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
the Thai economy driven by the relaxation of controls and lower concerns on COVID-19 situation which brought in foreign tourists and increased business activities. Overall, AIS reported core service
million (THB 8.4 billion), -7% YoY, Core EBITDA margin 10% Core Net profit after tax of $128 million (THB 4.0 billion), -27% YoY Core Earnings Per Share of THB 0.67, -32% YoY Operating Cash Flow of
of $304 million (THB 9.6 billion), -7% YoY, Core EBITDA margin 10% Core Net profit after tax of $128 million (THB 4.0 billion), -27% YoY Core Earnings Per Share of THB 0.67, -32% YoY Operating
Promotion Operation Review ... 1 The effect of natural disaster on earnings management Supavinee Jevasuwan Kasetsart University SEC Working Papers Forum 19th August 2015 2 Research Question 3
revenue recovered QoQ due to strong subscriber acquisition as well as demand driven by government stimulus package. Fixed broadband and Enterprise business continued its growth momentum driven by the
that was explained as follows; Beverages business The beverage sales and services revenue for Q3’2018-2019 was Baht 1,799 million, increased by Baht 84 million or 4.9% from Q3’2017-2018, driven by strong
patients. Administrative Expenses Administrative expenses were unchanged yoy. Earnings before interest, taxes and depreciation (“EBITDA”) EBITDA (not included other income) deteriorated by both in term of
sentiment with 1.3% growth YoY, driven by C-Vitt (+249.3% YoY). New beverage production capacity completed earlier than planned, which enabled us to serve unmet C-Vitt demand and continue driving category
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