Celanese Corporation Reports Fourth Quarter 2012 Results, Adjusted Earnings Increased 16 Percent Over Prior Year, Expect 2013 Earnings Growth of 12 to 14 Percent
DALLAS--(BUSINESS WIRE)--
Celanese Corporation (NYSE: CE), a global technology and specialty
materials company, today reported fourth quarter 2012 adjusted earnings
per share of $0.67, a 16 percent increase over the prior year period,
driven by expanded operating EBITDA margins in the company's Consumer
Specialties, Advanced Engineered Materials and Acetyl Intermediates
segments. Diluted earnings per share from continuing operations for the
quarter were $0.60 compared with $0.61 last year.
Three Months Ended
Year Ended
December 31,
December 31,
(in $ millions, except per share data) - Unaudited
2012
2011
2012
2011
Net sales
1,501
1,614
6,418
6,763
Operating profit (loss)
86
97
511
690
Net earnings (loss) attributable to Celanese Corporation
95
95
605
607
Operating EBITDA 1
254
243
1,209
1,362
Diluted EPS - continuing operations
$
0.60
$
0.61
$
3.81
$
3.81
Diluted EPS - total
$
0.59
$
0.60
$
3.79
$
3.82
Adjusted EPS 2
$
0.67
$
0.58
$
3.80
$
4.47
1 Non-U.S. GAAP measure. See reconciliation in Table 1A.
2 Non-U.S. GAAP measure. See reconciliation in Table 6.
"Celanese completed 2012 with strong fourth quarter results reflecting
the breadth of our global footprint, the depth of our product portfolio
and our success in delivering innovative customer applications while
also improving our cost position. As a result, we expanded operating
EBITDA margins by 180 basis points and increased adjusted earnings per
share by 16 percent over the prior year period even with a challenging
economic environment and continued trough-like demand for acetyl
products and derivatives," said Mark Rohr, chairman and chief executive
officer. "Celanese also delivered strong cash flow, ending the year with
nearly $1 billion of cash on the balance sheet and well positioned to
pursue our growth initiatives and balanced capital deployment strategy
in 2013."
Operating profit for the quarter was $86 million, with sustained
operating margins, compared with $97 million in the prior year. The tax
rate and diluted share count for adjusted earnings per share in the
fourth quarter were 17 percent and 160.2 million, respectively. Net
earnings were $95 million in the fourth quarter of 2012 compared with
the prior year results of $95 million.
Net sales in the fourth quarter were $1,501 million compared to $1,614
million in the prior year. Volumes decreased 3 percent on a
year-over-year basis primarily due to continued soft global demand in
the company's Acetyl Intermediates segment and the Acetate footprint
rationalization in its Consumer Specialties segment. Pricing also
decreased 3 percent on a year-over-year basis mainly due to lower global
demand for photovoltaic applications in the company's Industrial
Specialties segment and lower raw material costs in its Acetyl
Intermediates and Industrial Specialties segments.
Recent Highlights
Completed a $500 million offering of 4.625% senior unsecured notes due
in 2022. In connection with completion of the offering, the company
repaid $400 million of its existing senior secured credit facility
indebtedness that was set to mature in 2016 and used the remaining
proceeds, together with cash on hand, to make a $100 million
contribution to its U.S. pension plan.
Completed the shutdown of the company's acetate tow and flake
manufacturing operations at its Spondon, Derby, United Kingdom site.
These manufacturing operations were included in the company's Consumer
Specialties segment.
Fourth Quarter Business Segment Overview
Advanced Engineered Materials
Advanced Engineered Materials delivered growth in the fourth quarter
despite a challenging economic environment in Europe and normal
seasonality. Net sales increased to $299 million compared with $292
million in the prior year period as its innovative customer-oriented
solutions drove a 4 percent increase in volumes while currency had a 2
percent unfavorable impact. Fourth quarter operating EBITDA was $88
million, a $15 million improvement over prior year, driven by the higher
volumes and higher equity earnings. Equity earnings from the company's
affiliates were $47 million compared with $36 million in the prior year
period, primarily due to a significant turnaround in its Asian
affiliates in fourth quarter of 2011. Operating profit improved by $4
million over the prior year period.
Consumer Specialties
Consumer Specialties delivered strong results in the quarter while
positioning the business for enhanced future profitability through the
rationalization of its manufacturing footprint with the closure of the
Acetate facility at its Spondon site. Net sales in fourth quarter of
2012 were $281 million as compared to $306 million in the prior year
period primarily due to 13 percent lower volumes as a result of the
facility closure. Pricing was 5 percent higher than the prior year on
continued strong global demand. Fourth quarter operating EBITDA was $86
million, a $13 million increase over the prior year as cost efficiencies
from the footprint rationalization and higher pricing more than overcame
lower volumes. Operating profit increased to $60 million from $59
million in fourth quarter of last year.
Industrial Specialties
Industrial Specialties' net sales in the fourth quarter of 2012 were
$251 million compared to $272 million in the prior year period. Volumes
increased 2 percent driven by increased demand in Asia and North America
for Emulsions applications which was partially offset by lower European
volumes. Pricing in the fourth quarter was lower than the prior year
primarily due to lower demand for photovoltaic applications in EVA
Performance Polymers and lower raw material costs across the segment.
Operating EBITDA was $20 million compared with $30 million in the prior
year period as increased demand in Emulsions did not offset lower demand
for premium EVA applications. Operating profit in the fourth quarter of
2012 was $6 million compared with $17 million in the prior year period.
Acetyl Intermediates
Net sales for Acetyl Intermediates in the fourth quarter of 2012 were
$773 million compared to $849 million in the prior period. Global demand
for acetyl products and their downstream derivatives remained at low
levels during the quarter resulting in 5 percent lower pricing and 3
percent lower volumes compared to the prior year period. Operating
EBITDA in the fourth quarter of 2012 was $88 million compared with $95
million in the same period last year. However, operating EBITDA margins
expanded modestly on lower raw material costs and cost efficiencies.
Operating profit was $64 million in the fourth quarter of 2012 versus
$67 million in same quarter in 2011.
Taxes
The tax rate for adjusted earnings per share was 17 percent for 2012 and
2011. The effective tax rate for continuing operations for 2012 was 7
percent compared with 20 percent in the prior year. The lower effective
tax rate in 2012 was primarily due to recognition of $142 million in tax
benefits from foreign tax credits partially offset by $38 million from a
timing difference for when the company records tax on one of its
strategic affiliates.
Strategic Investments
Earnings from equity investments, which are reflected in the company's
earnings and operating EBITDA, were $79 million in the fourth quarter of
2012, a $33 million increase from the prior year period primarily due to
a significant plant turnaround in its Asian affiliates in the fourth
quarter of 2011 as well as the company's share of a gain related to debt
restructuring at a subsidiary of one of its Infraserv affiliates. The
Infraserv gain is included in other adjustments and thereby excluded
from the company's operating EBITDA for the fourth quarter and the year.
The cash flow impact of equity investments in the fourth quarter was
consistent with the prior year period at $40 million.
Cash Flow
During 2012, the company generated $722 million in cash from operating
activities, an $84 million increase from the same period last year,
primarily driven by lower trade working capital versus the prior year
period. The company also made total pension contributions of $294
million in 2012, an increase of $81 million over the prior year period.
Cash used in investing activities during 2012 was $500 million compared
with $441 million in the same period last year. The 2012 results include
the company's acquisition of two product lines from Ashland Inc. and
investments in future growth initiatives. Net cash provided by financing
activities during 2012 was $49 million compared with net cash used of
$253 million in the prior year. In 2012, the company completed a $500
million unsecured notes offering and repaid $400 million of its senior
secured term loans that were set to mature in 2016. In 2011, the company
used a net of $116 million to prepay a portion of these term loans. Net
debt at the end of 2012 was $2,139 million, a $196 million decrease from
the end of 2011.
Outlook
"We anticipate the challenging global economic environment will continue
into 2013, particularly with the uncertainty in the European Union.
Growth in China should improve throughout the year but I expect that
growth to be modest when compared to historic levels," said Rohr.
"Earnings growth in 2013, despite the impact of a two percentage point
increase in our adjusted tax rate, should be consistent with our
long-term growth objectives of 12 to 14 percent and be driven by
Celanese-specific initiatives. We remain focused on growth platforms
that expand the company's addressable opportunities and technology
innovation that enhances the competitive position of our high volume
products. In 2013, we will continue to take steps to reduce the impact
of a challenging global economy on some of our portfolio, while
accelerating the return on businesses where our solutions capability is
opening new windows of opportunity for our customers."
The company's earnings presentation and prepared remarks related to the
fourth quarter results will be posted on its website at www.celanese.com
in the investor section after market close on January 28.
Celanese Corporation is a global technology leader in the production
of differentiated chemistry solutions and specialty materials used in
most major industries and consumer applications. With sales almost
equally divided between North America, Europe and Asia, the company uses
the full breadth of its global chemistry, technology and business
expertise to create value for customers and the corporation. Celanese
partners with customers to solve their most critical needs while making
a positive impact on its communities and the world. Based in Dallas,
Texas, Celanese employs approximately 7,600employees worldwide
and had 2012 net sales of $6.4 billion. For more information about
Celanese Corporation and its product offerings, visit www.celanese.com
or our blog at www.celaneseblog.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,” “may,” “can,” “could,” “might,” “will” 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 results expressed or implied in
the forward-looking statements contained in this release. These risks
and uncertainties include, among other things: changes in general
economic, business, political and regulatory conditions in the countries
or regions in which we operate; the length and depth of product and
industry business cycles, particularly in the automotive, electrical,
electronics and construction industries; changes in the price and
availability of raw materials, particularly changes in the demand for,
supply of, and market prices of ethylene, methanol, natural gas, wood
pulp and carbon monoxide and the prices for electricity and other energy
sources; the ability to pass increases in raw material prices on to
customers or otherwise improve margins through price increases; the
ability to maintain plant utilization rates and to implement planned
capacity additions and expansions; the ability to improve productivity
by implementing technological improvements to existing plants; increased
price competition and theintroduction of competing products by
other companies; market acceptance of our technology; the ability to
obtain governmental approvals and to construct facilities on terms and
schedules acceptable to the company; changes in the degree of
intellectual property and other legal protection afforded to our
products or technology, or the theft of such intellectual property;
compliance and other costs and potential disruption or interruption of
production or operations due to accidents, cyber security incidents,
terrorism or political unrest or other unforeseen events or delays in
construction or operation of facilities, including as a result of
geopolitical conditions, including the occurrence of acts of war or
terrorist incidents or as a result of weather or natural disasters;
potential liability for remedial actions and increased costs under
existing or future environmental regulations, including those relating
to climate change; potential liability resulting from pending or future
litigation, or from changes in the laws, regulations or policies of
governments or other governmental activities in the countries in which
we operate; changes in currency exchange rates and interest rates; our
level of indebtedness, which could diminish our ability to raise
additional capital to fund operations or limit our ability to react to
changes in the economy or the chemicals industry; and various other
factors discussed from time to time 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 the following performance measures: operating
EBITDA, business operating EBITDA, affiliate EBITDA and proportional
affiliate EBITDA, adjusted earnings per share and net debt as non-U.S.
GAAP measures. These measurements are not recognized in accordance with
U.S. GAAP and should not be viewed as an alternative to U.S. GAAP
measures of performance. The most directly comparable financial measure
presented in accordance with U.S. GAAP in our consolidated financial
statements for operating EBITDA and business operating EBITDA is net
income; for proportional affiliate EBITDA is equity in net earnings of
affiliates; for affiliate EBITDA is operating profit; for adjusted
earnings per share is earnings per common share-diluted; and for net
debt is total debt.
Use of Non-U.S. GAAP Financial Information
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.
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.
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.
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.
Consolidated Statements of Operations - Unaudited
Three Months Ended
Year Ended
December 31,
December 31,
(in $ millions, except share and per share data)
2012
2011
2012
2011
Net sales
1,501
1,614
6,418
6,763
Cost of sales
(1,234
)
(1,342
)
(5,226
)
(5,329
)
Gross profit
267
272
1,192
1,434
Selling, general and administrative expenses
(128
)
(128
)
(507
)
(536
)
Amortization of intangible assets
(13
)
(12
)
(51
)
(62
)
Research and development expenses
(26
)
(24
)
(102
)
(96
)
Other (charges) gains, net
(13
)
(9
)
(14
)
(48
)
Foreign exchange gain (loss), net
—
(1
)
(4
)
—
Gain (loss) on disposition of businesses and asset, net
(1
)
(1
)
(3
)
(2
)
Operating profit (loss)
86
97
511
690
Equity in net earnings (loss) of affiliates
79
46
242
192
Interest expense
(51
)
(55
)
(185
)
(221
)
Refinancing expense
(3
)
—
(3
)
(3
)
Interest income
1
1
2
3
Dividend income - cost investments
—
—
85
80
Other income (expense), net
1
5
5
14
Earnings (loss) from continuing operations before tax
113
94
657
755
Income tax (provision) benefit
(16
)
2
(48
)
(149
)
Earnings (loss) from continuing operations
97
96
609
606
Earnings (loss) from operation of discontinued operations
(3
)
(1
)
(6
)
2
Gain (loss) on disposition of discontinued operations
—
—
—
—
Income tax (provision) benefit, discontinued operations
1
—
2
(1
)
Earnings (loss) from discontinued operations
(2
)
(1
)
(4
)
1
Net earnings (loss)
95
95
605
607
Net earnings (loss) attributable to noncontrolling interests
—
—
—
—
Net earnings (loss) attributable to Celanese Corporation
95
95
605
607
Cumulative preferred stock dividends
—
—
—
—
Net earnings (loss) available to common stockholders
95
95
605
607
Amounts attributable to Celanese Corporation
Earnings (loss) per common share - basic
Continuing operations
0.61
0.62
3.84
3.88
Discontinued operations
(0.01
)
(0.01
)
(0.02
)
0.01
Net earnings (loss) - basic
0.60
0.61
3.82
3.89
Earnings (loss) per common share - diluted
Continuing operations
0.60
0.61
3.81
3.81
Discontinued operations
(0.01
)
(0.01
)
(0.02
)
0.01
Net earnings (loss) - diluted
0.59
0.60
3.79
3.82
Weighted average shares (in millions)
Basic
159.5
156.4
158.3
156.2
Diluted
160.2
158.9
159.8
158.9
Consolidated Balance Sheets - Unaudited
As of December 31,
(in $ millions)
2012
2011
ASSETS
Current assets
Cash & cash equivalents
959
682
Trade receivables - third party and affiliates, net
827
871
Non-trade receivables, net
209
235
Inventories
711
712
Deferred income taxes
257
104
Marketable securities, at fair value
53
64
Other assets
32
35
Total current assets
3,048
2,703
Investments in affiliates
800
824
Property, plant and equipment, net
3,350
3,269
Deferred income taxes
555
421
Other assets
463
344
Goodwill
777
760
Intangible assets, net
165
197
Total assets
9,158
8,518
LIABILITIES AND EQUITY
Current liabilities
Short-term borrowings and current installments of long-term debt -
third party and affiliates
168
144
Trade payables - third party and affiliates
649
673
Other liabilities
475
539
Deferred income taxes
17
17
Income taxes payable
39
12
Total current liabilities
1,348
1,385
Long-term debt
2,930
2,873
Deferred income taxes
215
92
Uncertain tax positions
181
182
Benefit obligations
1,602
1,492
Other liabilities
1,152
1,153
Commitments and contingencies
Stockholders' equity
Preferred stock
—
—
Common stock
—
—
Treasury stock, at cost
(905
)
(860
)
Additional paid-in capital
731
627
Retained earnings
2,986
2,424
Accumulated other comprehensive income (loss), net
(1,082
)
(850
)
Total Celanese Corporation stockholders' equity
1,730
1,341
Noncontrolling interests
—
—
Total equity
1,730
1,341
Total liabilities and equity
9,158
8,518
Table 1
Business Segment Data and Reconciliation of Operating Profit
(Loss) to Operating EBITDA -
a Non-U.S. GAAP Measure - Unaudited
Three Months Ended
Year Ended
December 31,
December 31,
(in $ millions)
2012
2011
2012
2011
Net Sales
Advanced Engineered Materials
299
292
1,261
1,298
Consumer Specialties
281
306
1,186
1,161
Industrial Specialties
251
272
1,184
1,223
Acetyl Intermediates
773
849
3,231
3,551
Other Activities 1
—
—
—
1
Intersegment eliminations
(103
)
(105
)
(444
)
(471
)
Total
1,501
1,614
6,418
6,763
Operating Profit (Loss)
Advanced Engineered Materials
1
(3
)
86
76
Consumer Specialties
60
59
244
227
Industrial Specialties
6
17
82
100
Acetyl Intermediates
64
67
263
459
Other Activities 1
(45
)
(43
)
(164
)
(172
)
Total
86
97
511
690
Other Charges and Other Adjustments 2
Advanced Engineered Materials
11
8
16
60
Consumer Specialties
11
5
34
23
Industrial Specialties
—
1
2
1
Acetyl Intermediates
(5
)
4
5
(3
)
Other Activities 1
(8
)
1
9
18
Total
9
19
66
99
Depreciation and Amortization Expense 3
Advanced Engineered Materials
29
32
113
97
Consumer Specialties
10
9
39
36
Industrial Specialties
14
11
53
45
Acetyl Intermediates
21
21
80
96
Other Activities 1
5
3
15
13
Total
79
76
300
287
Business Operating EBITDA
Advanced Engineered Materials
41
37
215
233
Consumer Specialties
81
73
317
286
Industrial Specialties
20
29
137
146
Acetyl Intermediates
80
92
348
552
Other Activities 1
(48
)
(39
)
(140
)
(141
)
Total
174
192
877
1,076
Equity Earnings, Cost - Dividend Income and Other Income (Expense)
Advanced Engineered Materials
47
36
190
163
Consumer Specialties
5
—
90
80
Industrial Specialties
—
1
—
2
Acetyl Intermediates
8
3
13
10
Other Activities 1
20
11
39
31
Total
80
51
332
286
Operating EBITDA
Advanced Engineered Materials
88
73
405
396
Consumer Specialties
86
73
407
366
Industrial Specialties
20
30
137
148
Acetyl Intermediates
88
95
361
562
Other Activities 1
(28
)
(28
)
(101
)
(110
)
Total
254
243
1,209
1,362
1 Other Activities includes corporate selling, general and
administrative expenses and the results from captive insurance companies.
2 See Table 7 for details.
3 Excludes accelerated depreciation and amortization expense
included in Other charges and Other adjustments above. See Table 1A for
details.
Table 1A
Reconciliation of Consolidated Net Earnings (Loss) to Operating
EBITDA -
a Non-U.S. GAAP Measure - Unaudited
Three Months Ended
Year Ended
December 31,
December 31,
(in $ millions)
2012
2011
2012
2011
Net earnings (loss) attributable to Celanese Corporation
95
95
605
607
(Earnings) loss from discontinued operations
2
1
4
(1
)
Interest income
(1
)
(1
)
(2
)
(3
)
Interest expense
51
55
185
221
Refinancing expense
3
—
3
3
Income tax provision (benefit)
16
(2
)
48
149
Depreciation and amortization expense 2
79
76
300
287
Other charges (gains), net 1
13
9
14
48
Other adjustments 1
(4
)
10
52
51
Operating EBITDA
254
243
1,209
1,362
Detail by Business Segment
Advanced Engineered Materials
88
73
405
396
Consumer Specialties
86
73
407
366
Industrial Specialties
20
30
137
148
Acetyl Intermediates
88
95
361
562
Other Activities 3
(28
)
(28
)
(101
)
(110
)
Operating EBITDA
254
243
1,209
1,362
1 See Table 7 for details.
2 Excludes accelerated depreciation and amortization
expense as detailed in the table below and included in Other
adjustments above.
3 Other Activities includes corporate selling, general
and administrative expenses and the results from captive insurance
companies.
Three Months Ended
Year Ended
December 31,
December 31,
(in $ millions)
2012
2011
2012
2011
Advanced Engineered Materials
—
—
—
3
Consumer Specialties
2
1
6
8
Industrial Specialties
—
—
2
—
Acetyl Intermediates
—
—
—
—
Other Activities 3
—
—
—
—
Accelerated depreciation and amortization expense
2
1
8
11
Depreciation and amortization expense 2
79
76
300
287
Total depreciation and amortization expense
81
77
308
298
Table 2
Factors Affecting Business Segment Net Sales - Unaudited
Three Months Ended December 31, 2012 Compared to Three Months
Ended December 31, 2011
Volume
Price
Currency
Other
Total
(In percentages)
Advanced Engineered Materials
4%
—
(2)%
—
2%
Consumer Specialties
(13)%
5%
—
—
(8)%
Industrial Specialties
2%
(8)%
(2)%
—
(8)%
Acetyl Intermediates
(3)%
(5)%
(1)%
—
(9)%
Total Company
(3)%
(3)%
(1)%
—
(7)%
Year Ended December 31, 2012 Compared to Year Ended December
31, 2011
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)%
Table 3
Cash Flow Information - Unaudited
Year Ended
December 31,
(in $ millions)
2012
2011
Net cash provided by operating activities
722
638
Net cash (used in) investing activities 1
(500
)
(441
)
Net cash provided by (used in) financing activities
49
(253
)
Exchange rate effects on cash and cash equivalents
6
(2
)
Cash and cash equivalents at beginning of period
682
740
Cash and cash equivalents at end of period
959
682
1 2012 and 2011 include $49 million and $204 million,
respectively, of capital expenditures related to the relocation of our
Kelsterbach, Germany POM operations. 2011 includes $158 million of cash
proceeds related to the settlement with the Frankfurt, Germany Airport
to move our POM operations from Kelsterbach, Germany.
Table 4
Cash Dividends Received - Unaudited
Three Months Ended
Year Ended
December 31,
December 31,
(in $ millions)
2012
2011
2012
2011
Dividends from equity investments
40
40
262
205
Dividends from cost investments
—
—
85
80
Total
40
40
347
285
Table 5
Net Debt - Reconciliation of a Non-U.S. GAAP Measure - Unaudited
As of December 31,
(in $ millions)
2012
2011
Short-term borrowings and current installments of long-term debt -
third party and affiliates
168
144
Long-term debt
2,930
2,873
Total debt
3,098
3,017
Less: Cash and cash equivalents
959
682
Net Debt
2,139
2,335
Table 6
Adjusted Earnings (Loss) Per Share - Reconciliation of a Non-U.S.
GAAP Measure - Unaudited
Three Months Ended December 31,
Year Ended
December 31,
(in $ millions, except share and per share data)
2012
2011
2012
2011
per
share
per
share
per
share
per
share
Earnings (loss) from continuing operations
97
0.60
96
0.61
609
3.81
606
3.81
Deduct: Income tax (provision) benefit
(16
)
2
(48
)
(149
)
Earnings (loss) from continuing operations before tax
113
94
657
755
Other charges and other adjustments 1
9
19
66
99
Refinancing - related expenses
8
(2
)
8
3
Adjusted earnings (loss) from continuing operations before tax
130
111
731
857
Income tax (provision) benefit on adjusted earnings 2
(22
)
(19
)
(124
)
(146
)
Less: Noncontrolling interests
—
—
—
—
Adjusted earnings (loss) from continuing operations
108
0.67
92
0.58
607
3.80
711
4.47
Diluted shares (in millions) 3
Weighted average shares outstanding
159.5
156.4
158.3
156.2
Dilutive stock options
0.2
1.8
0.9
1.9
Dilutive restricted stock units
0.5
0.7
0.6
0.8
Total diluted shares
160.2
158.9
159.8
158.9
1 See Table 7 for details.
2 The adjusted effective tax rate is 17% and 17% for the
three and twelve months ended December 31, 2012 and 2011, respectively.
3 Potentially dilutive shares are included in the adjusted
earnings per share calculation when adjusted earnings are positive.
Table 7
Other Charges and Other Adjustments - Reconciliation of a
Non-U.S. GAAP Measure - Unaudited
Other Charges (Gains), net:
Three Months Ended
Year Ended
December 31,
December 31,
(in $ millions)
2012
2011
2012
2011
Employee termination benefits
4
4
6
22
Kelsterbach plant relocation
2
4
7
47
Plumbing actions
(1
)
—
(5
)
(6
)
Asset impairments
8
1
8
1
Commercial disputes
—
—
(2
)
(15
)
Other
—
—
—
(1
)
Total
13
9
14
48
Other Adjustments: 1
Three Months Ended
Year Ended
December 31,
December 31,
Income Statement
(in $ millions)
2012
2011
2012
2011
Classification
Business optimization
1
1
9
8
Cost of sales / SG&A
Kelsterbach plant relocation
10
1
14
8
Cost of sales
Plant closures
5
3
21
18
Cost of sales / SG&A
(Gain) loss on disposition of assets
—
—
1
(1
)
(Gain) loss on disposition
Write-off of other productive assets
—
—
—
(1
)
Cost of sales
Commercial disputes
—
1
—
8
Cost of sales
Acetate production interruption costs
—
—
10
—
Cost of sales
Infraserv Hoechst debt restructuring
(22
)
—
(22
)
—
Equity in net (earnings) loss of affiliates
Other
2
4
19
11
Various
Total
(4
)
10
52
51
Total other charges and other adjustments
9
19
66
99
1 These items are included in net earnings but not included
in other charges (gains), net.
Table 8
Equity Affiliate Results and Reconciliation of Operating Profit
to Affiliate EBITDA -
a Non-U.S. GAAP Measure - Total - Unaudited
Three Months Ended
Year Ended
December 31,
December 31,
(in $ millions)
2012
2011
2012
2011
Net Sales
Affiliates - Asia 1
406
405
1,701
1,637
Affiliates - Middle East 2
363
353
1,328
1,204
Infraserv Affiliates 3
504
595
1,906
2,192
Total
1,273
1,353
4,935
5,033
Operating Profit
Affiliates - Asia 1
34
9
192
160
Affiliates - Middle East 2
182
172
652
541
Infraserv Affiliates 3
43
38
134
138
Total
259
219
978
839
Depreciation and Amortization
Affiliates - Asia 1
18
19
75
76
Affiliates - Middle East 2
11
10
43
48
Infraserv Affiliates 3
30
36
108
120
Total
59
65
226
244
Affiliate EBITDA
Affiliates - Asia 1
52
28
267
236
Affiliates - Middle East 2
193
182
695
589
Infraserv Affiliates 3
73
74
242
258
Total
318
284
1,204
1,083
Net Income
Affiliates - Asia 1
21
1
126
104
Affiliates - Middle East 2
162
153
582
481
Infraserv Affiliates 3
97
29
162
95
Total
280
183
870
680
Net Debt
Affiliates - Asia 1
369
172
369
172
Affiliates - Middle East 2
(114
)
(110
)
(114
)
(110
)
Infraserv Affiliates 3
122
236
122
236
Total
377
298
377
298
1 Affiliates - Asia accounted for using the equity method
includes Polyplastics (45%), Korean Engineering Plastics (50%), Fortron
Industries (50%), Una SA (2012 - 0%, 2011 - 50%). Una SA was divested
during the Three Months Ended March 31, 2011.
2 Affiliates - Middle East accounted for using the equity
method includes National Methanol Company (Ibn Sina) (25%).
3 Infraserv Affiliates accounted for using the equity method
includes Infraserv Hoechst (32%), Infraserv Gendorf (39%) and Infraserv
Knapsack (27%).
Table 8 (continued)
Equity Affiliate Results and Reconciliation of Proportional
Operating Profit to Proportional Affiliate EBITDA - a Non- U.S.
GAAP Measure - Celanese Proportional Share - Unaudited
Three Months Ended
Year Ended
December 31,
December 31,
(in $ millions)
2012
2011
2012
2011
Proportional Net Sales
Affiliates - Asia 1
187
187
784
757
Affiliates - Middle East 2
91
88
332
301
Infraserv Affiliates 3
166
196
626
722
Total
444
471
1,742
1,780
Proportional Operating Profit
Affiliates - Asia 1
16
5
90
76
Affiliates - Middle East 2
45
43
163
135
Infraserv Affiliates 3
14
13
44
45
Total
75
61
297
256
Proportional Depreciation and Amortization
Affiliates - Asia 1
8
9
34
35
Affiliates - Middle East 2
3
2
11
12
Infraserv Affiliates 3
10
11
35
39
Total
21
22
80
86
Proportional Affiliate EBITDA
Affiliates - Asia 1
24
14
124
111
Affiliates - Middle East 2
48
45
174
147
Infraserv Affiliates 3
24
24
79
84
Total
96
83
377
342
Equity in Net Earnings of Affiliates (as reported in the
Consolidated Statement of Operations)
Affiliates - Asia 1
10
1
60
49
Affiliates - Middle East 2
37
35
130
112
Infraserv Affiliates 3
32
10
52
31
Total
79
46
242
192
Proportional Affiliate EBITDA in Excess of Equity in Net Earnings
of Affiliates
Affiliates - Asia 1
14
13
64
62
Affiliates - Middle East 2
11
10
44
35
Infraserv Affiliates 3
(8
)
14
27
53
Total
17
37
135
150
Proportional Net Debt
Affiliates - Asia 1
167
77
167
77
Affiliates - Middle East 2
(29
)
(27
)
(29
)
(27
)
Infraserv Affiliates 3
41
78
41
78
Total
179
128
179
128
1 Affiliates - Asia accounted for using the equity method
includes Polyplastics (45%), Korean Engineering Plastics (50%), Fortron
Industries (50%), Una SA (2012 - 0%, 2011 - 50%). Una SA was divested
during the Three Months Ended March 31, 2011.
2 Affiliates - Middle East accounted for using the equity
method includes National Methanol Company (Ibn Sina) (25%).
3 Infraserv Affiliates accounted for using the equity method
includes Infraserv Hoechst (32%), Infraserv Gendorf (39%) and Infraserv
Knapsack (27%).
Celanese Corporation Investor Relations Jon Puckett,
+1-972-443-4965 Telefax: +1-972-443-8519 Jon.Puckett@celanese.com or Media
- U.S. Linda Beheler, +1-972-443-4924 Telefax:
+1-972-443-8519 Linda.Beheler@celanese.com or Media
- Europe Jens Kurth, +49(0)69 45009 1574 Telefax: +49(0)
45009 58800 J.Kurth@celanese.com
Press Release $CE Celanese Corporation
DALLAS--(BUSINESS WIRE)-- Celanese Corporation (NYSE: CE), a global technology and specialty materials company, today reported fourth quarter 2012 adjusted earnings per share of $0.67, a 16 percent increase over the prior year period, driven by expanded operating EBITDA margins in the company's Consumer Specialties, Advanced Engineered Materials and Acetyl Intermediates segments. Diluted earnings per share from continuing operations for the quarter were $0.60 compared with $0.61 last year.
Year Ended
December 31,
1 Non-U.S. GAAP measure. See reconciliation in Table 1A.
2 Non-U.S. GAAP measure. See reconciliation in Table 6.
"Celanese completed 2012 with strong fourth quarter results reflecting the breadth of our global footprint, the depth of our product portfolio and our success in delivering innovative customer applications while also improving our cost position. As a result, we expanded operating EBITDA margins by 180 basis points and increased adjusted earnings per share by 16 percent over the prior year period even with a challenging economic environment and continued trough-like demand for acetyl products and derivatives," said Mark Rohr, chairman and chief executive officer. "Celanese also delivered strong cash flow, ending the year with nearly $1 billion of cash on the balance sheet and well positioned to pursue our growth initiatives and balanced capital deployment strategy in 2013."
Operating profit for the quarter was $86 million, with sustained operating margins, compared with $97 million in the prior year. The tax rate and diluted share count for adjusted earnings per share in the fourth quarter were 17 percent and 160.2 million, respectively. Net earnings were $95 million in the fourth quarter of 2012 compared with the prior year results of $95 million.
Net sales in the fourth quarter were $1,501 million compared to $1,614 million in the prior year. Volumes decreased 3 percent on a year-over-year basis primarily due to continued soft global demand in the company's Acetyl Intermediates segment and the Acetate footprint rationalization in its Consumer Specialties segment. Pricing also decreased 3 percent on a year-over-year basis mainly due to lower global demand for photovoltaic applications in the company's Industrial Specialties segment and lower raw material costs in its Acetyl Intermediates and Industrial Specialties segments.
Recent Highlights
Fourth Quarter Business Segment Overview
Advanced Engineered Materials
Advanced Engineered Materials delivered growth in the fourth quarter despite a challenging economic environment in Europe and normal seasonality. Net sales increased to $299 million compared with $292 million in the prior year period as its innovative customer-oriented solutions drove a 4 percent increase in volumes while currency had a 2 percent unfavorable impact. Fourth quarter operating EBITDA was $88 million, a $15 million improvement over prior year, driven by the higher volumes and higher equity earnings. Equity earnings from the company's affiliates were $47 million compared with $36 million in the prior year period, primarily due to a significant turnaround in its Asian affiliates in fourth quarter of 2011. Operating profit improved by $4 million over the prior year period.
Consumer Specialties
Consumer Specialties delivered strong results in the quarter while positioning the business for enhanced future profitability through the rationalization of its manufacturing footprint with the closure of the Acetate facility at its Spondon site. Net sales in fourth quarter of 2012 were $281 million as compared to $306 million in the prior year period primarily due to 13 percent lower volumes as a result of the facility closure. Pricing was 5 percent higher than the prior year on continued strong global demand. Fourth quarter operating EBITDA was $86 million, a $13 million increase over the prior year as cost efficiencies from the footprint rationalization and higher pricing more than overcame lower volumes. Operating profit increased to $60 million from $59 million in fourth quarter of last year.
Industrial Specialties
Industrial Specialties' net sales in the fourth quarter of 2012 were $251 million compared to $272 million in the prior year period. Volumes increased 2 percent driven by increased demand in Asia and North America for Emulsions applications which was partially offset by lower European volumes. Pricing in the fourth quarter was lower than the prior year primarily due to lower demand for photovoltaic applications in EVA Performance Polymers and lower raw material costs across the segment. Operating EBITDA was $20 million compared with $30 million in the prior year period as increased demand in Emulsions did not offset lower demand for premium EVA applications. Operating profit in the fourth quarter of 2012 was $6 million compared with $17 million in the prior year period.
Acetyl Intermediates
Net sales for Acetyl Intermediates in the fourth quarter of 2012 were $773 million compared to $849 million in the prior period. Global demand for acetyl products and their downstream derivatives remained at low levels during the quarter resulting in 5 percent lower pricing and 3 percent lower volumes compared to the prior year period. Operating EBITDA in the fourth quarter of 2012 was $88 million compared with $95 million in the same period last year. However, operating EBITDA margins expanded modestly on lower raw material costs and cost efficiencies. Operating profit was $64 million in the fourth quarter of 2012 versus $67 million in same quarter in 2011.
Taxes
The tax rate for adjusted earnings per share was 17 percent for 2012 and 2011. The effective tax rate for continuing operations for 2012 was 7 percent compared with 20 percent in the prior year. The lower effective tax rate in 2012 was primarily due to recognition of $142 million in tax benefits from foreign tax credits partially offset by $38 million from a timing difference for when the company records tax on one of its strategic affiliates.
Strategic Investments
Earnings from equity investments, which are reflected in the company's earnings and operating EBITDA, were $79 million in the fourth quarter of 2012, a $33 million increase from the prior year period primarily due to a significant plant turnaround in its Asian affiliates in the fourth quarter of 2011 as well as the company's share of a gain related to debt restructuring at a subsidiary of one of its Infraserv affiliates. The Infraserv gain is included in other adjustments and thereby excluded from the company's operating EBITDA for the fourth quarter and the year. The cash flow impact of equity investments in the fourth quarter was consistent with the prior year period at $40 million.
Cash Flow
During 2012, the company generated $722 million in cash from operating activities, an $84 million increase from the same period last year, primarily driven by lower trade working capital versus the prior year period. The company also made total pension contributions of $294 million in 2012, an increase of $81 million over the prior year period. Cash used in investing activities during 2012 was $500 million compared with $441 million in the same period last year. The 2012 results include the company's acquisition of two product lines from Ashland Inc. and investments in future growth initiatives. Net cash provided by financing activities during 2012 was $49 million compared with net cash used of $253 million in the prior year. In 2012, the company completed a $500 million unsecured notes offering and repaid $400 million of its senior secured term loans that were set to mature in 2016. In 2011, the company used a net of $116 million to prepay a portion of these term loans. Net debt at the end of 2012 was $2,139 million, a $196 million decrease from the end of 2011.
Outlook
"We anticipate the challenging global economic environment will continue into 2013, particularly with the uncertainty in the European Union. Growth in China should improve throughout the year but I expect that growth to be modest when compared to historic levels," said Rohr. "Earnings growth in 2013, despite the impact of a two percentage point increase in our adjusted tax rate, should be consistent with our long-term growth objectives of 12 to 14 percent and be driven by Celanese-specific initiatives. We remain focused on growth platforms that expand the company's addressable opportunities and technology innovation that enhances the competitive position of our high volume products. In 2013, we will continue to take steps to reduce the impact of a challenging global economy on some of our portfolio, while accelerating the return on businesses where our solutions capability is opening new windows of opportunity for our customers."
The company's earnings presentation and prepared remarks related to the fourth quarter results will be posted on its website at www.celanese.com in the investor section after market close on January 28.
Celanese Corporation is a global technology leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications. With sales almost equally divided between North America, Europe and Asia, the company uses the full breadth of its global chemistry, technology and business expertise to create value for customers and the corporation. Celanese partners with customers to solve their most critical needs while making a positive impact on its communities and the world. Based in Dallas, Texas, Celanese employs approximately 7,600 employees worldwide and had 2012 net sales of $6.4 billion. For more information about Celanese Corporation and its product offerings, visit www.celanese.com or our blog at www.celaneseblog.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,” “may,” “can,” “could,” “might,” “will” 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 results expressed or implied in the forward-looking statements contained in this release. These risks and uncertainties include, among other things: changes in general economic, business, political and regulatory conditions in the countries or regions in which we operate; the length and depth of product and industry business cycles, particularly in the automotive, electrical, electronics and construction industries; changes in the price and availability of raw materials, particularly changes in the demand for, supply of, and market prices of ethylene, methanol, natural gas, wood pulp and carbon monoxide and the prices for electricity and other energy sources; the ability to pass increases in raw material prices on to customers or otherwise improve margins through price increases; the ability to maintain plant utilization rates and to implement planned capacity additions and expansions; the ability to improve productivity by implementing technological improvements to existing plants; increased price competition and the introduction of competing products by other companies; market acceptance of our technology; the ability to obtain governmental approvals and to construct facilities on terms and schedules acceptable to the company; changes in the degree of intellectual property and other legal protection afforded to our products or technology, or the theft of such intellectual property; compliance and other costs and potential disruption or interruption of production or operations due to accidents, cyber security incidents, terrorism or political unrest or other unforeseen events or delays in construction or operation of facilities, including as a result of geopolitical conditions, including the occurrence of acts of war or terrorist incidents or as a result of weather or natural disasters; potential liability for remedial actions and increased costs under existing or future environmental regulations, including those relating to climate change; potential liability resulting from pending or future litigation, or from changes in the laws, regulations or policies of governments or other governmental activities in the countries in which we operate; changes in currency exchange rates and interest rates; our level of indebtedness, which could diminish our ability to raise additional capital to fund operations or limit our ability to react to changes in the economy or the chemicals industry; and various other factors discussed from time to time 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 the following performance measures: operating EBITDA, business operating EBITDA, affiliate EBITDA and proportional affiliate EBITDA, adjusted earnings per share and net debt as non-U.S. GAAP measures. These measurements are not recognized in accordance with U.S. GAAP and should not be viewed as an alternative to U.S. GAAP measures of performance. The most directly comparable financial measure presented in accordance with U.S. GAAP in our consolidated financial statements for operating EBITDA and business operating EBITDA is net income; for proportional affiliate EBITDA is equity in net earnings of affiliates; for affiliate EBITDA is operating profit; for adjusted earnings per share is earnings per common share-diluted; and for net debt is total debt.
Use of Non-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.
Consolidated Statements of Operations - Unaudited
Consolidated Balance Sheets - Unaudited
Business Segment Data and Reconciliation of Operating Profit (Loss) to Operating EBITDA -
1 Other Activities includes corporate selling, general and administrative expenses and the results from captive insurance companies.
2 See Table 7 for details.
3 Excludes accelerated depreciation and amortization expense included in Other charges and Other adjustments above. See Table 1A for details.
Table 1A
Reconciliation of Consolidated Net Earnings (Loss) to Operating EBITDA -
a Non-U.S. GAAP Measure - Unaudited
1 See Table 7 for details.
2 Excludes accelerated depreciation and amortization expense as detailed in the table below and included in Other adjustments above.
3 Other Activities includes corporate selling, general and administrative expenses and the results from captive insurance companies.
Depreciation and amortization expense 2
Table 2
Factors Affecting Business Segment Net Sales - Unaudited
Three Months Ended December 31, 2012 Compared to Three Months Ended December 31, 2011
Year Ended December 31, 2012 Compared to Year Ended December 31, 2011
Table 3
Cash Flow Information - Unaudited
December 31,
1 2012 and 2011 include $49 million and $204 million, respectively, of capital expenditures related to the relocation of our Kelsterbach, Germany POM operations. 2011 includes $158 million of cash proceeds related to the settlement with the Frankfurt, Germany Airport to move our POM operations from Kelsterbach, Germany.
Table 6
December 31,
December 31,
share
share
share
share
1 See Table 7 for details.
2 The adjusted effective tax rate is 17% and 17% for the three and twelve months ended December 31, 2012 and 2011, respectively.
3 Potentially dilutive shares are included in the adjusted earnings per share calculation when adjusted earnings are positive.
Year Ended
December 31,
Year Ended
December 31,
Infraserv Hoechst debt restructuring
Equity in net (earnings)
loss of affiliates
1 These items are included in net earnings but not included in other charges (gains), net.
1 Affiliates - Asia accounted for using the equity method includes Polyplastics (45%), Korean Engineering Plastics (50%), Fortron Industries (50%), Una SA (2012 - 0%, 2011 - 50%). Una SA was divested during the Three Months Ended March 31, 2011.
2 Affiliates - Middle East accounted for using the equity method includes National Methanol Company (Ibn Sina) (25%).
3 Infraserv Affiliates accounted for using the equity method includes Infraserv Hoechst (32%), Infraserv Gendorf (39%) and Infraserv Knapsack (27%).
Equity Affiliate Results and Reconciliation of Proportional Operating Profit to Proportional Affiliate EBITDA - a Non-
U.S. GAAP Measure - Celanese Proportional Share - Unaudited
1 Affiliates - Asia accounted for using the equity method includes Polyplastics (45%), Korean Engineering Plastics (50%), Fortron Industries (50%), Una SA (2012 - 0%, 2011 - 50%). Una SA was divested during the Three Months Ended March 31, 2011.
2 Affiliates - Middle East accounted for using the equity method includes National Methanol Company (Ibn Sina) (25%).
3 Infraserv Affiliates accounted for using the equity method includes Infraserv Hoechst (32%), Infraserv Gendorf (39%) and Infraserv Knapsack (27%).
Celanese Corporation
Investor Relations
Jon Puckett, +1-972-443-4965
Telefax: +1-972-443-8519
Jon.Puckett@celanese.com
or
Media - U.S.
Linda Beheler, +1-972-443-4924
Telefax: +1-972-443-8519
Linda.Beheler@celanese.com
or
Media - Europe
Jens Kurth, +49(0)69 45009 1574
Telefax: +49(0) 45009 58800
J.Kurth@celanese.com
Source: Celanese Corporation