UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 5, 2015

Trinseo S.A.
(Exact name of registrant as specified in its charter)

 
					
Luxembourg	 	001-36473	 	N/A	
(State or other jurisdiction
of incorporation or organization)	 	(Commission
File Number)	 	(I.R.S. Employer
Identification Number)	
1000 Chesterbrook Boulevard, Suite 300,
Berwyn, Pennsylvania 19312
(Address of principal executive offices, including zip code)
(610) 240-3200
(Telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 

ITEM 2.02	Results of Operations and Financial Condition	
On May 5, 2015, Trinseo S.A., a public limited liability company ( société anonyme ) existing under the laws of Luxembourg (the “ Company ”), issued a press release announcing its financial results for the first quarter ended March 31, 2015. A copy of the press release is furnished as Exhibit 99.1 hereto. The Company intends to hold an investor call and webcast to discuss these results on Wednesday, May 6, 2015 at 10 AM Eastern Time. A copy of the presentation materials, which will be discussed on the call, is furnished hereto as Exhibit 99.2.
The information contained herein and in the accompanying exhibits shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
 
ITEM 9.01.	Financial Statements and Exhibits	
(d) Exhibits

Exhibit
Number	  	Description	
		
99.1	  	Press Release, dated May 5, 2015	
		
99.2	  	Investor Presentation	

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

TRINSEO S.A.	
		
By:		/s/ John A. Feenan	
Name:		John A. Feenan	
Title:		Executive Vice President and Chief Financial Officer	
Date: May 5, 2015

EXHIBIT INDEX

Exhibit
Number	  	Description	
		
99.1	  	Press Release, dated May 5, 2015	
		
99.2	  	Investor Presentation	

Exhibit 99.1

 
					
Press contact:	 	Press contact, Europe/Asia:	  	Investor Contact:	
Trinseo	 	Porter Novelli	  	Trinseo	
Donna St. Germain	 	Sylva De Craecker	  	David Stasse	
Tel : +1 610-240-3307	 	Tel : + 32 478 27 93 62	  	Tel : +1 610-240-3207	
Email: stgermain@trinseo.com	 	sylva.de.craecker@porternovelli.be	  	Email: dstasse@trinseo.com	
Trinseo Reports Record First Quarter 2015 Financial Results
First Quarter 2015 Summary
 
 	•	 	Adjusted EBITDA of $109 million ($151 million excluding inventory revaluation)	
 
 	•	 	Record Adjusted EBITDA excluding inventory revaluation at consolidated level and in our Basic Plastics & Feedstocks division	
 
 	•	 	Volume of 1,411 million pounds, up 5% versus prior year, including record-high volume levels for Synthetic Rubber and SSBR	

 	  	Three Months Ended	 	
$millions, except per share data	  	March 31,	 	  	December 31,	 	
 	  	2015	 	  	2014	 	  	2014	 	
Revenue	  	 	1,018	  	  	 	1,359	  	  	 	1,122	  	
				
EBITDA	  	 	107	  	  	 	86	  	  	 	23	  	
Adjusted EBITDA	  	 	109	  	  	 	88	  	  	 	32	  	
Adjusted EBITDA, excluding inventory revaluation	  	 	151	  	  	 	83	  	  	 	104	  	
Net Income (loss)	  	 	38	  	  	 	17	  	  	 	(30	) 	
Adjusted Net Income (loss)	  	 	39	  	  	 	20	  	  	 	(23	) 	
				
EPS (Basic & Diluted) ($)	  	 	0.77	  	  	 	0.46	  	  	 	(0.61	) 	
Adjusted EPS ($)	  	 	0.80	  	  	 	0.53	  	  	 	(0.48	) 	
BERWYN, Pa – May 5, 2015 – Trinseo (NYSE: TSE), a global materials company and manufacturer of plastics, latex and synthetic rubber, today reported its first quarter 2015 financial results with revenue of $1,018 million and Adjusted EBITDA excluding inventory revaluation of $151 million.
Effective January 1, 2015, we reorganized our business under two new divisions called Performance Materials and Basic Plastics & Feedstocks. The Performance Materials division now includes the following reporting segments: Synthetic Rubber, Latex, and Performance Plastics. The Basic Plastics & Feedstocks division represents a separate segment for financial reporting purposes and includes styrenic polymers, polycarbonate, and styrene monomer. In addition, the Basic Plastics & Feedstocks division includes the results of our two 50%-owned joint ventures, Americas Styrenics LLC, or Americas Styrenics, and Sumika Styron Polycarbonate Limited.
We believe that this new organizational structure better reflects the nature of our Company by grouping together segments with similar strategies, business drivers and operating characteristics. Our two new divisions are of similar size in terms of sales, but have different margin profiles, different strategic focus, different value drivers and different operating requirements. By organizing the Company in this way, we believe that we can manage and operate more effectively in order to accelerate the growth of our Performance Materials division and improve the profitability of our Basic Plastics & Feedstocks division. We also believe that this new organizational structure allows our investors to better understand the drivers of our business.

Commenting on the Company’s performance, Chris Pappas, Trinseo President and Chief Executive Officer, said, “We had a great start to 2015 with a very strong first quarter. We had record Adjusted EBITDA excluding inventory revaluation at the consolidated level, and in our Basic Plastics & Feedstocks division. In addition, we had record Adjusted EBITDA in the Performance Plastics segment. We are now seeing the strength of our consistent EBITDA in the Performance Materials division coupled with the cyclical lift in the Basic Plastics & Feedstocks division.”
Pappas continued, “We recently refinanced our debt, creating a new capital structure that is consistent with our public company peers and which provides us with increased liquidity, a natural hedge against our euro-denominated EBITDA, and a much lower cost of borrowing, which will positively contribute to our earnings and free cash flow. At current interest rates, the transaction will reduce our cash interest by approximately $37 million per year, which equals approximately sixty-five cents of earnings per diluted share.”
Revenue in the first quarter decreased 25% versus prior year and 9% versus prior quarter due to the pass through of lower raw material cost, with the significant decline in the overall energy complex, and currency, as the euro weakened in comparison to the U.S. dollar. These impacts were partially offset by an increase in sales volume across all of our segments, which was aided by customer restocking in the current quarter after a period of destocking in the latter part of 2014.
First quarter Adjusted EBITDA of $109 million included a $42 million unfavorable impact from inventory revaluation. Adjusted EBITDA excluding inventory revaluation of $151 million was $68 million higher than prior year and $47 million higher than prior quarter. These increases were due mainly to higher margins in polycarbonate, from our restructuring efforts and market improvement, higher margins in Performance Plastics, due to declining raw material costs during the quarter, and improved performance in styrene monomer, styrenic polymers, and at Americas Styrenics driven by first quarter industry restocking and overall stronger market conditions ahead of planned outages.
First Quarter Results and Commentary by Business Segment
 
 	•	 	Latex revenue of $238 million for the quarter decreased 27% versus prior year due to the pass through of lower raw material costs as well as currency. Higher volume had a 2% favorable impact due to higher sales to the carpet markets in Europe and North America. Adjusted EBITDA of $21 million was $5 million below prior year due primarily to inventory revaluation. Excluding inventory revaluation, first quarter EBITDA was in-line with our two-year trend. We sold a record-high volume of starch-containing emulsion products in the first quarter, which was more than double the volume sold in the first quarter of 2014. We continue to refine this technology, and have introduced second generation products that continue to provide similar performance, but at an even lower cost.	
 
 	•	 	Synthetic Rubber revenue of $129 million decreased 27% versus prior year due to the pass through of lower raw material costs as well as currency. Volume had a 3% favorable impact due to higher sales of SSBR. Adjusted EBITDA of $26 million was $17 million below prior year driven by inventory revaluation and currency. The first quarter sales volume of 162 million pounds was an all-time high, including strong sales in both SSBR and ESBR. SSBR sales volume was 46% of the total, with enhanced SSBR sales volume approaching 60% of total SSBR. We continue to invest to maintain a leadership position in this technology.	
 
 	•	 	Performance Plastics revenue of $197 million for the quarter decreased 3% versus prior year due to the pass through of lower raw material costs as well as currency. Higher volume, mainly to the consumer electronics market in Asia, had a favorable impact of 6%. Adjusted EBITDA of $25 million was a record-high for the segment, and was $8 million above prior year driven mostly by higher margins, with decreasing raw material costs during the quarter, as well as higher volume.	
 
 	•	 	Basic Plastics & Feedstocks revenue of $454 million decreased 31% versus prior year due to the pass through of lower raw material costs as well as currency. Higher volume had a 6% favorable impact due to industry restocking in the first quarter, after a period of destocking in late 2014 driven by the environment of decreasing energy prices. Adjusted EBITDA of $59 million was $36 million above prior year and included $37 million of equity affiliate income of which $35 million was from Americas Styrenics. Adjusted EBITDA excluding inventory revaluation of $81 million was a record-high, and was $59 million above prior year driven by higher margins in polycarbonate, due to our restructuring efforts and market improvement, higher margins in Performance Plastics, due to declining raw material costs during the quarter, and improved performance in styrene monomer, styrenic polymers, and at Americas Styrenics with first quarter industry restocking and overall stronger market conditions ahead of planned outages.	
Free Cash Flow and Liquidity
Free cash flow for the quarter was $16 million, which included $52 million of net cash interest payments, $28 million of capital expenditures, and $15 million of dividends received from Americas Styrenics. This is the first time in the company’s history with positive free cash flow in a first quarter, as strong performance and declining raw material prices outweighed a working capital build due to seasonality and second quarter turnarounds. First quarter ending liquidity was $658 million.

Outlook
Commenting on the second quarter and full year 2015 outlook Pappas said, “We expect continued strong performance, with higher Adjusted EBITDA and EPS in the second quarter versus the first quarter. The Basic Plastics & Feedstocks division should see similar performance, quarter over quarter, while there will be some headwinds in the Performance Materials division from a second quarter planned outage in Synthetic Rubber as well as from increasing raw material costs and price lag effects.”
Regarding the outlook for full year 2015 Pappas continued, “We expect significant improvement in 2015 versus 2014 in EBITDA, EPS and cash flow as we build on the momentum of the first quarter results and our recent refinancing.”
Conference Call and Webcast Information
Trinseo will host a conference call to discuss its first quarter 2015 financial results tomorrow, Wednesday, May 6, 2015 at 10 AM Eastern Time.
Commenting on results will be Trinseo’s Chris Pappas, President and Chief Executive Officer, John Feenan, Executive Vice President and Chief Financial Officer and David Stasse, Vice President, Treasury and Investor Relations. The conference call will be available by phone at:
Participant Toll-Free Dial-In Number: 877-372-0878
Participant International Dial-In Number: +1 253-237-1169
Conference ID / passcode: 27212514
The Company will also offer a live Webcast of the conference call with question and answer session via registration page on the Trinseo Investor Relations website.
Trinseo has posted its first quarter 2015 financial results on the Company’s Investor Relations website . The presentation slides will also be made available in the webcast player prior to the conference call. The Company will also furnish copies of the financial results press release and presentation slides to investors by means of a Form 8-K filing with the U.S. Securities and Exchange Commission (SEC).
A replay of the conference call and transcript will be archived on the Company’s Investor Relations website shortly following the conference call. The replay will be available until May 6, 2016.
About Trinseo
Trinseo (NYSE: TSE) is a global materials company and manufacturer of plastics, latex and rubber. Trinseo’s technology is used by customers in industries such as home appliances, automotive, building & construction, carpet, consumer electronics, consumer goods, electrical & lighting, medical, packaging, paper & paperboard, rubber goods and tires. Formerly known as Styron, Trinseo completed its renaming process in the first quarter of 2015.
Use of non-GAAP measures
Trinseo management believes that measures of income excluding certain items (“non-GAAP” measures) provide relevant and meaningful information to investors about the ongoing operating results of the Company. Such measurements are not recognized in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and should not be viewed as an alternative to GAAP measures of performance. Reconciliations of non-GAAP measures to GAAP measures are provided in the Notes to Condensed Consolidated Financial Information.

Note on Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. Forward-looking statements in this press release may include, without limitation, forecasts of growth, revenues, business activity, acquisitions, financings and other matters that involve known and unknown risks, uncertainties and other factors that may cause results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others: conditions in the global economy and capital markets, volatility in costs or disruption in the supply of the raw materials utilized for our products; loss of market share to other producers of styrene-based chemical products; compliance with environmental, health and safety laws; changes in laws and regulations applicable to our business; our inability to continue technological innovation and successful introduction of new products; system security risk issues that could disrupt our internal operations or information technology services; and the loss of customers. Additional risks and uncertainties are set forth in the Company’s reports filed with the United States Securities and Exchange Commission, which are available at http://www.sec.gov/ as well as the Company’s web site at http://www.trinseo.com. As a result of the foregoing considerations, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

TRINSEO S.A.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)

 	  	Three Months Ended	 	
 	  	March 31,
2015	 	  	December 31,
2014	 	 	March 31,
2014	 	
Net sales	  	$	1,018,265	  	  	$	1,122,401	  	 	$	1,359,132	  	
Cost of sales	  	 	915,186	  	  	 	1,084,355	  	 	 	1,260,503	  	
	  	 	 	 	  	 	 	 	 	 	 	 	
Gross profit		 	103,079	  		 	38,046	  		 	98,629	  	
Selling, general and administrative expenses		 	51,775	  		 	60,235	  		 	50,030	  	
Equity in earnings of unconsolidated affiliates		 	36,707	  		 	18,154	  		 	14,950	  	
	  	 	 	 	  	 	 	 	 	 	 	 	
Operating income		 	88,011	  		 	(4,035	) 		 	63,549	  	
Interest expense, net		 	28,856	  		 	29,405	  		 	32,818	  	
Other expense (income), net		 	3,551	  		 	(1,622	) 		 	895	  	
	  	 	 	 	  	 	 	 	 	 	 	 	
Income (loss) before income taxes		 	55,604	  		 	(31,818	) 		 	29,836	  	
Provision for (benefit from) income taxes		 	17,900	  		 	(2,131	) 		 	12,750	  	
	  	 	 	 	  	 	 	 	 	 	 	 	
Net income (loss)		$	37,704	  		$	(29,687	) 		$	17,086	  	

Weighted average shares- basic		 	48,770	  		 	48,770	  		 	37,270	  	
				
Net income (loss) per share- basic		$	0.77	  		$	(0.61	) 		$	0.46	  	
				
Weighted average shares- diluted		 	48,851	  		 	48,770	  		 	37,270	  	
Net income (loss) per share- diluted		$	0.77	  		$	(0.61	) 		$	0.46	  	

TRINSEO S.A.
Condensed Consolidated Balance Sheets
(In thousands, except per share data)
(Unaudited)

 	  	March 31,	 	 	December 31,	 	
 	  	2015	 	 	2014	 	
Assets	  				 				
Current assets	  				 				
Cash and cash equivalents	  	$	218,697	  	 	$	220,786	  	
Accounts receivable, net of allowance for doubtful accounts	  	 	590,065	  	 	 	601,066	  	
Inventories	  	 	390,972	  	 	 	473,861	  	
Deferred income tax assets	  	 	8,423	  	 	 	11,786	  	
Other current assets	  	 	11,378	  	 	 	15,164	  	
	  	 	 	 	 	 	 	 	
Total current assets		 	1,219,535	  		 	1,322,663	  	
	  	 	 	 	 	 	 	 	
Investments in unconsolidated affiliates		 	189,364	  		 	167,658	  	
Property, plant and equipment, net of accumulated depreciation		 	505,105	  		 	556,697	  	
Other assets									
Goodwill		 	30,540	  		 	34,574	  	
Other intangible assets, net		 	145,326	  		 	165,358	  	
Deferred income tax assets—noncurrent		 	48,220	  		 	46,812	  	
Deferred charges and other assets		 	57,006	  		 	62,354	  	
	  	 	 	 	 	 	 	 	
Total other assets		 	281,092	  		 	309,098	  	
	  	 	 	 	 	 	 	 	
Total assets		$	2,195,096	  		$	2,356,116	  	

Liabilities and shareholders’ equity									
Current liabilities									
Short-term borrowings		$	4,139	  		$	7,559	  	
Accounts payable		 	395,031	  		 	434,692	  	
Income taxes payable		 	15,968	  		 	9,413	  	
Deferred income tax liabilities		 	1,930	  		 	1,413	  	
Accrued expenses and other current liabilities		 	84,746	  		 	120,928	  	
	  	 	 	 	 	 	 	 	
Total current liabilities		 	501,814	  		 	574,005	  	
	  	 	 	 	 	 	 	 	
Noncurrent liabilities									
Long-term debt		 	1,194,621	  		 	1,194,648	  	
Deferred income tax liabilities—noncurrent		 	29,146	  		 	27,311	  	
Other noncurrent obligations		 	220,607	  		 	239,287	  	
	  	 	 	 	 	 	 	 	
Total noncurrent liabilities		 	1,444,374	  		 	1,461,246	  	
	  	 	 	 	 	 	 	 	
Commitments and contingencies									
Shareholders’ equity									
Common stock, $0.01 nominal value, 50,000,000 shares authorized at March 31, 2015 and December 31, 2014, and 48,770 shares issued and outstanding at March 31, 2015 and December 31, 2014		 	488	  		 	488	  	
Additional paid-in-capital		 	550,152	  		 	547,530	  	
Accumulated deficit		 	(114,232	) 		 	(151,936	) 	
Accumulated other comprehensive loss		 	(187,500	) 		 	(75,217	) 	
	  	 	 	 	 	 	 	 	
Total shareholders’ equity		 	248,908	  		 	320,865	  	
	  	 	 	 	 	 	 	 	
Total liabilities and shareholders’ equity		$	2,195,096	  		$	2,356,116	  	

TRINSEO S.A.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)

 	  	Three Months Ended
March 31,	 	
 	  	2015	 	 	2014	 	
Cash flows from operating activities	  				 				
Cash provided by (used in) operating activities	  	$	42,914	  	 	$	(1,183	) 	

Cash flows from investing activities									
Capital expenditures		 	(27,670	) 		 	(41,141	) 	
Proceeds from the sale of businesses and other assets		 	560	  		 	—  	  	
Payment for working capital adjustment from sale of business		 	—  	 		 	(700	) 	
Distributions from unconsolidated affiliates		 	—  	 		 	978	  	
	  	 	 	 	 	 	 	 	
Cash used in investing activities		 	(27,110	) 		 	(40,863	) 	

Cash flows from financing activities									
Short-term borrowings, net		 	(9,487	) 		 	(14,837	) 	
Proceeds from Accounts Receivable Securitization Facility		 	—  	 		 	60,971	  	
Repayments of Accounts Receivable Securitization Facility		 	—  	 		 	(61,538	) 	
	  	 	 	 	 	 	 	 	
Cash used in financing activities		 	(9,487	) 		 	(15,404	) 	
Effect of exchange rates on cash		 	(8,406	) 		 	36	  	
	  	 	 	 	 	 	 	 	
Net change in cash and cash equivalents		 	(2,089	) 		 	(57,414	) 	
Cash and cash equivalents—beginning of period		 	220,786	  		 	196,503	  	
	  	 	 	 	 	 	 	 	
Cash and cash equivalents—end of period		$	218,697	  		$	139,089	  	

TRINSEO S.A.
Notes to Condensed Consolidated Financial Information
(Unaudited)
Note 1: Revenue by Segment

(In thousands)	  	Three Months Ended	 	
 	  	March 31,
2015	 	  	December 31,
2014	 	  	March 31,
2014	 	
Latex	  	$	238,256	  	  	$	285,755	  	  	$	326,305	  	
Synthetic Rubber	  	 	129,404	  	  	 	136,891	  	  	 	176,714	  	
Performance Plastics	  	 	196,944	  	  	 	201,590	  	  	 	202,005	  	
Basic Plastics & Feedstocks	  	 	453,661	  	  	 	498,165	  	  	 	654,108	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total Revenue		$	1,018,265	  		$	1,122,401	  		$	1,359,132	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Note 2: Reconciliation of Non-GAAP Performance Measures to Net Income (loss)
EBITDA is a non-GAAP financial measure that we refer to in making operating decisions because we believe it provides meaningful supplemental information regarding the Company’s operational performance. We present EBITDA because we believe that it is useful for investors to analyze disclosures of our operating results on the same basis as that used by our management. We believe the use of EBITDA as a metric assists our board of directors, management and investors in comparing our operating performance on a consistent basis because it removes the impact of our capital structure (such as interest expense), asset base (such as depreciation and amortization) and tax structure.
We also believe that the presentation of Adjusted EBITDA provides investors with a useful analytical indicator of our performance and of our ability to service our indebtedness. We define Adjusted EBITDA as income (loss) from continuing operations before interest expense, net; income tax provision; depreciation and amortization expense; loss on extinguishment of long-term debt; asset impairment charges; advisory fees paid to affiliates of Bain Capital; gains or losses on the dispositions of businesses and assets; restructuring and other non-recurring items.
We present Adjusted EBITDA excluding inventory revaluation in order to facilitate the comparability of results from period to period by adjusting cost of sales to reflect the cost of raw materials during the period, which is often referred to as the replacement cost method of inventory valuation. We believe this measure minimizes the impact of raw material purchase price volatility in evaluating our performance. Our approach to calculating inventory revaluation is intended to represent the difference between the results under the FIFO and the replacement cost methods. However, our calculation could differ from the replacement cost method if the monthly raw material standards are different from the actual raw material prices during the month and production and purchase volumes differ from sales volumes during the month. These factors could have a significant impact on the inventory revaluation calculation.
Lastly, we present Adjusted Net Income (loss) and Adjusted EPS as additional performance measures. Adjusted Net Income (loss) is calculated as Adjusted EBITDA (defined beginning with Net income (loss), above), less interest expense, less the provision for income taxes and depreciation and amortization, tax affected for various discrete items, as appropriate. Adjusted EPS is calculated as Adjusted Net Income (loss) per weighted average diluted shares outstanding for a given period. We believe that Adjusted Net Income (loss) and Adjusted EPS provide transparent and useful information to management, investors, analysts and other parties in evaluating and assessing our core operating results from period-to-period after removing the impact of unusual, non-operational or restructuring-related activities that affect comparability.

There are limitations to using financial measures such as those discussed above. These performance measures are not intended to represent cash flow from operations as defined by GAAP and should not be used as alternatives to net income as indicators of operating performance or to cash flow as measures of liquidity. Other companies in our industry may use these performance measures differently than we do. As a result, it may be difficult to use these or similarly-named financial measures that other companies may use, to compare the performance of those companies to our performance. We compensate for these limitations by providing reconciliations of these performance measures to our net income (loss), which is determined in accordance with GAAP.

(In millions, except per share data)	  	Three Months Ended	 	 	 	
 	  	March 31,
2015	 	 	December 31,
2014	 	 	March 31,
2014	 	 	 	
Net income (loss)	  	$	37.7	  	 	$	(29.7	) 	 	$	17.1	  	 		
Interest expense, net	  	 	28.9	  	 	 	29.4	  	 	 	32.8	  	 		
Provision for income taxes	  	 	17.9	  	 	 	(2.1	) 	 	 	12.8	  	 		
Depreciation and amortization	  	 	22.5	  	 	 	24.9	  	 	 	23.7	  	 		
	  	 	 	 	 	 	 	 	 	 	 	 	 		
EBITDA		$	107.0	  		$	22.5	  		$	86.4	  			
Net gain on disposition of businesses and assets (a)		 	—  	 		 	(0.6	) 		 	—  	  		Other expense (income), net	
Restructuring and other charges (b)		 	0.5	  		 	6.6	  		 	0.5	  		Selling, general, and administrative
expenses	
Fees paid pursuant to advisory agreement (c)		 	—  	 		 	—  	 		 	1.2	  		Selling, general, and administrative
expenses	
Other non-recurring items (d)		 	1.3	  		 	3.9	  		 	—  	  		Selling, general, and administrative
expenses; Other expense (income), net	
	  	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted EBITDA		$	108.8	  		$	32.4	  		$	88.1	  			
	  	 	 	 	 	 	 	 	 	 	 	 	 		
Inventory revaluation (e)		 	42.1	  		 	71.8	  		 	(5.6	) 			
	  	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted EBITDA, excluding inventory revaluation		$	150.9	  		$	104.2	  		$	82.5	  			
	  	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted EBITDA to Adjusted Net Income (loss):															
Adjusted EBITDA		$	108.8	  		$	32.4	  		$	88.1	  			
Interest expense, net		 	28.9	  		 	29.4	  		 	32.8	  			
Provision for income taxes – Adjusted (f)		 	18.3	  		 	1.8	  		 	12.0	  			
Depreciation and amortization – Adjusted		 	22.3	  		 	24.5	  		 	23.7	  			
	  	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted Net Income (loss)		$	39.3	  		$	(23.3	) 		$	19.6	  			
	  	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted EPS		$	0.80	  		$	(0.48	) 		$	0.53	  			

Adjusted EBITDA by Segment:															
Latex		$	21.5	  		$	18.3	  		$	26.1	  			
Synthetic Rubber		 	26.2	  		 	30.3	  		 	43.1	  			
Performance Plastics		 	25.1	  		 	16.0	  		 	17.3	  			
Basic Plastics & Feedstocks		 	59.5	  		 	(11.9	) 		 	22.6	  			
Corporate unallocated		 	(23.5	) 		 	(20.3	) 		 	(21.0	) 			
	  	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted EBITDA		$	108.8	  		$	32.4	  		$	88.1	  			

(a)	Net gain on disposition of businesses and assets for the three months ended December 31, 2014 of $(0.6) million relates to the sale of the Company’s EPS business, which closed in September 2013, and for which a contingent gain of $0.6 million was recorded during the fourth quarter of 2014.	
(b)	Restructuring and other charges for the three month periods above were incurred primarily in connection with the polycarbonate restructuring within our Basic Plastics & Feedstocks segment and the shutdown of our latex manufacturing plant in Altona, Australia. Specifically, during the three months ended December 31, 2014, we incurred $6.6 million in charges for decommissioning and demolition costs at the Freeport, Texas facility related to our polycarbonate restructuring.	
(c)	Represents fees paid under the terms of our advisory agreement with Bain Capital, before its termination in conjunction with our June 2014 initial public offering.	
(d)	Other non-recurring items incurred for the three months ended March 31, 2015 and December 31, 2014 include costs related to the process of changing our corporate name from Styron to Trinseo, as well as severance charges incurred in conjunction with the employment termination of certain key employees.	
(e)	See the discussion above this table for a description of inventory revaluation.	
(f)	Adjusted to remove the tax impact of the related items noted above in (a) – (d). Additionally, the three months ended December 31, 2014 excludes a $0.6 million tax benefit recognized due to the release of a reserve for an uncertain tax position.	

 	The three months ended March 31, 2014 excludes the impact of a $1.0 million valuation allowance recognized in Greece related to the cumulative prior year results.	
Note 3: Defining Certain Liquidity Measures
The Company uses a number of measures to evaluate and discuss its liquidity position and performance, including Free Cash Flow and Liquidity. Free Cash Flow is defined as cash from both operating and investing activities, less the impact of changes in restricted cash. Liquidity is defined as total cash and cash equivalents plus unused borrowing capacity on the Company’s revolving debt and accounts receivable securitization facility.
Free Cash Flow and Liquidity are not intended to represent cash flows from operations as defined by GAAP, and therefore, should not be used as an alternative for that measure. Other companies in our industry may define Free Cash Flow and Liquidity differently than we do. As a result, it may be difficult to use these or similarly-named financial measures that other companies may use, to compare the performance of those companies to our performance. The Company compensates for these limitations by providing the following detail, which is determined in accordance with GAAP and the terms of related borrowing agreements.
The following provides further detail of how these amounts are derived for the periods discussed herein:
Free Cash Flow

(in millions)	  	Three Months Ended	 	
 	  	March 31,
2015	 	  	March 31,
2014	 	
Cash provided by (used in) operating activities	  	$	42.9	  	  	$	(1.2	) 	
Cash used in investing activities	  	 	(27.1	) 	  	 	(40.8	) 	
Impact of changes in restricted cash	  	 	—  	 	  	 	—  	 	
	  	 	 	 	  	 	 	 	
Free Cash Flow		$	15.8	  		$	(42.0	) 	
	  	 	 	 	  	 	 	 	
Liquidity

 	  	March 31,	 	  	December 31,	 	
(in millions)	  	2015	 	  	2014	 	
Cash and cash equivalents	  	$	218.7	  	  	$	220.8	  	
Available borrowings under accounts receivable securitization agreement	  	 	147.7	  	  	 	136.1	  	
Available borrowings under the revolving facility	  	 	291.2	  	  	 	293.3	  	
	  	 	 	 	  	 	 	 	
Liquidity		$	657.6	  		$	650.2	  	

	

Q1 2015
Earnings Summary
May 6, 2015
™
Trademark of Trinseo S.A. or its affiliates
Exhibit 99.2	

	

Introductions & Disclosure Rules
2
Disclosure Rules
Introductions
•
Chris Pappas, President & CEO
•
John Feenan, Executive Vice President & CFO
•
David Stasse, Vice President, Treasury & Investor Relations
statements concerning plans, objectives, goals, projections, strategies, future events or performance, and underlying assumptions and
other statements, which are not statements of historical facts or guarantees or assurances of future performance. Forward- looking
statements may be identified by the use of words like “expect,” “anticipate,” “intend,” “forecast,” “outlook,” “will,” “may,” “might,”
“potential,” “likely,” “target,” “plan,” “contemplate,” “seek,” “attempt,” “should,” “could,” “would” or expressions of similar meaning.
Forward-looking statements reflect management’s evaluation of information currently available and are based on our current
expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements
relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Factors
that might cause such a difference include, but are not limited to, those discussed in our Annual Report on Form 10-K for the year
ended December 31, 2014 under Part I, Item 1A — “Risk Factors” and elsewhere in that report . As a result of these or other factors,
our actual results may differ materially from those contemplated by the forward-looking statements. Therefore, we caution you therefore
against relying on any of these forward-looking statements. The forward-looking statements included in this presentation are made only
as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new
information, future events or otherwise, except as otherwise required by law.
This presentation contains financial measures that are not in accordance with generally accepted accounting principles in the US
(“GAAP”) including Adjusted EBITDA, Adjusted EBITDA excluding inventory revaluation, Adjusted Net Income (loss), and Adjusted EPS
-
Diluted.  We believe these measures provide relevant and meaningful information to investors and lenders about the ongoing
operating results of the Company. Such measures when referenced herein should not be viewed as an alternative to GAAP measures
of performance.  We have provided a reconciliation of these measures in the Appendix section of this presentation.

Cautionary Note on Forward-Looking Statements .
This presentation contains forward-looking statements including, without limitation,	

	

Agenda
•
Business Overview
•
Financial Review
•
Forward Focus
•
Q&A
3	

	

Trinseo Overview
4
Performance Materials
Net Sales: $565MM
Adj EBITDA: $73MM
Adj EBITDA ex Reval: $93MM
Basic Plastics & Feedstocks
Net Sales: $454MM
Adj EBITDA: $59MM
Adj
EBITDA
ex
Reval:
$81MM
Leading Player
#3 Polystyrene Globally
Synthetic Rubber
Net Sales: $129MM
Adj EBITDA: $26MM
Top 3 SSBR Globally
Latex
Net Sales: $238MM
Adj EBITDA: $21MM
#1 Globally in SB Latex
End
markets
Market
position
Trinseo -
World leader in the production of latex, rubber and plastics
Americas Styrenics -
~$2 billion in annual net sales, leader in styrene / polystyrene
Performance Plastics
Net Sales: $197MM
Adj EBITDA: $25MM
Note: Division and Segment Adjusted EBITDA excludes Corporate Segment Adjusted EBITDA of ($23)MM. Totals may not sum due to rounding.
Q1’15 Net Sales: $1,018MM
Q1’15 Adj EBITDA: $109MM
Q1’15 Adj EBITDA ex Reval: $151MM
Appliances
Consumer goods
Construction/sheet
Packaging
Automotive
Consumer electronics
Automotive
Consumer electronics
Electrical and lighting
Medical devices
Performance tires
Standard tires
Polymer modification
Technical rubber goods
Coated paper and
packaging board
Carpet and artificial turf
backings
Tape saturation
Cement modification
Building products	

	

Key Styrene Raw Material Trends
5
Europe
(1)
Source:
IHS.
(1)
Styrene:
W.
Europe
Contract
Monthly
Market
(Delivered
W.
Europe);
Benzene:
50%
W.
Europe
Spot
Avg
(CIF
NW
Europe
/
Basis
ARA)
and
50%
W.
Europe
Contract
–
Market
(FOB/CIF
W.
Europe);
Ethylene:
W.
Europe
Contract
–
Market
Pipeline
(Delivered
W.
Europe).
(2)
Styrene:
NE
Asia
Avg
Spot
Posting
(CFR
China);
Benzene:
NE
Asia
Spot
Avg
(FOB
S.
Korea);
Ethylene:
NE
Asia
Spot
Avg
(CFR
NE
Asia). 
Margin: Styrene less 80% * Benzene less 30% * Ethylene.
Asia
(2)
Styrene
Ethylene
Benzene
Styrene
Ethylene
Benzene
SM
Margin
SM
Margin
400
600
1,200
1,400
1,600
1,800
2,000
2,200
800
1,000
400
600
1,000
1,200
1,400
1,600
1,800
2,000
800	

	

Financial Review
John Feenan
EVP & CFO
™
Trademark of Trinseo S.A. or its affiliates	

	

F/(U) vs.
(in $millions, unless noted)
Q1'15
Q4'14
Q1'14
Q4'14
Q1'14
Volume (MMlbs)
1,411
1,223
1,344
Revenue
1,018
1,122
1,359
(9)%
(25)%
Volume
13%
5%
Price  
(18)%
(23)%
FX
(4)%
(7)%
Adj EBITDA
109
32
88
Adj EBITDA ex Inv Reval   
151
104 
83    
Adj EBITDA ex Inv Reval Margin 
15%
9%
6%
Adj Net Income (loss)
39
(23)
20
Wtd Avg Shares -
Diluted (000)
48,851
48,770
37,270
Adjusted EPS -
Diluted ($)
0.80 
(0.48) 
0.53 
Trinseo Quarterly Results
7
NOTE: Totals may not sum due to rounding.	

	

Latex
8
$MM
Key Points
•
Consistent sales volume and
EBITDA performance
•
YoY growth in carpet and
paper board; coated paper
flat
•
Continuing to deliver lower
cost emulsion technologies
NOTE:
Totals
may
not
sum
due
to
rounding.
Volume
in
millions
of
pounds.
305
289
299
Revenue Bridge
Volume
Price
FX
Total
YoY
2%
(24)%
(5)%
(27)%
QoQ
5%
(19)%
(3)%
(17)%
$238
$286
$326
$21
$18
$26
$0
$50
$100
$150
$200
$250
$300
$350
Q1'15
Q4'14
Q1'14
Revenue
Adjusted EBITDA
Volume	

	

Synthetic Rubber
9
Key Points
•
Record high sales volume in
Q1; SSBR volume up 16%
YoY
•
SSBR volume was 46% of
total, enhanced SSBR was
57% of SSBR 
•
Continuing to invest to
maintain technology
leadership 
Volume
162
135
155
Revenue Bridge
Volume
Price
FX
Total
YoY
3%
(20)%
(11)%
(27)%
QoQ
19%
(17)%
(7)%
(5)%
$MM
NOTE: Totals may not sum due to rounding.  Volume in millions of pounds.

$129
$137
$177
$26
$30
$43
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
Q1'15
Q4'14
Q1'14
Revenue
Adjusted EBITDA	

	

Performance Plastics
10
NOTE:
Totals
may
not
sum
due
to
rounding.
Volume
in
millions
of
pounds.
Key Points
•
Record EBITDA in Q1 driven
by higher margins
•
8% YoY volume growth
excluding Latin America
•
Momentum in consumer
electronics, electrical /
lighting
Volume
$MM
150
145
144
Revenue Bridge
Volume
Price
FX
Total
YoY
6%
(2)%
(6)%
(3)%
QoQ
3%
(3)%
(3)%
(2)%
$197
$202
$202
$25
$16
$17
$0
$50
$100
$150
$200
$250
Q1'15
Q4'14
Q1'14
Revenue
Adjusted EBITDA	

	

Basic Plastics & Feedstocks
11
Key Points
•
Polycarbonate breakeven in
Q1 due to restructuring and
improved market conditions 
•
Healthy styrene monomer
margins with benefit of
opportunistic sales 
•
Higher sequential styrenic
polymer volume and margin
–
restocking, seasonality,
market tightness 
•
Strong Q1 AmSty income of
$35 million 
•
Q1 EBITDA of $44 million ex
JV and inventory reval 
$MM
Revenue Bridge
Volume
Price
FX
Total
YoY
6%
(29)%
(7)%
(31)%
QoQ
20%
(24)%
(5)%
(9)%
793
585
Volume
Segment
Polymers
654
490
746
561
$700
$600
$500
$400
$300
$200
$100
$0
Q1’15
Q4’14
Q1’14
$(12)
$454
$498
$654
Revenue
Adjusted EBITDA
$59
$23
$(100)
NOTE: Totals may not sum due to rounding.  Volume in millions of pounds.  Adjusted EBITDA includes earnings and losses from equity affiliates (Americas Styrenics & Sumika Styron).

	

Balance Sheet and Cash Flow
12
Liquidity
Pro Forma Maturities
A/R
Securitization
Revolver
Senior Secured
Notes
Summary
•
Q1 free cash flow of $16 million including $28
million of capital expenditures, plus $52 million of
interest
•
$15 million dividend from AmSty in Q1
•
Strong quarter-end liquidity of $658 million
$MM
Unused Borrowing
Facilities
(2)
Cash & Cash
Equivalents
$MM
$MM
Free
Cash
Flow
(1)
$81
Termination Fees
$139
Term
Loan B
$77
$170
$25
$83
$56
$56
•
Latex JV Option
•
Bain Advisory
Agreement
$219
$439
$658
Q1'15
$200 
$325 
$500 
$700 
$0 
$100 
$200 
$300 
$400 
$500 
$600 
$700 
$800 
(1) Free Cash Flow = cash from operating activities + cash from investing activities – change in restricted cash.  2014 value of $81MM and LTM Q1 ‘15 value of $139MM excludes approximately $56MM of
termination fees for Latex JV Option and Bain Advisory Agreement.   (2) A/R Securitization facility commitment of $200MM ($148MM available at Q1’15) and Revolving Credit facility commitment of $300MM
$0
$50
$100
$150
$200
2012
2013
2014
LTM Q1 '15
$0
$100
$200
$300
$400
$500
$600
$700
2016
2017
2018
2019
2020
2021
2022
($291MM available) at Q1’15 .   NOTE:  Totals may not sum due to rounding.

	

2015 Focus
Chris Pappas
President & CEO
™
Trademark of Trinseo S.A. or its affiliates	

	

Styrene Monomer
14
Western Europe Styrene Margins
Global Supply / Demand
Q2
Western
Europe
Margin
Sequentially
Higher
(1)
Q1 to Q2
+$150/MT
Styrene
Ethylene
Benzene
SM
Margin
Source: IHS, Trinseo.  (1) Styrene: W. Europe Contract Monthly Market (Delivered W. Europe); Benzene: 50% W. Europe Spot Avg (CIF NW Europe / Basis ARA) and 50% W. Europe Contract – Market (FOB/CIF W.
Europe); Ethylene: W. Europe Contract – Market Pipeline  (Delivered W. Europe).

0
100
200
300
400
500
600
0%
2+%
0%
1%
2%
3%
Announced Capacity
Additions
2014 -
2019 CAGR
Demand
2014 -
2019 CAGR
2014 -
2019 Operating Rate:
84% -
87%
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200	

	

Polycarbonate
15
Source: (1) IHS; (2) Frost & Sullivan. NOTE: Totals may not sum due to rounding. (3) 50% / 50% venture with Sumika Styron.
Increasing
Margins
with
Operating
Rate
(1)
Increasing Operating Rate
Total Capacity: 1,210kMT
Capacity
by
Region
(1)
Europe
Asia
Total Capacity: 2,344kMT
North America
Total Capacity: 858kMT
$776
$174
$266
$228
$368
$407
77%
75%
74%
77%
79%
82%
65%
70%
75%
80%
85%
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
2011
2012
2013
2014
2015
2016
PC GP Western Europe Margins
PC Global Op Rates
2%
5%
0%
1%
2%
3%
4%
5%
6%
Supply
2014 -
2019 CAGR(1)
Demand
2014 -
2019 CAGR(2)
Rising Operating Rate from 2014 to 2019
Bayer
47%
SABIC
Plastics
40%
Trinseo
13%
Teijin
12%
Mitsubishi Gas
Chemical
12%
Bayer
12%
Bayer Poly
Shanghai
9%
Formosa
Idemitsu
7%
LG
Polycarbonate
7%
ZRCC/Lyondell
JV
4%
Teijin Polycarb
6%
Chi Mei
-
Asahi
6%
Sam Yang
5%
Cheil
3%
Samsung SDI
3%
Sumika
Styron
(3)
3%
Other
7%
SABIC
Plastics
70%
Bayer
30%	

	

Polystyrene Capacity
16
Europe
North America
Asia
Total Capacity: 2,262kMT
Total Capacity: 7,661kMT
Total Capacity: 2,736kMT
Source: IHS.

Note: Totals may not sum due to rounding.

(a) 50% / 50% joint venture between Trinseo and Chevron Phillips Chemical Company.

Styrolution
31%
Trinseo
19%
Total
21%
Versalis S.p.A
12%
BASF SE
6%
Synthos
Kralupy
4%
Other
7%
FCFC
8%
Jiangsu Laidun
6%
Zhenjiang
ChiMei
Chemical
6%
Rentai
Chemical
5%
PS Japan
5%
Trinseo
5%
ZRCC/Lyondell
JV
4%
Secco
4%
Total PC
4%
Styrolution
3%
Kumho
Chemicals
2%
Other
48%
Styrolution
33%
Americas
Styrenics
(a)
28%
Total PC
24%
Other
15%	

	

2015 Expectations
17
Performance Materials
Basic Plastics
& Feedstocks
Synthetic Rubber
Latex

Q2:
EBITDA sequentially
flat as negative price lag
is offset by inventory
revaluation

2015:
~$6MM lower than
2014 due mainly to FX

Q2:
EBITDA sequentially
flat as turnaround impact
is offset by inventory
revaluation

2015:
Lower than 2014
by ~$20MM as higher
SSBR volume more than
offset by FX and
technology investments

Q2:
EBITDA sequentially
lower as a decrease in
margin is mostly offset
by inventory revaluation

2015:
~$20MM higher
than 2014 due to product
growth and higher
margins

Q2 :
Up vs Q1 due to
inventory revaluation;
higher SM, PC margins
offset by PS & SM
turnarounds, AmSty

2015:
~$175MM higher
than 2014 excluding 
inventory revaluation

~$65MM better on 
restructuring and PC
margin rebound

Higher styrene and
styrenic polymer margins

AmSty much better after
very strong first half
Performance
Plastics	

	

™
Trademark of Trinseo S.A. or its affiliates
Q&A	

	

™
Trademark of Trinseo S.A. or its affiliates
Appendix	

	

US GAAP to Non-GAAP Reconciliation
20
(in $millions, unless noted)
Q1'13
Q2'13
Q3'13
Q4'13
Q1'14
Q2'14
Q3'14
Q4'14
Q1'15
2013
2014
Net Income (Loss)
(9.7)
(28.1)
4.9
10.6
17.1
(44.6)
(10.1)
(29.7)
37.7
(22.2)
(67.3)
Interest expense, net
32.3
33.7
32.9
33.1
32.8
32.6
30.1
29.4
28.9
132.0
124.9
Provision for (benefit from) income taxes
(0.1)
2.2
6.0
13.8
12.8
5.4
3.7
(2.1)
17.9
21.8
19.7
Depreciation and amortization
23.9
24.0
23.2
24.2
23.7
27.2
27.8
24.9
22.5
95.2
103.7
EBITDA
46.4
31.8
67.0
81.7
86.4
20.6
51.5
22.5
107.0
226.8
181.0
Loss on extinguishment of long-term debt
20.7
-
-
-
-
-
7.4
-
-
20.7
7.4
Other non-recurring items
1.1
-
-
(0.4)
-
32.5
1.9
3.9
1.3
0.8
38.4
Restructuring and other charges
-
6.5
2.6
1.8
0.5
2.1
0.8
6.6
0.5
10.8
10.0
Net (gains) / losses on dispositions of businesses and assets
-
3.2
1.0
-
-
-
-
(0.6)
-
4.2
(0.6)
Fees paid pursuant to advisory agreement
1.2
1.2
1.2
1.2
1.2
24.2
-
-
-
4.7
25.4
Asset impairment charges or write-offs
-
0.7
-
9.2
-
-
-
-
-
9.9
-
Adjusted EBITDA
69.4
43.4
71.8
93.5
88.1
79.4
61.6
32.4
108.8
277.9
261.6
Inventory Revaluation
(0.2)
26.2
26.4
(12.0)
(5.6)
(2.6)
0.8
71.8
42.1
40.4
64.4
Adjusted EBITDA Ex Inv Reval
69.3
69.6
98.2
81.5
82.5
76.8
62.3
104.2
150.9
318.3
326.0
Adjusted EBITDA
69.4
43.4
71.8
93.5
88.1
79.4
61.6
32.4
108.8
277.9
261.6
Interest expense, net
32.3
33.7
32.9
33.1
32.8
32.6
30.1
29.4
28.9
132.0
124.9
Provision
for
(benefit
from)
income
taxes
-
Adjusted
4.9
3.9
5.2
14.4
12.0
10.1
5.4
1.8
18.3
28.4
29.4
Depreciation
and
amortization
-
Adjusted
23.9
23.9
23.2
24.2
23.7
25.8
25.6
24.5
22.3
95.2
99.6
Adjusted Net Income
8.3
(18.1)
10.5
21.8
19.6
10.9
0.5
(23.3)
39.3
22.3
7.7
Wtd Avg Shares -
Diluted (000)
37,270  
37,270  
37,270  
37,270  
37,270  
38,912  
48,770  
48,770  
48,851
37,270  
43,476   
Adjusted EPS -
Diluted ($)
0.22  
(0.49)  
0.28  
0.58  
0.53  
0.28  
0.01  
(0.48)  
0.80  
0.60  
0.18  
Loss on extinguishment of long-term debt
20.7  
-
-
-
-
-
7.4
-
-
20.7
7.4
Selling, general and administrative expenses
1.2
8.4
3.8
12.2
1.7
26.3
2.7
10.5
1.8
25.5
41.3
Other expense (income), net
1.1
3.2
1.0
(0.4)
-
32.5
-
(0.6)
-
4.9
31.9
Total EBITDA Adjustments
23.0
11.6
4.8
11.8
1.7
58.8
10.1
9.9
1.8
51.1
80.6
Adjustments
by
Statement
of
Operations
Caption
Adjusted EBITDA to Adjusted Net Income	

	

Selected Segment Information
21
NOTE: Totals may not sum due to rounding.
(in $millions, unless noted)
Q1'13
Q2'13
Q3'13
Q4'13
Q1'14
Q2'14
Q3'14
Q4'14
Q1'15
2013
2014
Latex
307
305
310
288
299
295
309
289
305
1,210
1,193
Synthetic Rubber
137
125
128
133
155
142
136
135
162
523
568
Performance Plastics
140
150
145
144
144
147
145
145
150
579
581
Performance Materials
584
580
583
566
598
584
591
569
617
2,312
2,342
Basic Plastics & Feedstocks
727
731
699
652
746
743
725
654
793
2,810
2,867
Trade Volume (MMLbs)
1,311
1,311
1,282
1,218
1,344
1,327
1,315
1,223
1,411
5,122
5,210
Latex
357
345
332
308
326
321
328
286
238
1,341
1,261
Synthetic Rubber
176
156
142
148
177
165
155
137
129
622
634
Performance Plastics
196
208
201
203
202
210
208
202
197
808
821
Performance Materials
729
709
675
658
705
695
691
624
565
2,771
2,716
Basic Plastics & Feedstocks
663
652
634
587
654
645
614
498
454
2,536
2,412
Net Sales
1,392
1,362
1,309
1,245
1,359
1,341
1,305
1,122
1,018
5,307
5,128
Latex
27
29
27
24
26
27
26
18
21
106
97
Synthetic Rubber
31
28
13
42
43
37
27
30
26
113
137
Performance Plastics
13
10
17
21
17
17
19
16
25
62
69
Performance Materials
71
67
56
87
87
81
72
65
73
281
304
Basic Plastics & Feedstocks
11
8
52
33
23
16
4
(12)
59
103
31
Corporate
(13)
(31)
(37)
(27)
(21)
(17)
(15)
(20)
(23)
(107)
(73)
Adjusted EBITDA
69
43
72
93
88
79
62
32
109
278
262
Performance Materials
71
77
79
77
82
80
73
85
93
304
319
Basic Plastics & Feedstocks
11
23
56
31
22
13
4
40
81
121
79
Corporate
(13)
(31)
(37)
(27)
(21)
(17)
(15)
(20)
(23)
(107)
(73)
Adjusted EBITDA excl Inv Reval
69
70
98
81
83
77
62
104
151
318
326
Basic Plastics & Feedstocks
3
9
15
12
15
5
9
18
37
39
48
Equity in earnings (losses) of affiliates
3
9
15
12
15
5
9
18
37
39
48