LyondellBasell Reports Fourth-Quarter and Full-Year 2011 Results
ROTTERDAM, Netherlands, Feb. 10, 2012 /PRNewswire via COMTEX/ -- Full Year 2011
$2,140 million net income or $3.74 diluted earnings per share. Full-year 2011 net
income negatively impacted by $567 million, or $0.97 diluted earnings per share,
of charges relating primarily to refinancing and the Berre refinery
EBITDA of $5,279 million, includes $155 million of charges relating primarily to
the Berre refinery
Strong performance led by advantaged positions in U.S. olefins and refining
Paid $2.9 billion in dividends
Fourth Quarter 2011
$218 million net loss or $0.38 diluted loss per share. Fourth quarter net loss
negatively impacted by $448 million, or $0.79 diluted loss per share, of charges
relating primarily to refinancing and the Berre refinery
Fourth-quarter EBITDA of $536 million negatively impacted by significantly weaker
refining margins, with Maya 2-1-1 spreads declining ~$11 per barrel from third
quarter 2011, and $139 million of charges relating primarily to the Berre
refinery
Year-end economic slowdown which led to reduced ethylene industry margins further
negatively impacted results
Positive momentum seen in early 2012 in U.S. olefins and refining industries
LyondellBasell Industries (LYB) today announced a net loss for the fourth quarter
2011 of $218 million, or $0.38 per share. Fourth-quarter 2011 EBITDA was $536
million. For the full year 2011, net income was $2,140 million, or $3.74 per
share. The fourth-quarter and full-year results include the impacts of $431
million included in interest expense related to the company's refinancings and
$136 million of charges associated with the suspension of operations at the Berre
refinery.
Comparisons with the prior quarter, fourth quarter 2010 and full year 2010 are
available in the following table.
Table 1 - Earnings Summary(a)
-------------------------------------------------
Three Months EndedYear Ended
--------------------------------------------------------
December 31,September 30,December 31,December 31,
-------------------------------------
Millions of U.S. dollars (except share data)20112011201020112010
------------------------------------------------- ------------------ ------------------ ------------------ ------------------ ------------------
Sales and other operating revenues$11,444$13,297$10,610$51,035$41,151
------------------------------------------------- ------------------ ------------------ ------------------ ------------------ ------------------
Net income (loss)(b) (c)(218)8957662,14010,084
------------------------------------------------- ------------------ ------------------ ------------------ ------------------ ------------------
Diluted earnings (loss) per share (U.S. dollars)(0.38)1.511.343.74N/A
------------------------------------------------- ------------------ ------------------ ------------------ ------------------ ------------------
Diluted share count (millions)572575566572N/A
------------------------------------------------- ------------------ ------------------ ------------------ ------------------ ------------------
EBITDA(d)5361,7881,0855,2793,993
------------------------------------------------- ------------------ ------------------ ------------------ ------------------ ------------------
EBITDA excluding LCM inventory valuation
adjustments5361,7887625,2794,035
------------------------ ------------------ ------------------ ------------------ ------------------ ------------------
(a)For all periods prior to May 1, 2010, EBITDA is calculated using a current cost inventory basis.For periods on and after
May 1, 2010, net income and EBITDA are calculated using the LIFO method of inventory accounting.
(b)Includes net income (loss) attributable to non-controlling interests.See Table 11.
(c)The twelve months ended December 31, 2010 includes an $8,640 million after-tax gain on the discharge of liabilities subject
to compromise related to emergence from Chapter 11 and fresh-start accounting adjustments.
(d)See the end of this release for an explanation of the Company's use of EBITDA and Table 9 for reconciliations of EBITDA to
net income.
For 2011, LyondellBasell reported improved results across the majority of its
portfolio, most notably in North American olefins and at the Houston refinery,
both of which benefit from advantaged feedstocks.
The fourth quarter was negatively impacted by lower industry margins,
particularly in refining, a year-end slowdown, charges primarily related to the
suspension of operations at the Berre refinery and costs related to refinancing
activities.
Results reflect the following charges and benefits:
Table 2 - Charges (Benefits) Included in Net Income
Three Months EndedYear Ended
---------------------------------------
December 31, September 30, December 31, December 31,
-----------------
Millions of U.S. dollars (except share data)20112011201020112010
---------------------------------------------------------------------------- ------------ ------------- ------------ -------- --------
Pretax charges (benefits):
----------------------------------------------------------------------------
Charges and premiums related to
repayment of debt$431$ -$27$443$27
------------------------------------- ------------ ------------- ------------ -------- --------
Berre refinery closure costs136--136-
------------ ------------- ------------ -------- --------
Reorganization items15-245(26)
------------------------------------------------------------ ------------ ------------- ------------ -------- --------
Gain on discharge of liabilities subject
to compromise----(13,617)
------------------------------------- ------------ ------------- ------------ -------- --------
Change in net assets resulting from
application of fresh-start accounting ----6,278
------------------------------------- ------------ ------------- ------------ -------- --------
Corporate restructurings1814-93-
------------------------------------------------------------ ------------ ------------- ------------ -------- --------
Impairments826285237
------------------------------------------------------------ ------------ ------------- ------------ -------- --------
Sale of precious metals---(41)-
------------------------------------------------------------ ------------ ------------- ------------ -------- --------
Warrants - mark to market6(22)5537114
------------------------------------------------------------ ------------ ------------- ------------ -------- --------
Insurance settlement---(34)-
------------------------------------------------------------ ------------ ------------- ------------ -------- --------
Environmental accruals---16-
------------------------------------------------------------ ------------ ------------- ------------ -------- --------
Settlement related to Houston refinery
crane incident(15)--(15)-
------------------------------------- ------------ ------------- ------------ -------- --------
Asset retirement obligation-10-10-
------------------------------------------------------------ ------------ ------------- ------------ -------- --------
Gain on sale of Flavors & Fragrance
business--(64)-(64)
------------------------------------- ------------ ------------- ------------ -------- --------
Lower of cost or market inventory adjustment--(323)-42
------------------------------------------------------------ ------------ ------------- ------------ -------- --------
Charge related to dispute over environmental
indemnity----64
------------------------------------- ------------ ------------- ------------ -------- --------
Total pretax charges (benefits)59928(275)742(7,145)
---------------------------------------------------------------------------- ------------ ------------- ------------ -------- --------
Provision for (benefit from) income tax related
to these items(151)(14)124(175)(1,279)
------------------------------------------------------------ ------------ ------------- ------------ -------- --------
After-tax effect of net charges (credits)$448$14($151)$567($8,424)
---------------------------------------------------------------------------- ------------ ------------- ------------ -------- --------
Effect on diluted earnings per share$ (0.79)$ (0.03)$0.27$ (0.97) N/A
---------------------------------------------------------------------------- ------------ ------------- ------------ -------- --------
"The fourth quarter was a period of global economic slowdown and our results were
impacted by broader trends," said Jim Gallogly, LyondellBasell Chief Executive
Officer. "Customers responded to this slowdown by destocking inventory and
delaying orders, which negatively impacted volumes in Europe and Asia and margins
globally. Refining margins were particularly weak. Although overall results for
the fourth quarter declined, we expect our strategy of focusing on the basics and
running our assets safely and efficiently will continue to deliver value to our
shareholders," Gallogly said.
"Despite a weak fourth quarter, 2011 was a strong year for LyondellBasell.
Exclusive of a number of costs incurred to improve the company, including costs
related to restructuring and refinancing our capital structure, full-year
adjusted EBITDA was slightly over $5.4 billion and adjusted net income was over
$2.7 billion, or $4.71 per adjusted diluted share. We returned $2.9 billion to
shareholders through dividends. We also defined our plans for future growth,
which we communicated at our December Investor Day. I am also extremely proud of
all who work at our facilities as we achieved a record year in health, safety and
environmental performance," Gallogly said.
OUTLOOK
Commenting on the near-term outlook, Gallogly said, "We expect overall
first-quarter economic activity to remain slow in Europe and Asia for certain of
our businesses. In recent weeks, we have seen indications that our market
environment is improving in the U.S. Ethylene chain margins have increased from
fourth-quarter lows as ethane prices have declined and co-products and polyolefin
prices have increased. In refining, the benchmark Maya 2-1-1 crack spread has
improved, benefiting our Houston refinery.
Importantly, certain underlying fundamentals that have supported our business
remain intact. A low ratio of U.S. natural gas to crude oil prices creates a
favorable condition for our U.S. operations. Our differentiated businesses such
as our propylene oxide, polypropylene compounding, and our Saudi and certain
Asian joint ventures remain on a solid path," added Gallogly.
LYONDELLBASELL BUSINESS RESULTS DISCUSSION BY REPORTING SEGMENT
LyondellBasell operates in five business segments: 1) Olefins & Polyolefins -
Americas; 2) Olefins & Polyolefins - Europe, Asia, International (EAI); 3)
Intermediates & Derivatives; 4) Refining & Oxyfuels; and 5) Technology.
Olefins & Polyolefins - Americas (O&P-Americas) - The primary products of this
segment include ethylene and its co-products (propylene, butadiene and benzene),
polyethylene, polypropylene and Catalloy process resins.
Table 3 - O&P-Americas Financial Overview(a)
------------------------------------------------------
Three Months EndedYear Ended
-------------------------------------------------------------
December 31,September 30,December 31,December 31,
-----------------------------------
Millions of U.S. dollars20112011201020112010
---------------------------- ------------------------- ----------------- ----------------- ----------------- -----------------
Operating income$328$599$446$1,857$1,363
---------------------------- ------------------------- ----------------- ----------------- ----------------- -----------------
EBITDA4076735052,1421,685
---------------------------- ------------------------- ----------------- ----------------- ----------------- -----------------
EBITDA excluding LCM charges 4076733422,1421,719
---------------------------- ------------------------- ----------------- ----------------- ----------------- -----------------
(a)For all periods prior to May 1, 2010, operating income and EBITDA are calculated on a current cost inventory basis.For
periods on and after May 1, 2010, operating income and EBITDA are calculated using the LIFO method of inventory accounting.
See Table 8.
Three months ended December 31, 2011 versus three months ended September 30, 2011
- O&P-Americas segment EBITDA decreased $266 million versus the third quarter
2011. Olefins profitability declined approximately $250 million from the prior
period primarily due to reduced margins. Compared to the third quarter, average
ethylene sales price declined 2 cents per pound while the company's average
cost-of-ethylene-production metric increased approximately 11 cents per pound.
The increase in the cost-of-ethylene-production was driven by lower co-product
pricing. Ethylene production volume was unchanged compared to the previous
quarter. Polyethylene (PE) results declined approximately $30 million primarily
as a result of lower sales prices. Polypropylene (PP) profits declined
approximately $20 million from the third quarter 2011 primarily due to lower
margins. Overall, polyolefin sales volumes were relatively unchanged in the
fourth quarter compared to the third quarter.
Three months ended December 31, 2011 versus three months ended December 31, 2010
- Excluding a $163 million non-cash Lower of Cost or Market (LCM) gain in the
fourth quarter 2010, O&P-Americas results increased $65 million versus the fourth
quarter 2010. Olefins results increased approximately $95 million compared to the
prior year period largely as a result of significantly improved margins. This
increase was partially offset by PE results which declined approximately $75
million compared to the fourth quarter 2010 as a result of lower margins caused
by higher ethylene prices. PP results declined approximately $10 million compared
to the fourth quarter 2010 due to lower margins.
Year ended December 31, 2011 versus year ended December 31, 2010 - Excluding a
non-cash 2010 LCM inventory charge of $34 million, O&P - Americas results
improved $423 million versus 2010. Ethylene margins improved as the Company's
average ethylene sales price increased approximately 8 cents per pound which more
than offset an approximate 2 cents per pound increase in the Company's
cost-of-ethylene-production metric. Olefins results increased approximately $380
million compared to the prior year. Polyolefin results were approximately $125
million lower in 2011 than in 2010 as polyolefin price increases lagged ethylene
and propylene prices, compressing margins.
Olefins & Polyolefins - Europe, Asia, International (O&P-EAI) - The primary
products of this segment include ethylene and its co-products (propylene and
butadiene), polyethylene, polypropylene, global polypropylene compounds, Catalloy
process resins and Polybutene-1 resins.
Table 4 - O&P-EAI Financial Overview(a)
-------------------------------------------------
Three Months EndedYear Ended
--------------------------------------------------------
December 31,September 30,December 31,December 31,
---------------------------------------
Millions of U.S. dollars20112011201020112010
---------------------------- -------------------- ----------------- ----------------- ----------------- ---------------------
Operating income (loss)($55)$144$66$475$526
---------------------------- -------------------- ----------------- ----------------- ----------------- ---------------------
EBITDA62261125931818
---------------------------- -------------------- ----------------- ----------------- ----------------- ---------------------
EBITDA excluding LCM charges 62261115931818
---------------------------- -------------------- ----------------- ----------------- ----------------- ---------------------
(a)For all periods prior to May 1, 2010, operating income and EBITDA are calculated on a current cost inventory basis.For
periods on and after May 1, 2010, operating income and EBITDA are calculated using the LIFO method of inventory accounting.
See Table 8.
Three months ended December 31, 2011 versus three months ended September 30, 2011
- O&P-EAI segment EBITDA decreased $199 million versus the third quarter 2011.
Olefins results declined approximately $135 million from the third quarter 2011
due to lower cracker margins and volumes. Polyolefin results declined
approximately $50 million from the prior period primarily due to lower
polyethylene margins. Polypropylene compounds results declined approximately $10
million from the third quarter 2011. Dividends from joint ventures totaled $44
million during the fourth quarter 2011.
Three months ended December 31, 2011 versus three months ended December 31, 2010
- Excluding a $10 million fourth-quarter 2010 LCM gain, EBITDA declined $53
million versus the fourth quarter 2010. Olefins results were relatively unchanged
while polyethylene results declined approximately $55 million compared to the
prior year period primarily as a result of lower margins. Polypropylene EBITDA
fell approximately $60 million compared to the prior year period due to lower
sales volumes and compressed margins. Polypropylene compounding results improved
slightly compared to the prior year. Dividends from joint ventures increased
approximately $40 million.
Year ended December 31, 2011 versus year ended December 31, 2010 - EBITDA
increased $113 million versus 2010. Improved olefins volumes and margins, along
with higher co-product prices, contributed to the improved performance while
combined polyethylene and polypropylene sales declined 3%. Additionally, 2011
results benefited from improved polypropylene compounding results and increased
joint venture dividends when compared to 2010.
Intermediates & Derivatives (I&D) - The primary products of this segment include
propylene oxide (PO) and its co-products (styrene monomer, tertiary butyl alcohol
(TBA), isobutylene and tertiary butyl hydroperoxide), and derivatives (propylene
glycol, propylene glycol ethers and butanediol); acetyls, and ethylene oxide and
its derivatives.
Table 5 - I&D Financial Overview(a)
-----------------------------------
Three Months EndedYear Ended
--------------------------------------------------------------
December 31,September 30,December 31,December 31,
-------------------------
Millions of U.S. dollars20112011201020112010
----------------------------------- -------------------- -------------------- -------------------- -------------------- ----
Operating income$134$259$196$862$669
----------------------------------- -------------------- -------------------- -------------------- -------------------- ----
EBITDA1732972281,054851
----------------------------------- -------------------- -------------------- -------------------- -------------------- ----
EBITDA excluding LCM charges1732972111,054859
----------------------------------- -------------------- -------------------- -------------------- -------------------- ----
(a)For all periods prior to May 1, 2010, operating income and EBITDA are calculated on a current cost inventory basis.For
periods on and after May 1, 2010, operating income and EBITDA are calculated using the LIFO method of inventory accounting.
See Table 8.I&D results in Table 5 do not reflect the $64 million gain on the sale of the Flavors & Fragrance business
on December 22, 2010.The $64 million gain appears as "Income (loss) from discontinued operations, net of tax" on the income
statement (Table 11).
Three months ended December 31, 2011 versus three months ended September 30, 2011
- I&D segment EBITDA decreased $124 million versus the third quarter 2011. PO and
PO derivatives results declined versus the prior period due to the effects of
planned maintenance turnarounds and seasonal decreases in demand. Intermediates
profitability declined versus the third quarter primarily due to planned
maintenance turnarounds that negatively impacted acetyls and TBA sales.
Three months ended December 31, 2011 versus three months ended December 31, 2010
-Excluding a $17 million non-cash LCM gain in the fourth quarter 2010, I&D EBITDA
decreased $38 million compared to the fourth quarter 2010. Underlying PO and PO
derivatives EBITDA decreased slightly versus the prior year period due to the
effects of a planned maintenance outage and lower deicer sales from warmer
seasonal weather. A decline in PO and PO derivatives was offset by increased
ethylene oxide / ethylene glycol volumes and margins compared to fourth quarter
2010.
Year ended December 31, 2011 versus year ended December 31, 2010 - Excluding an
$8 million non-cash LCM charge in 2010, segment EBITDA increased by $195 million
versus 2010. PO and PO derivative margins improved primarily driven by strong
derivative results. Acetyls and ethylene glycol volume and margin increases were
the primary drivers for improved Intermediates results. Full-year 2010 results
include the flavors and fragrance business, which was sold in the fourth quarter
2010. The gain from the sale of the flavors and fragrance business was not
included in 2010 segment results.
Refining & Oxyfuels (R&O) - The primary products of this segment include
gasoline, diesel fuel, heating oil, jet fuel, petrochemical raw materials, methyl
tertiary butyl ether (MTBE) and ethyl tertiary butyl ether (ETBE).
Table 6 - R&O Financial Overview(a)
-------------------------------------------------
Three Months EndedYear Ended
--------------------------------------------------------------
December 31,September 30,December 31,December 31,
---------------------------------
Millions of U.S. dollars20112011201020112010
---------------------------- -------------------- -------------------- -------------------- -------------------- ------------
Operating income (loss)($196)$454$144$718$142
---------------------------- -------------------- -------------------- -------------------- -------------------- ------------
EBITDA(110)519212972452
---------------------------- -------------------- -------------------- -------------------- -------------------- ------------
EBITDA excluding LCM charges (110)51979972452
---------------------------- -------------------- -------------------- -------------------- -------------------- ------------
(a)For all periods prior to May 1, 2010, operating income and EBITDA are calculated on a current cost inventory basis.For
periods on and after May 1, 2010, operating income and EBITDA are calculated using the LIFO method of inventory accounting.
See Table 8.
Three months ended December 31, 2011 versus three months ended September 30, 2011
- Refining & Oxyfuels segment EBITDA decreased $629 million versus the third
quarter 2011. The Houston refinery financial performance declined approximately
$410 million as the average industry benchmark margin declined nearly $11 per
barrel compared to the previous quarter. Opportunities for purchasing crude oil
below the Maya crude oil benchmark that were available in the third quarter were
limited in the fourth quarter. Crude oil throughput at the Houston refinery
decreased to 262,000 barrels per day primarily due to planned maintenance
outages. The Berre refinery continued to record a loss, and results were impacted
by a labor strike and weaker refining margins. Results also include $136 million
of charges related to the suspension of operations at the refinery on Jan. 4,
2012. Oxyfuels results experienced a decline of approximately $65 million
primarily related to lower seasonal margins and volume.
Three months ended December 31, 2011 versus three months ended December 31, 2010
- Excluding a $133 million non-cash LCM gain in the fourth quarter 2010, segment
EBITDA decreased $189 million versus the fourth quarter 2010. At the Houston
refinery, EBITDA decreased approximately $90 million versus the prior year
period. Results were driven by a lower industry average benchmark margin offset
by higher throughput volumes. Compared to the prior year period, Berre refinery
results were negatively impacted by a labor strike, weaker refining margins and
$136 million of charges for the suspension of operations. Oxyfuels results
improved approximately $40 million between the periods mainly as a result of a
stronger than typical seasonal margins.
Year ended December 31, 2011 versus year ended December 31, 2010 - Segment EBITDA
increased $520 million versus 2010. An increase in the industry benchmark margin
of approximately $4 per barrel, increased crude throughput and benefits related
to crude purchasing were the primary contributors to an approximately $530
million improvement in performance at the Houston refinery. Berre refinery
results were weaker for the year as a result of weaker refining margins, lower
throughput and charges related to the suspension of operations at the refinery.
Oxyfuels results improved approximately $110 million in 2011, principally as a
result of higher margins.
Technology Segment - The principal products of the Technology segment include
polyolefin catalysts and production process technology licenses and related
services.
Table 7 - Technology Financial Overview(a)
----------------------------------------------------
Three Months EndedYear Ended
-----------------------------------------------------------
December 31,September 30,December 31,December 31,
-----------------------------------
Millions of U.S. dollars20112011201020112010
---------------------------- ----------------------- ----------------- ----------------- ----------------- -----------------
Operating income$11$7$8$107$108
---------------------------- ----------------------- ----------------- ----------------- ----------------- -----------------
EBITDA364544214212
---------------------------- ----------------------- ----------------- ----------------- ----------------- -----------------
EBITDA excluding LCM charges 364544214212
---------------------------- ----------------------- ----------------- ----------------- ----------------- -----------------
(a)For all periods prior to May 1, 2010, operating income and EBITDA are calculated on a current cost inventory basis.For
periods on and after May 1, 2010, operating income and EBITDA are calculated using the LIFO method of inventory accounting.
See Table 8.
Three months ended December 31, 2011 versus three months ended September 30, 2011
- Results declined primarily due to seasonally lower catalyst sales.
Three months ended December 31, 2011 versus three months ended December 31, 2010
- Licensing and technology services results declined compared to fourth quarter
2010 while catalyst results improved compared to the prior year period.
Year ended December 31, 2011 versus year ended December 31, 2010 - Segment
results were comparable to 2010. Lower licensing and services revenue and higher
research and development (R&D) costs related to the closure of the Newtown Square
R&D center were offset by higher catalyst income.
Liquidity
Company liquidity, defined as cash and cash equivalents plus funds available
through established lines of credit, was approximately $3.2 billion on Dec. 31,
2011. The company's cash balance was approximately $1.1 billion including $53
million of restricted cash on Dec. 31, 2011.
Capital Spending
Capital expenditures, including maintenance turnaround, catalyst and information
technology related expenditures, were $291 million during the fourth quarter 2011
and $1.06 billion for the full year 2011.
CONFERENCE CALL
LyondellBasell will host a conference call today, Feb. 10, 2012, at 11:00 a.m.
ET. Participating on the call will be: Jim Gallogly, Chief Executive Officer;
Karyn Ovelmen, Executive Vice President and Chief Financial Officer; Sergey
Vasnetsov, Senior Vice President - Strategic Planning and Transactions; and Doug
Pike, Vice President of Investor Relations. The toll-free dial-in number in the
U.S. is 888-982-4611. For international numbers, please go to our website,
lyondellbasell.com, for a complete listing of toll-free
numbers by country. The pass code for all numbers is 3987211.
A replay of the call will be available from 1:00 p.m. ET February 10 to 11:00
p.m. ET on March 10. The replay dial-in numbers are 888-568-0611 (U.S.) and +1
203-369-3197 (international). The pass code for each is 6565.
A copy of the slides that accompany the call will be available on the
LyondellBasell website at lyondellbasell.com.
ABOUT LYONDELLBASELL
LyondellBasell (LYB) is one of the world's largest plastics, chemical and
refining companies. The company manufactures products at 58 sites in 18
countries. LyondellBasell products and technologies are used to make items that
improve the quality of life for people around the world including packaging,
electronics, automotive components, home furnishings, construction materials and
biofuels. More information about LyondellBasell can be found at
lyondellbasell.com.
FORWARD-LOOKING STATEMENTS
The statements in this release and the related teleconference relating to matters
that are not historical facts are forward-looking statements. These
forward-looking statements are based upon assumptions of management which are
believed to be reasonable at the time made and are subject to significant risks
and uncertainties. Actual results could differ materially based on factors
including, but not limited to, the business cyclicality of the chemical, polymers
and refining industries; the availability, cost and price volatility of raw
materials and utilities, particularly the cost of oil and natural gas;
competitive product and pricing pressures; labor conditions; our ability to
attract and retain key personnel; operating interruptions (including leaks,
explosions, fires, weather-related incidents, mechanical failure, unscheduled
downtime, supplier disruptions, labor shortages, strikes, work stoppages or other
labor difficulties, transportation interruptions, spills and releases and other
environmental risks); the supply/demand balances for our and our joint ventures'
products, and the related effects of industry production capacities and operating
rates; our ability to achieve expected cost savings and other synergies; legal
and environmental proceedings; tax rulings, consequences or proceedings;
technological developments, and our ability to develop new products and process
technologies; potential governmental regulatory actions; political unrest and
terrorist acts; risks and uncertainties posed by international operations,
including foreign currency fluctuations; and our ability to comply with debt
covenants and service our debt. Additional factors that could cause results to
differ materially from those described in the forward-looking statements can be
found in the "Risk Factors" section of our Form 10-K for the year ended December
31, 2010, which can be found at lyondellbasell.com on the Investor
Relations page and on the Securities and Exchange Commission's website at
sec.gov.
NON-GAAP MEASURES
This release makes reference to certain "non-GAAP" financial measures as defined
in Regulation G of the U.S. Securities Exchange Act of 1934, as amended. We
report our financial results in accordance with U.S. generally accepted
accounting principles, but believe that certain non-GAAP financial measures
provide useful supplemental information to investors regarding the underlying
business trends and performance of the company's ongoing operations and are
useful for period-over-period comparisons of such operations. These non-GAAP
financial measures should be considered as a supplement to, and not as a
substitute for, or superior to, the financial measures prepared in accordance
with GAAP.
We have included EBITDA, adjusted EBITDA, adjusted net income and adjusted
earnings per share in this press release. EBITDA, as presented herein, may not be
comparable to a similarly titled measure reported by other companies due to
differences in the way the measure is calculated. For purposes of this release,
EBITDA for predecessor periods means earnings before interest, taxes,
depreciation, amortization and restructuring costs, as adjusted for other items
management does not believe are indicative of the Company's underlying results of
operations such as impairment charges, reorganization items, the effect of
mark-to-market accounting on our warrants and current cost inventory adjustments.
EBITDA for successor periods means earnings before interest, taxes, depreciation
and amortization, as adjusted for the same items, to the extent applicable in the
successor periods. EBITDA also includes dividends from joint ventures. EBITDA
should not be considered an alternative to profit or operating profit for any
period as an indicator of our performance, or as alternatives to operating cash
flows as a measure of our liquidity.
Quantitative reconciliations of non-GAAP financial measures to their nearest
comparable GAAP financial measures are provided Tables 8 and 9 at the end of this
release.
OTHER FINANCIAL MEASURE PRESENTATION NOTES
As a result of the Company's reorganization proceedings and its emergence from
Chapter 11, financial results are prepared and disclosed for a predecessor
company for the time period before May 1, 2010, and the successor company for
time periods after April 30, 2010, the date of emergence. For financial
accounting purposes, the predecessor and successor companies are considered to be
two separate entities. Further, the reorganization under Chapter 11 and the
application of fresh-start accounting make comparisons of the predecessor and
successor periods difficult. The primary impacts affecting the comparisons
include (i) significant changes to our inventory valuations; (ii) lower
depreciation and amortization expense; and (iii) lower interest expense. In
connection with the application of fresh-start accounting, we were required to
write our inventory up to fair market value, which was significant given the high
crude oil prices at April 30, 2010. However, in the fourth quarter 2010, prices
rose to levels close to those at April 30, 2010, and it became necessary to
reverse significant portions of the LCM charges taken in the second and third
quarters. The lower depreciation and amortization expenses in the successor
period are the result of the revaluation of assets in connection with fresh-start
accounting. Lower interest expense is the result of the substantial changes to
the balance sheet as a result of the reorganization.
Prior to emergence from Chapter 11, we utilized a combination of First-In,
First-Out and Last-In, First-Out inventory methods for financial reporting. For
purposes of evaluating segment results, management reviewed operating results
using current cost, which approximates LIFO. As supplementary information, and
for our segment reporting, we provide EBITDA information on a current cost basis
for periods prior to our emergence from Chapter 11. Since emergence from Chapter
11, we have utilized the LIFO inventory methodology and EBITDA information for
periods after our emergence is on a LIFO basis. The combined financial results
and measures that are disclosed in this press release, including EBITDA,
therefore use both current cost and LIFO methodologies.
This release contains time sensitive information that is accurate only as of the
time hereof. Information contained in this release is unaudited and subject to
change. LyondellBasell undertakes no obligation to update the information
presented herein except to the extent required by law.
Table 8 - Reconciliation of Segment Information to Consolidated Financial Information
----------------------------------------------------------------------------------------------------------------------------------
2011
-----------------------------------------------------------------------------
(Millions of U.S. dollars)Q1Q2Q3Q4YTD
-----------------------------------------------------------
Sales and other operating revenues:
Olefins & Polyolefins - Americas$3,572$4,010$3,875$3,423$ 14,880
Olefins & Polyolefins - Europe, Asia, International3,9444,2643,9183,33415,460
Intermediates & Derivatives1,6921,7771,6171,4016,487
Refining & Oxyfuels4,7205,8335,8694,31120,733
Technology139126129112506
Other/elims(1,815)(1,968)(2,111)(1,137)(7,031)
Total$12,252$14,042$13,297$11,444$ 51,035
Operating income (loss):
Olefins & Polyolefins - Americas$421$509$599$328$ 1,857
Olefins & Polyolefins - Europe, Asia, International179207144(55)475
Intermediates & Derivatives234235259134862
Refining & Oxyfuels164296454(196)718
Technology6623711107
Other1(5)4(21)(21)
Current cost adjustment- -- -- -- -- -
Total$1,065$1,265$1,467$201$ 3,998
Depreciation and amortization:
Olefins & Polyolefins - Americas$58$59$64$65$ 246
Olefins & Polyolefins - Europe, Asia, International57666970262
Intermediates & Derivatives34373536142
Refining & Oxyfuels42464861197
Technology2416212384
Other- -- -- -- -- -
Total$215$224$237$255$ 931
EBITDA: (a)
Olefins & Polyolefins - Americas$484$578$673$407$ 2,142
Olefins & Polyolefins - Europe, Asia, International33327526162931
Intermediates & Derivatives2703142971731,054
Refining & Oxyfuels210353519(110)972
Technology91424536214
Other14(9)(7)(32)(34)
-----------------------------------
Total EBITDA$1,402$1,553$1,788$536$ 5,279
Capital, turnarounds and IT deferred spending:
Olefins & Polyolefins - Americas$66$138$149$72$ 425
Olefins & Polyolefins - Europe, Asia, International423746110235
Intermediates & Derivatives515255499
Refining & Oxyfuels101585343255
Technology738826
Other110- -617
-----------------------------------
Total2222612812931,057
Deferred charges included above(1)- -(2)(4)(7)
Capital expenditures$221$261$279$289$ 1,050
(a) See Table 9 for a reconciliation of total EBITDA, excluding LCM inventory valuation adjustments, to net income.
Table 8 - Reconciliation of Segment Information to Consolidated Financial Information
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
PredecessorSuccessorCombinedSuccessorSuccessorPredecessorSuccessorCombined
---------------------------------------------------------------------------------------------------------------- ---------------------
2010
--------------------------------------------------------------------------------------------------------------------------------------------------
April 1 -May 1 -January 1 -May 1 -
(Millions of U.S. dollars)Q1April 30June 30Q2Q3Q4April 30December 31YTD
----------------------------------------------------------------------------------------------------------------------------
Sales and other operating revenues: (a)
Olefins & Polyolefins - Americas$3,020$1,163$2,004$3,167$3,247$3,155$4,183$8,406$12,589
Olefins & Polyolefins - Europe, Asia,3,1191,0662,1403,2063,2473,3424,1058,72912,834
International
Intermediates & Derivatives1,3165049401,4441,4531,3611,8203,7545,574
Refining & Oxyfuels3,4151,3332,4033,7363,8674,0514,74810,32115,069
Technology1103575110157133145365510
Other/elims(1,225)(389)(790)(1,179)(1,669)(1,432)(1,534)(3,891)(5,425)
Total$9,755$3,712$6,772$10,484$10,302$10,610$13,467$27,684$41,151
Operating income (loss): (a)
Olefins & Polyolefins - Americas$145$175$149$324$448$446$320$1,043$1,363
Olefins & Polyolefins - Europe, Asia,714411415823166115411526
International
Intermediates & Derivatives12334109143207196157512669
Refining & Oxyfuels(128)29144383144(99)241142
Technology31823313883969108
Other(59)181331(19)(16)(41)(22)(63)
Current cost adjustment18415- -15- -- -199- -199
Total$367$323$422$745$988$844$690$2,254$2,944
Depreciation and amortization:
Olefins & Polyolefins - Americas$119$41$51$92$42$58$160$151$311
Olefins & Polyolefins - Europe, Asia,812633596053107146253
International
Intermediates & Derivatives6922234530289181172
Refining & Oxyfuels135459545543180107287
Technology17661240322378101
Other3178(5)(7)4(5)(1)
Total$424$141$129$270$222$207$565$558$1,123
EBITDA: (a)(b)
Olefins & Polyolefins - Americas$274$216$198$414$492$505$490$1,195$1,685
Olefins & Polyolefins - Europe, Asia,15278174252289125230588818
International
Intermediates & Derivatives19656128184243228252599851
Refining & Oxyfuels376219714021279373452
Technology47142943784461151212
Other(32)87280(44)(29)(24)(1)(25)
-------------------------------------------------------------
Total EBITDA6404486221,0701,1981,0851,0882,9053,993
LCM inventory valuation
adjustments- -- -33333332(323)- -4242
Total excluding LCM inventory
valuation adjustments$640$448$955$1,403$1,230$762$1,088$2,947$4,035
Capital, turnarounds and IT
deferred spending:
Olefins & Polyolefins - Americas$69$20$50$70$40$56$89$146$235
Olefins & Polyolefins - Europe, Asia,594331743243102106208
International
Intermediates & Derivatives755103932127688
Refining & Oxyfuels64152237345279108187
Technology1023579121931
Other435891272633
-------------------------------------------------------------
Total21388116204161204301481782
Deferred charges included above(74)(1)(3)(4)(8)(4)(75)(15)(90)
Capital expenditures(c)$139$87$113$200$153$200$226$466$692
(a)For periods prior to May 1, 2010, Predecessor segment operating income and EBITDA were determined on a current cost basis.For periods following May 1, 2010,
Successor operating income and EBITDA were determined using the LIFO method of inventory accounting.
(b) See Table 9 for a reconciliation of total EBITDA, excluding LCM inventory valuation adjustments, to net income.
(c) Deferred IT spending is excluded from capital expenditures for all periods presented.Turnarounds, which are classified as property, plant and equipment from May 1, 2010,
were excluded from capital expenditures for periods prior to May 1, 2010.
Table 9 - Reconciliation of EBITDA to Net Income
---------------------------------------------------------------------------------------------------------------
Successor
--------------------------------------------------------
2011
--------------------------------------------------------
(Millions of U.S. dollars)Q1Q2Q3Q4YTD
------------------------------------------------
Segment EBITDA:
Olefins & Polyolefins - Americas$484$578$673$407$2,142
Olefins & Polyolefins - Europe, Asia, International33327526162931
Intermediates & Derivatives2703142971731,054
Refining & Oxyfuels210353519(110)972
Technology91424536214
Other14(9)(7)(32)(34)
----------------------------
Total EBITDA1,4021,5531,7885365,279
Adjustments to EBITDA:
Berre refinery closure costs---136136
Sale of precious metals-(41)--(41)
Corporate restructurings-61141893
Environmental accruals-16--16
Settlement related to Houston refinery crane incident---(15)(15)
Insurance settlement(34)---(34)
----------------------------
Total Adjusted EBITDA1,3681,5891,8026755,434
Add:
Income from equity investments58735233216
Unrealized foreign exchange (loss) gain(3)4(17)(11)(27)
Deduct:
Adjustments to EBITDA34(36)(14)(139)(155)
Depreciation and amortization(215)(224)(237)(255)(931)
Impairment charges(5)(13)(26)(8)(52)
Reorganization items(2)(28)-(15)(45)
Interest expense, net(155)(164)(145)(542)(1,006)
Joint venture dividends received(96)(11)(55)(44)(206)
Provision for income taxes(263)(388)(489)92(1,048)
Fair value change in warrants(59)622(6)(37)
Other(2)(5)22(3)
----------------------------
Net income (loss)660803895(218)2,140
Adjustments to EBITDA(34)3614139155
Premiums and charges on early repayment of debt-12-431443
Reorganization items228-1545
Asset retirement obligation--10-10
Fair value change in warrants59(6)(22)637
Impairment charges51326852
Tax impact of net income (loss) adjustments11(21)(14)(151)(175)
----------------------------
Adjusted Net Income$703$865$909$230$2,707
Earnings (loss) per share:
Diluted earnings per share$1.15$1.38$1.51$(0.38)$3.74
Adjustments to net income (loss)0.080.110.030.790.97
Adjusted diluted earnings per share$1.23$1.49$1.54$0.41$4.71
Table 9 - Reconciliation of EBITDA to Net Income
------------------------------------------------------------------------------------------------------------------------------------------------------------------
PredecessorSuccessorCombinedSuccessorPredecessorSuccessorCombined
----------------------------------------------------------------------------------------------------------------
2010
----------------------------------------------------------------------------------------------------------------------
April 1 -May 1 -January 1 -May 1 -
(Millions of U.S. dollars)Q1April 30June 30Q2Q3Q4April 30December 31YTD
------------------------------------------------------------------------------------------------------------
Segment EBITDA: (a)
Olefins & Polyolefins - Americas$274$216$198$414$492$505$490$1,195$1,685
Olefins & Polyolefins - Europe,
Asia, International15278174252289125230588818
Intermediates & Derivatives19656128184243228252599851
Refining & Oxyfuels376219714021279373452
Technology47142943784461151212
Other(32)87280(44)(29)(24)(1)(25)
Total EBITDA6404486221,0701,1981,0851,0882,9053,993
------------------------------------------------------
LCM inventory valuation
adjustments- -- -33333332(323)- -4242
Total EBITDA excluding LCM
inventory valuation adjustments6404489551,4031,2307621,0882,9474,035
Add:
Income from equity investments5529275629308486170
Unrealized foreign
exchange loss(202)(62)(14)(76)(7)(1)(264)(22)(286)
Gain on sale of Flavors and
Fragrance business- -- -- -- -- -64- -6464
Deduct:
LCM inventory valuation
adjustments- -- -(333)(333)(32)323- -(42)(42)
Depreciation and amortization(424)(141)(129)(270)(222)(207)(565)(558)(1,123)
Impairment charges(3)(6)- -(6)- -(28)(9)(28)(37)
Reorganization items2077,181(8)7,173(13)(2)7,388(23)7,365
Interest expense, net(409)(299)(120)(419)(186)(222)(708)(528)(1,236)
Joint venture dividends received(13)(5)(28)(33)-(6)(18)(34)(52)
(Provision for) benefit from
income taxes(12)1,327(28)1,299(254)1121,315(170)1,145
Fair value change in warrants- -- -1717(76)(55)- -(114)(114)
Current cost adjustment to
inventory18415- -15- -- -199- -199
Other(15)9817(2)(4)(6)2(4)
------------------------------------------------------
Net income88,4963478,8434677668,5041,58010,084
Less: Net (income) loss attributable
to non-controlling interests258(5)537560767
------------------------------------------------------
Net income attributable to
the Company$10$8,554$342$8,896$474$771$8,564$1,587$10,151
(a) For periods prior to May 1, 2010, Predecessor segment operating income and EBITDA were determined on a current cost basis.For periods following May 1, 2010,
Successor operating income and EBITDA were determined using the LIFO method of inventory accounting.
Table 10 - Selected Segment Operating Information
------------------------------------------------------------------------------------------------------
20102011
------------------------------------------------------------------
Q1Q2Q3Q4YTDQ1Q2Q3Q4YTD
--------------------------------------------------
Olefins and Polyolefins - Americas
Volumes (million pounds)
Ethylene produced2,0191,9982,1842,1528,3532,0891,9292,1342,2018,353
Propylene produced7557777906953,0177695568387442,907
Polyethylene sold1,3301,3201,4721,3475,4691,4051,3771,3681,3435,493
Polypropylene sold6156706756112,5715856116356402,471
Benchmark Market Prices
West Texas Intermediate crude oil (USD
per barrel)78.978.176.185.279.694.6102.389.594.195.1
Light Louisiana Sweet ("LLS") crude oil (USD
per barrel)80.082.279.689.382.8107.8118.3112.5110.8112.4
Natural gas (USD per million BTUs)5.44.04.44.24.54.24.44.33.64.1
U.S. weighted average cost of ethylene production
(cents/pound)34.326.725.233.830.032.633.834.341.635.6
U.S. ethylene (cents/pound)52.345.638.347.345.949.357.555.854.454.3
U.S. polyethylene [high density] (cents/pound)83.384.077.783.782.287.795.389.085.789.4
U.S. propylene (cents/pound)61.563.356.257.359.671.787.376.557.873.3
U.S. polypropylene [homopolymer] (cents/pound)87.889.882.783.886.0100.8113.8103.084.3100.5
Olefins and Polyolefins - Europe, Asia, International
Volumes (million pounds)
Ethylene produced8618429949133,6109979999268073,729
Propylene produced5095406365602,2456086315604872,286
Polyethylene sold1,2391,2301,3161,2755,0601,3051,2791,3491,2105,143
Polypropylene sold1,5381,7621,8911,8327,0231,7041,6311,6381,6516,624
Benchmark Market Prices
Western Europe weighted average cost of ethylene
production (euro 0.01 per pound)28.727.326.535.729.534.735.437.338.536.5
Western Europe ethylene (euro 0.01 per pound)41.643.743.144.343.252.054.750.349.751.7
Western Europe polyethylene [high density] (euro 0.01
per pound)51.453.852.452.552.562.165.959.958.461.6
Western Europe propylene (euro 0.01 per pound)38.945.143.142.642.450.855.350.246.550.7
Western Europe polypropylene [homopolymer] (euro 0.01
per pound)51.360.360.358.957.766.669.462.057.663.9
Intermediates and Derivatives
Volumes (million pounds)
Propylene oxide and derivatives8697818728603,3828387917587163,103
Ethylene oxide and derivatives2652502062519722882772812541,100
Styrene monomer5897808276852,8818528177146823,065
Acetyls3794394054841,7074394174113701,637
TBA Intermediates4724704544251,8214854594334181,795
Refining and Oxyfuels
Volumes
Houston Refining crude processing rate (thousands of
barrels per day)263189261233236258263269262263
Berre Refinery crude processing rate (thousands of
barrels per day)739999808810185796182
MTBE/ETBE sales volumes (million gallons)189236248218891192206260210868
Benchmark Market Margins
Light crude oil - 2-1-1(a)6.8510.457.608.978.4819.0610.289.545.267.80
Light crude oil - Maya differential(a)8.949.548.549.419.154.6315.5013.997.4513.76
Urals 4-1-2-1 (USD per barrel)5.917.335.896.646.457.817.718.768.028.08
MTBE - Northwest Europe (cents per gallon)49.346.244.318.539.358.992.794.187.083.1
Source: CMAI, Bloomberg, LyondellBasell Industries
(a) Prices prior to 2011 use WTI as the light crude benchmark.Beginning in 2011, LLS is used as the light crude benchmark.
Table 11 - Unaudited Income Statement Information
-----------------------------------------------------------------------------------------------------------
Successor
-----------------------------------------------------------
2011
-----------------------------------------------------------
(Millions of U.S. dollars)Q1Q2Q3Q4YTD
---------------------------------------------------
Sales and other operating revenues$12,252$14,042$13,297$11,444$51,035
Cost of sales10,94312,47411,53810,95845,913
Selling, general and administrative
expenses211247239231928
Research and development expenses33565354196
-------------------------------
Operating income1,0651,2651,4672013,998
Income from equity investments58735233216
Interest expense, net(155)(164)(145)(542)(1,006)
Other income (expense), net(43)45101325
-------------------------------
Income before income taxes and
reorganization items9251,2191,384(295)3,233
Reorganization items(2)(28)- -(15)(45)
-------------------------------
Income (loss) before taxes9231,1911,384(310)3,188
Provision for (benefit from) income taxes263388489(92)1,048
-------------------------------
Net income (loss)660803895(218)2,140
Less: Net loss attributable to non-controlling
interests31- -37
-------------------------------
Net income (loss) attributable to
the Company$663$804$895$(215)$2,147
Table 11 - Unaudited Income Statement Information
----------------------------------------------------------------------------------------------------------------------------------------------------------------
PredecessorSuccessorCombinedSuccessorSuccessorPredecessorSuccessorCombined
-------------------------------------------------------------------------------------------------------
2010
---------------------------------------------------------------------------------------------------------------------
April 1 -May 1 -January 1 -May 1 -
(Millions of U.S. dollars)Q1April 30June 30Q2Q3Q4April 30December 31YTD
-----------------------------------------------------------------------------------------------------
Sales and other operating revenues$9,755$3,712$6,772$10,484$10,302$10,610$13,467$27,684$41,151
Cost of sales9,1303,2846,1989,4829,0759,49412,41424,76737,181
Selling, general and administrative
expenses21791129220204231308564872
Research and development expenses4114233735415599154
--------------------------------------------------------
Operating income3673234227459888446902,2542,944
Income from equity investments5529275629308486170
Interest expense, net(409)(299)(120)(419)(186)(222)(708)(528)(1,236)
Other income (expense), net(200)(65)54(11)(97)(60)(265)(103)(368)
--------------------------------------------------------
Income (loss) before income taxes
and reorganization items(187)(12)383371734592(199)1,7091,510
Reorganization items2077,181(8)7,173(13)(2)7,388(23)7,365
--------------------------------------------------------
Income before taxes207,1693757,5447215907,1891,6868,875
Provision for (benefit from) income taxes12(1,327)28(1,299)254(112)(1,315)170(1,145)
--------------------------------------------------------
Income from continuing operations88,4963478,8434677028,5041,51610,020
Income from discontinued operations,
net of tax- -- -- -- -- -64- -6464
--------------------------------------------------------
Net income88,4963478,8434677668,5041,58010,084
Less: Net (income) loss attributable to
non-controlling interests258(5)537560767
--------------------------------------------------------
Net income attributable to the Company$10$8,554$342$8,896$474$771$8,564$1,587$10,151
Table 12 - Unaudited Cash Flow Information
-----------------------------------------------------------------------------------------------
Successor
----------------------------------------------------
2011
----------------------------------------------------
(Millions of U.S. dollars)Q1Q2Q3Q4YTD
--------------------------------
Net cash provided by operating activities$221$1,026$1,531$91$2,869
Net cash used in investing activities(216)(435)(320)(50)(1,021)
Net cash provided by (used in)
financing activities28(327)(118)(4,547)(4,964)
Table 12 - Unaudited Cash Flow Information
-----------------------------------------------------------------------------------------------------------------------------------------
PredecessorSuccessorCombinedSuccessorSuccessorPredecessorSuccessorCombined
------------------------------------------------------------------------------------------------
2010
--------------------------------------------------------------------------------------------------------------
April 1 -May 1 -January 1 -May 1-
(Millions of U.S. dollars) Q1April 30June 30Q2Q3Q4April 30December 31YTD
-----------------------------------------------------------------------------------------
Net cash provided by
(used in) operating
activities$(373)$(552)$1,105$553$1,124$739$(925)$2,968$2,043
Net cash used in
investing activities(127)(97)(110)(207)(156)(57)(224)(323)(547)
Net cash provided by
(used in) financing
activities4902,8251332,958(88)(1,239)3,315(1,194)2,121
Table 13 - Unaudited Balance Sheet Information
-----------------------------------------------------------------------------------------------------------------------------------------------------
PredecessorSuccessor
--------------------------------------------------------------------------------------------------------------
March 31,June 30,September 30,December 31,March 31,June 30,September 30,December 31,
(Millions of U.S. dollars)20102010201020102011201120112011
--------------------------------------------------------------------------------------------------
Cash and cash equivalents$537$3,753$4,832$4,222$4,383$4,687$5,609$1,065
Restricted cash- -- -- -- -- -25029253
Short-term investments2- -- -- -- -- -- -- -
Accounts receivable, net3,6423,5333,8003,7474,7644,9014,0383,778
Inventories3,5904,3724,4124,8245,7265,5775,6825,499
Prepaid expenses and other
current assets9321,0168859861,1001,0981,0971,036
-------------------------------------------------
Total current assets8,70312,67413,92913,77915,97316,51316,71811,431
Property, plant and equipment, net14,6876,8397,2167,1907,4407,5697,3637,333
Investments and long-term
receivables:
Investment in PO joint
ventures880434447437444436422412
Equity investments1,1251,5071,5821,5871,5861,6541,5941,559
Related party receivable14131414141944
Other investments and
long-term receivables9077546766636768
Goodwill- -1,0611,105595807621598585
Intangible assets, net1,7481,4271,4111,3601,3441,3101,2371,177
Other assets, net338257272273274290264266
------------------------------
Total assets$27,585$24,289$26,030$25,302$27,948$28,475$28,267$22,835
Current maturities of long-term debt $487$8$8$4$253$2$2$4
Short-term debt6,6755575184251504948
Accounts payable2,2132,5262,5622,7614,0993,9993,3073,414
Accrued liabilities1,2201,1991,5131,7051,7111,6131,5051,238
Deferred income taxes163444446319246315315310
-------------------------------------------------
Total current liabilities10,7584,7345,0474,8316,3605,9795,1785,014
Long-term debt3046,7456,7996,0365,8055,8135,7823,980
Other liabilities1,3172,0132,0862,1832,0432,1102,0212,277
Deferred income taxes2,0128671,1556561,0279471,204917
Liabilities subject to compromise22,058- -- -- -- -- -- -- -
Stockholders' equity (deficit)(8,975)9,86810,88211,53512,67113,57914,02510,593
Non-controlling interests11162616142475754
-------------------------------------------------
Total liabilities and
stockholders' equity
(deficit)$27,585$24,289$26,030$25,302$27,948$28,475$28,267$22,835 |
