塞拉尼斯 (CE) 2005 Q4 法說會逐字稿

Good day ladies and gentlemen and welcome to the Fourth Quarter 2005 Celanese Corporation Earnings Conference Call.

女士們、先生們，大家好，歡迎參加 2005 年第四季塞拉尼斯公司財報電話會議。

[OPERATOR INSTRUCTIONS]

[操作員指示]

I would now like to turn the call over to Mr. Mark Oberle, Vice President of Investor Relations. Please proceed, sir.

現在我想將電話轉給投資者關係副總裁馬克·奧伯爾先生。先生，請繼續。

Thank you and welcome to the Celanese Corporation fourth quarter and full-year 2005 financial results conference call. My name is Mark Oberle, Vice President of Investor Relations. On the call today are David Weidman, Chief Executive Officer and John Gallagher, Chief Financial Officer. The Celanese Corporation press release was distributed via business wire this morning and is posted on our website celanese.com.

感謝並歡迎參加塞拉尼斯公司 2005 年第四季和全年財務業績電話會議。我叫馬克‧奧伯勒 (Mark Oberle)，是投資人關係副總裁。參加今天電話會議的有執行長 David Weidman 和財務長 John Gallagher。塞拉尼斯公司的新聞稿於今天上午透過商業電訊發布，並發佈在我們的網站 celanese.com 上。

During this call management may make forward looking statements concerning, for example, Celanese Corporation's future objectives and results which will be made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in economic, business, competitive, market, political and regulatory factors. More detailed information about these factors is contained in this morning's earnings release and in Celanese Corporation's filings with the Securities and Exchange Commission. Celanese Corporation undertakes no obligation to update publicly or revise any forward looking statements.

在本次電話會議中，管理階層可能會做出前瞻性陳述，例如有關塞拉尼斯公司未來目標和績效的陳述，這些陳述將根據 1995 年私人證券訴訟改革法案的安全港條款做出。這些聲明是基於管理層目前的預期，並受不確定性和情況變化的影響。由於經濟、商業、競爭、市場、政治和監管因素的變化，實際結果可能與這些預期有重大差異。有關這些因素的更多詳細資訊包含在今天上午的收益報告和塞拉尼斯公司向美國證券交易委員會提交的文件中。塞拉尼斯公司不承擔公開更新或修改任何前瞻性聲明的義務。

Celanese Corporations fourth quarter 2005 earrings release references the performance measures net debt, adjusted EBITDA, adjusted net earnings and diluted adjusted earnings per share as non-GAAP U.S. measures. For the most directly comparable financial measures presented in accordance with U.S. GAAP and our financial statements and for a reconciliation of our non-U.S. GAAP measures to U.S. GAAP figures, please see the accompanying schedules to our earnings release which will also be posted on our website celanese.com.

塞拉尼斯公司 2005 年第四季的業績發布引用了淨債務、調整後 EBITDA、調整後淨收益和稀釋調整後每股收益等業績指標，作為非 GAAP 美國指標。對於依照美國提出的最直接可比較的財務指標，GAAP 和我們的財務報表以及我們非美國業務的對帳。依照美國 GAAP 衡量標準有關 GAAP 數據，請參閱我們收益報告的附表，該附表也將發佈在我們的網站 celanese.com 上。

This morning Dave Weidman will review the performance of the company and John Gallagher will provide an overview of the business results in the financials. We will have a question and answer period following the prepared remarks. Now, I would like to turn the call over to Dave Weidman, Dave?

今天上午，戴夫·韋德曼 (Dave Weidman) 將回顧公司的業績，約翰·加拉格爾 (John Gallagher) 將概述財務中的業務成果。準備好的發言之後，我們將進行問答環節。現在，我想將電話轉給 Dave Weidman，Dave？

Mark, thank you and welcome everyone to today's call. It has been a terrific year for Celanese and our track record of execution speaks for itself. Today, we will recap the success of our 9,500 associates in 2005, as well as highlight some of our objectives for 2006. As you can see from -- on slide 4, we finished 2005 with a very strong fourth quarter. Revenue rose to $1.6 billion from $1.3 billion in 2004, an increase of 19%. Diluted adjusted EPS for the quarter was $0.60 per share. These results were achieved even though we recorded approximately $25 million more depreciation and amortization than our last guidance. Exceeding our earnings target with this additional expense shows the strength of our underlying businesses.

馬克，謝謝你，歡迎大家參加今天的電話會議。對塞拉尼斯來說，這是輝煌的一年，我們的業績記錄不言而喻。今天，我們將回顧 2005 年 9,500 名員工所取得的成功，並強調 2006 年的一些目標。正如您從幻燈片 4 中看到的，我們以非常強勁的第四季度結束了 2005 年。營收從 2004 年的 13 億美元增至 16 億美元，增幅為 19%。本季稀釋調整後每股收益為 0.60 美元。儘管我們記錄的折舊和攤銷比上次指導高出約 2500 萬美元，但我們仍然取得了這些成果。透過這筆額外支出超出我們的獲利目標，顯示了我們基礎業務的實力。

Adjusted EBIDTA was $255 million an increase of 40% from 2004 levels. For the full year our results were also very strong. Revenue was $6.1 billion, an increase of 22% from 2004. Adjusted EPS was $2.24 per share, more than our previous guidance of between $2.10 and $2.20 per share. Adjusted EBITDA was $1.116 billion above the high end of our guidance range and 44% or over $300 million higher than 2004. Additionally, we generated approximately $700 million in net cash from operating activities during the year.

調整後的 EBIDTA 為 2.55 億美元，較 2004 年水準成長 40%。就全年而言，我們的業績也非常強勁。營收為 61 億美元，比 2004 年成長 22%。調整後的每股收益為 2.24 美元，高於我們先前預測的每股 2.10 美元至 2.20 美元。調整後的 EBITDA 比我們的預期範圍高端高出 11.16 億美元，比 2004 年高出 44%（即 3 億多美元）。此外，我們本年度從經營活動中獲得了約 7 億美元的淨現金。

The Celanese value creation story that we have communicated to you throughout this year is one that we are proud of and one that bears repeating. During the IPO and again during our Investor Day in September, we characterized Celanese as a hybrid chemical company with four key value drivers. First, leading the market and technology positions in attractively-structured industries with a focus on an integrated acetyl chain and a high-end engineered plastics business. These positions combined with tremendous optionality that allows us to maximize returns throughout the chain, enhance shareholder value by improving profitability over a cycle.

我們今年向您傳達的塞拉尼斯價值創造故事是我們引以為傲的，值得重複的。在首次公開募股期間以及 9 月的投資者日期間，我們將塞拉尼斯描述為一家具有四個關鍵價值驅動因素的混合化學公司。一是在結構性優勢產業中佔據市場和技術領先地位，重點佈局乙醯輔酶鏈一體化和高端工程塑膠業務。這些地位與巨大的選擇性相結合，使我們能夠在整個鏈條中實現回報最大化，並透過提高週期內的獲利能力來提高股東價值。

Second, strong global positions that expand our ability to capture growth opportunities in Asia and other growing regions. Third, significant capabilities to create value through strategic acquisitions and portfolio repositioning. And fourth, a disproportionate share of Celanese specific opportunities to accelerate growth, increase productivity, improve our cost structure and return even more value to our shareholders.

第二，強大的全球地位增強了我們抓住亞洲和其他成長地區成長機會的能力。第三，透過策略性收購和投資組合重新定位創造價值的顯著能力。第四，塞拉尼斯擁有大量特定機會，加速成長、提高生產力、改善成本結構，並為股東帶來更多價值。

Slide number 5, highlights some of our fourth quarter achievements. But let me put these in context with some of our more significant achievements in 2005. First, we closed the Acetex and Vinamul acquisitions and began integration activities. Second, we made steady progress on our China strategy. Third, our acetate business is benefiting from restructuring and the expansions of its China ventures. Fourth, we continued to optimize our portfolio through divestitures of several non-core applications or businesses.

投影片 5 重點介紹了我們第四季的一些成就。但讓我把這些與我們在 2005 年取得的一些更重要的成就連結起來。首先，我們完成了對 Acetex 和 Vinamul 的收購並開始整合活動。二是中國戰略穩步推進。第三，我們的醋酸鹽業務受益於重組和中國企業的擴張。第四，我們透過剝離一些非核心應用或業務來繼續優化我們的投資組合。

Fifth, we made significant headway in lowering our purchasing and SG&A expenses and are on track to make further reductions. And lastly, we significantly reduced the uncertainties surrounding our German shareholder base. The credit rating agencies have recognized our improved performance. Recently, S&P upgraded our rating by one notch and Moody's changed our outlook to positive. I'm very proud that Celanese is gaining a reputation as the chemical company that executes.

第五，我們在降低採購和銷售、一般及行政費用方面取得了重大進展，並有望進一步削減。最後，我們大大減少了圍繞德國股東群體的不確定性。信用評等機構已經認可了我們改善的績效。最近，標準普爾將我們的評級提高了一級，穆迪將我們的展望調整為正面。我非常自豪塞拉尼斯正在贏得「執行力強的化學公司」的聲譽。

Today let me spend a moment highlighting our plans for 2006 in each of the four key value drivers mentioned earlier. First, in leading market and technology positions in an attractively structured industry. As a clear leader in the acetyl chain, we will add the right capacity at the right time and in the right location and at the right costs. In December we announced the temporary suspension of our discussions with our Saudi partner. We also discussed our Pampa facility where we are continuing to evaluate strategic alternatives for the assets.

今天，請容許我花一點時間來重點介紹我們在 2006 年針對前面提到的四個關鍵價值驅動因素的計畫。首先，在結構極具吸引力的行業中佔據領先的市場和技術地位。作為乙醯基鏈領域的領導者，我們將在正確的時間、正確的地點以正確的成本增加正確的產能。12月，我們宣布暫停與沙烏地阿拉伯合作夥伴的談判。我們也討論了我們的 Pampa 工廠，我們正在繼續評估該工廠資產的策略替代方案。

With the combination of these actions plus our view of the timing of other new capacity expansions in acid and VAM and our expectation for continued reasonable global demand, we believe that the acetyl chain will continue to experience strong industry fundamentals through at least 2008. In December we also introduced the latest generation of vinyl acetate production technology, VAntage Plus and beginning in 2006, we will pilot this technology in our [Congorea] facility.

結合這些舉措，加上我們對乙醯苯胺和VAM領域其他新產能擴張時機的判斷，以及對全球需求持續合理的預期，我們相信乙醯苯胺鏈至少在2008年將繼續保持強勁的行業基本面。12 月份，我們也推出了最新一代醋酸乙烯酯生產技術 VAntage Plus，並從 2006 年開始在我們的 [Congorea] 工廠試行這項技術。

Second, our strong global positions, Celanese's position in China is strong with a long history of profitability and distribution in cash. We expect to build on this track record in 2006 as we continue construction of our Nanjing facility, which should begin commercial sales in the first quarter of 2007. Progress will also continue on VAM and emulsion investments in Nanjing and the expansion of our acetate China joint ventures will near completion during 2006 with dividends from the JV expected to resume in the second quarter of this year.

第二，我們在全球擁有強大的地位，塞拉尼斯在中國的地位很高，擁有悠久的利潤和現金分配歷史。我們期望在 2006 年的基礎上再創佳績，繼續建造南京工廠，該工廠將於 2007 年第一季開始商業銷售。南京的 VAM 和乳液投資也將繼續取得進展，而我們在中國醋酸乙烯合資企業的擴建也將在 2006 年接近完成，合資企業的股息預計將在今年第二季度恢復。

Third, creating value through acquisitions, strategic acquisitions and portfolio repositioning. In 2005, we took steps to strengthen our strong product franchises through acquisitions and by trimming non-core businesses from our portfolio. In 2006, we expect to realize the benefits of these divestitures and the income and synergies resulting from the acquisitions. We now expect post-acquisitions synergies to be between 6% and 8% of sales or $50 to $60 million, $25 million more than originally forecasted at acquisition.

第三，透過收購、策略性收購和投資組合重新定位創造價值。2005年，我們採取措施，透過收購和從我們的產品組合中剝離非核心業務來加強我們強大的產品特許經營權。2006年，我們預期實現這些資產剝離帶來的收益以及收購帶來的收入和綜效。我們現在預計收購後的綜效將達到銷售額的 6% 至 8%，即 5,000 萬至 6,000 萬美元，比收購時最初預測的多出 2,500 萬美元。

And fourth, our Celanese specific opportunities. We are on track to deliver the savings we identified during our IPO. This year we will continue to make progress in reducing our purchasing and SG&A expenses. And we expect to reduce our expenses in each of these two areas by an additional $75 million each by the end of the 2007, versus where we ended 2005.

第四，我們塞拉尼斯的特定機會。我們正在按計劃實現首次公開發行 (IPO) 時確定的節約目標。今年我們將繼續努力降低採購和銷售、一般及行政費用。我們預計，到 2007 年底，這兩個領域的開支將比 2005 年底分別再減少 7,500 萬美元。

Now, let me briefly summarize the business outlook for each of our segments on slide 6. The company expects chemical products demand to remain strong in 2006. Capacity scheduled to enter the market in late 2005 and early 2006 has been slow to reach full operating rates. Additionally, unexpected outages have already occurred with competitors facilities this year. As a result, the company now expects a relatively stronger first half than previously forecasted.

現在，讓我在第 6 張投影片上簡要總結我們各部門的業務前景。該公司預計2006年化工產品需求仍將保持強勁。原定於 2005 年底和 2006 年初投入市場的產能未能達到滿載運轉。此外，今年競爭對手的設施已經發生過意外停電。因此，該公司目前預計上半年業績將比先前預測的相對強勁。

For Ticona, we expect continued penetration of our engineered polymers into key applications and industries. While we anticipate global automotive demand will not increase in 2006. The Ticona segment should deliver improved results due to the disposal of the COC business, which had been losing between $15 and $20 million per year in EBIDTA.

對於泰科納來說，我們期望我們的工程聚合物能夠繼續滲透到關鍵應用和產業中。但我們預計2006年全球汽車需求不會增加。由於處置了COC業務，Ticona部門的業績有望改善，COC業務每年的EBIDTA損失在1500萬至2000萬美元之間。

Acetate products will continue with its restructuring activities. This segment should deliver improved performance with the resumption of dividends from our cost investments in China as well as the full year benefits of restructuring efforts that were completed in 2005.

醋酸鹽產品將繼續其重組活動。隨著我們在中國的成本投資恢復分紅以及 2005 年完成的重組工作帶來的全年收益，該部門的業績應會有所改善。

And lastly, we expect performance products to continue to experience margin compression due to pricing pressures, which should be somewhat offset by volume growth for new applications and additional progress in improving productivity.

最後，我們預計，由於定價壓力，性能產品的利潤率將繼續受到壓縮，但新應用的銷售成長和生產力提高的進一步進展應會在一定程度上抵消這一影響。

With that, I'd like to now turn the call over to John Gallagher to provide more details on the fourth quarter as well as the financial outlook, John?

有了這些，我現在想把電話轉給約翰·加拉格爾，讓他提供有關第四季度以及財務前景的更多細節，約翰？

Okay, thanks Dave. It's my pleasure to take you through what I think is an excellent quarter and full year and reflects the tremendous progress that Celanese has made over the last 12 months.

好的，謝謝戴夫。我很高興帶大家回顧我認為非常出色的一個季度和全年，這反映了塞拉尼斯在過去 12 個月中取得的巨大進步。

I think it would be helpful if you had access to the PowerPoint presentations. I'm going to start on slide number 8, financial highlights. As was previously mentioned, our net sales for the quarter were $1.6 billion, an increase of 19% from the fourth quarter of 2004. Higher pricing on strong demand in sales from the Acetex and Vinamul acquisitions were the primary drivers of these sales increases. For the full-year, net sales totaled $6.1 billion up 22% from 2004.

我認為如果您可以存取 PowerPoint 簡報將會很有幫助。我將從第 8 張投影片開始，展示財務亮點。如前所述，本季我們的淨銷售額為 16 億美元，比 2004 年第四季成長 19%。由於收購 Acetex 和 Vinamul 帶來強勁的銷售需求，定價上漲是推動銷售成長的主要動力。全年淨銷售額達 61 億美元，較 2004 年成長 22%。

SG&A decreased to $124 million in the fourth quarter of 2005, from $219 million in 2004. We had a number of one-off items in 2004 related to the IPO that were not in the 2005 results. But more importantly, we did make substantial progress in reducing underlying SG&A by $50 million in 2005 and ended the year with total SG&A of $562 million.

2005 年第四季度，銷售、一般及行政費用從 2004 年的 2.19 億美元下降至 1.24 億美元。2004 年，我們有一些與 IPO 相關的一次性項目，但這些項目並未計入 2005 年的業績中。但更重要的是，我們在 2005 年確實取得了實質進展，將銷售、一般及行政費用 (SG&A) 降低了 5,000 萬美元，年底銷售、一般及行政費用總額為 5.62 億美元。

Our net earnings in the fourth quarter on a GAAP basis were $175 million. Our diluted EPS were $1.02 per share. There were however, a number of adjustments in diluted adjusted earnings per share measure that I would like to walk you through. Special charges and gains were a net benefit of $16 million and included $30 million of insurance recovery related to plumbing litigation matters; which were partially offset by charges associated with plant and office closures in North America.

根據 GAAP 計算，我們第四季的淨利潤為 1.75 億美元。我們的稀釋每股收益為 1.02 美元。不過，稀釋調整後每股盈餘指標中存在一些調整，我想向大家介紹一下。特殊費用和收益的淨收益為 1600 萬美元，其中包括與管道訴訟事宜相關的 3000 萬美元保險賠償；但該收益被與北美工廠和辦公室關閉相關的費用部分抵消。

We also had $28 million of other adjustments in the quarter and these included a $35 million loss on the disposal of assets related to the sale of the COC business; a $23 million gain related to the sale of two acetate product facilities as part of that segment's restructuring; a gain of $36 million related to the settlement of transportation related anti-trust matters; and finally a $4 million gain related to purchasing accounting inventory adjustments from the Acetex acquisition. So, in total if you exclude these $44 million of positive one-time benefits, we ended the quarter with diluted adjusted EPS of $0.60 per share. Higher than the amount we guided in December, this was due to higher dividends, stronger underlying business performance and lower personnel costs than we expected.

本季我們也進行了 2800 萬美元的其他調整，其中包括與出售 COC 業務相關的資產處置損失 3500 萬美元；作為該部門重組的一部分，與出售兩家醋酸鹽產品工廠相關的 2300 萬美元收益；與運輸相關反壟斷事宜解決相關的 3600 萬美元收益；最後，購買 40 萬美元的會計庫存。因此，如果排除這 4,400 萬美元的一次性正收益，我們本季末的稀釋調整後每股收益為 0.60 美元。這一數字高於我們 12 月預測的金額，這是因為股息更高、基礎業務表現更強勁，而且人員成本低於我們的預期。

Beginning in the fourth quarter, we started to account for the filament business and acetate products as discontinued operations. Remember that we choose to exit this business as part of the acetate restructuring initiative. This accounting change didn't have an effect on fourth quarter results, but the full-year numbers were impacted. When we provided our 2005 guidance in December, filament earnings were included in this guidance. So, looking at the full-year results with filament included, our adjusted EPS was $2.24 per share.

從第四季開始，我們開始將長絲業務和醋酸纖維產品視為已停止的業務。請記住，我們選擇退出這項業務是作為醋酸鹽重組計劃的一部分。這項會計變更對第四季業績沒有影響，但全年業績受到了影響。當我們在 12 月提供 2005 年指引時，燈絲收益已包含在該指引中。因此，從包含燈絲的全年業績來看，我們的調整後每股收益為 2.24 美元。

In December, you may recall, we changed our outlook for adjusted EPS tax rate from the previously forecasted 24% rate to a rate of between 19% and 21%. This change was due to our increased earnings in lower tax jurisdictions. Our effective adjusted EPS tax rate for 2005 turned out to be 21%, the high-end of that range. The effective rate for the fourth quarter however, was lower than the annual rate to reflect the cumulative difference from the original 24% forecast. For U.S. GAAP taxes, we recorded a benefit in the fourth quarter related to the reversal of a valuation allowance in Germany. This coupled with the earnings in the low tax jurisdictions brought the full-year GAAP effective tax rate to 16%.

您可能還記得，12 月份，我們將調整後每股盈餘稅率的預期從先前預測的 24% 調整為 19% 至 21% 之間。這項變更是由於我們在低稅率管轄區的收入增加。我們 2005 年的有效調整後每股盈餘稅率為 21%，處於該範圍的高端。然而，第四季的實際利率低於年利率，以反映與最初 24% 預測的累積差異。對於美國根據美國通用會計準則 (GAAP) 稅收，我們在第四季度記錄了與德國估值準備金沖銷相關的收益。再加上低稅管轄區的收益，全年 GAAP 有效稅率達到 16%。

Our adjusted EBITDA performance was also strong with $255 million in the fourth quarter and $1.116 billion for the year based on continuing operations. This surpassed our guidance of between $1.07 billion and $1.1 billion for the year due to the stronger than expected operating results and higher dividends from cost investments. In 2005 depreciation and amortization totaled $286 million, almost $25 million higher than we expected, due to purchased accounting adjustments from the Acetex transaction and the purchase of additional shares related to Celanese AG.

我們的調整後 EBITDA 表現同樣強勁，第四季為 2.55 億美元，全年為 11.16 億美元（基於持續經營業務）。由於經營業績優於預期，且成本投資股利增加，這一數字超過了我們對全年 10.7 億美元至 11 億美元的預期。2005 年折舊和攤銷總額為 2.86 億美元，比我們預期的高出近 2500 萬美元，這是由於從 Acetex 交易中購買的會計調整以及購買與 Celanese AG 相關的額外股份所致。

Now, I would like to turn to business performance, if you turn to slide 9, I will take you through chemical products. Our chemical products segment performed exceptionally well again, this quarter. Net sales increased to $1.1 billion, an increase of 20% from last year. Segment earnings were $179 million, an increase of 37% from last year. We continue to benefit from high capacity utilization in the industry, particularly in our basic businesses of acetic acid and vinyl acetate. We were able to expand margins in these areas as price increases and the results of productivity improvements more than offset raw material and energy cost increases.

現在，我想談談業務表現，如果您翻到投影片 9，我將帶您了解化學產品。本季度，我們的化學產品部門再次表現出色。淨銷售額增至 11 億美元，較去年同期成長 20%。該部門獲利為 1.79 億美元，較去年同期成長 37%。我們持續受惠於業界的高產能利用率，特別是我們的基礎業務醋酸和醋酸乙烯酯。由於價格上漲和生產力提高的結果足以抵銷原材料和能源成本的增加，我們能夠擴大這些領域的利潤率。

Our downstream businesses as we have discussed before, experienced margin compression due to the rapid rise in the cost of raw materials and the impact of lagging price increases. 2005 results included in net benefit of special charges and other adjustments of $31 million, which were offset by $37 million of additional appreciation and amortization expense in this segment.

正如我們之前所討論的，由於原材料成本的快速上漲和價格上漲滯後的影響，我們的下游業務的利潤率受到了壓縮。 2005 年的業績包括特殊費用和其他調整的淨收益 3,100 萬美元，但被該部門 3,700 萬美元的額外增值和攤銷費用所抵銷。

IBN Sina, our Saudi cost investment continued to perform well. Total cost dividends were $26 million higher than last year and the vast majority of this increase was IBN Sina. Remember IBN Sina is a methanol and MTBE company and as such, higher methanol costs in Europe and Asia benefited IBN Sina and provide a natural hedge for raw material cost increases in our acetyl chains.

IBN Sina，我們的沙烏地阿拉伯成本投資持續表現良好。總成本股息比去年高出 2,600 萬美元，其中絕大部分成長來自 IBN Sina。請記住，IBN Sina 是一家甲醇和 MTBE 公司，因此，歐洲和亞洲甲醇成本的上漲使 IBN Sina 受益，並為我們的乙醯基鏈原材料成本的上漲提供了天然的對沖。

Sales volumes were lower, but margins improved as we chose to walk away from some Asian sales in our acetyl derivative business, during the quarter. We focused more on price and expanding margins in this dynamic environment, versus going after additional volume.

本季度，由於我們選擇放棄乙醯衍生物業務中的部分亞洲銷售，因此銷售量較低，但利潤率有所提高。在這個動態的環境中，我們更關注價格和擴大利潤率，而不是追求額外的銷售。

Moving to Ticona on slide 10, Ticona's net sales increased to $213 million in the quarter, up 5% from last year, on increased penetration of key customer segments and higher pricing, partially offset by negative currency movements. Segment earnings increased to $9 million from a loss of $29 million in 2004.

轉到幻燈片 10 上的泰科納 (Ticona)，泰科納本季的淨銷售額增至 2.13 億美元，比去年同期增長 5%，這得益於關鍵客戶群滲透率的提高和定價的提高，但部分受到不利的貨幣變動的影響。該部門獲利從 2004 年的 2,900 萬美元虧損增至 900 萬美元。

There are some one-time events in the results that are worth highlighting. 2005 results included the positive impact of $30 million of insurance recoveries from the plumbing matters I mentioned previously. Also, it reflects a negative impact of $35 million related to the sale of the COC business. 2004 results had a non-cash impairment charge of $32 million also related to COC. When you factor in all these effects on an apples to apples comparison, we would say the segment earnings of $3 million for 2004 versus $14 million for 2005. And this increase is due to expanded operating margins on increased volume, as well as reduced spending. The sale of the COC business, let me remind you, should be a positive impact of between $15 and $20 million of EBITDA per year going forward.

結果中有一些一次性事件值得強調。 2005 年的結果包括我之前提到的管道問題保險賠償 3000 萬美元的正面影響。此外，它還反映了與 COC 業務出售相關的 3500 萬美元的負面影響。 2004 年業績中有 3,200 萬美元的非現金減損費用也與 COC 有關。如果將所有這些影響都考慮在內，進行同類比較，我們會得出 2004 年分部盈利為 300 萬美元，而 2005 年分部盈利為 1,400 萬美元的結論。這一增長是由於銷量增加導致的營業利潤率擴大以及支出減少。我要提醒您，COC 業務的出售將對未來每年的 EBITDA 產生 1500 萬至 2000 萬美元的正面影響。

Now turning to acetate and performance products, let's start with acetate at the top of the chart. As I said, we started reporting the filament business as discontinued operations beginning in the fourth quarter and now all periods excludes filament. Net sales increased by a healthy 10% to $160 million. In segment earnings increased to $44 million, almost $23 million of this, however, was from the sale of two facilities. Restructuring remains on track and the tow expansions in China are now complete. During 2006, we will continue to move forward with our China flake expansion. The restructuring of this segment is expected to be completed by mid-2007 at which point, we will close the Edmonton flake plant and will shift production to China. Dividends from the China ventures, which will resume in 2006, are expected to be between $15 and $20 million.

現在轉向醋酸鹽和性能產品，讓我們從圖表頂部的醋酸鹽開始。正如我所說，我們從第四季度開始將長絲業務報告為已停止的業務，現在所有期間均不包括長絲。淨銷售額成長 10%，達到 1.6 億美元。該部門的利潤增至 4,400 萬美元，其中近 2,300 萬美元來自兩處設施的出售。重組工作仍在進行中，中國境內的拖車擴張工程現已完成。2006年，我們將繼續推進中國薄片業務的擴張。該部門的重組預計將於 2007 年中期完成，屆時我們將關閉埃德蒙頓薄片工廠並將生產轉移到中國。預計中國合資企業的股息將於 2006 年恢復，金額在 1,500 萬至 2,000 萬美元之間。

Performance product results remain stable, with sales of $40 million, an increase of 3% from 2004, as increased volume and improved pricing for sorbates offset the lower pricing for Sunett sweetener. Segment earnings were $10 million for the quarter and included a gain on the sale of the Omega 3 DHA business of approximately $3 million.

高性能產品業績保持穩定，銷售額達 4,000 萬美元，較 2004 年增長 3%，因為山梨酸鹽的產量增加和價格上漲抵消了 Sunett 甜味劑價格下跌的影響。該季度分部獲利為 1,000 萬美元，其中包括出售 Omega 3 DHA 業務的收益約 300 萬美元。

Turning to slide 12, let's spend a moment on our equity and cost investments. On the left side of the chart you can see the earnings and cash flow impact of our strategic equity and cost investments. On the income statement, we recorded $48 million in the fourth quarter in equity earnings and cash dividends from our cost investments. Our total cash dividends were $40 million as reflected on the right side of the chart. For the year, we received a total of $154 million in dividends from our affiliates, a record for Celanese and confirmation that these strategic investments return value to our share owners.

翻到第 12 張投影片，讓我們花點時間討論一下我們的股權和成本投資。在圖表的左側，您可以看到我們的策略性股權和成本投資對收益和現金流量的影響。在損益表中，我們記錄了第四季度來自成本投資的 4,800 萬美元股權收益和現金股利。如圖表右側所示，我們的現金股利總額為 4,000 萬美元。今年，我們從附屬公司獲得了總計 1.54 億美元的股息，創下了塞拉尼斯的最高紀錄，也證明了這些策略投資為我們的股東帶來了價值回報。

Turning to capitalization on slide 13, we ended the year with net debt of $3.047 billion, slightly lower than the third quarter and higher than the end of last year. During the year we largely used cash for the Acetex and Vinamul acquisitions and the purchase of Celanese AG minority shares.

談到第 13 張投影片上的資本化，我們今年底的淨債務為 30.47 億美元，略低於第三季度，高於去年年底。今年，我們主要使用現金收購 Acetex 和 Vinamul 以及購買 Celanese AG 少數股權。

Now, let's turn to slide 14. In December we provided our initial guidance for adjusted EPS for 2006 of between $2.50 and $2.90 per share based on approximately 172 million diluted shares outstanding and a tax rate of between 18% and 22%. Today, we are reaffirming this guidance, despite a $60 to $70 million increase in our forecast for depreciation and amortization. So, our expectations for the year have improved, as we expect stronger operating performance to offset this increase in depreciation.

現在，我們翻到第 14 張投影片。12 月份，我們根據大約 1.72 億股稀釋流通股和 18% 至 22% 之間的稅率，對 2006 年調整後每股收益給出了初步預期，即每股 2.50 美元至 2.90 美元。今天，儘管我們的折舊和攤銷預測增加了 6000 萬至 7000 萬美元，但我們仍重申這一指導。因此，我們對今年的預期有所改善，因為我們預計更強勁的經營業績將抵消折舊的增加。

When you're looking at Celanese results by quarter, I'd ask you to keep in mind the impact of our cost investment dividends on our earnings. As I have said in the past, these investments are a critical part of our strategy, but the receipt of these dividends tends to be lumpy. We expect to receive dividends from Acetate's China ventures in the second quarter of 2006 and also keep in mind, that in the first quarter of 2005, we had unusually strong performance in our chemical product segment. Capacity was extremely tight, the new plants -- before new plants had come on line and margins were at all time record levels. When you take this into consideration, along with the increased depreciation and amortization, we would expect the first quarter 2006 adjusted EPS to be modestly higher than the first quarter of 2005 adjusted EPS of $0.62 per share.

當您查看塞拉尼斯季度業績時，我會請您記住我們的成本投資股息對我們收益的影響。正如我過去所說，這些投資是我們策略的重要組成部分，但這些股息的收到往往是不穩定的。我們預計將於 2006 年第二季度從 Acetate 的中國合資企業獲得股息，同時請記住，2005 年第一季度，我們的化學產品部門表現異常強勁。產能極度緊張，新工廠——在新工廠投產之前，利潤率一直處於歷史最高水準。考慮到這一點，再加上折舊和攤銷的增加，我們預計 2006 年第一季調整後的每股收益將略高於 2005 年第一季調整後的每股收益 0.62 美元。

To close, 2005 was a great year. We started the year with our IPO and ended the year with significantly improved results. The team is focused on continuing to create share owner value and we believe we have defined a path for continued success in 2006 and beyond. Now, I would like to turn it back over to Mark for questions and answers.

總而言之，2005 年是偉大的一年。我們以首次公開發行 (IPO) 開啟了新的一年，並以顯著改善的業績結束了這一年。團隊致力於繼續創造股東價值，我們相信我們已經確定了 2006 年及以後繼續取得成功的道路。現在，我想把問題和答案交還給馬克。

Thanks, John. We will be conducting a question and answer period. We ask that each person have one question and a follow-up. If you have additional questions, please feel free to get back in line.

謝謝，約翰。我們將進行問答環節。我們要求每個人提出一個問題和一個後續問題。如果您還有其他問題，請隨時回來。

[OPERATOR INSTRUCTIONS] And your first question comes from the line of Frank Mitsch of BB&T Capital Markets.

[操作員指示] 您的第一個問題來自 BB&T 資本市場的 Frank Mitsch。

Question, you talked about the acetyl business that your competitors have been slow to reach full rates. Can you talk about where operating rates are for the industry right now? And how do you think that that is going to trend through 2006?

問題，您談到乙醯業務，您的競爭對手一直未能達到全產能。您能談談目前該產業的營運率嗎？您認為 2006 年的趨勢會是如何？

Sure, Frank. We think that in acid and VAM we are north of 90%, probably in the mid-90's and maybe even a little north of that with acetic acid. You just walk down the list, BP has got to turn around in Malaysia, [Lunon], Urarco, [Dazing Jailing] are having difficulty getting natural gas as reported and so their plants are not running -- they are not running as expected. The BP, FCFC plant in Taiwan is not running at full rates yet. On the VAM side of it, there is a couple of other plants that are out [inaudible] is not running at full capacity with their new plant.

當然，弗蘭克。我們認為，在酸和 VAM 中，我們的比率在 90% 以上，可能在 90 年代中期，甚至可能在乙酸的比率之上。只要看一下名單，你就會發現，BP 必須在馬來西亞扭轉局面，據報道，[Lunon]、Urarco、[Dazing Jailing] 在獲取天然氣方面遇到了困難，因此他們的工廠沒有運轉——沒有像預期的那樣運轉。台灣的 BP、FCFC 工廠尚未滿載運轉。在 VAM 方面，還有其他幾家工廠 [聽不清楚] 沒有滿載運作其新工廠。

All of this Frank, is unexpected for us. And as we look at the first quarter it's a tight capacity utilization. Throughout the year we would expect these plants to be running again. And we would expect that that volume would come back onto the market again on the second half of the year. But as we have discussed in the past, we think the growth in the market will absorb the new capacity in 2006. Going forward into 2007 and 2008, there is limited new capacity coming in we think for the next several years capacity utilization should be very good.

弗蘭克，這一切對我們來說都是意料之外的事。從第一季來看，產能利用率很緊張。我們預計這些工廠全年都將恢復運作。我們預計，這一產量將在下半年重新回到市場。但正如我們過去所討論過的，我們認為市場的成長將在 2006 年吸收新增產能。展望2007年和2008年，由於新增產能有限，我們認為未來幾年的產能利用率應該會非常好。

I guess the way that we should look at is, strong first half of the year, second half of the year ticking down and then perhaps regarding strength in '07.

我想我們應該這樣看待：上半年表現強勁，下半年逐漸回落，然後或許 2007 年會更加強勁。

I think that's the view that we would have now. Now, we definitely see the first half and the first quarter in particular stronger than we might have seen in December. The second half of the year we would take the cautious view that this capacity would come in and probably have margin impact in the second half of the year versus the first.

我認為這就是我們現在的觀點。現在，我們確實看到上半年，尤其是第一季的表現比 12 月更加強勁。對於今年下半年，我們持謹慎的看法，認為這一產能將會投入使用，並且可能會對下半年的利潤率產生影響，而不是上半年。

Okay, great and lastly, you mentioned you're postponing your new investment in Saudi Arabia due to contractor's costs and difficulty of getting qualified personnel, et cetera. Can you give us an idea in terms of how much the costs have gone up, versus your initial thoughts there?

好的，太好了，最後，您提到由於承包商的成本以及難以獲得合格人員等原因，您推遲了在沙烏地阿拉伯的新投資。與您最初的想法相比，您能否告訴我們成本上漲了多少？

Yes, Frank, you can think depending on the vessel or the type of equipment you're looking at somewhere between 30% and 50% rise, versus what we were looking at 12 months ago.

是的，弗蘭克，您可以認為，根據船隻或設備的類型，與 12 個月前相比，價格上漲幅度在 30% 到 50% 之間。

Wow.

哇。

Yes, it's significant.

是的，這很重要。

All right, terrific. Thanks a lot.

好的，太棒了。多謝。

And your next question comes from the line of David Begleiter of Deutsche Bank.

您的下一個問題來自德意志銀行的 David Begleiter。

Thank you, good morning.

謝謝，早安。

Good morning.

早安.

Hey, David.

嘿，大衛。

Hi, David, how much business did you guys walk away from in Asia? And in terms of the margin compression and the downstream products, when do you think you will be able to -- when will that reverse in terms of gains and margin expansion in the downstream products?

你好，大衛，你們在亞洲損失了多少生意？就利潤率壓縮和下游產品而言，您認為何時能夠扭轉下游產品的收益和利潤率擴張的局面？

Right, well you saw in the announcement for chemical products business we were down about 8% in volume on a year-over-year basis. Most of that was in our downstream businesses from Acid and VAM, so think about the [esters] markets. All of that was done because we could make more money selling the base molecule. That is one of the advantages we have with the optionality in our system and you saw it in the fourth quarter. Going forward our downstream businesses do have margin pressures on them, as you have increasing raw material costs or increasing energy costs. Those lag and we would expect somewhere between a quarter, two-quarters maybe in the outside case, three-quarters before we are able to recover the escalation of raw material and energy.

是的，您在化學產品業務公告中看到，我們的銷量比去年同期下降了約 8%。其中大部分來自我們的酸和 VAM 下游業務，因此請考慮一下 [酯] 市場。之所以這麼做，是因為我們可以透過銷售基礎分子賺更多的錢。這是我們系統可選性的優勢之一，您在第四季度就看到了這一點。展望未來，我們的下游業務確實面臨利潤壓力，因為原材料成本或能源成本不斷增加。這些都會滯後，我們預計可能需要一個季度、兩個季度甚至三個季度的時間才能恢復原材料和能源價格的上漲。

And just one more on terms of the lower non-GAAP prices we are seeing today, obviously -- one can you clarify the impact of the southern chemical methanol contract in earnings? And have you baked in these lower natural gas prices into guidance for the full-year?

關於我們今天看到的較低的非 GAAP 價格，您能否再解釋一下南方化學甲醇合約對收益的影響？您是否已將較低的天然氣價格納入全年預期？

Well, John is going to comment a little bit on this, but we have said in the past that if you think about methanol production at $6, the southern methanol advantage is somewhere in the $45, $50, $55 million range for the company. That's on a production basis. If you step back and say, well certainly there is lower natural gas pricing, some mitigation in raw material costs and some strengthening in the overall market for acid and VAM due to competitor outages. We point to those things as the reason we are more bullish on the first half and looking at our underlying businesses performing stronger than we thought few weeks ago.

好吧，約翰將對此發表一些評論，但我們過去曾說過，如果以 6 美元的價格生產甲醇，那麼南方甲醇的優勢將在 4500 萬美元、5000 萬美元、5500 萬美元之間。這是基於生產基礎的。如果你退一步來看，那麼天然氣價格肯定會下降，原物料成本也會降低，而且由於競爭對手的停產，酸和 VAM 的整體市場將會加強。我們認為這些因素是我們對上半年更加樂觀的原因，我們認為我們的基礎業務表現比幾週前預想的要強勁。

Thank you very much.

非常感謝。

And your next question comes from the line of Kevin McCarthy of Banc of America Securities.

您的下一個問題來自美國銀行證券公司的凱文麥卡錫 (Kevin McCarthy)。

Good morning, Kevin McCarthy here. Quick question on your dividends from equity and cost investments, what would your forecast be for 2006 versus the $154 million we witnessed in '05?

早安，我是凱文·麥卡錫。關於您從股權和成本投資中獲得的股息，您預測 2006 年的股息與 2005 年的 1.54 億美元相比會是多少？

You know that again, that's going to call, as we mentioned the lumpiness, you never know when something rolls out of the year or into the year. But, I would think it would probably, IBN Sina trending down. But partially being offset by the increase of the acetate China that I mentioned $15 to $20 million of dividends. So, I think the best thing to consider is probably flat '06 to '05, maybe a slight decrease.

您再次知道，正如我們所提到的那樣，這將被稱為不穩定性，您永遠不知道某件事何時會從一年中或一年中推出。但是，我認為 IBN Sina 的趨勢可能會下降。但部分抵銷了我提到的醋酸纖維中國股息的增加，即1500萬至2000萬美元。因此，我認為最好的考慮可能是 2006 年與 2005 年持平，或略有下降。

Okay and to follow-up on that, if we consider IBN Sina, how do the global dynamics in MTBE affect that company? In other words, where is the MTBE finding a home and do you expect that to change?

好的，接下來，如果我們考慮 IBN Sina，MTBE 的全球動態將如何影響該公司？換句話說，MTBE 在哪裡找到了歸宿？您預計這種情況會改變嗎？

We've -- MTB today is largely -- well, the North America market -- back up, the U.S. market is disappearing, the European market is trending down. The Asian market is incredibly robust. China in particular have used MTB on an economic basis and it's finding it's way into gasoline blends in China in a very robust way. So it's been a good market for the last several years. We would view it as having some downward trend over the next period of time, but overall MTB usage in the growing market in Asia will increase.

我們現在的登山車市場基本上是北美市場回暖，而美國市場正在消失，歐洲市場則呈現下降趨勢。亞洲市場異常強勁。中國尤其在經濟基礎上使用 MTB，並且 MTB 在中國的汽油混合物中得到了非常強大的應用。所以過去幾年來這一直是個好的市場。我們認為未來一段時間內山地車的使用量會有所下降，但亞洲不斷增長的市場中山地車的整體使用量將會增加。

Okay. And then finally, any news on the strategic alternatives for the Pampa, Texas facility, Dave?

好的。最後，戴夫，關於德克薩斯州潘帕工廠的戰略替代方案有什麼消息嗎？

No. No news yet. Still looking at options.

不。尚無消息。仍在尋找選擇。

Okay, thanks very much.

好的，非常感謝。

Thank you, Kevin.

謝謝你，凱文。

And your next question comes from the line of Greg Goodnight of UBS.

您的下一個問題來自瑞銀的 Greg Goodnight。

Good morning all.

大家早安。

Hello Greg.

你好，格雷格。

A question on your increased depreciation. You mentioned purchase accounting is responsible. That implies that you had mark up of some assets that you purchased presumably because their fair value market was higher than what you thought. Could you comment on how or what exactly it was that you presumably marked up in value?

關於增加折舊的問題。您提到採購會計負責。這意味著您對所購買的一些資產進行了加價，大概是因為它們的公允價值市場高於您的想像。您能否評論一下您推測價值是如何被抬高的，或者究竟是什麼被抬高的？

Sure. I think there's two pieces that you need to consider. One is the Acetex acquisition and the other is when we purchased the additional shares of CAG, which was roughly 475 million in the second half of the year, we also then had to revalue that for that additional purchase price step up. So there's two pieces. So just keep in mind the Acetex acquisition was around 500 million. CAG minority buyout was around 475 so you're almost talking about $1 billion in step up.

當然。我認為您需要考慮兩點。一個是收購 Acetex，另一個是我們在下半年購買了 CAG 的額外股份，價值約 4.75 億，我們還必須重新評估這筆額外購買價格的上漲。所以有兩件。所以請記住 Acetex 的收購價約為 5 億美元。CAG 少數股權收購約為 475 股，因此您談論的增資金額幾乎達到 10 億美元。

Of course, that gets allocated across the balance sheet and so as we got valuations from independent experts that really came in in the fourth quarter, I think a little more that I expected, frankly, were allocated to some of the fixed assets and the depreciable lives. You have a year after your John Gallagher purchase to finalize a lot of that accounting so we had an estimate at the end of the third quarter. We got a better estimate with the valuation at the end of the fourth and we'll continue to refine that in 2006.

當然，這會分配到整個資產負債表中，因此，當我們從獨立專家那裡得到第四季度的估值時，我認為，坦白說，分配給一些固定資產和折舊年限的金額比我預期的要多一些。在您收購 John Gallagher 之後，您有一年的時間來完成大部分會計工作，因此我們在第三季末做出了估算。我們在第四季末對估值有了更好的估計，我們將在 2006 年繼續完善這一估計。

Okay. Second question. Concerning VAM in Asia, I had seen some reports where BP has gotten their problems worked out with their new acetate acid plant. In fact, if you look at VAM prices in Asia right now they're down perhaps a nickel from the fourth quarter. What do you see as the recent trends and what data do you to support your stronger outlook?

好的。第二個問題。關於亞洲的 VAM，我看到一些報導說 BP 已經解決了其新醋酸工廠的問題。事實上，如果你看看現在亞洲的 VAM 價格，它們可能比第四季下降了 5 美分。您認為最近的趨勢是什麼？有哪些數據可以支持您更強勁的前景？

We've had increased pricing in Asia after the Chinese New Year. I mean it's hard to get a mark on things in the early part of the quarter because of Chinese New Year and inventory bills or not inventory bills, but coming out of Chinese New Year we're seeing strengths across the board. Acid is stronger, VAM is stronger.

農曆新年之後，我們在亞洲的定價已經上調。我的意思是，由於農曆新年和庫存賬單或非庫存賬單，在本季度初很難對事情做出評價，但農曆新年過後，我們看到了全面的優勢。酸越強，VAM越強。

Okay. Last question if I could. In terms of contract pricing for VAM in the U.S. was there a contract price increase proposal by industry in the first quarter in the U.S.?

好的。如果可以的話，最後一個問題。關於美國VAM合約定價，美國第一季產業是否有提出合約價格上漲的提議？

Well, I can't comment specifically about what goes on with customers in the industry or how the formulas work, but I can confirm that there are formula based contracts that drive pricing, VAM pricing in North American markets.

嗯，我無法具體評論行業內客戶的情況或公式如何運作，但我可以確認存在基於公式的合約來推動定價，即北美市場的 VAM 定價。

Okay, thank you.

好的，謝謝。

Thanks, Greg.

謝謝，格雷格。

[OPERATOR INSTRUCTIONS] And your next question comes from the line of Edlain Rodriguez of Goldman Sachs.

[操作員指示] 您的下一個問題來自高盛的 Edlain Rodriguez。

Good morning. Forgive me if I missed that. When you're looking at your outlook for 2006, I mean despite the higher depreciation and amortization costs, you expect the numbers to be the same but that means fundamentally, the numbers will be much better. Which segments are showing that significant improvement because it appears that you're saying for the chemical products it's just a shift from the first half to the second half in terms of the weakness and strength, so where is the strength coming from for the whole year and which segments?

早安.如果我錯過了，請原諒我。當您展望 2006 年的前景時，我的意思是，儘管折舊和攤銷成本較高，但您預計數字會保持不變，但這從根本上意味著數字會好得多。哪些細分市場顯示出顯著的改善，因為您說對於化學產品來說，就弱點和強勢而言，這只是從上半年到下半年的轉變，那麼全年的強勢來自哪裡，又來自哪些細分市場？

Yes. I think we did say clearly chemicals would be stronger in the first half than in the second. However, overall, I think versus 2005, we'd see an improvement. We're expecting also in acetate, significant benefits from the restructuring and then if you throw in the additional dividends that we expect from acetate as well, so we expect a recovery in acetate. And while probably on the top line for Ticona, we're a little more cautious at this point given that a part of the end markets in automotive, there's some significant pricing actions that we think will take hold in the first - from this lagging effect that should benefit our engineered classics Ticona business as well as a full year of the productivity actions that they started to execute in 2005.

是的。我認為我們確實明確表示過，化學製品在上半年會比下半年更強。然而，總體而言，我認為與 2005 年相比，我們會看到進步。我們也預期醋酸鹽產業將從重組中獲得顯著收益，如果再加上我們預期醋酸鹽產業將出現的額外股息，那麼我們預期醋酸鹽產業將會復甦。儘管這可能是泰科納 (Ticona) 的營收來源，但考慮到汽車終端市場的一部分，我們認為首先會有一些重大的定價行動，我們目前對此持謹慎態度 - 這種滯後效應應該會有利於我們的經典工程泰科納 (Ticona) 業務，以及他們從 2005 年開始實施的全年生產力行動。

So performance products will be about flat. So I think you'll see - I mean at least reflected in the guidance we have at 250 and 290 to offset that increase in depreciation we probably see across the board increases in each of the segments at this point from even where we were two months ago.

因此性能產品將基本持平。所以我想你會看到 - 我的意思是至少反映在我們對 250 和 290 的指導中，以抵消折舊的增加，我們可能會看到此時每個部分的全面增加，甚至與兩個月前的水平相比。

Okay, thank you.

好的，謝謝。

And your next question comes from the line of Melinda Newman of Post Advisory Group.

您的下一個問題來自郵政顧問小組的 Melinda Newman。

Hey. I just wanted to clarify where a couple of these adjustments that you have on page 40 of the press release filed on the income statement. When you have the special charges gains included in operating profit loss, am I correct that that includes insurance recoveries from plumbing and the restructuring?

嘿。我只是想澄清一下新聞稿第 40 頁中提到的幾項調整在損益表中的位置。當您將特殊費用收益計入營業利潤損失時，我是否正確地認為其中包括管道和重組的保險賠償？

Yes.

是的。

Okay and then so the other adjustments excluding special charges gains that includes the transportation antitrust settlement which I think is in COGS and the gains on asset sales - gains losses on asset sales?

好的，那麼其他調整不包括特殊費用收益，其中包括運輸反壟斷和解，我認為這是在 COGS 和資產銷售收益 - 資產銷售收益損失？

Yes. The gain and loss on asset sales is on a separate line item on the P&L. Gain and loss on disposition of assets. It's not a cost of sales.

是的。資產出售的收益和損失在損益表中單獨列示。資產處置損益。這不是銷售成本。

Right, but you add that back in this item other adjustments?

對，但是您在此項目中添加了其他調整嗎？

Exactly.

確切地。

Okay and then transportation --?

好的，那交通——？

The transportation antitrust settlement gained is in cost of sales along with the 4 million I mentioned from the inventory purchase accounting --

運輸反壟斷和解協議所得款項計入銷售成本，加上我提到的庫存採購會計中的 400 萬美元——

But you're adding that back or subtracting it in other adjustments?

但是您在其他調整中將其添加回去還是減去它？

Exactly.

確切地。

Okay. I also was wondering if you could quantify what the advantage was from the ethylene tolling arrangement in fourth quarter versus third quarter, maybe given how robust that space was?

好的。我還想知道您是否可以量化第四季度與第三季度相比乙烯收費安排的優勢，也許考慮到該空間的強勁程度？

I can't, but I can support your thinking there was quarter-over-quarter sequential improvement in the benefit.

我不能，但我可以支持你的想法，即收益逐季環比改善。

Any sense of magnitude or?

有任何大小感嗎？

I'm not at a point where I can say.

我還沒到能說的地步。

Okay. I appreciate it. Thank you.

好的。我很感激。謝謝。

Thank you.

謝謝。

And your next question comes from the line of Mike Judd of Greenwich Consultants.

您的下一個問題來自格林威治諮詢公司的 Mike Judd。

Yes. Thanks for taking my question. Couple of quick questions. In terms of your cost savings programs is that lumpy during the year or is it pretty much spread out? Is it front-end loaded versus backend loaded? And then lastly, from a cash flow perspective are there some one offerings that are going on there that we should just be aware of as in terms of modeling our cash flow?

是的。感謝您回答我的問題。幾個簡單的問題。就您的成本節約計畫而言，這個過程在一年內是比較分散的還是比較集中的？它是前端加載還是後端加載？最後，從現金流的角度來看，是否存在一些正在進行的產品，我們在建模現金流時應該注意？

Let me touch the cost savings, Mike. A lot of the benefit of the cost savings, the purchasing program - let me put it into three areas. There was efforts we made on the purchasing program, SG&A reduction, and then the southern methanol that we talked about. The southern methanol had an impact in the second half of the year. The biggest impact was in the fourth quarter and it will continue to have an impact throughout 2006.

讓我談談成本節省，麥克。採購計畫帶來的成本節約有很多好處──我把它分成三個面向。我們在採購計劃、銷售、一般及行政費用削減以及我們談到的南方甲醇方面做出了努力。下半年南方甲醇有所影響。最大的影響發生在第四季度，並將持續影響整個2006年。

The purchasing benefits had a spool up as it had the largest impact in the second half of the year and we should see a growing trend line on that throughout 2006 and then the SG&A reductions were largely from actions that we took late in 2004 so there was a somewhat flattish contribution quarter-by-quarter each year. We'll have some modest improvements in SG&A in 2006. We're waiting for triggers on the German minority structure thing before we can take further steps which will be in 2007 and then --

採購收益增加，因為它在下半年產生了最大的影響，我們應該看到它在 2006 年全年呈現成長趨勢，而銷售、一般及行政費用的減少主要源於我們在 2004 年末採取的行動，因此每年每個季度的貢獻都比較平穩。2006 年我們的銷售、一般及行政開支 (SG&A) 將略有改善。我們正在等待德國少數民族結構問題的觸發，然後才能採取進一步措施，具體時間是 2007 年，然後——

Cash flow, I'll talk about the cash flow. Couple of things to consider I think on the cash flow. I tried to give you as much information to help you with that on CapEx, cash interest expense on page 14 in the PowerPoint slide. The other one-off item is kind of the net of the special charges. So while we're spending cash on the restructuring, we also receive some cash for some of these settlements. The net impact for 2005 was 75 million approximately outflow of cash despite some of the input the receipts into cash.

現金流，我來談現金流。我認為在現金流方面有幾件事需要考慮。我試圖向您提供盡可能多的信息，以幫助您了解 PowerPoint 幻燈片第 14 頁上的資本支出和現金利息支出。另一項一次性項目是特殊費用的淨額。因此，當我們花費現金進行重組時，我們也會收到一些現金用於部分和解。儘管部分收入已轉為現金，但 2005 年的淨影響仍為現金流出約 7,500 萬美元。

So that's the only - I think other than that you get all the big pieces when you see our cash flow statement. I mean we did spend 475 million for the minority buyout of CAG. We did spend 200 million for the Vinamul acquisition, 500 million for the Acetex acquisition so together those - that's roughly 1.2 billion of acquisition costs in 2005 and of course we wouldn't expect that to recur in 2006.

所以這是唯一的 - 我認為，當您看到我們的現金流量表時，您就會了解所有重要部分。我的意思是我們確實花了 4.75 億美元來收購 CAG 的少數股權。我們確實花了 2 億美元收購 Vinamul，花費了 5 億美元收購 Acetex，所以加起來 - 這是 2005 年大約 12 億美元的收購成本，當然我們預計 2006 年不會再發生這樣的情況。

For '06?

06 年的嗎？

For '06. In December I talked about how we think about cash flow in general terms. So if you just think of - pick an EBITDA number. We happen to pick one close to 1.1 billion and I think I've tried as best I could give you as the components of cash interest 230 to 250. Cash taxes we think of anywhere from 60 to 100 million. CapEx, as I mentioned, 200 to 250 million and I'm not sure on the outflows. I would expect some outflows on the restructuring but I think 75 is the high-end. I would think in the 50 million range is probably a decent number for 2006.

對於 '06。12 月我談到了我們如何從整體上看待現金流。所以如果你只是想——選擇一個 EBITDA 數字。我們恰好選擇了一個接近 11 億美元的金額，我想我已經盡力將其作為現金利息的組成部分提供給您，即 230 到 250。我們認為現金稅額在 6,000 萬到 1 億之間。正如我所提到的，資本支出為 2 億到 2.5 億，我不確定資金流出。我預計重組會有一些資金流出，但我認為 75 是最高水準。我認為 5000 萬左右對於 2006 年來說可能是一個不錯的數字。

Okay. Are there any insurance inflows or outflows or anything like that?

好的。有沒有保險流入或流出或類似的東西？

In '06 I have no - again, those things - the plumbing matters have been going on for eight years or so and we do the best we can to forecast those but right now there not anticipated. Essentially, it's an assumption that our outflows will meet our inflows because we have some legal costs and other things at this point.

在 2006 年我沒有 — — 再說一遍，那些事情 — — 管道問題已經持續了大約八年，我們盡了最大努力去預測這些，但現在還沒有預料到。本質上，這是一個假設，即我們的流出量將滿足我們的流入量，因為此時我們有一些法律成本和其他東西。

Thank you.

謝謝。

And your next question comes from the line of Seth Harvey of UBS.

您的下一個問題來自瑞銀的 Seth Harvey。

Good morning. Just a question a CapEx number for fourth quarter?

早安.我只是想問一下第四季的資本支出數字是多少？

You mean why are we so high?

你的意思是我們為什麼這麼高？

Well no. I just want to know what the number is.

嗯，不是。我只是想知道這個數字是多少。

Oh okay. I'm not sure that it's disclosed but it's - if you think about our CapEx, we're probably on the 80 to $90 million range in the fourth quarter.

哦好的。我不確定是否有揭露過，但如果你考慮我們的資本支出，我們第四季的資本支出可能在 8,000 萬至 9,000 萬美元之間。

Most of the year we gave a range. For the year we're going to be around 220 - 215 to 220 I think in CapEx so you can take the first three quarters and get the difference and I think you'll see it's 80 millionish.

一年中的大部分時間我們都會給出一個範圍。今年我們的資本支出將在 2.2 億到 2.15 億之間，所以你可以計算前三個季度的差額，我認為是 8000 萬左右。

Okay and then could you just remind me kind of what your big projects are planned for 2006 and how you plan to see CapEx trending over the year?

好的，那麼您能否提醒我您 2006 年計劃的大型專案以及您計劃如何看待全年的資本支出趨勢？

Right. The biggest project that we have is the build in China for our acetic acid plant in the Acetyl complex. So we'll actually be spending more in 2006 for that complex. We'll begin to wrap up some of the engineering work on the other investments that we have. So the range we have you I think you could probably think about as being more towards the high end of that range for 2006, but we think going forward as we view the company we'll spend within that range in all likelihood on a go forward basis.

正確的。我們最大的項目是在中國建造乙醯基綜合設施中的醋酸工廠。因此，我們實際上將在 2006 年為該綜合設施投入更多資金。我們將開始完成我們其他投資的一些工程工作。因此，我認為您可能認為我們的範圍更接近 2006 年範圍的高端，但我們認為，展望未來，當我們考慮公司時，我們很可能將在這個範圍內進行支出。

Thank you.

謝謝。

And your next question comes from the line of Paul Christopherson of New Vernon Associates

你的下一個問題來自 New Vernon Associates 的 Paul Christopherson

Hi. Couple of questions. In the past, you've mentioned that you expected a advantage on your emulsions business because they're based on methanol instead of -- and ethylene instead of propylene and I'm wondering if that's showing up in your business? Are there examples of that or is it mostly an expectation of the future?

你好。幾個問題。過去，您曾提到，您預計乳液業務會有優勢，因為它們基於甲醇而不是——基於乙烯而不是丙烯，我想知道這是否體現在您的業務中？有沒有這樣的例子，或者這主要是對未來的期望？

Paul, thanks for the questions. It's good to hear from you. We would see the benefit from the business in two areas. One would be growth in vinyl acetate because we sell to vinyl based emulsion customers as well as used vinyl acetate monomer internally and the second would be through the emulsion business. As we've looked at it we would see this trend to have a positive impact over a longer period of time. When we do look at our vinyl acetate sales and we do look at our emulsion sales on the margin we do see some impact but I would tell you that our thinking this is more of a longer term impact than something that we would feel in a quarter or two.

保羅，謝謝你的提問。很高興收到你的來信。我們將在兩個方面看到該業務帶來的好處。一是醋酸乙烯酯的成長，因為我們向乙烯基乳液客戶銷售產品，並在內部使用醋酸乙烯酯單體；二是透過乳液業務。正如我們所看到的，我們將看到這種趨勢將在較長時期內產生積極影響。當我們查看醋酸乙烯酯的銷售額並查看乳液的利潤銷售額時，我們確實看到了一些影響，但我想告訴你，我們認為這是一種長期影響，而不是我們在一兩個季度內感受到的影響。

Is that because the costs -- the gap has to widen some more or because customers have to adjust or --?

這是因為成本——差距必須進一步擴大，還是因為客戶必須調整——？

Yes, I think there's two things. One is that there's a switching cost at your emulsions customer level so a formulator -- a paint formulator ,they've got some switching costs associated with it and second there needs to be a sustained period where the advantage is there so that the formulator will put the -- and a belief that that's going to be sustainable over a longer period until a formulator or coating manufacturer will go forward and make the shift.

是的，我認為有兩件事。一是乳液客戶層面存在轉換成本，因此配方師——油漆配方師，他們會產生一些相關的轉換成本；二是需要有一個持續的優勢期，以便配方師能夠堅持下去——並且相信這種優勢將在較長的一段時間內持續下去，直到配方師或塗料製造商繼續前進並做出轉變。

That's why I say we believe the trend is there. It's part of our marketing plan. It's part of what we do going out with customers and discussing and dialoguing with them. We've developed our technology of plan around it but frankly we like these type of markets because they're higher switching costs. They take a longer period of time to get into but then they're with you for a longer period of time.

這就是為什麼我說我們相信這種趨勢是存在的。這是我們行銷計劃的一部分。這是我們與客戶外出並與他們討論和對話工作的一部分。我們已經圍繞它開發了我們的計劃技術，但坦白說，我們喜歡這類市場，因為它們的轉換成本更高。它們需要較長的時間才能進入，但會陪伴你較長的時間。

Got it. Thank you and also a little different question. In your pension plan, was there a -- maybe you said this. Was there a voluntary contribution in '05 and is there one planned for '06?

知道了。謝謝，還有一個稍微不同的問題。在您的退休金計劃中，是否有—也許您說過這個。2005 年是否有自願捐款？ 2006 年是否有計畫捐款？

I believe there was early in the year around $60 million contribution to the plan in 2005. There is no pension contribution planned nor required for 2006.

我相信，2005 年初該計劃的捐款約為 6,000 萬美元。2006 年沒有計劃或要求繳納退休金。

And the reason for that timing if I recall correctly is because as part of the deal with Blackstone there's was an agreement to fund the pension plan program up and it was more advantageous for us to do it early in 2005 than to do it in 2004.

如果我沒記錯的話，選擇這個時間的原因是，作為與黑石集團交易的一部分，我們同意為退休金計劃項目提供資金，而對於我們來說，在 2005 年初進行資助比在 2004 年進行資助更為有利。

And it was 60 you say?

你說的是 60 嗎？

U-huh. I think that's the range, yes.

嗯嗯。是的，我認為就是這個範圍。

Okay and finally. Do I have it right that you're on FIFO accounting worldwide and if that's true and maybe it isn't, have you figured out what LIFO earnings would be?

好的，最後。我是否正確地理解了你們在全球範圍內採用先進先出法會計，如果這是真的，也許不是，你是否計算過後進先出法的收益是多少？

Wow. We are on FIFO and I don't know. We have not figured that out at Celanese. I just know from experience that's a fairly complicated calculation.

哇。我們採用先進先出 (FIFO) 原則，但我不知道。我們塞拉尼斯還沒有弄清楚這一點。我只是根據經驗知道這是一個相當複雜的計算。

Oh, absolutely.

哦，當然了。

So, no we haven't. And in fact, I think did the company switch -- we had switched from a LIFO to FIFO --

所以，我們沒有。事實上，我認為公司已經從後進先出製轉變為先進先出製了——

Right. Not too long ago.

正確的。不久前。

In '04, so no we're strictly FIFO.

在 '04 年，所以我們嚴格遵循先進先出原則。

Thank you.

謝謝。

And your next question is a follow-up from the line of Greg Goodnight of UBS.

您的下一個問題是瑞銀集團的 Greg Goodnight 提出的後續問題。

Your stock options, 11 million stock options. Have you disclosed a calculated value for FAS123 purposes?

你的股票選擇權，1100萬份股票選擇權。您是否已揭露 FAS123 目的的計算值？

The stock options for - I'm sure we will if we haven't but it's going to be 10 or $11 million of expense that's factored into our guidance of the 250 to 290 range in 2006.

股票選擇權——如果我們還沒有的話，我確信我們會的，但它將花費 1000 萬或 1100 萬美元，這已計入我們 2006 年 2.5 至 2.9 億美元的預期範圍。

Okay, great. Thank you.

好的，太好了。謝謝。

And your next question is from the line of [Mark Bankart] of KBC.

您的下一個問題來自 KBC 的 [Mark Ba​​nkart]。

Hi. It looks like from the cash flow forecast you guys have laid out, it looks like you're going to have quite a bit of free cash this year. I know back on the Analyst Day you guys talked about moving towards investment grade and using some of that cash to pay down debt. Is that still a priority here or are there other uses of cash which we should be thinking about here?

你好。從你們所製定的現金流預測來看，今年你們似乎將擁有相當多的自由現金。我知道在分析師日，你們談到了轉向投資等級並使用部分現金償還債務。這仍然是我們的首要任務嗎？或者我們是否應該考慮現金的其他用途？

That's our priority. I mean we've talked about it. We'll continue to invest in the business in which we gave you a range in the capital expenditures. We constantly look at for accretive acquisitions although admittedly the multiples seem high now of being a buyer but we are consistent. I think our number one priority is to deleverage and move towards investment grade and of course, maintain our dividend.

這是我們的首要任務。我的意思是我們已經討論過這個問題了。我們將繼續投資於我們為您提供資本支出範圍的業務。我們一直在尋找增值收購，儘管不可否認的是，現在作為買家的倍數看起來很高，但我們始終如一。我認為我們的首要任務是去槓桿，邁向投資等級，當然也要維持我們的股利。

Thanks.

謝謝。

At this time, there are no further questions. Ladies and gentlemen, this concludes your question and answer session for today. I would now like to turn the conference back to Mr. Mark Oberle for any closing remarks.

目前，沒有其他問題。女士們、先生們，今天的問答環節到此結束。現在，我想請馬克·奧伯爾先生致閉幕詞。

Thank you very much. Thanks everyone for participating. If anyone has any follow-up questions, please feel free to give myself or anyone on the IR team a call. Thanks.

非常感謝。感謝大家的參與。如果有人有任何後續問題，請隨時打電話給我本人或 IR 團隊的任何人。謝謝。

Ladies and gentlemen, thank you for your participation in today's conference. This concludes the presentation. You may now disconnect. Have a great day.

女士們、先生們，感謝各位參加今天的會議。演講到此結束。您現在可以斷開連線。祝你有美好的一天。