Good morning. Good morning. The meeting going to start. Kindly put mute please all the directors. Thank you. Good afternoon to all our shareholders. I would like to welcome you to Indorama Ventures Public Company Limited Annual General Meeting of Shareholders number one 2023. I would now like to introduce all the directors who are attending this meeting either from broadcasting room or virtually. To begin with myself, I am Sri Prakash Lohia, Chairman of the Board. Mr. Aloke Lohia, Vice Chairman of the Board, Chairman of the Sustainability and Risk Management Committee, and Group CEO. Mrs. Suchitra Lohia, Executive Director and Deputy Group CEO. Mr. Amit Lohia, Non-Executive Director. Mr. Yashovardhan Lohia, Executive Director and Member of the Sustainability and Risk Management Committee and Chairman of ESG Council. Mr. Dilip Kumar Agarwal, Executive Director, Member of Sustainability and Risk Management Committee, Deputy Group CEO, Executive President Combined PET Ad Interim, and Chief Financial Officer Ad Interim. Mr. Udey Paul Singh Gill, Executive Director and Member of the Sustainability and Risk Management Committee. Mr. Sanjay Ahuja, Executive Director and Chief Strategy and Transformation Officer. Mr. Rathian Srimongkol, Lead Independent Director, Vice Chairman of the Board, Chairman of the Audit Committee, and Member of the Sustainability and Risk Management Committee. Mr. Russell Leighton Kekuewa, Independent Director, Chairman of the Nomination, Compensation and Corporate Governance Committee, and Member of the Sustainability and Risk Management Committee. Dr. Siri Ganjarerndee, Independent Director, Member of the Audit Committee, and Member of the Nomination, Compensation and Corporate Governance Committee. Mr. Kanit Si, Independent Director, Member of the Nomination, Compensation and Corporate Governance Committee, and Member of Sustainability and Risk Management Committee. Mr. Tevin Vongvanich, Independent Director, Member of the Audit Committee, and Member of Sustainability and Risk Management Committee. [Non-English content] Sure. Mrs. Kaisri Nuengsigkapian, Independent Director and Member of the Nomination, Compensation and Corporate Governance Committee. Dr. Harald Link, Independent Director. Some of the management team attending this meeting. Now I would like to introduce the auditors from KPMG Phoomchai Audit Ltd. Mr. Bob Ellis, Mr. David Lever, and Mr. Yoottapong Soontalinka. Moreover, I would like to introduce our Legal Counsel from The Capital Law Office Limited, Ms. Wipada Saksri, who will monitor the meeting in order to ensure that the meeting was conducted in accordance with the law and articles of the company. Now I would like to assign Mr. Rathian Srimongkol, Lead Independent Director, Vice Chairman of the Board, Chairman of the Audit Committee, and Member of the Sustainability and Risk Management Committee to conduct the meeting in Thai hereafter. To you, Mr. Rathian. Thank you, Mr. Chairman. Thank you. [Non-English content] [Non-English content] [Non-English content] [Non-English content] E-AGM [Non-English content] (Custodian) [Non-English content] E-AGM [Non-English content] (Vote) [Non-English content] Aloke Lohia [Non-English content] Dilip Kumar Agarwal [Non-English content] Combined PET [Non-English content] presentation [Non-English content] Aloke Lohia [Non-English content] Dilip Kumar Agarwal [Non-English content] presentation [Non-English content] Aloke Lohia [Non-English content] Aloke Please make a presentation. Thank you Dr. Rathian. I'm Aloke Lohia, the Group CEO of Indorama Ventures. Dear shareholders, welcome to your company's Annual General Meeting. I will share my perspective on our company and discuss our strategy. Mr. Dilip Agarwal, my Deputy Group CEO, will take you through the presentation in more detail. The table on the screen speaks for itself and allows me to highlight your company's performance during the last four years. During these four years since the pandemic in 2020, the whole world experienced the effects and the impact of the pandemic. As the table shows, our company also experienced in 2020 a drop in revenue, a rare occurrence for us having our growth mindset. We have quickly recovered to a whopping $18.7 billion revenue in 2022, or over 60% increase in three years. In 2021 and 2022, we are seeing strong rebound with record earnings and dividends. Our results are a testament to our strategy and the strong business your company has built in the short tenure of 13 years since listing. Your management team operates globally and is a leader in few focused end markets serving consumer necessities. The strategy adopted in 2019 to grow our Integrated Oxides portfolio to match and to rival over time our PET business yielded desired outcomes and delivered $4 billion of revenue at 13% return on capital employed. Our fibers business has started to show improvements in 2021 under a new leadership and strategy work to improve capital efficiency by deep dive into our manufacturing footprint, especially in Europe, by leveraging on our footprint in Asian sites, especially in Thailand. I'm confident that the team is motivated to deliver return in double digits, as I have approved in the current 2023 to 2025 timeframe. Your company's legacy PET business continues to align with our stakeholders and is leading from the front on climate and recycling, and has enhanced the community's CSR effort, including education on the unique PET advantage as a fully recyclable plastic which keeps our food and beverages safe and affordable. I'm confident on our company's ability to manage its debt, while we maintain a healthy dividend policy and declared THB 1.60 in 2022. Our leverage grew to 1.1x from 1x in 2019. Our sales in this period grew by 64%. I am proud of the management and our employees for their acute support and tireless dedication, as witnessed during these stressful three years of the pandemic, log disruptions and the ascendant uncertainty created by the Russian-Ukraine war. This team has carved a good and effective business during all this turmoil. I now request Mr. DK Agarwal, our Deputy Group CEO, to share his note on the matter. Thank you. Thank you, Mr. Lohia and Rathian. Your company saw an operating environment which became more complex in last three years. In particular, disruption caused by Russia-Ukraine conflict had a mixed impact on IVL operation. IVL has been a beneficiary from supply chain disruptions. As a domestic producer in Western markets, the heightened freight rates and longer lead time for imported goods allowed IVL to achieve attractive margins. Rising energy prices negatively impacted our variable cost, particularly in Europe. However, IVL benefited from high crude oil prices, especially in MTB business. Persistent COVID lockdown in China slowed down economic growth, brought down the benchmark prices and margins for petrochemical products, including MEG and polyester. In addition, higher interest rate and inflation affected demand and operating cost. Despite these big disruptions, demand for our products, as Lohia mentioned, continued to grow, driven by positive mega trends, including sustainability, wellness and urbanization. With our strong and resilient business model, IVL navigated through the challenge and delivered exceptional performance in 2022, as alluded. Next slide. As you can see, your company had a record year with financial performance. We made two successful and high quality acquisitions, Oxiteno in the IOD segment and Vietnam Packaging in CPET. These have contributed an additional $227 million to our overall EBITDA. We conducted a strategic review of our footprint and impaired certain assets in Europe and Asia to improve the capital efficiency. This is expected to result in 30 basis points improvement in our ROCE, as well as $38 million upliftment in our Core EBITDA. During the year, we attained a robust operating cash flow of $2.2 billion, which represents a Core EBITDA conversion of 98%. The Project Olympus continued to provide sustainable efficiency gain. We unlocked cumulative savings of $449 million at the end of the last year, driven by operational excellence, procurement and supply chain initiative. As mentioned, our dividend reached a record high of THB 1.6 per share, reflecting the strength of our business. Despite enduring three years of significant disruptions in the world, we emerged from 2022 as a stronger company than ever before. Our resilience was due to our agility, confident and strategic management and value creative mindset, which have equipped us to navigate an increasingly volatile environment. As we move into the next period of growth, we are well prepared to seize the opportunities and continue to thrive. Next slide. Since its inception, your company has experienced significant growth owing to our growth mindset. Through M&A, we have evolved from a pure play PET company into a global chemical company. Over the past 20 years, IVL has acquired more than 60 businesses. Alongside our organic initiatives, this acquisition showed us to continuously strengthen our platform, people and systems. We have developed customer intimacy by providing global solutions to them, consolidated the business and established clear market leadership in key segments and geographies. We have integrated the seasoned and valuable talents and management team to strengthen our global teams. Most importantly, we have accumulated key technologies, intellectual properties and R&D capabilities to drive the next phase of innovation at IVL. Integrating acquisition is not easy, and we are proud of our integration track record. When we acquire businesses, we improve their cost structure by debottlenecking and embedding operational excellence. Today, we have successfully built a global team of 26,000 people of 80 different nationalities spread across 35 countries. We have a proven track record of double-digit growth over the past decade, with a compound annual growth rate of 11% from 2012 to 2022. IVL today is a world-class leading chemical company with a global footprint, and we are excited to take the next steps on this journey. Our robust business model has generated very strong cash flows, enabling us to consistently pay out dividends on a quarterly basis. Our dividend yield has been higher than benchmark across the cycle, as shown in this graph. The board has recommended a final dividend of THB 0.40, bringing the total annual dividend to a record amount of THB 1.6 per year. This dividend payout is a reflection of our exceptional performance throughout the year. Today, your company has a diversified portfolio across the globe. We have strategically positioned ourselves in critical market as a global business with local production to be the preferred suppliers for our customers, which was tested in the last two years. We have seen this strategy pay off, especially during this last two years of supply chain disruption, as IVL greatly benefited from a global footprint and local supply. Our scale has created barrier to entry and cemented our leadership position. This scale has allowed us to invest in innovation and customer satisfaction. By having an integrated and diversified portfolio across geographies, segments, and end markets, we can deliver resilient earnings for our shareholders. Our key business units are interconnected, allowing them to maximize synergy and leverage economies of scale across raw materials, customer networks, and R&D initiatives. We are focused on attractive and growing the end markets and are leaders across the sectors in which we operate. We also have an integrated value chain across our global footprints, which benefits the company. Our three businesses are interconnected through shared raw materials, shared customers, and shared R&D. Having shared raw materials helps to insulate the business against supply chain disruption and other external factors. It also gives us a cost advantage by having shared raw materials across business units. We can leverage our scale and reduce procurement costs, allowing us to capture more margin along the value chain. We also have shared customers, which allows us to maximize the value generated per customer and be a holistic solution provider in helping these customers to source what they need to continue providing us all with the staples of our everyday life. Procter & Gamble is a good example. Across all our businesses and end markets, we hold leadership position as largest or second-largest producer. As you can see, we are the largest global PET producer in the world. In Americas, we are the largest non-ionic surfactant producer, as well as the largest ethylene oxide producer. We also have a leading position in the tire cord airbag yarns and premium hygiene fiber. We are catering to the end markets which have substantial growth opportunities supported by a mega trend of growing populations, increasing quality of living, and urbanization. All of this translates into growths in multiple of GDP, giving us immense future growth opportunities. Our diverse board of directors bring industry experience from multiple disciplines, enabling informed decision-making and supporting our mission of sustained growth. Our strong governance framework ensures that we adhere to the highest ethical and legal standards and continuously strive to improve our corporate governance practices. As a result, IVL has been consistently recognized with awards that demonstrate our strong governance. We would like to take this opportunity to express our sincere gratitude to three esteemed board members, Dr. Siri, Khun Kanit, and Mr. Udey Gill, who will be retiring this year, for their invaluable contribution to our organizations over the years. Our commitment to our core values is reflected in our approach to people development and leadership, which enables us to drive sustainable business growth. At IVL, we value the impact of our people. We believe that developing strong leadership and empowering our people is key to achieving our business outcomes as a growth company. We inspire our next generation of leaders to adopt a growth mindset by encouraging them to prioritize ownership and accountability, decisiveness and competitiveness, efficiency, and customer centricity. This leads to agile, fast, precise, and innovative business outcomes, ensuring we keep winning in this volatile world. In the volatile and complex context we are operating in, the only way for your company to successfully achieve our goal is to enhance continuously our competitiveness and accelerate growth sustainably. To be even more competitive, we need to focus on being efficient in the way we use our capital. This means constantly assessing our portfolio to ensure we are operating at maximum efficiency. Remain adaptable and move with the market. This means capturing new innovative businesses as they arise, and taking decisive actions on operations where we do not see long-term future. To be more competitive, we now need to continue being dedicated to cost management and driving a lean P&L through balance sheet management and efficiency drive like Project Olympus. We need to use digital tool across our businesses and processes to enable us to make agile decisions and maximize productivity. Digital tools will give us sharp and granular insights, which is a requirement today. We spoke about our capital efficiency and making sure IVL has the right mix in our portfolio. We demonstrated this recently in our decision to discontinue and take an impairment on some uncompetitive assets in the fibers and CPET business. That decision shows IVL's relentless focus on efficiency. We want our capital to make good returns. We want our management to focus their time and energy on the right opportunities. Being agile also means that IVL can quickly and decisively capture opportunities created by the volatile environment to maintain and enlarge our leadership position. On the cost management, it is the IVL DNA to be cost competitive. We are continuing in this path through Project Olympus. Project Olympus is not just about tactical cost saving. It is a broader push for operational excellence and continuous improvement across the business. By the end of 2022, we delivered annual run rate efficiency gain of $449 million. We feel confident that this program will continue to unlock further value. Most importantly, through Project Olympus, the business is learning how to be more efficient and effective in anything we do. IVL is enhancing competitiveness through digitalization, committed to long-term value creation. The global platform of digitalization through SAP S/4HANA will provide insight and improve visibility, allowing leaders to make faster decision in IVL's complex operation. Digitalization also provides full supply chain visibility, intimately understands customers and environmental changes, and distills signals from the organization in real time. Additionally, at the plant level, going digital leads to better work environment, downtime reduction, and preventive maintenance decisions, enabling smart factories at scale. Over the year, your company has grown from being a pure play PET producer into a diversified, well-integrated downstream company. Constant assessment and reassessment of our diverse portfolio is how we remain on the front foot of moving markets. Our growth has not only been the strength, it is the overall quality of products and service that we provide to the customers in our journey to become the single reliable solution. We have a clear strategy to capitalize on opportunities, we think of growth in three ways: growing the core of our business, portfolio moves, and increasing our focus on sustainability. This will be disciplined growth. All our key projects, acquisitions, or major actions should be guided by this criteria. These criteria are: enhance our Core EBITDA margin, have a return on capital employed of more than 15%, contribute to the quality of earnings, and allow IVL to maintain balance sheet disciplines. We have a commitment to sustainability and have created measurable and ambitious goals to reinforce this. Our short, mid, and long-term sustainability goals are in place to ensure value creation and value protection. Value protection against potential policy changes, changing sentiments towards sustainability, and a growing environment that accounts for corporate responsibility. We have mitigated this risk and have established ESG framework, which is detailed in our Vision 2030. Value creation is through the new avenues of growth and revenue that will open up through sustainability, for example, advanced recycling and ethylene carbonate. Based on our existing CapEx commitment, we expect to create a cumulative EBITDA of $7.1 billion over the next three years, 2023-2025, and our operating cash flow of $6.4 billion, which is a conversion rate of 90%. These plans are underpinned by a business that is a visible, strong and growing cash flow. We have always had great predictability in our cash flow due to resiliency of our business and geographical footprint we have created over the years. Based on the projected operating cash flow and committed CapEx of $2.4 billion, we expect to deleverage further and bring our net debt to equity down to 0.6 by end year of 2025. This projection does not include any new M&As, which will further enhance our earning potential in line with the strategic growth targets. It should be noted that we have the capacity to further pursue the growth projects with having an additional headroom of $3.5 billion while adhering to the disciplined net debt to equity of one. We will always strive to return value to our shareholder in the form of constant dividend as per the policy. To summarize, IVL today has proven to be a resilient business that is constantly delivering returns through the cycles, as demonstrated. We are one of the largest sustainable chemical company with 70% of our portfolio catering to consumer daily necessities. This provides us with more earning stability. We have a proven track record of double-digit growth over the past decade, with a compound annual growth rate of 11% for 2012-2022. Our diverse and integrated global business portfolio with leading position in attractive and growing end markets enable us to capitalize on emerging opportunities and create long-term value for our shareholders. We have constantly generated strong cash flows and achieved attractive returns on our investment, which has translated into healthy returns for our shareholders. Our strong balance sheet demonstrates disciplined financial management and capital allocation. Lastly, I would like to express my sincere gratitude to all the shareholders for their unwavering support and trust in our companies. Despite the challenges posed by the global pandemic, we have remained steadfast in our commitment to delivering sustainable growth and creating long- term value for all our stakeholders. As we look ahead, we are confident in our ability to navigate the evolving business landscape and capitalize on the opportunities that lie ahead. We remain fully committed to our mission of driving innovation and sustainability in our industry and contributing to a better world. Thank you once again to all the people for your continued support, and we look forward for another successful year ahead. Thank you. [Non-English content] petroleum business [Non-English content] petroleum downstream [Non-English content] demand supply [Non-English content] petroleum [Non-English content] there is a question that I hope you can read. Due to the trend of electric vehicle, petroleum business start to shift their business to downstream. How this will impact the demand and supply our business cost, raw material, selling prices and downstream products? Any chance of oversupply? How do we manage this risk? Khun Aloke, can you answer this question? Thank you very much. Yes. In our business over our entire 30 years in PET, we have been faced with overcapacity. Most of this overcapacity we have seen has emerged in China and Indonesia. The reason why our company went global is because in the Western Hemisphere, we believe there is more balance and there is a good supply-demand rationale when new capacities are getting built. In terms of the PET business, I'm very confident that we have a good market leadership position and competitive assets to operate in a attractive way, creating good shareholder value. On the fibers, I did mention that our operating costs in Europe are way too high. Therefore, it is right now the good time that we have created market leadership in our tires business, in our airbag business, in our hygiene business, and to move some of these production facilities to Asia, which is much more competitive in terms of labor cost. What you can guess from my answer is that we have created the market, we have created the alignment with our customers, and now it's an ever-going journey where we create competitive supply chains. The new business that we have built in the last three years is Integrated Oxides and Derivatives. This business has now a market leadership position in North America and South America. We are second to none in this business in terms of competitiveness since we have the core advantage of the sufficient chemical supplies in North America and being one of the leaders in South America with a very stable cost and a growing economy in terms of emerging market in Brazil. I think your company is well positioned to capture the growth that is coming as Mr. Agarwal mentioned to the population growth to the emergence of middle class income and 70% of our portfolio being serving consumer needs of consumer necessities. The rest of the 30% are unique and specialization products that we have a market leader position. Yes, there is a growing trend for people to move away from plastic use and therefore most refineries are getting built in the West. Our company is relying more on downstream expansion and serving the customers through the branded goods. Thank you. [Non-English content] USA [Non-English content] Eurozone [Non-English content] Recession [Non-English content] IVL [Non-English content] IVL [Non-English content] The question is the chance that U.S. and Europe going to have a recession is pretty high. How could we mitigate the impact to IVL should there be a recession in the U.S. and Europe? Yes, Mr. Holders. A 70% of IVL products are downstream serving daily necessities. We have seen this impact in 2020 to 2022 over the last three years where the overall demand for our products did not shrink. It actually expanded at the same rate of about 4% annually. That is what we believe that the daily consumables our company is focused on daily consumables. Only 30% of our businesses are in durable products. These durable products will face one recessionary trend as it happens. The sizable part of Indorama Ventures is in daily necessities which is more or less recession proof. I think to add the question is linked to both the demand as well as to the capacity increase. My earlier answer was on the capacity increase and whether that will have a major impact on the margins. I don't believe the way we strategize our businesses we look at the margins over a three, four year period. Our next business plan that Mr. D.K. Agarwal told in his presentation is based not on the 2022 margins which were positively impacted because of the supply chain disruptions. These margins were 2023-2025 business plan is based on the four-year margins that my initial thoughts told you from 2019-2022. The way IVL thinks of itself to grow is that we look at our market share. We take our margins based on the last four-year average. Therefore, we are able to balance the tough years and the peak years. For instance, take PET. I think the PET margins in 2022 were over $200 per metric ton. Whereas for the business plan of 2023 to 2025, we have taken a PET margin of 145, which is the historical average. Thank you. [Non-English content] Oxiteno [Non-English content] PET Packaging [Non-English content] Core EBITDA [Non-English content] Core EBITDA [Non-English content] Vietnam Packaging Fibers [Non-English content] COVID [Non-English content] IOD [Non-English content] Oxiteno [Non-English content] Core EBITDA [Non-English content] Oxiteno [Non-English content] [Non-English content] Vietnam Packaging [Non-English content] Core EBITDA [Non-English content] EBITDA [Non-English content] Indorama Ventures EcoMex [Non-English content] Medco Plast for Packing and Packaging Systems [Non-English content] Vietnam Packaging [Non-English content] UCY Polymers CZ s.r.o. [Non-English content] Recycle PET [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] Dilip Kumar Agarwal [Non-English content] Dilip Kumar Agarwal [Non-English content] Dilip Kumar Agarwal [Non-English content] Dilip Kumar Agarwal [Non-English content] the first question is the compensation, yearly compensation has been increasing, we want to know the reason. Okay that's the first one and the second one [Non-English content] Okay well thank you for your question. It's a good question. Something we would have expected from the shareholders. The increase I think the numbers you're referring to is the total increase in director compensation from 2022 of roughly THB 27 million to 2023 of roughly THB 33.5 million. I think it's important first of all to understand that the compensation is to a Director is broken down into two parts. One is the monthly retainer and that is a monthly retainer for being on the board as well as a monthly retainer for being on a subcommittee. Executive Directors do not get this monthly retainer. It's just Independent Directors and Non-Executive Directors. That amount for the monthly retainer has actually will actually go down from 2022 to 2023 by roughly THB 300,000. Where the increase is showing that increase you refer to is actually in the bonus. The bonus to the D irectors whereby in 2022, a total bonus amount of THB 15 million was paid. For 2023, which is for the performance in 2022, the proposal is THB 22 million. First of all, if we go back to 2021, it was THB 22 million in 2021 because the company had a good year. In 2022, the performance was not as good, the bonus amount dropped from 22 to 15. As you've seen from the financial performance in 2022, it was a very good performance. As a result, it was determined that the bonus to be paid to the directors for year 2022 in the year 2023 shall be THB 22 million. That jump from last year, $15 million, to this year, $22 million, is really where that increase is. Now many factors go into determining the bonus. One, of course, is also what we pay our shareholders in terms of dividends. As you saw earlier, the dividend payout increased year-on-year by 60%. The bonus paid to the directors is increasing by 46.7%. The overall compensation is increasing by roughly 27%. That's how the numbers have been arrived at. While it does show an increase, we did show a significant decrease the year before. We're actually back to where we were in 2021. Thank you. Let me just elaborate one step further. Also, a review was undertaken of the retainer fee for directors. Quite a comprehensive review and, you know, part of the research data came from Thai IOD for benchmarking purposes. We also examined 11 other companies, some of which we have benchmarked against in the past, and some other companies which are associated with some of our current directors. From this research, we found that our retainer fees being paid were actually quite a bit below what the benchmarked data showed. However, for our subcommittee members, the committees are paid relatively on par with other companies. Again, you know, some facts, hard facts were looked into in determining the director compensation. Thank you.