(State or other jurisdiction of incorporation) | (Commission file number) | (I.R.S. Employer Identification No.) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-2) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240. 13e-4(c)) |
Exhibit No. | Description | ||||
23.1 | |||||
99.1 | |||||
99.2 | |||||
99.3 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Simpson Manufacturing Co., Inc. | ||||||||||||||
(Registrant) | ||||||||||||||
DATE: | June 16, 2022 | By | /s/ Brian J. Magstadt | |||||||||||
Brian J. Magstadt | ||||||||||||||
Chief Financial Officer |
FIXCO Invest S.A.S. | |||||||||||||||||||||||||||||
Consolidated Balance Sheet | |||||||||||||||||||||||||||||
As of March 31, 2021 and March 31, 2020 | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Notes | March 31, 2020 | March 31, 2021 | |||||||||||||||||||||||||||
Net value | Gross values | Amortization Depreciation | Net value | ||||||||||||||||||||||||||
Goodwill | 6.10 | € | 167,215 | € | 182,431 | € | — | € | 182,431 | ||||||||||||||||||||
Intangible assets | 6.11 | 119,325 | 145,800 | (17,445) | 128,355 | ||||||||||||||||||||||||
Property, plant and equipment | 6.12 | 41,827 | 130,412 | (88,655) | 41,757 | ||||||||||||||||||||||||
Financial assets | 6.13 | 369 | 443 | — | 443 | ||||||||||||||||||||||||
Total fixed assets | € | 328,735 | € | 459,086 | € | (106,100) | € | 352,986 | |||||||||||||||||||||
Inventories | 6.14 | 61,289 | 63,445 | (3,648) | 59,798 | ||||||||||||||||||||||||
Trade accounts receivable | 6.15 | 43,859 | 56,883 | (2,966) | 53,917 | ||||||||||||||||||||||||
Other receivables | 6.16 | 10,343 | 8,302 | — | 8,302 | ||||||||||||||||||||||||
Short term deposits | 23,017 | 396 | — | 396 | |||||||||||||||||||||||||
Cash and cash equivalents | 26,691 | 17,986 | — | 17,986 | |||||||||||||||||||||||||
Deferred tax assets | 6.17 | 8,123 | 4,534 | — | 4,534 | ||||||||||||||||||||||||
Total current assets | € | 173,323 | € | 151,546 | € | (6,614) | € | 144,933 | |||||||||||||||||||||
Total assets | € | 502,059 | € | 610,633 | € | (112,714) | € | 497,919 | |||||||||||||||||||||
Share capital | 6.22 | 64,994 | — | — | 65,025 | ||||||||||||||||||||||||
Additional paid-in capital | 64,578 | — | — | 64,547 | |||||||||||||||||||||||||
Retained earnings | (6,397) | — | — | (4,702) | |||||||||||||||||||||||||
Foreign exchange translation adjustment | (271) | — | — | (677) | |||||||||||||||||||||||||
Net income | 1,644 | — | — | 9,109 | |||||||||||||||||||||||||
Equity attributable to owners of the parent company | 124,548 | — | — | 133,302 | |||||||||||||||||||||||||
Non-controlling interests | — | — | — | 852 | |||||||||||||||||||||||||
Total Stockholder’s Equity | € | 124,548 | € | — | € | — | € | 134,154 | |||||||||||||||||||||
Provisions | 6.18 | 7,671 | — | — | 7,452 | ||||||||||||||||||||||||
Deferred tax liabilities | 6.17 | 14,184 | — | — | 15,142 | ||||||||||||||||||||||||
Loans and financial debt | 6.19 | 315,377 | — | — | 289,846 | ||||||||||||||||||||||||
Trade accounts payable | 6.20 | 27,577 | — | — | 36,373 | ||||||||||||||||||||||||
Other liabilities | 6.21 | 12,702 | — | — | 14,952 | ||||||||||||||||||||||||
Total Liabilities | € | 377,511 | € | — | € | — | € | 363,765 | |||||||||||||||||||||
Total Liabilities and Stockholders’ Equity | € | 502,059 | € | — | € | — | € | 497,919 |
FIXCO Invest S.A.S. | ||||||||||||||
Consolidated Statement of Operations | ||||||||||||||
For the Years Ended March 31, 2021 and March 31, 2020 | ||||||||||||||
(In thousands) | ||||||||||||||
March 31, 2020 | March 31, 2021 | |||||||||||||
Total Operating Income | € | 215,932 | € | 218,248 | ||||||||||
Revenue | 206,594 | 220,235 | ||||||||||||
Other income | 9,338 | (1,988) | ||||||||||||
Total Operating expenses | (184,329) | (182,021) | ||||||||||||
Purchases consumed | (93,277) | (90,284) | ||||||||||||
Taxes other than income tax | (2,614) | (2,606) | ||||||||||||
Personnel expenses | (41,978) | (43,331) | ||||||||||||
Other operating expenses | (35,219) | (34,475) | ||||||||||||
Depreciation and amortization | (11,240) | (11,325) | ||||||||||||
Operating income (loss) | € | 31,604 | € | 36,227 | ||||||||||
Financial income | 178 | 311 | ||||||||||||
Financial expenses | (19,294) | (20,357) | ||||||||||||
Net Financial income (loss) | € | (19,115) | € | (20,045) | ||||||||||
Consolidated income (loss) before extraordinary items and income tax | € | 12,488 | € | 16,181 | ||||||||||
Extraordinary income | 480 | 693 | ||||||||||||
Extraordinary expenses | (2,600) | (605) | ||||||||||||
Extraordinary income (loss) | € | (2,119) | € | 88 | ||||||||||
Consolidated income (loss) before income tax | € | 10,369 | € | 16,269 | ||||||||||
Current income tax | (4,824) | (4,572) | ||||||||||||
Deferred income tax | (3,902) | (2,288) | ||||||||||||
Consolidated net income (loss) | € | 1,644 | € | 9,409 | ||||||||||
Non-controlling interests | — | 300 | ||||||||||||
Net income - Group share | € | 1,644 | € | 9,109 |
FIXCO Invest S.A.S. | |||||||||||||||||
Consolidated Statements of Cash Flows | |||||||||||||||||
For the Years Ended March 31, 2021 and March 31, 2020 | |||||||||||||||||
(In thousands) | |||||||||||||||||
March 31, 2020 | March 31, 2021 | ||||||||||||||||
Operating Activities | |||||||||||||||||
Consolidated net income | € | 1,644 | € | 9,409 | |||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 11,405 | 10,401 | |||||||||||||||
Capital gains or losses on disposal | 123 | (112) | |||||||||||||||
Deferred income taxes | 3,902 | 2,288 | |||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Inventory change | (9,171) | 3,495 | |||||||||||||||
Changes in receivables and payables | 4,396 | 715 | |||||||||||||||
of which changes in receivables | 3,137 | (5,803) | |||||||||||||||
of which changes in payables | 1,259 | 6,518 | |||||||||||||||
Cash flows from (used in) operating activities | € | 12,299 | € | 26,196 | |||||||||||||
Investing Activities | |||||||||||||||||
Capital expenditure - intangible assets | € | (939) | € | (1,612) | |||||||||||||
Capital expenditure - tangible assets | (5,343) | (4,836) | |||||||||||||||
Capital expenditure - financial assets | (6) | (59) | |||||||||||||||
Changes in financial assets | 35 | — | |||||||||||||||
Net change in short-term investments | (50) | 50 | |||||||||||||||
Impact of the changes on consolidation scope | 222 | (25,127) | |||||||||||||||
Cash flows from (used in) investing activities | € | (6,081) | € | (31,584) | |||||||||||||
Financing Activities | |||||||||||||||||
Capital increase | 6 | — | |||||||||||||||
Proceeds from borrowings | 33,053 | 14,447 | |||||||||||||||
Repayment of borrowings | (6,300) | (40,325) | |||||||||||||||
Cash flows from (used in) financing activities | € | 26,759 | € | (25,878) | |||||||||||||
Effect of exchange rate changes | (30) | (58) | |||||||||||||||
Change in Cash Statement | € | 32,947 | € | (31,324) | |||||||||||||
Cash position at beginning of year | 16,749 | 49,696 | |||||||||||||||
Cash position at end of year | 49,696 | 18,372 | |||||||||||||||
Cash and cash equivalents | 26,691 | 17,986 | |||||||||||||||
Short-term deposits | 23,017 | 396 | |||||||||||||||
Bank overdrafts | (1) | (1) | |||||||||||||||
Short-term banks borrowings (treasury liabilities) | (11) | (9) | |||||||||||||||
Total | € | 49,696 | € | 18,372 |
FIXCO Invest S.A.S. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Statement of Stockholder’s Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Years Ended March 31, 2021 and March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Capital | Additional paid-in capital | Foreign exchange translation adjustment | Retained earnings | Net income | Equity attributable to owners of the parent company | Non-controlling interests | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Balance as at March 31, 2019 | € | 63,470 | € | 63,470 | € | 7 | € | (3,313) | € | (395) | € | 123,239 | € | - | € | 123,239 | |||||||||||||||||||||||||||||||||||||
Capital increase | 1,524 | 1,108 | - | (2,632) | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Allocation of net income from previous year | - | - | - | (395) | 395 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange translation adjustment | - | - | (278) | - | - | (278) | - | (278) | |||||||||||||||||||||||||||||||||||||||||||||
Other changes | - | - | - | (57) | - | (57) | - | (57) | |||||||||||||||||||||||||||||||||||||||||||||
Net income | - | - | - | - | 1,644 | 1,644 | - | 1,644 | |||||||||||||||||||||||||||||||||||||||||||||
Balance as at March 31, 2020 | € | 64,994 | € | 64,578 | € | (271) | € | (6,397) | € | 1,644 | € | 124,548 | € | - | € | 124,548 | |||||||||||||||||||||||||||||||||||||
Capital increase | 31 | (31) | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Allocation of net income from previous year | - | - | - | 1,644 | (1,644) | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange translation adjustment | - | - | (406) | - | - | (406) | - | (406) | |||||||||||||||||||||||||||||||||||||||||||||
Other changes | - | - | - | 51 | - | 51 | - | 51 | |||||||||||||||||||||||||||||||||||||||||||||
Net income | - | - | - | - | 9,109 | 9,109 | 300 | 9,409 | |||||||||||||||||||||||||||||||||||||||||||||
Changes in non-controlling interest (*) | - | - | - | - | - | - | 552 | 552 | |||||||||||||||||||||||||||||||||||||||||||||
Balance as at March 31, 2021 | € | 65,025 | € | 64,547 | € | (677) | € | (4,702) | € | 9,109 | € | 133,302 | € | 852 | € | 134,154 |
Buildings | 15 to 25 years straight line | ||||
Fixtures and Installations | 10 years straight line | ||||
Machinery and Equipment | 3 to 5 years straight line | ||||
Transport Equipment | 5 years straight line | ||||
Office Equipment and Furniture | 5 years straight line | ||||
Computer and IT Equipment | 3 years straight line |
Uses | Resources | ||||||||||
Repayment of: | New Senior Debt | M€ 180.000 | |||||||||
•ICG Senior Bonds | M€ 73.275 | ||||||||||
•Senior Debt | M€ 113.940 | Cash on BS | M€ 9.000 | ||||||||
Transaction fees | M€ 1.511 | ||||||||||
Overfunding | M€ 0.274 | ||||||||||
Total | M€ 189.000 | Total | M€ 189.000 |
Capital | 62,000,000.00 | ||||
Interest Principal | 11,275,170.12 | ||||
Total | 73,275,170.12 |
Financière Echezeaux | Plastiform’s | Total | |||||||||
Capital | 93,150,000.00 | 20,250,000.00 | 113,400,000.00 | ||||||||
Interest Principal | 438,581.25 | 95,343.75 | 533,925.00 | ||||||||
Interest Credit revolving | 6,416.67 | - | 6,416.67 | ||||||||
Total | 93,594,997.92 | 20,345,343.75 | 113,940,341.67 |
Scope of consolidation | March 31, 2020 | March 31, 2021 | ||||||||||||
Financial interest | Ownership interest | Financial interest | Ownership interest | |||||||||||
FIXCO INVEST SAS N° SIREN 841 250 608 Parc des Erables Bâtiment 1, 66, Route de Sartrouville 78230 LE PECQ (FRANCE) | 100% | 100% | 100% | 100% | ||||||||||
ECHEZEAUX GROUPE SAS N° SIREN 534 682 570 Parc des Erables Bâtiment 1, 66, Route de Sartrouville 78230 LE PECQ (FRANCE) | 100% | 100% | 100% | 100% | ||||||||||
FINANCIERE ECHEZEAUX SAS N° SIREN 534 678 669 Parc des Erables Bâtiment 1, 66, Route de Sartrouville 78230 LE PECQ (FRANCE) | 100% | 100% | 100% | 100% | ||||||||||
SAS PLASTIFORM’S N° SIREN 764 500 740 Le Monceau 87380 MAGNAC-BOURG (FRANCE) | 100% | 100% | 100% | 100% | ||||||||||
SAS ATELIERS LR ETANCO N° SIREN 579 800 764 Parc des Erables Bâtiment 1, 66, Route de Sartrouville 78230 LE PECQ (FRANCE) | 100% | 100% | 100% | 100% | ||||||||||
SARL LRD N° SIREN 350 171 468 ZA Du Martoulet 87380 SAINT GERMAIN LES BELLES (FRANCE) | 100% | 100% | 100% | 100% |
SA LRM N° SIREN 321 079 634 145, rue Rateau 93120 LA COURNEUVE (FRANCE) | 100% | 100% | 100% | 100% | ||||||||||
SARL R-FIX N° SIREN 398 843 748 1, rue Chappé 97420 LE PORT (La Réunion) (FRANCE) | 100% | 100% | 100% | 100% | ||||||||||
SAS LRM-INDUSTRIES N° SIREN 435 017 165 La Maison Blanche 1759, Route de Quarante Sous 78630 ORGEVAL (FRANCE) | 100% | 100% | 100% | 100% | ||||||||||
SCI LOBER N° SIREN 350 357 695 Parc des Erables Bâtiment 1, 66, Route de Sartrouville 78230 LE PECQ (FRANCE) | 100% | 100% | 100% | 100% | ||||||||||
SCI LEPONE N° SIREN 342 724 915 Parc des Erables Bâtiment 1, 66, Route de Sartrouville 78230 LE PECQ (FRANCE) | 100% | 100% | 100% | 100% | ||||||||||
NV ETANCO BENELUX Sit Jansveld 8 2160 WOMMELGEM (BELGIUM) | 100% | 100% | 100% | 100% | ||||||||||
ETANCO GMBH Auf der Landeskrone 57234 WILNSDORF (GERMANY) | 100% | 100% | 100% | 100% | ||||||||||
ETANCO ROMANIA SRL 4 secteur Aminan BL4, App 70 BUCAREST (ROMANIA) | 100% | 100% | 100% | 100% | ||||||||||
FRIULSIDER SPA 33048 SAN GIOVANI AL NATISONE (ITALY) | 100% | 100% | 100% | 100% | ||||||||||
FRIULSIDER UK Bruce Road - Forestfach SA5 4HS SWANSEA (UK) | 100% | 100% | 100% | 100% | ||||||||||
SICOP SRL Via Delle Industrie, 53, 20037 PADERNO DUGNANO (MI) (ITALY) | 100% | 100% | 100% | 100% | ||||||||||
ETANCO SP ZOO UL OLSZTYNSKA 30PL, 11-130 ONETA (POLAND) | 100% | 100% | 100% | 100% | ||||||||||
ETANCO FASTENING SRL COM. BRAZI St Negoiest, srt. Piatra Craiului nr 7, Parc Industrial BIDO - Hala 16 (ROMANIA) | 100% | 100% | 100% | 100% | ||||||||||
SYSTEA GMBH Margarete-Steiff-Straße 6, 24558 HENSTEDT-ULZBURG (GERMANY) | - | - | 100% | 100% | ||||||||||
CLEAS 5, rue du Pont à lunette 69390 VOURLES (FRANCE) | - | - | 60% | 60% |
(Euros in thousands) | SYSTEA | CLEAS | ||||||
Net Value | Net Value | |||||||
Intangible assets | 17 | 1 | ||||||
Property, Plant and Equipment | 297 | 77 | ||||||
Financial assets | 4 | 12 | ||||||
Total Fixed Assets | 318 | 90 | ||||||
Inventories | 1,628 | 662 | ||||||
Trade accounts receivable | 484 | 1,649 | ||||||
Other receivables | 281 | 111 | ||||||
Cash and cash equivalents | 210 | 1,132 | ||||||
Total Current Assets | 2,603 | 3,554 | ||||||
Total Assets | 2,921 | 3,644 | ||||||
Share capital | 150 | 10 | ||||||
Retained earnings | 340 | 1,366 | ||||||
Total Stockholders’ Equity | 490 | 1,376 | ||||||
Loans and financial debt | - | 349 | ||||||
Trade accounts payable | 665 | 1,159 | ||||||
Other liabilities | 1,766 | 760 | ||||||
Total Liabilities | 2,431 | 2,268 | ||||||
Total Liabilities and Stockholders’ Equity | 2,921 | 3,644 |
(Euros in thousands) | SYSTEA | SYSTEA | ||||||
Revenue (*) | 1,154 | 6,742 | ||||||
Net income (*) | 115 | 545 |
(Euros in thousands) | SYSTEA | CLEAS | ||||||
Price paid for the acquired business | 22,475 | 3,964 | ||||||
Brand | 3,222 | - | ||||||
Customer relationship (net of deferred tax) | 6,478 | - | ||||||
Net identifiable assets | 490 | 826 | ||||||
Deferred tax on acquisition expenses | 170 | 45 | ||||||
Goodwill | 12,114 | 3,093 |
(Euros in thousands) | SYSTEA | CLEAS | ||||||
Price paid for the acquired business | (22,475) | (3,964) | ||||||
Cash acquired | 210 | 1,102 | ||||||
Total cash Impact | (22,265) | (2,862) |
(Euros in thousands) | March 31, 2020 | March 31, 2021 | ||||||
France | 131,430 | 130,716 | ||||||
Export | 75,164 | 89,519 | ||||||
Revenue | 206,594 | 220,235 |
(Euros in thousands) | March 31, 2020 | March 31, 2021 | ||||||
Change in finished good | 5,257 | (3,417) | ||||||
Reversal of operating provisions | 3,370 | 533 | ||||||
Other operating income | 712 | 881 | ||||||
Transfer of operating charges | - | 15 | ||||||
Other income | 9,338 | (1,988) |
(Euros in thousands) | March 31, 2020 | March 31, 2021 | ||||||
Payroll Taxes | (622) | (556) | ||||||
Company value-added contribution (“CVAE”) | (913) | (986) | ||||||
Other Taxes | (1,079) | (1,064) | ||||||
Taxes other than income tax | (2,614) | (2,606) |
(Euros in thousands) | March 31, 2020 | March 31, 2021 | ||||||
Wages and salaries | (29,349) | (30,659) | ||||||
Social charges | (11,311) | (11,157) | ||||||
Employee profit sharing | (1,319) | (1,515) | ||||||
Personnel expenses | (41,978) | (43,331) |
(Euros in thousands) | March 31, 2020 | March 31, 2021 | ||||||
Other external expenses | (31,060) | (30,608) | ||||||
Other expenses | (4,159) | (3,867) | ||||||
Other operating expenses | (35,219) | (34,475) |
(Euros in thousands) | March 31, 2020 | March 31, 2021 | ||||||
Amortization | (10,256) | (10,618) | ||||||
Provisions | (984) | (707) | ||||||
Depreciation and amortization | (11,240) | (11,325) |
(Euros in thousands) | March 31, 2020 | March 31, 2021 | ||||||
Foreign exchange gains | 117 | 242 | ||||||
Other financial income | 46 | 69 | ||||||
Reversal of financial provisions | 15 | - | ||||||
Financial income | 178 | 311 | ||||||
Interest and financial expenses | (18,283) | (19,576) | ||||||
Foreign exchange losses | (174) | (171) | ||||||
Other financial expenses | (837) | (610) | ||||||
Financial expenses | (19,294) | (20,357) | ||||||
Net financial income (loss) | (19,115) | (20,045) |
(Euros in thousands) | March 31, 2020 | March 31, 2021 | ||||||
Extraordinary income | 480 | 693 | ||||||
Extraordinary expenses | (2,600) | (605) | ||||||
Extraordinary income (loss) | (2,119) | 88 |
(Euros in thousands) | March 31, 2020 | March 31, 2021 | ||||||
Current income tax | (4,824) | (4,572) | ||||||
Deferred income tax | (3,902) | (2,288) | ||||||
Income tax | (8,726) | (6,860) |
(Euros in thousands) | March 31, 2020 | March 31, 2021 | ||||||
Net result of the period | 1,644 | 9,409 | ||||||
Income tax expense reported in the statement of profit or loss | (8,726) | (6,860) | ||||||
Taxable net income | 10,369 | 16,269 | ||||||
Current tax rate in France | 32.02% | 28.92% | ||||||
Theoretical tax expenses | (3,320) | (4,705) | ||||||
Adjustments of theoretical tax expenses : | ||||||||
Unrecognized deferred tax assets on tax losses | (2,365) | (1,887) | ||||||
Reassessment of the recognition of deferred tax assets | (109) | (496) | ||||||
Depreciation of deferred tax on losses carried forward | (2,106) | - | ||||||
Tax risk provision | (1,000) | - | ||||||
Tax rates differences | 437 | 74 | ||||||
Permanent differences | (263) | 154 | ||||||
Income tax expenses | (8,726) | (6,860) |
(Euros in thousands) | March 31, 2020 | Change in consolidation scope | March 31, 2021 | ||||||||
Gross carrying amount | 167,215 | 15,216 | 182,431 | ||||||||
Impairment | - | - | - | ||||||||
Total Net Value | 167,215 | 15,216 | 182,431 |
(Euros in thousands) | March 31, 2019 | Change in consolidation scope | Additions / Depreciation and amortization expense | Disposals / Release on disposals | Reclassifications and Foreign Exchange | March 31, 2020 | ||||||||||||||
Gross carrying amount | 132,470 | - | 939 | (8) | (9) | 133,392 | ||||||||||||||
Trademarks | 79,700 | - | - | - | - | 79,700 | ||||||||||||||
Customer relationship | 42,800 | - | - | - | - | 42,800 | ||||||||||||||
Patents and similar rights | 136 | - | - | - | (0) | 135 | ||||||||||||||
Licenses and software | 235 | - | 6 | (8) | (3) | 231 | ||||||||||||||
Lease premium | 30 | - | - | - | - | 30 | ||||||||||||||
Other intangible assets | 9,569 | - | 933 | - | (6) | 10,496 | ||||||||||||||
Depreciation and amortization | (9,572) | - | (4,512) | 8 | 9 | (14,067) | ||||||||||||||
Customer relationship | (1,800) | - | (3,600) | - | - | (5,400) | ||||||||||||||
Patents and similar rights | (87) | - | (8) | - | - | (95) | ||||||||||||||
Licenses and software | (113) | - | (43) | 8 | 3 | (145) | ||||||||||||||
Lease premium | - | - | - | - | - | - | ||||||||||||||
Other intangible assets | (7,572) | - | (861) | - | 6 | (8,427) | ||||||||||||||
Total net value | 122,898 | - | (3,573) | - | (0) | 119,325 |
(Euros in thousands) | March 31, 2020 | Change in consolidation scope | Additions / Depreciation and amortization expense | Disposals / Release on disposals | Reclassifications and Foreign Exchange | March 31, 2021 | ||||||||||||||
Gross carrying amount | 133,392 | 12,289 | 1,612 | (1,550) | 57 | 145,800 | ||||||||||||||
Trademarks | 79,700 | 3,222 | - | - | - | 82,922 | ||||||||||||||
Customer relationship | 42,800 | 8,946 | - | - | - | 51,746 | ||||||||||||||
Patents and similar rights | 135 | 17 | 2 | - | 61 | 216 | ||||||||||||||
Licenses and software | 231 | 104 | - | (4) | (4) | 327 | ||||||||||||||
Lease premium | 30 | - | - | - | - | 30 | ||||||||||||||
Other intangible assets | 10,496 | - | 1,610 | (1,546) | (0) | 10,559 | ||||||||||||||
Depreciation and amortization | (14,067) | (103) | (4,774) | 1,550 | (51) | (17,445) | ||||||||||||||
Customer relationship | (5,400) | - | (3,662) | - | - | (9,062) | ||||||||||||||
Patents and similar rights | (95) | (16) | (11) | - | (55) | (177) | ||||||||||||||
Licenses and software | (145) | (87) | (29) | 4 | 4 | (253) | ||||||||||||||
Other intangible assets | (8,427) | - | (1,072) | 1,546 | - | (7,952) | ||||||||||||||
Total net value | 119,325 | 12,186 | (3,162) | - | 6 | 128,355 |
(Euros in thousands) | March 31, 2019 | Change in consolidation scope | Additions / Depreciation and amortization expense | Disposals / Release on disposals | Reclassifications and Foreign Exchange | March 31, 2020 | ||||||||||||||
Gross carrying amount | 121,337 | (113) | 5,343 | (437) | (312) | 125,817 | ||||||||||||||
Land | 3,859 | - | - | - | (4) | 3,855 | ||||||||||||||
Buildings | 29,229 | - | 427 | - | (139) | 29,516 | ||||||||||||||
Machinery and equipment | 70,357 | (98) | 1,738 | (217) | (151) | 71,628 | ||||||||||||||
Other tangible fixed assets | 15,813 | - | 2,397 | (219) | 119 | 18,110 | ||||||||||||||
Tangible fixed assets in progress | 2,079 | - | 766 | - | (137) | 2,707 | ||||||||||||||
Payments in advance on tangible fixed assets | - | (15) | 15 | - | - | - | ||||||||||||||
Depreciation and amortization | (79,645) | 90 | (5,040) | 437 | 169 | (83,990) | ||||||||||||||
Buildings | (15,114) | - | (1,285) | - | 59 | (16,340) | ||||||||||||||
Machinery and equipment | (54,653) | 90 | (2,852) | 217 | 101 | (57,097) | ||||||||||||||
Other tangible fixed assets | (9,878) | - | (903) | 219 | 9 | (10,553) | ||||||||||||||
Total net value | 41,691 | (23) | 302 | - | (143) | 41,827 |
(Euros in thousands) | March 31, 2020 | Change in consolidation scope | Additions / Depreciation and amortization expense | Disposals / Release on disposals | Reclassifications and Foreign Exchange | March 31, 2021 | ||||||||||||||
Gross carrying amount | 125,817 | 1,024 | 4,836 | (1,026) | (238) | 130,412 | ||||||||||||||
Land | 3,855 | - | - | - | (5) | 3,850 | ||||||||||||||
Buildings | 29,516 | 6 | 974 | (436) | 321 | 30,381 | ||||||||||||||
Machinery and equipment | 71,628 | 227 | 1,724 | (155) | 1,221 | 74,645 | ||||||||||||||
Other tangible fixed assets | 18,110 | 791 | 1,707 | (434) | (512) | 19,662 | ||||||||||||||
Tangible fixed assets in progress | 2,707 | - | 211 | - | (1,263) | 1,655 | ||||||||||||||
Payments in advance on tangible fixed assets | - | - | 219 | - | - | 219 | ||||||||||||||
Depreciation and amortization | (83,990) | (650) | (5,149) | 1,034 | 100 | (88,655) | ||||||||||||||
Buildings | (16,340) | (1) | (1,295) | 439 | 86 | (17,110) | ||||||||||||||
Machinery and equipment | (57,097) | (180) | (2,465) | 160 | 19 | (59,562) | ||||||||||||||
Other tangible fixed assets | (10,553) | (469) | (1,389) | 434 | (5) | (11,982) | ||||||||||||||
Total net value | 41,827 | 374 | (314) | 8 | (138) | 41,757 |
(Euros in thousands) | March 31, 2019 | Change in consolidation scope | Additions / Depreciation and amortization expense | Disposals and sales | Reclassifications and Foreign Exchange | March 31, 2020 | ||||||||||||||
Gross carrying amount | 404 | 0 | 6 | (140) | 98 | 369 | ||||||||||||||
Shares in non-consolidated entities | 11 | - | - | (105) | 98 | 4 | ||||||||||||||
Loans and security | 394 | - | 6 | (35) | (0) | 365 | ||||||||||||||
Impairment of financial assets | (7) | 0 | - | - | 7 | - | ||||||||||||||
Total net value | 398 | 0 | 6 | (140) | 105 | 369 |
(Euros in thousands) | March 31, 2020 | Change in consolidation scope | Additions / Depreciation and amortization expense | Disposals and sales | Reclassifications and Foreign Exchange | March 31, 2021 | ||||||||||||||
Gross carrying amount | 369 | 16 | 59 | - | (0) | 443 | ||||||||||||||
Shares in non-consolidated entities | 4 | - | - | - | - | 4 | ||||||||||||||
Long-term investment securities | - | 4 | - | - | - | 4 | ||||||||||||||
Loans and security | 365 | 12 | 59 | - | (0) | 435 | ||||||||||||||
Total net value | 369 | 16 | 59 | - | (0) | 443 |
(Euros in thousands) | Gross carrying amount | Depreciation | Net value as at March 31, 2020 | Gross carrying amount | Depreciation | Net value as at March 31, 2021 | ||||||||||||||
Raw materials | 4,515 | (137) | 4,378 | 4,109 | (132) | 3,977 | ||||||||||||||
Work in progress | 426 | - | 426 | 422 | - | 422 | ||||||||||||||
Finish products and semi-finished products | 59,893 | (3,408) | 56,486 | 58,914 | (3,516) | 55,399 | ||||||||||||||
Total net value | 64,834 | (3,545) | 61,289 | 63,445 | (3,648) | 59,798 |
(Euros in thousands) | Less than 1 year | 1 to 5 years | More than 5 years | March 31, 2020 | ||||||||||
Trade accounts receivable | 46,706 | - | - | 46,706 | ||||||||||
Allowance for doubtful debts | (2,847) | - | - | (2,847) | ||||||||||
Total net value | 43,859 | - | - | 43,859 |
(Euros in thousands) | Less than 1 year | 1 to 5 years | More than 5 years | March 31, 2021 | ||||||||||
Trade accounts receivable | 56,883 | - | - | 56,883 | ||||||||||
Allowance for doubtful debts | (2,966) | - | - | (2,966) | ||||||||||
Total net value | 53,917 | - | - | 53,917 |
(Euros in thousands) | March 31, 2019 | Change in consolidation scope | Changes | Allowance of provision | Foreign Exchange | March 31, 2020 | ||||||||||||||
Trade accounts receivable | 51,342 | - | (4,539) | - | (96) | 46,706 | ||||||||||||||
Allowance for doubtful accounts | (2,760) | - | 321 | (410) | 2 | (2,847) | ||||||||||||||
Total net value | 48,582 | - | (4,218) | (410) | (94) | 43,859 |
(In thousand s of euros) | March 31, 2020 | Change in consolidation scope | Changes | Allowance of provision | Reversal of provision | Reclassifications | Foreign Exchange | March 31, 2021 | ||||||||||||||||||
Trade accounts receivable | 46,706 | 2,223 | 7,623 | - | 434 | (103) | 56,883 | |||||||||||||||||||
Allowance for doubtful accounts | (2,847) | (90) | 211 | (309) | - | 67 | 2 | (2,966) | ||||||||||||||||||
Total net value | 43,859 | 2,133 | 7,834 | (309) | - | 501 | (101) | 53,917 |
(Euros in thousands) | Less than 1 year | 1 to 5 years | More than 5 years | March 31, 2020 | ||||||||||
Gross carrying amount | 10,343 | - | - | 10,343 | ||||||||||
Tax and social receivables | 1,602 | - | - | 1,602 | ||||||||||
Other receivables | 664 | - | - | 664 | ||||||||||
Income tax receivables | 3,166 | - | - | 3,166 | ||||||||||
Debt issued costs and prepaid expenses | 4,911 | - | - | 4,911 | ||||||||||
Total net value | 10,343 | - | - | 10,343 |
(Euros in thousands) | Less than 1 year | 1 to 5 years | More than 5 years | March 31, 2021 | ||||||||||
Gross carrying amount | 8,302 | - | - | 8,302 | ||||||||||
Tax and social receivables | 1,870 | - | - | 1,870 | ||||||||||
Other receivables | 1,124 | - | - | 1,124 | ||||||||||
Income tax receivables | 1,328 | - | - | 1,328 | ||||||||||
Debt issued costs and prepaid expenses | 3,981 | - | - | 3,981 | ||||||||||
Total net value | 8,302 | - | - | 8,302 |
(Euros in thousands) | March 31, 2019 | Change in consolidation scope | Changes | Amortization | Foreign Exchange | March 31, 2020 | ||||||||||||||
Tax and social receivables | 1,693 | - | (91) | - | - | 1,602 | ||||||||||||||
Income tax receivables | 1,295 | - | 1,872 | - | (1) | 3,166 | ||||||||||||||
Other receivables | 1,072 | (21) | (385) | - | (2) | 664 | ||||||||||||||
Debt issue costs and prepaid expenses | 5,713 | (3) | (91) | (704) | (3) | 4,911 | ||||||||||||||
Allowance for doubtful accounts | (15) | - | 15 | - | - | - | ||||||||||||||
Total net value | 9,758 | (24) | 1,320 | (704) | (7) | 10,343 |
(Euros in thousands) | March 31, 2020 | Change in consolidation scope | Changes | Amortization | Foreign Exchange | March 31, 2021 | ||||||||||||||
Tax and social receivables | 1,602 | - | 268 | - | (0) | 1,870 | ||||||||||||||
Income tax receivables | 3,166 | - | (1,836) | - | (2) | 1,328 | ||||||||||||||
Other receivables | 664 | 349 | 112 | - | (2) | 1,123 | ||||||||||||||
Debt issued costs and prepaid expenses | 4,911 | 43 | (264) | (703) | (6) | 3,981 | ||||||||||||||
Total net value | 10,343 | 392 | (1,720) | (703) | (10) | 8,302 |
(Euros in thousands) | March 31, 2019 | Changes | Foreign Exchange | March 31, 2020 | ||||||||||
Deferred taxes – asset | 13,618 | (5,448) | (47) | 8,123 | ||||||||||
Deferred taxes – liabilities | 15,771 | (1,546) | (41) | 14,184 | ||||||||||
Net balance of deferred tax | (2,153) | (3,902) | (6) | (6,061) |
(Euros in thousands) | March 31, 2020 | Change in consolidation scope | Changes | Foreign Exchange | March 31, 2021 | ||||||||||||
Deferred taxes – asset | 8,123 | 215 | (3,798) | (6) | 4,534 | ||||||||||||
Deferred taxes – liabilities | 14,184 | 2,468 | (1,509) | (0) | 15,142 | ||||||||||||
Net balance of deferred tax | (6,061) | (2,253) | (2,288) | (6) | (10,608) |
(Euros in thousands) | March 31, 2020 | March 31, 2021 | ||||||
Tax losses carried forward | 7,122 | 3,368 | ||||||
Tax effect of temporary differences related to: | ||||||||
•Intangible assets | (9,790) | (11,458) | ||||||
•Property, plant and equipment | (4,650) | (4,023) | ||||||
•Financial assets | 325 | 540 | ||||||
•Inventories | 325 | 369 | ||||||
•Provisions | 607 | 596 | ||||||
Total deferred tax on temporary differences | (13,183) | (13,976) | ||||||
Net deferred tax assets/(liabilities) | (6,061) | (10,608) |
(Euros in thousands) | March 31, 2019 | Change in consolidation scope | Additions | Reversals | Others | March 31, 2020 | ||||||||||||||
Provisions for litigation and claims | 270 | - | - | (157) | (0) | 113 | ||||||||||||||
Provisions for retirement and post-employment benefits | 2,368 | - | 527 | (182) | (1) | 2,711 | ||||||||||||||
Other provisions | 3,877 | (7) | 1,000 | (24) | (0) | 4,846 | ||||||||||||||
Total provisions | 6,515 | (7) | 1,527 | (363) | (2) | 7,671 |
(Euros in thousands) | March 31, 2020 | Change in consolidation scope | Additions | Reversals | Others | March 31, 2021 | ||||||||||||||
Provisions for litigation and claims | 113 | - | 119 | (53) | - | 179 | ||||||||||||||
Provisions for retirement and post-employment benefits | 2,711 | - | 204 | (87) | (2) | 2,826 | ||||||||||||||
Other provisions | 4,846 | - | 49 | (449) | 0 | 4,447 | ||||||||||||||
Total provisions | 7,671 | - | 372 | (589) | (2) | 7,452 |
(Euros in thousands) | Less than 1 year | 1 to 5 years | More than 5 years | March 31, 2020 | Less than 1 year | 1 to 5 Years | More than 5 years | March 31, 2021 | ||||||||||||||||||
Mezzanine debts (1) | - | - | 161,634 | 161,634 | 69 | 175,812 | - | 175,881 | ||||||||||||||||||
Bank borrowings and debt (2) | 20,300 | 113,400 | - | 133,700 | 18,200 | 95,200 | - | 113,400 | ||||||||||||||||||
Other financial debt | 20,043 | - | - | 20,043 | 565 | - | - | 565 | ||||||||||||||||||
Loans and financial debt | 40,343 | 113,400 | 161,634 | 315,377 | 18,834 | 271,012 | - | 289,846 |
(Euros in thousands) | Less than 1 year | 1 to 5 years | More than 5 years | March 31, 2020 | ||||||||||
Suppliers and other trade accounts payable | 27,303 | - | - | 27,303 | ||||||||||
Customer advances and payments received on orders | 275 | - | - | 275 | ||||||||||
Trade accounts payable | 27,577 | - | - | 27,577 |
(Euros in thousands) | Less than 1 year | 1 to 5 years | More than 5 years | March 31, 2021 | ||||||||||
Suppliers and other trade accounts payable | 35,085 | - | - | 35,085 | ||||||||||
Customer advances and payments received on orders | 1,288 | - | - | 1,288 | ||||||||||
Trade accounts payable | 36,373 | - | - | 36,373 |
(Euros in thousands) | Less than 1 year | 1 to 5 years | More than 5 years | March 31, 2020 | ||||||||||
Employee-related liabilities and other tax liabilities | 12,283 | - | - | 12,283 | ||||||||||
Deferred revenue | 101 | - | - | 101 | ||||||||||
Other liabilities | 318 | - | - | 318 | ||||||||||
Other liabilities | 12,702 | - | - | 12,702 |
(Euros in thousands) | Less than 1 year | 1 to 5 years | More than 5 years | March 31, 2021 | ||||||||||
Employee-related liabilities and other tax liabilities | 14,301 | - | - | 14,301 | ||||||||||
Deferred revenue | 69 | - | - | 69 | ||||||||||
Other liabilities | 583 | - | - | 583 | ||||||||||
Other liabilities | 14,952 | - | - | 14,952 |
(Euros in thousands) | March 31, 2019 | Change in consolidation scope | Changes | Foreign Exchange | March 31, 2020 | ||||||||||||
Employee-related liabilities and other tax liabilities | 11,822 | (26) | 493 | (6) | 12,283 | ||||||||||||
Other liabilities | 657 | (3) | (154) | (82) | 419 | ||||||||||||
Other liabilities | 12,480 | (29) | 339 | (88) | 12,702 |
(Euros in thousands) | March 31, 2020 | Change in consolidation scope | Changes | Foreign Exchange | March 31, 2021 | ||||||||||||
Employee-related liabilities and other tax liabilities | 12,283 | 920 | 1,100 | (2) | 14,301 | ||||||||||||
Other liabilities | 419 | 1 606 | (1,349) | (25) | 651 | ||||||||||||
Other liabilities | 12,702 | 2,526 | (250) | (27) | 14,952 |
(In thousand euros) | Number of shares | Nominal value in € | Amount in K€ | ||||||||
March 31, 2019 | 126,940,001 | 0.5 | 63,470 | ||||||||
Issuance during the period | 3,047,601 | 0.5 | 1,524 | ||||||||
Repayment during the period | - | - | - | ||||||||
March 31, 2020 | 129,987,602 | 0.5 | 64,994 | ||||||||
Issuance during the period | 62,972 | 0.5 | 31 | ||||||||
Repayment during the period | - | - | - | ||||||||
March 31, 2021 | 130,050,574 | 0.5 | 65,025 |
Plan 2018 | Plan 2019 | ||||||||||||||||||||||
Free ordinary shares | Free preferred shares B | Free preferred shares C | Free preferred shares C | Free preferred shares C | Free ordinary shares | Free preferred shares B | |||||||||||||||||
Grant date | 28/11/2018 | 28/11/2018 | 28/11/2018 | 31/07/2019 | 27/01/2020 | 06/11/2019 | 06/11/2019 | ||||||||||||||||
Vesting conditions to be fulfilled | Subject to the presence of the beneficiary within the group on the vesting date and to the absence of any material breach of the provisions of the articles of association or shareholders' agreement | ||||||||||||||||||||||
Fair value at the grant date | 1.00 € | 1.14 € | 0.20 € | 0.20 € | 0.27 € | 1.40 € | 1.15 € | ||||||||||||||||
Fair value as at March 31, 2020 | 1.54 € | 1.42 € | 0.88 € | 0.88 € | 0.88 € | 1.54 € | 1.42 € | ||||||||||||||||
Fair value as at March 31, 2021 | 3.00 € | 1.84 € | 1.74 € | 1.74 € | 1.74 € | 3.00 € | 1.84 € | ||||||||||||||||
Number of free shares granted | 1,163,320 | 1,255,965 | 628,316 | 56,140 | 6,832 | 24,043 | 25,957 | ||||||||||||||||
Outstanding free shares as at March 31, 2020 | 1,163,320 | 1,255,965 | 628,316 | 56,140 | 6,832 | 24,043 | 25,957 | ||||||||||||||||
Number of free shares cancelled | (258,524) | (279,115) | (21,181) | - | - | - | - | ||||||||||||||||
Outstanding free shares as at March 31, 2021 | 904,796 | 976,850 | 607,135 | 56,140 | 6,832 | 24,043 | 25,957 |
March 31, 2020 | March 31, 2021 | |||||||
Management staff | 146 | 165 | ||||||
Supervisors | 57 | 30 | ||||||
Office staff | 297 | 346 | ||||||
Workers | 322 | 375 | ||||||
Number of employees | 822 | 916 |
In thousands of euros | Year ended March 31, 2020 | Year ended March 31, 2021 | |||||||||
French GAAP Net income as reported in the Consolidated Statement of Operations | 1,644 | 9,409 | |||||||||
Adjustments to conform to US GAAP | |||||||||||
Share-based compensation expenses related to shares acquired by and granted free to the employees | b | (1,258) | (2,532) | ||||||||
Compensation for post combination services | c | - | (106) | ||||||||
Acquisition-related costs | d | - | (780) | ||||||||
Leases | e | (228) | (92) | ||||||||
Defined benefit pension plan | f | 361 | (95) | ||||||||
Debt issuance costs | g | (13) | (61) | ||||||||
Interest rate swaps and cap on borrowings | h | (274) | 317 | ||||||||
Tax uncertainties | i | (985) | - | ||||||||
Tax effect | 132 | 164 | |||||||||
Total adjustments on Net Income | (2,266) | (3,185) | |||||||||
US GAAP Net Income (loss) | (622) | 6,224 | |||||||||
French GAAP Stockholders’ Equity as reported in the Consolidated Balance Sheet | 124,548 | 134,154 | |||||||||
Adjustments to conform to US GAAP | |||||||||||
Preferred shares A, B and C classified as Temporary Equity | a | (94,128) | (94,226) | ||||||||
Share-based compensation expenses related to shares acquired by and granted free to the employees | b | - | - | ||||||||
Compensation for post combination services | c.1 | - | (106) | ||||||||
Put option on NCI classified as Temporary Equity | c.2 | - | (895) | ||||||||
Acquisition-related costs | d | (1,159) | (1,939) | ||||||||
Leases | e | (727) | (819) | ||||||||
Defined benefit pension plan | f | - | 38 | ||||||||
Debt issuance costs | g | 15 | (46) | ||||||||
Interest rate swaps and cap on borrowings | h | (1,285) | (839) | ||||||||
Tax uncertainties | i | (985) | (985) | ||||||||
Tax effect | 846 | 1,001 | |||||||||
Total adjustments on Stockholders’ Equity | (97,423) | (98,816) | |||||||||
US GAAP Stockholder’s Equity | 27,125 | 35,338 | |||||||||
US GAAP Temporary Equity related to preferred shares A, B and C | a | 94,128 | 94,226 | ||||||||
US GAAP Temporary Equity related to NCI | c.2 | - | 1,358 |
FIXCO Invest S.A.S. | |||||||||||||||||||||||||||||
Unaudited Interim Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||||||
As of March 31, 2021 and September 30, 2021 | |||||||||||||||||||||||||||||
(In thousands, unaudited) | |||||||||||||||||||||||||||||
Notes | March 31, 2021 | September 30, 2021 | |||||||||||||||||||||||||||
Net value | Gross values | Amortization Depreciation | Net value | ||||||||||||||||||||||||||
Goodwill | 6.10 | € | 182,431 | € | 182,575 | € | - | € | 182,575 | ||||||||||||||||||||
Intangible assets | 6.11 | 128,355 | 146,042 | (20,231) | 125,811 | ||||||||||||||||||||||||
Property, plant and equipment | 6.12 | 41,757 | 131,839 | (91,272) | 40,567 | ||||||||||||||||||||||||
Financial assets | 6.13 | 443 | 439 | - | 439 | ||||||||||||||||||||||||
Total fixed assets | € | 352,986 | € | 460,895 | € | (111,503) | € | 349,392 | |||||||||||||||||||||
Inventories | 6.14 | 59,798 | 69,925 | (3,616) | 66,309 | ||||||||||||||||||||||||
Trade accounts receivable | 6.15 | 53,917 | 57,507 | (3,155) | 54,352 | ||||||||||||||||||||||||
Other receivables | 6.16 | 8,302 | 8,350 | - | 8,350 | ||||||||||||||||||||||||
Short term deposits | 396 | 3,046 | - | 3,046 | |||||||||||||||||||||||||
Cash and cash equivalents | 17,986 | 21,512 | - | 21,512 | |||||||||||||||||||||||||
Deferred tax assets | 6.17 | 4,534 | 2,816 | - | 2,816 | ||||||||||||||||||||||||
Total current assets | € | 144,933 | € | 163,155 | € | (6,771) | € | 156,384 | |||||||||||||||||||||
Total assets | € | 497,919 | € | 624,050 | € | (118,274) | € | 505,776 | |||||||||||||||||||||
Share capital | 6.22 | 65,025 | - | - | 65,025 | ||||||||||||||||||||||||
Additional paid-in capital | 64,547 | - | - | 64,547 | |||||||||||||||||||||||||
Retained earnings | (4,702) | - | - | 4,407 | |||||||||||||||||||||||||
Foreign exchange translation adjustment | (677) | - | - | (654) | |||||||||||||||||||||||||
Net income | 9,109 | - | - | 5,877 | |||||||||||||||||||||||||
Equity attributable to owners of the parent company | 133,302 | - | - | 139,202 | |||||||||||||||||||||||||
Non-controlling interests | 852 | - | - | 1,023 | |||||||||||||||||||||||||
Total Stockholder’s Equity | € | 134,154 | - | - | € | 140,225 | |||||||||||||||||||||||
Provisions | 6.18 | 7,452 | - | - | 7,537 | ||||||||||||||||||||||||
Deferred tax liabilities | 6.17 | 15,142 | - | - | 14,081 | ||||||||||||||||||||||||
Loans and financial debt | 6.19 | 289,846 | - | - | 290,838 | ||||||||||||||||||||||||
Trade accounts payable | 6.20 | 36,373 | - | - | 31,694 | ||||||||||||||||||||||||
Other liabilities | 6.21 | 14,952 | - | - | 21,401 | ||||||||||||||||||||||||
Total Liabilities | € | 363,765 | - | - | € | 365,551 | |||||||||||||||||||||||
Total Liabilities and Stockholders’ Equity | € | 497,919 | - | - | € | 505,776 |
FIXCO Invest S.A.S. | |||||||||||||||||
Unaudited Interim Condensed Consolidated Statement of Operations | |||||||||||||||||
For the Six Months Ended September 30, 2021 and September 30, 2020 | |||||||||||||||||
(In thousands, unaudited) | |||||||||||||||||
September 30, 2020 | September 30, 2021 | ||||||||||||||||
Total Operating Income | € | 99,175 | € | 140,102 | |||||||||||||
Revenue | 102,788 | 137,150 | |||||||||||||||
Other income | (3,613) | 2,952 | |||||||||||||||
Total Operating expenses | (82,809) | (114,680) | |||||||||||||||
Purchases consumed | (40,177) | (58,910) | |||||||||||||||
Taxes other than income tax | (1,249) | (1,221) | |||||||||||||||
Personnel expenses | (20,149) | (24,387) | |||||||||||||||
Other operating expenses | (15,737) | (21,145) | |||||||||||||||
Depreciation and amortization | (5,497) | (9,017) | |||||||||||||||
Operating income (loss) | € | 16,366 | € | 25,422 | |||||||||||||
Financial income | 555 | 85 | |||||||||||||||
Financial expenses | (9,877) | (9,818) | |||||||||||||||
Net financial income (loss) | € | (9,322) | € | (9,733) | |||||||||||||
Consolidated income (loss) before extraordinary items and income tax | € | 7,044 | € | 15,689 | |||||||||||||
Extraordinary income | 69 | 12 | |||||||||||||||
Extraordinary expenses | (209) | (471) | |||||||||||||||
Extraordinary income (loss) | € | (140) | € | (459) | |||||||||||||
Consolidated income (loss) before income tax | € | 6,904 | € | 15,230 | |||||||||||||
Current income tax | (5,301) | (8,524) | |||||||||||||||
Deferred income tax | (966) | (658) | |||||||||||||||
Consolidated net income (loss) | € | 637 | € | 6,048 | |||||||||||||
Non-controlling interests | 43 | 171 | |||||||||||||||
Net income - Group share | € | 594 | € | 5,877 |
FIXCO Invest S.A.S. | |||||||||||||||||
Unaudited Interim Condensed Consolidated Statements of Cash Flows | |||||||||||||||||
For the Six Months Ended September 30, 2021 and September 30, 2020 | |||||||||||||||||
(In thousands, unaudited) | |||||||||||||||||
September 30, 2020 | September 30, 2021 | ||||||||||||||||
Operating Activities | |||||||||||||||||
Consolidated net income | € | 637 | € | 6,048 | |||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 5,069 | 8,527 | |||||||||||||||
Deferred income taxes | 966 | 658 | |||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Inventory change | 4,532 | (6,478) | |||||||||||||||
Changes in receivables and payables | (1,529) | (147) | |||||||||||||||
of which changes in receivables | (5,347) | (1,884) | |||||||||||||||
of which changes in payables | 3,818 | 1,737 | |||||||||||||||
Cash flows from (used in) operating activities | € | 9,675 | € | 8,608 | |||||||||||||
Investing Activities | |||||||||||||||||
Capital expenditure - intangible assets | € | (570) | € | (242) | |||||||||||||
Capital expenditure - tangible assets | (1,111) | (1,430) | |||||||||||||||
Changes in financial assets | - | 4 | |||||||||||||||
Impact of the changes on consolidation scope | (2,862) | (141) | |||||||||||||||
Cash flows from (used in) investing activities | € | (4,543) | € | (1,809) | |||||||||||||
Financing Activities | |||||||||||||||||
Proceeds from borrowings | 6,830 | 183,967 | |||||||||||||||
Repayment of borrowings | (33,341) | (184,656) | |||||||||||||||
Cash flows from (used in) financing activities | € | (26,511) | € | (689) | |||||||||||||
Effect of exchange rate changes | (41) | (6) | |||||||||||||||
Change in Cash Statement | (21,420) | 6,104 | |||||||||||||||
Cash position at beginning of year | 49,696 | 18,372 | |||||||||||||||
Cash position at end of the period | 28,276 | 24,476 | |||||||||||||||
Cash and cash equivalents | 21,951 | 21,512 | |||||||||||||||
Short-term deposits | 6,350 | 3,046 | |||||||||||||||
Bank overdrafts | (20) | (82) | |||||||||||||||
Short-term banks borrowings (treasury liabilities) | (5) | - | |||||||||||||||
Total | € | 28,276 | € | 24,476 |
FIXCO Invest S.A.S. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited Interim Condensed Consolidated Statements of Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Capital | Additional paid-in capital | Foreign exchange translation adjustment | Retained earnings | Net income | Equity attributable to owners of the parent company | Non-controlling interests | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as at March 31, 2020 | € | 64,994 | € | 64,578 | € | (271) | € | (6,397) | € | 1,644 | € | 124,548 | € | - | € | 124,548 | ||||||||||||||||||||||||||||||||||||||||||||||
Capital increase | 28 | (28) | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocation of net income from previous year | - | - | - | 1,644 | (1,644) | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange translation adjustment | - | - | (226) | - | - | (226) | - | (226) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | - | - | - | - | 594 | 594 | 43 | 637 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other changes | - | - | - | 81 | 81 | 53 | 134 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in non-controlling interest (*) | - | - | - | - | - | - | 552 | 552 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as at September 30, 2020 | € | 65,022 | € | 64,550 | € | (497) | € | (4,672) | € | 594 | € | 124,997 | € | 648 | € | 125,645 |
FIXCO Invest S.A.S. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Capital | Additional paid-in capital | Foreign exchange translation adjustment | Retained earnings | Net income | Equity attributable to owners of the parent company | Non-controlling interests | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Balance as at March 31, 2021 | € | 65,025 | € | 64,547 | € | (677) | € | (4,702) | € | 9,109 | € | 133,302 | € | 852 | € | 134,154 | |||||||||||||||||||||||||||||||||||||
Allocation of net income from previous year | - | - | - | 9,109 | (9,109) | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange translation adjustment | - | - | 23 | - | - | 23 | - | 23 | |||||||||||||||||||||||||||||||||||||||||||||
Net income | - | - | - | - | 5,877 | 5,877 | 171 | 6,048 | |||||||||||||||||||||||||||||||||||||||||||||
Balance as at September 30, 2021 | € | 65,025 | € | 64,547 | € | (654) | € | 4,407 | € | 5,877 | € | 139,202 | € | 1,023 | € | 140,225 |
Buildings | 15 to 25 years straight line | ||||
Fixtures and Installations | 10 years straight line | ||||
Machinery and Equipment | 3 to 5 years straight line | ||||
Transport Equipment | 5 years straight line | ||||
Office Equipment and Furniture | 5 years straight line | ||||
Computer and IT Equipment | 3 years straight line |
Uses | Resources | ||||||||||
Repayment of: | New Senior Debt | M€ 180.000 | |||||||||
•ICG Senior Bonds | M€ 73.275 | ||||||||||
•Senior Debt | M€ 113.940 | Cash on BS | M€ 9.000 | ||||||||
Transaction fees | M€ 1.511 | ||||||||||
Overfunding | M€ 0.274 | ||||||||||
Total | M€ 189.000 | Total | M€ 189.000 |
Capital | € | 62,000,000.00 | |||
Interest Principal | 11,275,170.12 | ||||
Total | € | 73,275,170.12 |
Financière Echezeaux | Plastiform’s | Total | |||||||||
Capital | € | 93,150,000.00 | € | 20,250,000.00 | € | 113,400,000.00 | |||||
Interest Principal | 438,581.25 | 95,343.75 | 533,925.00 | ||||||||
Interest Credit revolving | 6,416.67 | — | 6,416.67 | ||||||||
Total | € | 93,594,997.92 | € | 20,345,343.75 | € | 113,940,341.67 |
Scope of consolidation | September 30, 2020 | September 30, 2021 | ||||||||||||
Financial interest | Ownership interest | Financial interest | Ownership interest | |||||||||||
FIXCO INVEST SAS N° SIREN 841 250 608 Parc des Erables Bâtiment 1, 66, Route de Sartrouville 78230 LE PECQ (FRANCE) | 100% | 100% | 100% | 100% | ||||||||||
ECHEZEAUX GROUPE SAS N° SIREN 534 682 570 Parc des Erables Bâtiment 1, 66, Route de Sartrouville 78230 LE PECQ (FRANCE) | 100% | 100% | 100% | 100% | ||||||||||
FINANCIERE ECHEZEAUX SAS N° SIREN 534 678 669 Parc des Erables Bâtiment 1, 66, Route de Sartrouville 78230 LE PECQ (FRANCE) | 100% | 100% | 100% | 100% | ||||||||||
SAS PLASTIFORM’S N° SIREN 764 500 740 Le Monceau 87380 MAGNAC-BOURG (FRANCE) | 100% | 100% | 100% | 100% | ||||||||||
SAS ATELIERS LR ETANCO N° SIREN 579 800 764 Parc des Erables Bâtiment 1, 66, Route de Sartrouville 78230 LE PECQ (FRANCE) | 100% | 100% | 100% | 100% | ||||||||||
SARL LRD N° SIREN 350 171 468 ZA Du Martoulet 87380 SAINT GERMAIN LES BELLES (FRANCE) | 100% | 100% | 100% | 100% | ||||||||||
SA LRM N° SIREN 321 079 634 145, rue Rateau 93120 LA COURNEUVE (FRANCE) | 100% | 100% | 100% | 100% |
SARL R-FIX N° SIREN 398 843 748 1, rue Chappé 97420 LE PORT (La Réunion) (FRANCE) | 100% | 100% | 100% | 100% | ||||||||||
SAS LRM-INDUSTRIES N° SIREN 435 017 165 La Maison Blanche 1759, Route de Quarante Sous 78630 ORGEVAL (FRANCE) | 100% | 100% | 100% | 100% | ||||||||||
SCI LOBER N° SIREN 350 357 695 Parc des Erables Bâtiment 1, 66, Route de Sartrouville 78230 LE PECQ (FRANCE) | 100% | 100% | 100% | 100% | ||||||||||
SCI LEPONE N° SIREN 342 724 915 Parc des Erables Bâtiment 1, 66, Route de Sartrouville 78230 LE PECQ (FRANCE) | 100% | 100% | 100% | 100% | ||||||||||
NV ETANCO BENELUX Sit Jansveld 8 2160 WOMMELGEM (BELGIUM) | 100% | 100% | 100% | 100% | ||||||||||
ETANCO GMBH Auf der Landeskrone 57234 WILNSDORF (GERMANY) | 100% | 100% | 100% | 100% | ||||||||||
ETANCO ROMANIA SRL 4 secteur Aminan BL4, App 70 BUCAREST (ROMANIA) | 100% | 100% | 100% | 100% | ||||||||||
FRIULSIDER SPA 33048 SAN GIOVANI AL NATISONE (ITALY) | 100% | 100% | 100% | 100% | ||||||||||
FRIULSIDER UK Bruce Road - Forestfach SA5 4HS SWANSEA (UK) | 100% | 100% | 100% | 100% | ||||||||||
SICOP SRL Via Delle Industrie, 53, 20037 PADERNO DUGNANO (MI) (ITALY) | 100% | 100% | 100% | 100% | ||||||||||
ETANCO SP ZOO UL OLSZTYNSKA 30PL, 11-130 ONETA (POLAND) | 100% | 100% | 100% | 100% | ||||||||||
ETANCO FASTENING SRL COM. BRAZI St Negoiest, srt. Piatra Craiului nr 7, Parc Industrial BIDO - Hala 16 (ROMANIA) | 100% | 100% | 100% | 100% | ||||||||||
SYSTEA GMBH Margarete-Steiff-Straße 6, 24558 HENSTEDT-ULZBURG (GERMANY) | - | - | 100% | 100% | ||||||||||
CLEAS 5, Rue du Pont à lunette 69390 VOURLES (FRANCE) | 60% | 60% | 60% | 60% |
(Euros in thousands) | CLEAS | ||||
Net Value | |||||
Intangible assets | 1 | ||||
Property, Plant and Equipment | 77 | ||||
Financial assets | 12 | ||||
Total Fixed Assets | 90 | ||||
Inventories | 662 | ||||
Trade accounts receivable | 1,649 | ||||
Other receivables | 111 | ||||
Cash and cash equivalents | 1,132 | ||||
Total Current Assets | 3,554 | ||||
Total Assets | 3,644 | ||||
Share capital | 10 | ||||
Retained earnings | 1,366 | ||||
Total Stockholders’ Equity | 1,376 | ||||
Loans and financial debt | 349 | ||||
Trade accounts payable | 1,159 | ||||
Other liabilities | 760 | ||||
Total Liabilities | 2,268 | ||||
Total Liabilities and Stockholders’ Equity | 3,644 |
(Euros in thousands) | CLEAS | ||||
Revenue (*) | 1,143 | ||||
Net income (*) | 109 |
(Euros in thousands) | CLEAS | ||||
Price paid for the acquired business | 3,964 | ||||
Net identifiable assets | (826) | ||||
Deferred tax on acquisition expenses | (45) | ||||
Goodwill | 3,093 |
(Euros in thousands) | CLEAS | ||||
Price paid for the acquired business | (3,964) | ||||
Cash acquired | 1,102 | ||||
Total cash Impact | (2,862) |
(Euros in thousands) | September 30, 2020 | September 30, 2021 | ||||||
France | 62,096 | 82,518 | ||||||
Export | 40,692 | 54,632 | ||||||
Revenue | 102,788 | 137,150 |
(Euros in thousands) | September 30, 2020 | September 30, 2021 | ||||||
Change in finished good | (4,175) | 2,205 | ||||||
Operating grants | - | 5 | ||||||
Reversal of operating provisions | 308 | 379 | ||||||
Other operating income | 250 | 352 | ||||||
Transfer of operating charges | 4 | 11 | ||||||
Other income | (3,613) | 2,952 |
(Euros in thousands) | September 30, 2020 | September 30, 2021 | ||||||
Payroll Taxes | (238) | (274) | ||||||
Company value-added contribution (“CVAE”) | (483) | (329) | ||||||
Other Taxes | (528) | (618) | ||||||
Taxes other than income tax | (1,249) | (1,221) |
(Euros in thousands) | September 30, 2020 | September 30, 2021 | ||||||
Wages and salaries | (14,484) | (17,299) | ||||||
Social charges | (4,967) | (6,107) | ||||||
Employee profit sharing | (698) | (981) | ||||||
Personnel expenses | (20,149) | (24,387) |
(Euros in thousands) | September 30, 2020 | September 30, 2021 | ||||||
Other external expenses | (13,812) | (17,876) | ||||||
Other expenses | (1,924) | (3,269) | ||||||
Other operating expenses | (15,737) | (21,145) |
(Euros in thousands) | September 30, 2020 | September 30, 2021 | ||||||
Amortization | (5,062) | (8,400) | ||||||
Provisions | (435) | (617) | ||||||
Depreciation and amortization | (5,497) | (9,017) |
(Euros in thousands) | September 30, 2020 | September 30, 2021 | ||||||
Foreign exchange gains | 531 | 55 | ||||||
Other financial income | 24 | 31 | ||||||
Financial income | 555 | 85 | ||||||
Interest and financial expenses | (9,312) | (9,381) | ||||||
Foreign exchange losses | (350) | (94) | ||||||
Other financial expenses | (214) | (342) | ||||||
Financial expenses | (9,876) | (9,818) | ||||||
Net financial income (loss) | (9,322) | (9,733) |
(Euros in thousands) | September 30, 2020 | September 30, 2021 | ||||||
Extraordinary income | 69 | 12 | ||||||
Extraordinary expenses | (209) | (471) | ||||||
Extraordinary income (loss) | (140) | (459) |
(Euros in thousands) | September 30, 2020 | September 30, 2021 | ||||||
Current income tax | (5,301) | (8,524) | ||||||
Deferred income tax | (966) | (658) | ||||||
Income tax | (6,267) | (9,182) |
(Euros in thousands) | March 31, 2021 | Change in consolidation scope | September 30, 2021 | ||||||||
Gross carrying amount | 182,431 | 144 | 182,575 | ||||||||
Impairment | - | - | |||||||||
Total Net Value | 182,431 | 144 | 182,575 |
(Euros in thousands) | March 31, 2021 | Additions / Depreciation and amortization expense | Disposals / Release on disposals | Reclassifications and Foreign Exchange | September 30, 2021 | ||||||||||||
Gross carrying amount | 145,800 | 242 | - | - | 146,042 | ||||||||||||
Trademarks | 82,922 | - | - | - | 82,922 | ||||||||||||
Customer relationship | 51,746 | - | - | - | 51,746 | ||||||||||||
Patents and similar rights | 216 | 1 | - | - | 217 | ||||||||||||
Licenses and software | 327 | 73 | - | - | 400 | ||||||||||||
Lease premium | 30 | - | - | - | 30 | ||||||||||||
Other intangible assets | 10,559 | 168 | - | - | 10,727 | ||||||||||||
Depreciation and amortization | (17,445) | (2,786) | - | - | (20,231) | ||||||||||||
Customer relationship | (9,062) | (2,173) | - | - | (11,235) | ||||||||||||
Patents and similar rights | (177) | (6) | - | - | (183) | ||||||||||||
Licenses and software | (253) | (26) | - | - | (280) | ||||||||||||
Other intangible assets | (7,952) | (581) | - | - | (8,533) | ||||||||||||
Total net value | 128,355 | (2,544) | - | - | 125,811 |
(Euros in thousands) | March 31, 2021 | Additions / Depreciation and amortization expense | Disposals / Release on disposals | Reclassifications and Foreign Exchange | September 30, 2021 | ||||||||||||
Gross carrying amount | 130,412 | 1,430 | (60) | 57 | 131,839 | ||||||||||||
Land | 3,850 | - | - | 1 | 3,851 | ||||||||||||
Buildings | 30,381 | 26 | - | 27 | 30,434 | ||||||||||||
Machinery and equipment | 74,645 | 619 | (60) | 421 | 75,624 | ||||||||||||
Other tangible fixed assets | 19,662 | 417 | - | (391) | 19,688 | ||||||||||||
Tangible fixed assets in progress | 1,655 | 369 | - | - | 2,023 | ||||||||||||
Payments in advance on tangible fixed assets | 219 | - | - | - | 219 | ||||||||||||
Depreciation and amortization | (88,655) | (2,647) | 60 | (31) | (91,272) | ||||||||||||
Buildings | (17,110) | (538) | - | (11) | (17,660) | ||||||||||||
Machinery and equipment | (59,562) | (1,459) | 60 | (19) | (60,980) | ||||||||||||
Other tangible fixed assets | (11,982) | (649) | - | (1) | (12,632) | ||||||||||||
Total net value | 41,757 | (1,217) | - | 27 | 40,567 |
(Euros in thousands) | March 31, 2021 | Additions / Depreciation and amortization expense | Disposals / Release on disposals | Reclassifications and Foreign Exchange | September 30, 2021 | ||||||||||||
Gross carrying amount | 443 | - | (4) | - | 439 | ||||||||||||
Shares in non-consolidated entities | 4 | - | - | - | 4 | ||||||||||||
Long-term investment securities | 4 | - | - | - | 4 | ||||||||||||
Loans and security | 435 | - | (4) | - | 431 | ||||||||||||
Impairment of financial assets | - | - | - | - | - | ||||||||||||
Total net value | 443 | - | (4) | - | 439 |
(Euros in thousands) | Gross carrying amount | Depreciation | Net value as at March, 31, 2021 | Gross carrying amount | Depreciation | Net value as at September 30, 2021 | ||||||||||||||
Raw materials | 4,109 | (132) | 3,977 | 5,824 | (132) | 5,692 | ||||||||||||||
Work in progress | 422 | - | 422 | 663 | - | 663 | ||||||||||||||
Finish products and semi-finished products | 58,914 | (3,516) | 55,399 | 63,438 | (3,484) | 59,954 | ||||||||||||||
Total | 63,445 | (3,648) | 59,798 | 69,925 | (3,616) | 66,309 |
(Euros in thousands) | March 31, 2021 | Changes | Allowance of provision | Reversal of provision | Reclassification | Foreign Exchange | September 30, 2021 | ||||||||||||||||
Trade accounts receivable | 56,883 | 615 | - | - | 13 | (4) | 57,507 | ||||||||||||||||
Allowance for doubtful accounts | (2,966) | - | (259) | 69 | - | - | (3,155) | ||||||||||||||||
Total net value | 53,917 | 615 | (259) | 69 | 13 | (4) | 54,352 |
(Euros in thousands) | March 31, 2021 | Changes | Amortization | Foreign Exchange | September 30, 2021 | ||||||||||||
Tax and social receivables | 1,870 | 384 | - | - | 2,254 | ||||||||||||
Income Tax receivables | 1,328 | 806 | - | - | 2,134 | ||||||||||||
Other Receivables | 1,123 | 196 | - | 1 | 1,320 | ||||||||||||
Debt issued costs and prepaid expenses | 3,981 | 19 | (1,357) | (1) | 2,642 | ||||||||||||
Total net value | 8,302 | 1,405 | (1,357) | (0) | 8,350 |
(Euros in thousands) | March 31, 2021 | Changes | Reclassifications/ Other changes | September 30, 2021 | ||||||||||
Deferred taxes – asset | 4,534 | (1,719) | 1 | 2,816 | ||||||||||
Deferred taxes – liabilities | 15,142 | (1,061) | - | 14,081 | ||||||||||
Net balance of deferred tax assets / (liabilities) | (10,608) | (658) | 1 | (11,265) |
(Euros in thousands) | March 31, 2021 | September 30, 2021 | ||||||
Tax losses carried forward | 3,368 | 1,685 | ||||||
Tax effect of temporary differences related to: | ||||||||
•Intangible assets | (11,458) | (10,856) | ||||||
•Property, plant and equipment | (4,023) | (3,809) | ||||||
•Financial assets | 540 | 540 | ||||||
•Inventories | 369 | 355 | ||||||
•Provisions | 596 | 820 | ||||||
Total deferred tax on temporary differences | (13,976) | (12,950) | ||||||
Net deferred tax assets / (liabilities) | (10,608) | (11,265) |
(Euros in thousands) | March 31, 2021 | Additions | Reversals | Others | September 30, 2021 | ||||||||||||
Provisions for litigation and claims | 179 | - | (47) | - | 132 | ||||||||||||
Provisions for retirement and post-employment benefits | 2,826 | 148 | (13) | - | 2,962 | ||||||||||||
Other provisions | 4,447 | 23 | (27) | - | 4,443 | ||||||||||||
Total Provisions | 7,452 | 171 | (87) | - | 7,537 |
(Euros in thousands) | March 31, 2021 | September 30, 2021 | ||||||
Mezzanine debts (1) | 175,881 | 110,229 | ||||||
Bank borrowings and debt (2) | 113,400 | 180,013 | ||||||
Other financial debt | 565 | 596 | ||||||
Loans and financial debts | 289,846 | 290,838 |
Uses | Resources | ||||||||||
Repayment of: | New Senior Debt | M€ 180.000 | |||||||||
•ICG Senior Bonds | M€ 73.275 | ||||||||||
•Senior Debt | M€ 113.940 | Cash on BS | M€ 9.000 | ||||||||
Transaction fees | M€ 1.511 | ||||||||||
Overfunding | M€ 0.274 | ||||||||||
Total | M€ 189.000 | Total | M€ 189.000 |
Capital | € | 62,000,000.00 | |||
Interest Principal | 11,275,170.12 | ||||
Total | € | 73,275,170.12 |
Financière Echezeaux | Plastiform’s | Total | |||||||||
Capital | € | 93,150,000.00 | € | 20,250,000.00 | € | 113,400,000.00 | |||||
Interest Principal | 438,581.25 | 95,343.75 | 533,925.00 | ||||||||
Interest Credit revolving | 6,416.67 | — | 6,416.67 | ||||||||
Total | € | 93,594,997.92 | € | 20,345,343.75 | € | 113,940,341.67 |
(Euros in thousands) | March 31, 2021 | Changes | Foreign Exchange | September 30, 2021 | ||||||||||
Suppliers and other trade accounts payable | 35,085 | (5,378) | 36 | 29,744 | ||||||||||
Customer advances and payments received on orders | 1,288 | 663 | - | 1,950 | ||||||||||
Trade accounts payable | 36,373 | (4,715) | 36 | 31,694 |
(Euros in thousands) | March 31, 2021 | Changes in consolidation scope | Changes | Foreign Exchange | September 30, 2021 | ||||||||||||
Employee-related liabilities and other tax liabilities | 14,301 | - | 6,454 | - | 20,755 | ||||||||||||
Deferred revenue | 69 | - | 34 | - | 103 | ||||||||||||
Other liabilities | 583 | - | (32) | (7) | 543 | ||||||||||||
Total other liabilities | 14,952 | - | 6,456 | (7) | 21,401 |
(Euros in thousands) | Number of shares | Nominal value in € | Amount in K€ | ||||||||
March 31, 2020 | 129,987,602 | 0.5 | 64,994 | ||||||||
Issuance during the period | 56,140 | 0.5 | 28 | ||||||||
Repayment during the period | - | - | - | ||||||||
September 30, 2020 | 130,043,742 | 0.5 | 65,022 |
(Euros in thousands) | Number of shares | Nominal value in € | Amount in K€ | ||||||||
March 31, 2021 | 130,050,574 | 0.5 | 65,025 | ||||||||
Issuance during the period | - | - | - | ||||||||
Repayment during the period | - | - | - | ||||||||
September 30, 2021 | 130,050,574 | 0.5 | 65,025 |
Plan 2018 | Plan 2019 | ||||||||||||||||||||||
Free ordinary shares | Free preferred shares B | Free preferred shares C | Free preferred shares C | Free preferred shares C | Free ordinary shares | Free preferred shares B | |||||||||||||||||
Grant date | 28/11/2018 | 28/11/2018 | 28/11/2018 | 31/07/2019 | 27/01/2020 | 06/11/2019 | 06/11/2019 | ||||||||||||||||
Vesting conditions to be fulfilled | Subject to the presence of the beneficiary within the group on the vesting date and to the absence of any material breach of the provisions of the articles of association or shareholders' agreement | ||||||||||||||||||||||
Fair value at the grant date | 1.00 € | 1.14 € | 0.20 € | 0.20 € | 0.27 € | 1.40 € | 1.15 € | ||||||||||||||||
Fair value as at September 30, 2020 | 1.54 € | 1.42 € | 0.88 € | 0.88 € | 0.88 € | 1.54 € | 1.42 € | ||||||||||||||||
Fair value as at September 30, 2021 | 3.00 € | 1.84 € | 1.74 € | 1.74 € | 1.74 € | 3.00 € | 1.84 € | ||||||||||||||||
Number of free shares granted | 1,163,320 | 1,255,965 | 628,316 | 56,140 | 6,832 | 24,043 | 25,957 | ||||||||||||||||
Outstanding free shares as at March 31, 2020 | 1,163,320 | 1,255,965 | 628,316 | 56,140 | 6,832 | 24,043 | 25,957 | ||||||||||||||||
Number of free shares cancelled | - | - | - | - | - | - | - | ||||||||||||||||
Outstanding free shares as at September 30, 2020 | 1,163,320 | 1,255,965 | 628,316 | 56,140 | 6,832 | 24,043 | 25,957 |
Outstanding free shares as at March 31, 2021 | 904,796 | 976,850 | 607,135 | 56,140 | 6,832 | 24,043 | 25,957 | ||||||||||||||||
Number of free shares cancelled | - | - | - | (13,994) | - | - | - | ||||||||||||||||
Outstanding free shares as at September 30, 2021 | 904,796 | 976,850 | 607,135 | 42,146 | 6,832 | 24,043 | 25,957 |
Euros in thousands | Six months period ended September 30, 2020 | Six months period ended September 30, 2021 | |||||||||
French GAAP Net Income as reported in the Consolidated Statement of Operations | 637 | 6,048 | |||||||||
Adjustments to conform to US GAAP | |||||||||||
Share-based compensation expenses related to shares acquired by and granted free to the employees | b | (567) | (679) | ||||||||
Compensation for post combination services | c | (30) | (76) | ||||||||
Acquisition-related costs | d | (164) | (141) | ||||||||
Leases | e | (65) | 14 | ||||||||
Defined benefit pension plan | f | (86) | (84) | ||||||||
Debt issuance costs | g | 56 | 218 | ||||||||
Interest rate swaps and cap on borrowings | h | (47) | 298 | ||||||||
Tax uncertainties | i | - | - | ||||||||
Tax effect | j | 81 | (6) | ||||||||
Total adjustments on Net Income | (822) | (456) | |||||||||
US GAAP Net Income (loss) | (185) | 5,592 | |||||||||
French GAAP Stockholders’ Equity as reported in the Consolidated Balance Sheet | 125,645 | 140,225 | |||||||||
Adjustments to conform to US GAAP | |||||||||||
Preferred shares A, B and C classified as Temporary Equity | a | (94,177) | (94,226) | ||||||||
Share-based compensation expenses related to shares acquired by and granted free to the employees | b | - | - | ||||||||
Compensation for post combination services | c.1 | (30) | (182) | ||||||||
NCI classified as Temporary Equity | c.2 | (594) | (1,066) | ||||||||
Acquisition-related costs | d | (1,323) | (2,080) | ||||||||
Leases | e | (791) | (805) | ||||||||
Defined benefit pension plan | f | (20) | 44 | ||||||||
Debt issuance costs | g | 71 | 172 | ||||||||
Interest rate swaps and cap on borrowings | h | (1,203) | (571) | ||||||||
Tax uncertainties | i | (985) | (985) | ||||||||
Tax effect | j | 927 | 1,023 | ||||||||
Total adjustments on Stockholders’ Equity | (98,126) | (98,677) | |||||||||
US GAAP Stockholder’s Equity | 27,520 | 41,548 | |||||||||
US GAAP Temporary Equity related to preferred shares A, B and C | a | 94,177 | 94,226 | ||||||||
US GAAP Temporary Equity related to NCI | c.2 | 1,057 | 1,529 |
Simpson Manufacturing Co., Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited Pro Forma Condensed Combined Balance Sheet | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 Simpson | September 30, 2021 Etanco in €EUR (Note 4) | September 30, 2021 Etanco in $USD (Note 4) | Transaction Accounting Adjustments – Financing in $USD (Note 5) | Ref | Transaction Accounting Adjustments – Acquisition in $USD (Note 5) | Ref | Pro Forma Combined in $USD | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 301,155 | € | 21,512 | $ | 24,900 | $ | 693,234 | (a) | $ | (824,405) | (a) | $ | 194,884 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade accounts receivable, net | 231,021 | 54,352 | 62,913 | — | — | 293,934 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory | 443,756 | 66,309 | 76,753 | — | 11,500 | (b) | 532,009 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other current assets | 22,903 | 11,396 | 13,191 | — | — | 36,094 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current assets | $ | 998,835 | € | 153,569 | $ | 177,757 | $ | 693,234 | $ | (812,905) | $ | 1,056,921 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and equipment, net | 259,869 | 44,213 | 51,177 | — | 39,803 | (b) | 350,849 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating lease right-of-use assets | 45,438 | — | — | — | 6,356 | (c) | 51,794 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 134,022 | 183,038 | 211,868 | — | 140,828 | (b) | 486,718 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets, net | 26,269 | 125,811 | 145,627 | — | 230,673 | (b) | 402,569 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other noncurrent assets | 19,692 | 386 | 447 | — | — | 20,139 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,484,125 | € | 507,017 | $ | 586,876 | $ | 693,234 | $ | (395,245) | $ | 2,368,990 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade accounts payable | $ | 57,215 | € | 31,694 | $ | 36,686 | $ | - | $ | - | $ | 93,901 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | - | 36,215 | 41,919 | 22,500 | (e) | (41,919) | (e) | 22,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued liabilities and other current liabilities | 187,387 | 21,584 | 24,984 | — | 7,810 | (c, d) | 220,181 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | $ | 244,602 | € | 89,493 | $ | 103,589 | $ | 22,500 | $ | (34,109) | $ | 336,582 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating lease liabilities | 37,091 | - | - | - | 5,397 | (c) | 42,488 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt, net current portion | - | 254,623 | 294,728 | 670,734 | (e) | (294,728) | (e) | 670,734 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income tax and other long-term liabilities | 18,434 | 25,598 | 29,630 | — | 94,075 | (b) | 142,139 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 300,127 | € | 369,714 | 427,947 | $ | 693,234 | $ | (229,365) | $ | 1,191,943 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and contingencies | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred shares classified as temporary equity | - | 94,226 | 109,067 | — | (109,067) | (f) | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interests classified as temporary equity | - | 1,529 | 1,770 | — | (1,770) | (f) | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | 432 | 17,846 | 20,657 | — | (20,657) | (f) | 432 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional paid in capital | 294,330 | 14,856 | 17,196 | — | (17,196) | (f) | 294,330 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retained earnings | 906,841 | 9,638 | 11,156 | — | (18,107) | (f) | 899,890 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (17,605) | (792) | (917) | — | 917 | (f) | (17,605) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total stockholders' equity | $ | 1,183,998 | € | 41,548 | $ | 48,092 | $ | - | $ | (55,043) | $ | 1,177,047 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities, temporary equity and stockholders’ equity | $ | 1,484,125 | € | 507,017 | $ | 586,876 | $ | 693,234 | $ | (395,245) | $ | 2,368,990 |
Simpson Manufacturing Co., Inc. Unaudited Pro Forma Condensed Combined Statement of Operations For the Year Ended December 31, 2021 (In thousands, except for share and per share amounts) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | December 31, 2021 Simpson | September 30, 2021 Etanco in €EUR (Note 4) | September 30, 2021 Etanco in $USD (Note 4) | Transaction Accounting Adjustments – Financing in $USD (Note 5) | Ref | Transaction Accounting Adjustments – Acquisition in $USD (Note 5) | Ref | Pro Forma Combined in $USD | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 1,573,217 | € | 255,580 | $ | 305,115 | $ | - | $ | - | $ | 1,878,332 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of sales | (818,187) | (153,201) | (182,894) | - | (11,500) | (g) | (1,012,581) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | $ | 755,030 | € | 102,379 | $ | 122,221 | $ | - | $ | (11,500) | $ | 865,751 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Research and development and other engineering | (59,381) | - | - | - | - | (59,381) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling | (135,004) | (16,572) | (19,784) | - | - | (154,788) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative | (193,176) | (40,109) | (47,883) | - | (12,719) | (g) | (253,778) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | $ | (387,561) | € | (56,681) | $ | (67,667) | $ | - | $ | (12,719) | $ | (467,947) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition related costs | - | (757) | (904) | - | (6,951) | (g) | (7,855) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gain on disposal of assets | 324 | - | - | - | - | 324 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from operations | $ | 367,793 | € | 44,941 | $ | 53,650 | $ | - | $ | (31,170) | $ | 390,273 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net and other | (3,662) | (22,862) | (27,293) | (14,863) | (g) | 27,293 | (g) | (18,525) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange gain (loss), net and other | (5,582) | (808) | (965) | - | - | (6,547) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before taxes | $ | 358,549 | € | 21,271 | $ | 25,392 | $ | (14,863) | $ | (3,877) | $ | 365,201 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | (92,102) | (9,698) | (11,578) | - | 3,533 | (h) | (100,147) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 266,447 | € | 11,573 | $ | 13,814 | $ | (14,863) | $ | (344) | $ | 265,054 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income per common share | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | $6.15 | $0.31 | $(0.34) | $(0.01) | $6.11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted | $6.12 | $0.31 | $(0.34) | $(0.01) | $6.08 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares outstanding | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | 43,325 | 43,325 | 43,325 | 43,325 | 43,325 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted | 43,532 | 43,532 | 43,532 | 43,532 | 43,532 |
EUR/USD | |||||||||||
As of April 1, 2022 | Period End Exchange Rate | $ | 1.1035 | ||||||||
Year ended September 30, 2021 | Average Exchange Rate | $ | 1.1938 | ||||||||
As of September 30, 2021 | Period End Exchange Rate | $ | 1.1575 |
(in thousands) | Amount | ||||
Cash and cash equivalents | $ 24,900 | ||||
Trade accounts receivable, net | 62,913 | ||||
Inventory | 88,253 | ||||
Other current assets | 13,191 | ||||
Property and equipment, net | 90,980 | ||||
Operating lease right-of-use assets | 6,356 | ||||
Goodwill | 352,696 | ||||
Intangible assets, net | 376,300 | ||||
Other noncurrent assets | 447 | ||||
Total assets | 1,016,036 | ||||
Trade accounts payable | 36,686 | ||||
Accrued liabilities and other current liabilities | 25,843 | ||||
Operating lease liabilities | 5,397 | ||||
Deferred income tax and other long-term liabilities | 123,705 | ||||
Total purchase price | $ 824,405 |
(in thousands) | Estimated useful life (in years ) | Amount | ||||||
Customer relationships | 15-17 | $ | 231,500 | |||||
Trade names | Indefinite | 98,400 | ||||||
Developed technology | 10-15 | 46,300 | ||||||
Non-competition agreements | 2 | 100 | ||||||
$ | 376,300 |
As of September 30, 2021 | |||||||||||||||||||||||||||||
(In thousands) | Under French GAAP in EUR * | U.S. GAAP Adjustments in EUR | Ref | Under U.S. GAAP in EUR | Under U.S. GAAP in USD | ||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | € | 21,512 | € | - | € | 21,512 | $ | 24,900 | |||||||||||||||||||||
Trade accounts receivable, net | 54,352 | - | 54,352 | 62,913 | |||||||||||||||||||||||||
Inventory | 66,309 | - | 66,309 | 76,753 | |||||||||||||||||||||||||
Other current assets | 11,396 | 11,396 | 13,191 | ||||||||||||||||||||||||||
Total current assets | € | 153,569 | € | - | € | 153,569 | $ | 177,757 | |||||||||||||||||||||
Property and equipment, net | 40,567 | 3,646 | 4(e) | 44,213 | 51,177 | ||||||||||||||||||||||||
Operating lease right-of-use assets | — | — | — | — | |||||||||||||||||||||||||
Goodwill | 182,575 | 463 | 4(c) | 183,038 | 211,868 | ||||||||||||||||||||||||
Intangible assets, net | 125,811 | — | 125,811 | 145,627 | |||||||||||||||||||||||||
Other noncurrent assets | 3,255 | (2,869) | 4(d,g,h,j) | 386 | 447 | ||||||||||||||||||||||||
Total assets | € | 505,777 | € | 1,240 | € | 507,017 | $ | 586,876 | |||||||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||
Trade accounts payable | € | 31,694 | € | - | € | 31,694 | $ | 36,686 | |||||||||||||||||||||
Current portion of long-term debt | 36,215 | - | 36,215 | 41,919 | |||||||||||||||||||||||||
Accrued liabilities and other current liabilities | 21,402 | 182 | 4(c) | 21,584 | 24,984 | ||||||||||||||||||||||||
Total current liabilities | 89,311 | 182 | 89,493 | 103,589 | |||||||||||||||||||||||||
Operating lease liabilities | - | - | - | - | |||||||||||||||||||||||||
Long-term debt, net of current portion | 254,623 | — | 254,623 | 294,728 | |||||||||||||||||||||||||
Deferred income tax and other long-term liabilities | 21,618 | 3,980 | 4(e-j) | 25,598 | 29,630 | ||||||||||||||||||||||||
Total liabilities | € | 365,552 | € | 4,162 | € | 369,714 | $ | 427,947 | |||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||
Preferred shares classified as temporary equity | - | 94,226 | 4(a) | 94,226 | 109,067 | ||||||||||||||||||||||||
Non-controlling interests classified as temporary equity | - | 1,529 | 4(c) | 1,529 | 1,770 | ||||||||||||||||||||||||
Stockholders' equity | |||||||||||||||||||||||||||||
Common stock | 65,025 | (47,179) | 4(a) | 17,846 | 20,657 | ||||||||||||||||||||||||
Additional paid in capital | 64,547 | (49,691) | 4(a,b) | 14,856 | 17,196 | ||||||||||||||||||||||||
Retained earnings | 10,284 | (646) | 4(b-j) | 9,638 | 11,156 | ||||||||||||||||||||||||
Accumulated other comprehensive loss | (654) | (138) | 4(f) | (792) | (917) | ||||||||||||||||||||||||
Equity attributable to owners of the parent company | 139,202 | (97,654) | 41,548 | 48,092 | |||||||||||||||||||||||||
Non-controlling interests | 1,023 | (1,023) | 4(c) | — | — | ||||||||||||||||||||||||
Total stockholders' equity | 140,225 | (98,677) | 41,548 | 48,092 | |||||||||||||||||||||||||
Total liabilities, temporary equity and stockholders’ equity | € | 505,777 | € | 1,240 | € | 507,017 | $ | 586,876 | |||||||||||||||||||||
For the Year Ended September 30, 2021 | ||||||||||||||||||||||||||||||||
(in thousands) | Under French GAAP in EUR * | U.S. GAAP Adjustments in EUR | Ref | Under U.S. GAAP in EUR | Under U.S. GAAP in USD | |||||||||||||||||||||||||||
Net sales | € | 255,580 | € | - | € | 255,580 | $ | 305,115 | ||||||||||||||||||||||||
Cost of sales | (153,188) | (13) | 4(e) | (153,201) | (182,894) | |||||||||||||||||||||||||||
Gross profit | € | 102,392 | € | (13) | € | 102,379 | $ | 122,221 | ||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Research and development and other engineering | - | - | - | - | ||||||||||||||||||||||||||||
Selling | (16,572) | — | (16,572) | (19,784) | ||||||||||||||||||||||||||||
General and administrative | (37,220) | (2,889) | 4(b,c,f) | (40,109) | (47,883) | |||||||||||||||||||||||||||
Total operating expenses | € | (53,792) | € | (2,889) | € | (56,681) | $ | (67,667) | ||||||||||||||||||||||||
Acquisition related costs | — | (757) | 4(d) | (757) | (904) | |||||||||||||||||||||||||||
Net gain on disposal of assets | — | — | - | - | ||||||||||||||||||||||||||||
Income from operations | € | 48,600 | € | (3,659) | € | 44,941 | $ | 53,650 | ||||||||||||||||||||||||
Interest expense, net and other | (23,625) | 763 | 4(g,h) | (22,862) | (27,293) | |||||||||||||||||||||||||||
Foreign exchange gain (loss), net and other | (808) | — | (808) | (965) | ||||||||||||||||||||||||||||
Income before taxes | € | 24,167 | € | (2,896) | € | 21,271 | $ | 25,392 | ||||||||||||||||||||||||
Provision for income taxes | (9,775) | 77 | 4(i,j) | (9,698) | (11,578) | |||||||||||||||||||||||||||
Net income | € | 14,392 | € | (2,819) | € | 11,573 | $ | 13,814 |
(In thousands) | ||||||||
Proceeds from the additional debt financing net of $6.8M debt issuance cost | $ | 693,234 | ||||||
Cash paid for the Acquisition: | ||||||||
Purchase price | (824,405) | |||||||
(In thousands) | |||||||||||
Inventory - fair value adjustment | $ | 11,500 | |||||||||
Property and equipment - fair value adjustment | 39,803 | ||||||||||
Goodwill | |||||||||||
Reversal of Etanco's historical goodwill | (211,868) | ||||||||||
Goodwill recognized in the Acquisition | 352,696 | ||||||||||
Total | $ | 140,828 | |||||||||
Intangible assets | |||||||||||
Reversal of Etanco's historical intangible assets | (145,627) | ||||||||||
Acquired identifiable intangible assets | 376,300 | ||||||||||
Total | $ | 230,673 | |||||||||
Deferred income tax and other long-term liabilities | |||||||||||
Deferred tax liability on acquired intangible assets | $ | 94,075 |
(In thousands) | ||||||||
Reversal to reflect repayment of Etanco's historical debt balance | ||||||||
Current portion | $ | (41,919) | ||||||
Long-term portion | (294,728) | |||||||
Additional debt financing | ||||||||
Simpson borrowings - current portion | 22,500 | |||||||
Simpson borrowings - long-term portion | 677,538 | |||||||
Debt issuance costs | (6,804) | |||||||
Simpson total Long-term debt, net of current portion | $ | 670,734 |
(In thousands) | |||||||||||
Cost of sales | |||||||||||
Inventory - fair value adjustment1 | $ | (11,500) | |||||||||
Operating expenses | |||||||||||
Reversal of Etanco's historical amortization expense | 6,081 | ||||||||||
Amortization of acquired intangible assets | (18,800) | ||||||||||
Total | $ | (12,719) | |||||||||
Acquisition related costs | |||||||||||
Transaction costs incurred subsequent to December 31, 20212 | $ | (6,951) | |||||||||
Interest expense, net and other | |||||||||||
Elimination of Etanco historical interest expense | 27,293 | ||||||||||
Recorded interest expense for the additional debt financing | (14,863) | ||||||||||
(1) The inventory acquired is expected to be sold within one year of the acquisition date. | |||||||||||
(2) These costs will not affect Simpson’s Statement of Operations beyond 12 months after the acquisition date. |
(In thousands) | |||||||||||
Income tax impact at Simpson’s statutory tax rate of 25.30% | $ | 13,185 | |||||||||
Income tax impact at Etanco’s statutory tax rate of 28.92% | (9,652) | ||||||||||
Total | $ | 3,533 |
Document and Entity Information |
Apr. 01, 2022 |
---|---|
Cover [Abstract] | |
Written Communications | false |
Document Type | 8-K/A |
Document Period End Date | Apr. 01, 2022 |
Entity Registrant Name | SIMPSON MANUFACTURING CO INC /CA/ |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 1-13429 |
Entity Tax Identification Number | 94-3196943 |
Entity Address, Address | 5956 W. Las Positas Boulevard |
Entity Address, City or Town | Pleasanton |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94588 |
City Area Code | 925 |
Local Phone Number | 560-9000 |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Trading Symbol | SSD |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Amendment Flag | true |
Entity Central Index Key | 0000920371 |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
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