https://www.avient.com/sites/default/files/2021-11/avient-s.a-r.l.-belgium-branch-extract-cbe-0700822426-26-november-2021.pdf
These terms refer to concepts specific to Belgian law.
Document issued in accordance with Article III.34, §1 of the Code of Economic Law
The legal terms were translated literally.
These terms refer to concepts specific to Belgian law.
https://www.avient.com/sites/default/files/2025-03/2025 Proxy Statement.pdf
Garratt 183,137 176.5% 323,236
Long-Term Incentive.
The SARs have an exercise term of
ten years.
Sanders did not receive any other long-term incentive awards in 2024.
https://www.avient.com/sites/default/files/2023-02/AVNT Q4 2022 Earnings 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.
In addition, operating
income before the effect of special items is a component of Avient’s annual and long-term employee incentive plans and is used
in debt covenant computations.
Reconciliation of Pro Forma Net Debt December 31, 2022
Short-term and current portion of long term debt $ 2.2
Total long-term debt, net 2,176.7
Unamortized discount and debt issuance cost 37.4
Total debt $ 2,216.3
Cash (641.1)
Net taxes due from sale of business 105.0
Adjusted cash $ (536.1)
Net debt $ 1,680.2
Year Ended
December 31,
Reconciliation to EBITDA and Adjusted EBITDA 2006 2018
Sales $ 2,622.4 $ 3,533.4
Net income from continuing operations – GAAP $ 133.5 $ 160.8
Income tax expense 29.7 36.4
Interest expense 63.1 62.8
Depreciation and amortization 57.1 91.5
EBITDA $ 283.4 $ 351.5
Special items, before income tax (34.0) 59.5
Depreciation and amortization included in special items — (3.0)
JV - equity income (107.0) —
Adjusted EBITDA $ 142.4 $ 408.0
EBITDA as a % of sales 5.4 % 11.5 %
2
Reconciliation of Adjusted EPS 2006 2018
Net income from continuing operations attributable to Avient common shareholders $ 130.9 $ 161.1
Joint venture equity earnings, after tax (68.5) —
Special items, after tax (21.2) 44.6
Special items, tax adjustments (30.0) (10.4)
Amortization expense, after tax 1.4 19.5
Adjusted net income from continuing operations attributable to Avient common
shareholders $ 12.6 $ 214.8
Diluted shares 92.8 80.4
Adjusted EPS attributable to Avient common shareholders $ 0.14 $ 2.67
Three Months
Ended Year Ended Year Ended
Reconciliation of Pro Forma Adjusted Earnings per Share December 31, 2022 December 31, 2021
Net (loss) income from continuing operations attributable to Avient
shareholders $ (17.0) $ 82.8 $ 151.8
Special items, after tax 38.3 116.2 50.0
Amortization expense, after-tax 14.6 49.0 44.9
Adjusted net income from continuing operations excluding special
items 35.9 248.0 246.7
Pro forma adjustments* 2.5 13.6 9.9
APM pro forma amortization expense, after tax* — 19.1 21.2
Pro forma adjusted net income from continuing operations attributable
to Avient shareholders $ 38.4 $ 280.7 $ 277.8
Weighted average diluted shares 91.7 92.2 92.1
Pro forma adjusted EPS - excluding special items pro forma for APM
acquisition $ 0.42 $ 3.04 $ 3.02
* Pro forma adjustment to reflect APM results for the period before Avient ownership including the impacts of debt financing and paydown of
debt with net proceeds from the Distribution sale.
https://www.avient.com/sites/default/files/2024-03/2024 Proxy Statement %28Filed%29.pdf
Long-Term Incentive.
The SARs have an exercise term of ten
years.
Patterson’s
outstanding long-term incentive awards will continue to vest in accordance with their terms in
connection with his continued employment as Special Advisor.
https://www.avient.com/sites/default/files/2020-09/hiviz-recoil-pad-case-study.pdf
After long-term range
testing*, the recoil pad continued to reduce recoil and
extend durability.
To retain integrity and high-end feel,
the HIVIZ recoil pad performs under long-term
range testing
https://www.avient.com/sites/default/files/2023-12/ISO 9001 Bangkok cert.pdf
This document is issued by the Company subject to SGS General Conditions of certification services available on Terms and Conditions | SGS.
Certified since 03 November 2000
Jonathan Hall
Global Head - Certification Services
Authorised by
SGS United Kingdom Ltd
Rossmore Business Park, Ellesmere Port, Cheshire, CH65 3EN, UK
t +44 (0)151 350-6666 - www.sgs.com
https://www.sgs.com/en/terms-and-conditions/
https://www.avient.com/sites/default/files/2024-09/Maxxam FR Polyolefin Formulations - Product Overview.pdf
Enhanced
short term heat
resistance,
allowing
resistance
to higher
temperatures.
Enhanced
short term heat
resistance,
allowing to
withstand
higher
temperatures.
Enhanced
short term heat
resistance,
allowing
resistance
to higher
temperatures.
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
2016 2018 2020 2023E
$51
$84
$212
$650
2016 2018 2020 2023E
$108 $113
$231 $230
2016 2018 2020 2023E
$265
$358
$726 $730
2016 2018 2020 2023E
8-12% 8-10% 8-10% 5%
Sustainable Solutions Composites Healthcare Asia/Emerging Regions
Profitable Growth Great Place to Work
5.4%
10.9%
16.0%
2006 2014 2023E
EBITDA Margins
$0.14
$1.93
$2.30
2006 2014 2023E
Adjusted EPS
TOP -T IE R S US TAINABIL IT Y P E RF ORM ANCE
AND RE COGNIT ION
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
(in millions)
$0.42
$0.47
2022 PF 2023
Adjusted EPS
(in millions)
- 10% + 5% + 12%
Sales Adjusted EBITDA Adjusted EPS
16
$112
$500
Q4 FY
$0.47
$2.30
Q4 FY
Q4 AND FULL YEAR 2023 GUIDANCE
$710
$3,130
Q4 FY
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
18
S U S T A I N A B I L I T Y D AY
R E C A P
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%
20
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
18
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%
16.0%
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
CRE AT ING A WORL D-CL AS S
S US TAINABL E ORGANIZ AT ION
23
PEER COMPARISONS
AVIENT IS ASSET LIGHT
Capex / Revenue
2023E (%)
Avient Specialty
Formulators
Other Specialty /
Chemical Companies
Source: Peer data per Bloomberg as of October 27, 2023
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
A
vi
en
t
K
W
R
FU
L
P
P
G
A
V
Y
R
P
M
FM
C
H
U
N
C
E
E
C
L
A
S
H
H
X
L
E
M
N
S
C
L
FREE CASH FLOW CONVERSION
Source: Peer data per Bloomberg as of October 27, 2023
Note: Free cash flow conversion calculated as (Adjusted EBITDA – Capex) / Adjusted EBITDA.
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.