relevant to its core or non-core businesses to enhance flexibility and efficiency of their business operations.  In principle, the business operators must have an apparent outsourcing policy, measure

-affirmed to AA- by TRIS Industry spreads weak Management focus on cost and cash flow improvement Exceptional items adversely impacted core EBITDA Strong Thai Baht adversely impacted translated earnings 2 3Q

Ref. No. IVL 004/02/2020 26 February 2020 The President The Stock Exchange of Thailand Subject: Submission of Annual Audited Financial Statements and the Management Discussion and Analysis of

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Indorama Ventures 1st Quarter 2019 MD&A 1 Indorama Ventures Public Company Ltd Management Discussion and Analysis 1st Quarter 2019 Highlights  Revenue $3.0 billion (THB 95.8 billion), +26% YoY  Core EBITDA

a tangible approach to the debt repayments.  The SEC viewed that EARTH ' s core business is coal trading for which liquidity management is crucial. And in the past EARTH used loans from financial

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