Indorama Ventures 2nd Quarter 2018 MD&A 1 บริษัท อนิโดรามา เวนเจอร์ส จ ากดั )มชาหน( ค าอธิบายและบทวเิคราะช์ของฝ่ายจัดการ ไตรมาสที ่2 ปี 2561 การปรับปรุงทางโครงสร้างส่งผลต่อทิศทางของผลก าไร  Core EBITDA ของ

expenses; and 6) higher finance costs due to higher borrowings as a result of additional investments in machinery and joint ventures both in Thailand and overseas.  EBITDA in Q1/2018 was Baht 75 million, a

disposal of entities under common control - 0.0% 73 0.1% (73) (100.0%) Share of profit of associates and joint ventures 78 0.1% 96 0.2% (17) (18.2%) Profit from continuing operations before finance and tax

value of Baht 135 million. 1.2 Disposal of investments in joint ventures 1.2.1 The Sale of Ordinary Shares of Oversea Green Energy Company Limited On August 25, 2017, Ratchaburi Energy Company Limited, a

, and (2) the Company recorded the doubtful accounts on long-term loan to joint ventures of 910 million Baht in the same period last year. In Q2 2018, the Company had finance cost of 198 million Baht

% 652 4.2% Selling expense 11,890 18.8% 12,285 23.0% (395) (3.2%) Administrative expense 4,911 7.7% 4,043 7.6% 868 21.5% Share of profit of associates and joint ventures 79 0.1% 28 0.1% 51 185.5% Profit

progressed 69.23% (The construction plan was 76.63%). The commercial operation date is scheduled in the second quarter of 2022. Page 3 1.2. Additional Investments in Joint Ventures - On December 19, 2019

Ventures which can be categorized into 2 businesses: 1. Power Generation 1.1 Local power generation Gulf Electric Public Company Limited (GEC) Holding Co.  Gulf Cogeneration Co., Ltd. (GCC) SPP  Nong Khae

profit of associates / joint ventures 1,480.64 1,081.13 399.51 37.0 Other incomes 101.13 153.20 (52.07) (34.0) Total revenues 4,506.78 4,043.99 462.79 11.4 Cost of sales and rendering of services

ventures 71.7 102.6 (30.9) (30.1)% Property, plant and equipment 109.4 128.6 (19.2) (14.9)% Equipment for Lease 97.6 149.3 (51.7) (34.6)% Advance withholding tax 12.8 - 12.8 100.0% Total Assets 4,272.8