"Focus" and "Forward" initiatives to yield annual cost savings of €150 million

Net cash provided by operating activities raised to €520 million - strict cash management to be maintained

11-Mar-2002

High special charges weigh on 2001 results - Claudio Sonder: "For 2002, we see no easy scenario. Nevertheless we are well prepared"

Celanese AG net sales decreased by 2% to €5.1 billion in 2001, primarily as a result of lower volumes and lower selling prices. The volume decrease was particularly marked in the Technical Polymers Ticona segment due mainly to the weakness of the global telecommunications and the U.S. automotive industries. Earnings before interest, taxes, depreciation and amortization (EBITDA) excluding special charges - the key measure of our financial performance - fell 16% to €420 million. It was thus slightly higher than the anticipated level of €400 million. In addition to Ticona, the Chemical Intermediates segment also recorded a drop in EBITDA which was the result of weak demand and margin pressure. On the other hand, earnings in Acetyl Products, Acetate Products and Performance Products reached last year's levels.

High special charges weigh on results Net special charges of €530 million led to an operating loss of €528 million. The reason for the high special charges are comprehensive restructuring measures, including the closure of eight high-cost facilities, a reduction in headcount of 1,600 and other measures to raise efficiency, both in production and administration. In 2001, Celanese recorded a net loss of €385 million, or €7.65 a share, after net earnings of €58 million, or €1.09 a share, in 2000. The loss resulted from the weakness of our major markets, restructuring charges to improve profitability and fixed asset and goodwill impairment. Excluding special items, the loss per share was €0.23, compared with earnings per share of €1.37 in 2000. "Focus" and "Forward" initiatives to yield annual cost savings of €150 million. (...)

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