https://www.avient.com/sites/default/files/2024-02/AVNT Q4 2023 Earnings Presentation_For Website_with Non-GAAP.pdf
Pro Forma Financial Information
The Company acquired Avient Protective Materials (“Dyneema”) on September 1, 2022 (the “Acquisition Date”) and sold the Distribution segment on November 1, 2022.
To provide comparable results, the company references “pro forma” financial
metrics, which include the business results of Avient Protective Materials for periods prior to the Acquisition Date, as if the transaction occurred on January 1, 2021 and reflect Distribution as a discontinued operation.
A reconciliation of these measures to their most directly comparable GAAP measures is provided in the tables below.
2023 2022
Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1)
Net income (loss) from continuing operations attributable to Avient
shareholders $ 27.8 $ 0.30 $ (17.0) $ (0.19)
Special items, after tax (Attachment 3) 5.4 0.06 38.3 0.42
Amortization expense, after-tax 15.0 0.16 14.6 0.16
Adjusted net income / EPS $ 48.2 $ 0.52 $ 35.9 $ 0.39
(1) Per share amounts may not recalculate from figures presented herein due to rounding
2023 2022
Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1)
Net income from continuing operations attributable to Avient shareholders $ 75.8 $ 0.83 $ 82.8 $ 0.90
Special items, after tax (Attachment 3) 79.3 0.86 116.2 1.26
Amortization expense, after-tax 61.5 0.67 49.0 0.53
Adjusted net income / EPS $ 216.6 $ 2.36 $ 248.0 $ 2.69
(1) Per share amounts may not recalculate from figures presented herein due to rounding
1
Reconciliation to EBITDA and Pro Forma Adjusted EBITDA 2023 2022 2023 2022
Sales - GAAP $ 719.0 $ 790.4 $ 3,142.8 $ 3,396.9
Pro forma APM adjustments — — — 256.1
Pro forma adjusted sales $ 719.0 $ 790.4 $ 3,142.8 $ 3,653.0
Net income (loss) from continuing operations – GAAP $ 27.6 $ (16.6) $ 76.3 $ 83.1
Income tax (benefit) expense (7.0) (60.8) 11.0 (19.3)
Interest expense 26.8 49.4 115.3 119.8
Depreciation and amortization from continuing operations 44.2 48.6 188.8 162.5
EBITDA from continuing operations $ 91.6 $ 20.6 $ 391.4 $ 346.1
Special items, before tax 22.4 104.3 114.6 194.0
Interest expense included in special items (0.1) (16.0) (2.3) (26.0)
Depreciation and amortization included in special items — (1.5) (1.9) (5.5)
Adjusted EBITDA $ 113.9 $ 107.4 $ 501.8 $ 508.6
APM pro forma adjustments - 8 months 2022* — — — 83.1
Pro forma adjusted EBITDA $ 113.9 $ 107.4 $ 501.8 $ 591.7
Pro forma adjusted EBITDA as a percent of sales 15.8 % 13.6 % 16.0 % 16.2 %
* Pro forma adjustment for January - August 2022 APM results (period before Avient ownership).
https://www.avient.com/sites/default/files/2025-05/Avient Announces First Quarter 2025 Results_0.pdf
The company noted that first quarter 2025 GAAP EPS includes special items of $0.82
primarily related to an impairment associated with ceasing the development of S/4HANA, a
cloud-based ERP system (see attachment 3), and $0.16 of intangible amortization expense
(see attachment 1).
You are advised to consult any further
disclosures we make on related subjects in our reports on Form 10-Q, 8-K and 10-K that we
provide to the Securities and Exchange Commission.
5
Investor Relations Contact:
Giuseppe (Joe) Di Salvo
Vice President, Treasurer and Investor Relations
Avient Corporation
+1 440-930-1921
giuseppe.disalvo@avient.com
Media Contact:
Kyle G.
Rose
Vice President, Corporate Communications
Avient Corporation
+1 440-930-3162
kyle.rose@avient.com
6
Attachment 1
Avient Corporation
Reconciliation of Adjusted Net Income and Earnings Per Share (Unaudited)
(In millions, except per share data)
Senior management uses comparisons of adjusted net income attributable to Avient common shareholders and diluted adjusted
earnings per share (EPS) attributable to Avient common shareholders, excluding special items, to assess performance and
facilitate comparability of results.
https://www.avient.com/sites/default/files/2023-11/Responsible Care_14001 Global Cert_Avient.pdf
ECert - 2023-11-22T154408.223.pdf
Page 1 of 10
Validity of this certificate is based on the successful completion of the periodic surveillance audits of the management system defined by the above scope and is contingent upon
prompt,written notification to ABS Quality Evaluations, Inc. of significant changes to the management system or components thereof.
Mariana Langiewicza 50
Lódzkie
Konstantynow 95-050
Poland
Activity: Design & Manufacture of Color, Additive Concentrate & Specialty
Activity: Design and Manufacture of Colour and Additive Concentrates,
Facility: Avient Pakistan (Private) Limited
1-A/1, Sector-20
Korangi Industrial Area
Korangi, Sindh 74900
Pakistan
Facility: Avient Corporation - Lahnstein, Germany
Hohenrhein 1
56112 Lahnstein,
Rheinland-Pfalz
Germany
Activity: Design and Manufacture of Colour and Additive Concentrates,
Activity: Design and Manufacture of colour and additive concentrates,
thermoplastic resins and specialty compounds
Facility: Avient Corporation - Esenyurt, Turkey
Orhan Gazi Mahallesi 1683 Sokak No:6
34538 Esenyurt
Istanbul
Turkey
Facility: Avient Corporation - Jurong, Singapore
No. 8 Third Chin Bee Road
Jurong Industrial Estate
Jurong 618684
Singapore
Activity: Design and Manufacture of Specialty Engineered Thermoplastics Activity: Design and Manufacture of Colorants and Additives for Plastics
Page 5 of 10
Facility: Avient Corporation - Lomagna, Italy
Via Piave 12
23871, Lomagna, Lecco
Facility: Avient Corporation - Lomas de Zamora, Argentina
AV .
De Martorell, 124
Sant Andreu, Barcelona 8740
Facility: Avient Corporation - Santa Clara, Mexico
Plásticos 28 int B102
Santa Clara Coatitla, Ecatepec de Morelos,
Estado de México 55540
México
Activity: Design and Manufacture of Colour and Additive Concentrates,
Activity: Design and Manufacture of Colorants and Additives for Plastics
Facility: Avient Corporation - Shanghai (Xinzhuang), China
No. 88, Lane 4377 Jindu Road
Minhang District
Shanghai 201108
Facility: Avient Corporation - Shenzhen, China
No. 1, Qihang Industry Park, Haoxiang Road
Shajing Town, Baoan
Shenzhen, Guangdong Province 518104
Facility: Avient Corporation - Rania, India
Survey No.344/1-2-3
Rania Works, Sakarda Bhadarwa Road
Rania, Gujarat 391780
Facility: Avient Corporation - Riyadh, Saudi Arabia
2nd Industrial City, Al-Kharj Road
P.O.
https://www.avient.com/sites/default/files/2023-11/ISO14001 Global Cert_Avient.pdf
ECert - 2023-11-22T151036.517.pdf
Page 1 of 10
Validity of this certificate is based on the successful completion of the periodic surveillance audits of the management system defined by the above scope and is contingent upon
prompt,written notification to ABS Quality Evaluations, Inc. of significant changes to the management system or components thereof.
Mariana Langiewicza 50
Lódzkie
Konstantynow 95-050
Poland
Activity: Design & Manufacture of Color, Additive Concentrate & Specialty
Activity: Design and Manufacture of Colour and Additive Concentrates,
Facility: Avient Pakistan (Private) Limited
1-A/1, Sector-20
Korangi Industrial Area
Korangi, Sindh 74900
Pakistan
Facility: Avient Corporation - Lahnstein, Germany
Hohenrhein 1
56112 Lahnstein,
Rheinland-Pfalz
Germany
Activity: Design and Manufacture of Colour and Additive Concentrates,
Activity: Design and Manufacture of colour and additive concentrates,
thermoplastic resins and specialty compounds
Facility: Avient Corporation - Esenyurt, Turkey
Orhan Gazi Mahallesi 1683 Sokak No:6
34538 Esenyurt
Istanbul
Turkey
Facility: Avient Corporation - Jurong, Singapore
No. 8 Third Chin Bee Road
Jurong Industrial Estate
Jurong 618684
Singapore
Activity: Design and Manufacture of Specialty Engineered Thermoplastics Activity: Design and Manufacture of Colorants and Additives for Plastics
Page 5 of 10
Facility: Avient Corporation - Lomagna, Italy
Via Piave 12
23871, Lomagna, Lecco
Facility: Avient Corporation - Lomas de Zamora, Argentina
AV .
De Martorell, 124
Sant Andreu, Barcelona 8740
Facility: Avient Corporation - Santa Clara, Mexico
Plásticos 28 int B102
Santa Clara Coatitla, Ecatepec de Morelos,
Estado de México 55540
México
Activity: Design and Manufacture of Colour and Additive Concentrates,
Activity: Design and Manufacture of Colorants and Additives for Plastics
Facility: Avient Corporation - Shanghai (Xinzhuang), China
No. 88, Lane 4377 Jindu Road
Minhang District
Shanghai 201108
Facility: Avient Corporation - Shenzhen, China
No. 1, Qihang Industry Park, Haoxiang Road
Shajing Town, Baoan
Shenzhen, Guangdong Province 518104
Facility: Avient Corporation - Rania, India
Survey No.344/1-2-3
Rania Works, Sakarda Bhadarwa Road
Rania, Gujarat 391780
Facility: Avient Corporation - Riyadh, Saudi Arabia
2nd Industrial City, Al-Kharj Road
P.O.
https://www.avient.com/sites/default/files/2024-05/ISO14001 Global Cert_Avient_2024.pdf
ECert - 2024-03-22T110644.362.pdf
Page 1 of 10
Validity of this certificate is based on the successful completion of the periodic surveillance audits of the management system defined by the above scope and is contingent upon
prompt,written notification to ABS Quality Evaluations, Inc. of significant changes to the management system or components thereof.
Mariana Langiewicza 50
Lódzkie
Konstantynow 95-050
Poland
Activity: Design & Manufacture of Color, Additive Concentrate & Specialty
Activity: Design and Manufacture of Colour and Additive Concentrates,
Facility: Avient Pakistan (Private) Limited
1-A/1, Sector-20
Korangi Industrial Area
Korangi, Sindh 74900
Pakistan
Facility: Avient Corporation - Lahnstein, Germany
Hohenrhein 1
56112 Lahnstein,
Rheinland-Pfalz
Germany
Activity: Design and Manufacture of Colour and Additive Concentrates,
Activity: Design and Manufacture of colour and additive concentrates,
thermoplastic resins and specialty compounds
Facility: Avient Corporation - Esenyurt, Turkey
Orhan Gazi Mahallesi 1683 Sokak No:6
34538 Esenyurt
Istanbul
Turkey
Facility: Avient Corporation - Jurong, Singapore
No. 8 Third Chin Bee Road
Jurong Industrial Estate
Jurong 618684
Singapore
Activity: Design and Manufacture of Specialty Engineered Thermoplastics Activity: Design and Manufacture of Colorants and Additives for Plastics
Page 5 of 10
Facility: Avient Corporation - Lomagna, Italy
Via Piave 12
23871, Lomagna, Lecco
Facility: Avient Corporation - Lomas de Zamora, Argentina
AV .
De Martorell, 124
Sant Andreu, Barcelona 8740
Facility: Avient Corporation - Santa Clara, Mexico
Plásticos 28 int B102
Santa Clara Coatitla, Ecatepec de Morelos,
Estado de México 55540
México
Activity: Design and Manufacture of Colour and Additive Concentrates,
Facility: Avient Corporation - Shanghai (Xinzhuang), China
No. 88, Lane 4377 Jindu Road
Minhang District
Shanghai 201108
Facility: Avient Corporation - Shenzhen, China
No. 1, Qihang Industry Park, Haoxiang Road
Shajing Town, Baoan
Shenzhen, Guangdong Province 518104
Facility: Avient Corporation - Rania, India
Survey No.344/1-2-3
Rania Works, Sakarda Bhadarwa Road
Rania, Gujarat 391780
Facility: Avient Corporation - Riyadh, Saudi Arabia
2nd Industrial City, Al-Kharj Road
P.O.
https://www.avient.com/sites/default/files/2023-03/AVNT Q2 2022 Earnings Presentation - Website Version.pdf
Pro Forma Financial Information
Avient acquired the Clariant Color business on July 1, 2020 (the “Acquisition Date”).
EPS (ex Amort) 3.96$ 0.13$ 4.09$ (0.58)$ 3.51$
Pro Forma Leverage (12/31/2022E)
Net Debt / Adjusted EBITDA 1.6x 3.4x 2.8x
Forecast Dyneema
Forecast +
Dyneema
Sale of
Distribution
Pro Forma
2022
TWO-YEAR LEVERAGE MODEL
16
3.5x
2.7x
1.6x
2.8x
2.4x
2.0x
2019PF 2020PF 2022E 2022PF 2023E 2024E
Dyneema® AcquisitionClariant Color Acquisition
(1) Pro forma for the acquisition of the Clariant Color business
(2) Pro forma for the acquisition of Dyneema® and potential divestiture of
Distribution, including repayment of senior notes due 2023 and Term Loan
(1) (1) (2)
OUR SPECIALTY JOURNEY CONTINUES
17
• Dyneema® brings leading technology and brand with
the World’s Strongest Fiber™, deep history of
application development and strong
management team focused on specialty
applications
• Dyneema® transaction is aligned with our previously
stated acquisition goal of expanding our composites
and fiber capabilities
• Similar to our other technology expansion
acquisitions, Dyneema® allows us to leverage our
invest-to-grow strategy
• The possible sale of our Distribution business also
presents potential benefits with respect to leverage
and EBITDA margins
46%
66%
86%
100%
0%
40%
60%
80%
100%
2005 2010 2015 2021 2022 PF
%
o
f A
dj
u
st
ed
E
B
IT
D
A
(1
)
JVs Distribution Performance Products & Solutions Specialty
(1) Adjusted EBITDA is EBITDA excluding corporate costs and special items
(2) Pro forma for the acquisition of Dyneema® and potential divestiture of Distribution
(2)
Building &
43%
14%
Telecom.
2006 2022 Pro forma
Building &
Telecom.
Annual Purchases
RAW MATERIAL AND SUPPLY CHAIN UPDATE
Based on 2021 purchases, excludes Distribution business
SEGMENT DATA
U.S. & Canada
50%
Latin America
2021 SEGMENT, END MARKET AND GEOGRAPHY
GEOGRAPHY REVENUESEGMENT FINANCIALS
19%
Building and
END MARKET REVENUE
(1) Total company sales and adjusted EBITDA of $4,819M and $581M, respectively, include intercompany sales eliminations and corporate costs
$2,402M
$409M
$919M
$164M
$1,631M
$94M
Sales EBITDA
Distribution
Specialty Engineered Materials
Color Additives and Inks
$581M$4,819M
(1)
24
34%
Building &
1% Telecommunications
C O L O R , A D D I T I V E S & I N K S
2021 REVENUE | $2 .4 BILL ION
32%
40%
Latin America
END MARKET REGION
25
S P E C I A LT Y E N G I N E E R E D M AT E R I A L S
27%
Building &
2021 REVENUE | $919 MILLION
END MARKET
55%
REGION
26
D I S T R I BU T I O N
26%
Building and
80%
3%
Latin
America
END MARKET REGION
K E Y S U P P L I ER S
2021 REVENUE | $1 .6 B ILL ION
27
TOTA L C O M PA N Y R E G I O N A L S A L E S
BY END MARKET
30%
26%Healthcare
14%
Building &
2% Energy
(16% of sales)
32%
Building &
(25% of sales)
28
19%
Building &
US &
Canada
(50% of sales)
38%
33%
Building &
LATAM
(9% of sales)
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
(Dollars in millions, except for per share data)
Senior management uses comparisons of adjusted net income from continuing operations attributable to Avient shareholders
and diluted adjusted earnings per share (EPS) from continuing operations attributable to Avient shareholders, excluding special
items, to assess performance and facilitate comparability of results.
https://www.avient.com/sites/default/files/2022-02/AVNT Q4 2021 Earnings Presentation_0.pdf
Avient acquired the Clariant Color business on July 1, 2020 (the “Acquisition Date”).
OUR VALUATION VERSUS PEERS
Avient Specialty
Other
5.4
8.5
10.1 10.0
15.7
15.0
14.2
12.7
10.2
25.0
19.7
17.7
13.2
12.3
10.0 9.9
8.9 8.5 8.3
6.6
01
1)
01
6)
02
1)
(T
o
da
y)
Historic Multiple
SUMMARY: WHY INVEST IN AVIENT?
Avient acquired Clariant Color on July 1, 2020 (the “Acquisition Date”).
https://www.avient.com/sites/default/files/2024-03/2024 Proxy Statement_March.pdf
On December 1, 2023, Mr.
Kunkle
— 4,022(1) 321,750(1) 643,500(1) — — — — —
— 28,875(2) 231,000(2) 462,000(2) — — — — —
2/17/2023 — — — 7,083(3) 21,250(3) — 42.93 269,117
11/1/2023 — — — (4) (4) — 42.93 95,223
11/1/2023 — — — (4) (4) — 52.64 27,135
11/1/2023 — — — (4) (4) — 42.27 5,130
2/17/2023 — — — — — 6,300(6) — 270,459
11/1/2023 — — — — — (7) — 151,675
11/1/2023 — — — — — (7) — 69,605
11/1/2023 — — — — — (7) — 15,354
R.M.
Patterson was
our First PEO from January 1 - December 1.
https://www.avient.com/sites/default/files/2021-11/avient-eccoh-high-performance-solutions-gmbh-cr-extract-nov-8-2021.pdf
Handelsregister B des Amtsgerichts Mannheim Nummer der Firma:
Seite 1 von 2
HRB 722265
Nummer
der
Eintragung
a) Firma
b) Sitz, Niederlassung, inländische
Geschäftsanschrift, empfangsberechtigte
Person, Zweigniederlassungen
c) Gegenstand des Unternehmens
Grund- oder
Stammkapital
a) Allgemeine Vertretungsregelung
b) Vorstand, Leitungsorgan, geschäftsführende
Direktoren, persönlich haftende Gesellschafter,
Geschäftsführer, Vertretungsberechtigte und
besondere Vertretungsbefugnis
Prokura a) Rechtsform, Beginn, Satzung oder Gesellschaftsvertrag
b) Sonstige Rechtsverhältnisse
a) Tag der Eintragung
b) Bemerkungen
1 2 3 4 5 6 7
1 a)
PolyOne Color & Additives Germany GmbH
Gaggenau
Geschäftsanschrift:
Adolf-Dambach-Straße 2-4, 76571
Gaggenau
c)
Die Herstellung und der Vertrieb von Farb-
und Additiv Konzentraten im weitesten Sinn
des Wortes unter dem
warenzeichenrechtlich geschützten Namen
Wilson Color sowie die Vornahme aller
damit zusammenhängender Geschäfte und
ähnlicher Geschäfte.
26.000,00
EUR
Ist nur ein Geschäftsführer bestellt, vertritt er
allein.
Die Gesellschafterversammlung vom 14.04.2015 hat die
Änderung des Gesellschaftsvertrages in § 1 (Firma und Sitz)
beschlossen.
Auf die bei Gericht
eingereichten Urkunden wird Bezug genommen.
23.01.2020
6 a)
Firma geändert; nun:
Avient ECCOH High Performance Solutions
GmbH
Die Gesellschafterversammlung vom 21.10.2021 hat die
Änderung des Gesellschaftsvertrages in § 1 (Firma, Sitz)
beschlossen.
08.11.2021
Martin
Abruf vom 08.11.2021 19:56
https://www.avient.com/sites/default/files/2023-08/AVNT August IR Presentation w NonGAAP Recs%5B40%5D.pdf
Pro Forma Financial Information
The Company acquired Avient Protective Materials (“Dyneema”) on September 1, 2022 (the “Acquisition Date”) and sold the Distribution segment on November 1, 2022.
To provide comparable results, the company references “pro forma” financial
metrics, which include the business results of Avient Protective Materials for periods prior to the Acquisition Date, as if the transaction occurred on January 1, 2021 and reflect Distribution as a discontinued operation.
Avient 2011 and 2018 valuations reflect trailing 12 months EBITDA at December 31 of the respective years.
28
EV / 2023E EBITDA
Historic Multiple
6.5
8.3
9.5
13.8
12.7 12.6
11.3
8.7
18.6
16.5
10.1 10.0 9.7 9.5 9.4
8.7
01
1)
01
8)
02
3)
Avient Specialty
Other Specialty /
SEGMENT DATA
U.S. & Canada
40%
37%
18%
2022 PRO FORMA SEGMENT, END MARKET AND GEOGRAPHY
GEOGRAPHY REVENUESEGMENT FINANCIALS
Building and
END MARKET REVENUE
$2,355M $402M
$1,300M $272M
Sales EBITDA
Specialty Engineered Materials
Color Additives and Inks
$592M$3,653M
(1)
9%
30
(1) Total company sales and adjusted EBITDA of $3,653M and $592M, respectively, include intercompany sales eliminations and corporate costs
2022 REVENUE | $2 .4 B ILL ION
34%
38%
END MARKET REGION
31
34%
21%
Building &
1% Energy
2%
COLOR, ADDITIVES & INKS
2022 PRO FORMA REVENUE | $1 .3 B ILL ION
52%
35%
32
19%
8%Industrial
16%
9% Defense
Building &
END MARKET REGION
SPECIALTY ENGINEERED MATERIALS
32%
27%
14%
Building &
3%
1% Defense
1%
(18% of sales)
9%
2022 PROFORMA AVIENT REGIONAL SALES
27%
14%
17%
Building &
(37% of sales)Transportation
12%
Building &
US &
Canada
(40% of sales)
7%
56%
23%
7%
Building &
1%
LATAM
(5% of sales)
3%
33
BY END MARKET
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
(Dollars in millions, except for per share data)
Senior management uses comparisons of adjusted net income from continuing operations attributable to Avient shareholders
and diluted adjusted earnings per share (EPS) from continuing operations attributable to Avient shareholders, excluding special
items, to assess performance and facilitate comparability of results.