credits. The estimated income tax adjustments are subject to change and actual amounts will differ from the results reflected herein.
(h)Represents the cumulative impact to retained earnings of the pro forma adjustments to the unaudited pro forma consolidated statements of operations for the nine months ended June 30, 2024.