Quarter 2018 MD&A 1 Indorama Ventures Public Company Ltd Management Discussion and Analysis 3rd Quarter 2018 Milestone Revenues and Earnings, Structural Improvements, Enhanced Portfolio and Geographic Reach
earnings on a YoY basis both in 4Q19 and 2019, driven mainly by a negative EBITDA contribution from IPA. This is in line with industry spreads, which were at an all-time low. IVL has launched a turnaround
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
in Asia. Overall Sales have increased despite lockdown in various countries with COVID19 reinforcing essentials nature of our business. Lower oil prices have led to an improvement in earnings of our
acquisition of Spindletop and startup of Lake Charles cracker did not provide us the typical earnings which we had built in our business case. Our strong balance sheet and the strategic fit of these gas based
leading to margin increase in all commodity products, supporting the increase in crude oil prices. All of this is translating into stronger than anticipated earnings in first half 2021. Transformation
of December 31, 2016 to Baht 25,744 million as of December 31, 2017 primarily due to an increase in paid up equity arising from net proceed from IPO and retained earnings during the period. • As a
for BGYSP earnings contribution from equity method to consolidation method after raising stake from 49% to 100% in Q3’2018 and 2) lower profits at our associate namely ABPIF. • Share of profit from
) change in accounting method for BGYSP earnings contribution from equity method to consolidation method after raising stake from 49% to 100% in Q3’2018 and 2) lower profits at our associate and our joint
that to owners rose by 20.8% to Baht 2,331 million. Normalised net profit (NNP) and that to owners were Baht 3,658 million and Baht 2,161 million respectively. Full earnings contributions from these new