EXPERTS
The financial statements as of December 31, 2015 and 2014 and for each of the three years in the period ended December 31, 2015 included in this prospectus have been so included in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.
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TABLE OF CONTENTS
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
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Report of Independent Registered Public Accounting Firm
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F-2
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Consolidated Statements of Operations for the years ended December 31, 2015, 2014 and 2013
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F-3
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Consolidated Statements of Comprehensive (Loss) Income for the years ended December 31, 2015, 2014 and 2013
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F-4
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Consolidated Balance Sheets as of December 31, 2015 and 2014
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F-5
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Consolidated Statements of Stockholders’ Equity for the years ended December 31, 2015, 2014 and 2013
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F-6
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Consolidated Statements of Cash Flows for the years ended December 31, 2015, 2014 and 2013
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F-7
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Notes to the Consolidated Financial Statements
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F-8
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F-1
TABLE OF CONTENTS
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of The Chemours Company:
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of The Chemours Company and its subsidiaries at December 31, 2015 and 2014, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2015 in conformity with accounting principles generally accepted in the United States of America. In addition, in our opinion the accompanying financial statement schedule presents fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements. These financial statements and the financial statement schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements and the financial statement schedule based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 25, 2016, except for Note 26, Guarantor Condensed Consolidating Financial Information, for which the date is March 18, 2016
F-2
TABLE OF CONTENTS
The Chemours Company
Consolidated Statements of Operations
(Dollars in millions, except per share)
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Year Ended December 31,
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2015
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2014
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2013
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Net sales
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$
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5,717
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$
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6,432
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$
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6,859
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Cost of goods sold
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4,762
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5,072
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5,395
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Gross profit
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955
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1,360
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1,464
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Selling, general and administrative expense
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632
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685
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768
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Research and development expense
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97
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143
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164
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Employee separation and asset related charges, net
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333
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21
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2
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Goodwill impairment
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25
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—
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—
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Total expenses
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1,087
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849
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934
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Equity in earnings of affiliates
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22
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20
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22
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Interest expense, net
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(132 )
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—
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—
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Other income, net
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54
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19
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24
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(Loss) income before income taxes
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(188 )
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550
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576
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(Benefit from) provision for income taxes
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(98 )
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149
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152
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Net (loss) income
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(90 )
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401
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424
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Less: Net income attributable to noncontrolling interests
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—
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1
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1
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Net (loss) income attributable to Chemours
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$
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(90 )
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$
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400
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$
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423
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Per share data
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Basic (loss) earnings per share of common stock
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$
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(0.50 )
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$
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2.21 (1)
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$
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2.34 (1)
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