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In an environment characterized by weak growth in the GDP of major economic regions,
lagging demand in the chemical industry from key downstream customers - with the
exception of the comparably dynamic automobile industry and the U.S. construction
industry – rising oil and gas prices, as well as marked U.S. dollar-euro currency
effects, Celanese not only improved its financial position, but also increased
its profitability. Our strategy of steadily improving efficiency led to a
considerable increase in productivity as well as to an ongoing strong cash
flow from operating activities.
The initial phase of Celanese, characterized by company-wide restructuring
activity, is now behind us. The initiatives we implemented enabled us to reap
considerable gains in 2002. We reported a significantly higher net profit
of € 187 million compared to a net loss of € 385 million in 2001, or
earnings per share of € 3.72 (2001: € -7.65), helped by a subtantial
reduction in special charges from € -496 million in 2001 to an income of
€ 1 million in 2002. Moreover, lower average raw material and energy costs,
lower amortization expense and improved capacity utilization rates in Acetyl
Products, and higher sales volumes for Ticona contributed to
the positive result.
The raw material and energy prices have a major impact on sales revenue. Thus the
natural gas prices play a significant role in determining production costs for
acetic acid, ethylene for VAM, as well as propylene for oxo products. Propylene
prices rose in the first six months, while natural gas prices increased mainly
in the fourth quarter.
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*All financial data has been restated to reflect the divestiture
of the Trespaphan oriented polypropylene (OPP) films and
U.S. amines business, which are included in discontinued
operations.
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