6661 Fax: +662 661 6664 Indorama Ventures 2018 MD&A 1 Indorama Ventures Public Company Ltd Management Discussion and Analysis For the year ended December 31, 2018 Milestone Revenues and Earnings
sector, with manufacturing and industrial sectors suffering a sharp contraction. In order to mitigate the economic impact, the Government and other institutions have introduced relief measures to help
earnings translation. US$ 155M lower EBITDA in LTM3Q19 and US$ 22M in 3Q19 due to unplanned shutdowns, catalysts change planned shurdown in EOEG assets in USA and one line conversion from PTA to IPA in USA
+3.3% from retained earnings. Net debt to EBITDA (excluding lease liabilities and license payable) was 0.7x slightly decline compared to 4Q19. Cash flow (Post TFRS 9&16) In 1H20, Cash flow from operating
reported Bt78,670mn increasing 3.9% from higher retained earnings. Cash flow For 1H21, AIS generated operating cash flow (after tax) of Bt41,269mn, decreasing 2.5% YoY. For investing activities, Cash CAPEX
decrease in retained earnings. Cash flow For 9M21, cash flow from operation (after tax) was Bt64,699mn increasing +9.2%YoY on the back of EBITDA expansion. The investment to expand 5G/4G and fixed broadband
3,763.3 3,345.2 12.5 Profits before income tax expenses 920.5 877.5 4.9 934.4 (1.5) 2,743.3 2,835.1 (3.2) Net profits 766.9 761.1 0.8 779.1 (1.6) 2,334.7 2,356.6 (0.9) Basic earnings per share (Baht) 0.036
disturbed by sharp decline in Chinese tourists, turned off by series of unfortunate events. The Chinese tourists are one of a key customer of the company. Consequently, domestic sales experienced a 1 6.69
1,249.63 million and THB 729.06 million respectively. This equals to a sharp decline of 41.66% year on year. Domestic sales revenue dropped 43.82% from the same period of the previous year due to an