optimization and efficiency improvement, but downside risk is inherited in the rising utilities costs and required spending to grow our business per plan in this challenging competitive environment. Cost of

difficult interpretation since traditional earnings capitalization models describe that investors are willing to pay a certain multiple for current earnings (Huang and Wirjanto, 2012). After data treatment

, property and water investments. It will also facilitate the issuance of bonds from issuers who would otherwise find it difficult to gain recognition for their low carbon investments. Investment-grade

billion relates to MSW23. The investment required to deal with future waste management within a 2ºC scenario is difficult to quantify, particularly as it is the capital cost that is of interest, that cost

Governance Other 1 2 Objectives The previous studies on the quality of financial statements use the final version of financial statements after auditors adjust misstatements. Therefore, it is difficult to

inventory and cost of sales, and the audit of difficult or complex transactions were among the most prevalent observations. It was noteworthy that some of those observations also shared a trait of

quarter of 2017. Thus it will become more challenging for the global steel industry participants in all the regions. Careful estimation for raw material purchasing and production cost management is

then decreased in the third quarter of 2016 but then turn back increasing continuously until the fourth quarter of 2017. Thus it will become more challenging for the global steel industry participants in

Looking Year 2018 was a challenging year for the Company’s business operation. The Company's operating performance did not meet the target due to impacts both from external and internal factors. The

, the Company’s budget is under revision to adjust the revenue target and relevant capital expenditure to reflect the challenging factors. Our key business strategies in 2020 are summarized below. Hotel