DALLAS--(BUSINESS WIRE)--Celanese Corporation (NYSE: CE), a global chemical and specialty materials company, today reported GAAP diluted earnings per share of $4.61 and adjusted earnings per share of $5.54 for the first quarter of 2022. The Company reported record quarterly net sales of $2.5 billion, a 12 percent increase over the previous record set in the fourth quarter of 2021. Net sales growth was driven by sequential volume and price expansion of 12 percent and 1 percent, respectively. Celanese successfully mitigated continued cost inflation as well as sourcing and logistics constraints to deliver first quarter consolidated operating profit of $531 million and adjusted EBIT of $713 million, both records. In February, the Company announced a definitive agreement to acquire a majority of the Mobility & Materials ("M&M") business of DuPont for $11.0 billion, which will establish Celanese as the preeminent global specialty materials company and is expected to drive a doubling of annual free cash flow generation, inclusive of run-rate synergies.
"I thank our teams for delivering record adjusted earnings per share in the first quarter, exceeding our prior record by 10 percent, and for establishing tremendous momentum at the start of 2022," said Lori Ryerkerk, chairman and chief executive officer. "We are squarely focused on continuing this momentum in our business performance and preparing ourselves for the close of the M&M acquisition which will usher in the next phase of shareholder value creation at Celanese."
First Quarter 2022 Financial Highlights:
|
Three Months Ended |
|||||||||||
|
March 31,
|
December 31,
|
March 31,
|
|||||||||
|
(unaudited) |
|||||||||||
|
(In $ millions, except per share data) |
|||||||||||
Net Sales |
|
|
|
|||||||||
Engineered Materials |
|
910 |
|
|
707 |
|
|
645 |
|
|||
Acetate Tow |
|
125 |
|
|
129 |
|
|
119 |
|
|||
Acetyl Chain |
|
1,538 |
|
|
1,476 |
|
|
1,056 |
|
|||
Intersegment Eliminations |
|
(35 |
) |
|
(37 |
) |
|
(22 |
) |
|||
Total |
|
2,538 |
|
|
2,275 |
|
|
1,798 |
|
|||
|
|
|
|
|||||||||
Operating Profit (Loss) |
|
|
|
|||||||||
Engineered Materials |
|
124 |
|
|
67 |
|
|
130 |
|
|||
Acetate Tow |
|
4 |
|
|
4 |
|
|
16 |
|
|||
Acetyl Chain |
|
499 |
|
|
535 |
|
|
251 |
|
|||
Other Activities |
|
(96 |
) |
|
(89 |
) |
|
(71 |
) |
|||
Total |
|
531 |
|
|
517 |
|
|
326 |
|
|||
|
|
|
|
|||||||||
Net Earnings (Loss) |
|
504 |
|
|
526 |
|
|
323 |
|
|||
|
|
|
|
|||||||||
Adjusted EBIT(1) |
|
|
|
|||||||||
Engineered Materials |
|
211 |
|
|
113 |
|
|
160 |
|
|||
Acetate Tow |
|
40 |
|
|
38 |
|
|
61 |
|
|||
Acetyl Chain |
|
503 |
|
|
536 |
|
|
282 |
|
|||
Other Activities |
|
(41 |
) |
|
(35 |
) |
|
(21 |
) |
|||
Total |
|
713 |
|
|
652 |
|
|
482 |
|
|||
|
|
|
|
|||||||||
Equity Earnings and Dividend Income, Other Income (Expense) |
|
|
|
|||||||||
Engineered Materials |
|
49 |
|
|
30 |
|
|
25 |
|
|||
Acetate Tow |
|
36 |
|
|
34 |
|
|
41 |
|
|||
|
|
|
|
|||||||||
Operating EBITDA(1) |
|
813 |
|
|
745 |
|
|
570 |
|
|||
Diluted EPS - continuing operations |
$ |
4.61 |
|
$ |
4.83 |
|
$ |
2.83 |
|
|||
Diluted EPS - total |
$ |
4.61 |
|
$ |
4.79 |
|
$ |
2.82 |
|
|||
Adjusted EPS(1) |
$ |
5.54 |
|
$ |
4.91 |
|
$ |
3.46 |
|
|||
|
|
|
|
|||||||||
Net cash provided by (used in) investing activities |
|
(149 |
) |
|
(1,286 |
) |
|
98 |
|
|||
Net cash provided by (used in) financing activities |
|
(95 |
) |
|
(99 |
) |
|
(371 |
) |
|||
Net cash provided by (used in) operating activities |
|
316 |
|
|
584 |
|
|
116 |
|
|||
Free cash flow(1) |
|
175 |
|
|
415 |
|
|
19 |
|
|||
______________________________ |
||||||||||||
(1) See "Non-US GAAP Financial Measures" below. |
Recent Highlights:
First Quarter 2022 Business Segment Overview
Engineered Materials
Engineered Materials generated record net sales of $910 million in the first quarter due to a sequential volume increase of 23 percent and price increase of 7 percent. Approximately one-third of the sequential volume increase was delivered by legacy products, excluding Santoprene, as the business produced to meet elevated demand led by automotive. With five consecutive quarters of pricing expansion, Engineered Materials maintained a full pass-through of total cost inflation spanning raw materials, energy, and logistics. First quarter GAAP operating profit of $124 million and adjusted EBIT of $211 million increased over the prior quarter by $57 million and $98 million, respectively. Affiliate earnings contributed an additional $19 million sequentially, due to strong performance of the KEPCO and Infraserv affiliates.
The Acetyl Chain generated record net sales of $1.5 billion in the first quarter due to an 8 percent sequential expansion in volume that offset a 3 percent decline in pricing. Sequential moderation in China acetic acid pricing was largely offset as the business shifted volume to the Western Hemisphere and captured higher pricing downstream in VAM, emulsions, redispersible powders (RDP), and ethylene vinyl acetate (EVA). In the quarter, the Acetyl Chain manufacturing team successfully completed three major turnarounds at the Clear Lake facility in methanol, acetic acid, and VAM. The Acetyl Chain offset production impacts by flexing its global footprint and sourcing from the industry to deliver first quarter GAAP operating profit of $499 million and adjusted EBIT of $503 million at margins of 32 percent and 33 percent, respectively. Across the last four quarters the Acetyl Chain has delivered over $2 billion in GAAP operating profit and adjusted EBIT.
Acetate Tow generated net sales of $125 million during the first quarter, which reflected a sequential price increase of 3 percent and a volume decrease of 6 percent. First quarter GAAP operating profit of $4 million and adjusted EBIT of $40 million were consistent with business expectations. Dividends from affiliates in the quarter were $36 million, consistent with the prior quarter.
Cash Flow and Tax
The Company generated operating cash flow of $316 million and free cash flow of $175 million in the first quarter. Capital expenditures in the quarter were $137 million as the Company progressed on several key projects across the Engineered Materials and Acetyl Chain businesses. During the first quarter, Celanese returned $73 million in cash to shareholders via dividends.
The effective U.S. GAAP tax rate was 18 percent for the first quarter compared to 21 percent for the same quarter of 2021. The lower effective tax rate was due to non-recurring impacts of uncertain tax positions mainly due to lending terms related to internal treasury operations in the three months ended March 31, 2021. During the first quarter, the Company decreased the full year adjusted tax rate from 15 percent to 13 percent, primarily due to changes in jurisdictional earnings mix.
"Our team continues to demonstrate the capability of our Engineered Materials and Acetyl Chain business models to deliver robust performance despite persistent cost inflation and various external disruptions to our supply chain" said Lori Ryerkerk. "While we have successfully mitigated the vast majority of these disruptions, we are closely monitoring developing challenges including COVID-19 lockdowns across China and worsening reliability of global maritime logistics. As pricing in upstream products within the Acetyl Chain continues to moderate, we expect that strength in downstream Acetyl Chain products as well as continued robust performance in Engineered Materials will drive second quarter adjusted earnings of approximately $4.50 per share. With this strong start to the year, we now expect 2022 adjusted earnings per share to approach our 2021 adjusted earnings per share performance."
A reconciliation of forecasted adjusted earnings per share to U.S. GAAP diluted earnings per share is not available without unreasonable efforts because a forecast of Certain Items, such as mark-to-market pension gains/losses, is not practical. For more information, see "Non-GAAP Financial Measures" below.
The Company's prepared remarks related to the first quarter will be posted on its website at investors.celanese.com under Financial Information/Financial Document Library on April 28, 2022. Information about Non-US GAAP measures is included in a Non-US GAAP Financial Measures and Supplemental Information document posted on our investor relations website under Financial Information/Non-GAAP Financial Measures. See also "Non-GAAP Financial Measures" below.
Celanese Corporation is a global chemical leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications. Our businesses use the full breadth of Celanese's global chemistry, technology and commercial expertise to create value for our customers, employees, shareholders and the corporation. As we partner with our customers to solve their most critical business needs, we strive to make a positive impact on our communities and the world through The Celanese Foundation. Based in Dallas, Celanese employs approximately 8,500 employees worldwide and had 2021 net sales of $8.5 billion. For more information about Celanese Corporation and its product offerings, visit www.celanese.com.
Forward-Looking Statements
This release may contain "forward-looking statements," which include information concerning the Company's plans, objectives, goals, strategies, future revenues or performance, capital expenditures, financing needs and other information that is not historical information. 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; volatility or 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 fuel oil and the prices for electricity and other energy sources; the length and depth of product and industry business cycles, particularly in the automotive, electrical, mobility, textiles, medical, electronics and construction industries; the extent to which resurgences or variants of COVID-19 may adversely impact the economic environment, market demand, our operations, availability and cost of transportation and materials, the labor supply and pace of economic recovery; 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 as well as facility turnarounds; the ability to reduce or maintain their current levels of production costs and to improve productivity by implementing technological improvements to existing plants; the ability to identify desirable potential acquisition targets and to complete and integrate acquisition or investment transactions consistent with the Company's strategy; the ability to obtain regulatory approval for, and satisfy closing conditions to, the M&M acquisition, the timing of closing thereof, and the ability to realize the anticipated benefits of the transaction; the ability to identify and execute on other attractive investment opportunities towards which to deploy capital; increased price competition and the introduction of competing products by other companies; market acceptance of our products and technology; compliance and other costs and potential disruption or interruption of production or operations due to accidents, interruptions in sources of raw materials, transportation or logistics disruptions, cyber security incidents, terrorism or political unrest, public health crises (including, but not limited to, the COVID-19 pandemic); other unforeseen events or delays in construction or operation of facilities, including as a result of geopolitical conditions, the occurrence of acts of war (such as the Russia-Ukraine conflict) or terrorist incidents or as a result of weather or natural disasters or other crises including public health crises; 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 technologies, or the theft of such intellectual property; potential liability for remedial actions and increased costs under existing or future environmental, health and safety 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; tax rates and changes thereto; our ability to obtain regulatory approval for, and satisfy closing conditions to, any transactions described herein; 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.
Non-GAAP Financial Measures
This document presents the Company's three business segments, Engineered Materials, Acetate Tow and Acetyl Chain.
Use of Non-US GAAP Financial Information
This release uses the following Non-US GAAP measures: adjusted EBIT, adjusted EBIT margin, operating EBITDA, adjusted earnings per share and free cash flow. These measures are not recognized in accordance with US GAAP and should not be viewed as an alternative to US GAAP measures of performance or liquidity. 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) attributable to Celanese Corporation; for adjusted EBIT margin is operating margin; for adjusted earnings per share is earnings (loss) from continuing operations attributable to Celanese Corporation per common share-diluted; and for free cash flow is net cash provided by (used in) operations.
Definitions of Non-US GAAP Financial Measures
Reconciliation of Non-US GAAP Financial Measures
Reconciliations of the Non-US GAAP financial measures used in this press release to the comparable US GAAP financial measure, together with information about the purposes and uses of Non-US GAAP financial measures, are included in our Non-US GAAP Financial Measures and Supplemental Information document filed as an exhibit to our Current Report on Form 8-K filed with the SEC on or about April 28, 2022 and also available on our website at investors.celanese.com under Financial Information/Financial Document Library.
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.
Supplemental Information
Additional information about our prior period performance is included in our Quarterly Reports on Form 10-Q and in our Non-US GAAP Financial Measures and Supplemental Information document.
Consolidated Statements of Operations - Unaudited
|
Three Months Ended |
||||||||
|
March 31,
|
December 31,
|
March 31,
|
||||||
|
(In $ millions, except share and per share data) |
||||||||
Net sales |
2,538 |
|
2,275 |
|
1,798 |
|
|||
Cost of sales |
(1,793 |
) |
(1,554 |
) |
(1,313 |
) |
|||
Gross profit |
745 |
|
721 |
|
485 |
|
|||
Selling, general and administrative expenses |
(174 |
) |
(170 |
) |
(137 |
) |
|||
Amortization of intangible assets |
(11 |
) |
(8 |
) |
(6 |
) |
|||
Research and development expenses |
(24 |
) |
(23 |
) |
(20 |
) |
|||
Other (charges) gains, net |
(1 |
) |
— |
|
6 |
|
|||
Foreign exchange gain (loss), net |
(1 |
) |
— |
|
3 |
|
|||
Gain (loss) on disposition of businesses and assets, net |
(3 |
) |
(3 |
) |
(5 |
) |
|||
Operating profit (loss) |
531 |
|
517 |
|
326 |
|
|||
Equity in net earnings (loss) of affiliates |
56 |
|
36 |
|
29 |
|
|||
Non-operating pension and other postretirement employee benefit (expense) income |
24 |
|
(7 |
) |
38 |
|
|||
Interest expense |
(35 |
) |
(21 |
) |
(25 |
) |
|||
Interest income |
1 |
|
1 |
|
1 |
|
|||
Dividend income - equity investments |
37 |
|
33 |
|
42 |
|
|||
Other income (expense), net |
2 |
|
(2 |
) |
(2 |
) |
|||
Earnings (loss) from continuing operations before tax |
616 |
|
557 |
|
409 |
|
|||
Income tax (provision) benefit |
(112 |
) |
(27 |
) |
(85 |
) |
|||
Earnings (loss) from continuing operations |
504 |
|
530 |
|
324 |
|
|||
Earnings (loss) from operation of discontinued operations |
— |
|
(3 |
) |
(1 |
) |
|||
Income tax (provision) benefit from discontinued operations |
— |
|
(1 |
) |
— |
|
|||
Earnings (loss) from discontinued operations |
— |
|
(4 |
) |
(1 |
) |
|||
Net earnings (loss) |
504 |
|
526 |
|
323 |
|
|||
Net (earnings) loss attributable to noncontrolling interests |
(2 |
) |
(2 |
) |
(1 |
) |
|||
Net earnings (loss) attributable to Celanese Corporation |
502 |
|
524 |
|
322 |
|
|||
Amounts attributable to Celanese Corporation |
|
|
|
||||||
Earnings (loss) from continuing operations |
502 |
|
528 |
|
323 |
|
|||
Earnings (loss) from discontinued operations |
— |
|
(4 |
) |
(1 |
) |
|||
Net earnings (loss) |
502 |
|
524 |
|
322 |
|
|||
Earnings (loss) per common share - basic |
|
|
|
||||||
Continuing operations |
4.64 |
|
4.86 |
|
2.85 |
|
|||
Discontinued operations |
— |
|
(0.04 |
) |
(0.01 |
) |
|||
Net earnings (loss) - basic |
4.64 |
|
4.82 |
|
2.84 |
|
|||
Earnings (loss) per common share - diluted |
|
|
|
||||||
Continuing operations |
4.61 |
|
4.83 |
|
2.83 |
|
|||
Discontinued operations |
— |
|
(0.04 |
) |
(0.01 |
) |
|||
Net earnings (loss) - diluted |
4.61 |
|
4.79 |
|
2.82 |
|
|||
Weighted average shares (in millions) |
|
|
|
||||||
Basic |
108.2 |
|
108.6 |
|
113.5 |
|
|||
Diluted |
108.9 |
|
109.4 |
|
114.0 |
|
Consolidated Balance Sheets - Unaudited
|
As of
|
As of
|
||||
|
||||||
|
(In $ millions) |
|||||
ASSETS |
|
|
||||
Current Assets |
|
|
||||
Cash and cash equivalents |
605 |
|
536 |
|
||
Trade receivables - third party and affiliates, net |
1,390 |
|
1,161 |
|
||
Non-trade receivables, net |
523 |
|
506 |
|
||
Inventories |
1,549 |
|
1,524 |
|
||
Marketable securities |
9 |
|
10 |
|
||
Other assets |
124 |
|
70 |
|
||
Total current assets |
4,200 |
|
3,807 |
|
||
Investments in affiliates |
847 |
|
823 |
|
||
Property, plant and equipment, net |
4,188 |
|
4,193 |
|
||
Operating lease right-of-use assets |
267 |
|
236 |
|
||
Deferred income taxes |
244 |
|
248 |
|
||
Other assets |
569 |
|
521 |
|
||
Goodwill |
1,396 |
|
1,412 |
|
||
Intangible assets, net |
715 |
|
735 |
|
||
Total assets |
12,426 |
|
11,975 |
|
||
LIABILITIES AND EQUITY |
|
|
||||
Current Liabilities |
|
|
||||
Short-term borrowings and current installments of long-term debt - third party and affiliates |
860 |
|
791 |
|
||
Trade payables - third party and affiliates |
1,169 |
|
1,160 |
|
||
Other liabilities |
419 |
|
473 |
|
||
Income taxes payable |
106 |
|
81 |
|
||
Total current liabilities |
2,554 |
|
2,505 |
|
||
Long-term debt, net of unamortized deferred financing costs |
3,132 |
|
3,176 |
|
||
Deferred income taxes |
563 |
|
555 |
|
||
Uncertain tax positions |
296 |
|
280 |
|
||
Benefit obligations |
543 |
|
558 |
|
||
Operating lease liabilities |
223 |
|
200 |
|
||
Other liabilities |
162 |
|
164 |
|
||
Commitments and Contingencies |
|
|
||||
Stockholders' Equity |
|
|
||||
Treasury stock, at cost |
(5,492 |
) |
(5,492 |
) |
||
Additional paid-in capital |
326 |
|
333 |
|
||
Retained earnings |
10,106 |
|
9,677 |
|
||
Accumulated other comprehensive income (loss), net |
(333 |
) |
(329 |
) |
||
Total Celanese Corporation stockholders' equity |
4,607 |
|
4,189 |
|
||
Noncontrolling interests |
346 |
|
348 |
|
||
Total equity |
4,953 |
|
4,537 |
|
||
Total liabilities and equity |
12,426 |
|
11,975 |
|
Non-US GAAP Financial Measures and Supplemental Information
In this document, the terms the "Company," "we" and "our" refer to Celanese Corporation and its subsidiaries on a consolidated basis.
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.
This document presents the Company's three business segments, Engineered Materials, Acetate Tow and Acetyl Chain.
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 because the Company believes them to be important supplemental measures for assessing our financial and operating results and as a means to evaluate our financial condition and 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), operating margin, cash flow from operating activities (together with cash flow from investing and financing activities), earnings per share or any other US GAAP financial measure. These non-GAAP financial measures should be considered within the context of our complete audited and unaudited financial results for the given period, which are available on the Financial Information/Financial Document Library page of our website, investors.celanese.com. The definition and 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 in this document, in the presentation itself or on a Form 8-K in connection with the presentation on the Financial Information/Financial Document Library page of our website, investors.celanese.com, 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 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, adjusted EBIT margin, operating EBITDA, operating EBITDA margin, operating profit (loss) attributable to Celanese Corporation, adjusted earnings per share, net debt, free cash flow and return on invested capital (adjusted). 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) attributable to Celanese Corporation; for adjusted EBIT margin and operating EBITDA margin is operating margin; for operating profit (loss) attributable to Celanese Corporation is operating profit (loss); for adjusted earnings per share is earnings (loss) from continuing operations attributable to Celanese Corporation per common share-diluted; for net debt is total debt; for free cash flow is net cash provided by (used in) operations; and for return on invested capital (adjusted) is net earnings (loss) attributable to Celanese Corporation divided by the sum of the average of beginning and end of the year short- and long-term debt and Celanese Corporation stockholders' equity.
Supplemental Information
Supplemental Information we believe to be of interest to investors, analysts and other parties includes the following:
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.
Table 1 Adjusted EBIT and Operating EBITDA - Reconciliation of Non-GAAP Measures - Unaudited |
|||||||||||||||||
|
Q1 '22 |
|
2021 |
|
Q4 '21 |
|
Q3 '21 |
|
Q2 '21 |
|
Q1 '21 |
||||||
|
(In $ millions) |
||||||||||||||||
Net earnings (loss) attributable to Celanese Corporation |
502 |
|
|
1,890 |
|
|
524 |
|
|
506 |
|
|
538 |
|
|
322 |
|
(Earnings) loss from discontinued operations |
— |
|
|
22 |
|
|
4 |
|
|
13 |
|
|
4 |
|
|
1 |
|
Interest income |
(1 |
) |
|
(8 |
) |
|
(1 |
) |
|
(2 |
) |
|
(4 |
) |
|
(1 |
) |
Interest expense |
35 |
|
|
91 |
|
|
21 |
|
|
21 |
|
|
24 |
|
|
25 |
|
Refinancing expense |
— |
|
|
9 |
|
|
— |
|
|
9 |
|
|
— |
|
|
— |
|
Income tax provision (benefit) |
112 |
|
|
330 |
|
|
27 |
|
|
102 |
|
|
116 |
|
|
85 |
|
Certain Items attributable to Celanese Corporation (Table 8) |
65 |
|
|
139 |
|
|
77 |
|
|
(1 |
) |
|
13 |
|
|
50 |
|
Adjusted EBIT |
713 |
|
|
2,473 |
|
|
652 |
|
|
648 |
|
|
691 |
|
|
482 |
|
Depreciation and amortization expense(1) |
100 |
|
|
362 |
|
|
93 |
|
|
91 |
|
|
90 |
|
|
88 |
|
Operating EBITDA |
813 |
|
|
2,835 |
|
|
745 |
|
|
739 |
|
|
781 |
|
|
570 |
|
|
Q1 '22 |
|
2021 |
|
Q4 '21 |
|
Q3 '21 |
|
Q2 '21 |
|
Q1 '21 |
||||||
|
(In $ millions) |
||||||||||||||||
Engineered Materials |
4 |
|
9 |
|
4 |
|
2 |
|
1 |
|
2 |
||||||
Acetate Tow |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
||||||
Acetyl Chain |
2 |
|
— |
|
— |
|
— |
|
— |
|
— |
||||||
Other Activities(2) |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
||||||
Accelerated depreciation and amortization expense |
6 |
|
9 |
|
4 |
|
2 |
|
1 |
|
2 |
||||||
Depreciation and amortization expense(1) |
100 |
|
362 |
|
93 |
|
91 |
|
90 |
|
88 |
||||||
Total depreciation and amortization expense |
106 |
|
371 |
|
97 |
|
93 |
|
91 |
|
90 |
______________________________ |
|
(1) |
Excludes accelerated depreciation and amortization expense as detailed in the table above, which amounts are included in Certain Items above. |
(2) |
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). |
Table 2 - Supplemental Segment Data and Reconciliation of Segment Adjusted EBIT and Operating EBITDA - Non-GAAP Measures - Unaudited | |||||||||||||||||||||||||||||||||||
|
Q1 '22 |
|
2021 |
|
Q4 '21 |
|
Q3 '21 |
|
Q2 '21 |
|
Q1 '21 |
||||||||||||||||||||||||
|
(In $ millions, except percentages) |
||||||||||||||||||||||||||||||||||
Operating Profit (Loss) / Operating Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engineered Materials |
124 |
|
|
13.6 |
% |
|
411 |
|
|
15.1 |
% |
|
67 |
|
|
9.5 |
% |
|
91 |
|
|
13.3 |
% |
|
123 |
|
|
18.0 |
% |
|
130 |
|
|
20.2 |
% |
Acetate Tow |
4 |
|
|
3.2 |
% |
|
56 |
|
|
10.9 |
% |
|
4 |
|
|
3.1 |
% |
|
12 |
|
|
9.4 |
% |
|
24 |
|
|
17.4 |
% |
|
16 |
|
|
13.4 |
% |
Acetyl Chain(1) |
499 |
|
|
32.4 |
% |
|
1,819 |
|
|
33.5 |
% |
|
535 |
|
|
36.2 |
% |
|
517 |
|
|
34.7 |
% |
|
516 |
|
|
36.6 |
% |
|
251 |
|
|
23.8 |
% |
Other Activities(2) |
(96 |
) |
|
|
|
(340 |
) |
|
|
|
(89 |
) |
|
|
|
(84 |
) |
|
|
|
(96 |
) |
|
|
|
(71 |
) |
|
|
||||||
Total |
531 |
|
|
20.9 |
% |
|
1,946 |
|
|
22.8 |
% |
|
517 |
|
|
22.7 |
% |
|
536 |
|
|
23.7 |
% |
|
567 |
|
|
25.8 |
% |
|
326 |
|
|
18.1 |
% |
Less: Net Earnings (Loss) Attributable to NCI(1) |
2 |
|
|
|
|
6 |
|
|
|
|
2 |
|
|
|
|
1 |
|
|
|
|
2 |
|
|
|
|
1 |
|
|
|
||||||
Operating Profit (Loss) Attributable to Celanese Corporation |
529 |
|
|
20.8 |
% |
|
1,940 |
|
|
22.7 |
% |
|
515 |
|
|
22.6 |
% |
|
535 |
|
|
23.6 |
% |
|
565 |
|
|
25.7 |
% |
|
325 |
|
|
18.1 |
% |
Operating Profit (Loss) / Operating Margin Attributable to Celanese Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engineered Materials |
124 |
|
|
13.6 |
% |
|
411 |
|
|
15.1 |
% |
|
67 |
|
|
9.5 |
% |
|
91 |
|
|
13.3 |
% |
|
123 |
|
|
18.0 |
% |
|
130 |
|
|
20.2 |
% |
Acetate Tow |
4 |
|
|
3.2 |
% |
|
56 |
|
|
10.9 |
% |
|
4 |
|
|
3.1 |
% |
|
12 |
|
|
9.4 |
% |
|
24 |
|
|
17.4 |
% |
|
16 |
|
|
13.4 |
% |
Acetyl Chain(1) |
497 |
|
|
32.3 |
% |
|
1,813 |
|
|
33.4 |
% |
|
533 |
|
|
36.1 |
% |
|
516 |
|
|
34.7 |
% |
|
514 |
|
|
36.5 |
% |
|
250 |
|
|
23.7 |
% |
Other Activities(2) |
(96 |
) |
|
|
|
(340 |
) |
|
|
|
(89 |
) |
|
|
|
(84 |
) |
|
|
|
(96 |
) |
|
|
|
(71 |
) |
|
|
||||||
Total |
529 |
|
|
20.8 |
% |
|
1,940 |
|
|
22.7 |
% |
|
515 |
|
|
22.6 |
% |
|
535 |
|
|
23.6 |
% |
|
565 |
|
|
25.7 |
% |
|
325 |
|
|
18.1 |
% |
Equity Earnings and Dividend Income, Other Income (Expense) Attributable to Celanese Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engineered Materials |
49 |
|
|
|
|
127 |
|
|
|
|
30 |
|
|
|
|
40 |
(3) |
|
|
|
32 |
|
|
|
|
25 |
|
|
|
||||||
Acetate Tow |
36 |
|
|
|
|
146 |
|
|
|
|
34 |
|
|
|
|
34 |
|
|
|
|
37 |
|
|
|
|
41 |
|
|
|
||||||
Acetyl Chain |
4 |
|
|
|
|
8 |
|
|
|
|
2 |
|
|
|
|
2 |
|
|
|
|
2 |
|
|
|
|
2 |
|
|
|
||||||
Other Activities(2) |
6 |
|
|
|
|
7 |
|
|
|
|
1 |
|
|
|
|
1 |
|
|
|
|
4 |
|
|
|
|
1 |
|
|
|
||||||
Total |
95 |
|
|
|
|
288 |
|
|
|
|
67 |
|
|
|
|
77 |
|
|
|
|
75 |
|
|
|
|
69 |
|
|
|
||||||
Non-Operating Pension and Other Post-Retirement Employee Benefit (Expense) Income Attributable to Celanese Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engineered Materials |
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
||||||
Acetate Tow |
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
||||||
Acetyl Chain |
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
||||||
Other Activities(2) |
24 |
|
|
|
|
106 |
|
|
|
|
(7 |
) |
|
|
|
37 |
|
|
|
|
38 |
|
|
|
|
38 |
|
|
|
||||||
Total |
24 |
|
|
|
|
106 |
|
|
|
|
(7 |
) |
|
|
|
37 |
|
|
|
|
38 |
|
|
|
|
38 |
|
|
|
||||||
Certain Items Attributable to Celanese Corporation (Table 8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engineered Materials |
38 |
|
|
|
|
33 |
|
|
|
|
16 |
|
|
|
|
6 |
|
|
|
|
6 |
|
|
|
|
5 |
|
|
|
||||||
Acetate Tow |
— |
|
|
|
|
5 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
1 |
|
|
|
|
4 |
|
|
|
||||||
Acetyl Chain |
2 |
|
|
|
|
28 |
|
|
|
|
1 |
|
|
|
|
(1 |
) |
|
|
|
(2 |
) |
|
|
|
30 |
|
|
|
||||||
Other Activities(2) |
25 |
|
|
|
|
73 |
|
|
|
|
60 |
|
|
|
|
(6 |
) |
|
|
|
8 |
|
|
|
|
11 |
|
|
|
||||||
Total |
65 |
|
|
|
|
139 |
|
|
|
|
77 |
|
|
|
|
(1 |
) |
|
|
|
13 |
|
|
|
|
50 |
|
|
|
___________________________ |
|
(1) |
Net earnings (loss) attributable to NCI is included within the Acetyl Chain segment. |
(2) |
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). |
(3) |
Includes $39 million of Equity in net earnings (loss) of affiliates and $1 million of Other income. |
Table 2 - Supplemental Segment Data and Reconciliation of Segment Adjusted EBIT and Operating EBITDA - Non-GAAP Measures - Unaudited (cont.) |
|||||||||||||||||||||||||||||||||||
|
Q1 '22 |
|
2021 |
|
Q4 '21 |
|
Q3 '21 |
|
Q2 '21 |
|
Q1 '21 |
||||||||||||||||||||||||
|
(In $ millions, except percentages) |
||||||||||||||||||||||||||||||||||
Adjusted EBIT / Adjusted EBIT Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engineered Materials |
211 |
|
|
23.2 |
% |
|
571 |
|
|
21.0 |
% |
|
113 |
|
|
16.0 |
% |
|
137 |
|
|
20.0 |
% |
|
161 |
|
|
23.6 |
% |
|
160 |
|
|
24.8 |
% |
Acetate Tow |
40 |
|
|
32.0 |
% |
|
207 |
|
|
40.3 |
% |
|
38 |
|
|
29.5 |
% |
|
46 |
|
|
35.9 |
% |
|
62 |
|
|
44.9 |
% |
|
61 |
|
|
51.3 |
% |
Acetyl Chain |
503 |
|
|
32.7 |
% |
|
1,849 |
|
|
34.1 |
% |
|
536 |
|
|
36.3 |
% |
|
517 |
|
|
34.7 |
% |
|
514 |
|
|
36.5 |
% |
|
282 |
|
|
26.7 |
% |
Other Activities(2) |
(41 |
) |
|
|
|
(154 |
) |
|
|
|
(35 |
) |
|
|
|
(52 |
) |
|
|
|
(46 |
) |
|
|
|
(21 |
) |
|
|
||||||
Total |
713 |
|
|
28.1 |
% |
|
2,473 |
|
|
29.0 |
% |
|
652 |
|
|
28.7 |
% |
|
648 |
|
|
28.6 |
% |
|
691 |
|
|
31.4 |
% |
|
482 |
|
|
26.8 |
% |
Depreciation and Amortization Expense(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engineered Materials |
42 |
|
|
|
|
135 |
|
|
|
|
35 |
|
|
|
|
33 |
|
|
|
|
34 |
|
|
|
|
33 |
|
|
|
||||||
Acetate Tow |
11 |
|
|
|
|
39 |
|
|
|
|
10 |
|
|
|
|
10 |
|
|
|
|
9 |
|
|
|
|
10 |
|
|
|
||||||
Acetyl Chain |
43 |
|
|
|
|
171 |
|
|
|
|
43 |
|
|
|
|
44 |
|
|
|
|
43 |
|
|
|
|
41 |
|
|
|
||||||
Other Activities(2) |
4 |
|
|
|
|
17 |
|
|
|
|
5 |
|
|
|
|
4 |
|
|
|
|
4 |
|
|
|
|
4 |
|
|
|
||||||
Total |
100 |
|
|
|
|
362 |
|
|
|
|
93 |
|
|
|
|
91 |
|
|
|
|
90 |
|
|
|
|
88 |
|
|
|
||||||
Operating EBITDA / Operating EBITDA Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engineered Materials |
253 |
|
|
27.8 |
% |
|
706 |
|
|
26.0 |
% |
|
148 |
|
|
20.9 |
% |
|
170 |
|
|
24.9 |
% |
|
195 |
|
|
28.6 |
% |
|
193 |
|
|
29.9 |
% |
Acetate Tow |
51 |
|
|
40.8 |
% |
|
246 |
|
|
47.9 |
% |
|
48 |
|
|
37.2 |
% |
|
56 |
|
|
43.8 |
% |
|
71 |
|
|
51.4 |
% |
|
71 |
|
|
59.7 |
% |
Acetyl Chain |
546 |
|
|
35.5 |
% |
|
2,020 |
|
|
37.2 |
% |
|
579 |
|
|
39.2 |
% |
|
561 |
|
|
37.7 |
% |
|
557 |
|
|
39.5 |
% |
|
323 |
|
|
30.6 |
% |
Other Activities(2) |
(37 |
) |
|
|
|
(137 |
) |
|
|
|
(30 |
) |
|
|
|
(48 |
) |
|
|
|
(42 |
) |
|
|
|
(17 |
) |
|
|
||||||
Total |
813 |
|
|
32.0 |
% |
|
2,835 |
|
|
33.2 |
% |
|
745 |
|
|
32.7 |
% |
|
739 |
|
|
32.6 |
% |
|
781 |
|
|
35.5 |
% |
|
570 |
|
|
31.7 |
% |
___________________________ |
|
(1) |
Excludes accelerated depreciation and amortization expense, which amounts are included in Certain Items above. See Table 1 for details. |
(2) |
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). |
Table 3 Adjusted Earnings (Loss) per Share - Reconciliation of a Non-GAAP Measure - Unaudited |
|||||||||||||||||||||||||||||
|
Q1 '22 |
|
2021 |
|
Q4 '21 |
|
Q3 '21 |
|
Q2 '21 |
|
Q1 '21 |
||||||||||||||||||
|
|
|
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 |
502 |
|
|
4.61 |
|
1,912 |
|
|
17.06 |
|
528 |
|
|
4.83 |
|
519 |
|
|
4.67 |
|
542 |
|
|
4.81 |
|
323 |
|
|
2.83 |
Income tax provision (benefit) |
112 |
|
|
|
|
330 |
|
|
|
|
27 |
|
|
|
|
102 |
|
|
|
|
116 |
|
|
|
|
85 |
|
|
|
Earnings (loss) from continuing operations before tax |
614 |
|
|
|
|
2,242 |
|
|
|
|
555 |
|
|
|
|
621 |
|
|
|
|
658 |
|
|
|
|
408 |
|
|
|
Certain Items attributable to Celanese Corporation (Table 8) |
65 |
|
|
|
|
139 |
|
|
|
|
77 |
|
|
|
|
(1 |
) |
|
|
|
13 |
|
|
|
|
50 |
|
|
|
Refinancing and related expenses(1) |
14 |
|
|
|
|
9 |
|
|
|
|
— |
|
|
|
|
9 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
Adjusted earnings (loss) from continuing operations before tax |
693 |
|
|
|
|
2,390 |
|
|
|
|
632 |
|
|
|
|
629 |
|
|
|
|
671 |
|
|
|
|
458 |
|
|
|
Income tax (provision) benefit on adjusted earnings(2) |
(90 |
) |
|
|
|
(359 |
) |
|
|
|
(95 |
) |
|
|
|
(94 |
) |
|
|
|
(105 |
) |
|
|
|
(64 |
) |
|
|
Adjusted earnings (loss) from continuing operations(3) |
603 |
|
|
5.54 |
|
2,031 |
|
|
18.12 |
|
537 |
|
|
4.91 |
|
535 |
|
|
4.82 |
|
566 |
|
|
5.02 |
|
394 |
|
|
3.46 |
|
Diluted shares (in millions)(4) |
||||||||||||||||||||||||||||
Weighted average shares outstanding |
108.2 |
|
|
|
|
111.2 |
|
|
|
|
108.6 |
|
|
|
|
110.5 |
|
|
|
|
112.3 |
|
|
|
|
113.5 |
|
|
|
Incremental shares attributable to equity awards |
0.7 |
|
|
|
|
0.9 |
|
|
|
|
0.8 |
|
|
|
|
0.5 |
|
|
|
|
0.5 |
|
|
|
|
0.5 |
|
|
|
Total diluted shares |
108.9 |
|
|
|
|
112.1 |
|
|
|
|
109.4 |
|
|
|
|
111.0 |
|
|
|
|
112.8 |
|
|
|
|
114.0 |
|
|
|
______________________________ |
|
(1) |
Includes $14 million of interest expense for fees related to a bridge facility commitment letter for our acquisition of a majority of the Mobility & Materials business of DuPont de Nemours, Inc. |
(2) |
Calculated using adjusted effective tax rates (Table 3a) as follows: |
|
Q1 '22 |
|
2021 |
|
Q4 '21 |
|
Q3 '21 |
|
Q2 '21 |
|
Q1 '21 |
||||||||||||||||||
|
|
||||||||||||||||||||||||||||
Adjusted effective tax rate |
13 |
|
|
|
15 |
|
|
|
15 |
|
|
|
15 |
|
|
|
16 |
|
|
|
14 |
|
|
||||||
(3) |
Excludes the immediate recognition of actuarial gains and losses and the impact of actual vs. expected plan asset returns. |
|
|
Actual Plan
|
|
Expected
|
|
|
(In percentages) |
||
2021 |
|
1.1 |
|
6.3 |
(4) |
Potentially dilutive shares are included in the adjusted earnings per share calculation when adjusted earnings are positive. |
Table 3a Adjusted Tax Rate - Reconciliation of a Non-GAAP Measure - Unaudited |
|||||
|
Estimated |
|
Actual |
||
|
2022 |
|
2021 |
||
|
(In percentages) |
||||
US GAAP annual effective tax rate |
17 |
|
|
15 |
|
Discrete quarterly recognition of GAAP items(1) |
(1 |
) |
|
(2 |
) |
Tax impact of other charges and adjustments(2) |
(3 |
) |
|
(1 |
) |
Utilization of foreign tax credits |
— |
|
|
(1 |
) |
Changes in valuation allowances, excluding impact of other charges and adjustments(3) |
— |
|
|
3 |
|
Other(4) |
— |
|
|
1 |
|
Adjusted tax rate |
13 |
|
|
15 |
|
______________________________ |
|
Note: As part of the year-end reconciliation, we will update the reconciliation of the GAAP effective tax rate for actual results. |
|
(1) |
Such as changes in tax laws (including US tax reform), deferred taxes on outside basis differences, changes in uncertain tax positions and prior year audit adjustments. |
(2) |
Reflects the tax impact on pre-tax adjustments presented in Certain Items (Table 8), which are excluded from pre-tax income for adjusted earnings per share purposes. |
(3) |
Reflects changes in valuation allowances related to changes in judgment regarding the realizability of deferred tax assets or current year operations, excluding other charges and adjustments. |
(4) |
Tax impacts related to full-year forecasted tax opportunities and related costs. |
Table 4 Net Sales by Segment - Unaudited |
|||||||||||||||||
|
Q1 '22 |
|
2021 |
|
Q4 '21 |
|
Q3 '21 |
|
Q2 '21 |
|
Q1 '21 |
||||||
|
(In $ millions) |
||||||||||||||||
Engineered Materials |
910 |
|
|
2,718 |
|
|
707 |
|
|
684 |
|
|
682 |
|
|
645 |
|
Acetate Tow |
125 |
|
|
514 |
|
|
129 |
|
|
128 |
|
|
138 |
|
|
119 |
|
Acetyl Chain |
1,538 |
|
|
5,430 |
|
|
1,476 |
|
|
1,489 |
|
|
1,409 |
|
|
1,056 |
|
Other Activities |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Intersegment eliminations(1) |
(35 |
) |
|
(125 |
) |
|
(37 |
) |
|
(35 |
) |
|
(31 |
) |
|
(22 |
) |
Net sales |
2,538 |
|
|
8,537 |
|
|
2,275 |
|
|
2,266 |
|
|
2,198 |
|
|
1,798 |
|
___________________________ |
|
(1) |
Includes intersegment sales primarily related to the Acetyl Chain. |
Table 4a Factors Affecting Segment Net Sales Sequentially - Unaudited
Three Months Ended March 31, 2022 Compared to Three Months Ended December 31, 2021 |
||||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Other |
|
Total |
|
||||
|
(In percentages) |
|
||||||||||||
Engineered Materials |
23 |
|
|
7 |
|
|
(1 |
) |
|
— |
|
29 |
|
|
Acetate Tow |
(6 |
) |
|
3 |
|
|
— |
|
|
— |
|
(3 |
) |
|
Acetyl Chain |
8 |
|
|
(3 |
) |
|
(1 |
) |
|
— |
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Company |
12 |
|
|
1 |
|
|
(1 |
) |
|
— |
|
12 |
|
|
Three Months Ended December 31, 2021 Compared to Three Months Ended September 30, 2021 |
|||||||||||||||
|
Volume |
|
Price |
|
|
Currency |
|
Other |
|
Total |
|
||||
|
(In percentages) |
|
|||||||||||||
Engineered Materials |
(1 |
) |
|
5 |
|
(1 |
) |
|
— |
|
3 |
(1) |
|
||
Acetate Tow |
— |
|
|
1 |
|
— |
|
|
— |
|
1 |
|
|
||
Acetyl Chain |
(10 |
) |
|
10 |
|
(1 |
) |
|
— |
|
(1 |
) |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total Company |
(7 |
) |
|
8 |
|
(1 |
) |
|
— |
|
— |
|
|
Three Months Ended September 30, 2021 Compared to Three Months Ended June 30, 2021 |
||||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Other |
|
Total |
|
||||
|
(In percentages) |
|
||||||||||||
Engineered Materials |
(2 |
) |
|
3 |
|
(1 |
) |
|
— |
|
— |
|
|
|
Acetate Tow |
(8 |
) |
|
— |
|
— |
|
|
— |
|
(8 |
) |
|
|
Acetyl Chain |
3 |
|
|
3 |
|
— |
|
|
— |
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Company |
1 |
|
|
3 |
|
(1 |
) |
|
— |
|
3 |
|
|
Three Months Ended June 30, 2021 Compared to Three Months Ended March 31, 2021 |
||||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Other |
|
Total |
|
||||
|
(In percentages) |
|
||||||||||||
Engineered Materials |
(1 |
) |
|
7 |
|
— |
|
— |
|
6 |
|
|||
Acetate Tow |
16 |
|
|
— |
|
— |
|
— |
|
16 |
|
|||
Acetyl Chain |
7 |
|
|
27 |
|
— |
|
— |
|
34 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
||||
Total Company |
4 |
|
|
18 |
|
— |
|
— |
|
22 |
|
Three Months Ended March 31, 2021 Compared to Three Months Ended December 31, 2020 |
||||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Other |
|
Total |
|
||||
|
(In percentages) |
|
||||||||||||
Engineered Materials |
6 |
|
|
6 |
|
|
1 |
|
— |
|
13 |
|
|
|
Acetate Tow |
(10 |
) |
|
(1 |
) |
|
— |
|
— |
|
(11 |
) |
|
|
Acetyl Chain |
(7 |
) |
|
23 |
|
|
— |
|
— |
|
16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Company |
(3 |
) |
|
15 |
|
|
1 |
|
— |
|
13 |
|
|
________________________ |
|
(1) |
2021 includes the effect of the acquisition of the Santoprene™ thermoplastic vulcanizates elastomers business. |
Table 4b Factors Affecting Segment Net Sales Year Over Year - Unaudited
Three Months Ended March 31, 2022 Compared to Three Months Ended March 31, 2021 |
|||||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Other |
|
Total |
|
|||||
|
(In percentages) |
|
|||||||||||||
Engineered Materials |
20 |
|
25 |
|
(4 |
) |
|
— |
|
|
41 |
|
|||
Acetate Tow |
1 |
|
4 |
|
— |
|
|
— |
|
|
5 |
|
|||
Acetyl Chain |
8 |
|
39 |
|
(1 |
) |
|
— |
|
|
46 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Company |
12 |
|
32 |
|
(2 |
) |
|
(1 |
) |
|
41 |
|
Three Months Ended December 31, 2021 Compared to Three Months Ended December 31, 2020 |
|||||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Other |
|
Total |
|
|||||
|
(In percentages) |
|
|||||||||||||
Engineered Materials |
5 |
|
|
20 |
|
|
(1 |
) |
|
— |
|
24 |
|
|
|
Acetate Tow |
(3 |
) |
|
(1 |
) |
|
— |
|
|
— |
|
(4 |
) |
|
|
Acetyl Chain |
(6 |
) |
|
68 |
|
|
— |
|
|
— |
|
62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Company |
(2 |
) |
|
46 |
|
|
(1 |
) |
|
— |
|
43 |
|
|
Three Months Ended September 30, 2021 Compared to Three Months Ended September 30, 2020 |
|||||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Other |
|
Total |
|
|||||
|
(In percentages) |
|
|||||||||||||
Engineered Materials |
11 |
|
17 |
|
|
2 |
|
— |
|
30 |
|
|
|||
Acetate Tow |
— |
|
(2 |
) |
|
— |
|
1 |
|
(1 |
) |
|
|||
Acetyl Chain |
11 |
|
80 |
|
|
1 |
|
— |
|
92 |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Company |
10 |
|
50 |
|
|
1 |
|
— |
|
61 |
|
|
Three Months Ended June 30, 2021 Compared to Three Months Ended June 30, 2020 |
|||||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Other |
|
Total |
|
|||||
|
(In percentages) |
|
|||||||||||||
Engineered Materials |
43 |
|
11 |
|
|
8 |
|
— |
|
|
62 |
|
|||
Acetate Tow |
10 |
|
(1 |
) |
|
— |
|
— |
|
|
9 |
|
|||
Acetyl Chain |
27 |
|
83 |
|
|
3 |
|
— |
|
|
113 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Company |
31 |
|
50 |
|
|
4 |
|
(1 |
) |
|
84 |
|
Three Months Ended March 31, 2021 Compared to Three Months Ended March 31, 2020 |
|||||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Other |
|
Total |
|
|||||
|
(In percentages) |
|
|||||||||||||
Engineered Materials |
7 |
|
|
2 |
|
6 |
|
— |
|
15 |
|
|
|||
Acetate Tow |
(8 |
) |
|
— |
|
— |
|
— |
|
(8 |
) |
|
|||
Acetyl Chain |
5 |
|
|
25 |
|
2 |
|
— |
|
32 |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Company |
5 |
|
|
14 |
|
4 |
|
— |
|
23 |
|
|
Table 4c Factors Affecting Segment Net Sales Year Over Year - Unaudited
Year Ended December 31, 2021 Compared to Year Ended December 31, 2020 |
|||||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Other |
|
Total |
|
|||||
|
(In percentages) |
|
|||||||||||||
Engineered Materials |
15 |
|
12 |
|
|
4 |
|
— |
|
31 |
|
|
|||
Acetate Tow |
— |
|
(1 |
) |
|
— |
|
— |
|
(1 |
) |
|
|||
Acetyl Chain |
9 |
|
62 |
|
|
2 |
|
— |
|
73 |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Company |
10 |
|
39 |
|
|
2 |
|
— |
|
51 |
|
|
Table 5 Free Cash Flow - Reconciliation of a Non-GAAP Measure - Unaudited |
|||||||||||||||||
|
Q1 '22 |
|
2021 |
|
Q4 '21 |
|
Q3 '21 |
|
Q2 '21 |
|
Q1 '21 |
||||||
|
(In $ millions, except percentages) |
||||||||||||||||
Net cash provided by (used in) investing activities |
(149 |
) |
|
(1,119 |
) |
|
(1,286 |
) |
|
(108 |
) |
|
177 |
|
|
98 |
|
Net cash provided by (used in) financing activities |
(95 |
) |
|
(1,042 |
) |
|
(99 |
) |
|
(228 |
) |
|
(344 |
) |
|
(371 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net cash provided by (used in) operating activities |
316 |
|
|
1,757 |
|
|
584 |
|
|
630 |
|
|
427 |
|
|
116 |
|
Capital expenditures on property, plant and equipment |
(137 |
) |
|
(467 |
) |
|
(163 |
) |
|
(102 |
) |
|
(110 |
) |
|
(92 |
) |
Distributions to NCI |
(4 |
) |
|
(27 |
) |
|
(6 |
) |
|
(8 |
) |
|
(8 |
) |
|
(5 |
) |
Free cash flow(1)(2) |
175 |
|
|
1,263 |
|
|
415 |
|
|
520 |
|
|
309 |
|
|
19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net sales |
2,538 |
|
|
8,537 |
|
|
2,275 |
|
|
2,266 |
|
|
2,198 |
|
|
1,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Free cash flow as % of Net sales |
6.9 |
% |
|
14.8 |
% |
|
18.2 |
% |
|
22.9 |
% |
|
14.1 |
% |
|
1.1 |
% |
______________________________ |
|
(1) |
Free cash flow is a liquidity measure used by the Company and is defined by the Company as net cash provided by (used in) operating activities, less capital expenditures on property, plant and equipment, and adjusted for capital contributions or distributions to Mitsui related to our joint venture, Fairway. |
(2) |
Excludes required debt service and finance lease payments of $25 million and $30 million for the years ended December 31, 2022 and 2021, respectively. |
Table 6 Cash Dividends Received - Unaudited |
|||||||||||||||||
|
Q1 '22 |
|
2021 |
|
Q4 '21 |
|
Q3 '21 |
|
Q2 '21 |
|
Q1 '21 |
||||||
|
(In $ millions) |
||||||||||||||||
Dividends from equity method investments |
26 |
|
112 |
|
51 |
|
8 |
|
18 |
|
35 |
||||||
Dividends from equity investments without readily determinable fair values |
37 |
|
147 |
|
33 |
|
35 |
|
37 |
|
42 |
||||||
Total |
63 |
|
259 |
|
84 |
|
43 |
|
55 |
|
77 |
Table 7 Net Debt - Reconciliation of a Non-GAAP Measure - Unaudited |
|||||||||||||||||
|
Q1 '22 |
|
2021 |
|
Q4 '21 |
|
Q3 '21 |
|
Q2 '21 |
|
Q1 '21 |
||||||
|
(In $ millions) |
||||||||||||||||
Short-term borrowings and current installments of long-term debt - third party and affiliates |
860 |
|
|
791 |
|
|
791 |
|
|
103 |
|
|
500 |
|
|
497 |
|
Long-term debt, net of unamortized deferred financing costs |
3,132 |
|
|
3,176 |
|
|
3,176 |
|
|
3,724 |
|
|
3,156 |
|
|
3,135 |
|
Total debt |
3,992 |
|
|
3,967 |
|
|
3,967 |
|
|
3,827 |
|
|
3,656 |
|
|
3,632 |
|
Cash and cash equivalents |
(605 |
) |
|
(536 |
) |
|
(536 |
) |
|
(1,340 |
) |
|
(1,054 |
) |
|
(791 |
) |
Net debt |
3,387 |
|
|
3,431 |
|
|
3,431 |
|
|
2,487 |
|
|
2,602 |
|
|
2,841 |
|
Table 8 Certain Items - Unaudited The following Certain Items attributable to Celanese Corporation are included in Net earnings (loss) and are adjustments to non-GAAP measures: |
||||||||||||||||
|
Q1 '22 |
|
2021 |
|
Q4 '21 |
|
Q3 '21 |
|
Q2 '21 |
|
Q1 '21 |
|
Income Statement Classification |
|||
|
(In $ millions) |
|
|
|||||||||||||
Exit and shutdown costs |
7 |
|
18 |
|
|
8 |
|
7 |
|
|
5 |
|
(2 |
) |
|
Cost of sales / SG&A / Other (charges) gains, net / Gain (loss) on disposition of businesses and assets, net / Non-operating pension and other postretirement employee benefit (expense) income |
Asset impairments |
— |
|
2 |
|
|
— |
|
— |
|
|
1 |
|
1 |
|
|
Cost of sales / Other (charges) gains, net |
Impact from plant incidents and natural disasters(1) |
— |
|
41 |
|
|
— |
|
— |
|
|
— |
|
41 |
|
|
Cost of sales |
Mergers, acquisitions and dispositions |
56 |
|
29 |
|
|
19 |
|
4 |
|
|
6 |
|
— |
|
|
Cost of sales / SG&A |
Actuarial (gain) loss on pension and postretirement plans |
— |
|
43 |
|
|
43 |
|
— |
|
|
— |
|
— |
|
|
Cost of sales / SG&A / Non-operating pension and other postretirement employee benefit (expense) income |
Legal settlements and commercial disputes |
2 |
|
16 |
|
|
4 |
|
2 |
|
|
1 |
|
9 |
|
|
Cost of sales / SG&A / Other (charges) gains, net |
Other |
— |
|
(10 |
) |
|
3 |
|
(14 |
)(2) |
|
— |
|
1 |
|
|
Cost of sales / SG&A / Gain (loss) on disposition of businesses and assets, net |
Certain Items attributable to Celanese Corporation |
65 |
|
139 |
|
|
77 |
|
(1 |
) |
|
13 |
|
50 |
|
|
|
___________________________ |
|
(1) |
Primarily associated with Winter Storm Uri. |
(2) |
Primarily associated with the sale of our Spondon site. |
Table 9 Return on Invested Capital (Adjusted) - Presentation of a Non-GAAP Measure - Unaudited |
||||||
|
|
|
|
|
2021 |
|
|
|
|
|
|
(In $ millions, except
|
|
Net earnings (loss) attributable to Celanese Corporation |
|
|
|
|
1,890 |
|
|
|
|
|
|
|
|
Adjusted EBIT (Table 1) |
|
|
|
|
2,473 |
|
Adjusted effective tax rate (Table 3a) |
|
|
|
|
15 |
% |
Adjusted EBIT tax effected |
|
|
|
|
2,102 |
|
|
|
|
|
|
|
|
|
2021 |
|
2020 |
|
Average |
|
|
(In $ millions, except percentages) |
|||||
Short-term borrowings and current installments of long-term debt - third parties and affiliates |
791 |
|
496 |
|
644 |
|
Long-term debt, net of unamortized deferred financing costs |
3,176 |
|
3,227 |
|
3,202 |
|
Celanese Corporation stockholders' equity |
4,189 |
|
3,526 |
|
3,858 |
|
Invested capital |
|
|
|
|
7,704 |
|
|
|
|
|
|
|
|
Return on invested capital (adjusted) |
|
|
|
|
27.3 |
% |
|
|
|
|
|
|
|
Net earnings (loss) attributable to Celanese Corporation as a percentage of invested capital |
|
|
|
|
24.5 |
% |
ДАЛЛАС -- (BUSINESS WIRE)--Celanese Corporation (NYSE: CE), глобальная компания по производству химических и специальных материалов, сегодня сообщила о разводненной прибыли на акцию по GAAP в размере 4,61 доллара США и скорректированной прибыли на акцию в размере 5,54 доллара США за первый квартал 2022 года. Компания сообщила о рекордных квартальных чистых продажах в размере 2,5 миллиарда долларов, что на 12 процентов больше по сравнению с предыдущим рекордом, установленным в четвертом квартале 2021 года. Чистый рост продаж был обусловлен последовательным увеличением объема и цен на 12 процентов и 1 процент соответственно. Celanese успешно смягчил продолжающуюся инфляцию затрат, а также ограничения в области поиска поставщиков и логистики, что позволило получить консолидированную операционную прибыль за первый квартал в размере 531 миллиона долларов и скорректированный показатель EBIT в размере 713 миллионов долларов, что является рекордом. В феврале Компания объявила об окончательном соглашении о приобретении большей части бизнеса DuPont в области мобильности и материалов ("M & M") за 11,0 млрд долларов, что позволит Celanese стать ведущей мировой компанией по производству специальных материалов и, как ожидается, приведет к удвоению годового свободного денежного потока, включая синергия в скорости выполнения.
"Я благодарю наши команды за достижение рекордной скорректированной прибыли на акцию в первом квартале, превысив наш предыдущий рекорд на 10 процентов, и за создание огромного импульса в начале 2022 года", - сказала Лори Райеркерк, председатель и главный исполнительный директор. "Мы полностью сосредоточены на продолжении этого импульса в нашей бизнес-деятельности и готовимся к завершению сделки по слиянию и поглощению, которая откроет следующий этап создания акционерной стоимости Celanese".
Основные финансовые показатели Первого квартала 2022 года:
|
Three Months Ended |
|||||||||||
|
March 31,
|
December 31,
|
March 31,
|
|||||||||
|
(unaudited) |
|||||||||||
|
(In $ millions, except per share data) |
|||||||||||
Net Sales |
|
|
|
|||||||||
Engineered Materials |
|
910 |
|
|
707 |
|
|
645 |
|
|||
Acetate Tow |
|
125 |
|
|
129 |
|
|
119 |
|
|||
Acetyl Chain |
|
1,538 |
|
|
1,476 |
|
|
1,056 |
|
|||
Intersegment Eliminations |
|
(35 |
) |
|
(37 |
) |
|
(22 |
) |
|||
Total |
|
2,538 |
|
|
2,275 |
|
|
1,798 |
|
|||
|
|
|
|
|||||||||
Operating Profit (Loss) |
|
|
|
|||||||||
Engineered Materials |
|
124 |
|
|
67 |
|
|
130 |
|
|||
Acetate Tow |
|
4 |
|
|
4 |
|
|
16 |
|
|||
Acetyl Chain |
|
499 |
|
|
535 |
|
|
251 |
|
|||
Other Activities |
|
(96 |
) |
|
(89 |
) |
|
(71 |
) |
|||
Total |
|
531 |
|
|
517 |
|
|
326 |
|
|||
|
|
|
|
|||||||||
Net Earnings (Loss) |
|
504 |
|
|
526 |
|
|
323 |
|
|||
|
|
|
|
|||||||||
Adjusted EBIT(1) |
|
|
|
|||||||||
Engineered Materials |
|
211 |
|
|
113 |
|
|
160 |
|
|||
Acetate Tow |
|
40 |
|
|
38 |
|
|
61 |
|
|||
Acetyl Chain |
|
503 |
|
|
536 |
|
|
282 |
|
|||
Other Activities |
|
(41 |
) |
|
(35 |
) |
|
(21 |
) |
|||
Total |
|
713 |
|
|
652 |
|
|
482 |
|
|||
|
|
|
|
|||||||||
Equity Earnings and Dividend Income, Other Income (Expense) |
|
|
|
|||||||||
Engineered Materials |
|
49 |
|
|
30 |
|
|
25 |
|
|||
Acetate Tow |
|
36 |
|
|
34 |
|
|
41 |
|
|||
|
|
|
|
|||||||||
Operating EBITDA(1) |
|
813 |
|
|
745 |
|
|
570 |
|
|||
Diluted EPS - continuing operations |
$ |
4.61 |
|
$ |
4.83 |
|
$ |
2.83 |
|
|||
Diluted EPS - total |
$ |
4.61 |
|
$ |
4.79 |
|
$ |
2.82 |
|
|||
Adjusted EPS(1) |
$ |
5.54 |
|
$ |
4.91 |
|
$ |
3.46 |
|
|||
|
|
|
|
|||||||||
Net cash provided by (used in) investing activities |
|
(149 |
) |
|
(1,286 |
) |
|
98 |
|
|||
Net cash provided by (used in) financing activities |
|
(95 |
) |
|
(99 |
) |
|
(371 |
) |
|||
Net cash provided by (used in) operating activities |
|
316 |
|
|
584 |
|
|
116 |
|
|||
Free cash flow(1) |
|
175 |
|
|
415 |
|
|
19 |
|
|||
______________________________ |
||||||||||||
(1) See "Non-US GAAP Financial Measures" below. |
Последние основные моменты:
Обзор бизнес-сегмента за Первый квартал 2022 года
Инженерные Материалы
Инженерные материалы обеспечили рекордные чистые продажи в размере 910 миллионов долларов в первом квартале благодаря последовательному увеличению объема продаж на 23 процента и росту цен на 7 процентов. Примерно треть последовательного увеличения объема была обеспечена устаревшими продуктами, за исключением Сантопрена, поскольку бизнес производил продукцию для удовлетворения повышенного спроса во главе с автомобильной промышленностью. В течение пяти последовательных кварталов роста цен Engineered Materials полностью контролировала общую инфляцию затрат, охватывающую сырье, энергию и логистику. Операционная прибыль по ОПБУ за первый квартал в размере 124 миллионов долларов и скорректированный показатель EBIT в размере 211 миллионов долларов увеличились по сравнению с предыдущим кварталом на 57 миллионов долларов и 98 миллионов долларов соответственно. Доходы от партнерских отношений последовательно увеличились на 19 миллионов долларов благодаря высокой производительности филиалов KEPCO и Infraserv.
Ацетиловая цепочка обеспечила рекордные чистые продажи в размере 1,5 миллиарда долларов в первом квартале благодаря последовательному увеличению объема продаж на 8 процентов, что компенсировало 3-процентное снижение цен. Последовательное снижение цен на уксусную кислоту в Китае было в значительной степени компенсировано тем, что бизнес переместил объемы производства в Западное полушарие и зафиксировал более высокие цены на VAM, эмульсии, редиспергируемые порошки (RDP) и этиленвинилацетат (EVA). В течение квартала команда по производству ацетильных цепей успешно завершила три крупных передела на предприятии Clear Lake в производстве метанола, уксусной кислоты и VAM. Ацетиловая цепочка компенсировала производственные последствия за счет расширения своего глобального присутствия и привлечения поставщиков из отрасли, что позволило получить операционную прибыль за первый квартал по GAAP в размере 499 миллионов долларов и скорректированный показатель EBIT в размере 503 миллионов долларов при рентабельности 32 и 33 процента соответственно. За последние четыре квартала Acetyl Chain принесла более 2 миллиардов долларов операционной прибыли по GAAP и скорректированной EBIT.
Чистый объем продаж ацетатной пакли в первом квартале составил 125 миллионов долларов, что отражает последовательный рост цен на 3 процента и снижение объема продаж на 6 процентов. Операционная прибыль по ОПБУ за первый квартал в размере 4 миллионов долларов и скорректированный показатель EBIT в размере 40 миллионов долларов соответствовали ожиданиям бизнеса. Дивиденды от аффилированных лиц за квартал составили 36 миллионов долларов, что соответствует предыдущему кварталу.
Движение денежных средств и налоги
В первом квартале Компания получила операционный денежный поток в размере 316 миллионов долларов и свободный денежный поток в размере 175 миллионов долларов. Капитальные затраты за квартал составили 137 миллионов долларов, поскольку Компания продвинулась в нескольких ключевых проектах в области инженерных материалов и ацетиловых цепей. В течение первого квартала Celanese вернул акционерам 73 миллиона долларов наличными в виде дивидендов.
Эффективная налоговая ставка по ОПБУ США в первом квартале составила 18 процентов по сравнению с 21 процентом за тот же квартал 2021 года. Более низкая эффективная налоговая ставка была обусловлена разовым воздействием неопределенных налоговых позиций, главным образом из-за условий кредитования, связанных с внутренними казначейскими операциями, за три месяца, закончившихся 31 марта 2021 года. В течение первого квартала Компания снизила скорректированную на весь год налоговую ставку с 15% до 13%, в основном из-за изменений в структуре доходов в разных юрисдикциях.
"Наша команда продолжает демонстрировать способность наших инженерных материалов и бизнес-моделей ацетильной цепи обеспечивать надежную производительность, несмотря на постоянный рост затрат и различные внешние сбои в нашей цепочке поставок", - сказала Лори Райеркерк. "Несмотря на то, что мы успешно смягчили подавляющее большинство этих сбоев, мы внимательно следим за развивающимися проблемами, включая карантин из-за COVID-19 по всему Китаю и ухудшение надежности глобальной морской логистики. Поскольку цены на продукты, входящие в цепочку производства Ацетила, продолжают снижаться, мы ожидаем, что рост цен на продукты, входящие в цепочку производства ацетила, а также продолжающиеся высокие показатели в производстве инженерных материалов приведут к скорректированной прибыли во втором квартале примерно в размере 4,50 доллара на акцию. С таким сильным началом года мы теперь ожидаем, что скорректированная прибыль на акцию в 2022 году приблизится к нашим показателям скорректированной прибыли на акцию в 2021 году".
Сверка прогнозируемой скорректированной прибыли на акцию с разводненной прибылью на акцию по ОПБУ США невозможна без неоправданных усилий, поскольку прогнозирование определенных статей, таких как пенсионные доходы/убытки от переоценки, нецелесообразно. Для получения дополнительной информации см. раздел "Финансовые показатели, не относящиеся к GAAP" ниже.
Подготовленные замечания Компании, относящиеся к первому кварталу, будут размещены на ее веб-сайте в разделе "Инвесторы".Celanese.com в разделе Финансовая информация/Библиотека финансовых документов 28 апреля 2022 года. Информация о показателях, не относящихся к ОПБУ США, включена в Финансовые показатели, не относящиеся к ОПБУ США, и Дополнительный информационный документ, размещенный на нашем веб-сайте по связям с инвесторами в разделе Финансовая информация /Финансовые показатели, не относящиеся к ОПБУ США. См. также "Финансовые показатели, не относящиеся к GAAP" ниже.
Корпорация Celanese является мировым химическим лидером в производстве дифференцированных химических растворов и специальных материалов, используемых в большинстве основных отраслей промышленности и потребительских приложений. Наши предприятия используют весь спектр глобального химического, технологического и коммерческого опыта Celanese для создания ценности для наших клиентов, сотрудников, акционеров и корпорации. Поскольку мы сотрудничаем с нашими клиентами для решения их наиболее важных бизнес-потребностей, мы стремимся оказать положительное влияние на наши сообщества и мир с помощью Фонда Celanese. В компании Celanese, базирующейся в Далласе, работает около 8500 сотрудников по всему миру, а чистый объем продаж в 2021 году составил 8,5 миллиарда долларов. Для получения дополнительной информации о корпорации Celanese и ее продуктах посетите веб-сайт www.Celanese.com .
Прогнозные заявления
Этот релиз может содержать "прогнозные заявления", которые включают информацию, касающуюся планов, целей, задач, стратегий Компании, будущих доходов или результатов деятельности, капитальных затрат, потребностей в финансировании и другую информацию, которая не является исторической информацией. Все прогнозные заявления основаны на текущих ожиданиях и убеждениях, а также на различных предположениях. Не может быть никакой гарантии, что Компания оправдает эти ожидания или что эти убеждения окажутся верными. Существует ряд рисков и неопределенностей, которые могут привести к тому, что фактические результаты будут существенно отличаться от результатов, выраженных или подразумеваемых в прогнозных заявлениях, содержащихся в этом релизе. Эти риски и неопределенности включают, помимо прочего: изменением общих экономических, деловых, политических и правовых условий в странах или регионах, в которых мы работаем; колебания или изменения в стоимость и доступность сырья, в частности изменения спросом, предложением и рыночным ценам, этилена, метанола, природного газа, древесины и топлива, а цены на электричество и другие источники энергии; в длину и высоту изделия и промышленности деловые циклы, в частности, в автомобильной, электрические, мобильность, текстиль, медицинской, электроники и строительной индустрии; в какой мере возрастания или вариантов от COVID-19 может негативно повлиять на экономические условия, требования рынка, нашей деятельности, доступности и стоимости транспортировки и материалы, предложения труда и темпы экономического подъема; возможность проходить повышение цен на сырье на потребителей или иное улучшение рентабельности за счет повышения цен; возможность обслуживать завод по утилизации ставки и осуществлять плановую мощность дополнений и расширений, а также комплекс планово-предупредительного ремонта; способность снижать или поддерживать свой текущий уровень производственных затрат и повышения производительности путем внедрения технического усовершенствования действующих установок; умение определять наиболее целесообразные потенциального приобретения, а также заполнить и интегрировать приобретение или инвестиционные сделки соответствуют стратегии компании; возможность получить разрешительный и удовлетворять закрытия условиях, м&м приобретения, сроки ее закрытия, и возможность реализовать ожидаемые выгоды от сделки; умение находить и реализовывать на других привлекательных инвестиционных возможностей, к которым по размещению капитала; увеличение ценовой конкуренции и внедрения конкурирующих продуктов других компаний; принятие рынком нашей продукции и технологии; соблюдение и прочие расходы и потенциальные сбои или прерывания работы из-за аварии, перебои в работе источников сырья, транспорта и логистики, сбои, инциденты в сфере кибербезопасности, терроризм или политические волнения, кризисы в области общественного здравоохранения (в том числе, но не ограничиваясь, COVID-19 пандемией); иные непредвиденные события или задержки строительства или эксплуатации объектов, в том числе в результате геополитических условий, возникновения военных действий (например, российско-украинский конфликт) или террористических акций, или в результате погодных условий или стихийных бедствий и других кризисов, в том числе кризисы в области общественного здравоохранения; возможность получить государственные согласования и строительства объектов на условиях и графиков, приемлемых для предприятия; изменения в степени интеллектуальной собственности и прочими правовой защиты наших продуктов или технологий, или кража интеллектуальной собственности; потенциальные обязательства по устранению выявленных недостатков и увеличению расходов в рамках существующих или будущих окружающей среды, здоровья и техники безопасности, в том числе связанных с изменением климата; потенциальные обязательства, связанные с ожидание или будущих судебных разбирательств, или от изменения в законы, правила или политики, проводимой правительствами или другими государственными деятельности в странах, в которых мы работаем; изменения валютных курсов и процентных ставок; уровень задолженности, что может ослабить нашу способность привлечения дополнительного капитала для финансирования операций и ограничивает нашу способность реагировать на изменения в экономике или химической промышленности; налоговые ставки и изменения к нему; нам возможность получить разрешительный и удовлетворять закрытия условия, любые операции, описанные в данном документе; и различные другие факторы время от времени обсуждаются в компанию по ценным бумагам и биржам.
Любое прогнозное заявление относится только к дате, на которую оно сделано, и Компания не берет на себя никаких обязательств по обновлению любых прогнозных заявлений для отражения событий или обстоятельств после даты, на которую оно сделано, или для отражения наступления ожидаемых или непредвиденных событий или обстоятельств.
Финансовые показатели, Не относящиеся к ОПБУ
В этом документе представлены три бизнес-сегмента Компании: Инженерные материалы, Ацетатный жгут и Ацетиловая цепь.
Использование финансовой информации, не относящейся к ОПБУ США
В этом выпуске используются следующие показатели, не относящиеся к ОПБУ США: скорректированный показатель EBIT, скорректированная рентабельность по EBIT, операционная EBITDA, скорректированная прибыль на акцию и свободный денежный поток. Эти показатели не признаются в соответствии с ОПБУ США и не должны рассматриваться в качестве альтернативы показателям эффективности или ликвидности по ОПБУ США. Наиболее непосредственно сопоставимым финансовым показателем, представленным в соответствии с ОПБУ США в нашей консолидированной финансовой отчетности для скорректированного показателя EBIT и операционной EBITDA, является чистая прибыль (убыток), относящаяся к корпорации Celanese; для скорректированной маржи EBIT - операционная маржа; для скорректированной прибыли на акцию - прибыль (убыток) от продолжающейся деятельности, относящаяся к корпорации Celanese на акцию. обыкновенная акция - разводненная; а для свободного денежного потока - чистые денежные средства, предоставленные (использованные в) операциях.
Определения финансовых показателей, не относящихся к ОПБУ США
Сверка финансовых показателей, не относящихся к ОПБУ США
Сверки финансовых показателей, не относящихся к ОПБУ США, использованных в настоящем пресс-релизе, с сопоставимыми финансовыми показателями по ОПБУ США, вместе с информацией о целях и использовании финансовых показателей, не относящихся к ОПБУ США, включены в наши Финансовые показатели, не относящиеся к ОПБУ США, и Дополнительный информационный документ, представленный в качестве приложения к нашему Текущему отчету по форме 8-K, поданной в SEC примерно 28 апреля 2022 года, а также доступной на нашем веб-сайте в разделе "Инвесторы".Celanese.com в разделе Финансовая информация/Библиотека финансовых документов.
Результаты Неаудированные
Результаты, приведенные в настоящем документе, вместе с корректировками, внесенными для представления результатов на сопоставимой основе, не подвергались аудиту и основаны на внутренних финансовых данных, предоставленных руководству. Квартальные результаты не следует воспринимать как указание на результаты операций, которые должны быть представлены за любой последующий период или за весь финансовый год.
Дополнительная Информация
Дополнительная информация о наших результатах за предыдущий период включена в наши Ежеквартальные отчеты по Форме 10-Q и в наши Финансовые показатели, не относящиеся к ОПБУ США, и в Дополнительный информационный документ.
Консолидированный отчет о деятельности - Неаудированный
|
Three Months Ended |
||||||||
|
March 31,
|
December 31,
|
March 31,
|
||||||
|
(In $ millions, except share and per share data) |
||||||||
Net sales |
2,538 |
|
2,275 |
|
1,798 |
|
|||
Cost of sales |
(1,793 |
) |
(1,554 |
) |
(1,313 |
) |
|||
Gross profit |
745 |
|
721 |
|
485 |
|
|||
Selling, general and administrative expenses |
(174 |
) |
(170 |
) |
(137 |
) |
|||
Amortization of intangible assets |
(11 |
) |
(8 |
) |
(6 |
) |
|||
Research and development expenses |
(24 |
) |
(23 |
) |
(20 |
) |
|||
Other (charges) gains, net |
(1 |
) |
— |
|
6 |
|
|||
Foreign exchange gain (loss), net |
(1 |
) |
— |
|
3 |
|
|||
Gain (loss) on disposition of businesses and assets, net |
(3 |
) |
(3 |
) |
(5 |
) |
|||
Operating profit (loss) |
531 |
|
517 |
|
326 |
|
|||
Equity in net earnings (loss) of affiliates |
56 |
|
36 |
|
29 |
|
|||
Non-operating pension and other postretirement employee benefit (expense) income |
24 |
|
(7 |
) |
38 |
|
|||
Interest expense |
(35 |
) |
(21 |
) |
(25 |
) |
|||
Interest income |
1 |
|
1 |
|
1 |
|
|||
Dividend income - equity investments |
37 |
|
33 |
|
42 |
|
|||
Other income (expense), net |
2 |
|
(2 |
) |
(2 |
) |
|||
Earnings (loss) from continuing operations before tax |
616 |
|
557 |
|
409 |
|
|||
Income tax (provision) benefit |
(112 |
) |
(27 |
) |
(85 |
) |
|||
Earnings (loss) from continuing operations |
504 |
|
530 |
|
324 |
|
|||
Earnings (loss) from operation of discontinued operations |
— |
|
(3 |
) |
(1 |
) |
|||
Income tax (provision) benefit from discontinued operations |
— |
|
(1 |
) |
— |
|
|||
Earnings (loss) from discontinued operations |
— |
|
(4 |
) |
(1 |
) |
|||
Net earnings (loss) |
504 |
|
526 |
|
323 |
|
|||
Net (earnings) loss attributable to noncontrolling interests |
(2 |
) |
(2 |
) |
(1 |
) |
|||
Net earnings (loss) attributable to Celanese Corporation |
502 |
|
524 |
|
322 |
|
|||
Amounts attributable to Celanese Corporation |
|
|
|
||||||
Earnings (loss) from continuing operations |
502 |
|
528 |
|
323 |
|
|||
Earnings (loss) from discontinued operations |
— |
|
(4 |
) |
(1 |
) |
|||
Net earnings (loss) |
502 |
|
524 |
|
322 |
|
|||
Earnings (loss) per common share - basic |
|
|
|
||||||
Continuing operations |
4.64 |
|
4.86 |
|
2.85 |
|
|||
Discontinued operations |
— |
|
(0.04 |
) |
(0.01 |
) |
|||
Net earnings (loss) - basic |
4.64 |
|
4.82 |
|
2.84 |
|
|||
Earnings (loss) per common share - diluted |
|
|
|
||||||
Continuing operations |
4.61 |
|
4.83 |
|
2.83 |
|
|||
Discontinued operations |
— |
|
(0.04 |
) |
(0.01 |
) |
|||
Net earnings (loss) - diluted |
4.61 |
|
4.79 |
|
2.82 |
|
|||
Weighted average shares (in millions) |
|
|
|
||||||
Basic |
108.2 |
|
108.6 |
|
113.5 |
|
|||
Diluted |
108.9 |
|
109.4 |
|
114.0 |
|
Консолидированные Балансовые отчеты - Неаудированные
|
As of
|
As of
|
||||
|
||||||
|
(In $ millions) |
|||||
ASSETS |
|
|
||||
Current Assets |
|
|
||||
Cash and cash equivalents |
605 |
|
536 |
|
||
Trade receivables - third party and affiliates, net |
1,390 |
|
1,161 |
|
||
Non-trade receivables, net |
523 |
|
506 |
|
||
Inventories |
1,549 |
|
1,524 |
|
||
Marketable securities |
9 |
|
10 |
|
||
Other assets |
124 |
|
70 |
|
||
Total current assets |
4,200 |
|
3,807 |
|
||
Investments in affiliates |
847 |
|
823 |
|
||
Property, plant and equipment, net |
4,188 |
|
4,193 |
|
||
Operating lease right-of-use assets |
267 |
|
236 |
|
||
Deferred income taxes |
244 |
|
248 |
|
||
Other assets |
569 |
|
521 |
|
||
Goodwill |
1,396 |
|
1,412 |
|
||
Intangible assets, net |
715 |
|
735 |
|
||
Total assets |
12,426 |
|
11,975 |
|
||
LIABILITIES AND EQUITY |
|
|
||||
Current Liabilities |
|
|
||||
Short-term borrowings and current installments of long-term debt - third party and affiliates |
860 |
|
791 |
|
||
Trade payables - third party and affiliates |
1,169 |
|
1,160 |
|
||
Other liabilities |
419 |
|
473 |
|
||
Income taxes payable |
106 |
|
81 |
|
||
Total current liabilities |
2,554 |
|
2,505 |
|
||
Long-term debt, net of unamortized deferred financing costs |
3,132 |
|
3,176 |
|
||
Deferred income taxes |
563 |
|
555 |
|
||
Uncertain tax positions |
296 |
|
280 |
|
||
Benefit obligations |
543 |
|
558 |
|
||
Operating lease liabilities |
223 |
|
200 |
|
||
Other liabilities |
162 |
|
164 |
|
||
Commitments and Contingencies |
|
|
||||
Stockholders' Equity |
|
|
||||
Treasury stock, at cost |
(5,492 |
) |
(5,492 |
) |
||
Additional paid-in capital |
326 |
|
333 |
|
||
Retained earnings |
10,106 |
|
9,677 |
|
||
Accumulated other comprehensive income (loss), net |
(333 |
) |
(329 |
) |
||
Total Celanese Corporation stockholders' equity |
4,607 |
|
4,189 |
|
||
Noncontrolling interests |
346 |
|
348 |
|
||
Total equity |
4,953 |
|
4,537 |
|
||
Total liabilities and equity |
12,426 |
|
11,975 |
|
Финансовые показатели, не относящиеся к ОПБУ США, и Дополнительная информация
В этом документе термины "Компания", "мы" и "наш" относятся к корпорации Celanese и ее дочерним компаниям на консолидированной основе.
Целью этого документа является предоставление информации, представляющей интерес для инвесторов, аналитиков и других сторон, включая дополнительную финансовую информацию и выверки, а также другую информацию, касающуюся использования нами финансовых показателей, отличных от ОПБУ США. Этот документ обновляется ежеквартально.
В этом документе представлены три бизнес-сегмента Компании: Инженерные материалы, Ацетатный жгут и Ацетиловая цепь.
Использование финансовых показателей, не относящихся к ОПБУ США
Время от времени руководство может публично раскрывать определенные числовые "финансовые показатели, не относящиеся к GAAP", в ходе наших отчетов о доходах, финансовых презентаций, телефонных конференций по доходам, встреч с инвесторами и аналитиками и других. Для этих целей Комиссия по ценным бумагам и биржам ("SEC") определяет "финансовый показатель, не относящийся к GAAP", как числовой показатель прошлых или будущих финансовых результатов, финансового положения или денежных потоков, который исключает суммы или подлежит корректировкам, которые фактически исключают суммы, включенные в наиболее непосредственно сопоставимый показатель рассчитано и представлено в соответствии с ОПБУ США, и наоборот для показателей, которые включают суммы или подлежат корректировкам, которые фактически включают суммы, которые исключены из наиболее непосредственно сопоставимого показателя ОПБУ США, рассчитанного и представленного таким образом. Для этих целей термин "GAAP" относится к общепринятым принципам бухгалтерского учета в Соединенных Штатах.
Финансовые показатели, не относящиеся к GAAP, раскрытые руководством, предоставляются в качестве дополнительной информации инвесторам, аналитикам и другим сторонам, поскольку Компания считает их важными дополнительными показателями для оценки наших финансовых и операционных результатов, а также в качестве средства оценки нашего финансового состояния и сопоставлений между периодами. Эти финансовые показатели, не относящиеся к GAAP, следует рассматривать как дополнительные, а не рассматривать изолированно или в качестве альтернативы чистой прибыли (убытку), операционной прибыли (убытку), операционной марже, денежному потоку от операционной деятельности (вместе с денежным потоком от инвестиционной и финансовой деятельности), прибыли на акцию или любой другой финансовый показатель по ОПБУ США. Эти финансовые показатели, не относящиеся к GAAP, следует рассматривать в контексте наших полных проверенных и неаудированных финансовых результатов за данный период, которые доступны на странице Библиотеки финансовой информации/финансовых документов нашего веб-сайта "Инвесторы".Celanese.com . Определение и метод расчета финансовых показателей, не относящихся к GAAP, используемых в настоящем документе, могут отличаться от методов расчета показателей других компаний с такими же или похожими названиями. Инвесторы, аналитики и другие стороны должны понимать, как другая компания рассчитывает такие финансовые показатели, не относящиеся к GAAP, прежде чем сравнивать финансовые показатели другой компании, не относящиеся к GAAP, с любыми нашими собственными. Эти финансовые показатели, не относящиеся к GAAP, могут не отражать исторические операционные результаты Компании и не предназначены для прогнозирования или прогнозирования будущих результатов.
В соответствии с требованиями Положения G SEC, всякий раз, когда мы ссылаемся на финансовый показатель, не относящийся к GAAP, мы также будем представлять в этом документе, в самой презентации или в Форме 8-K в связи с презентацией на странице Библиотеки финансовой информации / Финансовых документов нашего веб-сайта, инвесторы.Celanese.com , насколько это практически возможно, наиболее непосредственно сопоставимый финансовый показатель, рассчитанный и представленный в соответствии с GAAP, наряду со сверкой различий между финансовым показателем, не относящимся к GAAP, на который мы ссылаемся, и таким сопоставимым финансовым показателем GAAP.
Этот документ включает определения и выверки финансовых показателей, не относящихся к GAAP, которые время от времени используются Компанией.
Конкретные Применяемые Меры
В этом документе представлена информация о следующих показателях, не относящихся к GAAP: скорректированный показатель EBIT, скорректированная рентабельность по EBIT, операционная рентабельность по EBITDA, операционная прибыль (убыток), приходящаяся на Celanese Corporation, скорректированная прибыль на акцию, чистый долг, свободный денежный поток и рентабельность инвестированного капитала (скорректированный). Наиболее непосредственно сопоставимым финансовым показателем, представленным в соответствии с ОПБУ США в нашей консолидированной финансовой отчетности для скорректированного показателя EBIT и операционной EBITDA, является чистая прибыль (убыток), относящаяся к корпорации Celanese; для скорректированной рентабельности по EBIT и операционной рентабельности по EBITDA - операционная маржа; для операционной прибыли (убытка), относящейся к корпорации Celanese, - операционная прибыль (убытка); для скорректированной прибыли на акцию - прибыль (убыток) от продолжающейся деятельности, приходящаяся на Celanese Corporation на одну обыкновенную акцию - разводненная; для чистого долга - общий долг; для свободного денежного потока - чистые денежные средства, предоставленные (использованные в) операциях; и для возврата на инвестированный капитал (скорректированный) - чистая прибыль (убыток), относящийся к Корпорации Celanese, деленный на сумму среднего значения краткосрочного и долгосрочного долга на начало и конец года и акционерного капитала корпорации Celanese.
Дополнительная Информация
Дополнительная информация, которая, по нашему мнению, может представлять интерес для инвесторов, аналитиков и других сторон, включает следующее:
Результаты Неаудированные
Результаты, приведенные в настоящем документе, вместе с корректировками, внесенными для представления результатов на сопоставимой основе, не подвергались аудиту и основаны на внутренних финансовых данных, предоставленных руководству. Квартальные результаты не следует воспринимать как указание на результаты операций, которые должны быть представлены за любой последующий период или за весь финансовый год.
Table 1 Adjusted EBIT and Operating EBITDA - Reconciliation of Non-GAAP Measures - Unaudited |
|||||||||||||||||
|
Q1 '22 |
|
2021 |
|
Q4 '21 |
|
Q3 '21 |
|
Q2 '21 |
|
Q1 '21 |
||||||
|
(In $ millions) |
||||||||||||||||
Net earnings (loss) attributable to Celanese Corporation |
502 |
|
|
1,890 |
|
|
524 |
|
|
506 |
|
|
538 |
|
|
322 |
|
(Earnings) loss from discontinued operations |
— |
|
|
22 |
|
|
4 |
|
|
13 |
|
|
4 |
|
|
1 |
|
Interest income |
(1 |
) |
|
(8 |
) |
|
(1 |
) |
|
(2 |
) |
|
(4 |
) |
|
(1 |
) |
Interest expense |
35 |
|
|
91 |
|
|
21 |
|
|
21 |
|
|
24 |
|
|
25 |
|
Refinancing expense |
— |
|
|
9 |
|
|
— |
|
|
9 |
|
|
— |
|
|
— |
|
Income tax provision (benefit) |
112 |
|
|
330 |
|
|
27 |
|
|
102 |
|
|
116 |
|
|
85 |
|
Certain Items attributable to Celanese Corporation (Table 8) |
65 |
|
|
139 |
|
|
77 |
|
|
(1 |
) |
|
13 |
|
|
50 |
|
Adjusted EBIT |
713 |
|
|
2,473 |
|
|
652 |
|
|
648 |
|
|
691 |
|
|
482 |
|
Depreciation and amortization expense(1) |
100 |
|
|
362 |
|
|
93 |
|
|
91 |
|
|
90 |
|
|
88 |
|
Operating EBITDA |
813 |
|
|
2,835 |
|
|
745 |
|
|
739 |
|
|
781 |
|
|
570 |
|
|
Q1 '22 |
|
2021 |
|
Q4 '21 |
|
Q3 '21 |
|
Q2 '21 |
|
Q1 '21 |
||||||
|
(In $ millions) |
||||||||||||||||
Engineered Materials |
4 |
|
9 |
|
4 |
|
2 |
|
1 |
|
2 |
||||||
Acetate Tow |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
||||||
Acetyl Chain |
2 |
|
— |
|
— |
|
— |
|
— |
|
— |
||||||
Other Activities(2) |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
||||||
Accelerated depreciation and amortization expense |
6 |
|
9 |
|
4 |
|
2 |
|
1 |
|
2 |
||||||
Depreciation and amortization expense(1) |
100 |
|
362 |
|
93 |
|
91 |
|
90 |
|
88 |
||||||
Total depreciation and amortization expense |
106 |
|
371 |
|
97 |
|
93 |
|
91 |
|
90 |
______________________________ |
|
(1) |
Excludes accelerated depreciation and amortization expense as detailed in the table above, which amounts are included in Certain Items above. |
(2) |
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). |
Table 2 - Supplemental Segment Data and Reconciliation of Segment Adjusted EBIT and Operating EBITDA - Non-GAAP Measures - Unaudited | |||||||||||||||||||||||||||||||||||
|
Q1 '22 |
|
2021 |
|
Q4 '21 |
|
Q3 '21 |
|
Q2 '21 |
|
Q1 '21 |
||||||||||||||||||||||||
|
(In $ millions, except percentages) |
||||||||||||||||||||||||||||||||||
Operating Profit (Loss) / Operating Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engineered Materials |
124 |
|
|
13.6 |
% |
|
411 |
|
|
15.1 |
% |
|
67 |
|
|
9.5 |
% |
|
91 |
|
|
13.3 |
% |
|
123 |
|
|
18.0 |
% |
|
130 |
|
|
20.2 |
% |
Acetate Tow |
4 |
|
|
3.2 |
% |
|
56 |
|
|
10.9 |
% |
|
4 |
|
|
3.1 |
% |
|
12 |
|
|
9.4 |
% |
|
24 |
|
|
17.4 |
% |
|
16 |
|
|
13.4 |
% |
Acetyl Chain(1) |
499 |
|
|
32.4 |
% |
|
1,819 |
|
|
33.5 |
% |
|
535 |
|
|
36.2 |
% |
|
517 |
|
|
34.7 |
% |
|
516 |
|
|
36.6 |
% |
|
251 |
|
|
23.8 |
% |
Other Activities(2) |
(96 |
) |
|
|
|
(340 |
) |
|
|
|
(89 |
) |
|
|
|
(84 |
) |
|
|
|
(96 |
) |
|
|
|
(71 |
) |
|
|
||||||
Total |
531 |
|
|
20.9 |
% |
|
1,946 |
|
|
22.8 |
% |
|
517 |
|
|
22.7 |
% |
|
536 |
|
|
23.7 |
% |
|
567 |
|
|
25.8 |
% |
|
326 |
|
|
18.1 |
% |
Less: Net Earnings (Loss) Attributable to NCI(1) |
2 |
|
|
|
|
6 |
|
|
|
|
2 |
|
|
|
|
1 |
|
|
|
|
2 |
|
|
|
|
1 |
|
|
|
||||||
Operating Profit (Loss) Attributable to Celanese Corporation |
529 |
|
|
20.8 |
% |
|
1,940 |
|
|
22.7 |
% |
|
515 |
|
|
22.6 |
% |
|
535 |
|
|
23.6 |
% |
|
565 |
|
|
25.7 |
% |
|
325 |
|
|
18.1 |
% |
Operating Profit (Loss) / Operating Margin Attributable to Celanese Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engineered Materials |
124 |
|
|
13.6 |
% |
|
411 |
|
|
15.1 |
% |
|
67 |
|
|
9.5 |
% |
|
91 |
|
|
13.3 |
% |
|
123 |
|
|
18.0 |
% |
|
130 |
|
|
20.2 |
% |
Acetate Tow |
4 |
|
|
3.2 |
% |
|
56 |
|
|
10.9 |
% |
|
4 |
|
|
3.1 |
% |
|
12 |
|
|
9.4 |
% |
|
24 |
|
|
17.4 |
% |
|
16 |
|
|
13.4 |
% |
Acetyl Chain(1) |
497 |
|
|
32.3 |
% |
|
1,813 |
|
|
33.4 |
% |
|
533 |
|
|
36.1 |
% |
|
516 |
|
|
34.7 |
% |
|
514 |
|
|
36.5 |
% |
|
250 |
|
|
23.7 |
% |
Other Activities(2) |
(96 |
) |
|
|
|
(340 |
) |
|
|
|
(89 |
) |
|
|
|
(84 |
) |
|
|
|
(96 |
) |
|
|
|
(71 |
) |
|
|
||||||
Total |
529 |
|
|
20.8 |
% |
|
1,940 |
|
|
22.7 |
% |
|
515 |
|
|
22.6 |
% |
|
535 |
|
|
23.6 |
% |
|
565 |
|
|
25.7 |
% |
|
325 |
|
|
18.1 |
% |
Equity Earnings and Dividend Income, Other Income (Expense) Attributable to Celanese Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engineered Materials |
49 |
|
|
|
|
127 |
|
|
|
|
30 |
|
|
|
|
40 |
(3) |
|
|
|
32 |
|
|
|
|
25 |
|
|
|
||||||
Acetate Tow |
36 |
|
|
|
|
146 |
|
|
|
|
34 |
|
|
|
|
34 |
|
|
|
|
37 |
|
|
|
|
41 |
|
|
|
||||||
Acetyl Chain |
4 |
|
|
|
|
8 |
|
|
|
|
2 |
|
|
|
|
2 |
|
|
|
|
2 |
|
|
|
|
2 |
|
|
|
||||||
Other Activities(2) |
6 |
|
|
|
|
7 |
|
|
|
|
1 |
|
|
|
|
1 |
|
|
|
|
4 |
|
|
|
|
1 |
|
|
|
||||||
Total |
95 |
|
|
|
|
288 |
|
|
|
|
67 |
|
|
|
|
77 |
|
|
|
|
75 |
|
|
|
|
69 |
|
|
|
||||||
Non-Operating Pension and Other Post-Retirement Employee Benefit (Expense) Income Attributable to Celanese Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engineered Materials |
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
||||||
Acetate Tow |
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
||||||
Acetyl Chain |
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
||||||
Other Activities(2) |
24 |
|
|
|
|
106 |
|
|
|
|
(7 |
) |
|
|
|
37 |
|
|
|
|
38 |
|
|
|
|
38 |
|
|
|
||||||
Total |
24 |
|
|
|
|
106 |
|
|
|
|
(7 |
) |
|
|
|
37 |
|
|
|
|
38 |
|
|
|
|
38 |
|
|
|
||||||
Certain Items Attributable to Celanese Corporation (Table 8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engineered Materials |
38 |
|
|
|
|
33 |
|
|
|
|
16 |
|
|
|
|
6 |
|
|
|
|
6 |
|
|
|
|
5 |
|
|
|
||||||
Acetate Tow |
— |
|
|
|
|
5 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
1 |
|
|
|
|
4 |
|
|
|
||||||
Acetyl Chain |
2 |
|
|
|
|
28 |
|
|
|
|
1 |
|
|
|
|
(1 |
) |
|
|
|
(2 |
) |
|
|
|
30 |
|
|
|
||||||
Other Activities(2) |
25 |
|
|
|
|
73 |
|
|
|
|
60 |
|
|
|
|
(6 |
) |
|
|
|
8 |
|
|
|
|
11 |
|
|
|
||||||
Total |
65 |
|
|
|
|
139 |
|
|
|
|
77 |
|
|
|
|
(1 |
) |
|
|
|
13 |
|
|
|
|
50 |
|
|
|
___________________________ |
|
(1) |
Net earnings (loss) attributable to NCI is included within the Acetyl Chain segment. |
(2) |
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). |
(3) |
Includes $39 million of Equity in net earnings (loss) of affiliates and $1 million of Other income. |
Table 2 - Supplemental Segment Data and Reconciliation of Segment Adjusted EBIT and Operating EBITDA - Non-GAAP Measures - Unaudited (cont.) |
|||||||||||||||||||||||||||||||||||
|
Q1 '22 |
|
2021 |
|
Q4 '21 |
|
Q3 '21 |
|
Q2 '21 |
|
Q1 '21 |
||||||||||||||||||||||||
|
(In $ millions, except percentages) |
||||||||||||||||||||||||||||||||||
Adjusted EBIT / Adjusted EBIT Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engineered Materials |
211 |
|
|
23.2 |
% |
|
571 |
|
|
21.0 |
% |
|
113 |
|
|
16.0 |
% |
|
137 |
|
|
20.0 |
% |
|
161 |
|
|
23.6 |
% |
|
160 |
|
|
24.8 |
% |
Acetate Tow |
40 |
|
|
32.0 |
% |
|
207 |
|
|
40.3 |
% |
|
38 |
|
|
29.5 |
% |
|
46 |
|
|
35.9 |
% |
|
62 |
|
|
44.9 |
% |
|
61 |
|
|
51.3 |
% |
Acetyl Chain |
503 |
|
|
32.7 |
% |
|
1,849 |
|
|
34.1 |
% |
|
536 |
|
|
36.3 |
% |
|
517 |
|
|
34.7 |
% |
|
514 |
|
|
36.5 |
% |
|
282 |
|
|
26.7 |
% |
Other Activities(2) |
(41 |
) |
|
|
|
(154 |
) |
|
|
|
(35 |
) |
|
|
|
(52 |
) |
|
|
|
(46 |
) |
|
|
|
(21 |
) |
|
|
||||||
Total |
713 |
|
|
28.1 |
% |
|
2,473 |
|
|
29.0 |
% |
|
652 |
|
|
28.7 |
% |
|
648 |
|
|
28.6 |
% |
|
691 |
|
|
31.4 |
% |
|
482 |
|
|
26.8 |
% |
Depreciation and Amortization Expense(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engineered Materials |
42 |
|
|
|
|
135 |
|
|
|
|
35 |
|
|
|
|
33 |
|
|
|
|
34 |
|
|
|
|
33 |
|
|
|
||||||
Acetate Tow |
11 |
|
|
|
|
39 |
|
|
|
|
10 |
|
|
|
|
10 |
|
|
|
|
9 |
|
|
|
|
10 |
|
|
|
||||||
Acetyl Chain |
43 |
|
|
|
|
171 |
|
|
|
|
43 |
|
|
|
|
44 |
|
|
|
|
43 |
|
|
|
|
41 |
|
|
|
||||||
Other Activities(2) |
4 |
|
|
|
|
17 |
|
|
|
|
5 |
|
|
|
|
4 |
|
|
|
|
4 |
|
|
|
|
4 |
|
|
|
||||||
Total |
100 |
|
|
|
|
362 |
|
|
|
|
93 |
|
|
|
|
91 |
|
|
|
|
90 |
|
|
|
|
88 |
|
|
|
||||||
Operating EBITDA / Operating EBITDA Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engineered Materials |
253 |
|
|
27.8 |
% |
|
706 |
|
|
26.0 |
% |
|
148 |
|
|
20.9 |
% |
|
170 |
|
|
24.9 |
% |
|
195 |
|
|
28.6 |
% |
|
193 |
|
|
29.9 |
% |
Acetate Tow |
51 |
|
|
40.8 |
% |
|
246 |
|
|
47.9 |
% |
|
48 |
|
|
37.2 |
% |
|
56 |
|
|
43.8 |
% |
|
71 |
|
|
51.4 |
% |
|
71 |
|
|
59.7 |
% |
Acetyl Chain |
546 |
|
|
35.5 |
% |
|
2,020 |
|
|
37.2 |
% |
|
579 |
|
|
39.2 |
% |
|
561 |
|
|
37.7 |
% |
|
557 |
|
|
39.5 |
% |
|
323 |
|
|
30.6 |
% |
Other Activities(2) |
(37 |
) |
|
|
|
(137 |
) |
|
|
|
(30 |
) |
|
|
|
(48 |
) |
|
|
|
(42 |
) |
|
|
|
(17 |
) |
|
|
||||||
Total |
813 |
|
|
32.0 |
% |
|
2,835 |
|
|
33.2 |
% |
|
745 |
|
|
32.7 |
% |
|
739 |
|
|
32.6 |
% |
|
781 |
|
|
35.5 |
% |
|
570 |
|
|
31.7 |
% |
___________________________ |
|
(1) |
Excludes accelerated depreciation and amortization expense, which amounts are included in Certain Items above. See Table 1 for details. |
(2) |
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). |
Table 3 Adjusted Earnings (Loss) per Share - Reconciliation of a Non-GAAP Measure - Unaudited |
|||||||||||||||||||||||||||||
|
Q1 '22 |
|
2021 |
|
Q4 '21 |
|
Q3 '21 |
|
Q2 '21 |
|
Q1 '21 |
||||||||||||||||||
|
|
|
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 |
502 |
|
|
4.61 |
|
1,912 |
|
|
17.06 |
|
528 |
|
|
4.83 |
|
519 |
|
|
4.67 |
|
542 |
|
|
4.81 |
|
323 |
|
|
2.83 |
Income tax provision (benefit) |
112 |
|
|
|
|
330 |
|
|
|
|
27 |
|
|
|
|
102 |
|
|
|
|
116 |
|
|
|
|
85 |
|
|
|
Earnings (loss) from continuing operations before tax |
614 |
|
|
|
|
2,242 |
|
|
|
|
555 |
|
|
|
|
621 |
|
|
|
|
658 |
|
|
|
|
408 |
|
|
|
Certain Items attributable to Celanese Corporation (Table 8) |
65 |
|
|
|
|
139 |
|
|
|
|
77 |
|
|
|
|
(1 |
) |
|
|
|
13 |
|
|
|
|
50 |
|
|
|
Refinancing and related expenses(1) |
14 |
|
|
|
|
9 |
|
|
|
|
— |
|
|
|
|
9 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
Adjusted earnings (loss) from continuing operations before tax |
693 |
|
|
|
|
2,390 |
|
|
|
|
632 |
|
|
|
|
629 |
|
|
|
|
671 |
|
|
|
|
458 |
|
|
|
Income tax (provision) benefit on adjusted earnings(2) |
(90 |
) |
|
|
|
(359 |
) |
|
|
|
(95 |
) |
|
|
|
(94 |
) |
|
|
|
(105 |
) |
|
|
|
(64 |
) |
|
|
Adjusted earnings (loss) from continuing operations(3) |
603 |
|
|
5.54 |
|
2,031 |
|
|
18.12 |
|
537 |
|
|
4.91 |
|
535 |
|
|
4.82 |
|
566 |
|
|
5.02 |
|
394 |
|
|
3.46 |
|
Diluted shares (in millions)(4) |
||||||||||||||||||||||||||||
Weighted average shares outstanding |
108.2 |
|
|
|
|
111.2 |
|
|
|
|
108.6 |
|
|
|
|
110.5 |
|
|
|
|
112.3 |
|
|
|
|
113.5 |
|
|
|
Incremental shares attributable to equity awards |
0.7 |
|
|
|
|
0.9 |
|
|
|
|
0.8 |
|
|
|
|
0.5 |
|
|
|
|
0.5 |
|
|
|
|
0.5 |
|
|
|
Total diluted shares |
108.9 |
|
|
|
|
112.1 |
|
|
|
|
109.4 |
|
|
|
|
111.0 |
|
|
|
|
112.8 |
|
|
|
|
114.0 |
|
|
|
______________________________ |
|
(1) |
Includes $14 million of interest expense for fees related to a bridge facility commitment letter for our acquisition of a majority of the Mobility & Materials business of DuPont de Nemours, Inc. |
(2) |
Calculated using adjusted effective tax rates (Table 3a) as follows: |
|
Q1 '22 |
|
2021 |
|
Q4 '21 |
|
Q3 '21 |
|
Q2 '21 |
|
Q1 '21 |
||||||||||||||||||
|
|
||||||||||||||||||||||||||||
Adjusted effective tax rate |
13 |
|
|
|
15 |
|
|
|
15 |
|
|
|
15 |
|
|
|
16 |
|
|
|
14 |
|
|
||||||
(3) |
Excludes the immediate recognition of actuarial gains and losses and the impact of actual vs. expected plan asset returns. |
|
|
Actual Plan
|
|
Expected
|
|
|
(In percentages) |
||
2021 |
|
1.1 |
|
6.3 |
(4) |
Potentially dilutive shares are included in the adjusted earnings per share calculation when adjusted earnings are positive. |
Table 3a Adjusted Tax Rate - Reconciliation of a Non-GAAP Measure - Unaudited |
|||||
|
Estimated |
|
Actual |
||
|
2022 |
|
2021 |
||
|
(In percentages) |
||||
US GAAP annual effective tax rate |
17 |
|
|
15 |
|
Discrete quarterly recognition of GAAP items(1) |
(1 |
) |
|
(2 |
) |
Tax impact of other charges and adjustments(2) |
(3 |
) |
|
(1 |
) |
Utilization of foreign tax credits |
— |
|
|
(1 |
) |
Changes in valuation allowances, excluding impact of other charges and adjustments(3) |
— |
|
|
3 |
|
Other(4) |
— |
|
|
1 |
|
Adjusted tax rate |
13 |
|
|
15 |
|
______________________________ |
|
Note: As part of the year-end reconciliation, we will update the reconciliation of the GAAP effective tax rate for actual results. |
|
(1) |
Such as changes in tax laws (including US tax reform), deferred taxes on outside basis differences, changes in uncertain tax positions and prior year audit adjustments. |
(2) |
Reflects the tax impact on pre-tax adjustments presented in Certain Items (Table 8), which are excluded from pre-tax income for adjusted earnings per share purposes. |
(3) |
Reflects changes in valuation allowances related to changes in judgment regarding the realizability of deferred tax assets or current year operations, excluding other charges and adjustments. |
(4) |
Tax impacts related to full-year forecasted tax opportunities and related costs. |
Table 4 Net Sales by Segment - Unaudited |
|||||||||||||||||
|
Q1 '22 |
|
2021 |
|
Q4 '21 |
|
Q3 '21 |
|
Q2 '21 |
|
Q1 '21 |
||||||
|
(In $ millions) |
||||||||||||||||
Engineered Materials |
910 |
|
|
2,718 |
|
|
707 |
|
|
684 |
|
|
682 |
|
|
645 |
|
Acetate Tow |
125 |
|
|
514 |
|
|
129 |
|
|
128 |
|
|
138 |
|
|
119 |
|
Acetyl Chain |
1,538 |
|
|
5,430 |
|
|
1,476 |
|
|
1,489 |
|
|
1,409 |
|
|
1,056 |
|
Other Activities |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Intersegment eliminations(1) |
(35 |
) |
|
(125 |
) |
|
(37 |
) |
|
(35 |
) |
|
(31 |
) |
|
(22 |
) |
Net sales |
2,538 |
|
|
8,537 |
|
|
2,275 |
|
|
2,266 |
|
|
2,198 |
|
|
1,798 |
|
___________________________ |
|
(1) |
Includes intersegment sales primarily related to the Acetyl Chain. |
Table 4a Factors Affecting Segment Net Sales Sequentially - Unaudited
Three Months Ended March 31, 2022 Compared to Three Months Ended December 31, 2021 |
||||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Other |
|
Total |
|
||||
|
(In percentages) |
|
||||||||||||
Engineered Materials |
23 |
|
|
7 |
|
|
(1 |
) |
|
— |
|
29 |
|
|
Acetate Tow |
(6 |
) |
|
3 |
|
|
— |
|
|
— |
|
(3 |
) |
|
Acetyl Chain |
8 |
|
|
(3 |
) |
|
(1 |
) |
|
— |
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Company |
12 |
|
|
1 |
|
|
(1 |
) |
|
— |
|
12 |
|
|
Three Months Ended December 31, 2021 Compared to Three Months Ended September 30, 2021 |
|||||||||||||||
|
Volume |
|
Price |
|
|
Currency |
|
Other |
|
Total |
|
||||
|
(In percentages) |
|
|||||||||||||
Engineered Materials |
(1 |
) |
|
5 |
|
(1 |
) |
|
— |
|
3 |
(1) |
|
||
Acetate Tow |
— |
|
|
1 |
|
— |
|
|
— |
|
1 |
|
|
||
Acetyl Chain |
(10 |
) |
|
10 |
|
(1 |
) |
|
— |
|
(1 |
) |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total Company |
(7 |
) |
|
8 |
|
(1 |
) |
|
— |
|
— |
|
|
Three Months Ended September 30, 2021 Compared to Three Months Ended June 30, 2021 |
||||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Other |
|
Total |
|
||||
|
(In percentages) |
|
||||||||||||
Engineered Materials |
(2 |
) |
|
3 |
|
(1 |
) |
|
— |
|
— |
|
|
|
Acetate Tow |
(8 |
) |
|
— |
|
— |
|
|
— |
|
(8 |
) |
|
|
Acetyl Chain |
3 |
|
|
3 |
|
— |
|
|
— |
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Company |
1 |
|
|
3 |
|
(1 |
) |
|
— |
|
3 |
|
|
Three Months Ended June 30, 2021 Compared to Three Months Ended March 31, 2021 |
||||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Other |
|
Total |
|
||||
|
(In percentages) |
|
||||||||||||
Engineered Materials |
(1 |
) |
|
7 |
|
— |
|
— |
|
6 |
|
|||
Acetate Tow |
16 |
|
|
— |
|
— |
|
— |
|
16 |
|
|||
Acetyl Chain |
7 |
|
|
27 |
|
— |
|
— |
|
34 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
||||
Total Company |
4 |
|
|
18 |
|
— |
|
— |
|
22 |
|
Three Months Ended March 31, 2021 Compared to Three Months Ended December 31, 2020 |
||||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Other |
|
Total |
|
||||
|
(In percentages) |
|
||||||||||||
Engineered Materials |
6 |
|
|
6 |
|
|
1 |
|
— |
|
13 |
|
|
|
Acetate Tow |
(10 |
) |
|
(1 |
) |
|
— |
|
— |
|
(11 |
) |
|
|
Acetyl Chain |
(7 |
) |
|
23 |
|
|
— |
|
— |
|
16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Company |
(3 |
) |
|
15 |
|
|
1 |
|
— |
|
13 |
|
|
________________________ |
|
(1) |
2021 includes the effect of the acquisition of the Santoprene™ thermoplastic vulcanizates elastomers business. |
Table 4b Factors Affecting Segment Net Sales Year Over Year - Unaudited
Three Months Ended March 31, 2022 Compared to Three Months Ended March 31, 2021 |
|||||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Other |
|
Total |
|
|||||
|
(In percentages) |
|
|||||||||||||
Engineered Materials |
20 |
|
25 |
|
(4 |
) |
|
— |
|
|
41 |
|
|||
Acetate Tow |
1 |
|
4 |
|
— |
|
|
— |
|
|
5 |
|
|||
Acetyl Chain |
8 |
|
39 |
|
(1 |
) |
|
— |
|
|
46 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Company |
12 |
|
32 |
|
(2 |
) |
|
(1 |
) |
|
41 |
|
Three Months Ended December 31, 2021 Compared to Three Months Ended December 31, 2020 |
|||||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Other |
|
Total |
|
|||||
|
(In percentages) |
|
|||||||||||||
Engineered Materials |
5 |
|
|
20 |
|
|
(1 |
) |
|
— |
|
24 |
|
|
|
Acetate Tow |
(3 |
) |
|
(1 |
) |
|
— |
|
|
— |
|
(4 |
) |
|
|
Acetyl Chain |
(6 |
) |
|
68 |
|
|
— |
|
|
— |
|
62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Company |
(2 |
) |
|
46 |
|
|
(1 |
) |
|
— |
|
43 |
|
|
Three Months Ended September 30, 2021 Compared to Three Months Ended September 30, 2020 |
|||||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Other |
|
Total |
|
|||||
|
(In percentages) |
|
|||||||||||||
Engineered Materials |
11 |
|
17 |
|
|
2 |
|
— |
|
30 |
|
|
|||
Acetate Tow |
— |
|
(2 |
) |
|
— |
|
1 |
|
(1 |
) |
|
|||
Acetyl Chain |
11 |
|
80 |
|
|
1 |
|
— |
|
92 |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Company |
10 |
|
50 |
|
|
1 |
|
— |
|
61 |
|
|
Three Months Ended June 30, 2021 Compared to Three Months Ended June 30, 2020 |
|||||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Other |
|
Total |
|
|||||
|
(In percentages) |
|
|||||||||||||
Engineered Materials |
43 |
|
11 |
|
|
8 |
|
— |
|
|
62 |
|
|||
Acetate Tow |
10 |
|
(1 |
) |
|
— |
|
— |
|
|
9 |
|
|||
Acetyl Chain |
27 |
|
83 |
|
|
3 |
|
— |
|
|
113 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Company |
31 |
|
50 |
|
|
4 |
|
(1 |
) |
|
84 |
|
Three Months Ended March 31, 2021 Compared to Three Months Ended March 31, 2020 |
|||||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Other |
|
Total |
|
|||||
|
(In percentages) |
|
|||||||||||||
Engineered Materials |
7 |
|
|
2 |
|
6 |
|
— |
|
15 |
|
|
|||
Acetate Tow |
(8 |
) |
|
— |
|
— |
|
— |
|
(8 |
) |
|
|||
Acetyl Chain |
5 |
|
|
25 |
|
2 |
|
— |
|
32 |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Company |
5 |
|
|
14 |
|
4 |
|
— |
|
23 |
|
|
Table 4c Factors Affecting Segment Net Sales Year Over Year - Unaudited
Year Ended December 31, 2021 Compared to Year Ended December 31, 2020 |
|||||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Other |
|
Total |
|
|||||
|
(In percentages) |
|
|||||||||||||
Engineered Materials |
15 |
|
12 |
|
|
4 |
|
— |
|
31 |
|
|
|||
Acetate Tow |
— |
|
(1 |
) |
|
— |
|
— |
|
(1 |
) |
|
|||
Acetyl Chain |
9 |
|
62 |
|
|
2 |
|
— |
|
73 |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Company |
10 |
|
39 |
|
|
2 |
|
— |
|
51 |
|
|
Table 5 Free Cash Flow - Reconciliation of a Non-GAAP Measure - Unaudited |
|||||||||||||||||
|
Q1 '22 |
|
2021 |
|
Q4 '21 |
|
Q3 '21 |
|
Q2 '21 |
|
Q1 '21 |
||||||
|
(In $ millions, except percentages) |
||||||||||||||||
Net cash provided by (used in) investing activities |
(149 |
) |
|
(1,119 |
) |
|
(1,286 |
) |
|
(108 |
) |
|
177 |
|
|
98 |
|
Net cash provided by (used in) financing activities |
(95 |
) |
|
(1,042 |
) |
|
(99 |
) |
|
(228 |
) |
|
(344 |
) |
|
(371 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net cash provided by (used in) operating activities |
316 |
|
|
1,757 |
|
|
584 |
|
|
630 |
|
|
427 |
|
|
116 |
|
Capital expenditures on property, plant and equipment |
(137 |
) |
|
(467 |
) |
|
(163 |
) |
|
(102 |
) |
|
(110 |
) |
|
(92 |
) |
Distributions to NCI |
(4 |
) |
|
(27 |
) |
|
(6 |
) |
|
(8 |
) |
|
(8 |
) |
|
(5 |
) |
Free cash flow(1)(2) |
175 |
|
|
1,263 |
|
|
415 |
|
|
520 |
|
|
309 |
|
|
19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net sales |
2,538 |
|
|
8,537 |
|
|
2,275 |
|
|
2,266 |
|
|
2,198 |
|
|
1,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Free cash flow as % of Net sales |
6.9 |
% |
|
14.8 |
% |
|
18.2 |
% |
|
22.9 |
% |
|
14.1 |
% |
|
1.1 |
% |
______________________________ |
|
(1) |
Free cash flow is a liquidity measure used by the Company and is defined by the Company as net cash provided by (used in) operating activities, less capital expenditures on property, plant and equipment, and adjusted for capital contributions or distributions to Mitsui related to our joint venture, Fairway. |
(2) |
Excludes required debt service and finance lease payments of $25 million and $30 million for the years ended December 31, 2022 and 2021, respectively. |
Table 6 Cash Dividends Received - Unaudited |
|||||||||||||||||
|
Q1 '22 |
|
2021 |
|
Q4 '21 |
|
Q3 '21 |
|
Q2 '21 |
|
Q1 '21 |
||||||
|
(In $ millions) |
||||||||||||||||
Dividends from equity method investments |
26 |
|
112 |
|
51 |
|
8 |
|
18 |
|
35 |
||||||
Dividends from equity investments without readily determinable fair values |
37 |
|
147 |
|
33 |
|
35 |
|
37 |
|
42 |
||||||
Total |
63 |
|
259 |
|
84 |
|
43 |
|
55 |
|
77 |
Table 7 Net Debt - Reconciliation of a Non-GAAP Measure - Unaudited |
|||||||||||||||||
|
Q1 '22 |
|
2021 |
|
Q4 '21 |
|
Q3 '21 |
|
Q2 '21 |
|
Q1 '21 |
||||||
|
(In $ millions) |
||||||||||||||||
Short-term borrowings and current installments of long-term debt - third party and affiliates |
860 |
|
|
791 |
|
|
791 |
|
|
103 |
|
|
500 |
|
|
497 |
|
Long-term debt, net of unamortized deferred financing costs |
3,132 |
|
|
3,176 |
|
|
3,176 |
|
|
3,724 |
|
|
3,156 |
|
|
3,135 |
|
Total debt |
3,992 |
|
|
3,967 |
|
|
3,967 |
|
|
3,827 |
|
|
3,656 |
|
|
3,632 |
|
Cash and cash equivalents |
(605 |
) |
|
(536 |
) |
|
(536 |
) |
|
(1,340 |
) |
|
(1,054 |
) |
|
(791 |
) |
Net debt |
3,387 |
|
|
3,431 |
|
|
3,431 |
|
|
2,487 |
|
|
2,602 |
|
|
2,841 |
|
Table 8 Certain Items - Unaudited The following Certain Items attributable to Celanese Corporation are included in Net earnings (loss) and are adjustments to non-GAAP measures: |
||||||||||||||||
|
Q1 '22 |
|
2021 |
|
Q4 '21 |
|
Q3 '21 |
|
Q2 '21 |
|
Q1 '21 |
|
Income Statement Classification |
|||
|
(In $ millions) |
|
|
|||||||||||||
Exit and shutdown costs |
7 |
|
18 |
|
|
8 |
|
7 |
|
|
5 |
|
(2 |
) |
|
Cost of sales / SG&A / Other (charges) gains, net / Gain (loss) on disposition of businesses and assets, net / Non-operating pension and other postretirement employee benefit (expense) income |
Asset impairments |
— |
|
2 |
|
|
— |
|
— |
|
|
1 |
|
1 |
|
|
Cost of sales / Other (charges) gains, net |
Impact from plant incidents and natural disasters(1) |
— |
|
41 |
|
|
— |
|
— |
|
|
— |
|
41 |
|
|
Cost of sales |
Mergers, acquisitions and dispositions |
56 |
|
29 |
|
|
19 |
|
4 |
|
|
6 |
|
— |
|
|
Cost of sales / SG&A |
Actuarial (gain) loss on pension and postretirement plans |
— |
|
43 |
|
|
43 |
|
— |
|
|
— |
|
— |
|
|
Cost of sales / SG&A / Non-operating pension and other postretirement employee benefit (expense) income |
Legal settlements and commercial disputes |
2 |
|
16 |
|
|
4 |
|
2 |
|
|
1 |
|
9 |
|
|
Cost of sales / SG&A / Other (charges) gains, net |
Other |
— |
|
(10 |
) |
|
3 |
|
(14 |
)(2) |
|
— |
|
1 |
|
|
Cost of sales / SG&A / Gain (loss) on disposition of businesses and assets, net |
Certain Items attributable to Celanese Corporation |
65 |
|
139 |
|
|
77 |
|
(1 |
) |
|
13 |
|
50 |
|
|
|
___________________________ |
|
(1) |
Primarily associated with Winter Storm Uri. |
(2) |
Primarily associated with the sale of our Spondon site. |
Table 9 Return on Invested Capital (Adjusted) - Presentation of a Non-GAAP Measure - Unaudited |
||||||
|
|
|
|
|
2021 |
|
|
|
|
|
|
(In $ millions, except
|
|
Net earnings (loss) attributable to Celanese Corporation |
|
|
|
|
1,890 |
|
|
|
|
|
|
|
|
Adjusted EBIT (Table 1) |
|
|
|
|
2,473 |
|
Adjusted effective tax rate (Table 3a) |
|
|
|
|
15 |
% |
Adjusted EBIT tax effected |
|
|
|
|
2,102 |
|
|
|
|
|
|
|
|
|
2021 |
|
2020 |
|
Average |
|
|
(In $ millions, except percentages) |
|||||
Short-term borrowings and current installments of long-term debt - third parties and affiliates |
791 |
|
496 |
|
644 |
|
Long-term debt, net of unamortized deferred financing costs |
3,176 |
|
3,227 |
|
3,202 |
|
Celanese Corporation stockholders' equity |
4,189 |
|
3,526 |
|
3,858 |
|
Invested capital |
|
|
|
|
7,704 |
|
|
|
|
|
|
|
|
Return on invested capital (adjusted) |
|
|
|
|
27.3 |
% |
|
|
|
|
|
|
|
Net earnings (loss) attributable to Celanese Corporation as a percentage of invested capital |
|
|
|
|
24.5 |
% |