2015 result presentation - thai union group · d mn) d/ton 48.7 37.2 37.5 34.1 0 10 20 30 40 50 60...

2015 Result Presentation

24 February 2016

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 our assumptions are correct. Actual results may differ materially from those projected.

Disclaimer

Agenda

Company Overview

Recap & Recent Developments

Key Highlights

2015 Financial Results

2016 Outlook & Guidance

2020 Target & Strategy

More than 38 years of seafood processing experience

Remark: *Increased in 3Q12; **Divested all shares in 1Q13, ***Increased in 3Q14 , ****Completed in 4Q14

Established

Thai Union

Frozen

Products

TUF was

listed on the

Stock

Exchange of

Thailand

Expanded

capacity of

canned

seafood

manufacturer

Set up

Chicken of

the Sea

Frozen

Foods

Expanded

capacity of

canned tuna

in Indonesia

Entered to

canned

seafood in

Vietnam

Acquired

leading

canned

seafood

brands in EU

2006 20081988 1994 1995 & 1999 2014****

Founded

Thai Union

Manufacturing

Strategic

partnership

with

Mitsubishi

Corp

Acquired

third largest

canned

seafood brand

in US

Expanded to

frozen

seafood

products

in US

Entered to

tuna fishing in

Indian Ocean

Expanded to

shrimp feed

business in

India

Expanded

capacity of

frozen shrimp

1977 1992 1997 & 2001 20092003 2007 2012-2013

Acquired

leading

smoked

salmon

in EU

Acquired #1 premium

sardine brand in

Norway, US & Australia

20.03% 90.44%

100%

51% 100% 100% 100%88.8%**

15% 25.12%* 40% 77.13%***

Expanded to

shrimp

farming in

Thailand

2012

51%

Set up

pet food

business

in the US

2010

50% 100%

2015

Acquired lobster-related

asset from Orion

Seafood Int’l

Entered a JV

with Savola

Food in

Saudi Arabia

Rebranding:

Renaming

TUF to

Thai Union

Group

2015

Acquired the

majority

stake of

Rugen Fisch

in Germany

51%

2010 2015

Group Structure

CIDENA RESOURCES (CR)

50.00%

Thai Union Frozen ProductsFrozen & canned seafood, pet food, snack and ready-to-eat meals

Branded Business OEM BusinessCore

Business

Supporting Business

Associated Companies

90.50%*

ASIAN PACIFIC CANCO., LTD. (APC)

THAI UNION GRAPHICCO., LTD. (TUG)

98.00%

TMAC CO., LTD. (TMAC)

51.00%***

100.00%THAI UNION HATCHERY (TUH)

94.44%TMK FARM CO., LTD.(TMK)

75.00%TCM FISHERY CO., LTD.(TCM)

Remark: *Investment held by SC; **Investment held by TUM, ***Investment held by TFM, ****Investment held by TUI, *****Investment held by TUFH,

******Investment held by Thai Union Norway

Source: TU’s 2014 Annual Report

Stable sales contribution by product category

55%

28%

100% 67% 23% 1% 36%

45%

72%

33% 77%99%

64%

Remark: 1Shrimp & related business comprises of frozen shrimp (including lobster) and shrimp feed. 2Value-added & other products includes ready-to-eat products, frozen cephalopod, canned seafood, local products, bakery products, and sales of scraps

% Sales 37% 26% 3% 6% 9% 7% 12%

Sales 46,395 32,649 3,580 7,411 11,346 8,158 15,664(THB mn)

Private label

Brand

Tuna

Shrimp and related business1

Sardine & Mackerel

1

2

3

Salmon

4

Pet care Value-added & other products2

5 6Frozen shrimp

Shrimp feed

2015

Sales breakdownTHB 125,183 mn

40%47%

New segmentation to reflect business dynamic

Ambient seafoodSales: THB 59,142mn

Pet care, value added

and othersSales: THB 15,734mn

Frozen, chilled seafood

and relatedSales: THB 50,307mn

Frozen, chilled &

smoked salmon

Tuna business

Other seafood2Sardine & MackerelAmbient & Pouch

Salmon

Shrimp & related

business1 Pet care

Value-added

business3

Remark: 1Shrimp & related business includes frozen shrimp, lobster, 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

Total 2015 sales: THB 125,183mn

Other products4

61%

39%

Sales Split:

39%

61%

7%

93%

13%Brand

Private label

Brand

Private label

Brand

Private label

#1 Global leader in a consumer staple business

TUF18%

Others82%

World Canned Tuna Annual Production1

1.67 million tons

TU is the world’s largest canned tuna producer, with the processing volume 18% of world production.

Source: 1Fishstat Plus (FAO) 2010, based on finished product production

Global market leading brand portfolio

Remark: *Completed acquisition of King Oscar in 4Q14

•#1 canned seafood

brand in the UK, Ireland

and the Netherlands

#1

•#1 canned

seafood brands

in France

#1

•#1 premium

canned sardine

brand in France

#1

•#1 premium canned

sardine brand in US,

Norway, Australia *

#1

• #1 canned tuna

brand in China

•(by sales value)

#1

•#1 canned tuna

brand in Thailand

#1

•# 1 frozen seafood

importer and

distributor in the US

#1

•#2 tuna brand

in Italy

#2

•#3 canned seafood

brand in the US

#3

Fully integrated global supply chain in canned tuna…

Raw material sources

Raw material flow

Work-in-process and finished good flow

Production base

Fishing fleet

Indian ocean

West Pacific Ocean

Thailand

USA

Europe

Ghana

SeychellesAtlantic ocean

TU’s 7 own fleets

Vietnam

Papua New Guinea

Fisheries Processing Canning Marketing

Raw Material Acquisition Production Marketing

• 7 own fishing vessels with

capacity of 39,000 tons per year • Covers the Atlantic Ocean

• 8 locations in 7 countries

• Maximum capacity is approximately

610,000 tons per year

• 6 Brands

• 5 Continents

Can & Label

Production

• Empty can and

printing factories in

Thailand

… and frozen shrimp business

BreedingShrimp Feed ProcessingFarm

• Shrimp breed

development &

hatchery in

Thailand

• 2nd largest Thai

producer with

annual capacity of 330,000 tons

• Small farms in

the South and

partner farms in Thailand

• 2 locations in Thailand

• Total capacity of 110,000 tons per year

MarketingValue Adding

• Chicken of the Sea

Frozen Food

• 3 Continents

Raw Material Acquisition Production Marketing

Full traceability

Indian ocean

Pacific ocean

Thailand

USA

Europe

Japan

Atlantic ocean

Asia

Oceania

India

Latin America

China

Vietnam

TU’s export markets

Production base

COSFF’s sourcing

COSFF’s distribution

Chicken of the Sea Frozen

Food (COSFF)

Full Traceability

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

0

5

10

15

20

25

1/4

/20

10

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/20

10

3/1

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01

04

/26

/201

06

/7/2

010

7/1

3/2

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08

/20

/201

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4/2

01

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1/1

/201

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/201

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/14

/201

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/28

/201

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5/1

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16

/16

/201

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/25

/201

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/30

/201

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/201

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…1

/24

/201

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012

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26

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/201

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01

29

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012

10/9

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…1

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35

/22

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/5/2

013

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41

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/29

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51

1/4

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2/1

1/2

…1

/19

/201

6

2/2

4/2

01

6

TUF SET

Share Capital Information

Bloomberg/ Reuters TU TB/ TU.BK

Share price (24 Feb 2016) : THB 19.40

Historical price :

52-week high THB 22.50

52-week low THB 15.80

No. of paid up shares : 4,771.8mn

Par value : THB 0.25

Market Capitalization : THB 92.6bn

Stock Information

2010 2011 2012 2013 2014 2015 2016

Dividend Policy

At least 50% of net profit

Free float : 63.92%

Foreign ownership/ Foreign limit 39.01%/ 45.00%

Major Shareholders

Chansiri Family20.4%

Niruttinanon Family 7.0%

Mitsubishi Corporation

7.3%

Thai NVDR11.0%

Social Security

Office 4.6%

Others49.7%

As of 30 Dec 2015

Source: SET and TU

THB

Agenda

Company Overview


Key Highlights




Successful integration of MerAlliance & King Oscar

Unit: EUR mn

Revenue

152158

Plan Actual

Unit: EUR mn

OperatingProfit

2.8

6.6

Plan Actual

517

559

Plan Actual

48

53

Plan Actual

FY2015

FY2015

• FY2015 synergies were created by EUR 1.9mn

(Annualized)

+3.9%

+136%

+8.1%

+10.4%

• Strengthened account management by cross

team collaboration

• Brand rollout schedule Q4, 6 months ahead of

schedule

Unit: NOK mn

Revenue

Unit: NOK mn

Operating Profit

FY2015

FY2015

Low tuna price prompt fleet impairment

Revenue U

SD

mn

Volu

me (

tonnes 0

00s) T

una p

rice U

SD

/ton

48.7

37.2 37.534.1

0

10

20

30

40

50

60

FY2012 FY2013 FY2014 FY2015E

Normalized revenue performance

2,1271,956

1,361

1,170

0

500

1,000

1,500

2,000

2,500

0

10

20

30

40

50

FY2012 FY2013 FY2014 FY2015E

Catch Volume and Tuna price

Catch volume Tuna price

2007: Purchased 4 fishing vessels & associated

operations

2010: Acquired 5 more fishing vessels after a

purchase of MW Brand

2015: Operating 7 tuna fishing vessels.

An annual catch of 20,000-400,00 metric tonnes

Our fishing operations total net book value of

fixed assets was US$52.6m

Due to a sharp fall in tuna prices, TU decided to

impair the asset by THB 508mn for prudent

accounting policy

Asset is currently being reviewed for the strategic

direction of the fleet business

Overview

Due to a sharp fall in tuna prices, TU decided to impair the asset for prudent accounting policy by

THB 508mn during 4Q15

“Seafood is good for all,” US Department of Health and Human Services

US Department of Health and Human Services (HHS) has

recently released the 2015-2020 U.S. Dietary Guidelines

for Americans (DGA’s), which highlighted seafood not

only as an “important source” of nutrients that offers

many “health benefits”, but a diet that could help

“reduce risk “of heart disease as well.

Dietary Guidelines recommends Americans to eat at

least 8oz of seafood per week. The recommendation for

pregnant and breastfeeding women is to consume 8 to 12

oz. per week since seafood has a great source of proteins

and nutrients. However, a healthy eating patterns should

also include a variety of vegetables, oils, grains and fruits

as well.

Example of a shift to a healthier eating trends include the

use of vegetable oils instead of solid fats, increasing the

intake of food that naturally contain oils such as seafood

and nuts instead of meat and poultry and achieving higher

level of intake of dietary vitamin D by consuming seafood

such as salmon, herring and tuna.

Average Protein Foods Subgroup Intakes in Ounce-

Equivalents per Week by Age-Sex Groups,

Compared to Ranges of Recommended Intake

2016 Recent Development

Feb: Announcement of the completion of a 51% equity stake of Rügen Fisch AG

Rügen Fisch will contribute to TU’s consolidated financial statement from Feb 2016 onward

Company Name: Rügen Fisch AG

Location: Island of Rügen, Germany

Revenue EUR 140mn

EV/EBITDA 6.5 times

Share proportion

to be acquired:51%

Seller Brinkman Family

Business:

Supplying ambient and chilled fish

including herring, mackerel and salmon

across Germany under brands, along

with private label business

Brands:

No. of plants3 facilities in Germany

1 facility in Lithuania

Remark: Thai Union entered into an agreement to acquire majority stake of Rügen Fisch in Germany last Dec 2015

2016 Recent Development (Cont’d)

Feb: The winner of The “Best Treasury & Finance Strategies in Asia-Pacific” Award

“2015 Asia’s Best for Forecasting Strategy”

Thai Union’s Group Corporate Finance & Tax team was announced to be the winner of The “Best

Treasury & Finance Strategies in Asia-Pacific” Award under “2015 Asia’s Best Forecasting Strategy”

categorized by the Corporate Treasurer Magazine

TU’s treasury centre is considered to be in a far better position to manage its forecasting and

subsequently its liquidity thanks to the landmark strategy and cash visibility gained from centering up.

HSBC played a pivotal role in this structure and therefore felt it only necessary to commend them

jointly this award

The assessment was judged on complexity, innovation, and overall influence and impact to the

company, the winner has proven complete commitment to improving operations for the better

Launched in Apr 2012 The Corporate Treasurer is the only independence print publication in Asia dedicated

to serving treasury teams and CFOs

Published by Haymarket Financial Media, The Corporate Treasurer was born out of FinanceAsia’s Corporate

Treasury News and has become a forum from daily market intelligence and long-term strategic insight for

senior finance professionals across Asia

2015 Recent Development

Thai Union, by 31 December 2015, has cease working with all external pre-

processors and will bring all processing operations in-house. The move will

provide TU with full oversight of all processing stages

TU took this decision following a full review of our supply chain and the release of

our revised Business Ethics and Labor Code of Conduct in September 2015. We

were concerned that, despite regular audits, it is difficult to guarantee that all

external preprocessors were adhering to our Code of Conduct

From 1 January 2016 onwards, ALL processing work will be directly

controlled by Thai Union, ensuring transparency, traceability of our supply

chain and upholding the rights of our employees. TU is confident that by

working in-house at our processing facilities, all workers' rights will be guaranteed

Over one thousand of employees from PP facilities have been employed to

work at TU factories

Thai Union also provided financial support to those workers who had been out of

work since Thai Union terminated business with external pre-processors. During

this transition period, the pre-processing employees were paid their minimum wage

to ensure that they were not struggling as a result of external factors

Dec: Thai Union welcomed over one thousand former workers from external pre-processing suppliers

Dec: Thai Union with Lion Capital mutually terminated the acquisition of Bumble Bee Foods, LLC

Thai Union have reached an agreement with Lion Capital to mutually terminate the acquisition of Bumble Bee Foods, LLC (Bumble

Bee Seafoods) on December 4, 2015. The termination of the Share Purchase Agreement is effective immediately with NO break up

fee.

Thai Union announced that it had agreed to acquire Bumble Bee Seafoods on December 19, 2014. Over the course of last twelve

months, both Thai Union and Lion Capital have vigorously advocated the merits of the deal to the U.S. Department of

Justice. However, Thai Union and Lion Capital have concluded that the clearance is unlikely under the time stipulated in the Share

Purchase Agreement.


Dec: Thai Union was ranked “Best for Overall Corporate Governance in Thailand” for the first time in

Asiamoney’s Corporate Governance Poll 2015

Thai Union was ranked:

No.1 Best for Overall Corporate Governance in Thailand

No.1 Best for Responsibilities of Management and the

Board of Directors in Thailand

No.1 Best for Corporate Social Responsibility in

Thailand

No.2 (Joint) Best for Shareholders’ Rights and Equitable

Treatment in Thailand

No.2 Best for Investor Relations in Thailand

No.3 Best for Disclosure and Transparency in Thailand


Dec: Thai Union awarded “Excellence in Investor Relations” from IR Magazine Awards South East Asia

2015

Mr. Wai Yat Paco Lee, Deputy General Manager of Investor Relations and Corporate Investment of Thai Union Group PCL,

received on behalf of the company, a Certificate for Excellence in Investor Relations at the IR Magazine Awards South East

Asia 2015. The event was recently held in Singapore. The annual award was voted by investors and stock analysts from all over Asia

over 400 people. The receipt of this certificate demonstrates that Thai Union has gained good trust from the investment community.

The investor relations team has been providing with investors with timely, accurate & comprehensive information.


Nov: Thai Union awarded “Outstanding Investor Relations Awards” by SET for the 2nd year running

Mr. Wai Yat Paco Lee, Deputy General Manager, Investor Relations and Corporate Investment of Thai Union Group PCL,

recently received, on behalf of the company, SET Awards 2015 for the Category “the Outstanding Investor Relations

Awards” for publicly listed companies worth over THB 100,000mn at the Stock Exchange of Thailand (SET). This is the 2nd

consecutive year that Thai Union has received this award. The award was presented by Mrs. Kesara Manchusree, President of the

SET, at the SET Awards 2015 ceremony held on 25th November. This event was organized by the SET and Money & BankingMagazine.


2015 Recap: An eventful year

Acquisitions

SustainabilitySustainability

Rebranding

Financing

Acquisition & JVJan: Effective date of new par trading (change to THB 0.25 from THB 1)

Feb: COSFF signed the asset purchase agreement with Orion Seafood International

Feb: BOD approved of Preferential Public Offering (PPO)

Jun: Reception of Global Treasury Centre’s Permission

Jul: Official launch of Thai Union’s 2nd Sustainability Report

Jul: PPO suspension announcement

Aug: Reception of International Headquarters’ Permission

Share buyback announcement: Songkla Canning PCL

Sep: Joint venture announcement: Savola Foods Company

Sep: Official member of DJSI Emerging Markets for the 2nd year running

Sep: Share buyback announcement: Thai Union Manufacturing Co., Ltd

Sep: Official change of the company name, seal and trading symbol

Oct: Official member of Thailand Sustainability Investment 2015

Dec: Acquisition termination announcement: Bumble Bee Seafoods

Acquisition announcement: Rugen Fisch

Dec: Announcement of bringing in all shrimp pre-processing in-house

Proposed final dividend for the period: 1 Jul 15 to 31 Dec 15

DPS THB 0.31

XD 7 March 2016

Book closing date 10 March 2016

Payment date 21 April 2016

Proposed final dividend of THB 0.31 per share

Remark:

* The company changed the par value from THB 1 to THB 0.25 and registered with the Ministry of Commerce on 25 Dec 2014.

Hence, dividend per share has been revised retroactively to reflect the par change of THB 0.25.

0.30 0.28 0.28 0.32 0.48 0.40 0.39 0.53 0.38 0.54 0.32

0.31

50.1% 50.4%53.5%

50.6% 50.7% 50.0%

29.4%

51.3%

59.9%

50.5%56.7%

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014* 2015

THB/Share

DPS (LHS) Payout Ratio (RHS)

Agenda

Company Overview


Key Highlights




4Q15: Sustained at high level

GP normalized(Reported GP: THB 4,730mn)

NP normalized

(Reported NP: THB 757mn)

5,238

1,614

Sales(THB mn)

33,333 +1.7%

YoY Chg Margin

+11.3% 15.7% (+136bps YoY)

+83.3% 4.8% (+216bps YoY)

OP normalized(Reported OP: THB 1,265mn)

1,861 +22.1% 5.6% (+93bps YoY)

Remark:

*Operating margin = (COGS – SG&A)/sales

**Normalized gross profit, OP and net profit are excluded of year-end adjustment items incurred in 4Q15 including fishing fleet impairment (THB 508m), capital raising

expenses (THB 211mn), net reversal of fishing fleet impairment (THB 82mn; reversal THB 110mn and related tax THB 28mn), net reversal of M&A related expenses

(THB 14mn), and loan commitment fees in preparation for Bumble Bee acquisition (THB 176mn), and acquisition-related expense (THB 57mn)

Remark:

**Normalized net profit are excluded of year-end adjustment items incurred in 2015 including fishing fleet impairment (THB 508m), capital raising expenses

(THB 211mn), M&A related expenses (THB 273mn), net FX gains from unwinding hedged EUR in January 2015 (THB 237mn) , FX gains from unwinding of

Bumble Bee acquisition-related derivatives (THB 186mn), acquisition-related expenses (THB 57mn), and loan commitment fees in preparation for Bumble

Bee acquisition (THB 176mn) Source: 1TU; 2SET (Jan 2’14: THB70/share, Dec 30’14: THB90.50/share, Jan 5’15: THB22/share and Dec 30’15: THB17.20/share)

2015 Normalized Net

Profit up 8% YoY to

THB 6,106million

(Reported NP THB 5,303million)

Declining ND/E thanks to

lower WC and debt level

Share price movement

20142

(Jan-Dec 14)

+29.3%

20152

(Jan- Dec 15 )

-21.8%

2014

0.85x

2015

0.75x

Record net profit yet another year

5,672

5,092

10,999

19,020

6,106

5,303

11,526

19,501

Financial Summary1

(THB million)

125,183

121,402

Gross Profit*

Total Sales

EBITDA*

NormalizedNet Profit**

2015

2014

+2.5%

+4.8%

+7.7%

Q1’12

Q1’11

Net Profit* +4.1%

2015

2014

2015

2014

2015

2014

2015

2014

+3.1%

Consistent YoY quarterly improvement for past 8 quarters

27,948 30,258 30,423.26 32,772

28,606 30,642

32,602 33,333

14.9%16.1%

17.2%

13.9% 13.8%

16.9% 17.3%15.7%*

3.4%

5.0%6.3%

2.1%

5.3%4.6% 5.0% 4.8%*

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

Total sales (THB mn) GPM NPM

% Growth YoY

Sales 14.3 7.6 3.3 6.4 2.4 1.3 7.2 1.7

Gross profit** 56.0 39.7 28.4 14.5 -5.2 6.3 7.4 3.9

Net profit** 40.8 323.9 91.4 -14.3 58.7 -7.2 -15.4 8.5

Remark:

*Normalized gross profit and net profit are excluded of year-end adjustment items incurred in 4Q15 including fishing fleet impairment (THB 508m), capital raising

expenses (THB 211mn), net reversal of fishing fleet impairment (THB 82mn; reversal THB 110mn and related tax THB 28mn), net reversal of M&A related

expenses (THB 14mn), and loan commitment fees in preparation for Bumble Bee acquisition (THB 176mn), and acquisition-related expenses(THB 57mn)

**Reported profits and margins

14.2%**

2.3%**

4Q15 Key highlights

4Q15 Sales up 1.7% YoY to THB 33.3bn thanks to the contribution from recently acquired businesses,

namely the full quarter consolidation of MerAllliance (Nov 2014) and King Oscar (Nov 2014) and Orion

(Feb 2015). However, overall growth was limited by depreciation of EUR against THB (2015 AVG

THB39.24/EUR, -3.3% YoY) and low commodity prices of tuna (4Q15 average price of USD1,047/ton,

down 12% YoY).

4Q15 Normalized GP up 11.3% YoY to THB 5,237bn mainly on improved gross profit margin YoY

(15.7% in 4Q15 vs. 14.4% in 4Q14) boosted by recent acquisitions and improved margins of Thailand-

based shrimp processing & pet care business. However, the reported GP was up a mere 3.9% to THB

4,730bn due to the fishing fleet impairment worth THB508mn during the 4Q15.

SG&A up 8.2% YoY to THB3,465mn in 4Q15 due to M&A-related expenses, corporate rebranding and

investment for Global Innovation Incubator, and the SG&A as a % of sales was at 10.3%. Excluding

Bumble Bee acquisition-related expenses and other year-end adjustment items, 4Q15 normalized SG&A

ratio (% of sales) would have been 10.0%, in line with our target. As a result, 4Q15 normalized OPM

was at 5.7%, up 102bps YoY.

4Q15 Normalized Net Profit up 83.5% YoY to THB 1,614mn with 4.8% NPM (vs. 2.7% in 4Q14). The

improved normalized profits was driven by improved operating margin and lower financing costs. Equity

income was at THB147mn (+177% YoY), from improved operation in Indian-based shrimp feed associate

Avanti Feeds. Operation-related FX was THB128mn gains vs a losses of THB244mn in 4Q14.

However, 4Q15 reported NP was up only 8.4% YoY to THB 758mn, mainly due to the fishing fleet

impairment, Bumble Bee acquisition related expense, and related tax impacts.

Strong operational cash flows. 4Q15 Working capital cycle at 108 days, vs 117 days in 4Q14 thanks

to good WC management, low RM prices in tunaRemark:

*Normalized gross profit, OP and net profit are excluded of year-end adjustment items incurred in 4Q15 including fishing fleet impairment (THB 508m), capital

raising expenses (THB 211mn), net reversal of fishing fleet impairment (THB 82mn; reversal THB 110mn and related tax THB 28mn), net reversal of M&A

related expenses (THB 14mn), and loan commitment fees in preparation for Bumble Bee acquisition (THB 176mn), and acquisition-related expense (THB 57mn)

31

2015 Key highlights

2015 Sales up 3.1% YoY to THB 125.2bn thanks to the contribution from recently acquired

businesses, namely MerAllliance, King Oscar and Orion. However, overall growth was limited by

depreciation of EUR against THB (2015 AVG THB38.06/EUR, -11.4% YoY) and low commodity

prices of tuna (2015 average price of USD1,170/ton, down 14% YoY) and shrimp.

2015 GP up 5.2% YoY to THB 20,009mn on top end of GPM guidance (16.0% in 2015 vs.

15.9% in 2014) boosted by recent acquisitions and improved margins of Thailand-based shrimp

processing & feed business. However, the reported GP was up by 2.5% YoY to THB19.5bn due

to the fishing fleet impairment worth THB508mn during the 4Q15.

SG&A up 5.7% YoY to THB12.7bn at 10.2% of sales due to corporate rebranding and

investment in Global Innovation Incubator (Gii). Excluding one-off items, SG&A (% of sales) would

have been 9.8%, marginally below our target of 10.0%.

2015 Normalized Net Profit up 7.7% YoY to THB 6,106mn with 4.9% NPM (vs. 4.7% in 2014).

The improved normalized profits was driven mainly by the improved domestic shrimp and pet care

businesses, and lower interest costs (2015 effective interest costs of 3.71% vs 3.75 during 2014).

However, reported NP was up only 4.1% YoY to THB 5.3bn, mainly due to the fishing fleet

impairment, Bumble Bee acquisition related expense, and related tax impacts.

Lower ND/E to 0.75x (from 0.85x in 2014) thanks to declined interest-bearing debts resulted

from lower working capital requirement, and lack of major acquisition during the year

Remark:

*Normalized gross profit, OP and net profit are excluded of year-end adjustment items incurred in 2015 including fishing fleet impairment (THB 508m), capital

raising expenses (THB 211mn), M&A related expenses (THB 273mn), net FX gains from unwinding hedged EUR in January 2015 (THB 237mn) , FX gains from

unwinding of Bumble Bee acquisition-related derivatives (THB 186mn), acquisition-related expense (THB 57mn), and loan commitment fees in preparation for

Bumble Bee acquisition (THB 176mn)

Company Overview


Key Highlights




Agenda

2015 net profits of THB 6,106mn, before year end items

Unit: THB mn

508 211 57 28

FY2014Reported

NP

FY2015Normalized

NP

5,302

6,106

4Q15Reported

NP

4Q15Normalized

NP

758

57

508

2111,614

To demonstrate the true operation performance of the company, we have excluded one-off adjustment items incurred

during 2015 and 4Q15 from reported profits, including:

Fishing fleet impairment (THB 508m),

Capital raising expenses (THB 211mn)

Acquisition-related expenses (THB 57mn)

Net of other one-off items during each respective periods: 2015 (THB 28mn) and 4Q15 (THB 80mn)

As a result, we have presented our normalized net profits of THB 6,106mn for 2015 and

THB 1,614mn for 4Q15 to better reflect the true operating performance

Unit: THB mn

80

32,772 32,602 33,333

4Q14 3Q15 4Q15

Sales Breakdown by CategoryTHB mn

USD mn

+1.7% YoY

+2.2% QoQ

Remark: 1Shrimp & related business comprises of frozen shrimp (including lobster) and shrimp feed. 2Value-added & other products includes ready-to-eat products, frozen cephalopod, canned seafood, local products, bakery products, and sales of scraps

Value added &

other products2

Pet care

SalmonSardine & Mackerel

Shrimp & related

business1

Tuna

121,402 125,183

2014 2015

+ 3.1% YoY

Value added &

other products2

Pet care

Salmon

Sardine & Mackerel

Shrimp & related

business1

Tuna

2015 sales growth in most categories despite the negative impact of weak EUR and low RM prices

4Q15 sales grew by 1.7% YoY to THB 33,333mn (down 7.6% YoY in dollar term to USD 930mn). Thanks to the full quarter

consolidation of private label salmon producer MerAllliance (Nov 2014) and canned sardine/mackerel producer King Oscar (Nov

2014). Lobster trader (Orion) also boosted the shrimp and related business sales growth. Tuna sales dropped 11.4% YoY due to

the impact of low commodity prices of tuna (4Q15 average price of USD1,047/ton, down 12% YoY) and weaker EUR against THB

on branded sales, intensifying competition, slow private label sales upon low RM prices. Sales of pet care were stable YoY.

2015 sales were up 3.1% YoY to THB 125,183mn thanks to the contribution from recently acquired businesses, namely

MerAllliance, King Oscar and Orion, that support sales of shrimp, salmon and sardine/mackerel businesses. However, the total

sales growth was capped by weak EUR and low RM prices on private label tuna.

1,007 975 930 3,750 3,716

Solid 2015 sales growth of 6.5%, before currency impact

Revenue growth component(THB million)

Remark: 1Shrimp & related business comprises of frozen shrimp (including lobster) and shrimp feed. 2Value-added & other products includes ready-to-eat products, frozen cephalopod, canned seafood, local products, bakery products, and

sales of scraps

USD mn

930

4Q14 4Q15

32,77233,333

+137-1,223-3%

+ 2,285-1,221

-66-565

-10% +27%

-23% -6%+26%

+726

TunaShrimp

& related

business1

Sardine

&

Mackerel

Salmon Pet

care

Value

added

& other

products2

+8% +4%

+487

USD

effect

EUR

effect

USD mn

3,716

2014 2015

+1,605

-495

-9%

+ 6,126-4,807

-771

-9% +21%

-3%

-13%+102%

+6,279

Tuna Shrimp

& related

business1

Sardine

&

Mackerel

Salmon Pet

careValue

added

& other

products2

+25%

+2%

+1,022

USD

effect

EUR

effect

121,402

125,183-5,179

1,007 3,750

+1.7% YoY

+3.1% YoY

+6.5% YoY

Before currency impacts

44% 42%

29% 29%

7% 8%7% 6%

13% 14%

2014 2015

Others

Japan

Domestic

Europe

USA

Stable geographic market and business breakdown

Sales Breakdown by BusinessSales Breakdown by Geographic

THB 121,402mn THB 125,183mn

41% 41%

59% 59%

2014 2015

Privale label

Brand

Higher sales contribution from the domestic and

European markets in 2015. 2015 YoY sales growth of

3.1% was driven by Europe, domestic, Africa, Asia and

Canada markets, but also partly offset by decline in US,

Australia, South America and Middle East markets.

On quarterly basis, 4Q15 sales growth of 1.7% YoY

was mainly driven by European and Africa markets.

Growing hand-in-hand 2015 branded sales was stable

YoY at 41.3% of the total sales. 2015 branded sales alone

grew 3.2% YoY (driven mainly by King Oscar acquisition),

compared with 3.1% in private label sales (thanks to the

additions of MerAlliance and Orion). Note that the

branded business sales was slightly depressed due to

EUR depreciation during the year

GPM hitting top end of the target

4Q15 reported gross profit (GP) rose 3.9% YoY to THB 4,730mn thanks to contributions from King Oscar, MerAlliance,

and Orion as well as the turnaround of pet care and Thailand-based shrimp processing and feed businesses, but tuna

contribution was about the same as a year ago. However, excluding the impairment of fishing fleet worth THB 508m, the

normalized gross profits would be THB 5,238mn, up 11.3% YoY.

4Q15 gross profit margin (GPM) was at 14.2% (up from 13.9% in 4Q14) of which the improvement from the domestic

shrimp business was capped by the aforementioned fishing fleet impairment expenses. Excluding such impairment, 4Q15

normalized GPM would be at 15.7%, up 136bps YoY.

2015 GP up 2.5% YoY to THB19,501mn. Excluding the impairment expenses, GP would rise 3.6% YoY to THB 20,009mn

4,704

5,6345,238

4Q14 3Q15 4Q15

Gross ProfitTHB mn

19,020 19,501

2014 2015

GP Margin 13.9% 17.3% 14.2%

+3.9% YoY

-16.0% QoQ

4,552

5,6344,730

4Q14 3Q15 4Q15

+2.5% YoY

15.7% 15.6%

19,323

20,009

2014 2015Norm GP Margin

14.4% 17.3% 15.7%

+11.3% YoY

-7.0% QoQ

+3.6% YoY

15.9% 16.0%

Normalized Gross Profit*THB mn

Remark:

*Normalized gross profit are excluded of year-end adjustment item including fishing fleet impairment (THB 508m) incurred in 4Q15

2015 average raw material prices were on downtrend

0

50

100

150

200

250

300

Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16

0

500

1,000

1,500

2,000

2,500

3,000

Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16

White shrimp raw material prices(THB/kg. of 60 pcs./kg)

189 (Jan’16)

Skipjack tuna raw material prices(USD/ton)

1,000

(Jan’16)

In 4Q15, average price was at USD 1,047/ton (-12% YoY,

-27% QoQ). In 2015, average price was at USD

1,170/ton (-14% YoY)

In 4Q15, average price was at THB 162/kg (-15% YoY,

-0.8% QoQ). In 2015, average price was at THB 168/kg

(-24% YoY)

Continual rise in OP while SG&A still in check

4Q15 operating profit (OP) declined 6.2% YoY to THB1,265mn. Besides the fishing fleet impairment, the decline was

also due to one-off M&A-related expenses related Bumble Bee deal that was cancelled in 4Q15. SG&A expenses accounted

for 10.4% of sales during the quarter (vs 9.8% during 4Q15). Excluding the one-time items, the normalized SG&A ratio

should have improved to 10.1%, inline with the company’s target guidance of 10.0%. As a result, the 4Q15 normalized OPM

should be at 5.6%, up 93bps YoY.

2015 OP was dropped 2.9% YoY to THB 6,785mn due to a numbers of one-time items incurred during 2015. Excluding

these one-offs, 2015 OP would be THB 7,778mn, up 0.7% YoY

Operating Margin

Operating ProfitTHB mn

Norm OP Margin

1,348

2,366

1,265

4Q14 3Q15 4Q15

4.1% 7.3% 3.8%

-6.2% YoY

-46.6% QoQ

5.8% 5.4%

1,524

2,456

1,861

4Q14 3Q15 4Q15

4.7% 7.5% 5.6%

+22.1% YoY

-24.2% QoQ

6.4% 6.2%

+0.7% YoY

Normalized Operating Profit*THB mn

6,9906,785

2014 2015

Remark:

*In 4Q15, there were year-end adjustment items to SG&A including, capital raising expenses (THB 211mn), reversal of fishing fleet impairment (THB 110mn), and

net reversal of M&A related expenses (THB 14mn)

**In 2015, there were year-end adjustment items to SG&A including, capital raising expenses (THB 211mn), and M&A related expenses (THB 273mn)

-2.9% YoY

7,7257,810

2014 2015

4Q15 EBITDA growth of 23% YoY mainly driven by FX

4Q15 EBITDA up by 6.1% YoY to THB2,351mn mainly due to an FX gains of THB128mn (from losses of THB 244mn in

4Q14), and improved equity income from Indian-based shrimp feed producer associate Avanti Feeds (equity income of

THB147mn, up 177% YoY).

2015 EBITDA increased by 4.8% YoY to THB11,526mn. Excluding one-off items, the 2015 normalized EBITDA would be

THB 12,038mn, up 2.0% YoY.

2,391

3,2022,947

4Q14 3Q14 4Q14

2,214

3,297

2,351

4Q14 3Q14 4Q14

Normalized EBITDA*THB mn

EBITDATHB mn

10,99911,526

2014 2015

6.8% 10.1% 7.1%EBITDA Margin

+6.1% YoY

-28.7% QoQ

9.1% 9.2%

11,799 12,038

2014 2015

7.3% 9.8% 8.8%

Norm

EBITDA Margin

+23.2% YoY

-8.0% QoQ

9.7% 9.6%

+2.0% YoY

+4.8% YoY

Remark:

*In 2015, there were year-end adjustment items to FX items including, FX gains from unwinding hedged EUR in January 2015 (THB 296mn) , FX gains from

unwinding of Bumble Bee acquisition-related derivatives (THB 186mn)

2015 normalized and reported NP making record high

4Q15 net profit (NP) up 8.5% YoY, but down 53.4% QoQ to THB 757mn. The underlying YoY improvement was capped

by the numbers of exceptional items during 4Q15 including impairment charge on fishing fleet and M&A-related expenses.

Excluding the one-offs, 4Q15 normalized profits would be at THB1,614mn, up 83.3% YoY due to improved operating margin,

improved associate companies’ operations and lower financing costs.

2015 normalized NP was at a record THB 6,106mn, up 7.7% YoY. Including extraordinary items during the year, the

reported profits was THB 5,303mn.

878

1,5311,614

4Q14 3Q15 4Q15

698

1,626

757

4Q14 3Q15 4Q15

5,0925,303

2014 2015

Net ProfitTHB mn

4.2% 4.2%

+4.1% YoY

2.1% 5.0% 2.3%NP Margin

+8.5% YoY

-53.4% QoQ

Normalized Net Profit*THB mn

2.7% 4.7% 4.8%

+83.3% YoY

+5.4% QoQ

5,6726,106

2014 2015

4.7% 4.9%

+7.7% YoY

Remark:

*In 4Q15, there were year-end adjustment items to finance costs including, loan commitment fees in preparation for Bumble Bee acquisition (THB 176mn),

acquisition-related expense (THB 57mn), and additional tax expenses from the reversal of fishing fleet impairment (THB 28mn)

**In 2015, there were year-end adjustment items to finance costs including, acquisition-related expense (THB 57mn), and loan commitment fees in preparation

for Bumble Bee acquisition (THB 176mn), and additional tax expenses from the unwinding hedged EUR in January 2015 (THB 59mn)

Improving margin and declining WC reducing leverage

+52+1,071

+1,103

+3,162

+2,063

+1,315

Operating Activities

THB 14,826 mnInvesting & Financing Activities

Free Cash Flow THB 11,664 mn

Unit: THB mn

ND/E 0.85x

Kd = 3.75%

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

ND/E 0.75x

Kd = 3.71%

36,363

+2,720

-4,806

-12,24640,567

Other

Investing/

Financing

activities*

Other

non-cash

expenses

Net interests

paidChange in

other assets

and liabilities

Change in

net working

capital

Net Debt

as of

31 Dec 2014

Net Debt

as of

31 Dec 2015

Tax

payment

Dividends

paidEBITDA CAPEX

+1,362

Investment

in

Subsidiaries

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

*2015 Net profit are excluded of year-end adjustment items with total value of THB 802mn

Improving profitability and inventory turnover

42,634 44,438 41,070

125

129

123

FY13 FY14 FY15

WC (THB mn) WC Day

Net WC3

12.9%*12.5%

9.3%

FY15FY14FY13

0.75x0.85x0.92x

FY15FY14FY13

ROCE2

13.6%*12.2%

7.4%

FY15FY14FY13

ROE1

4543

40

FY15FY14FY13

A/R Days

124131127

FY15FY14FY13

INV Days ND/E4

11.9% 12.0%

Improvement in inventory turn and WC

34,464

33,885 35,809

37,518 34,133

33,169

35,032 35,180

135

122125

117

131

119

114

110

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

Inventory (THB mn) Inventory Days

Inventory Days Net Working Capital Days

40,278 40,088 40,514

44,438

39,918 39,315 38,631 41,070

134

120 119117

133

116

108 108

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

NWC NWC days

Cash

Conversion

Rate1-0.1 1.1 1.2

Strong 2015 FCF sending cash conversion rate to a new high

Annual Free Cash FlowTHB mn

-356

9,162

11,664

2013 2014 2015

Remark: 1Cash Conversion Rate = FCF / EBIT

1,039

5,469

-1,747

4Q14 3Q15 4Q15

Quarterly Free Cash FlowTHB mn

Declining debts with balanced maturities

Interest-bearing debts of THB 39,179mn

42%

2%

Long-term loan by maturity(THB 15,928 mn)

By Maturity

2019 onwards

2018

2017

2016

2015

Long-term

Debt

Current

Portion

of Long-

term Debt

& finance

lease

Short-term

Loan

41%

9%

49%

1%Finance

lease

By Currency

EUR

USD

THB

THB 46,724mn THB 39,179mn

2014 2015

3.6%

18.0%

78.5%

1.2%

21.5%

77.3%

4Q15 Income Statement

Remark *Including share of income from investment in associates

*Normalized net profits exclude ALL one-off adjustments and items through the year

4Q15/ 4Q15/

4Q14 3Q15

Change Change

Sales 33,333 100% 32,772 100% 32,602 100% 1.7% 2.2%

Cost of sales (28,603) -85.8% (28,221) -86.1% (26,968) -82.7% 1.4% 6.1%

Gross profit 4,730 14.2% 4,552 13.9% 5,634 17.3% 3.9% -16.0%

SG&A expenses (3,465) -10.4% (3,204) -9.8% (3,282) -10.1% 8.1% 5.6%

FX gain (loss) 128 0.4% (244) -0.7% (55) -0.2% -152.4% -332.3%

Other income* 246 0.7% 470 1.4% 317 1.0% -47.6% -22.3%

EBIT 1,639 4.9% 1,574 4.8% 2,613 8.0% 4.1% -37.3%

Finance cost (452) -1.4% (473) -1.4% (373) -1.1% -4.5% 21.1%

EBT 1,187 3.6% 1,101 3.4% 2,240 6.9% 7.8% -47.0%

Tax (211) -0.6% (283) -0.9% (455) -1.4% -25.6% -53.6%

Net income 976 2.9% 817 2.5% 1,785 5.5% 19.4% -45.3%

Net income (loss) attributable to:

Equity holders of the Company 757 2.3% 698 2.1% 1,626 5.0% 8.5% -53.4%

Non-controlling interests of the subsidiaries 219 0.7% 119 0.4% 160 0.5% 84.0% 36.9%

Earnings per share

Basic earnings per share 0.16 0.14 0.34 13.8% -52.6%

Diluted earnings per share 0.16 0.15 0.34 9.9% -52.6%

Exchange rate

THB/USD 35.83 32.56 33.45 10.0% 7.1%

Normalized net profit 1,614 4.8% 878 2.7% 1,531 4.7% 83.9% 5.4%

Consolidated

(Million baht) 4Q15% to

sales4Q14

% to

sales3Q15

% to

sales

2015 Income Statement

Remark *Including share of income from investment in associate

*Normalized net profits exclude ALL one-off adjustments and items through the year

2015/ 2014

Change

Sales 125,183 100% 121,402 100% 3.1%

Cost of sales (105,682) -84.4% (102,382) -84.3% 3.2%

Gross profit 19,501 15.6% 19,020 15.7% 2.5%

SG&A expenses (12,716) -10.2% (12,031) -9.9% 5.7%

FX gain (loss) 1,012 0.8% 284 0.2% 256.7%

Other income* 1,045 0.8% 1,207 1.0% -13.4%

EBIT 8,842 7.1% 8,480 7.0% 4.3%

Finance cost (1,592) -1.3% (1,673) -1.4% -4.9%

EBT 7,250 5.8% 6,807 5.6% 6.5%

Tax (1,332) -1.1% (1,040) -0.9% 28.1%

Net income 5,918 4.7% 5,767 4.8% 2.6%

Net income (loss) attributable to:

Equity holders of the Company 5,302 4.2% 5,092 4.2% 4.1%

Non-controlling interests of the subsidiaries 616 0.5% 676 0.6% -8.9%

Earnings per share

Basic earnings per share 1.11 1.10 1.1%

Diluted earnings per share 1.11 1.08 2.5%

Exchange rate

THB/USD 33.69 32.36 4.1%

Normalized net profit 6,106 4.9% 5,672 4.7% 7.7%

Consolidated

(Million baht) 2015 % to sales 2014 % to sales

Statement of Financial Position as of 31 Dec 2015

Remark *Including short-term investments

Cash and cash equivalents* 2,816 2.5% 6,156 5.4% -54.3%

Trade and other receivables 15,776 14.2% 15,404 13.4% 2.4%

Inventories - net 35,180 31.6% 37,518 32.6% -6.2%

Other current assets 3,083 2.8% 1,786 1.6% 72.6%

Total current assets 56,855 51.0% 60,864 53.0% -6.6%

Fixed assets 23,072 20.7% 23,052 20.1% 0.1%

Goodwill and other intangible assets 27,396 24.6% 27,276 23.7% 0.4%

Other non-current assets 4,154 3.7% 3,724 3.2% 11.5%

Total assets 111,477 100% 114,916 100% -3.0%

Bank overdrafts and short-term loans 19,437 17.4% 26,139 22.7% -25.6%

Trade and other payables 12,262 11.0% 10,725 9.3% 14.3%

Current portion of long-term loans 1,561 1.4% 936 0.8% 66.8%

Current portion of debentures 1,949 1.7% - - -

Current portion of finance lease liabilities 91 0.1% 114 0.1% -20.2%

Other current liabilities 3,266 2.9% 2,440 2.1% 33.8%

Total current liabilities 38,567 34.6% 40,354 35.1% -4.4%

Long-term borrowings 15,928 14.3% 19,225 16.7% -17.2%

Finance lease liabilities - net of current portion 212 0.2% 310 0.3% -31.4%

Other non-current liabilities 8,145 7.3% 7,561 6.6% 7.7%

Total liabilities 62,851 56.4% 67,449 58.7% -6.8%

Non-controlling interests of the subsidiaries 2,838 2.5% 3,802 3.3% -25.3%

Total shareholders’ equity 48,626 43.6% 47,467 41.3% 2.4%

Total liabilities and shareholders’ equity 111,477 100% 114,916 100% -3.0%

Consolidated

(Million baht) 2015% to total

assets2014

% to total

assetsChange

Company Overview


Key Highlights




Agenda

2016 Outlook

2016 forming a solid foundation for growth

Launch of Sea Change Project and sustainability initiatives

Continual organic expansion of the existing businesses, enhanced by new

product and process innovations

Kick off the second phase of Global Innovation Incubator (Gii)

Launching new initiatives

Total solution provider for the food service sector

Emerging markets

Marine ingredients

Consolidating Rügen Fisch into the Group

2016 Guidance

FY 2016

Sales USD 4.5 – 5 bn

GPM +/- 16%

SG&A +/- 10%

Effective interest rate No material change from FY2015

Effective tax rate 18 - 20%

CAPEX Approx. THB 3.5bn

Dividend policy At least 50% dividend payout

Company Overview


Key Highlights




Agenda

Committed to 5-year target

1.3

8.0

1.4

1.2

4.1

M&A 2020F2015 New DivisionsOrganic Growth

Bridging the Gap

Organic Growth M&AExcludesM&A

USD Sales(Billion)

Organic growth must play a bigger role in bridging the gap versus ambition along with M&A

1.73.7

Corporate website: http://www.thaiuniongroup.com

IR website: http://www.thaiuniongroup.com/en/investor.ashx

E-mail: [email protected]: +66 2298 0024

Thank you

2015 result presentation - thai union group · d mn) d/ton 48.7 37.2 37.5 34.1 0 10 20 30 40 50 60...

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