THE WOODLANDS, Texas,
Feb. 18, 2015 /PRNewswire/ --
Fourth Quarter 2014 Highlights
- Adjusted EBITDA was $292 million
compared to $313 million in the prior
year period. Pro forma for the Rockwood acquisition our adjusted EBITDA was
$300 million compared to $341 in the prior year period. The decrease
was primarily attributable to lower earnings in our Pigments and
Additives division.
- Adjusted diluted income per share was $0.33 compared to $0.48 in the prior year period.
- Net loss attributable to Huntsman Corporation was $38 million compared to net income of
$41 million in the prior year
period.
- Approximate negative foreign currency adjusted EBITDA impact of
$11 million compared to the prior
year period, primarily from a stronger U.S. dollar against major
European currencies.
Full Year 2014 Highlights
- Adjusted EBITDA was $1,340
million compared to $1,213
million in the prior year. Pro forma for the
Rockwood acquisition our adjusted
EBITDA was $1,495 million compared to
$1,323 in the prior year period.
- Adjusted diluted income per share was $1.94 compared to $1.61 in the prior year, an increase of 20%.
- Net income attributable to Huntsman Corporation was
$323 million compared to $128 million in the prior year.
|
|
Three months
ended
|
|
Twelve months
ended
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
In millions, except
per share amounts, unaudited
|
|
2014
|
|
2013
|
|
2014
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$2,951
|
|
$2,705
|
|
$
2,884
|
|
$11,578
|
|
$11,079
|
Pro forma
revenues(2)
|
|
$2,937
|
|
$3,052
|
|
$
3,258
|
|
$12,723
|
|
$12,598
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to Huntsman Corporation
|
$ (38)
|
|
$ 41
|
|
$
188
|
|
$ 323
|
|
$ 128
|
Adjusted net
income(1)
|
|
$ 81
|
|
$ 118
|
|
$
147
|
|
$ 478
|
|
$ 390
|
|
|
|
|
|
|
|
|
|
|
|
Diluted (loss) income
per share
|
|
$ (0.16)
|
|
$ 0.17
|
|
$
0.76
|
|
$ 1.31
|
|
$ 0.53
|
Adjusted diluted
income per share(1)
|
|
$ 0.33
|
|
$ 0.48
|
|
$
0.60
|
|
$ 1.94
|
|
$ 1.61
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA(1)
|
|
$ 141
|
|
$ 225
|
|
$
293
|
|
$ 1,022
|
|
$ 889
|
Adjusted
EBITDA(1)
|
|
$ 292
|
|
$ 313
|
|
$
356
|
|
$ 1,340
|
|
$ 1,213
|
Pro forma adjusted
EBITDA(2)
|
|
$ 300
|
|
$ 341
|
|
$
396
|
|
$ 1,495
|
|
$ 1,323
|
|
|
|
|
|
|
|
|
|
|
|
See end of press
release for footnote explanations
|
|
|
|
Huntsman Corporation (NYSE: HUN) today reported fourth quarter
2014 results with revenues of $2,951
million and adjusted EBITDA of $292
million.
Peter R. Huntsman, our President
and CEO, commented:
"2014 was a remarkable year for us; our differentiated
businesses that include our MDI urethanes, Performance Products,
Advanced Materials and Textile Effects collectively increased their
adjusted EBITDA by more than $200
million. I am encouraged by the attractive growth
profile of these businesses and expect them to perform even better
in 2015.
We have a number of initiatives underway that will improve
the competitiveness and strength of our entire company. We
are investing in growth projects that we expect will add more than
$200 million of annual EBITDA over
the next few years. We are aggressively taking action to
deliver $130 million of synergies as
we integrate the businesses we purchased from Rockwood this past October. In addition,
we recently took action to rationalize our European titanium
dioxide capacity with expected EBITDA benefits of approximately
$35 million.
Notwithstanding near term headwinds and shocks to the
business landscape such as meaningful movements in foreign currency
rates and lower priced oil, I believe we are well positioned to
deliver increased earnings, an improvement in free cash flow and
increased shareholder value over the next several years."
Segment Analysis for 4Q14 Compared to 4Q13
Polyurethanes
The decrease in revenues in our Polyurethanes division for the
three months ended December 31, 2014
compared to the same period in 2013 was primarily due to lower
PO/MTBE average selling prices and the impact of a stronger U.S.
dollar against major European currencies, partially offset by
higher MDI local currency average selling prices and increased MDI
sales volumes. PO/MTBE average selling prices decreased
following lower pricing for high octane gasoline. MDI average
selling prices increased in the Americas and Europe, partially offset by lower component
pricing in China. MDI sales volumes grew in the Americas and
Asia and were essentially flat in
Europe. Adjusted EBITDA was essentially flat as higher MDI
margins offset most of the $7 million
negative impact from the stronger U.S. dollar against major
European currencies.
Performance Products
The decrease in revenues in our Performance Products division
for the three months ended December 31,
2014 compared to the same period in 2013 was due to lower
sales volumes, partially offset by higher average selling
prices. Sales volumes decreased primarily due to the sale of
our European surfactants business in the second quarter of 2014,
partially offset by increased sales volumes in amines and maleic
anhydride. Average selling prices increased in response to
higher raw materials costs and continued strong market conditions
for amines, maleic anhydride and specialty surfactants, partially
offset by the impact of a stronger U.S. dollar against major
European currencies. The decrease in adjusted EBITDA was
primarily due to lower sales volumes and $5
million of inventory revaluation costs as a result of our
successful efforts to reduce our investment in inventory.
Advanced Materials
The decrease in revenues in our Advanced Materials division for
the three months ended December 31,
2014 compared to the same period in 2013 was due to lower
sales volumes, partially offset by higher average selling prices
and improved sales mix. Sales volumes decreased primarily due
to the de-selection of certain business and our restructuring
efforts. Average selling prices increased in all regions on a
local currency basis and across most markets primarily due to
certain price increase initiatives and our focus on higher value
markets, partially offset by the impact of a stronger U.S. dollar
against major European currencies. The increase in adjusted
EBITDA was primarily due to higher contribution margins from our
focus on higher value business and lower fixed costs.
Textile Effects
The decrease in revenues in our Textile Effects division for the
three months ended December 31, 2014
compared to the same period in 2013 was primarily due to lower
sales volumes, partially offset by higher average selling
prices. Sales volumes decreased primarily due to the
de-selection of lower value business and destocking within the
fibers and dyes supply chain. Average selling prices
increased primarily in response to higher raw material costs.
The decrease in adjusted EBITDA was primarily due to $12 million of inventory revaluation costs as a
result of our successful efforts to reduce our investment in
inventory and higher raw material costs.
Pigments and Additives
Pro forma for the acquisition of Rockwood Performance Additives
and Titanium Dioxide businesses, revenues decreased in our Pigments
and Additives division for the three months ended December 31, 2014 compared to the same period in
2013 due to lower sales volumes and lower average selling
prices. Sales volumes decreased primarily as a result of
lower end use demand in Europe
which is our largest market. Average selling prices decreased
primarily as a result of high titanium dioxide industry inventory
levels and the impact of a stronger U.S. dollar against major
European currencies. The decrease in pro forma adjusted
EBITDA was primarily due to lower contribution margins for titanium
dioxide, whereas the combined adjusted EBITDA for additives was
essentially flat.
Corporate, LIFO and Other
Adjusted EBITDA from Corporate, LIFO and Other increased by
$2 million to a loss of $48 million for the three months ended
December 31, 2014 compared to a loss
of $50 million for the same period in
2013.
Liquidity, Capital Resources and Outstanding Debt
As of December 31, 2014, we had
$1,601 million of combined cash and
unused borrowing capacity compared to $1,048
million at December 31,
2013.
In November 2014, we issued
$400 million of 5.125% senior notes
due 2022. We used the proceeds to redeem all of our
outstanding 8.625% senior subordinated notes due 2020, pay
associated accrued interest and for general corporate
purposes. We expect to save approximately $12 million in annual interest expense as a
result of this refinancing.
On October 1, 2014, we
successfully completed the acquisition of the Performance Additives
and Titanium Dioxide businesses of Rockwood for $1.04
billion in cash and subject to certain purchase price
adjustments. The acquisition was funded by a new $1.2 billion term loan due 2021.
Total capital expenditures for the three months ended
December 31, 2014 were $250 million and for the year ended December 31, 2014 were $601 million. We expect to spend
approximately $525 million on base
capital expenditures in 2015, net of reimbursements. In
addition, in 2015 we expect to spend approximately $100 million combined on our new Chinese MDI
facility, the completion of the Augusta,
Georgia color pigments facility and replacement of
Rockwood computer systems.
Now that we have completed the preliminary allocation of the
purchase accounting for the Rockwood Performance Additives and
Titanium Dioxide businesses, we expect our annual depreciation and
amortization rate to be approximately $450
million.
Income Taxes
During the three months ended December
31, 2014 we recorded an income tax expense of $12 million and paid $9
million in cash for income taxes. Our adjusted
effective income tax rate for the three months and year ended
December 31, 2014 were 34% and 30%
respectively.
We expect our long term adjusted effective tax rate to be
approximately 30%. We expect our 2015 adjusted effective tax
rate to be slightly higher as a result of reduced earnings from our
Pigments and Additives division which has a meaningful
concentration of business in countries (primarily in Europe) where we have tax valuation allowances
which prevent us from recording a tax benefit on pre-tax
losses.
Earnings Conference Call Information
We will hold a conference call to discuss our fourth quarter and
full year 2014 financial results on Wednesday, February 18, 2015 at 10:00 a.m. ET.
Call-in numbers for
the conference call:
|
U.S.
participants
|
(888) 680 -
0865
|
International
participants
|
(617) 213 -
4853
|
Passcode
|
13264497
|
In order to facilitate the registration process, you may use the
following link to pre-register for the conference call. Callers who
pre-register will be given a unique PIN to gain immediate access to
the call and bypass the live operator. You may pre-register at any
time, including up to and after the call start time. To
pre-register, please go to:
https://www.theconferencingservice.com/prereg/key.process?key=PCWMPQHEM
Webcast Information
The conference call will be available via webcast and can be
accessed from the company's website at ir.huntsman.com.
Replay Information
The conference call will be available for replay beginning
February 18, 2015 and ending
February 25, 2015.
Call-in numbers for
the replay:
|
U.S.
participants
|
(888) 286 -
8010
|
International
participants
|
(617) 801 -
6888
|
Replay
code
|
99851834
|
Table 1 -- Results
of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Twelve months
ended
|
|
|
December
31,
|
|
December
31,
|
In millions, except
per share amounts, unaudited
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$2,951
|
|
$2,705
|
|
$11,578
|
|
$11,079
|
Cost of goods
sold
|
|
2,502
|
|
2,259
|
|
9,659
|
|
9,326
|
Gross
profit
|
|
449
|
|
446
|
|
1,919
|
|
1,753
|
Operating
expenses
|
|
317
|
|
284
|
|
1,128
|
|
1,092
|
Restructuring,
impairment and plant closing costs
|
|
67
|
|
41
|
|
158
|
|
151
|
Operating
income
|
|
65
|
|
121
|
|
633
|
|
510
|
Interest
expense
|
|
(57)
|
|
(44)
|
|
(205)
|
|
(190)
|
Equity in income of
investment in unconsolidated affiliates
|
|
-
|
|
2
|
|
6
|
|
8
|
Loss on early
extinguishment of debt
|
|
(28)
|
|
(16)
|
|
(28)
|
|
(51)
|
Other (expense)
income
|
|
(2)
|
|
-
|
|
(2)
|
|
2
|
(Loss) income
before income taxes
|
|
(22)
|
|
63
|
|
404
|
|
279
|
Income tax
expense
|
|
(12)
|
|
(20)
|
|
(51)
|
|
(125)
|
(Loss) income from
continuing operations
|
|
(34)
|
|
43
|
|
353
|
|
154
|
Loss from
discontinued operations, net of tax(3)
|
|
(1)
|
|
(1)
|
|
(8)
|
|
(5)
|
Net (loss)
income
|
|
(35)
|
|
42
|
|
345
|
|
149
|
Net income
attributable to noncontrolling interests, net of tax
|
|
(3)
|
|
(1)
|
|
(22)
|
|
(21)
|
Net (loss) income
attributable to Huntsman Corporation
|
|
$ (38)
|
|
$ 41
|
|
$ 323
|
|
$ 128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA(1)
|
|
$ 292
|
|
$ 313
|
|
$ 1,340
|
|
$ 1,213
|
|
|
|
|
|
|
|
|
|
Adjusted net
income(1)
|
|
$ 81
|
|
$ 118
|
|
$ 478
|
|
$ 390
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (loss)
income per share
|
|
$ (0.16)
|
|
$ 0.17
|
|
$ 1.33
|
|
$ 0.53
|
Diluted (loss)
income per share
|
|
$ (0.16)
|
|
$ 0.17
|
|
$ 1.31
|
|
$ 0.53
|
Adjusted diluted
income per share(1)
|
|
$ 0.33
|
|
$ 0.48
|
|
$ 1.94
|
|
$ 1.61
|
|
|
|
|
|
|
|
|
|
Common share
information:
|
|
|
|
|
|
|
|
|
Basic shares
outstanding
|
|
243.0
|
|
240.2
|
|
242.1
|
|
239.7
|
Diluted
shares
|
|
243.0
|
|
243.9
|
|
246.0
|
|
242.4
|
Diluted shares for
adjusted diluted income per share
|
|
246.9
|
|
243.9
|
|
246.0
|
|
242.4
|
|
|
|
|
|
|
|
|
|
See end of press
release for footnote explanations
|
|
|
|
|
|
|
|
|
Table 2 -- Results
of Operations by Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
Twelve months
ended
|
|
|
|
|
December
31,
|
|
Better
/
|
|
December
31,
|
|
Better
/
|
In millions,
unaudited
|
|
2014
|
|
2013
|
|
(Worse)
|
|
2014
|
|
2013
|
|
(Worse)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Polyurethanes
|
|
$1,201
|
|
$1,230
|
|
(2)%
|
|
$ 5,032
|
|
$ 4,964
|
|
1%
|
Performance
Products
|
|
712
|
|
741
|
|
(4)%
|
|
3,072
|
|
3,019
|
|
2%
|
Advanced
Materials
|
|
295
|
|
301
|
|
(2)%
|
|
1,248
|
|
1,267
|
|
(1)%
|
Textile
Effects
|
|
203
|
|
209
|
|
(3)%
|
|
896
|
|
811
|
|
10%
|
Pigments &
Additives
|
|
573
|
|
295
|
|
94%
|
|
1,549
|
|
1,269
|
|
22%
|
Eliminations and
other
|
|
(33)
|
|
(71)
|
|
54%
|
|
(219)
|
|
(251)
|
|
13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$2,951
|
|
$2,705
|
|
9%
|
|
$11,578
|
|
$11,079
|
|
5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Adjusted
EBITDA(1):
|
|
|
|
|
|
|
|
|
|
|
|
Polyurethanes
|
|
$ 171
|
|
$ 173
|
|
(1)%
|
|
$ 722
|
|
$ 740
|
|
(2)%
|
Performance
Products
|
|
111
|
|
116
|
|
(4)%
|
|
473
|
|
403
|
|
17%
|
Advanced
Materials
|
|
43
|
|
33
|
|
30%
|
|
199
|
|
131
|
|
52%
|
Textile
Effects
|
|
6
|
|
8
|
|
(25)%
|
|
58
|
|
16
|
|
263%
|
Pigments &
Additives
|
|
9
|
|
33
|
|
(73)%
|
|
76
|
|
111
|
|
(32)%
|
Corporate, LIFO and
other
|
|
(48)
|
|
(50)
|
|
4%
|
|
(188)
|
|
(188)
|
|
----
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ 292
|
|
$ 313
|
|
(7)%
|
|
$ 1,340
|
|
$ 1,213
|
|
10%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See end of press
release for footnote explanations
|
|
|
Table 3 -- Pro
Forma(2) Results of Operations by Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
Twelve months
ended
|
|
|
|
|
December
31,
|
|
Better
/
|
|
December
31,
|
|
Better
/
|
In millions,
unaudited, pro forma
|
|
2014
|
|
2013
|
|
(Worse)
|
|
2014
|
|
2013
|
|
(Worse)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Polyurethanes
|
|
$1,201
|
|
$1,237
|
|
(3)%
|
|
$ 5,053
|
|
$ 4,991
|
|
1%
|
Performance
Products
|
|
712
|
|
741
|
|
(4)%
|
|
3,072
|
|
3,019
|
|
2%
|
Advanced
Materials
|
|
295
|
|
301
|
|
(2)%
|
|
1,248
|
|
1,267
|
|
(1)%
|
Textile
Effects
|
|
203
|
|
209
|
|
(3)%
|
|
896
|
|
811
|
|
10%
|
Pigments &
Additives
|
|
559
|
|
635
|
|
(12)%
|
|
2,673
|
|
2,761
|
|
(3)%
|
Eliminations and
other
|
|
(33)
|
|
(71)
|
|
54%
|
|
(219)
|
|
(251)
|
|
13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma
total
|
|
$2,937
|
|
$3,052
|
|
(4)%
|
|
$12,723
|
|
$12,598
|
|
1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Adjusted
EBITDA(2):
|
|
|
|
|
|
|
|
|
|
|
|
Polyurethanes
|
|
$ 171
|
|
$ 174
|
|
(2)%
|
|
$ 728
|
|
$ 746
|
|
(2)%
|
Performance
Products
|
|
111
|
|
116
|
|
(4)%
|
|
473
|
|
403
|
|
17%
|
Advanced
Materials
|
|
43
|
|
33
|
|
30%
|
|
199
|
|
131
|
|
52%
|
Textile
Effects
|
|
6
|
|
8
|
|
(25)%
|
|
58
|
|
16
|
|
263%
|
Pigments &
Additives
|
|
17
|
|
60
|
|
(72)%
|
|
225
|
|
215
|
|
5%
|
Corporate, LIFO and
other
|
|
(48)
|
|
(50)
|
|
4%
|
|
(188)
|
|
(188)
|
|
----
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma
total
|
|
$ 300
|
|
$ 341
|
|
(12)%
|
|
$ 1,495
|
|
$ 1,323
|
|
13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See end of press
release for footnote explanations
|
|
|
Table 4 -- Factors
Impacting Sales Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
December 31, 2014
vs. 2013
|
|
|
Average Selling
Price(a)
|
|
|
|
|
|
|
|
|
Local
|
|
Exchange
|
|
Sales
Mix
|
|
Sales
|
|
|
Unaudited
|
|
Currency
|
|
Rate
|
|
&
Other(c)
|
|
Volume(b)
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
Polyurethanes
|
|
(2)%
|
|
(2)%
|
|
(3)%
|
|
5%
|
|
(2)%
|
Performance
Products
|
|
4%
|
|
(2)%
|
|
2%
|
|
(8)%
|
|
(4)%
|
Advanced
Materials
|
|
3%
|
|
(4)%
|
|
4%
|
|
(5)%
|
|
(2)%
|
Textile
Effects
|
|
9%
|
|
(3)%
|
|
----
|
|
(9)%
|
|
(3)%
|
Pigments &
Additives
|
|
1%
|
|
(9)%
|
|
110%
|
|
(8)%
|
|
94%
|
Total
Company
|
|
2%
|
|
(3)%
|
|
12%
|
|
(2)%
|
|
9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended
|
|
|
December 31, 2014
vs. 2013
|
|
|
Average Selling
Price(a)
|
|
|
|
|
|
|
|
|
Local
|
|
Exchange
|
|
Sales
Mix
|
|
Sales
|
|
|
Unaudited
|
|
Currency
|
|
Rate
|
|
&
Other(c)
|
|
Volume(b)
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
Polyurethanes
|
|
(2)%
|
|
----
|
|
1%
|
|
2%
|
|
1%
|
Performance
Products
|
|
4%
|
|
----
|
|
(1)%
|
|
(1)%
|
|
2%
|
Advanced
Materials
|
|
5%
|
|
----
|
|
4%
|
|
(10)%
|
|
(1)%
|
Textile
Effects
|
|
15%
|
|
(1)%
|
|
----
|
|
(4)%
|
|
10%
|
Pigments &
Additives
|
|
(6)%
|
|
2%
|
|
26%
|
|
----
|
|
22%
|
Total
Company
|
|
2%
|
|
----
|
|
3%
|
|
----
|
|
5%
|
|
|
|
|
|
|
|
|
|
|
|
(a) Excludes sales
from tolling arrangements, by-products and raw
materials.
|
(b) Excludes sales
from by-products and raw materials.
|
(c) Includes full
revenue impact from the October 1, 2014 acquisition of the
Performance Additives and
|
Titanium
Dioxide businesses of Rockwood Holdings, Inc.
|
Table 5 -- Factors
Impacting Pro Forma(2) Sales Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
December 31, 2014
vs. 2013
|
|
|
Average Selling
Price(a)
|
|
|
|
|
|
|
|
|
Local
|
|
Exchange
|
|
Sales
Mix
|
|
Sales
|
|
|
Unaudited, pro
forma
|
|
Currency
|
|
Rate
|
|
&
Other
|
|
Volume(b)
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
Polyurethanes
|
|
(2)%
|
|
(2)%
|
|
(4)%
|
|
5%
|
|
(3)%
|
Performance
Products
|
|
4%
|
|
(2)%
|
|
2%
|
|
(8)%
|
|
(4)%
|
Advanced
Materials
|
|
3%
|
|
(4)%
|
|
4%
|
|
(5)%
|
|
(2)%
|
Textile
Effects
|
|
9%
|
|
(3)%
|
|
----
|
|
(9)%
|
|
(3)%
|
Pigments &
Additives
|
|
(8)%
|
|
NA
|
|
2%
|
|
(6)%
|
|
(12)%
|
Total
Company
|
|
(2)%
|
|
NA
|
|
1%
|
|
(3)%
|
|
(4)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended
|
|
|
December 31, 2014
vs. 2013
|
|
|
Average Selling
Price(a)
|
|
|
|
|
|
|
|
|
Local
|
|
Exchange
|
|
Sales
Mix
|
|
Sales
|
|
|
Unaudited, pro
forma
|
|
Currency
|
|
Rate
|
|
&
Other
|
|
Volume(b)
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
Polyurethanes
|
|
(2)%
|
|
----
|
|
1%
|
|
2%
|
|
1%
|
Performance
Products
|
|
4%
|
|
----
|
|
(1)%
|
|
(1)%
|
|
2%
|
Advanced
Materials
|
|
5%
|
|
----
|
|
4%
|
|
(10)%
|
|
(1)%
|
Textile
Effects
|
|
15%
|
|
(1)%
|
|
----
|
|
(4)%
|
|
10%
|
Pigments &
Additives
|
|
(2)%
|
|
NA
|
|
----
|
|
(1)%
|
|
(3)%
|
Total
Company
|
|
2%
|
|
NA
|
|
(1)%
|
|
----
|
|
1%
|
|
|
|
|
|
|
|
|
|
|
|
NA = foreign exchange
rate data not available
|
(a) Excludes sales
from tolling arrangements, by-products and raw
materials.
|
(b) Excludes sales
from by-products and raw materials.
|
Table 6 --
Reconciliation of U.S. GAAP to Non-GAAP Measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
Tax
|
|
Net (Loss)
Income
|
|
Diluted
(Loss) Income
|
|
|
EBITDA
|
|
(Expense)
Benefit
|
|
Attrib. to
HUN Corp.
|
|
Per
Share
|
|
|
Three months
ended
|
|
Three months
ended
|
|
Three months
ended
|
|
Three months
ended
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
In millions, except
per share amounts, unaudited
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP(1)
|
|
$ 141
|
|
$ 225
|
|
$ (12)
|
|
$ (20)
|
|
$ (38)
|
|
$ 41
|
|
$ (0.16)
|
|
$ 0.17
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and
integration expenses, purchase accounting adjustments
|
|
40
|
|
7
|
|
(4)
|
|
(3)
|
|
36
|
|
4
|
|
0.15
|
|
0.02
|
Loss from
discontinued operations, net of tax(3)
|
|
1
|
|
2
|
|
N/A
|
|
N/A
|
|
1
|
|
1
|
|
-
|
|
-
|
Discount amortization
on settlement financing associated with the terminated
merger
|
|
N/A
|
|
N/A
|
|
-
|
|
(1)
|
|
-
|
|
1
|
|
-
|
|
-
|
Gain on disposition
of businesses/assets
|
|
(1)
|
|
-
|
|
-
|
|
-
|
|
(1)
|
|
-
|
|
-
|
|
-
|
Loss on early
extinguishment of debt
|
|
28
|
|
16
|
|
(10)
|
|
(6)
|
|
18
|
|
10
|
|
0.07
|
|
0.04
|
Certain legal
settlements and related expenses
|
|
-
|
|
1
|
|
-
|
|
-
|
|
-
|
|
1
|
|
-
|
|
-
|
Amortization of
pension and postretirement actuarial losses
|
|
14
|
|
18
|
|
-
|
|
(7)
|
|
14
|
|
11
|
|
0.06
|
|
0.05
|
Restructuring,
impairment and plant closing and transition costs
|
|
69
|
|
44
|
|
(18)
|
|
5
|
|
51
|
|
49
|
|
0.21
|
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted(1)
|
|
$ 292
|
|
$ 313
|
|
$ (44)
|
|
$ (32)
|
|
$ 81
|
|
$ 118
|
|
$ 0.33
|
|
$ 0.48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income tax
expense
|
|
|
|
|
|
|
|
|
|
44
|
|
32
|
|
|
|
|
Net income
attributable to noncontrolling interests, net of tax
|
|
|
|
|
|
|
|
|
|
3
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted pre-tax
income(1)
|
|
|
|
|
|
|
|
|
|
$ 128
|
|
$ 151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted effective
tax rate
|
|
|
|
|
|
|
|
|
|
34%
|
|
21%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
Tax
|
|
Net
Income
|
|
Diluted
Income
|
|
|
EBITDA
|
|
Benefit
(Expense)
|
|
Attrib. to
HUN Corp.
|
|
Per
Share
|
|
|
Three months
ended
|
|
Three months
ended
|
|
Three months
ended
|
|
Three months
ended
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
In millions, except
per share amounts, unaudited
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP(1)
|
|
$ 293
|
|
|
|
$ 40
|
|
|
|
$ 188
|
|
|
|
$ 0.76
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and
integration expenses, purchase accounting adjustments
|
|
10
|
|
|
|
(2)
|
|
|
|
8
|
|
|
|
0.03
|
|
|
Impact of certain
foreign tax credit elections
|
|
N/A
|
|
|
|
(94)
|
|
|
|
(94)
|
|
|
|
(0.38)
|
|
|
Certain legal
settlements and related expenses
|
|
1
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
Amortization of
pension and postretirement actuarial losses
|
|
12
|
|
|
|
(2)
|
|
|
|
10
|
|
|
|
0.04
|
|
|
Restructuring,
impairment and plant closing and transition costs
|
|
40
|
|
|
|
(6)
|
|
|
|
34
|
|
|
|
0.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted(1)
|
|
$ 356
|
|
|
|
$ (64)
|
|
|
|
$ 147
|
|
|
|
$ 0.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income tax
expense
|
|
|
|
|
|
|
|
|
|
64
|
|
|
|
|
|
|
Net income
attributable to noncontrolling interests, net of tax
|
|
|
|
|
|
|
|
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted pre-tax
income(1)
|
|
|
|
|
|
|
|
|
|
$ 217
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted effective
tax rate
|
|
|
|
|
|
|
|
|
|
29%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
Tax
|
|
Net
Income
|
|
Diluted
Income
|
|
|
EBITDA
|
|
(Expense)
Benefit
|
|
Attrib. to
HUN Corp.
|
|
Per
Share
|
|
|
Twelve months
ended
|
|
Twelve months
ended
|
|
Twelve months
ended
|
|
Twelve months
ended
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
In millions, except
per share amounts, unaudited
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP(1)
|
|
$ 1,022
|
|
$ 889
|
|
$ (51)
|
|
$ (125)
|
|
$ 323
|
|
$ 128
|
|
$ 1.31
|
|
$ 0.53
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and
integration expenses, purchase accounting adjustments
|
|
67
|
|
21
|
|
(10)
|
|
(5)
|
|
57
|
|
16
|
|
0.23
|
|
0.07
|
Impact of certain
foreign tax credit elections
|
|
N/A
|
|
N/A
|
|
(94)
|
|
-
|
|
(94)
|
|
-
|
|
(0.38)
|
|
-
|
Loss from
discontinued operations, net of tax(3)
|
|
10
|
|
5
|
|
N/A
|
|
N/A
|
|
8
|
|
5
|
|
0.03
|
|
0.02
|
Discount amortization
on settlement financing associated with the terminated
merger
|
|
N/A
|
|
N/A
|
|
-
|
|
(3)
|
|
-
|
|
6
|
|
-
|
|
0.02
|
Gain on disposition
of businesses/assets
|
|
(3)
|
|
-
|
|
1
|
|
-
|
|
(2)
|
|
-
|
|
(0.01)
|
|
-
|
Loss on early
extinguishment of debt
|
|
28
|
|
51
|
|
(10)
|
|
(19)
|
|
18
|
|
32
|
|
0.07
|
|
0.13
|
Certain legal
settlements and related expenses
|
|
3
|
|
9
|
|
-
|
|
(2)
|
|
3
|
|
7
|
|
0.01
|
|
0.03
|
Amortization of
pension and postretirement actuarial losses
|
|
51
|
|
74
|
|
(10)
|
|
(20)
|
|
41
|
|
54
|
|
0.17
|
|
0.22
|
Restructuring,
impairment and plant closing and transition costs
|
|
162
|
|
164
|
|
(38)
|
|
(22)
|
|
124
|
|
142
|
|
0.50
|
|
0.59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted(1)
|
|
$ 1,340
|
|
$ 1,213
|
|
$ (212)
|
|
$ (196)
|
|
$ 478
|
|
$ 390
|
|
$ 1.94
|
|
$ 1.61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income tax
expense
|
|
|
|
|
|
|
|
|
|
212
|
|
196
|
|
|
|
|
Net income
attributable to noncontrolling interests, net of tax
|
|
|
|
|
|
|
|
|
|
22
|
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted pre-tax
income(1)
|
|
|
|
|
|
|
|
|
|
$ 712
|
|
$ 607
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted effective
tax rate
|
|
|
|
|
|
|
|
|
|
30%
|
|
32%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See end of press
release for footnote explanations
|
|
|
|
|
|
|
Table 7 -- Pro
Forma(2) Reconciliation of U.S. GAAP to Non-GAAP
Measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro Forma
EBITDA
|
|
|
Three months
ended
|
|
|
December
31,
|
In millions, except
per share amounts, unaudited, pro forma
|
|
2014
|
|
2013
|
|
|
|
|
|
GAAP(1)
|
|
$ 191
|
|
$ 247
|
Adjustments:
|
|
|
|
|
Allocation of general
corporate overhead
|
|
-
|
|
7
|
Acquisition and
integration expenses, purchase accounting adjustments
|
|
(2)
|
|
3
|
Loss from
discontinued operations, net of tax(3)
|
|
1
|
|
2
|
Gain on disposition
of businesses/assets
|
|
(1)
|
|
-
|
Loss on early
extinguishment of debt
|
|
28
|
|
16
|
Certain legal
settlements and related expenses
|
|
-
|
|
1
|
Amortization of
pension and postretirement actuarial losses
|
|
14
|
|
21
|
Restructuring,
impairment and plant closing and transition costs
|
|
69
|
|
44
|
|
|
|
|
|
Pro forma
adjusted(2)
|
|
$ 300
|
|
$ 341
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro Forma
EBITDA
|
|
|
Three months
ended
|
|
|
September
30,
|
In millions, except
per share amounts, unaudited pro forma
|
|
2014
|
|
|
|
|
|
GAAP(1)
|
|
$ 333
|
|
|
Adjustments:
|
|
|
|
|
Allocation of general
corporate overhead
|
|
5
|
|
|
Acquisition and
integration expenses, purchase accounting adjustments
|
|
4
|
|
|
Certain legal
settlements and related expenses
|
|
1
|
|
|
Amortization of
pension and postretirement actuarial losses
|
|
13
|
|
|
Restructuring,
impairment and plant closing and transition costs
|
|
40
|
|
|
|
|
|
|
|
Pro forma
adjusted(2)
|
|
$ 396
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro Forma
EBITDA
|
|
|
Twelve months
ended
|
|
|
December
31,
|
In millions, except
per share amounts, unaudited pro forma
|
|
2014
|
|
2013
|
|
|
|
|
|
GAAP(1)
|
|
$ 1,214
|
|
$ 956
|
Adjustments:
|
|
|
|
|
Allocation of general
corporate overhead
|
|
20
|
|
24
|
Acquisition and
integration expenses, purchase accounting adjustments
|
|
7
|
|
11
|
Loss from
discontinued operations, net of tax(3)
|
|
10
|
|
5
|
Gain on disposition
of businesses/assets
|
|
(3)
|
|
-
|
Loss on early
extinguishment of debt
|
|
28
|
|
68
|
Certain legal
settlements and related expenses
|
|
3
|
|
9
|
Amortization of
pension and postretirement actuarial losses
|
|
54
|
|
84
|
Restructuring,
impairment and plant closing and transition costs
|
|
162
|
|
166
|
|
|
|
|
|
Pro forma
adjusted(2)
|
|
$ 1,495
|
|
$ 1,323
|
|
|
|
|
|
See end of press
release for footnote explanations
|
Table 8 --
Reconciliation of Net Income to EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Twelve
months ended
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
In millions,
unaudited
|
|
2014
|
|
2013
|
|
2014
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to Huntsman Corporation
|
|
$ (38)
|
|
$ 41
|
|
$
188
|
|
$ 323
|
|
$128
|
Interest
expense
|
|
57
|
|
44
|
|
49
|
|
205
|
|
190
|
Income tax expense
(benefit) from continuing operations
|
|
12
|
|
20
|
|
(40)
|
|
51
|
|
125
|
Income tax benefit
from discontinued operations(3)
|
|
-
|
|
(2)
|
|
-
|
|
(2)
|
|
(2)
|
Depreciation and
amortization
|
|
110
|
|
122
|
|
96
|
|
445
|
|
448
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA(1)
|
|
141
|
|
225
|
|
293
|
|
1,022
|
|
889
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma
adjustments to:
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Huntsman Corporation
|
|
26
|
|
(1)
|
|
15
|
|
75
|
|
(28)
|
Interest
expense
|
|
1
|
|
11
|
|
11
|
|
34
|
|
53
|
Income tax expense
from continuing operations(3)
|
|
13
|
|
2
|
|
4
|
|
43
|
|
2
|
Depreciation and
amortization
|
|
10
|
|
10
|
|
10
|
|
40
|
|
40
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma
EBITDA(2)
|
|
$191
|
|
$247
|
|
$
333
|
|
$1,214
|
|
$956
|
|
|
|
|
|
|
|
|
|
|
|
See end of press
release for footnote explanations
|
Table 9 --
Selected Balance Sheet Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
In
millions
|
|
2014
|
|
2014
|
|
2013
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Cash
|
|
$
870
|
|
$
592
|
|
$
529
|
Accounts and notes
receivable, net
|
|
1,707
|
|
1,676
|
|
1,575
|
Inventories
|
|
2,025
|
|
1,788
|
|
1,741
|
Other current
assets
|
|
437
|
|
438
|
|
314
|
Property, plant and
equipment, net
|
|
4,423
|
|
3,703
|
|
3,824
|
Other
assets
|
|
1,540
|
|
1,212
|
|
1,205
|
|
|
|
|
|
|
|
Total
assets
|
|
$ 11,002
|
|
$
9,409
|
|
$
9,188
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
1,275
|
|
$
1,176
|
|
$
1,113
|
Other current
liabilities
|
|
790
|
|
672
|
|
769
|
Current portion of
debt
|
|
267
|
|
274
|
|
277
|
Long-term
debt
|
|
4,933
|
|
3,752
|
|
3,633
|
Other
liabilities
|
|
1,786
|
|
1,139
|
|
1,267
|
Total
equity
|
|
1,951
|
|
2,396
|
|
2,129
|
|
|
|
|
|
|
|
Total liabilities
and equity
|
|
$
11,002
|
|
$
9,409
|
|
$
9,188
|
Table 10 --
Outstanding Debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
In
millions
|
|
2014
|
|
2014
|
|
2013
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Debt:
|
|
|
|
|
|
|
Senior credit
facilities
|
|
$
2,528
|
|
$
1,339
|
|
$
1,351
|
Accounts receivable
programs
|
|
229
|
|
235
|
|
248
|
Senior
notes
|
|
1,596
|
|
1,219
|
|
1,061
|
Senior subordinated
notes
|
|
531
|
|
890
|
|
891
|
Variable interest
entities
|
|
207
|
|
220
|
|
247
|
Other debt
|
|
109
|
|
123
|
|
112
|
|
|
|
|
|
|
|
Total debt -
excluding affiliates
|
|
5,200
|
|
4,026
|
|
3,910
|
|
|
|
|
|
|
|
Total cash
|
|
870
|
|
592
|
|
529
|
|
|
|
|
|
|
|
Net debt-
excluding affiliates
|
|
$
4,330
|
|
$
3,434
|
|
$
3,381
|
Table 11 --
Summarized Statement of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Year
ended
|
|
|
December
31,
|
|
December
31,
|
In millions,
unaudited
|
|
2014
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
Total cash at
beginning of period(a)
|
|
$
592
|
|
$ 529
|
|
$ 396
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
417
|
|
760
|
|
708
|
Net cash used in
investing activities
|
|
(1,269)
|
|
(1,606)
|
|
(566)
|
Net cash provided by
(used in) financing activities
|
|
1,135
|
|
1,197
|
|
(6)
|
Effect of exchange
rate changes on cash
|
|
(5)
|
|
(11)
|
|
(3)
|
Change in restricted
cash
|
|
-
|
|
1
|
|
-
|
|
|
|
|
|
|
|
Total cash at end
of period(a)
|
|
$
870
|
|
$ 870
|
|
$ 529
|
|
|
|
|
|
|
|
Supplemental cash
flow information:
|
|
|
|
|
|
|
Cash paid for
interest
|
|
$
(63)
|
|
$ (208)
|
|
$(187)
|
Cash paid for income
taxes
|
|
$
(9)
|
|
$ (165)
|
|
$ (78)
|
Cash paid for capital
expenditures
|
|
$
(250)
|
|
$ (601)
|
|
$(471)
|
Depreciation and
amortization
|
|
$
110
|
|
$ 445
|
|
$ 448
|
|
|
|
|
|
|
|
Changes in primary
working capital:
|
|
|
|
|
|
|
Accounts and notes
receivable
|
|
$
163
|
|
$ 2
|
|
$ (11)
|
Inventories
|
|
92
|
|
(20)
|
|
77
|
Accounts
payable
|
|
(45)
|
|
86
|
|
(12)
|
|
|
|
|
|
|
|
Total cash provided
by primary working capital
|
|
$
210
|
|
$ 68
|
|
$ 54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes
restricted cash.
|
|
|
Footnotes
|
|
(1)
|
We use EBITDA and
adjusted EBITDA to measure the operating performance of our
business. We provide adjusted net income because we feel it
provides meaningful insight for the investment community into the
performance of our business. We believe that net income
(loss) attributable to Huntsman Corporation is the performance
measure calculated and presented in accordance with generally
accepted accounting principles in the U.S. ("GAAP") that is most
directly comparable to EBITDA, adjusted EBITDA and adjusted net
income. Additional information with respect to our use of each of
these financial measures follows:
|
|
|
|
EBITDA is defined as
net income (loss) attributable to Huntsman Corporation before
interest, income taxes, and depreciation and amortization. EBITDA
as used herein is not necessarily comparable to other similarly
titled measures of other companies. The reconciliation of EBITDA to
net income (loss) attributable to Huntsman Corporation is set forth
in Table 5 above.
|
|
|
|
Adjusted EBITDA is
computed by eliminating the following from EBITDA: (a)
acquisition and integration expenses, purchase accounting
adjustments; (b) loss (gain) on initial consolidation of
subsidiaries; (c) EBITDA from discontinued operations; (d) loss
(gain) on disposition of businesses/assets; (e) loss on early
extinguishment of debt; (f) extraordinary loss (gain) on the
acquisition of a business; (g) certain legal settlements and
related expenses; (h) amortization of pension and postretirement
actuarial losses (gains); and (i) restructuring, impairment, plant
closing and transition costs (credits). The reconciliation of
adjusted EBITDA to EBITDA is set forth in Table 4 above.
|
|
|
|
Adjusted net income
(loss) is computed by eliminating the after tax impact of the
following items from net income (loss) attributable to
Huntsman Corporation: (a) acquisition and integration expenses,
purchase accounting adjustments; (b) impact of certain foreign tax
credit elections; (c) loss (gain) on initial consolidation of
subsidiaries; (d) loss (income) from discontinued operations; (e)
discount amortization on settlement financing associated with the
terminated merger; (f) loss (gain) on disposition of
businesses/assets; (g) loss on early extinguishment of debt; (h)
extraordinary loss (gain) on the acquisition of a business; (i)
certain legal settlements and related expenses; (j) amortization of
pension and postretirement actuarial losses (gains); and (k)
restructuring, impairment, plant closing and transition costs
(credits). We do not adjust for changes in tax
valuation allowances because we do not believe it provides more
meaningful information than is provided under GAAP. The
reconciliation of adjusted net income (loss) to net income (loss)
attributable to Huntsman Corporation common stockholders is set
forth in Table 4 above.
|
|
|
(2)
|
Pro forma adjusted as
if it had occurred at the beginning of the relevant period to
include the October 1, 2014 acquisition of the Performance
Additives and Titanium Dioxide businesses of Rockwood Holdings,
Inc.; exclude the related sale of our TR52 product line – used in
printing inks – to Henan Billions Chemicals Co., Ltd. in December
2014; and exclude the allocation of general corporate overhead by
Rockwood.
|
|
|
(3)
|
During the first
quarter 2010 we closed our Australian styrenics operations; results
from this business are treated as discontinued
operations.
|
About Huntsman:
Huntsman Corporation is a publicly traded global manufacturer
and marketer of differentiated chemicals with 2014 revenues of
approximately $13 billion including
the acquisition of Rockwood's
performance additives and titanium dioxide businesses. Our chemical
products number in the thousands and are sold worldwide to
manufacturers serving a broad and diverse range of consumer and
industrial end markets. We operate more than 100
manufacturing and R&D facilities in more than 30 countries and
employ approximately 16,000 associates within our 5 distinct
business divisions. For more information about Huntsman,
please visit the company's website at
www.huntsman.com.
Forward-Looking Statements:
Statements in this release that are not historical are
forward-looking statements. These statements are based on
management's current beliefs and expectations. The forward-looking
statements in this release are subject to uncertainty and changes
in circumstances and involve risks and uncertainties that may
affect the company's operations, markets, products, services,
prices and other factors as discussed in the Huntsman companies'
filings with the U.S. Securities and Exchange Commission.
Significant risks and uncertainties may relate to, but are not
limited to, financial, economic, competitive, environmental,
political, legal, regulatory and technological factors. The
company assumes no obligation to provide revisions to any
forward-looking statements should circumstances change, except as
otherwise required by applicable laws.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/huntsman-releases-fourth-quarter-and-full-year-2014-results-full-year-adjusted-earnings-per-share-grows-20-300037560.html
SOURCE Huntsman Corporation