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): March 4, 2015

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

Luxembourg
(State or other jurisdiction of
incorporation or organization)
N/A
(I.R.S. Employer
Identification Number)
001-36473
(Commission
File 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 March 4, 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 fourth quarter and fiscal year ended December 31, 2014. 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 Thursday, March 5, 2015 at 10:00 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 March 4, 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: March 4, 2015

EXHIBIT INDEX

Exhibit
Number	  	Description	
		
99.1	  	Press Release, dated March 4, 2015	
		
99.2	  	Investor Presentation	

Exhibit 99.1

 
					
Press contact:
Trinseo
Donna St. Germain
Tel: +1 610-240-3307
Email: stgermain@trinseo.com	  	Press contact, Europe/Asia:
Porter Novelli
Sylva De Craecker
Tel : + 32 478 27 93 62
sylva.de.craecker@porternovelli.be	  	Investor Contact:
Trinseo
David Stasse
Tel : +1 610-240-3207
Email: dstasse@trinseo.com	
Trinseo Reports Fourth Quarter and Full Year 2014 Financial Results
Fourth Quarter 2014 Summary
 
 	•	 	Adjusted EBITDA of $32 million ($104 million excluding inventory revaluation)	
 
 	•	 	Volume of 1,223 million pounds, flat versus prior year	
 
 	•	 	Free cash flow of $86 million	
Full Year 2014 Summary
 
 	•	 	Adjusted EBITDA of $262 million ($326 million excluding inventory revaluation)	
 
 	•	 	Volume of 5,210 million pounds, up 2% versus prior year	
 
 	•	 	Record SSBR sales volume, up 28% versus prior year	
 
 	•	 	Completed restructuring of Polycarbonate business	

 	  	Three Months Ended	 	 	Twelve Months Ended	 	
$millions, except per share data	  	December 31,	 	  	September 30,	 	 	December 31,	 	
 	  	2014	 	 	2013	 	  	2014	 	 	2014	 	 	2013	 	
Revenue	  	 	1,122	  	 	 	1,245	  	  	 	1,305	  	 	 	5,128	  	 	 	5,307	  	
						
EBITDA	  	 	23	  	 	 	82	  	  	 	52	  	 	 	181	  	 	 	227	  	
Adjusted EBITDA	  	 	32	  	 	 	93	  	  	 	62	  	 	 	262	  	 	 	278	  	
Adjusted EBITDA, excluding inventory revaluation	  	 	104	  	 	 	81	  	  	 	62	  	 	 	326	  	 	 	318	  	
						
Net Income (loss)	  	 	(30	) 	 	 	11	  	  	 	(10	) 	 	 	(67	) 	 	 	(22	) 	
Adjusted Net Income (loss)	  	 	(23	) 	 	 	22	  	  	 	1	  	 	 	8	  	 	 	22	  	
Adjusted Net Income (loss), excluding inventory revaluation	  	 	37	  	 	 	15	  	  	 	1	  	 	 	63	  	 	 	58	  	
						
EPS (Basic & Diluted) ($)	  	 	(0.61	) 	 	 	0.28	  	  	 	(0.21	) 	 	 	(1.55	) 	 	 	(0.60	) 	
Adjusted EPS ($)	  	 	(0.48	) 	 	 	0.58	  	  	 	0.01	  	 	 	0.18	  	 	 	0.60	  	
Adjusted EPS, excluding inventory revaluation ($)	  	 	0.77	  	 	 	0.39	  	  	 	0.02	  	 	 	1.44	  	 	 	1.57	  	
BERWYN, Pa – March 4, 2015 – Trinseo (NYSE: TSE), a global materials company and manufacturer of plastics, latex and rubber, today reported its fourth quarter and full year 2014 financial results with revenue of $1,122 million and $5,128 million, respectively, and Adjusted EBITDA excluding inventory revaluation of $104 million and $326 million, respectively.
Commenting on the Company’s performance, Chris Pappas, Trinseo President and Chief Executive Officer, said, “Our results for Emulsion Polymers were in line with expectations with another solid quarter. The Plastics Division exceeded expectations due to higher sequential margins in both Styrenics and Engineered Polymers. We had strong fundamental performance during the fourth quarter, with Adjusted EBITDA excluding inventory revaluation of $104 million. This result reflects strong margins in styrene monomer production and in our derivative businesses, as well as record SSBR sales volume and equity affiliate income.”
Commenting on full year 2014, Pappas continued, “I am proud of what we achieved during the year. Excluding inventory revaluation, Adjusted EBITDA improved year-over-year despite lower styrene monomer margin of approximately $40 million. In addition, our successful IPO in June enabled us to pay down 10% of our long-term debt. Finally, we restructured our polycarbonate business which will result in substantial cost savings and incremental EBITDA.”

Revenue in the fourth quarter decreased 10% versus prior year driven by the pass through of lower raw material cost as well as currency. Sequentially, revenue decreased 14% due to the pass through of lower raw material cost as well as lower sales volume, particularly in the Styrenics segment, due to weak demand, seasonality, and customer destocking.
Adjusted EBITDA for the quarter decreased $61 million versus prior year driven by inventory revaluation, as the price of our major raw materials declined significantly during the quarter. Adjusted EBITDA excluding inventory revaluation increased $23 million versus prior year due to higher styrene monomer margins and higher equity affiliate income. Sequentially, Adjusted EBITDA decreased $29 million. Adjusted EBITDA excluding inventory revaluation increased $42 million driven by higher styrene margins, higher margins in our derivative businesses from lower raw material costs, as well as higher equity affiliate income.
Full year revenue decreased 3% versus prior year due primarily to the pass through of lower raw material costs. Adjusted EBITDA for the year decreased $16 million due to inventory revaluation in the fourth quarter. Adjusted EBITDA excluding inventory revaluation increased $8 million versus prior year driven by improved performance in the Synthetic Rubber and Engineered Polymers.
Fourth Quarter Results and Commentary by Business Segment
 
 	•	 	Latex revenue of $286 million for the quarter decreased 7% versus prior year due mostly to the pass through of lower raw material costs as well as currency. Volume was up slightly as higher sales to the paper market in Asia, and the carpet market in Europe, were mostly offset by lower sales to the paper market in Europe. Paper and paperboard volumes in the Americas were up slightly year-over-year. Adjusted EBITDA of $18 million was $6 million below prior year primarily due to the impact of inventory revaluation. Excluding the impact of inventory revaluation, Latex sales volume and performance was in line with the trend over the past nine quarters.	
 
 	•	 	Synthetic Rubber revenue of $137 million decreased 7% versus prior year due to the pass through of lower raw material costs as well as currency. These impacts were partially offset by higher SSBR sales volume which set a record high in the quarter, and was 21% higher than prior year. Adjusted EBITDA of $30 million was $12 million below prior year due to inventory revaluation and currency. Excluding the impact of inventory revaluation, performance was similar to the normal run rate and in line with expectations. For the full year, SSBR sales volume was up 28% over 2013, and we continue to invest in new technologies and products to serve the fast-growing performance tire market.	
 
 	•	 	Styrenics revenue of $452 million decreased 15% versus prior year due mostly to the pass through of lower raw material costs as well as currency. In addition, lower sales volume decreased revenue by about 1% driven by weak demand in Asia as customers continued to destock with the declining styrene prices. Adjusted EBITDA of negative $4 million was $56 million below prior year primarily due to the impact of inventory revaluation. Excluding the impact of inventory revaluation, performance was slightly lower than prior year due to customer destocking in polystyrene. Higher styrene production margins during the quarter, as well as higher equity affiliate income, were offset by lower volume and margin in styrenic polymers.	
 
 	•	 	Engineered Polymers revenue of $247 million decreased 5% due to currency as well as lower sales volume. Lower sales volume to the automotive market in Latin America and to the polycarbonate market in North America, with our exit of that business, were partially offset by higher sales volume to the consumer electronics market in Asia as well as the automotive market in Europe and North America. Adjusted EBITDA of $8 million was $6 million above prior year despite negative inventory revaluation impacts. Favorability versus prior year was driven by the exit of the polycarbonate contract manufacturing agreement in Freeport, TX as well as higher sales volume.	
Free Cash Flow and Liquidity
Free cash flow for the quarter was $86 million, which included $1 million of net cash interest, $29 million of capital expenditures, and $15 million of dividends received from Americas Styrenics. Free cash flow for the full year was $81 million excluding $56 million of termination payments related to the Emerging Markets Latex JV Option and the Bain Management Agreement. Full year free cash flow included $120 million of net cash interest, $99 million of capital expenditures, and $35 million of dividends received from Americas Styrenics. We ended the year with liquidity of $650 million.
Outlook
Commenting on 2015 Pappas said, “Our new business alignment was completed and became effective in January 2015, creating two new business divisions – Performance Materials and Basic Plastics & Feedstocks. Grouping businesses with similar strategies and drivers, this alignment enables more effective management and increased visibility between our commodity and differentiated businesses.”
“We expect very strong results in the first quarter excluding inventory revaluation driven by customer restocking and higher margins on lower costs. For full year 2015, we expect healthy year-over-year EBITDA improvement driven by cyclical rebound of styrene monomer, structural and cyclical improvement in polycarbonate, and volume growth in Synthetic Rubber and Performance Plastics, which will more than offset headwinds from the weaker Euro,” Pappas continued.

Conference Call and Webcast Information
Trinseo will host a conference call to discuss its fourth quarter and full year 2014 financial results tomorrow, Thursday, March 5, 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: 85362004
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 fourth quarter and full year 2014 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 March 4, 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)
(Unaudited)

 	  	Three Months Ended	 	  	Twelve Months Ended	 	
 	  	December 31,
2014	 	 	September 30,
2014	 	 	December 31,
2013	 	  	December 31,
2014	 	 	December 31,
2013	 	
Net sales	  	$	1,122,401	  	 	$	1,305,493	  	 	$	1,245,111	  	  	$	5,127,961	  	 	$	5,307,414	  	
Cost of sales	  	 	1,084,355	  	 	 	1,237,257	  	 	 	1,129,930	  	  	 	4,830,640	  	 	 	4,949,404	  	
	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Gross profit		 	38,046	  		 	68,236	  		 	115,181	  		 	297,321	  		 	358,010	  	
Selling, general and administrative expenses		 	60,235	  		 	48,113	  		 	61,852	  		 	232,586	  		 	216,858	  	
Equity in earnings of unconsolidated affiliates		 	18,154	  		 	9,267	  		 	12,195	  		 	47,749	  		 	39,138	  	
	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Operating income		 	(4,035	) 		 	29,390	  		 	65,524	  		 	112,484	  		 	180,290	  	
Interest expense, net		 	29,405	  		 	30,098	  		 	33,111	  		 	124,923	  		 	132,038	  	
Loss on extinguishment of long-term debt		 	—  	 		 	7,390	  		 	—  	 		 	7,390	  		 	20,744	  	
Other expense (income), net		 	(1,622	) 		 	(1,638	) 		 	8,027	  		 	27,784	  		 	27,877	  	
	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Income (loss) before income taxes		 	(31,818	) 		 	(6,460	) 		 	24,386	  		 	(47,613	) 		 	(369	) 	
Provision for (benefit from) income taxes		 	(2,131	) 		 	3,650	  		 	13,798	  		 	19,719	  		 	21,849	  	
	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Net income (loss)		$	(29,687	) 		$	(10,110	) 		$	10,588	  		$	(67,332	) 		$	(22,218	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Weighted average shares- basic and diluted		 	48,770	  		 	48,770	  		 	37,270	  		 	43,476	  		 	37,270	  	
Net income (loss) per share- basic and diluted		$	(0.61	) 		$	(0.21	) 		$	0.28	  		$	(1.55	) 		$	(0.60	) 	

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

 	  	December 31,	 	
 	  	2014	 	 	2013	 	
Assets	  				 				
Current assets	  				 				
Cash and cash equivalents	  	$	220,786	  	 	$	196,503	  	
Accounts receivable, net of allowance for doubtful accounts	  	 	601,066	  	 	 	717,482	  	
Inventories	  	 	473,861	  	 	 	530,191	  	
Deferred income tax assets	  	 	11,786	  	 	 	9,820	  	
Other current assets	  	 	15,164	  	 	 	22,750	  	
	  	 	 	 	 	 	 	 	
Total current assets		 	1,322,663	  		 	1,476,746	  	
	  	 	 	 	 	 	 	 	
Investments in unconsolidated affiliates		 	167,658	  		 	155,887	  	
Property, plant and equipment, net of accumulated depreciation		 	556,697	  		 	606,427	  	
Other assets									
Goodwill		 	34,574	  		 	37,273	  	
Other intangible assets, net		 	165,358	  		 	171,514	  	
Deferred income tax assets—noncurrent		 	46,812	  		 	42,938	  	
Deferred charges and other assets		 	62,354	  		 	83,996	  	
	  	 	 	 	 	 	 	 	
Total other assets		 	309,098	  		 	335,721	  	
	  	 	 	 	 	 	 	 	
Total assets		$	2,356,116	  		$	2,574,781	  	
	  	 	 	 	 	 	 	 	
Liabilities and shareholders’ equity									
Current liabilities									
Short-term borrowings		$	7,559	  		$	8,754	  	
Accounts payable		 	434,692	  		 	509,093	  	
Income taxes payable		 	9,413	  		 	9,683	  	
Deferred income tax liabilities		 	1,413	  		 	2,903	  	
Accrued expenses and other current liabilities		 	120,928	  		 	136,129	  	
	  	 	 	 	 	 	 	 	
Total current liabilities		 	574,005	  		 	666,562	  	
	  	 	 	 	 	 	 	 	
Noncurrent liabilities									
Long-term debt		 	1,194,648	  		 	1,327,667	  	
Deferred income tax liabilities—noncurrent		 	27,311	  		 	26,932	  	
Other noncurrent obligations		 	239,287	  		 	210,418	  	
	  	 	 	 	 	 	 	 	
Total noncurrent liabilities		 	1,461,246	  		 	1,565,017	  	
	  	 	 	 	 	 	 	 	
Commitments and contingencies									
Shareholders’ equity									
Common stock, $0.01 nominal value, 50,000,000 shares authorized at December 31, 2014 and 2013, and 48,770 and 37,270 shares issued and outstanding at December 31, 2014 and 2013, respectively		 	488	  		 	373	  	
Additional paid-in-capital		 	547,530	  		 	339,055	  	
Accumulated deficit		 	(151,936	) 		 	(84,604	) 	
Accumulated other comprehensive income (loss)		 	(75,217	) 		 	88,378	  	
	  	 	 	 	 	 	 	 	
Total shareholders’ equity		 	320,865	  		 	343,202	  	
	  	 	 	 	 	 	 	 	
Total liabilities and shareholders’ equity		$	2,356,116	  		$	2,574,781	  	

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

 	  	Year Ended
December 31,	 	
 	  	2014	 	 	2013	 	
Cash flows from operating activities	  				 				
Cash provided by operating activities	  	$	117,221	  	 	$	211,335	  	
	  	 	 	 	 	 	 	 	
Cash flows from investing activities									
Capital expenditures		 	(98,606	) 		 	(73,544	) 	
Proceeds from capital expenditures subsidy		 	—  	 		 	18,769	  	
Proceeds from the sale of businesses and other assets		 	6,257	  		 	15,221	  	
Payment for working capital adjustment from sale of business		 	(700	) 		 	—  	 	
Advance payment refunded		 	—  	 		 	(2,711	) 	
Distributions from unconsolidated affiliates		 	978	  		 	1,055	  	
(Increase) / decrease in restricted cash		 	(533	) 		 	7,852	  	
	  	 	 	 	 	 	 	 	
Cash used in investing activities		 	(92,604	) 		 	(33,358	) 	
	  	 	 	 	 	 	 	 	
Cash flows from financing activities									
Proceeds from initial public offering, net of offering costs		 	198,087	  		 	—  	 	
Deferred financing fees		 	—  	 		 	(48,255	) 	
Short-term borrowings, net		 	(56,901	) 		 	(42,877	) 	
Repayments of Term Loans		 	—  	 		 	(1,239,000	) 	
Proceeds from issuance of Senior Notes		 	—  	 		 	1,325,000	  	
Repayments of Senior Notes		 	(132,500	) 		 	—  	 	
Proceeds from Accounts Receivable Securitization Facility		 	308,638	  		 	376,630	  	
Repayments of Accounts Receivable Securitization Facility		 	(309,205	) 		 	(471,696	) 	
Proceeds from Revolving Facility		 	—  	 		 	405,000	  	
Repayments of Revolving Facility		 	—  	 		 	(525,000	) 	
	  	 	 	 	 	 	 	 	
Cash provided by (used in) financing activities		 	8,119	  		 	(220,198	) 	
Effect of exchange rates on cash		 	(8,453	) 		 	2,367	  	
	  	 	 	 	 	 	 	 	
Net change in cash and cash equivalents		 	24,283	  		 	(39,854	) 	
Cash and cash equivalents—beginning of period		 	196,503	  		 	236,357	  	
	  	 	 	 	 	 	 	 	
Cash and cash equivalents—end of period		$	220,786	  		$	196,503	  	

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

(In thousands)	  	Three Months Ended	 	  	Twelve Months Ended	 	
 	  	December 31,
2014	 	  	September 30,
2014	 	  	December 31,
2013	 	  	December 31,
2014	 	  	December 31,
2013	 	
	  			  			  			  			  			
Latex	  	$	285,755	  	  	$	328,394	  	  	$	307,604	  	  	$	1,261,137	  	  	$	1,341,424	  	
Synthetic Rubber	  	 	136,891	  	  	 	155,452	  	  	 	147,920	  	  	 	633,983	  	  	 	622,059	  	
Styrenics	  	 	452,466	  	  	 	560,527	  	  	 	529,862	  	  	 	2,197,067	  	  	 	2,305,434	  	
Engineered Polymers	  	 	247,289	  	  	 	261,120	  	  	 	259,725	  	  	 	1,035,774	  	  	 	1,038,497	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total Revenue		$	1,122,401	  		$	1,305,493	  		$	1,245,111	  		$	5,127,961	  		$	5,307,414	  	

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), Adjusted EPS, Adjusted Net Income (loss) excluding inventory revaluation, and Adjusted EPS excluding inventory revaluation 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. Adjusted Net Income (loss) excluding inventory revaluation is calculated as Adjusted Net Income (loss), less the tax-effected impact of inventory revaluation. Adjusted EPS excluding inventory revaluation is calculated as Adjusted Net Income (loss) excluding inventory revaluation per weighted average diluted shares outstanding for a given period. We believe that Adjusted Net Income (loss) and EPS, and Adjusted Net Income (loss) excluding inventory revaluation and 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	 	 	Twelve Months Ended	 	 	 	
 	  	December 31,
2014	 	 	September 30,
2014	 	 	December 31,
2013	 	 	December 31,
2014	 	 	December 31,
2013	 	 	 	
Net income (loss)	  	$	(29.7	) 	 	$	(10.1	) 	 	$	10.6	  	 	$	(67.3	) 	 	$	(22.2	) 	 		
Interest expense, net	  	 	29.4	  	 	 	30.1	  	 	 	33.1	  	 	 	124.9	  	 	 	132.0	  	 		
Provision for income taxes	  	 	(2.1	) 	 	 	3.7	  	 	 	13.8	  	 	 	19.7	  	 	 	21.8	  	 		
Depreciation and amortization	  	 	24.9	  	 	 	27.8	  	 	 	24.2	  	 	 	103.7	  	 	 	95.2	  	 		
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
EBITDA		$	22.5	  		$	51.5	  		$	81.7	  		$	181.0	  		$	226.8	  			
Asset impairment charges or write-offs (a)		 	—  	  		 	—  	  		 	9.2	  		 	—  	  		 	9.9	  		Selling, general, and administrative expenses	
Loss on extinguishment of long-term debt		 	—  	  		 	7.4	  		 	—  	  		 	7.4	  		 	20.7	  		Loss on extinguishment of long-term debt	
Net loss (gain) on disposition of businesses and assets (b)		 	(0.6	) 		 	—  	 		 	—  	  		 	(0.6	) 		 	4.2	  		Other expense (income), net	
Restructuring and other charges (c)		 	6.6	  		 	0.8	  		 	1.8	  		 	10.0	  		 	10.8	  		Selling, general, and administrative expenses	
Fees paid pursuant to advisory agreement (d)		 	—  	  		 	—  	  		 	1.2	  		 	25.4	  		 	4.7	  		Selling, general, and administrative expenses	
Other non-recurring items (e)		 	3.9	  		 	1.9	  		 	(0.4	) 		 	38.4	  		 	0.8	  		Selling, general, and administrative expenses; Other expense (income), net	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted EBITDA		$	32.4	  		$	61.6	  		$	93.5	  		$	261.6	  		$	277.9	  			
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Inventory revaluation (f)		 	71.8	  		 	0.8	  		 	(12.0	) 		 	64.4	  		 	40.4	  			
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted EBITDA, excluding inventory revaluation		$	104.2	  		$	62.4	  		$	81.5	  		$	326.0	  		$	318.3	  			
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted EBITDA to Adjusted Net Income (loss), excluding inventory revaluation:																							
Adjusted EBITDA		$	32.4	  		$	61.6	  		$	93.5	  		$	261.6	  		$	277.9	  			
Interest expense, net		 	29.4	  		 	30.1	  		 	33.1	  		 	124.9	  		 	132.0	  			
Provision for income taxes – Adjusted (g)		 	1.8	  		 	5.4	  		 	14.4	  		 	29.4	  		 	28.4	  			
Depreciation and amortization – Adjusted (h)		 	24.5	  		 	25.6	  		 	24.2	  		 	99.6	  		 	95.2	  			
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted Net Income (loss)		$	(23.3	) 		$	0.5	  		$	21.8	  		$	7.7	  		$	22.3	  			

Inventory revaluation (f)		 	71.8	  		 	0.8	  		 	(12.0	) 		 	64.4	  		 	40.4	  			
Tax effect of inventory revaluation (i)		 	(11.1	) 		 	(0.1	) 		 	4.9	  		 	(9.3	) 		 	(4.3	) 			
Adjusted Net Income (loss), excluding inventory revaluation		$	37.4	  		$	1.2	  		$	14.7	  		$	62.8	  		$	58.4	  			

Adjusted EPS		$	(0.48	) 		$	0.01	  		$	0.58	  		$	0.18	  		$	0.60	  			

Adjusted EPS, excluding inventory revaluation		$	0.77	  		$	0.02	  		$	0.39	  		$	1.44	  		$	1.57	  			
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted EBITDA by Segment:																							
Latex		$	18.3	  		$	26.2	  		$	24.3	  		$	97.2	  		$	106.2	  			
Synthetic Rubber		 	30.3	  		 	26.6	  		 	42.0	  		 	137.0	  		 	113.4	  			
Styrenics		 	(4.2	) 		 	21.6	  		 	51.8	  		 	86.9	  		 	164.9	  			
Engineered Polymers		 	8.3	  		 	1.8	  		 	1.8	  		 	13.1	  		 	0.1	  			
Corporate unallocated		 	(20.3	) 		 	(14.6	) 		 	(26.4	) 		 	(72.6	) 		 	(106.7	) 			
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted EBITDA		$	32.4	  		$	61.6	  		$	93.5	  		$	261.6	  		$	277.9	  			

(a)	Asset impairment charges or write-offs for three and twelve months ended December 31, 2013 relate primarily to the $9.2 million impairment charge for fixed assets at our polycarbonate manufacturing plant in Stade, Germany.	
(b)	Net loss (gain) on disposition of businesses and assets for the years ended December 31, 2014 and 2013 of $(0.6) million and $4.2 million, respectively, relate 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.	
(c)	Restructuring and other charges for the three and twelve months periods above were incurred primarily in connection with the shutdown of our latex manufacturing plant in Altona, Australia and the restructuring within our Engineered Polymers business. 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 Engineered Polymers business restructuring. Note that the accelerated depreciation charges incurred as part of the 2014 restructuring within our Engineered Polymers business are included within the depreciation caption above, and therefore not included as a separate adjustment within this caption.	
(d)	Represents fees paid under the terms of our advisory agreement with Bain Capital. For the year ended December 31, 2014, this includes a charge of $23.3 million for fees incurred in connection with the termination of the Advisory Agreement, pursuant to its terms, upon consummation of the Company’s IPO in June 2014.	
(e)	Other non-recurring items incurred for the year ended December 31, 2014 include a one-time $32.5 million termination payment made to Dow in connection with the termination of our Latex JV Option Agreement. Additional amounts incurred during 2014 consist of 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.	
(f)	See the discussion above this table for a description of inventory revaluation.	
(g)	Adjusted to remove the tax impact of the related items noted above in (a) – (e). Additionally, the three and twelve months ended December 31, 2014 exclude a $0.6 million tax benefit recognized due to the release of a reserve for an uncertain tax position. The year ended December 31, 2014 also excludes a $2.7 million tax benefit related to a previously unrecognized tax benefit resulting from the effective settlement of a 2010 and 2011 audit with the IRS and the impact of a $1.0 million valuation allowance recognized in Greece. The year ended December 31, 2013 excludes $2.2 million, net of tax expense related to the impact of tax law changes, provision to tax return adjustments and the establishment of valuation allowances related to cumulative prior year results.	
(h)	Excludes accelerated depreciation related primarily to the termination of our contract manufacturing agreement with Dow at Dow’s Freeport, Texas facility during the year ended December 31, 2014.	
(i)	Amounts consist of the tax impact of inventory revaluation each period, which is removed in order to calculate Adjusted Net Income (loss), excluding inventory revaluation. The tax impact of inventory revaluation is estimated in a similar manner as tax calculated on all other earnings during each period.	
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	 	  	Twelve Months Ended	 	
 	  	December 31,
2014	 	  	December 31,
2013	 	  	December 31,
2014	 	 	December 31,
2013	 	
Cash provided by operating activities	  	$	115.6	 	  	$	117.7	 	  	$	117.2	 	 	$	211.3	 	
Cash used in investing activities	  	 	(29.9	) 	  	 	(9.0	) 	  	 	(92.6	) 	 	 	(33.4	) 	
Impact of changes in restricted cash	  	 	0.5	  	  	 	—  	 	  	 	0.5	  	 	 	(7.9	) 	
	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Free Cash Flow		$	86.2	 		$	108.7	 		$	25.1	 		$	170.0	 	

Note : Free cash flow for the twelve months ended December 31, 2014, includes $56 million outflow resulting from the termination of our Latex JV Option Agreement with Dow and our Advisory Agreement with Bain Capital.
Liquidity

 	  	December 31,	 	
(in millions)	  	2014	 	  	2013	 	
Cash and cash equivalents	  	$	220.8	  	  	$	196.5	  	
Available borrowings under accounts receivable securitization agreement	  	 	136.1	  	  	 	143.8	  	
Available borrowings under the revolving facility	  	 	293.3	  	  	 	292.7	  	
	  	 	 	 	  	 	 	 	
Liquidity		$	650.2	  		$	633.0	  	

	

™
Trademark
Q4 and Full Year 2014
Earnings Summary
March 5, 2015
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
The forward looking statements contained in this presentation involve risks and uncertainties that may
affect the Company's operations, markets, products, services, prices and other factors. These risks and
uncertainties include, but are not limited to, economic, competitive, legal, governmental and
technological factors. Accordingly, there is no assurance that the Company's expectations expressed in
such forward looking statements will be realized. The Company assumes no obligation to provide
revisions to any forward looking statements in this presentation should circumstances change.

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), Adjusted Net Income (loss) excluding inventory
revaluation, Adjusted EPS, and Adjusted EPS excluding inventory revaluation.  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.

	

Agenda
3
Business Overview
Financial Review
Forward Focus
Q&A	

	

Trinseo Business Overview
4
Engineered Polymers
Revenue: $1,036MM
Adj EBITDA: $13MM
Styrenics
Revenue: $2,197MM
Adj EBITDA: $87MM
Emulsion Polymers
Revenue: $1,895MM
Adj EBITDA: $234MM
Adj EBITDA ex Inv Reval: $246MM
Plastics
Revenue: $3,233MM
Adj EBITDA: $100MM
Adj EBITDA ex Inv Reval: $153MM
Synthetic Rubber
Revenue: $634MM
Adj EBITDA: $137MM
2014 Revenue: $5,128MM
2014 Adj EBITDA: $262MM
2014 Adj EBITDA ex Inv Reval: $326MM
Latex
Revenue: $1,261MM
Adj EBITDA: $97MM
NOTE: Division and Segment Adjusted EBITDA and Adjusted EBITDA excluding inventory revaluation exclude Corporate Segment Adjusted EBITDA of $(73)MM. Totals may not sum due to rounding.
Consistent volumes and
EBITDA
8% volume growth in
Asia
Double digit volume
growth in carpet
High single digit volume
growth in Performance
Latex
28% SSBR volume
growth
Mix shift toward more
differentiated grades
SSBR now 45% of total
volume
eSSBR now greater than
50% of SSBR volume
Purchased 25kt of SSBR
capacity rights from JSR
Trialing Generation 4 SSBR
Styrene operating rates in
mid-80s
Elevated Q4 SM margins
due to outages
Polystyrene volume decline
driven by customer
destocking in last half of
year
$50MM of equity earnings
Polycarbonate restructuring
completed
Polycarbonate operating
rates now greater than
80%
Automotive volumes up 5%
excluding LATAM
CEM volume up 7%	

	

Trinseo
Business
Overview
–
Q4
5
Engineered Polymers
Revenue: $247MM
Adj EBITDA: $8MM
Styrenics
Revenue: $452MM
Adj EBITDA: $(4)MM
Emulsion Polymers
Revenue: $423MM
Adj EBITDA: $49MM
Adj EBITDA ex Inv Reval: $62MM
Plastics
Revenue: $700MM
Adj EBITDA: $4MM
Adj EBITDA ex Inv Reval: $63MM
#3 Polystyrene Globally
Leading Player
Synthetic Rubber
Revenue: $137MM
Adj EBITDA: $30MM
Top 3 SSBR Globally
Revenue: $1,122MM
Adj EBITDA: $32MM
Adj EBITDA ex Inv Reval: $104MM
Latex
Revenue: $286MM
Adj EBITDA: $18MM
#1 Globally in SB Latex
End
markets
Market
position
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
$5+ billion in annual revenue, world leader in the production of
latex, rubber and plastics
Appliances
Consumer goods
Construction/sheet
Packaging
Automotive
Consumer electronics
Automotive
Consumer electronics
Construction/sheet
Electrical and lighting
Medical devices
NOTE: Division and Segment Adjusted EBITDA and Adjusted EBITDA excluding inventory revaluation exclude Corporate Unallocated Adjusted EBITDA of $(20)MM. Totals may not sum due to rounding.	

	

Key Styrene Raw Material Trends
6
Europe
(1)
Asia
(2)
Styrene
Ethylene
Benzene
Styrene
Ethylene
Benzene
SM
Margin
SM
Margin
Q3 to Q4
+$100/MT
Q3 to Q4
+$35/MT
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
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 – Monthly 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. 

	

Benzene Contract = $960/MT
Styrene Margins in Declining Price Environment
7
Styrene Contract ~ $1,500/MT
Benzene Spot
Benzene 50/50
•
Styrene products (e.g. polystyrene, latex) pricing driven largely by beginning of month
styrene contract price
•
Styrene margins increased through the month
$114/MT = $4MM EBITDA
(1)
(1)  Based on normal monthly styrene production of 50 KMT and corresponding 40 KMT benzene consumption.
December 2014
600
700
800
900
1,000	

	

™
Trademark
Financial Review
John Feenan
EVP & CFO	

	

Inventory Revaluation
9
•
Inventory revaluation represents the
difference in raw material cost between the
FIFO accounting basis and the current
period cost
•
It can be estimated by taking the expected
change in raw material cost during the
period, and multiplying that by the inventory
quantity
Q3
Q4
Q1
Q3
Q4
Q1
Q3
Q4
Q1
0
200
400
600
800
1,000
1,200
1,400
1,600
Benzene
Ethylene
Butadiene
Europe Feedstock Cost
Cost
Inv Reval
Q4 to Q1
Inventory
Q1 Est
Product*
($/MT)
(KMT)
($MM)
Europe Benzene
(300)
52
(16)
Europe Ethylene
(174)
18
(3)
Europe Butadiene
(276)
45
(12)
Asia Benzene
(97)
36
(3)
Asia Ethylene
(8)
12
(0)
NA Styrene
(298)
20
(6)
(41)
*Europe Benzene: W. Europe Contract – Monthly Market (FOB/CIF W. Europe); Europe Ethylene: W. Europe Contract – Market Pipeline  (Delivered W. Europe); Europe Butadiene: W.
Europe Contract Market (ExW/Del pr09 W. Europe); Asia Benzene: NE Asia Spot Avg (FOB S. Korea); Asia Ethylene: NE Asia Spot Avg (CFR NE Asia); North America Styrene: North 
America Contract – Market (FOB United States). 

	

Trinseo Quarterly Results
10
NOTE: Totals may not sum due to rounding.
F/(U) vs.
(in $millions, unless noted)
Q4'14
Q3'14
Q4'13
Q4'13
Volume (MMlbs)
1,223
1,315
1,218
Revenue
1,122
1,305
1,245
(14)%
(10)%
Volume
(6)%
(0)%
Price
(5)%
(5)%
FX
(3)%
(4)%
Adj EBITDA
32
62
93
Adj EBITDA ex Inv Reval
104
62
81
Adj EBITDA ex Inv Reval Margin
9%
5%
7%
Adj Net Income (loss)
(23)
1
22
Adj Net Income ex Inv Reval
37
1
15
Wtd Avg Shares Outstanding (000)
48,770
48,770
37,270
Adjusted EPS ($)
(0.48)
0.01
0.58
Adjusted EPS ($) ex Inv Reval
0.77
0.02
Q3'14
0.39	

	

Latex
NOTE:
Totals
may
not
sum
due
to
rounding.
Volume
in
millions
of
pounds.
11	

	

Synthetic Rubber
NOTE:
Totals
may
not
sum
due
to
rounding.
Volume
in
millions
of
pounds.
12	

	

13
Styrenics
NOTE:
Totals
may
not
sum
due
to
rounding.
Volume
in
millions
of
pounds.
Adjusted
EBITDA
includes
earnings
from
equity
affiliate
(Americas
Styrenics).	

	

Engineered Polymers
14
NOTE:
Totals
may
not
sum
due
to
rounding.
Volume
in
millions
of
pounds.
Adjusted
EBITDA
includes
earnings
and
losses
from
equity
affiliate
(Sumika
Styron).	

	

(1) Free Cash Flow = cash from operating activities + cash from investing activities – change in restricted cash.  2014 value of $81 million excludes approximately $56 million of termination fees for Latex JV
Option and Bain Advisory Agreement.   (2) A/R Securitization facility commitment of $200MM ($136MM available at Q4’14) and Revolving Credit facility commitment of $300MM ($293MM available at Q4’14) .   
NOTE:  Totals may not sum due to rounding.

Balance Sheet and Cash Flow
15	

	

™
Trademark
2015 Focus
Chris Pappas
President & CEO	

	

Key Styrene Raw Material Trends
17
Europe
(1)
Asia
(2)
Q4 to Q1
-$75/MT
Q4 to Q1
+$50/MT
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
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 – Monthly 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.

Styrene
Ethylene
Benzene
Styrene
Ethylene
Benzene	

	

Key Butadiene Price Trends
18
Butadiene
Source:
IHS.
Asia:
NE
Asia
Spot
(CFR
NE
Asia)
Europe:
W.
Europe
Contract
Market
(ExW/Del
pr09
W.
Europe);
NA:
North
America
Contract
Market
(FOB
US
Gulf
Coast).
Europe
Asia
North America
400
800
1,200
1,600
2,000
2,400	

	

19
New Business Segmentation
Performance Materials
Revenue: $2,716MM
Adj EBITDA: $304MM
Adj EBITDA ex Inv Reval: $319MM
Basic Plastics & Feedstocks
Revenue: $2,412MM
Adj EBITDA: $31MM
Adj EBITDA ex Inv Reval: $79MM
Latex
Revenue: $1,261MM
Adj EBITDA: $97MM
New business segmentation financial reporting effective as of January 1, 2015
Strategic Intent:
Strategic Intent:
Styrenic Polymers / Americas Styrenics
Polycarbonate
Feedstocks
Synthetic Rubber
Revenue: $634MM
Adj EBITDA: $137MM
Performance
Plastics
Revenue: $821MM
Adj EBITDA: $69MM
Trinseo
2014 Revenue: $5,128MM
2014 Adj EBITDA: $262MM
2014 Adj EBITDA ex Inv Reval: $326MM
NOTE: Division and Segment Adjusted EBITDA and Adjusted EBITDA excluding inventory revaluation exclude Corporate Segment Adjusted EBITDA of $(73)MM. Totals may not sum due to rounding.
Grow EBITDA via technology leadership in
focused markets
Organic growth and possible bolt-on
acquisitions
Generate cash via cost control and margin
improvement
No organic investment but possible industry 
consolidation	

	

2015 Expectations
20
Performance Materials
Basic Plastics
& Feedstocks
Synthetic Rubber
Latex
Performance
Plastics
General
•
Q1: Unfavorable inventory revaluation impact of about $40 million; currency
impact versus Q4 of about $3 million
•
Q2: Inventory revaluation to reverse to positive on expected rising feedstocks
•
Full Year: Currency impact versus 2014 of about $25 million at 1.15 USD/EUR
Q1:
Seasonally higher
volume versus Q4
2015:
Continued steady
performance; growth in
Asia and performance
latex volumes
Q1:
Sequentially higher
EBITDA due to seasonally
high volume; offset by FX
& inv reval
2015:
Higher SSBR
volume with offsets from
FX, margin, and
technology investments;
Q2 turnaround sequential
$10MM impact
Q1:
Significantly higher
margins due to lower raw
material cost
2015:
Improvement over
2014 due to product
growth and higher margins
Q1:
Higher styrenic
polymer and  PC margins
as well as higher JV
income partially offset by
lower styrene margin
2015:
Full year of PC
restructuring benefit with
cyclical upside; SM in
cyclical rebound; Q2
styrenic polymers
turnaround $6MM impact	

	

™
Trademark
Q&A	

	

™
Trademark
Appendix	

	

US GAAP to Non-GAAP Reconciliation
23
NOTE: The tax effect of inventory revaluation is estimated in a similar manner as tax calculated on all other earnings during each period.
(in $millions, unless noted)
Q1'12
Q2'12
Q3'12
Q4'12
Q1'13
Q2'13
Q3'13
Q4'13
Q1'14
Q2'14
Q3'14
Q4'14
2012
2013
2014
Net Income (Loss)
30.1
1.9
(1.2)
(0.5)
(9.7)
(28.1)
4.9
10.6
17.1
(44.6)
(10.1)
(29.7)
30.3
(22.2)
(67.3)
Interest expense, net
25.7
26.6
28.6
29.1
32.3
33.7
32.9
33.1
32.8
32.6
30.1
29.4
110.0
132.0
124.9
Provision for (benefit from) income taxes
25.1
(6.1)
10.3
(11.8)
(0.1)
2.2
6.0
13.8
12.8
5.4
3.7
(2.1)
17.5
21.8
19.7
Depreciation and amortization
20.9
22.0
20.0
22.7
23.9
24.0
23.2
24.2
23.7
27.2
27.8
24.9
85.6
95.2
103.7
EBITDA
101.8
44.4
57.7
39.5
46.4
31.8
67.0
81.7
86.4
20.6
51.5
22.5
243.4
226.8
181.0
Loss on extinguishment of long-term debt
-
-
-
-
20.7
-
-
-
-
-
7.4
-
-
20.7
7.4
Other non-recurring items
-
-
(0.7)
-
1.1
-
-
(0.4)
-
32.5
1.9
3.9
(0.6)
0.8
38.4
Restructuring and other charges
7.8
0.1
(0.4)
-
-
6.5
2.6
1.8
0.5
2.1
0.8
6.6
7.5
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
1.1
1.2
1.1
1.2
1.2
1.2
1.2
1.2
1.2
24.2
-
-
4.6
4.7
25.4
Asset impairment charges or write-offs
-
-
-
-
-
0.7
-
9.2
-
-
-
-
-
9.9
-
Adjusted EBITDA
110.7
45.7
57.7
40.7
69.4
43.4
71.8
93.5
88.1
79.4
61.6
32.4
254.9
277.9
261.6
Inventory Revaluation
(52.1)
9.2
2.4
2.1
(0.2)
26.2
26.4
(12.0)
(5.6)
(2.6)
0.8
71.8
(38.4)
40.4
64.4
Adjusted EBITDA Ex Inv Reval
58.6
54.9
60.0
42.8
69.3
69.6
98.2
81.5
82.5
76.8
62.3
104.2
216.5
318.3
326.0
Adjusted EBITDA to Adjusted Net Income Ex Inv Reval
Adjusted EBITDA
110.7
45.7
57.7
40.7
69.4
43.4
71.8
93.5
88.1
79.4
61.6
32.4
254.9
277.9
261.6
Interest expense, net
25.7
26.6
28.6
29.1
32.3
33.7
32.9
33.1
32.8
32.6
30.1
29.4
110.0
132.0
124.9
Provision
for
(benefit
from)
income
taxes
-
Adjusted
27.1
(4.0)
10.5
1.9
4.9
3.9
5.2
14.4
12.0
10.1
5.4
1.8
35.4
28.4
29.4
Depreciation
and
amortization
-
Adjusted
20.9
22.0
20.0
22.7
23.9
23.9
23.2
24.2
23.7
25.8
25.6
24.5
85.6
95.2
99.6
Adjusted Net Income
37.0
1.1
(1.4)
(13.0)
8.3
(18.1)
10.5
21.8
19.6
10.9
0.5
(23.3)
23.9
22.3
7.7
Inventory Revaluation
(52.1)
9.2
2.4
2.1
(0.2)
26.2
26.4
(12.0)
(5.6)
(2.6)
0.8
71.8
(38.4)
40.4
64.4
Tax effect of inv reval
13.6
3.0
(4.8)
(6.0)
0.1
(7.6)
(1.9)
4.9
1.2
0.8
(0.1)
(11.1)
5.9
(4.3)
(9.3)
Adjusted Net Income Ex Inv Reval
(1.5)
13.3
(3.8)
(16.9)
8.2
0.5
35.0
14.7
15.2
9.1
1.2
37.4
(8.6)
58.4
62.8
Weighted Average Shares Outstanding (thousands)
37,270
37,270
37,270
37,270
37,270
38,912
48,770
48,770
37,270
43,476
Adjusted EPS ($)
0.22
(0.49)
0.28
0.58
0.53
0.28
0.01
(0.48)
0.60
0.18
Adjusted EPS ($) Ex Inv Reval
0.22
0.01
0.94
0.39
0.41
0.23
0.02
0.77
1.57
1.44
Adjustments by Statement of Operations Caption
Loss on extinguishment of long-term debt
-
-
-
-
20.7
-
-
-
-
-
7.4
-
-
20.7
7.4
Selling, general and administrative expenses
8.9
1.3
0.7
1.2
1.2
8.4
3.8
12.2
1.7
26.3
2.7
10.5
12.2
25.5
41.3
Other expense (income), net
-
-
(0.7)
-
1.1
3.2
1.0
(0.4)
-
32.5
-
(0.6)
(0.7)
4.9
31.9
Total EBITDA Adjustments
8.9
1.3
-
1.2
23.0
11.6
4.8
11.8
1.7
58.8
10.1
9.9
11.5
51.1
80.6	

	

Selected Segment Information
24
NOTE: Totals may not sum due to rounding.
(in $millions, unless noted)
Q1'12
Q2'12
Q3'12
Q4'12
Q1'13
Q2'13
Q3'13
Q4'13
Q1'14
Q2'14
Q3'14
Q4'14
2012
2013
2014
Latex
330
317
327
301
307
305
310
288
299
295
309
289
1,275
1,210
1,193
Synthetic Rubber
125
106
116
130
137
125
128
133
155
142
136
135
477
523
568
Emulsion Polymers
455
423
443
431
444
429
438
422
454
437
445
424
1,752
1,733
1,761
Styrenics
664
652
679
614
669
679
644
597
686
689
671
606
2,608
2,588
2,653
Engineered Polymers
218
201
194
192
199
203
200
199
204
201
199
193
804
801
796
Plastics
882
852
873
806
867
881
844
796
890
890
870
799
3,413
3,389
3,449
Trade Volume (MMLbs)
1,337
1,275
1,316
1,237
1,311
1,311
1,282
1,218
1,344
1,327
1,315
1,223
5,165
5,122
5,210
Latex
398
422
375
351
357
345
332
308
326
321
328
286
1,545
1,341
1,261
Synthetic Rubber
193
175
155
179
176
156
142
148
177
165
155
137
702
622
634
Emulsion Polymers
590
597
530
530
533
501
474
456
503
486
484
423
2,247
1,963
1,895
Styrenics
528
538
542
541
602
597
576
530
594
590
561
452
2,149
2,305
2,197
Engineered Polymers
278
274
255
249
256
263
259
260
262
266
261
247
1,056
1,039
1,036
Plastics
806
812
797
790
858
861
835
790
856
855
822
700
3,205
3,344
3,233
Net Sales
1,396
1,409
1,327
1,320
1,392
1,362
1,309
1,245
1,359
1,341
1,305
1,122
5,452
5,307
5,128
Latex
27
39
33
27
27
29
27
24
26
27
26
18
125
106
97
Synthetic Rubber
44
24
19
24
31
28
13
42
43
37
27
30
111
113
137
Emulsion Polymers
71
63
51
51
57
56
39
66
69
64
53
49
237
220
234
Styrenics
49
(9)
24
19
25
21
67
52
42
27
22
(4)
83
165
87
Engineered Polymers
16
2
13
0
(1)
(3)
2
2
(2)
5
2
8
32
0
13
Plastics
66
(7)
37
19
25
18
69
54
40
32
23
4
115
165
100
Corporate
(26)
(11)
(30)
(29)
(13)
(31)
(37)
(27)
(21)
(17)
(15)
(20)
(96)
(107)
(73)
Adjusted EBITDA
111
46
58
41
69
43
72
93
88
79
62
32
255
278
262
Emulsion Polymers
51
66
63
54
60
63
60
58
66
64
54
62
234
241
246
Plastics
34
0
27
18
22
37
75
50
37
30
23
63
79
184
153
Corporate
(26)
(11)
(30)
(29)
(13)
(31)
(37)
(27)
(21)
(17)
(15)
(20)
(96)
(107)
(73)
Adjusted EBITDA excl Inv Reval
59
55
60
43
69
70
98
81
83
77
62
104
217
318
326
Styrenics
(5)
(8)
(7)
(7)
(3)
(9)
(15)
(12)
(16)
(7)
(11)
(17)
(27)
(39)
(50)
Engineered Polymers
(1)
1
(0)
0
0
0
(0)
(0)
1
1
2
(1)
(0)
0
3
Plastics
(6)
(7)
(7)
(7)
(3)
(9)
(15)
(12)
(15)
(5)
(9)
(18)
(27)
(39)
(48)
Equity in earnings of affiliates
(6)
(7)
(7)
(7)
(3)
(9)
(15)
(12)
(15)
(5)
(9)
(18)
(27)
(39)
(48)	

	

Selected NEW Segment Information
25
NOTE: Totals may not sum due to rounding.
(in $millions, unless noted)
Q1'12
Q2'12
Q3'12
Q4'12
Q1'13
Q2'13
Q3'13
Q4'13
Q1'14
Q2'14
Q3'14
Q4'14
2012
2013
2014
Latex
330
317
327
301
307
305
310
288
299
295
309
289
1,275
1,210
1,193
Synthetic Rubber
125
106
116
130
137
125
128
133
155
142
136
135
477
523
568
Performance Plastics
152
159
146
142
140
150
145
144
144
147
145
145
598
579
581
Performance Materials
607
582
589
573
584
580
583
566
598
584
591
569
2,350
2,312
2,342
Basic Plastics & Feedstocks
730
694
727
664
727
731
699
652
746
743
725
654
2,814
2,810
2,867
Trade Volume (MMLbs)
1,337
1,275
1,316
1,237
1,311
1,311
1,282
1,218
1,344
1,327
1,315
1,223
5,165
5,122
5,210
Latex
398
422
375
351
357
345
332
308
326
321
328
286
1,545
1,341
1,261
Synthetic Rubber
193
175
155
179
176
156
142
148
177
165
155
137
702
622
634
Performance Plastics
212
225
205
197
196
208
201
203
202
210
208
202
839
808
821
Performance Materials
802
822
735
727
729
709
675
658
705
695
691
624
3,086
2,771
2,716
Basic Plastics & Feedstocks
594
587
592
593
663
652
634
587
654
645
614
498
2,366
2,536
2,412
Net Sales
1,396
1,409
1,327
1,320
1,392
1,362
1,309
1,245
1,359
1,341
1,305
1,122
5,452
5,307
5,128
Latex
27
39
33
27
27
29
27
24
26
27
26
18
125
106
97
Synthetic Rubber
44
24
19
24
31
28
13
42
43
37
27
30
111
113
137
Performance Plastics
21
13
20
16
13
10
17
21
17
17
19
16
70
62
69
Performance Materials
92
77
71
66
71
67
56
87
87
81
72
65
306
281
304
Basic Plastics & Feedstocks
45
(20)
17
3
11
8
52
33
23
16
4
(12)
45
103
31
Corporate
(26)
(11)
(30)
(29)
(13)
(31)
(37)
(27)
(21)
(17)
(15)
(20)
(96)
(107)
(73)
Adjusted EBITDA
111
46
58
41
69
43
72
93
88
79
62
32
255
278
262
Performance Materials
71
78
85
68
71
77
79
77
82
80
73
85
301
304
319
Basic Plastics & Feedstocks
14
(12)
6
4
11
23
56
31
22
13
4
40
12
121
79
Corporate
(26)
(11)
(30)
(29)
(13)
(31)
(37)
(27)
(21)
(17)
(15)
(20)
(96)
(107)
(73)
Adjusted EBITDA excl Inv Reval
59
55
60
43
69
70
98
81
83
77
62
104
217
318
326
Basic Plastics & Feedstocks
(6)
(7)
(7)
(7)
(3)
(9)
(15)
(12)
(15)
(5)
(9)
(18)
(27)
(39)
(48)
Equity in earnings of affiliates
(6)
(7)
(7)
(7)
(3)
(9)
(15)
(12)
(15)
(5)
(9)
(18)
(27)
(39)
(48)