credit ratings from the end of 2017 and the end of March 2017. Details of the Bank’s credit ratings are as follows: Credit Rating Agency * March 31, 2018 December 31, 2017 March 31, 2017 Moody’s Investors

Baht 13,000.00 million, which may result in a change in financial ratio relating to capital structure for the nine-month period ended 30 September, 2019 as follows: Financial ratio For the nine-month

THB 12,931 million, a decrease of THB 153 million when compared to December 31, 2018 in which key changes are described as follows; 1. PP&E decreased by THB 351 million due to depreciation in year of

FX fluctuation normally causes no material impact on overall performance of the company. B.Grimm always has well-planned strategies to manage the FX risk as follows; 1) Natural hedging where the ratio

Revenue Structure ILM operates as a retailer of furniture and home furnishing products. The Company‘s sources of revenue can be divided into 4 main businesses as follows: Retail Stores 76.3% Projects 12.9

Department of Lands. Maximum tax rates vary by asset type and will become effective from January 1, 2020, as follows: Asset types Maximum Tax Rates (%) Land or buildings used for the purpose of agriculture

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

credit ratings from the end March 2017 and the end of 2016. Details of the Bank’s credit ratings are as follows: Credit Rating Agency * June 30, 2017 March 31, 2017 December 31, 2016 Moody’s Investors

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

of September 2017, credit-rating agencies maintained the Bank’s credit ratings from the end June 2017 and the end of 2016. Details of the Bank’s credit ratings are as follows: Credit Rating Agency