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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
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Number
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Descriptions
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99.1
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Press Release dated April 24, 2012*
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99.2
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Slide Presentation dated April 24, 2012*
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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:
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Vice President, Deputy General Counsel and Assistant Corporate Secretary
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Exhibit
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Number
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Description
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|
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99.1
|
Press Release dated April 24, 2012*
|
|
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99.2
|
Slide Presentation dated April 24, 2012*
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Celanese Corporation
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222 West Las Colinas Blvd.
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Suite 900N
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Corporate News Release
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Irving, Texas 75039
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|
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Three Months Ended
|
||||||
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March 31,
|
||||||||
(in $ millions, except per share data) - Unaudited
|
2012
|
|
2011
|
||||||
Net sales
|
1,633
|
|
|
1,589
|
|
||||
Operating profit (loss)
|
98
|
|
|
188
|
|
||||
Net earnings (loss) attributable to Celanese Corporation
|
183
|
|
|
142
|
|
||||
Operating EBITDA
1
|
255
|
|
|
304
|
|
||||
Diluted EPS - continuing operations
|
$
|
1.15
|
|
|
$
|
0.87
|
|
||
Diluted EPS - total
|
$
|
1.15
|
|
|
$
|
0.90
|
|
||
Adjusted EPS
2
|
$
|
0.72
|
|
|
$
|
0.96
|
|
•
|
Completed the acquisition of certain assets from Ashland Inc., including two product lines, Vinac
®
and Flexbond
®
, which will support the strategic growth of the Celanese Emulsion Polymers business.
|
•
|
Received key government approvals necessary to proceed with previously announced plans to modify and enhance its existing integrated acetyl facility at the Nanjing Chemical Industrial Park to produce ethanol for industrial uses. Based upon continued advancements to its TCX
®
ethanol process technology, the company now expects to have approximately 30 to 40 percent additional ethanol production capacity above the originally announced 200,000 tons with no increase in the capital investment for the modification and enhancement. The unit is expected to startup in mid-2013.
|
•
|
Moody's Investors Service and Standard & Poor's Ratings Services both raised its outlook for Celanese to "Positive" from "Stable." In raising the company's outlook, both agencies cited improved operating performance, debt reduction, as well as its operational, geographical and product diversity.
|
•
|
Announced that its board of directors has approved a 25 percent increase in the company's quarterly common stock cash dividend. The dividend rate increased from $0.06 to $0.075 per share of common stock on a quarterly basis and from $0.24 to $0.30 per share of common stock on an annual basis, effective August 2012.
|
Contacts:
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Investor Relations
|
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Media - U.S.
|
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Media - Europe
|
Jon Puckett
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Jacqueline Terry
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Jens Kurth
|
Phone: +1 972 443 4965
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Phone: +1 972 443 4417
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Phone: +49(0)69 45009 1574
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Telefax: +1 972 443 8519
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Telefax: +1 972 443 8519
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Telefax: +49(0) 45009 58800
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Jon.Puckett@celanese.com
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Jacqueline.Terry@celanese.com
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J.Kurth@celanese.com
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•
|
Operating EBITDA is defined by the company as net earnings less interest income plus loss (earnings) from discontinued operations, interest expense, taxes, and depreciation and amortization, and further adjusted for Other Charges and Adjustments as described in Table 7. We present operating EBITDA because we consider it an important supplemental measure of our operations and financial performance. We believe that operating EBITDA is more reflective of our operations as it provides transparency to investors and enhances period-to-period comparability of our operations and financial performance. Operating EBITDA is one of the measures management uses for its planning and budgeting process to monitor and evaluate financial and operating results and for the company's incentive compensation plan. Operating EBITDA should not be considered as an alternative to net income determined in accordance with U.S. GAAP. We may provide guidance on operating EBITDA and are unable to reconcile forecasted operating EBITDA to a U.S. GAAP financial measure because a forecast of Other Charges and Adjustments is not practical.
|
•
|
Business operating EBITDA is defined by the company as net earnings less interest income plus loss (earnings) from discontinued operations, interest expense, taxes and depreciation and amortization, and further adjusted for Other Charges and Adjustments as described in Table 7, less equity in net earnings of affiliates, dividend income from cost investments and other (income) expense. This supplemental performance measure reflects the operating results of the company's operations without regard to the financial impact of its equity and cost investments.
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•
|
Affiliate EBITDA is defined by the company as operating profit plus the depreciation and amortization of its equity affiliates. Proportional affiliate EBITDA, a measure used by management to measure performance of its equity investments, is defined by the company as the proportional operating profit plus the proportional depreciation and amortization of its equity investments. The company has determined that it does not have sufficient ownership for operating control of these investments to consider their results on a consolidated basis. The company believes that investors should consider proportional affiliate EBITDA as an additional measure of operating results.
|
•
|
Adjusted earnings per share is a measure used by management to measure performance. It is defined by the company as net earnings (loss) available to common shareholders plus preferred dividends, adjusted for other charges and adjustments, and divided by the number of basic common shares, diluted preferred shares, and options valued using the treasury method. We may provide guidance on an adjusted earnings per share basis and are unable to reconcile forecasted adjusted earnings per share to a U.S. GAAP financial measure without unreasonable effort because a forecast of Other Items is not practical. We believe that the presentation of this non-U.S. GAAP measure provides useful information to management and investors regarding various financial and business trends relating to our financial condition and results of operations, and that when U.S. GAAP information is viewed in conjunction with non-U.S. GAAP information, investors are provided with a more meaningful understanding of our ongoing operating performance. Note: The income tax rate used for adjusted earnings per share approximates the midpoint in a range of forecasted tax rates for the year. This range may include certain partial or full-year forecasted tax opportunities, where applicable, and specifically excludes changes in uncertain tax positions, discrete items and other material items adjusted out of our U.S. GAAP earnings for adjusted earnings per share purposes, and changes in management's assessments regarding the ability to realize deferred tax assets. We analyze this rate quarterly and adjust if there is a material change in the range of forecasted tax rates; an updated forecast would not necessarily result in a change to our tax rate used for adjusted earnings per share. The adjusted tax rate is an estimate and may differ from the tax rate used for U.S. GAAP reporting in any given reporting period. It is not practical to reconcile our prospective adjusted tax rate to the actual U.S. GAAP tax rate in any given future period.
|
•
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Net debt is defined by the company as total debt less cash and cash equivalents. We believe that the presentation of this non-U.S. GAAP measure provides useful information to management and investors regarding changes to the company's capital structure. Our management and credit analysts use net debt to evaluate the company's capital structure and assess credit quality. Proportional net debt is defined as our proportionate share of our affiliates' net debt.
|
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Three Months Ended
|
||||
|
March 31,
|
||||
(in $ millions, except share and per share data)
|
2012
|
|
2011
|
||
Net sales
|
1,633
|
|
|
1,589
|
|
Cost of sales
|
(1,363
|
)
|
|
(1,238
|
)
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Gross profit
|
270
|
|
|
351
|
|
Selling, general and administrative expenses
|
(134
|
)
|
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(128
|
)
|
Amortization of intangible assets
|
(13
|
)
|
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(16
|
)
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Research and development expenses
|
(26
|
)
|
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(23
|
)
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Other (charges) gains, net
|
—
|
|
|
3
|
|
Foreign exchange gain (loss), net
|
1
|
|
|
1
|
|
Gain (loss) on disposition of businesses and asset, net
|
—
|
|
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—
|
|
Operating profit (loss)
|
98
|
|
|
188
|
|
Equity in net earnings (loss) of affiliates
|
51
|
|
|
43
|
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Interest expense
|
(45
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)
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(55
|
)
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Refinancing expense
|
—
|
|
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—
|
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Interest income
|
1
|
|
|
1
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Dividend income - cost investments
|
—
|
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—
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Other income (expense), net
|
2
|
|
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3
|
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Earnings (loss) from continuing operations before tax
|
107
|
|
|
180
|
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Income tax (provision) benefit
|
76
|
|
|
(42
|
)
|
Earnings (loss) from continuing operations
|
183
|
|
|
138
|
|
Earnings (loss) from operation of discontinued operations
|
—
|
|
|
6
|
|
Gain (loss) on disposition of discontinued operations
|
—
|
|
|
—
|
|
Income tax (provision) benefit, discontinued operations
|
—
|
|
|
(2
|
)
|
Earnings (loss) from discontinued operations
|
—
|
|
|
4
|
|
Net earnings (loss)
|
183
|
|
|
142
|
|
Net earnings (loss) attributable to noncontrolling interests
|
—
|
|
|
—
|
|
Net earnings (loss) attributable to Celanese Corporation
|
183
|
|
|
142
|
|
Cumulative preferred stock dividends
|
—
|
|
|
—
|
|
Net earnings (loss) available to common shareholders
|
183
|
|
|
142
|
|
Amounts attributable to Celanese Corporation
|
|
|
|
||
Earnings (loss) per common share - basic
|
|
|
|
||
Continuing operations
|
1.17
|
|
|
0.88
|
|
Discontinued operations
|
—
|
|
|
0.03
|
|
Net earnings (loss) - basic
|
1.17
|
|
|
0.91
|
|
Earnings (loss) per common share - diluted
|
|
|
|
||
Continuing operations
|
1.15
|
|
|
0.87
|
|
Discontinued operations
|
—
|
|
|
0.03
|
|
Net earnings (loss) - diluted
|
1.15
|
|
|
0.90
|
|
Weighted average shares (in millions)
|
|
|
|
||
Basic
|
156.5
|
|
|
156.0
|
|
Diluted
|
159.1
|
|
|
158.7
|
|
(in $ millions)
|
As of
|
|
As of
|
||
March 31, 2012
|
|
December 31, 2011
|
|||
ASSETS
|
|
|
|
||
Current assets
|
|
|
|
||
Cash & cash equivalents
|
727
|
|
|
682
|
|
Trade receivables - third party and affiliates, net
|
928
|
|
|
871
|
|
Non-trade receivables, net
|
207
|
|
|
235
|
|
Inventories
|
753
|
|
|
712
|
|
Deferred income taxes
|
104
|
|
|
104
|
|
Marketable securities, at fair value
|
63
|
|
|
64
|
|
Other assets
|
35
|
|
|
35
|
|
Total current assets
|
2,817
|
|
|
2,703
|
|
Investments in affiliates
|
762
|
|
|
824
|
|
Property, plant and equipment, net
|
3,329
|
|
|
3,269
|
|
Deferred income taxes
|
562
|
|
|
421
|
|
Other assets
|
368
|
|
|
344
|
|
Goodwill
|
783
|
|
|
760
|
|
Intangible assets, net
|
202
|
|
|
197
|
|
Total assets
|
8,823
|
|
|
8,518
|
|
LIABILITIES AND EQUITY
|
|
|
|
||
Current liabilities
|
|
|
|
||
Short-term borrowings and current installments of long-term debt - third party and affiliates
|
155
|
|
|
144
|
|
Trade payables - third party and affiliates
|
758
|
|
|
673
|
|
Other liabilities
|
517
|
|
|
539
|
|
Deferred income taxes
|
19
|
|
|
17
|
|
Income taxes payable
|
22
|
|
|
12
|
|
Total current liabilities
|
1,471
|
|
|
1,385
|
|
Long-term debt
|
2,875
|
|
|
2,873
|
|
Deferred income taxes
|
138
|
|
|
92
|
|
Uncertain tax positions
|
176
|
|
|
182
|
|
Benefit obligations
|
1,435
|
|
|
1,492
|
|
Other liabilities
|
1,187
|
|
|
1,153
|
|
Commitments and contingencies
|
|
|
|
||
Stockholders' equity
|
|
|
|
||
Preferred stock
|
—
|
|
|
—
|
|
Common stock
|
—
|
|
|
—
|
|
Treasury stock, at cost
|
(880
|
)
|
|
(860
|
)
|
Additional paid-in capital
|
641
|
|
|
627
|
|
Retained earnings
|
2,597
|
|
|
2,424
|
|
Accumulated other comprehensive income (loss), net
|
(817
|
)
|
|
(850
|
)
|
Total Celanese Corporation stockholders' equity
|
1,541
|
|
|
1,341
|
|
Noncontrolling interests
|
—
|
|
|
—
|
|
Total equity
|
1,541
|
|
|
1,341
|
|
Total liabilities and equity
|
8,823
|
|
|
8,518
|
|
|
Three Months Ended
|
||||
|
March 31,
|
||||
(in $ millions)
|
2012
|
|
2011
|
||
Net Sales
|
|
|
|
||
Advanced Engineered Materials
|
317
|
|
|
328
|
|
Consumer Specialties
|
264
|
|
|
266
|
|
Industrial Specialties
|
309
|
|
|
290
|
|
Acetyl Intermediates
|
852
|
|
|
813
|
|
Other Activities
1
|
—
|
|
|
1
|
|
Intersegment eliminations
|
(109
|
)
|
|
(109
|
)
|
Total
|
1,633
|
|
|
1,589
|
|
Operating Profit (Loss)
|
|
|
|
||
Advanced Engineered Materials
|
21
|
|
|
38
|
|
Consumer Specialties
|
39
|
|
|
54
|
|
Industrial Specialties
|
19
|
|
|
25
|
|
Acetyl Intermediates
|
60
|
|
|
112
|
|
Other Activities
1
|
(41
|
)
|
|
(41
|
)
|
Total
|
98
|
|
|
188
|
|
Other Charges and Other Adjustments
2
|
|
|
|
||
Advanced Engineered Materials
|
3
|
|
|
12
|
|
Consumer Specialties
|
17
|
|
|
5
|
|
Industrial Specialties
|
2
|
|
|
—
|
|
Acetyl Intermediates
|
2
|
|
|
(17
|
)
|
Other Activities
1
|
8
|
|
|
4
|
|
Total
|
32
|
|
|
4
|
|
Depreciation and Amortization Expense
3
|
|
|
|
||
Advanced Engineered Materials
|
27
|
|
|
19
|
|
Consumer Specialties
|
9
|
|
|
8
|
|
Industrial Specialties
|
13
|
|
|
10
|
|
Acetyl Intermediates
|
20
|
|
|
25
|
|
Other Activities
1
|
3
|
|
|
4
|
|
Total
|
72
|
|
|
66
|
|
Business Operating EBITDA
|
|
|
|
||
Advanced Engineered Materials
|
51
|
|
|
69
|
|
Consumer Specialties
|
65
|
|
|
67
|
|
Industrial Specialties
|
34
|
|
|
35
|
|
Acetyl Intermediates
|
82
|
|
|
120
|
|
Other Activities
1
|
(30
|
)
|
|
(33
|
)
|
Total
|
202
|
|
|
258
|
|
Equity Earnings, Cost - Dividend Income and Other Income (Expense)
|
|
|
|
||
Advanced Engineered Materials
|
43
|
|
|
35
|
|
Consumer Specialties
|
1
|
|
|
1
|
|
Industrial Specialties
|
—
|
|
|
—
|
|
Acetyl Intermediates
|
1
|
|
|
2
|
|
Other Activities
1
|
8
|
|
|
8
|
|
Total
|
53
|
|
|
46
|
|
Operating EBITDA
|
|
|
|
||
Advanced Engineered Materials
|
94
|
|
|
104
|
|
Consumer Specialties
|
66
|
|
|
68
|
|
Industrial Specialties
|
34
|
|
|
35
|
|
Acetyl Intermediates
|
83
|
|
|
122
|
|
Other Activities
1
|
(22
|
)
|
|
(25
|
)
|
Total
|
255
|
|
|
304
|
|
|
Three Months Ended
|
||||
|
March 31,
|
||||
(in $ millions)
|
2012
|
|
2011
|
||
Net earnings (loss) attributable to Celanese Corporation
|
183
|
|
|
142
|
|
(Earnings) loss from discontinued operations
|
—
|
|
|
(4
|
)
|
Interest income
|
(1
|
)
|
|
(1
|
)
|
Interest expense
|
45
|
|
|
55
|
|
Refinancing expense
|
—
|
|
|
—
|
|
Income tax provision (benefit)
|
(76
|
)
|
|
42
|
|
Depreciation and amortization expense
2
|
72
|
|
|
66
|
|
Other charges (gains), net
1
|
—
|
|
|
(3
|
)
|
Other adjustments
1
|
32
|
|
|
7
|
|
Operating EBITDA
|
255
|
|
|
304
|
|
Detail by Business Segment
|
|
|
|
||
Advanced Engineered Materials
|
94
|
|
|
104
|
|
Consumer Specialties
|
66
|
|
|
68
|
|
Industrial Specialties
|
34
|
|
|
35
|
|
Acetyl Intermediates
|
83
|
|
|
122
|
|
Other Activities
3
|
(22
|
)
|
|
(25
|
)
|
Operating EBITDA
|
255
|
|
|
304
|
|
|
Three Months Ended
|
||||
|
March 31,
|
||||
(in $ millions)
|
2012
|
|
2011
|
||
Advanced Engineered Materials
|
—
|
|
|
2
|
|
Consumer Specialties
|
—
|
|
|
4
|
|
Industrial Specialties
|
2
|
|
|
—
|
|
Acetyl Intermediates
|
—
|
|
|
—
|
|
Other Activities
3
|
—
|
|
|
—
|
|
Accelerated depreciation and amortization expense
|
2
|
|
|
6
|
|
Depreciation and amortization expense
2
|
72
|
|
|
66
|
|
Total depreciation and amortization expense
|
74
|
|
|
72
|
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
||||
|
(In percentages)
|
||||||||||||
Advanced Engineered Materials
|
(5
|
)
|
|
3
|
|
|
(2
|
)
|
|
1
|
(1)
|
(3
|
)
|
Consumer Specialties
|
(8
|
)
|
|
7
|
|
|
—
|
|
|
—
|
|
(1
|
)
|
Industrial Specialties
|
5
|
|
|
4
|
|
|
(2
|
)
|
|
—
|
|
7
|
|
Acetyl Intermediates
|
8
|
|
|
(2
|
)
|
|
(1
|
)
|
|
—
|
|
5
|
|
Total Company
|
3
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
3
|
|
|
Three Months Ended
|
||||
|
March 31,
|
||||
(in $ millions)
|
2012
|
|
2011
|
||
Net cash provided by operating activities
|
215
|
|
|
132
|
|
Net cash provided by (used in) investing activities
1
|
(155
|
)
|
|
(151
|
)
|
Net cash used in financing activities
|
(21
|
)
|
|
(11
|
)
|
Exchange rate effects on cash and cash equivalents
|
6
|
|
|
12
|
|
Cash and cash equivalents at beginning of period
|
682
|
|
|
740
|
|
Cash and cash equivalents at end of period
|
727
|
|
|
722
|
|
|
Three Months Ended
|
||||
|
March 31,
|
||||
(in $ millions)
|
2012
|
|
2011
|
||
Dividends from equity investments
|
111
|
|
|
73
|
|
Dividends from cost investments
|
—
|
|
|
—
|
|
Total
|
111
|
|
|
73
|
|
|
As of
|
|
As of
|
||
(in $ millions)
|
March 31, 2012
|
|
December 31, 2011
|
||
Short-term borrowings and current installments of long-term debt - third party and affiliates
|
155
|
|
|
144
|
|
Long-term debt
|
2,875
|
|
|
2,873
|
|
Total debt
|
3,030
|
|
|
3,017
|
|
Less: Cash and cash equivalents
|
727
|
|
|
682
|
|
Net debt
|
2,303
|
|
|
2,335
|
|
|
Three Months Ended
|
||||||||||
|
March 31,
|
||||||||||
(in $ millions, except share and per share data)
|
2012
|
|
2011
|
||||||||
|
|
|
per
share
|
|
|
|
per
share
|
||||
Earnings (loss) from continuing operations
|
183
|
|
|
1.15
|
|
|
138
|
|
|
0.87
|
|
Deduct: Income tax (provision) benefit
|
76
|
|
|
|
|
(42
|
)
|
|
|
||
Earnings (loss) from continuing operations before tax
|
107
|
|
|
|
|
180
|
|
|
|
||
Other charges and other adjustments
1
|
32
|
|
|
|
|
4
|
|
|
|
||
Refinancing - related expenses
|
—
|
|
|
|
|
—
|
|
|
|
||
Adjusted earnings (loss) from continuing operations before tax
|
139
|
|
|
|
|
184
|
|
|
|
||
Income tax (provision) benefit on adjusted earnings
2
|
(24
|
)
|
|
|
|
(31
|
)
|
|
|
||
Less: Noncontrolling interests
|
—
|
|
|
|
|
—
|
|
|
|
||
Adjusted earnings (loss) from continuing operations
|
115
|
|
|
0.72
|
|
|
153
|
|
|
0.96
|
|
Diluted shares (in millions)
3
|
|
|
|
|
|
|
|
||||
Weighted average shares outstanding
|
|
|
156.5
|
|
|
|
|
156.0
|
|
||
Dilutive stock options
|
|
|
1.9
|
|
|
|
|
2.0
|
|
||
Dilutive restricted stock units
|
|
|
0.7
|
|
|
|
|
0.7
|
|
||
Total diluted shares
|
|
|
159.1
|
|
|
|
|
158.7
|
|
Other Charges (Gains), net:
|
|
|
|
|
||
|
Three Months Ended
|
|
||||
|
March 31,
|
|
||||
(in $ millions)
|
2012
|
|
2011
|
|
||
Employee termination benefits
|
—
|
|
|
4
|
|
|
Ticona Kelsterbach plant relocation
|
—
|
|
|
13
|
|
|
Commercial disputes
|
—
|
|
|
(20
|
)
|
|
Total
|
—
|
|
|
(3
|
)
|
|
|
|
|
|
|
||
Other Adjustments:
1
|
|
|
|
|
||
|
Three Months Ended
|
|
||||
|
March 31,
|
Income Statement
|
||||
(in $ millions)
|
2012
|
|
2011
|
Classification
|
||
Business optimization
|
5
|
|
|
3
|
|
Cost of sales / SG&A
|
Ticona Kelsterbach plant relocation
|
3
|
|
|
(3
|
)
|
Cost of sales
|
Plant closures
|
4
|
|
|
6
|
|
Cost of sales / SG&A
|
(Gain) loss on disposition of assets
|
—
|
|
|
1
|
|
(Gain) loss on disposition
|
Acetate production interruption
|
10
|
|
|
—
|
|
Cost of sales
|
Other
|
10
|
|
|
—
|
|
Various
|
Total
|
32
|
|
|
7
|
|
|
Total other charges and other adjustments
|
32
|
|
|
4
|
|
|
|
Three Months Ended
|
||||
|
March 31,
|
||||
(in $ millions)
|
2012
|
|
2011
|
||
Net Sales
|
|
|
|
||
Ticona Affiliates - Asia
1
|
423
|
|
|
411
|
|
Ticona Affiliates - Middle East
2
|
304
|
|
|
265
|
|
Infraserv Affiliates
3
|
467
|
|
|
507
|
|
Total
|
1,194
|
|
|
1,183
|
|
Operating Profit
|
|
|
|
||
Ticona Affiliates - Asia
1
|
46
|
|
|
43
|
|
Ticona Affiliates - Middle East
2
|
139
|
|
|
102
|
|
Infraserv Affiliates
3
|
29
|
|
|
33
|
|
Total
|
214
|
|
|
178
|
|
Depreciation and Amortization
|
|
|
|
||
Ticona Affiliates - Asia
1
|
19
|
|
|
22
|
|
Ticona Affiliates - Middle East
2
|
14
|
|
|
12
|
|
Infraserv Affiliates
3
|
27
|
|
|
26
|
|
Total
|
60
|
|
|
60
|
|
Affiliate EBITDA
|
|
|
|
||
Ticona Affiliates - Asia
1
|
65
|
|
|
65
|
|
Ticona Affiliates - Middle East
2
|
153
|
|
|
114
|
|
Infraserv Affiliates
3
|
56
|
|
|
59
|
|
Total
|
274
|
|
|
238
|
|
Net Income
|
|
|
|
||
Ticona Affiliates - Asia
1
|
32
|
|
|
27
|
|
Ticona Affiliates - Middle East
2
|
125
|
|
|
90
|
|
Infraserv Affiliates
3
|
25
|
|
|
27
|
|
Total
|
182
|
|
|
144
|
|
Net Debt
|
|
|
|
||
Ticona Affiliates - Asia
1
|
184
|
|
|
85
|
|
Ticona Affiliates - Middle East
2
|
(105
|
)
|
|
(89
|
)
|
Infraserv Affiliates
3
|
258
|
|
|
318
|
|
Total
|
337
|
|
|
314
|
|
|
Three Months Ended
|
||||
|
March 31,
|
||||
(in $ millions)
|
2012
|
|
2011
|
||
Proportional Net Sales
|
|
|
|
||
Ticona Affiliates - Asia
1
|
195
|
|
|
190
|
|
Ticona Affiliates - Middle East
2
|
76
|
|
|
66
|
|
Infraserv Affiliates
3
|
153
|
|
|
166
|
|
Total
|
424
|
|
|
422
|
|
Proportional Operating Profit
|
|
|
|
||
Ticona Affiliates - Asia
1
|
22
|
|
|
20
|
|
Ticona Affiliates - Middle East
2
|
35
|
|
|
26
|
|
Infraserv Affiliates
3
|
10
|
|
|
10
|
|
Total
|
67
|
|
|
56
|
|
Proportional Depreciation and Amortization
|
|
|
|
||
Ticona Affiliates - Asia
1
|
9
|
|
|
10
|
|
Ticona Affiliates - Middle East
2
|
3
|
|
|
3
|
|
Infraserv Affiliates
3
|
9
|
|
|
9
|
|
Total
|
21
|
|
|
22
|
|
Proportional Affiliate EBITDA
|
|
|
|
||
Ticona Affiliates - Asia
1
|
31
|
|
|
30
|
|
Ticona Affiliates - Middle East
2
|
38
|
|
|
29
|
|
Infraserv Affiliates
3
|
19
|
|
|
19
|
|
Total
|
88
|
|
|
78
|
|
Equity in Net Earnings of Affiliates (as reported in the Consolidated Statement of Operations)
|
|
|
|
||
Ticona Affiliates - Asia
1
|
15
|
|
|
13
|
|
Ticona Affiliates - Middle East
2
|
28
|
|
|
21
|
|
Infraserv Affiliates
3
|
8
|
|
|
9
|
|
Total
|
51
|
|
|
43
|
|
Proportional Affiliate EBITDA in Excess of Equity in Net Earnings of Affiliates
|
|
|
|
||
Ticona Affiliates - Asia
1
|
16
|
|
|
17
|
|
Ticona Affiliates - Middle East
2
|
10
|
|
|
8
|
|
Infraserv Affiliates
3
|
11
|
|
|
10
|
|
Total
|
37
|
|
|
35
|
|
Proportional Net Debt
|
|
|
|
||
Ticona Affiliates - Asia
1
|
83
|
|
|
39
|
|
Ticona Affiliates - Middle East
2
|
(26
|
)
|
|
(22
|
)
|
Infraserv Affiliates
3
|
85
|
|
|
105
|
|
Total
|
142
|
|
|
122
|
|