Exhibit 99.1

 

 

 

HUNTSMAN RELEASES FIRST QUARTER 2013 RESULTS;
REPORTS STRONG MDI POLYURETHANES EARNINGS

 

First Quarter 2013 Highlights

 

·                  Adjusted EBITDA was $220 million compared to $407 million in the prior year period (adjusted to exclude amortization of pension and postretirement actuarial losses of $19 million and $10 million, respectively).

 

·                  Adjusted diluted income per share was $0.19 compared to $0.77 in the prior year period (adjusted to exclude amortization of pension and postretirement actuarial losses of $0.05 and $0.04, respectively).

 

·                  Net loss attributable to Huntsman Corporation was $24 million compared to net income of $163 million in the prior year period.

 

·                  We estimate first quarter 2013 EBITDA was impacted by approximately $55 million as a result of our planned maintenance at our Port Neches, TX facility during the period.

 

		Three months ended
		March 31,						December 31,
In millions, except per share amounts, unaudited		2013			2012			2012
Revenues		$	2,702		$	2,913		$	2,619
Net (loss) income attributable to Huntsman Corporation		$	(24	)	$	163		$	(40	)
Adjusted net income(1)		$	46		$	186		$	68
Diluted (loss) income per share		$	(0.10	)	$	0.68		$	(0.17	)
Adjusted diluted income per share(1)		$	0.19		$	0.77		$	0.28
EBITDA(1)		$	112		$	390		$	104
Adjusted EBITDA(1)		$	220		$	407		$	245

 

See end of press release for footnote explanations

 

 

The Woodlands, TX — Huntsman Corporation (NYSE: HUN) today reported first quarter 2013 results with revenues of $2,702 million and adjusted EBITDA of $220 million.

 

Peter R. Huntsman, our President and CEO, commented:

 

“During the first quarter this year we saw a meaningful improvement in our MDI polyurethane margins.  We expect this trend to continue as industry fundamentals improve.

 

I am encouraged by general demand trends across our businesses in North America and Asia and am optimistic about future prospects of our business in the key markets we serve.  With the successful restart of our Port Neches facility and in excess of $165 million of annual cash improvements in the next several quarters, we continue to forecast that our non-TiO2 divisions will collectively do better this year than last.”

 

Segment Analysis for 1Q13 Compared to 1Q12

 

Polyurethanes

 

The decrease in revenues in our Polyurethanes division for the three months ended March 31, 2013 compared to the same period in 2012 was primarily due to lower sales volumes partially offset by higher average selling prices.  MDI sales volumes decreased in the European region partially offset by increased sales volumes in the Asia Pacific and Americas regions.  PO/MTBE sales volumes decreased primarily due to the timing of shipments.  MDI average selling prices increased in all regions primarily in response to higher raw material costs.  PO/MTBE average selling prices decreased primarily due to less favorable market conditions.  The decrease in adjusted EBITDA was primarily due to lower PO/MTBE earnings (first quarter 2012 benefited from industry supply outages) partially offset by higher MDI contribution margins.

 

Performance Products

 

The decrease in revenues in our Performance Products division for the three months ended March 31, 2013 compared to the same period in 2012 was due to lower sales volumes partially offset by higher average selling prices.  Sales volumes decreased by 18% as a result of scheduled maintenance on our olefins and ethylene oxide facilities in Port Neches, Texas in the first quarter of 2013.  Excluding the impact of this scheduled maintenance sales volumes would have increased by approximately 2%.  Average selling prices increased primarily due to sales mix effect.  The decrease in adjusted EBITDA was primarily due to the impact of our scheduled maintenance.  As a result of lower upstream margins and lower product sales we estimate the impact of this maintenance to be approximately $55 million on the first quarter of 2013.

 

Advanced Materials

 

The decrease in revenues in our Advanced Materials division for the three months ended March 31, 2013 compared to the same period in 2012 was primarily due to lower sales volumes.  Sales volumes decreased in the European and the Americas regions, primarily in our base resins and formulations businesses due to weaker demand and increased competition while sales volumes in the Asia Pacific region increased primarily due to strong demand in the adhesives and electrical engineering markets.  The decrease in adjusted EBITDA was primarily due to lower contribution margins and lower sales volumes partially offset by lower selling, general and administrative costs as a result of recent restructuring efforts.

 

Textile Effects

 

The increase in revenues in our Textile Effects division for the three months ended March 31, 2013 compared to the same period in 2012 was due to higher sales volumes, partially offset by lower average selling prices.  Sales volumes increased primarily due to increased market share in key markets.  Average selling prices decreased primarily due to sales mix effect and foreign currency translation.  The increase in adjusted EBITDA was primarily due to higher sales volumes and lower manufacturing and selling, general and administrative costs as a result of our restructuring efforts partially offset by lower contribution margins.

 

2

 

Pigments

 

The decrease in revenues in our Pigments division for the three months ended March 31, 2013 compared to the same period in 2012 was primarily due to lower average selling prices as sales volumes were essentially unchanged.  Average selling prices decreased in all regions of the world primarily in response to lower end use demand.  The decrease in adjusted EBITDA was primarily due to lower contribution margins and the impact of unabsorbed fixed costs at lower production rates.

 

Corporate, LIFO and Other

 

Adjusted EBITDA from Corporate, LIFO and Other decreased by $4 million to a loss of $45 million for the three months ended March 31, 2013 compared to a loss of $41 million for the same period in 2012.  The decrease in adjusted EBITDA was primarily the result of a $7 million increase in LIFO inventory valuation expense ($4 million of expense in 2013 compared to $3 million of income in 2012) partially offset by a decrease in unallocated foreign exchange losses of $5 million ($2 million gain in 2013 compared to $3 million loss in 2012).

 

Liquidity, Capital Resources and Outstanding Debt

 

As of March 31, 2013 we had $832 million of combined cash and unused borrowing capacity compared to $887 million at December 31, 2012.

 

On April 29, 2013, we amended our accounts receivable securitization programs to among other things extend the maturity to April 2016, reduce the borrowing rate and increase the availability under the programs.

 

On March 11, 2013 we entered into an amendment of our senior credit facilities that provided for an additional term loan of $225 million due April, 2017.  We used the proceeds to repay in full the remaining $193 million outstanding under our term loan B due April, 2014.

 

On March 4, 2013 we issued $250 million of additional 4.875% senior notes due 2020 and redeemed the remaining $200 million of 5.5% senior notes due 2016.  In connection with this redemption, we recognized a loss on early extinguishment of debt of approximately $34 million.  The 5.5% senior notes were favorably issued to us at less than market interest rates; accounting standards required us to record the notes on our balance sheet at less than face value and amortize the difference over time up to the full face value of $200 million.  As a result, when we refinanced the notes we recognized an increase of recorded debt on our balance sheet of approximately $31 million due to the difference between face value and recorded carry value.

 

Total capital expenditures for the quarter ended March 31, 2013 were $89 million.  We expect to spend approximately $450 million on capital expenditures in 2013 which approximates our annual depreciation and amortization.

 

Income Taxes

 

During the three months ended March 31, 2013 we recorded an income tax benefit of $20 million and paid $17 million in cash for income taxes.  Our adjusted effective income tax rate for the three months ended March 31, 2013 was approximately 27%.  During the first quarter of 2013 we released a valuation allowance on certain net deferred tax assets and recorded a net decrease in unrecognized tax benefits resulting from the settlement of tax audits and the expiration of statutes of limitations.  These items had the effect of lowering our adjusted effective tax rate in the first quarter of 2013.

 

We expect our full year 2013 adjusted effective tax rate to be approximately 35% primarily due to the effect of tax valuation allowances and expected regional mix of income.  We expect our long term effective income tax rate to be approximately 30 - 35%.

 

3

 

Amortization of Pension and Postretirement Actuarial Losses (Gains) Adjustment to Earnings

 

Beginning in 2013, we began to exclude the amortization of actuarial gains and losses associated with pension and postretirement benefits from adjusted EBITDA, adjusted net income (loss), adjusted net income (loss) attributable to Huntsman Corporation and adjusted diluted income (loss) per share. The amortization of actuarial gains and losses associated with pension and postretirement benefits arises from changes in actuarial assumptions and the difference between actual and expected returns on plan assets, and not from our normal, or “core,” operations. There is diversity in accounting for these actuarial gains and losses within our industry, and we believe that removing these gains and losses provides management and investors greater transparency into the operational results of our businesses and enhances period-over-period comparability.

 

The service cost, amortization of prior service cost (benefit), interest cost and expected return on plan assets components of our periodic pension and postretirement benefit costs (income) will continue to be included in adjusted EBITDA, adjusted net income (loss), adjusted net income (loss) attributable to Huntsman Corporation and adjusted diluted income (loss) per share.

 

The amounts for prior periods have been recast to conform to the current presentation.  A schedule of historical adjusted EBITDA along with a reconciliation of adjusted EBITDA to net income (loss) attributable to Huntsman Corporation can be found in tables 9 and 10 of this press release.  A reconciliation of adjusted earnings measures used in this press release can be found in table 4 of this press release.

 

Upcoming Conferences

 

A member of management will present at the following upcoming conferences:

 

·                  Barclays Chemical ROC Stars, May 7, 2013

·                  Wells Fargo Industrial and Construction Conference, May 8, 2013

·                  Goldman Sachs Basic Materials Conference, May 22, 2013

·                  Deutsche Bank Global Industrials and Basic Materials Conference, June 13, 2013

 

A webcast of the presentations, where applicable, along with accompanying materials will be available on the investor relations section of the company’s website, www.huntsman.com.

 

Earnings Conference Call Information

 

We will hold a conference call to discuss our first quarter 2013 financial results on Tuesday, April 30, 2013 at 9:00 a.m. ET.

 

Call-in numbers for the conference call:

U.S. participants                                                                                                       (888) 713 - 4199

International participants                                                      (617) 213 - 4861

Passcode                                                                                                                                              28343738

 

In order to facilitate the registration process, you may use the following link to pre-register for the conference call. Callers who pre-register will be given a unique PIN to gain immediate access to the call and bypass the live operator. You may pre-register at any time, including up to and after the call start time. To pre-register, please go to:

 

https://www.theconferencingservice.com/prereg/key.process?key=PT4XFXGYU

 

4

 

Webcast Information

 

The conference call will be available via webcast and can be accessed from the investor relations portion of the company’s website at huntsman.com.

 

Replay Information

 

The conference call will be available for replay beginning April 30, 2013 and ending May 7, 2013.

 

Call-in numbers for the replay:

U.S. participants                                                                                                       (888) 286 - 8010

International participants                                                      (617) 801 - 6888

Replay code                                                                                                                            38526421

 

Table 1 — Results of Operations

 

		Three months ended
		March 31,
In millions, except per share amounts, unaudited		2013			2012
Revenues		$	2,702		$	2,913
Cost of goods sold		2,353			2,363
Gross profit		349			550
Operating expenses		255			265
Restructuring, impairment and plant closing costs		44			—
Operating income		50			285
Interest expense, net		(51		)	(59		)
Equity in income of investment in unconsolidated affiliates		1			2
Loss on early extinguishment of debt		(35		)	(1		)
(Loss) income before income taxes		(35		)	227
Income tax benefit (expense)		20			(60		)
(Loss) income from continuing operations		(15		)	167
Loss from discontinued operations, net of tax(2)		(2		)	(4		)
Net (loss) income		(17		)	163
Net income attributable to noncontrolling interests, net of tax		(7		)	—
Net (loss) income attributable to Huntsman Corporation		$	(24	)	$	163
Adjusted EBITDA(1)		$	220		$	407
Adjusted net income(1)		$	46		$	186
Basic (loss) income per share		$	(0.10	)	$	0.69
Diluted (loss) income per share		$	(0.10	)	$	0.68
Adjusted diluted income per share(1)		$	0.19		$	0.77
Common share information:
Basic shares outstanding		239.0			236.5
Diluted shares		239.0			240.1
Diluted shares for adjusted diluted income per share		241.8			240.1

 

See end of press release for footnote explanations

 

5

 

Table 2 — Results of Operations by Segment

 

		Three months ended
		March 31,						Better /
In millions, unaudited		2013			2012			(Worse)
Segment Revenues:
Polyurethanes		$	1,182		$	1,213		(3	)%
Performance Products		722			814			(11	)%
Advanced Materials		336			340			(1	)%
Textile Effects		188			185			2	%
Pigments		330			424			(22	)%
Eliminations and other		(56		)	(63		)	11	%
Total		$	2,702		$	2,913		(7	)%
Segment Adjusted EBITDA(1):
Polyurethanes		$	178		$	181		(2	)%
Performance Products		54			92			(41	)%
Advanced Materials		27			33			(18	)%
Textile Effects		(3		)	(8		)	63	%
Pigments		9			150			(94	)%
Corporate, LIFO and other		(45		)	(41		)	(10	)%
Total		$	220		$	407		(46	)%

 

See end of press release for footnote explanations

 

Table 3 — Factors Impacting Sales Revenues

 

		Three months ended
		March 31, 2013 vs. 2012
		Average Selling Price(a)
		Local		Exchange		Sales Mix		Sales
Unaudited		Currency		Rate		& Other		Volume(a)		Total
Polyurethanes		3	%	—		2	%	(8	)%	(3	)%
Performance Products		1	%	—		6	%	(18	)%	(11	)%
Advanced Materials		—		(1	)%	4	%	(4	)%	(1	)%
Textile Effects		(1	)%	(1	)%	(3	)%	7	%	2	%
Pigments		(22	)%	—		—		—		(22	)%
Total Company		—		—		2	%	(9	)%	(7	)%

 

(a) Excludes revenues and sales volumes from tolling arrangements, by-products and raw materials.

 

6

 

Table 4 — Reconciliation of U.S. GAAP to Non-GAAP Measures

 

								Income Tax						Net Income (Loss)						Diluted Income (Loss)
		EBITDA						(Expense) Benefit						Attrib. to HUN Corp.						Per Share
		Three months ended						Three months ended						Three months ended						Three months ended
		March 31,						March 31,						March 31,						March 31,
In millions, except per share amounts, unaudited		2013			2012			2013			2012			2013			2012			2013			2012
GAAP(1)		$	112		$	390		$	20		$	(60	)	$	(24	)	$	163		$	(0.10	)	$	0.68
Adjustments:
Acquisition expenses		3			—			(1		)	—			2			—			0.01			—
Loss from discontinued operations, net of tax(2)		3			1			N/A			N/A			2			4			0.01			0.02
Discount amortization on settlement financing associated with the terminated merger		N/A			N/A			(1		)	(2		)	2			5			0.01			0.02
Loss on early extinguishment of debt		35			1			(13		)	—			22			1			0.09			—
Certain legal settlements and related expenses		2			1			(1		)	—			1			1			—			—
Amortization of pension and postretirement actuarial losses		19			10			(7		)	(1		)	12			9			0.05			0.04
Restructuring, impairment and plant closing and transition costs		46			4			(17		)	(1		)	29			3			0.12			0.01
Adjusted(1)		$	220		$	407		$	(20	)	$	(64	)	$	46		$	186		$	0.19		$	0.77
Adjusted income tax expense														20			64
Net income attributable to noncontrolling interests, net of tax														7			—
Adjusted pre-tax income(1)														$	73		$	250
Adjusted effective tax rate														27		%	26		%

 

					Income Tax			Net Income (Loss)			Diluted Income (Loss)
		EBITDA			(Expense) Benefit			Attrib. to HUN Corp.			Per Share
		Three months ended			Three months ended			Three months ended			Three months ended
		December 31,			December 31,			December 31,			December 31,
In millions, except per share amounts, unaudited		2012			2012			2012			2012
GAAP(1)		$	104		$	17		$	(40	)	$	(0.17	)
Adjustments:
Acquisition expenses		3			(1		)	2			0.01
Loss from discontinued operations, net of tax(2)		1			N/A			—			—
Discount amortization on settlement financing associated with the terminated merger		N/A			(3		)	5			0.02
Gain on disposition of businesses/assets		(3		)	—			(3		)	(0.01		)
Loss on early extinguishment of debt		78			(28		)	50			0.21
Extraordinary gain on the acquisition of a business, net of tax(3)		(1		)	N/A			(1		)	—
Certain legal settlements and related expenses		6			(2		)	4			0.02
Amortization of pension and postretirement actuarial losses		12			(2		)	10			0.04
Restructuring, impairment and plant closing and transition costs		45			(4		)	41			0.17
Adjusted(1)		$	245		$	(23	)	$	68		$	0.28
Adjusted income tax expense								23
Net income attributable to noncontrolling interests, net of tax								2
Adjusted pre-tax income(1)								$	93
Adjusted effective tax rate								25		%

 

See end of press release for footnote explanations

 

7

 

Table 5 — Reconciliation of Net Income (Loss) to EBITDA

 

		Three months ended
		March 31,						December 31,
In millions, unaudited		2013			2012			2012
Net (loss) income attributable to Huntsman Corporation		$	(24	)	$	163		$	(40	)
Interest expense, net		51			59			54
Income tax (benefit) expense from continuing operations		(20		)	60			(17		)
Income tax benefit from discontinued operations(2)		(2		)	(1		)	(1		)
Depreciation and amortization of continuing operations		106			105			108
Depreciation and amortization of discontinued operations(2)		1			4			—
EBITDA(1)		$	112		$	390		$	104

 

See end of press release for footnote explanations

 

Table 6 — Selected Balance Sheet Items

 

		March 31,			December 31,
In millions		2013			2012
		(unaudited)
Cash		$	256		$	396
Accounts and notes receivable, net		1,594			1,534
Inventories		1,797			1,819
Other current assets		356			370
Property, plant and equipment, net		3,643			3,745
Other assets		1,073			1,020
Total assets		$	8,719		$	8,884
Accounts payable		$	1,101		$	1,102
Other current liabilities		724			791
Current portion of debt		298			288
Long-term debt		3,489			3,414
Other liabilities		1,282			1,393
Total equity		1,825			1,896
Total liabilities and equity		$	8,719		$	8,884

 

8

 

Table 7 — Outstanding Debt

 

		March 31,			December 31,
In millions		2013			2012
		(unaudited)
Debt:
Senior credit facilities		$	1,598		$	1,565
Accounts receivable programs		236			241
Senior notes		646			568
Senior subordinated notes		892			892
Variable interest entities		262			270
Other debt		153			166
Total debt - excluding affiliates		3,787			3,702
Total cash		256			396
Net debt- excluding affiliates		$	3,531		$	3,306

 

Table 8 — Summarized Statement of Cash Flows

 

		Three months ended
		March 31,
In millions, unaudited		2013			2012
Total cash at beginning of period		$	396		$	562
Net cash (used in) provided by operating activities		(74		)	190
Net cash used in investing activities		(85		)	(109		)
Net cash provided by (used in) financing activities		21			(176		)
Effect of exchange rate changes on cash		(2		)	4
Change in restricted cash		—			7
Total cash at end of period		$	256		$	478
Supplemental cash flow information:
Cash paid for interest		$	(59	)	$	(82	)
Cash paid for income taxes		(17		)	(13		)
Cash paid for capital expenditures		(89		)	(81		)
Depreciation & amortization		107			109
Changes in primary working capital:
Accounts and notes receivable		(85		)	(239		)
Inventories		(9		)	(65		)
Accounts payable		10			186
Total use of cash		$	(84	)	$	(118	)

 

9

 

Table 9 — Adjusted EBITDA Reconciliation

 

$ in millions		1Q09			2Q09			3Q09			4Q09			1Q10			2Q10			3Q10			4Q10			1Q11			2Q11			3Q11			4Q11			1Q12			2Q12			3Q12			4Q12			1Q13
Net (loss) income attributable to Huntsman Corporation		$	(290	)	$	406		$	(68	)	$	66		$	(172	)	$	114		$	55		$	30		$	62		$	114		$	(34	)	$	105		$	163		$	124		$	116		$	(40	)	$	(24	)
Interest expense, net		55			58			65			60			61			43			64			61			59			65			63			62			59			57			56			54			51
Income tax expense (benefit)		138			311			68			(73		)	(34		)	39			41			(17		)	22			34			55			(2		)	60			65			61			(17		)	(20		)
Depreciation and amortization		126			99			112			103			98			97			99			110			103			111			113			112			105			107			107			108			106
Income taxes, depreciation and amortization in discontinued operations		1			—			(70		)	(9		)	(8		)	38			(2		)	(17		)	(7		)	(1		)	7			(4		)	3			(1		)	1			(1		)	(1		)
EBITDA		30			874			107			147			(55		)	331			257			167			239			323			204			273			390			352			341			104			112
Loss on accounts receivable securitization programs		4			6			3			10			—			—			—			—			—			—			—			—			—			—			—			—			—
Acquisition expenses		1			—			8			(9		)	—			1			1			1			1			3			1			—			—			1			1			3			3
(Gain) loss on initial consolidation of subsidiaries		—			—			—			—			—			—			—			—			—			(12		)	—			—			—			—			4			—			—
EBITDA from discontinued operations		3			2			64			28			21			(100		)	3			23			21			2			(17		)	—			1			3			—			1			3
Gain on disposition of businesses/assets		—			—			(1		)	—			—			—			—			—			—			(3		)	(3		)	(34		)	—			—			—			(3		)	—
Loss on early extinguishment of debt		—			—			21			—			155			7			7			14			3			—			2			2			1			—			1			78			35
Extraordinary (gain) loss on the acquisition of a business		—			—			—			(6		)	—			—			—			1			(1		)	(1		)	—			(2		)	—			—			(1		)	(1		)	—
Certain legal settlements and related expense		—			—			—			—			—			—			—			8			34			—			4			8			1			—			4			6			2
Expenses (income) associated with the terminated merger and related litigation		7			(844		)	2			—			—			1			3			—			—			—			—			—			—			—			—			—			—
Amortization of pension and postretirement actuarial losses		9			8			7			8			6			5			6			8			7			7			9			8			10			11			10			12			19
Restructuring, impairment and plant closing and transition costs (credits)		14			62			7			5			3			17			4			5			7			9			155			(4		)	4			9			51			45			46
Adjusted EBITDA		68			108			218			183			130			262			281			227			311			328			355			251			407			376			411			245			220
$ in millions		2005			2006			2007			2008			2009			2010			2011			2012			1Q13 LTM
Net (loss) income attributable to Huntsman Corporation		$	(35	)	$	230		$	(172	)	$	609		$	114		$	27		$	247		$	363		$	176
Interest expense, net		425			349			285			262			238			229			249			226			218
Income tax (benefit) expense		(70		)	(50		)	(13		)	190			444			29			109			169			89
Depreciation and amortization		372			361			379			396			440			404			439			427			428
Income taxes, depreciation and amortization in discontinued operations		221			141			(104		)	72			(78		)	11			(5		)	2			(2		)
EBITDA		913			1,031			375			1,529			1,158			700			1,039			1,187			909
Loss on accounts receivable securitization programs		9			13			21			27			23			—			—			—			—
Acquisition expenses		—			—			—			—			—			3			5			5			8
Cumulative effect of change in accounting principle		31			—			—			—			—			—			—			—			—
(Gain) loss on initial consolidation of subsidiaries		—			—			—			—			—			—			(12		)	4			4
EBITDA from discontinued operations		(274		)	4			339			(156		)	97			(53		)	6			5			7
Gain on disposition of businesses/assets		—			(92		)	(69		)	(1		)	(1		)	—			(40		)	(3		)	(3		)
Loss on early extinguishment of debt		323			27			2			1			21			183			7			80			114
Extraordinary (gain) loss on the acquisition of a business		—			(56		)	7			(14		)	(6		)	1			(4		)	(2		)	(2		)
Certain legal settlements and related expense		—			(9		)	6			—			—			8			46			11			12
Expenses (income) associated with the terminated merger and related litigation		—			—			210			(780		)	(835		)	4			—			—			—
Amortization of pension and postretirement actuarial losses		30			17			16			8			32			25			31			43			52
Restructuring, impairment and plant closing and transition costs		58			8			29			31			88			29			167			109			151
Adjusted EBITDA		1,090			942			936			645			577			900			1,245			1,439			1,252
Acquisition - Textile Effects		88			45			—			—			—			—			—			—			—
Sale of C4 business		(36		)	(9		)	—			—			—			—			—			—			—
Proforma Adjusted EBITDA		$	1,142		$	978		$	936		$	645		$	577		$	900		$	1,245		$	1,439		$	1,252

 

Table 10 — Adjusted EBITDA by Segment

 

$ in millions		1Q09			2Q09			3Q09			4Q09			1Q10			2Q10			3Q10			4Q10			1Q11			2Q11			3Q11			4Q11			1Q12			2Q12			3Q12			4Q12			1Q13
Segment Adjusted EBITDA(1):
Polyurethanes		$	36		$	90		$	140		$	137		$	56		$	73		$	103		$	101		$	118		$	146		$	144		$	82		$	181		$	174		$	243		$	190		$	178
Performance Products		64			33			85			68			61			116			103			91			117			103			98			63			92			87			109			81			54
Advanced Materials		11			15			27			22			32			51			43			18			39			32			26			17			33			26			31			8			27
Textile Effects		(10		)	(10		)	(20		)	(12		)	(1		)	9			7			1			(7		)	(7		)	(28		)	(22		)	(8		)	(4		)	(9		)	1			(3		)
Pigments		(14		)	7			17			26			31			51			68			72			89			117			164			147			150			136			75			14			9
Corporate, LIFO and other		(19		)	(27		)	(31		)	(58		)	(49		)	(38		)	(43		)	(56		)	(45		)	(63		)	(49		)	(36		)	(41		)	(43		)	(38		)	(49		)	(45		)
Adjusted EBITDA		$	68		$	108		$	218		$	183		$	130		$	262		$	281		$	227		$	311		$	328		$	355		$	251		$	407		$	376		$	411		$	245		$	220
		Proforma(2)			Proforma(2)
$ in millions		2005			2006			2007			2008			2009			2010			2011			2012			1Q13 LTM
Segment Adjusted EBITDA(1):
Polyurethanes		$	743		$	580		$	609		$	385		$	403		$	333		$	490		$	788		$	785
Performance Products		196			215			217			278			250			371			381			369			331
Advanced Materials		154			146			160			150			75			144			114			98			92
Textile Effects		88			56			65			(6		)	(52		)	16			(64		)	(20		)	(15		)
Pigments		155			125			64			21			36			222			517			375			234
Corporate, LIFO and other		(194		)	(144		)	(179		)	(183		)	(135		)	(186		)	(193		)	(171		)	(175		)
Adjusted EBITDA		$	1,142		$	978		$	936		$	645		$	577		$	900		$	1,245		$	1,439		$	1,252

 

(1) For a reconcilation see table 9.

(2) Proforma as if Huntsman had acquired its interest in Textile Effects as of January 1, 2005; excludes C4 business sold in 2006.

 

10