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.
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Twelve Months Ended December 31, 2013 |
Enstar Group Limited |
Atrium | Arden | Pavonia | Pro forma Adjustments |
Enstar Group Limited - Pro Forma |
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Total income |
$ | 416,570 | $ | 91,126 | $ | 15,911 | $ | 48,275 | $ | — | $ | 571,882 | ||||||||||||
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Total expenses |
(192,748 | ) | (68,545 | ) | (18,783 | ) | (48,094 | ) | (9,531 | ) | (337,701 | ) | ||||||||||||
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Noncontrolling interest |
(15,218 | ) | — | — | — | (7,170 | ) | (22,388 | ) | |||||||||||||||
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Net earnings |
$ | 208,604 | $ | 22,581 | $ | (2,872 | ) | $ | 181 | $ | (16,701 | ) | $ | 211,793 | ||||||||||
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Net earnings per
ordinary |
$ | 12.82 | ||||||||||||||||||||||
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Net earnings per
ordinary |
$ | 12.68 | ||||||||||||||||||||||
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Weighted average ordinary shares outstanding — basic |
16,523,369 | |||||||||||||||||||||||
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Weighted average ordinary shares outstanding — diluted |
16,703,442 | |||||||||||||||||||||||
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| Unaudited | ||||||||||||||||||||||||
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Twelve Months Ended December 31, 2012 |
Enstar Group Limited |
Atrium | Arden | Pavonia | Pro forma Adjustments |
Enstar Group Limited - Pro Forma |
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Total income |
$ | 163,453 | $ | 82,343 | $ | 199,939 | $ | 280,227 | $ | — | $ | 725,962 | ||||||||||||
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Total expenses |
28,066 | (52,277 | ) | (108,185 | ) | (267,983 | ) | (21,855 | ) | (422,234 | ) | |||||||||||||
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Noncontrolling interest |
(23,502 | ) | — | — | — | (47,971 | ) | (71,473 | ) | |||||||||||||||
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Net earnings |
$ | 168,017 | $ | 30,066 | $ | 91,754 | $ | 12,244 | $ | (69,826 | ) | $ | 232,255 | |||||||||||
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Net earnings per ordinary share — basic |
$ | 14.13 | ||||||||||||||||||||||
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Net earnings per
ordinary |
$ | 13.96 | ||||||||||||||||||||||
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Weighted average ordinary shares outstanding — basic |
16,441,461 | |||||||||||||||||||||||
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Weighted average ordinary shares outstanding — diluted |
16,638,021 | |||||||||||||||||||||||
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