Enstar Group LTD | 2013 | FY | 3


The following pro forma condensed combined statement of earnings for the years ended December 31, 2013 and 2012 combines the historical consolidated statements of earnings of the Company (inclusive of those of SeaBright since its acquisition on February 7, 2013) with those of Atrium, Arden and Pavonia, giving effect to the business combinations and related transactions of Atrium, Arden and Pavonia as if they had occurred on January 1, 2013 and 2012, respectively. For the year ended December 31, 2013, the results shown for Atrium, Arden and Pavonia represent their results from January 1, 2013 to the respective date of each acquisition. The results for Atrium, Arden and Pavonia post-acquisition are included in the results shown for the Company.

The pro forma financial information presented below is for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if the acquisitions of Atrium, Arden and the Pavonia companies had taken place on January 1, 2013 or 2012, respectively.

 

           Unaudited  

Twelve Months Ended December 31, 2013

   Enstar Group
Limited
    Atrium     Arden     Pavonia     Pro forma
Adjustments
    Enstar Group
Limited - Pro
Forma
 

Total income

   $ 416,570      $ 91,126      $ 15,911      $ 48,275      $      $ 571,882   

Total expenses

     (192,748     (68,545     (18,783     (48,094     (9,531     (337,701

Noncontrolling interest

     (15,218                          (7,170     (22,388
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net earnings

   $ 208,604      $ 22,581      $ (2,872   $ 181      $ (16,701   $ 211,793   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net earnings per ordinary
share —basic

             $ 12.82   
            

 

 

 

Net earnings per ordinary
share —diluted

             $ 12.68   
            

 

 

 

Weighted average ordinary shares outstanding — basic

               16,523,369   
            

 

 

 

Weighted average ordinary shares outstanding — diluted

               16,703,442   
            

 

 

 
Unaudited  

Twelve Months Ended December 31, 2012

  Enstar Group
Limited
    Atrium     Arden     Pavonia     Pro forma
Adjustments
    Enstar Group
Limited - Pro
Forma
 

Total income

  $ 163,453      $ 82,343      $ 199,939      $ 280,227      $      $ 725,962   

Total expenses

    28,066        (52,277     (108,185     (267,983     (21,855     (422,234

Noncontrolling interest

    (23,502                          (47,971     (71,473
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net earnings

  $ 168,017      $ 30,066      $ 91,754      $ 12,244      $ (69,826   $ 232,255   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net earnings per ordinary share — basic

            $ 14.13   
           

 

 

 

Net earnings per ordinary
share — diluted

            $ 13.96   
           

 

 

 

Weighted average ordinary shares outstanding — basic

              16,441,461   
           

 

 

 

Weighted average ordinary shares outstanding — diluted

              16,638,021   
           

 

 


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