Celanese Corporation · NYSE:CE
Celanese — Q1 2009 Earnings Presentation
21 slides from Celanese's earnings presentation, Apr 28, 2009
Slide 1: Celanese 1Q 2009 Earnings Conference Call / Webcast
Dave Weidman, Chairman and CEO Steven Sterin, Senior Vice President and CFO Celanese 1Q 2009 Earnings Conference Call / Webcast Tuesday, April 28, 2009 10:00 a.m. ET
Slide 2: Forward Looking Statements, Reconciliation and Use of Non-GAAP Measures
Forward Looking Statements, Reconciliation and Use of Non- GAAP Measures to U.S. GAAP Forward-Looking Statements This presentation may contain "forward-looking statements," which include information concerning the company's plans, objectives, goals, strategies, future revenues or performance, capita
Slide 3: Dave Weidman, Chairman and Chief Executive Officer
Dave Weidman Chairman and Chief Executive Officer
Slide 4: Celanese Corporation 1Q 2009 highlights
Celanese Corporation 1Q 2009 highlights in millions (except EPS) 1st Qtr 2009 1st Qtr 2008 Net Sales $1,146 $1,846 Operating Profit $27 $234 Adjusted EPS $0.08 $1.06 Operating EBITDA $136 $381 1 $32 million inventory accounting impact tax effected at 29% divided by 155.6 million diluted shares for t
Slide 5: Peak and trough relative performance
Peak and trough relative performance Relative Peak versus Trough Quarter - Operating EBIDTA Industrial Specialties Acetyl Intermediates Advanced Engineered Materials Consumer Specialties Other Activities Trough defined as four quarters of sustained -1% to 1% global GDP Note: Earnings from strategic
Slide 6: Steven Sterin, Senior Vice President and CFO
Steven Sterin Senior Vice President and CFO
Slide 7: Celanese Corporation financial highlights
Celanese Corporation financial highlights in millions (except EPS) 1st Qtr 2009 1st Qtr 2008 Net Sales $1,146 $1,846 Operating Profit/(Loss) $27 $234 Net Earnings/(Loss) ($20) $145 Other Charges/Adjustments $33 $22 Adjusted EPS $0.08 $1.06 Effective Tax Rate 29% 26% Diluted Share Basis 155.6 167.3 O
Slide 8: Consumer Specialties
First Quarter 2009: Net sales decreased as higher pricing only partially offset lower volumes Volume decline due to the timing of customer contract negotiations and lower acetate flake sales Operating EBITDA improvement due to the higher pricing, favorable currency and lower spending and energy cost
Slide 9: Industrial Specialties
First Quarter 2009: Net sales decrease primarily driven by lower volumes in Europe and North America, as well as the effect of the AT Plastics force majeure Lower raw material and energy costs, along with the benefits of the company's fixed spending reductions, more than offset slightly lower pricin
Slide 10: Advanced Engineered Materials
in millions 1st Qtr 2009 1st Qtr 2008 Net Sales $165 $294 Operating EBITDA $0 $60 Advanced Engineered Materials First Quarter 2009: Net sales decreased as higher pricing could not offset lower volumes and currency impacts Volume decreases were driven by automotive production in the U.S. and Europe a
Slide 11: Acetyl Intermediates
Acetyl Intermediates in millions 1st Qtr 2009 1st Qtr 2008 Net Sales $572 $1,096 Operating EBITDA $48 $246 First Quarter 2009: Decrease in net sales due to substantial volume declines and lower pricing Pricing declined as the industry experienced lower utilization rates on reduced global demand, par
Slide 12: Affiliate Performance
1Q 2008 1Q 2009 1Q 2008 1Q 2009 Earnings - Equity Investments 10 -2 Dividends - Cost Investments 28 6 1Q 2009: Earnings impact of $4 million decreased versus prior year due to lower dividends from the company's Ibn Sina cost affiliate and lower earnings from the Advanced Engineered Materials equity
Slide 13: Solid cash generation
Solid cash generation Adjusted Free Cash Flow Adjusted Free Cash Flow Adjusted Free Cash Flow $ in millions 1st Qtr 2009 1st Qtr 2008 Net cash provided by operating activities $199 $166 Adjustments to operating cash for discontinued operations ($1) $1 Net cash provided by operating activities from c
Slide 14: Celanese capital structure
Celanese capital structure Term Loan - $2.8 billion Other Debt Obligations - $706 million Cash - $1,150 million Net Debt - $2.3 billion Revolver - $650 million Cost Stability Flexibility Structure Characteristics Primary Components Strong balance sheet provides flexibility and stability in current e
Slide 15: Appendix
8 Celanese Appendix
Slide 16: 1Q 2009 Other Charges and Other Adjustments by Segment
1Q 2009 Other Charges and Other Adjustments by Segment $ in millions AEM CS IS AI Other Total Employee termination benefits 7 - 2 6 9 24 Ticona Kelsterbach relocation 3 - - - - 3 Clear Lake insurance recoveries - - - (6) - (6) Plumbing insurance recoveries (1) - - - - (1) Asset impairments - - - 1 -
Slide 17: Reg G: Reconciliation of Adjusted EPS
Reg G: Reconciliation of Adjusted EPS
Slide 18: Reg G: Reconciliation of Net Debt
Reg G: Reconciliation of Net Debt
Slide 19: Reg G: Other Charges and Other Adjustments
Reg G: Other Charges and Other Adjustments
Slide 20: Reg G: Reconciliation of Operating EBITDA
Reg G: Reconciliation of Operating EBITDA
Slide 21: Reg G: Equity Affiliate Preliminary Results and Celanese Proportional Share
Reg G: Equity Affiliate Preliminary Results and Celanese Proportional Share - Unaudited