1q18 results presentationmay 08, 2018 · 1q18: strong baht/high tuna cost accounted for weak...
TRANSCRIPT
Page 1
1Q18 Results Presentation8 May 2018
Page 2
The information contained in our presentation is intended solely for your personal reference only. In addition, such information contains projections and forward-looking statements that reflect our current views with respect to future events and financial performance.
These views are based on assumptions subject to various risks and uncertainties. No assurance is given that future events will occur, that projections will be achieved, or that the assumptions are correct. Actual results may differ materially from those projected.
Disclaimer
Page 3
Agenda
Key Highlights
Recent Developments
1Q18 Financial Results
Business Outlook
Page 4
Agenda
Key Highlights
Recent Developments
1Q18 Financial Results
Business Outlook
Page 5
“Despite the challenging environment, we are
determined to sustain a cash flow generation and
improve our operation profitability for Thai Union
Group’s shareholders.”
Thiraphong ChansiriPresident and Chief Executive Officer
Page 6
1Q18: Strong Baht/high tuna cost accounted for weak profits
GP
NP
3,360
869
Sales(THB mn)
29,703 -5.5%
YoY Chg % of sales
-26.2% 11.3%
-39.3%
OP25 -97.1% 0.1%
2.9%
Declined sales. 1Q18 sales declined YoY
driven partly by the Baht appreciation and
declining tuna sales during the quarter.
High raw material inventory costs. Gross
profit margin remained under pressure at 11.3%
resulted from a high raw material inventory price
as tuna price declined rapidly during 1Q18.
Strict cost control. Despite declined sales,
stringent cost control caused TU to deliver 1Q18
SG&A to sales ratio at 11.2% (down from 11.8%
in 1Q17). 1Q18 SG&A in Baht value declined
10.0% YoY.
Operating profit declined on weak
profitability, driven mainly by the high cost raw
material inventory and strong Thai Baht
appreciation.
Net profit declined YoY. Despite a weak
operating profits, the net profit was supported by
strong other income, and prudent FX and tax
management.
Remark: Operating margin = (COGS – SG&A)/sales
Page 7
1,432
2,863
845
4,551
869
2,159
25
3,360
Financial Summary1
(THB million)
29,703
31,427
1Q18 Net Profit
down 39.3% YoY to
THB 869 million
Strong cash flow
improved debt ratio
Share price movement
20172
(Jan- Dec 17 )
-5.7%
20182
(Jan- May 7,18 )
-13.0%
2017 ND/E
1.38x
1Q18 ND/E
1.35x
1Q18 Net profit of THB 869mn, Solid cashflow improve debt ratio
Gross Profit
Total Sales
EBITDA
1Q18
1Q17
-26.2%
-97.1%
-39.3%
Q1’12
Q1’11
Net Profit
-24.6%
-5.5%
Source: 1TU; 2SET (Jan 4’17: THB21.1/share and Dec 29’17: THB19.9/share, Jan 3’18: THB20.7/share and May 7’18: THB18.0/share)
Operating Profit
1Q18
1Q17
1Q18
1Q17
1Q18
1Q17
1Q18
1Q17
Cash
generation
THB 1.4bn
Page 8
1Q18: High priced inventory hurt operation performance
31,210 34,401 35,050 33,715
31,42734,818 35,185 35,105
29,703
16.0% 15.9%
14.1%13.4%
14.5%13.4% 13.2%
12.1%11.3%
3.9% 4.4% 4.5%
2.7%
4.6% 4.1%4.9%
4.1%2.9%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
-
10,000
20,000
30,000
40,000
50,000
60,000
1Q16 2Q16 3Q16 4Q16 1Q17* 2Q17 3Q17 4Q17* 1Q18
Total sales (THB mn) GPM NPM
% GrowthYoY
Sales 9.1 12.4 7.5 1.1 0.7 1.2 0.4 4.1 -5.5
Grossprofit
26.6 4.5 -12.4 -4.2 -8.9 -14.5 -5.6 -5.9 -26.2
Net profit -19.0 16.9 -1.9 19.1 16.4 -7.6 8.9 59.7 -39.3
Remark: Operating margin = (COGS – SG&A)/sales
*The 1Q17 and 4Q17 figures were restated mainly due to COGS reclassification
Page 9
Agenda
Key Highlights
Recent Developments
1Q18 Financial Results
Business Outlook
Page 10
Mar 2018: Thai Union has joined forces with the Global Ghost Gear
Initiative (GGGI) in a drive to reduce the growing problem of
abandoned, lost and discarded fishing gear (ALDFG) worldwide.
Recent developments Innovation:
New Product:
Sealect Quick Meal, available now at Tesco Lotus and Tops market
Mar 2018: Yellowfin Tuna
Slices, the newest seafood
innovation from Thai Union’s
Global Innovation Incubator
(Gii), has recently received the
2018 Seafood Excellence Award
in the Best New Foodservice
Product category at Boston’s
Seafood Expo.
Sustainability:
Feb 2018: Nestlé S.A. and
Thai Union Group officially
inaugurated a demonstration
boat to promote and raise
understanding of human and
labour rights of workers in
the Thai fishing industry.
Page 11
Recent developments
Awards Recognitions:
Apr 2018: Strong recognition from Asian investment
community, FinanceAsia’s Best Companies 2018
Thai Union has recently awarded in FinanceAsia’s Thailand Best
Companies 2018 for various categories:
#1 Most committed to corporate governance
#1 Best at corporate social responsibility
#2 Best CEO
#2 Best CFO
#2 Best at investor relations
#2 Best managed companies
z
Others:
Mar 2018: Prime Minister Prayut Chan-o-cha and his cabinet
members visited one of Thai Union Group manufacturing plants in
Samut Sakhon’s Muang district, during the mobile cabinet meeting in
Samut Sakhon and Petchburi
Mar 2018: Notification of the acquisition of 10.00% of T-Holding
Co., Ltd., which is 90% Thai Union Group's subsidiary from
connected persons.
Apr 2018: The increase of shareholding proportion by
buying of 28.46% newly issued ordinary shares of Thai Union
Feedmill Co., Ltd., which is Thai Union Group’s subsidiary,
resulting in 66.9% of total paid-up shares
Page 12
Joining the leading Russian seafood enterprise
May 2018: Thai Union has continued its focus on
expansion with an agreement to acquire 45
percent of TUMD Luxembourg S.a.r.l (TUMD).
TUMD wholly owns three Russian companies,
collectively known as the DPR Group (DPR).
DPR is a retail focused fish and seafood business,
and it is Russia’s number one canned tuna
producer. DPR, which has sales of around
US$45m, operates in both frozen and ambient
segments, and owns brands such as Maguro,
Captain of Tastes and Rybar.
45% 51% 80%
Within 3 years
#1
2018
Equity Stake
Optional to increase Optional to increase
Page 13
Agenda
Key Highlights
Recent Developments
1Q18 Financial Results
Business Outlook
TU’s Consolidated Results
Results by Business Unit
Page 14
“Rough sea …”
“… standing fast…”
“…Keep going.”
Joerg AyrleGroup Chief Financial Officer
Page 15
The key take away for 1Q18 results
• Sales at THB 29.7bn and reported growth at -5.5%, mainly from Thai and US operations
• At constant exchange rates, sales would have decreased by 2.8% vs. LY, while the volume sales seen a small decline of 1.6% YoY
Top line challenged
• Weak GP margin at 11.3%
• All segments face with GPM dilution with except to S&M
• Tuna and Frozen business are the two most challenging segments in terms of profitability. PetCare margin under pressure
Record low GPM
• Prudent cost control prompts 11.2% 1Q18 SG&A to sales ratio, despite declined revenue
• Thai Baht strength increasing our cost base approx. USD16mn in 1Q18
Continued cost control
• FX management policy posted good FX gains of THB 581mn in 1Q18
• Tax savings mainly explained by lower operating performance
Non-operating items support net profit
• 1Q18 continue to deliver THB 137m positive share of profit
• Strong positive impacts from interest yield and tax savings
Stronger contribution from Red Lobster
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1,700 1,700
1,500
1,690 1,700
1,900 1,950
1,980
2,100
2,300
2,000
1,800
1,550
1,480
1,700
1,800
800
1,300
1,800
2,300
2,800
Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18
Tuna prices are increasingly volatile
%Change
QoQ8.3% 8.0% 14.0% 1.2% -22.5%
%Change
YoY30.0% 17.3% 40.2% 34.8% -3.5%
1Q171,633
2Q171,763
3Q172,010
4Q17 2,033
1Q181,577
(USD/ton)
-22.5%
Page 17
USD mn
31,42734,818 35,185 35,105
29,703
1Q17 2Q17 3Q17 4Q17 1Q18
SalesTHB mn
1Q18 Sales under pressure
1Q18 sales declined by 5.5% YoY to THB
29,703mn. Excluding the impact of Thai Baht
appreciation, sales would also declined by 2.8%
YoY, driven by:
Ambient seafood sales saw decline from weak
volume sales as tuna price declined sharply
during early 1Q18, resulting in declining selling
price for OEM tuna business.
For US subsidiary, while sales in USD were
almost stable YoY, the sales denominated in
THB are decreasing by 10% in value due to
USD depreciation vs. BHT for the same
percentage.
Frozen and chilled seafood export sales
affected by shrimp price decline by 14% YoY.
The US shrimp and lobster sales are also
affected by both USD depreciation and decline
sales volume
121,402 125,183 134,375 136,535
31,427 29,703
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
2014 2015 2016* 1Q17 1Q18YoYGrowth 7.6% 3.1% 7.3%
895 1,015
-5.5% YoY
-15.4% QoQ
1.6%
9424,029USD mn
(-5.5% YoY)
1,054 1,065 942
Page 18
1Q17 1Q18
1Q18 weak sales growth, compounded by FX impactRevenue growth component(THB million)
Remark: 1Shrimp & related business comprises of frozen shrimp and shrimp feed. 2Value-added & other products includes ready-to-eat products, frozen cephalopod, canned seafood, local products, bakery products, and
sales of scraps
-5.5% YoY
-2.8% YoY
Before currency impacts
29,703
31,427 +17
Tuna Shrimp
&
related
business1
Sardine
&
Mackerel
Salmon-
AmbientPet Care Value
added
& other
products2
USD
effect
EUR
effectLobsterOther
seafood -
Ambient
Salmon-
FrozenOther
seafood -
Frozen
-265+93
+53 -273
-265-170 +185 -66 -270
-1,086
+322
0%
-10% +13%+20%
-4%
-24%-8% +10%
-3%
-14%
-10% +4%
Page 19
Brand, 35%
**FS - Brand, 6%
**FS - Private Label, 5%
Private Label, 54%
Strong growth in Thailand
Sales Breakdown by Business
Sales Breakdown by Geographic
1Q18 Sales contribution in key markets
marginally shifted in favor of domestic Thai
market, due partly to the company was focusing
more on selling product in domestic market to
offset weaker export sales as a result of intense
competition, TU continue to grow its new product
initiatives into Thai market
US market sales contribution was at 39%,
European market at 32% and Japan at 5%.
1Q18 branded sales mix slightly decrease to 41%
(down from 42% during 2017) leaving the private
label sales contributing the remaining 59% of
1Q18 sales
1Q18 total branded sales decreased by 7.8% YoY,
mainly due to the USD depreciation resulted in
weaker sales contribution from US branded sales
Private label sales also declined by 3.8% YoY due
to both volume sales decline and translation
impact.
Remark: *Others represent Asia, Australia, Middle East, Canada, Africa and South America
**FS stands for Food Service
44% 42% 39% 38% 39%
29% 29% 33% 32% 32%
7% 8% 8% 10% 12%7% 6% 6% 6% 5%
13% 14% 13% 15% 13%
0%
20%
40%
60%
80%
100%
2014 2015 2016 2017 1Q18
Others*
Japan
Domestic
Europe
USA
THB 29,703mn
1Q18
THB 136,535mn
Brand, 36%
**FS - Brand, 6%
**FS - Private Label, 6%
Private Label, 53%
2017
Page 20
Emerging markets: Thailand and other EMs (China and ME)
We are focusing on the market where we have
less presence in the past, and now we can deliver
strong growth in these emerging markets.
1Q18 Thailand sales was at THB 3.5bn, up by
34.9% YoY. TU continue to grow its new product
initiatives into Thai market such as new tuna
meal product under brand Sealect, the frozen
seafood brand Qfresh and shrimp snack Monori
1Q18 Asia sales, ex-Thailand and Japan, was at
THB 1.8bn, up 40.8% YoY, driven by new market
growth initiatives in China and the Middle East.
2,549 2,803
4,317
3,342 3,439
1Q17 2Q17 3Q17 4Q17 1Q18
+34.9% YoY
Thailand salesTHB mn
1,274
1,737 1,686
2,1111,795
1Q17 2Q17 3Q17 4Q17 1Q18
+40.8% YoY
Asia sales (ex Thailand, Japan, but including China)THB mn
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Thai Baht revenue underperformed USD revenue
since 2Q17 due to strong Thai Baht appreciation
against US dollar
Gross profit margin is weakened, due mainly to
high priced inventory and increased sales of
lower-margin commodity products.
Competition is increasing in the slowing market
environment. Retailer customers’ negotiation
very difficult with little ability to pass on raw
material prices.
Overall profit level of US ambient business is
limited
DOJ civil complains related legal fees further
depress profitability around USD5mn run-rate.
Some of our core businesses are suffering
2,800
3,000
3,200
3,400
3,600
3,800
80
85
90
95
100
105
110
Chicken of the Sea Sales
Sales (USDmm, LHS) Sales (THBmn, RHS)
USD mn THB mn
-10.0%
0.0%
10.0%
20.0%
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18
Profitability profile
GPM (%) OPM (%)
Page 22
GPM 15.7 15.6% 14.8% 13.3%
14.5% 11.3%
19,020 19,501 19,927 18,141
4,551 3,360
-
5,000
10,000
15,000
20,000
25,000
2014 2015 2016 1Q17 1Q18
-26.2% YoY
4,551 4,669 4,6584,263
3,360
14.5%13.4% 13.2%
12.1%11.3%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
22.0%
24.0%
26.0%
28.0%
30.0%
1Q17* 2Q17 3Q17 4Q17* 1Q18
Weak gross margin from high raw material inventory pricesGross ProfitTHB mn
1Q18 Gross profit of THB 3,360mn, down 26.2%
YoY, mainly due to abrupt decline in raw material
prices and high priced inventory. The gross
profit was also affected by strong Baht
appreciation (10.2% YoY and 4.3% QoQ) against
USD.
1Q18 margin was at 11.3%, down 317bps YoY.
The margin remained under pressure due to:
A sharp decline in tuna raw material prices
(-22.5% QoQ, -3.5% YoY) affect gross margin
of tuna business, due to high price inventory,
US tuna business’ gross margin was under
pressure amid USD depreciation, rising tuna
raw material prices and shifting of sales mix in
favor of lower margin commodity products
THB currency appreciated against USD YoY
-26.2% YoY
-21.2 QoQ
GPM
Remark: *The 1Q17 and 4Q17 figures were restated mainly due to COGS reclassification
Page 23
144
160
144 14450
70
90
110
130
150
170
1Q17 (USDmn,Equivalent)
1Q18 (USDmn)
16
Baht strength to Dollar caused us around THB 500mn in 1Q18Thai entities COGS related to exportsUSD mn
1Q18 average Thai Baht has appreciated against
US dollar by 10.2%, which shown relatively more
depreciation compared to the key competing
countries like Vietnam and Indonesia, where their
currencies appreciated 1.6% and depreciated
1.5% against US Dollar, respectively. Thai Baht
appreciation against US dollar significantly
outperform other exporting countries, resulting in
lower competitiveness of Thai exporters.
Due to a strong Thai Baht currency appreciation
of 10.2%, the company estimated that there are
approximately THB 500mn of Thai entity’s
expenses that incurred as a result of such
currency appreciation and that cannot be passed
on directly to our customers.
(per USD) Thailand
THB/USD
Vietnam
VND/USD
Indonesia
IDR/USD
China
CNY/USD
1Q17 35.12 22,901 13,274 6.87
1Q18 31.54 22,529 13,473 6.35
Appreciation/
(Depreciation)
% YoY
10.2% 1.6% -1.5% 7.5%
Currency movement, 1Q18 change YoYLocal currency per USD
Page 24
Operating profit: Strong cost control continuedOperating ProfitTHB mn
Despite a strong cost control, 1Q18 Operating
profit was at THB 25mn, driven by weak
profitability from rising raw material prices.
Adjusted for FX impact, Operating profits should
remain at THB 432mn, down 67% YoY.
While revenue in Thai Baht term has shown a
decline of 5.5% YoY, 1Q18 normalized SG&A to
sales ratio remained at a controlled level of
11.2%, improved from 11.8% during 1Q17. In
absolute term, SG&A expenses declined by 10.0%
YoY to THB 3,335mn.
845
1,627
1,319
922
252.7%
4.7%3.7%
2.6%0.1%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
1Q17 2Q17 3Q17 4Q17 1Q18
-97.1% YoY
-97.3% QoQ
6,990 6,785 6,805
4,711
845 25
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
2014 2015 2016 1Q17 1Q18
OP Margin
-97.3% YoY
OPM 3.5% 5.8% 5.4% 3.5%
2.7% 0.1%
Remark: *Base on the assumption that 70% of FX in particular period are realized
SG&A% 11.8% 8.7% 9.5% 9.5% 11.2%
Page 25
Change in accounting policy and presentation
The effects of change in accounting policy and reclassification as at 31 December 2017 are disclosed as
follows:
As previously
reported
(Million Baht)
Adjustment
(Million
Baht)
Restated
(Million
Baht)
Balance sheet as at 31 December 2017
Inventories, net 43,360 (176) 43,184
Retained earnings as at 1 January 2017 26,528 (144) 26,384
Retained earnings as at December 2017 29,221 (176) 29,045
1Q17 Profit & Loss
Cost of sales (27,097) 221 (26,876)
Selling expenses (1,531) (115) (1,650)
Administrative expenses (1,914) (144) (2,056)
Profit for the period – Owners of the parent 1,469 (36) 1,432
The Group has changed the
accounting policy regarding the
recognition of certain
expenditures, which were
included in inventory cost by
recognizing such certain
expenditures directly in profit or
loss in order for the operating
results to reflect the current
business operation of the
Group.
The Group has changed the
presentation of certain
expenditures between cost of
sales, selling expenses and
administrative expenses in the
consolidated statement of
income.
These changes have been
applied retrospectively and the
effects of these changes are
disclosed hereafter.
Page 26
EBITDA
Margin9.1% 9.2% 8.4% 8.3%
EBITDA supported by FX management and Equity IncomeEBITDATHB mn
2,863 2,874 2,9902,640
2,159
9.1% 8.3% 8.5%7.5% 7.3%
3.0%
8.0%
13.0%
18.0%
23.0%
28.0%
1Q17* 2Q17 3Q17 4Q17* 1Q18
-24.6% YoY
-18.2% QoQ
10,999 11,526 11,269 11,366
2,863 2,159
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
2014 2015 2016 1Q17* 1Q18
-24.6% YoY
Despite a weak operating profit, TU reported
1Q18 EBITDA of THB 2,159mn. The increase was
driven mostly by prudent FX management and
income contribution from associates, mainly Red
Lobster and Avanti Feeds.
EBITDAMargin
Remark: *The 1Q17 and 4Q17 figures were restated mainly due to COGS reclassification
Page 27
1Q18 net profit supported by non-operating itemsNet ProfitTHB mn
1,432 1,411
1,7371,440
8694.6%4.1%
4.9%4.1%
2.9%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
1Q17* 2Q17 3Q17 4Q17* 1Q18
-39.3% YoY
-39.7% QoQ
5,092 5,302 5,254 6,021
1,432 869
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2014 2015 2016 1Q17* 1Q18
-39.3% YoY
NPM
Despite a very challenging operating
environment, TU reported 1Q18 net profit of THB
869mn, supported
The net profit was supported by:
Increased other income by 12% YoY,
Baht appreciation against US dollar put
pressure on profit margin, but resulted in THB
581mn FX gains during the quarter,
Associated companies continued to deliver
solid contribution of THB 301mn, up 13.1% YoY,
Prudent tax management and lower tax rate
resulted in lower tax charges during 1Q18.
Red Lobster investment continue to deliver solid
contribution despite fewer guest counts and
weather issue in the US. Interest income and
prudent tax management support the return from
this investment.
NPM 4.2% 4.2% 3.9% 4.4%
Remark: *The 1Q17 and 4Q17 figures were restated mainly due to COGS reclassification
Page 28
Normalized net profit was at THB690mnNormalized Net ProfitTHB mn
Norm NP
Margin
Excluding the one-off quarter-end items, 1Q18
normalized net profit was at THB 690mn,
representing 35.5% decline YoY
One-off positive items during 1Q18 of THB 179mn
comprised of:
Capital gain on sales of assets (+THB 140mn)
Tax credit from European ambient business
(+THB 39mn)
Remark: The normalized net profit still include the realized FX gains/losses from normal business operation
1,069
1,3721,590
1,374
690
3.4% 3.9% 4.5% 3.9%
2.3%0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
1Q17 2Q17 3Q17 4Q17 1Q18
-35.5% YoY
-49.8% QoQ
869 -79
690
1Q18
Reported NP1Q18
Normalized NP
-39
Rugen FischTax credit
-140
Capital gain
on sales of asset
Page 29
1.10 1.11 1.10
0.30 0.18
2014 2015 2016 1Q17 1Q18
EPS: Facing operational headwinds
EPS*THB
0.30 0.29
0.37
0.30
0.18
1Q17 2Q17 3Q17 4Q17 1Q18
-39.3% YoY
-39.7% QoQ 1Q18 EPS was at THB 0.18. Challenging
operational headwinds was offset by supports
from non-operating items
Remark: *EPS in this slide represents fully diluted EPS based on current number of shares of 4,771,815,496
-39.3% YoY
Page 30
137 -317 -33 -49 203
235 248 247 259 261
-128 -131 -134 -136 -127
22 38 300 160 -29
266 -162 380 235 308
0.06 -0.03 0.08 0.05 0.05
1Q18: First quarter remains seasonally strong
1Q17
Share of
profit
Other
Income
Finance
Costs
Income Tax
Net Income
EPS
(THB/share)
THB mn Red Lobster is a strong contributor to TU’s
1Q18 profits, adding THB 266mn to TU’s net
profits or was 44.1% net profit accretive
The restaurant report a slight decline in SRS,
but still deliver a seasonally strong 1Q18
EBITDA.
My Red Lobster Rewards membership loyalty
program grow faster than projected.
Off-premise sales continue to grow YoY, now
with over 470k active users.
RL will be reducing restaurant cost and
collaborating with TU to improve supply
collaboration.
2Q173Q174Q17
Red Lobster has contributed THB 266mn to the net profits
1Q18
Page 31
5,544
2,938
1,369
2016 2017 1Q18
1Q18 Strong cashflow despite weak profitability
Annual Free Cash FlowTHB mn
1,049
1,751
280 -142
1,369
1Q17 2Q17 3Q17 4Q17 1Q18
Quarterly Free Cash FlowTHB mn
Remark: Change definition of Free Cash Flow; 1Cash Conversion Rate = FCF / EBIT; FCF= EBITDA-Changes in net working capital –
Change in other assets& Liabilities + non-cash expenses - CAPEX
Cash
Conversion
Rate10.48 0.79 0.12 -0.08 0.94
Cash
Conversion
Rate10.67 0.34 0.94
Despite rising raw material prices, 2017 Free cash
flow (FCF) remain positive at THB 1,369mn, due
mainly to profitable operation, destocking of
high-priced inventory and prudent capex
spending
Strong cash focused with continued deleveraging
balance sheet trend
Page 32
Majority THB funding, reducing risk associated to currency volatility
Interest-bearing debts of THB 65,715mn
42%
2%
Long-term loan by maturityTHB 47,518 mn
By Maturity
2022 onwards
2021
2020
2019
Long-term
Debt
2017
Current
Portion
of Long-
term Debt
& finance
lease
Short-term
Loan
76%
2%
23%
76%
2%
EUR
98.1% 98.3%
0.9%
1.0% 1.7%
2017 1Q18
By Currency
USD
THB
THB 67,449mn THB 65,715mn
1Q18
23%
76%
2%
Page 33
1Q18: Strong cashflow generation prompted debt repayment
+115
+600
+1,233 +70
+79
Free Cash Flow** THB 1,369 mn
Unit: THB mn
ND/E 1.38x
Kd = 3.21%
ND/E 1.35x
Kd = 3.04%
65,173+367
-1,159
-2,159
66,419
Net Debt
as of
31 Dec 2017
Net Debt
as of
31 Mar 2018
-393
Remark: *Included 1) change in loans to associates & other companies 2) change in investments in associates and other long-term investments 3) proceeds from sale of assets 4) dividend received and 5) change in non-controlling interest
**New definition of free cash flow, excluding income tax paid
Other
Investing &
Financing activities*
CAPEXOther non-
cash
expenses
Tax
payments
Net interest
paid
Dividends
paid
Change in
other assets
and
liabilities
EBITDA Change in
net working
capital
Income tax paid and other investing & financing
activities
Page 34
Remark: 1ROE = Annualized quarterly net profit/ Average total shareholders’ equity2ROCE = Annualized EBIT / Average capital employed; where as Capital Employed = total assets - total current liabilities
(incl. current portion of long-term debt)
and EBIT = Total revenue – COGS – SG&A + share of profit in associates and joint ventures3Net WC day = INV day + A/R day – A/P day 4ND/E ratio = Net interest-bearing debt/ Total equity,
Net interest-beating debt = Total interest-bearing debt - Cash & Cash equivalents including ST investment
Net WC3
6.1%7.0%
8.4%8.1%9.1%
1Q184Q173Q172Q171Q17
1.35x
1.38x1.37x
1.33x1.34x
1Q184Q173Q172Q171Q17
ROCE2
ROE1 Debt to EBITDA
ND/E4
7.8%
13.0%15.6%
12.8%13.2%
1Q184Q173Q172Q171Q17
INV Days
7.616.37
5.645.705.66
1Q184Q173Q172Q171Q17
41,923 43,821 44,701 43,744 41,665
121
111113 113
129
1Q17 2Q17 3Q17 4Q17 1Q18
WC (THB mn) WC Day
39,130 40,418 42,155 43,184 40,691
132
119122
125
143
1Q17 2Q17 3Q17 4Q17 1Q18
INV (THB mn) INV Day
Improving D/E ratios; NWC turnover affected by lower revenue
Page 35
US Civil case progress and settlement
• Tri-Union Seafoods LLC (Tri-Union) and Thai Union Group continue to fully support DOJ’s and
their investigation and still maintained conditional leniency with respect to the Investigation
under the DOJ’s Corporate Leniency Program. Provided we continue to fully cooperate with
the DOJ, neither Tri-Union nor any cooperating executives or employees within the scope of
the Investigation will face criminal fines, jail time, or prosecution.
• The civil cases are continuing. Plaintiffs have filed comparable lawsuits, which have been
combined with the original complaint into a single class action lawsuit. The plaintiff alleges that
Tri-Union violated U.S. antitrust laws, specifically Sections 1 and 3 of the Sherman Antitrust
Act.
• Tri-Union is presently unable to predict the probable outcome of these matters. Nevertheless,
Tri-Union is in discussions with some of its larger customers to discuss their complaints and
expects that selected resolutions by way of settlement could be reached within this year.
Page 36
Agenda
Key Highlights
Recent Developments
1Q18 Financial Results
Business Outlook
TU’s Consolidated Results
Results by Business Unit
Page 37
Key operating impact: Key raw material prices declined YoY
Source: Thai Union Group and http://fishpool.eu/price-information/spot-prices/history/
Raw material prices
Declining, but picking up over last month
Decreasing compared to last year, but
clearly on upward trend over last 3 months
Tuna price at USD 1,800/ton in April 2018. 1Q18 average
price was USD 1,577/ton (-3.5% YoY, -22.5% QoQ)
Shrimp price at THB 160/kg in April 2018. 1Q18 average
price was THB 183/kg (-14.0% YoY, +4.2% QoQ)
Salmon price at NOK 71/kg in April 2018. 1Q18, average
price was NOK 62/kg (-8.6% YoY, +21.8% QoQ)
Page 38
Exchange rate
Key operating impact:
USD/THB closed at 31.31 in April 2018. In 1Q18, average
USD/THB was at 31.54 (-10.2% YoY, -4.3% QoQ)
EUR/THB closed at 38.45 in April 2018. In 1Q18, average
EUR/THB was at 38.64 (+3.3% YoY, -0.4% QoQ)
GBP/THB closed at 44.07 in April 2018. In 1Q18, average
GBP/THB was at 43.93 (+1.0% YoY, +0.4% QoQ)
USD/THB EUR/THB
Continue depreciation from 2017
Brexit vote
Almost stable since Brexit vote
Page 39
Thai Union’s global footprint
Page 40
39%47%
3 strategic business segments
Ambient seafoodSales: THB 14,100 mn
PetCare, value added and
othersSales: THB 4,080 mn
Frozen, chilled seafood
and relatedSales: THB 11,522 mn
Frozen, chilled &
smoked salmon
Tuna business
Other seafood2Sardine & MackerelAmbient & Pouch
Salmon
Shrimp & related
business1 PetCare
Value-added
business3
Total 1Q18 sales: THB 29,703 mn
Other products4
58%42%
Sales Split:
33%
67%
9%
91%
14%Brand
Private label
Brand
Private label
Brand
Private label
Remark: 1.Shrimp & related business includes frozen shrimp, lobster, shrimp feed and value-added shrimp
2.Other seafood includes frozen cephalopod, crab, scallop, shellfish and other fish
3.Value-added business includes ready-to-eat products, maguro & cephalopod sashimi, local products, bakery products and snack
4.Other products include scrap, fishery and others
Page 41
48% 51% 50% 56% 49%
52%49% 50% 44%
51%
88,822 96,849 93,883 90,158 83,314
- 1,000.00 2,000.00 3,000.00 4,000.00 5,000.00 6,000.00 7,000.00 8,000.00 9,000.00 10,000.00 11,000.00 12,000.00 13,000.00 14,000.00 15,000.00 16,000.00 17,000.00 18,000.00 19,000.00 20,000.00 21,000.00 22,000.00 23,000.00 24,000.00 25,000.00 26,000.00 27,000.00 28,000.00 29,000.00 30,000.00 31,000.00 32,000.00 33,000.00 34,000.00 35,000.00 36,000.00 37,000.00 38,000.00 39,000.00 40,000.00 41,000.00 42,000.00 43,000.00 44,000.00 45,000.00 46,000.00 47,000.00 48,000.00 49,000.00 50,000.00 51,000.00 52,000.00 53,000.00 54,000.00 55,000.00 56,000.00 57,000.00 58,000.00 59,000.00 60,000.00 61,000.00 62,000.00 63,000.00 64,000.00 65,000.00 66,000.00 67,000.00 68,000.00 69,000.00 70,000.00 71,000.00 72,000.00 73,000.00 74,000.00 75,000.00 76,000.00 77,000.00 78,000.00 79,000.00 80,000.00 81,000.00 82,000.00 83,000.00 84,000.00 85,000.00 86,000.00 87,000.00 88,000.00 89,000.00 90,000.00 91,000.00 92,000.00 93,000.00 94,000.00 95,000.00 96,000.00 97,000.00 98,000.00 99,000.00 100,000.00 101,000.00 102,000.00 103,000.00 104,000.00 105,000.00 106,000.00 107,000.00 108,000.00 109,000.00 110,000.00 111,000.00 112,000.00 113,000.00 114,000.00 115,000.00 116,000.00 117,000.00 118,000.00 119,000.00 120,000.00
1Q17 2Q17 3Q17 4Q17 1Q18
Ambient SeafoodChallenging operating environment
Sales (THB million) Quantity (Tons)
Gross Profit Margin (Percent) 1Q18 ambient seafood business sales were THB 14.1bn, down 1.7% YoY. While the volume sales declined 6.2%, the smaller sales decline was largely attributable selling price adjustment.
1Q18 Gross profit margin was at 14.0%, down 378bps YoY, driven by:
A sharp decline in tuna raw material prices (-22.5% QoQ) affect gross margin of tuna business, due to high price inventory,
US tuna business’ gross margin was under pressure amid USD depreciation, rising tuna raw material prices and shifting of sales mix in favour of lower margin commodity products
-1.7% YoY
-7.5% QoQ
-6.2% YoY
-7.6% QoQ
Brand
Private label
Brand
Private label
Total
Brand
Private label
41% 41% 41% 48% 42%
59%59% 59% 52%
58%
14,348 16,631 16,111 15,250 14,100
- 1,000.00 2,000.00 3,000.00 4,000.00 5,000.00 6,000.00 7,000.00 8,000.00 9,000.00
10,000.00 11,000.00 12,000.00 13,000.00 14,000.00 15,000.00 16,000.00 17,000.00 18,000.00 19,000.00 20,000.00
1Q17 2Q17 3Q17 4Q17 1Q18
18%21% 19%
17% 15%
17% 11% 14%17%
13%
18% 17% 17% 17%
14%
1Q17 2Q17 3Q17 4Q17 1Q18
Page 42
30% 28% 30% 32% 31%
70% 72% 70% 68%69%
52,834 61,185 66,203 63,045
53,739
- 1,000.00 2,000.00 3,000.00 4,000.00 5,000.00 6,000.00 7,000.00 8,000.00 9,000.00 10,000.00 11,000.00 12,000.00 13,000.00 14,000.00 15,000.00 16,000.00 17,000.00 18,000.00 19,000.00 20,000.00 21,000.00 22,000.00 23,000.00 24,000.00 25,000.00 26,000.00 27,000.00 28,000.00 29,000.00 30,000.00 31,000.00 32,000.00 33,000.00 34,000.00 35,000.00 36,000.00 37,000.00 38,000.00 39,000.00 40,000.00 41,000.00 42,000.00 43,000.00 44,000.00 45,000.00 46,000.00 47,000.00 48,000.00 49,000.00 50,000.00 51,000.00 52,000.00 53,000.00 54,000.00 55,000.00 56,000.00 57,000.00 58,000.00 59,000.00 60,000.00 61,000.00 62,000.00 63,000.00 64,000.00 65,000.00 66,000.00 67,000.00 68,000.00 69,000.00 70,000.00 71,000.00 72,000.00 73,000.00 74,000.00 75,000.00 76,000.00 77,000.00 78,000.00 79,000.00 80,000.00 81,000.00 82,000.00 83,000.00 84,000.00 85,000.00 86,000.00 87,000.00 88,000.00 89,000.00 90,000.00
1Q17 2Q17 3Q17 4Q17 1Q18
Frozen, chilled seafood and relatedCurrency appreciation hurt competency
10%11%
10% 9%
8%
7%
9%9%
9%
6%
8%
9% 10%9%
6%
1Q17 2Q17 3Q17 4Q17 1Q18
Total
Brand
Private label
Sales (THB million) Quantity (Tons)
Gross Profit Margin (Percent) 1Q18 frozen and chilled seafood business sales were at THB 11.5bn, down 8.8% YoY, driven mainly by Baht appreciation against US dollar (-10.2% YoY) and falling shrimp price (-14% YoY), despite increasing sales volume.
Gross profit margin was at 6.4%, down 153bps YoY, driven by a strong Baht appreciation and intense competition from competing countries
US frozen business is facing operating headwind from its crab meat and lobster business due partly to currency devaluation.
Brand
Private label
Brand
Private label
-8.8% YoY
-24.7% QoQ
64% 65% 67% 66%67%
36% 35% 33% 34%
33%
12,635 13,685 14,494 15,307
11,522
- 1,000.00 2,000.00 3,000.00 4,000.00 5,000.00 6,000.00 7,000.00 8,000.00 9,000.00
10,000.00 11,000.00 12,000.00 13,000.00 14,000.00 15,000.00 16,000.00 17,000.00 18,000.00 19,000.00 20,000.00
1Q17 2Q17 3Q17 4Q17 1Q18
+1.7% YoY
-14.8% QoQ
Page 43
PetCare, value-added and othersPetCare profitability under pressure
Sales (THB Million) Quantity (Tons)
Gross Profit Margin (Percent) 1Q18 PetCare and valued added segment sales were at THB 4,081mn, down 8.2% YoY with the sales from the value-added business declining. Pet food is seeing a marginal decline in sales due to product price adjustment to reflect recent decline in tuna raw material prices.
Gross margin has declined from last year, mainly driven by the PetCare business’ profit margin was under pressure due to high tuna raw material inventory price.
93% 90% 90% 89% 90%
7% 10% 10% 11% 10%35,900 36,884 38,454 39,862 37,638
- 1,000.00 2,000.00 3,000.00 4,000.00 5,000.00 6,000.00 7,000.00 8,000.00 9,000.00 10,000.00 11,000.00 12,000.00 13,000.00 14,000.00 15,000.00 16,000.00 17,000.00 18,000.00 19,000.00 20,000.00 21,000.00 22,000.00 23,000.00 24,000.00 25,000.00 26,000.00 27,000.00 28,000.00 29,000.00 30,000.00 31,000.00 32,000.00 33,000.00 34,000.00 35,000.00 36,000.00 37,000.00 38,000.00 39,000.00 40,000.00 41,000.00 42,000.00 43,000.00 44,000.00 45,000.00 46,000.00 47,000.00 48,000.00 49,000.00 50,000.00
1Q17 2Q17 3Q17 4Q17 1Q18
93% 88% 91% 92% 92%
7% 12% 9% 8%8%
4,444 4,502 4,580 4,548 4,081
-
1,000.00
2,000.00
3,000.00
4,000.00
5,000.00
6,000.00
1Q17 2Q17 3Q17 4Q17 1Q18
23%20%
16% 18% 16%
1Q17 2Q17 3Q17 4Q17 1Q18
Brand
Private label
Brand
Private label
-8.2% YoY
-10.3% QoQ
+4.8% YoY
-5.6% QoQ
Total
Page 44
Global Presence
U.S. And
Canada
40%Europe
32%
Thailand
12%
16%
Others
Page 45
US & Canada: Weakened Thai Baht sales driven by currency
1Q18 US and Canada sales was at THB11.8bn,
down by 10.4% YoY. While sales in US dollar term
remain relatively stable, most of the sales decline
was due to Baht appreciation against US dollar.
Chicken of the Seas reported negative margin
product mix in favor of lower margin products
and price negotiation is yet to take effect.
Frozen business is facing challenges from
disintermediation from customers
Red Lobster record strong profit contribution
13,190 13,467 13,753 14,054
11,821
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
1Q17 2Q17 3Q17 4Q17 1Q18
Sales:THB-10.4% YoY
-15.9% QoQ
Page 46
Europe: Showing some bright spots
1Q18 European sales was at THB 9.4bn, down by
3.4% YoY.
While the volume sales has shown some decline,
TU’s European businesses has demonstrated the
ability to gradually repriced its product.
However, with the high cost inventory, profit
margin remain under pressured.
European salmon business and Rugen Fisch
continue to deliver operational improvement.
9,758
11,949 11,18310,295
9,422
0.00
2000.00
4000.00
6000.00
8000.00
10000.00
12000.00
14000.00
16000.00
18000.00
20000.00
1Q17 2Q17 3Q17 4Q17 1Q18
Sales:THB-3.4% YoY
-8.5% QoQ
Page 47
Thailand: Focusing inward
1Q18 Thailand sales was at THB 3.4bn, up by
34.9% YoY.
Thai Union is focusing more on selling product in
domestic market to offset weaker export sales as
a result of intense competition,
TU continue to grow its new product initiatives
into Thai market such as new tuna meal product
under brand Sealect, the frozen seafood brand
Qfresh and shrimp snack Monori
Remark: *4Q16 figures were restated mainly due to reclassification of fishing fleet discontinued operations
2,549 2,803
4,317
3,342 3,439
0.00
1000.00
2000.00
3000.00
4000.00
5000.00
6000.00
7000.00
8000.00
9000.00
10000.00
1Q17 2Q17 3Q17 4Q17 1Q18
Sales:THB+34.9% YoY
+2.9% QoQ
Page 48
5,9316,598
5,932
7,414
5,020
-1000.00
1000.00
3000.00
5000.00
7000.00
9000.00
11000.00
13000.00
15000.00
1Q17 2Q17 3Q17 4Q17 1Q18
Sales:THB
EM and Rest of the world: New market penetration
2017 Emerging markets sales of THB 5.0bn, down
15.4% YoY.
The weakness was driven mainly by lower sales
to Japan. However, the initiatives to sell frozen
products into China through both own brand King
Oscar and business partnership with Alibaba still
deliver good growth, albeit from low base.
Remark: *4Q16 figures were restated mainly due to reclassification of fishing fleet discontinued operations
-15.4% YoY
-32.3% QoQ
Page 49
Remark: 1Shrimp & related business includes frozen shrimp, shrimp feed and value-added shrimp2Other seafood includes frozen cephalopod, crab, scallop, shellfish and other fish3Value-added business includes ready-to-eat products, maguro & cephalopod sashimi, local products, bakery products and snack4Other products include scrap, fishery and others
1Q18 Segment Profitability
THB 3,360 million
Gross Profit
Frozen, chilled
seafood and
related
PetCare, value
added and others
Ambient seafood
New segment
Total
Sales
(THB million)
Margin
(%)
Gross Profit
(THB million)
1,970
737
654
14,100
11,522
4,080
14.0%
6.4%
16.0%
29,703 11.3%
*Tuna business
*Sardine & Mackerel
*Ambient & Pouch Salmon
*Shrimp & related business1
*Frozen, chilled &
smoked salmon
*PetCare
*Value-added & others3
*Other seafood2
*Other products4
*Lobster
Page 50
Agenda
Key Highlights
Recent Developments
1Q18 Financial Results
Business Outlook
Page 51
Business Outlook: There are moderate positive signals in 2018
Price increases were negotiated successfully for our Branded business in Europe and in the US and will become effective starting Q218
Spot prices and average inventory cost more balanced
Positive outlook on shrimp cost and improving market dynamics in US
Product innovations and Marine Ingredient business will go live this year
Continued cost management focus, new cost program of -1bn THB initiated
Strong cash focus with continued deleveraging balance sheet trend
Page 52
Appendix
Page 53
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
0
5
10
15
20
25
2013 2014 2015 2016 2017 2018
TU SET
Share Capital Information
Stock Information
Dividend Policy
At least 50% of net profit
Major Shareholders
THB
Bloomberg/ Reuters TU TB/ TU.BK
Share price (4 May 2018) : THB 18.30
Historical price :
52-week high THB 22.70
52-week low THB 17.40
No. of paid up shares : 4,771.8mn
Par value : THB 0.25
Market Capitalization : THB 87.3bn
Chansiri Family20.4%
Niruttinanon Family 7.2%
Mitsubishi Corporation
7.3%
Thai NVDR6.9%
Social Security
Office 7.1%
Others51.2%
Source: SET and TU
As of 30 March 2018
Free float : 67.4%
Foreign ownership/ Foreign limit 33.2%/ 45.00%
Page 54
1Q18 Income Statement
Remark: *Including share of income from investment in associates
**1Q17 and 4Q17 figures were restated mainly due to COGS reclassification
***Normalized net profit exclude ALL one-off adjustments and items throughout the period
1Q18/ 1Q18/
1Q17 4Q17
Change Change
Sales 29,703 100% 31,427 100% 35,105 100% -5.5% -15.4%
Cost of sales (26,343) -88.7% (26,876) -85.5% (30,842) -87.9% -2.0% -14.6%
Gross profit 3,360 11.3% 4,551 14.5% 4,263 12.1% -26.2% -21.2%
SG&A expenses (3,335) -11.2% (3,706) -11.8% (3,341) -9.5% -10.0% -0.2%
FX gain (loss) 581 2.0% 590 1.9% 351 1.0% -1.5% 65.3%
Other income* 844 2.8% 750 2.4% 643 1.8% 12.5% 31.1%
EBIT 1,449 4.9% 2,184 7.0% 1,917 5.5% -33.6% -24.4%
Finance cost (505) -1.7% (498) -1.6% (533) -1.5% 1.5% -5.3%
EBT 944 3.2% 1,687 5.4% 1,383 3.9% -44.0% -31.7%
Tax 13 0.0% (199) -0.6% 230 0.7% -106.4% -94.5%
Profit (Loss) from discontinued operarion 10 0.0% 36 0.1% (37) 0.0% -72.5% -126.8%
Net income 967 3.3% 1,523 4.8% 1,614 4.6% -36.5% -40.1%
Net income (loss) attributable to:
Equity holders of the Company 869 2.9% 1,432 4.6% 1,440 4.1% -39.3% -39.7%
Non-controlling interests of the subsidiaries 98 0.3% 91 0.3% 173 0.5% 7.4% -43.6%
Earnings per share
Basic earnings per share 0.18 0.30 0.30 -40.0% -40.4%
Diluted earnings per share 0.18 0.30 0.30 -40.0% -40.4%
Exchange rate
THB/USD 31.54 35.11 32.95 -10.2% -4.3%
Normalized net profit*** 960 3.2% 1,069 3.4% 1,374 3.9% -10.2% -30.1%
Consolidated
4Q17*%
to sales(Unit: THB mn) 1Q18
%
to sales1Q17*
%
to sales
Page 55
Statement of Financial Position as of 31 March 2018
Remark: *Including short-term investments
Cash and cash equivalents* 542 0.4% 815 0.6% -33.4%
Trade and other receivables - net 13,961 9.8% 16,344 11.2% -14.6%
Inventories - net 40,691 28.6% 43,184 29.6% -5.8%
Other current assets 2,630 1.9% 2,174 1.5% 21.0%
Total current assets 57,824 40.7% 62,581 42.8% -7.6%
Fixed assets 25,425 17.9% 25,261 17.3% 0.6%
Goodwill and other intangible assets 13,846 9.7% 14,080 9.6% -1.7%
Other non-current assets 44,957 31.6% 44,169 30.2% 1.8%
Total Assets 142,052 100% 146,092 100% -2.8%
Bank overdrafts and short-term loans 14,075 9.9% 15,365 10.5% -8.4%
Trade and other payables 17,048 12.0% 19,823 13.6% -14.0%
Current portion of long-term loans 796 0.6% 849 0.6% -6.3%
Current portion of debentures 3,149 2.2% 0 0.0% #DIV/0!
Current portion of finance lease liabilities 49 0.0% 47 0.0% 3.2%
Other current liabilities 607 0.4% 573 0.4% 5.9%
Total current liabilities 35,724 25.1% 36,657 25.1% -2.5%
Long-term loans from financial institutions 14,594 10.3% 14,712 10.1% -0.8%
Debentures 32,914 23.2% 36,169 24.8% -9.0%
Finance lease liabilities - net of current portion 138 0.1% 155 0.1% -10.7%
Other non-current liabilities 10,413 7.3% 10,348 7.1% 0.6%
Total Liabilities 93,783 66.0% 98,040 67.1% -4.3%
Non-controlling interests of the subsidiaries 3,721 2.6% 3,768 2.6% -1.2%
Total Shareholders’ Equity 48,269 34.0% 48,051 32.9% 0.5%
Total liabilities and shareholders’ equity 142,052 100% 146,092 100% -2.8%
Change(Unit: THB mn) 1Q18% to total
assets2017
% to total
assets
Page 56
1Q18 Statement of Cash Flow
(Unit: THB mn) 1Q18 1Q17 Change
Profit before income tax 954 1,722 (768)
Adjustments for depreciation & amortisation expenses 709 679 30
Other adjustments (96) (384) 287
Changes in operating assets and liabilities 1,035 (2,862) 3,897
Cash flows receipts from operating activities 2,602 1,959 643
Net cash receipts (payments) from operating activities 2,532 1,695 837
Net cash payments for investing activities (1,052) (892) (160)
Net cash receipts (payments) for financing activities (1,857) (1,531) (325)
Net increase (decrease) in cash and cash equivalent (377) (728) 352
Cash and cash equivalents - opening balance 573 731 (158)
Exchange gain (loss) on cash and cash equivalents 6 (16) 22
Cash and cash equivalents - closing balance 190 (014) 204
CAPEX (1,233) (1,005) (228)
Management Est. Free Cash Flows* 1,369 1,049 320
Consolidated
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