https://www.avient.com/sites/default/files/2024-03/2024 Proxy Statement %28Filed%29.pdf
Eastern Time on Thursday,
May 16, 2024.
i
NOTICE OF 2024 ANNUAL MEETING OF SHAREHOLDERS
Thursday, May 16, 2024
9:00 a.m.
Miscellaneous
16.
https://www.avient.com/sites/default/files/2024-03/2024 Proxy Statement_March.pdf
Eastern Time on Thursday,
May 16, 2024.
i
NOTICE OF 2024 ANNUAL MEETING OF SHAREHOLDERS
Thursday, May 16, 2024
9:00 a.m.
Please carefully review the proxy materials for the
Annual Meeting, which will be held virtually via live webcast on Thursday, May 16, 2024 at 9:00 a.m.
https://www.avient.com/sites/default/files/resources/PolyOne%25202018%2520Proxy%2520Statement.PDF
ET) on
May 16, 2018.
ET) on May 16, 2018.
Section 16(a) Beneficial Ownership Reporting Compliance
Section 16(a) of the Exchange Act requires that certain of our officers, our Directors and persons who own more
than 10% of a registered class of our equity securities file reports of ownership and changes in ownership with the
SEC.
https://www.avient.com/sites/default/files/resources/PolyOne%2520Terms%2520and%2520Conditions%2520of%2520sale%2520France.pdf
Seller may assign/transfer
rights and/or delegate duties/obligations hereunder to
any affiliated company within the PolyOne group.
16.
Le
Vendeur pourra transférer/céder et/ou déléguer les
devoirs/obligations au titre des présentes à toute
société du groupe PolyOne.
16.
https://www.avient.com/sites/default/files/2024-10/Avient_CodeConduct_2024_HUN2.pdf
6
A magatartási kódex hatálya 6
A kódex megsértése 6
A tisztelet
mindenkinek jár
Sokszínűség és bevonás 8
Hátrányos megkülönböztetés
és zaklatás 8
Munkahelyi kapcsolatok 9
Szerfüggőség 10
Fizikai biztonság és munkahelyi
erőszak 10
Becsületesség a
munkahelyen
Pontos információk, adatok és
nyilvántartások 12
Tisztességes könyvvitel 12
Kérdések és válaszok: 12
Vállalati kommunikáció 14
A vagyontárgyak védelme és
használata 14
Tulajdonosi és bizalmas információk,
ötletek és szellemi tulajdon 15
A magánélet tiszteletben tartása, a
személyes információk és
adatok védelme 16
Internet és e-mail-használat 16
Közösségi média és a közösségi
hálózatokban való részvétel 17
Számítógépes biztonság,
szoftverlicenc és szerzői jog 17
Bennfentes információk és
bennfentes kereskedés 18
Politikai hozzájárulások/
tevékenységek és jótékonysági
hozzájárulások 19
Kormányzati vizsgálatok és
adatkérések 19
Tisztességes üzletelés 21
Vesztegetés és kenőpénz felajánlása 21
Ügynökök és tanácsadók 22
Verseny 22
Ajándékok és vendéglátás 23
Összeférhetetlenség 24
Önérdekű kereskedés 25
Nemzetközi kereskedelem 25
Pénzmosás 25
Társadalmi
felelősségvállalás
Fenntarthatóság 27
Egészség-, munka- és
környezetvédelem 28
Termékeink és szolgáltatásaink
biztonságossága 29
Az emberi jogok tiszteletben tartása 29
Közös kötelezettségvállalás 29
Erőforrások és
elérhetőségek
Irányelveink 30
Belső kapcsolat 30
Etikai forródrót 30
Üzenet vezérigazgatónktól
Kedves Avient csapat!
MAGATARTÁSI KÓDEXÜNK | 16
MAGATARTÁSI
A TISZTELET
BECSÜLETESSÉG A
ÜZLETI
TÁRSADALMI
Közösségi média és a közösségi
hálózatokban való részvétel
Az Avient elismeri, hogy a közösségi média/hálózatok lehetnek
szakmailag értékesek.
Gyermekmunkának tekintjük
a 16 éven aluliak általi munkavégzést, ha pedig a helyi jogszabályok
szigorúbbnak bizonyulnak belső normáinknál, a szigorúbb előírásokat
kell betartanunk.
https://www.avient.com/sites/default/files/2023-07/Avient_CodeConduct_2023_Italian.pdf
Il nostro Codice
di condotta
2023
Un messaggio dal CEO 1
La nostra visione e strategia 2
Valori fondamentali e personali 2
Il nostro Codice di condotta
Linee guida per il comportamento etico 4
Valori personali 4
Risolvere questioni e segnalare situazioni di non
conformità 6
Linea di assistenza telefonica sull’etica 6
Non ritorsione 6
Applicazione del Codice di condotta 7
Violazioni del Codice 7
Rispetto per tutti
Diversità e inclusione 9
Discriminazione o molestie 9
Rapporti di lavoro 9
Abuso di sostanze 9
Sicurezza fisica e violenza sul luogo di lavoro 10
Onestà sul lavoro
Informazioni, dati e documenti accurati 12
Integrità contabile 12
Comunicazioni aziendali 14
Tutela e uso dei beni 14
Informazioni proprietarie e riservate, idee
e proprietà intellettuale 14
Privacy, informazioni personali e protezione
dei dati 15
Uso di Internet e delle e-mail 15
Social media e social networking 15
Sicurezza informatica, licenze software
e copyright 16
Insider trading e informazioni privilegiate 16
Contributi/attività per partiti politici e contributi
ad organizzazioni di beneficenza 17
Indagini e inchieste governative 17
Integrità nella nostra attività
Trattamento equo 19
Corruzione e mazzette 19
Agenti e consulenti 20
Concorrenza 20
Omaggi e ospitalità 20
Conflitti di interessi 21
Autonegoziazion 22
Commercio internazionale 22
Responsabilità sociale
dell’azienda
Sostenibilità 24
Sicurezza, salute e ambiente 24
Sicurezza di prodotti e servizi 25
Rispetto dei diritti umani 25
Un impegno condiviso 25
Risorse e informazioni
di contatto 26
1
Un messaggio dal CEO
Gentili Dipendenti Avient,
facendo parte di un’azienda globale in crescita, ci troviamo di fronte a situazioni impegnative e a decisioni complesse.
Siete tenuti a conoscere e a seguire le linee guida
aziendali quando utilizzate social media/network,
per uso personale o aziendale e quando tale utilizzo
riguarda informazioni o comunicazioni legate a Avient o
fa riferimento al vostro lavoro o alle vostre responsabilità
all’interno dell’azienda.
16
Sicurezza informatica, licenze
software e copyright
Come per altre forme di informazioni essenziali per le
operazioni di Avient, dovete proteggere attentamente
le informazioni contenute nei computer o registrate su
diversi dispositivi di archiviazione da copia, modifica,
divulgazione o distruzione accidentali o non autorizzate.
Consideriamo sfruttamento del
lavoro minorile qualsiasi servizio svolto da persone di
età inferiore ai 16 anni e nel caso in cui la legge locale
fosse più rigida della nostra politica rispetteremo tale
legge.
https://www.avient.com/sites/default/files/2023-07/Avient_CodeConduct_2023_Hungary.pdf
6
A Magatartási kódex hatósugara 7
A Kódex megsértése 7
Sokszínűség és bevonás 9
Hátrányos megkülönböztetés és zaklatás 9
Munkahelyi kapcsolatok 9
Szerfüggőség 10
Fizikai biztonság és munkahelyi erőszak 10
Pontos információk, adatok és nyilvántartások 12
Tisztességes könyvvitel 12
Vállalati kommunikáció 14
A vagyontárgyak védelme és használata 14
Tulajdonosi és bizalmas információk, ötletek
és szellemi tulajdon 14
A magánélet tiszteletben tartása, a személyes
információk és adatok védelme 15
Internet és e-mail használat 15
Közösségi média és a közösségi hálózatokban
való részvétel 15
Számítógépes biztonság, szoftverlicenc és
szerzői jog 16
Bennfentes információk és azok továbbadása 16
Politikai hozzájárulások/tevékenységek és
jótékonysági hozzájárulások 17
Kormányzati nyomozások és vizsgálatok 17
Tisztességes üzletelés 19
Vesztegetés és kenőpénz felajánlása 19
Ügynökök és tanácsadók 20
Verseny 20
Ajándékok és vendéglátás 20
Összeférhetetlenség 21
Önérdekű kereskedés 22
Nemzetközi kereskedelem 22
Fenntarthatóság 24
Egészség és munkavédelem, környezetvédelem 24
Termékeink és szolgáltatásaink biztonságossága 25
Az emberi jogok tiszteletben tartása 25
Közös kötelezettségvállalás 25
Erőforrások és elérhetőségek 26
1
Üzenet a CEO-tól
Kedves Avient Munkatársak!
Elvárjuk Öntől, hogy a közösségi médiában/hálózatokon
való megnyilvánulásai – legyenek ezek üzletiek vagy
személyesek, vagy az Avient-re vonatkozó információkkal
vagy közlésekkel kapcsolatosak, vagy a munkaviszonyára
vagy a Vállalattal szembeni feladataival kapcsolatosak –
mindig tartsa szem előtt a vállalat politikáit.
16
Számítógépes biztonság,
szoftverlicenc és
szerzői jog
Akárcsak minden egyéb, az Avient működése
szempontjából kritikus információkat Ön köteles
megóvni, a számítógépeken vagy egyéb adathordozókon
tárolt információkat a véletlenszerű vagy jogosulatlan
sokszorosítással, módosítással, felfedéssel vagy
megsemmisítéssel szemben.
Gyermekmunkának
tekintjük a 16 éven aluliak által végzett munkát, ha
pedig a helyi jogszabályok szigorúbbnak bizonyulnak
belső normáinknál, a szigorúbb előírásokat tartjuk
be.
https://www.avient.com/sites/default/files/2023-07/Avient_CodeConduct_2023_Portuguese.pdf
Nosso Código
de Conduta
2023
Mensagem do diretor executivo 1
Nossa visão e estratégia 2
Valores fundamentais e pessoais 2
Nosso Código de Conduta
Orientações para comportamento ético 4
Valores pessoais 4
Solução de dúvidas e comunicação de
situações de não conformidade 6
Linha direta de ética 6
Nenhuma retaliação 6
Aplicação do Código de Conduta 7
Violações do Código 7
Respeito por todos
Diversidade e inclusão 9
Discriminação ou assédio 9
Relacionamentos no local de trabalho 9
Abuso de substância 10
Segurança física e violência no local de trabalho 10
Honestidade no trabalho
Informações, dados e registros precisos 12
Integridade da contabilidade 12
Comunicações da empresa 14
Proteção e uso de ativos 14
Informações exclusivas e confidenciais, ideias e
propriedade intelectual 14
Privacidade, informações pessoais e proteção
de dados 15
Uso de internet e e-mail 15
Mídias sociais e redes sociais 15
Segurança do computador, licenciamento de
software e direitos autorais 16
Informações privilegiadas e transações com
informações privilegiadas 16
Contribuições/atividades políticas e
contribuições para caridade 17
Investigações e consultas do governo 17
Integridade em nossos negócios
Negociação justa 19
Suborno e propinas 19
Agentes ou consultores 20
Concorrência 20
Presentes e hospitalidade 20
Conflitos de interesses 21
Autonegociação 22
Comércio internacional 22
Responsabilidade social
corporativa
Sustentabilidade 24
Segurança, saúde e meio-ambiente 24
Segurança de produtos e serviços 25
Respeito pelos direitos humanos 25
Um compromisso compartilhado 25
Recursos e informações de
contato 26
1
Mensagem do diretor executivo
Prezados colaboradores da Avient,
Como parte de uma empresa global em crescimento, enfrentamos situações desafiadoras e tomadas de decisões
complexas.
Você
deve entender e cumprir as orientações da empresa ao
usar mídias/redes sociais, quer seja para fins comerciais
ou pessoais, quando o uso envolver informações ou
comunicações relacionadas à Avient ou se relacionar ao
seu emprego ou responsabilidades com a empresa.
16
Segurança do computador,
licenciamento de software e
direitos autorais
Como com outras formas de informações cruciais para
as operações da Avient, você deve proteger de maneira
cuidadosa as informações contidas em computadores
ou registradas em várias mídias de armazenamento
contra duplicação, modificação, divulgação ou
destruição acidental ou não autorizada.
Definimos trabalho infantil
como os serviços prestados por qualquer um com
menos de 16 anos de idade, e se a lei local for mais
restritiva que nossa política, cumprimos a lei local mais
restritiva.
https://www.avient.com/sites/default/files/2024-10/Avient_CodeConduct_2024_AR2.pdf
مدونة قواعد السلوك مدونة قواعد السلوك
تاريخ الإصدار: أكتوبر 2024
جدول المحتويات
1 تنفيذي رسالة من المدير ال
مدونة قواعد السلوك الخاصة بنا
3 المبادئ التوجيهية للسلوك الأخلاقي
3 القيم الشخصية
4 مسؤولياتك
المسؤوليات الإضافية
4 Avient للمشرفين والمديرين في
حل المسائل والإبلاغ عن
5 حالات عدم الامتثال
5 الخط الساخن للأخلاقيات
6 عدم الانتقام
6 تطبيق مدونة قواعد السلوك
6 مخالفات مدونة قواعد السلوك
عيمجلل مارتحالا
8 التنوع والدمج
8 التمييز أو المضايقات
9 العلاقات في مكان العمل
10 إدمان المخدرات
10 الأمن المادي و العنف في مكان العمل
لمعلا يف ةنامألا
12 بيانات، والسجلات الدقيقة المعلومات، وال
12 نزاهة المحاسبة
14 اتصالات الشركة
14 حماية الأصول واستخدامها
حقوق الملكية وسرية المعلومات،
15 والأفكار والملكية الفكرية
حماية الخصوصية، والمعلومات
16 بيانات الشخصية، وال
استخدام شبكة الإنترنت
16 والبريد الإلكتروني
وسائل التواصل الاجتماعي والشبكات
17 الاجتماعية
الأمن الحاسوبي، تراخيص
17 البرمجيات وحقوق النشر
18 المعلومات الداخلية والتداول
المساهمات والأنشطة
19 السياسية/والمساهمات الخيرية
19 التحقيقات والاستفسارات الحكومية
انلمع يف ةهازنلا
21 التعامل العادل
21 الرشاوى والعمولات
22 الوكلاء والمستشارون
22 المنافسة
23 iالهدايا والاستضافة
24 تضارب المصالح
25 تعامل ذاتي تتنافر فيه المصلحة والواجب
25 التجارة الدولية
25 غسل الأموال
ةيعامتجالا ةيلوؤسملا
ةكرشلاب
27 الاستدامة
28 بيئة السلامة، والصحة، وال
29 سلامة المنتج والخدمة
29 احترام حقوق الإنسان
29 التزام مشترك
لاصتالا تامولعمو دراوم
30 حول سياساتنا
30 موارد الأخلاقيات والامتثال
30 الخط الساخن للأخلاقيات
رسالة من المدير التنفيذي
لقرارات شركتنا آثار بعيدة المدى في عالم اليوم المعقد والمترابط.
مدونة قواعد السلوك
مدونة قواعد السلوك الخاصة | 16
http://polynet/ethics/GlobalPrivacyandDataProtectionPolicies/tabid/1870/Default.aspx
وسائل التواصل الاجتماعي والشبكات الاجتماعية
تُسُلّمّ Avient بما قد يكون لوسائل/شبكات التواصل الاجتماعي من قيمة على
الجانب المهني.
ونُعُ�رِِّ
الأطفال بوصفها خدمات يقدمها أي فرد تحت سن 16 عامًًا وإن كان النظام القانوني
المحلي أكثر تقييدًًا من سياستنا، فسوف
نلتزم بهذا النظام
القانوني الأكثر تقييدًًا.
https://www.avient.com/sites/default/files/2021-09/avnt-seaport-conference-presentation.pdf
ColorWorks innovation centers are specially
designed to foster imagination and enable
creative exploration of innovative solutions
• Focus on customers’ sustainability initiatives
through recyclability and post-consumer
recycled materials for packaging applications
• Supports 8-12% long-term revenue growth
expectations across our sustainable solutions
portfolio
14
2020 Pro forma $870 $69
Sustainable Solutions 66 37% 26
Healthcare 29 20% 7
Composites 12 36% 6
Growth in Asia / LATAM 47 39% 11
Other 190 48% 22
Sub-total $1,214 40% $141
COVID Response Applications (15) (8)
FX Impact 36 4
Synergies 11
Incentives, Travel, Other Employee Costs (26)
2021 Actual $1,235 42% $122
Q2 2021 ORGANIC SALES AND OPERATING INCOME
15
(1) Financial information is pro forma to include a full year of Clariant Masterbatch business acquisition
Sales Growth Rate
Operating
Income$ millions
16
Q2 2020PF Q2 2021
(2) Financial information is presented on a constant currency basis
(1,2)
(44% of total revenue)
(56% of total revenue)
Q2 END MARKET SALES PERFORMANCE
+26%
+38%
+46%
+103%
+51%
+9%
+7%
+67%
Energy Telecom Building &
Transportation Industrial Healthcare Packaging Consumer
Q2 YEAR-OVER-YEAR EBITDA BRIDGE
Q2 2020 Pro forma $ 106
Demand 69
17
EBITDA$ millions
• Demand impact driven by
growth in sustainable
solutions and consumer
products
• Price increases more than
offset raw material and
supply chain impacts
(1) Financial information is pro forma to include a full year of Clariant Masterbatch business acquisition
CAI:
Price / Mix 40
Inflation (32)
SEM:
Price / Mix 23
Inflation (18)
Distribution:
Price / Mix 81
Inflation (77)
Net Price Benefit 17
Supply Chain Disruptions (14)
COVID Response Applications (8)
Synergies 11
Incentives, Travel, FX, Other (22)
Q2 2021 Actual $ 159
Q1 2021 Actual $ 161
CAI:
Price / Mix 32
Inflation (22)
SEM:
Price / Mix 15
Inflation (9)
Distribution:
Price / Mix 50
Inflation (48)
Net Price Benefit 18
Supply Chain Disruptions (12)
Demand / Seasonality (6)
Other (2)
Q2 2021 Actual $ 15918
EBITDA$ millions
• Price increases more than
offset raw material and
freight inflation impacts
• Demand impact driven by
Q2 seasonality for the
business
Q1 TO Q2 SEQUENTIAL EBITDA BRIDGE
Q 3 AN D FU LL Y EA R
2021 O U TLO O K
$74
$98
$0.46
$0.68
ORGANIC GROWTH PROJECTIONS – Q3
20
Sales Adjusted Operating Income
$925
$1,150
+ 24%
+ 32% + 48%
FULL YEAR GUIDANCE INCREASED
21
Sales Adj.
APPENDIX
Performance
Additives
Pigments
TiO2
Dyestuffs
4%Polyethylene
Nylon
Polypropylene
Other Raw
Materials
29%
Styrenic Block
Copolymer
~1/3 hydrocarbon based
(Grey shaded materials are hydrocarbon based,
includes portion of “Other Raw Materials”)
Non-hydrocarbon
based materials
34
• In Q2 2021, several raw material markets
experienced significant price inflation and
tight inventory
o Average cost of hydrocarbon based materials
was up 45% year-over-year and 20%
sequentially
o Average cost of non-hydrocarbon based
materials was up 10% year-over-year and 8%
sequentially
• Additionally, we experienced other supply
chain challenges during Q2 related to raw
material spot purchases, freight constraints
and productivity loss as a result of these
shortages
Annual Purchases
RAW MATERIAL AND SUPPLY CHAIN UPDATE
Based on 2020 pro forma purchases, excludes Distribution business
SEGMENT DATA
U.S. & Canada
50%
26%
Latin America
2021 YTD SEGMENT, END MARKET AND GEOGRAPHY
36
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
37
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
38
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
39
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)
40
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 Seaport Conference Presentation.pdf
AVNT Q2 2021 Earnings Presentation - Website.pdf
AVNT Q2 2021 Earnings Presentation - Website.pdf
Final - 7.19 1158am Q2 21 IR Deck Version v2