Ingevity Corp 2024年度报告

PURIFYI PROTECT I ENHANCE Purify, Protect and Enhance ABOUT INGEVITY Financial Highlights Ingevity provides products andtechnologies that purify, protect andenhance the world around us. Through ateam of talented and experienced people,we develop, manufacture and bring tomarket solutions that help customerssolve complex problems and make theworld more sustainable. We operate inthree reportable segments: PerformanceMaterials, which includes activatedcarbon; Advanced Polymer Technologies,which includes caprolactone polymers;and Performance Chemicals, whichincludes industrial specialties and roadtechnologies. Our products are usedin a variety of demanding applications,including adhesives, agrochemicals,asphalt paving, certified biodegradablebioplastics, coatings, elastomers,pavement markings and automotivecomponents. Headquartered in NorthCharleston, South Carolina, Ingevityoperates from 24 locations around theworld and employs approximately 1,600people. The company’s common stock istraded on the New York Stock Exchange(NYSE:NGVT). For more information, visitingevity.com. Total Net Sales in Millions (U.S. $) Segment Earnings Before Interest, Taxes, Depreciation andAmortization (EBITDA) & Adjusted EBITDA in Millions (U.S. $)1 Net DebtRatio13.5x 1 See page 119 for definitions of these non-GAAPfinancial measures and the reconciliation ofthese non-GAAP financial measures to thenearest GAAP financial measures. 1,600EMPLOYEES 11MANUFACTURING SITES 7TECHNICAL CENTERS ADMINISTRATIVE OFFICES DEAR INGEVITY STOCKHOLDERS, In 2024, we took proactive steps to drive improved performance and deliver sustainable value creation forIngevity stockholders. We advanced key priorities to accelerate execution and focus of business strategies,reduce leverage, and evaluate our business portfolio to determine the right composition for our company, andthese actions are already delivering results. Led by our Board of Directors and our executive team, we positivelypositioned our businesses for profitable growth and success, and I could not be more impressed by our team’scommitment to Ingevity’s future. Executing our strategy Strategic repositioning of our Performance Chemicals segment accelerated throughout 2024, and includedexiting lower-margin, cyclical end markets and reducing our physical footprint to optimize costs. This segmentis now focused on higher-margin end markets and will continue to benefit from an improved raw material coststructure. Additionally, we announced plans to explore strategic alternatives for our Industrial Specialties productline and North Charleston CTO refinery as part of our ongoing portfolio review and expect to finish thatassessment by the end of 2025. Our Performance Materials segment continues to gain momentum as we see internal combustion engine (ICE)vehicles increasingly become more fuel efficient and global consumer preferences trending toward hybrids,which require our more advanced carbon technology. We are making progress in developing new outlets for ourcarbon in silicon anode batteries through our investment in Nexeon, as we advance our strategy to expand ourpresence in the electric vehicle battery market. Delivering results The benefits of our repositioning actions translated to improved earnings, margins and cash flow for fiscal year2024. We delivered adjusted EBITDA* of $363 million, exceeding analyst estimates, and improved EBITDAmargins* by 350 basis points to 25.8%. We generated $51 million of free cash flow* despite approximately $200million of cash outflows related to our repositioning actions, enabling us to reduce debt and improve our leverageratio in the second half of the year. In 2024, Performance Materials had a record year in sales and EBITDA, surpassing margins of 50% anddemonstrating top- and bottom-line growth as the ongoing global leader in automotive vapor emissions controltechnology. This record result was primarily driven by operational improvements that enabled plants to run moreefficiently and is a testament to our team’s laser-focus on continuous improvement. Strategic repositioning actions for Performance Chemicals delivered better than expected results in 2024,reflected in the significant improvement in EBITDA margins in the second half of the year. Advanced PolymerTechnologies increased sales volumes in 2024, demonstrating resiliency in challenging marketconditions. Culture of Excellence Leadership changes in 2024 expanded the depth of our Board of Directors and executive team. In December,we appointed J. Kevin Willis, Senior Vice President & Chief Financial Officer of Ashland Inc., as a new,independent member of our Board. He is a proven leader with highly relevant experience in the specialtychemicals industry and is a positive complement to the Board and the initiatives underway. We also addedTerry Dyer as Senior Vice President and Chief Human Resources Officer, and Ryan Fisher as Senior VicePresident, General Counsel and Corporate Secretary as mem