https://www.avient.com/sites/default/files/2023-11/AVNT November IR Presentation.pdf
They use words such as "will," “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,”
“believe” and other words and terms of similar meaning in connection with any discussion of future operating or financial condition, performance and/or sales.
Continue fostering our Great Place
to Work® culture
Strategic Objectives
Long Term
Growth
Rates
Growth Drivers
$340
$455
$790
$1,120
$51 $84
$212
$650
$108 $113
$231 $230
$265
$358
$726 $730
8-12% 8-10% 8-10% 5%
Sustainable Solutions Composites Healthcare Asia/Emerging Regions
Profitable Growth Great Place to Work
5.4%
10.9%
2006 2014 2023E
EBITDA Margins
$0.14
$1.93
2006 2014 2023E
TOP-TIER SUSTAINABILITY PERFORMANCE
AND RECOGNITION
Industry Sustainability Standards
ESG Ratings Performance
1
3
5
5
87th
94th
percentile
Innovation is the lifeblood of a specialty company.
PRIOR YEAR
$790
$710
2022 2023
$107
$112
2022 2023
Sales Adjusted EBITDA
$0.42
$0.47
2022 PF 2023
- 10% + 5% + 12%
Sales Adjusted EBITDA Adjusted EPS
16
$112
$500
$0.47
Q4 AND FULL YEAR 2023 GUIDANCE
$710
$3,130
Sales Adjusted EBITDA Adjusted EPS
17
(in millions) (in millions)
Guidance: Free Cash Flow
$180 $180
Prior Guidance Guidance
FREE CASH FLOW & INCREASED DIVIDEND
13th Consecutive Dividend Increase
0.16
0.26
0.42
0.58
0.79
0.85
0.99
1.03
2011 2013 2015 2017 2019 2021 2023 2024
S U S TAI NABI L I T Y DAY
RE CAP
SUSTAINABILITY AS A GROWTH DRIVERLONG-TERM REVENUE GROWTH DRIVERS
60%+
Key Growth
Drivers
Sustainable
Solutions
Composites, Healthcare,
Asia / LATAM
Overlap
Other
(GDP Growth)
Total Company Revenue
Growth Drivers Long-Term
Growth Rate
Sustainable Solutions 8–12%
Composites 8–10%
Healthcare 8–10%
Asia / LATAM 5%
Other (GDP growth) 0–2%
Avient 6%
SUSTAINABILITY TRENDS DRIVE LONG-TERM GROWTH
8-12%
Long Term
Growth
50
90
2022 2030
Medical Plastics
Market Size
(in $Billions)
2020 2030
Recycled
Plastics
Virgin
Plastics
Growing Demand
for Recycled
Content
Avient Sustainable
Solutions
46
2023 2032
Global Offshore Annual
Wind Installations
(in Gigawatts)
Sources: McKinsey, Bloomberg, Grand View Research
SUSTAINABILITY TRENDS DRIVE
LONG-TERM GROWTH
21
• Transformative acquisitions
combined with divestitures of
more cyclical businesses have
improved margins over 400 bps
since 2018
• 20% long-term margin goal to
be driven by key growth drivers,
with sustainable solutions
playing a meaningful role
5.4%
11.5%
2006 2018 2023E Recovery Growth
Drivers
Strategic
Objective
20%+
+1%+
+3%+
ADJUSTED EBITDA MARGIN EXPANSION
22
• 6% annualized long-term sales growth leveraging
sustainable solutions, composites, healthcare, and
emerging regions
• Expand EBITDA margins to 20%
• Deliver annual EBITDA and EPS growth of
10% and 15%
• Maintain asset-light, 80% free cash flow conversion
profile and be valued as a specialty formulator
• Continue fostering our Great Place to Work® culture
CREATING A WORLD-CLASS
SUSTAINABLE ORGANIZATION
23
PEER COMPARISONS
AVIENT IS ASSET LIGHT
Capex / Revenue
2023E (%)
Avient Specialty
Other Specialty /
Note: Avient reflects 2023 estimated revenue of $3,130 and estimated run-rate CAPEX of $110M.
26
3.5
1.8
2.7 3.0 3.4 3.7
2.8
3.7
4.6 5.0
6.9 7.0
8.6
11.1
Av
ie
nt
PP
PM FM
C
N C
FREE CASH FLOW CONVERSION
Note: Free cash flow conversion calculated as (Adjusted EBITDA – Capex) / Adjusted EBITDA.
https://www.avient.com/sites/default/files/2024-03/Alternatives to Nylon 6_6 Brochure %281%29.pdf
HOW ALTERNATIVE
POLYMERS COMPARE
TO PA 6,6
PA 6 | POSSIBLE APPLICATIONS:
Automotive, Industrial, Consumer & Sporting Goods
Wider processing temperature range
Better surface quality
Better weathering resistance
Shorter conditioning time—nearly half that of PA 6,6
Lower temperature resistance
Slightly lower chemical resistance
Higher water absorption
Lower stiffness/wear resistance
PK | POSSIBLE APPLICATIONS:
Automotive, Consumer & Sporting Goods, Industrial,
Electrical & Electronics
Lower CO2 emissions in production
Better hydrolysis and chemical resistance
Comparable dimensional stability
Inherently lubricious for reduced wear and friction
Easier to mold
Cost competitive
Lower short- and long-term thermal performance
Harder to color
More limited process window
PBT/PET | POSSIBLE APPLICATIONS:
Electrical & Electronics
Lower water absorption
Slightly higher rigidity/stiffness (for PBT)
Better abrasion resistance
Slightly better electric resistance
Lower toughness properties
Higher density
Lower short- and long-term temperature resistance
Lower hydrolysis resistance
PP | POSSIBLE APPLICATIONS:
Automotive, Consumer Goods,
Lightweighting Applications
Lower water absorption
Slightly better chemical resistance
Lower density
Cost effective
Fiber reinforced PP can achieve similar or
better mechanical properties to PA 6,6 GF30
Reduced rigidity/stiffness
Much lower abrasion resistance
Lower electric resistance
Reduced short- and long-term temperature
resistance
PC/PBT & PC/PET BLENDS |
POSSIBLE APPLICATIONS: Automotive Interiors,
Consumer Goods, Household Appliances
Higher impact strength
Good scratch resistance
Good wear resistance
Lower mechanical properties
Higher brittleness
Narrow processing temperature range
PA 6,6/PET BLENDS |
POSSIBLE APPLICATIONS: Automotive, Industrial,
Appliance, Electrical & Electronics, Applications Where
Low Water Absorption is Required
Reduced water absorption—up to 40%
Slightly higher mechanical properties in the conditioned state
Slightly lower temperature resistance
Slightly lower chemical resistance
Narrow processing temperature range
PA/PP BLENDS | POSSIBLE APPLICATIONS:
Automotive Interiors, Electronics,
Consumer & Sporting Goods
Good adhesion to polyolefin-based TPEs
Low permeability of water
Good processability
Lower density
Lower temperature resistance
Lower mechanical properties
POST-INDUSTRIAL RECYCLED SOLUTIONS
(PA 6,6/PA 6/PP) |
POSSIBLE APPLICATIONS: Automotive Accessories,
Industrial, Consumer & Sporting Goods
Between 50-80% recycled content
Good processability
Cost effective
Reduced chemical resistance
Wider range of mechanical specifications
Potential for slightly lower mechanical properties
1.844.4AVIENT
www.avient.com
Copyright © 2024, Avient Corporation.
https://www.avient.com/sites/default/files/2022-09/Cesa Aversive Product Bulletin.pdf
Cesa™ Aversive Technology for Wire & Cable Protection
Masterbatch additives for long-term cable protection against rats
and termites, compliant with the EU Biocidal Product Regulation (BPR)
PRODUCT BULLETIN
PRODUCT DESCRIPTION
Cesa™ Aversive Technologies are masterbatches
which, when incorporated into cable jackets,
provide long-term protection against gnawing
by rats and termites.
TECHNOLOGY BENEFITS
• Helps provide long term cable protection against
rats and termites
• Enables manufacturers and cable users to be
compliant with EU Regulations
• Easy to use, direct incorporation in the jacket,
no need for additional layer to protect the cable
• Helps avoid unplanned service breakdowns
with associated high repair costs
1 CA-Sept15-Doc.6.2- Final
2 A masterbatch should be regarded as a biocidal product if it is has a biocidal function.
https://www.avient.com/sites/default/files/2022-03/Avient 2022 Proxy Statement.pdf
Long-Term Incentive.
We also believe that long-
term incentive compensation is an important retention tool.
The 2021-2023 Long-Term Incentive Program
awards were granted under the 2020 Plan.
https://www.avient.com/sites/default/files/resources/Investor%2520Day%2520-%2520May%25202012%2520-%2520Critical%2520Imperatives.pdf
Patterson
Page 101
Critical Imperatives – Near Term
• Successfully integrate ColorMatrix with
“Invest to Grow” strategy
• Accelerate cross-selling and leverage Lean Six
Sigma to drive sales-force effectiveness and Sigma to drive sales-force effectiveness and
improve execution
• Overcome current demand weakness in
Europe and beat our 2012 goals!
Page 102
Critical Imperatives – Medium to Long Term
• Continue cultural and paradigm shift from
commodity compounder to collaborative formulator
as One PolyOne
• Accelerate innovation and leverage megatrends to
improve our mix of business with higher-margin improve our mix of business with higher-margin
specialty products
• Increase specialty contribution and advance
globalization via acquisitions
• Drive relentless execution and creative innovation as
key competitive differentiators
Page 103
2011
Proforma ColorMatrix
2015 Target
“Where we are” “Where we expect to be”
1) Operating Income %
Specialty 8.9%
PP&S 7.2%
12 – 16%
9 – 12%
Elevating our Expectations and Yours
PP&S 7.2%
Distribution 5.6%
2) Specialty Platform
% of Operating Income
50%
3) ROIC* (after-tax) 10%
4) Adjusted Annual
EPS Growth
3 yr CAGR = 71%
9 – 12%
6 – 7.5%
65 – 75%
15%
Double Digit Expansion
*ROIC is defined as TTM adjusted OI divided by the sum of average debt and equity over a 5 quarter period
Page 104
https://www.avient.com/sites/default/files/2025-04/Governance and Corporate Responsibility Charter March 2025 Final and Approved.pdf
Each Committee member will serve at the pleasure of the Board for such term as the
Board may decide.
The Committee will have the sole authority to retain and terminate any search firm to
assist in the identification of director candidates and the sole authority to approve the fees
and other retention terms of such search firms.
The Committee will have sole authority to retain and terminate any search firm to be used
to assist the Board in the identification of candidates for the position of Chief Executive
Officer, including the sole authority to approve the consultant’s fees and other retention
terms.
https://www.avient.com/sites/default/files/2022-04/Avient Q1 2022 Earnings Release.pdf
They use words such as “will,” “anticipate,” “estimate,” “expect,” “project,” “intend,”
“plan,” “believe,” and other words and terms of similar meaning in connection with any discussion
of future operating or financial condition, performance and/or sales.
2) Tax adjustments include the net tax benefit/(expense) from one-time income tax items, the set-up or reversal of uncertain tax position reserves
and deferred income tax valuation allowance adjustments.
8
Attachment 4
Avient Corporation
Condensed Consolidated Balance Sheets
(In millions)
(Unaudited)
March 31, 2022
December 31,
2021
ASSETS
Current assets:
Cash and cash equivalents $ 562.6 $ 601.2
Accounts receivable, net 757.9 642.3
Inventories, net 475.4 461.1
Other current assets 131.0 122.4
Total current assets 1,926.9 1,827.0
Property, net 661.9 676.1
Goodwill 1,283.4 1,286.4
Intangible assets, net 904.1 925.2
Operating lease assets, net 67.1 74.1
Other non-current assets 200.3 208.4
Total assets $ 5,043.7 $ 4,997.2
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term and current portion of long-term debt $ 607.5 $ 8.6
Accounts payable 642.3 553.9
Current operating lease obligations 21.7 24.2
Accrued expenses and other current liabilities 284.8 353.9
Total current liabilities 1,556.3 940.6
Non-current liabilities:
Long-term debt 1,250.2 1,850.3
Pension and other post-retirement benefits 98.5 100.0
Deferred income taxes 99.4 100.6
Non-current operating lease obligations 45.9 50.1
Other non-current liabilities 164.1 165.1
Total non-current liabilities 1,658.1 2,266.1
SHAREHOLDERS' EQUITY
Avient shareholders’ equity 1,813.2 1,774.7
Noncontrolling interest 16.1 15.8
Total equity 1,829.3 1,790.5
Total liabilities and equity $ 5,043.7 $ 4,997.2
9
Attachment 5
Avient Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Three Months Ended
March 31,
2022 2021
Operating Activities
Net income $ 84.5 $ 79.7
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 35.7 36.6
Accelerated depreciation and amortization 2.1 0.5
Share-based compensation expense 3.2 2.7
Changes in assets and liabilities, net of the effect of acquisitions:
Increase in accounts receivable (118.8) (137.6)
Increase in inventories (15.1) (35.1)
Increase in accounts payable 90.5 67.3
Decrease in pension and other post-retirement benefits (4.0) (7.1)
Decrease in accrued expenses and other assets and liabilities, net (59.2) (3.4)
Net cash provided by operating activities 18.9 3.6
Investing activities
Capital expenditures (13.3) (16.5)
Other investing activities — (2.0)
Net cash used by investing activities (13.3) (18.5)
Financing activities
Purchase of common shares for treasury (15.8) (4.2)
Cash dividends paid (21.7) (19.5)
Repayment of long-term debt (2.4) (2.3)
Payments of withholding tax on share awards (3.9) (3.1)
Net cash used by financing activities (43.8) (29.1)
Effect of exchange rate changes on cash (0.4) (11.0)
Decrease in cash and cash equivalents (38.6) (55.0)
Cash and cash equivalents at beginning of year 601.2 649.5
Cash and cash equivalents at end of period $ 562.6 $ 594.5
10
Attachment 6
Avient Corporation
Business Segment Operations (Unaudited)
(In millions)
Operating income and earnings before interest, taxes, depreciation and amortization (EBITDA) at the segment level does not
include: special items as defined in Attachment 3; corporate general and administration costs that are not allocated to segments;
intersegment sales and profit eliminations; share-based compensation costs; and certain other items that are not included in the
measure of segment profit and loss that is reported to and reviewed by the chief operating decision maker.
In addition, operating income before the effect of special items is
a component of Avient annual and long-term employee incentive plans and is used in debt covenant computations.
https://www.avient.com/sites/default/files/2020-11/investing-in-avient_0.pdf
Investing in Innovation — Specialty companies invest to grow, so we ensure our
resources are concentrated on material science for high-growth end markets, poised for
value creation in the long term.
It’s important to note that future revenue synergies through increased innovation and
commercial excellence are not part of these estimates and will represent additional
growth over the long term.
In the near term we expect substantial earnings and cash flow gains as we emerge from the COVID-19
pandemic.
https://www.avient.com/sites/default/files/2020-10/investing-in-avient.pdf
Investing in Innovation — Specialty companies invest to grow, so we ensure our
resources are concentrated on material science for high-growth end markets, poised for
value creation in the long term.
It’s important to note that future revenue synergies through increased innovation and
commercial excellence are not part of these estimates and will represent additional
growth over the long term.
In the near term we expect substantial earnings and cash flow gains as we emerge from the COVID-19
pandemic.
https://www.avient.com/sites/default/files/resources/PolyOne%25202013%2520Annual%2520Report.pdf
Š To develop our expected long-term
return on plan assets, we consider our
historical long-term asset return
experience, the expected investment
portfolio mix of plan assets and an
estimate of long-term investment
returns.
The term loan
was recorded at par value less a discount.
Total interest paid on long-term and
short-term borrowings was $50.4 million in 2013, $45.8 million in 2012 and $32.0 million in 2011.