- nesia due to certain debottlenecking projects and a technical glitch which have been overcome in end 4Q17. An impact from utilization of cash flow to prepay part of trade payables also had a moderate

of June 2018), up from 4.1 percent in the previous forecast. However, the growth outlook still challenge with uncertainties on the external front, especially US foreign trade policies and the

(1,842.5) Trade and other receivables 1,422.4 1,854.0 (431.6) Reimbursable maintenance expense 593.7 1,552.2 (958.5) Total current assets 11,376.0 14,380.6 (3,004.6) Non-current assets Investments in

(1,842.5) Trade and other receivables 1,422.4 1,854.0 (431.6) Reimbursable maintenance expense 593.7 1,552.2 (958.5) Total current assets 11,376.0 14,380.6 (3,004.6) Non-current assets Investments in

of June 2018), up from 4.1 percent in the previous forecast. However, the growth outlook still challenge with uncertainties on the external front, especially US foreign trade policies and the

contribution in 2019.  With 90 manufacturing sites across 30 countries, and more than 90% in domestic sales, IVL is strongly suited for today’s macro environment to benefit from the trade tensions, supported by

grew by 69.4%. OEM sales also grew by 249.6% YoY, mainly as a result of the trade war between the U.S. and China, which let the Company have more sales orders from the U.S. importers and retailers

Other Businesses EGCO Engineering and Service Co., Ltd. (ESCO) O&M 2.2 Overseas Other Businesses Pearl Energy Philippines Operating Inc. (PEPOI) Quezon Management Service Inc. (QMS) O&M Management

1.2 Overseas Power Generation Quezon Power (Philippines) Limited Co. (Quezon) Boco Rock Wind Farm Pty Ltd. (Boco Rock) 2. Other businesses 2.1 Local Other Businesses EGCO Engineering and Service Co

before Interest, Taxes, Depreciation and Amortization EDL = Electricite Du Laos EGAT = Electricity Generating Authority of Thailand ERC = Energy Regulatory Commission EPC = Engineering, Procurement and