EXHIBIT 99.2
Platform Specialty Products Corporation
Unaudited Recasted Condensed Consolidated Financial Information
Overview
As previously reported, on July 20, 2018, Platform Specialty Products Corporation ("Platform" or the "Company") entered into a definitive agreement to sell Platform's Agricultural Solutions business, which consists of Arysta LifeScience Inc. and its subsidiaries (collectively, "Arysta"), to UPL Corporation Ltd. for $4.2 billion in cash, subject to adjustments (the "Announced Arysta Sale"). The Announced Arysta Sale is targeted to close on December 31, 2018, subject to customary closing conditions and regulatory approvals. Effective with the filing with the Securities and Exchange Commission of Platform's Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2018, Arysta will be reported as discontinued operations of Platform. However, subject to the covenants, events of default and provisions of the Company's credit agreement, as the Company's existing senior notes and term loans are not required to be immediately redeemed or repaid in connection with the Announced Arysta Sale, the related liabilities and interest expense will not be included in discontinued operations.
Basis of Presentation
The following unaudited recasted condensed consolidated financial information is comprised of Platform's unaudited recasted condensed consolidated balance sheets at June 30, 2018, March 31, 2018 and December 31, 2017 and 2016, and Platform's unaudited recasted condensed consolidated statements of operations for the six months ended June 30, 2018 and 2017, three months ended March 31, 2018 and 2017, and the years ended December 31, 2017, 2016 and 2015. This unaudited recasted condensed consolidated financial information is based upon the historical unaudited financial statements of Platform for the six months ended June 30, 2018 and 2017, and three months ended March 31, 2018 and 2017, and the historical audited financial statements of Platform for the years ended December 31, 2017, 2016 and 2015, in each case prepared in accordance with Article 11 of Regulation S-X.
The following unaudited recasted condensed consolidated financial information of Platform is presented to provide a timely illustration of the impact of the Announced Arysta Sale on the historical results of the combined company. However, this recasted information is intended for informational purposes only, and is not necessarily indicative of Platform's financial position and results of operations for any future periods, and future results may vary significantly from the results reflected in these recasted financial information. In addition, this recasted information does not reflect any potential reductions of previously allocated corporate costs or incremental costs Platform may potentially incur as an entity operating independently of Arysta. The Company's continuing operations include the existing senior notes and term loans and the related liabilities and interest expense.
Platform’s current estimates on a discontinued operations basis are preliminary and remain subject to change as the Company finalizes discontinued operations accounting to be reported in its Annual Report on Form 10-K for the year ending December 31, 2018.
This unaudited recasted condensed consolidated financial information should be read in conjunction with the following:
Platform's condensed consolidated financial statements and the notes thereto as of and for the six months ended June 30, 2018 and 2017, and Management's Discussion and Analysis of Financial Condition and Results of Operations included in Platform's Quarterly Reports on Form 10-Q for the quarters ended June 30, 2018 and 2017;
Platform's condensed consolidated financial statements and the notes thereto as of and for the three months ended March 31, 2018 and 2017, and Management's Discussion and Analysis of Financial Condition and Results of Operations included in Platform's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2018 and 2017;
Platform's consolidated financial statements and the notes thereto as of and for the years ended December 31, 2017, 2016 and 2015, and Management's Discussions and Analysis of Financial Condition and Results of Operations included in Platform's Annual Reports on Form 10-K for the years ended December 31, 2017, 2016 and 2015; and
The risk factors outlined under the caption "Risk Factors" within each of the Reports listed above.
Forward-Looking Statements
The following unaudited recasted condensed consolidated financial information includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended.  All statements other than statements of historical facts are “forward looking statements” for purposes of these provisions, including any projections of earnings, revenues or other financial items, any statements of the plans and objectives of

1



management for future operations, any statements regarding future economic conditions or performance, and any statement of assumptions underlying any of the foregoing. Such forward-looking statements will often contain words such as “expect,” “anticipate,” “project,” “will,” “should,” “believe,” “intend,” “plan,” “assume,” “estimate,” “predict,” “believe,” “seek,” “continue,” “recasted,” “outlook,” “may,” “might,” “should,” “can have,” “likely,” “potential,” “target,” "hope" or "hopeful" and variation of such words and similar expressions. These projections and statements are based on management's estimates, assumptions and expectations with respect to future events and financial performance and are believed to be reasonable, though are inherently uncertain and difficult to predict. Actual results could differ materially from those expressed or implied in the forward-looking statements if one or more of the underlying estimates, assumptions or expectations prove to be inaccurate or are unrealized. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the occurrence of any event, change or other circumstances that could give rise to the termination of the Announced Arysta Sale; the risk that the outstanding regulatory clearances may not be obtained or may be delayed or obtained subject to conditions that are not anticipated; the risk that the transaction will not be consummated in a timely manner or by the targeted date; the risk that Platform will experience unanticipated delays or difficulties and transaction costs in consummating the transaction; the risk that any of the closing conditions to the transaction may not be satisfied in a timely manner or at all; the risk related to disruption from the transaction and the related diverting of management’s attention making it more difficult to maintain business and operational relationships; the failure to realize the benefits, efficiencies and cost savings expected from the transaction or related strategic initiatives; the impact of the transaction on Platform’s share price and market volatility; the effect of the announcement of the transaction on the ability of Platform to retain customers and suppliers, retain or hire key personnel, and maintain relationships with customers, suppliers and lenders; the effect of the transaction or the announcement and completion of related transactions on Platform’s operating results and businesses generally; completion of Platform's discontinued operations accounting to be reported in its Annual Report on Form 10-K for the year ending December 31, 2018; the impact of the U.S. Tax Cuts and Jobs Act of 2017 (the "Tax Reform") on Platform’s businesses; the impact of any future acquisitions or additional divestitures, restructurings, refinancings, and other unusual items, including Platform's ability to raise or retire debt or equity and to integrate and obtain the anticipated benefits, results and/or synergies from these items or other related strategic initiatives; and the possibility of more attractive strategic options arising in the future. Additional information concerning these and other factors that could cause Platform’s actual results to vary is, or will be, included in Platform’s periodic and other reports filed with the Securities and Exchange Commission. Platform undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

2



PLATFORM SPECIALTY PRODUCTS CORPORATION
RECASTED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
Six Months Ended
June 30, 2018
 
 
Three Months Ended
March 31, 2018
(in millions, except per share amounts)
PAH
Historical
 
Adjustments for Arysta Sale
 
PAH
Recasted
 
 
PAH
Historical
 
Adjustments for Arysta Sale
 
PAH
Recasted

Net sales
$
1,986.6

 
$
(992.5
)
 
$
994.1

 
 
$
964.1

 
$
(471.6
)
 
$
492.5

Cost of sales
1,159.0

 
(590.7
)
 
568.3

 
 
559.4

 
(278.0
)
 
281.4

Gross profit
827.6

 
(401.8
)
 
425.8

 
 
404.7

 
(193.6
)
 
211.1

Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
 
Selling, technical, general and administrative
557.0

 
(271.9
)
 
285.1

 
 
277.0

 
(136.2
)
 
140.8

Research and development
49.4

 
(26.8
)
 
22.6

 
 
23.5

 
(12.1
)
 
11.4

Total operating expenses
606.4

 
(298.7
)
 
307.7

 
 
300.5

 
(148.3
)
 
152.2

Operating profit
221.2

 
(103.1
)
 
118.1

 
 
104.2

 
(45.3
)
 
58.9

Other expense:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net
(157.7
)
 
2.2

 
(155.5
)
 
 
(78.2
)
 
1.0

 
(77.2
)
Foreign exchange gain
5.8

 
(0.7
)
 
5.1

 
 
58.0

 
(50.5
)
 
7.5

Other income, net
30.9

 
(17.2
)
 
13.7

 
 
19.0

 
(7.2
)
 
11.8

Total other expense
(121.0
)
 
(15.7
)
 
(136.7
)
 
 
(1.2
)
 
(56.7
)
 
(57.9
)
Income (loss) before income taxes and non-controlling interests
100.2

 
(118.8
)
 
(18.6
)
 
 
103.0

 
(102.0
)
 
1.0

Income tax expense
(50.4
)
 
10.5

 
(39.9
)
 
 
(65.0
)
 
55.1

 
(9.9
)
Net income (loss)
49.8

 
(108.3
)
 
(58.5
)
 
 
38.0

 
(46.9
)
 
(8.9
)
Net income attributable to the non-controlling interests
(0.5
)
 
(0.2
)
 
(0.7
)
 
 
(0.7
)
 
(0.6
)
 
(1.3
)
Net income (loss) attributable to common stockholders
$
49.3

 
$
(108.5
)
 
$
(59.2
)
 
 
$
37.3

 
$
(47.5
)
 
$
(10.2
)
Earnings (Loss) per share
 
 
 
 
 
 
 
 
 
 
 
 
Basic
$
0.17

 
 
 
$
(0.21
)
 
 
$
0.13

 
 
 
$
(0.04
)
Diluted
$
0.17

 
 
 
$
(0.21
)
 
 
$
0.13

 
 
 
$
(0.04
)
Weighted average common shares outstanding
 
 
 
 
 
 
 
 
 
 
 
 
Basic
288.0

 
 
 
288.0

 
 
287.9

 
 
 
287.9

Diluted
297.9

 
 
 
288.0

 
 
293.8

 
 
 
287.9




3



PLATFORM SPECIALTY PRODUCTS CORPORATION
RECASTED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
Year Ended
December 31, 2017
 
 
Six Months Ended
June 30, 2017
 
 
Three Months Ended
March 31, 2017
(in millions, except per share amounts)
PAH Historical (*)
 
Adjustments for Arysta Sale
 
PAH
Recasted
 
 
PAH Historical
 
Adjustments for Arysta Sale
 
PAH
Recasted

 
 
PAH Historical
 
Adjustments for Arysta Sale
 
PAH
Recasted
Net sales
$
3,775.9

 
$
(1,897.3
)
 
$
1,878.6

 
 
$
1,802.9

 
$
(893.5
)
 
$
909.4

 
 
$
861.8

 
$
(414.7
)
 
$
447.1

Cost of sales
2,186.9

 
(1,122.1
)
 
1,064.8

 
 
1,024.6

 
(508.6
)
 
516.0

 
 
483.4

 
(233.1
)
 
250.3

Gross profit
1,589.0

 
(775.2
)
 
813.8

 
 
778.3

 
(384.9
)
 
393.4

 
 
378.4

 
(181.6
)
 
196.8

Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selling, technical, general and administrative
1,098.6

 
(531.4
)
 
567.2

 
 
541.7

 
(261.7
)
 
280.0

 
 
257.4

 
(119.0
)
 
138.4

Research and development
98.4

 
(52.0
)
 
46.4

 
 
46.7

 
(24.1
)
 
22.6

 
 
21.6

 
(10.7
)
 
10.9

Goodwill impairment
160.0

 
(160.0
)
 

 
 

 

 

 
 

 

 

Total operating expenses
1,357.0

 
(743.4
)
 
613.6

 
 
588.4

 
(285.8
)
 
302.6

 
 
279.0

 
(129.7
)
 
149.3

Operating profit
232.0

 
(31.8
)
 
200.2

 
 
189.9

 
(99.1
)
 
90.8

 
 
99.4

 
(51.9
)
 
47.5

Other expense:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net
(341.6
)
 
4.7

 
(336.9
)
 
 
(174.4
)
 
2.8

 
(171.6
)
 
 
(89.4
)
 
1.6

 
(87.8
)
Foreign exchange loss
(107.5
)
 
53.8

 
(53.7
)
 
 
(72.5
)
 
36.2

 
(36.3
)
 
 
(12.6
)
 
7.3

 
(5.3
)
Other (expense) income, net
(71.9
)
 
1.9

 
(70.0
)
 
 
3.2

 
(0.4
)
 
2.8

 
 
(2.3
)
 
3.5

 
1.2

Total other expense
(521.0
)
 
60.4

 
(460.6
)
 
 
(243.7
)
 
38.6

 
(205.1
)
 
 
(104.3
)
 
12.4

 
(91.9
)
Loss before income taxes and non-controlling interests
(289.0
)
 
28.6

 
(260.4
)
 
 
(53.8
)
 
(60.5
)
 
(114.3
)
 
 
(4.9
)
 
(39.5
)
 
(44.4
)
Income tax (expense) benefit
(6.6
)
 
75.2

 
68.6

 
 
(29.8
)
 
8.0

 
(21.8
)
 
 
(18.7
)
 
0.9

 
(17.8
)
Net loss
(295.6
)
 
103.8

 
(191.8
)
 
 
(83.6
)
 
(52.5
)
 
(136.1
)
 
 
(23.6
)
 
(38.6
)
 
(62.2
)
Net income attributable to the non-controlling interests
(0.6
)
 
(1.7
)
 
(2.3
)
 
 
(1.9
)
 
(0.1
)
 
(2.0
)
 
 
(0.8
)
 
(1.1
)
 
(1.9
)
Net loss attributable to common stockholders
$
(296.2
)
 
$
102.1

 
$
(194.1
)
 
 
$
(85.5
)
 
$
(52.6
)
 
$
(138.1
)
 
 
$
(24.4
)
 
$
(39.7
)
 
$
(64.1
)
Loss per share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
$
(1.04
)
 
 
 
$
(0.68
)
 
 
$
(0.30
)
 
 
 
$
(0.48
)
 
 
$
(0.09
)
 
 
 
$
(0.23
)
Diluted
$
(1.04
)
 
 
 
$
(0.68
)
 
 
$
(0.30
)
 
 
 
$
(0.48
)
 
 
$
(0.09
)
 
 
 
$
(0.23
)
Weighted average common shares outstanding
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
286.1

 
 
 
286.1

 
 
285.3

 
 
 
285.3

 
 
284.5

 
 
 
284.5

Diluted
286.1

 
 
 
286.1

 
 
285.3

 
 
 
285.3

 
 
284.5

 
 
 
284.5

(*) Historical balance recasted for the application of ASU 2017-07, "Compensation-Retirement Benefits (Topic 715)," whereas $10.7 million of pension expense for the year ended December 31, 2017, previously reported as "Selling, technical, general and administrative" expense, were reclassified to "Other (expense) income, net."

4



PLATFORM SPECIALTY PRODUCTS CORPORATION
RECASTED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
Year Ended
December 31, 2016
 
 
Year Ended
December 31, 2015
(in millions, except per share amounts)
PAH
Historical (*)
 
Adjustments for Arysta Sale
 
PAH
Recasted

 
 
PAH
Historical (*)
 
Adjustments for Arysta Sale
 
PAH
Recasted

Net sales
$
3,585.9

 
$
(1,815.8
)
 
$
1,770.1

 
 
$
2,542.3

 
$
(1,741.6
)
 
$
800.7

Cost of sales
2,078.2

 
(1,085.4
)
 
992.8

 
 
1,550.4

 
(1,137.1
)
 
413.3

Gross profit
1,507.7

 
(730.4
)
 
777.3

 
 
991.9

 
(604.5
)
 
387.4

Operating expenses:
 

 
 
 
 
 
 
 

 
 
 
 
Selling, technical, general and administrative
1,121.0

 
(524.7
)
 
596.3

 
 
860.1

 
(520.2
)
 
339.9

Research and development
84.4

 
(39.4
)
 
45.0

 
 
62.8

 
(37.4
)
 
25.4

Goodwill impairment
46.6

 

 
46.6

 
 

 

 

Total operating expenses
1,252.0

 
(564.1
)
 
687.9

 
 
922.9

 
(557.6
)
 
365.3

Operating profit
255.7

 
(166.3
)
 
89.4

 
 
69.0

 
(46.9
)
 
22.1

Other expense:
 

 
 

 
 
 
 
 

 
 

 
 
Interest expense, net
(375.7
)
 
3.4

 
(372.3
)
 
 
(213.9
)
 
7.2

 
(206.7
)
Foreign exchange loss
(14.1
)
 
(20.4
)
 
(34.5
)
 
 
(43.4
)
 
16.5

 
(26.9
)
Other income (expense), net
86.0

 
(0.4
)
 
85.6

 
 
(41.0
)
 
(0.1
)
 
(41.1
)
Total other expense
(303.8
)
 
(17.4
)
 
(321.2
)
 
 
(298.3
)
 
23.6

 
(274.7
)
Loss before income taxes and non-controlling interests
(48.1
)
 
(183.7
)
 
(231.8
)
 
 
(229.3
)
 
(23.3
)
 
(252.6
)
Income tax (expense) benefit
(28.6
)
 
69.9

 
41.3

 
 
(75.1
)
 
79.0

 
3.9

Net loss
(76.7
)
 
(113.8
)
 
(190.5
)
 
 
(304.4
)
 
55.7

 
(248.7
)
Net loss (income) attributable to the non-controlling interests
3.0

 
2.6

 
5.6

 
 
(4.2
)
 
5.3

 
1.1

Net loss attributable to stockholders
(73.7
)
 
(111.2
)
 
(184.9
)
 
 
(308.6
)
 
61.0

 
(247.6
)
Gain on amendment of Series B Convertible Preferred Stock
32.9

 

 
32.9

 
 

 

 

Net loss attributable to common stockholders
$
(40.8
)
 
$
(111.2
)
 
$
(152.0
)
 
 
$
(308.6
)
 
$
61.0

 
$
(247.6
)
Loss per share
 

 
 

 
 

 
 
 

 
 

 
 

Basic
$
(0.17
)
 
 
 
$
(0.62
)
 
 
$
(1.52
)
 
 
 
$
(1.22
)
Diluted
$
(0.65
)
 
 
 
$
(1.06
)
 
 
$
(1.52
)
 
 
 
$
(1.22
)
Weighted average common shares outstanding
 

 
 
 
 

 
 
 
 
 
 
 
Basic
243.3

 
 
 
243.3

 
 
203.2

 
 
 
203.2

Diluted
272.3

 
 
 
272.3

 
 
203.2

 
 
 
203.2

(*) Historical balance recasted for the application of ASU 2017-7, whereas $2.3 million and $2.6 million of pension expense for the years ended December 31, 2016 and 2015, respectively, previously reported as "Selling, technical, general and administrative" expense, was reclassified to "Other income (expense), net."

5



PLATFORM SPECIALTY PRODUCTS CORPORATION
RECASTED CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
June 30, 2018
 
 
March 31, 2018
(in millions)
PAH
Historical
 
Adjustments for Arysta Sale
 
PAH
Recasted

 
 
PAH
Historical
 
Adjustments for Arysta Sale
 
PAH
Recasted

Assets
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
442.4

 
$
(162.1
)
 
$
280.3

 
 
$
412.6

 
$
(150.5
)
 
$
262.1

Accounts receivable, net
1,241.4

 
(838.3
)
 
403.1

 
 
1,270.9

 
(850.0
)
 
420.9

Inventories
583.8

 
(373.2
)
 
210.6

 
 
611.6

 
(401.2
)
 
210.4

Prepaid expenses
47.3

 
(28.9
)
 
18.4

 
 
48.4

 
(24.0
)
 
24.4

Other current assets
186.9

 
(152.4
)
 
34.5

 
 
208.6

 
(167.3
)
 
41.3

Total current assets
2,501.8

 
(1,554.9
)
 
946.9

 
 
2,552.1

 
(1,593.0
)
 
959.1

Property, plant and equipment, net
429.7

 
(153.5
)
 
276.2

 
 
451.0

 
(166.8
)
 
284.2

Goodwill
4,043.8

 
(1,825.4
)
 
2,218.4

 
 
4,276.4

 
(1,978.3
)
 
2,298.1

Intangible assets, net
2,896.7

 
(1,799.4
)
 
1,097.3

 
 
3,126.6

 
(1,972.3
)
 
1,154.3

Other assets
106.4

 
(70.6
)
 
35.8

 
 
141.1

 
(102.7
)
 
38.4

Total assets
$
9,978.4

 
$
(5,403.8
)
 
$
4,574.6

 
 
$
10,547.2

 
$
(5,813.1
)
 
$
4,734.1

Liabilities & stockholders' equity
  

 
  

 
  

 
 
  

 
  

 
  

Accounts payable
$
464.4

 
$
(343.3
)
 
$
121.1

 
 
$
498.1

 
$
(380.1
)
 
$
118.0

Current installments of long-term debt and revolving credit facilities
138.8

 
(67.1
)
 
71.7

 
 
116.3

 
(51.1
)
 
65.2

Accrued expenses and other current liabilities
582.4

 
(379.1
)
 
203.3

 
 
620.9

 
(453.9
)
 
167.0

Total current liabilities
1,185.6

 
(789.5
)
 
396.1

 
 
1,235.3

 
(885.1
)
 
350.2

Debt and capital lease obligations
5,402.0

 
(4.7
)
 
5,397.3

 
 
5,495.2

 
(4.5
)
 
5,490.7

Pension and post-retirement benefits
65.7

 
(12.1
)
 
53.6

 
 
70.1

 
(13.6
)
 
56.5

Deferred income taxes
524.9

 
(369.5
)
 
155.4

 
 
569.3

 
(393.9
)
 
175.4

Contingent consideration
80.7

 

 
80.7

 
 
79.7

 

 
79.7

Other liabilities
115.1

 
(38.4
)
 
76.7

 
 
130.6

 
(48.1
)
 
82.5

Total liabilities
7,374.0

 
(1,214.2
)
 
6,159.8

 
 
7,580.2

 
(1,345.2
)
 
6,235.0

Total equity
2,604.4

 
(4,189.6
)
 
(1,585.2
)
 
 
2,967.0

 
(4,467.9
)
 
(1,500.9
)
Total liabilities and stockholders' equity
$
9,978.4

 
$
(5,403.8
)
 
$
4,574.6

 
 
$
10,547.2

 
$
(5,813.1
)
 
$
4,734.1





6



PLATFORM SPECIALTY PRODUCTS CORPORATION
RECASTED CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
December 31, 2017
 
 
December 31, 2016
(in millions)
PAH
Historical
 
Adjustments for Arysta Sale
 
PAH
Recasted

 
 
PAH
Historical
 
Adjustments for Arysta Sale
 
PAH
Recasted

Assets
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
477.8

 
$
(219.4
)
 
$
258.4

 
 
$
422.6

 
$
(186.5
)
 
$
236.1

Accounts receivable, net
1,140.3

 
(740.5
)
 
399.8

 
 
1,050.9

 
(699.7
)
 
351.2

Inventories
490.4

 
(304.0
)
 
186.4

 
 
416.4

 
(251.3
)
 
165.1

Prepaid expenses
42.8

 
(22.6
)
 
20.2

 
 
71.3

 
(53.9
)
 
17.4

Other current assets
189.3

 
(145.6
)
 
43.7

 
 
110.0

 
(69.3
)
 
40.7

Total current assets
2,340.6

 
(1,432.1
)
 
908.5

 
 
2,071.2

 
(1,260.7
)
 
810.5

Property, plant and equipment, net
452.3

 
(164.9
)
 
287.4

 
 
460.5

 
(155.8
)
 
304.7

Goodwill
4,201.2

 
(1,948.6
)
 
2,252.6

 
 
4,178.9

 
(2,046.4
)
 
2,132.5

Intangible assets, net
3,137.3

 
(1,976.5
)
 
1,160.8

 
 
3,233.3

 
(2,024.4
)
 
1,208.9

Other assets
121.0

 
(78.5
)
 
42.5

 
 
110.2

 
(79.2
)
 
31.0

Total assets
$
10,252.4

 
$
(5,600.6
)
 
$
4,651.8

 
 
$
10,054.1

 
$
(5,566.5
)
 
$
4,487.6

Liabilities & stockholders' equity
  

 
  

 
  

 
 
  

 
  

 
  

Accounts payable
$
461.8

 
$
(350.6
)
 
$
111.2

 
 
$
383.6

 
$
(276.2
)
 
$
107.4

Current installments of long-term debt and revolving credit facilities
38.9

 
(28.8
)
 
10.1

 
 
116.1

 
(86.3
)
 
29.8

Accrued expenses and other current liabilities
591.1

 
(385.5
)
 
205.6

 
 
583.0

 
(379.2
)
 
203.8

Total current liabilities
1,091.8

 
(764.9
)
 
326.9

 
 
1,082.7

 
(741.7
)
 
341.0

Debt and capital lease obligations
5,440.6

 
(3.5
)
 
5,437.1

 
 
5,122.9

 
(2.6
)
 
5,120.3

Pension and post-retirement benefits
69.0

 
(12.7
)
 
56.3

 
 
73.8

 
(10.3
)
 
63.5

Deferred income taxes
579.6

 
(409.6
)
 
170.0

 
 
663.2

 
(443.9
)
 
219.3

Contingent consideration
79.2

 

 
79.2

 
 
75.8

 

 
75.8

Other liabilities
132.2

 
(46.7
)
 
85.5

 
 
145.9

 
(57.4
)
 
88.5

Total liabilities
7,392.4

 
(1,237.4
)
 
6,155.0

 
 
7,164.3

 
(1,255.9
)
 
5,908.4

Redeemable preferred stock - Series B

 

 

 
 

 

 

Total equity
2,860.0

 
(4,363.2
)
 
(1,503.2
)
 
 
2,889.8

 
(4,310.6
)
 
(1,420.8
)
Total liabilities and stockholders' equity
$
10,252.4

 
$
(5,600.6
)
 
$
4,651.8

 
 
$
10,054.1

 
$
(5,566.5
)
 
$
4,487.6




7



PLATFORM SPECIALTY PRODUCTS CORPORATION
RECASTED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
Six Months Ended
June 30, 2018
 
 
Three Months Ended
March 31, 2018
(in millions)
PAH
Historical
 
Adjustments for Arysta Sale
 
PAH
Recasted

 
 
PAH
Historical
 
Adjustments for Arysta Sale
 
PAH
Recasted

Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
49.8

 
$
(108.3
)
 
$
(58.5
)
 
 
$
38.0

 
$
(46.9
)
 
$
(8.9
)
Reconciliation of net income (loss) to net cash flows used in operating activities:
 
 


 
 
 
 
 
 


 


Depreciation and amortization
183.5

 
(103.7
)
 
79.8

 
 
91.7

 
(51.5
)
 
40.2

Deferred income taxes
(21.4
)
 
3.4

 
(18.0
)
 
 
(22.3
)
 
21.7

 
(0.6
)
Foreign exchange gain
(22.8
)
 
15.1

 
(7.7
)
 
 
(67.5
)
 
58.9

 
(8.6
)
Other, net
11.4

 
(5.8
)
 
5.6

 
 
(3.2
)
 
(1.3
)
 
(4.5
)
Changes in assets and liabilities, net of acquisitions:
 
 


 
 
 
 
 
 


 
 
Accounts receivable
(167.8
)
 
156.5

 
(11.3
)
 
 
(131.0
)
 
119.3

 
(11.7
)
Inventories
(112.3
)
 
85.2

 
(27.1
)
 
 
(105.2
)
 
88.2

 
(17.0
)
Accounts payable
24.3

 
(12.1
)
 
12.2

 
 
33.1

 
(28.2
)
 
4.9

Accrued expenses
9.4

 
(8.4
)
 
1.0

 
 
22.8

 
(62.3
)
 
(39.5
)
Prepaid expenses and other current assets
(34.3
)
 
51.8

 
17.5

 
 
(27.0
)
 
33.1

 
6.1

Other assets and liabilities
(11.5
)
 
5.3

 
(6.2
)
 
 
9.5

 
(19.3
)
 
(9.8
)
Net cash flows used in operating activities
$
(91.7
)
 
$
79.0

 
$
(12.7
)
 
 
$
(161.1
)
 
$
111.7

 
$
(49.4
)
Cash flows from investing activities:
 
 


 
 
 
 
 
 
 
 
 
Capital expenditures
$
(24.3
)
 
$
13.3

 
$
(11.0
)
 
 
$
(10.0
)
 
$
5.2

 
$
(4.8
)
Investment in registrations of products
(20.3
)
 
20.3

 

 
 
(13.2
)
 
13.2

 

Proceeds from beneficial interests on sold accounts receivable
34.2

 
(34.2
)
 

 
 
10.0

 
(10.0
)
 

Proceeds from disposal of property, plant and equipment
1.9

 
(0.3
)
 
1.6

 
 

 

 

Other, net
(24.2
)
 
21.8

 
(2.4
)
 
 
20.0

 
4.2

 
24.2

Net cash flows (used in) provided by investing activities
$
(32.7
)
 
$
20.9

 
$
(11.8
)
 
 
$
6.8

 
$
12.6

 
$
19.4

Cash flows from financing activities:
 
 


 
 
 
 
 
 


 
 
Net cash flows provided by financing activities
$
103.2

 
$
(44.1
)
 
$
59.1

 
 
$
74.2

 
$
(22.7
)
 
$
51.5


8



PLATFORM SPECIALTY PRODUCTS CORPORATION
RECASTED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
Six Months Ended
June 30, 2017
 
 
Three Months Ended
March 31, 2017
(in millions)
PAH
Historical
 
Adjustments for Arysta Sale
 
PAH
Recasted

 
 
PAH
Historical
 
Adjustments for Arysta Sale
 
PAH
Recasted

Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
 
 
 
Net loss
$
(83.6
)
 
$
(52.5
)
 
$
(136.1
)
 
 
$
(23.6
)
 
$
(38.6
)
 
$
(62.2
)
Reconciliation of net loss to net cash flows used in operating activities:
 

 
 
 
 
 
 
 

 
 
 
 
Depreciation and amortization
172.9

 
(96.4
)
 
76.5

 
 
85.9

 
(48.2
)
 
37.7

Deferred income taxes
(19.9
)
 
(2.4
)
 
(22.3
)
 
 
(14.2
)
 
6.9

 
(7.3
)
Foreign exchange loss
70.2

 
(35.0
)
 
35.2

 
 
13.7

 
(8.7
)
 
5.0

Other, net
41.2

 
(13.4
)
 
27.8

 
 
12.8

 
(0.8
)
 
12.0

Changes in assets and liabilities, net of acquisitions:
 
 
 
 
 
 
 
 
 
 
 
 
Accounts receivable
(72.4
)
 
60.5

 
(11.9
)
 
 
(120.1
)
 
119.0

 
(1.1
)
Inventories
(86.5
)
 
60.6

 
(25.9
)
 
 
(83.9
)
 
67.7

 
(16.2
)
Accounts payable
41.1

 
(38.7
)
 
2.4

 
 
32.9

 
(26.7
)
 
6.2

Accrued expenses
(14.7
)
 
20.5

 
5.8

 
 
(15.9
)
 
6.4

 
(9.5
)
Prepaid expenses and other current assets
(47.0
)
 
20.3

 
(26.7
)
 
 
(2.6
)
 
(7.4
)
 
(10.0
)
Other assets and liabilities
(11.6
)
 
22.1

 
10.5

 
 
(4.5
)
 
2.1

 
(2.4
)
Net cash flows used in operating activities
$
(10.3
)
 
$
(54.4
)
 
$
(64.7
)
 
 
$
(119.5
)
 
$
71.7

 
$
(47.8
)
Cash flows from investing activities:
 

 
 
 
 
 
 
 
 
 
 
 
Capital expenditures
$
(28.7
)
 
$
10.9

 
$
(17.8
)
 
 
$
(14.9
)
 
$
4.0

 
$
(10.9
)
Investment in registrations of products
(18.1
)
 
18.1

 

 
 
(12.9
)
 
12.9

 

Proceeds from beneficial interests on sold accounts receivable
2.4

 
(2.4
)
 

 
 
0.1

 
(0.1
)
 

Proceeds from disposal of property, plant and equipment
4.0

 
0.1

 
4.1

 
 
4.0

 

 
4.0

Other, net
(5.0
)
 
0.4

 
(4.6
)
 
 
(1.7
)
 
0.4

 
(1.3
)
Net cash flows used in investing activities
$
(45.4
)
 
$
27.1

 
$
(18.3
)
 
 
$
(25.4
)
 
$
17.2

 
$
(8.2
)
Cash flows from financing activities:
 

 
 
 
 
 
 
 
 
 
 
 
Net cash flows provided by financing activities
$
42.0

 
$
38.5

 
$
80.5

 
 
$
78.9

 
$
(2.8
)
 
$
76.1


9



PLATFORM SPECIALTY PRODUCTS CORPORATION
RECASTED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
Year Ended
December 31, 2017
 
 
Year Ended
December 31, 2016
(in millions)
PAH
Historical
 
Adjustments for Arysta Sale
 
PAH
Recasted

 
 
PAH
Historical
 
Adjustments for Arysta Sale
 
PAH
Recasted

Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
 
 
 
Net loss
$
(295.6
)
 
$
103.8

 
$
(191.8
)
 
 
$
(76.7
)
 
$
(138.3
)
 
$
(215.0
)
Reconciliation of net loss to net cash flows used in operating activities:
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
354.2

 
(198.2
)
 
156.0

 
 
342.3

 
(183.9
)
 
158.4

Deferred income taxes
(126.6
)
 
(37.8
)
 
(164.4
)
 
 
(57.4
)
 
(42.4
)
 
(99.8
)
Amortization of inventory step-up

 

 

 
 
11.7

 

 
11.7

Foreign exchange loss
114.0

 
(68.2
)
 
45.8

 
 
43.8

 
(9.8
)
 
34.0

Goodwill impairment
160.0

 
(160.0
)
 

 
 
46.6

 

 
46.6

Gain on settlement agreement related to Series B Convertible

 

 

 
 
(103.0
)
 

 
(103.0
)
Other, net
89.9

 
(14.8
)
 
75.1

 
 
85.2

 
(16.2
)
 
69.0

Changes in assets and liabilities, net of acquisitions:
 
 
 
 
 
 
 
 
 
 
 
 
Accounts receivable
(41.4
)
 
19.9

 
(21.5
)
 
 
(19.1
)
 
(24.1
)
 
(43.2
)
Inventories
(30.3
)
 
21.1

 
(9.2
)
 
 
70.4

 
(62.8
)
 
7.6

Accounts payable
50.0

 
(53.3
)
 
(3.3
)
 
 
(67.3
)
 
58.1

 
(9.2
)
Accrued expenses
(9.2
)
 
11.7

 
2.5

 
 
38.8

 
(12.3
)
 
26.5

Prepaid expenses and other current assets
(78.8
)
 
65.8

 
(13.0
)
 
 
(3.7
)
 
19.5

 
15.8

Other assets and liabilities
(44.0
)
 
124.7

 
80.7

 
 
(130.2
)
 
158.5

 
28.3

Net cash flows provided by (used in) operating activities
$
142.2

 
$
(185.3
)
 
$
(43.1
)
 
 
$
181.4

 
$
(253.7
)
 
$
(72.3
)
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures
$
(59.4
)
 
$
28.6

 
$
(30.8
)
 
 
$
(56.3
)
 
$
23.7

 
$
(32.6
)
Investment in registrations of products
(40.7
)
 
40.7

 

 
 
(36.4
)
 
36.4

 

Proceeds from beneficial interests on sold accounts receivable
40.1

 
(40.1
)
 

 
 
3.4

 
(3.4
)
 

Proceeds from disposal of property, plant and equipment
17.5

 
(0.6
)
 
16.9

 
 
20.6

 
(11.2
)
 
9.4

Other, net
(5.0
)



(5.0
)
 
 
(2.1
)
 
(0.8
)
 
(2.9
)
Net cash flows used in investing activities
$
(47.5
)
 
$
28.6

 
$
(18.9
)
 
 
$
(70.8
)
 
$
44.7

 
$
(26.1
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
 
 
Net cash flows (used in) provided by financing activities
$
(67.4
)
 
$
74.5

 
$
7.1

 
 
$
(102.2
)
 
$
(19.9
)
 
$
(122.1
)

10



PLATFORM SPECIALTY PRODUCTS CORPORATION
ADDITIONAL RECASTED FINANCIAL INFORMATION
(Unaudited)
 
Six Months Ended June 30,
 ($ amounts in millions)
2018
 
2017
 
Reported
 
Constant Currency
Adjusted EBITDA
 
 
 
 
 
 
 
PAH historical
$
433.2

 
$
398.3

 
9%
 
3%
Adjustment for Arysta sale
(219.7
)
 
(208.4
)
 
 
 
 
Adjusted EBITDA from continuing operations
$
213.5

 
$
189.9

 
12%
 
6%
 
Three Months Ended March 31,
 ($ amounts in millions)
2018
 
2017
 
Reported
 
Constant Currency
Adjusted EBITDA
 
 
 
 
 
 
 
PAH historical
$
207.2

 
$
193.1

 
7%
 
(3)%
Adjustment for Arysta sale
(103.1
)
 
(98.7
)
 
 
 
 
Adjusted EBITDA from continuing operations
$
104.1

 
$
94.4

 
10%
 
2%