robust Fit Fast Firm project (OSP’s cost saving program), which continued to drive further margin improvement through product formulation optimization, lower key raw material prices, higher supply chain
out activities to enhance the quality of the financial reporting system. These included strengthening proficiency of all stakeholders in the financial report preparation process by promoting a better
project e.g. lower cullet costs, new formulation, lower sugar costs, however, somewhat offset by cost increase from natural gas. *Net Profit = Net Profit attributable to owners of the parent Financial
). This was mainly contributed by the performance of “Fit Fast Firm” project, which drove down raw material and packaging costs (sugar, cullet, and other packaging materials), optimized product formulation
contributed by the performance of “Fit Fast Firm” projects e.g. lower cullet costs, new formulation, lower sugar costs and light-weight bottle, however, somewhat offset by cost increase from natural gas. - The
firms demonstrated an improvement vis-à-vis the results from the previous inspection cycle. Such improvement was undoubtedly enabled by the formulation of audit firms’ root cause analysis process and
Master Plan, which may affect fee income of commercial banks, and preparation for the International Financial Reporting Standards (IFRS9) coming into effect January 1, 2019, and the Basel III capital
products and services in order to lessen their dependency on brokerage fee revenue, and launched a securities business liberalization roadmap to get the industry players started on the preparation for the
formulation of global standards on capital market supervision alongside other prominent member countries. Furthermore, the SEC is also a part of IOSCO Growth and Emerging Market Steering Committee and is
place relevant processes in preparation for and in compliance with the new regulations. 7 International Financial Reporting Standards (IFRS) In 2019, the IFRS Conversion Project continued to closely