Celanese Improves Earnings in the Second Quarter 2003.Business Editors KRONBERG, Germany--(BUSINESS WIRE)--July 29, 2003 -- Net earnings rise to EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 1.97 per share -- Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. improves to EUR110 million -- Stronger pricing outpaces higher raw material costs -- Earnings benefit from significant insurance recoveries Celanese AG (NYSE NYSE See: New York Stock Exchange :CZ) (FWB (Fixed Wireless Broadband) See fixed wireless. :CZZ CZZ Chazan-Ziv-Zakai Bound ) announced today a substantial improvement in second-quarter earnings amid uneven economic conditions. Operating profit, Celanese' key performance measure, increased to EUR110 million from EUR19 million in the second quarter of 2002, and earnings per share rose to EUR1.97 versus EUR0.44. Operating profit included income of EUR90 million from insurance recoveries associated with the previously reported plumbing cases, as well as EUR19 million of expenses for stock appreciation rights. In the first half of 2003, operating profit also showed a significant increase to EUR 168 million compared to EUR 49 million in the comparable period last year. "We are pleased with the performance of Celanese in the first half of the year, which reflects the success of our efforts to optimize and develop our businesses," said Celanese Chief Executive Officer Claudio Sonder. "During the coming months, we will continue to focus on our core businesses and on creating value for our stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. ." Stronger pricing outpaces higher raw material costs Higher selling prices in Acetyl acetyl /ac·e·tyl/ (as´e-til) (as´e-tel?) (ah-se´til) the monovalent radical CH3COsbond, a combining form of acetic acid. a·ce·tyl n. Products and Chemical Intermediates outweighed higher raw material costs. Cost savings also contributed to the earnings improvement. Volumes, however, were lower during the second quarter, particularly in Asia. "Our selling prices rose faster than raw material costs, enabling us to increase margins and improve our profitability," said David Weidman, Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Celanese AG. "Over the longer term, additional strategic steps like the recently announced agreement to source methanol methanol, methyl alcohol, or wood alcohol, CH3OH, a colorless, flammable liquid that is miscible with water in all proportions. Methanol is a monohydric alcohol. It melts at −97. from Southern Chemical will help us to strengthen our competitiveness further." Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight declined by 4% to EUR1.08 billion compared to the same quarter of 2002, segment sales decreased by 2% (prices + 9%; addition of the emulsions business to the Acetyls Product segment +6%; currency -14%; volumes - 3%). Increased pricing in Acetyl Products, Chemical Intermediates and Acetate acetate (ăs`ĭtāt'), one of the most important forms of artificial cellulose-based fibers; the ester of acetic acid. The first patents for the production of fibers from cellulose acetate appeared at the beginning of the 20th cent. Products was partially offset by lower volumes in the Acetyl Products and Chemical Intermediates segments. Trade working capital rose by 16% from year-end 2002, including higher inventory levels for a key raw material in Acetate Products resulting from the shutdown shut·down n. A cessation of operations or activity, as at a factory. shutdown Noun the closing of a factory, shop, or other business Verb shut down of a supplier. Capital expenditures declined in the second quarter with the completion of a major project in the Chemical Intermediates segment. Compared with December 31, 2002, net debt rose 5% to EUR524 million, mainly as a result of higher working capital, which was largely offset by currency effects. The change in accruals Accruals Accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting. These accounts include, among many others, accounts payable, accounts receivable, goodwill, future tax liability and future interest expense. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc stock appreciation rights in the quarter resulted in EUR19 million of expense compared to EUR2 million of expense in the same quarter last year. Chief Financial Officer Perry Premdas commented: "Our operating performance rose in the second quarter over the year-ago period, most notably in the acetyls and chemical intermediates segments, while also benefiting from insurance recoveries." Outlook Slow demand conditions across most of our businesses, continued high raw material and energy costs, as well as a strong euro exchange rate versus the dollar are expected to pressure results. We will incur expenses over the next several quarters in Ticona in an effort to optimize our cost structure and improve margins. Benefits from these measures are expected to begin next year. Considering these factors, second half 2003 results may be below those of the comparable period last year. Given the prospect of an uneven economic recovery, we will continue to emphasize productivity and financial soundness as top priorities. Taking into account first half results, we expect 2003 full-year operating profit to exceed that of last year. Segment performance Acetyl Products Acetyl Products' net sales increased by 7% to EUR527 million from the comparable period last year (prices +17%; inclusion of the emulsions business +13%; volumes -7%; currency -16%). Selling prices for major products, including vinyl acetate Vinyl acetate, also known as VAM for vinyl acetate monomer, has the chemical formula CH3COOCH=CH2 and is a colorless liquid with a sweet flavor. Systematic names include 1-acetoxyethylene and acetic acid ethenyl ester. monomer monomer (mŏn`əmər): see polymer. monomer Molecule of any of a class of mostly organic compounds that can react with other molecules of the same or other compounds to form very large molecules (polymers). and acetic acid acetic acid (əsē`tĭk), CH3CO2H, colorless liquid that has a characteristic pungent odor, boils at 118°C;, and is miscible with water in all proportions; it is a weak organic carboxylic acid (see carboxyl group). , increased significantly in response to the substantial increase in hydrocarbon hydrocarbon (hī'drōkär`bən), any organic compound composed solely of the elements hydrogen and carbon. The hydrocarbons differ both in the total number of carbon and hydrogen atoms in their molecules and in the proportion of hydrogen costs, particularly natural gas and ethylene ethylene (ĕth`əlēn') or ethene (ĕth`ēn), H2C=CH2, a gaseous unsaturated hydrocarbon. It is the simplest alkene. . Operating profit improved by 23% to EUR37 million in the second quarter of 2003 as the increase in selling prices outpaced rising raw materials, slightly offset by higher energy costs. Positive effects of continued productivity initiatives and cost savings also contributed to this improvement. Chemical Intermediates In the second quarter of 2003, net sales of Chemical Intermediates decreased by 7% to EUR215 million (prices +11%; currency-12%; volumes -6%). Pricing increased in all product lines, particularly in acrylates, in response to substantially higher costs for raw materials, primarily propylene propylene /pro·pyl·ene/ (pro´pi-len) a gaseous hydrocarbon, CH3CHdbondCH2. propylene glycol a colorless viscous liquid used as a humectant and solvent in pharmaceutical preparations. . The operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. narrowed to EUR6 million compared to EUR22 million in 2002 mainly as selling prices increased at a greater rate than raw materials. This improvement also included the favorable effects of continued productivity initiatives and cost savings, as well as lower maintenance turnaround costs in oxo products and acrylates. Acetate Products Acetate Products' net sales in the second quarter of 2003 declined by 14% to EUR151 million (volumes +5%; prices +1%; currency -20%). Filament filament, in astronomy: see chromosphere. volumes rose as the result of stronger sales to textile markets in Mexico and Asia while tow volumes increased due to higher shipments to China. Operating profit declined to EUR4 million from EUR10 million in the same period last year. Higher volumes and pricing were outweighed primarily by increased raw material and energy costs. Increased costs associated with the transition to new supply sources for wood pulp wood pulp: see paper. are expected to continue until the end of the year. Technical Polymers Ticona Net sales for Ticona decreased by 10% to EUR181 million compared to the second quarter of 2002 (volumes +3%; currency-11%; prices -2%). The rise in volumes reflected increased sales of GUR Gur (gûr), in the Bible, ascent near Ibleam. (R) ultra high molecular weight polyethylene polyethylene (pŏl'ēĕth`əlēn), widely used plastic. It is a polymer of ethylene, CH2=CH2, having the formula (-CH2-CH2-)n and polyacetal, primarily in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . This increase was partly offset by lower demand for polyester, mainly from the U.S. automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. . Competitive pressure led to the drop in overall segment pricing. Special charges of EUR88 million for the quarter primarily reflect income of EUR90 million from insurance recoveries relating to the plumbing cases. This income was slightly offset by a charge of EUR2 million associated with the previously announced closure of the manufacturing facility in Telford, England. Operating profit increased to EUR96 million compared to EUR9 million in the same period last year due to income from special charges noted above. Cost savings and the absence of maintenance turnaround costs were offset by higher raw material and energy costs, as well as expenses associated with stock appreciation rights and slightly lower pricing. Performance Products Net sales for the Performance Products segment, consisting of the Nutrinova food ingredients business, decreased by 5% to EUR42 million (volumes +11%; prices -16%). Volume increases reflected continued strong growth in demand for Sunett(R) sweetener Sweetener A special feature added to a debt obligation or preferred stock to promote marketability. Notes: Warrants and convertibles are two popular sweeteners. See also: Convertible Bond, Kicker, Warrant Sweetener from the U.S. and European beverage and food industries. Pricing declined on lower unit selling prices of Sunett associated with higher volumes and pricing pressure in sorbates from Asian competitors due to worldwide overcapacity o·ver·ca·pac·i·ty n. Too great a capacity for production of commodities or delivery of services in relation to actual need: the problem of overcapacity in many large industries. . Operating profit declined from EUR14 million to EUR2 million primarily due to a special charge of EUR10 million related to antitrust actions in the sorbates industry. Under the demerger demerger n (Comm) → Abspaltung f, Demerger m agreement of Celanese and Hoechst AG Hoechst AG was a German life-sciences company that became Aventis after its merger with Rhône-Poulenc S.A. in 1999. It has been called "The pharmacy of the world" due to its important role in the world's drug market. , 80% of expenses related to these actions are reimbursed by Hoechst AG. Operating performance was also influenced by lower pricing, which outweighed increased volumes and cost savings.
Celanese AG 2002/2003 Quarterly and Interim Data
Through Q2 2003
Profit and Loss
Consolidated Statements of Operations
in EUR millions Q2 2002 Q2 2003 H1 2002 H1 2003
----------------------------------------------------------------------
Net sales 1,121 1,079 2,218 2,189
Cost of sales -968 -913 -1,890 -1,841
----------------------------------------------------------------------
Gross profit 153 166 328 348
Selling, general and administrative
expense -115 -114 -252 -217
Research and development expense -20 -21 -38 -40
Special charges -3 80 -3 79
Foreign exchange gain (loss) 4 -1 4 -2
Gain on disposition of assets 0 0 10 0
----------------------------------------------------------------------
Operating profit 19 110 49 168
Equity in net earnings of affiliates 7 7 11 17
Interest expense -14 -10 -31 -21
Interest and other income, net 20 39 36 61
----------------------------------------------------------------------
Earnings from continuing operations
before tax and minority interests 32 146 65 225
Income tax provision -9 -48 -17 -74
----------------------------------------------------------------------
Earnings from continuing operations
before minority interests 23 98 48 151
Minority interests 0 0 0 0
----------------------------------------------------------------------
Earnings from continuing operations 23 98 48 151
Earnings (loss) from discontinued
operations before tax 0 -1 5 -3
Related income tax benefit
(provision) -1 0 -5 0
----------------------------------------------------------------------
Earnings (loss) from discontinued
operations -1 -1 0 -3
Cumulative effect of changes in
accounting principles(a) 0 0 10 -1
----------------------------------------------------------------------
Net earnings 22 97 58 147
----------------------------------------------------------------------
Earnings per Share(b)
in EUR Q2 2002 Q2 2003 H1 2002 H1 2003
----------------------------------------------------------------------
Basic GAAP EPS:
Earnings from continuing operations 0.46 1.99 0.95 3.05
Discontinued operations -0.02 -0.02 0.00 -0.06
Cumulative effect of changes in
accounting principles(a) 0.00 0.00 0.20 -0.02
----------------------------------------------------------------------
Net earnings - basic 0.44 1.97 1.15 2.97
Basic average shares outstanding
(thousands) 50,340 49,330 50,337 49,573
Diluted GAAP EPS:
Earnings from continuing operations 0.46 1.99 0.95 3.05
Discontinued operations -0.02 -0.02 0.00 -0.06
Cumulative effect of changes in
accounting principles(a) 0.00 0.00 0.20 -0.02
----------------------------------------------------------------------
Net earnings - diluted 0.44 1.97 1.15 2.97
Diluted average shares outstanding
(thousands) 50,340 49,330 50,337 49,573
----------------------------------------------------------------------
(a) Refer to "Basis of Presentation"
(b) Per-share data are based on weighted average shares
outstanding in each period
Balance Sheet
Consolidated Balance Sheets
Dec 31 Jun 30
in EUR millions 2002 2003
------------------------------------------------------------------
ASSETS
Current Assets:
Cash and cash equivalents 118 43
Receivables, net:
Trade receivables, net - third party and
affiliates 668 704
Other receivables 443 479
Inventories 523 534
Deferred income taxes 80 63
Other assets 44 22
Assets of discontinued operations 3 0
------------------------------------------------------------------
Total current assets 1,879 1,845
Investments 454 430
Property, plant and equipment, net 1,621 1,498
Deferred income taxes 598 537
Other assets 541 498
Intangible assets, net 1,034 947
------------------------------------------------------------------
Total assets 6,127 5,755
------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term borrowings and current
installments of long-term debt 195 204
Accounts payable and accrued liabilities:
Trade payables - third party and affiliates 573 519
Other current liabilities 659 551
Deferred income taxes 10 9
Income taxes payable 402 316
Liabilities of discontinued operations 4 0
------------------------------------------------------------------
Total current liabilities 1,843 1,599
Long-term debt 420 363
Deferred income taxes 52 59
Benefit obligations 1,212 1,075
Other liabilities 583 543
Minority interests 12 13
Shareholders' equity:
Common stock 140 140
Additional paid-in capital 2,496 2,507
Retained deficit -126 -1
Accumulated other comprehensive income
(loss) -401 -425
Treasury stock at cost -104 -118
------------------------------------------------------------------
Shareholders' equity 2,005 2,103
------------------------------------------------------------------
Total liabilities and shareholders' equity 6,127 5,755
------------------------------------------------------------------
Number of employees on a continuing basis (end
of period in thousands) 10.7 10.3
------------------------------------------------------------------
Net Sales
in EUR millions Q2 2002 Q2 2003 H1 2002 H1 2003
---------------------------------------------------
Acetyl
Products 491 527 964 1,087
Chemical
Intermediates 231 215 468 432
Acetate
Products 175 151 344 284
Technical
Polymers
Ticona 201 181 403 374
Performance
Products 44 42 84 80
---------------------------------------------------
Segment total 1,142 1,116 2,263 2,257
Other
activities 18 12 37 25
Intersegment
eliminations -39 -49 -82 -93
---------------------------------------------------
Total 1,121 1,079 2,218 2,189
---------------------------------------------------
Operating Profit (Loss)
in EUR millions Q2 2002 Q2 2003 H1 2002 H1 2003
---------------------------------------------------
Acetyl
Products 30 37 46 78
Chemical
Intermediates -22 -6 -18 -10
Acetate
Products 10 4 7 6
Technical
Polymers
Ticona 9 96 23 115
Performance
Products 14 2 25 13
---------------------------------------------------
Segment total 41 133 83 202
Other
activities -22 -23 -34 -34
---------------------------------------------------
Total 19 110 49 168
---------------------------------------------------
Special Charges in Operating Profit (Loss)
in EUR millions Q2 2002 Q2 2003 H1 2002 H1 2003
---------------------------------------------------
Acetyl
Products -1 0 -1 0
Chemical
Intermediates -2 2 -2 1
Acetate
Products 0 0 0 0
Technical
Polymers
Ticona 0 88 0 88
Performance
Products 0 -10 0 -10
---------------------------------------------------
Segment total -3 80 -3 79
Other
activities 0 0 0 0
---------------------------------------------------
Total -3 80 -3 79
---------------------------------------------------
Depreciation and Amortization Expense
in EUR millions Q2 2002 Q2 2003 H1 2002 H1 2003
---------------------------------------------------
Acetyl
Products 30 30 58 59
Chemical
Intermediates 13 11 27 22
Acetate
Products 15 13 31 25
Technical
Polymers
Ticona 14 13 28 27
Performance
Products 1 1 3 3
---------------------------------------------------
Segment total 73 68 147 136
Other
activities 1 2 2 4
---------------------------------------------------
Total 74 70 149 140
---------------------------------------------------
The entire Report on the Second Quarter 2003 can be downloaded from our investor page on www.celanese.com. Today's analysts call: You are invited to listen to today's Celanese Analysts conference call at 3:00 p.m. CET CET abbr. Central European Time CET Central European Time CET n abbr (= Central European Time) → hora de Europa central CET abbr , on which CFO See Chief Financial Officer. Perry Premdas and COO David Weidman will comment on 2nd quarter results 2003. The dial-in numbers you will find on www.celanese.com. Upcoming events: October 30, 2003: Report on the 3rd Quarter 2003 February 26, 2004: Report on the 4th Quarter 2003 March 11, 2004: Annual Business Press Conference on results 2003 Celanese AG is a global chemicals company with leading positions in its key products and world class process technology. The Celanese portfolio consists of five main businesses: Acetyl Products, Chemical Intermediates, Acetate Products, Technical Polymers Ticona and Performance Products. Celanese generated in 2002 sales of around EUR 4.3 billion and had 10,700 employees. The company has 25 production plants and six research centers in 11 countries mainly in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe and Asia. Celanese AG shares are listed on the Frankfurt stock exchange Frankfurt Stock Exchange The largest of Germany's eight securities exchanges, operated by Deutsche Borse AS. (stock exchange symbol CZZ) and on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (symbol CZ). Basis of Presentation: Effective January 1, 2003, Celanese adopted Statement of Financial Accounting Standards ("SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System ") No. 143, Accounting for Asset Retirement Obligations Asset Retirement Obligations provide for future disposal of assets as required by SFAS 143 [1]. Firms must recognize the ARO liability in the period it was acquired, generally acquisition. . The statement applies to legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development, and normal operation of long-lived assets. The statement requires that the fair value of a liability for an asset retirement obligation be recognized in the period in which it is incurred. The asset retirement obligation is capitalized as part of the carrying amount of the long-lived asset. The liability is accreted at the end of each period through charges to operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. . In the first quarter of 2003, Celanese recognized a transition amount for existing asset retirement obligations, associated capitalizable costs and accumulated depreciation accumulated depreciation The total amount of depreciation that has been recorded for an asset since its date of acquisition. For example, a computer with a 5-year estimated life that was purchased for $2,000 would have accumulated depreciation of $800 [( to cumulative effect of change in accounting principle, net of tax, of EUR1 million. Effective January 1, 2002, Celanese adopted SFAS No. 142, "Goodwill and Other Intangible Assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. ", and ceased amortizing goodwill and intangible assets without finite lives. Additionally, the transition provisions of the standard require that all negative goodwill on the balance sheet be written off immediately and classified as a cumulative effect of change in accounting principle on the consolidated statement of operations See Income statement. . As a result, income of EUR10 million was recorded in the first quarter of 2002. Results Unaudited: The results presented in this release, together with the adjustments made to present the results on a comparable basis, have not been audited and are based on the internal financial data furnished to management. Additionally, the quarterly results should not be taken as an indication of the results of operations to be reported to be spoken of; to be mentioned, whether favorably or unfavorably. See also: Report by Celanese for any subsequent period or for the full fiscal year. Results Restated: The results for all periods have been restated to reflect the reclassification Reclassification The process of changing the class of mutual funds once certain requirements have been met. These requirements are generally placed on load mutual funds. Reclassification is not considered to be a taxable event. as discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of Trespaphan (formerly in the Performance Products segment) and the U.S. amines amines (  mēnz´),n.pl organic compounds that contain nitrogen. business (formerly in the Chemical Intermediates segment), which were divested in the fourth quarter of 2002. The results of these businesses and other divested businesses are reflected in the consolidated balance sheets consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. , statements of operations and statements of cash flows as discontinued operations. Reconciliation of Non-GAAP Measures: The company discloses trade working capital and net debt, which are non-GAAP financial measures. Trade working capital is a measure representing cash employed in trade receivables, inventory and trade payables directly associated with operations. Net debt is a measure of borrowings net of cash and cash equivalents. Trade working capital and net debt are defined using the appropriate GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). figures, as presented under Financial Highlights. The most directly comparable financial measures presented in accordance with GAAP in our financial statements for trade working capital and net debt are the working capital components and total debt, respectively. Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : Any statements contained in this report that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Words such as "anticipate", "believe," "estimate," "intend," "may," "will," "expect," "plan" and "project" and similar expressions as they relate to Celanese or its management are intended to identify such forward-looking statements. Investors are cautioned that forward-looking statements in this report are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Important factors include, among others, changes in general economic, business and political conditions, fluctuating exchange rates, the actual and expected length and depth of product and industry business cycles, changes in the price and availability of raw materials, actions which may be taken by competitors, application of new or changed accounting standards or other government agency regulations, the impact of tax legislation and regulations in jurisdictions in which Celanese operates, the timing and rate at which tax credit and loss carryforwards Loss Carryforward An accounting technique with which a company applies net operating losses of the current year to future year's profits in order to reduce tax liability. Notes: can be utilized, changes in the degree of patent and other legal protection afforded to Celanese's products, potential disruption or interruption of production due to accidents or other unforeseen events, delays in the construction of facilities, potential liability for remedial actions A remedial action is a change made to a nonconforming product or service to address the deficiency. Rework and repair are generally the remedial actions taken on products, while services usually require additional services to be performed to ensure satisfaction. under existing or future environmental regulations and potential liability resulting from pending or future litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , and other factors discussed above. Many of the factors are macroeconomic mac·ro·ec·o·nom·ics n. (used with a sing. verb) The study of the overall aspects and workings of a national economy, such as income, output, and the interrelationship among diverse economic sectors. in nature and are therefore beyond the control of management. The factors that could affect Celanese's future financial results are discussed more fully in its filings with the U.S. Securities and Exchange Commission. Celanese AG does not assume any obligation to update these forward-looking statements, which speak only as of their dates. |
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