DELAWARE
(State or other jurisdiction of incorporation)
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001-32410
(Commission File Number)
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98-0420726
(IRS Employer Identification No.)
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Exhibit Number
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Description
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99.5
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Audited Financial Statements of CTE Petrochemicals Company* **
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*
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The information included in this Current Report, including exhibits attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section. The information in this Current Report, including the exhibits, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any incorporation by reference language in any such filing. This Current Report will not be deemed an admission as to the materiality of any information in this Current Report that is required to be disclosed solely by Regulation FD.
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**
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There were no changes to the Audited Financial Statements of National Methanol Company furnished as part of Exhibit 99.5 to the Form 8-K; accordingly, such financial statements are not being furnished as part of this report.
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CELANESE CORPORATION
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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 Number
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Description
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Filed herewith or incorporated by
reference
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99.5
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Audited Financial Statements of CTE Petrochemicals Company* **
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Filed herewith
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*
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The information included in this Current Report, including exhibits attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section. The information in this Current Report, including the exhibits, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any incorporation by reference language in any such filing. This Current Report will not be deemed an admission as to the materiality of any information in this Current Report that is required to be disclosed solely by Regulation FD.
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**
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There were no changes to the Audited Financial Statements of National Methanol Company furnished as part of Exhibit 99.5 to the Form 8-K; accordingly, such financial statements are not being furnished as part of this report.
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PAGE
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Independent Auditors’ Report ...................................................................................................................
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2
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Statements of Operations for the years ended December 31,
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2009, 2008 and 2007...................................................................................................................................
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3
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Balance Sheets as of December 31, 2009 and 2008 ..................................................................................
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4
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Statements of Partners' Capital for the years ended December 31, 2009, 2008 and 2007....................
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5
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Statements of Cash Flows for the years ended December 31, 2009, 2008 and 2007............................
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6
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Notes to Financial Statements ....................................................................................................................
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7
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Year Ended December 31,
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|||||||||||
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2009
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2008
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2007
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|||||||||
(In $ thousands)
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||||||||||||
Equity in net earnings of Ibn Sina....................................
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$ | 134,466 | $ | 201,477 | $ | 173,042 | ||||||
Income tax benefit...............................................................
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4,750 | 0 | 0 | |||||||||
Withholding tax expense...................................................
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(4,126 | ) | (11,941 | ) | (8,215 | ) | ||||||
Net earnings ................................................................
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$ | 135,090 | $ | 189,536 | $ | 164,827 | ||||||
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As of December 31,
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|||||||
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2009
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2008
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||||||
(In $ thousands)
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||||||||
ASSETS
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Investment in Ibn Sina.......................................................................................................
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$ | 158,771 | $ | 109,488 | ||||
Total assets ........................................................................................................................
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$ | 158,771 | $ | 109,488 | ||||
LIABILTIES AND PARTNERS' CAPITAL
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Current liabilities
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||||||||
Income taxes payable.................................................................................................
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$ | 14,499 | $ | 0 | ||||
Total current liabilities.......................................................................................................
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14,499 | - | ||||||
Tax liability...........................................................................................................................
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- | 19,250 | ||||||
Total liabilities.....................................................................................................................
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14,499 | 19,250 | ||||||
Partners' capital...................................................................................................................
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$ | 144,272 | $ | 90,238 | ||||
Total liabilities and partners' capital................................................................................
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$ | 158,771 | $ | 109,488 | ||||
2009
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2008
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2007
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||||||||||||||||||||||||||||||||||
Texas Eastern Arabian Ltd.
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Elwood Insurance Ltd.
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Total
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Texas Eastern Arabian Ltd.
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Elwood Insurance Ltd.
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Total
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Texas Eastern Arabian Ltd.
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Elwood Insurance Ltd.
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Total
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||||||||||||||||||||||||||||
(In $ thousands)
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(In $ thousands)
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(In $ thousands)
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||||||||||||||||||||||||||||||||||
Partners' Capital
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Balance as of the beginning of the period.......................
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$ | 46,143 | $ | 46,143 | $ | 92,286 | $ | 70,686 | $ | 70,685 | $ | 141,371 | $ | 70,423 | $ | 70,423 | $ | 140,846 | ||||||||||||||||||
Net earnings..........................................................................
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67,545 | 67,545 | 135,090 | 94,768 | 94,768 | 189,536 | 82,413 | 82,414 | 164,827 | |||||||||||||||||||||||||||
Dividends..............................................................................
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(40,940 | ) | (40,941 | ) | (81,881 | ) | (119,310 | ) | (119,311 | ) | (238,621 | ) | (82,151 | ) | (82,151 | ) | (164,302 | ) | ||||||||||||||||||
Balance as of the end of the year......................................
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72,748 | 72,747 | 145,495 | 46,144 | 46,142 | 92,286 | 70,685 | 70,686 | 141,371 | |||||||||||||||||||||||||||
Accumulated Other Comprehensive Income(Loss), Net
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||||||||||||||||||||||||||||||||||||
Balance as of the beginning of the period.......................
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(1,024 | ) | (1,024 | ) | (2,048 | ) | (899 | ) | (899 | ) | (1,798 | ) | (496 | ) | (497 | ) | (993 | ) | ||||||||||||||||||
Pension and postretirement benefits................................
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412 | 413 | 825 | (125 | ) | (125 | ) | (250 | ) | (402 | ) | (403 | ) | (805 | ) | |||||||||||||||||||||
Balance as of the end of the period...................................
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(612 | ) | (611 | ) | (1,223 | ) | (1,024 | ) | (1,024 | ) | (2,048 | ) | (898 | ) | (900 | ) | (1,798 | ) | ||||||||||||||||||
Total Partners' Capital.........................................................
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$ | 72,136 | $ | 72,136 | $ | 144,272 | $ | 45,120 | $ | 45,118 | $ | 90,238 | $ | 69,787 | $ | 69,786 | $ | 139,573 | ||||||||||||||||||
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Year Ended December 31,
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|||||||||||
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2009
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2008
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2007
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(In $ thousands)
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||||||||||||
Operating activities
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Net earnings ...................................................................................................
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$ | 135,090 | $ | 189,536 | $ | 164,827 | ||||||
Equity in net earnings of Ibn Sina...............................................................
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(134,466 | ) | (201,477 | ) | (173,042 | ) | ||||||
Income tax benefit..........................................................................................
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(4,750 | ) | - | - | ||||||||
Dividends received........................................................................................
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86,007 | 250,562 | 172,517 | |||||||||
Net cash provided by operating activities ........................................
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81,881 | 238,621 | 164,302 | |||||||||
Financing activities
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Dividends paid...............................................................................................
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(81,881 | ) | (238,621 | ) | (164,302 | ) | ||||||
Net cash provided by (used in) financing activities ........................
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(81,881 | ) | (238,621 | ) | (164,302 | ) | ||||||
Net change in cash and cash equivalents .................................................
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- | - | - | |||||||||
Cash and cash equivalents at beginning of period .................................
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- | - | - | |||||||||
Cash and cash equivalents at end of period .....................................
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$ | 0 | $ | 0 | $ | 0 | ||||||
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·
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Estimates and assumptions
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·
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Investment in Ibn Sina
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·
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Dividends
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·
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Accumulated Other Comprehensive Income
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2009
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2008
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2007
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Total Assets
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$ | 468,447 | $ | 356,089 | $ | 511,825 | ||||||
Debt
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0 | 0 | 0 | |||||||||
Total Liabilities
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140,229 | 112,040 | 169,398 | |||||||||
Net Sales
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752,572 | 1,073,511 | 885,814 | |||||||||
Operating Profit
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324,991 | 469,869 | 410,077 | |||||||||
Net Income
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289,100 | 421,233 | 365,821 | |||||||||