https://www.avient.com/sites/default/files/resources/11.30.18%2520Investor%2520Presentation%2520V1.pdf
V I S I O N
PolyOne Corporation 4
To be the world’s
premier provider of
specialized polymer
materials, services and
solutions
C O R E
V A L U E S
P E R S O N A L
V A L U E S
Honesty IntegrityRespect
Operational
Excellence
Commercial
Excellence
Specialization
Globalization
Collaboration ExcellenceInnovation
To be the world’s
premier provider of
specialized polymer
materials, services
and solutions
S A F E T Y F I R S T
PolyOne Corporation 5
Injuries per 100 Workers
Spartech
Acquisition
1.3
1.1 1.1
0.85
0.65
0.57
0.54
0.97
0.84
0.74 0.74
0.69
0.51
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
YTD
PolyOne Corporation 6
P O L Y O N E
2 0 1 7 R E V E N U E | $ 3 . 2 B I L L I O N
Transportation
18%
Industrial
16%
Consumer
12%
Packaging
11%
Healthcare
11%
Wire & Cable
9%
Appliance
5%
United States
59%
Europe
14%
Asia
10%
Latin
America
9%
Canada
8%
PolyOne
Distribution
34%
Performance Products &
Solutions 21%
Specialty
Engineered
Materials
19%
Color
Additives &
Inks 26%
Segment End Market Geography
Building &
Construction
12%
Electrical &
Electronics
6%
2009 2010 2011 2012 2013 2014 2015 2016* 2017*
P R O O F O F P E R F O R M A N C E
C O N S E C U T I V E
Y E A R S
PolyOne Corporation 7
8
$0.13
$0.68
$0.82
$1.00
$1.31
$1.80
$1.96
$2.06
$2.21
*Pro Forma for sale of DSS
2006 2017
“Where we were” “Where we are”
ROIC** 5.0% 14.0%
Operating Income
% of Sales
Color, Additives & Inks 1.7% 15.5%
Specialty Engineered
Materials 1.1% 12.1%
Performance Products
& Solutions 4.3% 10.7%
Distribution 2.6% 6.3%
**ROIC is defined as TTM adjusted OI after tax divided by the sum of average debt and equity less cash over a 5 quarter period
A D J U S T E D E P S E X P A N S I O N
S U S T A I N A B L E P A T H T O D O U B L E - D I G I T E P S G R O W T H
PolyOne Corporation 8
P E O P L E P R O D U C T S P L A N E T P E R F O R M A N C E
Double digit
annual EPS
growth
Expand specialty portfolio
with strategic acquisitions
Innovate and develop new
technologies and services
Repurchase 600K-1M
shares annually
Increase commercial
resources 6-8% annually
Double acquired
company margins
Enhance efficiencies
through Lean Six Sigma
and commercial excellence
531
711
130
158
504
656
2014 Q3 2018
R&D / Technical Marketing Sales
PolyOne Corporation 9
Increased commercial headcount
+ 34%
+ 22%
+ 30%
Generating opportunities
35% more sales calls
25% more marketing campaigns
1,000 new customers, expanding
customer base by 5%
$1.0B increase in new opportunities
Enhancing efficiency
8% reduction of average territory
size, enabling greater
customer focus
20% more prospecting calls
I N V E S T M E N T I N C O M M E R C I A L R E S O U R C E S D R I V I N G G R O W T H
Lead
Specialists
T H E E V O L V I N G C U S T O M E R R E L A T I O N S H I P
PolyOne Corporation 10
Expanded Path
Traditional Path
Strategic Accounts/
Field Sales
Business
Development
Customer
Service
Web and Social
Media
Inside Sales
PolyOne Corporation 11
Investments in digital and dedicated inside sales to
improve customer experience
80% increase in leads (from 6,000 to 11,000) driven
by website, phone, and online chat
E X P A N D E D P A T H
A D D I N G C U S T O M E R T O U C H P O I N T S
4
21
2014 2017
Inside sellers
$11M
$88M
2014 2017
Inside sales/digital revenue
N E W R E S O U R C E S F U E L I N G T H E F U T U R E
PolyOne Corporation 12
P O L Y O N E
S A L E S
F U N N E L
+34%
2014
$3.0 billion
2017
$4.0 billion
A L I G N I N G W I T H T R E N D S F O R G R O W T H
T R A N S P O R T A T I O N P A C K A G I N G H E A L T H C A R E C O N S U M E R
PolyOne Corporation 13
Facilitate
alternative
energy
solutions
Light-
weighting
Reduce
packaging
materials
Improve
recyclability
Reduce
spread of
infection
I N N O V A T I O N
PolyOne Corporation 14
Customization
55%
M&A
30%
Innovation
Pipeline
15%
Innovation comes from Research & Development Spend
($ millions)
Vitality Index
% of sales from products launched last 5 years
12%
38%
2006 2017
$20
$52
2006 2017
Transformational
Opportunity for Growth
Through M&A
Adjacent
Opportunity for
Growth Through New
Product Pipeline
Core
Customization
3 H O R I Z O N S O F D E V E L O P M E N T
PolyOne Corporation 15
Incremental
development
from existing
base of
technology
New development
adjacent to current
technology
New technology
development
outside of and with
our current base
Service adjacent
markets and
customers
Create new
markets, target
new customer
needs
Service existing
markets and
customers
Market
Technical
I N N O V A T I O N
Non-Halogen Flame
Retardants
Barrier Technologies
Fiber Colorants
Advanced Composites
Thermoplastic Elastomers
Gordon Composites/
Polystrand – Composites
GLS – Thermoplastic Elastomers
ColorMatrix – Liquid Color
& Additives
I N N O V A T I O N P I P E L I N E
PolyOne Corporation 16
PrototypeFrame
Opportunity
Scale-up & Test
Market
Build
Business Case
Commercial
Launch
(since 2015)
Phase 1 Phase 2 Phase 3 Phase 4 Phase 5
8
5
6
2 1
15 4
10
5
11
4
5
7
Breakthrough
Platform
Derivative
Number of Projects 26 16 20 15 2 79
Total Addressable Market
($ millions)
- - $1,230 $1,170 $440 $2,840
F L A M E
R E T A R D A N T
P O L Y M E R S
A D V A N C E D
C O M P O S I T E S
B A R R I E R
M A T E R I A L S
C O L O R A N T
T E C H N O L O G I E S
T H E R M O P L A S T I C
E L A S T O M E R S
I N N O V A T I O N S P O T L I G H T :
C O M P O S I T E S
PolyOne Corporation 17
C O M P O S I T E S R E F R E S H E R
PolyOne Corporation 18
Fiber
Polymer
Composite
Strength
Design Flexibility
Continuous
Fiber
Thermoset
Composites
Short Glass
Fiber
Thermoplastics
Continuous Fiber
Thermoplastic
Composites
Long Glass Fiber
Thermoplastics
S T R A T E G I C I N V E S T M E N T H I S T O R Y
Acquired
Polystrand
Installed LFT
production
Avon Lake
Acquired
Gordon
Composites
Thermoplastic Composites
Long Fiber Reinforced Thermoplastics
Continuous Fiber Thermosets
Long Fiber
Thermoplastic
(LFT)
Technology
Installed LFT
production
Barbastro,
Spain
Acquired
Glasforms
Long Fiber Reinforced Thermoplastics
Continuous Fiber Thermosets
2012 2015 20162009 2011
Acquired
PlastiComp,
specialty LFT
producer
2018
PolyOne Corporation 19
C O M P O S I T E S I N T R A N S P O R T A T I O N
PolyOne Corporation 20
W A T E R C R A F TR A I L H E A V Y T R U C K
Bulkheads and Transoms
Ceilings and Hatches
Doors and Cabinetry
Flooring
Door Panels
Side Walls
Flooring & Side Panels
Aerodynamic Fairings
Seat and Bunk
Reinforcements
PolyOne Corporation 21
Safety Technology Geography Service FinancialPeople
Low EH&S
risk profile
New and
complementary
technologies
Leverage our
global footprint
Strong
customer
relationships
Foundational
operating
margins of
8-10% with
ability to double
Motivated team
with a specialty
culture
I N V E S T - T O - G R O W M & A S T R A T E G Y
PolyOne Corporation 22
Capture
sourcing
synergies
Cross-sell
& blend
technology
8-10%
operating
margins
I N V E S T - T O - G R O W M & A P L A Y B O O K
Protect
customers
Retain
employees
Implement LSS to
drive efficiency
improvements
Innovate with
combined
portfolio
Safety
First!
T H E N E W P O L Y O N E : A S P E C I A L T Y G R O W T H C O M P A N Y
Growing leadership position in attractive markets
Innovation, technology and service are differentiators
Capital management is a strength: Record-setting cash generation
to continue for years
Expand ROIC while increasing invested capital
Proven acquisition strategy with robust pipeline
Commercial investments are fueling momentum and generating
organic growth
S E R V I C E :
T H E T I M E L E S S
D I F F E R E N T I A T O R
PolyOne Corporation 29
T A L E N T D E V E L O P M E N T
PolyOne Corporation 30
Leadership Program Participants
2012
2013
2014
2015
47
0
86
2016
2018
125
169
315
Campus Hires
2008
2011
2014
2017
0
25
90
47
PolyOne LSS Blackbelts
2008
2011
2014
2018
0
67
220
147
2018 141
A U N I Q U E C U S T O M E R E X P E R I E N C E
Industrial
Design
I Q D E S I G N L A B S
PolyOne Corporation 31
Material
& Color
Expertise
Manufacturing
Expertise
3
14
2014 2017
Industrial designers
$0
$7M
2014 2017
$4M
$40M
2014 2017
Opportunity funnel New business revenue
L S S C U S T O M E R F I R S T
PolyOne Corporation 32
Customer Projects
Enables sales growth by building more intimate
customer relationships, giving us insight to customers’
needs, with a service that is not easily replicated
2014 2017
2 85
3 D P R I N T I N G
B R I N G I N G N E W I D E A S T O L I F E
PolyOne Corporation 33
Enables validation of fit and function
Shortens design cycle and time to market
Avoids tooling rework
Drives innovation
Delivers substantial customer value
PolyOne Corporation 34
From concept to production
M O N T H M O N T H
M O N T H M O N T H
M O N T H M O N T H
99.9%
Reduction in
turnaround time
Traditional Timeline
up to 24 weeks
PolyOne ColorMatrix
Select™
6 hours
Innovative system for processors and OEMs to develop colors in real time
Complete system that provides customers with the freedom to match,
prototype and produce color entirely within their own facility
C O L O R M A T R I X S E L E C T ™
“Being able to create color and produce parts in 1 day is unheard of in this industry”
-CEO, Industry Leader
I N N O V A T I N G W I T H P O L Y O N E
PolyOne Corporation 35
S E G M E N T H I G H L I G H T S
C O L O R , A D D I T I V E S & I N K S
E N D M A R K E T S & S O L U T I O N S
PolyOne Corporation 36
Solid
Colorants
Performance
Additives
Screen
Printing Inks
Liquid
Colorants
Packaging
27%
Industrial
14%
Textiles
12%
Building &
Construction
10%
Wire & Cable
10%Transportation
8%
Consumer
7%
Healthcare
6%
Electrical &
Electronics
3%
Appliance
3%
Operating Income & MarginRevenue by Region
C O L O R , A D D I T I V E S & I N K S
2 0 1 7 R E V E N U E | $ 8 9 3 M I L L I O N
$4
$25
$104
$139
0.9%
5.5%
12.2%
15.5%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20
30
40
50
60
70
80
90
100
110
120
130
140
150
2005 2009 2013 2017
PolyOne Corporation 37
Europe
32%
United
States
46%
Asia
15%
Canada
1%
Mexico
4%
Brazil
2%
S P E C I A L T Y E N G I N E E R E D M A T E R I A L S
E N D M A R K E T S & S O L U T I O N S
PolyOne Corporation 38
Engineered
Formulations
Advanced
Composites
Thermoplastic
Elastomers
Consumer
20%
Transportation
19%
Wire & Cable
13%
Healthcare
11%
Industrial
8%
Packaging
7%
Appliance
4%
Building &
Construction
3%
Electrical &
Electronics
15%
S P E C I A L T Y E N G I N E E R E D M A T E R I A L S
Revenue by Region Operating Income & Margin
2 0 1 7 R E V E N U E | $ 6 2 4 M I L L I O N
PolyOne Corporation 39
$21
$57
$76
0.1%
5.1%
9.3%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
20
30
40
50
60
70
80
2005 2009 2013 2017
Europe
28%
United
States
48%
Asia
22%
Canada
2%
12.1%
P E R F O R M A N C E P R O D U C T S & S O L U T I O N S
E N D M A R K E T S & S O L U T I O N S
PolyOne Corporation 40
Specialty Vinyl
Solutions
Healthcare
Formulations
Smart Device
Materials
Flame Retardant
Polymers
Building &
Construction
30%
Industrial
18%
Transportation
16%
Wire & Cable
15%
Appliance
7%
Packaging
5%
Consumer
5%
Electrical &
Electronics
3%
Healthcare
1%
Asia
2%
United
States
77%
Mexico
5%
Canada
16%
P E R F O R M A N C E P R O D U C T S & S O L U T I O N S
Operating Income & MarginRevenue by Region
2 0 1 7 R E V E N U E | $ 7 2 1 M I L L I O N
$40
$24
$56
$77
4.6%
3.6%
7.2%
10.7%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
0
10
20
30
40
50
60
70
80
90
100
2005 2009 2013 2017
PolyOne Corporation 41
$886 $668 $773 $721Sales
D I S T R I B U T I O N
E N D M A R K E T S & S U P P L I E R S
PolyOne Corporation 42
Transportation
23%
Healthcare
22%
Industrial
18%
Consumer
15%
Appliance
7%
Electrical &
Electronics
6%
Building &
Construction
4%
Packaging
3%
Wire & Cable
2%
$20
$25
$63
$73
2.9%
4.0%
5.9%
6.3%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
15
25
35
45
55
65
75
2005 2009 2013 2017
Operating Income & Margin2017 Revenue | $1.2 Billion
http://www.polyone.com/Pages/VariationRoot.aspx
T A R G E T E N D M A R K E T S &
A P P L I C A T I O N E X A M P L E S
PolyOne Corporation 43
Thermally Conductive
Technologies
Chemical Resistant
Technologies
Polymer Colorants
Elastomeric Grips and
Handles
Structural Composites
Antimicrobial Technologies
Anti-Counterfeiting
Technologies
Target End Markets… Healthcare
Catheter Technologies
Under-hood Components
Target End Markets… Automotive
Interior Structural
Components
Sound & Vibration
Management
Roof Systems
Air Management
Electronics and Cameras
Lighting
Exterior / Interior Trim
Braces & Brackets
Fasteners
Seals & Flaps
Target End Markets… Consumer
Thermally Conductive
Components
Polymer Colorants
Elastomeric Grips and
Handles
Structural Composite
Components
Oxygen Scavenger
Technologies
Laser Marking Additives
Antistatic Technologies
UV Light Barrier Technologies
Cap & Closure Colorants
Process Optimization
Technologies
Antioxidant Technologies
Density Modified
Technologies
Target End Markets… Packaging
Impart weight, sound and
metallic finish to caps and
closures for cosmetics and
spirits applications
Elevate quality and
prestige perceptions
among high-end
consumers
Eliminate time and cost
associated with secondary
operations and assembly
Luxury Packaging
GravitechTM Density Modified Polymers
Eliminate costs by
increasing pigment density
Enhance color
performance without
altering form and
formulation
Increase design
capabilities by reducing
weight and layer thickness
Optimize Color Usage
OnColorTM Super Concentrates
Inhibit microbial growth on
polymer surfaces
Enhance value or products
and devices
Highly versatile
concentrate with the
ability to be incorporated
into a wide variety of
products
Combat Bacteria Formation
WithStandTM Antimicrobial Technology
Durable, long-lasting products stand
up to the most aggressive
disinfectants
Minimize environmental stress
cracking and discoloration
One of the broadest medically
approved polymer and colorant
portfolios
Medical Device Housings
Chemically Resistant Engineered Polymers
Color & Design Services
Greater control of color
development and supply chain
Work across entire design
process from concept to
commercialization
Inspire creativity in the use of
polymer materials, colors, and
effects
Innovative brand differentiation
Faster development timelines
Outdoor Applications
Leading provider of high
performance specialty materials
for the recreational and sports &
leisure industry
Well positioned across all
segments to address market needs
Metal to Polymer Conversion
Lightweighting
Thermal Management
Impact Performance
ColorMatrix Fiber Colorant
Solutions
Proprietary advanced liquid color
formulations and equipment
enable greater efficiency and
productivity
Eliminates aqueous dyeing and its
associated wastewater treatment
Solid Color Concentrates
Extrusion-spun fibers colored via
solid masterbatch
Fiber Colorants
High flame retardancy to
meet strict UL standards
Greater processing and
design flexibility
Specialized additives
provide long term color
stability
Diffusive lens materials
improve light dispersion
Smart Home Devices
ResilienceTM Vinyl Solutions
PolyOne investor presentation
Forward Looking Statements
USE OF �NON-GAAP�MEASURES
Vision
Safety First
PolyOne�2017 Revenue | $3.2 billion
Proof of Performance
Sustainable Path to Double-Digit EPS Growth
Investment in Commercial Resources driving growth
The Evolving Customer Relationship
Slide Number 11
New Resources Fueling the Future
Aligning with trends for Growth
Innovation
3 Horizons of Development
Innovation Pipeline
Innovation Spotlight: Composites
Composites Refresher
Strategic Investment History
COMPOSITES in Transportation
Invest-to-Grow M&A Strategy
Invest-to-Grow M&A Playbook
Invest-to-Grow Proof of performance
Invest-to-Grow Driving the future
Strong Pipeline�driven by fragmented Market
Returning cash to shareholders�Over $1 Billion since 2011
ROIC drives shareholder return
Why Invest In PolyOne?
https://www.avient.com/sites/default/files/resources/PolyOne%2520IR%2520Presentation%2520-%2520Goldman%2520Sachs%2520Conference%2520-%2520November%25202015.pdf
PolyOne Corporation Page 4
PolyOne Commodity to Specialty Transformation
• Volume driven,
commodity producer
• Heavily tied to
cyclical end markets
• Performance largely
dependent on non-
controlling joint
ventures
2000-2005 2006 - 2009 2010 – 2014 2015 and beyond
• Steve Newlin
appointed, Chairman,
President and CEO
• New leadership team
appointed
• Implementation of four
pillar strategy
• Focus on value based
selling, investment in
commercial resources
and innovation to drive
transformation
• Substantial EPS growth
from $0.13 to all-time
high of $1.80
• Shift to faster growing,
high margin, less
cyclical end markets
• Key acquisitions propel
current and future
growth, as well as
margin expansion
• Specialty mix expands
to 65% of Operating
Income – strongest mix
of earnings in history
• Accelerating growth
• Deliver consistent
double digit annual
EPS growth
• Maintain >35% vitality
index
• Pursue strategic
acquisitions that
expand specialty
offerings and
geographic breadth
• Invest and grow
current and next
generation talent
PolyOne Corporation Page 5
Appliances
5%
Building &
Construction
12%
Consumer
10%
Electrical &
Electronics
5%
Healthcare
11%
Industrial
14%
Packaging
14%
Transportation
20%
Wire & Cable
9%
Distribution
28%
PP&S
20%
Specialty
52%
United States
69%
Europe
13%
Canada
7% Asia
6%
Latin America
5%
2014 Revenues: $3.8 Billion
End Markets
2014 Revenues: $3.8 Billion
PolyOne
At A Glance
$0.12
$0.27 $0.21
$0.13
$0.68
$0.82
$1.00
$1.31
$1.80
2006 2007 2008 2009 2010 2011 2012 2013 2014
Adjusted EPS
PolyOne Corporation Page 6
Old
PolyOne
*Operating Income excludes corporate charges and special items
2%
34% 43%
62%
65% 66%
0%
20%
40%
60%
80%
100%
2005 2008 2010 2013 2014 YTD 2015 2020
%
o
f O
pe
ra
tin
g
In
co
m
e*
JV's Performance Products & Solutions Distribution Specialty
80%+
Specialty OI $5M $46M $87M $195M $242M $183M
Mix Shift Highlights Specialty Transformation
Transformation
2020
Platinum
Vision
Platinum
Vision
PolyOne Corporation Page 7
2006 YTD 2015 2020
“Where we were” “Where we are” Platinum Vision
1) Operating Income %
Specialty:
Global Color, Additives & Inks 1.7% 17.2% 20%+
Global Specialty Engineered
Materials 1.1% 15.1% 20%+
Designed Structures & Solutions 1.4% (2012) 3.5% 12 – 14%
Performance Products &
Solutions 5.5% 8.1% 10 – 12%
Distribution 2.6% 6.6% 6.5 – 7.5%
2) Specialty Platform % of
Operating Income 6.0% 66% 80%+
3) ROIC 5.0% 11.9% 15%
4) Adjusted EPS Growth N/A
24 Consecutive
Quarters of YOY
EPS Growth
Double Digit
Expansion
Proof of Performance & 2020 Goals
PolyOne Corporation Page 8
Innovation Drives Earnings Growth
*Percentage of Specialty Platform revenue from products introduced in last five years
$20
$52
2006 TTM
Research & Development
Spending
($ millions)
Specialty Platform
Vitality Index Progression*
14%
28%
2006 TTM
Specialty Platform
Gross Margin %
12%
43%
2006 TTM
Specialty Vitality Index Target ≥ 35%
TTM 9/30/15 TTM 9/30/15 TTM 9/30/15
PolyOne Corporation Page 9
Innovation Pipeline Potential
Prototype Frame
Opportunity
Scale-up & Test
Market
Build
Business Case
Commercial
Launch
Phase 1 Phase 2 Phase 3 Phase 4 Phase 5
12
4
9
6
1
6
3 7 4
5
6
1
1
7
2
Breakthrough
Platform
Derivative
Number of Projects 12 10 23 19 10 74
Specialty
Addressable Market
($ millions)
- - $1,150 $1,000 $250 $2,400
PolyOne Corporation Page 10
Lightweighting with Advanced Composites
Increasing Healthcare Penetration
Innovation Initiatives
Expansion in Consumer Markets
New Market Development
$$$ $$ $
High Temperature Polymers
PolyOne Corporation Page 11
Design and Service as a Differentiator
Right Material &
Color
Desired
Product Design
Appropriate
Manufacturing Process
Delivering Concept to
Commercialization
Connecting
the Dots with
iQ Design Labs and
InVisiO Color Design
PolyOne Corporation Page 12
Customer First Through World-Class Service
Strengthening relationships through:
Providing LSS services to small/medium sized customers
• Supporting customers who lack their own formal process improvement initiatives
Providing training in Customer Centric Selling Skills with customers’
sales force
PolyOne Corporation Page 13
60%
97%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008 Q3 2015
Pension Funding**
As of September 30, 2015
Debt Maturities & Pension Funding
Net Debt / Adjusted EBITDA** = 2.1x
$49
$121
$317
$600
$400
$0
$100
$200
$300
$400
$500
$600
$700
$800
2015 2018 2020 2023
Debt Maturities
As of September 30, 2015
($ millions)
Coupon Rate: 7.500% Variable* 7.375% 5.250%
** includes US-qualified pension plans only *Weighted average rate on revolver was 2.49% as of 9/30/15 **TTM 9/30/2015
PolyOne Corporation Page 14
Free Cash Flow and Strong Balance Sheet
Fund Investment / Shareholder Return
Expanding our sales,
marketing, and
technical capabilities
Investing in operational
and LSS initiatives
~75% of capital
expenditures fund
growth initiatives Organic
Growth
Acquisitions
Share
Repurchases
Dividends
$0.16
$0.20
$0.32
$0.40
$0.48
$0.10
$0.20
$0.30
$0.40
$0.50
2011 2012 2013 2014 2015 2016
Annual Dividend
Targets that expand
our:
• Specialty offerings
• End market
presence
• Geographic breadth
Synergy opportunities
Adjacent material
solutions
Repurchased nearly
2.4 million shares in Q3
2015
Repurchased 14.8
million shares since
early 2013
5.2 million shares are
available for
repurchase under the
current authorization
$0.24
PolyOne Corporation Page 15
The New PolyOne: A Specialty Growth Company
Why Invest In PolyOne?
https://www.avient.com/sites/default/files/resources/PolyOne%2520IR%2520Presentation%2520-%2520Goldman%2520Sachs%2520Basic%2520Materials%2520Conference%2520-%2520May%25202016.pdf
PolyOne Corporation Page 4
PolyOne Commodity to Specialty Transformation
• Volume driven,
commodity producer
• Heavily tied to
cyclical end markets
• Performance largely
dependent on non-
controlling joint
ventures
2000-2005 2006 - 2009 2010 – 2015 2016 and beyond
• Steve Newlin
appointed, Chairman,
President and CEO
• New leadership team
appointed
• Implementation of four
pillar strategy
• Focus on value based
selling, investment in
commercial resources
and innovation to drive
transformation
• Substantial EPS growth
from $0.13 to all-time
high of $1.96
• Shift to faster growing,
high margin, less
cyclical end markets
• Key acquisitions propel
current and future
growth, as well as
margin expansion
• Specialty mix expands
to 65% of Operating
Income – strongest mix
of earnings in history
• Deliver consistent
double digit annual
EPS growth
• Maintain >35% vitality
index
• Pursue strategic
acquisitions that
expand specialty
offerings and
geographic breadth
• Invest and grow
current and next
generation talent
PolyOne Corporation Page 5
Confirmation of Our Strategy
The World’s Premier Provider of Specialized
Polymer Materials, Services and Solutions
Specialization Globalization
Operational
Excellence
Commercial
Excellence
Associates
PolyOne Corporation Page 6
26 Consecutive Quarters of EPS Growth
PolyOne Corporation Page 7
2015 Revenues: $3.4 Billion
End Markets
2015 Revenues: $3.4 Billion
PolyOne
At A Glance
$0.12
$0.27 $0.21
$0.13
$0.68
$0.82
$1.00
$1.31
$1.80
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Adjusted EPS
United States
66%
Europe
13%
Canada
7%
Asia
7%
Latin America
7%
Appliances
4%
Building &
Construction
12%
Consumer
10%Electrical &
Electronics
5%
Healthcare
11%
Industrial
14%
Packaging
13%
Textiles
2%
Transportation
20%
Wire & Cable
9%
$1.96
Distribution
29%
PP&S
20%
CAI
23%
SEM
15%DSS
13%
PolyOne Corporation Page 8
Old
PolyOne
*Operating Income excludes corporate charges and special items
2%
43%
65%
0%
20%
40%
60%
80%
100%
2005 2010 2015 2020
%
o
f O
pe
ra
tin
g
In
co
m
e*
JV's Performance Products & Solutions Distribution Specialty
80%+
Specialty OI $5M $87M $229M
Mix Shift Highlights Specialty Transformation
Transformation
2020
Platinum
Vision
Platinum
Vision
PolyOne Corporation Page 9
Color and Engineered Materials at the
Heart of Specialty Transformation
OPERATING MARGIN
1.7%
4.6% 5.1%
5.5%
7.2%
8.1%
9.7%
12.2%
14.7%
16.7% 17.0%
20%+
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 1Q'16 2020
Platinum
Vision
COLOR, ADDITIVES
AND INKS
1.1% 1.3%
3.4%
5.1%
9.6%
8.0%
8.6%
9.3%
12.1%
14.7%
16.6%
20%+
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 1Q'16 2020
Platinum
Vision
SPECIALTY
ENGINEERED MATERIALS
PolyOne Corporation Page 10
2006 1Q 2016 2020
“Where we were” “Where we are” Platinum Vision
1) Operating Income %
Specialty:
Color, Additives & Inks 1.7% 17.0% 20%+
Specialty Engineered Materials 1.1% 16.6% 20%+
Designed Structures & Solutions N/A 2.5% (TTM) 8 – 10%
Performance Products &
Solutions 5.5% 11.9% 12 – 14%
Distribution 2.6% 6.5% 6.5 – 7.5%
2) Specialty Platform % of
Operating Income 6.0% 61% 80%+
3) ROIC* 5.0% 12.0% 15%
4) Adjusted EPS Growth N/A 22% Double Digit
Expansion
Proof of Performance & 2020 Goals
*ROIC is defined as TTM adjusted OI divided by the sum of average debt and equity over a 5 quarter period
PolyOne Corporation Page 11
Therma-Tech™ & Sheet
GEON™ Vinyl
Polymer ColorantsTherma-Tech™
TPE’s & Film
TPE + OnForce™
Gravi-Tech™
Page 11
Film
Target End Markets… Healthcare
PolyOne Corporation Page 12
TPE + OnForce
(SEM)
OnForce
(SEM)
Glasforms
(SEM)
TPE Vibration Dampening
(SEM/GLS)
TPE & Film
(SEM + DSS)
Glasforms
(SEM)
Polymer Colorants
(CAI)
Thermatech
(SEM)
Thermoplastic Elastomers
(SEM)
TPE + OnForce
(SEM)
OnForce
(SEM)
Thermoplastic Elastomers
(SEM)
Glasforms
(SEM)
Polymer Colorants
(CAI)
Sheet
(DSS)
Source: Outdoor Industry Association
Target End Markets… Outdoor High Performance
PolyOne Corporation Page 13
Sound & Vibration
Management
Fuel Handling
Systems
Interior & Exterior Trim
Structural Braces
& Brackets
Interior Structural
Components
Lighting
Air management
Electronics & Cameras
Fluid Handling
Target End Markets… Automotive
Underhood
Components
Roof Systems
PolyOne Corporation Page 14
Target End Markets… Packaging
PreservaPak™
OnColor™
Smart Batch™
VersaFlex™
TPE Cap Liner
ColorMatrix™
Amosorb™
Oxygen Scavenger
ColorMatrix™
Ultimate™ UV
Light Barrier
OnCap™
Laser Marking
Additives
PolyOne Corporation Page 15
Innovation Drives Earnings Growth
*Specialty Platform revenue from products introduced in last five years
$20
$53
2006 2015
Research & Development
Spending
($ millions)
Specialty Platform
Vitality Index Progression*
14%
34%
2006 2015
CAI & SEM
Gross Margin
12%
43%
2006 2015
Target ≥ 35%
Innovation Pipeline Potential
PolyOne Corporation Page 16
2,883
2,414
2006 2015
Volume
(lbs in millions)
-16%
$103
$192
2006 2015
Commercial, R&D
and Marketing
Spending ($M)
+86%
$303
$721
2006 2015
Adjusted
Gross Profit ($M)
+138%
Ours is Not a Cost Cutting Story
PolyOne Corporation Page 17
Design and Service as a Differentiator
Right Material &
Color
Desired
Product Design
Appropriate
Manufacturing Process
Delivering Concept to
Commercialization
Connecting
the Dots with
iQ Design Labs and
InVisiO Color Design
PolyOne Corporation Page 18
Customer First Through World-Class Service
Strengthening relationships through:
Providing LSS services to small/medium sized customers
Providing training in Customer Centric Selling Skills with customers
World’s Best Business
Process Excellence
Program in 2012*
World’s Best Start-up
program for Lean Six Sigma
Deployment in 2009*
81%
93%
2006 2015
16.2%
9.7%
2006 2015
On-Time Delivery
Working Capital % of Sales
52% of associates trained in LSS
Five consecutive years – CFO Magazine Best Working
Capital Management in the chemical industry
Commitment to Operational Excellence
PolyOne Corporation Page 19
60%
100%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008 1Q 2016
Pension Funding**
As of March 31, 2016
Debt Maturities & Pension Funding
Net Debt / Adjusted EBITDA*= 2.5x
** includes US-qualified pension plans only*TTM 3/31/2016
$550
$600
$200
$300
$400
$500
$600
$700
$800
2022 2023
Debt Maturities
As of March 31, 2016
($ millions)
Coupon Rate: 3.750% 5.250%
PolyOne Corporation Page 20
Free Cash Flow and Strong Balance Sheet
Fund Investment / Shareholder Return
Expanding our sales,
marketing, and
technical capabilities
Investing in operational
and LSS initiatives
~75% of capital
expenditures fund
growth initiatives Organic
Growth
Acquisitions
Share
Repurchases
Dividends
$0.16
$0.20
$0.32
$0.40
$0.48
$0.10
$0.20
$0.30
$0.40
$0.50
2011 2012 2013 2014 2015 2016
Annual Dividend
Targets that expand
our:
• Specialty offerings
• End market
presence
• Geographic breadth
Synergy opportunities
Adjacent material
solutions
Repurchased
1.5 million shares in
Q1 2016
Repurchased 17.3
million shares since
early 2013
10.0 million shares are
available for
repurchase under the
current authorization
$0.24
PolyOne Corporation Page 21
The New PolyOne: A Specialty Growth Company
Why Invest In PolyOne?
https://www.avient.com/sites/default/files/resources/PolyOne%2520IR%2520Presentation%2520KeyBanc%2520Conference%2520-%2520September%252014%25202016.pdf
PolyOne Corporation Page 3
PolyOne Commodity to Specialty Transformation
2000-20052000-2005 2006 - 20092006 - 2009 2010 – 20152010 – 2015 2016 and beyond
2016 and
beyond
• Steve Newlin
appointed, Chairman,
• Steve Newlin
appointed, Chairman,
• Substantial EPS growth
from $0.13 to all-time
high of $1.96
• Substantial EPS growth
from $0.13 to all-time
high of $1.96
• Deliver consistent
double digit annual
EPS growth
• Deliver consistent
double digit annual
EPS growth
• Volume driven,
commodity producer
• Volume driven,
commodity producer
pp , ,
President and CEO
• New leadership team
appointed
pp , ,
President and CEO
• New leadership team
appointed
• Shift to faster growing,
high margin, less
cyclical end markets
• Key acquisitions propel
• Shift to faster growing,
high margin, less
cyclical end markets
• Key acquisitions propel
• Maintain >35% vitality
index
• Pursue strategic
i iti th t
• Maintain >35% vitality
index
• Pursue strategic
i iti th t
• Heavily tied to
cyclical end markets
• Heavily tied to
cyclical end markets • Implementation of four
pillar strategy
• Implementation of four
pillar strategy
y q p p
current and future
growth, as well as
margin expansion
• Specialty mix expands
y q p p
current and future
growth, as well as
margin expansion
• Specialty mix expands
acquisitions that
expand specialty
offerings and
geographic breadth
acquisitions that
expand specialty
offerings and
geographic breadth
• Performance largely
dependent on non-
controlling joint
ventures
• Performance largely
dependent on non-
controlling joint
ventures
• Focus on value based
selling, investment in
commercial resources
and innovation to drive
transformation
• Focus on value based
selling, investment in
commercial resources
and innovation to drive
transformation
to 65% of Operating
Income – strongest mix
of earnings in history
to 65% of Operating
Income – strongest mix
of earnings in history
• Invest and grow
current and next
generation talent
• Invest and grow
current and next
generation talent
PolyOne Corporation Page 4
Confirmation of Our Strategy
SpecializationSpecialization GlobalizationGlobalization
Associates
Operational
Excellence
Operational
Excellence
Commercial
Excellence
Commercial
Excellence
Th W ld’ P i P id f S i li d
PolyOne Corporation Page 5
The World’s Premier Provider of Specialized
Polymer Materials, Services and Solutions
27 Consecutive Quarters of EPS Growth
PolyOne Corporation Page 6
PolyOne
At A Glance
2015 Revenues: $3.4 Billion2015 Revenues: $3.4 Billion 2015 Revenues: $3.4 Billion2015 Revenues: $3.4 Billion
Europe
13%
Canada
7%
Asia
7%
Latin America
7% PP&S
20%
United States
Distribution
29%
CAI
23%
SEM
%DSS
End MarketsEnd Markets Adjusted EPSAdjusted EPS
66% 15%
DSS
13%
End MarketsEnd Markets
$1.31
$1.80
Adjusted EPSAdjusted EPS
Industrial
14%
Packaging
13%
Textiles
2%
Transportation
$1.96
$0 27 $0 21
$0.68
$0.82
$1.00
$1.31
Building &
C
Consumer
Healthcare
11%
20%
Wire & Cable
9%
PolyOne Corporation Page 7
$0.12
$0.27 $0.21
$0.13
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Appliances
4%
Construction
12%
10%Electrical &
Electronics
5%
Mix Shift Highlights Specialty Transformation
Old
PolyOne
100%
Transformation
2020
Platinum
Vision
80%
nc
om
e*
40%
60%
pe
ra
tin
g
In
80%+
43%
65%
20%
40%
%
o
f O
2%0%
2005 2010 2015 2020
Specialty OI $5M $87M $229M Platinum
Vision
PolyOne Corporation Page 8
*Operating Income excludes corporate charges and special items
JV's Performance Products & Solutions Distribution Specialty
Vision
Color and Engineered Materials at the
Heart of Specialty Transformation
OPERATING MARGIN
16.7%
17.5%
20%+
COLOR, ADDITIVES
AND INKS
15 8%
20%+
SPECIALTY
ENGINEERED MATERIALS
9.7%
12.2%
14.7%
9.6% 9.3%
12.1%
14.7%
15.8%
1 7%
4.6% 5.1%
5.5%
7.2%
8.1%
3.4%
5.1%
8.0%
8.6%
1.7%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2Q'16 2020
Platinum
Vision
1.1% 1.3%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2Q'16 2020
Platinum
Vision
YTD YTD
PolyOne Corporation Page 9
Proof of Performance & 2020 Goals
2006 2Q 2016 2020
“Where we were” “Where we are” Platinum Vision
1) Operating Income %1) Operating Income %
Specialty:
Color, Additives & Inks 1.7% 18.0% 20%+
S i lt E i d M t i l 1 1% 14 9% 20%+Specialty Engineered Materials 1.1% 14.9% 20%+
Designed Structures & Solutions N/A 1.7% (TTM) 8 – 10%
Performance Products &
Solutions 5.5% 12.3% 12 – 14%
Distribution 2.6% 6.5% 6.5 – 7.5%
2) Specialty Platform % of
Operating Income 6.0% 61% 80%+
3) ROIC* 5.0% 12.0% 15%
4) Adjusted EPS Growth N/A 11% Double Digit
PolyOne Corporation Page 10
) j %
Expansion
*ROIC is defined as TTM adjusted OI divided by the sum of average debt and equity over a 5 quarter period
TPE’s & Film
Therma-Tech™ & Sheet
GEON™ Vinyl
TPE + OnForce™
Gravi-Tech™
Polymer ColorantsTherma-Tech™
Film
PolyOne Corporation Page 11Page 11
Target End Markets… Healthcare
OnForce
(SEM)
Glasforms
(SEM)
TPE + OnForce
(SEM)
TPE Vibration Dampening
(SEM/GLS)
Source: Outdoor Industry Association
TPE & Film
(SEM + DSS)
Thermoplastic Elastomers
(SEM)
TPE O F
Glasforms
(SEM)
Polymer Colorants
(CAI)
Thermatech
(SEM)
TPE + OnForce
(SEM)
OnForce
(SEM)
Thermoplastic Elastomers
(SEM)
Sheet
(DSS)
(SEM)
Glasforms
(SEM)
Polymer Colorants
(CAI)
PolyOne Corporation Page 12
Target End Markets… Outdoor High Performance
Sound & Vibration
Management
Roof Systems
Management
Interior & Exterior Trim
Interior Structural
Components
Fuel Handling
Underhood
Components
g
SystemsAir management
Electronics & Cameras
Structural Braces
& Brackets
Lighting
Fluid Handling
PolyOne Corporation Page 13
Target End Markets… Automotive
ColorMatrix™
Amosorb™
ColorMatrix™
Ultimate™ UV
Oxygen Scavenger
Ultimate UV
Light Barrier
PreservaPak™
OnColor™
Smart Batch™
OnCap™
Laser Marking
Additives
VersaFlex™
TPE Cap Liner
PolyOne Corporation Page 14
Target End Markets… Packaging
Innovation Drives Earnings Growth
$53
Research & Development
Spending
($ millions)
Specialty Platform
Vitality Index Progression*
34%
CAI & SEM
Gross Margin
Target ≥ 35%
$20
$53
14%
12%
43%
*Specialty Platform revenue from products introduced in last five years
2006 2015 2006 20152006 2015
Innovation Pipeline PotentialInnovation Pipeline Potential
PolyOne Corporation Page 15
Ours is Not a Cost Cutting Story
VolumeCommercial, R&D Adjusted
2,883
Volume
(lbs in millions)
$192
Commercial, R&D
and Marketing
Spending ($M)
$721
Adjusted
Gross Profit ($M)
-16%
+86%
+138%
2,414$103
$303
2006 20152006 2015 2006 2015
PolyOne Corporation Page 16
Design and Service as a Differentiator
Right Material &
Color
Desired
Product Design
Appropriate
Manufacturing Process
Connecting
Delivering Concept to
Commercialization
Connecting
the Dots with
iQ Design Labs and
InVisiO Color Design
PolyOne Corporation Page 17
CommercializationInVisiO Color Design
Customer First Through World-Class Service
Strengthening relationships through:
Providing LSS services to small/medium sized customers
Providing training in Customer Centric Selling Skills with customers
On-Time Delivery Commitment to Operational Excellence
World’s Best Business
Process Excellence
Program in 2012*
World’s Best Start-up
program for Lean Six Sigma
Deployment in 2009*
81%
93%
2006 2015
Working Capital % of Sales
16.2%
9.7%
52% of associates trained in LSS
PolyOne Corporation Page 18
2006 2015
Five consecutive years – CFO Magazine Best Working
Capital Management in the chemical industry
Debt Maturities & Pension Funding
102%
100%
Pension Funding**
As of June 30, 2016
$700
$800 Debt Maturities
As of June 30, 2016
($ millions)
80%
90%
100%
$547
$600
$600
$700
60%
60%
70%
$500
40%
50%
$300
$400
20%
30%
2008 2Q 2016
$200
2022 2023
Coupon Rate: LIBOR + 2 75% 5 250%
PolyOne Corporation Page 19
Net Debt / Adjusted EBITDA*= 2.3x
** includes US-qualified pension plans only*TTM 6/30/2016
Coupon Rate: LIBOR + 2.75% 5.250%
(3.50%)
Free Cash Flow and Strong Balance Sheet
Fund Investment / Shareholder Return
Expanding our sales,
marketing, and
technical capabilities
Investing in operational
Repurchased 17.3
million shares since
early 2013
10 0 million shares are Investing in operational
and LSS initiatives
~75% of capital
expenditures fund
growth initiatives Organic
Gro th
Share
Rep rchases
10.0 million shares are
available for
repurchase under the
current authorization
Growth Repurchases
Acquisitions Dividends
Annual Dividend
Targets that expand
our:
• Specialty offerings
• End market
$0.20
$0.32
$0.40
$0.48
$0.30
$0.40
$0.50
• End market
presence
• Geographic breadth
Synergy opportunities
Adjacent material $0.24
PolyOne Corporation Page 20
$0.16
$
$0.10
$0.20
2011 2012 2013 2014 2015 2016
solutions
Why Invest In PolyOne?
https://www.avient.com/sites/default/files/2024-12/AVNT Investor Day 2024 Presentation.pdf
$3.1B 9,000+
80+ 100+
2011
36%
64%
2023 sales
by business segment
Specialty
Engineered
Materials
SEM
Color,
Additives
& Inks
CAI
2023 sales by end market
41%
36%
18%
5%
2023 sales
by region
US,
Canada
LATAM
Asia
EMEA
PACKAGING
23%
CONSUMER
19%
INDUSTRIAL
16%
TRANSPORTATION
10%
BUILDING & CONSTRUCTION
9%
HEALTHCARE
7%
DEFENSE
7%
ENERGY
5%
TELECOM
4%
Copyright © .
Moving up the value chain, and expanding addressable market size by
providing materials solutions in select and prioritized areas
MARKETS TECHNOLOGY CUSTOMER SCALE
+100
to
+200 bps
revenue growth
above GDP
Copyright © .
All Rights Reserved
2024 60
Organic revenue growth with margin expansion
+100 to +200bps
above GDP
Organic revenue growth
LONG TERM FINANCIAL TARGETS
Copyright © .
https://www.avient.com/sites/default/files/2020-08/thermoset-composites-tri-fold-product-selection-guide.pdf
TENSILE
STRENGTH
ksi (MPa)
TENSILE
MODULUS
Msi (GPa)
FLEXURAL
STRENGTH
ksi (MPa)
FLEXURAL
MODULUS
Msi (GPa)
COMPRESSIVE
STRENGTH
ksi (MPa)
DENSITY
lb/in3
(g/cm3)
GLASS
%
ASTM
Standard
ASTM
D3916/D638
ASTM
D3916/D638
ASTM
D4476/D790
ASTM
D4476/D790
ASTM
D695
ASTM
D792
ASTM
D2584
Glass Fiber
Reinforced
110-150
(750-1000)
5.5-7.0
(38-48)
100-130
(700-900)
5.5-6.5
(38-45)
60-110
(415-750)
.068-.073
(1.9-2.0) 65-75
Carbon Fiber
Reinforced
405
(2800)
24
(165)
180
(1200)
21
(145)
150
(1000)
0.058
(1.6) 75
Multiaxial
Glass
Reinforced
45-60
(310-415)
2.6-3.5
(18-24)
65
(450)
2.1-2.7
(15-19)
40
(275)
0.066
(1.8) 45-55
STANDARD SIZES
http://www.polyone.com/content/product-selection-help-form
CONTINUOUS FILAMENT WOUND PROFILES
This table represents examples of common continuous filament wound profile sizes.
https://www.avient.com/sites/default/files/2022-03/Fiber-Line Coating Selection Guide.pdf
Fiber-Line Performance Enhancing Coatings feature:
• 100% water based or non-solvent resin formulations
• Carefully selected, regulatory compliant raw materials and chemicals
• Custom formulations designed to meet specific application requirements
• Formulations designed for compatibility with specific fiber substrates or processing conditions
Contact us today to determine the fiber-based solution that is right for your product.
https://www.avient.com/sites/default/files/2021-06/fl.datasheet-extrusion.pdf
EPC
EPC BARE PERFORMANCE
Operating Temperature Range -65°C - 80°C
Chemical Resistance P
Flame Resistance X
UV Resistance P
Flex Properties P
FEP BARE PERFORMANCE
Operating Temperature Range -195°C - 200°C
Chemical Resistance P
Flame Resistance P
UV Resistance P
Flex Properties O
EXTRUSION FIBERS PROCESSES PRODUCTS
ETFE BARE PERFORMANCE
Operating Temperature Range -100°C - 150°C
Chemical Resistance P
Flame Resistance P
UV Resistance P
Flex Properties P
HYTREL BARE PERFORMANCE
Operating Temperature Range -70°C - 125°C
Chemical Resistance P
Flame Resistance P
UV Resistance P
Flex Properties P
ETFE
FEP HYTREL
FIBER OPTICAL CABLES
MOVING HIGH PERFORMANCE FIBERS FORWARD
This data is provided for informational purposes only, and does not constitute a specification.
https://www.avient.com/sites/default/files/2023-08/QRG for suppliers on invoicing%5B50%5D.pdf
One attachment can be up to 100 MB,
but for performance reasons, consider limiting the attachment size to 16 MB or so.
https://www.avient.com/sites/default/files/2023-03/Cesa Fiber Additives for Heat Preservation Technical Bulletin_TW.pdf
•
•
•
測試方法:FTTS-FA-010-2007 4.2
設備:紅外線熱像儀
熱源:500W鹵素燈
熱輻射距離:100 cm
加入Cesa紅外蓄熱纖維添加劑
加熱10分鐘後表面溫度:33.85°C
溫度變化:+13.6°C
測試方法
0.9
9°C
8.9°C
5.6°C
0.625
+12.9%
+13.6%
+1.7%
www.avient.com
標準要求 測試結果
GB/T 30127
遠紅外線性能
GB/T 18319-2019
光蓄熱性能
FTTS-FA-010
紅外線性能及蓄熱升溫
GB/T 11048-2008 Method A
熱舒適性 熱阻性能
單位:CLO
人體生理實驗
遠紅外線發射率 ≥0.88 (5-14um)
(測試溫度:34°C)
遠紅外線輻射溫升值 ≥1.4°C
最高允許溫升值 ≥6°C
平均溫升值 ≥4.4°C(20分鐘)
平均發射率 ≥ 0.8 (2-22um)
(測試溫度: 25°C)
0.81
規定加熱ΔT ≥ 0.5°C
(相對於標準)
+5.34°C (ΔT)
裸體:0
內褲:0.04
T恤:0.09
厚毛衣:0.35
冬季大衣:0.7
上述所有資料均為參考值
血流量
血流速
血氧濃度(%SpO2)
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