. Operating expenses also declined from effective cost management control. The Bank continued to prudently set aside additional provisions taking into account the economic slowdown and prolonged uncertainties

% 0.02% Return on average equity * 8.78% 8.84% 8.91% (0.06)% (0.13)% 8.79% 9.04% (0.25)% * Attributable to owners of the Bank V2 12/11/62 3 Million Baht Item September 2019 June 2019 December 2018 Change

around 923,000 units, a growth of 6.0%. In the equity market, the average daily turnover (SET and mai) for the first quarter of 2018 increased from Baht 50,114 million in 2017 to Baht 71,182 million, a

be around 923,000 units, a growth of 6.0%. In the equity market, the average daily turnover (SET and mai) for the first quarter of 2018 increased from Baht 50,114 million in 2017 to Baht 71,182 million

Operating Debt to Equity (times) 0.39 0.54 0.80 (51)% 0.39 0.80 (51)% 1Consolidated financials are based upon elimination of intra-company (or intra-business segment) transactions 2Total of each segment may

due to lower prices. Net debt to equity is at 0.99 times, well below IVL’s covenants, and supported by stronger operating cash flow. The dividend payout of THB 1.225/share for 2019 remains higher than

vehicle segment expanded by 13.0% and 12.9% yoy respectively with growth stemming from the increase in consumer confidence from the improvement in both farm income and non-farm income. In the equity market

Net operating debt to equity at 0.61 times with strong operating cash flow. Dividend payout remain much higher than its stated policy of 30% of net profits. Perpetual debenture of THB 15b refinanced at

(THB) 0.43 0.25 0.85 +0.19 (0.42) Core EBITDA/T ($) 94 92 115 2% (18)% Operating Cash Flow5 300 340 385 (12)% (22)% Net Operating Debt to Equity (times) 1.32 1.35 0.65 (2)bps +67bps * Integrated Oxides

$ 1.9B. Interest cost is expected to come down for year 2020, thanks to lower benchmark rates. Our net operating debt to equity went up to 1.35 times primarily due to the acquisition of Spindletop