Discontinued Operations

3 Months Ended

Mar. 30, 2014

Discontinued Operations

Discontinued Operations

3. Discontinued Operations

On August 1, 2013, the Company completed the sale of all of the outstanding shares of an indirectly wholly-owned subsidiary, Watts Insulation GmbH (Austroflex), receiving net cash proceeds of $7.9 million.  The loss after tax on disposal of the business was approximately $2.2 million. The Company does not have a substantial continuing involvement in Austroflex’s operations and cash flows, therefore Austroflex’s results of operations have been presented as discontinued operations and all comparative periods presented have been adjusted in the consolidated interim financial statements to reflect Austroflex’s results as discontinued operations.

Pretax profit or losses in discontinued operations are as follows:

	First Quarter Ended
	March 30, 2014		March 31, 2013
	(in millions)
Austroflex pretax (loss) profit in discontinued operations	$	—	$	(0.2	)

Revenues reported in discontinued operations are as follows:

	First Quarter Ended
	March 30, 2014		March 31, 2013
	(in millions)
Austroflex revenues	$	—	$	3.2