Celanese owns 45% of Polyplastics Co., a leading Asian supplier of engineering polymers. Polyplastics has been operating since 1964 and has production facilities across Asia. It is a major joint venture for Celanese that provides earnings and cash flow from its operations in fast growing Asian markets.
Calgary-based Mainstreet Equity Corp. has reviewed & recorded its 18th consecutive quarter of year-over-year double-digit growth in pre-tax funds from operations and net operating income.
In its second quarter for fiscal year 2015, pre-tax funds from operations were up 39 per cent to $6.9 million and FFO per basic share increased 26 per cent to 66 cents. Net operating income from continuing operations increased 20 per cent to $16.2 million, while growing 13 per cent to $15.2 million on a same asset basis.
Credit Suisse Group reported net income of CHF 959 million for Q4 2004 and CHF 5,628 million for full year 2004. Results were impacted by charges related to contingencies from the sale of Winterthur International, a loss on disposal of a minority holding, and severance costs. Private Banking, Corporate & Retail Banking, and Life & Pensions reported strong results. Institutional Securities saw improved performance driven by higher trading results and lower provisions and taxes. Wealth & Asset Management benefited from private equity gains.
InfraREIT reported its Q3 2015 results, showing strong performance in line with expectations. Key highlights include:
- Cash available for distribution grew 19% in Q3 2015 and 23% year-to-date compared to the prior year periods due to increased lease revenue and adjusted EBITDA.
- Adjusted EBITDA grew 9% in Q3 2015 and 12% year-to-date driven by growth in lease revenue.
- Long-term debt totaled $615 million with $334 million in available liquidity, including $305 million available under revolving credit facilities.
- The company's financing strategy focuses on acquiring regulated transmission and distribution assets, maintaining a strong balance sheet, and growing
1. Masonite reported financial results for fiscal year 2013 with door volumes up 2.3%, net sales up 3.3%, and adjusted EBITDA up 8.8% compared to fiscal year 2012.
2. Wholesale customer unit volume increased double digits in 2013 while retail was down 19% due to the loss of Lowe's as a customer.
3. Consolidated results showed net sales of $1.731 billion and adjusted EBITDA of $105.9 million, with SG&A as a percentage of sales decreasing.
- Principal Financial Group reported strong third quarter 2013 earnings results, with operating earnings per share of $0.90.
- The company uses non-GAAP measures to evaluate performance in addition to GAAP measures, and provides reconciliations between the two.
- Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations.
- Key metrics showed strong investment performance across mutual funds and separate accounts, with over 80% in the top two quartiles over various periods.
This document provides an overview and summary of Principal Financial Group's third quarter 2016 earnings call. It discusses several key themes from the call, including strong investment performance across many of Principal's investment options, record assets under management, and continued growth in earnings and revenues despite accounting for significant variances. Business segments such as Retirement and Income Solutions, Principal Global Investors, and Specialty Benefits saw increases in revenues and earnings on both a reported and adjusted basis. Principal also continued deploying capital through dividends and share repurchases.
The document discusses techniques for analyzing financial statements, including horizontal analysis, vertical analysis, and ratio analysis. It provides examples of applying horizontal analysis to compare line items on Home Depot's balance sheet and income statement from 2006 to 2007. Vertical analysis is also demonstrated by expressing line items as a percentage of total assets or total sales. Key points shown include current assets increasing 33.2% and cost of merchandise sold increasing 16.7% based on the horizontal analysis examples.
Calgary-based Mainstreet Equity Corp. has reviewed & recorded its 18th consecutive quarter of year-over-year double-digit growth in pre-tax funds from operations and net operating income.
In its second quarter for fiscal year 2015, pre-tax funds from operations were up 39 per cent to $6.9 million and FFO per basic share increased 26 per cent to 66 cents. Net operating income from continuing operations increased 20 per cent to $16.2 million, while growing 13 per cent to $15.2 million on a same asset basis.
Credit Suisse Group reported net income of CHF 959 million for Q4 2004 and CHF 5,628 million for full year 2004. Results were impacted by charges related to contingencies from the sale of Winterthur International, a loss on disposal of a minority holding, and severance costs. Private Banking, Corporate & Retail Banking, and Life & Pensions reported strong results. Institutional Securities saw improved performance driven by higher trading results and lower provisions and taxes. Wealth & Asset Management benefited from private equity gains.
InfraREIT reported its Q3 2015 results, showing strong performance in line with expectations. Key highlights include:
- Cash available for distribution grew 19% in Q3 2015 and 23% year-to-date compared to the prior year periods due to increased lease revenue and adjusted EBITDA.
- Adjusted EBITDA grew 9% in Q3 2015 and 12% year-to-date driven by growth in lease revenue.
- Long-term debt totaled $615 million with $334 million in available liquidity, including $305 million available under revolving credit facilities.
- The company's financing strategy focuses on acquiring regulated transmission and distribution assets, maintaining a strong balance sheet, and growing
1. Masonite reported financial results for fiscal year 2013 with door volumes up 2.3%, net sales up 3.3%, and adjusted EBITDA up 8.8% compared to fiscal year 2012.
2. Wholesale customer unit volume increased double digits in 2013 while retail was down 19% due to the loss of Lowe's as a customer.
3. Consolidated results showed net sales of $1.731 billion and adjusted EBITDA of $105.9 million, with SG&A as a percentage of sales decreasing.
- Principal Financial Group reported strong third quarter 2013 earnings results, with operating earnings per share of $0.90.
- The company uses non-GAAP measures to evaluate performance in addition to GAAP measures, and provides reconciliations between the two.
- Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations.
- Key metrics showed strong investment performance across mutual funds and separate accounts, with over 80% in the top two quartiles over various periods.
This document provides an overview and summary of Principal Financial Group's third quarter 2016 earnings call. It discusses several key themes from the call, including strong investment performance across many of Principal's investment options, record assets under management, and continued growth in earnings and revenues despite accounting for significant variances. Business segments such as Retirement and Income Solutions, Principal Global Investors, and Specialty Benefits saw increases in revenues and earnings on both a reported and adjusted basis. Principal also continued deploying capital through dividends and share repurchases.
The document discusses techniques for analyzing financial statements, including horizontal analysis, vertical analysis, and ratio analysis. It provides examples of applying horizontal analysis to compare line items on Home Depot's balance sheet and income statement from 2006 to 2007. Vertical analysis is also demonstrated by expressing line items as a percentage of total assets or total sales. Key points shown include current assets increasing 33.2% and cost of merchandise sold increasing 16.7% based on the horizontal analysis examples.
The document provides an overview of finance for non-financial managers. It discusses why understanding finance is important for career advancement and insight into business. The document outlines key financial statements including the income statement, balance sheet, and cash flow statement and how to analyze them. It also covers financial health checks, reading annual reports, key financial management decisions, and cost accounting tools for decision making such as break even analysis.
Cpi card group presentation june 2016 final webcpi2016ir
The document discusses forward-looking statements and disclaimers, non-GAAP financial measures, and the card payment solutions industry. It provides the following information:
- The document contains forward-looking statements that are based on estimates and assumptions that could cause actual results to differ materially.
- It discusses non-GAAP financial measures like Adjusted EBITDA, Adjusted Net Income, and Adjusted Free Cash Flow that should not be considered alternatives to GAAP measures.
- CPI is a leading provider of card payment solutions in North America with the number one position in several US markets and long-term customer relationships.
- MPG reported fourth quarter 2016 net sales of $647 million, down 12% from fourth quarter 2015, due to planned attrition of non-core wheel bearing business and lower light vehicle production in North America.
- Adjusted EBITDA for the quarter was $107 million, a 13% decrease from the previous year, driven by lower sales volumes partially offset by cost reductions.
- For the full year, MPG achieved $493 million in Adjusted EBITDA on $2.791 billion in net sales, reflecting strong cost control despite market headwinds.
This document contains forward-looking statements, disclaimers, and definitions related to CPI Card Group's financial reporting. It discusses risks and uncertainties inherent in forward-looking statements. It also provides context around non-GAAP financial measures reported by CPI Card Group and reconciliations to GAAP measures. The document establishes CPI Card Group as a North American leader in payment card solutions with leading market positions in key segments and an attractive financial profile supported by recurring revenue, industry trends, and operating leverage.
Credit Corp (CCP) - corporate turnaround road mapGeorge Gabriel
This document summarizes a report by BBY Limited on Credit Corp Group Limited (CCP). BBY maintains an "Under Review" rating on CCP. CCP is in the early stages of a corporate turnaround with material execution risks remaining. Key risks include litigation, financial, and earnings risks. CCP will report FY08 results on August 14th, which may provide updates on turnaround progress and guidance. BBY maps CCP's position against a "Corporate Turnaround Road Map" and finds CCP has only begun the initial steps of stabilizing the business. There is no immediate catalyst for the stock until CCP appoints a new CEO, reduces risks, and improves earnings visibility.
Principal Financial Group is a 136-year-old Fortune 500 company that provides retirement and investment services, asset management, and insurance solutions. It has $516 billion in assets under management from its divisions, which include Retirement and Investor Services, Principal Global Investors, Principal International, and U.S. Insurance Solutions. The company uses non-GAAP measures to evaluate performance alongside GAAP, and provides reconciliations between the two. It operates globally and has over 20 million customers.
Daseke, inc. – consolidating north america’s open deck transportation & l...irdaseke
- Daseke is consolidating the fragmented North American open deck transportation and logistics market through acquisitions.
- Daseke has achieved 48% Adjusted EBITDA compound annual growth rate from 2009 to pro forma 2016 through its acquisition strategy.
- Two acquisitions completed shortly after going public added 14% to Daseke's 2016 pro forma Adjusted EBITDA and positions the company to achieve its 2019 Adjusted EBITDA target of $200 million.
Third quarter 2016 earnings presentation by MPG:
- Net sales of $676 million were down 9% from Q3 2015 due to macroeconomic headwinds and planned attrition of non-core businesses. Adjusted EBITDA was $114 million.
- Year-to-date net sales were $2.14 billion, down 7% from 2015, and adjusted EBITDA was $386 million. Results were impacted by foreign exchange rates, metals prices and volume declines in commercial and industrial markets.
- The company is tracking to the lower end of its full-year guidance and expects continued strong margins and cash flow despite market challenges.
Daseke is looking to consolidate the highly fragmented North American flatbed and specialized trucking market through strategic acquisitions. It has acquired 13 companies since 2008 and achieved 41% annual adjusted EBITDA growth. With a large fleet and focus on asset-right operations, Daseke is well-positioned to benefit from improving industrial freight fundamentals and further consolidate the industry through its acquisition pipeline. Management aims to achieve $140 million in adjusted EBITDA for 2017 through organic growth and recent acquisitions.
InfraREIT reported its Q1 2016 results, which showed strong performance in line with expectations. Key highlights included a 5% increase in cash available for distribution to $19.3 million and an 11% rise in adjusted EBITDA to $38.1 million. The company also reaffirmed its 2016 guidance metrics and estimates $640-740 million in footprint capital expenditures over 2016-2018. Major ongoing Hunt transmission projects include the Southline Transmission project in Arizona and New Mexico.
MPG provides a presentation on its financial results and business prospects. It discusses forward-looking statements and risks that could impact financial estimates. It also defines several non-GAAP financial measures it uses to evaluate performance, such as Combined Net Sales, Adjusted EBITDA, Adjusted Free Cash Flow, and Adjusted EPS. MPG describes its business as a powerful cash flow engine with strong margins and market positions in powertrain applications. It sees opportunities for long-term growth through its leadership in advanced metal processes.
The document summarizes Principal Financial Group's fourth quarter 2013 earnings call. It provides non-GAAP financial measures to help investors evaluate performance. All business segments saw increased revenue and earnings compared to fourth quarter 2012. Principal Global Investors saw strong performance fees while Principal International had favorable returns, offset by tax law changes. The company deployed over $480 million in 2013 through dividends, share repurchases, and acquisitions and expects $500-700 million in deployment in 2014.
InfraREIT provided a corporate update and summarized its Q4 2015 and full year 2015 performance. Key points include:
- Q4 2015 and full year 2015 financial results were in line with expectations and showed growth over the prior year.
- InfraREIT is updating its estimates for footprint capital expenditures from 2016-2018 to be in the range of $640-740 million.
- InfraREIT initiated 2016 guidance for CAD per share, non-GAAP EPS, and dividends per share.
- Two ROFO projects under construction by Hunt were discussed, with potential future acquisition by InfraREIT.
The document discusses financial statement analysis and key financial ratios. It provides an overview of the purpose of financial statement analysis, the major components of financial statements, and frameworks for analyzing a firm's financial needs, condition, profitability, and risk. It then defines and provides examples of calculating various ratios to evaluate a company's liquidity, financial leverage, coverage, activity, and profitability. These ratios are used to analyze trends over time and compare a company's performance to industry averages.
This document provides a summary of Principal Financial Group's second quarter 2013 earnings call. It discusses the use of non-GAAP financial measures to evaluate performance alongside GAAP measures. The company uses non-GAAP measures to illustrate normal ongoing operations, but also provides reconciliations to GAAP measures. It notes strong investment performance across many of its mutual funds and separate accounts. The document also summarizes key points regarding the company's accumulation and guaranteed retirement businesses, noting growth in net revenue and operating earnings for both segments compared to the prior year.
MPG provides a presentation on its financial results and business prospects. It discusses forward-looking statements and risks that could impact financial estimates. It also defines several non-GAAP financial measures it uses to evaluate performance, such as Combined Net Sales, Adjusted EBITDA, Adjusted Free Cash Flow, and Adjusted EPS. MPG describes its business as a powerful cash flow engine with strong margins and market positions in powertrain applications. It sees opportunities for long-term growth through its leadership in advanced metal processes.
- Aimia changed its organizational structure from a regional to line of business structure effective January 1, 2016 to focus on its core loyalty businesses. The new structure has 3 operating segments: Americas Coalitions, International Coalitions, and Global Loyalty Solutions.
- In 2015, Aimia's gross billings were $2.5 billion, with 61% from Americas Coalitions, 29% from International Coalitions, and 10% from Global Loyalty Solutions. Adjusted EBITDA was $263 million.
- The new structure aims to simplify Aimia's operations, focus the company on data-driven marketing and loyalty analytics for growth, and provide supplemental financial information on the segments.
- MPG reported financial results for the second quarter of 2016 with net sales of $728 million, down from $800 million in the second quarter of 2015 due to macroeconomic headwinds including foreign currency exchange rates and lower metals prices. Adjusted EBITDA was $135 million.
- For the full year 2016, MPG expects net sales between $3.1-3.2 billion, down from previous guidance due to continued macroeconomic pressures. However, the company is on pace to achieve its goal of $1.8 billion in new business awards by the end of 2016 which will drive future growth.
- MPG continues to focus on growing its powertrain business and investing in new technologies to
The document summarizes the principal terms of a Series A Preferred Stock financing for Mobile Mountain, Inc. Key terms include Mobile Capital Partners investing up to $500,000 with a goal of raising $1.5 million total. The pre-money valuation is $1.5 million and the stock is priced at $X per share. The financing includes standard rights for investors such as liquidation preferences, anti-dilution protections, and registration rights. The document also outlines the capitalization structure, board composition, and other investment details.
We are happy to share a template of the term sheet for pre-seed and seed financing that Openfund will be offering to entrepreneurs. This template shall not be treated as cast in stone, but rather as indicative of what founders shall generally expect from an Openfund offer, while each deal remains different.
This document summarizes a legal contract between PT Fesma, an Indonesian company, and Selma Malaysia LTD, a Malaysian company, to establish a joint venture corporation. The key points are:
1) PT Fesma and Selma Malaysia LTD will establish a new limited liability company called PT Selma Fesma to produce and market women's clothing.
2) The joint venture agreement outlines the obligations and roles of each party, defines important terms, and establishes the new company under Indonesian law.
3) PT Fesma and Selma Malaysia LTD will each contribute Rp500 billion to the new company's total registered capital of Rp1 trillion.
New Ventures BC Dialling for Dollars 20080528David Shore
The document provides information about Lions Capital Corp., a venture capital firm that manages $85 million investing in emerging life science and technology companies in British Columbia. It discusses Lions Capital's funds, portfolio companies, management team, and investment strategies. The document also covers key aspects of the startup financing process, including identifying investors, pitching to investors, conducting due diligence, negotiating terms, and closing investment deals.
The document provides an overview of finance for non-financial managers. It discusses why understanding finance is important for career advancement and insight into business. The document outlines key financial statements including the income statement, balance sheet, and cash flow statement and how to analyze them. It also covers financial health checks, reading annual reports, key financial management decisions, and cost accounting tools for decision making such as break even analysis.
Cpi card group presentation june 2016 final webcpi2016ir
The document discusses forward-looking statements and disclaimers, non-GAAP financial measures, and the card payment solutions industry. It provides the following information:
- The document contains forward-looking statements that are based on estimates and assumptions that could cause actual results to differ materially.
- It discusses non-GAAP financial measures like Adjusted EBITDA, Adjusted Net Income, and Adjusted Free Cash Flow that should not be considered alternatives to GAAP measures.
- CPI is a leading provider of card payment solutions in North America with the number one position in several US markets and long-term customer relationships.
- MPG reported fourth quarter 2016 net sales of $647 million, down 12% from fourth quarter 2015, due to planned attrition of non-core wheel bearing business and lower light vehicle production in North America.
- Adjusted EBITDA for the quarter was $107 million, a 13% decrease from the previous year, driven by lower sales volumes partially offset by cost reductions.
- For the full year, MPG achieved $493 million in Adjusted EBITDA on $2.791 billion in net sales, reflecting strong cost control despite market headwinds.
This document contains forward-looking statements, disclaimers, and definitions related to CPI Card Group's financial reporting. It discusses risks and uncertainties inherent in forward-looking statements. It also provides context around non-GAAP financial measures reported by CPI Card Group and reconciliations to GAAP measures. The document establishes CPI Card Group as a North American leader in payment card solutions with leading market positions in key segments and an attractive financial profile supported by recurring revenue, industry trends, and operating leverage.
Credit Corp (CCP) - corporate turnaround road mapGeorge Gabriel
This document summarizes a report by BBY Limited on Credit Corp Group Limited (CCP). BBY maintains an "Under Review" rating on CCP. CCP is in the early stages of a corporate turnaround with material execution risks remaining. Key risks include litigation, financial, and earnings risks. CCP will report FY08 results on August 14th, which may provide updates on turnaround progress and guidance. BBY maps CCP's position against a "Corporate Turnaround Road Map" and finds CCP has only begun the initial steps of stabilizing the business. There is no immediate catalyst for the stock until CCP appoints a new CEO, reduces risks, and improves earnings visibility.
Principal Financial Group is a 136-year-old Fortune 500 company that provides retirement and investment services, asset management, and insurance solutions. It has $516 billion in assets under management from its divisions, which include Retirement and Investor Services, Principal Global Investors, Principal International, and U.S. Insurance Solutions. The company uses non-GAAP measures to evaluate performance alongside GAAP, and provides reconciliations between the two. It operates globally and has over 20 million customers.
Daseke, inc. – consolidating north america’s open deck transportation & l...irdaseke
- Daseke is consolidating the fragmented North American open deck transportation and logistics market through acquisitions.
- Daseke has achieved 48% Adjusted EBITDA compound annual growth rate from 2009 to pro forma 2016 through its acquisition strategy.
- Two acquisitions completed shortly after going public added 14% to Daseke's 2016 pro forma Adjusted EBITDA and positions the company to achieve its 2019 Adjusted EBITDA target of $200 million.
Third quarter 2016 earnings presentation by MPG:
- Net sales of $676 million were down 9% from Q3 2015 due to macroeconomic headwinds and planned attrition of non-core businesses. Adjusted EBITDA was $114 million.
- Year-to-date net sales were $2.14 billion, down 7% from 2015, and adjusted EBITDA was $386 million. Results were impacted by foreign exchange rates, metals prices and volume declines in commercial and industrial markets.
- The company is tracking to the lower end of its full-year guidance and expects continued strong margins and cash flow despite market challenges.
Daseke is looking to consolidate the highly fragmented North American flatbed and specialized trucking market through strategic acquisitions. It has acquired 13 companies since 2008 and achieved 41% annual adjusted EBITDA growth. With a large fleet and focus on asset-right operations, Daseke is well-positioned to benefit from improving industrial freight fundamentals and further consolidate the industry through its acquisition pipeline. Management aims to achieve $140 million in adjusted EBITDA for 2017 through organic growth and recent acquisitions.
InfraREIT reported its Q1 2016 results, which showed strong performance in line with expectations. Key highlights included a 5% increase in cash available for distribution to $19.3 million and an 11% rise in adjusted EBITDA to $38.1 million. The company also reaffirmed its 2016 guidance metrics and estimates $640-740 million in footprint capital expenditures over 2016-2018. Major ongoing Hunt transmission projects include the Southline Transmission project in Arizona and New Mexico.
MPG provides a presentation on its financial results and business prospects. It discusses forward-looking statements and risks that could impact financial estimates. It also defines several non-GAAP financial measures it uses to evaluate performance, such as Combined Net Sales, Adjusted EBITDA, Adjusted Free Cash Flow, and Adjusted EPS. MPG describes its business as a powerful cash flow engine with strong margins and market positions in powertrain applications. It sees opportunities for long-term growth through its leadership in advanced metal processes.
The document summarizes Principal Financial Group's fourth quarter 2013 earnings call. It provides non-GAAP financial measures to help investors evaluate performance. All business segments saw increased revenue and earnings compared to fourth quarter 2012. Principal Global Investors saw strong performance fees while Principal International had favorable returns, offset by tax law changes. The company deployed over $480 million in 2013 through dividends, share repurchases, and acquisitions and expects $500-700 million in deployment in 2014.
InfraREIT provided a corporate update and summarized its Q4 2015 and full year 2015 performance. Key points include:
- Q4 2015 and full year 2015 financial results were in line with expectations and showed growth over the prior year.
- InfraREIT is updating its estimates for footprint capital expenditures from 2016-2018 to be in the range of $640-740 million.
- InfraREIT initiated 2016 guidance for CAD per share, non-GAAP EPS, and dividends per share.
- Two ROFO projects under construction by Hunt were discussed, with potential future acquisition by InfraREIT.
The document discusses financial statement analysis and key financial ratios. It provides an overview of the purpose of financial statement analysis, the major components of financial statements, and frameworks for analyzing a firm's financial needs, condition, profitability, and risk. It then defines and provides examples of calculating various ratios to evaluate a company's liquidity, financial leverage, coverage, activity, and profitability. These ratios are used to analyze trends over time and compare a company's performance to industry averages.
This document provides a summary of Principal Financial Group's second quarter 2013 earnings call. It discusses the use of non-GAAP financial measures to evaluate performance alongside GAAP measures. The company uses non-GAAP measures to illustrate normal ongoing operations, but also provides reconciliations to GAAP measures. It notes strong investment performance across many of its mutual funds and separate accounts. The document also summarizes key points regarding the company's accumulation and guaranteed retirement businesses, noting growth in net revenue and operating earnings for both segments compared to the prior year.
MPG provides a presentation on its financial results and business prospects. It discusses forward-looking statements and risks that could impact financial estimates. It also defines several non-GAAP financial measures it uses to evaluate performance, such as Combined Net Sales, Adjusted EBITDA, Adjusted Free Cash Flow, and Adjusted EPS. MPG describes its business as a powerful cash flow engine with strong margins and market positions in powertrain applications. It sees opportunities for long-term growth through its leadership in advanced metal processes.
- Aimia changed its organizational structure from a regional to line of business structure effective January 1, 2016 to focus on its core loyalty businesses. The new structure has 3 operating segments: Americas Coalitions, International Coalitions, and Global Loyalty Solutions.
- In 2015, Aimia's gross billings were $2.5 billion, with 61% from Americas Coalitions, 29% from International Coalitions, and 10% from Global Loyalty Solutions. Adjusted EBITDA was $263 million.
- The new structure aims to simplify Aimia's operations, focus the company on data-driven marketing and loyalty analytics for growth, and provide supplemental financial information on the segments.
- MPG reported financial results for the second quarter of 2016 with net sales of $728 million, down from $800 million in the second quarter of 2015 due to macroeconomic headwinds including foreign currency exchange rates and lower metals prices. Adjusted EBITDA was $135 million.
- For the full year 2016, MPG expects net sales between $3.1-3.2 billion, down from previous guidance due to continued macroeconomic pressures. However, the company is on pace to achieve its goal of $1.8 billion in new business awards by the end of 2016 which will drive future growth.
- MPG continues to focus on growing its powertrain business and investing in new technologies to
The document summarizes the principal terms of a Series A Preferred Stock financing for Mobile Mountain, Inc. Key terms include Mobile Capital Partners investing up to $500,000 with a goal of raising $1.5 million total. The pre-money valuation is $1.5 million and the stock is priced at $X per share. The financing includes standard rights for investors such as liquidation preferences, anti-dilution protections, and registration rights. The document also outlines the capitalization structure, board composition, and other investment details.
We are happy to share a template of the term sheet for pre-seed and seed financing that Openfund will be offering to entrepreneurs. This template shall not be treated as cast in stone, but rather as indicative of what founders shall generally expect from an Openfund offer, while each deal remains different.
This document summarizes a legal contract between PT Fesma, an Indonesian company, and Selma Malaysia LTD, a Malaysian company, to establish a joint venture corporation. The key points are:
1) PT Fesma and Selma Malaysia LTD will establish a new limited liability company called PT Selma Fesma to produce and market women's clothing.
2) The joint venture agreement outlines the obligations and roles of each party, defines important terms, and establishes the new company under Indonesian law.
3) PT Fesma and Selma Malaysia LTD will each contribute Rp500 billion to the new company's total registered capital of Rp1 trillion.
New Ventures BC Dialling for Dollars 20080528David Shore
The document provides information about Lions Capital Corp., a venture capital firm that manages $85 million investing in emerging life science and technology companies in British Columbia. It discusses Lions Capital's funds, portfolio companies, management team, and investment strategies. The document also covers key aspects of the startup financing process, including identifying investors, pitching to investors, conducting due diligence, negotiating terms, and closing investment deals.
MODEL JOINT VENTURE AGREEMENT CHECKLISTmanuelaganza
This document provides a checklist for planning and drafting a joint venture agreement. It outlines key areas to consider such as the scope and purpose of the joint venture, the appropriate legal structure, regulatory issues, tax implications, existing contractual obligations, and confidentiality requirements. Planning elements like conducting due diligence, agreeing on an initial business plan, and obtaining necessary approvals are also recommended to ensure a well-structured joint venture agreement.
Long term investment strategy (not named yet)Tanesh Gagnani
This strategy was designed in Oct 2010 and the report below was created
in 31st Oct 2010. Now (17th May 2012) results are compared with Sensex
and this strategy to invest is proving to be really successful for long
term investing with 40.5% excess returns than Sensex for the same
period. To see return calculation go to the last page.
Strategies for Foundations: When, Why and How to Use Venture PhilanthropyAshley Metz
This paper investigates the venture philanthropy strategies of foundations. We identified six strategies of foundations engaging in venture philanthropy and explain them through case studies of four foundations based in four European countries. We find that there is a spectrum of engagement models for foundations and that even the same foundation may employ various strategies to fit their individual needs and goals. To most foundations, VP serves as a complement to existing practices and only in one case as an alternative.
Ernst & Young Asia-Pacific - Private Equity-Outlook-2014CAR FOR YOU
The document provides an overview and outlook of the Asia-Pacific private equity market in 2014 based on a survey of industry participants. Some key points:
1) Making acquisitions and fundraising will be top priorities for private equity firms in 2014 as they seek to add assets and capitalize on opportunities in the region.
2) Overvalued targets and regulatory issues are seen as the biggest challenges, replacing corporate competition which had been the top challenge in previous years.
3) The consumer sector is expected to surpass energy/mining/utilities as the preferred industry focus, reflecting the growing Asian middle class. Trade sales to corporate buyers will be a preferred exit route due to continued lack of IPO opportunities.
Speaker: Tony Redpath
Part of the CIBC Presents Entrepreneurship 101 series. More information including webcast can be found here: http://www.marsdd.com/Events/Event-Calendar/Ent101/2008/termsheets-20080312.html
This document provides an overview of accounting standards LKAS 01, 02, 16, 37, and 38 and their application to Dialog Axiata PLC's financial statements. It summarizes Dialog Axiata's business, vision, mission and financial performance for 2020-2021. Key points include a decrease in profit from 2020 to 2021 due to higher expenses. Total assets increased in 2021 due to rises in inventories, receivables, property and cash. Equity increased slightly from 2020 to 2021 because of a smaller dividend payment leading to higher reserves. Net cash flows also increased over this period. The document was prepared by accounting students at Rajarata University of Sri Lanka.
Managing A Firm Based On Past Oriented Financial StatementsBeth Hernandez
The document discusses the importance of forward-looking information for investors when evaluating a firm's future prospects. While past-oriented financial statements provide important information, they face limitations in predicting a firm's future. International standards like IFRS and the Transparency Directive aimed to improve reporting quality and encourage more forward-looking disclosure alongside traditional backward-looking, numerical information. However, information asymmetry between investors and management still poses challenges for forecasting.
- This document contains Quintiles' earnings presentation for the fourth quarter of 2014.
- Key highlights include 22.2% net new business growth, 9.3% constant currency service revenue growth, and 29.1% diluted adjusted earnings per share growth for Q4.
- For the full year 2014, Quintiles saw 10.1% constant currency service revenue growth, 31.1% diluted adjusted EPS growth, and $11.24 billion in diversified backlog.
On Thursday February 3ʳᵈ 2022 at 07:00 GMT (08:00 CET and 02:00 EST) Shell plc will release its fourth quarter results and fourth quarter interim dividend announcement for 2021.
- ClubCorp delivered strong Q3 2015 results, with revenue up 25% year-over-year to $255 million and adjusted EBITDA up 21% to $55 million.
- The company executed on its three-pronged growth strategy of organic growth, reinvention of existing clubs, and acquisitions. In Q3, it added elements to 19 clubs and had another 13 under construction. It also acquired 8 new clubs.
- For full-year 2015, ClubCorp tightened its adjusted EBITDA guidance to a range of $232-236 million, representing 18-20% growth over 2014, due to strong year-to-date performance and accelerated reinvention plans for acquired clubs.
Masonite presented its 2015 Fourth Quarter Earnings. Key highlights included:
- Housing starts in the US grew 10.8% in 2015 while single family starts rose 10.4%, however single family declines in Canada offset some gains.
- Masonite's financial results improved due to strategy execution, with gross profit growth of 32% and adjusted EBITDA growth of 49% in 2015.
- Initiatives focused on expanding product offerings and consideration, including most new products introduced in nine years and transitioning to Masonite branded doors at Lowe's.
This document contains forward-looking statements, disclaimers, and definitions related to CPI Card Group's financial reporting. It discusses risks and uncertainties inherent in forward-looking statements. It also provides context around non-GAAP financial measures reported by CPI Card Group and reconciliations to GAAP measures. The document establishes CPI Card Group as a North American leader in payment card solutions with leading market positions and addresses a large growing market driven by long-term trends in the payments industry.
Owens Corning presented at various investor events in Q3 2017 to discuss their focus on shareholder value. The presentation discusses Owens Corning's three business segments and provides an overview of financial results including adjusted EBIT, margins, free cash flow, and return on capital. It highlights the company's track record of financial improvement and compelling investment thesis including leadership positions in attractive industries and a disciplined capital allocation strategy.
2017 annual shareholders meeting presentation final 2-20-17Hillenbrand_IR
The document provides an overview of Hillenbrand's annual shareholders meeting and strategic vision. Some key points:
1) Hillenbrand aims to become a world-class global diversified industrial company through acquisitions and organic growth in core and adjacent markets.
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1) Oshkosh reported record second quarter fiscal year 2006 results with sales up 25.6% and operating income up 27.3% driven by strong performance in the defense segment.
2) The defense segment results nearly doubled compared to the previous year due to growth in remanufactured and new truck sales, however challenges remain in locating used vehicle carcasses for remanufacturing.
3) The fire and emergency segment saw a temporary dip in earnings as anticipated due to heavily weighted airport product sales in the second half of the year and two component issues that delayed revenue recognition.
Robert G. Bohn, Chairman, President and CEO of Oshkosh Truck Corporation, discussed the company's strong third quarter fiscal year 2006 results and provided an outlook for fiscal years 2006 and 2007. Some highlights included record sales and operating income for Q3 2006. The company also announced two acquisitions, AK Specialty Vehicles and Iowa Mold Tooling, expected to be accretive to earnings in fiscal 2007. For fiscal 2006, Oshkosh estimates sales growth of 14.9-16.6% and EPS growth of 24-26%. Fiscal 2007 estimates include sales of $3.65-$3.75 billion and EPS of $3.05-$3.15.
Oshkosh Truck Corporation presented an investor presentation on its proposed acquisition of JLG Industries, Inc. The presentation discussed Oshkosh's track record of successful acquisitions and shareholder value creation. It also outlined the objectives of acquiring JLG to support growth above 15%, diversify into the fast-growing aerial work platform market, and execute its long-term acquisition strategy. Finally, the presentation provided an overview of Oshkosh Truck Corporation and its proven strategy of new product leadership, operational excellence, and strategic acquisitions that have fueled strong sales and earnings growth.
Robert Bohn, Chairman of Oshkosh Truck Corporation, discussed the company's strong fiscal 2006 financial results and outlook for fiscal 2007. Key points include:
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Robert Bohn and David Sagehorn of Oshkosh Corporation gave a presentation at the Goldman Sachs Conference in November 2008. They discussed Oshkosh's strong financial position and actions taken to reduce costs and debt. While market conditions were volatile due to the economic downturn, Oshkosh was well positioned with backlogs in defense, fire, and refuse collection vehicles. The presentation outlined Oshkosh's segments and strategies to manage through the difficult economy.
1) The document is from a presentation given by Oshkosh executives Charles Szews and David Sagehorn at the R.W. Baird Industrial Conference on November 12, 2008.
2) Oshkosh reported sales increased 13.2% to $7.1 billion in fiscal 2008, with international sales reaching $2.1 billion. However, operating income decreased 1.5% and EPS decreased 5.9% due to non-cash impairment charges.
3) Oshkosh recently secured multiple defense contracts and sees opportunities in the domestic refuse collection vehicle market, but the current market volatility and credit crisis make fiscal 2009 projections difficult given exposure to construction and municipal spending.
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Oshkosh Corporation held an earnings conference call to discuss its first quarter fiscal year 2008 results. Sales increased 49% to $1.5 billion due to strong growth in access equipment and defense, while earnings per share declined 9.1% to $0.50. For fiscal year 2008, the company estimates revenue of $7.1-7.3 billion, operating income of $675-700 million, and earnings per share of $4.15-4.35. Challenging economic conditions are impacting commercial and fire & emergency segments, but global initiatives and cost reductions will support the full-year outlook.
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In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
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Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
2. TAB L E O F CO N T EN T S 2
Table of Contents
Disclaimers ......................................................................................................... 3
Overview and Value Proposition ....................................................................... 5
Affiliate Overview ............................................................................................ 10
Key Financial Data ........................................................................................... 18
Accounting for Equity and Cost Investments ................................................. 22
3. D IS CL AI M ER S 3
Disclaimers
Celanese Corporation (the “Company”) is providing the financial information contained herein
for informational purposes only. Certain financial information appearing in this White Paper
has not been audited and is identified as such. Such unaudited financial information is based on
internal financial data furnished to management and should not be taken as representative of
the Company’s future consolidated results of operations or financial position. Such unaudited
financial information should be considered in combination with our audited financial state-
ments. While the Company believes that the financial information disclosed herein is accurate
as of the dates presented, the Company in no way guarantees that such information is complete
or accurate, does not assume any obligation to update or correct such information and explicitly
disclaims any duty to do so.
Forward-Looking Statements
This White Paper 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 White Paper, the words “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 White Paper. 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 Annual Report on Form 10K. 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 statement 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.
Successor
Represents our audited consolidated financial position as of December 31, 2005 and 2004 and its
audited consolidated results of operations and cash flows for the year ended December 31, 2005
and the nine months ended December 31, 2004. These consolidated financial statements reflect
the application of purchase accounting, described below, relating to the original acquisition of
Celanese AG (“CAG”) and purchase price accounting adjustments relating to the acquisitions of
Vinamul, Acetex and additional CAG shares acquired during the year ended December 31, 2005.
4. D IS CL AI M ER S 4
Predecessor
Represents CAG’s audited consolidated results of operations and cash flows for the year ended
December 31, 2003, its audited interim consolidated results of operations and cash flows for the
three months ended March 31, 2004, and its unaudited interim consolidated results of operations
and cash flows for the three months ended March 31, 2003 and the nine months ended Decem-
ber 31, 2003. These consolidated financial statements relate to periods prior to the acquisition
of CAG and present CAG’s historical basis of accounting without the application of purchase
accounting.
The results of the Successor are not comparable to the results of the Predecessor due to the
difference in the basis of presentation of purchase accounting as compared to historical cost.
Furthermore, the Successor and the Predecessor have different accounting policies with respect
to certain matters.
Combined
Combined results represent a combination of the Predecessor for the three months ended March
31, 2004 and the Successor for the nine months ended December 31, 2004. The combined presen-
tation is not in accordance with U.S. GAAP and is presented for the convenience of the reader.
6. OV ER V I E W A N D VALU E PR O P OSI T I O N 6
Overview and Value Proposition
Equity and cost investments have played an integral role in Celanese’s strategy for growth and
expansion of its global reach. These investments have not only provided the company’s core busi-
nesses with a large presence in Asia and the Middle East, but have also contributed significantly
to earnings and cash flow. Many of these investments are long-standing ventures, one of which
dates back as far as the 1960s. The ventures have sizeable operations and are major players in
their markets.
In 2005, the ventures paid a total of $154 million in cash dividends, adding $150 million in earn-
ings to the company. Total sales for the equity investments in 2005 increased 6% to $3 billion,
of which about $1.3 billion was Celanese’s pro rata share based on ownership percentage. Net
earnings for equity investments increased 14% to a total of $138 million, of which Celanese’s pro
rata share was $61 million. Cash dividends from cost investments totaled $89 million in 2005, an
increase of 141% versus 2004.
Equity and cost investments create value for the company in four unique ways:
≥ They have a history of strong, sustainable financial performance
≥ They are in the growth geographies of the world
≥ They have a proven track record of delivering growth
≥ They create the knowledge and capability to allow for future direct investments.
Strong Operating Performance
Strong operating performance, prudent capital investment programs and strict cash management
and debt policies all contribute to the Celanese equity and cost investments’ formula for value
creation.
The $154 million in cash dividends received by Celanese in 2005 do not include the dividends
of the Acetate business segment’s cost investments in China. During 2005, the dividends paid
by these China ventures were reinvested to double production capacity in China. With the
expansion of tow production already complete, dividend payments will resume in 2006 and are
expected to be between $15 and $20 million for the year. By 2007, after these expansions are
completed, dividend payments are expected to increase at a level of approximately $30 million
per year.
Significant Contribution to Income and Cash Flow
Cash Flow
Income Statement
in US $ million
in US $ million
p Other Distributions - Equity Investments
p Equity Earnings
p Dividends - Cost Investments
p Dividends - Cost Investments
p Dividends - Equity Investments
7. OV ER V I E W A N D VALU E PR O P OSI T I O N 7
Correct Geography
The majority of Celanese’s equity and cost investments are located in Asia – perhaps the region
of the world with the greatest growth position today. With its local partners, Celanese has estab-
lished long-standing relationships in the fastest growing regions of the world. Knowledge of the
market and access to key customers are just two of the advantages a strong, local partner brings
to the ventures – minimizing the risks associated with global expansion.
Investments Expand our Global Presence
Korea Engineering
Plastics
Seoul, Korea
European Oxo JV
Oberhausen,
Germany Polyplastics
Tokyo, Japan (HQ)
Fuji City, Japan
Nantong Cellulose Fibers Co.
Polyplastics JV
Nantong, China
(WinTech Polymer)
Matsuyama, Japan
Fortron Industries
National Methanol Co.
Wilmington, N.C.
Al Jubail, Saudi Arabia
Polyplastics JV
(PTM Eng. Plastics)
Nantong, China
Zhuhai Fibers Co.
Zhuhai, China
Polyplastics JV
(Taiwan)
Kunming Fibers Co.
Kaohsiung, Taiwan
Kunming, China
Polyplastics
Kuantan, Malaysia
Ticona
Chemical Products
Acetate
Track Record of Growth
Collectively, the Celanese equity investments have grown revenues by 6% CAGR net of foreign
exchange. Buoyed by strong local economies and deep customer relationships, the ventures con-
tinue to grow at rates exceeding local GDP. Polyplastics, Celanese’s venture with Daicel, started
out in the 1960s as a Japanese based company and has since expanded its operations throughout
Asia over the years to include Taiwan, Malaysia and now China. Celanese has dedicated resources
in place to provide ongoing technological, operational, and commercial support.
Celanese Equity Investments*
Sales growth 2000-2005 (% change vs. 2000)
*includes European Oxo as of Q4, 2003
8. OV ER V I E W A N D VALU E PR O P OSI T I O N 8
Celanese’s investments can be grouped in two basic categories: Operational and Other.
Our Operational investments include:
Polyplastics
≥
Korea Engineering Plastics
≥
≥ Fortron Industries
≥ China Acetate Ventures
≥ European Oxo
≥ National Methanol.
In the Other category, Celanese has investments in various InfraServ companies in Germany.
Hoechst AG, as part of the Hoechst AG breakup, created several site support service companies
(InfraServs) in the late 1990’s in order to manage the production site services for the various
tenants. As part of the spin-off in 1999, Celanese obtained a share in these companies at its
operational sites.
Major Joint Ventures
Operational Location Ownership Accounting Partner(s) Description
Investments Method
5 Chemical Products
National Methanol Saudi Arabia 25 % Cost SABIC/CTE Methanol production
Company - (Ibn Sina) Petrochemicals
European Oxo GmbH Germany 50 % Equity Degussa AG European propylene based
oxo chemicals business
5 Technical Polymers Ticona
Korea Engineering Korea 50 % Equity Mitsubishi Gas POM
Plastics Co., Ltd. (KEP) Chemical Co., Inc.
Polyplastics Co., Ltd. Japan 45 % Equity Daicel Chemical POM
Industries Ltd.
Kureha Chemical
Fortron Industries U.S. 50 % Equity PPS
Industries
5 Acetate Products
Kunming Cellulose China 30 % Cost China National Acetate tow production
Fibers Co. Ltd. Tobacco Corp.
Nantong Cellulose China 31 % Cost China National Acetate tow and flake
Fibers Co. Ltd. Tobacco Corp. production
Zhuhai Cellulose China 30 % Cost China National Acetate tow production
Fibers Co. Ltd. Tobacco Corp.
Other Investments
InfraServ Hoechst Germany 31 % Equity Clariant, Aventis Site services
GmbH
InfraServ Gendorf Germany 39 % Equity Clariant, Aventis Site services
GmbH
InfraServ Knapsack Germany 28 % Equity Clariant, Aventis Site services
GmbH
InfraServ Wiesbaden GmbH Germany 8% Cost Clariant, Aventis Site services
9. OV ER V I E W A N D VALU E PR O P OSI T I O N 9
Operating EBITDA
Operating EBITDA, a non-GAAP performance measure for Celanese, takes operating profit
and adds equity in net earnings from affiliates, income from cost investments, depreciation and
amortization, and certain adjustments not indicative of underlying business results.
While operating EBITDA includes net earnings from equity affiliates, it does not include the
proportional EBITDA above the equity affiliates’ net earnings. As a result, the true underlying
strength of the equity affiliate franchises is not well represented. As shown on page 21, adding
depreciation and amortization to operating profit shows the equity affiliates’ total contribution.
This “hidden value,” as illustrated below, reflects the true strength of the equity affiliates.
Hidden Value through Equity Affiliates
Earnings and Proportional EBITDA of Equity Affiliates
in $ millions
160
140
120 Not included in
Operating EBITDA Total proportional
100 Proportional EBITDA
EBITDA from
above Earnings
80
Equity Affiliates
(Hidden Value)
60
Included in
40
Operating EBITDA
20
Earnings from Equity Affiliates
0
2003 2004 2005 2006 2007
Proportional EBITDA reflects true value
10. M A J O R E Q U I T Y I N V E S T M EN T S 10
Affiliate Overview
11. A FFI L I AT E OV ER V I E W – M A J O R E Q U I T Y I N V E S T M EN T S 11
Polyplastics Co., Ltd.
C O M PA N Y AT A G L A N C E :
Polyplastics is a joint venture between Daicel Chemical Industries Ltd., Japan (55 %), and Ticona
(45 %). Polyplastics is a leading Asian supplier of engineering polymers with annual consolidated
sales in 2005 of 87 billion Yen. Polyplastics has fully owned production facilities in Fuji City,
Japan and Kuantan, Malaysia. In addition, Polyplastics has JV production facilities in Kaohsiung,
Taiwan (Polyplastics Taiwan), Nantong, China (PTM Engineering Plastics) and in Matsuyama,
Japan (WinTech Polymer). Polyplastics has major affiliates in Japan, Malaysia, Singapore, Hong
Kong, Thailand, China and Taiwan.
The Polyplastics Group has been active for over 40 years in Japan and elsewhere in Asia as a lead-
ing company in the engineering plastics field. Polyplastics is a specialized producer and marketer
of high performance resins and is a leader in product and application development.
Polyplastics’ strategy is to maintain its leadership position in high performance engineering
resins in Asia, and invest to grow with Asian market demand.
F O U N D AT I O N :
Operational since 1964
CELANESE OWNERSHIP:
45 %
CELANESE SEGMENT:
Technical Polymers Ticona
HEADQUARTERS:
Tokyo, Japan
EMPLOYEES:
Approximately 1,500 people
PRODUCTS:
Polyacetal (POM), polyphenylene sulfide (PPS), polybutylene terephthalate (PBT), liquid crystal
polymer (LCP), transparent resin cyclo-olefin copolymer (COC)
P R O D U C T I O N L O C AT I O N ( S ) :
Japan: Fuji, Matsuyama; Malaysia: Kuantan; Taiwan: Kaohsiung; China: Nantong
EXECUTIVE BOARD:
President: Y. Komura
WEBSITE:
www.polyplastics.com
12. A FFI L I AT E OV ER V I E W – M A J O R E Q U I T Y I N V E S T M EN T S 12
Korea Engineering Plastics Co., LTD
C O M PA N Y AT A G L A N C E :
Korea Engineering Plastics (KEP) is a joint venture between Ticona (50 %), Mitsubishi Gas
Chemical (40 %), and Mitsubishi Corporation (10 %). The company was established in 1987.
KEP is the market leader of polyacetal in South Korea and markets polyacetal globally. KEP has
polyacetal production facilities in Ulsan, South Korea, compounding facilities for PBT and nylon
in Pyongtaek, South Korea, and is a joint venture partner in the PTM Engineering Resins plant in
Nantong, China.
KEP’s strategy is to continue high profitability through productivity and value oriented market-
ing activities. This includes maintaining market leadership in South Korea and growing with the
polyacetal market globally.
F O U N D AT I O N :
Operational since 1987
CELANESE OWNERSHIP:
50 % (originally purchased in 1999 by Celanese AG)
CELANESE SEGMENT:
Technical Polymers Ticona
HEADQUARTERS:
Seoul, South Korea
EMPLOYEES:
Approximately 170 people
PRODUCTS:
POM, PBT and Nylon compounding
P R O D U C T I O N L O C AT I O N ( S ) :
Ulsan, Korea; Pyongtaek, Korea
EXECUTIVE BOARD:
President: Choi, Dong-Geon; CFO: Bae, Tae-Youn
WEBSITE:
www.kepital.com
13. A FFI L I AT E OV ER V I E W – M A J O R E Q U I T Y I N V E S T M EN T S 13
Fortron Industries
C O M PA N Y AT A G L A N C E :
Fortron Industries is a general partnership between Ticona Fortron Inc. (50 % ownership and a
wholly-owned subsidiary of CNA Holdings, Inc.) and Kureha KPS, Inc. (50 % ownership and a
wholly-owned subsidiary of Kureha Chemical Industry Co., Ltd). The partnership was organized
in the state of North Carolina for the purpose of manufacturing PPS (polyphenylene sulfide) and
selling PPS and compounded materials with PPS outside of Japan.
This venture combines the sales, marketing, distribution, compounding, and manufacturing
expertise of Celanese with the PPS polymer technology expertise of Kureha.
Fortron Industries’ strategy has three key elements:
≥ Sustainable growth and margin improvement
≥ Secure and favorable raw material positioning
≥ Positioning Fortron Industries as a main player for capacity growth to meet global demand.
Volume, revenue and margin growth have been strong and consistent (with the exception of the
industry-wide downturn in 2000-2002) with sustained strong EBITDA performance. Key raw
materials are under long-term contracts at advantaged rates, leveraging Celanese procurement
wherever possible. Fortron Industries is currently finalizing expansion plans, which will be
required to meet its growth needs for the future 2-5 years.
F O U N D AT I O N :
Operational since 1992
CELANESE OWNERSHIP:
50 %
CELANESE SEGMENT:
Technical Polymers Ticona
HEADQUARTERS:
Wilmington, NC, USA
EMPLOYEES:
Approximately 60 people
PRODUCTS:
PPS
P R O D U C T I O N L O C AT I O N ( S ) :
Wilmington, NC, USA
EXECUTIVE BOARD:
President: Fred Daniell; CFO: Sydney Ingle
14. A FFI L I AT E OV ER V I E W – M A J O R E Q U I T Y I N V E S T M EN T S 14
European Oxo GmbH
C O M PA N Y AT A G L A N C E :
European Oxo is a joint venture combining the assets of the propylene-based oxo chemicals divi-
sions of Celanese AG and Degussa AG (Oxeno). The company, one of the leading manufacturers
of Oxo chemicals in Europe, focuses primarily on European markets, but has activities globally.
The customer base consists of international conglomerates as well as mid-size companies in the
chemicals industry, which produce paints and coatings, adhesives and PVC, as well as flavors and
fragrances.
The company continues to focus on improving profitability with efficiency improvements and
capacity reduction to reflect market demand. The 2005 shutdown of the Marl Butanol unit is one
example.
F O U N D AT I O N :
Operational since October 1, 2003
CELANESE OWNERSHIP:
50 %
CELANESE SEGMENT:
Chemical Products
HEADQUARTERS:
Oberhausen, Germany
EMPLOYEES:
Approximately 230 people
PRODUCTS:
The company manufactures propylene based Oxo products, such as Butyraldehydes, Butanols,
2-Ethylhexanol, DOP, Butyl Acetates and Carboxylic Acids.
P R O D U C T I O N L O C AT I O N ( S ) :
Oberhausen and Marl, Germany
EXECUTIVE BOARD:
Dr. Martina Flöel, Dr. Rainer Fretzen
15. A FFI L I AT E OV ER V I E W – M A J O R E Q U I T Y I N V E S T M EN T S 15
InfraServs
C O M PA N Y AT A G L A N C E :
Celanese holds ownership interest in several InfraServ Groups located in Germany: InfraServ
Hoechst (31 %), InfraServ Gendorf (39 %), InfraServ Knapsack (28 %) and InfraServ Wiesbaden
(8 %, cost investment). The InfraServs own and develop industrial parks and provide on-site
general and administrative support to tenants.
F O U N D AT I O N :
1999
CELANESE OWNERSHIP:
Varied – see above
CELANESE SEGMENT:
Other Activities
HEADQUARTERS:
Hoechst, Gendorf, Knapsack, Germany
EMPLOYEES:
Approximately 6,000 people
PRODUCTS:
Site services
EXECUTIVE BOARD:
Juergen Vormann, Managing Director
Roland Mohr, Managing Director
WEBSITES:
Hoechst: www.infraserv.com
Gendorf: www.infraserv.gendorf.de
Knapsack: www.infraserv-knapsack.de
16. A FFI L I AT E OV ER V I E W – M A J O R COS T I N V E S T M EN T S 16
National Methanol Co. (Ibn Sina)
C O M PA N Y AT A G L A N C E :
With production facilities in Saudi Arabia, National Methanol Co. represents 2 % of the world’s
methanol production capacity and is the world’s eighth largest methanol producer of methyl
tertiary-butyl ether (MTBE). Methanol and MTBE are key global commodity chemical products.
Celanese owns a 25 % interest in National Methanol Co. The Saudi Basic Industries Corporation
(SABIC) holds 50 % and CTE (owned 50 % by Duke Energy International and 50 % by Celanese)
owns the remainder. SABIC has responsibility for all product marketing.
F O U N D AT I O N :
Operational since early 1980’s
CELANESE OWNERSHIP:
25 %
CELANESE SEGMENT:
Chemical Products
HEADQUARTERS:
Al Jubail, Saudi Arabia
EMPLOYEES:
Approximately 300 people
PRODUCTS:
MeOH, MTBE
P R O D U C T I O N L O C AT I O N :
Al Jubail, Saudi Arabia
EXECUTIVE BOARD:
President: Abdulrahman Al-Garawi
17. A FFI L I AT E OV ER V I E W – M A J O R COS T I N V E S T M EN T S 17
Celanese Acetate China Ventures
C O M PA N I E S AT A G L A N C E :
Celanese holds an approximate 30 % ownership interest (50 % board representation) in three
separate acetate production ventures in China. In each instance, Chinese state-owned entities
control the remainder. The terms of each of these joint ventures expire in January 2020.
With an estimated 30 % share of the world’s cigarette production and consumption, China is the
world’s largest and fastest growing market for acetate tow products. In combination, these ven-
tures represent the market leader in Chinese domestic acetate production and are well positioned
in the Chinese cigarette market.
In March 2003, Celanese and its partners agreed to expand the manufacturing facilities at all
three joint ventures in China. We expect that these expansions will be completed during 2007.
The ventures expect to fund the required investments from operating cash flows.
F O U N D AT I O N :
Operational since 1989 (Nantong Cellulose Fibers Company, Ltd.) and 1994 (Kunming Cellulose
Fibers Company, Ltd. and Zhuhai Cellulose Fibers Company, Ltd.)
CELANESE OWNERSHIP:
Approximately 30 %
CELANESE SEGMENT:
Acetate Products
EMPLOYEES:
Approximately 1,500 people
PRODUCTS:
Flake (Nantong Cellulose Fibers Company, Ltd.), Tow (All)
P R O D U C T I O N L O C AT I O N S :
Nantong, Kunming and Zhuhai, China
EXECUTIVE BOARD:
Chairman, President: Bian Youlon
18. M A J O R E Q U I T Y I N V E S T M EN T S 18
Key Financial Data
19. K E Y FI NAN CIAL DATA 19
Key Financial Data
During 2005, Celanese received $66 million in dividends and other distributions from equity
investments. Our total investment in equity affiliates decreased from $600 million to $555 million
at the end of 2005. Celanese equity in net earnings of affiliates amounted to $61 million in 2005, up
from $48 million in 2004. Polyplastics, Fortron and KEP mostly contributed to the strong perfor-
mance, as these Ticona segment ventures continue to experience solid growth, especially in Asia.
Affiliates Investment Summary
Dividends and other
Ownership Percentage Carrying Value Share of Earnings (Loss) Distributions
in US $ million, except for percentages
Successor Successor Successor Predecessor Celanese’s Share
Nine Months
As of As of As of As of Year Ended Ended Three Months Year Ended
Segment 12/31/2005 12/31/2004 12/31/2005 12/31/2004 12/31/2005 12/31/2004 03/31/2004 12/31/2003 2005 2004
European Oxo GmbH Chemical 50.0% 50.0% 13 3 10 (5) (3) (2) — —
Products
Fortron Industries Ticona 50.0% 50.0% 57 58 11 6 2 4 13 4
Korea Engineering Ticona 50.0% 50.0% 146 155 14 11 3 8 18 5
Plastics Co., Ltd
Polyplastics Co., Ltd Ticona 45.0% 45.0% 179 202 24 17 7 15 23 14
InfraServ GmbH & Co. Other 39.0% 39.0% 23 25 4 3 1 1 3 1
Gendorf KG
InfraServ GmbH & Co. Other 31.2% 31.2% 115 134 7 5 2 9 9 10
Höchst KG
InfraServ GmbH & Co. Other 28.2% 27.0% 17 20 1 1 — 1 2 1
Knapsack KG
Other Various Various Various 5 3 (10) (2) — (1) (2) 3
Total 555 600 61 36 12 35 66 38
20. K E Y FI NAN CIAL DATA 20
Cost investments in 2005 generated $89 million for Celanese, mostly due to National Methanol
Company. Dividends from the Acetate China Ventures remained low as available earnings are
reinvested to finance the expansion currently underway. After completion of the expansions in
2007, dividends from the China Ventures are expected to once again be a significant part of the
total dividends from cost investments for Celanese.
Cost Investment Summary
in US $ million,
Ownership Percentage Carrying Value Dividends
except for percentages
Successor Successor Successor
3 Months 9 Months
As of As of As of As of Ended Ended
12/31/2005 12/31/2004 12/31/2005 12/31/2004 2005 03/31/2004 12/31/2004
National Methanol 25.0% 25.0% 54 54 80 3 24
Company - (Ibn Sina)
Kunming Cellulose 30.0% 30.0% 15 15 1 – –
Fibers Co. Ltd
Nantong Cellulose 31.0% 31.0% 77 77 – – 3
Fibers Co. Ltd
Zhuhai Cellulose Fibers 30.0% 30.0% 15 15 1 – 1
Co. Ltd
InfraServ GmbH & Co. 8.0% 18.0% 13 22 2 3 4
Wiesbaden KG
Other – – 46 50 5 – 1
Total – – 220 233 89 6 33
Equity investments have significantly contributed to Celanese over the years. The cash position in
the investments collectively exceeds the total debt level. In 2005, Celanese’s share of operating profi t
was $98 million and its share of depreciation and amortization was $61 million.
21. K E Y FI NAN CIAL DATA 21
Summary – Equity Investments
in US $ million (unaudited) 2003
2005 2004
Celanese’s Celanese’s Celanese’s
Total Results Share Total Results Share Total Results Share
Net Sales 3,028 1,252 2,849 1,163 2,134 824
Depreciation and Amortization 154 61 134 52 131 51
Operating Profit (Loss) 228 98 183 78 141 58
Net Earnings 138 61 121 48 85 35
Dividends Received 62 37 23
Other Distributions 4 1 -
Cash and Cash Equivalents 204 87 258 118 189 86
Long and Short Term Debt 221 94 212 95 183 83
Net Debt (17) (7) 46 23 5 4
Capital Expenditures 125 48 189 74 139 50
Summary – Total Dividends and Other Distributions
Cost Investments 89 39 53
Equity Investments 65 38 23
Total 154 77 76
The fiscal year end for all ventures is December 31. All line items as presented in the table above
represent the amounts recorded by the ventures based on local generally accepted accounting
principles and, with respective to Celanese’s share, are computed in proportion to our ownership.
These amounts are not included in the items reported by the Successor and the Predecessor with
the exception of net earnings, which is reported as reflected on page 19 of this document.
23. ACCO U N T I N G F O R E Q U I T Y A N D COS T I N V E S T M EN T S 23
Accounting for Equity and Cost Investments
Equity Investments
Equity accounting is required when the investor typically has 20-50 % ownership with the ability
to exercise significant influence over the operating and financial policies of the investee, but does
not exercise control.
Celanese equity investments are classified as and included in “Investments” in the consolidated
balance sheet. Celanese share of earnings (losses) in the equity investments are classified as
“Equity in Net Earnings of Affiliates” in the consolidated statement of operations.
Dividends received from equity investments have no effect in the consolidated statement of
operations; rather they reduce the carrying value of the investment. The Celanese consolidated
statements of cash flows include the cash flow effect of the dividends. Since the consolidated
cash flow is based on Celanese net earnings, the equity in net earnings of affiliates (which are
non-cash) must be eliminated and dividends included. The net impact of the elimination of the
equity in net earnings of affiliates and addition of dividends is included as “Change in equity of
affiliates” in the consolidated statement of cash flows.
Cost Investments
Accounting for investments under the cost method is required when the investor has typically
less than 20 % ownership and cannot exercise significant influence over operating and financial
policies of the investee. Celanese has ownership greater then 20 % in four affiliates which are
accounted for as cost investments because Celanese does not have the ability to exercise signifi-
cant influence over their operating and/or financial policies due to reasons such as inability to be
involved in day to day operations, country risk, etc. These investments are:
Saudi Methanol Co. (Ibn Sina) – 25 % ownership
≥
China Acetate Ventures (3) – approximately 30 % ownership
≥
Celanese cost investments are classified and included in “Investments” on the consolidated
balance sheet. Earnings of cost investments have no effect on Celanese consolidated statement of
operations. Dividends received from the cost investments are recorded in the Celanese consoli-
dated statement of operations as “Other Income, net”. The Celanese consolidated statements of
cash flows include the cost investments dividends in “Net earnings (loss)”.
24. ACCO U N T I N G F O R E Q U I T Y A N D COS T I N V E S T M EN T S 24
Celanese Corporation and Subsidiaries Consolidated Statements of Operations
Successor Predecessor
in US $ million
Year Ended 9 Months Ended 3 Months Ended Year Ended
12/31/2005 12/31/2004 03/31/2004 12/31/2003
Net sales 6,070 3,744 1,218 4,485
Cost of sales (4,773) (3,026) (983) (3,795)
Gross margin 1,297 718 235 690
Selling, general and administrative (562) (497) (136) (504)
expenses
Research and development expenses (91) (67) (23) (89)
Special (charges) gains:
Insurance recoveries associated with 34 1 - 107
plumbing cases
Sorbates antitrust matters - - - (95)
Restructuring, impairment and (107) (83) (28) (17)
other special (charges) gains
Foreign exchange gain (loss), net - (3) - (4)
Gain (loss) on disposition of assets, net (10) 3 (1) 6
Celanese’s Operating profit 561 72 47 94
share of earnings
Equity in net earnings of affiliates 61 36 12 35
(loss) of equity
investments
Interest expense (387) (300) (6) (49)
Dividends from Interest income 38 24 5 44
costs investments
Other income (expense), net 89 (12) 9 48
are recorded in
this line item
Earnings (loss) from continuing operations 362 (180) 67 172
before tax and minority interests
Income tax provision (57) (70) (15) (45)
Earnings (loss) from continuing operations 305 (250) 52 127
before minority interests
Minority interests (37) (8) - -
Earnings (loss) from continuing operations 268 (258) 52 127
Earnings (loss) from discontinued operations:
Earnings (loss) from operation of discontinued 9 5 - 23
operations
Gain (loss) on disposal of discontinued - (1) 14 7
operations
Income tax benefit - 1 12 (8)
Earnings (loss) from discontinued 9 5 26 22
operations
Cumulative effect of changes in accounting - - - (1)
principles, net of income tax of $1 million in 2003
Net earnings (loss) 277 (253) 78 148
25. ACCO U N T I N G F O R E Q U I T Y A N D COS T I N V E S T M EN T S 25
Excerpt from Celanese Corporation and Subsidiaries Consolidated Balance Sheet
Successor
in US $ million
As of 12/31/2005 As of 12/31/2004
Assets
Current assets:
Cash and cash equivalents 390 838
Receivables:
Trade receivables, net 918 843
Other receivables 480 670
Inventories 661 604
Deferred income taxes 37 71
Other assets 91 86
Assets of discontinued operations 2 39
Total current assets 2,579 3,151
Equity and
Cost Investments Investments 775 833
included here
Property, plant and equipment, net 2,040 1,702
Deferred income taxes 139 54
Other assets 482 523
Goodwill 949 747
Intangible assets, net 481 400
Total assets 7,445 7,410
Liabilities and Shareholders’ Equity (Deficit)
Current liabilities
Short-term borrowings and current installments of 155 144
long-term debt – third party and affiliates
Trade payables – third party and affiliates 810 716
Other current liabilities 784 888
Deferred income taxes 36 20
Income taxes payable 225 214
Liabilities of discontinued operations 3 13
Total current liabilities 2,013 1,995
Long-term debt 3,282 3,243
Deferred income taxes 285 256
Benefit obligations 1,126 1,000
Other liabilities 440 510
Minority interests 64 518
Commitments and contingencies
Shareholders’ equity (deficit):
Preferred stock, $0.01 par value, 100,000,000 shares authorized and 9,600,000 - -
issued and outstanding as of December 31, 2005
Series A common stock, $0.0001 par value, 400,000,000 shares authorized and - -
158,562,161 and 0 shares issued and outstanding as of December 31, 2005 and
2004, respectively
Series B common stock, $0.0001 par value, 100,000,000 shares authorized and - -
0 and 99,377,884 shares issued and outstanding as of December 31, 2005 and
2004, respectively
Additional paid-in capital 337 158
26. ACCO U N T I N G F O R E Q U I T Y A N D COS T I N V E S T M EN T S 26
Excerpt from Celanese Corporation and Subsidiaries Consolidated Statements of Cash Flows
Successor Predecessor
in US $ million
Year Ended 9 Months Ended 3 Months Ended Year Ended
12/31/2005 12/31/2004 03/31/2004 12/31/2003
Operating activities
Includes cost divi-
dends and equity
Net earnings (loss) 277 (253) 78 148
in net earnings of
affiliates Cumulative effect of changes in accounting principles - - - 1
Adjustments to reconcile net earnings (loss) to net cash
provided by (used in) operating activities:
Special (charges) gains, net of amounts used 30 47 20 91
Stock based compensation - - 2 65
Depreciation 218 140 67 271
Amortization of intangible and other assets 68 41 3 18
Primarily reflects Amortization of deferred financing fees 41 98 - -
cash dividends less
Change in equity of affiliates 5 (14) 4 (12)
equity in net earn-
ings of affiliates
Deferred income taxes (85) 19 (14) 71
(Gain) loss on disposition of assets, net 7 (3) - (9)
Write-downs of investments - - - 4
(Gain) loss on foreign currency transactions 70 19 (26) 155
Minority interests 37 8 - -
Loss on extinguishment of debt 74 21 - -
Guaranteed annual payment 22 8 - -
Operating cash provided by (used in) discontinued
(10) 4 (147) (5)
operations
Changes in operating assets and liabilities:
Trade receivables, net – third party and affiliates 30 (23) (89) (9)
Other receivables 33 109 (42) 22
Prepaid expenses (65) (8) 14 (50)
Inventories 21 (25) (11) (7)
Trade payables – third party and affiliates 18 96 (6) (36)
Benefit obligations and other liabilities (141) (364) 7 (153)
Income taxes payable 17 10 38 (195)
Other, net 47 7 (5) 31
Net cash provided by (used in) operating activities 714 (63) (107) 401
Investing activities from continuing operations:
Capital expenditures on property, plant and equipment (212) (211)
Acquisition of CAG, net of cash acquired (473) (1,564) - -
Fees associated with acquisitions (29) (69) - -
Acquisition of Vinamul, net of cash reimbursed (198) - - -
Acquisition of Acetex, net of cash acquired (216) - - -
Acquisition of other businesses - - - (18)
Net proceeds on sale of businesses and assets 48 31 - 10
Net proceeds from disposal of discontinued operations 75 - 139 10
Proceeds from sale of marketable securities 217 132 42 202
Purchases of marketable securities (137) (173) (42) (265)
Other, net 5 (1) 1 (3)
Net cash provided by (used in) investing activities (920) (1,810) 96 (275)