Exhibit 99.2
This exhibit provides additional information concerning the implications, on a historic basis, of the Company's change in its accounting policy for pension accounting.
CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
Year Ended December 31, 2012 | ||||||||
As Previously Reported | Effect of Change | As Adjusted | ||||||
(In $ millions, except share and per share data) | ||||||||
Net sales | 6,418 | — | 6,418 | |||||
Cost of sales | (5,226 | ) | (11 | ) | (5,237 | ) | ||
Gross profit | 1,192 | (11 | ) | 1,181 | ||||
Selling, general and administrative expenses | (507 | ) | (323 | ) | (830 | ) | ||
Amortization of intangible assets | (51 | ) | — | (51 | ) | |||
Research and development expenses | (102 | ) | (2 | ) | (104 | ) | ||
Other (charges) gains, net | (14 | ) | — | (14 | ) | |||
Foreign exchange gain (loss), net | (4 | ) | — | (4 | ) | |||
Gain (loss) on disposition of businesses and assets, net | (3 | ) | — | (3 | ) | |||
Operating profit (loss) | 511 | (336 | ) | 175 | ||||
Equity in net earnings (loss) of affiliates | 242 | — | 242 | |||||
Interest expense | (185 | ) | — | (185 | ) | |||
Refinancing expense | (3 | ) | — | (3 | ) | |||
Interest income | 2 | — | 2 | |||||
Dividend income - cost investments | 85 | — | 85 | |||||
Other income (expense), net | 5 | — | 5 | |||||
Earnings (loss) from continuing operations before tax | 657 | (336 | ) | 321 | ||||
Income tax (provision) benefit | (48 | ) | 103 | 55 | ||||
Earnings (loss) from continuing operations | 609 | (233 | ) | 376 | ||||
Earnings (loss) from operation of discontinued operations | (6 | ) | — | (6 | ) | |||
Gain (loss) on disposition of discontinued operations | — | — | — | |||||
Income tax (provision) benefit from discontinued operations | 2 | — | 2 | |||||
Earnings (loss) from discontinued operations | (4 | ) | — | (4 | ) | |||
Net earnings (loss) | 605 | (233 | ) | 372 | ||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | |||||
Net earnings (loss) attributable to Celanese Corporation | 605 | (233 | ) | 372 | ||||
Cumulative preferred stock dividends | — | — | — | |||||
Net earnings (loss) available to common stockholders | 605 | (233 | ) | 372 | ||||
Amounts attributable to Celanese Corporation | ||||||||
Earnings (loss) from continuing operations | 609 | (233 | ) | 376 | ||||
Earnings (loss) from discontinued operations | (4 | ) | — | (4 | ) | |||
Net earnings (loss) | 605 | (233 | ) | 372 | ||||
Earnings (loss) per common share - basic | ||||||||
Continuing operations | 3.84 | (1.47 | ) | 2.37 | ||||
Discontinued operations | (0.02 | ) | — | (0.02 | ) | |||
Net earnings (loss) - basic | 3.82 | (1.47 | ) | 2.35 | ||||
Earnings (loss) per common share - diluted | ||||||||
Continuing operations | 3.81 | (1.46 | ) | 2.35 | ||||
Discontinued operations | (0.02 | ) | — | (0.02 | ) | |||
Net earnings (loss) - diluted | 3.79 | (1.46 | ) | 2.33 | ||||
Weighted average shares - basic | 158,359,914 | — | 158,359,914 | |||||
Weighted average shares - diluted | 159,830,786 | — | 159,830,786 |
EX 99.2 - 1
CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
Year Ended December 31, 2011 | ||||||||
As Previously Reported | Effect of Change | As Adjusted | ||||||
(In $ millions, except share and per share data) | ||||||||
Net sales | 6,763 | — | 6,763 | |||||
Cost of sales | (5,329 | ) | (17 | ) | (5,346 | ) | ||
Gross profit | 1,434 | (17 | ) | 1,417 | ||||
Selling, general and administrative expenses | (536 | ) | (269 | ) | (805 | ) | ||
Amortization of intangible assets | (62 | ) | — | (62 | ) | |||
Research and development expenses | (96 | ) | (2 | ) | (98 | ) | ||
Other (charges) gains, net | (48 | ) | — | (48 | ) | |||
Foreign exchange gain (loss), net | — | — | — | |||||
Gain (loss) on disposition of businesses and assets, net | (2 | ) | — | (2 | ) | |||
Operating profit (loss) | 690 | (288 | ) | 402 | ||||
Equity in net earnings (loss) of affiliates | 192 | — | 192 | |||||
Interest expense | (221 | ) | — | (221 | ) | |||
Refinancing expense | (3 | ) | — | (3 | ) | |||
Interest income | 3 | — | 3 | |||||
Dividend income - cost investments | 80 | — | 80 | |||||
Other income (expense), net | 14 | — | 14 | |||||
Earnings (loss) from continuing operations before tax | 755 | (288 | ) | 467 | ||||
Income tax (provision) benefit | (149 | ) | 108 | (41 | ) | |||
Earnings (loss) from continuing operations | 606 | (180 | ) | 426 | ||||
Earnings (loss) from operation of discontinued operations | 2 | — | 2 | |||||
Gain (loss) on disposition of discontinued operations | — | — | — | |||||
Income tax (provision) benefit from discontinued operations | (1 | ) | — | (1 | ) | |||
Earnings (loss) from discontinued operations | 1 | — | 1 | |||||
Net earnings (loss) | 607 | (180 | ) | 427 | ||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | |||||
Net earnings (loss) attributable to Celanese Corporation | 607 | (180 | ) | 427 | ||||
Cumulative preferred stock dividends | — | — | — | |||||
Net earnings (loss) available to common stockholders | 607 | (180 | ) | 427 | ||||
Amounts attributable to Celanese Corporation | ||||||||
Earnings (loss) from continuing operations | 606 | (180 | ) | 426 | ||||
Earnings (loss) from discontinued operations | 1 | — | 1 | |||||
Net earnings (loss) | 607 | (180 | ) | 427 | ||||
Earnings (loss) per common share - basic | ||||||||
Continuing operations | 3.88 | (1.16 | ) | 2.72 | ||||
Discontinued operations | 0.01 | — | 0.01 | |||||
Net earnings (loss) - basic | 3.89 | (1.16 | ) | 2.73 | ||||
Earnings (loss) per common share - diluted | ||||||||
Continuing operations | 3.81 | (1.13 | ) | 2.68 | ||||
Discontinued operations | 0.01 | — | 0.01 | |||||
Net earnings (loss) - diluted | 3.82 | (1.13 | ) | 2.69 | ||||
Weighted average shares - basic | 156,226,526 | — | 156,226,526 | |||||
Weighted average shares - diluted | 158,970,283 | — | 158,970,283 |
EX 99.2 - 2
CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
Year Ended December 31, 2010 | ||||||||
As Previously Reported | Effect of Change | As Adjusted | ||||||
(In $ millions, except share and per share data) | ||||||||
Net sales | 5,918 | — | 5,918 | |||||
Cost of sales | (4,738 | ) | (12 | ) | (4,750 | ) | ||
Gross profit | 1,180 | (12 | ) | 1,168 | ||||
Selling, general and administrative expenses | (505 | ) | (93 | ) | (598 | ) | ||
Amortization of intangible assets | (61 | ) | — | (61 | ) | |||
Research and development expenses | (70 | ) | — | (70 | ) | |||
Other (charges) gains, net | (46 | ) | — | (46 | ) | |||
Foreign exchange gain (loss), net | (3 | ) | — | (3 | ) | |||
Gain (loss) on disposition of businesses and assets, net | 8 | — | 8 | |||||
Operating profit (loss) | 503 | (105 | ) | 398 | ||||
Equity in net earnings (loss) of affiliates | 168 | — | 168 | |||||
Interest expense | (204 | ) | — | (204 | ) | |||
Refinancing expense | (16 | ) | — | (16 | ) | |||
Interest income | 7 | — | 7 | |||||
Dividend income - cost investments | 73 | — | 73 | |||||
Other income (expense), net | 7 | — | 7 | |||||
Earnings (loss) from continuing operations before tax | 538 | (105 | ) | 433 | ||||
Income tax (provision) benefit | (112 | ) | 40 | (72 | ) | |||
Earnings (loss) from continuing operations | 426 | (65 | ) | 361 | ||||
Earnings (loss) from operation of discontinued operations | (80 | ) | — | (80 | ) | |||
Gain (loss) on disposition of discontinued operations | 2 | — | 2 | |||||
Income tax (provision) benefit from discontinued operations | 29 | — | 29 | |||||
Earnings (loss) from discontinued operations | (49 | ) | — | (49 | ) | |||
Net earnings (loss) | 377 | (65 | ) | 312 | ||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | |||||
Net earnings (loss) attributable to Celanese Corporation | 377 | (65 | ) | 312 | ||||
Cumulative preferred stock dividends | (3 | ) | — | (3 | ) | |||
Net earnings (loss) available to common stockholders | 374 | (65 | ) | 309 | ||||
Amounts attributable to Celanese Corporation | ||||||||
Earnings (loss) from continuing operations | 426 | (65 | ) | 361 | ||||
Earnings (loss) from discontinued operations | (49 | ) | — | (49 | ) | |||
Net earnings (loss) | 377 | (65 | ) | 312 | ||||
Earnings (loss) per common share - basic | ||||||||
Continuing operations | 2.73 | (0.42 | ) | 2.31 | ||||
Discontinued operations | (0.31 | ) | — | (0.31 | ) | |||
Net earnings (loss) - basic | 2.42 | (0.42 | ) | 2.00 | ||||
Earnings (loss) per common share - diluted | ||||||||
Continuing operations | 2.69 | (0.41 | ) | 2.28 | ||||
Discontinued operations | (0.31 | ) | — | (0.31 | ) | |||
Net earnings (loss) - diluted | 2.38 | (0.41 | ) | 1.97 | ||||
Weighted average shares - basic | 154,577,441 | — | 154,577,441 | |||||
Weighted average shares - diluted | 158,385,497 | — | 158,385,497 |
EX 99.2 - 3
CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
Year Ended December 31, 2009 | ||||||||
As Previously Reported | Effect of Change | As Adjusted | ||||||
(In $ millions, except share and per share data) | ||||||||
Net sales | 5,082 | — | 5,082 | |||||
Cost of sales | (4,079 | ) | (16 | ) | (4,095 | ) | ||
Gross profit | 1,003 | (16 | ) | 987 | ||||
Selling, general and administrative expenses | (474 | ) | (127 | ) | (601 | ) | ||
Amortization of intangible assets | (77 | ) | — | (77 | ) | |||
Research and development expenses | (70 | ) | (3 | ) | (73 | ) | ||
Other (charges) gains, net | (136 | ) | — | (136 | ) | |||
Foreign exchange gain (loss), net | 2 | — | 2 | |||||
Gain (loss) on disposition of businesses and assets, net | 42 | — | 42 | |||||
Operating profit (loss) | 290 | (146 | ) | 144 | ||||
Equity in net earnings (loss) of affiliates | 99 | — | 99 | |||||
Interest expense | (207 | ) | — | (207 | ) | |||
Refinancing expense | — | — | — | |||||
Interest income | 8 | — | 8 | |||||
Dividend income - cost investments | 57 | — | 57 | |||||
Other income (expense), net | 4 | — | 4 | |||||
Earnings (loss) from continuing operations before tax | 251 | (146 | ) | 105 | ||||
Income tax (provision) benefit | 243 | 51 | 294 | |||||
Earnings (loss) from continuing operations | 494 | (95 | ) | 399 | ||||
Earnings (loss) from operation of discontinued operations | 6 | — | 6 | |||||
Gain (loss) on disposition of discontinued operations | — | — | — | |||||
Income tax (provision) benefit from discontinued operations | (2 | ) | — | (2 | ) | |||
Earnings (loss) from discontinued operations | 4 | — | 4 | |||||
Net earnings (loss) | 498 | (95 | ) | 403 | ||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | |||||
Net earnings (loss) attributable to Celanese Corporation | 498 | (95 | ) | 403 | ||||
Cumulative preferred stock dividends | (10 | ) | — | (10 | ) | |||
Net earnings (loss) available to common stockholders | 488 | (95 | ) | 393 | ||||
Amounts attributable to Celanese Corporation | ||||||||
Earnings (loss) from continuing operations | 494 | (95 | ) | 399 | ||||
Earnings (loss) from discontinued operations | 4 | — | 4 | |||||
Net earnings (loss) | 498 | (95 | ) | 403 | ||||
Earnings (loss) per common share - basic | ||||||||
Continuing operations | 3.37 | (0.66 | ) | 2.71 | ||||
Discontinued operations | 0.03 | — | 0.03 | |||||
Net earnings (loss) - basic | 3.40 | (0.66 | ) | 2.74 | ||||
Earnings (loss) per common share - diluted | ||||||||
Continuing operations | 3.14 | (0.60 | ) | 2.54 | ||||
Discontinued operations | 0.03 | — | 0.03 | |||||
Net earnings (loss) - diluted | 3.17 | (0.60 | ) | 2.57 | ||||
Weighted average shares - basic | 143,697,904 | — | 143,697,904 | |||||
Weighted average shares - diluted | 157,124,676 | — | 157,124,676 |
EX 99.2 - 4
CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
Year Ended December 31, 2008 | ||||||||
As Previously Reported | Effect of Change | As Adjusted | ||||||
(In $ millions, except share and per share data) | ||||||||
Net sales | 6,823 | — | 6,823 | |||||
Cost of sales | (5,567 | ) | (52 | ) | (5,619 | ) | ||
Gross profit | 1,256 | (52 | ) | 1,204 | ||||
Selling, general and administrative expenses | (545 | ) | (486 | ) | (1,031 | ) | ||
Amortization of intangible assets | (76 | ) | — | (76 | ) | |||
Research and development expenses | (75 | ) | (9 | ) | (84 | ) | ||
Other (charges) gains, net | (108 | ) | — | (108 | ) | |||
Foreign exchange gain (loss), net | (4 | ) | — | (4 | ) | |||
Gain (loss) on disposition of businesses and assets, net | (8 | ) | — | (8 | ) | |||
Operating profit (loss) | 440 | (547 | ) | (107 | ) | |||
Equity in net earnings (loss) of affiliates | 172 | — | 172 | |||||
Interest expense | (261 | ) | — | (261 | ) | |||
Refinancing expense | — | — | — | |||||
Interest income | 31 | — | 31 | |||||
Dividend income - cost investments | 48 | — | 48 | |||||
Other income (expense), net | 3 | — | 3 | |||||
Earnings (loss) from continuing operations before tax | 433 | (547 | ) | (114 | ) | |||
Income tax (provision) benefit | (63 | ) | 5 | (58 | ) | |||
Earnings (loss) from continuing operations | 370 | (542 | ) | (172 | ) | |||
Earnings (loss) from operation of discontinued operations | (120 | ) | — | (120 | ) | |||
Gain (loss) on disposition of discontinued operations | 6 | — | 6 | |||||
Income tax (provision) benefit from discontinued operations | 24 | — | 24 | |||||
Earnings (loss) from discontinued operations | (90 | ) | — | (90 | ) | |||
Net earnings (loss) | 280 | (542 | ) | (262 | ) | |||
Net (earnings) loss attributable to noncontrolling interests | 1 | — | 1 | |||||
Net earnings (loss) attributable to Celanese Corporation | 281 | (542 | ) | (261 | ) | |||
Cumulative preferred stock dividends | (10 | ) | — | (10 | ) | |||
Net earnings (loss) available to common stockholders | 271 | (542 | ) | (271 | ) | |||
Amounts attributable to Celanese Corporation | ||||||||
Earnings (loss) from continuing operations | 371 | (542 | ) | (171 | ) | |||
Earnings (loss) from discontinued operations | (90 | ) | — | (90 | ) | |||
Net earnings (loss) | 281 | (542 | ) | (261 | ) | |||
Earnings (loss) per common share - basic | ||||||||
Continuing operations | 2.44 | (3.66 | ) | (1.22 | ) | |||
Discontinued operations | (0.61 | ) | — | (0.61 | ) | |||
Net earnings (loss) - basic | 1.83 | (3.66 | ) | (1.83 | ) | |||
Earnings (loss) per common share - diluted | ||||||||
Continuing operations | 2.27 | (3.49 | ) | (1.22 | ) | |||
Discontinued operations | (0.55 | ) | (0.06 | ) | (0.61 | ) | ||
Net earnings (loss) - diluted | 1.72 | (3.55 | ) | (1.83 | ) | |||
Weighted average shares - basic | 148,355,615 | — | 148,355,615 | |||||
Weighted average shares - diluted | 163,477,215 | (15,121,600 | ) | 148,355,615 |
EX 99.2 - 5
CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENT OF OPERATIONS
Three Months Ended December 31, 2012 | ||||||||
As Previously Reported | Effect of Change | As Adjusted | ||||||
(In $ millions, except share and per share data) | ||||||||
Net sales | 1,501 | — | 1,501 | |||||
Cost of sales | (1,234 | ) | (23 | ) | (1,257 | ) | ||
Gross profit | 267 | (23 | ) | 244 | ||||
Selling, general and administrative expenses | (128 | ) | (348 | ) | (476 | ) | ||
Amortization of intangible assets | (13 | ) | — | (13 | ) | |||
Research and development expenses | (26 | ) | (5 | ) | (31 | ) | ||
Other (charges) gains, net | (13 | ) | — | (13 | ) | |||
Foreign exchange gain (loss), net | — | — | — | |||||
Gain (loss) on disposition of businesses and assets, net | (1 | ) | — | (1 | ) | |||
Operating profit (loss) | 86 | (376 | ) | (290 | ) | |||
Equity in net earnings (loss) of affiliates | 79 | — | 79 | |||||
Interest expense | (51 | ) | — | (51 | ) | |||
Refinancing expense | (3 | ) | — | (3 | ) | |||
Interest income | 1 | — | 1 | |||||
Dividend income - cost investments | — | — | — | |||||
Other income (expense), net | 1 | — | 1 | |||||
Earnings (loss) from continuing operations before tax | 113 | (376 | ) | (263 | ) | |||
Income tax (provision) benefit | (16 | ) | 112 | 96 | ||||
Earnings (loss) from continuing operations | 97 | (264 | ) | (167 | ) | |||
Earnings (loss) from operation of discontinued operations | (3 | ) | — | (3 | ) | |||
Gain (loss) on disposition of discontinued operations | — | — | — | |||||
Income tax (provision) benefit from discontinued operations | 1 | — | 1 | |||||
Earnings (loss) from discontinued operations | (2 | ) | — | (2 | ) | |||
Net earnings (loss) | 95 | (264 | ) | (169 | ) | |||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | |||||
Net earnings (loss) attributable to Celanese Corporation | 95 | (264 | ) | (169 | ) | |||
Cumulative preferred stock dividends | — | — | — | |||||
Net earnings (loss) available to common stockholders | 95 | (264 | ) | (169 | ) | |||
Amounts attributable to Celanese Corporation | ||||||||
Earnings (loss) from continuing operations | 97 | (264 | ) | (167 | ) | |||
Earnings (loss) from discontinued operations | (2 | ) | — | (2 | ) | |||
Net earnings (loss) | 95 | (264 | ) | (169 | ) | |||
Earnings (loss) per common share - basic | ||||||||
Continuing operations | 0.61 | (1.66 | ) | (1.05 | ) | |||
Discontinued operations | (0.01 | ) | — | (0.01 | ) | |||
Net earnings (loss) - basic | 0.60 | (1.66 | ) | (1.06 | ) | |||
Earnings (loss) per common share - diluted | ||||||||
Continuing operations | 0.60 | (1.65 | ) | (1.05 | ) | |||
Discontinued operations | (0.01 | ) | — | (0.01 | ) | |||
Net earnings (loss) - diluted | 0.59 | (1.65 | ) | (1.06 | ) | |||
Weighted average shares - basic | 159,519,584 | — | 159,519,584 | |||||
Weighted average shares - diluted | 160,278,761 | (759,177 | ) | 159,519,584 |
EX 99.2 - 6
CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENT OF OPERATIONS
Three Months Ended September 30, 2012 | ||||||||
As Previously Reported | Effect of Change | As Adjusted | ||||||
(In $ millions, except share and per share data) | ||||||||
Net sales | 1,609 | — | 1,609 | |||||
Cost of sales | (1,285 | ) | 4 | (1,281 | ) | |||
Gross profit | 324 | 4 | 328 | |||||
Selling, general and administrative expenses | (121 | ) | 8 | (113 | ) | |||
Amortization of intangible assets | (12 | ) | — | (12 | ) | |||
Research and development expenses | (24 | ) | 1 | (23 | ) | |||
Other (charges) gains, net | 2 | — | 2 | |||||
Foreign exchange gain (loss), net | (4 | ) | — | (4 | ) | |||
Gain (loss) on disposition of businesses and assets, net | (2 | ) | — | (2 | ) | |||
Operating profit (loss) | 163 | 13 | 176 | |||||
Equity in net earnings (loss) of affiliates | 50 | — | 50 | |||||
Interest expense | (44 | ) | — | (44 | ) | |||
Refinancing expense | — | — | — | |||||
Interest income | — | — | — | |||||
Dividend income - cost investments | 1 | — | 1 | |||||
Other income (expense), net | 3 | — | 3 | |||||
Earnings (loss) from continuing operations before tax | 173 | 13 | 186 | |||||
Income tax (provision) benefit | (54 | ) | (3 | ) | (57 | ) | ||
Earnings (loss) from continuing operations | 119 | 10 | 129 | |||||
Earnings (loss) from operation of discontinued operations | (3 | ) | — | (3 | ) | |||
Gain (loss) on disposition of discontinued operations | — | — | — | |||||
Income tax (provision) benefit from discontinued operations | 1 | — | 1 | |||||
Earnings (loss) from discontinued operations | (2 | ) | — | (2 | ) | |||
Net earnings (loss) | 117 | 10 | 127 | |||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | |||||
Net earnings (loss) attributable to Celanese Corporation | 117 | 10 | 127 | |||||
Cumulative preferred stock dividends | — | — | — | |||||
Net earnings (loss) available to common stockholders | 117 | 10 | 127 | |||||
Amounts attributable to Celanese Corporation | ||||||||
Earnings (loss) from continuing operations | 119 | 10 | 129 | |||||
Earnings (loss) from discontinued operations | (2 | ) | — | (2 | ) | |||
Net earnings (loss) | 117 | 10 | 127 | |||||
Earnings (loss) per common share - basic | ||||||||
Continuing operations | 0.75 | 0.06 | 0.81 | |||||
Discontinued operations | (0.01 | ) | — | (0.01 | ) | |||
Net earnings (loss) - basic | 0.74 | 0.06 | 0.80 | |||||
Earnings (loss) per common share - diluted | ||||||||
Continuing operations | 0.74 | 0.06 | 0.80 | |||||
Discontinued operations | (0.01 | ) | — | (0.01 | ) | |||
Net earnings (loss) - diluted | 0.73 | 0.06 | 0.79 | |||||
Weighted average shares - basic | 159,158,280 | — | 159,158,280 | |||||
Weighted average shares - diluted | 160,129,376 | — | 160,129,376 |
EX 99.2 - 7
CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENT OF OPERATIONS
Three Months Ended June 30, 2012 | ||||||||
As Previously Reported | Effect of Change | As Adjusted | ||||||
(In $ millions, except share and per share data) | ||||||||
Net sales | 1,675 | — | 1,675 | |||||
Cost of sales | (1,344 | ) | 4 | (1,340 | ) | |||
Gross profit | 331 | 4 | 335 | |||||
Selling, general and administrative expenses | (124 | ) | 9 | (115 | ) | |||
Amortization of intangible assets | (13 | ) | — | (13 | ) | |||
Research and development expenses | (26 | ) | 1 | (25 | ) | |||
Other (charges) gains, net | (3 | ) | — | (3 | ) | |||
Foreign exchange gain (loss), net | (1 | ) | — | (1 | ) | |||
Gain (loss) on disposition of businesses and assets, net | — | — | — | |||||
Operating profit (loss) | 164 | 14 | 178 | |||||
Equity in net earnings (loss) of affiliates | 62 | — | 62 | |||||
Interest expense | (45 | ) | — | (45 | ) | |||
Refinancing expense | — | — | — | |||||
Interest income | — | — | — | |||||
Dividend income - cost investments | 84 | — | 84 | |||||
Other income (expense), net | (1 | ) | — | (1 | ) | |||
Earnings (loss) from continuing operations before tax | 264 | 14 | 278 | |||||
Income tax (provision) benefit | (54 | ) | (3 | ) | (57 | ) | ||
Earnings (loss) from continuing operations | 210 | 11 | 221 | |||||
Earnings (loss) from operation of discontinued operations | — | — | — | |||||
Gain (loss) on disposition of discontinued operations | — | — | — | |||||
Income tax (provision) benefit from discontinued operations | — | — | — | |||||
Earnings (loss) from discontinued operations | — | — | — | |||||
Net earnings (loss) | 210 | 11 | 221 | |||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | |||||
Net earnings (loss) attributable to Celanese Corporation | 210 | 11 | 221 | |||||
Cumulative preferred stock dividends | — | — | — | |||||
Net earnings (loss) available to common stockholders | 210 | 11 | 221 | |||||
Amounts attributable to Celanese Corporation | ||||||||
Earnings (loss) from continuing operations | 210 | 11 | 221 | |||||
Earnings (loss) from discontinued operations | — | — | — | |||||
Net earnings (loss) | 210 | 11 | 221 | |||||
Earnings (loss) per common share - basic | ||||||||
Continuing operations | 1.33 | 0.07 | 1.40 | |||||
Discontinued operations | — | — | — | |||||
Net earnings (loss) - basic | 1.33 | 0.07 | 1.40 | |||||
Earnings (loss) per common share - diluted | ||||||||
Continuing operations | 1.31 | 0.07 | 1.38 | |||||
Discontinued operations | — | — | — | |||||
Net earnings (loss) - diluted | 1.31 | 0.07 | 1.38 | |||||
Weighted average shares - basic | 158,163,378 | — | 158,163,378 | |||||
Weighted average shares - diluted | 159,778,255 | — | 159,778,255 |
EX 99.2 - 8
CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENT OF OPERATIONS
Three Months Ended March 31, 2012 | ||||||||
As Previously Reported | Effect of Change | As Adjusted | ||||||
(In $ millions, except share and per share data) | ||||||||
Net sales | 1,633 | — | 1,633 | |||||
Cost of sales | (1,363 | ) | 4 | (1,359 | ) | |||
Gross profit | 270 | 4 | 274 | |||||
Selling, general and administrative expenses | (134 | ) | 8 | (126 | ) | |||
Amortization of intangible assets | (13 | ) | — | (13 | ) | |||
Research and development expenses | (26 | ) | 1 | (25 | ) | |||
Other (charges) gains, net | — | — | — | |||||
Foreign exchange gain (loss), net | 1 | — | 1 | |||||
Gain (loss) on disposition of businesses and assets, net | — | — | — | |||||
Operating profit (loss) | 98 | 13 | 111 | |||||
Equity in net earnings (loss) of affiliates | 51 | — | 51 | |||||
Interest expense | (45 | ) | — | (45 | ) | |||
Refinancing expense | — | — | — | |||||
Interest income | 1 | — | 1 | |||||
Dividend income - cost investments | — | — | — | |||||
Other income (expense), net | 2 | — | 2 | |||||
Earnings (loss) from continuing operations before tax | 107 | 13 | 120 | |||||
Income tax (provision) benefit | 76 | (3 | ) | 73 | ||||
Earnings (loss) from continuing operations | 183 | 10 | 193 | |||||
Earnings (loss) from operation of discontinued operations | — | — | — | |||||
Gain (loss) on disposition of discontinued operations | — | — | — | |||||
Income tax (provision) benefit from discontinued operations | — | — | — | |||||
Earnings (loss) from discontinued operations | — | — | — | |||||
Net earnings (loss) | 183 | 10 | 193 | |||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | |||||
Net earnings (loss) attributable to Celanese Corporation | 183 | 10 | 193 | |||||
Cumulative preferred stock dividends | — | — | — | |||||
Net earnings (loss) available to common stockholders | 183 | 10 | 193 | |||||
Amounts attributable to Celanese Corporation | ||||||||
Earnings (loss) from continuing operations | 183 | 10 | 193 | |||||
Earnings (loss) from discontinued operations | — | — | — | |||||
Net earnings (loss) | 183 | 10 | 193 | |||||
Earnings (loss) per common share - basic | ||||||||
Continuing operations | 1.17 | 0.06 | 1.23 | |||||
Discontinued operations | — | — | — | |||||
Net earnings (loss) - basic | 1.17 | 0.06 | 1.23 | |||||
Earnings (loss) per common share - diluted | ||||||||
Continuing operations | 1.15 | 0.06 | 1.21 | |||||
Discontinued operations | — | — | — | |||||
Net earnings (loss) - diluted | 1.15 | 0.06 | 1.21 | |||||
Weighted average shares - basic | 156,576,896 | — | 156,576,896 | |||||
Weighted average shares - diluted | 159,115,232 | — | 159,115,232 |
EX 99.2 - 9
CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENT OF OPERATIONS
Three Months Ended December 31, 2011 | ||||||||
As Previously Reported | Effect of Change | As Adjusted | ||||||
(In $ millions, except share and per share data) | ||||||||
Net sales | 1,614 | — | 1,614 | |||||
Cost of sales | (1,342 | ) | (23 | ) | (1,365 | ) | ||
Gross profit | 272 | (23 | ) | 249 | ||||
Selling, general and administrative expenses | (128 | ) | (275 | ) | (403 | ) | ||
Amortization of intangible assets | (12 | ) | — | (12 | ) | |||
Research and development expenses | (24 | ) | (4 | ) | (28 | ) | ||
Other (charges) gains, net | (9 | ) | — | (9 | ) | |||
Foreign exchange gain (loss), net | (1 | ) | — | (1 | ) | |||
Gain (loss) on disposition of businesses and assets, net | (1 | ) | — | (1 | ) | |||
Operating profit (loss) | 97 | (302 | ) | (205 | ) | |||
Equity in net earnings (loss) of affiliates | 46 | — | 46 | |||||
Interest expense | (55 | ) | — | (55 | ) | |||
Refinancing expense | — | — | — | |||||
Interest income | 1 | — | 1 | |||||
Dividend income - cost investments | — | — | — | |||||
Other income (expense), net | 5 | — | 5 | |||||
Earnings (loss) from continuing operations before tax | 94 | (302 | ) | (208 | ) | |||
Income tax (provision) benefit | 2 | 112 | 114 | |||||
Earnings (loss) from continuing operations | 96 | (190 | ) | (94 | ) | |||
Earnings (loss) from operation of discontinued operations | (1 | ) | — | (1 | ) | |||
Gain (loss) on disposition of discontinued operations | — | — | — | |||||
Income tax (provision) benefit from discontinued operations | — | — | — | |||||
Earnings (loss) from discontinued operations | (1 | ) | — | (1 | ) | |||
Net earnings (loss) | 95 | (190 | ) | (95 | ) | |||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | |||||
Net earnings (loss) attributable to Celanese Corporation | 95 | (190 | ) | (95 | ) | |||
Cumulative preferred stock dividends | — | — | — | |||||
Net earnings (loss) available to common stockholders | 95 | (190 | ) | (95 | ) | |||
Amounts attributable to Celanese Corporation | ||||||||
Earnings (loss) from continuing operations | 96 | (190 | ) | (94 | ) | |||
Earnings (loss) from discontinued operations | (1 | ) | — | (1 | ) | |||
Net earnings (loss) | 95 | (190 | ) | (95 | ) | |||
Earnings (loss) per common share - basic | ||||||||
Continuing operations | 0.62 | (1.22 | ) | (0.60 | ) | |||
Discontinued operations | (0.01 | ) | — | (0.01 | ) | |||
Net earnings (loss) - basic | 0.61 | (1.22 | ) | (0.61 | ) | |||
Earnings (loss) per common share - diluted | ||||||||
Continuing operations | 0.61 | (1.21 | ) | (0.60 | ) | |||
Discontinued operations | (0.01 | ) | — | (0.01 | ) | |||
Net earnings (loss) - diluted | 0.60 | (1.21 | ) | (0.61 | ) | |||
Weighted average shares - basic | 156,401,899 | — | 156,401,899 | |||||
Weighted average shares - diluted | 158,923,443 | (2,521,544 | ) | 156,401,899 |
EX 99.2 - 10
CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENT OF OPERATIONS
Three Months Ended September 30, 2011 | ||||||||
As Previously Reported | Effect of Change | As Adjusted | ||||||
(In $ millions, except share and per share data) | ||||||||
Net sales | 1,807 | — | 1,807 | |||||
Cost of sales | (1,406 | ) | 2 | (1,404 | ) | |||
Gross profit | 401 | 2 | 403 | |||||
Selling, general and administrative expenses | (140 | ) | 2 | (138 | ) | |||
Amortization of intangible assets | (17 | ) | — | (17 | ) | |||
Research and development expenses | (24 | ) | 1 | (23 | ) | |||
Other (charges) gains, net | (24 | ) | — | (24 | ) | |||
Foreign exchange gain (loss), net | 1 | — | 1 | |||||
Gain (loss) on disposition of businesses and assets, net | (1 | ) | — | (1 | ) | |||
Operating profit (loss) | 196 | 5 | 201 | |||||
Equity in net earnings (loss) of affiliates | 57 | — | 57 | |||||
Interest expense | (54 | ) | — | (54 | ) | |||
Refinancing expense | — | — | — | |||||
Interest income | 1 | — | 1 | |||||
Dividend income - cost investments | 1 | — | 1 | |||||
Other income (expense), net | — | — | — | |||||
Earnings (loss) from continuing operations before tax | 201 | 5 | 206 | |||||
Income tax (provision) benefit | (34 | ) | (1 | ) | (35 | ) | ||
Earnings (loss) from continuing operations | 167 | 4 | 171 | |||||
Earnings (loss) from operation of discontinued operations | — | — | — | |||||
Gain (loss) on disposition of discontinued operations | — | — | — | |||||
Income tax (provision) benefit from discontinued operations | — | — | — | |||||
Earnings (loss) from discontinued operations | — | — | — | |||||
Net earnings (loss) | 167 | 4 | 171 | |||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | |||||
Net earnings (loss) attributable to Celanese Corporation | 167 | 4 | 171 | |||||
Cumulative preferred stock dividends | — | — | — | |||||
Net earnings (loss) available to common stockholders | 167 | 4 | 171 | |||||
Amounts attributable to Celanese Corporation | ||||||||
Earnings (loss) from continuing operations | 167 | 4 | 171 | |||||
Earnings (loss) from discontinued operations | — | — | — | |||||
Net earnings (loss) | 167 | 4 | 171 | |||||
Earnings (loss) per common share - basic | ||||||||
Continuing operations | 1.07 | 0.02 | 1.09 | |||||
Discontinued operations | — | — | — | |||||
Net earnings (loss) - basic | 1.07 | 0.02 | 1.09 | |||||
Earnings (loss) per common share - diluted | ||||||||
Continuing operations | 1.05 | 0.03 | 1.08 | |||||
Discontinued operations | — | — | — | |||||
Net earnings (loss) - diluted | 1.05 | 0.03 | 1.08 | |||||
Weighted average shares - basic | 156,217,032 | — | 156,217,032 | |||||
Weighted average shares - diluted | 159,041,412 | — | 159,041,412 |
EX 99.2 - 11
CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENT OF OPERATIONS
Three Months Ended June 30, 2011 | ||||||||
As Previously Reported | Effect of Change | As Adjusted | ||||||
(In $ millions, except share and per share data) | ||||||||
Net sales | 1,753 | — | 1,753 | |||||
Cost of sales | (1,343 | ) | 1 | (1,342 | ) | |||
Gross profit | 410 | 1 | 411 | |||||
Selling, general and administrative expenses | (140 | ) | 2 | (138 | ) | |||
Amortization of intangible assets | (17 | ) | — | (17 | ) | |||
Research and development expenses | (25 | ) | 1 | (24 | ) | |||
Other (charges) gains, net | (18 | ) | — | (18 | ) | |||
Foreign exchange gain (loss), net | (1 | ) | — | (1 | ) | |||
Gain (loss) on disposition of businesses and assets, net | — | — | — | |||||
Operating profit (loss) | 209 | 4 | 213 | |||||
Equity in net earnings (loss) of affiliates | 46 | — | 46 | |||||
Interest expense | (57 | ) | — | (57 | ) | |||
Refinancing expense | (3 | ) | — | (3 | ) | |||
Interest income | — | — | — | |||||
Dividend income - cost investments | 79 | — | 79 | |||||
Other income (expense), net | 6 | — | 6 | |||||
Earnings (loss) from continuing operations before tax | 280 | 4 | 284 | |||||
Income tax (provision) benefit | (75 | ) | (1 | ) | (76 | ) | ||
Earnings (loss) from continuing operations | 205 | 3 | 208 | |||||
Earnings (loss) from operation of discontinued operations | (3 | ) | — | (3 | ) | |||
Gain (loss) on disposition of discontinued operations | — | — | — | |||||
Income tax (provision) benefit from discontinued operations | 1 | — | 1 | |||||
Earnings (loss) from discontinued operations | (2 | ) | — | (2 | ) | |||
Net earnings (loss) | 203 | 3 | 206 | |||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | |||||
Net earnings (loss) attributable to Celanese Corporation | 203 | 3 | 206 | |||||
Cumulative preferred stock dividends | — | — | — | |||||
Net earnings (loss) available to common stockholders | 203 | 3 | 206 | |||||
Amounts attributable to Celanese Corporation | ||||||||
Earnings (loss) from continuing operations | 205 | 3 | 208 | |||||
Earnings (loss) from discontinued operations | (2 | ) | — | (2 | ) | |||
Net earnings (loss) | 203 | 3 | 206 | |||||
Earnings (loss) per common share - basic | ||||||||
Continuing operations | 1.31 | 0.02 | 1.33 | |||||
Discontinued operations | (0.01 | ) | — | (0.01 | ) | |||
Net earnings (loss) - basic | 1.30 | 0.02 | 1.32 | |||||
Earnings (loss) per common share - diluted | ||||||||
Continuing operations | 1.29 | 0.01 | 1.30 | |||||
Discontinued operations | (0.01 | ) | — | (0.01 | ) | |||
Net earnings (loss) - diluted | 1.28 | 0.01 | 1.29 | |||||
Weighted average shares - basic | 156,301,518 | — | 156,301,518 | |||||
Weighted average shares - diluted | 159,230,197 | — | 159,230,197 |
EX 99.2 - 12
CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENT OF OPERATIONS
Three Months Ended March 31, 2011 | ||||||||
As Previously Reported | Effect of Change | As Adjusted | ||||||
(In $ millions, except share and per share data) | ||||||||
Net sales | 1,589 | — | 1,589 | |||||
Cost of sales | (1,238 | ) | 3 | (1,235 | ) | |||
Gross profit | 351 | 3 | 354 | |||||
Selling, general and administrative expenses | (128 | ) | 2 | (126 | ) | |||
Amortization of intangible assets | (16 | ) | — | (16 | ) | |||
Research and development expenses | (23 | ) | — | (23 | ) | |||
Other (charges) gains, net | 3 | — | 3 | |||||
Foreign exchange gain (loss), net | 1 | — | 1 | |||||
Gain (loss) on disposition of businesses and assets, net | — | — | — | |||||
Operating profit (loss) | 188 | 5 | 193 | |||||
Equity in net earnings (loss) of affiliates | 43 | — | 43 | |||||
Interest expense | (55 | ) | — | (55 | ) | |||
Refinancing expense | — | — | — | |||||
Interest income | 1 | — | 1 | |||||
Dividend income - cost investments | — | — | — | |||||
Other income (expense), net | 3 | — | 3 | |||||
Earnings (loss) from continuing operations before tax | 180 | 5 | 185 | |||||
Income tax (provision) benefit | (42 | ) | (2 | ) | (44 | ) | ||
Earnings (loss) from continuing operations | 138 | 3 | 141 | |||||
Earnings (loss) from operation of discontinued operations | 6 | — | 6 | |||||
Gain (loss) on disposition of discontinued operations | — | — | — | |||||
Income tax (provision) benefit from discontinued operations | (2 | ) | — | (2 | ) | |||
Earnings (loss) from discontinued operations | 4 | — | 4 | |||||
Net earnings (loss) | 142 | 3 | 145 | |||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | |||||
Net earnings (loss) attributable to Celanese Corporation | 142 | 3 | 145 | |||||
Cumulative preferred stock dividends | — | — | — | |||||
Net earnings (loss) available to common stockholders | 142 | 3 | 145 | |||||
Amounts attributable to Celanese Corporation | ||||||||
Earnings (loss) from continuing operations | 138 | 3 | 141 | |||||
Earnings (loss) from discontinued operations | 4 | — | 4 | |||||
Net earnings (loss) | 142 | 3 | 145 | |||||
Earnings (loss) per common share - basic | ||||||||
Continuing operations | 0.88 | 0.02 | 0.90 | |||||
Discontinued operations | 0.03 | — | 0.03 | |||||
Net earnings (loss) - basic | 0.91 | 0.02 | 0.93 | |||||
Earnings (loss) per common share - diluted | ||||||||
Continuing operations | 0.87 | 0.01 | 0.88 | |||||
Discontinued operations | 0.03 | — | 0.03 | |||||
Net earnings (loss) - diluted | 0.90 | 0.01 | 0.91 | |||||
Weighted average shares - basic | 155,981,137 | — | 155,981,137 | |||||
Weighted average shares - diluted | 158,681,565 | — | 158,681,565 |
EX 99.2 - 13