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     117  0 Kommentare Celanese Corporation Reports Third Quarter 2022 Earnings

    Celanese Corporation (NYSE: CE), a global chemical and specialty materials company, today reported third quarter 2022 GAAP diluted earnings per share of $1.76 and adjusted earnings per share of $3.94. The Company generated net sales of $2.3 billion in the third quarter, a 7 percent decrease from the prior quarter due to sequential decreases in price and volume of 3 percent and 2 percent, respectively, and a 2 percent unfavorable currency impact. Celanese navigated declines in European and Asian demand, customer destocking, and continued cost inflation to deliver third quarter consolidated operating profit of $308 million and adjusted EBIT of $510 million. On November 1, 2022, the Company successfully completed the acquisition of Mobility & Materials (M&M), acquiring a broad portfolio of engineered thermoplastics and elastomers, industry-renowned brands and intellectual property, global production assets, and a world-class organization. The acquisition establishes Celanese as the preeminent global specialty materials company and is expected to drive enhanced growth and free cash flow generation.

    The difference between GAAP diluted earnings per share and adjusted earnings per share for the third quarter was primarily due to approximately $104 million in net interest expense related to bonds issued for the acquisition of M&M and $44 million in M&A-related costs.

    "I thank the Celanese team for delivering third quarter adjusted earnings per share performance within less than 2 percent of our guidance despite demand deterioration and other unanticipated headwinds across the quarter," said Lori Ryerkerk, chairman and chief executive officer. "At the same time, I thank the many teams who diligently worked to successfully close the M&M acquisition on November 1. On behalf of us all, I warmly welcome our newest colleagues from M&M, whose dedication and contribution will make Celanese stronger."

    Third Quarter 2022 Financial Highlights:

     

    Three Months Ended

     

    September 30,
    2022

     

    June 30,
    2022

     

    September 30,
    2021

     

    (unaudited)

     

    (In $ millions, except per share data)

    Net Sales

     

     

     

     

     

    Engineered Materials

     

    929

     

     

     

    948

     

     

     

    684

     

    Acetate Tow

     

    135

     

     

     

    119

     

     

     

    128

     

    Acetyl Chain

     

    1,274

     

     

     

    1,456

     

     

     

    1,489

     

    Intersegment Eliminations

     

    (37

    )

     

     

    (37

    )

     

     

    (35

    )

    Total

     

    2,301

     

     

     

    2,486

     

     

     

    2,266

     

     

     

     

     

     

     

    Operating Profit (Loss)

     

     

     

     

     

    Engineered Materials

     

    114

     

     

     

    166

     

     

     

    91

     

    Acetate Tow

     

    (3

    )

     

     

    (1

    )

     

     

    12

     

    Acetyl Chain

     

    315

     

     

     

    429

     

     

     

    517

     

    Other Activities

     

    (118

    )

     

     

    (111

    )

     

     

    (84

    )

    Total

     

    308

     

     

     

    483

     

     

     

    536

     

     

     

     

     

     

     

    Net Earnings (Loss)

     

    193

     

     

     

    436

     

     

     

    507

     

     

     

     

     

     

     

    Adjusted EBIT(1)

     

     

     

     

     

    Engineered Materials

     

    206

     

     

     

    224

     

     

     

    137

     

    Acetate Tow

     

    27

     

     

     

    35

     

     

     

    46

     

    Acetyl Chain

     

    322

     

     

     

    440

     

     

     

    517

     

    Other Activities

     

    (45

    )

     

     

    (53

    )

     

     

    (52

    )

    Total

     

    510

     

     

     

    646

     

     

     

    648

     

     

     

     

     

     

     

    Equity Earnings and Dividend Income, Other Income (Expense)

     

     

     

     

     

    Engineered Materials

     

    70

     

     

     

    53

     

     

     

    40

     

    Acetate Tow

     

    30

     

     

     

    36

     

     

     

    34

     

     

     

     

     

     

     

    Operating EBITDA(1)

     

    607

     

     

     

    744

     

     

     

    739

     

    Diluted EPS - continuing operations

    $

    1.76

     

     

    $

    4.03

     

     

    $

    4.67

     

    Diluted EPS - total

    $

    1.75

     

     

    $

    3.98

     

     

    $

    4.56

     

    Adjusted EPS(1)

    $

    3.94

     

     

    $

    4.99

     

     

    $

    4.82

     

     

     

     

     

     

     

    Net cash provided by (used in) investing activities

     

    (143

    )

     

     

    (136

    )

     

     

    (108

    )

    Net cash provided by (used in) financing activities

     

    8,600

     

     

     

    (159

    )

     

     

    (228

    )

    Net cash provided by (used in) operating activities

     

    467

     

     

     

    495

     

     

     

    630

     

    Free cash flow(1)

     

    325

     

     

     

    368

     

     

     

    520

     

    _____________________________

    (1)

    See "Non-US GAAP Financial Measures" below.

    Recent Highlights:

    • Completed the acquisition of Mobility & Materials on November 1, 2022.
    • Published the 2021-2022 Sustainability Report, Accelerating Solutions Through Chemistry, and a complementary 2021-2022 Sustainability Index, highlighting progress and investments to drive environmental, social, and governance (ESG) initiatives.
    • Declared a quarterly cash dividend of $0.70 per share, payable November 14, 2022 and reflective of a 3 percent approved increase in the Company's quarterly common stock cash dividend.
    • Announced receipt of a grant from the Bill & Melinda Gates Foundation to produce a working prototype for a refillable contraceptive implant.
    • Announced investment in a new cleanroom facility in Edmonton, Alberta to focus on cryogenic micronization of VitalDose EVA to be used in the development of implants and inserts for sustained-release drug delivery.

    Third Quarter 2022 Business Segment Overview

    Engineered Materials

    Engineered Materials generated net sales of $929 million in the third quarter reflecting a sequential price increase of 2 percent and a 3 percent unfavorable currency impact. Pricing expanded for the seventh consecutive quarter due to commercial actions to successfully offset continued cost inflation across raw materials and energy. Sequential volume declined by 1 percent as moderation in the legacy non-auto segments was offset by sequentially higher volume in automotive and medical as well as contributions from the restructuring of the KEPCO joint venture. Engineered Materials' medical segment was lifted by strong sequential growth in the medical implant business which recovered to pre-COVID demand in the third quarter. Engineered Materials delivered GAAP operating profit of $114 million and adjusted EBIT of $206 million, decreases from the prior quarter of $52 million and $18 million, respectively. Third quarter earnings were negatively impacted by approximately $15 million due to the rise in sequential natural gas costs and the impact of a one-month lag on the Engineered Materials energy surcharge. Affiliate earnings contributed an additional $16 million sequentially, primarily driven by strong performance of Ibn Sina.

    Acetyl Chain

    The Acetyl Chain generated third quarter net sales of $1.3 billion, including a 7 percent sequential decrease in pricing, 4 percent decrease in volume, and a 2 percent unfavorable currency impact. Pricing decreased primarily due to moderation in China acetic acid and VAM pricing across the third quarter. Volume decreased due to demand softness primarily in European and Chinese paints, coatings, and construction applications. As a result of these conditions, the Acetyl Chain took decisive actions across its production network to reduce cost and align with market demand. The VAM production unit in Frankfurt, Germany, the highest-cost facility in the global VAM network, was idled as the Company relied on other facilities to meet reduced European demand. Production operating rates in China and Singapore were also reduced in the third quarter across most production units. The Acetyl Chain further leveraged its global network to navigate a multi-week shutdown of the Clear Lake acetic acid plant to perform maintenance on an unanticipated mechanical issue. Despite these challenges, the business delivered third quarter GAAP operating profit of $315 million and adjusted EBIT of $322 million, at margins of 25 percent.

    Acetate Tow

    Acetate Tow generated net sales of $135 million during the third quarter, which reflected sequential volume and price increases of 10 percent and 3 percent, respectively. Third quarter GAAP operating loss was $3 million and adjusted EBIT was $27 million. Dividends from affiliates in the quarter were $30 million, a sequential decrease of $6 million.

    Cash Flow and Tax

    Celanese generated third quarter operating cash flow of $467 million and free cash flow of $325 million. Capital expenditures in the third quarter were $139 million. Celanese returned $73 million in cash to shareholders via dividends in the quarter.

    The effective U.S. GAAP tax rate was 40 percent for the third quarter compared to 16 percent for the same quarter of 2021. The higher effective tax rate was primarily due to increases in valuation allowances on U.S. foreign tax credit carryforwards due to revised forecasts of foreign sourced earnings and increases in tax reserves related to ongoing income tax audits. The effective tax rate for adjusted earnings remains at 13 percent based on expected jurisdictional earnings mix for the full year and other non-recurring U.S. GAAP items.

    Outlook

    "Our businesses responded dynamically to demand conditions that rapidly deteriorated across the third quarter in Europe and, to a lesser extent, Asia," said Lori Ryerkerk. "Current order books validate our belief that the remainder of 2022 and the start of 2023 will be challenged by typical winter seasonality in addition to continued demand weakness in certain end-markets and customer destocking. Amid these dynamics, we are taking a series of controllable actions across our global supply chain to deliver fourth quarter adjusted earnings per share of $1.50 to $2.00, inclusive of the currently expected impact from the M&M acquisition in November and December, and to simultaneously prepare for recovery as we progress beyond the first part of 2023. We are committed as an organization to maximizing the earnings and cash generation of our businesses, integrating and synergizing M&M, and executing against our deleveraging plan."

    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 third quarter will be posted on its website at investors.celanese.com under Financial Information/Financial Document Library on November 3, 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 and energy, 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 ability to pass increases in raw material prices, logistics costs and other costs on to customers or otherwise improve margins through price increases; the accuracy or inaccuracy of our beliefs and assumptions regarding anticipated benefits of the acquisition (the "M&M Acquisition") by us of the majority of DuPont's Mobility & Materials business (the "M&M Business"), including as a result of the performance of the M&M Business between signing and closing of the M&M Acquisition; the possibility that we will not be able to realize anticipated improvements in the M&M Business's financial performance — including optimizing pricing, currency mix and inventory — or realize the anticipated benefits of the M&M Acquisition, including synergies and growth opportunities, within the anticipated timeframe, or at all, whether as a result of difficulties arising from the operation or integration of the M&M Business or other unanticipated delays, costs, inefficiencies or liabilities; increased commercial, legal or regulatory complexity of entering into, or expanding our exposure to, certain end markets and geographies; risks in the global economy and equity and credit markets and their potential impact on our ability to pay down debt in the future and/or refinance at suitable rates, in a timely manner, or at all; diversion of management's attention from ongoing business operations and opportunities and other disruption caused by the M&M Acquisition and the integration processes and their impact on our existing business and relationships; risks and costs associated with increased leverage from the M&M Acquisition, including increased interest expense and potential reduction of business and strategic flexibility; 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, including regulatory approvals, consistent with the Company's strategy; 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 logistics or supply chain 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 applicable tariffs, duties and trade agreements, tax rates or legislation throughout the world including, but not limited to, adjustments, changes in estimates or interpretations or the resolution of tax examinations or audits that may impact recorded or future tax impacts and potential regulatory and legislative tax developments in the United States and other jurisdictions; 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; 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; potential liability resulting from pending or future claims or litigation, including investigations or enforcement actions, 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 that have not closed; 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

    Presentation

    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

    • Adjusted EBIT is a performance measure used by the Company and is defined by the Company as net earnings (loss) attributable to Celanese Corporation, plus (earnings) loss from discontinued operations, less interest income, plus interest expense, plus refinancing expense and taxes, and further adjusted for Certain Items (refer to Table 8 of our Non-US GAAP Financial Measures and Supplemental Information document). We do not provide reconciliations for adjusted EBIT on a forward-looking basis (including those contained in this document) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of Certain Items, such as mark-to-market pension gains and losses, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information. Adjusted EBIT margin is defined by the Company as adjusted EBIT divided by net sales.
    • Operating EBITDA is a performance measure used by the Company and is defined by the Company as net earnings (loss) attributable to Celanese Corporation, plus (earnings) loss from discontinued operations, less interest income, plus interest expense, plus refinancing expense, taxes and depreciation and amortization, and further adjusted for Certain Items, which Certain Items include accelerated depreciation and amortization expense. Operating EBITDA is equal to adjusted EBIT plus depreciation and amortization.
    • Adjusted earnings per share is a performance measure used by the Company and is defined by the Company as earnings (loss) from continuing operations attributable to Celanese Corporation, adjusted for income tax (provision) benefit, Certain Items, and refinancing and related expenses, divided by the number of basic common shares and dilutive restricted stock units and stock options calculated using the treasury method. We do not provide reconciliations for adjusted earnings per share on a forward-looking basis (including those contained in this document) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of Certain Items, such as mark-to-market pension gains and losses, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information.

    Note: The income tax expense (benefit) on Certain Items ("Non-GAAP adjustments") is determined using the applicable rates in the taxing jurisdictions in which the Non-GAAP adjustments occurred and includes both current and deferred income tax expense (benefit). The income tax rate used for adjusted earnings per share approximates the midpoint in a range of forecasted tax rates for the year. This range may include certain partial or full-year forecasted tax opportunities and related costs, where applicable, and specifically excludes changes in uncertain tax positions, discrete recognition of GAAP items on a quarterly basis, other pre-tax items adjusted out of our GAAP earnings for adjusted earnings per share purposes and changes in management's assessments regarding the ability to realize deferred tax assets for GAAP. In determining the adjusted earnings per share tax rate, we reflect the impact of foreign tax credits when utilized, or expected to be utilized, absent discrete events impacting the timing of foreign tax credit utilization. We analyze this rate quarterly and adjust it if there is a material change in the range of forecasted tax rates; an updated forecast would not necessarily result in a change to our tax rate used for adjusted earnings per share. The adjusted tax rate is an estimate and may differ from the actual tax rate used for GAAP reporting in any given reporting period. Table 3a of our Non-US GAAP Financial Measures and Supplemental Information document summarizes the reconciliation of our estimated GAAP effective tax rate to the adjusted tax rate. The estimated GAAP rate excludes discrete recognition of GAAP items due to our inability to forecast such items. As part of the year-end reconciliation, we will update the reconciliation of the GAAP effective tax rate to the adjusted tax rate for actual results.

    • Free cash flow is a liquidity measure used by the Company and is defined by the Company as cash flow from operations, less capital expenditures on property, plant and equipment, and adjusted for capital contributions from or distributions to Mitsui & Co., Ltd. ("Mitsui") related to our methanol joint venture, Fairway Methanol LLC ("Fairway").

    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 November 3, 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

     

    September 30,
    2022

     

    June 30,
    2022

     

    September 30,
    2021

     

    (In $ millions, except share and per share data)

    Net sales

    2,301

     

     

    2,486

     

     

    2,266

     

    Cost of sales

    (1,755

    )

     

    (1,781

    )

     

    (1,551

    )

    Gross profit

    546

     

     

    705

     

     

    715

     

    Selling, general and administrative expenses

    (184

    )

     

    (197

    )

     

    (165

    )

    Amortization of intangible assets

    (10

    )

     

    (11

    )

     

    (6

    )

    Research and development expenses

    (25

    )

     

    (26

    )

     

    (21

    )

    Other (charges) gains, net

    (15

    )

     

    1

     

     

     

    Foreign exchange gain (loss), net

    (2

    )

     

    (1

    )

     

    2

     

    Gain (loss) on disposition of businesses and assets, net

    (2

    )

     

    12

     

     

    11

     

    Operating profit (loss)

    308

     

     

    483

     

     

    536

     

    Equity in net earnings (loss) of affiliates

    73

     

     

    60

     

     

    44

     

    Non-operating pension and other postretirement employee benefit (expense) income

    25

     

     

    25

     

     

    37

     

    Interest expense

    (154

    )

     

    (48

    )

     

    (21

    )

    Refinancing expense

     

     

     

     

    (9

    )

    Interest income

    34

     

     

    1

     

     

    2

     

    Dividend income - equity investments

    30

     

     

    36

     

     

    35

     

    Other income (expense), net

    5

     

     

    (3

    )

     

    (2

    )

    Earnings (loss) from continuing operations before tax

    321

     

     

    554

     

     

    622

     

    Income tax (provision) benefit

    (127

    )

     

    (112

    )

     

    (102

    )

    Earnings (loss) from continuing operations

    194

     

     

    442

     

     

    520

     

    Earnings (loss) from operation of discontinued operations

     

     

    (8

    )

     

    (17

    )

    Income tax (provision) benefit from discontinued operations

    (1

    )

     

    2

     

     

    4

     

    Earnings (loss) from discontinued operations

    (1

    )

     

    (6

    )

     

    (13

    )

    Net earnings (loss)

    193

     

     

    436

     

     

    507

     

    Net (earnings) loss attributable to noncontrolling interests

    (2

    )

     

    (2

    )

     

    (1

    )

    Net earnings (loss) attributable to Celanese Corporation

    191

     

     

    434

     

     

    506

     

    Amounts attributable to Celanese Corporation

     

     

     

     

     

    Earnings (loss) from continuing operations

    192

     

     

    440

     

     

    519

     

    Earnings (loss) from discontinued operations

    (1

    )

     

    (6

    )

     

    (13

    )

    Net earnings (loss)

    191

     

     

    434

     

     

    506

     

    Earnings (loss) per common share - basic

     

     

     

     

     

    Continuing operations

    1.77

     

     

    4.06

     

     

    4.70

     

    Discontinued operations

    (0.01

    )

     

    (0.06

    )

     

    (0.12

    )

    Net earnings (loss) - basic

    1.76

     

     

    4.00

     

     

    4.58

     

    Earnings (loss) per common share - diluted

     

     

     

     

     

    Continuing operations

    1.76

     

     

    4.03

     

     

    4.67

     

    Discontinued operations

    (0.01

    )

     

    (0.05

    )

     

    (0.11

    )

    Net earnings (loss) - diluted

    1.75

     

     

    3.98

     

     

    4.56

     

    Weighted average shares (in millions)

     

     

     

     

     

    Basic

    108.4

     

     

    108.4

     

     

    110.5

     

    Diluted

    109.1

     

     

    109.1

     

     

    111.0

     

    Consolidated Balance Sheets - Unaudited

     

    As of
    September 30,
    2022

     

    As of
    December 31,
    2021

     

     

    (In $ millions)

    ASSETS

     

     

     

    Current Assets

     

     

     

    Cash and cash equivalents

    9,671

     

     

    536

     

    Trade receivables - third party and affiliates, net

    1,120

     

     

    1,161

     

    Non-trade receivables, net

    492

     

     

    506

     

    Inventories

    1,723

     

     

    1,524

     

    Other assets

    186

     

     

    80

     

    Total current assets

    13,192

     

     

    3,807

     

    Investments in affiliates

    954

     

     

    823

     

    Property, plant and equipment, net

    4,089

     

     

    4,193

     

    Operating lease right-of-use assets

    246

     

     

    236

     

    Deferred income taxes

    222

     

     

    248

     

    Other assets

    695

     

     

    521

     

    Goodwill

    1,294

     

     

    1,412

     

    Intangible assets, net

    645

     

     

    735

     

    Total assets

    21,337

     

     

    11,975

     

    LIABILITIES AND EQUITY

     

     

     

    Current Liabilities

     

     

     

    Short-term borrowings and current installments of long-term debt - third party and affiliates

    977

     

     

    791

     

    Trade payables - third party and affiliates

    1,128

     

     

    1,160

     

    Other liabilities

    555

     

     

    473

     

    Income taxes payable

    128

     

     

    81

     

    Total current liabilities

    2,788

     

     

    2,505

     

    Long-term debt, net of unamortized deferred financing costs

    11,360

     

     

    3,176

     

    Deferred income taxes

    640

     

     

    555

     

    Uncertain tax positions

    314

     

     

    280

     

    Benefit obligations

    489

     

     

    558

     

    Operating lease liabilities

    205

     

     

    200

     

    Other liabilities

    247

     

     

    164

     

    Commitments and Contingencies

     

     

     

    Stockholders' Equity

     

     

     

    Treasury stock, at cost

    (5,492

    )

     

    (5,492

    )

    Additional paid-in capital

    356

     

     

    333

     

    Retained earnings

    10,584

     

     

    9,677

     

    Accumulated other comprehensive income (loss), net

    (498

    )

     

    (329

    )

    Total Celanese Corporation stockholders' equity

    4,950

     

     

    4,189

     

    Noncontrolling interests

    344

     

     

    348

     

    Total equity

    5,294

     

     

    4,537

     

    Total liabilities and equity

    21,337

     

     

    11,975

     

    Non-US GAAP Financial Measures and Supplemental Information

    November 3, 2022

    In this document, the terms the "Company," "we" and "our" refer to Celanese Corporation and its subsidiaries on a consolidated basis.

    Purpose

    The purpose of this document is to provide information of interest to investors, analysts and other parties including supplemental financial information and reconciliations and other information concerning our use of non-US GAAP financial measures. This document is updated quarterly.

    Presentation

    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.

    Definitions

    • Adjusted EBIT is a performance measure used by the Company and is defined by the Company as net earnings (loss) attributable to Celanese Corporation, plus (earnings) loss from discontinued operations, less interest income, plus interest expense, plus refinancing expense and taxes, and further adjusted for Certain Items (refer to Table 8). We believe that adjusted EBIT provides transparent and useful information to management, investors, analysts and other parties in evaluating and assessing our primary operating results from period-to-period after removing the impact of unusual, non-operational or restructuring-related activities that affect comparability. Our management recognizes that adjusted EBIT has inherent limitations because of the excluded items. Adjusted EBIT is one of the measures management uses for planning and budgeting, monitoring and evaluating financial and operating results and as a performance metric in the Company's incentive compensation plan. We do not provide reconciliations for adjusted EBIT on a forward-looking basis (including those contained in this document) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of Certain Items, such as mark-to-market pension gains and losses, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information. Adjusted EBIT margin is defined by the Company as adjusted EBIT divided by net sales. Adjusted EBIT margin has the same uses and limitations as Adjusted EBIT.
    • Operating EBITDA is a performance measure used by the Company and is defined by the Company as net earnings (loss) attributable to Celanese Corporation, plus (earnings) loss from discontinued operations, less interest income, plus interest expense, plus refinancing expense, taxes and depreciation and amortization, and further adjusted for Certain Items, which Certain Items include accelerated depreciation and amortization expense. Operating EBITDA is equal to adjusted EBIT plus depreciation and amortization. We believe that Operating EBITDA provides transparent and useful information to investors, analysts and other parties in evaluating our operating performance relative to our peer companies. Operating EBITDA margin is defined by the Company as Operating EBITDA divided by net sales. Operating EBITDA margin has the same uses and limitations as Operating EBITDA.
    • Operating profit (loss) attributable to Celanese Corporation is defined by the Company as operating profit (loss), less earnings (loss) attributable to noncontrolling interests ("NCI"). We believe that operating profit (loss) attributable to Celanese Corporation provides transparent and useful information to management, investors, analysts and other parties in evaluating our core operational performance. Operating margin attributable to Celanese Corporation is defined by the Company as operating profit (loss) attributable to Celanese Corporation divided by net sales. Operating margin attributable to Celanese Corporation has the same uses and limitations as Operating profit (loss) attributable to Celanese Corporation.
    • Adjusted earnings per share is a performance measure used by the Company and is defined by the Company as earnings (loss) from continuing operations attributable to Celanese Corporation, adjusted for income tax (provision) benefit, Certain Items, and refinancing and related expenses, divided by the number of basic common shares and dilutive restricted stock units and stock options calculated using the treasury method. We believe that adjusted earnings per share provides transparent and useful information to management, investors, analysts and other parties in evaluating and assessing our primary operating results from period-to-period after removing the impact of the above stated items that affect comparability and as a performance metric in the Company's incentive compensation plan. We do not provide reconciliations for adjusted earnings per share on a forward-looking basis (including those contained in this document) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of Certain Items, such as mark-to-market pension gains and losses, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information.

      Note: The income tax expense (benefit) on Certain Items ("Non-GAAP adjustments") is determined using the applicable rates in the taxing jurisdictions in which the Non-GAAP adjustments occurred and includes both current and deferred income tax expense (benefit). The income tax rate used for adjusted earnings per share approximates the midpoint in a range of forecasted tax rates for the year. This range may include certain partial or full-year forecasted tax opportunities and related costs, where applicable, and specifically excludes changes in uncertain tax positions, discrete recognition of GAAP items on a quarterly basis, other pre-tax items adjusted out of our GAAP earnings for adjusted earnings per share purposes and changes in management's assessments regarding the ability to realize deferred tax assets for GAAP. In determining the adjusted earnings per share tax rate, we reflect the impact of foreign tax credits when utilized, or expected to be utilized, absent discrete events impacting the timing of foreign tax credit utilization. We analyze this rate quarterly and adjust it if there is a material change in the range of forecasted tax rates; an updated forecast would not necessarily result in a change to our tax rate used for adjusted earnings per share. The adjusted tax rate is an estimate and may differ from the actual tax rate used for GAAP reporting in any given reporting period. Table 3a summarizes the reconciliation of our estimated GAAP effective tax rate to the adjusted tax rate. The estimated GAAP rate excludes discrete recognition of GAAP items due to our inability to forecast such items. As part of the year-end reconciliation, we will update the reconciliation of the GAAP effective tax rate to the adjusted tax rate for actual results.
    • Free cash flow is a liquidity measure used by the Company and is defined by the Company as net cash provided by (used in) operations, less capital expenditures on property, plant and equipment, and adjusted for capital contributions from or distributions to Mitsui & Co., Ltd. ("Mitsui") related to our methanol joint venture, Fairway Methanol LLC ("Fairway"). We believe that free cash flow provides useful information to management, investors, analysts and other parties in evaluating the Company's liquidity and credit quality assessment because it provides an indication of the long-term cash generating ability of our business. Although we use free cash flow as a measure to assess the liquidity generated by our business, the use of free cash flow has important limitations, including that free cash flow does not reflect the cash requirements necessary to service our indebtedness, lease obligations, unconditional purchase obligations or pension and postretirement funding obligations. Free cash flow is not a measure of cash available for discretionary expenditures since the Company has certain debt service and finance lease payments that are not deducted from that measure.
    • Net debt is defined by the Company as total debt less cash and cash equivalents. We believe that net debt provides useful information to management, investors, analysts and other parties in evaluating changes to the Company's capital structure and credit quality assessment.
    • Return on invested capital (adjusted) is defined by the Company as adjusted EBIT, tax effected using the adjusted tax rate, divided by the sum of the average of beginning and end of the year short- and long-term debt and Celanese Corporation stockholders' equity. We believe that return on invested capital (adjusted) provides useful information to management, investors, analysts and other parties in order to assess our income generation from the point of view of our stockholders and creditors who provide us with capital in the form of equity and debt and whether capital invested in the Company yields competitive returns.

    Supplemental Information

    Supplemental Information we believe to be of interest to investors, analysts and other parties includes the following:

    • Net sales for each of our business segments and the percentage increase or decrease in net sales attributable to price, volume, currency and other factors for each of our business segments.
    • Cash dividends received from our equity investments.
    • For those consolidated ventures in which the Company owns or is exposed to less than 100% of the economics, the outside stockholders' interests are shown as NCI. Beginning in 2014, this includes Fairway for which the Company's ownership percentage is 50%. Amounts referred to as "attributable to Celanese Corporation" are net of any applicable NCI.

    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

     

     

    Q3 '22

     

    Q2 '22

     

    Q1 '22

     

    2021

     

    Q4 '21

     

    Q3 '21

     

    Q2 '21

     

    Q1 '21

     

    (In $ millions)

    Net earnings (loss) attributable to Celanese Corporation

    191

     

     

    434

     

     

    502

     

     

    1,890

     

     

    524

     

     

    506

     

     

    538

     

     

    322

     

    (Earnings) loss from discontinued operations

    1

     

     

    6

     

     

     

     

    22

     

     

    4

     

     

    13

     

     

    4

     

     

    1

     

    Interest income

    (34

    )

     

    (1

    )

     

    (1

    )

     

    (8

    )

     

    (1

    )

     

    (2

    )

     

    (4

    )

     

    (1

    )

    Interest expense

    154

     

     

    48

     

     

    35

     

     

    91

     

     

    21

     

     

    21

     

     

    24

     

     

    25

     

    Refinancing expense

     

     

     

     

     

     

    9

     

     

     

     

    9

     

     

     

     

     

    Income tax provision (benefit)

    127

     

     

    112

     

     

    112

     

     

    330

     

     

    27

     

     

    102

     

     

    116

     

     

    85

     

    Certain Items attributable to Celanese Corporation (Table 8)

    71

     

     

    47

     

     

    65

     

     

    139

     

     

    77

     

     

    (1

    )

     

    13

     

     

    50

     

    Adjusted EBIT

    510

     

     

    646

     

     

    713

     

     

    2,473

     

     

    652

     

     

    648

     

     

    691

     

     

    482

     

    Depreciation and amortization expense(1)

    97

     

     

    98

     

     

    100

     

     

    362

     

     

    93

     

     

    91

     

     

    90

     

     

    88

     

    Operating EBITDA

    607

     

     

    744

     

     

    813

     

     

    2,835

     

     

    745

     

     

    739

     

     

    781

     

     

    570

     

     

    Q3 '22

     

    Q2 '22

     

    Q1 '22

     

    2021

     

    Q4 '21

     

    Q3 '21

     

    Q2 '21

     

    Q1 '21

     

    (In $ millions)

    Engineered Materials

    3

     

    4

     

    4

     

    9

     

    4

     

    2

     

    1

     

    2

    Acetate Tow

     

     

     

     

     

     

     

    Acetyl Chain

     

     

    2

     

     

     

     

     

    Other Activities(2)

     

    1

     

     

     

     

     

     

    Accelerated depreciation and amortization expense

    3

     

    5

     

    6

     

    9

     

    4

     

    2

     

    1

     

    2

    Depreciation and amortization expense(1)

    97

     

    98

     

    100

     

    362

     

    93

     

    91

     

    90

     

    88

    Total depreciation and amortization expense

    100

     

    103

     

    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

     

     

    Q3 '22

     

    Q2 '22

     

    Q1 '22

     

    2021

     

    Q4 '21

     

    Q3 '21

     

    Q2 '21

     

    Q1 '21

     

    (In $ millions, except percentages)

    Operating Profit (Loss) / Operating Margin

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Engineered Materials

    114

     

     

    12.3

    %

     

    166

     

     

    17.5

    %

     

    124

     

     

    13.6

    %

     

    411

     

     

    15.1

    %

     

    67

     

     

    9.5

    %

     

    91

     

     

    13.3

    %

     

    123

     

     

    18.0

    %

     

    130

     

     

    20.2

    %

    Acetate Tow

    (3

    )

     

    (2.2

    )%

     

    (1

    )

     

    (0.8

    )%

     

    4

     

     

    3.2

    %

     

    56

     

     

    10.9

    %

     

    4

     

     

    3.1

    %

     

    12

     

     

    9.4

    %

     

    24

     

     

    17.4

    %

     

    16

     

     

    13.4

    %

    Acetyl Chain(1)

    315

     

     

    24.7

    %

     

    429

     

     

    29.5

    %

     

    499

     

     

    32.4

    %

     

    1,819

     

     

    33.5

    %

     

    535

     

     

    36.2

    %

     

    517

     

     

    34.7

    %

     

    516

     

     

    36.6

    %

     

    251

     

     

    23.8

    %

    Other Activities(2)

    (118

    )

     

     

     

    (111

    )

     

     

     

    (96

    )

     

     

     

    (340

    )

     

     

     

    (89

    )

     

     

     

    (84

    )

     

     

     

    (96

    )

     

     

     

    (71

    )

     

     

    Total

    308

     

     

    13.4

    %

     

    483

     

     

    19.4

    %

     

    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

     

     

     

     

    2

     

     

     

     

    2

     

     

     

     

    6

     

     

     

     

    2

     

     

     

     

    1

     

     

     

     

    2

     

     

     

     

    1

     

     

     

    Operating Profit (Loss) Attributable to Celanese Corporation

    306

     

     

    13.3

    %

     

    481

     

     

    19.3

    %

     

    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

    114

     

     

    12.3

    %

     

    166

     

     

    17.5

    %

     

    124

     

     

    13.6

    %

     

    411

     

     

    15.1

    %

     

    67

     

     

    9.5

    %

     

    91

     

     

    13.3

    %

     

    123

     

     

    18.0

    %

     

    130

     

     

    20.2

    %

    Acetate Tow

    (3

    )

     

    (2.2

    )%

     

    (1

    )

     

    (0.8

    )%

     

    4

     

     

    3.2

    %

     

    56

     

     

    10.9

    %

     

    4

     

     

    3.1

    %

     

    12

     

     

    9.4

    %

     

    24

     

     

    17.4

    %

     

    16

     

     

    13.4

    %

    Acetyl Chain(1)

    313

     

     

    24.6

    %

     

    427

     

     

    29.3

    %

     

    497

     

     

    32.3

    %

     

    1,813

     

     

    33.4

    %

     

    533

     

     

    36.1

    %

     

    516

     

     

    34.7

    %

     

    514

     

     

    36.5

    %

     

    250

     

     

    23.7

    %

    Other Activities(2)

    (118

    )

     

     

     

    (111

    )

     

     

     

    (96

    )

     

     

     

    (340

    )

     

     

     

    (89

    )

     

     

     

    (84

    )

     

     

     

    (96

    )

     

     

     

    (71

    )

     

     

    Total

    306

     

     

    13.3

    %

     

    481

     

     

    19.3

    %

     

    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

    70

     

    (3)

     

     

    53

     

     

     

     

    49

     

     

     

     

    127

     

     

     

     

    30

     

     

     

     

    40

     

    (3)

     

     

    32

     

     

     

     

    25

     

     

     

    Acetate Tow

    30

     

     

     

     

    36

     

     

     

     

    36

     

     

     

     

    146

     

     

     

     

    34

     

     

     

     

    34

     

     

     

     

    37

     

     

     

     

    41

     

     

     

    Acetyl Chain

    4

     

     

     

     

    3

     

     

     

     

    4

     

     

     

     

    8

     

     

     

     

    2

     

     

     

     

    2

     

     

     

     

    2

     

     

     

     

    2

     

     

     

    Other Activities(2)

    4

     

     

     

     

    1

     

     

     

     

    6

     

     

     

     

    7

     

     

     

     

    1

     

     

     

     

    1

     

     

     

     

    4

     

     

     

     

    1

     

     

     

    Total

    108

     

     

     

     

    93

     

     

     

     

    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)

    25

     

     

     

     

    25

     

     

     

     

    24

     

     

     

     

    106

     

     

     

     

    (7

    )

     

     

     

    37

     

     

     

     

    38

     

     

     

     

    38

     

     

     

    Total

    25

     

     

     

     

    25

     

     

     

     

    24

     

     

     

     

    106

     

     

     

     

    (7

    )

     

     

     

    37

     

     

     

     

    38

     

     

     

     

    38

     

     

     

    Certain Items Attributable to Celanese Corporation (Table 8)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Engineered Materials

    22

     

     

     

     

    5

     

     

     

     

    38

     

     

     

     

    33

     

     

     

     

    16

     

     

     

     

    6

     

     

     

     

    6

     

     

     

     

    5

     

     

     

    Acetate Tow

     

     

     

     

     

     

     

     

     

     

     

     

    5

     

     

     

     

     

     

     

     

     

     

     

     

    1

     

     

     

     

    4

     

     

     

    Acetyl Chain

    5

     

     

     

     

    10

     

     

     

     

    2

     

     

     

     

    28

     

     

     

     

    1

     

     

     

     

    (1

    )

     

     

     

    (2

    )

     

     

     

    30

     

     

     

    Other Activities(2)

    44

     

     

     

     

    32

     

     

     

     

    25

     

     

     

     

    73

     

     

     

     

    60

     

     

     

     

    (6

    )

     

     

     

    8

     

     

     

     

    11

     

     

     

    Total

    71

     

     

     

     

    47

     

     

     

     

    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 $1 million of Other income.

     

    Table 2 - Supplemental Segment Data and Reconciliation of Segment Adjusted EBIT and Operating EBITDA - Non-GAAP Measures - Unaudited (cont.)

     

     

    Q3 '22

     

    Q2 '22

     

    Q1 '22

     

    2021

     

    Q4 '21

     

    Q3 '21

     

    Q2 '21

     

    Q1 '21

     

    (In $ millions, except percentages)

    Adjusted EBIT / Adjusted EBIT Margin

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Engineered Materials

    206

     

     

    22.2

    %

     

    224

     

     

    23.6

    %

     

    211

     

     

    23.2

    %

     

    571

     

     

    21.0

    %

     

    113

     

     

    16.0

    %

     

    137

     

     

    20.0

    %

     

    161

     

     

    23.6

    %

     

    160

     

     

    24.8

    %

    Acetate Tow

    27

     

     

    20.0

    %

     

    35

     

     

    29.4

    %

     

    40

     

     

    32.0

    %

     

    207

     

     

    40.3

    %

     

    38

     

     

    29.5

    %

     

    46

     

     

    35.9

    %

     

    62

     

     

    44.9

    %

     

    61

     

     

    51.3

    %

    Acetyl Chain

    322

     

     

    25.3

    %

     

    440

     

     

    30.2

    %

     

    503

     

     

    32.7

    %

     

    1,849

     

     

    34.1

    %

     

    536

     

     

    36.3

    %

     

    517

     

     

    34.7

    %

     

    514

     

     

    36.5

    %

     

    282

     

     

    26.7

    %

    Other Activities(2)

    (45

    )

     

     

     

    (53

    )

     

     

     

    (41

    )

     

     

     

    (154

    )

     

     

     

    (35

    )

     

     

     

    (52

    )

     

     

     

    (46

    )

     

     

     

    (21

    )

     

     

    Total

    510

     

     

    22.2

    %

     

    646

     

     

    26.0

    %

     

    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

    40

     

     

     

     

    41

     

     

     

     

    42

     

     

     

     

    135

     

     

     

     

    35

     

     

     

     

    33

     

     

     

     

    34

     

     

     

     

    33

     

     

     

    Acetate Tow

    10

     

     

     

     

    10

     

     

     

     

    11

     

     

     

     

    39

     

     

     

     

    10

     

     

     

     

    10

     

     

     

     

    9

     

     

     

     

    10

     

     

     

    Acetyl Chain

    43

     

     

     

     

    42

     

     

     

     

    43

     

     

     

     

    171

     

     

     

     

    43

     

     

     

     

    44

     

     

     

     

    43

     

     

     

     

    41

     

     

     

    Other Activities(2)

    4

     

     

     

     

    5

     

     

     

     

    4

     

     

     

     

    17

     

     

     

     

    5

     

     

     

     

    4

     

     

     

     

    4

     

     

     

     

    4

     

     

     

    Total

    97

     

     

     

     

    98

     

     

     

     

    100

     

     

     

     

    362

     

     

     

     

    93

     

     

     

     

    91

     

     

     

     

    90

     

     

     

     

    88

     

     

     

    Operating EBITDA / Operating EBITDA Margin

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Engineered Materials

    246

     

     

    26.5

    %

     

    265

     

     

    28.0

    %

     

    253

     

     

    27.8

    %

     

    706

     

     

    26.0

    %

     

    148

     

     

    20.9

    %

     

    170

     

     

    24.9

    %

     

    195

     

     

    28.6

    %

     

    193

     

     

    29.9

    %

    Acetate Tow

    37

     

     

    27.4

    %

     

    45

     

     

    37.8

    %

     

    51

     

     

    40.8

    %

     

    246

     

     

    47.9

    %

     

    48

     

     

    37.2

    %

     

    56

     

     

    43.8

    %

     

    71

     

     

    51.4

    %

     

    71

     

     

    59.7

    %

    Acetyl Chain

    365

     

     

    28.6

    %

     

    482

     

     

    33.1

    %

     

    546

     

     

    35.5

    %

     

    2,020

     

     

    37.2

    %

     

    579

     

     

    39.2

    %

     

    561

     

     

    37.7

    %

     

    557

     

     

    39.5

    %

     

    323

     

     

    30.6

    %

    Other Activities(2)

    (41

    )

     

     

     

    (48

    )

     

     

     

    (37

    )

     

     

     

    (137

    )

     

     

     

    (30

    )

     

     

     

    (48

    )

     

     

     

    (42

    )

     

     

     

    (17

    )

     

     

    Total

    607

     

     

    26.4

    %

     

    744

     

     

    29.9

    %

     

    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

     

     

    Q3 '22

     

    Q2 '22

     

    Q1 '22

     

    2021

     

    Q4 '21

     

    Q3 '21

     

    Q2 '21

     

    Q1 '21

     

     

    per

    share

     

     

    per

    share

     

     

    per

    share

     

     

     

    per

    share

     

     

     

    per

    share

     

     

     

    per

    share

     

     

     

    per

    share

     

     

     

    per

    share

     

    (In $ millions, except per share data)

    Earnings (loss) from continuing operations attributable to Celanese Corporation

    192

     

    1.76

     

    440

     

    4.03

     

    502

     

    4.61

     

    1,912

     

     

    17.06

     

    528

     

     

    4.83

     

    519

     

     

    4.67

     

    542

     

     

    4.81

     

    323

     

     

    2.83

    Income tax provision (benefit)

    127

     

     

     

    112

     

     

     

    112

     

     

     

    330

     

     

     

     

    27

     

     

     

     

    102

     

     

     

     

    116

     

     

     

     

    85

     

     

     

    Earnings (loss) from continuing operations before tax

    319

     

     

     

    552

     

     

     

    614

     

     

     

    2,242

     

     

     

     

    555

     

     

     

     

    621

     

     

     

     

    658

     

     

     

     

    408

     

     

     

    Certain Items attributable to Celanese Corporation (Table 8)

    71

     

     

     

    47

     

     

     

    65

     

     

     

    139

     

     

     

     

    77

     

     

     

     

    (1

    )

     

     

     

    13

     

     

     

     

    50

     

     

     

    Refinancing and related expenses

    104

     

    (1)

     

    26

     

    (1)

     

    14

     

    (1)

     

    9

     

     

     

     

     

     

     

     

    9

     

     

     

     

     

     

     

     

     

     

     

    Adjusted earnings (loss) from continuing operations before tax

    494

     

     

     

    625

     

     

     

    693

     

     

     

    2,390

     

     

     

     

    632

     

     

     

     

    629

     

     

     

     

    671

     

     

     

     

    458

     

     

     

    Income tax (provision) benefit on adjusted earnings(2)

    (64

    )

     

     

    (81

    )

     

     

    (90

    )

     

     

    (359

    )

     

     

     

    (95

    )

     

     

     

    (94

    )

     

     

     

    (105

    )

     

     

     

    (64

    )

     

     

    Adjusted earnings (loss) from continuing operations(3)

    430

     

    3.94

     

    544

     

    4.99

     

    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

    108.4

     

     

     

    108.4

     

     

     

    108.2

     

     

     

    111.2

     

     

     

     

    108.6

     

     

     

     

    110.5

     

     

     

     

    112.3

     

     

     

     

    113.5

     

     

     

    Incremental shares attributable to equity awards

    0.7

     

     

     

    0.7

     

     

     

    0.7

     

     

     

    0.9

     

     

     

     

    0.8

     

     

     

     

    0.5

     

     

     

     

    0.5

     

     

     

     

    0.5

     

     

     

    Total diluted shares

    109.1

     

     

     

    109.1

     

     

     

    108.9

     

     

     

    112.1

     

     

     

     

    109.4

     

     

     

     

    111.0

     

     

     

     

    112.8

     

     

     

     

    114.0

     

     

     

    ______________________________

    (1)

     

    Includes net interest expense and certain fees related to debt issued as part of 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:

     

     

    Q3 '22

     

    Q2 '22

     

    Q1 '22

     

    2021

     

    Q4 '21

     

    Q3 '21

     

    Q2 '21

     

    Q1 '21

     

     

    Adjusted effective tax rate

    13

     

     

     

    13

     

     

     

    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

    Asset Returns

     

    Expected

    Plan Asset

    Returns

     

     

    (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

    23

     

     

    15

     

    Discrete quarterly recognition of GAAP items(1)

    (4

    )

     

    (2

    )

    Tax impact of other charges and adjustments(2)

    (5

    )

     

    (1

    )

    Utilization of foreign tax credits

     

     

    (1

    )

    Changes in valuation allowances, excluding impact of other charges and adjustments(3)

     

     

    3

     

    Other(4)

    (1

    )

     

    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

     

     

    Q3 '22

     

    Q2 '22

     

    Q1 '22

     

    2021

     

    Q4 '21

     

    Q3 '21

     

    Q2 '21

     

    Q1 '21

     

    (In $ millions)

    Engineered Materials

    929

     

     

    948

     

     

    910

     

     

    2,718

     

     

    707

     

     

    684

     

     

    682

     

     

    645

     

    Acetate Tow

    135

     

     

    119

     

     

    125

     

     

    514

     

     

    129

     

     

    128

     

     

    138

     

     

    119

     

    Acetyl Chain

    1,274

     

     

    1,456

     

     

    1,538

     

     

    5,430

     

     

    1,476

     

     

    1,489

     

     

    1,409

     

     

    1,056

     

    Other Activities

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Intersegment eliminations(1)

    (37

    )

     

    (37

    )

     

    (35

    )

     

    (125

    )

     

    (37

    )

     

    (35

    )

     

    (31

    )

     

    (22

    )

    Net sales

    2,301

     

     

    2,486

     

     

    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 September 30, 2022 Compared to Three Months Ended June 30, 2022

     

     

    Volume

     

    Price

     

    Currency

     

    Other

     

    Total

     

     

    (In percentages)

     

    Engineered Materials

    (1

    )

     

    2

     

     

    (3

    )

     

     

    (2

    )

     

    Acetate Tow

    10

     

     

    3

     

     

     

     

     

    13

     

     

    Acetyl Chain

    (4

    )

     

    (7

    )

     

    (2

    )

     

     

    (13

    )

     

     

     

     

     

     

     

     

     

     

     

     

    Total Company

    (2

    )

     

    (3

    )

     

    (2

    )

     

     

    (7

    )

     

     

    Three Months Ended June 30, 2022 Compared to Three Months Ended March 31, 2022

     

     

    Volume

     

    Price

     

    Currency

     

    Other

     

    Total

     

     

    (In percentages)

     

    Engineered Materials

    1

     

     

    6

     

    (3

    )

     

     

    4

     

     

    Acetate Tow

    (6

    )

     

    1

     

     

     

     

    (5

    )

     

    Acetyl Chain

    (3

    )

     

     

    (2

    )

     

     

    (5

    )

     

     

     

     

     

     

     

     

     

     

     

     

    Total Company

    (2

    )

     

    2

     

    (2

    )

     

     

    (2

    )

     

     

    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

    )

     

     

     

     

    ________________________

    (1)

     

    2021 includes the effect of the acquisition of the Santoprene thermoplastic vulcanizates elastomers business.

     

    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

     

     

     

    Table 4b

    Factors Affecting Segment Net Sales Year Over Year - Unaudited

    Three Months Ended September 30, 2022 Compared to Three Months Ended September 30, 2021

     

     

    Volume

     

    Price

     

    Currency

     

    Other

     

    Total

     

     

    (In percentages)

     

    Engineered Materials

    23

     

     

    25

     

    (12

    )

     

     

    36

     

     

    Acetate Tow

    (3

    )

     

    8

     

     

     

     

    5

     

     

    Acetyl Chain

    (13

    )

     

    2

     

    (3

    )

     

     

    (14

    )

     

     

     

     

     

     

     

     

     

     

     

     

    Total Company

    (2

    )

     

    9

     

    (5

    )

     

     

    2

     

     

     

    Three Months Ended June 30, 2022 Compared to Three Months Ended June 30, 2021

     

     

    Volume

     

    Price

     

    Currency

     

    Other

     

    Total

     

     

    (In percentages)

     

    Engineered Materials

    24

     

     

    24

     

    (9

    )

     

     

    39

     

     

    Acetate Tow

    (18

    )

     

    4

     

     

     

     

    (14

    )

     

    Acetyl Chain

    (4

    )

     

    10

     

    (3

    )

     

     

    3

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total Company

    3

     

     

    14

     

    (4

    )

     

     

    13

     

     

     

    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

     

     

    Q3 '22

     

    Q2 '22

     

    Q1 '22

     

    2021

     

    Q4 '21

     

    Q3 '21

     

    Q2 '21

     

    Q1 '21

     

    (In $ millions, except percentages)

    Net cash provided by (used in) investing activities

    (143

    )

     

    (136

    )

     

    (149

    )

     

    (1,119

    )

     

    (1,286

    )

     

    (108

    )

     

    177

     

     

    98

     

    Net cash provided by (used in) financing activities

    8,600

     

     

    (159

    )

     

    (95

    )

     

    (1,042

    )

     

    (99

    )

     

    (228

    )

     

    (344

    )

     

    (371

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net cash provided by (used in) operating activities

    467

     

     

    495

     

     

    316

     

     

    1,757

     

     

    584

     

     

    630

     

     

    427

     

     

    116

     

    Capital expenditures on property, plant and equipment

    (139

    )

     

    (124

    )

     

    (137

    )

     

    (467

    )

     

    (163

    )

     

    (102

    )

     

    (110

    )

     

    (92

    )

    Distributions to NCI

    (3

    )

     

    (3

    )

     

    (4

    )

     

    (27

    )

     

    (6

    )

     

    (8

    )

     

    (8

    )

     

    (5

    )

    Free cash flow(1)

    325

     

     

    368

     

     

    175

     

     

    1,263

     

     

    415

     

     

    520

     

     

    309

     

     

    19

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net sales

    2,301

     

     

    2,486

     

     

    2,538

     

     

    8,537

     

     

    2,275

     

     

    2,266

     

     

    2,198

     

     

    1,798

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Free cash flow as % of Net sales

    14.1

    %

     

    14.8

    %

     

    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.

     

    Table 6

    Cash Dividends Received - Unaudited

     

     

    Q3 '22

     

    Q2 '22

     

    Q1 '22

     

    2021

     

    Q4 '21

     

    Q3 '21

     

    Q2 '21

     

    Q1 '21

     

    (In $ millions)

    Dividends from equity method investments

    27

     

    82

     

    26

     

    112

     

    51

     

    8

     

    18

     

    35

    Dividends from equity investments without readily determinable fair values

    30

     

    36

     

    37

     

    147

     

    33

     

    35

     

    37

     

    42

    Total

    57

     

    118

     

    63

     

    259

     

    84

     

    43

     

    55

     

    77

     

    Table 7

    Net Debt - Reconciliation of a Non-GAAP Measure - Unaudited

     

     

    Q3 '22

     

    Q2 '22

     

    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

    977

     

     

    809

     

     

    860

     

     

    791

     

     

    791

     

     

    103

     

     

    500

     

     

    497

     

    Long-term debt, net of unamortized deferred financing costs

    11,360

     

     

    3,022

     

     

    3,132

     

     

    3,176

     

     

    3,176

     

     

    3,724

     

     

    3,156

     

     

    3,135

     

    Total debt

    12,337

     

     

    3,831

     

     

    3,992

     

     

    3,967

     

     

    3,967

     

     

    3,827

     

     

    3,656

     

     

    3,632

     

    Cash and cash equivalents

    (9,671

    )

     

    (783

    )

     

    (605

    )

     

    (536

    )

     

    (536

    )

     

    (1,340

    )

     

    (1,054

    )

     

    (791

    )

    Net debt

    2,666

     

     

    3,048

     

     

    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:

     

     

    Q3 '22

     

    Q2 '22

     

    Q1 '22

     

    2021

     

    Q4 '21

     

    Q3 '21

     

    Q2 '21

     

    Q1 '21

     

    Income Statement Classification

     

    (In $ millions)

     

     

    Exit and shutdown costs

    14

     

    29

     

     

    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

    12

     

    (1

    )

     

     

    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

    44

     

    29

     

     

    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

    1

     

     

     

    2

     

    16

     

     

    4

     

    2

     

     

    1

     

    9

     

     

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

    Other

     

    (10

    )

     

     

    (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

    71

     

    47

     

     

    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

    percentages)

    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

    %

     


    The Celanese Stock at the time of publication of the news with a raise of +0,46 % to 94,43USD on NYSE stock exchange (03. November 2022, 20:54 Uhr).

    Business Wire (engl.)
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    Celanese Corporation Reports Third Quarter 2022 Earnings Celanese Corporation (NYSE: CE), a global chemical and specialty materials company, today reported third quarter 2022 GAAP diluted earnings per share of $1.76 and adjusted earnings per share of $3.94. The Company generated net sales of $2.3 billion …

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