benefit from structurally improving margins and capturing the volume opportunities. IVL has achieved notable progress on multiple strategic fronts and is increasingly well positioned to deliver sustainable
integration of acquired businesses, the start of earning recovery in our high-volume Necessities business and our stable but higher-margin HVA business. We delivered record earnings and cash flows and expect
warrants exercise LTM 3Q18 Operating Cash Flow of $1,037 million Net Operating D/E ratio 0.53x; Rating Upgrade to AA- with “Stable Outlook” 2019 Guidance reaffirmed; attractive and accretive production
of utility services in Q1/2018 compared with those in the same period of 2017, (while utility service income is stable), are attributable to the road and water system repairing cost. ▪ An increasing
has become more stable; although some small degree of operational uncertainties still remain and are dependent on the overall consumer confidence, the Government’s economic stimulus to boost overall
39% to 0.54 (Net Operating Debt/Equity) and TRIS Ratings (a strategic part- ner of S&P Global) ascribed the Company’s rating at “A+”. They also upgraded the outlook of IVL to “Posi- tive” from “Stable
6M19 P a g e | 10 Compared to 1H18, the Company’s gross profit margin remained resilient with stable margin in 1H19 despite the closure of Dusit Thani Bangkok hotel. However, EBITDA margin and net profit
the new products. Therefore, the overall sales figure of the quarter remains stable. 2. The consolidated gross profit margin was 13.14%, increased from the same period of last year at 8.12%. The company