EX-99.1 2 v170910_ex99-1.htm Unassociated Document
Operating and Other Financial Data:
 
   
Historical
    
Pro Forma
  
   
Year Ended December 31,
    
Nine Months Ended
September 30,
    
Year Ended
December 31,
    
Nine Months Ended
September 30,
  
   
2006
    
2007
    
2008
    
2008
    
2009
    
2008
    
2009
  
   
(In millions, except per unit data)
  
Consolidated revenues:
                                          
Investment Management
   $ 1,104     $ 588     $ (2,783 )   $ (1,290 )   $ 1,575     $ (2,783 )   $ 1,575  
Automotive(1)
     —       —       5,727       4,392       3,976       5,727       3,976  
Metals
     715       834       1,243       1,144       273       1,243       273  
Real Estate
     137       113       103       75       71       103       71  
Home Fashion
     898       706       438       328       270       438       270  
Holding Company
     152       250       299       142       6       299       6  
Railcar
     —       —       —       —       —       821       348  
Food/Packaging
     —       —       —       —       —       289       222  
    $ 3,006     $ 2,491     $ 5,027     $ 4,791     $ 6,171     $ 6,137     $ 6,741  
Adjusted EBITDA before
                                                        
non-controlling interest(3) :
                                                        
Investment Management
  $ 1,035     $ 503     $ (2,837 )   $ (1,338 )   $ 1,474     $ (2,837 )   $ 1,474  
Automotive(1)
     —       —       635       536       345       635       345  
Metals
     55       47       122       134       (20 )     122       (20 )
Real Estate
     37       30       35       21       34       35       34  
Home Fashion
     (60 )     (73 )     (35 )     (26 )     (19 )     (35 )     (19 )
Holding Company
     126       213       119       122       (5 )     119       (5 )
Railcar
     —       —       —       —       —       91       40  
Food/Packaging
     —       —       —       —       —       39       40  
    $ 1,193     $ 720     $ (1,961 )   $ (551 )   $ 1,809     $ (1,831 )   $ 1,889  
Adjusted EBITDA
                                                        
attributable to Icahn
                                                        
Enterprises(3) :
                                                        
Investment Management
   $ 260     $ 172     $ (334 )   $ (157 )   $ 460     $ (334 )   $ 460  
Automotive(1)
     —       —       478       401       255       478       255  
Metals
     55       47       122       134       (20 )     122       (20 )
Real Estate
     37       30       35       21       34       35       34  
Home Fashion
     (43 )     (55 )     (22 )     (17 )     (12 )     (22 )     (12 )
Holding Company
     126       213       119       122       (5 )     119       (5 )
Railcar
     —       —       —       —       —       49       22  
Food/Packaging
     —       —       —       —       —       28       29  
    $ 435     $ 407     $ 398     $ 504     $ 712     $ 475     $ 763  
Other financial data:
                                                        
Capital expenditures
   $ 30     $ 60     $ 794     $ 699     $ 158     $ 859     $ 188  
Cash distributions
                                                        
declared per LP unit
     0.40       0.55       1.00       0.75       0.75       1.00       0.75  
 
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The following table reconciles, on a basis attributable to Icahn Enterprises, net income attributable to Icahn Enterprises to EBITDA and EBITDA to Adjusted EBITDA for the periods indicated:

   
Historical
    
Pro Forma
  
   
Year Ended December 31,
    
Nine Months
Ended
September 30,
    
Year Ended
December 31,
    
Nine Months
Ended
September 30,
  
   
2006
    
2007
    
2008
    
2008
    
2009
 
  
2008
  
 
2009
  
    (In millions)  
Attributable to
                                          
Icahn Enterprises:
                                          
Net income (loss)
   $ 1,108     $ 308     $ (43 )   $ 425     $ 241     $ (119 )   $ 217  
Interest expense
     134       157       273       216       184       344       239  
Income tax expense (benefit)
     (8 )     23       308       357       (24 )     326       (20 )
Depreciation, depletion and
                                                        
amortization
     158       32       248       174       215       268       231  
EBITDA attributable to
                                                        
Icahn Enterprises
   $ 1,392     $ 520     $ 786     $ 1,172     $ 616     $ 819     $ 667  
Impairments of assets(a)
   $ 7     $ 19     $ 337     $ 6     $ 21     $ 337     $ 21  
Restructuring costs(b)
     8       13       117       22       38       117       38  
Purchase accounting inventory
                                                        
adjustment(c)
     —       —       54       54       —       54       —  
Non-cash pension expenses(d)
    —       —       3       3       38       3       38  
Discontinued operations(e)
     (972 )     (145 )     (753 )     (753 )     (1 )     (753 )     (1 )
Gain/loss on extinguishment
                                                        
of debt(f)
     —       —       (146 )     —       —       (102 )     —  
Adjusted EBITDA attributable
                                                        
to Icahn Enterprises
   $ 435     $ 407     $ 398     $ 504     $ 712     $ 475     $ 763  
 
(a)
Represents asset impairment charges, primarily relating to our Automotive segment in 2008, related to goodwill and other indefinite-lived intangible assets.
 
(b)
Restructuring costs represent expenses incurred primarily by our Automotive and Home Fashion segments, relating to efforts to integrate and rationalize businesses and to relocate manufacturing operations to best- cost countries.
 
(c)
In connection with the application of purchase accounting upon the acquisition of Federal-Mogul, effective March 1, 2008, we adjusted Federal-Mogul’s inventory balance as of March 1, 2008 to fair value. This resulted in an additional non-cash charge to cost of goods sold during the fiscal year ended December 31, 2008 which is reflected net of non-controlling interest.
 
(d)
Represents non-cash expense associated with Federal-Mogul’s U.S. based pension plans, net of non-controlling interest.
 
(e)
Discontinued operations primarily include the operating results of and gains on sales of our former oil and gas operations which were sold in November 2006 and our former gaming segment, ACEP, which was sold in February 2008.
 
(f)
During the fourth quarter of the fiscal year ended December 31, 2008, we purchased outstanding debt of entities in our consolidated financial statements in the principal amount of $352 million and recognized an aggregate gain of $146 million. The pro forma amount also includes $44 million of expenses, primarily representing the net effect of the consent payments and the write- off of the unamortized deferred financing costs and debt discounts associated with the repayment of our Existing Notes.

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