https://www.avient.com/sites/default/files/2020-07/avient-abac-brazil-200720.pdf
Aplica-se essa proibição se a oferta ou o pagamento for feito diretamente ou por outra pessoa • Não faça registros enganosos, incompletos ou falsos nos livros e registros contábeis da Avient • Não ignore os sinais de alerta ao lidar com terceiros Sumário América do Norte Sede global Avon Lake, Estados Unidos 33587 Walker Road Avon Lake, OH, Estados Unidos 44012 Ligação gratuita: +1 (866) 765 9663 Telefone: +1 (440) 930 1000 Fax: +1 (440) 930 3064 Ásia-Pacífico Sede regional Xangai, China 2F, Block C 200 Jinsu Road Pudong, 201206 Xangai, China Telefone: +86 (0) 21 6028 4888 Fax: +86 (0) 21 6028 4999 América do Sul Sede regional São Paulo, Brasil Av.
https://www.avient.com/sites/default/files/2021-12/AVNT 2021 Investor Day_0.pdf
Microsoft PowerPoint - AVNT Investor Day V40 (Print) Investor Day 2021 (NYSE: AVNT) Shaping a Sustainable Future December 9, 2021 Agenda 8:00 WELCOME BREAKFAST 9:00 WE ARE AVIENT: Bob Patterson 9:15 BETTER TOGETHER AND CUSTOMER EXPERIENCE: Norbert Merklein 9:45 LONG-TERM ORGANIC GROWTH DRIVERS: Sustainable Solutions: Michael Garratt and Walter Ripple Healthcare: Cathy Dodd 10:45 BREAK 11:00 Composites: Chris Pederson and Matt Reinhardt Growth in Asia and Latin America: Woon Keat Moh INNOVATION: Where Are We Going Next?
Growth Drivers Long-Term Growth Rate Sustainable Solutions 8–12% Healthcare 8–10% Composites 10% Asia / LATAM 5% Other (GDP growth) 2–3% Avient 6.5% Avient Corporation 14 Avient Corporation 15 Clariant: Better Together Norbert Merklein • Geographic footprint – Complementary not overlapping.
GDP Growth Avient Historic Growth Future Growth Assumptions Global Avient: 2.7% Asia / LATAM: 5.0% Source: International Monetary Fund, World Economic Outlook Database (April 2021) 12% organic CAGR Figures above include relevant sustainable solutions, healthcare and composites sales Avient Corporation 120 Net Sales ($ millions) 8-10% CAGR (5% CAGR excluding Sustainable Solutions) Summary: Long-term Revenue Growth Drivers Avient Corporation 121 Growth Drivers ($ millions) 2021 Sales Estimate (Drivers) Overlap 2021 Sales Estimate Annual Growth Rate Sustainable Solutions 930 - 930 8–12% Healthcare 685 (45) 640 8–10% Composites 260 (80) 180 10% Asia / LATAM 1,150 (310) 840 5% Other (GDP growth) 2,160 2–3% Avient $4,750 6.5% EBITDA Margin Expansion Goals CAI SEM • Continued portfolio transformation to high- growth end markets and sustainable solutions • Clariant Color synergy realization • Investments in composites and outdoor high performance applications drive growth and mix improvements Avient Corporation 122 17.0% 1.6% 1.0% 0.4% 2021E Synergies Sustainable Solutions Healthcare Goal 17.6% 0.9% 1.1% 0.4% 2021E Composites Sustainable Solutions Healthcare Goal 20%+ 20%+ Sustainable Path to Double Digit Earnings Growth Avient Corporation 123 Growth Drivers Long-Term Sales Growth Rate Sustainable Solutions 8–12% Healthcare 8–10% Composites 10% Asia / LATAM 5% Other (GDP growth) 2–3% Avient 6.5% 10%+ Adjusted EBITDA growth 15%+ Adjusted EPS growth Investor Day 2021 An Investment in Sustainable Growth Bob Patterson Avient Corporation 124 M&A Brings Avient New Technologies Avient Corporation 125 Technology Acquisition Technology Acquisition Thermoplastic Elastomers Liquid Color Concentrates & Additives Continuous Fiber Composites Thermoplastic Composites Silicone Colorants & Formulations High-temperature Polymers & Fluoropolymers Long Fiber Reinforced (LFT) Thermoplastic Composites Fiber Solutions Water-based Inks Fiber & Healthcare Expertise, Liquid Additive Processing Aids, FR Additives, Recycling Innovations & More $133 $205 2019PF 2021E Clariant Color: Transformational Acquisition 126 Clariant Color EBITDA Growth Purchase Price Multiple 10.8x 7.0x 6.0x 2019PF 2021E 2021E w/ Full Synergies • Acquisition of Clariant Color business significantly expanded presence in healthcare, packaging and consumer end markets • Strength of portfolio – double-digit annual EBITDA growth since acquisition • On-track to realize $52 million of expected synergies in 2021 • Acquisition completed on July 1, 2020 for $1.45 billion.
https://www.avient.com/sites/default/files/2021-03/avient-antitrust-2021-update-vi-a4.pdf
Nếu bạn có câu hỏi về Chính sách hoặc việc áp dụng cho các trường hợp cụ thể, vui lòng liên lạc với Phòng Pháp chế của Avient.
Cuối cùng, bạn phải coi trọng mức độ nghiêm trọng của các hình phạt trong lĩnh vực này và Avient sẽ không bỏ qua bất kỳ hành vi nào trái với các điều khoản của Chính sách chống độc quyền này hoặc quy định của pháp luật. 6 Nội dung Chính sách Chống độc quyền Sửa đổi Năm 2021 Báo cáo các v i phạm có thể xảy ra Khi có lý do để tin rằng đã xảy ra hoặc có thể xảy ra sự vi phạm Chính sách này, nhân viên phải báo cáo kịp thời lo ngại của mình cho bất kỳ hoặc tất cả các đầu mối liên lạc dưới đây để có thể tiến hành điều tra kỹ lưỡng. • Người giám sát của mình hoặc bất kỳ quản lý nào của Avient; • Nhân viên phụ trách về Đạo đức Doanh nghiệp qua email tại địa chỉ ethics.officer@avient.com • Trưởng phòng Pháp chế của Avient qua email tại địa chỉ legal.officer@avient.com • Bất kỳ nhân viên nào của phòng Pháp chế • Đường dây nóng về Đạo đức của Avient Đường dây nóng về Đạo đức của Av ient Đường dây nóng về đạo đức có sẵn trên toàn cầu với 20 ngôn ngữ, hoạt động 24 giờ một ngày, 7 ngày một tuần, qua điện thoại và qua trang web.
Liên hệ ngay với Phòng Pháp chế của Avient và ghi lại sự việc. 10 Nội dung Chính sách Chống độc quyền Sửa đổi Năm 2021 Bắc Mỹ Trụ sở chính Avon Lake, Hoa Kỳ 33587 Walker Road Avon Lake, OH, Hoa Kỳ 44012 Số điện thoại miễn phí: +1 866 765 9663 Điện thoại: +1 440 930 1000 Fax: +1 440 930 3064 Châu Á Thái Bình Dương Trụ sở Khu vực Thượng Hải, Trung Quốc 2F, Block C 200 Đường Jinsu Phố Đông, 201206 Thượng Hải, Trung Quốc Điện thoại: +86 (0) 21 6028 4888 Fax: +86 (0) 21 6028 4999 Nam Mỹ Trụ sở Khu vực Sao Paulo, Brazil Av.
https://www.avient.com/sites/default/files/AVNT Q1 2023 Earnings Press Release.pdf
Beggs added, “We are focused on executing our long-term strategy while we manage in the downturn.
Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS Net income from continuing operations attributable to Avient shareholders $ 20.8 $ 0.23 $ 64.4 $ 0.70 Special items, after tax (Attachment 3) 22.3 0.24 6.4 0.07 Amortization expense, after-tax 15.1 0.16 10.8 0.12 Adjusted net income / EPS $ 58.2 $ 0.63 $ 81.6 $ 0.89 8 Attachment 2 Avient Corporation Condensed Consolidated Statements of Income (Unaudited) (In millions, except per share data) Three Months Ended March 31, 2023 2022 Sales $ 845.7 $ 892.2 Cost of sales 598.1 637.8 Gross margin 247.6 254.4 Selling and administrative expense 190.5 152.2 Operating income 57.1 102.2 Interest expense, net (28.8) (16.9) Other income (expense), net 0.7 (0.6) Income from continuing operations before income taxes 29.0 84.7 Income tax expense (7.7) (20.0) Net income from continuing operations 21.3 64.7 (Loss) income from discontinued operations, net of income taxes (0.9) 19.8 Net income 20.4 84.5 Net income attributable to noncontrolling interests (0.5) (0.3) Net income attributable to Avient common shareholders $ 19.9 $ 84.2 Earnings (loss) per share attributable to Avient common shareholders - Basic: Continuing operations $ 0.23 $ 0.70 Discontinued operations (0.01) 0.22 Total $ 0.22 $ 0.92 Earnings (loss) per share attributable to Avient common shareholders - Diluted: Continuing operations $ 0.23 $ 0.70 Discontinued operations (0.01) 0.21 Total $ 0.22 $ 0.91 Cash dividends declared per share of common stock $ 0.2475 $ 0.2375 Weighted-average shares used to compute earnings per common share: Basic 91.0 91.5 Diluted 91.8 92.3 9 Attachment 3 Avient Corporation Summary of Special Items (Unaudited) (In millions, except per share data) Special items (1) Three Months Ended March 31, 2023 2022 Cost of sales: Restructuring costs, including accelerated depreciation $ (6.6) $ (4.4) Environmental remediation costs (1.4) (2.0) Reimbursement of previously incurred environmental costs — 0.6 Impact on cost of sales (8.0) (5.8) Selling and administrative expense: Restructuring, legal and other (15.7) 1.9 Acquisition related costs (3.4) (2.9) Impact on selling and administrative expense (19.1) (1.0) Impact on operating income (27.1) (6.8) Other income (loss), net (0.2) 0.1 Impact on income from continuing operations before income taxes (27.3) (6.7) Income tax expense (benefit) on above special items 6.9 1.8 Tax adjustments(2) (1.9) (1.5) Impact of special items on net income from continuing operations $ (22.3) $ (6.4) Diluted earnings per common share impact $ (0.24) $ (0.07) Weighted average shares used to compute adjusted earnings per share: Diluted 91.8 92.3 (1) Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt extinguishment costs; costs incurred directly in relation to acquisitions or divestitures; employee separation costs resulting from personnel reduction programs, plant realignment costs, executive separation agreements; asset impairments; settlement gains or losses and mark-to- market adjustments associated with actuarial gains and losses on pension and other post-retirement benefit plans; environmental remediation costs, fines, penalties and related insurance recoveries related to facilities no longer owned or closed in prior years; gains and losses on the divestiture of operating businesses, gains and losses on facility or property sales or disposals; results of litigation, fines or penalties, where such litigation (or action relating to the fines or penalties) arose prior to the commencement of the performance period; one-time, non-recurring items; and the effect of changes in accounting principles or other such laws or provisions affecting reported results. (2) Tax adjustments include the net tax impact from non-recurring income tax items, adjustments to uncertain tax position reserves and changes to valuation allowances. 10 Attachment 4 Avient Corporation Condensed Consolidated Balance Sheets (In millions) (Unaudited) March 31, 2023 December 31, 2022 ASSETS Current assets: Cash and cash equivalents $ 582.7 $ 641.1 Accounts receivable, net 484.4 440.6 Inventories, net 371.9 372.7 Other current assets 125.3 115.3 Total current assets 1,564.3 1,569.7 Property, net 1,045.7 1,049.2 Goodwill 1,689.7 1,671.9 Intangible assets, net 1,601.7 1,597.6 Other non-current assets 209.8 196.6 Total assets $ 6,111.2 $ 6,085.0 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term debt $ 2.2 $ 2.2 Accounts payable 448.1 454.4 Accrued expenses and other current liabilities 386.9 412.8 Total current liabilities 837.2 869.4 Non-current liabilities: Long-term debt 2,177.7 2,176.7 Pension and other post-retirement benefits 66.2 67.2 Deferred income taxes 332.5 342.5 Other non-current liabilities 329.0 276.4 Total non-current liabilities 2,905.4 2,862.8 SHAREHOLDERS' EQUITY Avient shareholders’ equity 2,349.8 2,334.5 Noncontrolling interest 18.8 18.3 Total equity 2,368.6 2,352.8 Total liabilities and equity $ 6,111.2 $ 6,085.0 11 Attachment 5 Avient Corporation Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) Three Months Ended March 31, 2023 2022 Operating Activities Net income $ 20.4 $ 84.5 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 48.7 35.7 Accelerated depreciation 1.8 2.1 Share-based compensation expense 3.2 3.2 Changes in assets and liabilities, net of the effect of acquisitions: Increase in accounts receivable (40.2) (118.8) Decrease (increase) in inventories 3.8 (15.1) (Decrease) increase in accounts payable (9.9) 90.5 Accrued expenses and other assets and liabilities, net (50.0) (63.2) Net cash (used) provided by operating activities (22.2) 18.9 Investing activities Capital expenditures (20.3) (13.3) Net proceeds from divestiture 7.3 — Net cash used by investing activities (13.0) (13.3) Financing activities Purchase of common shares for treasury — (15.8) Cash dividends paid (22.5) (21.7) Repayment of long-term debt (0.8) (2.4) Other financing (2.3) (3.9) Net cash used by financing activities (25.6) (43.8) Effect of exchange rate changes on cash 2.4 (0.4) Decrease in cash and cash equivalents (58.4) (38.6) Cash and cash equivalents at beginning of year 641.1 601.2 Cash and cash equivalents at end of period $ 582.7 $ 562.6 12 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.
https://www.avient.com/sites/default/files/resources/POL%2520CFA%2520IR%2520Presentation%2520w%2520non%2520GAAP%252011%252019%25202013.pdf
In addition, operating income before special items and adjusted EPS are components of various PolyOne annual and long-term employee incentive plans. • A reconciliation of each non-GAAP financial measure with the most directly comparable GAAP financial measure is attached to this presentation which is posted on our website at www.polyone.com.
Average Debt Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Average PolyOne Debt $ 705.2 $ 706.9 $ 1,055.5 $ 1,031.2 $ 987.7 $ 897.3 Average Equity Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Average PolyOne shareholders’ equity $ 629.3 $ 629.1 $ 871.8 $ 993.9 $ 996.6 $ 824.1 Reconciliation to Condensed Consolidated Balance Sheets YTD 2013 Short-term debt and current portion of long-term debt $ 9.9 Long-term debt 977.8 Less cash and cash equivalents (322.8) Net debt $ 664.9 Adjusted EBITDA Q4 2012 Q1 2013 Q2 2013 Q3 2013 Total PolyOne Income before income taxes $ (1.1) $ 15.7 $ 62.9 $ 38.8 $ 116.3 PolyOne Interest expense, net 13.7 15.6 16.6 16.0 61.9 PolyOne Depreciation and amortization 15.5 19.0 25.8 30.3 90.6 PolyOne Special items in EBITDA 26.5 27.7 (5.2) 11.2 60.2 PolyOne Adjusted EBITDA 54.6 78.0 100.1 96.3 329.0 Pro forma Spartech EBITDA 14.7 11.2 - - 25.9 Pro forma EBITDA $ 69.3 $ 89.2 $ 100.1 $ 96.3 $ 354.9 CFA Society Cleveland �Midwest Investment Conference 2013��PolyOne Investor Presentation �November 19, 2013� Forward – Looking Statements Use of Non-GAAP Measures Strategy and Execution Drive Results PolyOne�At A Glance Mix Shift Highlights Specialty Transformation Proof of Performance & 2015 Goals Innovation Drives Earnings Growth We are Experts in Polymer Science and Formulation Positioned for Strong Growth Q3 2013 Financial Highlights Debt Maturities & Liquidity Summary – 9/30/13 Use of Cash Why Invest In PolyOne?
https://www.avient.com/sites/default/files/resources/POL%2520Credit%2520Suisse%2520IR%2520Presentation%2520w%2520non-GAAP%25209%252017%25202013.pdf
In addition, operating income before special items and adjusted EPS are components of various PolyOne annual and long-term employee incentive plans. • A reconciliation of each non-GAAP financial measure with the most directly comparable GAAP financial measure is attached to this presentation which is posted on our website at www.polyone.com.
Average Debt Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Average PolyOne Debt $ 705.8 $ 705.2 $ 706.9 $ 1,055.5 $ 1,031.2 $ 840.9 Average Equity Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Average PolyOne shareholders’ equity $ 604.3 $ 629.3 $ 629.1 $ 871.8 $ 993.9 $ 745.7 Platform sales and operating income (OI) H1 2012*** H1 2013*** H1 2013**** Global Specialty Engineered Materials Sales $ 280.9 $ 352.0 $ 285.1 Global Color, Additives and Inks Sales 413.9 434.7 409.2 Designed Structures & Solutions Sales - 240.4 - Specialty Platform Sales $ 694.8 $ 1,027.1 $694.3 Performance Products and Solutions Sales 336.0 336.7 317.5 PolyOne Distribution Sales 533.6 543.1 543.1 Corporate and Eliminations (62.3) (68.2) (68.2) Total Sales $ 1,502.1 $ 1,838.7 $ 1,486.7 Global Specialty Engineered Materials OI $ 24.6 $ 32.5 $ 31.2 Global Color, Additives and Inks OI 44.0 54.7 52.0 Designed Structures & Solutions OI - 10.5 - Specialty Platform OI $ 68.6 $ 97.7 $ 83.2 Performance Products and Solutions OI 19.3 27.5 25.7 PolyOne Distribution OI 33.4 33.1 33.1 Corporate and eliminations (20.3) (25.7) (20.3) Special items in OI (20.3) (11.4) (20.3) Operating income - GAAP $ 80.7 $ 121.2 $ 101.4 Special items in OI 20.3 11.4 20.3 Operating income adjusted $ 101.0 $ 132.6 $ 121.7 Global Specialty Engineered Materials - OI % of sales 8.8% 9.2% 10.9% Global Color, Additives and Inks - OI % of sales 10.6% 12.6% 12.7% Designed Structures & Solutions - OI % of sales - 4.4% - Specialty platform - OI % of sales 9.9% 9.5% 12.0% PP&S operating - OI % of sales 5.7% 8.2% 8.1% Distribution OI - % of sales 6.3% 6.1% 6.1% PolyOne OI adjusted - % of sales 6.7% 7.2% 8.2% Reconciliation to Condensed Consolidated Balance Sheets H1 2013 Short-term debt and current portion of long-term debt $ 8.7 Long-term debt 1,022.5 Less cash and cash equivalents (392.4) Specialty Platform Gross Margin Percentage 2006Y* Q2 2013**** Global Specialty Engineered Materials Sales $ 345.3 $ 143.5 Global Color, Additives and Inks Sales 531.8 207.5 Specialty Platform Sales $ 877.1 $ 351.0 Global Specialty Engineered Materials Gross Margin $ 41.6 $ 37.3 Global Color, Additives and Inks Gross Margin 83.6 71.8 Specialty Platform Gross Margin $ 125.2 $ 109.1 Specialty Platform Gross Margin Percentage 14.3% 31.1% * Historical results include the Resin and Specialty Coatings businesses within the Performance Products and Solutions segment.
https://www.avient.com/sites/default/files/resources/PolyOne%2520Investor%2520Presentation%2520Jefferies%25202013%2520Global%2520Industrial%2520Conference_Posting.pdf
In addition, operating income before special items and adjusted EPS are components of various PolyOne annual and long-term employee incentive plans. • A reconciliation of each non-GAAP financial measure with the most directly comparable GAAP financial measure is attached to this presentation which is posted on our website at www.polyone.com.
Average Debt Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Average PolyOne Debt $ 705.8 $ 705.2 $ 706.9 $ 1,055.5 $ 1,031.2 $ 840.9 Average Equity Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Average PolyOne shareholders’ equity $ 604.3 $ 629.3 $ 629.1 $ 871.8 $ 993.9 $ 745.7 Platform sales and operating income (OI) H1 2012*** H1 2013*** Global Specialty Engineered Materials Sales $ 280.9 $ 352.0 Global Color, Additives and Inks Sales 413.9 434.7 Designed Structures & Solutions Sales - 240.4 Specialty Platform Sales 694.8 1,027.1 Performance Products and Solutions Sales 336.0 336.7 PolyOne Distribution Sales 533.6 543.1 Corporate and Eliminations (62.3) (68.2) Total Sales $ 1,502.1 $ 1,838.7 Global Specialty Engineered Materials OI $ 24.6 $ 32.5 Global Color, Additives and Inks OI 44.0 54.7 Designed Structures & Solutions OI - 10.5 Specialty Platform OI $ 68.6 $ 97.7 Performance Products and Solutions OI 19.3 27.5 PolyOne Distribution OI 33.4 33.1 Corporate and eliminations (20.3) (25.7) Special items in OI (20.3) (11.4) Operating income - GAAP $ 80.7 $ 121.2 Special items in OI 20.3 11.4 Operating income adjusted $ 101.0 $ 132.6 Global Specialty Engineered Materials - OI % of sales 8.8% 9.2% Global Color, Additives and Inks - OI % of sales 10.6% 12.6% Designed Structures & Solutions – OI % of sales - 4.4% Specialty platform OI % of sales 9.9% 9.5% PP&S operating OI % of sales 5.7% 8.2% Distribution OI % of sales 6.3% 6.1% PolyOne OI adjusted, % of sales 6.7% 7.2% Reconciliation to Condensed Consolidated Balance Sheets H1 2013 Short-term debt and current portion of long-term debt $ 8.7 Long-term debt 1,022.5 Less cash and cash equivalents (392.4) Specialty Platform Gross Margin Percentage 2006Y* Q2 2013**** Global Specialty Engineered Materials Sales $ 345.3 $ 143.5 Global Color, Additives and Inks Sales 531.8 207.5 Specialty Platform Sales $ 877.1 $ 351.0 Global Specialty Engineered Materials Gross Margin $ 41.6 37.3 Global Color, Additives and Inks Gross Margin 83.6 71.8 Specialty Platform Gross Margin $ 125.2 $ 109.1 Specialty Platform Gross Margin Percentage 14.3% 31.1% * Historical results include the Resin and Specialty Coatings businesses within the Performance Products and Solutions segment.
https://www.avient.com/sites/default/files/resources/POL%2520Sidoti%2520IR%2520Presentation%2520w%2520Non%2520GAAP%25203%252018%25202014.pdf
In addition, operating income before special items and adjusted EPS are components of various PolyOne annual and long-term employee incentive plans. • A reconciliation of each non-GAAP financial measure with the most directly comparable GAAP financial measure is attached to this presentation which is posted on our website at www.polyone.com.
Reconciliation to Condensed Consolidated Balance Sheets 2013 Short-term debt and current portion of long-term debt $ 12.7 Long-term debt 976.2 Less cash and cash equivalents (365.2) Net debt $ 623.7 Adjusted EBITDA 2013 Income before income taxes $ 151.0 Interest expense, net 63.5 Depreciation and amortization 108.8 Special items in EBITDA 31.7 Adjusted EBITDA $ 355.0 2 Platform sales and operating income (OI) 2006Y* 2013Y Global Specialty Engineered Materials sales $ 345.3 $ 615.5 Global Color, Additives and Inks sales 531.8 852.3 Designed Structures and Solutions sales - 597.4 Specialty Platform sales 877.1 2,065.2 Performance Products and Solutions sales 1,166.2 773.2 PolyOne Distribution sales 732.8 1,075.2 Corporate and eliminations (153.7) (142.4) Total sales $ 2,622.4 $ 3,771.2 Global Specialty Engineered Materials OI $ 3.9 $ 57.2 Global Color, Additives and Inks OI 8.9 104.0 Designed Structures & Solutions OI - 33.4 Specialty Platform OI 12.8 194.6 Performance Products and Solutions OI 64.2 56.0 PolyOne Distribution OI 19.2 63.3 Sunbelt Joint Venture OI 102.9 - Corporate and eliminations (4.6) (52.4) Special items in OI 39.1 (30.0) Operating income GAAP 233.6 231.5 Sunbelt equity income (107.0) - Special items in OI (39.1) 30.0 Adjusted operating income $ 87.5 $ 261.5 Global Specialty Engineered Materials - OI % of sales 1.1% 9.3% Global Color, Additives and Inks - OI % of sales 1.7% 12.2% Designed Structures & Solutions - OI % of sales - 5.6% Specialty platform OI - % of sales 1.5% 9.4% PP&S operating OI - % of sales 5.5% 7.2% Distribution OI - % of sales 2.6% 5.9% PolyOne OI adjusted - % of sales 3.3% 6.9% * Historical results include the Resin and Specialty Coatings businesses within the Performance Products and Solutions segment.
https://www.avient.com/sites/default/files/2022-11/Avient Announces Third Quarter 2022 Results.pdf
Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS Net (loss) income from continuing operations attributable to Avient shareholders $ (27.4) $ (0.30) $ 33.7 $ 0.37 Special items, after tax (Attachment 3) 68.3 0.75 11.7 0.13 Amortization expense, after-tax 13.4 0.14 $ 11.0 $ 0.11 Adjusted net income / EPS $ 54.3 $ 0.59 $ 56.4 $ 0.61 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS Net income from continuing operations attributable to Avient shareholders $ 99.8 $ 1.08 $ 143.3 $ 1.56 Special items, after tax (Attachment 3) 77.9 0.85 26.0 0.28 Amortization expense, after-tax 34.9 0.38 $ 33.6 0.36 Adjusted net income / EPS $ 212.6 $ 2.31 $ 202.9 $ 2.20 8 Attachment 2 Avient Corporation Condensed Consolidated Statements of Income (Unaudited) (In millions, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Sales $ 823.3 $ 818.0 $ 2,606.5 $ 2,508.5 Cost of sales 627.9 602.4 1,895.8 1,781.2 Gross margin 195.4 215.6 710.7 727.3 Selling and administrative expense 154.8 162.8 467.8 497.7 Operating income 40.6 52.8 242.9 229.6 Interest expense, net (37.3) (19.0) (70.4) (57.8) Other (expense) income, net (32.3) 1.6 (31.3) 4.3 (Loss) income from continuing operations before income taxes (29.0) 35.4 141.2 176.1 Income tax benefit (expense) 1.2 (2.0) (41.5) (32.1) Net (loss) income from continuing operations (27.8) 33.4 99.7 144.0 Income from discontinued operations, net of income taxes 17.1 19.2 58.8 57.7 Net (loss) income (10.7) 52.6 158.5 201.7 Net loss (income) attributable to noncontrolling interests 0.4 0.3 0.1 (0.7) Net (loss) income attributable to Avient common shareholders $ (10.3) $ 52.9 $ 158.6 $ 201.0 (Loss) earnings per share attributable to Avient common shareholders - Basic: Continuing operations $ (0.30) $ 0.37 $ 1.09 $ 1.57 Discontinued operations 0.19 0.21 0.65 0.63 Total $ (0.11) $ 0.58 $ 1.74 $ 2.20 (Loss) earnings per share attributable to Avient common shareholders - Diluted: Continuing operations $ (0.30) $ 0.37 $ 1.08 $ 1.56 Discontinued operations 0.19 0.20 0.64 0.62 Total $ (0.11) $ 0.57 $ 1.72 $ 2.18 Cash dividends declared per share of common stock $ 0.2375 $ 0.2125 $ 0.7125 $ 0.6375 Weighted-average shares used to compute earnings per common share: Basic 90.9 91.4 91.3 91.3 Diluted 90.9 92.2 92.0 92.1 9 Attachment 3 Avient Corporation Summary of Special Items (Unaudited) (In millions, except per share data) Special items (1) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Cost of sales: Restructuring costs, including accelerated depreciation $ (2.8) $ (5.3) $ (9.8) $ (8.6) Environmental remediation costs (18.8) (9.4) (23.8) (22.4) Reimbursement of previously incurred environmental costs 0.1 — 8.3 4.5 Acquisition related costs (10.3) (2.6) (10.3) (1.2) Impact on cost of sales (31.8) (17.3) (35.6) (27.7) Selling and administrative expense: Restructuring, legal and other (0.2) — — (1.7) Acquisition related costs (8.2) (2.7) (13.2) (7.2) Impact on selling and administrative expense (8.4) (2.7) (13.2) (8.9) Impact on operating income (40.2) (20.0) (48.8) (36.6) Interest expense, net - costs related to committed financing (10.0) — (10.0) — Mark-to-market on derivative instruments (31.8) — (30.9) — Other — 0.1 0.1 0.1 Impact on other (expense)/income, net (31.8) 0.1 (30.8) 0.1 Impact on income from continuing operations before income taxes (82.0) (19.9) (89.6) (36.5) Income tax benefit on above special items 20.5 4.6 22.5 8.9 Tax adjustments(2) (6.8) 3.6 (10.8) 1.6 Impact of special items on net income from continuing operations $ (68.3) $ (11.7) $ (77.9) $ (26.0) Diluted earnings per common share impact $ (0.75) $ (0.13) $ (0.85) $ (0.28) Weighted average shares used to compute adjusted earnings per share: Diluted 91.6 92.2 92.0 92.1 (1) Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt extinguishment costs; costs incurred directly in relation to acquisitions or divestitures; employee separation costs resulting from personnel reduction programs, plant realignment costs, executive separation agreements; asset impairments; settlement gains or losses and mark-to- market adjustments associated with actuarial gains and losses on pension and other post-retirement benefit plans; environmental remediation costs, fines, penalties and related insurance recoveries related to facilities no longer owned or closed in prior years; gains and losses on the divestiture of operating businesses, joint ventures and equity investments; gains and losses on facility or property sales or disposals; results of litigation, fines or penalties, where such litigation (or action relating to the fines or penalties) arose prior to the commencement of the performance period; one-time, non-recurring items; and the effect of changes in accounting principles or other such laws or provisions affecting reported results. (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. 10 Attachment 4 Avient Corporation Condensed Consolidated Balance Sheets (In millions) (Unaudited) September 30, 2022 December 31, 2021 ASSETS Current assets: Cash and cash equivalents $ 544.4 $ 601.2 Accounts receivable, net 504.6 439.9 Inventories, net 441.5 305.8 Current assets held for sale 367.8 360.2 Other current assets 130.0 119.9 Total current assets 1,988.3 1,827.0 Property, net 965.4 672.3 Goodwill 1,491.0 1,284.8 Intangible assets, net 1,525.7 925.2 Operating lease assets, net 56.0 58.2 Non-current assets held for sale — 22.0 Other non-current assets 280.7 207.7 Total assets $ 6,307.1 $ 4,997.2 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term and current portion of long-term debt $ 613.9 $ 8.6 Accounts payable 448.7 429.5 Current operating lease obligations 18.1 21.1 Current liabilities held for sale 170.3 141.3 Accrued expenses and other current liabilities 304.6 340.2 Total current liabilities 1,555.6 940.7 Non-current liabilities: Long-term debt 2,502.9 1,850.3 Pension and other post-retirement benefits 91.6 99.9 Deferred income taxes 210.4 100.6 Non-current operating lease obligations 35.7 37.3 Non-current liabilities held for sale — 13.1 Other non-current liabilities 174.8 164.8 Total non-current liabilities 3,015.4 2,266.0 SHAREHOLDERS' EQUITY Avient shareholders’ equity 1,720.4 1,774.7 Noncontrolling interest 15.7 15.8 Total equity 1,736.1 1,790.5 Total liabilities and equity $ 6,307.1 $ 4,997.2 11 Attachment 5 Avient Corporation Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) Nine Months Ended September 30, 2022 2021 Operating Activities Net income $ 158.5 $ 201.7 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 110.3 105.8 Accelerated depreciation 4.0 1.9 Share-based compensation expense 9.5 8.4 Changes in assets and liabilities, net of the effect of acquisitions: Increase in accounts receivable (66.5) (199.7) Increase in inventories (12.5) (156.2) Increase in accounts payable 43.5 95.3 Decrease in pension and other post-retirement benefits (15.8) (14.2) (Decrease) increase in accrued expenses and other assets and liabilities, net (7.1) 67.0 Net cash provided by operating activities 223.9 110.0 Investing activities Capital expenditures (55.1) (62.7) Business acquisitions, net of cash acquired (1,426.1) (47.6) Settlement of foreign exchange derivatives 93.3 — Net cash proceeds used by other assets — (2.0) Net cash used by investing activities (1,387.9) (112.3) Financing activities Debt proceeds 1,300.0 — Purchase of common shares for treasury (36.4) (4.2) Cash dividends paid (65.2) (58.2) Repayment of long-term debt (6.8) (16.5) Payments of withholding tax on share awards (4.2) (9.1) Debt financing costs (49.3) — Other financing activities — (3.5) Net cash provided (used) by financing activities 1,138.1 (91.5) Effect of exchange rate changes on cash (30.9) (10.5) Decrease in cash and cash equivalents (56.8) (104.3) Cash and cash equivalents at beginning of year 601.2 649.5 Cash and cash equivalents at end of period $ 544.4 $ 545.2 12 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/2022-07/Avient Announces Second Quarter 2022 Results_1.pdf
Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS Net income attributable to Avient shareholders $ 84.7 $ 0.92 $ 68.8 $ 0.74 Special items, after tax (Attachment 3) 5.1 0.06 11.7 0.13 Adjusted net income / EPS - excluding special items $ 89.8 $ 0.98 $ 80.5 $ 0.87 Six months ended June 30, 2022 Six months ended June 30, 2021 Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS Net income attributable to Avient shareholders $ 168.9 $ 1.83 $ 148.1 $ 1.60 Special items, after tax (Attachment 3) 12.3 0.13 14.3 0.16 Adjusted net income / EPS - excluding special items $ 181.2 $ 1.96 $ 162.4 $ 1.76 7 Attachment 2 Avient Corporation Condensed Consolidated Statements of Income (Unaudited) (In millions, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Sales $ 1,302.4 $ 1,235.2 $ 2,596.2 $ 2,397.5 Cost of sales 998.6 946.5 1,998.7 1,806.4 Gross margin 303.8 288.7 597.5 591.1 Selling and administrative expense 174.3 180.6 339.4 362.6 Operating income 129.5 108.1 258.1 228.5 Interest expense, net (16.2) (19.5) (33.1) (38.8) Other income, net 1.4 1.2 0.8 2.7 Income before income taxes 114.7 89.8 225.8 192.4 Income tax expense (30.0) (20.4) (56.6) (43.3) Net income 84.7 69.4 169.2 149.1 Net income attributable to noncontrolling interests — (0.6) (0.3) (1.0) Net income attributable to Avient shareholders $ 84.7 $ 68.8 $ 168.9 $ 148.1 Earnings per share attributable to Avient common shareholders - Basic $ 0.93 $ 0.75 $ 1.85 $ 1.62 Earnings per share attributable to Avient common shareholders - Diluted $ 0.92 $ 0.74 $ 1.83 $ 1.60 Cash dividends declared per share of common stock $ 0.2375 $ 0.2125 $ 0.4750 $ 0.4250 Weighted-average shares used to compute earnings per common share: Basic 91.4 91.3 91.4 91.3 Diluted 92.1 92.4 92.2 92.3 8 Attachment 3 Avient Corporation Summary of Special Items (Unaudited) (In millions, except per share data) Special items (1) Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Cost of sales: Restructuring costs, including accelerated depreciation and amortization $ (2.6) $ (1.5) $ (7.0) $ (3.3) Environmental remediation costs (3.0) (12.5) (5.0) (13.0) Reimbursement of previously incurred environmental costs 7.6 — 8.2 4.5 Acquisition related costs — 1.4 — 1.4 Impact on cost of sales 2.0 (12.6) (3.8) (10.4) Selling and administrative expense: Restructuring, legal and other (4.2) (0.4) (3.3) (1.7) Acquisition related costs (2.1) (1.2) (5.0) (4.5) Impact on selling and administrative expense (6.3) (1.6) (8.3) (6.2) Impact on operating income (4.3) (14.2) (12.1) (16.6) Other income, net — — 0.1 — Mark-to-market on cross-currency swaps 0.9 — 0.9 — Impact on income before income taxes (3.4) (14.2) (11.1) (16.6) Income tax benefit on above special items 0.8 3.4 2.8 4.3 Tax adjustments(2) (2.5) (0.9) (4.0) (2.0) Impact of special items on net income attributable to Avient Shareholders $ (5.1) $ (11.7) $ (12.3) $ (14.3) Diluted earnings per common share impact $ (0.06) $ (0.13) $ (0.13) $ (0.16) Weighted average shares used to compute adjusted earnings per share: Diluted 92.1 92.4 92.2 92.3 (1) Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt extinguishment costs; costs incurred directly in relation to acquisitions or divestitures; employee separation costs resulting from personnel reduction programs, plant realignment costs, executive separation agreements; asset impairments; settlement gains or losses and mark-to- market adjustments associated with actuarial gains and losses on pension and other post-retirement benefit plans; environmental remediation costs, fines, penalties and related insurance recoveries related to facilities no longer owned or closed in prior years; gains and losses on the divestiture of operating businesses, joint ventures and equity investments; gains and losses on facility or property sales or disposals; results of litigation, fines or penalties, where such litigation (or action relating to the fines or penalties) arose prior to the commencement of the performance period; one-time, non-recurring items; and the effect of changes in accounting principles or other such laws or provisions affecting reported results. (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. 9 Attachment 4 Avient Corporation Condensed Consolidated Balance Sheets (In millions) (Unaudited) June 30, 2022 December 31, 2021 ASSETS Current assets: Cash and cash equivalents $ 645.1 $ 601.2 Accounts receivable, net 752.6 642.3 Inventories, net 494.0 461.1 Other current assets 128.4 122.4 Total current assets 2,020.1 1,827.0 Property, net 638.9 676.1 Goodwill 1,256.8 1,286.4 Intangible assets, net 867.2 925.2 Operating lease assets, net 62.7 74.1 Other non-current assets 197.9 208.4 Total assets $ 5,043.6 $ 4,997.2 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term and current portion of long-term debt $ 607.7 $ 8.6 Accounts payable 634.0 553.9 Current operating lease obligations 21.4 24.2 Accrued expenses and other current liabilities 307.5 353.9 Total current liabilities 1,570.6 940.6 Non-current liabilities: Long-term debt 1,249.1 1,850.3 Pension and other post-retirement benefits 95.0 100.0 Deferred income taxes 106.6 100.6 Non-current operating lease obligations 41.8 50.1 Other non-current liabilities 154.7 165.1 Total non-current liabilities 1,647.2 2,266.1 SHAREHOLDERS' EQUITY Avient shareholders’ equity 1,809.7 1,774.7 Noncontrolling interest 16.1 15.8 Total equity 1,825.8 1,790.5 Total liabilities and equity $ 5,043.6 $ 4,997.2 10 Attachment 5 Avient Corporation Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) Six Months Ended June 30, 2022 2021 Operating Activities Net income $ 169.2 $ 149.1 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 71.1 69.5 Accelerated depreciation and amortization 3.2 1.4 Share-based compensation expense 6.3 5.6 Changes in assets and liabilities, net of the effect of acquisitions: Increase in accounts receivable (133.2) (196.1) Increase in inventories (45.9) (88.1) Increase in accounts payable 98.5 108.4 Decrease in pension and other post-retirement benefits (9.9) (9.2) (Decrease) increase in accrued expenses and other assets and liabilities, net (52.6) 27.5 Net cash provided by operating activities 106.7 68.1 Investing activities Capital expenditures (34.0) (42.1) Settlement of cross-currency swaps 75.1 — Net cash proceeds used by other assets — (2.0) Net cash provided (used) by investing activities 41.1 (44.1) Financing activities Purchase of common shares for treasury (36.4) (4.2) Cash dividends paid (43.5) (38.8) Repayment of long-term debt (4.4) (4.4) Payments of withholding tax on share awards (4.1) (4.2) Net cash used by financing activities (88.4) (51.6) Effect of exchange rate changes on cash (15.5) (5.7) Increase (decrease) in cash and cash equivalents 43.9 (33.3) Cash and cash equivalents at beginning of year 601.2 649.5 Cash and cash equivalents at end of period $ 645.1 $ 616.2 11 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.