$HUN
Huntsman CORP

2014 Q4 Form 10-Q Financial Statement

#000104746914008555 Filed on October 27, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q4
Revenue $2.951B $2.884B $2.705B
YoY Change 9.09% 1.48% 3.28%
Cost Of Revenue $2.502B $2.369B $2.259B
YoY Change 10.76% 1.46% 2.73%
Gross Profit $449.0M $515.0M $446.0M
YoY Change 0.67% 1.58% 6.19%
Gross Profit Margin 15.22% 17.86% 16.49%
Selling, General & Admin $274.0M $227.0M $245.0M
YoY Change 11.84% -4.62% -11.87%
% of Gross Profit 61.02% 44.08% 54.93%
Research & Development $45.00M $40.00M $35.00M
YoY Change 28.57% 14.29% -12.5%
% of Gross Profit 10.02% 7.77% 7.85%
Depreciation & Amortization $110.0M $96.00M $122.0M
YoY Change -9.84% -12.73% 12.96%
% of Gross Profit 24.5% 18.64% 27.35%
Operating Expenses $317.0M $313.0M $284.0M
YoY Change 11.62% 1.29% -6.89%
Operating Profit $132.0M $202.0M $162.0M
YoY Change -18.52% 2.02% 40.87%
Interest Expense -$57.00M -$47.00M -$42.00M
YoY Change 35.71% 4.44% -19.23%
% of Operating Profit -43.18% -23.27% -25.93%
Other Income/Expense, Net -$2.000M -$1.000M $0.00
YoY Change -100.0%
Pretax Income -$22.00M $154.0M $63.00M
YoY Change -134.92% 0.65% -212.5%
Income Tax $12.00M -$40.00M $20.00M
% Of Pretax Income -25.97% 31.75%
Net Earnings -$38.00M $188.0M $41.00M
YoY Change -192.68% 193.75% -202.5%
Net Earnings / Revenue -1.29% 6.52% 1.52%
Basic Earnings Per Share $0.77 $0.17
Diluted Earnings Per Share -$156.4K $0.76 $0.17
COMMON SHARES
Basic Shares Outstanding 244.2M shares 242.6M shares 241.4M shares
Diluted Shares Outstanding 246.7M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $860.0M $582.0M $520.0M
YoY Change 65.38% 46.6% 34.37%
Cash & Equivalents $860.0M $582.0M $520.0M
Short-Term Investments
Other Short-Term Assets $313.0M $295.0M $200.0M
YoY Change 56.5% 43.9% -9.91%
Inventory $2.025B $1.788B $1.741B
Prepaid Expenses $91.00M $61.00M
Receivables $1.665B $1.639B $1.542B
Other Receivables $42.00M $37.00M $33.00M
Total Short-Term Assets $5.039B $4.494B $4.159B
YoY Change 21.16% 8.92% 0.97%
LONG-TERM ASSETS
Property, Plant & Equipment $4.423B $3.703B $3.824B
YoY Change 15.66% -1.12% 2.11%
Goodwill $126.0M $131.0M
YoY Change -3.82% 11.97%
Intangibles $95.00M $71.00M $87.00M
YoY Change 9.2% 29.09% 27.94%
Long-Term Investments $350.0M $292.0M $277.0M
YoY Change 26.35% 6.57% 20.43%
Other Assets $538.0M $506.0M $459.0M
YoY Change 17.21% 12.2% 25.41%
Total Long-Term Assets $5.884B $4.915B $5.029B
YoY Change 17.0% 0.41% 5.54%
TOTAL ASSETS
Total Short-Term Assets $5.039B $4.494B $4.159B
Total Long-Term Assets $5.884B $4.915B $5.029B
Total Assets $10.92B $9.409B $9.188B
YoY Change 18.88% 4.3% 3.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.218B $1.133B $1.067B
YoY Change 14.15% 9.57% -3.18%
Accrued Expenses $739.0M $629.0M $726.0M
YoY Change 1.79% -8.71% 2.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $267.0M $274.0M $277.0M
YoY Change -3.61% -7.12% -3.82%
Total Short-Term Liabilities $2.332B $2.122B $2.159B
YoY Change 8.01% 1.19% -1.01%
LONG-TERM LIABILITIES
Long-Term Debt $4.933B $3.752B $3.633B
YoY Change 35.78% 4.98% 6.41%
Other Long-Term Liabilities $1.447B $838.0M $948.0M
YoY Change 52.64% -24.84% -18.35%
Total Long-Term Liabilities $6.380B $4.590B $4.581B
YoY Change 39.27% -2.11% 0.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.332B $2.122B $2.159B
Total Long-Term Liabilities $6.380B $4.590B $4.581B
Total Liabilities $9.168B $7.013B $7.059B
YoY Change 29.88% -0.64% 1.02%
SHAREHOLDERS EQUITY
Retained Earnings -$425.0M -$687.0M
YoY Change -39.11% 0.0%
Common Stock $3.000M $2.000M
YoY Change 50.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $50.00M $50.00M
YoY Change 0.0% 0.0%
Treasury Stock Shares 4.044M shares 4.044M shares
Shareholders Equity $1.755B $2.234B $1.980B
YoY Change
Total Liabilities & Shareholders Equity $10.92B $9.409B $9.188B
YoY Change 18.88% 4.3% 3.42%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q4
OPERATING ACTIVITIES
Net Income -$38.00M $188.0M $41.00M
YoY Change -192.68% 193.75% -202.5%
Depreciation, Depletion And Amortization $110.0M $96.00M $122.0M
YoY Change -9.84% -12.73% 12.96%
Cash From Operating Activities $417.0M $360.0M $320.0M
YoY Change 30.31% -7.69% 46.79%
INVESTING ACTIVITIES
Capital Expenditures -$250.0M -$137.0M -$175.0M
YoY Change 42.86% 19.13% 6.71%
Acquisitions
YoY Change
Other Investing Activities -$1.019B $2.000M -$3.000M
YoY Change 33866.67% -102.2% -62.5%
Cash From Investing Activities -$1.269B -$135.0M -$178.0M
YoY Change 612.92% -34.47% 3.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.135B -41.00M -18.00M
YoY Change -6405.56% -205.13% -81.05%
NET CHANGE
Cash From Operating Activities 417.0M 360.0M 320.0M
Cash From Investing Activities -1.269B -135.0M -178.0M
Cash From Financing Activities 1.135B -41.00M -18.00M
Net Change In Cash 283.0M 184.0M 124.0M
YoY Change 128.23% -17.49% -353.06%
FREE CASH FLOW
Cash From Operating Activities $417.0M $360.0M $320.0M
Capital Expenditures -$250.0M -$137.0M -$175.0M
Free Cash Flow $667.0M $497.0M $495.0M
YoY Change 34.75% -1.58% 29.58%

Facts In Submission

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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="FONT-FAMILY: times;"><font size="2"><b>1. GENERAL</b></font></p> <p style="FONT-FAMILY: times;"><font size="2"><b>CERTAIN DEFINITIONS</b></font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;For convenience in this report, the terms "Company," "our," "us" or "we" may be used to refer to Huntsman Corporation and, unless the context otherwise requires, its subsidiaries and predecessors. In this report, "Huntsman International" refers to Huntsman International&#160;LLC (our 100% owned subsidiary) and, unless the context otherwise requires, its subsidiaries.</font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In this report, we may use, without definition, the common names of competitors or other industry participants. We may also use the common names or abbreviations for certain chemicals or products.</font></p> <p style="FONT-FAMILY: times;"><font size="2"><b>INTERIM FINANCIAL STATEMENTS</b></font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Our interim condensed consolidated financial statements (unaudited) and Huntsman International's interim condensed consolidated financial statements (unaudited) were prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP" or "U.S.&#160;GAAP") and in management's opinion reflect all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of results of operations, comprehensive income, financial position and cash flows for the periods presented. Results for interim periods are not necessarily indicative of those to be expected for the full year. These condensed consolidated financial statements (unaudited) should be read in conjunction with the audited consolidated financial statements and notes to consolidated financial statements included in the Annual Report on Form&#160;10-K for the year ended December&#160;31, 2013 for our Company and Huntsman International.</font></p> <p style="FONT-FAMILY: times;"><font size="2"><b>DESCRIPTION OF BUSINESS</b></font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;We are a global manufacturer of differentiated organic chemical products and of inorganic chemical products. Our products comprise a broad range of chemicals and formulations, which we market globally to a diversified group of consumer and industrial customers. Our products are used in a wide range of applications, including those in the adhesives, aerospace, automotive, construction products, personal care and hygiene, durable and non-durable consumer products, electronics, medical, packaging, paints and coatings, power generation, refining, synthetic fiber, textile chemicals and dye industries. We are a leading global producer in many of our key product lines, including MDI, amines, surfactants, maleic anhydride, epoxy-based polymer formulations, textile chemicals, dyes and titanium dioxide.</font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;We operate in five segments: Polyurethanes, Performance Products, Advanced Materials, Textile Effects and Pigments. Our Polyurethanes, Performance Products, Advanced Materials and Textile Effects segments produce differentiated organic chemical products and our Pigments segment produces primarily inorganic chemical products. In a series of transactions beginning in 2006, we sold or shutdown substantially all of our Australian styrenics operations and our North American polymers and base chemicals operations. We report the results of these businesses as discontinued operations.</font></p> <p style="FONT-FAMILY: times;"><font size="2"><b>COMPANY</b></font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Our Company, a Delaware corporation, was formed in 2004 to hold the Huntsman businesses. Jon&#160;M. Huntsman founded the predecessor to our Company in 1970 as a small packaging company. Since then, we have grown through a series of acquisitions and now own a global portfolio of businesses.</font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Currently, we operate all of our businesses through Huntsman International, our 100% owned subsidiary. Huntsman International is a Delaware limited liability company and was formed in 1999.</font></p> <p style="FONT-FAMILY: times;"><font size="2"><b>HUNTSMAN CORPORATION AND HUNTSMAN INTERNATIONAL FINANCIAL STATEMENTS</b></font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Except where otherwise indicated, these notes relate to the condensed consolidated financial statements (unaudited) for both our Company and Huntsman International. The differences between our financial statements and Huntsman International's financial statements relate primarily to the following:</font></p> <ul> <li style="list-style: none;"> <dl compact="compact"> <dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">&#8226;</font></dt> <dd style="FONT-FAMILY: times;"><font size="2">purchase accounting recorded at our Company for the 2003 step-acquisition of Huntsman International Holdings&#160;LLC, the former parent company of Huntsman International that was merged into Huntsman International in 2005;</font> <font size="2"><br /> <br /></font></dd> <dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">&#8226;</font></dt> <dd style="FONT-FAMILY: times;"><font size="2">the different capital structures; and</font> <font size="2"><br /> <br /></font></dd> <dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">&#8226;</font></dt> <dd style="FONT-FAMILY: times;"><font size="2">a note payable from Huntsman International to us.</font></dd></dl></li></ul> <p style="FONT-FAMILY: times;"><font size="2"><b>PRINCIPLES OF CONSOLIDATION</b></font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Our condensed consolidated financial statements (unaudited) include the accounts of our wholly-owned and majority-owned subsidiaries and any variable interest entities for which we are the primary beneficiary. Intercompany accounts and transactions have been eliminated.</font></p> <p style="FONT-FAMILY: times;"><font size="2"><b>USE OF ESTIMATES</b></font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></p> <p style="FONT-FAMILY: times;"><font size="2"><b>RECENT DEVELOPMENTS</b></font></p> <p style="FONT-FAMILY: times;"><font size="2"><b>Rockwood Acquisition</b></font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On October&#160;1, 2014, we completed the acquisition of the Performance Additives and Titanium Dioxide businesses of Rockwood Holdings,&#160;Inc. ("Rockwood"), which manufacture and market specialty titanium dioxide and performance additives products (the "Rockwood Acquisition"). We paid $1.04&#160;billion in cash, subject to certain purchase price adjustments, and assumed certain unfunded pension liabilities in connection with the Rockwood Acquisition. The acquisition was financed using a bank term loan.</font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The following businesses were acquired from Rockwood:</font></p> <ul> <li style="list-style: none;"> <dl compact="compact"> <dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">&#8226;</font></dt> <dd style="FONT-FAMILY: times;"><font size="2">titanium dioxide, a white pigment derived from titanium bearing ores with strong specialty business in fibers, inks, pharmaceuticals, food and cosmetics;</font> <font size="2"><br /> <br /></font></dd> <dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">&#8226;</font></dt> <dd style="FONT-FAMILY: times;"><font size="2">functional additives made from barium and zinc based inorganics used to make colors more brilliant, primarily in plastics, coatings, films, food, cosmetics, pharmaceuticals and paper;</font> <font size="2"><br /> <br /></font></dd> <dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">&#8226;</font></dt> <dd style="FONT-FAMILY: times;"><font size="2">color pigments made from synthetic iron-oxide and other non-TiO2 inorganic pigments used by manufacturers of coatings and colorants;</font> <font size="2"><br /> <br /></font></dd> <dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">&#8226;</font></dt> <dd style="FONT-FAMILY: times;"><font size="2">timber treatment wood protection chemicals used primarily in residential and commercial applications;</font> <font size="2"><br /> <br /></font></dd> <dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">&#8226;</font></dt> <dd style="FONT-FAMILY: times;"><font size="2">water treatment products used to improve water purity in industrial, commercial and municipal applications; and</font> <font size="2"><br /> <br /></font></dd> <dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">&#8226;</font></dt> <dd style="FONT-FAMILY: times;"><font size="2">specialty automotive molded components.</font></dd></dl></li></ul> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The unaudited condensed combined balance sheet of the acquired businesses as of June&#160;30, 2014 and the unaudited condensed combined statements of operations, comprehensive income (loss), cash flows, and changes in parent company equity of the acquired businesses for the six months ended June&#160;30, 2014 and June&#160;30, 2013 can be found in our current report on Form&#160;8-K filed on October&#160;7, 2014.</font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In connection with securing certain regulatory approvals required to complete the Rockwood Acquisition, we entered into a definitive agreement to sell our Ti02 product line used in printing inks to Henan Billions Chemicals&#160;Co.,&#160;Ltd. The sale does not include any manufacturing assets. The sale is expected to close in the fourth quarter of 2014.</font></p> <p style="FONT-FAMILY: times;"><font size="2"><b>Port Neches Manufacturing Disruption</b></font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;During the third quarter of 2014, we experienced an unplanned manufacturing disruption on a production unit at our facility in Port Neches, Texas for approximately three weeks. There were no injuries resulting from the equipment failure. The Port Neches facility manufactures methyl tertiary butyl ether (MTBE), propylene oxide (PO) and propylene glycols (PG). The manufacturing disruption also impacted internal PO supply to downstream derivatives.</font></p> </div>
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