Attached files
| file | filename |
|---|---|
| 8-K - LANXESS Solutions US Inc. | v191824_8k.htm |
| EX-99.3 - LANXESS Solutions US Inc. | v191824_ex99-3.htm |
| EX-99.4 - LANXESS Solutions US Inc. | v191824_ex99-4.htm |
| EX-23.1 - LANXESS Solutions US Inc. | v191824_ex23-1.htm |
| EX-99.2 - LANXESS Solutions US Inc. | v191824_ex99-2.htm |
Exhibit
99.1
Item
6. Selected Financial Data
The
following reflects selected financial data for Chemtura Corporation for each of
its last five fiscal years. The information below should be read in
conjunction with Item 7 – Management’s Discussion and Analysis of Financial
Condition and Results of Operations and Item 8 – Financial Statements and
Supplementary Data of this report. The financial information
presented may not be indicative of future performance.
|
(In
millions of dollars, except per share data)
|
2009
|
2008
|
2007
|
2006
|
2005 (a)
|
|||||||||||||||
|
Summary
of Operations
|
||||||||||||||||||||
|
Net
sales
|
$ | 2,300 | 3,154 | 3,370 | 3,182 | 2,457 | ||||||||||||||
|
Gross
profit
|
$ | 579 | 717 | 819 | 787 | 641 | ||||||||||||||
|
Selling,
general and administrative
|
$ | 289 | 323 | 362 | 355 | 299 | ||||||||||||||
|
Depreciation
and amortization
|
$ | 162 | 221 | 254 | 191 | 135 | ||||||||||||||
|
Research
and development
|
$ | 35 | 46 | 57 | 57 | 46 | ||||||||||||||
|
Facility
closures, severance and related costs
|
$ | 3 | 23 | 34 | 5 | 23 | ||||||||||||||
|
Antitrust
costs
|
$ | 10 | 12 | 35 | 90 | 49 | ||||||||||||||
|
Merger
costs (b)
|
$ | - | - | - | 17 | 45 | ||||||||||||||
|
In-process
research and development (b)
|
$ | - | - | - | - | 73 | ||||||||||||||
|
Loss
(gain) on sale of business (c)
|
$ | - | 25 | 15 | 11 | (3 | ) | |||||||||||||
|
Impairment
of long-lived assets (d)
|
$ | 39 | 986 | 19 | 80 | - | ||||||||||||||
|
Changes
in estimates related to expected allowable claims (e)
|
$ | 73 | - | - | - | - | ||||||||||||||
|
Equity
income
|
$ | - | (4 | ) | (3 | ) | (4 | ) | (2 | ) | ||||||||||
|
Operating
(loss) profit
|
$ | (32 | ) | (915 | ) | 46 | (15 | ) | (24 | ) | ||||||||||
|
Interest
expense
|
$ | (70 | ) | (78 | ) | (87 | ) | (102 | ) | (108 | ) | |||||||||
|
Loss
on early extinguishment of debt
|
$ | - | - | - | (44 | ) | (55 | ) | ||||||||||||
|
Other
(expense) income, net
|
$ | (17 | ) | 9 | (5 | ) | (5 | ) | (9 | ) | ||||||||||
|
Reorganization
items, net (f)
|
$ | (97 | ) | - | - | - | - | |||||||||||||
|
Loss
from continuing operations before income taxes and cumulative effect of
accounting change
|
$ | (216 | ) | (984 | ) | (46 | ) | (166 | ) | (196 | ) | |||||||||
|
Income
tax (provision) benefit
|
$ | (10 | ) | 29 | - | (119 | ) | (37 | ) | |||||||||||
|
Loss
from continuing operations before cumulative effect of accounting
change
|
$ | (226 | ) | (955 | ) | (46 | ) | (285 | ) | (233 | ) | |||||||||
|
(Loss)
earnings from discontinued operations, net of tax
|
$ | (63 | ) | (16 | ) | 27 | 33 | 54 | ||||||||||||
|
(Loss)
gain on sale of discontinued operations, net of tax
|
$ | (3 | ) | - | 24 | 47 | (4 | ) | ||||||||||||
|
Cumulative
effect of accounting change, net of tax
|
$ | - | - | - | - | (1 | ) | |||||||||||||
|
Net
(loss) earnings
|
$ | (292 | ) | (971 | ) | 5 | (205 | ) | (184 | ) | ||||||||||
|
Less:
net earnings attributable to non-controlling interests
|
$ | (1 | ) | (2 | ) | (8 | ) | (1 | ) | (3 | ) | |||||||||
|
Net
loss attributable to Chemtura Corporation
|
$ | (293 | ) | (973 | ) | (3 | ) | (206 | ) | (187 | ) | |||||||||
|
Amounts
attribuable to Chemtura Corporation common shareholders:
|
||||||||||||||||||||
|
Loss
from continuing operations, net of tax
|
$ | (227 | ) | (957 | ) | (54 | ) | (286 | ) | (236 | ) | |||||||||
|
(Loss)
earnings from discontinued operations, net of tax
|
$ | (63 | ) | (16 | ) | 27 | 33 | 54 | ||||||||||||
|
(Loss)
gain on sale of discontinued operations, net of tax
|
$ | (3 | ) | - | 24 | 47 | (4 | ) | ||||||||||||
|
Cumulative
effect of accounting change, net of tax
|
$ | - | - | - | - | (1 | ) | |||||||||||||
|
Net
loss attributable to Chemtura Corporation
|
$ | (293 | ) | (973 | ) | (3 | ) | (206 | ) | (187 | ) | |||||||||
|
(In
millions, except per share data)
|
2009
|
2008
|
2007
|
2006
|
2005 (a)
|
|||||||||||||||
|
Per
Share Statistics
|
||||||||||||||||||||
|
Loss
from continuing operations, net of tax
|
$ | (0.93 | ) | (3.94 | ) | (0.22 | ) | (1.19 | ) | (1.33 | ) | |||||||||
|
(Loss)
earnings from discontinued operations, net of tax
|
$ | (0.26 | ) | (0.07 | ) | 0.11 | 0.14 | 0.30 | ||||||||||||
|
(Loss)
gain on sale of discontinued operations, net of tax
|
$ | (0.01 | ) | - | 0.10 | 0.20 | (0.02 | ) | ||||||||||||
|
Cumulative
effect of accounting change, net of tax
|
$ | - | - | - | - | - | ||||||||||||||
|
Net
loss attributable to Chemtura Corporation
|
$ | (1.20 | ) | (4.01 | ) | (0.01 | ) | (0.85 | ) | (1.05 | ) | |||||||||
|
Dividends
|
$ | - | 0.15 | 0.20 | 0.20 | 0.20 | ||||||||||||||
|
Book
value
|
$ | 0.71 | 2.01 | 7.84 | 7.14 | 7.58 | ||||||||||||||
|
Common
stock trading range: High
|
$ | 1.55 | 8.81 | 12.33 | 13.53 | 17.95 | ||||||||||||||
|
Low
|
$ | 0.03 | 1.02 | 6.95 | 7.75 | 9.89 | ||||||||||||||
|
Average
shares outstanding - Basic
|
242.9 | 242.3 | 241.6 | 240.5 | 178.4 | |||||||||||||||
|
Average
shares outstanding - Diluted
|
242.9 | 242.3 | 241.6 | 240.5 | 178.4 | |||||||||||||||
|
Financial
Position
|
||||||||||||||||||||
|
Working
capital (deficiency) (g)
|
$ | 881 | (558 | ) | 700 | 497 | 566 | |||||||||||||
|
Current
ratio (g)
|
2.5 | 0.7 | 2.0 | 1.6 | 1.6 | |||||||||||||||
|
Total
assets
|
$ | 3,118 | 3,057 | 4,416 | 4,399 | 4,986 | ||||||||||||||
|
Total
debt, including short-term borrowings (g)
|
$ | 255 | 1,204 | 1,063 | 1,111 | 1,370 | ||||||||||||||
|
Stockholders'
equity
|
$ | 172 | 488 | 1,899 | 1,719 | 1,820 | ||||||||||||||
|
Total
capital employed (g)
|
$ | 427 | 1,692 | 2,962 | 2,830 | 3,190 | ||||||||||||||
|
Debt
to total capital % (g)
|
59.7 | 71.2 | 35.9 | 39.3 | 42.9 | |||||||||||||||
|
(In millions of dollars, except for number of
employees)
|
||||||||||||||||||||
|
Other
Statistics
|
||||||||||||||||||||
|
Net
cash provided by (used in) operations
|
$ | 49 | (11 | ) | 149 | 251 | (79 | ) | ||||||||||||
|
Capital
spending from continuing operations
|
$ | 53 | 116 | 107 | 114 | 92 | ||||||||||||||
|
Depreciation
from continuing operations
|
$ | 124 | 177 | 216 | 152 | 110 | ||||||||||||||
|
Amortization
from continuing operations
|
$ | 38 | 44 | 38 | 39 | 25 | ||||||||||||||
|
Approximate
number of employees at end of year
|
4,400 | 4,700 | 5,100 | 6,200 | 6,600 | |||||||||||||||
|
(a)
|
Due
to the inclusion of the operating results of Great Lakes subsequent to the
acquisition on July 1, 2005, results are not directly
comparable.
|
|
(b)
|
Merger
costs are non-capitalized costs associated with the merger of the Company
and Great Lakes. The write-off of $73 million of in-process
research and development is also the direct result of the merger with
Great Lakes.
|
|
(c)
|
Loss
(gain) on sale of business primarily included a $26 million loss relating
to the sale of the oleochemicals business in 2008, a $15 million loss on
the sale of assets relating to the sale of the Celogen® product line in
2007, a $12 million loss on the sale of the IWA business in 2006, and a $3
million gain in 2005 on the reversal of a reserve related to the 2001 sale
of the Industrial Colors business.
|
|
(d)
|
The
2009 charge included the impairment of goodwill of $37 million and the
impairment of intangible assets of $2 million within the Consumer
Performance Products segment. The
2008 charge primarily included a $985 million impairment of goodwill
associated with the Consumer Performance Products, Industrial Performance
Products and Industrial Engineered Products segments. The 2007
charge primarily included a $9 million reduction in the value of assets
relating to the closure and sale of the Ravenna, Italy facility and a $4
million write-off of construction in progress associated with certain
facilities affected by the 2007 restructuring programs. The
2006 charge primarily included a $52 million impairment of the fluorine
business as a result of the Company’s annual impairment review and a $22
million impairment of non-current assets of the fluorine business due to a
loss of a significant customer.
|
|
(e)
|
Changes
in estimates related to expected allowable claims of $73 million relate to
adjustments to liabilities subject to compromise (primarily legal and
environmental reserves) as a result of the proofs of claim evaluation
process.
|
|
(f)
|
Reorganization
items, net of $97 million represent professional fees; the write-off of
debt discounts, premiums and debt issuance costs; the write-off of
deferred financing expenses related to the termination of the 2009 U.S.
Facility; impacts from rejections or terminations of executory contracts
and real property leases; impacts from the settlement of claims; and
reorganization initiatives.
|
|
(g)
|
The
2009 amounts exclude liabilities subject to compromise which are included
separately on the balance sheet.
|
1