COMPANY LIMITED NOK AIRLINES PUBLIC COMPANY LIMITED NONTHAVEJ HOSPITAL PUBLIC COMPANY LIMITED NORTH EAST RUBBER PUBLIC COMPANY LIMITED NOVA EMPIRE PUBLIC COMPANY LIMITED NOVA ORGANIC PUBLIC COMPANY LIMITED
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(based on budgets and our inter- nal guideline of 1:1 Net Debt: Eq- uity over the plan period. Table 4: IVL Organic Growth Plan with Associate Capex Estimated EBITDA Growth in 2019 over 2H17 Annualized
improvement is due to organic growth of HR solution in Thailand and contribution from our overseas operations at a higher margin. This resulted in a significant increase in net profit margin from 16.13% in 2017