Huntsman Releases First Quarter 2013 Results; Reports Strong MDI Polyurethanes Earnings

THE WOODLANDS, Texas, April 30, 2013 /PRNewswire/ --

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














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.

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%.

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

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











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.























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






































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
















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)









































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



































Segment Adjusted EBITDA(1):


 1Q09 


 2Q09 


 3Q09 


 4Q09 


 1Q10 


 2Q10 


 3Q10 


 4Q10 


 1Q11 


 2Q11 


 3Q11 


 4Q11 


 1Q12 


 2Q12 


 3Q12 


 4Q12 


 1Q13 




































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










































































































$ in millions


Proforma(2)


Proforma(2)































Segment Adjusted EBITDA(1):


2005


2006


2007


2008


2009


2010


2011


2012


 1Q13 LTM