possible limit of individual freedom, regulation is essential to uphold market credibility and orderliness. Yet, the regulator’s exercising of power must be prudent, fair and only as necessary to protect the

2017 and 34.7 to 36.2 in 2016. However, the company has no policy to speculate on the exchange rate but continues its prudent policy in the full hedging on net position of each currency’s exposure to

added to the health and safety team in order to ensure improvements are swift. Business wise 2019 has started well despite challenges in the macro economy and some of the key market segments along with

per ton (YoY) in an otherwise strong season. Figure 1: IVL Quarterly Core EBITDA (LTM) The steady improvement seen in IVL’s core earn- ings follows on from IVL’s consistent strategy of prudent

earnings im- pact from the seasonal maintenances. Figure 1: IVL Quarterly Core EBITDA (LTM) The steady improvement seen in core earnings follows on from IVL’s strategy of prudent invest- ments in the higher

to speculate on the exchange rate but continues its prudent policy in the full hedging on net position of each currency’s exposure to minimize potential impact from exchange rate fluctuation. Source

once again in 2019. However, the company has no policy to speculate on the exchange rate but continues its prudent policy in the full hedging on net position of each currency’s exposure to minimize

mall and become a convenient gathering for customers. Prudent Financial Management and Funding Strategy In 2017, CPN’s average cost of fund stood at 2.81%, lower than the previous year at 3.23

exchange rates. KBank hence prioritized effective risk management in order to cope with economic uncertainties both at home and abroad. We adopted a prudent credit policy, accounting for customer potential

stringent customer approval criteria for commercial lending policies vis-à-vis small and micro businesses. We continued to prioritize risk assessment through prudent screening and close monitoring of