Indorama Ventures : Factsheet 1Q2024Factsheet 2010 - 2023 Download Excel Download Excel

IVL Factsheet

Reconciliation of Adjusted EBITDA and Adjusted Net Profit

$Million	1Q24	4Q23	1Q23	Remarks
Reported Net profit after Tax and NCI	32	(357)	30	Statement of income in FS
Depreciation & Amortization	202	216	193	Cash flows in FS
Net finance costs	111	103	96	Statement of income/Cash
flows in FS
Share of net (profit)/loss of associate and joint ventures	1	-	1	Statement of income in FS
accounted for using equity method
Rationalization of footprint (impairments)	-	308	-	Management classification
Tax on impairments	-	(65)	-	Management classification
NCI	(3)	(7)	- Statement of income in FS
Tax expense (income)	25	(24)	(18)	Management classification
Reported EBITDA	367	175	301
Extraordinary currency impact	16	-	-	Management classification
Acquisition cost and pre-operative expense	1	7	-	Management classification
(Gain) loss on disposal of property, plant and equipment,	(9)	1	1	Cash flows in FS
net
Insurance income	-	(3)	(1)	Management classification
Impairment loss of PPE	1	-	-	Management classification
Other extraordinaries (income)/expense	(12)	29	1	Management classification
Inventory (gains)/losses	(12)	50	41	Management classification
= Core EBITDA	352	258	343
Lag (gain)/losses	11	1	24	Management classification
Hedging (gain)/loss on energy	8	23	18	Management classification
Other (income)/expense	(4)	(5)	(12)	Management classification
= Adjusted EBITDA1	366	277	372
Tax on inventory gains/losses	3	(12)	(10)	Management classification
Other items below EBITDA (refer details of reported
EBITDA less reported net profit excluding impairments	(335)	(289)	(271)	Management classification
net of tax)
= Adjusted NET Profit after TAX and NCI1	35	(24)	91

1Adjusted financials are before inventory gain/(loss) and extraordinary items.

Cash Flow Statement ($Million)

$Million

Profit for the period after Tax and NCI Add: NCI

Add: Depreciation & Amortization

Add: Net finance costs

Add: Tax expense (income)

Add: Impairment loss of PPE, goodwill and other intangible assets

Less: (Reversal of) expected credit loss, net

Add: (Gain)/loss on disposal/written-off of PPE, net

Add: Expense related to defined benefit plans, unrealized items, share of JV, provisions etc.

Add: Changes in operating assets and liabilities

Inventory (gains)/losses

Changes in Net working capital

Less: Taxes paid

Operating Cash Flow

Net growth and investment capex1

Maintenance capex

Cash Flow After Strategic Spending

Net financial costs3

Dividends and PERP interest

(Increase)/Decrease in Net Debt on cash basis2 Lease liability movement (non cash)

Exchange rate movement on Net Debt (Natural Hedge against Assets)

(Increase)/Decrease in Net Debt as per Balance Sheet

1Q24	4Q23	1Q23	Remarks
32	(357)	30
(3)	(7)	(0)
202	216	193
111	103	96
25	(89)	(18)
1	308	-
3	-	-
(9)	1	1
19	12	7
(168)	265	(70)
(12)	50	41	Management
Classification
(156)	214	(111)	Management
Classification
(27)	(27)	(38)
184	426	199
(57)	(80)	(120)
(50)	(81)	(62)
76	265	17
(77)	(122)	(77)
(6)	(45)	(11)
(6)	98	(72)
(56)	(25)	(27)
144	(210)	(48)
81	(137)	(147)

*Total of various accounts may not match with the grand total due to decimal round off

• Includes net proceeds from disposals of PPE, other non-current investments and assumed net debt on acquisitions

• Includes effect of FOREX changes on balance held in foreign currencies and on the net debt changes over the period of cash flow, due to the increase/decrease in net debt as per statement of financial position might be different

• Finance cost in the cash flow statement may differ to the income statement on a quarterly basis due to certain payments which are made on an annual or six monthly basis as per conditions of the debt

Volume and Adjusted Financial Segment

CPET with Intermediates Chemicals

(MMT)	Integrated PET
Packaging
Specialty Chemicals
capacity	Intermediates Chemicals
Indovinya
	Fibers
Effective	Lifestyle
Mobility
	Hygiene

	Integrated PET
(MMT)	Packaging
Specialty Chemicals
Intermediates Chemicals
Production	Indovinya
Mobility
	Fibers
	Lifestyle
	Hygiene
	Total IVL
	CPET with Intermediates Chemicals
	Integrated PET
	Packaging
(%)	Specialty Chemicals
Intermediates Chemicals
rate
Indovinya
Operating
Fibers
	Lifestyle
	Mobility
	Hygiene
	Total IVL w/o Oxiteno
	Integrated PET
(MMT)	Packaging
Specialty Chemicals
	Intermediates Chemicals
	Indovinya
	Fibers
Sales	Lifestyle
Mobility
	Hygiene
	Total IVL

3.65	3.47	3.60
2.88	2.75	2.85
0.10	0.10	0.10
0.23	0.17	0.20
0.45	0.45	0.45
0.57	0.57	0.57
0.60	0.58	0.60
0.41	0.39	0.40
0.07	0.08	0.07
0.11	0.12	0.13

2.19	2.19	2.20
0.07	0.07	0.08
0.13	0.12	0.14
0.27	0.34	0.30
0.36	0.34	0.35
0.39	0.41	0.41
0.26	0.28	0.27
0.05	0.05	0.05
0.07	0.08	0.09
3.41	3.47	3.47
73%	79%	75%
76%	80%	77%
72%	66%	73%
57%	72%	67%
61%	76%	67%
63%	59%	60%
64%	70%	68%
63%	74%	66%
71%	61%	77%
66%	66%	70%
72%	77%	75%
2.25	2.16	2.23
0.07	0.07	0.07
0.13	0.12	0.15
0.29	0.35	0.31
0.36	0.35	0.34
0.37	0.41	0.44
0.24	0.28	0.29
0.05	0.05	0.06
0.08	0.08	0.09
3.46	3.45	3.54

Items	Segments
	Integrated PET
	Packaging
	Specialty Chemicals
($M)	Intermediates Chemicals
Inter CPET
Revenue	Indovinya
	Fibers
	Lifestyle
	Mobility
	Hygiene
	Inter Business
	Total IVL
	Integrated PET
($M)	Packaging
Specialty Chemicals
EBITDA	Intermediates Chemicals
Indovinya
Adjusted	Fibers
Lifestyle
	Mobility
	Hygiene
	Holdings
	Total IVL
(%)	CPET with Intermediates Chemicals
Integrated PET
Margin	Packaging
Specialty Chemicals
EBITDA	Intermediates Chemicals
Indovinya
	Fibers
Adjusted	Lifestyle
Mobility
	Hygiene

1Q23A	4Q23A	1Q24A
2,171	1,982	2,068
126	107	115
237	199	263
290	281	244
(136)	(140)	(137)
643	567	586
838	764	841
374	361	421
259	210	235
205	193	186
(143)	(148)	(167)
4,027	3,612	3,812
162	119	125
21	22	21
15	(1)	40
42	45	62
96	70	70
38	22	39
8	(3)	6
16	20	16
14	5	17
(1)	(1)	9
372	277	366
9%	8%	10%
7%	6%	6%
17%	21%	19%
6%	0%	15%
14%	16%	25%
15%	12%	12%
5%	3%	5%
2%	-1%	1%
6%	10%	7%
7%	3%	9%

Appendix

10-May-24

History of IVL M&A

		Acquisition				EV or Amount	Installed Capacity at
Year	Name	Completion	Country	Products	IVL holding %	paid/payable (M$)	Acquired date (KT)
2022	Filatura Tollegno	1-Jul-22	Italy and Poland	wool	100%	61	4
2022	Packaging Vietnam	21-Apr-22	Vietnam	Packaging	98%	116	51
			Brazil,Uruguay,Mexico and	Integrated Oxides and
2022	Oxiteno	1-Apr-22	USA	Derivatives	100%	1,410	1,756
2022	UCY Polymers CZ s.r.o	18-Feb-22	Czech Republic	rPET	85%	7	16
2022 Total						1,594	1,827
2021	Step up investment in MEDCO	1-Nov-21	Egypt	Packaging	100%	18	-
2021	CarbonLite Holdings LLC	11-Jun-21	USA	rPET	100%	76	44
2021	EcoMex , Conso	19-Apr-21	Mexico	PET Recycled Flake	100%	15	49
2021 Total						110	93
2020	IMP Polowat	29-Oct-20	Poland	rPET	100%	13	23
2020	Toyobo Indorama Advanced Fibers, JV	23-Oct-20	Thailand	Polyester HVA	50%	-	11
2020	AG Resinas Ltda.	8-Jun-20	Brazil	rPET	100%	9	9
2020	PETValue Philippines Corporation	Ongoing	Philippines	rPET	70%		30
				Integrated Oxides and
2020	Huntsman	3-Jan-20	USA, Australia and India	Derivatives	100%	1,986	2,170
2020 Total						2,009	2,243
2019	Green Fiber International Inc.	3-Dec-19	USA	rPET	100%	24	40
			Italy, Brazil, China and
2019	Sinterama S.p.A.	19-Nov-19	Bulgaria	HVA Automotive Fibers	100%	68	30
2019	Bevpak (Nigeria) Limited	2-Oct-19	Nigeria	Packaging	100%	3	18
2019	Indo Rama Synthetics (India) Limited	3-Apr-19	India	Polyester Necessity	39%	124	613
2019	Invista Germany	4-Mar-19	Germany	PET	100%	30	137
2019	UTT	28-Feb-19	Germany and Mexico	HVA Automotive Fibers	80%	109	18
2019	M&G Fibras Brasil Ltda.	22-Feb-19	Brazil	Fibers & Yarns	100%	28	70
2019	Custom Polymers PET, LLC	15-Jan-19	USA	rPET	100%	30	33
2019	Dhunseri, Conso	2-Jan-19	India	PET	50%	-	240
2019	Micro Pet, Conso	2-Jan-19	India	PET	50%	-	110
2019 Total						415	1,308
2018	Corpus Christi	28-Dec-18	USA	PTA, PET	33%	388	800
			Austria, Czech Republic and
2018	Schoeller	23-Nov-18	Germany	Worsted wool yarns	100%	43	4
2018	Medco	13-Nov-18	Egypt	Packaging	74%	93	70
2018	Kordarna	30-Oct-18	Czech R. & Slovakia	HVA Automotive Fibers	100%	81	50
2018	Step up investment in Polyprima	18-Jul-18	Indonesia	PTA	74%	192	155
				Recycled Flakes and Food
2018	Sorepla	30-Jul-18	France	Grade Pellets	100%	12	52
			Isarael, USA, China, Russia &
2018	Avgol	25-Jul-18	India	HVA Hygiene Fibers	66%	601	203
2018	Dhunseri JV	14-Jun-18	Egypt	PET	50%	114	540
2018	M&G, Brazil PET	24-May-18	Brazil	PET	100%	369	550
2018 Total						1,892	2,424
2017	Artlant	29-Nov-17	Portugal	PTA	100%	50	700
2017	DuraFiber, France	5-Oct-17	France	HVA Automotive Fibers	100%	11	35
2017	DuraFiber, Mexico	29-Sep-17	Mexico	HVA Automotive Fibers	100%	27	22
			Luxembourg, Czech R., Italy &
2017	Glanzstoff	31-May-17	China	HVA Automotive Fibers	100%	185	36
2017	Step up investment in Trevira	5-May-17	Germany	HVA Technical Fibers	100%		-
2017 Total						274	793
2016	Dhunseri, JV	12-Sep-16	India	PET	50%	173	240
2016	50% divestment of Micro Pet, JV	12-Sep-16	India	PET	50%	111	110
2016	BP	31-Mar-16	North America	PX, PTA, NDC	100%	433	1,020
2016	Cepsa Spain	7-Apr-16	Spain	PIA, PTA, PET	100%	220	720
2016 Total						937	2,090
2015	Micro Pet	23-Dec-15	India (North India)	PET	100%	89	216
2015	Oxxynova	23-Sep-15	Louisiana, USA	Ethylene & Propelene	90.4%	110	400
2015	Bangkok Polyester	11-May-15	Thailand	PET	99.0%	33	105
2015	Cepsa Canada	1-Jun-15	Canada	PTA	100%	241	600
2015	Performance Fibers	1-Apr-15	China	Fibers & Yarns	100%	223	41
2015	Polyplex	2-Mar-15	Turkey	PET	100%	36	252
2015 Total						733	1,614
2014	EcoMex, JV	1-Dec-14	Mexico	PET Recycled Flake	51%	7	18
2014	Artenius	2-Jun-14	Turkey	PET	100%	44	130
2014	PHP	30-Apr-14	Germany, USA & China	Fibers & Yarns	80%	125	90
2014 Total						175	238
2013	Aurus Pckg.	3-Apr-13	Nigeria	Packaging	100%	10	9
2013 Total						10	9
2012	Polypet	9-Aug-12	Indonesia	PET	100%	21	101
2012	Polyprima, JV	1-Jul-12	Indonesia	PTA	43%		215
2012	Old World	3-Apr-12	USA	EOEG	100%	811	550
2012	Beverage Plastics	24-Feb-12	Northern Ireland	Packaging	51%	(0)	22
2012	FiberVisions	6-Jan-12	USA, Denmark & China	Fibers & Yarns	100%	179	221
2012 Total						1,009	1,109
2011	Wellman	30-Nov-11	Ireland, Netherlands & France	Fibers & Yarns	100%	67	153
2011	Trevira	1-Jul-11	Germany & Poland	Fibers & Yarns	75%	30	123
2011	SK Chemicals	2-Mar-11	Indonesia & Poland	PET, Fibers & Yarns	100%	199	351
2011	Invista	1-Mar-11	USA & Mexico	PET, Fibers & Yarns	100%	426	936
2011	Guangdong	27-Jan-11	China	PET	100%	49	406
2011 Total						770	1,969
2010	Dow Chemicals, JV	1-Jul-10	Italy	PET & PTA	50%	0	173
2010	Europoort Utility	4-May-10	Netherlands	Power Plant	100%	32	-
2010 Total						33	173
2008	Tuntex	30-Sep-08	Thailand	PET, Fibers & Yarns	100%	64	391
2008	Tuntex	30-Sep-08	Thailand	PTA	100%	408	771
2008	Tuntex	30-Sep-08	Thailand	PTA	100%	253	602
2008	Eastman	31-Mar-08	Netherlands & UK	PET & PTA	100%	350	776
2008 Total						1,075	2,540
2003	Tiepet		USA	PET	100%		50
2003 Total						-	50
1997	Siam Polyester		Thailand	Fibers	100%		40
1997 Total						-	40
Grand Total						10,948	18,300
Source: Financial statements & Public disclosures		Joint Ventures

Dividend Information

	Dividend Period	Date of payment	Type of Dividend	Dividend per Share	Dividend Total	Total amount
				(Baht)	(Baht)	(Billion Baht)
2023	Annual	5/23/2024	Cash	0.175	0.925	5.19
	3rd Interim payment	12/14/2023	Cash	0.25
	2nd Interim payment	9/13/2023	Cash	0.25
	1st Interim payment	6/14/2023	Cash	0.25
2022	Annual	5/19/2023	Cash	0.4	1.6	2.25
	3rd Interim payment	12/15/2022	Cash	0.4
	2nd Interim payment	9/15/2022	Cash	0.4
	1st Interim payment	6/16/2022	Cash	0.4
2021	Annual	5/20/2022	Cash	0.25	1	5.61
	3rd Interim payment	12/9/2021	Cash	0.25
	2nd Interim payment	9/15/2021	Cash	0.25
	1st Interim payment	6/10/2021	Cash	0.25
2020	Annual	5/20/2021	Cash	0.175	0.7	3.93
	3rd Interim payment	12/9/2020	Cash	0.175
	2nd Interim payment	9/10/2020	Cash	0.175
	1st Interim payment	6/11/2020	Cash	0.175
2019	Annual	5/8/2020	Cash	0.175	1.225	6.88
	3rd Interim payment	12/11/2019	Cash	0.35
	2nd Interim payment	9/5/2019	Cash	0.35
	1st Interim payment	6/4/2019	Cash	0.35
2018	Annual	5/23/2019	Cash	0.35	1.4	7.83
	2nd Interim payment	12/18/2018	Cash	0.35
	1st Interim payment	9/4/2018	Cash	0.7
2017	Annual	5/25/2018	Cash	0.55	1	5.36
	Interim payment	9/6/2017	Cash	0.45
2016	Annual	5/23/2017	Cash	0.36	0.66	1.44
	Interim payment	9/7/2016	Cash	0.3
2015	Annual	5/23/2016	Cash	0.24	0.48	2.31
	Interim payment	9/4/2015	Cash	0.24
2014	Annual	5/22/2015	Cash	0.19	0.38	1.83
	Interim payment	9/5/2014	Cash	0.19
2013	Annual	5/22/2014	Cash	0.14	0.28	1.35
	Interim payment	9/5/2013	Cash	0.14
2012	Annual	5/23/2013	Cash	0.18	0.36	1.73
	Interim payment	9/6/2012	Cash	0.18
2011	Annual	5/24/2012	Cash	0.5	1	4.81
	Interim payment	9/5/2011	Cash	0.5

Remarks:

Since dividend is being paid from the non taxable income of the Company, withholding tax will be deducted from the dividend. However no tax will be deducted for the payment to a listed company or a company holding more than 25% shares for a period of over six months. The withholding tax deducted cannot be refunded from Revenue Department.

Dividend Information

2.00

Annual

3rd Interim payment

2nd Interim payment

1st Interim payment 1.60

1.50								1.40				0.40
									1.23
								0.35
1.00						1.00	0.18		1.00
								0.93
1.00												0.40
						0.66		0.35	0.35	0.70	0.25		0.175
0.50					0.55
						0.18	0.25		0.25
0.50		0.36		0.38	0.48	0.36			0.35	0.40
	0.28	0.24			0.18	0.25		0.25
						0.70
0.50	0.18	0.19				0.18
0.14		0.30	0.45		0.35		0.40
		0.18	0.19	0.24		0.18	0.25	0.25
		0.14
-
2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023

Major Shareholders of IVL as on May 7, 2024

No.	Shareholders	No. of Shares	%
1	INDORAMA RESOURCES LTD.1	3,634,991,318	64.74
2	THAI NVDR LTD.	380,534,634	6.78
3	BANGKOK BANK PLC.	270,905,264	4.83
4	SOCIAL SECURITY OFFICE	83,984,100	1.50
5	SOUTH EAST ASIA UK (TYPE C) NOMINEES LIMITED	72,777,253	1.30
6	STATE STREET EUROPE LIMITED	49,631,438	0.88
7	MR. SATAPORN NGAMRUENGPHONG	47,348,200	0.84
8	VAYU 1 BY MFC	24,013,200	0.43
9	VAYU 1 BY KTB	24,013,200	0.43
10	TISCO MASTER POOLED REGISTERED PROVIDENT FUND	20,994,700	0.37
11	Other Shareholders	1,005,358,601	17.91
	Total Shares	5,614,551,908	100.00
Remarks:	1 Group of Lohia Family	No. of Shares	%
	-	INDORAMA RESOURCES LTD.*	3,634,991,318	64.74
	-	MR. ALOKE LOHIA**	1,000,010	0.02
	-	MR. ANUJ LOHIA	10	-

*Owned by Canopus International Limited*** 99.98%

**Mr. Aloke Lohia's shareholding in the Company, through his family holding in Canopus International Limited, is more than 25 times of his annual base salary.

***Mr. Aloke Lohia and his immediate family jointly hold voting rights of 76% and an equity interest of 50% in Canopus, while the remaining voting rights of 24% and 50% of the equity interest of Canopus are ultimately controlled by a Trust in which Mr. Sri Prakash Lohia and his immediate family members are the discretionary beneficiaries.

Ownership Structure of IVL

Domestic Institutions 13%

Promotors	Free Float
65%	35%

Retail 10%

The Stock Exchange of Thailand (SET) Market Insight (Mar 2024)

Number of Listed Companies at SET: 631

SET total market capitalisation = Baht 17T

SET daily average turnover Jan-Mar24 = ~Baht 44B

IVL daily average turnover Jan-Mar24 = ~Baht 0.5B

IVL daily average turnover Jan-Mar24 as % to SET = ~1.1%

IVL Foreign Shareholding limit: 100%

Source: SET website and IVL

Foreign Institutions (Including NVDR 100%) 12%