第99.1展示文本
sifco industries及其子公司
未经审计的合并财务信息
2024年10月15日，SIFCO Industries, Inc.（"公司"）完成了事先宣布的出售C Blade S.p.A.锻压及制造（"CBlade"）给TB2 S.r.l.（"买方"）的交易（"出售"），根据于2024年8月1日签订的《股权购买协议》（"购买协议"），以20,000,000欧元的企业价值进行了“锁盒”安排，导致在交易结束时支付13,800,000欧元的净股权价值，根据运营资本变动和其他一些条款进行调整。
以下未经审计的基本报表汇编财务信息基于公司的历史基本报表，经调整以反映出售。公司的以下未经审计的基本报表汇编财务信息，应与本文相关附注以及公司历史基本报表和相关附注一起阅读，包括此前向证券交易所提交的文件中包含的信息。
截至2024年6月30日的未经审计的合并利润表，以及截至2023年和2022年9月30日的年度未经审计合并利润表反映了本公司的运营业绩的基准调整结果，即假设销售发生在2021年10月1日，这代表了2022财年第一天。截至2024年6月30日的未经审计合并资产负债表使销售的影响如同发生在该日期。在未经审计的合并利润表和未经审计的未经审计公司资产负债表中的“基准调整”栏中的调整使其他分离调整生效，好像分别发生在2021年10月1日和2024年6月30日。
以下为未经审计的操作法集合报表及未经审计的资产负债表，反映了与销售相关的以下交易。
1.CBlade的停产运营
a.根据ASC 205，可以直接归因于CBlade的历史财务结果。
2.其他分隔调整
a.估计未计提的一次性交易成本
未经审计的假设基本财务报表已经由管理层按照美国证券交易委员会（“SEC”）第11条法规S-X的规定编制。 Pro Forma财务信息假设调整是初步的，基于可用信息，并仅出于提供这些假设基本财务报表的目的而进行。未经审计的假设合并财务信息仅供说明和信息目的，不旨在反映或预示公司若在所呈报日期发生交易，则其合并经营业绩或财务状况，并不应被视为公司未来合并经营业绩或财务状况的表现。例如，这些财务信息不反映从交易所得款项的任何潜在收益或其他影响，也不反映之前分配的公司成本的减少和潜在后续重组费用。
未经审计的基本报表中“临时调整”栏目中的信息反映了根据SEC规则进行的额外交易会计调整，并在附注中进一步描述。
sifco industries及其子公司
经合并后的资产负债表
截至2024年6月30日
(未经审计，单位为千美元)
| 历史数据 (如实报告) | 2024年6月30日调整 (a) | CBlade出售 | 拟制的财务报表 | |||||||||||||||||||||||
| 资产 | ||||||||||||||||||||||||||
| 流动资产： | ||||||||||||||||||||||||||
| 现金及现金等价物 | $ | 1,696 | $ | 1,006 | $ | 14,701 | (d) | $ | 15,707 | |||||||||||||||||
| 短期投资 | 1,713 | — | — | — | ||||||||||||||||||||||
| 应收款项，净额 | 26,831 | 17,970 | — | 17,970 | ||||||||||||||||||||||
| 合同资产 | 10,055 | 10,055 | — | 10,055 | ||||||||||||||||||||||
| 净存货 | 13,423 | 8,201 | — | 8,201 | ||||||||||||||||||||||
| 可退还所得税 | 84 | 84 | — | 84 | ||||||||||||||||||||||
| 资产预付款和其他流动资产的变动 | 1,200 | 449 | — | 449 | ||||||||||||||||||||||
| 持有待售的流动资产 | — | 17,237 | (17,237) | (b) | — | |||||||||||||||||||||
| 总流动资产 | 55,002 | 55,002 | (2,536) | 52,466 | ||||||||||||||||||||||
| 物业、厂房和设备，净值 | 33,914 | 27,369 | — | 27,369 | ||||||||||||||||||||||
| 经营租赁使用权资产，净值 | 13,673 | 13,554 | — | 13,554 | ||||||||||||||||||||||
| 无形资产, 净额 | 161 | — | — | — | ||||||||||||||||||||||
| 商誉 | 3,493 | 3,493 | — | 3,493 | ||||||||||||||||||||||
| 其他 | 88 | 88 | — | 88 | ||||||||||||||||||||||
| 待售非流动资产 | — | 6,825 | (6,825) | (b) | — | |||||||||||||||||||||
| 总资产 | $ | 106,331 | $ | 106,331 | $ | (9,361) | $ | 96,970 | ||||||||||||||||||
| 负债及股东权益 | ||||||||||||||||||||||||||
| 流动负债: | ||||||||||||||||||||||||||
| 长期债务的流动部分 | $ | 6,116 | $ | 313 | $ | — | $ | 313 | ||||||||||||||||||
| 关联方应付票据 | 3,366 | 2,969 | — | 2,969 | ||||||||||||||||||||||
| 循环贷款 | 19,693 | 19,693 | — | 19,693 | ||||||||||||||||||||||
| 短期经营租赁负债 | 906 | 866 | — | 866 | ||||||||||||||||||||||
| 应付账款 | 14,965 | 11,604 | (e) | — | 11,604 | |||||||||||||||||||||
| 合同负债 | 3,880 | 3,529 | — | 3,529 | ||||||||||||||||||||||
| 应计负债 | 6,506 | 3,842 | — | 3,842 | ||||||||||||||||||||||
| 待售的流动负债 | — | 13,541 | (例如) | (13,541) | (b) | — | ||||||||||||||||||||
| 流动负债合计 | 55,432 | 56,357 | (13,541) | 42,816 | ||||||||||||||||||||||
| 长期负债净额 | 3,620 | — | — | — | ||||||||||||||||||||||
| 长期经营租赁负债 | 13,333 | 13,258 | — | 13,258 | ||||||||||||||||||||||
| 递延所得税，净额 | — | — | — | — | ||||||||||||||||||||||
| 养老金负债 | 3,469 | 3,204 | — | 3,204 | ||||||||||||||||||||||
| 其他长期负债 | 651 | 651 | — | 651 | ||||||||||||||||||||||
| 持有待售的非流动负债 | — | 3,960 | (3,960) | (b) | — | |||||||||||||||||||||
| 股东权益： | ||||||||||||||||||||||||||
| Serial preferred shares | ||||||||||||||||||||||||||
| 普通股 | 6,180 | 6,180 | — | 6,180 | ||||||||||||||||||||||
| 额外实收资本 | 11,745 | 11,745 | — | 11,745 | ||||||||||||||||||||||
| 保留盈余 | 18,324 | 17,399 | (e) (g) | 2,563 | (h) | 19,962 | ||||||||||||||||||||
| 累计其他综合损失 | (6,423) | (6,423) | 5,577 | (c) | (846) | |||||||||||||||||||||
| 股东权益合计 | 29,826 | 28,901 | 8,140 | 37,041 | ||||||||||||||||||||||
| 负债和股东权益合计 | $ | 106,331 | $ | 106,331 | $ | (9,361) | $ | 96,970 | ||||||||||||||||||
请参阅附注以查看未经审计的基本报表。
sifco industries及其子公司
经形式合并利润表
截至2024年6月30日的九个月
(未经审计，金额以千为单位，每股数据除外)
| 历史数据 (如报告所述) | 销售 C 叶片 (f) | 其他分隔调整 | 拟制的财务报表 | |||||||||||||||||||||||
| 净销售额 | $ | 76,854 | $ | (18,879) | $ | — | $ | 57,975 | ||||||||||||||||||
| 营业成本 | 68,857 | (14,543) | — | 54,314 | ||||||||||||||||||||||
| 毛利润 | 7,997 | (4,336) | — | 3,661 | ||||||||||||||||||||||
| 销售、一般和管理费用 | 9,939 | (1,452) | 454 | (e) | 8,941 | |||||||||||||||||||||
| 无形资产摊销 | 121 | (121) | — | — | ||||||||||||||||||||||
| 处置营运资产亏损 | 3 | 1 | — | 4 | ||||||||||||||||||||||
| 营业 (亏损) 利润 | (2,066) | (2,764) | (454) | (5,284) | ||||||||||||||||||||||
| 利息费用，净额 | 2,471 | (406) | — | 2,065 | ||||||||||||||||||||||
| 净外币兑换损失（收益） | 6 | (6) | — | — | ||||||||||||||||||||||
| 其他费用，净额 | 244 | 69 | — | 313 | ||||||||||||||||||||||
| (亏损)税前收入 | (4,787) | (2,421) | (454) | (7,662) | ||||||||||||||||||||||
| 所得税费用（收益） | 153 | (613) | — | (460) | ||||||||||||||||||||||
| 净亏损 | $ | (4,940) | $ | (1,808) | $ | (454) | $ | (7,202) | ||||||||||||||||||
| 每股终止运营净亏损。 | ||||||||||||||||||||||||||
| 基本 | $ | (0.82) | $ | (1.20) | ||||||||||||||||||||||
| 稀释的 | (0.82) | (1.20) | ||||||||||||||||||||||||
| 普通股加权平均数（基本） | 5,991 | 5,991 | ||||||||||||||||||||||||
| 普通股加权平均数（稀释） | 5,991 | 5,991 | ||||||||||||||||||||||||
请参阅附注以查看未经审计的基本报表。
sifco industries及其子公司
经形式合并利润表
截至2023年9月30日止年度
(未经审计，金额以千为单位，每股数据除外)
| 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.