EXHIBIT 99.2
| PLATFORM SPECIALTY PRODUCTS CORPORATION | ||||
| RECONCILIATION OF NON-GAAP MEASURES | ||||
| Includes Predecessor and Successor data | ||||
| (in millions) | 2011 | 2012 | 2013 | |
| Net income (loss) | $46.0 | $(181.0) | ||
| Adjustments to reconcile to net income (loss): | ||||
| Income tax expense (benefit) | 24.6 | 7.1 | ||
| Interest expense | 49.7 | 51.8 | ||
| Depreciation and amortization expense | 42.2 | 45.6 | (1) | |
| Unrealized gain on foreign currency denominated debt | (5.7) | (1.1) | (2) | |
| Equity based compensation expense | 0.2 | 9.3 | (3) | |
| Restructuring and related expenses | 1.2 | 8.0 | (4) | |
| Non-cash charges related to preferred dividend rights | -- | 172.0 | (5) | |
| Predecessor loss on extinguishment of debt | -- | 18.8 | ||
| Manufacturer's profit in inventory (purchase accounting) | -- | 23.9 | (6) | |
| Predecessor Acquisition Costs | -- | 19.4 | (7) | |
| Successor Acquisition costs | -- | 12.7 | (8) | |
| Other expense (income) | 4.2 | (6.4) | (9) | |
| -- | -- | |||
| Adjusted EBITDA | $162.4 | $180.1 | ||
| Adjusted EBITDA | $162.4 | $180.1 | ||
| Gross Capital Expenditures | 13.4 | 10.8 | ||
| Change in Net Working Capital | 1.5 | 0.1 | ||
| Free Cash Flow (FCF) | $147.5 | $169.2 | ||
| Cash Conversion | 0.9 | 0.9 | ||
| Accounts Receivable, Net | 134.6 | 139.0 | 140.5 | |
| Inventories | 75.2 | 76.1 | 77.7 | |
| Prepaid Expenses | 12.0 | 10.9 | 11.0 | |
| Accounts Payable | (49.5) | (53.4) | (56.2) | |
| Accrued Expenses | (37.4) | (36.1) | (36.4) | |
| Net Working Capital | 135.0 | 136.5 | 136.6 | |
| 2013 Footnotes: | ||||
| (1) Includes $31.3m in 2013 and $27.1m in 2012 for amortization expense that is added back in the "As Adjusted" Income Statement. | ||||
| (2) Predecessor adjustment to other income for non-cash gain on foreign denominated debt. | ||||
| (3) Predecessor stock compensation and long term incentive plan expense included in operating expenses. | ||||
| (4) Includes restructuring expenses of $4.4m and $3.1m of reorganization costs adjusted out of operating expenses and $0.3m of reorganization costs adjusted out of cost of sales. | ||||
| (5) Non-cash charge related to preferred stock dividend rights adjusted out of operating expenses. | ||||
| (6) Manufacturer's profit in inventory purchase accounting adjustment associated with the Acquisition. Adjusted out of Cost of Sales. | ||||
| (7) Predecessor transaction costs associated with the Acquisition. Adjusted out of operating expenses. | ||||
| (8) Transaction costs associated with the Acquisition. Adjusted out of operating expenses. | ||||
| (9) Primarily the reversal of one-time gain associated with retirement plan curtailment executed in conjunction with the Acquisition. | ||||
