% or THB 13,902mn from 31 December 2017, mostly from the EBT of UE, which was funded by a capital increase via issuance of preferred shares in the first quarter Net debt to equity ratio as of 31
generation capacity and 10 tons per hour of steam generation capacity with the project cost of approximately Baht 3,105 million (the debt proportion is approximately 75 percent and the equity proportion is
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
last year as a result of declining global demand from the slow economic growth of trading partners, the protectionist trade policies between the US and China and the down-cycle of electronic products. In
(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
2,322 12% Other assets 4,819 5,159 (7)% Total assets 491,316 380,568 29% Liabilities and shareholder's equity Liabilities Bank OD and short-term loans from financial institutions 31,667 30,379 4% Trade
half of the year. Against the backdrop of the global trade slowdown and uncertainty over US trade policy, merchandise exports in 2018 expanded by 7.7 percent, down from 9.8 percent growth in 2017
main drivers namely export and tourism sectors potentially slowing down partly from the continue trade tensions between the US and China. Meanwhile, consumption could potentially be limited by the
and creating liquidity issue 3) Political and Geopolitical risks from the tensions in the Korean peninsula, US political issues impacting the US government tax reform bill and the wave of trade