6661 Fax: +662 661 6664 Indorama Ventures 2018 MD&A 1 Indorama Ventures Public Company Ltd Management Discussion and Analysis For the year ended December 31, 2018 Milestone Revenues and Earnings
percent) 4 3.3 Earnings per Share Dilution Earnings per share dilution can be calculated by using a formula as follows; Earnings per Share Dilution) = (Earnings per Share before private placement
total revenue of THB 1,621 million, a decrease of 9.5% from 4Q17, contributed by decrease in revenues from the absence of Dusit Princess Korat Hotel and Other income. Earnings before Interest, Taxes
new WLTP (Worldwide Harmonised Light Vehicle Test Procedure) that became mandatory from the start of September 2018, which affected mostly car sales in Europe. However, sales in THB terms were
adjustment to the beginning balance of retained earnings as at 1-Jan-19. The effect of related transactions is presented in Note 2 of financial statements and also provided on page 4. Considering the entire
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
....................................................................................... 15 2.2. Final sector breakdown and activities mapping ....................................................... 19 2.3. Traffic light system
investments in joint venture and retained earnings. 3. AIS has been in a partnership with TOT since end-2016 to work on three separate deals to co-utilize assets consisting of 2100MHz spectrum, towers, and 2G
which was long term, lower from Bt98bn. Shareholders’ equity was Bt37,656mn, declining 12% due to lower retained earnings. Current ratio stood at 0.43x, down from 0.46x in 4Q16. With improving EBITDA and