higher margins with production remaining steady  Strong improvement in the North American business with Core EBITDA per ton of $145 vs $121 in 1Q LTM 2017 and the EMEA business with 1Q 2018 LTM Core

by rising of its output while demand of crude palm kernel oil for edible oils and oleo chemicals was not growing that much. Natural fatty alcohols in 2Q/2019 has shown steady demand compared to 2Q/2018

us to continue to sell at all times and create a steady stream of operating cash flows. 1Q 2020 Summary Financials Table 1: Core Financials of Consolidated Business $million (except where stated

impact was mitigated by economic stimulus and a steady influx of tourists. Efforts will focus on maintaining momentum in core service revenue. In the remaining quarter of the year, growth will continue to

the Infrastructure Fund of Japan in September 2018. This resulted in the steady amount of overall electricity generated. There were also a profit from the sales of the aforementioned assets before tax

secured corporate bonds, whether the collateral of such bonds is provided at the time of making an offer for sale of such bonds or thereafter, the collateral of such bonds shall have the following

bondholders have the right to redeem such bonds prior to the dissolution of the company under the specific conditions and period of time. Clause 35 In the case of secured bonds, whether the collateral of such

prior to the dissolution of the foreign entity under the specific conditions and period of time. Clause 35 In the case of secured bonds, whether the collateral of such bonds is provided at the time of

, short-term liabilities, and long-term secured liabilities with financial institutions and also use it as working capital; The request for the License return also reduces the risk of capital structure

earnings im- pact from the seasonal maintenances. Figure 1: IVL Quarterly Core EBITDA (LTM) The steady improvement seen in core earnings follows on from IVL’s strategy of prudent invest- ments in the higher