Exhibit 99.1    
     
ROB GROUP GMBH
BALANCE SHEET
December 31, 2012
 
    
ASSETS  Monitary unit: Euro 
Current Assets     
Cash & Equivalents  54,000.00 
Accounts Receivable, Net   2,596,000 
Inventory -net  of allowance for inventory obsolescence   7,717,000 
Prepaid Expenses & Other Assets   4,250,000 
Total Current Assets   14,617,000 
      
Property & Equipment, Net   2,413,000 
Other   289,000 
Total Assets  17,319,000 
      
LIABILITIES AND STOCKHOLDERS EQUITY     
Current Liabilities     
Accounts Payable  6,129,000 
Accrued Expenses    570,000 
Accrued Income Taxes     
Other Liabilities   3,640,000 
Total Current Liabilities   10,339,000 
      
Long term- Liabilities     
Loan payable to Bank   6,541,000 
Total Liabilities   16,880,000 
Stockholders' Equity     
Subscribed Capital   848,000 
Retained Earnings   (409,000)
Total Stockholders' Equity   439,000 
Total Liabilities & Stockholders' Equity   17,319,000 

 

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ROB GROUP GMBH
INCOME STATEMENT
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2012
     
     
Revenues  Monitary unit: Euro 
        Total revenues  33,842,300 
      
Cost of revenues     
        Total cost of revenues   23,556,900 
          Gross profit   10,285,400 
      
Operating expenses     
Selling, general and administrative   9,561,450 
Total operating expenses   9,561,450 
Operating income/(loss)   723,950 
      
Other income (expenses)     
Interest and financing costs   - 
Interest and other income, net   - 
Total other income, net   - 
      
Income/(loss) before income taxes   723,950 
Income tax benefit/(expense), net   - 
Net income/(loss)  723,950 

 

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ROB GROUP GMBH
BALANCE SHEET
March 31, 2013
     
     
ASSETS  Monitary unit: Euro 
Current Assets     
Cash & Equivalents  4,797.00 
Accounts Receivable, Net   2,783,808 
Accounts Receivable-related party   - 
Inventory -net  of allowance for inventory obsolescence   6,668,976 
Prepaid Expenses & Other Assets   151 
Total Current Assets   9,457,732 
      
Property & Equipment, Net   799,897 
Due From Related Parties   - 
Goodwill   - 
Other   152,524 
Total Assets  10,410,153 
      
LIABILITIES AND STOCKHOLDERS EQUITY     
Current Liabilities     
Accounts Payable  6,030,992 
Accrued Expenses    290,741 
Accrued Income Taxes   815,325 
Other Liabilities   1,335,580 
Total Current Liabilities   8,472,638 
      
Long term- Liabilities     
Loan payable to Bank   5,087,769 
Loan payable to Related party   (1,004,153)
Notes payable to Shareholder   - 
Total Liabilities   12,556,254 
      
Commitments & Contingencies   - 
      
Stockholders' Equity     
Subscribed Capital   500,000 
Capital Reserves   80,000 
Retained Earnings   (2,726,101)
Total Stockholders' Equity   (2,146,101)
Total Liabilities & Stockholders' Equity   10,410,153 

 

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ROB GROUP GMBH
INCOME STATEMENT
FOR THE SIX MONTHS ENDED JUNE 30, 2013
     
     
Revenues  Monitary unit: Euro 
        Total revenues  12,320,075 
      
Cost of revenues     
        Total cost of revenues   10,205,107 
          Gross profit   2,114,967 
      
Operating expenses     
Selling, general and administrative   4,755,619 
Total operating expenses   4,755,619 
Operating income/(loss)   (2,640,652)
      
Other income (expenses)     
Interest and financing costs   (341,488)
Interest and other income, net   189,192 
Total other income, net   (152,297)
      
Income/(loss) before income taxes   (2,982,140)
Income tax benefit/(expense), net   (52)
Net income/(loss)  (2,982,192)

 

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UNAUDITED PRO FORMA COMBINED FINANCIAL INFORMATION

 

On October 31, 2013, Cemtrex, Inc. (“Cemtrex”, “the Company”) completed the acquisition of the privately held ROB Group, a leader in electronics manufacturing solutions located in Neulingen, Germany. The ROB Group, founded in 1989, consisted of 4 distinct operating companies, forming a complete electronics design, manufacturing, assembly, and cabling solutions provider that serves the electronics and cabling needs of some of the largest companies in the world in the Medical, Automation, Industrial, and Renewable Energy industries. ROB Group also has a manufacturing facility in Sibiu, Romania. ROB Cemtrex GmbH now operates as a subsidiary of Cemtrex, Inc..

 

The Unaudited Pro Forma Financial Information gives effect to the Acquisition using the acquisition method of accounting, after giving effect to the pro forma adjustments discussed in the accompanying notes.  This financial information has been prepared from, and should be read in conjunction with, the historical consolidated financial statements and notes thereto of Cemtrex and ROB Group included elsewhere in this report.

 

The financial periods required to be presented in this Form 8K/A are based on our fiscal periods.  Cemtrex and ROB Group have different fiscal year ends.  For the purpose of presenting these pro forma financial statements, we used the financial statements for our fiscal year ended September 30, 2012, as filed with the Securities and Exchange Commission (“SEC”) in our Annual Report on Form 10-K, and the financial statements for the six months ended March 31, 2012, in our Quarterly Report on Form 10-Q.  To meet the SEC’s pro forma requirements of combining operating results for ROB Group for an annual period that ends within 93 days of the end of our latest annual fiscal period as filed with the SEC, we combined ROB Group’s twelve months ended December 31, 2012 with our fiscal year ended September 30, 2012.  For the operating results for the six months ended March 31, 2013 we combined ROB Groups three months ended June 30, 2013 with our six months ended March 31, 2013.

 

The Pro Forma Combined Balance Sheet gives effect to the Acquisition as if it had occurred on March 31, 2013, combining the historical balance sheet of Cemtrex as of that date with the balance sheet of ROB Group as of June 30, 2013.  The Pro Forma Statements of Operations for the twelve month period ending September 30, 2012 and for the six month period ended March 31, 2013 gives effect to the Acquisition as if it had occurred at the beginning of the respective periods.

 

The consolidated financial statements of Cemtrex presented in the Pro Forma Financial information utilize United States Generally Accepted Accounting Principles (“US GAAP”).  These statements therefore reflect the impact of US GAAP adjustments made to the historical financial statements of ROB Group.  The financial statements were translated from Euros to US dollars using the following exchange rates of Euro per US Dollar: 1.2816 with respect to the Balance Sheet at March 31, 2013; 1.2856 with respect to the Statement of Operations for the twelve months ended September 30, 2012; and 1.2847 for the statement of operations for the six months ended March 31, 2013.

 

The Pro Forma Combined Financial Information is unaudited, and is not necessarily indicative of the consolidated results that actually would have occurred if the acquisition had been consummated at the beginning of the periods presented, nor does it purport to present the future financial position and results of operations for future periods.

 

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