profit 427.9 354.5 73.4 20.7 Net gain (loss) on exchange rate 112.2 (28.3) 140.5 N.A. (>100) Gain on forward contracts 49.5 - 49.5 N.A. (>100) Other income 173.0 14.1 158.9 1,127.0 Profit before expenses

to the new labor protection law. More causes for loss were sales decrease; higher cost per unit as a result of lower utilization rate; higher depreciation; following the Excise Act, B.E. 2560; higher

both Thai and foreign worker employment rate as well as the slow-down of other related industries. This quarter economy was also affected by tropical storms and flash flood in some upcountry areas. The

. • Interest costs were lower thanks to lower benchmark rates. Taxes were lower due to lower contributions from the USA business, which impacted the regional mix. Indorama Ventures 2nd Quarter 2020 MD&A 2

$ 1.9B. Interest cost is expected to come down for year 2020, thanks to lower benchmark rates. Our net operating debt to equity went up to 1.35 times primarily due to the acquisition of Spindletop

THB 798.52 million and THB 765.46 million respectively or dropping slightly at a rate of 4.14%. With regard to sales by product line, almost product lines experienced declines in sales revenue compared

result of the above reasons, the interest bearing debt to equity ratio and the debt to equity ratio has increased from 0.58:1 to 0.67:1 and from 0.78:1 to 0.90:1 as of 31 December 2019 and 31 December 2020

10.70% decreased from last year’s which was in line with sales dropping rate. The gross profit in Q1/2018 was increased from Baht 71.0 million to be Baht 75.4 million or equivalent to 6.28% which was

95.25 million and Baht 99.19 million, respectively, resulting in an overall growth rate of 4.14%. Cost of hospital operations The cost of hospital operations amounted to Baht 135.06 million and Baht

gain/(loss) 0.34 (0.31) (0.30) -188.24% -3.23% 1.57 (0.16) -110.19% Other income 2.45 0.57 0.49 -80.00% -14.04% 3.22 1.74 -45.96% Earnings before Interest and taxes 12.96 19.09 16.94 30.71% -11.26% 82.36