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Delaware
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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
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|
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|
Description
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99.1
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Press Release dated October 18, 2013*
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99.2
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Slide Presentation dated October 18, 2013*
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99.3
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Prepared Remarks from M. Rohr and S. Sterin dated October 18, 2013*
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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:
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James R. Peacock III
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Title:
|
Vice President, Deputy General Counsel and Assistant Corporate Secretary
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Date:
|
October 18, 2013
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|
Exhibit
Number
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|
|
|
Description
|
|
|
|
|
99.1
|
|
Press Release dated October 18, 2013*
|
|
|
|
99.2
|
|
Slide Presentation dated October 18, 2013*
|
|
|
|
99.3
|
|
Prepared Remarks from M. Rohr and S. Sterin dated October 18, 2013*
|
|
Celanese Corporation
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|
222 West Las Colinas Blvd.
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|
Suite 900N
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|
Irving, Texas 75039
|
•
|
Adjusted earnings per share of
$1.20
, up
$0.08
from the prior quarter
|
•
|
Adjusted EBIT margin of
17.1 percent
, up
110
basis points from the prior quarter
|
•
|
Deployed
$96 million
of cash, repurchasing approximately
2 million
shares at an average price of
$48.74
|
•
|
Cash on hand consistent with prior quarter at
$1.1 billion
|
•
|
GAAP earnings per share of
$1.07
, up
$0.24
from the prior quarter
|
|
Three Months Ended
|
||||||
|
September 30,
2013 |
|
June 30,
2013 |
||||
|
(unaudited)
|
||||||
|
(In $ millions, except per share data)
|
||||||
Net sales
|
1,636
|
|
|
1,653
|
|
||
Operating profit (loss)
|
211
|
|
|
169
|
|
||
Net earnings (loss)
|
172
|
|
|
133
|
|
||
Adjusted EBIT / Total segment income
(1)
|
279
|
|
|
264
|
|
||
Operating EBITDA
(1)
|
355
|
|
|
339
|
|
||
Diluted EPS - continuing operations
|
$
|
1.07
|
|
|
$
|
0.83
|
|
Diluted EPS - total
|
$
|
1.08
|
|
|
$
|
0.83
|
|
Adjusted EPS
(2)
|
$
|
1.20
|
|
|
$
|
1.12
|
|
(1)
|
Non-U.S. GAAP measure. See
Table 1
for reconciliation.
|
(2)
|
Non-U.S. GAAP measure. See
Table 3
for reconciliation.
|
•
|
Announced a 100 percent increase in the company's quarterly common stock dividend. Effective July 25, 2013, the dividend rate increased from $0.09 to $0.18 per share of common stock on a quarterly basis and from $0.36 to $0.72 per share of common stock on an annual basis.
|
•
|
Signed a Memorandum of Understanding (MoU) with PetroChina Limited to advance the development of synthetic fuel ethanol opportunities in China utilizing Celanese's proprietary TCX
®
ethanol process technology.
|
•
|
Introduced six significant new product platforms from the company's engineered materials business at K-Fair 2013, the premier global trade fair for the plastics industry, including:
|
◦
|
Next generation GUR
®
UHMW-PE with step change in material performance and processing efficiencies
|
◦
|
Hostaform
®
XGC Glass Reinforced POM with superior mechanical properties
|
◦
|
Fortron
®
ICE PPS with improved productivity and properties
|
◦
|
Hostaform
®
PTX POM series for flexible applications
|
◦
|
Hostaform
®
LPT POM for molded fuel tanks
|
◦
|
Hostaform
®
POM S series expanded to include new XT grades with improved toughness
|
Contacts:
|
|
|
|
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Investor Relations
|
|
Media - U.S.
|
|
Media - Europe
|
Jon Puckett
|
|
Travis Jacobsen
|
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Jens Kurth
|
Phone: +1 972 443 4965
|
|
Phone: +1 972 443 3750
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|
Phone: +49(0)69 45009 1574
|
Jon.Puckett@celanese.com
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William.Jacobsen@celanese.com
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|
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 (formally other charges and other adjustments). We believe that adjusted EBIT provides transparent and useful information to management, investors and analysts 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 limitations because of the excluded items. Adjusted EBIT is one of the measures management uses for planning and budgeting, monitoring and evaluating financial and operating results and as a performance metric in the Company's incentive compensation plan. We may provide guidance on adjusted EBIT but are unable to reconcile forecasted adjusted EBIT to a GAAP financial measure without unreasonable effort because a forecast of certain items is not practical. 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. 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 noncontrolling interests, 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 and analysts 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. We believe that adjusted free cash flow provides useful information to management, investors and analysts 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. We believe that net debt provides useful information to management, investors and analysts in evaluating changes to the Company's capital structure and credit quality assessment.
|
|
Three Months Ended
|
|||||||
|
September 30,
2013 |
|
June 30,
2013 |
|
September 30,
2012 |
|||
|
|
|
|
|
As Adjusted
|
|||
|
(In $ millions, except share and per share data)
|
|||||||
Net sales
|
1,636
|
|
|
1,653
|
|
|
1,609
|
|
Cost of sales
|
(1,290
|
)
|
|
(1,334
|
)
|
|
(1,281
|
)
|
Gross profit
|
346
|
|
|
319
|
|
|
328
|
|
Selling, general and administrative expenses
|
(97
|
)
|
|
(113
|
)
|
|
(113
|
)
|
Amortization of intangible assets
|
(6
|
)
|
|
(9
|
)
|
|
(12
|
)
|
Research and development expenses
|
(24
|
)
|
|
(23
|
)
|
|
(23
|
)
|
Other (charges) gains, net
|
(4
|
)
|
|
(3
|
)
|
|
2
|
|
Foreign exchange gain (loss), net
|
(2
|
)
|
|
(2
|
)
|
|
(4
|
)
|
Gain (loss) on disposition of businesses and asset, net
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
Operating profit (loss)
|
211
|
|
|
169
|
|
|
176
|
|
Equity in net earnings (loss) of affiliates
|
41
|
|
|
55
|
|
|
50
|
|
Interest expense
|
(43
|
)
|
|
(44
|
)
|
|
(44
|
)
|
Refinancing expense
|
(1
|
)
|
|
—
|
|
|
—
|
|
Interest income
|
—
|
|
|
1
|
|
|
—
|
|
Dividend income - cost investments
|
22
|
|
|
23
|
|
|
1
|
|
Other income (expense), net
|
(2
|
)
|
|
4
|
|
|
3
|
|
Earnings (loss) from continuing operations before tax
|
228
|
|
|
208
|
|
|
186
|
|
Income tax (provision) benefit
|
(57
|
)
|
|
(75
|
)
|
|
(57
|
)
|
Earnings (loss) from continuing operations
|
171
|
|
|
133
|
|
|
129
|
|
Earnings (loss) from operation of discontinued operations
|
1
|
|
|
—
|
|
|
(3
|
)
|
Gain (loss) on disposition of discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Income tax (provision) benefit from discontinued operations
|
—
|
|
|
—
|
|
|
1
|
|
Earnings (loss) from discontinued operations
|
1
|
|
|
—
|
|
|
(2
|
)
|
Net earnings (loss)
|
172
|
|
|
133
|
|
|
127
|
|
Net (earnings) loss attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss) attributable to Celanese Corporation
|
172
|
|
|
133
|
|
|
127
|
|
Amounts attributable to Celanese Corporation
|
|
|
|
|
|
|||
Earnings (loss) from continuing operations
|
171
|
|
|
133
|
|
|
129
|
|
Earnings (loss) from discontinued operations
|
1
|
|
|
—
|
|
|
(2
|
)
|
Net earnings (loss)
|
172
|
|
|
133
|
|
|
127
|
|
Earnings (loss) per common share - basic
|
|
|
|
|
|
|||
Continuing operations
|
1.08
|
|
|
0.83
|
|
|
0.81
|
|
Discontinued operations
|
0.01
|
|
|
—
|
|
|
(0.01
|
)
|
Net earnings (loss) - basic
|
1.09
|
|
|
0.83
|
|
|
0.80
|
|
Earnings (loss) per common share - diluted
|
|
|
|
|
|
|||
Continuing operations
|
1.07
|
|
|
0.83
|
|
|
0.80
|
|
Discontinued operations
|
0.01
|
|
|
—
|
|
|
(0.01
|
)
|
Net earnings (loss) - diluted
|
1.08
|
|
|
0.83
|
|
|
0.79
|
|
Weighted average shares (in millions)
|
|
|
|
|
|
|||
Basic
|
158.5
|
|
|
159.7
|
|
|
159.1
|
|
Diluted
|
159.1
|
|
|
160.1
|
|
|
160.1
|
|
|
As of
September 30, 2013 |
|
As of
December 31, 2012 |
||
|
|
|
As Adjusted
|
||
|
(In $ millions)
|
||||
ASSETS
|
|
|
|
||
Current Assets
|
|
|
|
||
Cash and cash equivalents
|
1,100
|
|
|
959
|
|
Trade receivables - third party and affiliates, net
|
949
|
|
|
827
|
|
Non-trade receivables, net
|
293
|
|
|
209
|
|
Inventories
|
753
|
|
|
711
|
|
Deferred income taxes
|
50
|
|
|
49
|
|
Marketable securities, at fair value
|
44
|
|
|
53
|
|
Other assets
|
39
|
|
|
31
|
|
Total current assets
|
3,228
|
|
|
2,839
|
|
Investments in affiliates
|
857
|
|
|
800
|
|
Property, plant and equipment, net
|
3,391
|
|
|
3,350
|
|
Deferred income taxes
|
604
|
|
|
606
|
|
Other assets
|
498
|
|
|
463
|
|
Goodwill
|
787
|
|
|
777
|
|
Intangible assets, net
|
147
|
|
|
165
|
|
Total assets
|
9,512
|
|
|
9,000
|
|
LIABILITIES AND EQUITY
|
|
|
|
||
Current Liabilities
|
|
|
|
||
Short-term borrowings and current installments of long-term debt - third party and affiliates
|
224
|
|
|
168
|
|
Trade payables - third party and affiliates
|
739
|
|
|
649
|
|
Other liabilities
|
457
|
|
|
475
|
|
Deferred income taxes
|
25
|
|
|
25
|
|
Income taxes payable
|
152
|
|
|
38
|
|
Total current liabilities
|
1,597
|
|
|
1,355
|
|
Long-term debt
|
2,870
|
|
|
2,930
|
|
Deferred income taxes
|
61
|
|
|
50
|
|
Uncertain tax positions
|
203
|
|
|
181
|
|
Benefit obligations
|
1,546
|
|
|
1,602
|
|
Other liabilities
|
1,151
|
|
|
1,152
|
|
Commitments and Contingencies
|
|
|
|
||
Stockholders' Equity
|
|
|
|
||
Preferred stock
|
—
|
|
|
—
|
|
Common stock
|
—
|
|
|
—
|
|
Treasury stock, at cost
|
(1,007
|
)
|
|
(905
|
)
|
Additional paid-in capital
|
753
|
|
|
731
|
|
Retained earnings
|
2,385
|
|
|
1,993
|
|
Accumulated other comprehensive income (loss), net
|
(47
|
)
|
|
(89
|
)
|
Total Celanese Corporation stockholders' equity
|
2,084
|
|
|
1,730
|
|
Noncontrolling interests
|
—
|
|
|
—
|
|
Total equity
|
2,084
|
|
|
1,730
|
|
Total liabilities and equity
|
9,512
|
|
|
9,000
|
|
|
Three Months Ended
|
||||
|
September 30,
2013 |
|
June 30,
2013 |
||
|
(In $ millions)
|
||||
Net earnings (loss)
|
172
|
|
|
133
|
|
(Earnings) loss from discontinued operations
|
(1
|
)
|
|
—
|
|
Interest income
|
—
|
|
|
(1
|
)
|
Interest expense
|
43
|
|
|
44
|
|
Refinancing expense
|
1
|
|
|
—
|
|
Income tax provision (benefit)
|
57
|
|
|
75
|
|
Certain items
(1)
|
7
|
|
|
13
|
|
Adjusted EBIT
|
279
|
|
|
264
|
|
Depreciation and amortization expense
(2)
|
76
|
|
|
75
|
|
Operating EBITDA
|
355
|
|
|
339
|
|
|
Three Months Ended
|
||||
|
September 30,
2013 |
|
June 30,
2013 |
||
|
(In $ millions)
|
||||
Advanced Engineered Materials
|
—
|
|
|
—
|
|
Consumer Specialties
|
—
|
|
|
—
|
|
Industrial Specialties
|
—
|
|
|
—
|
|
Acetyl Intermediates
|
—
|
|
|
—
|
|
Other Activities
(3)
|
—
|
|
|
—
|
|
Accelerated depreciation and amortization expense
|
—
|
|
|
—
|
|
Depreciation and amortization expense
(2)
|
76
|
|
|
75
|
|
Total depreciation and amortization expense
|
76
|
|
|
75
|
|
(1)
|
See
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, including interest cost, expected return on assets and net actuarial gains and losses.
|
|
Three Months Ended
|
||||||||||
|
September 30,
2013 |
|
June 30,
2013 |
||||||||
|
(In $ millions, except percentages)
|
||||||||||
Operating Profit (Loss) / Operating Margin
(1)
|
|
|
|
|
|
|
|
||||
Advanced Engineered Materials
|
48
|
|
|
13.9
|
%
|
|
39
|
|
|
11.1
|
%
|
Consumer Specialties
|
85
|
|
|
27.4
|
%
|
|
83
|
|
|
26.4
|
%
|
Industrial Specialties
|
24
|
|
|
8.0
|
%
|
|
18
|
|
|
6.1
|
%
|
Acetyl Intermediates
|
67
|
|
|
8.4
|
%
|
|
55
|
|
|
6.8
|
%
|
Other Activities
(2)
|
(13
|
)
|
|
|
|
(26
|
)
|
|
|
||
Total
|
211
|
|
|
12.9
|
%
|
|
169
|
|
|
10.2
|
%
|
Equity Earnings, Cost - Dividend Income and Other Income (Expense)
|
|
|
|
|
|
|
|
||||
Advanced Engineered Materials
|
31
|
|
|
|
|
45
|
|
|
|
||
Consumer Specialties
|
21
|
|
|
|
|
24
|
|
|
|
||
Industrial Specialties
|
—
|
|
|
|
|
—
|
|
|
|
||
Acetyl Intermediates
|
3
|
|
|
|
|
3
|
|
|
|
||
Other Activities
(2)
|
6
|
|
|
|
|
10
|
|
|
|
||
Total
|
61
|
|
|
|
|
82
|
|
|
|
||
Certain Items
(3)
|
|
|
|
|
|
|
|
||||
Advanced Engineered Materials
|
2
|
|
|
|
|
2
|
|
|
|
||
Consumer Specialties
|
2
|
|
|
|
|
2
|
|
|
|
||
Industrial Specialties
|
1
|
|
|
|
|
1
|
|
|
|
||
Acetyl Intermediates
|
2
|
|
|
|
|
8
|
|
|
|
||
Other Activities
(2)
|
—
|
|
|
|
|
—
|
|
|
|
||
Total
|
7
|
|
|
|
|
13
|
|
|
|
||
Adjusted EBIT / Adjusted EBIT Margin
(1)
|
|
|
|
|
|
|
|
||||
Advanced Engineered Materials
|
81
|
|
|
23.4
|
%
|
|
86
|
|
|
24.4
|
%
|
Consumer Specialties
|
108
|
|
|
34.8
|
%
|
|
109
|
|
|
34.7
|
%
|
Industrial Specialties
|
25
|
|
|
8.4
|
%
|
|
19
|
|
|
6.4
|
%
|
Acetyl Intermediates
|
72
|
|
|
9.1
|
%
|
|
66
|
|
|
8.2
|
%
|
Other Activities
(2)
|
(7
|
)
|
|
|
|
(16
|
)
|
|
|
||
Total
|
279
|
|
|
17.1
|
%
|
|
264
|
|
|
16.0
|
%
|
Depreciation and Amortization Expense
(4)
|
|
|
|
|
|
|
|
||||
Advanced Engineered Materials
|
27
|
|
|
|
|
27
|
|
|
|
||
Consumer Specialties
|
10
|
|
|
|
|
10
|
|
|
|
||
Industrial Specialties
|
13
|
|
|
|
|
12
|
|
|
|
||
Acetyl Intermediates
|
22
|
|
|
|
|
22
|
|
|
|
||
Other Activities
(2)
|
4
|
|
|
|
|
4
|
|
|
|
||
Total
|
76
|
|
|
|
|
75
|
|
|
|
||
Operating EBITDA
|
|
|
|
|
|
|
|
||||
Advanced Engineered Materials
|
108
|
|
|
|
|
113
|
|
|
|
||
Consumer Specialties
|
118
|
|
|
|
|
119
|
|
|
|
||
Industrial Specialties
|
38
|
|
|
|
|
31
|
|
|
|
||
Acetyl Intermediates
|
94
|
|
|
|
|
88
|
|
|
|
||
Other Activities
(2)
|
(3
|
)
|
|
|
|
(12
|
)
|
|
|
||
Total
|
355
|
|
|
|
|
339
|
|
|
|
(1)
|
Defined as Operating profit (loss) and Adjusted EBIT, respectively, divided by Net sales. See
Table 4
for Net sales.
|
(2)
|
Other Activities includes corporate SG&A expenses, the results of captive insurance companies and certain components of net periodic benefit cost, including interest cost, expected return on assets and net actuarial gains and losses.
|
(3)
|
See
Table 8
for details.
|
(4)
|
Excludes accelerated depreciation and amortization expense. See
Table 1
for details.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||
|
September 30,
2013 |
|
June 30,
2013 |
|
September 30,
2013 |
||||||||||||
|
|
|
per
share
|
|
|
|
per
share
|
|
|
|
per
share
|
||||||
|
(In $ millions, except per share data)
|
||||||||||||||||
Earnings (loss) from continuing operations
|
171
|
|
|
1.07
|
|
|
133
|
|
|
0.83
|
|
|
445
|
|
|
2.79
|
|
Deduct: Income tax (provision) benefit
|
(57
|
)
|
|
|
|
(75
|
)
|
|
|
|
(209
|
)
|
|
|
|||
Earnings (loss) from continuing operations before tax
|
228
|
|
|
|
|
208
|
|
|
|
|
654
|
|
|
|
|||
Certain items
(1)
|
7
|
|
|
|
|
13
|
|
|
|
|
28
|
|
|
|
|||
Refinancing expense
|
1
|
|
|
|
|
—
|
|
|
|
|
1
|
|
|
|
|||
Adjusted earnings (loss) from continuing operations before tax
|
236
|
|
|
|
|
221
|
|
|
|
|
683
|
|
|
|
|||
Income tax (provision) benefit on adjusted earnings
(2)
|
(45
|
)
|
|
|
|
(42
|
)
|
|
|
|
(130
|
)
|
|
|
|||
Noncontrolling interests
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|||
Adjusted earnings (loss) from continuing operations
|
191
|
|
|
1.20
|
|
|
179
|
|
|
1.12
|
|
|
553
|
|
|
3.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Diluted shares (in millions)
(3)
|
||||||||||||||||
Weighted average shares outstanding
|
158.5
|
|
|
|
|
159.7
|
|
|
|
|
159.3
|
|
|
|
|||
Dilutive stock options
|
0.2
|
|
|
|
|
0.2
|
|
|
|
|
0.2
|
|
|
|
|||
Dilutive restricted stock units
|
0.4
|
|
|
|
|
0.2
|
|
|
|
|
0.3
|
|
|
|
|||
Total diluted shares
|
159.1
|
|
|
|
|
160.1
|
|
|
|
|
159.8
|
|
|
|
(1)
|
See
Table 8
for details.
|
(2)
|
The adjusted effective tax rate is
19%
for the three and nine months ended
September 30, 2013
and three months ended
June 30, 2013
.
|
(3)
|
Potentially dilutive shares are included in the adjusted earnings per share calculation when adjusted earnings are positive.
|
|
Three Months Ended
|
||||
|
September 30,
2013 |
|
June 30,
2013 |
||
|
(In $ millions)
|
||||
Advanced Engineered Materials
|
346
|
|
|
352
|
|
Consumer Specialties
|
310
|
|
|
314
|
|
Industrial Specialties
|
299
|
|
|
295
|
|
Acetyl Intermediates
|
795
|
|
|
809
|
|
Other Activities
(1)
|
—
|
|
|
—
|
|
Intersegment eliminations
|
(114
|
)
|
|
(117
|
)
|
Total
|
1,636
|
|
|
1,653
|
|
(1)
|
Other Activities includes corporate SG&A expenses, the results of captive insurance companies and certain components of net periodic benefit cost, including interest cost, expected return on assets and net actuarial gains and losses.
|
|
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
|
)
|
|
Three Months Ended
|
||||
|
September 30,
2013 |
|
June 30,
2013 |
||
|
(In $ millions)
|
||||
Net cash provided by (used in) operating activities
|
232
|
|
|
229
|
|
Adjustments to operating cash for discontinued operations
|
—
|
|
|
6
|
|
Net cash provided by (used in) operating activities from continuing operations
|
232
|
|
|
235
|
|
Capital expenditures
|
(110
|
)
|
|
(75
|
)
|
Cash flow adjustments
(1)
|
(5
|
)
|
|
(6
|
)
|
Adjusted free cash flow
|
117
|
|
|
154
|
|
(1)
|
Amounts primarily associated with purchases of other productive assets that are classified as 'investing activities' for GAAP purposes.
|
|
Three Months Ended
|
||||
|
September 30,
2013 |
|
June 30,
2013 |
||
|
(In $ millions)
|
||||
Dividends from equity investments
|
11
|
|
|
45
|
|
Dividends from cost investments
|
22
|
|
|
23
|
|
Total
|
33
|
|
|
68
|
|
|
As of
September 30, 2013 |
|
As of
December 31, 2012 |
||
|
(In $ millions)
|
||||
Short-term borrowings and current installments of long-term debt - third party and affiliates
|
224
|
|
|
168
|
|
Long-term debt
|
2,870
|
|
|
2,930
|
|
Total debt
|
3,094
|
|
|
3,098
|
|
Less: Cash and cash equivalents
|
1,100
|
|
|
959
|
|
Net debt
|
1,994
|
|
|
2,139
|
|
|
Three Months Ended
|
|
Nine Months Ended
September 30,
2013
|
|
|
|||||
|
September 30,
2013 |
|
June 30,
2013 |
|
|
Income Statement Classification
|
||||
|
(In $ millions)
|
|
|
|||||||
Employee termination benefits
|
—
|
|
|
1
|
|
|
3
|
|
|
Other charges (gains), net
|
Kelsterbach plant relocation
|
2
|
|
|
2
|
|
|
6
|
|
|
Other charges (gains), net
|
Asset impairments
|
2
|
|
|
—
|
|
|
2
|
|
|
Other charges (gains), net
|
Plant closures
|
1
|
|
|
1
|
|
|
3
|
|
|
Cost of sales / SG&A
|
(Gain) loss on disposition of assets
|
1
|
|
|
—
|
|
|
1
|
|
|
(Gain) loss on disposition
|
Commercial disputes
|
—
|
|
|
5
|
|
|
5
|
|
|
Cost of sales
|
Other
|
1
|
|
|
4
|
|
|
8
|
|
|
Cost of sales / SG&A
|
Total
|
7
|
|
|
13
|
|
|
28
|
|
|
|