EXHIBIT 99.1
Celanese
Corporation
Investor
Relations
1601 West
LBJ Freeway
Dallas,
Texas 75234-6034
Corporate
News Release
Celanese
Corporation Reports Record Second Quarter Results; Reaffirms 2008
Outlook
Second
quarter highlights:
|
§
|
Net
sales increased 20% to $1,868 million from prior
year
|
|
§
|
Operating
profit increased to $207 million from $71 million in prior
year
|
|
§
|
Net
earnings increased to $134 million from a loss of $117 million in prior
year
|
|
§
|
Operating
EBITDA increased 24% to $406
million
|
|
§
|
Diluted
EPS from continuing operations increased to $1.21 from a loss of $0.81 in
prior year
|
|
§
|
Adjusted
EPS increased to $1.20 from $0.85 in prior
year
|
|
§
|
Reaffirms
2008 outlook for adjusted earnings per share of between $3.60 and $3.85
and operating EBITDA of between $1,355 million and $1,415
million
|
Dallas, July 21,
2008:
Celanese Corporation (NYSE: CE) today reported record
net sales of $1,868 million, a 20 percent increase from the prior year’s
results, as higher pricing on continued strong demand, positive currency
impacts, and higher volumes associated with the company’s growth strategy in
Asia, all contributed to strong top-line growth. Operating profit
more than doubled to $207 million from $71 million in the prior year
period. The company’s growth in Asia and certain advantaged raw
material positions helped to mitigate the impact of significantly higher overall
raw material and energy costs. Last year’s results included
$105 million of other expenses primarily related to a long-term management
compensation program and also included the impact of the unplanned outage at the
company’s Clear Lake, Texas, facility. Net earnings were $134 million
compared with a loss of $117 million in the same period last
year. The second quarter 2008 results included approximately $69
million in net losses from discontinued operations, principally related to a
previously announced litigation settlement. The 2007 results included
the impact of the company’s debt refinancing transaction, which was completed in
April 2007.
Adjusted
earnings per share for the second quarter were $1.20, a 41 percent increase over
the prior year period, reflecting strong volume and pricing on continued strong
demand, as well as increased dividends from the company’s strategic
affiliates. This quarter’s results excluded approximately $24
million of certain other adjustments, primarily related to the company’s
revitalization activities. Operating EBITDA increased to a record
$406 million, up 24 percent from last year.
“We
delivered record second quarter earnings despite challenging global economic
conditions and significant inflation in raw material and energy pricing,” said
David Weidman, chairman and chief executive officer. “Once again, our
results demonstrate the strength and earnings power of Celanese’s attractive
portfolio of businesses.”
Recent
Highlights
|
§
|
Successfully
started up its newly constructed 20,000 ton GUR
®
ultra-high molecular weight polyethylene (UHMW-PE) facility, 100,000 ton
acetic anhydride facility, and 300,000 ton vinyl acetate monomer facility,
all located at the company’s integrated chemical complex in Nanjing,
China.
|
|
§
|
Signed
an agreement to establish a 20,000 square-meter commercial and technology
center in Shanghai. Expected to be completed in early 2010, the
new center will combine the headquarters for Celanese’s Asia businesses,
customer application development and research and development
facilities.
|
|
§
|
Celanese’s
Nutrinova business and BRAIN AG, a leading European biotech company,
identified all-natural compounds for high intensity sweeteners and
sweetness enhancers.
|
|
§
|
Introduced
EcoVAE™, a new vinyl acetate/ethylene (VAE) emulsion technology specially
designed to facilitate the manufacture of high quality, eco-friendly
paints for North America.
|
|
§
|
Resolved
a legacy litigation matter by entering into a settlement agreement
relating to sales by the polyester staple fibers business, which Hoechst
AG sold to KoSa, Inc. in 1998.
|
|
§
|
Announced
intent to divest ownership interest in legacy Infraserv investments
located in Knapsack, Gendorf, and Wiesbaden, Germany, where Celanese no
longer has manufacturing
operations.
|
Second
Quarter Segment Overview
Advanced
Engineered Materials
Advanced
Engineered Materials continued to execute its growth strategy, as global
expansion offset the impacts of ongoing challenges in the U.S. automotive sector
and initial signs of weakness in the European sector. Net sales
increased to $300 million from $257 million in the same period last year,
primarily on positive currency impacts, as well as higher volumes, particularly
in Asia. Operating profit increased to $37 million from $32 million
in the prior year period, as increased volumes and lower overall expense more
than offset significantly higher raw material and energy costs, including
ethylene and other petroleum-based feedstocks. Operating EBITDA,
however, was $68 million compared with $70 million in the same period last year,
mainly due to lower earnings from equity affiliates.
Consumer
Specialties
Consumer
Specialties continued to contribute stable earnings, driven by its expansion in
Asia and successful integration of its acquired Acetate Products Limited (APL)
business. Net sales increased to $292 million compared with $281
million in the same period last year, driven by higher pricing on continued
strong demand and positive currency impacts. Higher acetate tow
volumes helped to offset lower acetate flake volumes resulting from the
company’s strategic decision to shift flake production to its expanded acetate
China ventures, and slightly lower volumes for Sunett®, the company’s
high-intensity food sweetener business. Operating profit was
$46 million, $2 million lower than last year’s results, as the higher pricing
could not fully offset significantly higher raw material and energy costs in the
period. Operating EBITDA increased to $107 million from $104 million
in the same period last year, however, on higher dividends from the company’s
China ventures.
Industrial
Specialties
Continued
revitalization of the Industrial Specialties businesses delivered improved
results, despite continued softness in certain markets and significantly higher
raw material costs. Net sales increased to $386 million from $355
million in the same period last year, primarily driven by higher pricing related
to increased raw material costs, as well as favorable currency
impacts. Increased volumes related to the company’s strategic
expansion in Asia were offset by volume declines in North American and southern
European painting and coating applications. Operating profit
increased to $20 million, compared with a loss of $1 million in the prior year
period, as higher pricing more than offset higher raw material costs and the
lower volumes. The 2007 results included approximately $19 million of
expense related to the company’s revitalization activities. Operating
EBITDA was $37 million compared with $34 million in the second quarter of
2007.
Acetyl
Intermediates
Strategic
expansions in Asia, attractive industry fundamentals, and advantaged raw
material positions drove significant sales and earnings growth in Acetyl
Intermediates. Net sales were $1,067 million compared with $829
million in the same period last year, driven by higher pricing on continued
strong demand, increased volumes from its Nanjing acetic acid unit, and positive
currency impacts. Operating profit increased to $148 million from $91
million and operating EBITDA increased to $227 million from $148 million in the
same period last year, as the volume and pricing more than offset higher raw
material and energy costs in the period. Increased dividends from the
company’s Ibn Sina methanol and MTBE cost affiliate also contributed to the
improved results. The prior year’s operating results included a partial impact
of the unplanned outage at the company’s Clear Lake, Texas,
facility.
Taxes
The tax
rate for adjusted earnings per share was 26 percent in the second quarter of
2008 compared with 28 percent in the second quarter of 2007. The U.S.
GAAP effective tax rate for continuing operations for the second quarter of 2008
was 18 percent compared with 26 percent in the same period last
year. The decrease in the U.S. GAAP effective tax rate for the period
ended June 30, 2008 was primarily due to the U.S. income tax effect resulting
from the maturity of cross currency swap arrangements in June
2008. The tax rate for adjusted earnings per share is based
upon the company’s previous guidance which did not include these
items. Cash taxes for the first six months of 2008 were $45 million,
$96 million lower than the prior year period.
Equity
and Cost Investments
Earnings
from equity investments and dividends from cost investments, which are reflected
in the company’s adjusted earnings and operating EBITDA, totaled $92 million in
the second quarter versus $72 million in the same period last
year. Higher dividends from the company’s acetate China ventures and
Ibn Sina cost affiliate offset lower earnings from the Advanced Engineered
Materials equity affiliates. Equity and cost investment dividends, which are
included in cash flows, were $87 million compared with $59 million in the prior
year period.
Cash
Flow
The
company generated $346 million in cash from operating activities during the
first six months of 2008 compared with $79 million generated during the same
period last year, driven by strong operating performance and lower cash
taxes. The 2008 results included a $107 million payment related to
the resolution of a legacy litigation matter and an increased use of cash in
trade working capital. The 2007 results included a $74 million cash
payment related to a long-term management compensation program.
Cash used
in investing activities was $33 million at the end of the second quarter and
included a $93 million payment to settle a cross currency swap that matured in
June 2008.
During
the first half of 2008, the company repurchased approximately $126 million of
its outstanding common shares and has approximately $274 million in authorized
purchases remaining. Net debt at the end of the second quarter was
$2,640 million, a decrease of $91 million from the fourth quarter of
2007. Cash and cash equivalents at the end of the second quarter were
$983 million compared with $825 million at the end of 2007.
During
the quarter, the company received a scheduled progress payment of $311 million
related to the relocation of Ticona’s Kelsterbach production facility, reflected
in investing activities; and $59 million in associated value added tax,
reflected in operating activities.
Outlook
The
company reaffirmed its full year outlook for adjusted earnings per share to
between $3.60 and $3.85 based on the strength of its performance in the first
half of 2008 and continued execution of its earnings growth
strategy. On a comparable basis, 2007 results were $3.29 per share.
The guidance is based on an adjusted tax rate of 26 percent and an estimated
year-end weighted average of 166 million diluted shares
outstanding. The company also reaffirmed its operating EBITDA
guidance range of between $1,355 million and $1,415 million.
“The
rapid escalation of raw material and energy prices, along with concerns of
slowing economic growth in the U.S. and parts of Europe have created challenges
in the short-term,” said Weidman. “With our geographic and end market
diversity, advantaged feedstock positions, and an integrated business model, we
believe that Celanese is well-positioned to mitigate the potential impact of
today’s environment.”
|
Contacts:
Investor
Relations
Media
– U.S.
Mark
Oberle
Phone:
+1 972 443 4464
Telefax:
+1 972 443 8519
Mark.Oberle@celanese.com
|
Media
- Europe
Gretchen
Rosswurm
Phone: +1
972 443 4847
Telefax:
+1 972 443 8519
Gretchen.Rosswurm@celanese.com
|
Jens
Kurth
Phone:
+49 69 305 7137
Telefax:
+49 69 305 36787
J.Kurth@celanese.com
|
As
a global leader in the chemicals industry, Celanese Corporation makes products
essential to everyday living. Our products, found in consumer and industrial
applications, are manufactured in North America, Europe and Asia. Net
sales totaled $6.4 billion in 2007, with approximately 70% generated outside of
North America. Known for operational excellence and execution of its
business strategies, Celanese delivers value to customers around the globe with
innovations and best-in-class technologies. Based in Dallas, Texas, the
company employs approximately 8,400 employees worldwide. For more information on
Celanese Corporation, please visit the company's website at
www.celanese.com
.
Forward-Looking
Statements
This
release may contain “forward-looking statements,” which include information
concerning the company’s plans, objectives, goals, strategies, future revenues
or performance, capital expenditures, financing needs and other information that
is not historical information. When used in this release, the words
“outlook,” “forecast,” “estimates,” “expects,” “anticipates,” “projects,”
“plans,” “intends,” “believes,” and variations of such words or similar
expressions are intended to identify forward-looking statements. All
forward-looking statements are based upon current expectations and beliefs and
various assumptions. There can be no assurance that the company will
realize these expectations or that these beliefs will prove
correct. There are a number of risks and uncertainties that could
cause actual results to differ materially from the forward-looking statements
contained in this release. Numerous factors, many of which are beyond
the company’s control, could cause actual results to differ materially from
those expressed as forward-looking statements. Certain of these risk
factors are discussed in the company’s filings with the Securities and Exchange
Commission. Any forward-looking statement speaks only as of the date
on which it is made, and the company undertakes no obligation to update any
forward-looking statements to reflect events or circumstances after the date on
which it is made or to reflect the occurrence of anticipated or unanticipated
events or circumstances.
Reconciliation
of Non-U.S. GAAP Measures to U.S. GAAP
This
release reflects five performance measures, operating EBITDA, affiliate EBITDA,
adjusted earnings per share, net debt and adjusted free cash flow, as non-U.S.
GAAP measures. The most directly comparable financial measure
presented in accordance with U.S. GAAP in our consolidated financial statements
for operating EBITDA is operating profit; for affiliate EBITDA is equity in net
earnings of affiliates; for adjusted earnings per share is earnings per common
share-diluted; for net debt is total debt; and for adjusted free cash flow is
cash flow from operations.
Use
of Non-U.S. GAAP Financial Information
|
§
|
Operating
EBITDA, a measure used by management to measure performance, is defined as
operating profit from continuing operations, plus equity in net earnings
from affiliates, other income and depreciation and amortization, and
further adjusted for other charges and adjustments. We provide
guidance on operating EBITDA and are unable to reconcile forecasted
operating EBITDA to a GAAP financial measure because a forecast of Other
Charges and Adjustments is not practical. Our management
believes operating EBITDA is useful to investors because it is one of the
primary measures our management uses for its planning and budgeting
processes and to monitor and evaluate financial and operating
results.
Operating EBITDA is not a recognized term under U.S. GAAP and does not
purport to be an alternative to operating profit as a measure of operating
performance or to cash flows from operating activities as a measure of
liquidity. Because not all companies use identical
calculations, this presentation of operating EBITDA may not be comparable
to other similarly titled measures of other
companies. Additionally, operating EBITDA is not intended to be
a measure of free cash flow for management’s discretionary use, as it does
not consider certain cash requirements such as interest payments, tax
payments and debt service requirements nor does it represent the amount
used in our debt covenants.
|
|
§
|
Affiliate
EBITDA, a measure used by management to measure performance of its equity
investments, is defined as the proportional operating profit plus the
proportional depreciation and amortization of its equity
investments. Affiliate EBITDA, including Celanese Proportional
Share of affiliate information on Table 8, is not a recognized term under
U.S. GAAP and is not meant to be an alternative to operating cash flow of
the 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 affiliate EBITDA when determining
the equity investments’ overall value in the
company.
|
|
§
|
Adjusted
earnings per share is a measure used by management to measure
performance. It is defined 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 provide guidance on an adjusted earnings per share
basis and are unable to reconcile forecasted adjusted earnings per share
to a 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. This non-U.S. GAAP
information is not intended to be considered in isolation or as a
substitute for U.S. GAAP financial
information.
|
|
§
|
The
tax rate used for adjusted earnings per share is the tax rate based on our
initial guidance, less changes in uncertain tax positions. We
adjust this tax rate during the year only if there is a substantial change
in our underlying operations; an updated forecast would not necessarily
result in a change to our tax rate used for adjusted earnings per
share. The adjusted tax rate may differ significantly 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 future
period.
|
|
§
|
Net
debt is defined 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. This non-U.S. GAAP
information is not intended to be considered in isolation or as a
substitute for U.S. GAAP financial
information.
|
|
§
|
Adjusted
free cash flow is defined as cash flow from operations less capital
expenditures, other productive asset purchases, operating cash from
discontinued operations and certain other charges and
adjustments. 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 cash flow. Our management
and credit analysts use adjusted free cash flow to evaluate the company’s
liquidity and assess credit quality. This non-U.S. GAAP
information is not intended to be considered in isolation or as a
substitute for U.S. GAAP financial
information.
|
Results
Unaudited
The
results presented in this release, together with the adjustments made to present
the results on a comparable basis, have not been audited and are based on
internal financial data furnished to management. Quarterly results
should not be taken as an indication of the results of operations to be reported
for any subsequent period or for the full fiscal year.
|
Preliminary
Consolidated Statements of Operations-
Unaudited
|
|||||||
|
Three
Months Ended
|
Six
Months Ended
|
||||||
|
June
30,
|
June
30,
|
||||||
|
(in
$ millions, except per share data)
|
2008
|
2007
|
2008
|
2007
|
|||
|
Net
sales
|
1,868
|
1,556
|
3,714
|
3,111
|
|||
|
Cost
of sales
|
(1,472)
|
(1,219)
|
(2,900)
|
(2,415)
|
|||
|
Gross
profit
|
396
|
337
|
814
|
696
|
|||
|
Selling,
general and administrative expenses
|
(138)
|
(122)
|
(274)
|
(238)
|
|||
|
Amortization
of Intangibles
1
|
(20)
|
(17)
|
(39)
|
(35)
|
|||
|
Research
and development expenses
|
(18)
|
(19)
|
(41)
|
(36)
|
|||
|
Other
(charges) gains, net
|
(7)
|
(105)
|
(23)
|
(106)
|
|||
|
Foreign
exchange gain (loss), net
|
(3)
|
-
|
4
|
-
|
|||
|
Gain
(loss) on disposition of assets, net
|
(3)
|
(3)
|
-
|
(4)
|
|||
|
Operating
profit
|
207
|
71
|
441
|
277
|
|||
|
Equity
in net earnings of affiliates
|
17
|
23
|
27
|
41
|
|||
|
Interest
expense
|
(63)
|
(61)
|
(130)
|
(133)
|
|||
|
Refinancing
expenses
|
-
|
(256)
|
-
|
(256)
|
|||
|
Interest
income
|
10
|
11
|
19
|
25
|
|||
|
Dividend
income - cost investments
|
75
|
49
|
103
|
64
|
|||
|
Other
income (expense), net
|
1
|
(5)
|
5
|
(15)
|
|||
|
Earnings
(loss) from continuing operations
|
|||||||
|
before
tax and minority interests
|
247
|
(168)
|
465
|
3
|
|||
|
Income tax (provision) benefit
|
(45)
|
44
|
(118)
|
(5)
|
|||
|
Earnings
(loss) from continuing operations
|
|||||||
|
before
minority interests
|
202
|
(124)
|
347
|
(2)
|
|||
|
Minority
interests
|
1
|
-
|
1
|
-
|
|||
|
Earnings
(loss) from continuing operations
|
203
|
(124)
|
348
|
(2)
|
|||
|
Earnings
(loss) from discontinued operations:
|
|||||||
|
Earnings
( loss) from operation of discontinued operations
|
(112)
|
(5)
|
(112)
|
38
|
|||
|
Gain
on disposal of discontinued operations
|
-
|
16
|
-
|
47
|
|||
|
Income tax benefit
|
43
|
(4)
|
43
|
1
|
|||
|
Earnings
(loss) from discontinued operations
|
(69)
|
7
|
(69)
|
86
|
|||
|
Net
earnings (loss)
|
134
|
(117)
|
279
|
84
|
|||
|
Cumulative
preferred stock dividends
|
(2)
|
(3)
|
(5)
|
(5)
|
|||
|
Net
earnings (loss) available to common
|
|||||||
|
shareholders
|
132
|
(120)
|
274
|
79
|
|||
|
Earnings
(loss) per common share - basic:
|
|||||||
|
Continuing
operations
|
$1.33
|
($0.81)
|
$2.26
|
($0.04)
|
|||
|
Discontinued
operations
|
(0.46)
|
0.05
|
(0.45)
|
0.54
|
|||
|
Net
earnings (loss) available to common shareholders
|
$0.87
|
($0.76)
|
$1.81
|
$0.50
|
|||
|
Earnings
(loss) per common share - diluted:
|
|||||||
|
Continuing
operations
|
$1.21
|
($0.81)
|
$2.08
|
($0.04)
|
|||
|
Discontinued
operations
|
(0.41)
|
0.05
|
(0.41)
|
0.54
|
|||
|
Net
earnings (loss) available to common shareholders
|
$0.80
|
($0.76)
|
$1.67
|
$0.50
|
|||
|
Weighted
average shares - basic
|
150.9
|
156.9
|
151.4
|
158.1
|
|||
|
Weighted
average shares - diluted
|
167.8
|
156.9
|
167.6
|
158.1
|
|||
|
Table
4
|
||||||||
|
Cash
Dividends Received
|
||||||||
|
Three
Months Ended
|
Six
Months Ended
|
|||||||
|
June
30,
|
June
30,
|
|||||||
|
(in
$ millions)
|
2008
|
2007
|
2008
|
2007
|
||||
|
Dividends
from equity investments
|
12
|
10
|
55
|
40
|
||||
|
Dividends
from cost investments
|
75
|
49
|
103
|
64
|
||||
|
Total
|
87
|
59
|
158
|
104
|
||||
|
Table
5
|
|||
|
Net
Debt - Reconciliation of a Non-U.S. GAAP Measure
|
|||
|
June
30,
|
December
31,
|
||
|
(in
$ millions)
|
2008
|
2007
|
|
|
Short-term
borrowings and current
|
|||
|
installments
of long-term debt - third party and affiliates
|
252
|
272
|
|
|
Long-term
debt
|
3,371
|
3,284
|
|
|
Total
debt
|
3,623
|
3,556
|
|
|
Less:
Cash and cash equivalents
|
983
|
825
|
|
|
Net
Debt
|
2,640
|
2,731
|
|
|
Table
7
|
||||||||||
|
Reconciliation
of Other Charges and Other Adjustments
|
||||||||||
|
Other
Charges:
|
||||||||||
|
|
|
|||||||||
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||
|
June
30,
|
June
30,
|
|||||||||
|
(in
$ millions)
|
2008
|
2007
|
2008
|
2007
|
||||||
|
Employee
termination benefits
|
4
|
25
|
11
|
25
|
||||||
|
Plant/office
closures
|
-
|
-
|
7
|
-
|
||||||
|
Long-term
compensation triggered by Exit Event
|
-
|
74
|
-
|
74
|
||||||
|
Asset
impairments
|
-
|
3
|
-
|
3
|
||||||
|
Ticona
Kelsterbach plant relocation
|
3
|
3
|
5
|
3
|
||||||
|
Other
|
-
|
-
|
-
|
1
|
||||||
|
Total
|
7
|
105
|
23
|
106
|
||||||
|
Other
Adjustments:
1
|
||||||||||
|
Three
Months Ended
|
Six
Months Ended
|
Income
|
||||||||
|
June
30,
|
June
30,
|
Statement
|
||||||||
|
(in
$ millions)
|
2008
|
2007
|
2008
|
2007
|
Classification
|
|||||
|
Ethylene
pipeline exit costs
|
(2
|
) |
-
|
(2
|
) |
10
|
Other
income/expense, net
|
|||
|
Business
optimization
|
9
|
3
|
18
|
5
|
SG&A
|
|||||
|
Foreign
exchange loss related to refinancing transaction
|
-
|
9
|
-
|
9
|
Other
income/expense, net
|
|||||
|
Ticona
Kelsterbach plant relocation
|
(2
|
) |
-
|
(4
|
) |
-
|
Cost
of Sales
|
|||
|
Plant
closures
|
7
|
-
|
7
|
-
|
Cost
of Sales
|
|||||
|
Other
|
5
|
-
|
4
|
5
|
Various
|
|||||
|
Total
|
17
|
12
|
23
|
29
|
||||||
|
Total
other charges and other adjustments
|
24
|
117
|
46
|
135
|
||||||
|
Table
8
|
||||||||||
|
Equity
Affiliate Preliminary Results - Total -
Unaudited
|
||||||||||
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||
|
(in
$ millions)
|
June
30,
|
June
30,
|
||||||||
|
2008
|
2007
|
2008
|
2007
|
|||||||
|
Net
Sales
|
||||||||||
|
Ticona
Affiliates
1
|
364
|
312
|
719
|
619
|
||||||
|
Infraserv
2
|
592
|
411
|
1,140
|
753
|
||||||
|
Total
|
956
|
723
|
1,859
|
1,372
|
||||||
|
Operating
Profit
|
||||||||||
|
Ticona
Affiliates
|
41
|
49
|
74
|
93
|
||||||
|
Infraserv
|
29
|
25
|
48
|
42
|
||||||
|
Total
|
70
|
74
|
122
|
135
|
||||||
|
Depreciation
and Amortization
|
||||||||||
|
Ticona
Affiliates
|
16
|
13
|
38
|
27
|
||||||
|
Infraserv
|
29
|
21
|
56
|
40
|
||||||
|
Total
|
45
|
34
|
94
|
67
|
||||||
|
Affiliate
EBITDA
3
|
||||||||||
|
Ticona
Affiliates
|
57
|
62
|
112
|
120
|
||||||
|
Infraserv
|
58
|
46
|
104
|
82
|
||||||
|
Total
|
115
|
108
|
216
|
202
|
||||||
|
Net
Income
|
||||||||||
|
Ticona
Affiliates
|
22
|
30
|
41
|
60
|
||||||
|
Infraserv
|
27
|
27
|
65
|
40
|
||||||
|
Total
|
49
|
57
|
106
|
100
|
||||||
|
Net
Debt
|
||||||||||
|
Ticona
Affiliates
|
179
|
164
|
179
|
164
|
||||||
|
Infraserv
|
356
|
47
|
356
|
47
|
||||||
|
Total
|
535
|
211
|
535
|
211
|
||||||
