Profit = Net Profit attributable to owners of the parent Financial Performance for Q2’19 Key Change in Segment Grouping In 2019, the Company has changed reportable segments. The strategic divisions offer

enterprise market in the medium term. Cost management has resulted in profitability improvement. Excluding payment to TOT, cash cost of service and SG&A continued to be stabilized, -4.8% YoY and +2.2% QoQ, due

by Quarter Change Q3–23 Q4–22 Q3–23 VS Q4–22 (MB) (MB) % Cash and cash equivalent 1,157.3 1,486.6 (329.3) (22.2) Trade and other receivables 2,475.4 1,890.7 584.7 30.9 Contract assets 980.8 1,130.7

: +662 661 6664 Indorama Ventures 1st Quarter 2020 MD&A 1 Executive Summary 1Q 2020 Financial Results • IVL achieved a core EBITDA of US$304M and an operating cash flow of US$340M, an increase quarter on

Nation U Co., Ltd., the subsidiary of the Company, and change in the accounting policy regarding the record of the land valuation To: Director and Manager The Stock Exchange of Thailand (SET) Attachment

is equal to 14.3%, which changed in the same direction of revenue. The major change was due to increasing of marketing and promotion expenses such as online advertisement and media, rental expenses and

from the same period last year by Baht 14.77 million or 16.9%, which changed in the same direction of sale. The major change was due to increasing of rental expense, bank charge and marketing and

Operating Results of the Company in Q2/2020 Q2/18 Q2/19 1H/18 1H/19 Change +/(-) (THB million) YoY 1H Operating Revenue 312 144 (54%) 599 363 (39%) Gross Profit 201 79 (61%) 389 216 (44%) EBITDA 95 27 (72

genuine gross margin in 2017 was at 57.5% for the warehouse rental and service business which decreased from 69.0% last year, mainly due to change in product mix between Built-to-Suit and Ready-built

of operating results for the year 2019, Ended of December 31, 2019 Unit : Million Baht Power Generation Others Total Change Increase (Decrease) 2019 2018 2019 2018 2019 2018 Amount % Total Revenues