VWR Funding, Inc.

CIK:0001319764|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Net sales	$ 1,081.2	$ 1,102.7	$ 2,110.8	$ 2,159.3
Cost of goods sold	782.7	791.4	1,521.1	1,535.4
Gross profit	298.5	311.3	589.7	623.9
Selling, general and administrative expenses	220.9	249.3	438.3	484.9
Operating income	77.6	62.0	151.4	139.0
Interest expense	(28.4)	(45.1)	(55.7)	(91.1)
Interest income	0.0	0.2	0.1	0.4
Other income (expense), net	(18.6)	8.3	51.7	5.2
Loss on extinguishment of debt	(0.6)	0.0	(2.4)	0.0
Income before income taxes	30.0	25.4	145.1	53.5
Income tax provision	(11.7)	(8.8)	(55.3)	(19.5)
Net income	$ 18.3	$ 16.6	$ 89.8	$ 34.0

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 89.8	$ 34.0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	61.3	66.3
Net foreign currency remeasurement gain	(50.2)	(6.7)
Impairment charges	0.0	11.3
Share-based compensation expense	2.4	0.4
Amortization of debt issuance costs	2.8	3.7
Deferred income tax provision (benefit)	31.0	(8.6)
Loss on extinguishment of debt	2.4	0.0
Other, net	3.9	0.8
Changes in working capital, net of business acquisitions:
Trade accounts receivable	(43.1)	(43.8)
Inventories	(12.0)	(20.2)
Accounts payable	6.0	19.7
Other assets and liabilities	2.8	11.6
Net cash provided by operating activities	97.1	68.5
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired	(44.6)	(28.1)
Capital expenditures	(16.5)	(15.1)
Other investing activities	1.9	0.0
Net cash used in investing activities	(59.2)	(43.2)
Cash flows from financing activities:
Proceeds from debt	1,188.9	362.0
Repayment of debt	(1,193.0)	(359.9)
Net change in bank overdrafts	(0.8)	(11.4)
Net change in compensating cash balance	2.5	8.9
Payments to VWR Corporation	(9.8)	(7.5)
Payment of debt issuance costs	(5.2)	(1.1)
Other financing activities	(2.3)	0.0
Net cash used in financing activities	(19.7)	(9.0)
Effect of exchange rate changes on cash	(6.3)	(0.3)
Net increase in cash and cash equivalents	11.9	16.0
Cash and cash equivalents at beginning of period	118.0	135.6
Cash and cash equivalents at end of period	129.9	151.6
Supplemental disclosures of cash flow information:
Cash paid for interest	44.9	84.5
Cash paid for income taxes, net	$ 19.7	$ 16.7

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 129.9	$ 118.0
Trade accounts receivable, net of reserves of $12.6 and $12.2	607.4	583.5
Other receivables	40.4	62.1
Inventories	398.7	394.5
Other current assets	47.9	44.5
Total current assets	1,224.3	1,202.6
Property and equipment, net	221.2	231.5
Goodwill	1,817.0	1,853.6
Other intangible assets, net	1,518.5	1,594.9
Other assets	111.7	106.2
Total assets	4,892.7	4,988.8
Liabilities, Redeemable Equity and Stockholder Equity
Current portion of debt and capital lease obligations	128.3	95.3
Accounts payable	459.6	466.2
Employee-related liabilities	64.4	82.3
Other current liabilities	158.0	142.3
Total current liabilities	810.3	786.1
Debt and capital lease obligations, net of current portion	1,938.2	2,016.6
Due to VWR Corporation — ITRA, net of current portion	137.6	163.1
Deferred income tax liabilities	478.4	462.2
Other liabilities	174.4	169.7
Total liabilities	$ 3,538.9	$ 3,597.7
Commitments and contingencies (Note 7)
Redeemable equity, at redemption value	$ 45.9	$ 51.4
Common stock, $0.01 par value; 1,000 shares authorized, issued and outstanding	0.0	0.0
Additional paid-in capital	1,725.5	1,717.6
Accumulated deficit	(58.2)	(148.0)
Accumulated other comprehensive loss	(359.4)	(229.9)
Total stockholder equity	1,307.9	1,339.7
Total liabilities, redeemable equity and stockholder equity	$ 4,892.7	$ 4,988.8