https://www.avient.com/sites/default/files/2020-10/mulch-films-case-study-french.pdf
• Prise en charge totale de la certification du
produit final pour les normes EN13432 et
EN17033
• Formulé avec des pigments testés et
approuvés par un organisme certifié
OnColor™ Bio-Colorants
PRINCIPALES EXIGENCES
POURQUOI AVIENT ?
https://www.avient.com/sites/default/files/2024-02/Santa Clara_ISO22000.pdf
Avient Colorants MX S.A. de C.V.
Plasticos 28
Santa Clara Coatitla
55540 Ecatepec de Morelos, Estado de México
Mexico
Scope
Category I
Production of customer specific Masterbatches
for Food packaging materials on the dedicated
extrusion lines
Normative base
ISO 22000:2018 Food Safety Management Systems
Requirements for any organization in the food chain
Reg. no. 46389 Validity 25. 02. 2021 – 24. 02. 2024
Issue 30. 06. 2021
Swiss Madesqs.ch
F.
https://www.avient.com/sites/default/files/2024-12/ISO 22000-2024. Avient Sta. Clara 308865_en_46389 %2811%29.pdf
View PDF
The SQS herewith attests that the organisation named below has a management system that meets the requirements of
the normative base mentioned.
70
01
_1
/A
pr
il
20
22
/V
er
si
on
2
.0
Certificate
Avient Colorants MX S.A. de C.V.
Plasticos 28, int B102
Santa Clara Coatitla
55540 Ecatepec de Morelos, Estado de México
Mexico
Scope
Category I
Production of customer specific Masterbatches for
Food packaging materials on the dedicated extrusion
lines.
https://www.avient.com/sites/default/files/2023-11/ISO14001 Global Cert_Avient.pdf
Garibaldi 2405
Lomas de Zamora, Buenos Aires 1832
Argentina
Activity: Manufacture of Colour and Additive Concentrates, Thermoplastic
Resins and Specialty Compounds
Activity: Design and Manufacture of Colorants and Additives Concentrates
Facility: Avient Colorants SA
Parc Scientifique Fleming, Fond Jean Pâques 1
Louvain-La-Nueve, Walloon Brabant 1348
Belgium
Facility: Avient Corporation - Maipu, Chile
Camino a Melipilla 15.170
Maipu, Región Metropolitana de Santiago 9250000
Chile
Activity: Design and Manufacture of Colour and Additive Concentrates,
Activity: Design and Manufacture of Colorants and Additives Concentrates
Facility: Avient Corporation - Lahore, Pakistan
Plot no. 135, Kitaar, Bund Road
Off Multan Road, Thokar Niaz Baig.
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.
Toluca 2000
Toluca, Estado de México 50233
México
Facility: Avient Corporation - Vashere, India
Renaissance Industrial & Warehousing Complex
Unit No.
https://www.avient.com/sites/default/files/2023-11/Responsible Care_14001 Global Cert_Avient.pdf
Garibaldi 2405
Lomas de Zamora, Buenos Aires 1832
Argentina
Activity: Manufacture of Colour and Additive Concentrates, Thermoplastic
Resins and Specialty Compounds
Activity: Design and Manufacture of Colorants and Additives Concentrates
Facility: Avient Colorants SA
Parc Scientifique Fleming, Fond Jean Pâques 1
Louvain-La-Nueve, Walloon Brabant 1348
Belgium
Facility: Avient Corporation - Maipu, Chile
Camino a Melipilla 15.170
Maipu, Región Metropolitana de Santiago 9250000
Chile
Activity: Design and Manufacture of Colour and Additive Concentrates,
Activity: Design and Manufacture of Colorants and Additives Concentrates
Facility: Avient Corporation - Lahore, Pakistan
Plot no. 135, Kitaar, Bund Road
Off Multan Road, Thokar Niaz Baig.
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.
Toluca 2000
Toluca, Estado de México 50233
México
Facility: Avient Corporation - Vashere, India
Renaissance Industrial & Warehousing Complex
Unit No.
https://www.avient.com/sites/default/files/2024-05/ISO14001 Global Cert_Avient_2024.pdf
Garibaldi 2405
Lomas de Zamora, Buenos Aires 1832
Argentina
Activity: Manufacture of Colour and Additive Concentrates, Thermoplastic
Resins and Specialty Compounds
Activity: Design and Manufacture of Colorants and Additives Concentrates
Facility: Avient Colorants SA
Parc Scientifique Fleming, Fond Jean Pâques 1
Louvain-La-Nueve, Walloon Brabant 1348
Belgium
Facility: Avient Corporation - Maipu, Chile
Camino a Melipilla 15.170
Maipu, Región Metropolitana de Santiago 9250000
Chile
Activity: Design and Manufacture of Colour and Additive Concentrates,
Activity: Design and Manufacture of Colorants and Additives Concentrates
Facility: Avient Corporation - Lahore, Pakistan
Plot no. 135, Kitaar, Bund Road
Off Multan Road, Thokar Niaz Baig.
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.
Toluca 2000
Toluca, Estado de México 50233
México
Facility: Avient Corporation - Vashere, India
Renaissance Industrial & Warehousing Complex
Unit No.
https://www.avient.com/sites/default/files/2021-04/avnt-fourth-quarter-2020-news-release.pdf
Three Months Ended
Year Ended
Sales:
Color, Additives and Inks $ 525.8 $ 226.7 $ 1,502.9 $ 1,003.8
Specialty Engineered Materials 190.6 177.5 708.8 745.7
Distribution 305.1 272.4 1,110.3 1,192.2
Corporate and eliminations (24.5) (18.0) (79.9) (79.0)
Sales $ 997.0 $ 658.6 $ 3,242.1 $ 2,862.7
Gross margin:
Color, Additives and Inks $ 164.3 $ 73.9 $ 484.4 $ 338.4
Specialty Engineered Materials 59.1 47.7 207.6 200.2
Distribution 32.4 31.0 124.0 132.1
Corporate and eliminations (2.9) 0.7 (31.7) (13.5)
Gross margin $ 252.9 $ 153.3 $ 784.3 $ 657.2
Selling and administrative expense:
Color, Additives and Inks $ 106.8 $ 46.7 $ 303.6 $ 191.0
Specialty Engineered Materials 28.7 28.9 113.2 116.5
Distribution 14.4 14.0 54.5 56.7
Corporate and eliminations 38.0 43.2 123.7 136.2
Selling and administrative expense $ 187.9 $ 132.8 $ 595.0 $ 500.4
Operating income:
Color, Additives and Inks $ 57.5 $ 27.2 $ 180.8 $ 147.4
Specialty Engineered Materials 30.4 18.8 94.4 83.7
Distribution 18.0 17.0 69.5 75.4
Corporate and eliminations (40.9) (42.5) (155.4) (149.7)
Operating income $ 65.0 $ 20.5 $ 189.3 $ 156.8
11
Attachment 7
Reconciliation of Non-GAAP Financial Measures (Unaudited)
Senior management uses gross margin before special items and operating income before special items to assess performance
and allocate resources because senior management believes that these measures are useful in understanding current
profitability levels and how it may serve as a basis for future performance.
Three Months Ended
Year Ended
Reconciliation to Consolidated Statements of Income 2020 2019 2020 2019
Sales $ 997.0 $ 658.6 $ 3,242.1 $ 2,862.7
Gross margin - GAAP 252.9 153.3 784.3 657.2
Special items in gross margin (Attachment 3) 1.7 (0.8) 25.3 7.3
Adjusted Gross margin $ 254.6 $ 152.5 $ 809.6 $ 664.5
Adjusted Gross margin as a percent of sales 25.5 % 23.2 % 25.0 % 23.2 %
Operating income - GAAP 65.0 20.5 189.3 156.8
Special items in operating income (Attachment 3) 14.6 24.6 73.7 71.7
Adjusted Operating income $ 79.6 $ 45.1 $ 263.0 $ 228.5
Adjusted Operating income as a percent of sales 8.0 % 6.8 % 8.1 % 8.0 %
The table below reconciles pre-special income tax expense and the pre-special effective tax rate to their most comparable US
GAAP figures.
Reconciliation of Pro Forma Adjusted Earnings
per Share:
Three Months Ended
Year Ended
2019 2020 2019
Net income from continuing operations attributable to
Avient shareholders $ 6.4 $ 132.0 $ 75.5
Special items, after tax (Attachment 3) 19.9 24.8 55.8
Adjusted net income from continuing operations
excluding special items 26.3 156.8 131.3
Clariant MB pro forma adjustments to net income
from continuing operations(2) 1.6 20.7 30.4
Pro forma adjusted net income from continuing
operations attributable to Avient shareholders $ 27.9 $ 177.5 $ 161.7
Weighted average diluted shares 77.5 90.6 77.7
Pro forma impact to diluted shares from January
2020 equity offering 15.3 1.5 15.3
Pro forma weighted average diluted shares 92.8 92.1 93.0
Pro forma adjusted EPS - excluding special items pro
forma for Clariant MB acquisition $ 0.30 $ 1.93 $ 1.74
(2) Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects to the financing for the acquisition
December 31, 2020
Sales $ 3,242.1
Clariant MB pro forma adjustment to sales(2) 540.4
Pro forma sales $ 3,782.5
(2) Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects to the financing for the acquisition
13
https://www.avient.com/sites/default/files/2021-09/avnt-q2-2021-earnings-presentation.pdf
& Canada
50%
26%
Latin America
2021 YTD SEGMENT, END MARKET AND GEOGRAPHY
30
GEOGRAPHY REVENUESEGMENT FINANCIALS
23%
Building and
9%
END MARKET REVENUE
(1) Total company sales and EBITDA of $2,398M and $320M, respectively, include intercompany sales eliminations and corporate costs
All charts reflect YTD financials through June 30
$1,234M
$228M
$457M
$87M
$767M
$48M
Sales EBITDA
Distribution
Specialty Engineered Materials
Color Additives and Inks
$320M$2,398M
14%
34%
21%
Building &
9%
2% Telecommunications
C O L O R , A D D I T I V E S & I N K S
2021 YTD REVENUE | $1 .2 BILL ION
31%
42%
21%
Latin America
END MARKET REGION
31
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
28%
Building &
2021 YTD REVENUE | $457 MILLION
END MARKET
54%
26%
REGION
32
DI S TR IBU T I ON
27%
22%
Building and
81%
Latin
America
END MARKET REGION
K E Y S U P P L I ER S
2021 YTD REVENUE | $767 MILLION
33
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%
27%Healthcare
Building &
2% Energy
(16% of sales)
32%
13%
18%
Building &
(26% of sales)
34
25%
19%
Building &
US &
Canada
(50% of sales)
13%
40%
33%
Building &
LATAM
(8% of sales)
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
(Dollars in millions, except for per share data)
June 30, 2021
Reconciliation to Condensed Consolidated Statements of Income
GAAP
Special
Adjusted
Operating income $ 108.1 $ 14.2 $ 122.3
Income from continuing operations before income taxes $ 89.8 $ 14.2 $ 104.0
Income tax expense - GAAP (20.4) — (20.4)
Income tax impact of special items — (3.4) (3.4)
Tax adjustments — 0.9 0.9
Net income attributable to noncontrolling interests (0.6) — (0.6)
Net income from continuing operations attributable to Avient shareholders $ 68.8 $ 11.7 $ 80.5
Net income / EPS $ 0.74 $ 0.13 $ 0.87
Weighted-average diluted shares 92.4 92.4 92.4
September 30, 2020
Reconciliation to Condensed Consolidated Statements of Income
GAAP
Special
Adjusted
Operating income $ 33.5 $ 40.4 $ 73.9
Income from continuing operations before income taxes $ 5.3 $ 50.0 $ 55.3
Income tax expense - GAAP (2.7) — (2.7)
Income tax impact of special items — (12.7) (12.7)
Tax adjustments — 3.0 3.0
Net income attributable to noncontrolling interests (0.9) — (0.9)
Net income from continuing operations attributable to Avient shareholders $ 1.7 $ 40.3 $ 42.0
Net income / EPS $ 0.02 $ 0.44 $ 0.46
Weighted-average diluted shares 91.9 91.9 91.9
Three Months Ended
Year Ended
December 31,
Reconciliation to Pro Forma Adjusted EBITDA
2021
March 31,
2021
June 30,
2020 2020 2019
Net income from continuing operations – GAAP $ 69.4 $ 79.7 $ 23.4 $ 133.8 $ 75.7
Income tax expense 20.4 22.9 7.9 5.2 33.7
Interest expense 19.5 19.3 16.2 74.6 59.5
Depreciation and amortization from continuing operations 33.8 37.1 20.9 115.0 78.1
EBITDA $ 143.1 $ 159.0 $ 68.4 $ 328.6 $ 247.0
Special items, before tax 14.2 2.4 2.4 66.2 61.7
Interest expense included in special items — — (0.5) (10.1) —
Depreciation and amortization included in special items 1.4 (0.5) (1.2) (3.2) —
Adjusted EBITDA $ 158.7 $ 160.9 $ 69.1 $ 381.6 $ 308.7
Clariant MB pro forma adjustments(1) — — 37.0 75.1 133.2
Pro forma adjusted EBITDA $ 158.7 $ 160.9 $ 106.1 $ 456.7 $ 441.9
(1) Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects to the financing for the acquisition
1
Reconciliation of EBITDA by Segment
Six
Months
Ended
December 31,
2021 2020 2021 2020 2019 2018
Sales:
Color, Additives and Inks $ 624.4 $ 226.8 $ 1,233.7 $ 483.3 $ 1,502.9 $ 1,003.8
Specialty Engineered Materials 240.6 158.8 457.1 344.1 708.8 745.7
Distribution 404.4 238.8 767.1 528.3 1,110.3 1,192.2
Corporate and eliminations (34.2) (15.3) (60.4) (35.1) (79.9) (79.0)
Sales $ 1,235.2 $ 609.1 $ 2,397.5 $ 1,320.6 $ 3,242.1 $ 2,862.7
Operating income:
Color, Additives and Inks $ 86.3 $ 32.3 $ 175.1 $ 180.8 $ 147.4 $ 158.5
Specialty Engineered Materials 37.3 17.0 71.5 94.4 83.7 72.3
Distribution 23.7 14.6 47.7 69.5 75.4 71.5
Corporate and eliminations (39.2) (25.9) (65.8) (155.4) (149.7) (123.7)
Operating income $ 108.1 $ 38.0 $ 228.5 $ 189.3 $ 156.8 $ 178.6
Items below OI in Corporate:
Other income, net $ 1.2 $ 9.5 $ 2.7 $ 24.3 $ 12.1 $ (12.9)
Depreciation & amortization:
Color, Additives and Inks $ 25.3 $ 10.6 $ 52.6 $ 75.1 $ 42.7 $ 44.3
Specialty Engineered Materials 8.1 7.6 15.9 30.0 29.5 23.2
Distribution 0.2 0.1 0.4 0.7 0.5 0.7
Corporate and eliminations 0.2 2.6 2.0 9.2 5.4 4.4
Depreciation & Amortization $ 33.8 $ 20.9 $ 70.9 $ 115.0 $ 78.1 $ 72.6
EBITDA:
Color, Additives and Inks $ 111.6 $ 42.9 $ 227.7 $ 255.9 $ 190.1 $ 202.8
Specialty Engineered Materials 45.4 24.6 87.4 124.4 113.2 95.5
Distribution 23.9 14.7 48.1 70.2 75.9 72.2
Corporate and eliminations (39.0) (23.3) (63.8) (146.2) (144.3) (119.3)
EBITDA $ 143.1 $ 68.4 $ 302.1 $ 328.6 $ 247.0 $ 238.3
EBITDA as a % of Sales:
Color, Additives and Inks 17.9 % 18.9 % 18.5 % 17.0 % 18.9 % 19.4 %
Specialty Engineered Materials 18.9 % 15.5 % 19.1 % 17.6 % 15.2 % 14.8 %
Distribution 5.9 % 6.2 % 6.3 % 6.3 % 6.4 % 5.7 %
2
Reconciliation of Pro Forma EBITDA
- Color, Additives and Inks
Three Months Ended
June 30,
Six
Months
Ended
Year Ended
December 31,
2021 2020 2021 2020 2019 2018
Sales:
Color, Additives and Inks $ 624.4 $ 226.8 $ 1,233.7 $ 1,502.9 $ 1,003.8 $ 1,046.5
Clariant MB pro forma
adjustments(1) — 261.1 — 540.4 1,118.6 1,209.8
Pro forma sales $ 624.4 $ 487.9 $ 1,233.7 $ 2,043.3 $ 2,122.4 $ 2,256.3
Operating income:
Color, Additives and Inks $ 86.3 $ 32.3 $ 175.1 $ 180.8 $ 147.4 $ 158.5
Clariant MB pro forma
adjustments(1) — 22.0 — 45.0 72.9 80.3
Pro forma operating income $ 86.3 $ 54.3 $ 175.1 $ 225.8 $ 220.3 $ 238.8
Depreciation & amortization:
Color, Additives and Inks $ 25.3 $ 10.6 $ 52.6 $ 75.1 $ 42.7 $ 44.3
Clariant MB pro forma adjustments(1) — 15.0 — 30.1 60.3 61.2
Pro forma depreciation & amortization $ 25.3 $ 25.6 $ 52.6 $ 105.2 $ 103.0 $ 105.5
EBITDA
Color, Additives and Inks $ 111.6 $ 42.9 $ 227.7 $ 255.9 $ 190.1 $ 202.8
Clariant MB pro forma
adjustments(1) — 37.0 — 75.1 133.2 141.5
Pro forma EBITDA $ 111.6 $ 79.9 $ 227.7 $ 331.0 $ 323.3 $ 344.3
Pro forma EBITDA as a % of Sales 17.9 % 16.4 % 18.5 % 16.2 % 15.2 % 15.3 %
Three Months Ended
June 30, 2020
Reconciliation of Pro Forma Adjusted Earnings per
Share Avient
Special
Adjusted
Clariant MB
Pro Forma
Pro Forma
Adjusted
Sales $ 609.1 $ — $ 609.1 $ 261.1 $ 870.2
Operating income $ 38.0 $ 9.0 $ 47.0 $ 22.0 $ 69.0
Interest expense, net (16.2) — (16.2) (5.3) (21.5)
Other income, net 9.5 (6.6) 2.9 — 2.9
Income taxes (7.9) 0.2 (7.7) (3.8) (11.5)
Net income attributable to noncontrolling interests (0.4) — (0.4) — (0.4)
Net income from continuing operations attributable to
Avient shareholders $ 23.0 $ 2.6 $ 25.6 $ 12.9 $ 38.5
Weighted average diluted shares 91.8
Pro forma adjusted EPS $ 0.42
3
December 31, 2020
Reconciliation of Pro Forma Adjusted
Earnings per Share Avient
Special
Adjusted
Clariant MB
Pro Forma
Pro Forma
Adjusted
Sales $ 3,242.1 $ — $ 3,242.1 $ 540.4 $ 3,782.5
Operating income $ 189.3 $ 73.7 $ 263.0 $ 45.0 $ 308.0
Interest expense, net (74.6) 10.1 (64.5) (18.1) (82.6)
Other income, net 24.3 (17.6) 6.7 — 6.7
Income taxes (5.2) (41.4) (46.6) (6.2) (52.8)
Net income attributable to noncontrolling
interests (1.8) — (1.8) — (1.8)
Net income from continuing operations
attributable to Avient shareholders $ 132.0 $ 24.8 $ 156.8 $ 20.7 $ 177.5
Weighted average diluted shares 90.6
Impact to diluted shares from January 2020 equity offering 1.5
Pro forma weighted average diluted shares 92.1
Pro forma adjusted EPS $ 1.93
December 31, 2019
Reconciliation of Pro Forma Adjusted
Earnings per Share Avient
Special
Adjusted
Clariant MB
Pro Forma
Pro Forma
Adjusted
Sales $ 2,862.7 $ — $ 2,862.7 $ 1,118.6 $ 3,981.3
Operating income $ 156.8 $ 71.7 $ 228.5 $ 72.9 $ 301.4
Interest expense, net (59.5) — (59.5) (33.4) (92.9)
Other income, net 12.1 (10.0) 2.1 — 2.1
Income taxes (33.7) (5.9) (39.6) (9.1) (48.7)
Net income attributable to noncontrolling
interests (0.2) — (0.2) — (0.2)
Net income from continuing operations
attributable to Avient shareholders $ 75.5 $ 55.8 $ 131.3 $ 30.4 $ 161.7
Weighted average diluted shares 77.7
Impact to diluted shares from January 2020 equity offering 15.3
Pro forma weighted average diluted shares 93.0
Pro forma adjusted EPS $ 1.74
4
AVNT Q2 2021 Earnings Presentation - Website NEW.pdf
AVNT Q2 2021 Earnings Presentation - Website.pdf
Final - 7.19 1158am Q2 21 IR Deck Version v2
https://www.avient.com/sites/default/files/2022-02/AVNT Q4 2021 Earnings Presentation_0.pdf
We expect
this expansion to continue as we
execute our strategy, increase
margins and consistently grow
earnings in excess of the market.
28
Avient reflects 2022 estimated EBITDA of $635M
Past Avient valuations reflect forward 12 months EBITDA at December 31 of the respective years.
A reconciliation of these measures to their most directly comparable GAAP measures is provided in the tables below.
1
Reconciliation of EBITDA by Segment
Year Ended
2021 2020 2021 2020 2019 2018
Sales:
Color, Additives and Inks $ 581.3 $ 525.8 $ 2,401.6 $ 1,502.9 $ 1,003.8 $ 1,046.5
Specialty Engineered Materials 228.2 190.6 918.9 708.8 745.7 645.8
Distribution 425.0 305.1 1,630.9 1,110.3 1,192.2 1,265.4
Corporate and eliminations (33.0) (24.5) (132.6) (79.9) (79.0) (76.7)
Sales $ 1,201.5 $ 997.0 $ 4,818.8 $ 3,242.1 $ 2,862.7 $ 2,881.0
Operating income:
Color, Additives and Inks $ 61.2 $ 57.5 $ 303.1 $ 180.8 $ 147.4 $ 158.5
Specialty Engineered Materials 28.8 30.4 132.0 94.4 83.7 72.3
Distribution 21.7 18.0 93.2 69.5 75.4 71.5
Corporate and eliminations (37.7) (40.9) (147.1) (155.4) (149.7) (123.7)
Operating Income $ 74.0 $ 65.0 $ 381.2 $ 189.3 $ 156.8 $ 178.6
Items Below Operating Income in
Corporate:
Other income, net $ (5.4) $ 11.7 $ (1.3) $ 24.3 $ 12.1 $ (12.9)
Depreciation & amortization:
Color, Additives and Inks $ 26.4 $ 27.3 $ 105.7 $ 75.1 $ 42.7 $ 44.3
Specialty Engineered Materials 8.0 7.4 31.7 30.0 29.5 23.2
Distribution 0.2 0.3 0.8 0.7 0.5 0.7
Corporate and eliminations 3.6 2.8 7.7 9.3 5.4 4.4
Depreciation & Amortization $ 38.2 $ 37.8 $ 145.9 $ 115.1 $ 78.1 $ 72.6
EBITDA:
Color, Additives and Inks $ 87.6 $ 84.8 $ 408.8 $ 255.9 $ 190.1 $ 202.8
Specialty Engineered Materials 36.8 37.8 163.7 124.4 113.2 95.5
Distribution 21.9 18.3 94.0 70.2 75.9 72.2
Corporate and eliminations (39.5) (26.4) (140.7) (121.8) (132.2) (132.2)
EBITDA $ 106.8 $ 114.5 $ 525.8 $ 328.7 $ 247.0 $ 238.3
EBITDA as a % of sales:
Color, Additives and Inks 15.1 % 16.1 % 17.0 % 17.0 % 18.9 % 19.4 %
Specialty Engineered Materials 16.1 % 19.8 % 17.8 % 17.6 % 15.2 % 14.8 %
Distribution 5.2 % 6.0 % 5.8 % 6.3 % 6.4 % 5.7 %
Reconciliation of Pro Forma Sales, Operating Income and EBITDA - Color,
Additives and Inks
Year Ended
December 31,
2020 2019 2018
Sales:
Color, Additives and Inks $ 1,502.9 $ 1,003.8 $ 1,046.5
Clariant Color pro forma
adjustments(1) 540.4 1,118.6 1,209.8
Pro forma sales $ 2,043.3 $ 2,122.4 $ 2,256.3
Operating income:
Color, Additives and Inks $ 180.8 $ 147.4 $ 158.5
Clariant Color pro forma
adjustments(1) 45.0 72.9 80.3
Pro forma operating income $ 225.8 $ 220.3 $ 238.8
Depreciation & amortization:
Color, Additives and Inks $ 75.1 $ 42.7 $ 44.3
Clariant Color pro forma adjustments(1) 30.1 60.3 61.2
Pro forma depreciation & amortization $ 105.2 $ 103.0 $ 105.5
Color, Additives and Inks $ 255.9 $ 190.1 $ 202.8
Clariant Color pro forma
adjustments(1) 75.1 133.2 141.5
Pro forma EBITDA $ 331.0 $ 323.3 $ 344.3
Pro forma EBITDA as a % of Sales 16.2 % 15.2 % 15.3 %
Three Months Ended
December 31,
Year Ended
December 31,
Reconciliation to Adjusted EBITDA: 2021 2020 2021 2020 2019
Net income from continuing operations – GAAP $ 28.9 $ 74.7 $ 230.6 $ 133.8 $ 75.7
Income tax expense (benefit) 22.2 (17.3) 74.0 5.2 33.7
Interest expense 17.5 19.3 75.3 74.6 59.5
Depreciation and amortization from continuing operations 38.2 37.8 145.9 115.0 78.1
EBITDA $ 106.8 $ 114.5 $ 525.8 $ 328.6 $ 247.0
Special items, before tax 20.6 4.2 57.1 66.2 61.7
Interest expense included in special items — — — (10.1) —
Depreciation and amortization included in special items (1.6) (0.70) (1.7) (3.2) —
Adjusted EBITDA $ 125.8 $ 118.0 $ 581.2 $ 381.6 $ 308.7
Clariant Color pro forma adjustments(1) — 33.4 — 75.1 133.2
Pro forma adjusted EBITDA $ 125.8 $ 113.1 $ 581.2 $ 456.7 $ 441.9
Free Cash Flow Calculation December 31, 2021
Cash provided by operating activities 233.8
Capital expenditures (100.6)
Free cash flow $ 133.2
Net Debt Calculation December 31, 2021
Total long-term debt, net $ 1,850.3
Unamortized discount and debt issuance cost 14.4
Short-term and current portion of long term debt 8.6
Total debt $ 1,873.3
Cash (601.2)
Net debt $ 1,272.1
Three Months Ended
December 31, 2021
Reconciliation of Adjusted Earnings per Share: Avient
Special
Adjusted
Sales $ 1,201.5 $ — $ 1,201.5
Operating income $ 74.0 $ 11.2 $ 85.2
Interest expense, net (17.5) — (17.5)
Other income, net (5.4) 9.4 4.0
Income taxes (22.2) 3.4 (18.8)
Net income from continuing operations attributable to Avient shareholders $ 29.8 $ 24.0 $ 53.8
Weighted average diluted shares 92.1
Adjusted EPS - excluding special items $ 0.58
Reconciliation of Adjusted EBITDA from continuing operations:
Operating income and other income, net $ 68.6 $ 20.6 $ 89.2
Depreciation and amortization 38.2 (1.6) 36.6
EBITDA from continuing operations $ 106.8 $ 19.0 $ 125.8
EBITDA as a % of sales 10.5 %
Three Months Ended
Reconciliation of Adjusted Earnings per Share: Avient
Special
Adjusted
Sales $ 997.0 $ — $ 997.0
Operating income $ 65.0 $ 14.6 $ 79.6
Interest expense, net (19.3) — (19.3)
Other income, net 11.7 (10.4) 1.3
Income taxes 17.3 (30.9) (13.6)
Net income from continuing operations attributable to Avient shareholders $ 74.2 $ (26.7) $ 47.5
Weighted average diluted shares 92.1
Adjusted EPS - excluding special items $ 0.52
Reconciliation of Adjusted EBITDA from continuing operations:
Operating income and other income, net $ 76.7 $ 4.2 $ 80.9
Depreciation and amortization 37.8 (0.7) 37.1
EBITDA from continuing operations $ 114.5 $ 3.5 $ 118.0
EBITDA as a % of sales 11.8 %
Reconciliation of Pro Forma Adjusted
Earnings per Share: Avient
Special
Adjusted
Clariant Color
Pro Forma
Pro Forma
Adjusted
Sales $ 3,242.1 $ — $ 3,242.1 $ 540.4 $ 3,782.5
Operating income $ 189.3 $ 73.7 $ 263.0 $ 45.0 $ 308.0
Interest expense, net (74.6) 10.1 (64.5) (18.1) (82.6)
Other income, net 24.3 (17.6) 6.7 — 6.7
Income taxes (5.2) (41.4) (46.6) (6.2) (52.8)
Net income attributable to noncontrolling
interests (1.8) — (1.8) — (1.8)
Net income from continuing operations
attributable to Avient shareholders $ 132.0 $ 24.8 $ 156.8 $ 20.7 $ 177.5
Weighted average diluted shares 90.6
Impact to diluted shares from January 2020 equity offering 1.5
Pro forma weighted average diluted shares 92.1
Pro forma adjusted EPS $ 1.93
Reconciliation of Pro Forma Adjusted
EBITDA from continuing operations:
Operating income and other income, net $ 213.6 $ — $ 56.1 $ 269.7 $ 45.0 $ — $ 314.7
Depreciation and amortization 115.1 (3.2) 111.9 30.1 142.0
EBITDA from continuing operations $ 328.7 $ 52.9 $ 381.6 $ 75.1 $ 456.7
EBITDA as a % of sales 12.1 %
Reconciliation of Pro Forma Adjusted
Earnings per Share: Avient
Special
Adjusted
Clariant Color
Pro Forma
Pro Forma
Adjusted
Sales $ 2,862.7 $ — $ 2,862.7 $ 1,118.6 $ 3,981.3
Operating income $ 156.8 $ 71.7 $ 228.5 $ 72.9 $ 301.4
Interest expense, net (59.5) — (59.5) (33.4) (92.9)
Other income, net 12.1 (10.0) 2.1 — 2.1
Income taxes (33.7) (5.9) (39.6) (9.1) (48.7)
Net income attributable to noncontrolling
interests (0.2) — (0.2) — (0.2)
Net income from continuing operations
attributable to Avient shareholders $ 75.5 $ 55.8 $ 131.3 $ 30.4 $ 161.7
Weighted average diluted shares 77.7
Impact to diluted shares from January 2020 equity offering 15.3
Pro forma weighted average diluted shares 93.0
Pro forma adjusted EPS $ 1.74
Reconciliation of Pro Forma Adjusted
EBITDA from continuing operations:
Operating income and other income, net $ 168.9 $ — $ 61.7 $ 230.6 $ 72.9 $ — $ 303.5
Depreciation and amortization 78.1 — 78.1 60.3 138.4
EBITDA from continuing operations $ 247.0 $ 61.7 $ 308.7 $ 133.2 $ 441.9
EBITDA as a % of sales 11.1 %
March 31, 2021
Reconciliation to Condensed Consolidated Statements of Income
GAAP
Special
Adjusted
Operating income $ 120.4 $ 2.4 $ 122.8
Income from continuing operations before income taxes $ 102.6 $ 2.4 $ 105.0
Income tax expense - GAAP (22.9) — (22.9)
Income tax impact of special items — (0.9) (0.9)
Tax adjustments — 1.1 1.1
Net income attributable to noncontrolling interests (0.4) — (0.4)
Net income from continuing operations attributable to Avient shareholders $ 79.3 $ 2.6 $ 81.9
Net income / EPS $ 0.86 0.03 $ 0.89
Weighted-average diluted shares 92.2 92.2 92.2
Year Ended
December 31, 2021
Reconciliation to Condensed Consolidated Statements of Income
GAAP
Special
Adjusted
Operating income $ 381.2 $ 47.8 $ 429.0
Income from continuing operations before income taxes $ 304.6 $ 57.1 $ 361.7
Income tax expense - GAAP (74.0) — (74.0)
Income tax impact of special items — (13.0) (13.0)
Tax adjustments — 5.9 5.9
Net income attributable to noncontrolling interests 0.2 — 0.2
Net income from continuing operations attributable to Avient shareholders $ 230.8 $ 50.0 $ 280.8
Net income / EPS $ 2.51 0.54 $ 3.05
Weighted-average diluted shares 92.1 92.1 92.1
Three Months Ended
December 31, 2019
Year Ended
Reconciliation of pro
forma sales, operating
income, and EBITDA: CAI
Clariant Color
Pro Forma
Pro Forma
CAI CAI
Clariant Color
Pro Forma
Pro Forma
Sales $ 226.7 $ 263.5 $ 490.2 $ 1,003.8 $ 1,118.6 $ 2,122.4
Operating income $ 27.2 $ 13.2 $ 40.4 $ 147.4 $ 72.9 $ 220.3
EBITDA $ 37.9 $ 28.3 $ 66.2 $ 190.1 $ 133.2 $ 323.3
EBITDA as a % of sales 13.5 % 15.2 %
6
Year Ended
December 31, 2020
Reconciliation of pro
forma sales, operating
income, and EBITDA: CAI
Clariant Color
Pro Forma
Pro Forma
Sales $ 1,502.9 $ 540.4 $ 2,043.3
Operating income $ 180.8 $ 45.0 $ 225.8
EBITDA $ 255.9 $ 75.1 $ 331.0
EBITDA as a % of sales 16.2 %
AVNT Q4 2021 Earnings Presentation.pdf
AVNT Q4 2021 Earnings Presentation.pdf
2.7.22 632pm IR Deck - AVNT-2021.12.31.pdf
https://www.avient.com/sites/default/files/2021-03/avient-antitrust-2021-update-english.pdf
Reciprocal Dealing—Any agreement with a customer
that says, “I will buy from you provided that you buy
from me
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Telephone: +55 11 4593 9200
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L-9638
Telephone: +352 269 050 35
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