result of the continuing decline in global demand from the slow economic growth of trading partners, the protectionist trade policies between the US and China, the down-cycle of electronic products and

since real estate business is the significant driving force of the economy. The government has thus issued measures to boost the real estate market i.e. tax deduction of up to 200,000 THB for first time

organization to a business unit. The digital transformed will also be achieved to improve the operational process to be flexible and increase the efficiency of expense management and operational costs. The 4

Indorama Ventures 1st Quarter 2018 MD&A 2 1Q 2018 Summary Financials Table 1: Core Financials of Consolidated Business Quarterly Last Twelve Months $m 1Q18 4Q17 1Q17 1Q18 YoY LTM 1Q18 LTM 1Q17 LTM YoY

export branded business, despite a decrease in export CMG and domestic branded.  Net profit in Q4/2017 was Baht 28 million, a decrease of 76% YoY due to 1) lower sales contribution of export pressuring

30 June 2020 31 December 2019 Increased (Decreased) Percentage Assets Current assets Cash and cash equivalents 78.20 138.27 (60.07) (43.44%) Trade and other receivables 297.15 3,20.57 (23.42) (7.31

equivalent, trade receivables, other receivables, prepaid cost of software license which is recorded in accordance with the nature of the business. The significant increase in current assets is mainly

estate business and thus the Company has to revise its strategy and target group. The year 2017 marks “The Year of Shift”. First of all, the target customers of the Company have been changed from middle to

Million Baht, accounting for 30.79% from last year as the increased in number of staff and management to support Testing and Inspection service business, especially in eastern region. The staff cost has

Management Discussion and Analysis for Interim Business Operations Financial Performance for the year ended December 31 , 2018 (Unit : M ill ion Baht) 2018 2017 Inc./(Dec.) % Construction income