22 INDORAMA VENTURES PCL. VISION - TO BE A WORLD-CLASS SUSTAINABLE CHEMICAL COMPANY MAKING GREAT PRODUCTS FOR SOCIETY. IVL delivered record results in 2021, with full year Core EBITDA of US$ 1,743million as well as record production volumes of 14.72 million tons. Growth was seen across all three business segments of Combined PET (CPET), Fibers, and Integrated Oxides and Derivatives (IOD) as well as across the three major regions of NorthAmerica, Europe and Asia. This year has further highlighted the competitive advantage of IVL’s regionally integrated model, serving demand inelastic end markets that provide safety and well-being for the consumer. The resiliency of our platform today sets a strong foundation for further growth in, around, and beyond our current businesses. The year has been marked by some unexpected and unforeseen crises starting with the Polar Vortex in the US Gul f Coast leading to supply disrupt ions of petrochemicals, the unprecedented escalation in container tariffs increasing costs and causing delays, and the energy surge especially in Europe and China further complicating supply chains and resulting in cost hikes that could impact profitability. IVL was able to leverage its leadership position to levy surcharges in Q4 in order to recuperate some of the increased energy costs. Management responded with agility, working closely with customers to fulfill their needs and growing our sales amidst these disruptions. Despite the challenges, there were a number of tailwinds supporting IVL in 2021 which contributed to the record performance achieved. IVL’s presence in premiumwesternmarkets led tomargin improvement coming fromhigher import parity pricing as a result of high freight rates. Our performance in the last quarter of 2021 specifically benefited from the introduction of China’s dual control policy that caused production disruptions, resulting in higher polyester value chain margins. IVL’s global footprint draws integrated premiums over Asian benchmarks and protection against geopolitical risks, while strong integration levels allow IVL to capture value from the entire chain. For the Integrated PET vertical, this unique model has resulted in IVL spreads consistently outperforming industry reference spreads, with premium Western markets making up 71% of EBITDA share of the total business in 2021. Supply chain disruptions and related uncertainties are driving trade preferences for locally sourced goods. IVL’s balanced footprint across Americas, Europe and Asia makes us a supplier of choice. Chief Strategy Officer Message Chairman of the ESG Council Message Key Achievements 2021 Home CEO Message IVL’s Sustainable Value Creation for Stakeholders
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