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EX-99.1 - EX 99.1 - EARNINGS RELEASE - Celanese Corpq220148-kex991.htm
EX-99.4 - EX 99.4 - PREPARED REMARKS - Celanese Corpq220148-kex994.htm
8-K - 8-K - Celanese Corpq220148-kdoc.htm
EX-99.3 - EX 99.3 - SLIDES - Celanese Corpq220148kex993.htm
Exhibit 99.2

Non-US GAAP Financial Measures and Supplemental Information
July 17, 2014
In this document, the terms "Company," "we" and "our" refer to Celanese Corporation and its subsidiaries on a consolidated basis.
Purpose
The purpose of this document is to provide information of interest to investors, analysts and other parties including supplemental financial information and reconciliations and other information concerning our use of non-US GAAP financial measures. This document is updated quarterly.
Use of Non-US GAAP Financial Measures
From time to time, management may publicly disclose certain numerical "non-GAAP financial measures" in the course of our earnings releases, financial presentations, earnings conference calls, investor and analyst meetings and otherwise. For these purposes, the Securities and Exchange Commission ("SEC") defines a "non-GAAP financial measure" as a numerical measure of historical or future financial performance, financial position, or cash flows that excludes amounts, or is subject to adjustments that effectively exclude amounts, included in the most directly comparable measure calculated and presented in accordance with US GAAP, and vice versa for measures that include amounts, or are subject to adjustments that effectively include amounts, that are excluded from the most directly comparable US GAAP measure so calculated and presented. For these purposes, "GAAP" refers to generally accepted accounting principles in the United States.
Non-GAAP financial measures disclosed by management are provided as additional information to investors, analysts and other parties as the Company believes them to be important supplemental measures for assessing our financial and operating results and as a means to evaluate period-to-period comparisons. These non-GAAP financial measures should be viewed as supplemental to, and should not be considered in isolation or as alternatives to, net earnings (loss), operating profit (loss), cash flow from operating activities, earnings per share or any other US GAAP financial measure. The method of calculation of the non-GAAP financial measures used herein may be different from other companies' methods for calculating measures with the same or similar titles. Investors, analysts and other parties should understand how another company calculates such non-GAAP financial measures before comparing the other company's non-GAAP financial measures to any of our own. These non-GAAP financial measures may not be indicative of the historical operating results of the Company nor are they intended to be predictive or projections of future results.
Pursuant to the requirements of SEC Regulation G, whenever we refer to a non-GAAP financial measure, we will also present on the Investor Relations/Financial Information/Non-GAAP Financial Measures page of our website, www.celanese.com, in this document, in the presentation itself or on a Form 8-K in connection with the presentation, to the extent practicable, the most directly comparable financial measure calculated and presented in accordance with GAAP, along with a reconciliation of the differences between the non-GAAP financial measure we reference and such comparable GAAP financial measure. This supplemental financial disclosure should be considered within the context of our complete audited financial results for the given period, which are available on the Investor Relations/Financial Information/SEC Filings page of our website, www.celanese.com.
This document includes definitions and reconciliations of non-GAAP financial measures used from time to time by the Company.
Specific Measures Used
This document provides information about the following non-GAAP measures: adjusted EBIT, operating EBITDA, adjusted earnings per share, net debt, adjusted free cash flow and return on capital employed. The most directly comparable financial measure presented in accordance with US GAAP in our consolidated financial statements for adjusted EBIT and operating EBITDA is net earnings (loss); for adjusted earnings per share is earnings (loss) from continuing operations per common share-diluted; for net debt is total debt; and for adjusted free cash flow is cash flow from operations. We do not believe that there is a directly comparable financial measure calculated and presented in accordance with GAAP for return on capital employed.
Definitions
Adjusted EBIT is defined by the Company as net earnings (loss) less interest income plus loss (earnings) from discontinued operations, interest expense and taxes, and further adjusted for certain items and amounts attributable to noncontrolling interests ("NCI"). We believe that adjusted EBIT provides transparent and useful information to management, investors, analysts and other parties in evaluating and assessing our core operating results from period-to-period after removing the impact of unusual, non-operational or restructuring-related activities that affect comparability. Our management recognizes that adjusted EBIT has inherent

1


limitations because of the excluded items. Adjusted EBIT is one of the measures management uses for planning and budgeting, monitoring and evaluating financial and operating results and as a performance metric in the Company's incentive compensation plan. We may provide guidance on adjusted EBIT but are unable to reconcile forecasted adjusted EBIT to a US GAAP financial measure without unreasonable effort because a forecast of certain items is not practical. Adjusted EBIT by business segment may also be referred to by management as segment income.
Operating EBITDA is defined by the Company as net earnings (loss) less interest income plus loss (earnings) from discontinued operations, interest expense, taxes and depreciation and amortization, and further adjusted for certain items and amounts attributable to NCI. Operating EBITDA is equal to adjusted EBIT plus depreciation and amortization, and has the same uses and limitations as adjusted EBIT described above.
Adjusted earnings per share is defined by the Company as earnings (loss) from continuing operations, adjusted for income tax (provision) benefit, certain items, refinancing and related expenses and amounts attributable to NCI, divided by the number of basic common shares, convertible preferred shares and dilutive restricted stock units and stock options calculated using the treasury method. We believe that adjusted earnings per share provides transparent and useful information to management, investors, analysts and other parties in evaluating and assessing our core operating results from period-to-period after removing the impact of unusual, non-operational or restructuring-related activities that affect comparability. We may provide guidance on adjusted earnings per share but are unable to reconcile forecasted adjusted earnings per share to a GAAP financial measure without unreasonable effort because a forecast of certain items is not practical.
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 GAAP earnings for adjusted earnings per share purposes, and changes in management's assessments regarding the ability to realize deferred tax assets. We also reflect the impact of foreign tax credits when utilized for the adjusted earnings per share tax rate. 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 actual tax rate used for GAAP reporting in any given reporting period. It is not practical to reconcile our prospective adjusted tax rate to the actual GAAP tax rate in any given future period.
Adjusted free cash flow is defined by the Company as cash flow from operations less other productive asset purchases, operating cash flow from discontinued operations and certain cash flow adjustments, including amounts attributable to NCI and capital contributions from outside stockholders of the Company's consolidated ventures. We believe that adjusted free cash flow provides useful information to management, investors, analysts and other parties in evaluating the Company’s liquidity and credit quality assessment. Although we use adjusted free cash flow as a financial measure to assess the performance of our business, the use of adjusted free cash flow has important limitations, including that adjusted free cash flow does not reflect the cash requirements necessary to service our indebtedness, lease obligations, unconditional purchase obligations or pension and postretirement funding obligations.
Net debt is defined by the Company as total debt less cash and cash equivalents, adjusted for amounts attributable to NCI. We believe that net debt provides useful information to management, investors, analysts and other parties in evaluating changes to the Company's capital structure and credit quality assessment.
Return on capital employed is defined by the Company as adjusted EBIT divided by the sum of property, plant and equipment, net and trade working capital (calculated as trade receivables, net plus inventories less trade payables – third party and affiliates), adjusted for outside stockholders' interest in property, plant and equipment, net related to the Company's consolidated ventures and trade working capital amounts attributable to NCI.
Supplemental Information
Supplemental Information we believe to be of interest to investors, analysts and other parties includes the following:
For those consolidated ventures in which the Company owns or is exposed to less than 100% of the economics, the outside stockholders' interests are shown as noncontrolling interests. Beginning in 2014, this includes Fairway Methanol LLC for which the Company's ownership percentage is 50%.
Net sales for each of our business segments and the percentage increase or decrease in net sales attributable to price, volume, currency and other factors for each of our business segments.
Cash dividends received from our equity and cost investments.

2


Results Unaudited
The results in this document, 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.
Change in accounting policy regarding pension and other postretirement benefits
Effective January 1, 2013, we elected to change our policy to immediately recognize actuarial gains and losses and the change in fair value of plan assets for our defined benefit pension plans and other postretirement benefit plans. Financial information for prior periods has been retrospectively adjusted.

3


Table 1
Adjusted EBIT and Operating EBITDA - Reconciliation of Non-GAAP Measures - Unaudited
 
Q2 '14
 
Q1 '14
 
2013
 
Q4 '13
 
Q3 '13
 
Q2 '13
 
Q1 '13
 
2012
 
2011
 
2010
 
2009
 
(In $ millions, except ratios)
Net earnings (loss) 
258

 
195

 
1,101

 
654

 
172

 
133

 
142

 
372

 
427

 
312

 
403

Net (earnings) loss attributable to NCI
1

 
1

 

 

 

 

 

 

 

 

 

(Earnings) loss from discontinued operations

 

 

 
2

 
(1
)
 

 
(1
)
 
4

 
(1
)
 
49

 
(4
)
Interest income
(2
)
 

 
(1
)
 

 

 
(1
)
 

 
(2
)
 
(3
)
 
(7
)
 
(8
)
Interest expense
40

 
39

 
172

 
42

 
43

 
44

 
43

 
185

 
221

 
204

 
207

Interest expense attributable to NCI

 

 

 

 

 

 

 

 

 

 

Refinancing expense

 

 
1

 

 
1

 

 

 
3

 
3

 
16

 

Income tax provision (benefit)
94

 
78

 
508

 
299

 
57

 
75

 
77

 
(55
)
 
41

 
72

 
(294
)
Income tax (provision) benefit attributable to NCI

 

 

 

 

 

 

 

 

 

 

Certain items attributable to Celanese Corporation(1)
(62
)
 
(11
)
 
(725
)
 
(753
)
 
7

 
13

 
8

 
455

 
405

 
197

 
221

Adjusted EBIT
329

 
302

 
1,056

 
244

 
279

 
264

 
269

 
962

 
1,093

 
843

 
525

Depreciation and amortization expense(2)
72

 
73

 
302

 
75

 
76

 
75

 
76

 
300

 
287

 
258

 
290

Depreciation and amortization expense attributable to NCI

 

 

 

 

 

 

 

 

 

 

Operating EBITDA
401

 
375

 
1,358

 
319

 
355

 
339

 
345

 
1,262

 
1,380

 
1,101

 
815

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating EBITDA / Interest expense
 
 
 
 
7.9

 
 
 
 
 
 
 
 
 
6.8

 
6.2

 
5.4

 
3.9

 
Q2 '14
 
Q1 '14
 
2013
 
Q4 '13
 
Q3 '13
 
Q2 '13
 
Q1 '13
 
2012
 
2011
 
2010
 
2009
 
(In $ millions)
Advanced Engineered Materials

 

 

 

 

 

 

 

 
3

 
4

 
1

Consumer Specialties

 

 

 

 

 

 

 
6

 
8

 
5

 

Industrial Specialties

 
2

 
3

 
3

 

 

 

 
2

 

 

 
5

Acetyl Intermediates

 

 

 

 

 

 

 

 

 
20

 
12

Other Activities(3)

 

 

 

 

 

 

 

 

 

 

Accelerated depreciation and amortization expense

 
2

 
3

 
3

 

 

 

 
8

 
11

 
29

 
18

Depreciation and amortization expense(2)
72

 
73

 
302

 
75

 
76

 
75

 
76

 
300

 
287

 
258

 
290

Depreciation and amortization expense attributable to NCI

 

 

 

 

 

 

 

 

 

 

Total depreciation and amortization expense attributable to Celanese Corporation
72

 
75

 
305

 
78

 
76

 
75

 
76

 
308

 
298

 
287

 
308

______________________________
(1) 
See Certain items presentation (Table 8) for details.
(2) 
Excludes accelerated depreciation and amortization expense as detailed in the table above and included in Certain items above.
(3) 
Other Activities includes corporate Selling, general and administrative ("SG&A") expenses, the results of captive insurance companies and certain components of net periodic benefit cost (interest cost, expected return on plan assets and net actuarial gains and losses).

4

  Table 2 - Segment Data and Reconciliation of Adjusted EBIT and Operating EBITDA - Non-GAAP Measures - Unaudited
 

 
Q2 '14
 
Q1 '14
 
2013
 
Q4 '13
 
Q3 '13
 
Q2 '13
 
Q1 '13
 
2012
 
2011
 
2010
 
2009
 
(In $ millions, except percentages)
Operating Profit (Loss) / Operating Margin Attributable to Celanese Corporation(1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Advanced Engineered Materials
56

 
14.4
%
 
57

 
15.3
%
 
904

 
66.9
%
 
781

 
240.3
 %
 
48

 
13.9
%
 
39

 
11.1
%
 
36

 
10.9
%
 
95

 
7.5
%
 
79

 
6.1
%
 
182

 
16.4
%
 
36

 
4.5
%
Consumer Specialties
80

 
27.7
%
 
99

 
32.8
%
 
346

 
28.5
%
 
100

 
33.9
 %
 
85

 
27.4
%
 
83

 
26.4
%
 
78

 
26.4
%
 
251

 
21.2
%
 
229

 
19.7
%
 
163

 
14.8
%
 
230

 
21.2
%
Industrial Specialties
24

 
7.2
%
 
20

 
6.4
%
 
64

 
5.5
%
 
7

 
2.6
 %
 
24

 
8.0
%
 
18

 
6.1
%
 
15

 
5.2
%
 
86

 
7.3
%
 
102

 
8.3
%
 
89

 
8.6
%
 
89

 
9.1
%
Acetyl Intermediates(2)
143

 
15.9
%
 
98

 
11.7
%
 
153

 
4.7
%
 
(44
)
 
(5.3
)%
 
67

 
8.4
%
 
55

 
6.8
%
 
75

 
9.3
%
 
269

 
8.3
%
 
458

 
12.9
%
 
237

 
7.7
%
 
88

 
3.4
%
Other Activities(3)
(43
)
 
 
 
(30
)
 
 
 
41

 
 
 
100

 
 
 
(13
)
 
 
 
(26
)
 
 
 
(20
)
 
 
 
(526
)
 
 
 
(466
)
 
 
 
(273
)
 
 
 
(299
)
 
 
Total
260

 
14.7
%
 
244

 
14.3
%
 
1,508

 
23.2
%
 
944

 
58.4
 %
 
211

 
12.9
%
 
169

 
10.2
%
 
184

 
11.5
%
 
175

 
2.7
%
 
402

 
5.9
%
 
398

 
6.7
%
 
144

 
2.8
%
Equity Earnings, Cost-Dividend Income, Other Income (Expense) Attributable to Celanese Corporation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Advanced Engineered Materials
45

 
 
 
33

 
 
 
149

 
 
 
33

 
 
 
31

 
 
 
45

 
 
 
40

 
 
 
190

 
 
 
163

 
 
 
143

 
 
 
76

 
 
Consumer Specialties
35

 
 
 
30

 
 
 
95

 
 
 
24

 
 
 
21

 
 
 
24

 
 
 
26

 
 
 
90

 
 
 
80

 
 
 
73

 
 
 
57

 
 
Industrial Specialties

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 
2

 
 
 

 
 
 

 
 
Acetyl Intermediates(2)
15

 
 
 
1

 
 
 
5

 
 
 
(4
)
 
 
 
3

 
 
 
3

 
 
 
3

 
 
 
13

 
 
 
10

 
 
 
9

 
 
 
9

 
 
Other Activities(3)
36

 
 
 
5

 
 
 
24

 
 
 

 
 
 
6

 
 
 
10

 
 
 
8

 
 
 
39

 
 
 
31

 
 
 
23

 
 
 
18

 
 
Total
131

 
 
 
69

 
 
 
273

 
 
 
53

 
 
 
61

 
 
 
82

 
 
 
77

 
 
 
332

 
 
 
286

 
 
 
248

 
 
 
160

 
 
Certain Items Attributable to Celanese Corporation(4)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Advanced Engineered Materials
(7
)
 
 
 
(6
)
 
 
 
(752
)
 
 
 
(758
)
 
 
 
2

 
 
 
2

 
 
 
2

 
 
 
16

 
 
 
60

 
 
 
(38
)
 
 
 

 
 
Consumer Specialties
(8
)
 
 
 
(2
)
 
 
 
(5
)
 
 
 
(13
)
 
 
 
2

 
 
 
2

 
 
 
4

 
 
 
34

 
 
 
23

 
 
 
97

 
 
 
10

 
 
Industrial Specialties
(2
)
 
 
 

 
 
 
9

 
 
 
6

 
 
 
1

 
 
 
1

 
 
 
1

 
 
 
2

 
 
 
1

 
 
 
(19
)
 
 
 
(26
)
 
 
Acetyl Intermediates
(12
)
 
 
 
(3
)
 
 
 
143

 
 
 
132

 
 
 
2

 
 
 
8

 
 
 
1

 
 
 
5

 
 
 
(3
)
 
 
 
62

 
 
 
103

 
 
Other Activities(3)
(33
)
 
 
 

 
 
 
(120
)
 
 
 
(120
)
 
 
 

 
 
 

 
 
 

 
 
 
398

 
 
 
324

 
 
 
95

 
 
 
134

 
 
Total
(62
)
 
 
 
(11
)
 
 
 
(725
)
 
 
 
(753
)
 
 
 
7

 
 
 
13

 
 
 
8

 
 
 
455

 
 
 
405

 
 
 
197

 
 
 
221

 
 
Adjusted EBIT / Adjusted EBIT Margin(1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Advanced Engineered Materials
94

 
24.2
%
 
84

 
22.5
%
 
301

 
22.3
%
 
56

 
17.2
 %
 
81

 
23.4
%
 
86

 
24.4
%
 
78

 
23.7
%
 
301

 
23.9
%
 
302

 
23.3
%
 
287

 
25.9
%
 
112

 
13.9
%
Consumer Specialties
107

 
37.0
%
 
127

 
42.1
%
 
436

 
35.9
%
 
111

 
37.6
 %
 
108

 
34.8
%
 
109

 
34.7
%
 
108

 
36.6
%
 
375

 
31.6
%
 
332

 
28.6
%
 
333

 
30.3
%
 
297

 
27.4
%
Industrial Specialties
22

 
6.6
%
 
20

 
6.4
%
 
73

 
6.3
%
 
13

 
4.8
 %
 
25

 
8.4
%
 
19

 
6.4
%
 
16

 
5.6
%
 
88

 
7.4
%
 
105

 
8.6
%
 
70

 
6.8
%
 
63

 
6.5
%
Acetyl Intermediates
146

 
16.2
%
 
96

 
11.4
%
 
301

 
9.3
%
 
84

 
10.1
 %
 
72

 
9.1
%
 
66

 
8.2
%
 
79

 
9.8
%
 
287

 
8.9
%
 
465

 
13.1
%
 
308

 
10.0
%
 
200

 
7.7
%
Other Activities(3)
(40
)
 
 
 
(25
)
 
 
 
(55
)
 
 
 
(20
)
 
 
 
(7
)
 
 
 
(16
)
 
 
 
(12
)
 
 
 
(89
)
 
 
 
(111
)
 
 
 
(155
)
 
 
 
(147
)
 
 
Total
329

 
18.6
%
 
302

 
17.7
%
 
1,056

 
16.2
%
 
244

 
15.1
 %
 
279

 
17.1
%
 
264

 
16.0
%
 
269

 
16.8
%
 
962

 
15.0
%
 
1,093

 
16.2
%
 
843

 
14.2
%
 
525

 
10.3
%
Depreciation and Amortization Expense Attributable to Celanese Corporation(5)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Advanced Engineered Materials
27

 
 
 
26

 
 
 
110

 
 
 
27

 
 
 
27

 
 
 
27

 
 
 
29

 
 
 
113

 
 
 
97

 
 
 
72

 
 
 
72

 
 
Consumer Specialties
10

 
 
 
11

 
 
 
41

 
 
 
11

 
 
 
10

 
 
 
10

 
 
 
10

 
 
 
39

 
 
 
36

 
 
 
37

 
 
 
50

 
 
Industrial Specialties
12

 
 
 
12

 
 
 
49

 
 
 
12

 
 
 
13

 
 
 
12

 
 
 
12

 
 
 
53

 
 
 
45

 
 
 
41

 
 
 
46

 
 
Acetyl Intermediates
19

 
 
 
21

 
 
 
86

 
 
 
21

 
 
 
22

 
 
 
22

 
 
 
21

 
 
 
80

 
 
 
96

 
 
 
97

 
 
 
111

 
 
Other Activities(3) 
4

 
 
 
3

 
 
 
16

 
 
 
4

 
 
 
4

 
 
 
4

 
 
 
4

 
 
 
15

 
 
 
13

 
 
 
11

 
 
 
11

 
 
Total
72

 
 
 
73

 
 
 
302

 
 
 
75

 
 
 
76

 
 
 
75

 
 
 
76

 
 
 
300

 
 
 
287

 
 
 
258

 
 
 
290

 
 
Operating EBITDA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Advanced Engineered Materials
121

 
31.1
%
 
110

 
29.5
%
 
411

 
30.4
%
 
83

 
25.5
 %
 
108

 
31.2
%
 
113

 
32.1
%
 
107

 
32.5
%
 
414

 
32.8
%
 
399

 
30.7
%
 
359

 
32.4
%
 
184

 
22.8
%
Consumer Specialties
117

 
40.5
%
 
138

 
45.7
%
 
477

 
39.3
%
 
122

 
41.4
 %
 
118

 
38.1
%
 
119

 
37.9
%
 
118

 
40.0
%
 
414

 
34.9
%
 
368

 
31.7
%
 
370

 
33.7
%
 
347

 
32.0
%
Industrial Specialties
34

 
10.2
%
 
32

 
10.3
%
 
122

 
10.6
%
 
25

 
9.2
 %
 
38

 
12.7
%
 
31

 
10.5
%
 
28

 
9.7
%
 
141

 
11.9
%
 
150

 
12.3
%
 
111

 
10.7
%
 
109

 
11.2
%
Acetyl Intermediates
165

 
18.3
%
 
117

 
13.9
%
 
387

 
11.9
%
 
105

 
12.7
 %
 
94

 
11.8
%
 
88

 
10.9
%
 
100

 
12.4
%
 
367

 
11.4
%
 
561

 
15.8
%
 
405

 
13.1
%
 
311

 
11.9
%
Other Activities(3)
(36
)
 


 
(22
)
 
 
 
(39
)
 
 
 
(16
)
 
 
 
(3
)
 
 
 
(12
)
 
 
 
(8
)
 
 
 
(74
)
 
 
 
(98
)
 
 
 
(144
)
 
 
 
(136
)
 
 
Total
401

 
22.7
%
 
375

 
22.0
%
 
1,358

 
20.9
%
 
319

 
19.7
 %
 
355

 
21.7
%
 
339

 
20.5
%
 
345

 
21.5
%
 
1,262

 
19.7
%
 
1,380

 
20.4
%
 
1,101

 
18.6
%
 
815

 
16.0
%
___________________________
(1) 
Defined as Operating profit (loss) attributable to Celanese Corporation and Adjusted EBIT, respectively, divided by Net sales attributable to Celanese Corporation.
(2) 
Excludes amounts attributable to NCI as follows:
 
Q2 '14
 
Q1 '14
 
2013
 
Q4 '13
 
Q3 '13
 
Q2 '13
 
Q1 '13
 
2012
 
2011
 
2010
 
2009
 
(In $ millions)
Operating Profit (Loss)
(1
)
 
 
 
(1
)
 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
Equity Earnings, Cost-Dividend Income, Other Income (Expense)

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
(3) 
Other Activities includes corporate SG&A expenses, the results of captive insurance companies and certain components of net periodic benefit cost (interest cost, expected return on plan assets and net actuarial gains and losses).
(4) 
See Certain items presentation (Table 8) for details.
(5) 
Excludes accelerated depreciation and amortization expense included in Certain items above. See Table 1 for details.


5


Table 3
Adjusted Earnings (Loss) per Share - Reconciliation of a Non-GAAP Measure - Unaudited
 
Q2 '14
 
Q1 '14
 
2013
 
Q4 '13
 
Q3 '13
 
Q2 '13
 
Q1 '13
 
2012
 
2011
 
2010
 
2009
 
 
 
per share
 
 
 
per share
 
 
 
per share
 
 
 
per share
 
 
 
per share
 
 
 
per share
 
 
 
per share
 
 
 
per share
 
 
 
per share
 
 
 
per share
 
 
 
per share
 
(In $ millions, except per share data)
Earnings (loss) from continuing operations attributable to Celanese Corporation
259

 
1.66

 
196

 
1.25

 
1,101

 
6.91

 
656

 
4.16

 
171

 
1.07

 
133

 
0.83

 
141

 
0.88

 
376

 
2.35

 
426

 
2.68

 
361

 
2.28

 
399

 
2.54

Income tax provision (benefit)
94

 
 
 
78

 
 
 
508

 
 
 
299

 
 
 
57

 
 
 
75

 
 
 
77

 
 
 
(55
)
 
 
 
41

 
 
 
72

 
 
 
(294
)
 
 
Income tax (provision) benefit attributable to NCI

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
Earnings (loss) from continuing operations before tax
353

 
 
 
274

 
 
 
1,609

 
 
 
955

 
 
 
228

 
 
 
208

 
 
 
218

 
 
 
321

 
 
 
467

 
 
 
433

 
 
 
105

 
 
Certain items attributable to Celanese Corporation(1)
(62
)
 
 
 
(11
)
 
 
 
(725
)
 
 
 
(753
)
 
 
 
7

 
 
 
13

 
 
 
8

 
 
 
455

 
 
 
405

 
 
 
197

 
 
 
221

 
 
Refinancing and related expenses

 
 
 

 
 
 
1

 
 
 

 
 
 
1

 
 
 

 
 
 

 
 
 
8

 
 
 
3

 
 
 
16

 
 
 

 
 
Adjusted earnings (loss) from continuing operations before tax
291

 
 
 
263

 
 
 
885

 
 
 
202

 
 
 
236

 
 
 
221

 
 
 
226

 
 
 
784

 
 
 
875

 
 
 
646

 
 
 
326

 
 
Income tax (provision) benefit on adjusted earnings(2)
(61
)
 
 
 
(55
)
 
 
 
(168
)
 
 
 
(38
)
 
 
 
(45
)
 
 
 
(42
)
 
 
 
(43
)
 
 
 
(133
)
 
 
 
(158
)
 
 
 
(136
)
 
 
 
(78
)
 
 
Adjusted earnings (loss) from continuing operations(3)
230

 
1.47

 
208

 
1.33

 
717

 
4.50

 
164

 
1.04

 
191

 
1.20

 
179

 
1.12

 
183

 
1.14

 
651

 
4.07

 
717

 
4.51

 
510

 
3.22

 
248

 
1.58

 
Diluted shares (in millions) (4)
Weighted average shares outstanding
155.8

 
 
 
156.5

 
 
 
158.8

 
 
 
157.4

 
 
 
158.5

 
 
 
159.7

 
 
 
159.7

 
 
 
158.4

 
 
 
156.2

 
 
 
154.6

 
 
 
143.7

 
 
Dilutive stock options
0.2

 
 
 
0.2

 
 
 
0.2

 
 
 
0.2

 
 
 
0.2

 
 
 
0.2

 
 
 
0.2

 
 
 
0.8

 
 
 
1.9

 
 
 
1.8

 
 
 
1.1

 
 
Dilutive restricted stock units
0.1

 
 
 
0.1

 
 
 
0.3

 
 
 
0.1

 
 
 
0.4

 
 
 
0.2

 
 
 
0.3

 
 
 
0.6

 
 
 
0.8

 
 
 
0.4

 
 
 
0.2

 
 
Assumed conversion of preferred stock

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 
1.6

 
 
 
12.1

 
 
Total diluted shares
156.1

 
 
 
156.8

 
 
 
159.3

 
 
 
157.7

 
 
 
159.1

 
 
 
160.1

 
 
 
160.2

 
 
 
159.8

 
 
 
158.9

 
 
 
158.4

 
 
 
157.1

 
 
______________________________
(1)
See Certain items presentation (Table 8) for details.
(2) 
Calculated using adjusted effective tax rates as follows:
 
Q2 '14
 
Q1 '14
 
2013
 
Q4 '13
 
Q3 '13
 
Q2 '13
 
Q1 '13
 
2012
 
2011
 
2010
 
2009
 
(In percentages)
Adjusted effective tax rate
21
 
 
 
21

 
 
 
19
 
 
 
19
 
 
 
19
 
 
 
19
 
 
 
19
 
 
 
17
 
 
 
18
 
 
 
21
 
 
 
24
 
 
(3) 
Excludes the immediate recognition of actuarial gains and losses and the impact of actual vs. expected plan asset returns.
 
 
Actual Plan Asset Returns
 
Expected Plan Asset Returns
Q4 '13 & 2013
 
7.9
%
 
8.0
%
2012
 
13.1
%
 
8.1
%
2011
 
7.6
%
 
8.1
%
2010
 
15.1
%
 
8.1
%
2009
 
17.9
%
 
7.9
%
(4) 
Potentially dilutive shares are included in the adjusted earnings per share calculation when adjusted earnings are positive.

6


Table 4
Net Sales by Segment - Unaudited
 
Q2 '14
 
Q1 '14
 
2013
 
Q4 '13
 
Q3 '13
 
Q2 '13
 
Q1 '13
 
2012
 
2011
 
2010
 
2009
 
(In $ millions)
Advanced Engineered Materials
389

 
373

 
1,352

 
325

 
346

 
352

 
329

 
1,261

 
1,298

 
1,109

 
808

Consumer Specialties
289

 
302

 
1,214

 
295

 
310

 
314

 
295

 
1,186

 
1,161

 
1,098

 
1,084

Industrial Specialties
333

 
312

 
1,155

 
273

 
299

 
295

 
288

 
1,184

 
1,223

 
1,036

 
974

Acetyl Intermediates
901

 
841

 
3,241

 
829

 
795

 
809

 
808

 
3,231

 
3,551

 
3,082

 
2,603

Other Activities(1)

 

 

 

 

 

 

 

 
1

 
2

 
2

Intersegment elimination(2)
(143
)
 
(123
)
 
(452
)
 
(106
)
 
(114
)
 
(117
)
 
(115
)
 
(444
)
 
(471
)
 
(409
)
 
(389
)
Net sales
1,769

 
1,705

 
6,510

 
1,616

 
1,636

 
1,653

 
1,605

 
6,418

 
6,763

 
5,918

 
5,082

Acetyl Intermediates Net sales attributable to NCI

 

 

 

 

 

 

 

 

 

 

Net sales attributable to Celanese Corporation
1,769

 
1,705

 
6,510

 
1,616

 
1,636

 
1,653

 
1,605

 
6,418

 
6,763

 
5,918

 
5,082

___________________________
(1)
Other Activities includes corporate SG&A expenses, the results of captive insurance companies and certain components of net periodic benefit cost (interest cost, expected return on plan assets and net actuarial gains and losses).
(2) 
Includes intersegment sales as follows:
 
Q2 '14
 
Q1 '14
 
2013
 
Q4 '13
 
Q3 '13
 
Q2 '13
 
Q1 '13
 
2012
 
2011
 
2010
 
2009
 
(In $ millions)
Consumer Specialties

 

 
(4
)
 

 

 
(1
)
 
(3
)
 
(4
)
 
(3
)
 
(9
)
 
(6
)
Acetyl Intermediates
(143
)
 
(123
)
 
(448
)
 
(106
)
 
(114
)
 
(116
)
 
(112
)
 
(440
)
 
(468
)
 
(400
)
 
(383
)
Intersegment elimination
(143
)
 
(123
)
 
(452
)
 
(106
)
 
(114
)
 
(117
)
 
(115
)
 
(444
)
 
(471
)
 
(409
)
 
(389
)



7


Table 4a
Factors Affecting Segment Net Sales Sequentially - Unaudited
Three Months Ended June 30, 2014 Compared to Three Months Ended March 31, 2014
 
Volume
 
Price
 
Currency
 
Other
 
Total
 
(In percentages)
Advanced Engineered Materials
4

 

 
 

 
4

Consumer Specialties
(3
)
 
(1
)
 
 

 
(4
)
Industrial Specialties
2

 
4

 
 

 
6

Acetyl Intermediates
1

 
6

 
 

 
7

Total Company
1

 
4

 
 
(1
)
 
4

Three Months Ended March 31, 2014 Compared to Three Months Ended December 31, 2013
 
Volume
 
Price
 
Currency
 
Other
 
Total
 
(In percentages)
Advanced Engineered Materials
12

 
3
 
 
 
15
Consumer Specialties

 
2
 
 
 
2
Industrial Specialties
13

 
1
 
 
 
14
Acetyl Intermediates
(3
)
 
5
 
 
 
2
Total Company
3

 
3
 
 
 
6
Three Months Ended December 31, 2013 Compared to Three Months Ended September 30, 2013
 
Volume
 
Price
 
Currency
 
Other
 
Total
 
(In percentages)
Advanced Engineered Materials
(4
)
 
(3
)
 
1
 
 
(6
)
Consumer Specialties
(5
)
 

 
 
 
(5
)
Industrial Specialties
(10
)
 

 
1
 
 
(9
)
Acetyl Intermediates
2

 
1

 
1
 
 
4

Total Company
(3
)
 

 
1
 
 
(2
)
Three Months Ended September 30, 2013 Compared to Three Months Ended June 30, 2013
 
Volume
 
Price
 
Currency
 
Other
 
Total
 
(In percentages)
Advanced Engineered Materials
(2
)
 

 
 
 
(2
)
Consumer Specialties
(1
)
 

 
 
 
(1
)
Industrial Specialties
3

 
(3
)
 
1
 
 
1

Acetyl Intermediates
(1
)
 
(1
)
 
 
 
(2
)
Total Company

 
(1
)
 
 
 
(1
)
 
Table 4b
Factors Affecting Segment Net Sales Year Over Year - Unaudited
Three Months Ended June 30, 2014 Compared to Three Months Ended June 30, 2013
 
Volume
 
Price
 
Currency
 
Other
 
Total
 
(In percentages)
Advanced Engineered Materials
10

 
(1
)
 
2
 

 
11

Consumer Specialties
(9
)
 
1

 
 

 
(8
)
Industrial Specialties
8

 
3

 
2
 

 
13

Acetyl Intermediates
(2
)
 
12

 
1
 

 
11

Total Company
1

 
6

 
2
 
(2
)
 
7

Three Months Ended March 31, 2014 Compared to Three Months Ended March 31, 2013
 
Volume
 
Price
 
Currency
 
Other
 
Total
 
(In percentages)
Advanced Engineered Materials
14

 
(2
)
 
1
 
 
13
Consumer Specialties
(1
)
 
3

 
 
 
2
Industrial Specialties
6

 

 
2
 
 
8
Acetyl Intermediates
(3
)
 
5

 
2
 
 
4
Total Company
3

 
2

 
1
 
 
6
Three Months Ended December 31, 2013 Compared to Three Months Ended December 31, 2012
 
Volume
 
Price
 
Currency
 
Other
 
Total
 
(In percentages)
Advanced Engineered Materials
9

 
(2
)
 
2
 
 
9
Consumer Specialties
(1
)
 
6

 
 
 
5
Industrial Specialties
8

 
(2
)
 
3
 
 
9
Acetyl Intermediates
6

 
(1
)
 
2
 
 
7
Total Company
6

 

 
2
 
 
8
Three Months Ended September 30, 2013 Compared to Three Months Ended September 30, 2012
 
Volume
 
Price
 
Currency
 
Other
 
Total
 
(In percentages)
Advanced Engineered Materials
6

 
(1
)
 
2
 
 
7

Consumer Specialties
(7
)
 
6

 
 
 
(1
)
Industrial Specialties
1

 
(3
)
 
3
 
 
1

Acetyl Intermediates
(1
)
 

 
2
 
 
1

Total Company

 

 
2
 
 
2





8


Table 4a
Factors Affecting Segment Net Sales Sequentially - Unaudited (continued)
Three Months Ended June 30, 2013 Compared to Three Months Ended March 31, 2013
 
Volume
 
Price
 
Currency
 
Other
 
Total
 
(In percentages)
Advanced Engineered Materials
8
 
(1
)
 
 
 
7
Consumer Specialties
6
 
1

 
 
 
7
Industrial Specialties
2
 
1

 
 
 
3
Acetyl Intermediates
 

 
 
 
Total Company
3
 

 
 
 
3
Three Months Ended March 31, 2013 Compared to Three Months Ended December 31, 2012
 
Volume
 
Price
 
Currency
 
Other
 
Total
 
(In percentages)
Advanced Engineered Materials
6
 
3

 
1
 

 
10
Consumer Specialties
 
5

 
 

 
5
Industrial Specialties
14
 

 
1
 

 
15
Acetyl Intermediates
5
 
(1
)
 
1
 

 
5
Total Company
6
 
1

 
1
 
(1
)
 
7
 
Table 4b
Factors Affecting Segment Net Sales Year Over Year - Unaudited (continued)
Three Months Ended June 30, 2013 Compared to Three Months Ended June 30, 2012
 
Volume
 
Price
 
Currency
 
Other
 
Total
 
(In percentages)
Advanced Engineered Materials
7

 
1

 
1
 
 
9

Consumer Specialties
(10
)
 
6

 
 
 
(4
)
Industrial Specialties
(7
)
 
(4
)
 
1
 
 
(10
)
Acetyl Intermediates
2

 
(4
)
 
1
 
 
(1
)
Total Company
(1
)
 
(1
)
 
1
 
 
(1
)
Three Months Ended March 31, 2013 Compared to Three Months Ended March 31, 2012
 
Volume
 
Price
 
Currency
 
Other
 
Total
 
(In percentages)
Advanced Engineered Materials

 
4

 
 
 
4

Consumer Specialties
5

 
7

 
 
 
12

Industrial Specialties
(3
)
 
(4
)
 
 
 
(7
)
Acetyl Intermediates
(4
)
 
(1
)
 
 
 
(5
)
Total Company
(2
)
 

 
 
 
(2
)


9


Table 4c
Factors Affecting Segment Net Sales Year Over Year - Unaudited
Year Ended December 31, 2013 Compared to Year Ended December 31, 2012
 
Volume
 
Price
 
Currency
 
Other
 
Total
 
(In percentages)
Advanced Engineered Materials
5

 
1

 
1
 
 
7

Consumer Specialties
(4
)
 
6

 
 
 
2

Industrial Specialties
(1
)
 
(3
)
 
2
 
 
(2
)
Acetyl Intermediates
1

 
(2
)
 
1
 
 

Total Company

 

 
1
 
 
1

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
)
Year Ended December 31, 2011 Compared to Year Ended December 31, 2010
 
Volume
 
Price
 
Currency
 
Other
 
Total
 
(In percentages)
Advanced Engineered Materials
2

 
8
 
3
 
4
(1) 
17
Consumer Specialties
1

 
5
 
 
 
6
Industrial Specialties
2

 
13
 
3
 
 
18
Acetyl Intermediates
(4
)
 
16
 
3
 
 
15
Total Company
(1
)
 
13
 
3
 
 
15
____________________
(1) 
Includes the effects of the two product lines acquired in May 2010 from DuPont Performance Polymers
 
  
 
Year Ended December 31, 2010 Compared to Year Ended December 31, 2009
 
Volume
 
Price
 
Currency
 
Other
 
Total
 
(In percentages)
Advanced Engineered Materials
35
 
1
 
(3
)
 
4

(1) 
37
Consumer Specialties
2
 
 
(1
)
 

 
1
Industrial Specialties
11
 
6
 
(3
)
 
(8
)
(2) 
6
Acetyl Intermediates
10
 
10
 
(2
)
 

 
18
Total Company
13
 
7
 
(2
)
 
(2
)
(3) 
16
____________________
(1) 
2010 includes the effects of the FACT GmbH (Future Advanced Composites Technology) and DuPont acquisitions.
(2) 
2010 does not include the effects of the PVOH business, which was sold on July 1, 2009.
(3) 
Includes the effects of the captive insurance companies and the impact of fluctuations in intersegment eliminations.


10


Table 5
Adjusted Free Cash Flow - Reconciliation of a Non-GAAP Measure - Unaudited
 
Q2 '14
 
Q1 '14
 
2013
 
Q4 '13
 
Q3 '13
 
Q2 '13
 
Q1 '13
 
2012
 
2011
 
2010
 
(In $ millions, except percentages)
Net cash provided by (used in) operating activities
253

 
164

 
762

 
154

 
232

 
229

 
147

 
722

 
638

 
452

Net cash (provided by) used in operating activities attributable to NCI

 
13

 

 

 

 

 

 

 

 

Adjustments to operating cash for discontinued operations

 

 
4

 
(1
)
 

 
6

 
(1
)
 
(2
)
 
9

 
58

Net cash provided by (used in) operating activities from continuing operations attributable to Celanese Corporation
253

 
177

 
766

 
153

 
232

 
235

 
146

 
720

 
647

 
510

Capital expenditures on property, plant and equipment
(125
)
 
(148
)
 
(370
)
 
(111
)
 
(110
)
 
(75
)
 
(74
)
 
(361
)
 
(349
)
 
(201
)
Capital contributions from Mitsui & Co., Ltd. to Fairway Methanol LLC
39

 
109

 

 

 

 

 

 

 

 

Cash flow adjustments(1)
(6
)
 
(3
)
 
(24
)
 
(5
)
 
(5
)
 
(6
)
 
(8
)
 
(20
)
 
28

 
(15
)
Adjusted free cash flow
161

 
135

 
372

 
37

 
117

 
154

 
64

 
339

 
326

 
294

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales attributable to Celanese Corporation
1,769

 
1,705

 
6,510

 
1,616

 
1,636

 
1,653

 
1,605

 
6,418

 
6,763

 
5,918

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted free cash flow as % of Net sales
9.1
%
 
7.9
%
 
5.7
%
 
2.3
%
 
7.2
%
 
9.3
%
 
4.0
%
 
5.3
%
 
4.8
%
 
5.0
%
______________________________
(1) 
Primarily associated with purchases of other productive assets that are classified as 'investing activities' for GAAP purposes. Amounts for 2010-2012 also include Kelsterbach plant relocation related cash expenses.


11


Table 6
Cash Dividends Received - Unaudited
 
Q2 '14
 
Q1 '14
 
2013
 
Q4 '13
 
Q3 '13
 
Q2 '13
 
Q1 '13
 
2012
 
2011
 
2010
 
2009
 
(In $ millions)
Dividends from equity method investments
48

 
65

 
141

 
38

 
11

 
45

 
47

 
262

 
205

 
138

 
78

Dividends from cost method investments
29

 
29

 
93

 
24

 
22

 
23

 
24

 
85

 
80

 
73

 
57

Total
77

 
94

 
234

 
62

 
33

 
68

 
71

 
347

 
285

 
211

 
135

Table 7
Net Debt - Reconciliation of a Non-GAAP Measure - Unaudited
 
Q2 '14
 
Q1 '14
 
2013
 
Q4 '13
 
Q3 '13
 
Q2 '13
 
Q1 '13
 
2012
 
2011
 
2010
 
2009
 
(In $ millions, except ratios)
Short-term borrowings and current installments of long-term debt - third party and affiliates
158

 
157

 
177

 
177

 
224

 
224

 
112

 
168

 
144

 
228

 
242

Long-term debt
2,880

 
2,881

 
2,887

 
2,887

 
2,870

 
2,860

 
2,959

 
2,930

 
2,873

 
2,990

 
3,259

Total debt
3,038

 
3,038

 
3,064

 
3,064

 
3,094

 
3,084

 
3,071

 
3,098

 
3,017

 
3,218

 
3,501

Total debt attributable to NCI

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents
1,064

 
998

 
984

 
984

 
1,100

 
1,107

 
978

 
959

 
682

 
740

 
1,254

Cash and cash equivalents attributable to NCI
(22
)
 
(17
)
 

 

 

 

 

 

 

 

 

Net debt
1,996

 
2,057

 
2,080

 
2,080

 
1,994

 
1,977

 
2,093

 
2,139

 
2,335

 
2,478

 
2,247

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating EBITDA
 
 
 
 
1,358

 
 
 
 
 
 
 
 
 
1,262

 
1,380

 
1,101

 
815

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net debt / Operating EBITDA
 
 
 
 
1.5

 
 
 
 
 
 
 
 
 
1.7

 
1.7

 
2.3

 
2.8




12


Table 8
Certain Items - Unaudited
The following Certain items are included in Net earnings (loss) and are adjustments to non-GAAP measures:
 
Q2 '14
 
Q1 '14
 
2013
 
Q4 '13
 
Q3 '13
 
Q2 '13
 
Q1 '13
 
2012
 
2011
 
2010
 
2009
 
Income Statement Classification
 
(In $ millions)
 
 
Employee termination benefits
1

 
2

 
23

 
20

 

 
1

 
2

 
6

 
22

 
32

 
105

 
Other charges (gains), net
Plant/office closures
2

 
3

 
43

 
40

 
1

 
1

 
1

 
21

 
18

 
21

 
42

 
Other charges (gains), net / Cost of sales / SG&A
Business optimization

 

 

 

 

 

 

 
9

 
8

 
16

 
7

 
Cost of sales / SG&A
Asset impairments

 

 
83

 
81

 
2

 

 

 
8

 
1

 
74

 
14

 
Other charges (gains), net / Other income (expense), net
(Gain) loss on disposition of business and assets, net
3

 

 
2

 
1

 
1

 

 

 
1

 
(1
)
 
(10
)
 
(34
)
 
(Gain) loss on disposition, net
Commercial disputes

 

 
12

 
7

 

 
5

 

 
(2
)
 
(7
)
 
9

 

 
Other charges (gains), net / Cost of sales / SG&A
Kelsterbach plant relocation
(1
)
 

 
(727
)
 
(733
)
 
2

 
2

 
2

 
21

 
55

 
13

 
16

 
Other charges (gains), net / Cost of sales / (Gain) loss on disposition
InfraServ Hoechst restructuring
(48
)
 

 
8

 
8

 

 

 

 
(22
)
 

 

 

 
Equity in net (earnings) loss of affiliates
Plumbing actions

 

 

 

 

 

 

 
(5
)
 
(6
)
 
(59
)
 
(10
)
 
Other charges (gains), net
Insurance recoveries

 

 

 

 

 

 

 

 

 
(18
)
 
(6
)
 
Other charges (gains), net
Write-off of other productive assets
5

 

 

 

 

 

 

 

 
(1
)
 
18

 

 
Cost of sales
Acetate production interruption costs

 

 

 

 

 

 

 
10

 

 

 

 
Cost of sales
(Gain) loss on pension plan and medical plan changes
(21
)
 
(16
)
 
(71
)
 
(71
)
 

 

 

 

 

 

 

 
Cost of sales / SG&A / R&D
Actuarial (gain) loss on pension and postretirement plans

 

 
(106
)
 
(106
)
 

 

 

 
389

 
306

 
84

 
104

 
Cost of sales / SG&A / R&D
Other
(3
)
 

 
8

 

 
1

 
4

 
3

 
19

 
10

 
17

 
(17
)
 
Various
Total
(62
)
 
(11
)
 
(725
)
 
(753
)
 
7

 
13

 
8

 
455

 
405

 
197

 
221

 
 
Certain items attributable to NCI

 

 

 







 

 

 

 

 
 
Certain items attributable to Celanese Corporation
(62
)
 
(11
)
 
(725
)
 
(753
)
 
7

 
13

 
8

 
455

 
405

 
197

 
221

 
 

13


Table 9
Return on Capital Employed - Presentation of a Non-GAAP Measure - Unaudited
 
2013
 
2012
 
2011
 
2010
 
2009
 
(In $ millions, except percentages)
Adjusted EBIT(1)
 
1,056

 
 
962

 
 
1,093

 
 
843

 
 
525

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property, plant and equipment, net
 
3,425

 
 
3,350

 
 
3,269

 
 
3,017

 
 
2,797

Property, plant and equipment, net related to Fairway Methanol LLC(2)
 
(53
)
 
 
(6
)
 
 

 
 

 
 

Trade receivables, net
867

 
 
827

 
 
871

 
 
827

 
 
721

 
Inventories
804

 
 
711

 
 
712

 
 
610

 
 
522

 
Trade payables - third party and affiliates
(799
)
 
 
(649
)
 
 
(673
)
 
 
(673
)
 
 
(649
)
 
Trade working capital
 
872

 
 
889

 
 
910

 
 
764

 
 
594

Trade working capital attributable to NCI
 

 
 

 
 

 
 

 
 

Capital employed
 
4,244

 
 
4,233

 
 
4,179

 
 
3,781

 
 
3,391

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Return on capital employed
 
24.9
%
 
 
22.7
%
 
 
26.2
%
 
 
22.3
%
 
 
15.5
%
______________________________
(1) 
See consolidated Adjusted EBIT reconciliation (Table 1) for details.
(2) 
Represents 50% of property, plant and equipment, net related to the methanol unit being constructed in Clear Lake, Texas.


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