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Irwin joined Avient in 2024 after a 22-year career at 3M, where he held roles in sales,
global marketing and market development leadership, and P&L responsibility for global
businesses.
From 2019–2024 he served as Global Vice President for
the $1.2B Abrasive Systems Division of 3M’s Safety and Industrial business group.
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PolyOne Investor Presentation Jefferies 2013 Global Industrial Conference_Posting.pdf
PolyOne Investor Presentation
Jefferies 2013 Global Industrials Conference
August 13, 2013
• In this presentation, statements that are not reported financial results or other historical information are “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995.
Platform sales and operating income (OI) 2006Y* 2008Y* 2010Y* 2012Y* 2012PF**
Global Specialty Engineered Materials Sales $ 345.3 $ 514.0 $ 517.4 $ 543.6 $ 773.0
Global Color, Additives and Inks Sales 531.8 554.3 527.4 703.5 828.5
Designed Structures and Solutions - - - - 850.6
Specialty Platform Sales $ 877.1 $ 1,068.3 $ 1,044.8 $ 1,247.1 $ 2,452.1
Performance Products and Solutions Sales 1,166.2 1,001.4 776.3 837.0 696.1
PolyOne Distribution Sales 732.8 796.7 911.9 1,030.3 1,030.3
Corporate and Eliminations (153.7) (127.7) (111.1) (121.8) (121.6)
Total Sales $ 2,622.4 $ 2,738.7 $ 2,621.9 $ 2,992.6 $ 4,056.9
Global Specialty Engineered Materials OI $ 3.9 $ 17.6 $ 49.7 $ 47.0 $ 47.7
Global Color, Additives and Inks OI 8.9 28.1 37.7 66.8 81.6
Designed Structures & Solutions OI - - - - 20.9
Specialty Platform OI $ 12.8 $ 45.7 $ 87.4 $ 113.8 $ 150.2
Performance Products and Solutions OI 64.2 31.3 54.0 74.9 37.4
PolyOne Distribution OI 19.2 28.1 42.0 66.0 66.0
Sunbelt Joint Venture OI 102.9 28.6 18.9 - -
Corporate and eliminations (4.6) (28.9) (32.5) (33.7) (40.0)
Special items in OI 39.1 (396.2) 4.8 (53.9) (53.9)
Operating income (loss) GAAP $ 233.6 $ (291.4) $ 174.6 $ 167.1 $ 159.7
Sunbelt equity income (107.0) (32.5) (23.1) - -
Special items in OI (39.1) 396.2 (4.8) 53.9 53.9
Operating income adjusted $ 87.5 $ 72.3 $ 146.7 $ 221.0 $ 213.6
Global Specialty Engineered Materials - OI % of sales
1.1%
3.4%
9.6% 8.6% 6.1%
Global Color, Additives and Inks - OI % of sales 1.7% 5.1% 7.1% 9.5% 9.8%
Designed Structures & Solutions – OI % of sales - - - - 2.5%
Specialty platform OI - % of sales 1.5% 4.3% 8.4% 9.1% 6.1%
PP&S operating OI - % of sales 5.5% 3.1% 7.0% 9.0% 5.4%
Distribution OI - % of sales 2.6% 3.5% 4.6% 6.4% 6.4%
PolyOne OI adjusted - % of sales 3.3% 2.6% 5.6% 7.4% 5.3%
* Historical results include the Resin and Specialty Coatings businesses within the Performance Products and Solutions segment.
** Pro Forma results include Spartech and Glasforms acquisitions, Specialty Coatings reclass and exclude the Resin business assets.
*** Restated results to exclude the Resin business and to remove Specialty Coatings from the Performance Products and Solutions segment into
Global Color, Additives and Inks segment.
Average Debt Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Average
PolyOne Debt $ 705.8 $ 705.2 $ 706.9 $ 1,055.5 $ 1,031.2 $ 840.9
Average Equity Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Average
PolyOne shareholders’ equity $ 604.3 $ 629.3 $ 629.1 $ 871.8 $ 993.9 $ 745.7
Platform sales and operating income (OI) H1 2012*** H1 2013***
Global Specialty Engineered Materials Sales $ 280.9 $ 352.0
Global Color, Additives and Inks Sales 413.9 434.7
Designed Structures & Solutions Sales - 240.4
Specialty Platform Sales 694.8 1,027.1
Performance Products and Solutions Sales 336.0 336.7
PolyOne Distribution Sales 533.6 543.1
Corporate and Eliminations (62.3) (68.2)
Total Sales $ 1,502.1 $ 1,838.7
Global Specialty Engineered Materials OI $ 24.6 $ 32.5
Global Color, Additives and Inks OI 44.0 54.7
Designed Structures & Solutions OI - 10.5
Specialty Platform OI $ 68.6 $ 97.7
Performance Products and Solutions OI 19.3 27.5
PolyOne Distribution OI 33.4 33.1
Corporate and eliminations (20.3) (25.7)
Special items in OI (20.3) (11.4)
Operating income - GAAP $ 80.7 $ 121.2
Special items in OI 20.3 11.4
Operating income adjusted $ 101.0 $ 132.6
Global Specialty Engineered Materials - OI % of sales
8.8% 9.2%
Global Color, Additives and Inks - OI % of sales 10.6% 12.6%
Designed Structures & Solutions – OI % of sales - 4.4%
Specialty platform OI % of sales 9.9% 9.5%
PP&S operating OI % of sales 5.7% 8.2%
Distribution OI % of sales 6.3% 6.1%
PolyOne OI adjusted, % of sales 6.7% 7.2%
Reconciliation to Condensed Consolidated Balance Sheets H1 2013
Short-term debt and current portion of long-term debt $ 8.7
Long-term debt 1,022.5
Less cash and cash equivalents (392.4)
Specialty Platform Gross Margin Percentage 2006Y* Q2 2013****
Global Specialty Engineered Materials Sales $ 345.3 $ 143.5
Global Color, Additives and Inks Sales 531.8 207.5
Specialty Platform Sales $ 877.1 $ 351.0
Global Specialty Engineered Materials Gross Margin $ 41.6 37.3
Global Color, Additives and Inks Gross Margin 83.6 71.8
Specialty Platform Gross Margin $ 125.2 $ 109.1
Specialty Platform Gross Margin Percentage 14.3% 31.1%
* Historical results include the Resin and Specialty Coatings businesses within the Performance Products and Solutions segment.
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