Tronox 8K Consolidated Statement of Operations | TROX 2 Jun 17

Exhibit 99.1

The following table presents the effect of the misstatement and other previously recorded immaterial out-of-period adjustments on our previously reported consolidated statement of operations for the year ended December 31, 2016:

Tronox Limited

Consolidated Statement of Operations

(Millions of U.S. dollars, except share and per share data)

(Unaudited)

	Year Ended December 31, 2016
	As Reported			Adjustment			Revised

Net sales	$	2,093		$	2		$	2,095
Cost of goods sold		1,846			-			1,846

Gross profit		247			2			249
Selling, general and administrative expenses		(210	)		(4	)		(214	)
Restructuring expense		(1	)		-			(1	)

Income from operations		36			(2	)		34
Interest and debt expense, net		(184	)		-			(184	)
Gain on extinguishment of debt		4			-			4
Other expense, net		(29	)		-			(29	)

Loss before income taxes		(173	)		(2	)		(175	)
Income tax benefit		115			-			115

Net loss	$	(58	)	$	(2	)	$	(60	)
Net income attributable to noncontrolling interest		1			-			1
Net loss attributable to Tronox Limited	$	(59	)	$	(2	)	$	(61	)

Loss per share, basic and diluted ⁽¹⁾	$	(0.50	)	$	(0.02	)	$	(0.52	)

Weighted average shares outstanding, basic and diluted (in thousands)		116,161			116,161			116,161

________________________

⁽¹⁾

Loss per share amounts were calculated from exact, not rounded, net loss and share information.

Tronox Limited

Consolidated Statement of Comprehensive Income

(Millions of U.S. dollars)

(Unaudited)

	Year Ended December 31, 2016
	As Reported			Adjustment			Revised

Net loss	$	(58	)	$	(2	)	$	(60	)
Other comprehensive income (loss):
Foreign currency translation adjustments		119			-			119
Pension and postretirement plans:
Actuarial losses, net of taxes of less than $1 million		(18	)		-			(18	)
Amortization of unrecognized actuarial losses, net of taxes of less than $1 million		2			-			2
Prior service credit (no tax impact)		(4	)		-			(4	)
Pension and postretirement benefit curtailment loss (no tax impact)		(1	)		-			(1	)
Settlement gain on the Netherlands Pension Plan (no tax impact)		31			-			31
Unrealized gains on derivative financial instruments (no tax impact)		3			-			3
Other comprehensive income		132			-			132
Total comprehensive income	$	74		$	(2	)	$	72

Comprehensive income attributable to noncontrolling interest:
Net income		1			-			1
Foreign currency translation adjustments		31			-			31
Comprehensive income attributable to noncontrolling interest		32			-			32
Comprehensive income attributable to Tronox Limited	$	42		$	(2	)	$	40

Tronox Limited

Consolidated Statement of Operations

(Millions of U.S. dollars, except share and per share data)

(Unaudited)

	Year Ended December 31, 2015
	As Reported			Adjustment			Revised

Net sales	$	2,112		$	-		$	2,112
Cost of goods sold		1,992			4			1,996

Gross profit		120			(4	)		116
Selling, general and administrative expenses		(217	)		(7	)		(224	)
Restructuring expense		(21	)		-			(21	)

Loss from operations		(118	)		(11	)		(129	)
Interest and debt expense, net		(176	)		-			(176	)
Other income, net		28			-			28

Loss before income taxes		(266	)		(11	)		(277	)
Income tax provision		(41	)		1			(40	)

Net loss	$	(307	)	$	(10	)	$	(317	)
Net income attributable to noncontrolling interest		11			1			12
Net loss attributable to Tronox Limited	$	(318	)	$	(11	)	$	(329	)

Loss per share, basic and diluted ⁽¹⁾	$	(2.75	)	$	(0.09	)	$	(2.84	)

Weighted average shares outstanding, basic and diluted (in thousands)		115,566			115,566			115,566

________________________

⁽¹⁾

Loss per share amounts were calculated from exact, not rounded, net loss and share information.

Tronox Limited

Consolidated Statement of Comprehensive Loss

(Millions of U.S. dollars)

(Unaudited)

	Year Ended December 31, 2015
	As Reported			Adjustment			Revised

Net loss	$	(307	)	$	(10	)	$	(317	)
Other comprehensive income (loss):
Foreign currency translation adjustments		(292	)		-			(292	)
Pension and postretirement plans:
Actuarial gains, net of taxes of less than $1 million		12			-			12
Amortization of unrecognized actuarial losses, net of taxes of less than $1 million		3			-			3
Other comprehensive loss		(277	)		-			(277	)
Total comprehensive loss	$	(584	)	$	(10	)	$	(594	)

Comprehensive income (loss) attributable to noncontrolling interest:
Net income		11			1			12
Foreign currency translation adjustments		(77	)		-			(77	)
Comprehensive loss attributable to noncontrolling interest		(66	)		1			(65	)
Comprehensive loss attributable to Tronox Limited	$	(518	)	$	(11	)	$	(529	)

Tronox Limited

Consolidated Statement of Operations

(Millions of U.S. dollars, except share and per share data)

(Unaudited)

	Year Ended December 31, 2014
	As Reported			Adjustment			Revised

Net sales	$	1,737		$	-		$	1,737
Cost of goods sold		1,530			1			1,531

Gross profit		207			(1	)		206
Selling, general and administrative expenses		(192	)		1			(191	)
Restructuring expense		(15	)		-			(15	)

Loss from operations		-			-			-
Interest and debt expense, net		(133	)		-			(133	)
Net loss on liquidation of non-operating subsidiaries		(35	)		-			(35	)
Loss on extinguishment of debt		(8	)		-			(8	)
Other income, net		27			-			27

Loss before income taxes		(149	)		-			(149	)
Income tax provision		(268	)		-			(268	)

Net loss	$	(417	)	$	-		$	(417	)
Net income attributable to noncontrolling interest		10			-			10
Net loss attributable to Tronox Limited	$	(427	)	$	-		$	(427	)

Loss per share, basic and diluted ⁽¹⁾	$	(3.74	)	$	-		$	(3.74	)

Weighted average shares outstanding, basic and diluted (in thousands)		114,281			114,281			114,281

________________________

⁽¹⁾

Loss per share amounts were calculated from exact, not rounded, net loss and share information.

Tronox Limited

Consolidated Statement of Comprehensive Loss

(Millions of U.S. dollars)

(Unaudited)

	Year Ended December 31, 2014
	As Reported			Adjustment		Revised

Net loss	$	(417	)	$	-	$	(417	)
Other comprehensive income (loss):
Foreign currency translation adjustments		(95	)		-		(95	)
Pension and postretirement plans:
Actuarial losses, net of taxes of less than $1 million		(83	)		-		(83	)
Amortization of unrecognized actuarial losses, net of taxes of less than $1 million		1			-		1
Prior service cost, no tax impact		(3	)		-		(3	)
Pension and postretirement benefit curtailment gain (no tax impact)		37			-		37
Other comprehensive loss		(143	)		-		(143	)
Total comprehensive loss	$	(560	)	$	-	$	(560	)

Comprehensive income (loss) attributable to noncontrolling interest:
Net income		10			-		10
Foreign currency translation adjustments		(31	)		-		(31	)
Comprehensive loss attributable to noncontrolling interest		(21	)		-		(21	)
Comprehensive loss attributable to Tronox Limited	$	(539	)	$	-	$	(539	)

The following table presents the effect of the misstatement and other previously recorded immaterial out-of-period adjustments on our previously reported unaudited condensed consolidated statement of operations for the three months ended March 31, 2016:

Tronox Limited

Condensed Consolidated Statement of Operations

(Millions of U.S. dollars, except share and per share data)

(Unaudited)

	Three Months Ended March 31, 2016
	As Reported			Adjustment			Revised

Net sales	$	475		$	1		$	476
Cost of goods sold		455			-			455

Gross profit		20			1			21
Selling, general and administrative expenses		(47	)		(3	)		(50	)
Restructuring expense		(2	)		-			(2	)

Loss from operations		(29	)		(2	)		(31	)
Interest and debt expense, net		(46	)		-			(46	)
Gain on extinguishment of debt		4			-			4
Other expense, net		(9	)		-			(9	)

Loss before income taxes		(80	)		(2	)		(82	)
Income tax provision		(12	)		-			(12	)

Net loss	$	(92	)	$	(2	)	$	(94	)
Net loss attributable to noncontrolling interest		(1	)		-			(1	)
Net loss attributable to Tronox Limited	$	(91	)	$	(2	)	$	(93	)

Loss per share, basic and diluted ⁽¹⁾	$	(0.78	)	$	(0.02	)	$	(0.80	)

Weighted average shares outstanding, basic and diluted (in thousands)		115,920			115,920			115,920

________________________

⁽¹⁾

Loss per share amounts were calculated from exact, not rounded, net loss and share information.

The following table presents the effect of the misstatement and other previously recorded immaterial out-of-period adjustments on our previously reported unaudited condensed consolidated statement of comprehensive loss for the three months ended March 31, 2016:

Tronox Limited

Condensed Consolidated Statement of Comprehensive Loss

(Millions of U.S. dollars)

(Unaudited)

	Three Months Ended March 31, 2016
	As Reported			Adjustment			Revised

Net loss	$	(92	)	$	(2	)	$	(94	)
Other comprehensive income:
Foreign currency translation adjustments		53			-			53
Pension and postretirement plans: amortization of unrecognized actuarial losses, net of taxes of less than $1 million		1			-			1
Other comprehensive income		54			-			54
Total comprehensive loss	$	(38	)	$	(2	)	$	(40	)

Comprehensive income (loss) attributable to noncontrolling interest:
Net loss		(1	)		-			(1	)
Foreign currency translation adjustments		13			-			13
Comprehensive income attributable to noncontrolling interest		12			-			12
Comprehensive loss attributable to Tronox Limited	$	(50	)	$	(2	)	$	(52	)

The following table presents the effect of the misstatement and other previously recorded immaterial out-of-period adjustments on our previously reported unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2016:

Tronox Limited

Condensed Consolidated Statements of Operations

(Millions of U.S. dollars, except share and per share data)

(Unaudited)

	Three Months Ended June 30, 2016									Six Months Ended June 30, 2016
	As Reported			Adjustment			Revised			As Reported			Adjustment			Revised

Net sales	$	537		$	1		$	538		$	1,012		$	2		$	1,014
Cost of goods sold		480			(1	)		479			935			(1	)		934

Gross profit		57			2			59			77			3			80
Selling, general and administrative expenses		(50	)		(1	)		(51	)		(97	)		(4	)		(101	)
Restructuring income (expense)		1			-			1			(1	)		-			(1	)

Income (loss) from operations		8			1			9			(21	)		(1	)		(22	)
Interest and debt expense, net		(46	)		-			(46	)		(92	)		-			(92	)
Gain on extinguishment of debt		-			-			-			4			-			4
Other expense, net		-			(3	)		(3	)		(9	)		(3	)		(12	)

Loss before income taxes		(38	)		(2	)		(40	)		(118	)		(4	)		(122	)
Income tax provision		(10	)		-			(10	)		(22	)		-			(22	)

Net loss	$	(48	)	$	(2	)	$	(50	)	$	(140	)	$	(4	)	$	(144	)
Net income attributable to noncontrolling interest		2			-			2			1			-			1
Net loss attributable to Tronox Limited	$	(50	)	$	(2	)	$	(52	)	$	(141	)	$	(4	)	$	(145	)

Loss per share, basic and diluted ⁽¹⁾	$	(0.42	)	$	(0.02	)	$	(0.44	)	$	(1.21	)	$	(0.03	)	$	(1.24	)

Weighted average shares outstanding, basic and diluted (in thousands)		116,184			116,184			116,184			116,052			116,052			116,052

________________________

⁽¹⁾

Loss per share amounts were calculated from exact, not rounded, net loss and share information.

The following table presents the effect of the misstatement and other previously recorded immaterial out-of-period adjustments on our previously reported unaudited condensed consolidated statements of comprehensive loss for the three and six months ended June 30, 2016:

Tronox Limited

Condensed Consolidated Statements of Comprehensive Loss

(Millions of U.S. dollars)

(Unaudited)

	Three Months Ended June 30, 2016									Six Months Ended June 30, 2016
	As Reported			Adjustment			Revised			As Reported			Adjustment			Revised

Net loss	$	(48	)	$	(2	)	$	(50	)	$	(140	)	$	(4	)	$	(144	)
Other comprehensive income:
Foreign currency translation adjustments		-			-			-			53			-			53
Pension and postretirement plans: amortization of unrecognized actuarial losses, net of taxes of less than $1 million		-			-			-			1			-			1
Unrealized gains on derivative financial instruments (no tax impact)		2						2			2						2
Other comprehensive income		2			-			2			56			-			56
Total comprehensive loss	$	(46	)	$	(2	)	$	(48	)	$	(84	)	$	(4	)	$	(88	)

Comprehensive income attributable to noncontrolling interest:
Net income		2			-			2			1			-			1
Foreign currency translation adjustments		-			-			-			13			-			13
Comprehensive income attributable to noncontrolling interest		2			-			2			14			-			14
Comprehensive loss attributable to Tronox Limited	$	(48	)	$	(2	)	$	(50	)	$	(98	)	$	(4	)	$	(102	)

The following table presents the effect of the misstatement and other previously recorded immaterial out-of-period adjustments on our previously reported unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2016:

Tronox Limited

Condensed Consolidated Statements of Operations

(Millions of U.S. dollars, except share and per share data)

(Unaudited)

	Three Months Ended September 30, 2016									Nine Months Ended September 30, 2016
	As Reported			Adjustment			Revised			As Reported			Adjustment			Revised

Net sales	$	533		$	-		$	533		$	1,545		$	2		$	1,547
Cost of goods sold		453			1			454			1,388			-			1,388

Gross profit		80			(1	)		79			157			2			159
Selling, general and administrative expenses		(54	)		-			(54	)		(151	)		(4	)		(155	)
Restructuring expense		(1	)		-			(1	)		(2	)		-			(2	)

Income from operations		25			(1	)		24			4			(2	)		2
Interest and debt expense, net		(46	)		1			(45	)		(138	)		1			(137	)
Gain on extinguishment of debt		-			-			-			4			-			4
Other expense, net		(14	)		3			(11	)		(23	)		-			(23	)

Loss before income taxes		(35	)		3			(32	)		(153	)		(1	)		(154	)
Income tax provision		(7	)		-			(7	)		(29	)		-			(29	)

Net loss	$	(42	)	$	3		$	(39	)	$	(182	)	$	(1	)	$	(183	)
Net loss attributable to noncontrolling interest		(2	)		-			(2	)		(1	)		-			(1	)
Net loss attributable to Tronox Limited	$	(40	)	$	3		$	(37	)	$	(181	)	$	(1	)	$	(182	)

Loss per share, basic and diluted ⁽¹⁾	$	(0.35	)	$	0.02		$	(0.33	)	$	(1.56	)	$	(0.01	)	$	(1.57	)

Weighted average shares outstanding, basic and diluted (in thousands)		116,219			116,219			116,219			116,108			116,108			116,108

________________________

⁽¹⁾

Loss per share amounts were calculated from exact, not rounded, net loss and share information.

The following table presents the effect of the misstatement and other previously recorded immaterial out-of-period adjustments on our previously reported unaudited condensed consolidated statements of comprehensive income (loss) for the three and nine months ended September 30, 2016:

Tronox Limited

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Millions of U.S. dollars)

(Unaudited)

	Three Months Ended September 30, 2016								Nine Months Ended September 30, 2016
	As Reported			Adjustment		Revised			As Reported			Adjustment			Revised

Net loss	$	(42	)	$	3	$	(39	)	$	(182	)	$	(1	)	$	(183	)
Other comprehensive income (loss):
Foreign currency translation adjustments		69			-		69			122			-			122
Pension and postretirement plans:
Actuarial losses, no tax impact		(21	)		-		(21	)		(21	)					(21	)
Amortization of unrecognized actuarial losses, net of taxes of less than $1 million		(1	)		-		(1	)		-			-			-
Unrealized gains (losses) on derivative financial instruments (no tax impact)		(1	)				(1	)		1						1
Other comprehensive income		46			-		46			102			-			102
Total comprehensive income (loss)	$	4		$	3	$	7		$	(80	)	$	(1	)	$	(81	)

Comprehensive income (loss) attributable to noncontrolling interest:
Net loss		(2	)		-		(2	)		(1	)		-			(1	)
Foreign currency translation adjustments		18			-		18			31			-			31
Comprehensive income attributable to noncontrolling interest		16			-		16			30			-			30
Comprehensive loss attributable to Tronox Limited	$	(12	)	$	3	$	(9	)	$	(110	)	$	(1	)	$	(111	)

The following table presents the effect of the misstatement and other previously recorded immaterial out-of-period adjustments on our previously reported consolidated balance sheets as of December 31, 2016 and 2015:

Tronox Limited

Consolidated Balance Sheets

(Millions of U.S. dollars, except share and per share data)

(Unaudited)

	December 31, 2016									December 31, 2015
	As Reported			Adjustment			Revised			As Reported			Adjustment			Revised
ASSETS
Current Assets
Cash and cash equivalents	$	248		$	-		$	248		$	229		$	-		$	229
Restricted cash		3			-			3			5			-			5
Accounts receivable, net of allowance for doubtful accounts		421			3			424			391			-			391
Inventories, net		532			-			532			630			-			630
Prepaid and other assets		49			-			49			46			-			46
Total current assets		1,253			3			1,256			1,301			-			1,301
Noncurrent Assets
Property, plant and equipment, net		1,831			-			1,831			1,843			-			1,843
Mineral leaseholds, net		1,607			-			1,607			1,604			-			1,604
Intangible assets, net		223			-			223			244			-			244
Inventories, net		14			-			14			12			-			12
Other long-term assets		22			-			22			23			-			23
Total assets	$	4,950		$	3		$	4,953		$	5,027		$	-		$	5,027

LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	181		$	-		$	181		$	159		$	-		$	159
Accrued liabilities		174			11			185			180			7			187
Short-term debt		150			-			150			150			-			150
Long-term debt due within one year		16			-			16			16			-			16
Income tax payable		1			-			1			43			-			43
Total current liabilities		522			11			533			548			7			555
Noncurrent Liabilities
Long-term debt		2,888			-			2,888			2,910			-			2,910
Pension and postretirement healthcare benefits		122			-			122			141			-			141
Asset retirement obligations		73			-			73			77			-			77
Long-term deferred tax liabilities		152			-			152			143			-			143
Other long-term liabilities		32			-			32			98			-			98
Total liabilities		3,789			11			3,800			3,917			7			3,924

Commitments and Contingencies Shareholders' Equity
Tronox Limited Class A ordinary shares, par value $0.01 65,998,306 shares issued and 65,165,672 shares outstanding at December 31, 2016 and 65,443,363 shares issued and 64,521,851 shares outstanding at December 31, 2015		1			-			1			1			-			1
Tronox Limited Class B ordinary shares, par value $0.01 — 51,154,280 shares issued and outstanding at December 31, 2016 and 2015		-			-			-			-			-			-
Capital in excess of par value		1,524			-			1,524			1,500			-			1,500
(Accumulated deficit) retained earnings		(13	)		(6	)		(19	)		93			(5	)		88
Accumulated other comprehensive loss		(495	)		(2	)		(497	)		(596	)		(2	)		(598	)

Total Tronox Limited shareholders' equity		1,017			(8	)		1,009			998			(7	)		991
Noncontrolling interest		144			-			144			112			-			112
Total equity		1,161			(8	)		1,153			1,110			(7	)		1,103
Total liabilities and equity	$	4,950		$	3		$	4,953		$	5,027		$	-		$	5,027

Our consolidated statement of cash flows for the nine months ended September 30, 2016 had an immaterial change of $1 million increasing both cash flows provided by operating activities and cash used in investing activities from the revision. All other periods in 2016, 2015 and 2014 resulted in no net impact to operating, investing and financing cash flows from the revision.

Tronox (TROX) 8-KConsolidated Statement of Operations