Celanese reports full-year results 2002

14-Feb-2003

Celanese AG reported a significant increase in net earnings to EUR 187 million or EUR 3.72 per share for 2002, compared to a net loss of EUR 385 million or EUR 7.65 per share a year earlier. Earnings before interest, taxes, depreciation and amortization (EBITDA) excluding special charges rose to EUR 440 million from EUR 398 million. The EBITDA margin as a percentage of sales improved to 10.2 % from 8.3 % a year earlier. Sales decreased to EUR 4.3 billion from EUR 4.8 billion as lower pricing and currency effects offset volume increases.1

The increase in net earnings in 2002 was mainly the result of higher volumes, lower raw material and energy costs, cost savings from restructuring and lower special charges.

In the fourth quarter of 2002, EBITDA before special charges rose 60 % to EUR 99 million, compared with the year-earlier period. Net earnings were EUR 90 million after a loss of EUR 419 million in the respective quarter of 2001. These figures reflect improved pricing, lower raw material costs and higher volumes in the Acetyls business as well as higher volumes and lower raw material costs, in Ticona.

Celanese reduced net financial debt by 40 % to EUR 497 million as of December 31, 2002 from EUR 835 million a year earlier. The improvement resulted from a continuing high level of cash-flow from operations, net proceeds from divestitures and favorable currency movements.

Strengthening the core businesses and portfolio optimization

In 2002, Celanese took a major step to enhance the value of its acetyls business through the acquisition of the European emulsions and worldwide emulsion powders businesses of Clariant AG of Switzerland. The acquisition extends Celanese's acetyls value chain into higher value businesses. Consistent with its strategy of optimizing the portfolio Celanese also divested its non-core Trespaphan OPP films business and its U.S. amines business.

In addition the company formed a joint venture with U.S.-based Hatco Corporation. The joint venture, "EsteCH" will manufacture and market neopolyol esters used in high performance synthetic lubricants. Celanese finalized an agreement with Degussa AG to establish a 50/50 joint venture for the European oxo chemicals activities. The agreement is being reviewed by the European authorities and is expected to be approved in 2003.

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