coverage ratio (DSCR) remained strong at 5.59 times.

increasing in payable for purchase of fixed assets following to the progress of Tubma Reservoir Development project and Debt service coverage ratio (DSCR) remained strong at 4.61 times.

, the decrease of Availability Payment profile as specified in the PPA is the key reason of the decrease in Normalized Share of Profit from GHECO-One. Nevertheless, GHECO-One still provide a strong cash

beginning of May 2020. In Italy, 9 department stores were closed starting from 12 March 2020 to 17 May 2020. Currently, our stores have been re-opened with strong preventive health measures in all business

returns to shareholders. We place importance on maintaining strong financial health and flexibility to pursue future growth. Our dividend policy is to pay a minimum of 70% of net profit. By preserving cash

committed to driving long-term growth while delivering returns to shareholders. We place importance on maintaining strong financial health and flexibility to pursue future growth. Our dividend policy is to

= 27.07 percent 4. Comparison of value of securities issued as Consideration Transaction size = Number of shares issued as consideration ×100 . Total number of issued and paid-up shares of the Company

the disapproved debt to equity conversion in the Extraordinary General Meeting number 1/2017, the company now has financial status according to the third quarter of 2017 financial statements as D/E

the year, it was in line with the recovery of the overall global demand. Tourism also showed continuous growth with the number of foreign visitor arrivals for the first 11 months of 2017 totaling 31.8

a low growth of only 0.5% yoy, with growth in line with the recovery of the overall global demand. Tourism also showed continuous growth with the number of foreign visitor arrivals for the year 2017