Partnership with GO-TO and Equity Raising Presentation
Pro forma historical balance sheet as at 30 June 2021
A$m
Assets
BWX¹
Go-To acquisition
Cash²
70.5
Adjustments5
(8.7)
Pro forma
61.8
Trade and other receivables
43.9
2.4
46.3
Inventories
44.0
6.1
50.1
Prepayments
3.0
0.2
3.2
Right of use asset
9.0
0.7
9.7
Plant and equipment
19.9
0.3
20.2
Intangible assets and goodwill³
300.1
2.8
78.9
381.8
Other assets
6.1
0.5
6.6
Total assets
496.5
12.9
70.2
579.6
Liabilities
Trade and other payables
43.9
0.8
Financial liabilities
52.5
-
Lease liabilities
10.8
0.7
Current tax liabilities
6.2
0.3
Employee benefits
2.3
0.6
Deferred tax liabilities
22.0
Other liabilities
0.6
Total liabilities
137.7
Net assets
358.8
3.1
9.8
70.2
44.7
52.5
11.5
6.5
2.9
22.0
0.6
140.8
438.9
Net debt/(net cash)4
Net debt / LTM EBITDA4
(7.2)
Net cash
2.2
<0.1x
STRICTLY CONFIDENTIAL
Notes: 1. The pro forma balance sheet does not consider the accounting treatment of the call/put option in relation to the Transaction or the Chemist Warehouse strategic partnership, which is still being considered. The pro forma balance sheet at
30 June 2021 does not reflect the impact of the Flora and Fauna acquisition. The Go-To net assets acquired are reflected at 100% (i.e. fully consolidated). 2. The negative cash impact associated with the Go-To acquisition and equity raise represents
the portion of the purchase price expected to be paid from BWX's cash on hand at 30 June 2021. This does not consider any proceeds from the non-underwritten SPP. 3. Intangible assets and goodwill of $78.9m represents the difference between the
purchase price (of $88.7m) and the (unaudited) net assets acquired as part of the transaction. A purchase price allocation will be undertaken post completion, which may impact the goodwill recognised. 4. Net debt/ (net cash) includes lease liabilities
recognised under AASB 16. 5. Adjustments relate to the Transaction and Equity Raising, with the Placement funds assumed to be used directly for the Partnership consideration.
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