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|
Delaware
|
|
001-32410
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98-0420726
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(State or other jurisdiction
of incorporation)
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(Commission File
Number)
|
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(IRS Employer
Identification No.)
|
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Exhibit
Number
|
|
|
|
Description
|
|
|
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|
99.1
|
|
Press Release dated October 20, 2014*
|
|
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99.2
|
|
Non-US GAAP Financial Measures and Supplemental Information dated October 20, 2014*
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99.3
|
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Slide Presentation dated October 20, 2014*
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99.4
|
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Prepared Remarks from M. Rohr and C. Jensen dated October 20, 2014*
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CELANESE CORPORATION
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||
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By:
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/s/ James R. Peacock III
|
|
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Name:
|
James R. Peacock III
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|
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Title:
|
Vice President, Deputy General Counsel and Corporate Secretary
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Date:
|
October 20, 2014
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|
Exhibit
Number
|
|
|
|
Description
|
|
|
|
|
99.1
|
|
Press Release dated October 20, 2014*
|
|
|
|
99.2
|
|
Non-US GAAP Financial Measures and Supplemental Information dated October 20, 2014*
|
|
|
|
99.3
|
|
Slide Presentation dated October 20, 2014*
|
|
|
|
99.4
|
|
Prepared Remarks from M. Rohr and C. Jensen dated October 20, 2014*
|
|
Celanese Corporation
|
|
222 West Las Colinas Blvd.
|
|
Suite 900N
|
|
Irving, Texas 75039
|
•
|
Achieved record adjusted earnings of
$1.61
per share, up
10 percent
from the prior quarter and
34 percent
from the prior year quarter
|
•
|
Increased adjusted EBIT margin by
150
basis points from the prior quarter to
20.1 percent
, driven by Consumer Specialties and Acetyl Intermediates
|
•
|
Repurchased
1.6 million
shares for
$98 million
of cash
|
•
|
Ended the quarter with
$1.5 billion
cash on hand driven by record adjusted free cash flow and included approximately
$378 million
from our recently completed registered offering of €300 million of 3.250% senior unsecured notes due 2019
|
•
|
GAAP earnings were flat sequentially at
$1.66
per share, but up compared to
$1.07
per share in the prior year quarter
|
|
Three Months Ended
|
|||||||
|
September 30,
2014 |
|
June 30,
2014 |
|
September 30,
2013 |
|||
|
(unaudited)
|
|||||||
|
(In $ millions)
|
|||||||
Net Sales
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
366
|
|
|
389
|
|
|
346
|
|
Consumer Specialties
|
291
|
|
|
289
|
|
|
310
|
|
Industrial Specialties
|
314
|
|
|
333
|
|
|
299
|
|
Acetyl Intermediates
|
937
|
|
|
901
|
|
|
795
|
|
Other Activities
|
—
|
|
|
—
|
|
|
—
|
|
Intersegment elimination
|
(139
|
)
|
|
(143
|
)
|
|
(114
|
)
|
Total
|
1,769
|
|
|
1,769
|
|
|
1,636
|
|
|
Three Months Ended
|
||||||||||
|
September 30,
2014 |
|
June 30,
2014 |
|
September 30,
2013 |
||||||
|
(unaudited)
|
||||||||||
|
(In $ millions, except per share data)
|
||||||||||
Operating Profit (Loss) Attributable to Celanese Corporation
(1)
|
|
|
|
|
|
||||||
Advanced Engineered Materials
|
51
|
|
|
56
|
|
|
48
|
|
|||
Consumer Specialties
|
105
|
|
|
80
|
|
|
85
|
|
|||
Industrial Specialties
|
16
|
|
|
24
|
|
|
24
|
|
|||
Acetyl Intermediates
|
175
|
|
|
143
|
|
|
67
|
|
|||
Other Activities
|
(36
|
)
|
|
(43
|
)
|
|
(13
|
)
|
|||
Total
|
311
|
|
|
260
|
|
|
211
|
|
|||
Net earnings (loss)
|
252
|
|
|
258
|
|
|
172
|
|
|||
Adjusted EBIT / Total segment income
(1)
|
355
|
|
|
329
|
|
|
279
|
|
|||
Operating EBITDA
(1)
|
428
|
|
|
401
|
|
|
355
|
|
|||
Diluted EPS - continuing operations
|
$
|
1.66
|
|
|
$
|
1.66
|
|
|
$
|
1.07
|
|
Diluted EPS - total
|
$
|
1.63
|
|
|
$
|
1.66
|
|
|
$
|
1.08
|
|
Adjusted EPS
(1)
|
$
|
1.61
|
|
|
$
|
1.47
|
|
|
$
|
1.20
|
|
(1)
|
See "Non-US GAAP Financial Measures" below.
|
•
|
Issued €300 million of 3.250% senior unsecured notes due 2019, redeemed on October 15, 2014 its $600 million 6.625% senior unsecured notes due 2018 and amended its existing senior secured credit facilities, for a net deleveraging of about $200 million.
|
•
|
Announced the acquisition of substantially all of the assets of Cool Polymers, Inc., based in North Kingstown, R.I. The acquisition will accelerate the company's entry into thermally conductive polymers by building on Cool Polymers' polymer formulation expertise, application development capabilities and strong product portfolio.
|
•
|
Signed a Memorandum of Understanding with Indian Oil Corporation to explore the potential of a joint investment in a fuel ethanol plant to be built in India, based on the company's TCX
®
Technology.
|
•
|
Commercially launched the company's CelFX
™
technology for the Japanese market. CelFX
™
combines the company's proprietary binder and carbon to create a unique construction which allows concentrated filtration while maintaining full air flow.
|
•
|
Announced the launch of a uniquely low-friction and low-wear grade of acetal copolymer. This compound enables the production of injection molded parts with a very low coefficient of friction and wear rate, reducing energy loss, heat generation and noise in mechanical systems for industrial, transportation and consumer products and applications.
|
•
|
Received a corporate family rating upgrade from Moody’s Investors Service to Ba1 from Ba2. The outlook is stable.
|
•
|
Filed for air permits with the Texas Commission on Environmental Quality for the company's potential methanol unit in Bishop, Texas.
|
Contacts:
|
|
|
|
|
Investor Relations
|
|
Media - U.S.
|
|
Media - Europe
|
Jon Puckett
|
|
Travis Jacobsen
|
|
Jens Kurth
|
Phone: +1 972 443 4965
|
|
Phone: +1 972 443 3750
|
|
Phone: +49(0)69 45009 1574
|
Jon.Puckett@celanese.com
|
|
William.Jacobsen@celanese.com
|
|
J.Kurth@celanese.com
|
•
|
Adjusted EBIT is defined by the Company as net earnings (loss) less interest income plus loss (earnings) from discontinued operations, interest expense and taxes, and further adjusted for certain items and amounts attributable to noncontrolling interests ("NCI").
Adjusted EBIT by business segment may also be referred to by management as segment income.
|
•
|
Operating EBITDA is defined by the Company as net earnings (loss) less interest income plus loss (earnings) from discontinued operations, interest expense, taxes and depreciation and amortization, and further adjusted for certain items and amounts attributable to NCI.
Operating EBITDA is equal to adjusted EBIT plus depreciation and amortization
.
|
•
|
Adjusted earnings per share is defined by the Company as earnings (loss) from continuing operations, adjusted for income tax (provision) benefit, certain items, refinancing and related expenses and amounts attributable to NCI, divided by the number of basic common shares, convertible preferred shares and dilutive restricted stock units and stock options calculated using the treasury method.
|
•
|
Adjusted free cash flow is defined by the Company as cash flow from operations less other productive asset purchases, operating cash flow from discontinued operations and certain cash flow adjustments, including amounts attributable to NCI and capital contributions from outside stockholders of the Company's consolidated ventures.
|
•
|
Net debt is defined by the Company as total debt less cash and cash equivalents, adjusted for amounts attributable to NCI.
|
|
Three Months Ended
|
|||||||
|
September 30,
2014 |
|
June 30,
2014 |
|
September 30,
2013 |
|||
|
(In $ millions, except share and per share data)
|
|||||||
Net sales
|
1,769
|
|
|
1,769
|
|
|
1,636
|
|
Cost of sales
|
(1,333
|
)
|
|
(1,361
|
)
|
|
(1,290
|
)
|
Gross profit
|
436
|
|
|
408
|
|
|
346
|
|
Selling, general and administrative expenses
|
(118
|
)
|
|
(119
|
)
|
|
(97
|
)
|
Amortization of intangible assets
|
(5
|
)
|
|
(5
|
)
|
|
(6
|
)
|
Research and development expenses
|
(22
|
)
|
|
(24
|
)
|
|
(24
|
)
|
Other (charges) gains, net
|
20
|
|
|
2
|
|
|
(4
|
)
|
Foreign exchange gain (loss), net
|
1
|
|
|
(1
|
)
|
|
(2
|
)
|
Gain (loss) on disposition of businesses and asset, net
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
Operating profit (loss)
|
310
|
|
|
259
|
|
|
211
|
|
Equity in net earnings (loss) of affiliates
|
52
|
|
|
101
|
|
|
41
|
|
Interest expense
|
(41
|
)
|
|
(40
|
)
|
|
(43
|
)
|
Refinancing expense
|
(4
|
)
|
|
—
|
|
|
(1
|
)
|
Interest income
|
3
|
|
|
2
|
|
|
—
|
|
Dividend income - cost investments
|
29
|
|
|
29
|
|
|
22
|
|
Other income (expense), net
|
(2
|
)
|
|
1
|
|
|
(2
|
)
|
Earnings (loss) from continuing operations before tax
|
347
|
|
|
352
|
|
|
228
|
|
Income tax (provision) benefit
|
(90
|
)
|
|
(94
|
)
|
|
(57
|
)
|
Earnings (loss) from continuing operations
|
257
|
|
|
258
|
|
|
171
|
|
Earnings (loss) from operation of discontinued operations
|
(7
|
)
|
|
(1
|
)
|
|
1
|
|
Gain (loss) on disposition of discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Income tax (provision) benefit from discontinued operations
|
2
|
|
|
1
|
|
|
—
|
|
Earnings (loss) from discontinued operations
|
(5
|
)
|
|
—
|
|
|
1
|
|
Net earnings (loss)
|
252
|
|
|
258
|
|
|
172
|
|
Net (earnings) loss attributable to noncontrolling interests
|
1
|
|
|
1
|
|
|
—
|
|
Net earnings (loss) attributable to Celanese Corporation
|
253
|
|
|
259
|
|
|
172
|
|
Amounts attributable to Celanese Corporation
|
|
|
|
|
|
|||
Earnings (loss) from continuing operations
|
258
|
|
|
259
|
|
|
171
|
|
Earnings (loss) from discontinued operations
|
(5
|
)
|
|
—
|
|
|
1
|
|
Net earnings (loss)
|
253
|
|
|
259
|
|
|
172
|
|
Earnings (loss) per common share - basic
|
|
|
|
|
|
|||
Continuing operations
|
1.67
|
|
|
1.66
|
|
|
1.08
|
|
Discontinued operations
|
(0.03
|
)
|
|
—
|
|
|
0.01
|
|
Net earnings (loss) - basic
|
1.64
|
|
|
1.66
|
|
|
1.09
|
|
Earnings (loss) per common share - diluted
|
|
|
|
|
|
|||
Continuing operations
|
1.66
|
|
|
1.66
|
|
|
1.07
|
|
Discontinued operations
|
(0.03
|
)
|
|
—
|
|
|
0.01
|
|
Net earnings (loss) - diluted
|
1.63
|
|
|
1.66
|
|
|
1.08
|
|
Weighted average shares (in millions)
|
|
|
|
|
|
|||
Basic
|
154.5
|
|
|
155.8
|
|
|
158.5
|
|
Diluted
|
155.2
|
|
|
156.1
|
|
|
159.1
|
|
|
As of
September 30, 2014 |
|
As of
December 31, 2013 |
||
|
(In $ millions)
|
||||
ASSETS
|
|
|
|
||
Current Assets
|
|
|
|
||
Cash and cash equivalents
|
1,510
|
|
|
984
|
|
Trade receivables - third party and affiliates, net
|
1,016
|
|
|
867
|
|
Non-trade receivables, net
|
200
|
|
|
343
|
|
Inventories
|
771
|
|
|
804
|
|
Deferred income taxes
|
111
|
|
|
115
|
|
Marketable securities, at fair value
|
36
|
|
|
41
|
|
Other assets
|
43
|
|
|
28
|
|
Total current assets
|
3,687
|
|
|
3,182
|
|
Investments in affiliates
|
857
|
|
|
841
|
|
Property, plant and equipment, net
|
3,618
|
|
|
3,425
|
|
Deferred income taxes
|
296
|
|
|
289
|
|
Other assets
|
365
|
|
|
341
|
|
Goodwill
|
756
|
|
|
798
|
|
Intangible assets, net
|
131
|
|
|
142
|
|
Total assets
|
9,710
|
|
|
9,018
|
|
LIABILITIES AND EQUITY
|
|
|
|
||
Current Liabilities
|
|
|
|
||
Short-term borrowings and current installments of long-term debt - third party and affiliates
|
765
|
|
|
177
|
|
Trade payables - third party and affiliates
|
816
|
|
|
799
|
|
Other liabilities
|
483
|
|
|
541
|
|
Deferred income taxes
|
10
|
|
|
10
|
|
Income taxes payable
|
115
|
|
|
18
|
|
Total current liabilities
|
2,189
|
|
|
1,545
|
|
Long-term debt
|
2,639
|
|
|
2,887
|
|
Deferred income taxes
|
225
|
|
|
225
|
|
Uncertain tax positions
|
150
|
|
|
200
|
|
Benefit obligations
|
1,077
|
|
|
1,175
|
|
Other liabilities
|
295
|
|
|
287
|
|
Commitments and Contingencies
|
|
|
|
||
Stockholders' Equity
|
|
|
|
||
Preferred stock
|
—
|
|
|
—
|
|
Common stock
|
—
|
|
|
—
|
|
Treasury stock, at cost
|
(562
|
)
|
|
(361
|
)
|
Additional paid-in capital
|
83
|
|
|
53
|
|
Retained earnings
|
3,613
|
|
|
3,011
|
|
Accumulated other comprehensive income (loss), net
|
(190
|
)
|
|
(4
|
)
|
Total Celanese Corporation stockholders' equity
|
2,944
|
|
|
2,699
|
|
Noncontrolling interests
|
191
|
|
|
—
|
|
Total equity
|
3,135
|
|
|
2,699
|
|
Total liabilities and equity
|
9,710
|
|
|
9,018
|
|
•
|
Adjusted EBIT is defined by the Company as net earnings (loss) less interest income plus loss (earnings) from discontinued operations, interest expense and taxes, and further adjusted for certain items and amounts attributable to noncontrolling interests ("NCI").
We believe that adjusted EBIT provides transparent and useful information to management, investors, analysts and other parties in evaluating and assessing our core operating results from period-to-period after removing the impact of unusual, non-operational or restructuring-related activities that affect comparability. Our management recognizes that adjusted EBIT has inherent
|
•
|
Operating EBITDA is defined by the Company as net earnings (loss) less interest income plus loss (earnings) from discontinued operations, interest expense, taxes and depreciation and amortization, and further adjusted for certain items and amounts attributable to NCI.
Operating EBITDA is equal to adjusted EBIT plus depreciation and amortization
, and has the same uses and limitations as adjusted EBIT described above.
|
•
|
Adjusted earnings per share is defined by the Company as earnings (loss) from continuing operations, adjusted for income tax (provision) benefit, certain items, refinancing and related expenses and amounts attributable to NCI, divided by the number of basic common shares, convertible preferred shares and dilutive restricted stock units and stock options calculated using the treasury method.
We believe that adjusted earnings per share provides transparent and useful information to management, investors, analysts and other parties in evaluating and assessing our core operating results from period-to-period after removing the impact of unusual, non-operational or restructuring-related activities that affect comparability. We may provide guidance on adjusted earnings per share but are unable to reconcile forecasted adjusted earnings per share to a GAAP financial measure without unreasonable effort because a forecast of certain items is not practical.
|
•
|
Adjusted free cash flow is defined by the Company as cash flow from operations less other productive asset purchases, operating cash flow from discontinued operations and certain cash flow adjustments, including amounts attributable to NCI and capital contributions from outside stockholders of the Company's consolidated ventures.
We believe that adjusted free cash flow provides useful information to management, investors, analysts and other parties in evaluating the Company’s liquidity and credit quality assessment. Although we use adjusted free cash flow as a financial measure to assess the performance of our business, the use of adjusted free cash flow has important limitations, including that adjusted free cash flow does not reflect the cash requirements necessary to service our indebtedness, lease obligations, unconditional purchase obligations or pension and postretirement funding obligations.
|
•
|
Net debt is defined by the Company as total debt less cash and cash equivalents, adjusted for amounts attributable to NCI.
We believe that net debt provides useful information to management, investors, analysts and other parties in evaluating changes to the Company's capital structure and credit quality assessment.
|
•
|
Return on capital employed is defined by the Company as adjusted EBIT divided by the sum of property, plant and equipment, net and trade working capital (calculated as trade receivables, net plus inventories less trade payables – third party and affiliates), adjusted for outside stockholders' interest in property, plant and equipment, net related to the Company's consolidated ventures and trade working capital amounts attributable to NCI.
|
•
|
For those consolidated ventures in which the Company owns or is exposed to less than 100% of the economics, the outside stockholders' interests are shown as noncontrolling interests. Beginning in 2014, this includes Fairway Methanol LLC for which the Company's ownership percentage is 50%.
|
•
|
Net sales for each of our business segments and the percentage increase or decrease in net sales attributable to price, volume, currency and other factors for each of our business segments.
|
•
|
Cash dividends received from our equity and cost investments.
|
|
Q3 '14
|
|
Q2 '14
|
|
Q1 '14
|
|
2013
|
|
Q4 '13
|
|
Q3 '13
|
|
Q2 '13
|
|
Q1 '13
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
||||||||||||
|
(In $ millions, except ratios)
|
||||||||||||||||||||||||||||||||||
Net earnings (loss)
|
252
|
|
|
258
|
|
|
195
|
|
|
1,101
|
|
|
654
|
|
|
172
|
|
|
133
|
|
|
142
|
|
|
372
|
|
|
427
|
|
|
312
|
|
|
403
|
|
Net (earnings) loss attributable to NCI
|
1
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
(Earnings) loss from discontinued operations
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
4
|
|
|
(1
|
)
|
|
49
|
|
|
(4
|
)
|
Interest income
|
(3
|
)
|
|
(2
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(2
|
)
|
|
(3
|
)
|
|
(7
|
)
|
|
(8
|
)
|
Interest expense
|
41
|
|
|
40
|
|
|
39
|
|
|
172
|
|
|
42
|
|
|
43
|
|
|
44
|
|
|
43
|
|
|
185
|
|
|
221
|
|
|
204
|
|
|
207
|
|
Interest expense attributable to NCI
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Refinancing expense
|
4
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
|
16
|
|
|
—
|
|
Income tax provision (benefit)
|
90
|
|
|
94
|
|
|
78
|
|
|
508
|
|
|
299
|
|
|
57
|
|
|
75
|
|
|
77
|
|
|
(55
|
)
|
|
41
|
|
|
72
|
|
|
(294
|
)
|
Income tax (provision) benefit attributable to NCI
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Certain items attributable to Celanese Corporation
(1)
|
(35
|
)
|
|
(62
|
)
|
|
(11
|
)
|
|
(725
|
)
|
|
(753
|
)
|
|
7
|
|
|
13
|
|
|
8
|
|
|
455
|
|
|
405
|
|
|
197
|
|
|
221
|
|
Adjusted EBIT
|
355
|
|
|
329
|
|
|
302
|
|
|
1,056
|
|
|
244
|
|
|
279
|
|
|
264
|
|
|
269
|
|
|
962
|
|
|
1,093
|
|
|
843
|
|
|
525
|
|
Depreciation and amortization expense
(2)
|
73
|
|
|
72
|
|
|
73
|
|
|
302
|
|
|
75
|
|
|
76
|
|
|
75
|
|
|
76
|
|
|
300
|
|
|
287
|
|
|
258
|
|
|
290
|
|
Depreciation and amortization expense attributable to NCI
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Operating EBITDA
|
428
|
|
|
401
|
|
|
375
|
|
|
1,358
|
|
|
319
|
|
|
355
|
|
|
339
|
|
|
345
|
|
|
1,262
|
|
|
1,380
|
|
|
1,101
|
|
|
815
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating EBITDA / Interest expense
|
|
|
|
|
|
|
7.9
|
|
|
|
|
|
|
|
|
|
|
6.8
|
|
|
6.2
|
|
|
5.4
|
|
|
3.9
|
|
|
Q3 '14
|
|
Q2 '14
|
|
Q1 '14
|
|
2013
|
|
Q4 '13
|
|
Q3 '13
|
|
Q2 '13
|
|
Q1 '13
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
||||||||||||
|
(In $ millions)
|
||||||||||||||||||||||||||||||||||
Advanced Engineered Materials
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
4
|
|
|
1
|
|
Consumer Specialties
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
8
|
|
|
5
|
|
|
—
|
|
Industrial Specialties
|
—
|
|
|
—
|
|
|
2
|
|
|
3
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
5
|
|
Acetyl Intermediates
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|
12
|
|
Other Activities
(3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Accelerated depreciation and amortization expense
|
—
|
|
|
—
|
|
|
2
|
|
|
3
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
11
|
|
|
29
|
|
|
18
|
|
Depreciation and amortization expense
(2)
|
73
|
|
|
72
|
|
|
73
|
|
|
302
|
|
|
75
|
|
|
76
|
|
|
75
|
|
|
76
|
|
|
300
|
|
|
287
|
|
|
258
|
|
|
290
|
|
Depreciation and amortization expense attributable to NCI
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total depreciation and amortization expense attributable to Celanese Corporation
|
73
|
|
|
72
|
|
|
75
|
|
|
305
|
|
|
78
|
|
|
76
|
|
|
75
|
|
|
76
|
|
|
308
|
|
|
298
|
|
|
287
|
|
|
308
|
|
(1)
|
See Certain items presentation (
Table 8
) for details.
|
(2)
|
Excludes accelerated depreciation and amortization expense as detailed in the table above and included in Certain items above.
|
(3)
|
Other Activities includes corporate Selling, general and administrative ("SG&A") expenses,
the results of captive insurance companies and certain components of net periodic benefit cost (interest cost, expected return on plan assets and net actuarial gains and losses).
|
Table 2 - Segment Data and Reconciliation of Adjusted EBIT and Operating EBITDA - Non-GAAP Measures - Unaudited
|
|
|
|
Q3 '14
|
|
Q2 '14
|
|
Q1 '14
|
|
2013
|
|
Q4 '13
|
|
Q3 '13
|
|
Q2 '13
|
|
Q1 '13
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
(In $ millions, except percentages)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Profit (Loss) / Operating Margin Attributable to Celanese Corporation
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Advanced Engineered Materials
|
51
|
|
|
13.9
|
%
|
|
56
|
|
|
14.4
|
%
|
|
57
|
|
|
15.3
|
%
|
|
904
|
|
|
66.9
|
%
|
|
781
|
|
|
240.3
|
%
|
|
48
|
|
|
13.9
|
%
|
|
39
|
|
|
11.1
|
%
|
|
36
|
|
|
10.9
|
%
|
|
95
|
|
|
7.5
|
%
|
|
79
|
|
|
6.1
|
%
|
|
182
|
|
|
16.4
|
%
|
|
36
|
|
|
4.5
|
%
|
Consumer Specialties
|
105
|
|
|
36.1
|
%
|
|
80
|
|
|
27.7
|
%
|
|
99
|
|
|
32.8
|
%
|
|
346
|
|
|
28.5
|
%
|
|
100
|
|
|
33.9
|
%
|
|
85
|
|
|
27.4
|
%
|
|
83
|
|
|
26.4
|
%
|
|
78
|
|
|
26.4
|
%
|
|
251
|
|
|
21.2
|
%
|
|
229
|
|
|
19.7
|
%
|
|
163
|
|
|
14.8
|
%
|
|
230
|
|
|
21.2
|
%
|
Industrial Specialties
|
16
|
|
|
5.1
|
%
|
|
24
|
|
|
7.2
|
%
|
|
20
|
|
|
6.4
|
%
|
|
64
|
|
|
5.5
|
%
|
|
7
|
|
|
2.6
|
%
|
|
24
|
|
|
8.0
|
%
|
|
18
|
|
|
6.1
|
%
|
|
15
|
|
|
5.2
|
%
|
|
86
|
|
|
7.3
|
%
|
|
102
|
|
|
8.3
|
%
|
|
89
|
|
|
8.6
|
%
|
|
89
|
|
|
9.1
|
%
|
Acetyl Intermediates
(2)
|
175
|
|
|
18.7
|
%
|
|
143
|
|
|
15.9
|
%
|
|
98
|
|
|
11.7
|
%
|
|
153
|
|
|
4.7
|
%
|
|
(44
|
)
|
|
(5.3
|
)%
|
|
67
|
|
|
8.4
|
%
|
|
55
|
|
|
6.8
|
%
|
|
75
|
|
|
9.3
|
%
|
|
269
|
|
|
8.3
|
%
|
|
458
|
|
|
12.9
|
%
|
|
237
|
|
|
7.7
|
%
|
|
88
|
|
|
3.4
|
%
|
Other Activities
(3)
|
(36
|
)
|
|
|
|
(43
|
)
|
|
|
|
(30
|
)
|
|
|
|
41
|
|
|
|
|
100
|
|
|
|
|
(13
|
)
|
|
|
|
(26
|
)
|
|
|
|
(20
|
)
|
|
|
|
(526
|
)
|
|
|
|
(466
|
)
|
|
|
|
(273
|
)
|
|
|
|
(299
|
)
|
|
|
||||||||||||
Total
|
311
|
|
|
17.6
|
%
|
|
260
|
|
|
14.7
|
%
|
|
244
|
|
|
14.3
|
%
|
|
1,508
|
|
|
23.2
|
%
|
|
944
|
|
|
58.4
|
%
|
|
211
|
|
|
12.9
|
%
|
|
169
|
|
|
10.2
|
%
|
|
184
|
|
|
11.5
|
%
|
|
175
|
|
|
2.7
|
%
|
|
402
|
|
|
5.9
|
%
|
|
398
|
|
|
6.7
|
%
|
|
144
|
|
|
2.8
|
%
|
Equity Earnings, Cost-Dividend Income, Other Income (Expense) Attributable to Celanese Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Advanced Engineered Materials
|
43
|
|
|
|
|
45
|
|
|
|
|
33
|
|
|
|
|
149
|
|
|
|
|
33
|
|
|
|
|
31
|
|
|
|
|
45
|
|
|
|
|
40
|
|
|
|
|
190
|
|
|
|
|
163
|
|
|
|
|
143
|
|
|
|
|
76
|
|
|
|
||||||||||||
Consumer Specialties
|
29
|
|
|
|
|
35
|
|
|
|
|
30
|
|
|
|
|
95
|
|
|
|
|
24
|
|
|
|
|
21
|
|
|
|
|
24
|
|
|
|
|
26
|
|
|
|
|
90
|
|
|
|
|
80
|
|
|
|
|
73
|
|
|
|
|
57
|
|
|
|
||||||||||||
Industrial Specialties
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
2
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
||||||||||||
Acetyl Intermediates
(2)
|
2
|
|
|
|
|
15
|
|
|
|
|
1
|
|
|
|
|
5
|
|
|
|
|
(4
|
)
|
|
|
|
3
|
|
|
|
|
3
|
|
|
|
|
3
|
|
|
|
|
13
|
|
|
|
|
10
|
|
|
|
|
9
|
|
|
|
|
9
|
|
|
|
||||||||||||
Other Activities
(3)
|
5
|
|
|
|
|
36
|
|
|
|
|
5
|
|
|
|
|
24
|
|
|
|
|
—
|
|
|
|
|
6
|
|
|
|
|
10
|
|
|
|
|
8
|
|
|
|
|
39
|
|
|
|
|
31
|
|
|
|
|
23
|
|
|
|
|
18
|
|
|
|
||||||||||||
Total
|
79
|
|
|
|
|
131
|
|
|
|
|
69
|
|
|
|
|
273
|
|
|
|
|
53
|
|
|
|
|
61
|
|
|
|
|
82
|
|
|
|
|
77
|
|
|
|
|
332
|
|
|
|
|
286
|
|
|
|
|
248
|
|
|
|
|
160
|
|
|
|
||||||||||||
Certain Items Attributable to Celanese Corporation
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Advanced Engineered Materials
|
(7
|
)
|
|
|
|
(7
|
)
|
|
|
|
(6
|
)
|
|
|
|
(752
|
)
|
|
|
|
(758
|
)
|
|
|
|
2
|
|
|
|
|
2
|
|
|
|
|
2
|
|
|
|
|
16
|
|
|
|
|
60
|
|
|
|
|
(38
|
)
|
|
|
|
—
|
|
|
|
||||||||||||
Consumer Specialties
|
(18
|
)
|
|
|
|
(8
|
)
|
|
|
|
(2
|
)
|
|
|
|
(5
|
)
|
|
|
|
(13
|
)
|
|
|
|
2
|
|
|
|
|
2
|
|
|
|
|
4
|
|
|
|
|
34
|
|
|
|
|
23
|
|
|
|
|
97
|
|
|
|
|
10
|
|
|
|
||||||||||||
Industrial Specialties
|
(1
|
)
|
|
|
|
(2
|
)
|
|
|
|
—
|
|
|
|
|
9
|
|
|
|
|
6
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
2
|
|
|
|
|
1
|
|
|
|
|
(19
|
)
|
|
|
|
(26
|
)
|
|
|
||||||||||||
Acetyl Intermediates
|
(9
|
)
|
|
|
|
(12
|
)
|
|
|
|
(3
|
)
|
|
|
|
143
|
|
|
|
|
132
|
|
|
|
|
2
|
|
|
|
|
8
|
|
|
|
|
1
|
|
|
|
|
5
|
|
|
|
|
(3
|
)
|
|
|
|
62
|
|
|
|
|
103
|
|
|
|
||||||||||||
Other Activities
(3)
|
—
|
|
|
|
|
(33
|
)
|
|
|
|
—
|
|
|
|
|
(120
|
)
|
|
|
|
(120
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
398
|
|
|
|
|
324
|
|
|
|
|
95
|
|
|
|
|
134
|
|
|
|
||||||||||||
Total
|
(35
|
)
|
|
|
|
(62
|
)
|
|
|
|
(11
|
)
|
|
|
|
(725
|
)
|
|
|
|
(753
|
)
|
|
|
|
7
|
|
|
|
|
13
|
|
|
|
|
8
|
|
|
|
|
455
|
|
|
|
|
405
|
|
|
|
|
197
|
|
|
|
|
221
|
|
|
|
||||||||||||
Adjusted EBIT / Adjusted EBIT Margin
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Advanced Engineered Materials
|
87
|
|
|
23.8
|
%
|
|
94
|
|
|
24.2
|
%
|
|
84
|
|
|
22.5
|
%
|
|
301
|
|
|
22.3
|
%
|
|
56
|
|
|
17.2
|
%
|
|
81
|
|
|
23.4
|
%
|
|
86
|
|
|
24.4
|
%
|
|
78
|
|
|
23.7
|
%
|
|
301
|
|
|
23.9
|
%
|
|
302
|
|
|
23.3
|
%
|
|
287
|
|
|
25.9
|
%
|
|
112
|
|
|
13.9
|
%
|
Consumer Specialties
|
116
|
|
|
39.9
|
%
|
|
107
|
|
|
37.0
|
%
|
|
127
|
|
|
42.1
|
%
|
|
436
|
|
|
35.9
|
%
|
|
111
|
|
|
37.6
|
%
|
|
108
|
|
|
34.8
|
%
|
|
109
|
|
|
34.7
|
%
|
|
108
|
|
|
36.6
|
%
|
|
375
|
|
|
31.6
|
%
|
|
332
|
|
|
28.6
|
%
|
|
333
|
|
|
30.3
|
%
|
|
297
|
|
|
27.4
|
%
|
Industrial Specialties
|
15
|
|
|
4.8
|
%
|
|
22
|
|
|
6.6
|
%
|
|
20
|
|
|
6.4
|
%
|
|
73
|
|
|
6.3
|
%
|
|
13
|
|
|
4.8
|
%
|
|
25
|
|
|
8.4
|
%
|
|
19
|
|
|
6.4
|
%
|
|
16
|
|
|
5.6
|
%
|
|
88
|
|
|
7.4
|
%
|
|
105
|
|
|
8.6
|
%
|
|
70
|
|
|
6.8
|
%
|
|
63
|
|
|
6.5
|
%
|
Acetyl Intermediates
|
168
|
|
|
17.9
|
%
|
|
146
|
|
|
16.2
|
%
|
|
96
|
|
|
11.4
|
%
|
|
301
|
|
|
9.3
|
%
|
|
84
|
|
|
10.1
|
%
|
|
72
|
|
|
9.1
|
%
|
|
66
|
|
|
8.2
|
%
|
|
79
|
|
|
9.8
|
%
|
|
287
|
|
|
8.9
|
%
|
|
465
|
|
|
13.1
|
%
|
|
308
|
|
|
10.0
|
%
|
|
200
|
|
|
7.7
|
%
|
Other Activities
(3)
|
(31
|
)
|
|
|
|
(40
|
)
|
|
|
|
(25
|
)
|
|
|
|
(55
|
)
|
|
|
|
(20
|
)
|
|
|
|
(7
|
)
|
|
|
|
(16
|
)
|
|
|
|
(12
|
)
|
|
|
|
(89
|
)
|
|
|
|
(111
|
)
|
|
|
|
(155
|
)
|
|
|
|
(147
|
)
|
|
|
||||||||||||
Total
|
355
|
|
|
20.1
|
%
|
|
329
|
|
|
18.6
|
%
|
|
302
|
|
|
17.7
|
%
|
|
1,056
|
|
|
16.2
|
%
|
|
244
|
|
|
15.1
|
%
|
|
279
|
|
|
17.1
|
%
|
|
264
|
|
|
16.0
|
%
|
|
269
|
|
|
16.8
|
%
|
|
962
|
|
|
15.0
|
%
|
|
1,093
|
|
|
16.2
|
%
|
|
843
|
|
|
14.2
|
%
|
|
525
|
|
|
10.3
|
%
|
Depreciation and Amortization Expense Attributable to Celanese Corporation
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Advanced Engineered Materials
|
27
|
|
|
|
|
27
|
|
|
|
|
26
|
|
|
|
|
110
|
|
|
|
|
27
|
|
|
|
|
27
|
|
|
|
|
27
|
|
|
|
|
29
|
|
|
|
|
113
|
|
|
|
|
97
|
|
|
|
|
72
|
|
|
|
|
72
|
|
|
|
||||||||||||
Consumer Specialties
|
11
|
|
|
|
|
10
|
|
|
|
|
11
|
|
|
|
|
41
|
|
|
|
|
11
|
|
|
|
|
10
|
|
|
|
|
10
|
|
|
|
|
10
|
|
|
|
|
39
|
|
|
|
|
36
|
|
|
|
|
37
|
|
|
|
|
50
|
|
|
|
||||||||||||
Industrial Specialties
|
12
|
|
|
|
|
12
|
|
|
|
|
12
|
|
|
|
|
49
|
|
|
|
|
12
|
|
|
|
|
13
|
|
|
|
|
12
|
|
|
|
|
12
|
|
|
|
|
53
|
|
|
|
|
45
|
|
|
|
|
41
|
|
|
|
|
46
|
|
|
|
||||||||||||
Acetyl Intermediates
|
21
|
|
|
|
|
19
|
|
|
|
|
21
|
|
|
|
|
86
|
|
|
|
|
21
|
|
|
|
|
22
|
|
|
|
|
22
|
|
|
|
|
21
|
|
|
|
|
80
|
|
|
|
|
96
|
|
|
|
|
97
|
|
|
|
|
111
|
|
|
|
||||||||||||
Other Activities
(3)
|
2
|
|
|
|
|
4
|
|
|
|
|
3
|
|
|
|
|
16
|
|
|
|
|
4
|
|
|
|
|
4
|
|
|
|
|
4
|
|
|
|
|
4
|
|
|
|
|
15
|
|
|
|
|
13
|
|
|
|
|
11
|
|
|
|
|
11
|
|
|
|
||||||||||||
Total
|
73
|
|
|
|
|
72
|
|
|
|
|
73
|
|
|
|
|
302
|
|
|
|
|
75
|
|
|
|
|
76
|
|
|
|
|
75
|
|
|
|
|
76
|
|
|
|
|
300
|
|
|
|
|
287
|
|
|
|
|
258
|
|
|
|
|
290
|
|
|
|
||||||||||||
Operating EBITDA / Operating EBITDA Margin
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Advanced Engineered Materials
|
114
|
|
|
31.1
|
%
|
|
121
|
|
|
31.1
|
%
|
|
110
|
|
|
29.5
|
%
|
|
411
|
|
|
30.4
|
%
|
|
83
|
|
|
25.5
|
%
|
|
108
|
|
|
31.2
|
%
|
|
113
|
|
|
32.1
|
%
|
|
107
|
|
|
32.5
|
%
|
|
414
|
|
|
32.8
|
%
|
|
399
|
|
|
30.7
|
%
|
|
359
|
|
|
32.4
|
%
|
|
184
|
|
|
22.8
|
%
|
Consumer Specialties
|
127
|
|
|
43.6
|
%
|
|
117
|
|
|
40.5
|
%
|
|
138
|
|
|
45.7
|
%
|
|
477
|
|
|
39.3
|
%
|
|
122
|
|
|
41.4
|
%
|
|
118
|
|
|
38.1
|
%
|
|
119
|
|
|
37.9
|
%
|
|
118
|
|
|
40.0
|
%
|
|
414
|
|
|
34.9
|
%
|
|
368
|
|
|
31.7
|
%
|
|
370
|
|
|
33.7
|
%
|
|
347
|
|
|
32.0
|
%
|
Industrial Specialties
|
27
|
|
|
8.6
|
%
|
|
34
|
|
|
10.2
|
%
|
|
32
|
|
|
10.3
|
%
|
|
122
|
|
|
10.6
|
%
|
|
25
|
|
|
9.2
|
%
|
|
38
|
|
|
12.7
|
%
|
|
31
|
|
|
10.5
|
%
|
|
28
|
|
|
9.7
|
%
|
|
141
|
|
|
11.9
|
%
|
|
150
|
|
|
12.3
|
%
|
|
111
|
|
|
10.7
|
%
|
|
109
|
|
|
11.2
|
%
|
Acetyl Intermediates
|
189
|
|
|
20.2
|
%
|
|
165
|
|
|
18.3
|
%
|
|
117
|
|
|
13.9
|
%
|
|
387
|
|
|
11.9
|
%
|
|
105
|
|
|
12.7
|
%
|
|
94
|
|
|
11.8
|
%
|
|
88
|
|
|
10.9
|
%
|
|
100
|
|
|
12.4
|
%
|
|
367
|
|
|
11.4
|
%
|
|
561
|
|
|
15.8
|
%
|
|
405
|
|
|
13.1
|
%
|
|
311
|
|
|
11.9
|
%
|
Other Activities
(3)
|
(29
|
)
|
|
|
|
|
(36
|
)
|
|
|
|
(22
|
)
|
|
|
|
(39
|
)
|
|
|
|
(16
|
)
|
|
|
|
(3
|
)
|
|
|
|
(12
|
)
|
|
|
|
(8
|
)
|
|
|
|
(74
|
)
|
|
|
|
(98
|
)
|
|
|
|
(144
|
)
|
|
|
|
(136
|
)
|
|
|
|||||||||||
Total
|
428
|
|
|
24.2
|
%
|
|
401
|
|
|
22.7
|
%
|
|
375
|
|
|
22.0
|
%
|
|
1,358
|
|
|
20.9
|
%
|
|
319
|
|
|
19.7
|
%
|
|
355
|
|
|
21.7
|
%
|
|
339
|
|
|
20.5
|
%
|
|
345
|
|
|
21.5
|
%
|
|
1,262
|
|
|
19.7
|
%
|
|
1,380
|
|
|
20.4
|
%
|
|
1,101
|
|
|
18.6
|
%
|
|
815
|
|
|
16.0
|
%
|
(1)
|
Defined as Operating profit (loss) attributable to Celanese Corporation, Adjusted EBIT and Operating EBITDA, respectively, divided by Net sales attributable to Celanese Corporation.
|
(2)
|
Excludes amounts attributable to NCI as follows:
|
|
Q3 '14
|
|
Q2 '14
|
|
Q1 '14
|
|
2013
|
|
Q4 '13
|
|
Q3 '13
|
|
Q2 '13
|
|
Q1 '13
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
||||||||||||||||||||||||||||||||||||
|
(In $ millions)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Profit (Loss)
|
(1
|
)
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
Equity Earnings, Cost-Dividend Income, Other Income (Expense)
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
(3)
|
Other Activities includes corporate SG&A expenses,
the results of captive insurance companies and certain components of net periodic benefit cost (interest cost, expected return on plan assets and net actuarial gains and losses).
|
(4)
|
See Certain items presentation (
Table 8
) for details.
|
(5)
|
Excludes accelerated depreciation and amortization expense included in Certain items above. See
Table 1
for details.
|
|
Q3 '14
|
|
Q2 '14
|
|
Q1 '14
|
|
2013
|
|
Q4 '13
|
|
Q3 '13
|
|
Q2 '13
|
|
Q1 '13
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
per share
|
|
|
|
per share
|
|
|
|
per share
|
|
|
|
per share
|
|
|
|
per share
|
|
|
|
per share
|
|
|
|
per share
|
|
|
|
per share
|
|
|
|
per share
|
|
|
|
per share
|
|
|
|
per share
|
|
|
|
per share
|
||||||||||||||||||||||||
|
(In $ millions, except per share data)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (loss) from continuing operations attributable to Celanese Corporation
|
258
|
|
|
1.66
|
|
|
259
|
|
|
1.66
|
|
|
196
|
|
|
1.25
|
|
|
1,101
|
|
|
6.91
|
|
|
656
|
|
|
4.16
|
|
|
171
|
|
|
1.07
|
|
|
133
|
|
|
0.83
|
|
|
141
|
|
|
0.88
|
|
|
376
|
|
|
2.35
|
|
|
426
|
|
|
2.68
|
|
|
361
|
|
|
2.28
|
|
|
399
|
|
|
2.54
|
|
Income tax provision (benefit)
|
90
|
|
|
|
|
94
|
|
|
|
|
78
|
|
|
|
|
508
|
|
|
|
|
299
|
|
|
|
|
57
|
|
|
|
|
75
|
|
|
|
|
77
|
|
|
|
|
(55
|
)
|
|
|
|
41
|
|
|
|
|
72
|
|
|
|
|
(294
|
)
|
|
|
||||||||||||
Income tax (provision) benefit attributable to NCI
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
||||||||||||
Earnings (loss) from continuing operations before tax
|
348
|
|
|
|
|
353
|
|
|
|
|
274
|
|
|
|
|
1,609
|
|
|
|
|
955
|
|
|
|
|
228
|
|
|
|
|
208
|
|
|
|
|
218
|
|
|
|
|
321
|
|
|
|
|
467
|
|
|
|
|
433
|
|
|
|
|
105
|
|
|
|
||||||||||||
Certain items attributable to Celanese Corporation
(1)
|
(35
|
)
|
|
|
|
(62
|
)
|
|
|
|
(11
|
)
|
|
|
|
(725
|
)
|
|
|
|
(753
|
)
|
|
|
|
7
|
|
|
|
|
13
|
|
|
|
|
8
|
|
|
|
|
455
|
|
|
|
|
405
|
|
|
|
|
197
|
|
|
|
|
221
|
|
|
|
||||||||||||
Refinancing and related expenses
|
4
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
1
|
|
|
|
|
—
|
|
|
|
|
1
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
8
|
|
|
|
|
3
|
|
|
|
|
16
|
|
|
|
|
—
|
|
|
|
||||||||||||
Adjusted earnings (loss) from continuing operations before tax
|
317
|
|
|
|
|
291
|
|
|
|
|
263
|
|
|
|
|
885
|
|
|
|
|
202
|
|
|
|
|
236
|
|
|
|
|
221
|
|
|
|
|
226
|
|
|
|
|
784
|
|
|
|
|
875
|
|
|
|
|
646
|
|
|
|
|
326
|
|
|
|
||||||||||||
Income tax (provision) benefit on adjusted earnings
(2)
|
(67
|
)
|
|
|
|
(61
|
)
|
|
|
|
(55
|
)
|
|
|
|
(168
|
)
|
|
|
|
(38
|
)
|
|
|
|
(45
|
)
|
|
|
|
(42
|
)
|
|
|
|
(43
|
)
|
|
|
|
(133
|
)
|
|
|
|
(158
|
)
|
|
|
|
(136
|
)
|
|
|
|
(78
|
)
|
|
|
||||||||||||
Adjusted earnings (loss) from continuing operations
(3)
|
250
|
|
|
1.61
|
|
|
230
|
|
|
1.47
|
|
|
208
|
|
|
1.33
|
|
|
717
|
|
|
4.50
|
|
|
164
|
|
|
1.04
|
|
|
191
|
|
|
1.20
|
|
|
179
|
|
|
1.12
|
|
|
183
|
|
|
1.14
|
|
|
651
|
|
|
4.07
|
|
|
717
|
|
|
4.51
|
|
|
510
|
|
|
3.22
|
|
|
248
|
|
|
1.58
|
|
|
Diluted shares (in millions)
(4)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding
|
154.5
|
|
|
|
|
155.8
|
|
|
|
|
156.5
|
|
|
|
|
158.8
|
|
|
|
|
157.4
|
|
|
|
|
158.5
|
|
|
|
|
159.7
|
|
|
|
|
159.7
|
|
|
|
|
158.4
|
|
|
|
|
156.2
|
|
|
|
|
154.6
|
|
|
|
|
143.7
|
|
|
|
||||||||||||
Dilutive stock options
|
0.1
|
|
|
|
|
0.2
|
|
|
|
|
0.2
|
|
|
|
|
0.2
|
|
|
|
|
0.2
|
|
|
|
|
0.2
|
|
|
|
|
0.2
|
|
|
|
|
0.2
|
|
|
|
|
0.8
|
|
|
|
|
1.9
|
|
|
|
|
1.8
|
|
|
|
|
1.1
|
|
|
|
||||||||||||
Dilutive restricted stock units
|
0.6
|
|
|
|
|
0.1
|
|
|
|
|
0.1
|
|
|
|
|
0.3
|
|
|
|
|
0.1
|
|
|
|
|
0.4
|
|
|
|
|
0.2
|
|
|
|
|
0.3
|
|
|
|
|
0.6
|
|
|
|
|
0.8
|
|
|
|
|
0.4
|
|
|
|
|
0.2
|
|
|
|
||||||||||||
Assumed conversion of preferred stock
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
1.6
|
|
|
|
|
12.1
|
|
|
|
||||||||||||
Total diluted shares
|
155.2
|
|
|
|
|
156.1
|
|
|
|
|
156.8
|
|
|
|
|
159.3
|
|
|
|
|
157.7
|
|
|
|
|
159.1
|
|
|
|
|
160.1
|
|
|
|
|
160.2
|
|
|
|
|
159.8
|
|
|
|
|
158.9
|
|
|
|
|
158.4
|
|
|
|
|
157.1
|
|
|
|
(1)
|
See Certain items presentation (
Table 8
) for details.
|
(2)
|
Calculated using adjusted effective tax rates as follows:
|
|
Q3 '14
|
|
Q2 '14
|
|
Q1 '14
|
|
2013
|
|
Q4 '13
|
|
Q3 '13
|
|
Q2 '13
|
|
Q1 '13
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
||||||||||||||||||||||||||
|
(In percentages)
|
||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted effective tax rate
|
21
|
|
|
|
21
|
|
|
|
|
21
|
|
|
|
|
19
|
|
|
|
19
|
|
|
|
19
|
|
|
|
19
|
|
|
|
19
|
|
|
|
17
|
|
|
|
18
|
|
|
|
21
|
|
|
|
24
|
|
|
(3)
|
Excludes the immediate recognition of actuarial gains and losses and the impact of actual vs. expected plan asset returns.
|
|
|
Actual Plan Asset Returns
|
|
Expected Plan Asset Returns
|
||
Q4 '13 & 2013
|
|
7.9
|
%
|
|
8.0
|
%
|
2012
|
|
13.1
|
%
|
|
8.1
|
%
|
2011
|
|
7.6
|
%
|
|
8.1
|
%
|
2010
|
|
15.1
|
%
|
|
8.1
|
%
|
2009
|
|
17.9
|
%
|
|
7.9
|
%
|
(4)
|
Potentially dilutive shares are included in the adjusted earnings per share calculation when adjusted earnings are positive.
|
|
Q3 '14
|
|
Q2 '14
|
|
Q1 '14
|
|
2013
|
|
Q4 '13
|
|
Q3 '13
|
|
Q2 '13
|
|
Q1 '13
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
||||||||||||
|
(In $ millions)
|
||||||||||||||||||||||||||||||||||
Advanced Engineered Materials
|
366
|
|
|
389
|
|
|
373
|
|
|
1,352
|
|
|
325
|
|
|
346
|
|
|
352
|
|
|
329
|
|
|
1,261
|
|
|
1,298
|
|
|
1,109
|
|
|
808
|
|
Consumer Specialties
|
291
|
|
|
289
|
|
|
302
|
|
|
1,214
|
|
|
295
|
|
|
310
|
|
|
314
|
|
|
295
|
|
|
1,186
|
|
|
1,161
|
|
|
1,098
|
|
|
1,084
|
|
Industrial Specialties
|
314
|
|
|
333
|
|
|
312
|
|
|
1,155
|
|
|
273
|
|
|
299
|
|
|
295
|
|
|
288
|
|
|
1,184
|
|
|
1,223
|
|
|
1,036
|
|
|
974
|
|
Acetyl Intermediates
|
937
|
|
|
901
|
|
|
841
|
|
|
3,241
|
|
|
829
|
|
|
795
|
|
|
809
|
|
|
808
|
|
|
3,231
|
|
|
3,551
|
|
|
3,082
|
|
|
2,603
|
|
Other Activities
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
2
|
|
|
2
|
|
Intersegment elimination
(2)
|
(139
|
)
|
|
(143
|
)
|
|
(123
|
)
|
|
(452
|
)
|
|
(106
|
)
|
|
(114
|
)
|
|
(117
|
)
|
|
(115
|
)
|
|
(444
|
)
|
|
(471
|
)
|
|
(409
|
)
|
|
(389
|
)
|
Net sales
|
1,769
|
|
|
1,769
|
|
|
1,705
|
|
|
6,510
|
|
|
1,616
|
|
|
1,636
|
|
|
1,653
|
|
|
1,605
|
|
|
6,418
|
|
|
6,763
|
|
|
5,918
|
|
|
5,082
|
|
Acetyl Intermediates Net sales attributable to NCI
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net sales attributable to Celanese Corporation
|
1,769
|
|
|
1,769
|
|
|
1,705
|
|
|
6,510
|
|
|
1,616
|
|
|
1,636
|
|
|
1,653
|
|
|
1,605
|
|
|
6,418
|
|
|
6,763
|
|
|
5,918
|
|
|
5,082
|
|
(1)
|
Other Activities includes corporate SG&A expenses,
the results of captive insurance companies and certain components of net periodic benefit cost (interest cost, expected return on plan assets and net actuarial gains and losses).
|
(2)
|
Includes intersegment sales as follows:
|
|
Q3 '14
|
|
Q2 '14
|
|
Q1 '14
|
|
2013
|
|
Q4 '13
|
|
Q3 '13
|
|
Q2 '13
|
|
Q1 '13
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
||||||||||||
|
(In $ millions)
|
||||||||||||||||||||||||||||||||||
Consumer Specialties
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(3
|
)
|
|
(4
|
)
|
|
(3
|
)
|
|
(9
|
)
|
|
(6
|
)
|
Acetyl Intermediates
|
(137
|
)
|
|
(143
|
)
|
|
(123
|
)
|
|
(448
|
)
|
|
(106
|
)
|
|
(114
|
)
|
|
(116
|
)
|
|
(112
|
)
|
|
(440
|
)
|
|
(468
|
)
|
|
(400
|
)
|
|
(383
|
)
|
Intersegment elimination
|
(139
|
)
|
|
(143
|
)
|
|
(123
|
)
|
|
(452
|
)
|
|
(106
|
)
|
|
(114
|
)
|
|
(117
|
)
|
|
(115
|
)
|
|
(444
|
)
|
|
(471
|
)
|
|
(409
|
)
|
|
(389
|
)
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
||||
|
(In percentages)
|
||||||||||||
Advanced Engineered Materials
|
(4
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
(6
|
)
|
Consumer Specialties
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
1
|
|
Industrial Specialties
|
(5
|
)
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
(5
|
)
|
Acetyl Intermediates
|
2
|
|
|
3
|
|
|
(1
|
)
|
|
—
|
|
4
|
|
Total Company
|
(1
|
)
|
|
2
|
|
|
(1
|
)
|
|
—
|
|
—
|
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
||||
|
(In percentages)
|
||||||||||||
Advanced Engineered Materials
|
4
|
|
|
—
|
|
|
—
|
|
—
|
|
|
4
|
|
Consumer Specialties
|
(3
|
)
|
|
(1
|
)
|
|
—
|
|
—
|
|
|
(4
|
)
|
Industrial Specialties
|
2
|
|
|
4
|
|
|
—
|
|
—
|
|
|
6
|
|
Acetyl Intermediates
|
1
|
|
|
6
|
|
|
—
|
|
—
|
|
|
7
|
|
Total Company
|
1
|
|
|
4
|
|
|
—
|
|
(1
|
)
|
|
4
|
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
|
|
(In percentages)
|
|||||||||
Advanced Engineered Materials
|
12
|
|
|
3
|
|
—
|
|
—
|
|
15
|
Consumer Specialties
|
—
|
|
|
2
|
|
—
|
|
—
|
|
2
|
Industrial Specialties
|
13
|
|
|
1
|
|
—
|
|
—
|
|
14
|
Acetyl Intermediates
|
(3
|
)
|
|
5
|
|
—
|
|
—
|
|
2
|
Total Company
|
3
|
|
|
3
|
|
—
|
|
—
|
|
6
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
|||
|
(In percentages)
|
|||||||||||
Advanced Engineered Materials
|
(4
|
)
|
|
(3
|
)
|
|
1
|
|
—
|
|
(6
|
)
|
Consumer Specialties
|
(5
|
)
|
|
—
|
|
|
—
|
|
—
|
|
(5
|
)
|
Industrial Specialties
|
(10
|
)
|
|
—
|
|
|
1
|
|
—
|
|
(9
|
)
|
Acetyl Intermediates
|
2
|
|
|
1
|
|
|
1
|
|
—
|
|
4
|
|
Total Company
|
(3
|
)
|
|
—
|
|
|
1
|
|
—
|
|
(2
|
)
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
||||
|
(In percentages)
|
||||||||||||
Advanced Engineered Materials
|
8
|
|
|
(2
|
)
|
|
—
|
|
—
|
|
|
6
|
|
Consumer Specialties
|
(8
|
)
|
|
2
|
|
|
—
|
|
—
|
|
|
(6
|
)
|
Industrial Specialties
|
(2
|
)
|
|
7
|
|
|
—
|
|
—
|
|
|
5
|
|
Acetyl Intermediates
|
1
|
|
|
17
|
|
|
—
|
|
—
|
|
|
18
|
|
Total Company
|
—
|
|
|
10
|
|
|
—
|
|
(2
|
)
|
|
8
|
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
||||
|
(In percentages)
|
||||||||||||
Advanced Engineered Materials
|
10
|
|
|
(1
|
)
|
|
2
|
|
—
|
|
|
11
|
|
Consumer Specialties
|
(9
|
)
|
|
1
|
|
|
—
|
|
—
|
|
|
(8
|
)
|
Industrial Specialties
|
8
|
|
|
3
|
|
|
2
|
|
—
|
|
|
13
|
|
Acetyl Intermediates
|
(2
|
)
|
|
12
|
|
|
1
|
|
—
|
|
|
11
|
|
Total Company
|
1
|
|
|
6
|
|
|
2
|
|
(2
|
)
|
|
7
|
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
||
|
(In percentages)
|
||||||||||
Advanced Engineered Materials
|
14
|
|
|
(2
|
)
|
|
1
|
|
—
|
|
13
|
Consumer Specialties
|
(1
|
)
|
|
3
|
|
|
—
|
|
—
|
|
2
|
Industrial Specialties
|
6
|
|
|
—
|
|
|
2
|
|
—
|
|
8
|
Acetyl Intermediates
|
(3
|
)
|
|
5
|
|
|
2
|
|
—
|
|
4
|
Total Company
|
3
|
|
|
2
|
|
|
1
|
|
—
|
|
6
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
||
|
(In percentages)
|
||||||||||
Advanced Engineered Materials
|
9
|
|
|
(2
|
)
|
|
2
|
|
—
|
|
9
|
Consumer Specialties
|
(1
|
)
|
|
6
|
|
|
—
|
|
—
|
|
5
|
Industrial Specialties
|
8
|
|
|
(2
|
)
|
|
3
|
|
—
|
|
9
|
Acetyl Intermediates
|
6
|
|
|
(1
|
)
|
|
2
|
|
—
|
|
7
|
Total Company
|
6
|
|
|
—
|
|
|
2
|
|
—
|
|
8
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
|||
|
(In percentages)
|
|||||||||||
Advanced Engineered Materials
|
(2
|
)
|
|
—
|
|
|
—
|
|
—
|
|
(2
|
)
|
Consumer Specialties
|
(1
|
)
|
|
—
|
|
|
—
|
|
—
|
|
(1
|
)
|
Industrial Specialties
|
3
|
|
|
(3
|
)
|
|
1
|
|
—
|
|
1
|
|
Acetyl Intermediates
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
—
|
|
(2
|
)
|
Total Company
|
—
|
|
|
(1
|
)
|
|
—
|
|
—
|
|
(1
|
)
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
|
|
(In percentages)
|
|||||||||
Advanced Engineered Materials
|
8
|
|
(1
|
)
|
|
—
|
|
—
|
|
7
|
Consumer Specialties
|
6
|
|
1
|
|
|
—
|
|
—
|
|
7
|
Industrial Specialties
|
2
|
|
1
|
|
|
—
|
|
—
|
|
3
|
Acetyl Intermediates
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
Total Company
|
3
|
|
—
|
|
|
—
|
|
—
|
|
3
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
||
|
(In percentages)
|
||||||||||
Advanced Engineered Materials
|
6
|
|
3
|
|
|
1
|
|
—
|
|
|
10
|
Consumer Specialties
|
—
|
|
5
|
|
|
—
|
|
—
|
|
|
5
|
Industrial Specialties
|
14
|
|
—
|
|
|
1
|
|
—
|
|
|
15
|
Acetyl Intermediates
|
5
|
|
(1
|
)
|
|
1
|
|
—
|
|
|
5
|
Total Company
|
6
|
|
1
|
|
|
1
|
|
(1
|
)
|
|
7
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
|||
|
(In percentages)
|
|||||||||||
Advanced Engineered Materials
|
6
|
|
|
(1
|
)
|
|
2
|
|
—
|
|
7
|
|
Consumer Specialties
|
(7
|
)
|
|
6
|
|
|
—
|
|
—
|
|
(1
|
)
|
Industrial Specialties
|
1
|
|
|
(3
|
)
|
|
3
|
|
—
|
|
1
|
|
Acetyl Intermediates
|
(1
|
)
|
|
—
|
|
|
2
|
|
—
|
|
1
|
|
Total Company
|
—
|
|
|
—
|
|
|
2
|
|
—
|
|
2
|
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
|||
|
(In percentages)
|
|||||||||||
Advanced Engineered Materials
|
7
|
|
|
1
|
|
|
1
|
|
—
|
|
9
|
|
Consumer Specialties
|
(10
|
)
|
|
6
|
|
|
—
|
|
—
|
|
(4
|
)
|
Industrial Specialties
|
(7
|
)
|
|
(4
|
)
|
|
1
|
|
—
|
|
(10
|
)
|
Acetyl Intermediates
|
2
|
|
|
(4
|
)
|
|
1
|
|
—
|
|
(1
|
)
|
Total Company
|
(1
|
)
|
|
(1
|
)
|
|
1
|
|
—
|
|
(1
|
)
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
|||
|
(In percentages)
|
|||||||||||
Advanced Engineered Materials
|
—
|
|
|
4
|
|
|
—
|
|
—
|
|
4
|
|
Consumer Specialties
|
5
|
|
|
7
|
|
|
—
|
|
—
|
|
12
|
|
Industrial Specialties
|
(3
|
)
|
|
(4
|
)
|
|
—
|
|
—
|
|
(7
|
)
|
Acetyl Intermediates
|
(4
|
)
|
|
(1
|
)
|
|
—
|
|
—
|
|
(5
|
)
|
Total Company
|
(2
|
)
|
|
—
|
|
|
—
|
|
—
|
|
(2
|
)
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
|||
|
(In percentages)
|
|||||||||||
Advanced Engineered Materials
|
5
|
|
|
1
|
|
|
1
|
|
—
|
|
7
|
|
Consumer Specialties
|
(4
|
)
|
|
6
|
|
|
—
|
|
—
|
|
2
|
|
Industrial Specialties
|
(1
|
)
|
|
(3
|
)
|
|
2
|
|
—
|
|
(2
|
)
|
Acetyl Intermediates
|
1
|
|
|
(2
|
)
|
|
1
|
|
—
|
|
—
|
|
Total Company
|
—
|
|
|
—
|
|
|
1
|
|
—
|
|
1
|
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
||||
|
(In percentages)
|
||||||||||||
Advanced Engineered Materials
|
(2
|
)
|
|
2
|
|
|
(3
|
)
|
|
—
|
|
(3
|
)
|
Consumer Specialties
|
(4
|
)
|
|
6
|
|
|
—
|
|
|
—
|
|
2
|
|
Industrial Specialties
|
3
|
|
|
(3
|
)
|
|
(3
|
)
|
|
—
|
|
(3
|
)
|
Acetyl Intermediates
|
—
|
|
|
(7
|
)
|
|
(2
|
)
|
|
—
|
|
(9
|
)
|
Total Company
|
—
|
|
|
(3
|
)
|
|
(2
|
)
|
|
—
|
|
(5
|
)
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
|
|
(In percentages)
|
|||||||||
Advanced Engineered Materials
|
2
|
|
|
8
|
|
3
|
|
4
|
(1)
|
17
|
Consumer Specialties
|
1
|
|
|
5
|
|
—
|
|
—
|
|
6
|
Industrial Specialties
|
2
|
|
|
13
|
|
3
|
|
—
|
|
18
|
Acetyl Intermediates
|
(4
|
)
|
|
16
|
|
3
|
|
—
|
|
15
|
Total Company
|
(1
|
)
|
|
13
|
|
3
|
|
—
|
|
15
|
(1)
|
Includes the effects of the two product lines acquired in May 2010 from DuPont Performance Polymers
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
||
|
(In percentages)
|
||||||||||
Advanced Engineered Materials
|
35
|
|
1
|
|
(3
|
)
|
|
4
|
|
(1)
|
37
|
Consumer Specialties
|
2
|
|
—
|
|
(1
|
)
|
|
—
|
|
|
1
|
Industrial Specialties
|
11
|
|
6
|
|
(3
|
)
|
|
(8
|
)
|
(2)
|
6
|
Acetyl Intermediates
|
10
|
|
10
|
|
(2
|
)
|
|
—
|
|
|
18
|
Total Company
|
13
|
|
7
|
|
(2
|
)
|
|
(2
|
)
|
(3)
|
16
|
(1)
|
2010 includes the effects of the FACT GmbH (Future Advanced Composites Technology) and DuPont acquisitions.
|
(2)
|
2010 does not include the effects of the PVOH business, which was sold on July 1, 2009.
|
(3)
|
Includes the effects of the captive insurance companies and the impact of fluctuations in intersegment eliminations.
|
|
Q3 '14
|
|
Q2 '14
|
|
Q1 '14
|
|
2013
|
|
Q4 '13
|
|
Q3 '13
|
|
Q2 '13
|
|
Q1 '13
|
|
2012
|
|
2011
|
|
2010
|
|||||||||||
|
(In $ millions, except percentages)
|
|||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities
|
379
|
|
|
253
|
|
|
164
|
|
|
762
|
|
|
154
|
|
|
232
|
|
|
229
|
|
|
147
|
|
|
722
|
|
|
638
|
|
|
452
|
|
Net cash (provided by) used in operating activities attributable to NCI
|
2
|
|
|
—
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Adjustments to operating cash for discontinued operations
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
4
|
|
|
(1
|
)
|
|
—
|
|
|
6
|
|
|
(1
|
)
|
|
(2
|
)
|
|
9
|
|
|
58
|
|
Net cash provided by (used in) operating activities from continuing operations attributable to Celanese Corporation
|
375
|
|
|
253
|
|
|
177
|
|
|
766
|
|
|
153
|
|
|
232
|
|
|
235
|
|
|
146
|
|
|
720
|
|
|
647
|
|
|
510
|
|
Capital expenditures on property, plant and equipment
|
(191
|
)
|
|
(125
|
)
|
|
(148
|
)
|
|
(370
|
)
|
|
(111
|
)
|
|
(110
|
)
|
|
(75
|
)
|
|
(74
|
)
|
|
(361
|
)
|
|
(349
|
)
|
|
(201
|
)
|
Capital contributions from Mitsui & Co., Ltd. to Fairway Methanol LLC
|
46
|
|
|
39
|
|
|
109
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Cash flow adjustments
(1)
|
(3
|
)
|
|
(6
|
)
|
|
(3
|
)
|
|
(24
|
)
|
|
(5
|
)
|
|
(5
|
)
|
|
(6
|
)
|
|
(8
|
)
|
|
(20
|
)
|
|
28
|
|
|
(15
|
)
|
Adjusted free cash flow
|
227
|
|
|
161
|
|
|
135
|
|
|
372
|
|
|
37
|
|
|
117
|
|
|
154
|
|
|
64
|
|
|
339
|
|
|
326
|
|
|
294
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net sales attributable to Celanese Corporation
|
1,769
|
|
|
1,769
|
|
|
1,705
|
|
|
6,510
|
|
|
1,616
|
|
|
1,636
|
|
|
1,653
|
|
|
1,605
|
|
|
6,418
|
|
|
6,763
|
|
|
5,918
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Adjusted free cash flow as % of Net sales
|
12.8
|
%
|
|
9.1
|
%
|
|
7.9
|
%
|
|
5.7
|
%
|
|
2.3
|
%
|
|
7.2
|
%
|
|
9.3
|
%
|
|
4.0
|
%
|
|
5.3
|
%
|
|
4.8
|
%
|
|
5.0
|
%
|
(1)
|
Primarily associated with purchases of other productive assets that are classified as 'investing activities' for GAAP purposes. Amounts for 2010-2012 also include Kelsterbach plant relocation related cash expenses.
|
|
Q3 '14
|
|
Q2 '14
|
|
Q1 '14
|
|
2013
|
|
Q4 '13
|
|
Q3 '13
|
|
Q2 '13
|
|
Q1 '13
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
||||||||||||
|
(In $ millions)
|
||||||||||||||||||||||||||||||||||
Dividends from equity method investments
|
29
|
|
|
48
|
|
|
65
|
|
|
141
|
|
|
38
|
|
|
11
|
|
|
45
|
|
|
47
|
|
|
262
|
|
|
205
|
|
|
138
|
|
|
78
|
|
Dividends from cost method investments
|
29
|
|
|
29
|
|
|
29
|
|
|
93
|
|
|
24
|
|
|
22
|
|
|
23
|
|
|
24
|
|
|
85
|
|
|
80
|
|
|
73
|
|
|
57
|
|
Total
|
58
|
|
|
77
|
|
|
94
|
|
|
234
|
|
|
62
|
|
|
33
|
|
|
68
|
|
|
71
|
|
|
347
|
|
|
285
|
|
|
211
|
|
|
135
|
|
|
Q3 '14
|
|
Q2 '14
|
|
Q1 '14
|
|
2013
|
|
Q4 '13
|
|
Q3 '13
|
|
Q2 '13
|
|
Q1 '13
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
||||||||||||
|
(In $ millions, except ratios)
|
||||||||||||||||||||||||||||||||||
Short-term borrowings and current installments of long-term debt - third party and affiliates
|
765
|
|
|
158
|
|
|
157
|
|
|
177
|
|
|
177
|
|
|
224
|
|
|
224
|
|
|
112
|
|
|
168
|
|
|
144
|
|
|
228
|
|
|
242
|
|
Long-term debt
|
2,639
|
|
|
2,880
|
|
|
2,881
|
|
|
2,887
|
|
|
2,887
|
|
|
2,870
|
|
|
2,860
|
|
|
2,959
|
|
|
2,930
|
|
|
2,873
|
|
|
2,990
|
|
|
3,259
|
|
Total debt
|
3,404
|
|
|
3,038
|
|
|
3,038
|
|
|
3,064
|
|
|
3,064
|
|
|
3,094
|
|
|
3,084
|
|
|
3,071
|
|
|
3,098
|
|
|
3,017
|
|
|
3,218
|
|
|
3,501
|
|
Total debt attributable to NCI
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Cash and cash equivalents
|
1,510
|
|
|
1,064
|
|
|
998
|
|
|
984
|
|
|
984
|
|
|
1,100
|
|
|
1,107
|
|
|
978
|
|
|
959
|
|
|
682
|
|
|
740
|
|
|
1,254
|
|
Cash and cash equivalents attributable to NCI
|
(3
|
)
|
|
(22
|
)
|
|
(17
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net debt
|
1,897
|
|
|
1,996
|
|
|
2,057
|
|
|
2,080
|
|
|
2,080
|
|
|
1,994
|
|
|
1,977
|
|
|
2,093
|
|
|
2,139
|
|
|
2,335
|
|
|
2,478
|
|
|
2,247
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating EBITDA
|
|
|
|
|
|
|
1,358
|
|
|
|
|
|
|
|
|
|
|
1,262
|
|
|
1,380
|
|
|
1,101
|
|
|
815
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net debt / Operating EBITDA
|
|
|
|
|
|
|
1.5
|
|
|
|
|
|
|
|
|
|
|
1.7
|
|
|
1.7
|
|
|
2.3
|
|
|
2.8
|
|
|
Q3 '14
|
|
Q2 '14
|
|
Q1 '14
|
|
2013
|
|
Q4 '13
|
|
Q3 '13
|
|
Q2 '13
|
|
Q1 '13
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
Income Statement Classification
|
||||||||||||
|
(In $ millions)
|
|
|
||||||||||||||||||||||||||||||||||
Employee termination benefits
|
3
|
|
|
1
|
|
|
2
|
|
|
23
|
|
|
20
|
|
|
—
|
|
|
1
|
|
|
2
|
|
|
6
|
|
|
22
|
|
|
32
|
|
|
105
|
|
|
Other charges (gains), net
|
Plant/office closures
|
1
|
|
|
2
|
|
|
3
|
|
|
43
|
|
|
40
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
21
|
|
|
18
|
|
|
21
|
|
|
42
|
|
|
Other charges (gains), net / Cost of sales / SG&A
|
Business optimization
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
8
|
|
|
16
|
|
|
7
|
|
|
Cost of sales / SG&A
|
Asset impairments
|
—
|
|
|
—
|
|
|
—
|
|
|
83
|
|
|
81
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
1
|
|
|
74
|
|
|
14
|
|
|
Other charges (gains), net / Other income (expense), net
|
(Gain) loss on disposition of business and assets, net
|
—
|
|
|
3
|
|
|
—
|
|
|
2
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
(1
|
)
|
|
(10
|
)
|
|
(34
|
)
|
|
(Gain) loss on disposition, net
|
Commercial disputes
|
(21
|
)
|
|
—
|
|
|
—
|
|
|
12
|
|
|
7
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
(2
|
)
|
|
(7
|
)
|
|
9
|
|
|
—
|
|
|
Other charges (gains), net / Cost of sales / SG&A
|
Kelsterbach plant relocation
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(727
|
)
|
|
(733
|
)
|
|
2
|
|
|
2
|
|
|
2
|
|
|
21
|
|
|
55
|
|
|
13
|
|
|
16
|
|
|
Other charges (gains), net / Cost of sales / (Gain) loss on disposition
|
InfraServ Hoechst restructuring
|
—
|
|
|
(48
|
)
|
|
—
|
|
|
8
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Equity in net (earnings) loss of affiliates
|
Plumbing actions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
(6
|
)
|
|
(59
|
)
|
|
(10
|
)
|
|
Other charges (gains), net
|
Insurance recoveries
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18
|
)
|
|
(6
|
)
|
|
Other charges (gains), net
|
Write-off of other productive assets
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
18
|
|
|
—
|
|
|
Cost of sales
|
Acetate production interruption costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
Cost of sales
|
(Gain) loss on pension plan and medical plan changes
|
(20
|
)
|
|
(21
|
)
|
|
(16
|
)
|
|
(71
|
)
|
|
(71
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Cost of sales / SG&A / R&D
|
Actuarial (gain) loss on pension and postretirement plans
|
—
|
|
|
—
|
|
|
—
|
|
|
(106
|
)
|
|
(106
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
389
|
|
|
306
|
|
|
84
|
|
|
104
|
|
|
Cost of sales / SG&A / R&D
|
Other
|
(1
|
)
|
|
(3
|
)
|
|
—
|
|
|
8
|
|
|
—
|
|
|
1
|
|
|
4
|
|
|
3
|
|
|
19
|
|
|
10
|
|
|
8
|
|
|
(17
|
)
|
|
Various
|
Total
|
(35
|
)
|
|
(62
|
)
|
|
(11
|
)
|
|
(725
|
)
|
|
(753
|
)
|
|
7
|
|
|
13
|
|
|
8
|
|
|
455
|
|
|
405
|
|
|
197
|
|
|
221
|
|
|
|
Certain items attributable to NCI
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Certain items attributable to Celanese Corporation
|
(35
|
)
|
|
(62
|
)
|
|
(11
|
)
|
|
(725
|
)
|
|
(753
|
)
|
|
7
|
|
|
13
|
|
|
8
|
|
|
455
|
|
|
405
|
|
|
197
|
|
|
221
|
|
|
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|||||||||||||||
|
(In $ millions, except percentages)
|
|||||||||||||||||||||||
Adjusted EBIT
(1)
|
|
1,056
|
|
|
|
962
|
|
|
|
1,093
|
|
|
|
843
|
|
|
|
525
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Property, plant and equipment, net
|
|
3,425
|
|
|
|
3,350
|
|
|
|
3,269
|
|
|
|
3,017
|
|
|
|
2,797
|
|
|||||
Property, plant and equipment, net related to Fairway Methanol LLC
(2)
|
|
(53
|
)
|
|
|
(6
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|||||
Trade receivables, net
|
867
|
|
|
|
827
|
|
|
|
871
|
|
|
|
827
|
|
|
|
721
|
|
|
|||||
Inventories
|
804
|
|
|
|
711
|
|
|
|
712
|
|
|
|
610
|
|
|
|
522
|
|
|
|||||
Trade payables - third party and affiliates
|
(799
|
)
|
|
|
(649
|
)
|
|
|
(673
|
)
|
|
|
(673
|
)
|
|
|
(649
|
)
|
|
|||||
Trade working capital
|
|
872
|
|
|
|
889
|
|
|
|
910
|
|
|
|
764
|
|
|
|
594
|
|
|||||
Trade working capital attributable to NCI
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|||||
Capital employed
|
|
4,244
|
|
|
|
4,233
|
|
|
|
4,179
|
|
|
|
3,781
|
|
|
|
3,391
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on capital employed
|
|
24.9
|
%
|
|
|
22.7
|
%
|
|
|
26.2
|
%
|
|
|
22.3
|
%
|
|
|
15.5
|
%
|
(1)
|
See consolidated Adjusted EBIT reconciliation (
Table 1
) for details.
|
(2)
|
Represents 50% of property, plant and equipment, net related to the methanol unit being constructed in Clear Lake, Texas.
|