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

total asset (THB mn) % out of total asset Cash & cash equivalents and Current investments 484 29.7% 261 13.0% Trade & other receivables 276 16.9% 254 12.7% Building and equipment 176 10.8% 469 23.4

involved eliminating “the estimated amount by which costs of the acquisition of investment exceed identifiable net assets of Trans.Ad Group” of THB 274mn in non-current assets, which was replaced by 1

to a 20% reduction in IVL’s core EBITDA. Operating cash flow through this period increased by 33% to $1.3B, as a result of lower prices and operational excellence. IVL has proposed a dividend of

expenses. The repayment can be made from cash flow from operation activities. As at June 30, 2017, the consolidated current ratio was 1.59 times, the net debt to equity ratio was low at 0.31: 1. The Company

Company Limited Page 11/12 Consolidated Statement of Cash Flow 2018 2017 + (-) % (in million Baht) Three - month period ended 31 March Inventories (402) (695) (73%) Other current assets (57) (123) (118

increase and debenture issuance result in an appropriate capital structure and financial ratio that could be fairly to peers comparison in the same industry as well as support the investment in current and

Change MB % MB % MB % Cash and cash equivalents 111.0 2.7% 513.4 9.8% 402.4 362.4% Current portion of loans receivable from purchase 427.1 10.3% 498.7 9.5% 71.6 16.8% Other Current Assets 378.8 9.1% 159.2

% Analysis of Financial Statement of Position As of 31 Dec 16 As of 31 Dec 17 Change MB % MB % MB % Cash and cash equivalents 111.0 2.7% 513.4 9.8% 402.4 362.4% Current portion of loans receivable from

debt ratio that could be fairly compared to peers in the same industry as well as suppor t the investment in current and future projects. On 28 August 2019, the Extraordinary General Meeting of