Investor Presentation February 26, 2018
Safe Harbor Statement Any statements in this presentation regarding our business that are not historical facts are forward-looking statements. These statements are based on the current expectations of the management of the company and our future results could differ materially from any express or implied projections or forward-looking statements made today. Our actual results may be affected by many important factors, including risks and uncertainties identified in our press releases and in our SEC filings. We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or other circumstances. 2
Agenda 1. Welbilt Introduction 2. Global Foodservice Equipment Industry 3. Strategy 4. Financials
Welbilt at a Glance 2017 Revenue $1.45B by Region 72% Americas 17% EMEA 11% APAC Offering: End Markets: Channels: Employees: Presence: Capabilities: Full-line of hot/cold products & systems All commercial kitchen operators 3500+ distributors & dealers Approx. 5,400 globally 46 locations in 14 countries World class design, manufacturing, parts & service by End Market 1 by Channel 2 Other 2% Travel & Leisure 8% Other General Markets 5% Other Chains 6% Healthcare 8% Education 6% Retail 8% Business & Industry 10% Restaurants 58% Key Accounts 22% Dealers, Dealers, Distributors, Buying Buying Groups Groups 64% 67% 1 Estimate for WBT Americas 2 Reflects gross sales for 2017. Includes all third party product sales. 4
Our heritage in the industry stretches back over a century, and our experience and expertise has grown tremendously over the years Berisford 1929 1995 2000 2008 2016 2017 Henry and Berisford Berisford The Manitowoc Manitowoc Foodservice Manitowoc Alexander Hirsch acquires Welbilt changes its name Company spins-off from The Foodservice establish the 1902 Corp. in the 1945 1966 to Enodis 1971 1993 acquires Enodis 1995 1997Manitowoc 2008 Company 2015 changes 2016its name Welbilt Stove Co. United States to Welbilt 1955 Welbilt acquires Detroit-Michigan Stove Co (parent company of Garland) to become Welbilt Corp. 1982 Frymaster joins the portfolio 1998-1999 Convotherm and Delfield join the portfolio 1966 Manitowoc Ice begins producing ice-machines 1995 MTW acquires Kolpak 2000 Merrychef and Multiplex join the 1851 1910 1989 1982 Cleveland 1994Range 1995 1999 2000 2002 portfolio 2004 2008 and Merco join the portfolio 2015 MFS launches its fitkitchen ( food inspiring technology ) initiative 1994 Lincoln joins the portfolio 5
Full Line Product Offering with Leading Brands that command #1 or #2 market share positions System Solutions Beverage Equipment Aftermarket Parts Refrigeration & Prep. Stations Combi, Conveyor & High Speed Ovens Walk-in Refrigeration Ranges, Grills, Induction Steamers, Kettles & Skillets Ice-cube machines Commercial Fryers, Hot Holding Cold products (~40-45% revenue) Hot products (35-40% revenue) Parts & Service (~15-20% revenue) 6
Long Standing Customer Relationships with large End Customers as well as US Channel Partners Large End Customers typically designated as Key Accounts Top 5 Global End Customers 2017 Customer % of FY17 Revenue # of Years¹ End Customer 1 7.7% 55 End Customer 2 3.8% 28 End Customer 3 3.0% 58 End Customer 4 2.3% 36 End Customer 5 2.1% 51 Over 45 years average relationship with our top 5 end customers and 20 years average relationship with our top 5 dealer customers US Channel Partners typically referred to as General Market 1 Source: Company estimates. Top 5 North America Buying Group Customers 2017 Customer % of FY17 Revenue # of Years¹ Dealer Customer 1 6.1% 30 Dealer Customer 2 4.5% 9 Dealer Customer 3 4.4% 9 Dealer Customer 4 2.8% 29 Dealer Customer 5 2.4% 23 7
Stable Revenue Base from Significant Replacement Demand and Large Installed Base Predictable product replacement cycles support stable Welbilt revenue Provides recurring, higher margin revenue and aids in maintaining customers 2018 U.S. Foodservice Equipment Needs 1 Site Expansion/ Add l Dayparts 6% Renovations 26% Eco Friendly 5% New Construction 12% Replacement 51% KitchenCare KitchenCare protects, services, and maintains foodservice equipment throughout the product lifecycle Each new piece of Welbilt equipment comes with KitchenCare warranty depending Provides Multiple levels of support available, on customer need a stable source of recurring revenue Over 75% of demand expected to be driven by replacement and renovations in 2018, supporting stable revenue base ~15-20% of revenue generated by stable KitchenCare aftermarket parts and service offering 1 Foodservice Equipment and Supplies 8
Awards & Recognitions for Leading Product Innovations 9
Agenda 1. Welbilt Introduction 2. Global Foodservice Equipment Industry 3. Strategy 4. Financials
Positive Industry Fundamentals Population & Income Growth New Concepts & New Markets Steadily Growing Foodservice Industry Health & Safety 11
Changing parameters for the Foodservice Equipment Market Growing World Population Population tripled since 1950s; set to reach 9 billion by 2050 Augmenting per Capita Income Expected to exhibit continued growth over 2015-2030 period Enduring Customer Growth Positive outlook for GM and QSRs with relatively low volatility Global Industry Development [in $ bn] CAGR* 2.5% CAGR* 2.9% 20.2 20.7 21.2 21.8 22.4 23.1 Evolving Consumer Lifestyles Nutrition & safety top of mind, growing customization demand Progressing Customer Needs Higher focus on customized & connected solutions, design, services 2015 2016 2017 2018 2019 2020 *CAGR = Compound Annual Growth Rate Increasing Consumer Choices New / innovative dining concepts sought beyond the mainstream Changing Competitive Landscape Consolidating industry with new entrants and growing digital focus Growing Global Competition Competition for and from new markets e.g. Brazil, India, Nigeria 12
47 Years of Restaurant-Industry 1 Sales Demonstrate Non- Cyclicality of Foodservice Industry 6.0 5.0 4.0 3.0 2.0 1.0 0.0 (1.0) (2.0) (3.0) Real (inflation-adjusted) percentage growth 1971 1976 1981 1986 1991 1996 2001 2006 2011 2016 1 National Restaurant Association defines restaurant industry as encompassing all meals prepared away from home including all takeout meals and beverages. Source: National Restaurant Association, 2017 Restaurant Industry Forecast 13
Global Health & Food Safety Concerns also Drive Foodservice Equipment Demand Food safety a top priority Professional foodservice equipment facilitates proper food handling and reduces the risk of infection Environmental sustainability Reduction of unusable portions and waste Preventing premature food spoilage Food Shippers in the U.S. Face New Rules April 5, 2016 Hotel Ice Machines Could Be Making You Sick February 14, 2018 Food safety: Five things to watch out for May 23, 2016 Celebrity Chefs Hope to Press Congress on Food Waste May 25, 2016 4 surprising ways warmer temperatures will change our food April 5, 2016 Americans' Spending on Dining Out Just Overtook Grocery Sales April 14, 2015 14
Foodservice Operator Cost Pressures Are Fueling Demand for Innovation Increasing Labor Cost Increasing Energy Cost Need for Waste Avoidance Targeted Innovative Product Solutions & Systems with Short Payback Increasing Real Estate Cost 15
Product Solutions Deliver Short Payback For Operators Solution Performance Benefit to the Operator Typical Payback Multiplex Fresh Blender Next Generation Self serve beverage station. Combines core MFS technologies: ice machine, beverage dispensing, blending and automated cleaning Single piece of equipment to do multiple beverages vs. multiple pieces of equipment to do one beverage Fully Automated self beverage station. Dispense, blend and serve in the same cup serves hundreds of beverages per day Reduces waste and saves labor Drives incremental revenue & profitability An average of 70 drinks per day provides an operator payback as short as 6 months Merrychef eikon e2s Up to 15x faster than conventional cooking methods: Toasted sandwich in 50 seconds Ventless countertop oven with easy plug-n-play installation Speed of service to meet consumer demand in all segments Flexibility to cover any part of the day with high quality food Easy to use small footprint with big production Certified ventless Allows menu expansion to drive incremental revenue & profitability An average of 150 food items sold a day provides an operator payback as short as 3 months Due to versatility of Merrychef technology, further savings and quicker ROI can be obtained from removal of multiple appliances that Merrychef eikon e2s replaces Convotherm 4 Multi-use and flexible foundation of the kitchen Superior menu versatility with unwavering quality Simplifies & optimizes kitchen operations Extremely flexible Delivers the highest quality, mosteven cooking results possible The new standard for flexible, reliable self-cleaning Robust, high quality and reliability Reduced operating costs An average of 150 food items sold a day provides an operator payback as short as 4 months Due to versatility of Convotherm technology, further savings and quicker ROI can be obtained from removal of multiple appliances that Convotherm 4 replaces 16
Digital Welbilt s view of the future We re designing the kitchen of the future to drive continuous improvements in performance for our customers. As their partners in navigating a new digital world, we will help them leverage data to optimize their processes and bottom line, improve the guest experience they deliver, and over time provide a platform that will enable them to continually adapt to our changing world. OPTIMIZE TODAY S BUSINESS MODEL PERFECT TOMORROW S CUSTOMER EXPERIENCE TRANSFORM THE FUTURE Current State Future Vision 17
KitchenConnect Re-envisioning the relationship customers have with Welbilt products and services Individual applications for individual product categories Complete individual Systems Complete unified Systems Developing functionality and management capability to deploy individual and sets of applications to individual product categories Unified complete application suites across all individual product categories Unified complete application suites and establish interconnectivity throughout the entire kitchen PLATFORM KITCHENCONNECT KITCHENCONNECT KITCHENCONNECT APPLICATIONS MENU ALERTS INDIVIDUAL APPLIANCE 18
fitkitchen Takes a Systems Approach and Will Drive Toward Optimization of the Entire System Kitchen 4.0 as in Industry 4.0 Back of House Systems Optimization Labor Productivity Enhancement Equipment Connectivity, Analytics and Remote Management Drive Through Optimization Inventory Management In Store Traffic Analytics Front of House Optimization Kitchen Management and Control 19
fitkitchen Identifies Areas of Focus Identify Areas and Processes for Improvement Equipment choice & Design Identifies pathway for Innovation Connected Kitchen System & Solution Station Adjacencies Right Size Equipment Prep and Production Processes Labor Balancing Cost Per Square Foot Flexible, Modular Equipment to adjust with building footprints Introduce a Craft Beverage Program Scale Equipment thru-put based on sales volumes All Driven by Integrated Connected Kitchen Maximize Vertical Storage Spaces Eliminate Complexity 1.5 1.0 Multi-Functional Equipment 1.2 1.6 1.6 Improve SOS and Reduce Labor Right Size Storage and Prep Spaces based on Sales Volumes Integrate New Technology to Improve Prep Process 20
Agenda 1. Welbilt Introduction 2. Global Foodservice Equipment Industry 3. Strategy 4. Financials
Vision, Mission & Values Set the Ambition Vision We are the global leader in professional foodservice equipment and systems. Mission We create value for customers, employees and shareholders by integrating food, technology and people to build and deliver the highest quality, innovative products and systems, offer best-in-class global service, and enable healthy and safe food experiences. Values INTEGRITY PASSION TEAMWORK ENTREPRENEURSHIP ACCOUNTABILITY 22
Clear Strategic Objectives and Thrusts... Strategic Objectives Achieving Profitable Growth Creating Innovative Products & Solutions Driving Operational Excellence Guaranteeing Customer Satisfaction Developing Great People Strategic Thrusts Strive for # 1 or #2 market share in every segment addressed Grow organically short term, buy and build mid-term to outgrow market Right-size and simplify to improve profitability Create game-changing product & system solutions in the entire kitchen Actively address product competitiveness and lifecycle extensions Move to global platforms to enhance cost position Move assembly closer to end markets and localize products Use strategic sourcing to streamline vendor base Drive lean manufacturing principles throughout the organization Grow KitchenCare parts & service to a bigger proportion of total business Enhance process and delivery planning Develop next generation distribution Provide incentive schemes that motivate and drive performance Identify, develop and grow key talent Make Welbilt the employer of choice in our industry 23
...are the Levers that will Bridge the Gap to our Margin Ambition The 1000 BPS Challenge of gap closure is a multi-year journey. Right-Sizing Lean Mfg. Purchasing & Supply Chain Product Cost & Platforms KitchenCare Improvements New Products and Systems 40-190 bps EBITDA 1 Margin Ambition Mid-to-high twenties still to go Guidance Range 2018 Plant Rationalization Headcount Reductions 80:20 PLS & CLS 450 bps Achieved 2017 Achieved 2016 490-640 bps Simplification 2015 EBITDA 1 Margins Mid-teens Runway Remaining : Stage of Initiative Progress = Later Stage = Mid Stage = Early Stage 1 See Welbilt s 2017 Q4 earnings release and SEC filings for the reconciliations from GAAP to non-gaap measures. 24
2018 Priorities 1 Deliver profitable growth and operational excellence objectives 2 Drive new product and new system solutions to fuel sales growth 3 Delever the balance sheet 4 Execute and integrate acquisitions 25
Crem International Overview Complete Coffee Offering Strong Brands Espresso machines Filter machines Instant, liquid, freestanding Aftermarket Manual Manual Automatic Automatic Geographic Footprint Served Markets Hotels, Restaurants, Catering Office Coffee Services Convenience Stores 2017 Revenue: ~SEK 767 M ~US$90 M Customers: 900+ in 80 countries Installed Base: 700K+ Manufacturing Plants: 3 Technology Centers: 3 Sales Offices: 6 Employees: ~400 Note: Financials converted from SEK into $ with SEK / USD FX rate 2017 average of 0.1172 actual US GAAP accounts may differ 26 26
Transaction Summary Transaction Description Strategic Rationale Acquisition of 100% of Avaj International Holding ( Crem International ) Total consideration of approx. SEK 1,800 million / approx. US$224 million Funded through cash on hand and existing credit lines Closing expected in early Q2 2018, subject to certain closing conditions Access coffee, one of the largest and fastest growing beverage categories Establish new product line: hot beverage Creates broadest hot and cold beverage product offering in the industry Significant cross-selling opportunities between Crem s and Welbilt s customer bases Critical Success Factors Complementary customer and channel reach, minimal current overlap Synergistic technologies and operations Strong management team retained to drive results Financial Impact Expected to be accretive to earnings beginning later in 2018 Run-rate synergies expected to grow to approx. US$10 million by 2020 Acquisition ROIC expected to exceed Welbilt s WACC by 2021 27
Agenda 1. Welbilt Introduction 2. Global Foodservice Equipment Industry 3. Strategy 4. Financials
2017 Fourth Quarter Results Delivers margin and EPS growth over prior year 1 US$ in millions (except % and per share data) 2017 Q4 2016 Q4 Δ - Organic Net Sales 1 $359.0 $372.8 (3.7%) - Divestitures impact 2 --- $5.9 (1.5%) - FX translation impact 2 $6.9 --- +1.8% Net sales $365.9 $378.7 (3.4%) Adjusted Operating EBITDA margin 1 20.4% 18.4% +200 bps Amortization expense $7.8 $7.7 Interest expense $21.0 $24.7 Other expense (income) net $2.0 ($0.5) Effective tax rate 3 (78.8%) 30.7% Adjusted Net Earnings 1,3 $35.8 $22.8 +57.0% Adjusted Diluted EPS 1,3 $0.26 $0.16 +62.5% 1 See Welbilt s 2017 Q4 earnings release for the reconciliations from GAAP to non-gaap measures. 2 Reflects basis point impact of adjusting items between net sales and Organic Net Sales. 3 2017 Q4 effective tax rate includes a $32.0M benefit from the Tax Cuts and Jobs Act, which is excluded from Adjusted Net Earnings and Adjusted Diluted EPS. 29
10 Consecutive Quarters of YOY Adjusted Operating EBITDA Margin 1 Growth 0.22 21.4% Adjusted Operating EBITDA Margin 1 0.2 0.18 0.16 0.14 15.4% 16.1% 17.3% 17.9% 16.1% 19.9% 17.7% 18.4% 20.4% 14.6% 17.8% 19.1% +450 bps 0.12 0.1 Q1 Q2 Q3 Q4 FY/YTD 2015 2016 2017 1 See Welbilt s 2017 Q4 earnings release for the reconciliations from GAAP to non-gaap measures. 30
2017 Full Year Results Sales, margin and EPS all increased over prior year 1 US$ in millions (except % and per share data) 2017 2016 Δ - Organic Net Sales 1 $1,446.8 $1,442.0 +0.3% - Divestitures impact 2 --- $14.6 (1.0%) - FX translation impact 2 ($1.4) --- (0.1%) Net sales $1,445.4 $1,456.6 (0.8%) Adjusted Operating EBITDA margin 1 19.1% 17.8% +130 bps Amortization expense $31.2 $31.2 Interest expense $86.9 $85.2 Interest expense on notes with MTW net --- $0.1 Other expense net $9.0 $9.1 Effective tax rate 3 (12.8%) 24.1% Adjusted Net Earnings 1,3 $108.9 $87.1 +25.0% Adjusted Diluted EPS 1,3 $0.77 $0.62 +24.2% 1 See Welbilt s 2017 Q4 earnings release for the reconciliations from GAAP to non-gaap measures. 2 Reflects basis point impact of adjusting items between net sales and Organic Net Sales. 3 2017 effective tax rate includes a $32.0M benefit from the Tax Cuts and Jobs Act, which is excluded from Adjusted Net Earnings and Adjusted Diluted EPS. 31
2018 Full-Year Guidance Details Between 1% to 4% Organic Net Sales growth - General market remains soft in 1H, stabilizes in 2H - Continued recovery of large chains, rollouts of new products - Incremental sales from initial fitkitchen system rollouts Between 19.5% to 21.0% Adjusted Operating EBITDA margin - Simplification & Right-Sizing (+200 to +300 bps) - Volume/Mix (0 to +150 bps) - Net Pricing (+50 to +150 bps) - Material Cost Inflation (-50 to -100 bps) - SG&A Investments/Compensation/Other (-150 to -250 bps) Between $0.80 and $0.90 per share Adjusted Diluted EPS - Effective tax rate of 24% to 26% - Assumes 141.6 million fully diluted shares outstanding - Includes $0.02 from Crem International acquisition, inclusive of integration costs (excludes restructuring, gains or losses from impairment or disposal of assets, and debt extinguishment expenses) 32
Appendix: Additional Materials 33
2017 Fourth Quarter Results - GAAP US$ in millions (except % and per share data) 2017 Q4 2016 Q4 Δ Net sales $365.9 $378.7 (3.4%) Earnings from operations margin 16.3% 14.5% +180 bps Interest expense $21.0 $24.7 Other expense (income) - net $2.0 ($0.5) Effective tax rate (78.8%) 30.7% Net earnings $65.8 $21.4 +207.5% Diluted EPS $0.47 $0.15 +213.3% 34
2017 Full Year Results - GAAP US$ in millions (except % and per share data) 2017 2016 Δ Net sales $1,445.4 $1,456.6 (0.8%) Earnings from operations margin 15.2% 13.7% +150 bps Interest expense $86.9 $85.2 Interest expense on notes with MTW - net --- 0.1 Loss on early extinguishment of debt $4.4 --- Other expense - net $9.0 $9.1 Effective tax rate (12.8%) 24.1% Net earnings $134.0 $79.5 +68.6% Diluted EPS $0.95 $0.57 +66.7% 35
2017 Adjusted Operating EBITDA by Quarter (US$ in millions) Q1 Q2 Q3 Q4 FY2017 Net earnings $5.0 $30.1 $33.1 $65.8 $134.0 Incomes taxes 2.1 (0.2) 11.9 (29.0) (15.2) Other expense - net 1.5 2.9 2.6 2.0 9.0 Loss on early extinguishment of debt 3.2 0.2 1.0 --- 4.4 Interest expense 23.2 21.0 21.7 21.0 86.9 Loss (gain) from impairment or disposal of assets net 0.4 (0.6) (3.9) 0.1 (4.0) Restructuring expense 4.6 1.1 2.8 2.3 10.8 Separation expense 0.9 0.3 0.3 0.1 1.6 Amortization expense 7.8 7.7 7.9 7.8 31.2 Depreciation expense 4.0 4.0 4.1 4.6 16.7 Adjusted Operating EBITDA $52.7 $66.5 $81.5 $74.7 $275.4 Adjusted Operating EBITDA margin 1 16.1% 17.9% 21.4% 20.4% 19.1% 1 Adjusted Operating EBITDA margin is calculated by dividing the dollar amount of Adjusted Operating EBITDA by net sales. 36
2016 Adjusted Operating EBITDA by Quarter (US$ in millions) Q1 Q2 Q3 Q4 FY2016 Net earnings $18.1 $15.1 $24.9 $21.4 $79.5 Incomes taxes 4.6 4.1 7.1 9.5 25.3 Other expense (income) - net 2.4 3.6 3.6 (0.5) 9.1 Interest expense on notes with MTW - net 0.1 --- --- --- 0.1 Interest expense 8.5 27.0 25.0 24.7 85.2 Loss from impairment or disposal of assets - net --- --- 1.7 1.6 3.3 Restructuring expense 1.3 0.3 0.6 0.3 2.5 Separation expense 3.0 1.3 1.4 0.8 6.5 Amortization expense 7.8 7.9 7.8 7.7 31.2 Depreciation expense 4.3 4.5 4.2 4.3 17.3 Adjusted Operating EBITDA $50.1 $63.8 $76.3 $69.8 $260.0 Adjusted Operating EBITDA margin 1 15.4% 17.3% 19.9% 18.4% 17.8% 1 Adjusted Operating EBITDA margin is calculated by dividing the dollar amount of Adjusted Operating EBITDA by net sales. 37
2015 Adjusted Operating EBITDA by Quarter (US$ in millions) Q1 Q2 Q3 Q4 FY2015 Net earnings $14.0 $36.9 $41.1 $65.1 $157.1 Incomes taxes 6.5 17.0 18.3 (2.5) 39.3 Other income net (0.4) (0.2) (1.6) (19.9) (22.1) Interest income on notes with MTW net (4.7) (4.6) (4.2) (2.3) (15.8) Interest expense 0.3 0.4 0.3 0.4 1.4 Loss from impairment or disposal of assets - net --- --- --- 9.9 9.9 Restructuring expense 0.7 (0.2) 0.8 3.3 4.6 Separation expense --- 0.5 1.0 2.8 4.3 Amortization expense 7.8 7.9 7.9 7.8 31.4 Depreciation expense 5.2 4.8 4.9 4.7 19.6 Adjusted Operating EBITDA $29.4 $62.5 $68.5 $69.3 $229.7 Adjusted Operating EBITDA margin 1 8.5% 15.3% 16.1% 17.7% 14.6% 1 Adjusted Operating EBITDA margin is calculated by dividing the dollar amount of Adjusted Operating EBITDA by net sales. 38
2017 Adjusted Net Earnings and Adjusted Diluted Net Earnings per Share by Quarter (US$ in millions) Q1 Q2 Q3 Q4 FY2017 Net earnings $5.0 $30.1 $33.1 $65.8 $134.0 Loss (Gain) from impairment or disposal of assets net 0.4 (0.6) (3.9) 0.1 (4.0) Restructuring expense 4.6 1.1 2.8 2.3 10.8 Separation expense 0.9 0.3 0.3 0.1 1.6 Loss on early extinguishment of debt 3.2 0.2 1.0 --- 4.4 Tax Cuts and Jobs Act --- --- --- (32.0) (32.0) Tax effect of adjustments (3.5) (0.4) (1.5) (0.5) (5.9) Adjusted Net Earnings $10.6 $30.7 $31.8 $35.8 $108.9 (US$) Q1 Q2 Q3 Q4 FY2017 Diluted earnings per share $0.04 $0.21 $0.24 $0.47 $0.95 Loss (Gain) from impairment or disposal of assets net per share --- --- (0.03) --- (0.03) Restructuring expense per share 0.03 0.01 0.02 0.02 0.08 Separation expense per share 0.01 --- --- --- 0.01 Loss on early extinguishment of debt per share 0.02 --- 0.01 --- 0.03 Tax Cuts and Jobs Act --- --- --- (0.23) (0.23) Tax effect of adjustments per share (0.02) --- (0.01) --- (0.04) Adjusted Diluted Net Earnings Per Share $0.08 $0.22 $0.23 $0.26 $0.77 39
2016 Adjusted Net Earnings and Adjusted Diluted Net Earnings per Share by Quarter (US$ in millions) Q1 Q2 Q3 Q4 FY2016 Net earnings $18.1 $15.1 $24.9 $21.4 $79.5 Loss from impairment or disposal of assets net --- --- 1.7 1.6 3.3 Restructuring expense 1.3 0.3 0.6 0.3 2.5 Separation expense 3.0 1.3 1.4 0.8 6.5 Tax effect of adjustments (1.5) (0.7) (1.2) (1.3) (4.7) Adjusted Net Earnings $20.9 $16.0 $27.4 $22.8 $87.1 (US$) Q1 Q2 Q3 Q4 FY2016 Diluted earnings per share $0.13 $0.11 $0.18 $0.15 $0.57 Loss from impairment or disposal of assets net per share --- --- 0.01 0.01 0.02 Restructuring expense per share 0.01 --- 0.01 --- 0.02 Separation expense per share 0.02 0.01 0.01 0.01 0.05 Tax effect of adjustments per share (0.01) --- (0.01) (0.01) (0.04) Adjusted Diluted Net Earnings Per Share $0.15 $0.12 $0.20 $0.16 $0.62 40
2015 Adjusted Net Earnings and Adjusted Diluted Net Earnings per Share by Quarter (US$ in millions) Q1 Q2 Q3 Q4 FY2015 Net earnings $14.0 36.9 $41.1 $65.1 $157.1 Loss from impairment or disposal of assets net --- --- --- 9.9 9.9 Restructuring expense 0.7 (0.2) 0.8 3.3 4.6 Separation expense --- 0.5 1.0 2.8 4.3 Tax effect of adjustments (0.2) (0.2) (0.7) (5.9) (7.0) Adjusted Net Earnings $14.5 $37.0 $42.2 $75.2 $168.9 (US$) Q1 Q2 Q3 Q4 FY2015 Diluted earnings per share $0.10 $0.27 $0.30 $0.48 $1.15 Loss from impairment or disposal of assets net per share --- --- --- 0.07 0.07 Restructuring expense per share --- --- 0.01 0.02 0.03 Separation expense per share --- --- 0.01 0.02 0.03 Tax effect of adjustments per share --- --- (0.01) (0.04) (0.05) Adjusted Diluted Net Earnings Per Share $0.10 $0.27 $0.31 $0.55 $1.23 41
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