celanese 2008_december_roadshow_presentation

1

Celanese CorporationDecember 2008

2

Forward looking statements; Reconciliation and use of non-GAAP measures to U.S. GAAP This presentation 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. When used in this presentation, the words “outlook,”“forecast,” “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” and variations of such words or similar expressions are intended to identify forward-looking statements. 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 forward-looking statements contained in this release. Numerous factors, many of which are beyond the company’s control, could cause actual results to differ materially from those expressed as forward-looking statements. Certain of these risk factors are discussed 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.

This presentation reflects three performance measures, operating EBITDA, adjusted earnings per share and adjusted free cash flow as non-U.S. GAAP measures. The most directly comparable financial measure presented in accordance with U.S. GAAP in our consolidated financial statements for operating EBITDA is operating profit; for adjusted earnings per share is earnings per common share-diluted; and for adjusted free cash flow is cash flow from operations.

►Operating EBITDA, a measure used by management to measure performance, is defined as operating profit from continuing operations, plus equity in net earnings from affiliates, other income and depreciation and amortization, and further adjusted for other charges and adjustments. We provide guidance on operating EBITDA and are unable to reconcile forecasted operating EBITDA to a GAAP financial measure because a forecast of other charges and other adjustments is not practical. Our management believes operating EBITDA is useful to investors because it is one of the primary measures our management uses for its planning and budgeting processes and to monitor and evaluate financial and operating results. Operating EBITDA is not a recognized term under U.S. GAAP and does not purport to be an alternative to operating profit as a measure of operating performance or to cash flow from operations as a measure of liquidity. Because not all companies use identical calculations, this presentation of operating EBITDA may not be comparable to other similarly titled measures of other companies. Additionally, operating EBITDA is not intended to be a measure of free cash flow for management’s discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements nor does it represent the amount used in our debt covenants.

►Adjusted earnings per share is a measure used by management to measure performance. It is defined as net earnings (loss) available to common shareholders plus preferred dividends, adjusted for other charges and adjustments, and divided by the number of basic common shares, diluted preferred shares, and options valued using the treasury method. We provide guidance on an adjusted earnings per share basis and are unable to reconcile forecasted adjusted earnings per share to a GAAP financial measure because a forecast of other charges and other adjustments is not practical. We believe that the presentation of this non-U.S. GAAP measure provides useful information to management and investors regarding various financial and business trends relating to our financial condition and results of operations, and that when U.S. GAAP information is viewed in conjunction with non-U.S. GAAP information, investors are provided with a more meaningful understanding of our ongoing operating performance. This non-U.S. GAAP information is not intended to be considered in isolation or as a substitute for U.S. GAAP financial information.

►The tax rate used for adjusted earnings per share is the tax rate based on our original guidance communicated at the company’s investor day in December 2007. We adjust this tax rate during the year only if there is a substantial change in our underlying operations; an updated forecast would not necessarily result in a change to our tax rate used for adjusted earnings per share. The adjusted tax rate may differ significantly from the tax rate used for U.S. GAAP reporting in any given reporting period. It is not practical to reconcile our prospective adjusted tax rate to the actual U.S. GAAP tax rate in any future period.

►Adjusted free cash flow is defined as cash flow from operations less capital expenditures, other productive asset purchases, operating cash from discontinued operations and certain other charges. We believe that the presentation of this non-U.S. GAAP measure provides useful information to management and investors regarding changes to the company’s cash flow. Our management and credit analysts use adjusted free cash flow to evaluate the company’s liquidity and assess credit quality. This non-U.S. GAAP measure is not intended to be considered in isolation or as a substitute for U.S. GAAP financial information.

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Celanese: a leading global integrated producer of chemicals and advanced materials

Leading Global Integrated Producer

of Chemicals and Advanced Materials

ExecutionDemonstrated track record

of delivering results

StrategyClear focus on growth and

value creation

CultureStrong performance

built on shared principles and

objectives

Superior Value Creation► Industry Leader

● Geographically balanced global positions

● Diversified end market exposure

► Strong Cash Generation

► Significant Strategic Growth Capability

● Track record of execution

● Clearly defined opportunities

4

Strong 2008 financial performance in uncertain environment

$424$592$147$151Operating Profit

$1,101

$3.05

$5,537

YTD2008

$302

$0.73

$1,573

3rd Qtr 2007$ in millions (except EPS) 3rd Qtr 2008 YTD2007

Sales $1,823 $4,684

Adjusted EPS $0.78 $2.35

Operating EBITDA $314 $945

► Record performance year-to-dateStrong business environment during 1st half in Acetyl Intermediates offset soft environment for Industrial Specialties and Advanced Engineered Materials

Consumer Specialties continued to deliver sustained earnings performance

► Credit crisis and global recessionary trends pressure near term volumesSignificant end-consumer supply chain destocking, particularly in Asia

Continued global weakness in industrial/consumer confidence and demand

Note: YTD amounts presented reflect balances as of September 30, 2008 and 2007, respectively

5

Globally balanced and integrated businesses aligned to sustain value and accelerate growth

Acetyl Intermediates (AI)

Formaldehyde

Differentiated Intermediates Specialty ProductsBuilding Block

Raw Materials

Advanced Engineered Materials

(AEM)

Industrial Specialties

(IS)

Consumer Specialties

(CS)

Ticona Engineering

Polymers

Emulsions

Acetate

AT Plastics

Nutrinova

PVOH

Affiliates

Acetic Acid

Anhydride and esters

VAM

6

Celanese has executed and will continue to execute against a simple strategic foundation

Divest non-core assets and revitalize underperforming

businesses

Aggressively align with our customers

and their markets to capture growth

Participate in businesses where we have a sustainable competitive

advantage

Leverage and build on advantaged positions that

optimize our portfolio

FOCUS

GROWTH

REDEPLOYMENT INVESTMENTCelaneseStrategic

Pillars

7

11%10%

11% 11%

17%19%

16%15% 15%

17%

19%

20%19%

20%

16%

20%

5%

10%

15%

20%

25%

2000 2001 2002 2003 2004 2005 2006 2007 2008YTD

As Reported Pro Forma for Current Portfolio

Operating EBITDA Margin

Today’s portfolio: more resilient and less volatile

► Current portfolio provides overall higher level of earnings

► Historic view with today’s portfolio reflects significantly less volatility

Current portfolio range: 15% - 20%

Historic portfolio range: 10% - 20%

► One-third of portfolio is new to the company since 2000

► Strategic objectives will continue to bolster portfolio

8

Operating EBITDA1

Today’s portfolio: higher growth, more specialty

► Strategic growth plans continue to accelerate earnings of specialty businesses● Essentially all growth has come

from specialty businesses● Two-thirds of 2010 Strategic

Growth Objectives expected from specialty businesses

► Resulting in:● Higher growth rates● Increased overall earnings

power of the portfolio● Reduced volatility● Higher level of normalized

earnings

-

200

400

600

800

1,000

1,200

1,400

2005 2007 2008YTD

12005, 2007 and 2008YTD Operating EBITDA excludes Other Activities of ($122), ($82) and ($64), respectively, for the periods presented

62%

38%

54%

46%

Acetyl Intermediates

Consumer and Industrial SpecialtiesAdvanced Engineered Materials

$ in

mill

ions

44%

56%

9

Peak and trough relative performanceRelative Peak versus Trough Quarter – Operating EBIDTA


Acetyl IntermediatesAdvanced Engineered Materials

Consumer SpecialtiesOther Activities

Trough defined as four quarters of sustained -1% to 1% global GDPNote: Earnings from strategic affiliates included in total Operating EBITDA amounts but excluded from margin % amounts

Ope

ratin

g EB

ITD

A 18 – 20%

8 – 10%

22 – 25%18 – 20%

21 – 23%

Normalized Trough Conditions

10 – 12%

13 – 15% ► Seasonality

► Volatile raw materials

► Inventory destocking

Impacting Factors

Normalized Peak Conditions

20 – 22%

10

Portfolio well-positioned to deliver and execute during all economic conditions

► Leading global position provides solid platform► GDP+ driven volumes► Advantaged technology and cost position


► Relatively economically insensitive with stable earnings and cash flows

► Selective growth opportunities through customer partnerships


► GDP driven volumes► Downstream integration mitigates volatility► Opportunities for growth through innovation and globalization


► Innovation and extensive portfolio provides platform► Executing on value recovery opportunities► Automotive and durable good volumes drive market growth


Value Creation supported by strong cash generation, fiscal discipline and an optimized leverage portfolio

11

CS Operating EBITDA 2004 – 2010E

0

50

100

150

200

250

300

350

2004 2005 2006 2007 2008E 2009E 2010E

$ in

mill

ions

CS: relatively economically insensitive with stable earnings and cash flows

► Acetate Products revitalization completed in 2007

► Full synergy capture of APL acquisition by 2008

► Nutrinova to offset price declines with volume increases

► Modest growth beyond 2008:

Growth in Asia continues at ~2%per yearSustainable Operating EBITDA

1Dividends from cost investments

Asian Growth1

Growth Objective

Nutrinova Operating EBITDA

Acetate Base Operating EBITDA

European Initiative

North America/Europe Revitalization

12

Profit Added Through Chain

Production and Market Driven

Prof

it R

ange

per

Ton

of

Ace

tic A

cid

Increased Value

Acid Margin Sell Acid as VAM

Technology and Customer Driven

IS: downstream integration mitigates earnings volatility

Reduced Volatility

Peak Average TroughEa

rnin

gs Im

prov

emen

t per

To

n of

Ace

tic A

cid

~30%

Cycle volatility reduction

~10%

~35%

Acetyls versus Integrated Downstream

Sell VAM as VAE

Total MarginAvailable

► Higher overall earnings through integrated chain► Lower earnings volatility with downstream integration

13

0.0

1.0

2.0

3.0

4.0

2006 Future

Global Vinyl Emulsions Applications Driving Future Growth

OthersCelanese

IS: opportunities for growth through innovation and globalization

$ in

bill

ions

ApplicationsFuture

Application Sales ($MM)

Growth Rate

Low VOC and nanopaints $400 – $500 10+%

Engineered fabrics/glass fiber $200 – $300 3% - 5%

Enviro-friendly adhesives $100 – $200 8%

China building/construction $100 – $200 30+%

~25%

$1.0 billion expansion = >$250 million in revenue

~30% increase in vinyl space

>25%

14

Other 3%

AEM: innovation and extensive portfolio provides platform

Revenue by End-Use 2007 ~ $1 billion

Alternate Fabrication11%

Transportation 45%

● Fuel systems● Safety systems● Mechanical components

Electrical & Electronics 11%

● Communication systems● LED lighting● Connectors

Consumer & Appliance 10%

● Water purification● Durable household goods● Bakeware

Industrial 14%

● Fluid handling● Gearing

● Drug delivery systems● Medical implants

Medical 6%

● Emissions filtration● Textiles

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AEM: value recovery opportunities through easing input costs and pricing initiatives

> Significantly high raw material and energy costs impacted margins since 2005

> Successful pricing actions and falling raw material costs drive margin expansion opportunities

Indexed Variable Margin per Unit

Varia

ble

Mar

gin

as a

% o

f Sal

es

0%

25%

50%

75%

100%

2005 2006 2007 2008E

Pricing

Raw Materials & Energy

Current Trends

16

AEM: automotive and durable good volumes drive market growth

► Current North American and European unit production trends under significant pressure

Shift to smaller, more fuel efficient vehiclesLimited credit availability

► Value per vehicle expected to continue significant growth trend

► Expansion in Asia adds organic growth opportunities

► Increased focus on product development applications

Metal replacementFuel efficiency/Alternative fuelsIncreased electronics

Source: Celanese estimates

Growth in Value per Vehicle North America & Europe

0%

4%

8%

12%

16%

20%

2006 2007 2008YTD

Gro

wth

in v

alue

inde

xed

to 2

005

17

AI: GDP+ driven volumes

-1%

0%

1%

2%

3%

4%

5%

6%

7%

8%

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008E

Market Acetic Acid Growth Global GDP Growth

Acetic Acid Industry Global Growth versus Global GDP

Demand for acetic acid generally trends above global GDPSource: CMAI, Tecnon and Celanese estimates

Acetyl Intermediates End-Market Exposure

Paints & Coatings

Consumer & Industrial AdhesivesTextiles

Consumer/Medical Applications

Food & Beverages

Chemical Additives

Paper & Packaging

Construction

Other

1996 – 2008E CAGR:CE organic acetic acid growth: 4.7%Acetic acid market growth: 4.4%Global GDP growth: 3.1%

Includes intra-company sales

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AI: advantaged technology and cost position

Source: Celanese estimates, available public data

2009E Acetic Acid Cost Curve (kt) (based on nameplate capacity)

0% 15% 30% 45% 60% 75% 90%

EthanolEthylene

By Prod

Avg Non-China MeOH Carbonylation

Avg Other Leading Technology

Highest Cost China MeOH

Assumes Oil at $60/barrel

Lower Cost China MeOH

Average Celanese


>15% ROIC

Effective Industry Utilization Rates

19

Committed to delivering value creation

Increased earnings profile dampens economic impact of cycle and provides strategic growth versus 2006 baseline

Group Asia Revitalization Innovation Organic Balance Sheet

Operational Excellence

EBITDA Impact

Consumer and Industrial Specialties

X X X X >$100MM


X X X X >$100MM

Acetyl Intermediates X X X >$100MM

Celanese Corporate X X Incremental

EPS

Primary Strategic Growth Focus

Ope

ratin

g EB

ITD

AEP

S

20

Cost Reduction & Revitalization

ProjectsGrowth Projects Core/Bolt-on

Acquisitions

Focused cash flow and capital structure strategy

Share Repurchase Dividends Debt

Repayment

Execute Growth Strategy Optimize Capital Structure

Cash Available for Strategic Use

► Cost► Stability► Flexibility► Maximize shareholder value

Capital Structure Objectives► Aligned with Strategic Pillars► 2 – 4 year simple payback period► > 20 – 50% ROIC

Investment Criteria

Fiscal discipline and measured actions priority in current environment

21

Asia strategy: high-return growth

► Total investment: $300 -$350 million – over 80% complete

► Total revenue: $600 - $800 million when sold out by 2010

► Incremental EBITDA: $120 -$150 million by 2010

ROIC = 25 – 30%

Investment Dynamics

EmulsionsComplex

Administration &Maintenance

Utilities /Tank Farm

Compounding

Acetic AcidUnit

Acetic AnhydrideUnit

Vinyl AcetateMonomer Unit

Warehouse GUR®

UnitCelstran®

Unit Flare

Celanese Nanjing Integrated Complex

► Recently announced AEM liquid crystal polymer unit to start production in 2010

22

Optimized leverage profile

Term Loan - $2.8 billion

Other Debt Obligations -$803 million

Cash - $584 million

Net Debt - $3.0 billion

Revolver - $650 million

Cost

Stability

Flexibility

Structure CharacteristicsPrimary Components

Strong balance sheet provides flexibility and stability with positive adjusted free cash flow expected in 2009

Note: Amounts presented reflect balances as of September 30, 2008

23

Increased financial flexibility

Stable, Flexible & Low Cost

► Continued improvement in coverage ratios

► Advantages of structure:►LIBOR +150 bps

►Term loan maturity not until 2014

►1% annual term loan amortization

►“Covenant-lite”

► Decrease in overall borrowing costs since 2005

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

2005 2006 2007 2008YTD

Operating EBITDA/Net Interest

2008 2009 2010 2011 2012 Thereafter

$ in

mill

ions

3,000

100

Long-Term Debt Repayment

24

Appendix

25

$70

$2583rd Qtr 2007

$45 down 36%$272 up 5%

3rd Qtr 2008

Operating EBITDA

Net Salesin millions


Third Quarter 2008:► Increased net sales driven by improved pricing and positive currency

effects ► Increased penetration in value per vehicle and growth in non-

automotive applications partially offset significant declines in US and European automotive builds

► Asia growth strategy continues to deliver positive results► Higher raw material and energy costs continue to pressure margins► Operating EBITDA decrease also impacted by lower earnings from

equity affiliates

26

Third Quarter 2008:► Net sales increase primarily driven by strong pricing and foreign

currency effects ► Higher pricing more than offset slightly lower volumes for the quarter► Operating EBITDA increase primarily the result of improved pricing

and realized acquisition synergies


$53$282

3rd Qtr 2007

$56 up 6% $295 up 5%

3rd Qtr 2008

Operating EBITDANet Salesin millions

27

Third Quarter 2008:► Increase in net sales primarily driven by higher pricing and favorable

currency impacts► Slight volume increase due to favorable comparison to 2007 which

included impacts associated with Clear Lake outage► Demand weakness in certain US and European end-markets

continues, while China volumes continue to increase► Operating EBITDA improvement due to expanded margins


$18$314

3rd Qtr 2007

$36 up 100%$378 up 20%3rd Qtr 2008


28


$178$864

3rd Qtr 2007

$182 up 2%$1,056 up 22%

3rd Qtr 2008


Third Quarter 2008:► Increased net sales driven by higher pricing, increased volumes

and favorable currency impacts► Volume and pricing strength offset by significantly higher input

costs and Hurricane Ike impacts ► Increased dividends from Ibn Sina contributed to improved

Operating EBITDA for the quarter

29

Reg G: Reconciliation of Adjusted EPS

Adjusted Earnings Per Share - Reconciliation of a Non-U.S. GAAP Measure

(in $ millions, except per share data) 2007 2006 2007 2006Earnings from continuing operations before tax and minority interests 313 125 447 526 Non-GAAP Adjustments: Other charges and other adjustments 1 (93) 15 113 92 Refinancing costs - - 254 - Adjusted earnings from continuing operations before tax and minority interests 220 140 814 618 Income tax provision on adjusted earnings 2 (62) (35) (228) (163)Minority interests (1) (1) (1) (4)Adjusted earnings from continuing operations 157 104 585 451Preferred dividends (3) (2) (10) (10)Adjusted net earnings available to common shareholders 154 102 575 441Add back: Preferred dividends 3 2 10 10Adjusted net earnings for adjusted EPS 157 104 585 451

Diluted shares (millions)Weighted average shares outstanding 151.7 158.7 154.5 158.6Assumed conversion of Preferred Shares 12.0 12.0 12.0 12.0 Assumed conversion of Restricted Stock 0.6 - 0.4 - Assumed conversion of stock options 4.3 1.8 4.3 1.2 Total diluted shares 168.6 172.5 171.2 171.8Adjusted EPS 0.93 0.61 3.42 2.621 See Table 7 for details2 The adjusted tax rate for the three and twelve months ended December 31, 2007 is 28% based on the original full year 2007 guidance.

Twelve Months EndedDecember 31,

Three Months EndedDecember 31,

30

Reg G: Reconciliation of Adjusted EPS

Adjusted Earnings (Loss) Per Share - Reconciliation of a Non-U.S. GAAP Measure

(in $ millions, except per share data) 2008 2007 2008 2007Earnings (loss) from continuing operations before tax and minority interests 152 131 617 134 Non-GAAP Adjustments: Other charges and other adjustments 1 20 40 66 175 Refinancing costs - - - 254 Adjusted Earnings (loss) from continuing operations before tax and minority interests 172 171 683 563 Income tax (provision) benefit on adjusted earnings 2 (45) (48) (178) (158) Minority interests - - 1 - Adjusted Earnings (loss) from continuing operations 127 123 506 405 Preferred dividends (3) (2) (8) (7) Adjusted net earnings (loss) available to common shareholders 124 121 498 398 Add back: Preferred dividends 3 2 8 7 Adjusted net earnings (loss) for adjusted EPS 127 123 506 405

Diluted shares (millions)Weighted average shares outstanding 147.1 150.2 150.0 155.4 Assumed conversion of Preferred Shares 12.0 12.0 12.0 12.0 Assumed conversion of Restricted Stock 0.4 0.4 0.6 0.3 Assumed conversion of stock options 3.4 4.8 3.4 4.4 Total diluted shares 162.9 167.4 166.0 172.1 Adjusted EPS 0.78 0.73 3.05 2.35 1 See Table 7 for details2 The adjusted tax rate for the three and nine months ended September 30, 2008 is 26% based on the forecasted adjusted tax rate for 2008.

Nine Months EndedSeptember 30,

Three Months EndedSeptember 30,

31

Other Charges:

(in $ millions) 2007 2006 2007 2006Employee termination benefits 5 1 32 12 Plant/office closures 7 (1) 11 (1)Insurance recoveries associated with plumbing cases (2) (2) (4) (5)Insurance recoveries associated with Clear Lake, Texas (40) - (40) - Resolution of commercial disputes with a vendor (31) - (31) - Deferred compensation triggered by Exit Event - - 74 - Asset impairments - - 9 - Ticona Kelsterbach plant relocation 1 - 5 - Other - - 2 4 Total (60) (2) 58 10

Other Adjustments: 1

(in $ millions) 2007 2006 2007 2006Executive severance & other costs related to Squeeze-Out - 2 - 30 Ethylene pipeline exit costs - - 10 - Business optimization 8 8 18 12 Foreign exchange loss related to refinancing transaction - - 22 - Loss on AT Plastics films sale - - 7 - Discontinued methanol production 2 - 16 31 52 Gain on disposal of investment (Pemeas) - (11) - (11) Gain on Edmonton sale (34) - (34) - Other (7) 2 1 (1) Total (33) 17 55 82

Total other charges and other adjustments (93) 15 113 92 1 These items are included in net earnings but not included in other charges.2 Adjusted earnings per share included earnings from its discontinued methanol production which was included in the company's 2007 guidance.

December 31, December 31,

Three Months Ended Twelve Months Ended

Three Months Ended Twelve Months Ended

December 31, December 31,

Reg G: Other Charges and Other Adjustments

Other Charges and Other Adjustments

32

Reg G: Other Charges and Other Adjustments

Reconciliation of Other Charges and Other AdjustmentsOther Charges:

(in $ millions) 2008 2007 2008 2007Employee termination benefits 8 2 19 27 Plant/office closures - 4 7 4 Insurance recoveries associated with plumbing cases - (2) - (2)Long-term compensation triggered by Exit Event - - - 74 Asset impairments 21 6 21 9 Clear Lake insurance recoveries (23) - (23) - Sorbates settlement (8) - (8) - Ticona Kelsterbach plant relocation 3 1 8 4 Other - 1 - 2 Total 1 12 24 118

Other Adjustments: 1

IncomeStatement

(in $ millions) 2008 2007 2008 2007 ClassificationEthylene pipeline exit costs - - (2) 10 Other income/expense, netBusiness optimization 9 5 27 10 SG&AForeign exchange loss related to refinancing transaction - 13 - 22 Other income/expense, netTicona Kelsterbach plant relocation (2) - (6) - Cost of salesPlant closures 7 - 14 - Cost of salesExecutive severance & other costs related to Squeeze-Out - (1) - - SG&AAT Plastics films sale - 7 - 7 Gain on dispositionOther 5 4 9 8 Various Total 19 28 42 57

Total other charges and other adjustments 20 40 66 175 1 These items are included in net earnings but not included in other charges.

September 30, September 30,

Three Months Ended Nine Months Ended

Three Months Ended Nine Months Ended

September 30, September 30,

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1,

325

1,14

4

1 O

ther

Act

iviti

es p

rimar

ily in

clud

es c

orpo

rate

sel

ling,

gen

eral

and

adm

inis

trativ

e ex

pens

es a

nd th

e re

sults

from

cap

tive

insu

ranc

e co

mpa

nies

.

T

he 2

007

Ope

ratin

g P

rofit

(Los

s) a

nd O

ther

Cha

rges

and

Oth

er A

djus

tmen

ts a

mou

nts

incl

ude

dedu

ctib

le a

ssoc

iate

d w

ith in

sura

nce

reco

very

.2 I

nclu

des

equi

ty e

arni

ngs

from

affi

liate

s, d

ivid

ends

from

cos

t inv

estm

ents

and

oth

er in

com

e/(e

xpen

se).

3 E

xclu

des

adju

stm

ents

to m

inor

ity in

tere

st, n

et in

tere

st, t

axes

, dep

reci

atio

n, a

mor

tizat

ion

and

disc

ontin

ued

oper

atio

ns (S

ee T

able

7).

Thre

e M

onth

s En

ded

Dec

embe

r 31,

Twel

ve M

onth

s En

ded

Dec

embe

r 31,

Reg G: Reconciliation of Operating EBITDA

34

Reg G: Reconciliation of Operating EBITDASe

gmen

t Dat

a an

d R

econ

cilia

tion

of O

pera

ting

Prof

it (L

oss)

to O

pera

ting

EBIT

DA

-

a N

on-U

.S. G

AAP

Mea

sure

(in $

milli

ons)

2008

2007

2008

2007

Net

Sal

es A

dvan

ced

Engi

neer

ed M

ater

ials

272

258

866

777

C

onsu

mer

Spe

cial

ties

295

282

869

832

I

ndus

trial

Spe

cial

ties

378

314

1,12

9

1,

015

Ace

tyl I

nter

med

iate

s1,

056

86

43,

219

2,53

2

O

ther

Act

iviti

es 1

-

1

1

2

Int

erse

gmen

t elim

inat

ions

(178

)

(1

46)

(547

)

(4

74)

Tota

l1,

823

1,

573

5,53

7

4,

684

Ope

ratin

g Pr

ofit

(Los

s) A

dvan

ced

Engi

neer

ed M

ater

ials

13

35

80

103

C

onsu

mer

Spe

cial

ties

42

34

138

13

0

Ind

ustri

al S

peci

altie

s18

(9

)

55

2

Ace

tyl I

nter

med

iate

s10

0

117

42

5

340

O

ther

Act

iviti

es 1

(22)

(3

0)

(106

)

(1

51)

Tota

l15

1

147

59

2

424

Equi

ty E

arni

ngs,

Cos

t - D

ivid

end

Inco

me

and

Oth

er In

com

e (E

xpen

se)

Adv

ance

d En

gine

ered

Mat

eria

ls12

18

32

48

C

onsu

mer

Spe

cial

ties

1

2

49

37

Ind

ustri

al S

peci

altie

s-

-

-

-

A

cety

l Int

erm

edia

tes

33

28

95

51

Oth

er A

ctiv

ities

112

(1

0)

17

(8)

To

tal

58

38

193

12

8

Oth

er C

harg

es a

nd O

ther

Adj

ustm

ents

2

Adv

ance

d En

gine

ered

Mat

eria

ls1

-

3

5

C

onsu

mer

Spe

cial

ties

-

2

1

11

I

ndus

trial

Spe

cial

ties

3

14

11

33

A

cety

l Int

erm

edia

tes

13

2

33

28

O

ther

Act

iviti

es 1

3

22

18

98

To

tal

20

40

66

175

Dep

reci

atio

n an

d Am

ortiz

atio

n Ex

pens

e A

dvan

ced

Engi

neer

ed M

ater

ials

19

17

58

51

Con

sum

er S

peci

altie

s13

15

40

39

I

ndus

trial

Spe

cial

ties

15

13

43

43

Ace

tyl I

nter

med

iate

s36

31

10

2

81

Oth

er A

ctiv

ities

12

1

7

4

To

tal

85

77

250

21

8

Ope

ratin

g EB

ITD

A A

dvan

ced

Engi

neer

ed M

ater

ials

45

70

173

20

7

Con

sum

er S

peci

altie

s56

53

22

8

217

I

ndus

trial

Spe

cial

ties

36

18

109

78

A

cety

l Int

erm

edia

tes

182

17

8

655

50

0

Oth

er A

ctiv

ities

1(5

)

(1

7)

(64)

(5

7)

Tota

l31

4

302

1,

101

945

1 O

ther

Act

iviti

es p

rimar

ily in

clud

es c

orpo

rate

sel

ling,

gen

eral

and

adm

inis

trativ

e ex

pens

es a

nd th

e re

sults

from

cap

tive

insu

ranc

e co

mpa

nies

.2 S

ee R

econ

cilia

tion

of O

ther

Cha

rges

and

Oth

er A

djus

tmen

ts.

Thre

e M

onth

s En

ded

Sept

embe

r 30,

N

ine

Mon

ths

Ende

dSe

ptem

ber 3

0,

35


gmen

t Dat

a and

Rec

oncil

iatio

n of

Ope

ratin

g Pr

ofit

(Los

s) to

Ope

ratin

g EBI

TDA

- a N

on-U

.S. G

AAP

Meas

ure -

Una

udite

d Twelv

e Mon

ths E

nded

Marc

h 31

,Ju

ne 30

,Se

ptem

ber 3

0,De

cem

ber 3

1,De

cem

ber 3

1,(in

$ mi

llions

) 20

0620

0620

0620

0620

06Ne

t Sale

s A

dvan

ced E

ngine

ered

Mate

rials

231

23

0

230

22

4

91

5

Con

sume

r Spe

cialtie

s21

6

223

21

3

224

876

In

dustr

ial S

pecia

lties

311

32

6

335

30

9

1,2

81

Ace

tyl In

terme

diates

809

83

9

872

83

1

3,3

51

Othe

r Acti

vities

15

6

5

6

22

Inter

segm

ent e

limina

tions

(152

)

(167

)

(1

84)

(164

)

(667

)

Tota

l1,4

20

1,457

1,4

71

1,430

5,7

78

Oper

atin

g Pr

ofit

(Los

s) A

dvan

ced E

ngine

ered

Mate

rials

41

38

37

29

145

Con

sume

r Spe

cialtie

s42

47

35

41

16

5

In

dustr

ial S

pecia

lties

15

3

17

9

44

A

cetyl

Inter

media

tes10

3

12

0

12

6

10

7

45

6

O

ther A

ctivit

ies 1

(45)

(56)

(43)

(46)

(190

)

Tota

l15

6

15

2

17

2

14

0

62

0

Equi

ty E

arni

ngs a

nd O

ther

Inco

me/(

Expe

nse)

2

Adv

ance

d Eng

ineer

ed M

ateria

ls14

14

14

13

55

Con

sume

r Spe

cialtie

s-

22

-

2

24

In

dustr

ial S

pecia

lties

-

(1)

-

-

(1

)

A

cetyl

Inter

media

tes7

15

18

23

63

O

ther A

ctivit

ies 1

3

(3)

10

12

22

Tota

l24

47

42

50

16

3

Othe

r Cha

rges

and

Othe

r Adj

ustm

ents

3

Adv

ance

d Eng

ineer

ed M

ateria

ls(2

)

(2)

-

(1

)

(5)

Con

sume

r Spe

cialtie

s-

-

-

-

-

In

dustr

ial S

pecia

lties

1

10

3

2

16

Ace

tyl In

terme

diates

12

14

10

16

52

O

ther A

ctivit

ies 1

13

15

3

(2)

29

Tota

l24

37

16

15

92

Depr

eciat

ion

and

Amor

tizat

ion

Expe

nse

Adv

ance

d Eng

ineer

ed M

ateria

ls16

16

16

17

65

Con

sume

r Spe

cialtie

s11

9

9

10

39

Indu

strial

Spe

cialtie

s14

15

16

14

59

Ace

tyl In

terme

diates

23

32

23

23

101

Othe

r Acti

vities

11

2

2

-

5

To

tal

65

74

66

64

269

Oper

atin

g EB

ITDA

* A

dvan

ced E

ngine

ered

Mate

rials

69

66

67

58

260

Con

sume

r Spe

cialtie

s53

78

44

53

22

8

In

dustr

ial S

pecia

lties

30

27

36

25

118

Ace

tyl In

terme

diates

145

181

177

169

672

Othe

r Acti

vities

1(2

8)

(4

2)

(2

8)

(3

6)

(1

34)

To

tal

269

310

296

269

1,144

*Q

uarte

rly ea

rning

s for

the d

iscon

tinue

d Edm

onton

Meth

anol

14

12

10

16

52

op

erati

ons h

ave b

een i

nclud

ed in

Othe

r Cha

rges

and O

ther A

djustm

ents.

Oxo

Alco

hol D

ivest

iture

**-

-

26

39

65

Tota

l Ope

ratin

g EB

ITDA

- as

repo

rted

269

310

322

308

1,209

**F

or co

mpar

ative

purp

oses

. Th

e Oxo

Alco

hol D

ivesti

ture w

as re

flecte

d as a

disc

ontin

ued o

pera

tion f

or th

e thr

ee m

onths

ende

d Mar

ch 31

, 200

6 and

June

30, 2

006

in co

njunc

tion w

ith re

portin

g the

resu

lts fo

r the

first

and s

econ

d qua

rter o

f 200

7.

1 Oth

er A

ctivit

ies pr

imar

ily in

clude

s cor

pora

te se

lling,

gen

eral

and

admi

nistra

tive e

xpen

ses a

nd th

e re

sults

from

capti

ve in

sura

nce

comp

anies

.2 In

clude

s equ

ity e

arnin

gs fr

om af

filiat

es, d

ivide

nds f

rom

cost

inves

tmen

ts an

d oth

er in

come

/(exp

ense

).3 E

xclud

es a

djustm

ents

to m

inorit

y int

eres

t, ne

t inte

rest,

taxe

s, de

prec

iation

, amo

rtizati

on a

nd d

iscon

tinue

d op

erat

ions.

Thre

e Mon

ths E

nded

36


gmen

t Data

and R

econ

ciliat

ion of

Ope

ratin

g Pro

fit (L

oss)

to O

pera

ting E

BITD

A - a

Non

-U.S

. GAA

P Me

asur

e - U

naud

ited Tw

elve M

onth

s End

edMa

rch 3

1,Ju

ne 30

,Se

ptem

ber 3

0,De

cemb

er 31

,De

cemb

er 31

,(in

$ mi

llions

) 20

0520

0520

0520

0520

05Ne

t Sale

s A

dvan

ced E

ngine

ered

Mate

rials

239

223

21

2

21

3

887

Con

sume

r Spe

cialtie

s21

2

21

9

208

200

83

9

In

dustr

ial S

pecia

lties

206

263

30

5

28

6

1,060

A

cetyl

Inter

media

tes69

0

70

7

731

783

2,9

11

Othe

r Acti

vities

112

8

6

6

32

In

terse

gmen

t elim

inatio

ns(95

)

(99

)

(11

3)

(153)

(46

0)

Total

1,264

1,3

21

1,349

1,3

35

5,269

Oper

ating

Pro

fit (L

oss)

Adv

ance

d Eng

ineer

ed M

ateria

ls39

5

18

(2)

60

Con

sume

r Spe

cialtie

s24

27

21

56

12

8

In

dustr

ial S

pecia

lties

-

5

5

(14)

(4)

A

cetyl

Inter

media

tes14

3

12

1

76

146

486

Othe

r Acti

vities

1(83

)

(33

)

(38

)

(30

)

(18

4)

Total

123

125

82

15

6

48

6

Equit

y Ear

nings

and O

ther

Inco

me/(E

xpen

se) 2

Adv

ance

d Eng

ineer

ed M

ateria

ls12

16

15

11

54

Con

sume

r Spe

cialtie

s-

2

(2)

3

3

In

dustr

ial S

pecia

lties

-

-

-

-

-

Ace

tyl In

terme

diates

12

(10

)

32

35

69

Othe

r Acti

vities

1(8)

18

(2)

5

13

To

tal16

26

43

54

13

9

Othe

r Cha

rges

and O

ther

Adju

stmen

ts 3

Adv

ance

d Eng

ineer

ed M

ateria

ls1

20

4

6

31

C

onsu

mer S

pecia

lties

1

-

10

(24

)

(13

)

In

dustr

ial S

pecia

lties

-

2

8

1

11

A

cetyl

Inter

media

tes19

11

15

(30)

15

O

ther A

ctivit

ies 1

45

(10

)

2

3

40

Total

66

23

39

(44

)

84

Depr

eciat

ion an

d Amo

rtiza

tion E

xpen

se A

dvan

ced E

ngine

ered

Mate

rials

15

14

13

18

60

C

onsu

mer S

pecia

lties

12

12

7

11

42

Indu

strial

Spe

cialtie

s12

11

7

17

47

A

cetyl

Inter

media

tes17

24

35

34

11

0

O

ther A

ctivit

ies 1

2

2

4

1

9

Total

58

63

66

81

268

Oper

ating

EBI

TDA*

Adv

ance

d Eng

ineer

ed M

ateria

ls67

55

50

33

20

5

C

onsu

mer S

pecia

lties

37

41

36

46

160

Indu

strial

Spe

cialtie

s12

18

20

4

54

A

cetyl

Inter

media

tes19

1

14

6

15

8

18

5

68

0

O

ther A

ctivit

ies 1

(44)

(23)

(34)

(21)

(122)

To

tal26

3

23

7

23

0

24

7

97

7

*Q

uarte

rly ea

rning

s for

the d

iscon

tinue

d Edm

onton

Meth

anol

18

10

4

3

35

oper

ation

s hav

e bee

n inc

luded

in O

ther C

harg

es an

d Othe

r Adju

stmen

ts.

Oxo A

lcoho

l Dive

stitu

re22

28

22

9

81

To

tal O

pera

ting E

BITD

A - a

s rep

orted

285

265

252

256

1,058

1 Othe

r Acti

vities

prim

arily

inclu

des c

orpo

rate

sellin

g, ge

nera

l and

admi

nistra

tive e

xpen

ses a

nd th

e res

ults f

rom

capti

ve in

sura

nce c

ompa

nies.

2 Inclu

des e

quity

earn

ings f

rom

affilia

tes, d

ivide

nds f

rom

cost

inves

tmen

ts an

d othe

r inco

me/(e

xpen

se).

3 Exc

ludes

adjus

tmen

ts to

mino

rity in

teres

t, net

inter

est, t

axes

, dep

recia

tion,

amor

tizati

on an

d disc

ontin

ued o

pera

tions

.

Thre

e Mon

ths E

nded

37

Reg G: Reconciliation of Net Debt

Net Debt - Reconciliation of a Non-U.S. GAAP MeasureSeptember 30, December 31,

(in $ millions) 2008 2007Short-term borrowings and current installments of long-term debt - third party and affiliates 302 272Long-term debt 3,318 3,284Total debt 3,620 3,556Less: Cash and cash equivalents 584 825Net Debt 3,036 2,731

celanese 2008_december_roadshow_presentation

Economy & Finance

Transcript of celanese 2008_december_roadshow_presentation