of fixed effects may influence the results. I therefore add industry fixed effects. 16 Third, unlike Barth et al. (1999), I cluster standard errors by firm and year in order to mitigate the effects of
increased holding to 50% Indorama Ventures 1st Quarter 2018 MD&A 17 Table 11: IVL Consolidated Statement of Income 1 As per internal classification and includes insurance claim for business interruption loss
Loan Debenture $B 1 ST Loan 15 Table 10 :IVL Consolidated Statement of Income * IRSL 2nd quarter results were consolidated in Core Financials 3Q19. 1 As per internal classification and includes insurance
classification and includes insurance claim for business interruption loss of profit 2 As per internal classification and includes depreciation and amortization expenses 3 As per internal classification and
Indorama Ventures 2nd Quarter 2020 MD&A 13 Table 7: IVL Consolidated Statement of Income *2Q19 Core Financials exclude IRSL 1 As per internal classification and includes insurance claim for business
Consolidated Statement of Income 1 As per internal classification and includes insurance claim for business interruption loss of profit 2 As per internal classification and includes depreciation and amortization
cost of import duties 6.27 Million Baht. The rent was reduced from the classification 6.17 Million Baht and Other administrative expenses decreased. 2. Reversal Allowance for doubtful accounts by 0.29
classification and includes insurance claim for business interruption loss of profits (2) This by our internal classification includes deprecia- tion and amortization expenses (3) This by our internal
ROCE (before JV’s and M&A Annualized) % 15.8% 12.7% 11.4% 12.8% 9.9% (1) This by our internal classification and includes insurance claim for business interruption loss of profits (2) This by our
internal classification and includes insurance claim for business interruption loss of profits (2) This by our internal classification includes depreciation and amortization expenses (3) This by our internal