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3Q17 Results Presentation7 November 2017
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 our assumptions are correct. Actual results may differ materially from those projected.
Disclaimer
Page 3
Agenda
Key Highlights
Recent Developments
3Q17 Financial Results
Business Outlook
Page 4
Agenda
Key Highlights
Recent Developments
3Q17 Financial Results
Business Outlook
Page 5
“Through organic growth, innovation
and M&A efforts, we are committed to
the USD 8.0bn revenue target by 2020.”
Thiraphong ChansiriPresident and Chief Executive Officer
Page 6
3Q17: Continued cost control and Red Lobster support profits
GP
NP
4,658
1,737
Sales(THB mn)
35,185 +0.4%
YoY Chg % of sales
-5.6% 13.2%
+8.9%
OP1,319 -29.5% 3.8%
4.9%
Record quarterly sales. 3Q17 sales was at a
record level through driven by a product
repricing from increased raw material prices
Rising raw material prices. Gross profit margin
remained under pressure at 13.2% resulted from
a sharp year-over-year increase in raw material
prices and GBP depreciation
Strict cost control. Due to the stringent cost
control, 3Q17 SG&A to sales ratio remain under
controlled at 9.1% (9.5% on reported basis), well
below a 2017 guidance of lower than 10%.
Operating profit declined on weak gross
profits, part of the operation weakness was
offset by good cost control
Net profit improved YoY. Despite a rising raw
material prices, the net profit was supported by
growing income contribution from Red Lobster
investment, and prudent FX and tax
management. .
Remark: Operating margin = (COGS – SG&A)/sales
Page 7
4,352
9,159
5,570
15,396
4,617
8,763
3,826
13,656
Financial Summary1
(THB million)
101,430
100,660
9M17 Net Profit
up 6.1% YoY to
THB 4,617million
Stable ND/E despite high
raw material price
Share price movement
20162
(Jan- Dec 16 )
+24.3%
20172
(Jan- Nov 3,17 )
-15.2%
2016 ND/E
1.37x
3Q17 ND/E
1.37x
9M17 Net profit up 6.1% YoY, record 9M sales
Gross Profit
Total Sales
EBITDA
9M17
9M16*
-11.3%
-31.3%
+6.1%
Q1’12
Q1’11
Net Profit
-7.0%
+0.8%
Source: 1TU; 2SET (Jan 4’16: THB16.9/share and Dec 30’16: THB21.0/share, Jan 4’17: THB21.1/share and Nov 3’17: THB17.9/share)
*The 9M16 figures were restated mainly due to reclassification of fishing fleet discontinued operations
Operating Profit
9M17
9M16*
9M17
9M16*
9M17
9M16*
9M17
9M16*
Page 8
3Q17: Continued overall net profit resilience
28,606 30,642
32,602 33,333 31,210 34,401 35,050 33,715
31,42734,818 35,185
13.8%
16.9%17.3%
14.2%16.0% 15.9%
14.1%13.4% 13.8% 13.4% 13.2%
5.3%4.3%
5.0%
2.3%
3.9% 4.4% 4.5%
2.7%
4.7%4.1%
4.9%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
0
10,000
20,000
30,000
40,000
50,000
60,000
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16* 4Q16* 1Q17 2Q17 3Q17
Total sales (THB mn) GPM NPM
% GrowthYoY
Sales 2.4 1.3 7.2 1.7 9.1 12.4 7.5 1.1 0.7 1.2 0.4
Grossprofit
-5.2 6.3 7.4 3.9 26.6 4.5 -12.4 -4.2 -13.3 -14.5 -5.6
Net profit 58.7 -7.2 -23.9 8.5 -19.0 16.9 -1.9 19.1 19.3 -7.6 8.9
Remark: Operating margin = (COGS – SG&A)/sales
*The 3Q16 and 4Q16 figures were restated mainly due to reclassification of fishing fleet discontinued operations
Raw material prices rising
Page 9
Agenda
Key Highlights
Recent Developments
3Q17 Financial Results
Business Outlook
Page 10
Recent developments
Operations & Others:
Oct 2017: Thai Union is introducing a new
Management Committee structure in Europe as
part of our global program to harmonize our
operations in all of our key regions.
Jul 2017: Thai Union’s executives awarded the top 3 companies in the Consumer/Staples
sector in 2017 in the following categories
• Best CEO – Third Place – Mr. Thiraphong Chansiri – Nominated by the Sell Side
• Best CFO – Third Place – Mr. Joerg Ayrle – Nominated by the Sell Side
Sep 2017: Thai Union has been recognized as the Most Honored Company in Thailand
New Product:
Awards Recognitions:
Oct 2017: Thai Union has been shortlisted as
a finalist in the following categories for the
IR Magazine Awards & Conference – South East
Asia 2017
• Best in sector - consumer staples
• Best IR during a corporate transaction
Sep 2017: Tri-Union Seafoods LLC received
conditional leniency with respect to the
Investigation under the DOJ’s Corporate
Leniency Program
Page 11
Recent developments Sustainability:
Aug 17: Thai Union, along with the Labour
Rights Promotion Network Foundation (LPN),
recently celebrated the official opening of the
company’s third pre-school for the children of
migrant workers in Samut Sakhon.
Sep 2017: Thai Union has been
included in the Dow Jones Sustainability
Index (DJSI) Emerging Markets for the
fourth year in a row.
Sep 2017: Thai Union encourages
employees from every business units to
participate the company’s first ever Global
Sustainable Development Award.
Oct 2017: Thai Union was honored to be named one of the
Asia Corporate Excellence & Sustainability Awards (ACES)
winners for Top Corporate Social Responsibility (CSR)
Advocates during a ceremony in Singapore.
Oct 2017: Thai Union was shortlisted for two awards, including
Sustainability Leader of the Year (Darian McBain) and
Sustainability Report of the Year at the Ethical Corporation’s
Eighth Annual Responsible Business Awards ceremony held at
the Waldorf Hilton
Page 12
Alibaba and Thai Union partnershipPremium quality seafood through China’s largest e-Commerce network
• Jun 2017: MOU with Alibaba group
• Jun 2017: Offline event with Yiguo (Tmall super fresh goods operator) to help King Oscar launch in Tmall super
• July 2017: King Oscar exclusive channel in Tmall super
• Sep 2017: Receive supplier exclusivity of live lobster to Alibaba’s offline store, Hema
• Oct 2017: Tmall super double 11 pre-sale, KO provide 2 of 4 exclusive seafood item and is one of two live lobster suppliers
• Nov 2017: King Oscar is one of the two seafood brands who join the Tmall super’s super member trial in Double 11
Page 13
Delayering European Business Structure
Supply Chain
Thierry Gueguen• Oversee our major
production plants in
Seychelles, Ghana,
France, Portugal
and King Oscar to
guarantee Quality,
EH&S and
governance
standards
Oct: Thai Union is introducing a new Management Committee structure in Europe as part of our global
program to harmonize our operations in all of our key regions.
Corporate
European
Business
Supply Chain
Committee
(led by CEO)
CEO CFO
Business
Services & CFO
Stephane Re• CFO of our
businesses in Europe
• additional
responsibilities for
Business Services
across Europe
• a number of
functional disciplines
will report to
Stephane
Legal Counsel
David Sankowicz • Group Legal &
Insurance Director,
• retain his
responsibility for
legal services across
all European
operations in
addition to his global
role.
Regional
President
Paul Reenan• oversee the
commercial
operations of all our
European brands,
our exports
business, the chilled
business operations
and our developing
foodservice offer
across the region
Page 14
Fish oil extraction update
Fish oil extraction plant at Samut Sakhon Oil refinery plant in Rostock, Germany
Page 15
22 July 2015: Tri-Union received a subpoena
from the DOJ to provide relevant information to
the DOJ in relation to an antitrust investigation of
the packaged seafood industry in the US
DOJ Investigation update
Tri-Union Seafoods LLC Seafoods LLC (Tri-Union), a subsidiary operating packaged seafood business in the US under the brand
Chicken of the Sea, has received conditional leniency with respect to the Investigation under the DOJ’s Corporate Leniency Program.
Provided Tri-Union continues to fully cooperate with the DOJ, Tri-Union’s conditional leniency status means that neither Tri-Union nor
any cooperating executives or employees within the scope of the Investigation will face criminal fines, jail time, or prosecution. Thai
Union was not involved in the conduct for which Tri-Union has received conditional leniency.
Sep: Tri-Union Seafoods LLC received conditional leniency with respect to the Investigation from the US
Department of Justice
11 September 2017: Tri-Union has
received conditional leniency with respect to
the Investigation under the DOJ’s Corporate
Leniency Program
Page 16
Agenda
Key Highlights
Recent Developments
3Q17 Financial Results
Business Outlook
TU’s Consolidated Results
Results by Business Unit
Page 17
“Despite challenging operating
environment, we remain committed to
deliver solid growth and enhance
our shareholders’ value.”
Joerg AyrleGroup Chief Financial Officer
Page 18
The key take away for 3Q17 results
Top line at record level
Continuously weak GPM • Record tuna prices continue to put pressure on profit margin
• Four consecutive quarters of positive GP for European Salmon
business
Strong cost control leads to
100bps saving
• Prudent cost control prompt 9.1% 3Q17 SG&A to sales ratio
(adjusted for one-off restructuring and relocation costs; 9.5%
reported), well below 10% guidance
Red Lobster
operations on track
Non-operating items
support net profit
• 3Q17 sales at a record THB 35.2bn, despite light demand and weak
currencies
• At constant exchange rates, sales would have increased 2.1% YoY
• Prudent FX management policy posted strong FX gains in 9M17
• Significant tax and non-controlling interests savings
• Mainly from interest yield and tax savings
• Slightly negative share of profits due to seasonality and natural
calamity in the US
Page 19
13.8%
16.9%17.3%
14.2%16.0% 15.9%
14.1%13.4% 13.8% 13.4% 13.2%
5.3%4.3%
5.0%
2.3%
3.9% 4.4% 4.5%
2.7%
4.7%4.1%
4.9%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
0
10,000
20,000
30,000
40,000
50,000
60,000
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16* 4Q16* 1Q17 2Q17 3Q17
1,103 1,102
1,430
1,047 1,257
1,503 1,433
1,508
1,6331,763
2,010
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
3Q17: Profitability profile intact amid challenging environment
Remark: Operating margin = (COGS – SG&A)/sales
*The 3Q16 and 4Q16 figures were restated mainly due to reclassification of fishing fleet discontinued operations
Source: TU (Monthly tuna prices)
Despite the rising tuna prices over the past 12 months, TU’s profitability profile remain largely resilient
Income contribution from investments and prudent FX and tax management support net profit margin
improvement
Total Sales (THB mn)
Tuna
Price Index
Gross Profit
Net Income
Page 20
1,000
1,170
1,600 1,610
1,500
1,400 1,400 1,450 1,450
1,400
1,500
1,625 1,700 1,700
1,500
1,690 1,700
1,900 1,950 1,980
2,100
2,300
500
1,000
1,500
2,000
2,500
3,000
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17
Rising tuna prices put pressure on operation
1Q16 1,257
%Growth
QoQ20.1% 19.6% -4.7% 5.2% 8.3% 8.0% 14.0%
%Growth
YoY13.9% 36.5% 0.2% 44.1% 30.0% 17.3% 40.2%
2Q16 1,503 3Q16
1,433
4Q16 1,508
1Q17 1,633
2Q17 1,763
3Q17 2,010
Page 21
Focus on FX gain/ loss on Hedging accounting treatment
TU has vast majority of sales being denominated in foreign currencies, such as USD, EUR and GBP; TU applies
a strict policy in order to hedge these transactions and limit exposure to FX change.
According to the Thai GAAP, the effects from this hedging on Operating transactions, where the hedge
accounting according to IFRS is not applied, could not be presented in Sales/COGS line but in “Other income”
line, below GP.
Since beginning of the year, FX changed a lot, especially USD vs. THB, impacting downwards our GP
whereas we recognized a huge FX gain related to operating below GP: the impact is estimated below:
TU is currently analyzing if it can early adopt hedge accounting in FY18 (provided it is allowed under Thai
GAAP). This would allow TU Group to disclose hedging effects in Sales and COGS line.
1Q17 2Q17 3Q17 YTD
Estimated impact of hedging
related to operating
(THB mn)
56 309 311 676
GPM reported 13.8% 13.4% 13.2% 13.5%
GPM restated (estimate) 14.0% 14.3% 14.1% 14.1%
Page 22
USD mn 952
35,050 33,71531,427
34,818 35,185
3Q16* 4Q16* 1Q17 2Q17 3Q17
SalesTHB mn
3Q17 A record quarterly sales
3Q17 sales grew by 0.4% YoY to THB 35,185mn
(up 4.3% YoY in dollar term to USD1,054mn),
driven by:
Ambient seafood business, while seeing
product repricing, was facing difficult business
environment from sluggish demand in Europe
and European currencies depreciation against
Thai Baht
Chilled and frozen products saw marginal sales
decline YoY inline with the margin shrimp price
decreased (-3.3% YoY) over the same period
PetCare business continued to show steadily
growth in light of new product launches and an
improved market penetration
Weak sales growth in Thai Baht term was partly
due to YoY Baht appreciation against US Dollar
and GBP during 3Q17.
9M17 sales grew by 0.8% YoY to THB 101,430mn
(up 4.0% YoY in dollar term to USD2,964mn)
112,813 121,402 125,183
134,375
100,660 101,430
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
2013 2014 2015 9M16* 9M17YoYGrowth 5.7% 7.6% 3.1%
895 1,015
+0.4% YoY
+1.1% QoQ
1,006
7.3%
2,9642,851USD mnRemark: *3Q16, 4Q16 and 9M16 figures were restated mainly due to reclassification of fishing fleet discontinued operations
+0.8% YoY
1,054
Page 23
As a reminder, we are growing consistently every quarter
20,000
22,000
24,000
26,000
28,000
30,000
32,000
34,000
36,000
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16* 4Q16* 1Q17 2Q17 3Q17
Total sales (THB mn)
%Sales
GrowthYoY
14.3 7.6 3.3 3.2 2.4 1.3 7.2 1.7 9.1 12.4 7.5 1.1 0.7 1.2 0.4
Remark: Operating margin = (COGS – SG&A)/sales
*The 3Q16 and 4Q16 figures were restated mainly due to reclassification of fishing fleet discontinued operations
Despite the sales seasonality, TU continued to delivered YoY sales growth consistently
Page 24
3Q17 resilient sales growth, slowed by the 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
3Q16 3Q17
+0.4% YoY +0.8% YoY
2.3% YoY
Before currency impacts
35,18535,050
-342
-37
-52+838
-125
-50
+7%
-1%
-6%
-18%
Tuna Shrimp
& related
business1
Sardine
&
Mackerel
Salmon Pet
Care
Value
added
& other
products2
+7%-0%
-634
USD
effectEUR
effect
+170
-4% -1%
+368
+8%
Lobster 9M16 9M17
3.0% YoY
Before currency impacts
101,430100,660
-710
+234+1,031
+719 -268
-1,032
+2%+4%
-4%-15%
Tuna Shrimp
& related
business1
Sardine
&
Mackerel
Salmon Pet
Care
Value
added
& other
products2
+9% -3%
-1,233
USD
effectEUR
effect
+609
-3% +3%
+1,420
+12%
Lobster
Page 25
Brand, 37%
**FS - Brand, 6%
**FS - Private Label, 6%
Private Label, 51%
Growing branded sales mix amid foreign currency volatility
Sales Breakdown by Business
Sales Breakdown by Geographic
9M17 Sales contribution in key markets remained
stable compared to 2016 sales mix by geography.
However, the key changes were seen in the other
key markets where TU has emphasize more on
emerging and new market penetration
US market sales contribution was at 38%,
European market at 32%, Japan at 6% and
Thailand at 10% are largely unchanged from 2016
9M17 branded sales mix slightly increase to 43%
(up from 41% during 2016) leaving the private
label sales contributing the remaining 57% of
9M17 sales
9M17 total branded sales increased by 1.1% YoY,
mainly due to the solid brand presence in
European and US markets
On the other hand, private label sales also show a
marginal growth rate of 0.5% YoY, resulting in
diluted sales contribution compared to 2016
Remark: *Others represent Asia, Australia, Middle East, Canada, Africa and South America
**FS stands for Food Service
40% 44% 42% 39% 38%
30% 29% 29% 33% 32%
7% 7% 8% 8% 10%8% 7% 6% 6% 6%
14% 13% 14% 13% 14%
0%
20%
40%
60%
80%
100%
2013 2014 2015 2016 9M17
Others*
Japan
Domestic
Europe
USA
THB 101,430mn
9M17
Brand, 37%
**FS - Brand, 4%
**FS - Private Label, 8%
Private Label, 50%
THB 134,375mn
2016
Page 26
GPM 12.6% 15.7% 15.6% 14.8%
YTD 15.3% 13.5%
14,222
19,020 19,501 19,927
15,396 13,656
-
5,000
10,000
15,000
20,000
25,000
2013 2014 2015 9M16* 9M17
-11.3% YoY
4,9374,531 4,330 4,669 4,658
14.1%13.4% 13.8% 13.4% 13.2%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
22.0%
24.0%
26.0%
28.0%
30.0%
3Q16* 4Q16* 1Q17 2Q17 3Q17
Gross margin under pressure from high raw material pricesGross ProfitTHB mn
3Q17 Gross profit of THB 4,658mn, stable QoQ,
despite continued rising tuna raw material price
(+14% QoQ to USD2,010/ton). On YoY basis, the
gross profit was down 5.6% YoY, driven mostly
by raw material prices volatility GBP depreciation
3Q17 margin was at 13.2%, down 85bps YoY. The
margin remained under pressure due to:
Rising tuna raw material prices (+40% YoY)
affect gross margin of tuna business,
particularly in European markets,
PetCare business’ gross margin was under
pressure amid rising tuna raw material prices
THB currency appreciated against GBP and
USD, YoY
But the negative impact was partly offset by:
3Q17 European chilled smoked salmon
business gross profit continued to be positive
for the fourth consecutive quarter
9M17 gross profit was at THB 13,656mn, down
11.3% YoY, driven mainly by raw material price
volatility
-5.6% YoY
-0.2% QoQ
GPM
Remark: *The 3Q16, 4Q16 and 9M16 figures were restated mainly due to reclassification of fishing fleet discontinued operations
Page 27
Operating profit: Strong cost control continuedOperating ProfitTHB mn
3Q17 Operating profit of THB 1,319mn, down
29.5% YoY, driven by rising raw material prices.
Due to stringent cost control, 3Q17 normalized
SG&A to sales ratio remained at a controlled level
of 9.1%, well below the guidance of 10%. Note
that the reported 9.5% ratio as reported in the
financial statements also include one-time
business restructuring expenses in Ghana facility
and office relocation in the US.
9M17 SG&A to sales ratio was 9.8%, well below
the full year target of 10%, which is mostly
attributed to a strong cost control across the
company
1,871
1,236881
1,627
1,319
5.3%
3.7%
2.8%
4.7%3.7%
1.0%
3.0%
5.0%
7.0%
9.0%
11.0%
13.0%
15.0%
3Q16* 4Q16* 1Q17 2Q17 3Q17
-29.5% YoY
-18.9% QoQ
3,988
6,990 6,785 6,805
5,570
3,826
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
2013 2014 2015 9M16* 9M17
OP Margin
-31.3% YoY
OPM 3.5% 5.8% 5.4% 5.1%
YTD 5.5% 3.8%
Remark: *The 3Q16, 4Q16, and 9M16 figures were restated mainly due to reclassification of fishing fleet discontinued operations
SGA% 8.7% 9.8% 11.0% 8.7% 9.5%
Page 28
EBITDA
Margin9.2% 7.0% 9.1% 9.2%
YTD 9.1% 8.6%
Stable EBITDA supported by investmentsEBITDATHB mn
2,954
1,979
2,899 2,874 2,990
8.4%
5.9%
9.2% 8.3% 8.5%
3.0%
8.0%
13.0%
18.0%
23.0%
28.0%
3Q16* 4Q16* 1Q17 2Q17 3Q17
+1.2% YoY
+4.1% QoQ
9,823
7,867
10,999 11,526
9,159 8,763
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
2012 2013 2014 9M16* 9M17
-4.3% YoY
Despite a weak operating profit, TU reported
3Q17 EBITDA of THB 2,990mn, up 1.2% YoY and
4.1% QoQ, driven mostly by strong income
contribution from Red Lobster Investor and
prudent FX management.
9M17 EBITDA was at THB 8,763mn, down 4.3%
YoYEBITDAMargin
Remark: *The 3Q16, 4Q16 and 9M16 figures were restated mainly due to reclassification of fishing fleet discontinued operations
Page 29
Resilient net profit growth despite challenging environmentNet ProfitTHB mn
1,594
902
1,469 1,411
1,737
4.5%
2.7%
4.7%4.1%
4.9%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
3Q16 4Q16 1Q17 2Q17 3Q17
+8.9% YoY
+23.1% QoQ
2,853
5,092 5,302 5,254
4,352 4,617
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2013 2014 2015 9M16 9M17
+6.1% YoY
NPM
Despite the challenging operating environment,
3Q17 net profit of THB 1,737mn, up 8.9% YoY and
23.1% QoQ
The net profit improvement was driven by:
Improved income contribution from a strategic
investments from both Red Lobster and Avanti
Feeds
While Baht appreciation against key currencies
put pressure on profit margin, such
appreciation resulted in FX gains during the
quarter.
Lower tax expenses from a recognition of tax
credit related to the Red Lobster investment
Lower minority interest expenses from minority
stake buyout of US business in 3Q16
9M17 net profit was THB4,617mn, up 6.1% YoY
NPM 2.5% 4.2% 4.2% 3.9%
YTD 4.3% 4.6%
Page 30
Normalized net profit increased 15% YoY to THB 1,590mnNormalized Net ProfitTHB mn
Norm NP
Margin
Excluding the one-off quarter-end items, 3Q17
normalized net profit was at THB 1,590mn,
representing 15% increase YoY
One-off positive items during 3Q17 of THB 147mn
comprised of:
Expenses from relocating and consolidating US
operating offices (-THB53mn),
Expenses from Ghana business restructuring
(-THB80mn),
Insurance receipt from Ghana plant accident
(+THB134mn),
Red Lobster tax credit (+THB136mn), and
Discontinued fishing fleet operation
(+THB10mn),
We finalized the disposal of the loss-making
fishing fleet business in Aug 2017
Remark: The normalized net profit still include the realized FX gains/losses from normal business operation
1,384 1,423
1,052
1,3721,590
3.9% 4.2% 3.3% 3.9% 4.5%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
3Q16 4Q16 1Q17 2Q17 3Q17
+14.9% YoY
+15.9% QoQ
1,737+53
-79
1,590
Fishing fleets DO
3Q17
Reported NP
3Q17
Normalized NP
US office relocation
Ghana
business restructuring
-134
-136
-10
Red
Lobster tax credit
+80
Insurance payment
Page 31
0.98
0.60
1.07 1.11
0.91 0.97
2012 2013 2014 9M16 9M17
EPS: Keeps momentum despite operational headwinds
EPS*THB
0.33
0.19
0.310.29
0.37
3Q16 4Q16 1Q17 2Q17 3Q17
+8.9% YoY
+23.1% QoQ 3Q17 EPS was at THB 0.37, up 8.9% YoY and
23.1% QoQ, despite challenging operational
headwinds
Remark: *EPS in this slide represents fully diluted EPS based on current number of shares of 4,771,815,496
+6.1% YoY
Page 32
-33 -49 203 -118
247 259 261 240
-134 -136 -127 -102
300 160 -113 39
380 235 224 59
0.080 0.049 0.047 0.012
28.0% +20.3% +17.9% +6.7%
Red Lobster is 28% EPS accretive in 3Q17
1Q17 4Q16
Share of
profit
Other Income
Finance
Costs
Income Tax
Net Income
EPS
(THB/share)
THB mn
RL’s contribution during 3Q17 amounted to THB
380mn, mainly from tax savings and interest yield
Red Lobster is a strong contributor to TU’s 3Q17
profits, +28% net profit accretive and the highest
of any quarter to date
Q1 Q2 Q3 Q4
Seasonality
Average Fluctuation
Lent Period Christmas & NYE
2Q17
EPS
accretion
3Q17
Page 33
9,162
11,664
3,8372,384
2014 2015 2016 9M17
3Q17 weak free cash flow amid rising raw material prices
Annual Free Cash FlowTHB mn
-192 -425
786
1,586
12
3Q16 4Q16 1Q17 2Q17 3Q17
Quarterly Free Cash FlowTHB mn
Remark: 1Cash Conversion Rate = FCF / EBIT; FCF= EBITDA-Changes in net working capital - CAPEX
Cash
Conversion
Rate1-0.09 -0.3 0.4 0.7 0.01
Cash
Conversion
Rate11.1 1.2 0.5 0.4
Despite rising raw material prices, 3Q17 Free
cash flow (FCF) remain positive at THB 12mn,
due mainly to positive contribution from recent
investments and improved working capital
management
9M17 free cash flow remain positive at THB 2.4bn
Page 34
2016
Debt refinancing secured long-term funding
Interest-bearing debts of THB 67,449mn
42%
2%
Long-term loan by maturityTHB 50,794mn
By Maturity
2021 onwards
2020
2019
2018
Long-term
Debt
2Q17
Current
Portion
of Long-
term Debt
& finance
lease
Short-term
Loan
76%
2%
23%
39%
5%
56%
EUR
97.7% 97.9%
1.3% 0.9%
1.0% 1.2%
2016 2Q17
By Currency
USD
THB
THB 65,918mn THB 67,449mn
Page 35
3Q17: Debt profile affected by lower than planned EBITDA, NWC increase and Capex, commitment to strong dividend policy
+148+697
+747
+3,108 +140
Operating Activities
THB 5,492mnInvesting & Financing Activities
Free Cash Flow THB 2,384 mn
Unit: THB mn
ND/E 1.37x
Kd = 2.74%
ND/E 1.37x
Kd = 3.21%
66,294
+818
+1,679
-8,76364,942
Other
Investing/
Financing
activities*
Other
non-cash
expenses
Net interests
paid
Change in
other assets
and liabilities
Change in
net working
capital
Net Debt
as of
31 Dec 2016
Net Debt
as of
30 Sep 2017
Tax
paymentEBITDA CAPEX
+3,399
Cash paid
for NCI
in subsidiaries
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
-622
Dividend
paid
Page 36
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
Improving Equity returns
Net WC3
8.4%8.1%9.3%
5.8%
10.9%
3Q172Q171Q174Q16*3Q16*
1.37x1.33x1.34x1.37x
0.92x
3Q172Q171Q174Q163Q16
ROCE2
ROE1 Debt to EBITDA
ND/E4
15.6%
12.8%13.5%
8.4%
14.8%
3Q172Q171Q174Q163Q16
INV Days
122119131
119108
3Q172Q171Q174Q163Q16
5.645.705.59
8.33
3.75
3Q172Q171Q174Q16*3Q16*
42,371 42,926 41,923 43,821 44,701
107
114
121
111113
3Q16 4Q16 1Q17 2Q17 3Q17
WC (THB mn) WC Day
*The figures were restated mainly due to fishing fleets reclassification
Page 37
Agenda
Key Highlights
Recent Developments
3Q17 Financial Results
Business Outlook
TU’s Consolidated Results
Results by Business Unit
Page 38
500
1,000
1,500
2,000
2,500
Jan-14 Jan-15 Jan-16 Jan-17
Key operating impact: Raw material prices continued to rise due to supply challenge
White shrimp raw material prices (THB/kg. of 60 pcs./kg)
175 (Oct’17)
Skipjack tuna raw material prices (USD/ton)
2,300
(Oct’17)
In Oct, tuna price closed at USD 2,300/ton. In 3Q17, average price
was at USD 2,010/ton (+40.2% YoY, +14.0% QoQ).
In Oct, shrimp price closed at THB 175/kg. In 3Q17, average price
was at THB 176/kg (-3.3% YoY, +4.5% QoQ)
Source: Thai Union Group and http://fishpool.eu/price-information/spot-prices/history/
Raw material prices
Salmon raw material prices (NOK/kg)
In Oct, salmon price closed at NOK 53/kg. In 3Q17, average price
was at NOK 57/kg (-7.4% YoY, -17.0% QoQ)
20
40
60
80
Jan-14 Jan-15 Jan-16 Jan-17
53(Oct’17)
50
100
150
200
250
300
Jan-14 Jan-15 Jan-16 Jan-17
x2
Page 39
Exchange rate
Key operating impact:
28
30
32
34
36
38
Jan-14 Jan-15 Jan-16 Jan-17
USD/THB
In Oct, USD/THB closed at 33.25. In 3Q17, average USD/THB was
at 33.39 (-4.2% YoY, -2.7% QoQ)
33.25
(Oct’17)
30
35
40
45
50
Jan-14 Jan-15 Jan-16 Jan-17
EUR/THB
39.07
(Oct’17)
In Oct, EUR/THB closed at 39.07. In 3Q17, average EUR/THB was
at 39.20 (+0.8% YoY, +3.9% QoQ)
30
40
50
60
Jan-14 Jan-15 Jan-16 Jan-17
GBP/THB
In Oct, GBP/THB closed at 43.90. In 3Q17, average GBP/THB was
at 43.69 (-4.6% YoY, -0.4% QoQ)
43.90
(Oct’17)
Page 40
Thai Union’s global footprint
Page 41
41%
46%
3 strategic business segments
Ambient seafoodSales: THB 46,276 mn
PetCare, value added and
othersSales: THB 13,526 mn
Frozen, chilled seafood
and relatedSales: THB 41,628 mn
Frozen, chilled &
smoked salmon
Tuna business
Other seafood2Sardine & MackerelAmbient & Pouch
Salmon
Shrimp & related
business1 PetCare
Value-added
business3
Total 9M17 sales: THB 101,430 mn
Other products4
59%41%
Sales Split:
35%65%
9%
91%
13%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 42
Ambient Seafood
Page 43
Ambient SeafoodBusiness outlook stabilizing
Sales (THB million) Quantity (Tons)
Gross Profit Margin (Percent) 3Q17 ambient seafood business sales were THB 15.8bn, up 2.4% YoY. While the average selling price increased by 2.7% to reflect rising tuna cost, the sales volume was under pressure due to the incorporated price hike
3Q17 Gross profit margin was at 15.6%, stable YoY, due to ability to eventually pass on high raw material prices during the year
Continued rising tuna price to USD2,100/ton by September 2017 continue to put pressure on both branded and private label gross profit margin when compared to the normalized margin level
Remark: 2016 sales of branded and private label sales were reclassified due to sales reclassification at Rugen Fisch
*Including effect of Steam Pot sales reclassification in 3Q16 onwards, from Ambient seafood to Value-added products
43% 48% 41% 41% 41%
57% 52% 59%59% 59%
15,461 13,852 14,069
16,371 15,836
- 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
3Q16* 4Q16 1Q17 2Q17 3Q17
49% 55% 49% 51% 50%
51% 45% 51%49% 50%
93,028 88,415 87,643 95,773 92,783
- 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
3Q16* 4Q16 1Q17 2Q17 3Q17
+2.4% YoY
-3.3% QoQ
-0.3% YoY
-3.1% QoQ
Brand
Private label
Brand
Private label
21%19% 18%
20%19%
9% 9% 14%7%
11%
16%14%
16%
15%16%
3Q16* 4Q16 1Q17 2Q17 3Q17
Total
Brand
Private label
Page 44
Frozen, chilled seafood and related
Page 45
32% 33% 30% 28% 30%
68% 67%70% 72% 70%
64,147 64,837 54,015
62,257 67,302
- 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
3Q16 4Q16 1Q17 2Q17 3Q17
+8.1% QoQ
64% 68%63% 64% 66%
36% 32%37% 36% 34%
15,138 15,317 12,914 13,944 14,770
- 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
3Q16 4Q16 1Q17 2Q17 3Q17
Frozen, chilled seafood and relatedResilient business outlook
11%12%
10%11%
11%
8%9%
7%
9%9%
10%
10%8%
10%10%
3Q16 4Q16 1Q17 2Q17 3Q17
Total
Brand
Private label
Sales (THB million) Quantity (Tons)
Gross Profit Margin (Percent)
-2.4% YoY
+5.9% QoQ
+4.9% YoY
3Q17 frozen and chilled seafood business sales were at THB 14.8bn, down 2.4% YoY. The marginal decline YoY was driven mainly by:
3Q17 Domestic shrimp price declined 3.3% YoY to THB176/kg due to improved domestic production
Salmon raw material price also declined by 7.4% YoY from the peak in 3Q16
With European salmon business gross profit margin remained positive for four consecutive quarters in 3Q17 and stable margin profile for shrimp business, 3Q17 gross margin for the business remain stable at 9.8% (from 10.2% in 3Q16)
Brand
Private label
Brand
Private label
Page 46
PetCare, value-added and others
Page 47
PetCare, value-added and othersPetCare delivering solid operational performance
Total
Sales (THB Million) Quantity (Tons)
Gross Profit Margin (Percent) 3Q17 PetCare and valued added segment sales were at THB 4,580mn, up 2.9% YoY and 1.7% QoQ, mainly thanks to continued growth in PetCare business
Gross margin has declined from last year, mainly driven by the reclassification in the cost structure for the sales of scrap, while the PetCare business’ profit margin was under pressure due to rising tuna raw material price.
Remark:*Including effect of Steam Pot sales reclassification in 3Q16 onwards, from Ambient seafood to Value-added products
**From 1Q17 onward, sales of scrap no longer apply “No-COGS” policy. With new cost allocation, the segment gross margin has shown a decline YoY
+1.7% QoQ
84% 85%93% 90% 90%
16%15%
7% 10% 10%36,247
30,962 35,900 36,884 38,454
- 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
3Q16* 4Q16 1Q17 2Q17 3Q17
81% 90% 93% 88% 91%
19% 10% 7% 12% 9%
4,451 4,546 4,444 4,502 4,580
-
1,000.00
2,000.00
3,000.00
4,000.00
5,000.00
6,000.00
3Q16* 4Q16 1Q17 2Q17 3Q17
+2.9% YoY +6.1% YoY
+4.3% QoQ
26% 25%22%
20%16%
3Q16* 4Q16 1Q17** 2Q17** 3Q17**
Brand
Private label
Brand
Private label
Page 48
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
9M17 Segment Profitability
THB 8,998 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)
7,197
3,855
2,605
46,276
41,628
13,526
15.6%
9.3%
19.3%
101,430 13.5%
*Tuna business
*Sardine & Mackerel
*Ambient & Pouch Salmon
*Shrimp & related business1
*Frozen, chilled &
smoked salmon
*PetCare
*Value-added & others3
*Other seafood2
*Other products4
*Lobster
Page 49
Agenda
Key Highlights
Recent Developments
3Q17 Financial Results
Business Outlook
Page 50
Company outlook: What is key over the next months?
Continued emphasis on Cost control Initiatives and structural cost reduction
(Europe, US regional office, Shared Services)
Focused productivity program to close gap in underperforming plants and
manage Capex to drive unit cost reduction
Achieve Cost-Price recovery in all commercial units
Prioritize investments into growing businesses
Emerging Markets, esp China
Accelerate commercialization of Innovation
Accelerate Foodservice initiative
Speed up Marine Ingredients
Deliver on three key hypothesis in Red Lobster investment
Emphasize Cash Generation to drive de-leveraging
Maintain full attention to SeaChange program
Page 51
Appendix
Page 52
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
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 (3 Nov 2017) : THB 17.90
Historical price :
52-week high THB 22.70
52-week low THB 17.70
No. of paid up shares : 4,771.82mn
Par value : THB 0.25
Market Capitalization : THB 85.4bn
Chansiri Family20.8%
Niruttinanon Family 6.8%
Mitsubishi Corporation
7.3%
Thai NVDR8.3%
Social Security
Office 6.1%
Others50.7%
Source: SET and TU
As of 29 2017
Free float : 65.9%
Foreign ownership/ Foreign limit 32.2%/ 45.00%
Page 53
3Q17/ 3Q17/
3Q16 3Q17
Change Change
Sales 35,185 100% 35,050 100% 34,818 100% 0.4% 1.1%
Cost of sales (30,528) -86.8% (30,113) -85.9% (30,149) -86.6% 1.4% 1.3%
Gross profit 4,658 13.2% 4,937 14.1% 4,669 13.4% -5.6% -0.2%
SG&A expenses (3,339) -9.5% (3,066) -8.7% (3,042) -8.7% 8.9% 9.8%
FX gain (loss) 275 0.8% (30) -0.1% 40 0.1% -1010.2% 586.9%
Other income* 715 2.0% 327 0.9% 530 1.5% 118.3% 34.9%
EBIT 2,308 6.6% 2,168 6.2% 2,196 6.3% 6.5% 5.1%
Finance cost (547) -1.6% (392) -1.1% (563) -1.6% 39.5% -2.9%
EBT 1,762 5.0% 1,776 5.1% 1,633 4.7% -0.8% 7.9%
Tax 90 0.3% (20) -0.1% (22) -0.1% -554.1% -506.8%
Profit (Loss) from discontinued operarion 10 0.0% (3) 0.0% (80) 0.0% -420.0% -112.2%
Net income 1,861 5.3% 1,753 5.0% 1,611 4.6% 6.1% 15.5%
Net income (loss) attributable to:
Equity holders of the Company 1,737 4.9% 1,594 4.5% 1,411 4.1% 8.9% 23.1%
Non-controlling interests of the subsidiaries 124 0.4% 159 0.5% 200 0.6% -21.9% -37.9%
Earnings per share
Basic earnings per share 0.37 0.33 0.29 12.1% 27.6%
Diluted earnings per share 0.37 0.33 0.29 12.1% 27.6%
Exchange rate
THB/USD 33.39 34.83 34.30 -4.1% -2.7%
Normalized net profit*** 1,590 4.5% 1,384 3.9% 1,372 3.9% 14.9% 15.9%
(Unit: THB mn) 3Q17%
to sales3Q16**
%
to sales
Consolidated
2Q17%
to sales
3Q17 Income Statement
Remark: *Including share of income from investment in associates
**3Q16 figures were restated mainly due to reclassification of fishing fleet discontinued operations
***Normalized net profit exclude ALL one-off adjustments and items throughout the period
Page 54
9M17 Income Statement
Remark: *Including share of income from investment in associates
**9M16 figures were restated mainly due to reclassification of fishing fleet discontinued operations
***Normalized net profit exclude ALL one-off adjustments and items throughout the period
9M17/
9M16
Change
Sales 101,430 100% 100,660 100% 0.8%
Cost of sales (87,773) -86.5% (85,264) -84.7% 2.9%
Gross profit 13,656 13.5% 15,396 15.3% -11.3%
SG&A expenses (9,830) -9.7% (9,826) -9.8% 0.0%
FX gain (loss) 905 0.9% 266 0.3% 240.4%
Other income* 1,994 2.0% 1,116 1.1% 78.7%
EBIT 6,725 6.6% 6,952 6.9% -3.3%
Finance cost (1,607) -1.6% (1,067) -1.1% 50.7%
EBT 5,118 5.0% 5,885 5.8% -13.0%
Tax (132) -0.1% (863) -0.9% -84.8%
Profit (Loss) from discontinued operarion (35) 0.0% (190) 0.0% 0.0%
Net income 4,952 4.9% 4,832 4.8% 2.5%
Net income (loss) attributable to:
Equity holders of the Company 4,617 4.6% 4,352 4.3% 6.1%
Non-controlling interests of the subsidiaries 335 0.3% 480 0.5% -30.2%
Earnings per share
Basic earnings per share 0.97 0.91 6.6%
Diluted earnings per share 0.97 0.91 6.6%
Exchange rate
THB/USD 34.22 35.26 -2.9%
Normalized net profit*** 4,014 4.0% 3,913 3.9% 2.6%
(Unit: THB mn) 9M17%
to sales9M16**
%
to sales
Page 55
Statement of Financial Position as of 30 September 2017
Remark: *Including short-term investments
Cash and cash equivalents* 1,098 0.7% 976 0.7% 12.5%
Trade and other receivables - net 18,109 12.3% 16,412 11.5% 10.3%
Inventories - net 42,155 28.6% 39,626 27.8% 6.4%
Other current assets 2,016 1.4% 3,064 2.2% -34.2%
Total current assets 63,379 43.0% 60,079 42.2% 5.5%
Fixed assets 24,593 16.7% 23,281 16.4% 5.6%
Goodwill and other intangible assets 31,047 21.1% 29,583 20.8% 5.0%
Other non-current assets 28,424 19.3% 29,424 20.7% -3.4%
Total Assets 147,443 100% 142,365 100% 3.6%
Bank overdrafts and short-term loans 15,467 10.5% 36,983 26.0% -58.2%
Trade and other payables 20,688 14.0% 17,429 12.2% 18.7%
Current portion of long-term loans 969 0.7% 765 0.5% 26.8%
Current portion of debentures - 0.0% 2,500 1.8% -100.0%
Current portion of finance lease liabilities 50 0.0% 82 0.1% -38.7%
Other current liabilities 806 0.5% 1,483 1.0% -45.6%
Total current liabilities 37,981 25.8% 59,242 41.6% -35.9%
Long-term loans from financial institutions 14,576 9.9% 963 0.7% 1413.1%
Debentures 36,218 24.6% 24,417 17.2% 48.3%
Finance lease liabilities - net of current portion 168 0.1% 208 0.1% -19.2%
Other non-current liabilities 9,933 6.7% 10,099 7.1% -1.6%
Total Liabilities 98,876 67.1% 94,930 66.7% 4.2%
Non-controlling interests of the subsidiaries 4,037 2.7% 4,193 2.9% -3.7%
Total Shareholders’ Equity 48,566 32.9% 47,436 33.3% 2.4%
Total liabilities and shareholders’ equity 147,443 100% 142,365 100% 3.6%
Change(Unit: THB mn) 9M17% to total
assets2016
% to total
assets
Page 56
(Unit: THB mn) 9M17 9M16 Change
Profit before income tax 5,083 5,695 (611)
Adjustments for depreciation & amortisation expenses 2,038 2,207 (169)
Other adjustments 913 981 (068)
Changes in operating assets and liabilities (1,844) (475) (1,369)
Cash flows receipts from operating activities 6,189 8,407 (2,218)
Net cash receipts (payments) from operating activities 5,492 7,136 (1,643)
Net cash payments for investing activities (2,636) (7,631) 4,994
Net cash receipts (payments) for financing activities (2,815) (797) (2,018)
Net increase (decrease) in cash and cash equivalent 41 (1,292) 1,333
Cash and cash equivalents - opening balance 731 2,590 (1,859)
Exchange gain (loss) on cash and cash equivalents 14 (24) 38
Cash and cash equivalents - closing balance 786 1,275 (488)
CAPEX (3,877) (2,874) (1,003)
Management Est. Free Cash Flows 2,384 4,262 (1,878)
Consolidated
9M17 Statement of Cash Flow
Page 57
Interim dividend for the period: 1 Jan 17 to 30 Jun 17
DPS THB 0.32
XD 18 August 2017
Book closing date 23 August 2017
Payment date 4 September 2017
Historical dividend payment
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 0.15 0.30 0.32 0.32 0.32
0.22
0.250.31 0.31
50.1%50.4%53.5%
50.6%50.7%50.0%
29.4%
51.3%
59.9%
50.5%
56.7%57.2% 53.3%
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 2016 1H17
THB/Share
DPS (LHS) Payout Ratio (RHS)
Page 58
Corporate website: http://www.thaiuniongroup.com
IR website: http://www.thaiuniongroup.com/en/investor.ashx
E-mail: [email protected] Tel: +66 2298 0024
Thank you
