Indorama Ventures 2015 Full Year Results
Feb 23, 2016
Bangkok, Thailand – 23 February 2016 – Indorama Ventures Public Company Limited (IVL), a world-leading producer of intermediate petrochemicals, announced its full year results for 2015.
Total production rose 12% in 2015, to 7 million tonnes compared to 6.2 million tonnes in 2014 and with operational excellence initiatives the Core PAT was higher at Baht 6.5 billion, an increase of 33% year on year. High Value Add (HVA) products are now contributing 48% of core EBITDA (adjusted for non-cash extraordinary items) and have proven to be a valuable investment that offers significant potential in areas involving environmental awareness, performance, health and safety. The Company achieved total revenue of THB 236 billion for the full year, compared with revenue of THB 244 billion in 2014. The slightly lower revenue occurred due to lower absolute product prices following the lower crude trend.
The Reported PAT for 2015 is Baht 6.6 billion, a 295% rise over the THB 1.6 billion in the same period of 2014. IVL saw a non-cash inventory devaluation of Baht 2.3 billion (tax adjusted) as a result of a rapid fall in prices that was offset by net extraordinary income of Baht 2.4 billion primarily coming from gains on bargain purchase on completed acquisitions.
The Company recommended a full year dividend of THB 0.48 based on core earnings per share of THB 1.17.
The company completed six acquisitions in 2015, with an additional two acquisition agreements expected to be closed in the second quarter of 2016.