Reports to the Stock Exchange

November'2012 Expansion of PET production in North America USA PET 540,000 2015 Increased market presence, and substantially improves overall cost profile of the site and in NA August'2011 Investment in production of Recycled PET in IPI Nakhon Pathom Nakhon Pathom, Thailand Fibers & Yarns 28,500 2H13 Enhance capabilities to recycle in Asia August'2011 Investment in high quality bi-component yarns "FINNE" through a single step process at PT IVI plant Tangerang, Indonesia Fibers & Yarns 16,000 1H14 Increase Specialty products to Asian portfolio All planned expansions are accretive to earnings and have a clear strategic rationale for expansion. On completion of all the announced acquisitions and expansions, IVL will have a total capacity of 9.0 million tonnes per annum (including joint ventures Ottana Polimeri, Trevira and Polyprima, which are being accounted for as equity income). Unit: Million tonnes per annum Additions PET Fibers & Yarns PTA EO/EG Total 2012 Capacity China 0.522 0.014 0.536 EMEA* 1.225 0.363 0.561 2.149 Indonesia* 0.189 0.110 0.500 0.798 North America (2) 1.549 0.188 0.550 2.287 Thailand 0.269 0.322 1.384 1.975 Global 3.754 0.996 2.445 0.550 7.745 *JV capacity included 0.161 0.120 0.684 0.965 Additions in 2013 Indonesia CP4-Greenfield 0.300 0.300 Thailand IPI-Rayong 0.014 0.014 Thailand IPI- Recycling 0.029 0.029 Global - 0.343 0.343 Additions in 2014 Europe Poland-Exp.(3) 0.061 0.061 Europe IRP-Rotterdam 0.250 0.250 Indonesia FINNE-Exp. 0.016 0.016 Global 0.061 0.016 0.250 0.327 Additions in 2015 North America Expansion 0.540 0.540 Global 0.540 0.540 Committed & Announced Capacity China 0.522 0.014 - - 0.536 EMEA* 1.286 0.363 0.811 - 2.460 Indonesia* 0.189 0.426 0.500 - 1.114 North America 2.089 0.188 - 0.550 2.827 Thailand 0.269 0.364 1.384 - 2.017 Global 4.355 1.355 2.695 0.550 8.954 *JV capacity include 0.161 0.120 0.684 0.965 1. Reported volumes for capacity, production, sales and utilization include only consolidated volumes and exclude JV volume, 2. Glycols & Oxide capacity is taken at 550kt pa, based on Glycols equivalent derived capacity from Ethylene feed capacity of 330kt pa., 3. Poland is now to be debottlenecked by 61kt, rather than earlier planned 220kt Brownfield expansion. IVL CONSOLIDATED RESULTS Financial Status and Ratios IVL net operating debt to equity remain at 1.2 times in, which is higher than 0.6 times at the end of year 2011, primarily because of the capex and investments of US$ 1,387 million in year 2012. IVL net operating debt increased from US$ 1,166 million at the end of December 31, 2011 to US$ 2,321 million at the end of December 31, 2012. The table below provides movement of total debt and net operating debt in US$ millions: Details 2012 2011 Bank overdraft and short-term loans 437 432 % of Total Debt 17% 22% Long term debt (Current-portion) 184 204 % of Total Debt 7% 11% Long term debt (Non current-portion) 1,306 1,065 % of Total Debt 50% 55% Debentures (Non current-portion) 706 236 % of Total Debt 27% 12% Total Debt 2,633 1,936 Cash & Cash under management 150 559 Cash and cash equivalents 143 379 Current investments 7 180 Net Debt 2,482 1,377 Non Operating Debt (Project Debt) 161 211 Net Operating Debt 2,321 1,166 Financial Ratios Net operating debt to equity (times) 1.2 0.6 Net debt to equity (times) 1.3 0.7 Unutilized credit line -USD bn 0.7 0.8 Liquidity- USD bn 0.9 1.4 The table below provides repayment schedule of long-term debt and debentures in US$ million; Year % of repayment Total Repayment 2013 8% 184 2014 11% 246 2015 15% 334 2016 20% 440 2017 16% 344 2018 or later 29% 648 Total 100% 2,196 Cash Flow IVL generated US$ 471 million in cash flow from operations in 2012, compared to US$ 334 million generated in 2011. In 2012, there was a net cash outflow for capex and investments of US$ 1,379 million (Total capex and investment made US$ 1,387 million), of which US$ 791 million towards acquisition of Old World Industry, US$ 182 million towards acquisition of FiberVisions, and the balance was spent mainly towards Rotterdam PET expansion, China PET expansion, the conversion of DMT to PTA in Auriga US, and other ongoing brownfield and greenfield expansions. The capex and investments have been funded by the mix of long term loans, cash proceeds from debentures issue and cash flow from operations. Issuance and offering of Thai Baht Debentures The extraordinary general meeting of shareholders held on 22 September 2011 approved the issue of debentures up to an amount not exceeding Baht 25,000 million (in Baht or equivalent foreign currency) for a maturity not exceeding 15 years. On 19 October 2011, the Company raised Baht 7,500 million in cash through the issue of unsubordinated and unsecured Baht debentures to the public. The debentures issued were for Baht 2,900 million with a maturity of 5 years, Baht 1,400 million with a maturity of 7 years, and Baht 3,200 million with a maturity of 10 years. The details of issue are; 5 Year Tranche Baht 2,900 million Coupon 4.70% 7 Year Tranche Baht 1,400 million Coupon 5.04% 10 year tranche Baht 3,200 million Coupon 5.35% On 9 April 2012, IVL successfully completed the second issuance of debenture. The Company raised in cash Baht 9,400 million through the debenture for Baht 4,000 million with a maturity of 5 years, Baht 1,500 million with a maturity of 7 years, and Baht 3,900 million with a maturity of 10 years. The details of issue are; 5 Year Tranche Baht 1,500 million Coupon 4.45% in Year 1-2 and 5.20% in Year 4-5 5 Year Tranche Baht 2,500 million Coupon 4.73% 7 Year Tranche Baht 1,500 million Coupon 5.09% 10 year tranche Baht 1,250 million Coupon 5.10% in Year 1-3, 5.60% in Year 4-7, 6.0% in Year 8-10 10 year tranche Baht 2,650 million Coupon 5.52% On 14 December 2012, IVL successfully completed the third issuance of debenture. The Company raised in cash Baht 4,780 million through the debenture for Bath 780 million with a maturity of 6 years, Baht 880 million with a maturity of 8 years, and Baht 1,645 million with a maturity of 10 years, Baht 1,475 million with a maturity of 12 years The details of issue are; 6 Year Tranche Baht 780 million Coupon 4.52% 8 Year Tranche Baht 880 million Coupon 4.78% 10 Year Tranche Baht 1,645 million Coupon 5.11% 12 year tranche Baht 1,475 million Coupon 5.28% The issue has achieved its objectives of accessing the Thai bond market, increasing the average maturity of debt, locking-in fixed interest rates for the long term, refinancing existing high cost debt and adding liquidity for planned capex and investments. The company's rating on the issue has a rating of A+ by the Thai Rating Information Service (TRIS) in Thailand and reaffirmed again in 4Q12. Table 1 IVL: KEY OPERATING DATA 4Q12 vs. 2012 vs. 4Q12 4Q11 4Q11 2012 2011 2011 *Total capacity (in tonnes) 1,669,049 1,368,158 22% 6,281,143 5,098,742 23% PET resins 871,942 797,904 9% 3,261,176 2,886,450 13% Fibers & Yarns 216,200 129,159 67% 848,720 462,387 84% Feedstock 580,907 441,095 32% 2,171,246 1,749,905 24% Total production (in tonnes) 1,307,160 1,054,135 24% 5,254,876 4,361,313 20% PET resins 602,203 554,220 9% 2,555,067 2,322,128 10% Fibers & Yarns 202,219 107,383 88% 782,584 418,362 87% Feedstock 502,739 392,531 28% 1,917,225 1,620,823 18% Combined operating rate (%) 78% 77% 2% 84% 86% (2)% Core EBITDA/tonne (US$) 77 78 (2)% 86 127 (33)% Consolidated EBITDA/tonne (US$) 94 44 115% 86 129 (33)% *Capacity based on available days in the quarter for production excluding J/V capacity Table 2 IVL: CASH FLOW 2012 vs. US$ in millions 2012 2011 2011 EBITDA 453 561 (19)% Net working capital and others 36 (203) (118)% Income tax (19) (24) (23)% Cash inflow/(outflow) from Operations 471 334 41% Cash used in Investing activities (1,379) (1,032) 34% Net financial expenses (91) (62) 48% Dividends (106) (185) (43)% Proceeds from issues of shares - 564 (100)% Changes in net debt 1,105 380 191% Table 3 IVL: FINANCIAL RATIOS 2012 2011 Current ratio (times) 1.3 1.6 Net gearing ratio (%) 56% 43% * Net operating gearing ratio (%) 54% 39% Interest coverage ratio (times) 4.4 9.0 ** ROE (%) 9% 35% *** ROCE (%) 7% 16% *Based on net operating debt which is net debt less debt for capex and investments not generating revenue and earnings, **Net profit after minority to average total equity attributable to shareholders, ***Operating income to average net operating capital employed (net operating debt plus total shareholder's equity) PET SEGMENT Table 4 PET: CAPACITY AND UTILISATION (%) 4Q12 vs. 2012 vs. 4Q12 4Q11 4Q11 2012 2011 2011 Production capacity (in tonnes) 871,942 797,904 9% 3,261,176 2,886,450 13% Production volumes (in tonnes) 602,203 554,220 9% 2,555,067 2,322,128 10% Utilization rate (%) 69% 69% 78% 80% Table 5 PET: SALES REVENUE 4Q12 vs. 2012 vs. 4Q12 4Q11 4Q11 2012 2011 2011 Total revenues Baht in millions 30,207 30,239 (0)% 133,478 129,671 3% US$ in millions 985 975 1% 4,294 4,252 1% Growth in Baht revenues from: Volume growth 9% 12% Price movement (6)% (8)% Exchange rate movement (2)% (0)% Proportion of revenues by geographic Thailand 5% 2% 3% 4% Asia (excluding Thailand) 13% 10% 12% 10% North America 43% 46% 46% 44% Europe 29% 30% 29% 32% Rest of the World 10% 12% 10% 10% Table 6 PET: EBITDA 4Q12 vs. 2012 vs. 4Q12 4Q11 4Q11 2012 2011 2011 Operating EBITDA Baht in millions 1,270 1,064 19% 6,130 8,686 (29)% US$ in millions 42 34 21% 197 285 (31)% FIBERS & YARNS SEGMENT Table 7 FIBERS & YARNS: CAPACITY AND UTILIZATION (%) POLYESTER FIBERS & YARNS 4Q12 vs. 2012 vs. 4Q12 4Q11 4Q11 2012 2011 2011 Production capacity (in tonnes) 214,717 127,672 68% 842,820 456,487 85% * Production volumes (in tonnes) 201,396 107,383 88% 781,578 414,640 88% Utilization rate (%) 94% 84% 93% 91% WOOL YARNS 4Q12 vs. 2012 vs. 4Q12 4Q11 4Q11 2012 2011 2011 Production capacity (in tonnes) 1,483 1,487 (0)% 5,900 5,900 0% * Production volumes (in tonnes) 823 - n/a 1,007 3,721 (73)% Utilization rate (%) 55% 0% 17% 63% *Production volumes based on equivalent production Table 8 FIBERS & YARNS: SALES REVENUE 4Q12 vs. 2012 vs. 4Q12 4Q11 4Q11 2012 2011 2011 Total revenues Baht in millions 10,840 6,075 78% 42,236 25,184 68% US$ in millions 353 196 80% 1,359 826 65% Growth in Baht revenues from: Volume growth 94% 87% Price movement (6)% (10)% Exchange rate movement (2)% (0)% Proportion of revenues by geographic Thailand 10% 15% 10% 17% Asia (excluding Thailand) 31% 41% 28% 41% North America 27% 18% 28% 17% Europe 28% 15% 28% 14% Rest of the World 5% 11% 7% 12% Table 9 FIBERS & YARNS: EBITDA 4Q12 vs. 2012 vs. 4Q12 4Q11 4Q11 2012 2011 2011 Operating EBITDA Baht in millions 388 510 (24)% 2,184 2,544 (14)% US$ in millions 13 16 (23)% 70 83 (16)% FEEDSTOCK SEGMENT Table 10 FEEDSTOCK: CAPACITY AND UTILISATION (%) 4Q12 vs. 2012 vs. 4Q12 4Q11 4Q11 2012 2011 2011 Production capacity (in tonnes) 580,907 441,095 32% 2,171,246 1,749,905 24% Production volumes (in tonnes) 502,739 392,531 28% 1,917,225 1,620,823 18% Utilization rate (%) 87% 89% 88% 93% * Glycols & Oxide capacity is taken at 550kt pa, based on Glycols equivalent derived capacity from Ethylene Feed. Table 11 FEEDSTOCK: SALES REVENUE 4Q12 vs. 2012 vs. 4Q12 4Q11 4Q11 2012 2011 2011 Total revenues Baht in millions 18,796 13,588 38% 68,693 62,696 10% US$ in millions 613 438 40% 2,210 2,056 7% Growth in Baht revenues from: Volume growth 38% 21% Price movement 2% (8)% Exchange rate movement (2)% (1)% Proportion of revenues (after eliminations) by geographic Thailand 16% 22% 18% 21% Asia (excluding Thailand) 28% 66% 39% 64% North America 46% 0% 34% 0% Europe 10% 9% 9% 10% Rest of the World 0% 4% 0% 5% Table 12 FEEDSTOCK: EBITDA 4Q12 vs. 2012 vs. 4Q12 4Q11 4Q11 2012 2011 2011 Operating EBITDA Baht in millions 2,128 13 16817% 5,649 6,114 (8)% US$ in millions 69 0 17001% 182 200 (9)% IVL CONSOLIDATED STATEMENT OF INCOME 4Q12 vs. 2012 vs. Baht in millions 4Q12 4Q11 Restated 4Q11 2012 2011 Restated 2011 Net sales 50,490 43,334 17% 210,785 186,096 13% Other income (expense), net 259 84 209% 945 812 16% Total Revenue 50,749 43,418 17% 211,730 186,908 13% *Cost of sales 46,320 40,952 13% 193,279 165,654 17% Gross profit 4,429 2,466 80% 18,451 21,254 (13)% *Selling and administrative expenses 2,666 2,354 13% 11,445 9,215 24% Foreign exchange gain (loss) 168 200 (16)% 428 306 40% EBITDA 3,772 1,498 152% 14,097 17,121 (18)% Depreciation and amortization 1,840 1,186 55% 6,663 4,776 40% Operating income 1,932 312 520% 7,434 12,345 (40)% Share of profit of JV (385) (273) 41% (911) (303) 201% **Extraordinary items (134) (1,840) (93)% 2,049 6,001 (66)% Interest income 7 146 (95)% 277 487 (43)% Interest expense 959 640 50% 3,448 2,370 45% Profit (loss) before tax 460 (2,295) (120)% 5,400 16,160 (67)% Income tax expense 317 61 420% 580 742 (22)% Profit (loss) for the period 143 (2,356) (106)% 4,820 15,418 (69)% Minority interest 14 (235) (106)% 208 (139) (250)% Net profit after minority interest 129 (2,121) (106)% 4,612 15,557 (70)% Weighted average no. of shares (in Millions) 4,814 4,814 4,814 4,738 2% **Annualized EPS (in Baht) 0.11 (1.76) (106)% 0.96 3.28 (71)% *Includes depreciation and amortization expenses **Includes gain on bargain purchase on new acquisitions, including Joint Ventures and their related transaction costs, pre operative acquisition, insurance claim and reversal of provision for impairment of property, plant and equipment and inventories from floods in Lopburi, Thailand Note: The consolidated financials are based upon elimination of intra-company (or intra business segment) transactions. For this reason the total of each segment may not tally with consolidated financials. IVL CONSOLIDATED BALANCE SHEET 31-Dec-12 vs. Baht in millions 31-Dec-12 31-Dec-11 31-Dec-11 Assets Cash and current investments 4,603 17,707 (74)% Trade accounts receivable 25,607 24,509 4% Inventories 24,683 21,422 15% Other current assets 5,068 4,133 23% Total current assets 59,961 67,771 (12)% Investment 5,238 5,416 (3)% Property, plant and equipment 86,435 66,825 29% Intangible assets 17,180 4,701 265% Other assets 1,661 1,102 51% Total assets 170,475 145,815 17% Liabilities Bank OD and short-term loans from financial institutions 13,373 13,677 (2)% Trade accounts payable 22,316 17,978 24% Current portion of long-term loans 5,610 6,440 (13)% Current portion of finance lease liabilities 41 18 128% Other current liabilities 5,946 5,088 17% Total current liabilities 47,286 43,201 9% Long-term loans from financial institutions 39,988 33,702 19% Debenture 21,624 7,469 190% Finance lease liabilities 3 40 (93)% Other liabilities 1,689 2,637 (36)% Total liabilities 110,590 87,049 27% Shareholder's equity Share capital 4,814 4,814 0% Share premium 29,775 29,775 0% Retained earnings 30,819 29,210 6% Reserves (5,855) (5,172) 13% Total equity attributable to shareholders 59,553 58,627 2% Minority interest 332 139 139% Total shareholder's equity 59,885 58,766 2% Total liabilities and shareholder's equity 170,475 145,815 17% Note: The consolidated financials are based upon elimination of intra-company (or intra business segment) transactions. For this reason the total of each segment may not totally with consolidated financials. ______________________________________________________________________ This announcement was prepared and disseminated by listed company or issuer through the electronic system which is provided for the purpose of dissemination of the information and related documents of listed company or issuer to the Stock Exchange of Thailand only. The Stock Exchange of Thailand has no responsibility for the correctness and completeness of any statements, figures, reports or opinions contained in this announcement, and has no liability for any losses and damages in any cases. In case you have any inquiries or clarification regarding this announcement, please directly contact listed company or issuer who made this announcement.