2q16 results presentation - thai union group...2016/08/17 · frozen seafood products entered to...

2Q16 Results PresentationAugust 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

Company Overview

Key Highlights

Recent Developments

2Q16 Financial Results

Sustainability Update

Executive Introduction

Agenda

More than 39 years of seafood processing experience

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

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%

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

stakes of

Rugen Fisch

in Germany

51%

2010 2015

Remark: In 2006, we acquired PT Juifa International Food to expand capacity of canned tuna in Indonesia, but it was already divested in 1Q13. *Increased in 3Q12, **Increased in 4Q14 , ***Completed in 4Q14

2016

Acquired

stakes of

Les

Pecheries

de Chez

Nous

80%

Group Structure

Subsidiary companies

100.00%Thai Union Europe

100.00%4

Pioneer Food

Cannery Limited

20.00%8

LDH (La Doria)

100.00%3

Etablissement Paul

Paulet SAS

99.66%Thai Union Manufacturing

Co., Ltd.

90.00%T-Holding Co., Ltd.

99.55%Songkla Canning PCL.

51.00%Thai Union Seafood

Co., Ltd.

51.00%

Yeuh Chyang

Canned Food Co., Ltd.

98.00%Thai Union Graphic

Co., Ltd.

100.00%2

Thai Union European

Seafood 1 S.A.

100.00%3

Thai Union France

Holding 2 SAS

51.00%Thai Union Feedmill

Co., Ltd.

100.00%Thai Union Investment

Holding Co., Ltd.

50.00%4

TTV Limited

100.00%6

John West Food

Limited

100.00%7

Europeenne

De La Mer SAS

100.00%9

MerAlliance ASA

100.00%10

King Oscar AS

74.00%5

European Seafood

Investment Portugal

60.00%Indian Ocean Tuna

Limited

100.00%3

Thai Union Norway AS

(King Oscar)

100.00%5

UK Seafood

Investment Limited

100.00%John West Holland BV

77.44%Pakfood PCL.

74.00%5

Mareblu SRL

100.00%5

Irish Seafood

Investment Limited

100.00%Thai Union North

America, Inc.

100.00%Tri-Union

Seafoods, LLC.

82.00%

Tri-Union Frozen

Products, Inc.

100.00%

Okeanos Food

Co., Ltd.

100.00%

Takzin Samut

Co., Ltd.

100.00%

USPET

Nutrition, LLC.

100.00%

Okeanos Co., Ltd.

100.00%Chaowpraya Cold

Storage Co., Ltd.

Associated companies

Joint venture companies

25.00%Lucky Union Foods

Co., Ltd.

20.00%Biz Dimension

Co., Ltd.

33.33%1

Moresby International

Holdings, Inc.

48.97%1

TN Fine Chemicals

Co., Ltd.

25.12%Avanti Feeds Limited

50.00%1

Cindena Resources Ltd.

50.00%1

Century Trading

(Shanghai) Co., Ltd.

51.00%TMAC Co., Ltd.

94.44%TMK Farm Co., Ltd.

100.00%Thai Union Hatchery

Co., Ltd.

75.00%TCM Fishery Co., Ltd.

Remark:

1. Investment by Thai Union Manufacturing Co., Ltd.

2. Investment by Thai Union Investment Holding Co., Ltd.

3. Investment by Thai Union European Seafoods 1 S.A.

4. Investment by Etablissements Paul Paulet SAS

5. Investment by Thai Union Europe

6. Investment by UK Seafood Investment Limited

7. Investment by Thai Union France Holding 2 SAS

8. Investment by John West Food Limited

9. Investment by Europeenne De La Mer SAS

10. Investment by Thai Union Norway AS

11. Investment by Thai Union Germany

90.50%

Asain Pacific Can

Co., Ltd.

Source: Thai Union

51.00%11

Rugen Fisch

Company Overview

Key Highlights

Recent Developments




Agenda

“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

2Q16: Strong sales growth

GP

NP

5,428

1,527

Sales(THB mn)

34,441 +12.4%

YoY Chg % of sales

+4.5% 15.8%

+16.9%

OP2,062 -6.3% 6.0%

4.4%

• 2Q16 strong sales growth was driven by a

consolidation of Rugen Fisch and product

repricing from increased raw material prices

• Gross profit margin declined YoY was resulted

from a sharp increase in raw material prices,

mainly salmon and shrimp prices.

• But the impact was partly offset by improving

• PetCare business margin improvement due

to growing volume, and

• Shift of focus to product profitability over

market share in the US market

• Net profit improved due to a lower finance cost,

partly by strong free cash flow that lead to lower

interest bearing debt

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

1H16 Operating Profit

up 12% YoY to

THB 3,516million

Stable ND/E despite rising

raw material prices

Share price movement

20152

(Jan- Dec 15 )

-21.8%

20162

(Jan- Aug 5,16 )

+28.4%

2015

0.76x

2Q16

0.74x

1H16 Operating profit of THB 3,516mn, up 12% YoY

2,825

5,757

3,141

9,138

2,758

5,936

3,516

10,276

Financial Summary1

(THB million)

65,697

59,248

Gross Profit

Total Sales

EBITDA

1H16

1H15

+12.5%

+12.0%

-2.4%

Q1’12

Q1’11

Net Profit

+3.1%

+10.9%

Source: 1TU; 2SET (Jan 5’15: THB22.00/share, Dec 30’15: THB17.20/share, Jan 4’16: THB16.9/share and Aug 5’ 16: THB21.7/share)

*The figures were restated according to accounting restatement

Operating Profit

1H16

1H15

1H16

1H15*

1H16

1H15*

1H16

1H15*

2Q16: Record quarterly sales

27,948 30,258 30,423 32,772

28,606 30,642

32,602 33,333 31,257 34,441

14.9%16.1%

17.2%

13.9% 13.8%

16.9%17.3%

15.7%15.5% 15.8%

3.4%

5.0%

7.0%

2.1%

5.3%4.6% 5.0% 4.6%

3.9% 4.4%

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 1Q16 2Q16

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 9.3 12.4

Gross profit 56.0 39.7 28.4 14.5 -5.2 6.3 7.4 3.9 22.9 4.5

Net profit 40.8 323.9 91.4 -14.3 58.7 -7.2 -15.4 8.5 -19.0 16.9

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

Proposed final dividend for the period: 1 Jan 16 to 30 Jun 16

DPS THB 0.32

XD 18 August 2016

Book closing date 23 August 2016

Payment date 2 September 2016

Announced interim dividend of THB 0.32 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 0.63 0.32

50.1% 50.4%53.5%

50.6% 50.7% 50.0%

29.4%

51.3%

59.9%

50.5% 51.3%55.4%

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

THB/Share

DPS (LHS) Payout Ratio (RHS)

Company Overview

Key Highlights

Recent Developments




Agenda

11 Jul 16: Thai Union acquired

40% stake of Avanti Frozen

Foods Private Limited, a shrimp

processor in India for

INR 1,254mn.

Recent developments

6 Jul 16: TU was ranked 4th Best Overall Company in the Consumer and

Staples segment in Asia by Institutional Investor’s annual All-Asia Executive

Team Poll. TU’s CEO Mr. Thiraphong Chansiri was also ranked 3rd of all

CEOs in Consumer/Staples sector in Asia. TU’s IR program was ranked 3rd

in Consumer/Staples sector in Asia by sell-side institutions. TU website was

also ranked 3rd Best Website for overall Consumer/Staples sector in Asia.

13 Jul 16: Thai Union Group

has been ranked competitively

among Emerging Market MNCs

in the review of Transparency

International.

1 Jul 16: TU has noted Thailand’s improvement from Tier 3 to Tier 2 watch list on the US department of State Trafficking in Persons (TIP) Report.

Sustainability

14 Jul 16: TU received

awards for Best CEO and

Best CFO in the Agro & Food

Business Industry at the IAA

Awards For Listed

Companies 2015/2016.

Recognition

13 Jul 16: TU successfully

issued THB 10 billion debentures,

the largest ever issued by the

company. The debentures were

assigned AA- rating by TRIS

Rating, a local credit rating

agency.

Acquisition

5 Jul 16: TU acquired

80% stake of a Canadian

Lobster Processor, Chez

Nous, for THB 415mn.

TU acquired a Canadian lobster processor

Company name:Les Pecheries de Chez Nous

(Chez Nous)

Location: New Brunswick, Canada

Revenue: CAD 50 mn (2015)

Shares acquired (%): 80%

Seller: Francois Frankie Benoit

Business overview: Lobster processing business.

Supplier of Lobsters.

No. of plants: 1 Processing facility at the Gulf

of St. Lawrence

July 16: TU expands further in North America with acquisition of Chez Nous

TU acquired an 80% of Les Pecheries de

Chez Nous (Chez Nous) for THB 415mn

• Strengthening the Group’s position as the

largest lobster supplier in North America

• Upstream integration will enable TU to

enhance the traceability of the lobster

products and forming direct relationship

with local fishermen

• Operating live lobster holding facility to

ensure product freshness

TU acquired an Indian shrimp processor

Company name:Avanti Frozen Foods Private

Limited

Location:Andhra Pradesh, India

Capacity:35 tons of raw material per day

(Expand to 110 tons per day)

Shares acquired (%): 40%

Seller:Avanti Feeds Limited

(TU’s 25.12% owned affiliate)

Business overview:Shrimp processing plant

No. of plants: 1 Processing plant

(Expand to 2 plants by 2H16)

July 16: Thai Union successfully acquired 40% of Avanti Frozen Foods

TU acquired an 40% of Avanti Frozen

Foods Private Limited for INR 1,254mn

• To tap into shrimp sourcing in India, now

the world’s leading exporting country

• Working with our long-term partner Avanti

Frozen Foods ensures product quality

and traceability

• Investing in a second plant to triple

capacity from 35 tons of raw material per

day currently to 110 tons.

Notional amount THB 10.0bn

Trenches 3, 5, and 7-year

Coupon rate 2.03% - 2.79%

Debenture rating AA- (TRIS Rating)

Issued date 20 Jul 2016

Financial covenants Net D/E ≤ 2.0 : 1

Purpose of the fundDebt refinancing, capital

investment funding and

working capital funding

TU issued THB 10 billion debenture

July 16: TU issued THB 10bn debentures, the largest ever issued by the company

TU issued debenture worth THB 10bn, the

largest issuance by the company

• With AA- rating, TU’s debenture achieve

a favorable interest spread of 50-98bps

over respective year treasury (1.53% -

1.81%)

• An average cost of debenture is 2.24% vs

TU’s 2015 average interest bearing debt

cost of approximately 3.2%

• This issuance will help finalize the

establishment of the Global Treasury

Center in Thailand

Agenda

Company Overview

Key Highlights

Recent Developments


TU’s Consolidated Results

Results by Business Unit



“Despite challenging operating

environment, we remain committed to

deliver solid growth and enhance

our shareholders’ value.”

Joerg AyrleGroup Chief Financial Officer

935

30,64232,602 33,333 31,257

34,441

2Q15 3Q15 4Q15 1Q16 2Q16

SalesTHB mn

2Q16 Record quarterly revenue

2Q16 sales grew by 12.4% YoY to THB 34,441mn

(up 4.4% YoY in dollar term to USD 976mn), driven

by:

Tuna sales improved 7.9% YoY and 14.9%

QoQ, mainly driven by strong brand

recognition in Europe and a higher tuna raw

material price that boosted private label sales

M&A-driven growth by recent consolidation of

Rugen Fisch that boosted sardine and

mackerel and salmon business.

Chilled and frozen product re-pricing to reflect

an increase in shrimp and salmon raw material

prices

PetCare business continued to show strong

growth in light of new product launches and

an improved market penetration

106,698 112,813

121,402 125,183

59,248 65,697

-

20,000

40,000

60,000

80,000

100,000

120,000

2012 2013 2014 2015 1H16YoYGrowth 8.1% 5.7% 7.6% 3.1%

+10.9% YoY

USD mn 975 930 871

+12.4% YoY

+10.2% QoQ

976

Most key businesses showing YoY organic growthRevenue growth component(THB million)

USD mn

976

+428

2Q15 2Q16

34,441

30,642

+873

-369

+14%

+667+329

+280

+769

+3%+8%

-10%

+8%

+17%

TunaShrimp

& related

business1

Sardine

&

Mackerel

Salmon Pet

Care

Value

added

& other

products2

+45%

+8%

+822

USD

effectEUR

effect

USD mn

1,847

1H15 1H16

+1,684

-477

+17%+251+506

+640

+2% +2%

-7%

+7%

+14%

+719

Tuna Shrimp

& related

business1

Sardine

&

Mackerel

Salmon Pet

CareValue

added

& other

products2

+45%

+9%

+1,842

USD

effect

EUR

effect

59,248

65,697+1,285

935 1,811

+12.4% YoY +10.9% YoY

+5.6% YoY

Before currency impacts

+7.2% YoY

Before currency impacts

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

Brand, 38%

**FS - Brand, 5%

**FS - Private Lebel, 8%

Private Lebel, 49%

Brand41%

Private Label59%

Growing branded sales and geographic breakdown

Sales Breakdown by Business

Sales Breakdown by Geographic

Higher sales contribution from the European

markets, driven by strong performance of our

existing brands

While US sales contribution dropped, it continued

to report growth on an absolute term

Growing hand-in-hand

1H16 total brand sales alone grew 9.1% YoY,

thanks to organic growth and M&As

Private label sales report strong growth of 12.3%

YoY, mainly from selling price adjustment

Food Service sales accounted for 12.9% of total

sales

Remark: *Others represent Asia, Australia, Middle East, Canada, Africa and South America

**FS stands for Food Service

36% 40% 44% 42% 39%

30% 30% 29% 29% 34%

10% 7% 7% 8% 8%9% 8% 7% 6% 6%15% 14% 13% 14% 13%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 1H16

Others*

Japan

Domestic

Europe

USA

THB 125,183mn THB 65,697mn

2015 1H16

Gross margin impacted by raw material price volatilityGross ProfitTHB mn

16,362 14,222

19,020 19,501

9,138 10,276

-

5,000

10,000

15,000

20,000

25,000

2012 2013 2014 2015 1H16

GPM 15.3% 12.6% 15.7% 15.6%

YTD 15.4% 15.6%

+12.5% YoY

2Q16 Gross profit of THB 5,428, up 4.5% YoY,

driven mostly by strong sales growth in all key

business segments

2Q16 margin was at 15.8%, down 118bps YoY

from 16.9% in 2Q15:

Chilled and frozen business: Sudden

increase in salmon and shrimp raw material

prices

But the negative impact was partly offset by:

Profitability-focused pricing strategy in the

US canned tuna market

PetCare business continue to win more

customers into the more profitable product

segments

5,1925,634

4,730 4,8485,428

16.9% 17.3%

14.2%15.5% 15.8%

10.0%

15.0%

20.0%

25.0%

30.0%

2Q15 3Q15 4Q15 1Q16 2Q16

+4.5% YoY

+12.0% QoQ

GPM

Operating profit: SG&A in checkOperating ProfitTHB mn

2Q16 Operating profit of THB 2,062mn, down

6.3% YoY, driven by a decline in gross margin.

2Q16 SG&A to sales ratio was 9.8%, slightly

higher than 2Q15 ratio (+4bps YoY) due to M&A

related expenses and increased personnel

expenses for upcoming expansion

The ratio is marginally below the full year target

of 10% due to prudent cost control policy and

lack of acquisition related fee during the quarter

2,200 2,352

1,265

1,454

2,062

7.2% 7.2%

3.8%4.7%

6.0%

1.0%

3.0%

5.0%

7.0%

9.0%

11.0%

13.0%

15.0%

2Q15 3Q15 4Q15 1Q16 2Q16

-6.3% YoY

+41.8% QoQ

6,869

3,988

6,990 6,785

3,141 3,516

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2012 2013 2014 2015 1H16

OP Margin

+12.0% YoY

OPM 6.4% 3.5% 5.8% 5.4%

YTD 5.3% 5.4%

EBITDA up 12% from an impact of FX gains during 2Q16 EBITDATHB mn

2,8433,297

2,3512,755

3,181

9.3% 10.1%7.1% 8.8%

9.2%

3.0%

8.0%

13.0%

18.0%

23.0%

28.0%

2Q15 3Q15 4Q15 1Q16 2Q16

+11.9% YoY

+15.4% QoQ

9,823

7,867

10,999 11,577

5,757 5,936

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2012 2013 2014 2015 1H16

+3.1% YoY

2Q16 EBITDA of THB 3,181mn, up 11.9% YoY,

mainly driven by an absence of FX losses during

2Q15 (FX losses of THB 300mn in 2Q15 vs. a FX

gains of THB 32mn in 2Q16)

Excluding and FX impacts, 2Q16 EBITDA was at

THB 3,149mn, slightly increased from the same

quarter last year due to strong sales growth

during the quarterEBITDAMargin

EBITDA

Margin9.2% 7.0% 9.1% 9.2%

YTD 9.7% 9.0%

Net profit: Registering 17% net profit growthNet ProfitTHB mn

1,3061,626

757

1,231

1,527

4.3% 5.0%

2.3%

3.9%4.4%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

2Q15 3Q15 4Q15 1Q16 2Q16

+16.9% YoY

+24.1% QoQ

4,694

2,853

5,092 5,302

2,825 2,758

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2012 2013 2014 2015 1H16

-2.4% YoY

NPM

2Q16 net profit of THB 1,527mn, up 16.9% YoY

The improved net profit was driven by:

The strong sales growth,

A lower financing costs from a debt

repayment, and

Lower acquisition-related fees in 2Q15

NPM 4.4% 2.5% 4.2% 4.2%

YTD 4.8% 4.2%

Remark: 2Q15 Net profit was restated from THB 1,412mn earlier as THB 106mn restatement was from derivative accounting restatement

1,402 1,531 1,614

1,082

1,446

4.6% 4.7%4.8%

3.5%4.2%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

2Q15 3Q15 4Q15 1Q16 2Q16

Normalized net profit of THB 1,446mnNormalized Net ProfitTHB mn

Norm NP

Margin

Excluding the one-off quarter-end items, 2Q16

normalized net profit was at THB 1,446mn, up

3.1% YoY.

One-off items during 2Q16 of THB 81mn

comprised of:

Accounting adjustment (+THB 29mn),

Insurance claim from one of TUE subsidiary

(+THB 79mn), and

M&A related expenses (-THB 27mn)

+3.1% YoY

+33.6% QoQ

Remark: The normalized net profit still include the FX gains/losses from normal business operation

2Q16Reported

NP

2Q16 NPbefore one-time items

1,527

+27

-29

-79

1,446

Accounting adjustment

Insurance claim

M&A

related expenses

-79

0.98

0.60

1.07 1.11

0.59 0.58

2012 2013 2014 2015 1H16

EPS: Positive EPS = Dividend payment

EPSTHB

0.27

0.34

0.16

0.26

0.32

2Q15 3Q15 4Q15 1Q16 2Q16

+16.9% YoY

+24.1% QoQ 2Q16 EPS was at THB 0.32, up 16.9% YoY

1H16 EPS was at THB 0.58, down 2.4% YoY, along

with net profit movement

Board of Directors approved dividend payment of

THB 0.32 for 1H16, representing 55.4% payout

ratio from reported EPS

Remark: EPS in this slide represents fully diluted EPS based on current number of shares of 4,771,815,496

-356

9,162

11,664

4,404

2013 2014 2015 1H16

Neutral FCF despite rising raw material prices

Annual Free Cash FlowTHB mn

3,393

5,469

-1,747

4,483

-79

2Q15 3Q15 4Q15 1Q16 2Q16

Quarterly Free Cash FlowTHB mn

Remark: 1Cash Conversion Rate = FCF / EBIT

Cash

Conversion

Rate11.5 2.1 -0.8 2.2 -0.03

Cash

Conversion

Rate1-0.1 1.1 1.2 1.0

2Q16 Free cash flow (FCF) was slightly negative

at THB 79mn, despite 2Q16 average tuna raw

material price rose to USD 1,400/ton (vs USD

1,257mn during 1Q16) and a record salmon prices

The neutral FCF was achieved driven by an

improved EBITDA and a more efficient inventory

management

2Q16 inventory days were at 106 days, versus

116 days in 1Q16 and 119 days in 2Q15

2Q16 net working capital days at 104 days,

versus 114 days in 1Q16 and 116 days in 2Q15

20152015 2Q16

Increasing proportion of long-term debts

Interest-bearing debts of THB 38,471mn

42%

2%

Long-term loan by maturityTHB 18,320mn

By Maturity

2020 onwards2019

2018

2017

2Q16

Long-term

Debt

Current

Portion

of Long-

term Debt

& finance

lease

Short-term

Loan

48%

10%

42%

By Currency

EUR

USD

THB

THB 39,179mn THB 38,471mn

1.2%

21.5%

77.3%

2.8%

19.0%

79.9%

41%

10%

49%

1H16 EBITDA: Sufficient internal cash flow to fund M&As

+156

+936 +25

+1,533

+1,932+442

Operating Activities

THB 5,937 mnInvesting & Financing Activities

Free Cash Flow THB 4,404 mn

Unit: THB mn

ND/E 0.76x

Kd = 3.73%ND/E 0.74x

Kd = 2.86%

36,264

+1,475

-1,118

-5,93636,363

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 2015

Net Debt

as of

30 Jun 2016

Tax

payment

Dividends

paidEBITDA CAPEX

+456

Investment

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

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

Continued improved working capital management

Net WC3

13.0%11.1%

8.9%

13.7%11.4%

2Q161Q164Q153Q152Q15

0.74x

0.69x

0.76x

0.64x0.67x

2Q161Q164Q153Q152Q15

ROCE2

ROE1 Debt to EBITDA

ND/E4

13.8%

11.0%

6.6%

14.2%

11.7%

2Q161Q164Q153Q152Q15

INV Days

106116110114119

2Q161Q164Q153Q152Q15

3.023.18

4.17

2.773.40

2Q161Q164Q153Q152Q15

39,315 38,631 41,070 38,448 41,131

116

108 108

114

104

2Q15 3Q15 4Q15 1Q16 2Q16

WC (THB mn) WC Day

Key challenge: John West and Brexit’s impact

Possible Brexit’s Impact on John West

2016: Almost all foreign exchange exposure risks hedged

1. For branded business, over 90% of foreign currency exposure are hedged

2. For private label business, all hedging is done upon purchase contract finalized

3. Over 95% of loan with John West UK are hedged until maturity of the loan (2017)

2017: Passing on inflation

1. Devaluation of the GBP vs EUR in FY2016 would lead to translation effect

2. Increasing import prices are likely lead to some upward pressure in UK product pricing,

3. No material financial impact expected, except for currency-related translation effect

Key challenge: MerAlliance and rising salmon prices

Chilean algae bloom affect global production

2Q16 price was NOK 65/kg, +68% YoY*

• It is estimated that 2016 Chilean salmon production

would decline 20-25% YoY, which imply global

production impact by 5-10% YoY**

• TU’s chilled salmon business reported net losses

during 1H16 due to rapid increase in salmon prices

2H16 challenge: Salmon product repricing

• Given a number of successful repricing negotiation,

TU target to breakeven chilled salmon business by

2H16

*Source: Fishpool.eu **Source: Financial Times

Salmon raw material prices (NOK/kg)

In July, salmon price closed at NOK 75.1/kg. In

2Q16, average price was at NOK 65/kg (+67.5% YoY,

+9.4% QoQ).

0

10

20

30

40

50

60

70

80

Jul-13 Jul-14 Jul-15 Jul-16

Agenda

Company Overview

Key Highlights

Recent Developments


TU’s Consolidated Results

Results by Business Unit



“Corporate performance could fluctuate from

time to time, but investor trust is what we

care most.

To us, transparency, consistent and timely

disclosure are keys to investor trust,

particularly in times of uncertainty.

Wai Yat Paco Lee

General Manager,

Investor Relations and Corporate Investment

0

500

1,000

1,500

2,000

2,500

3,000


Key operating impact: rising salmon price is a key challenge

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

186 (Jul’16)

Skipjack tuna raw material prices (USD/ton)

1,400

(Jul’16)

In Jul, tuna price closed at USD 1,400/ton. In 2Q16, average price

was at USD 1,503/ton (+36.5% YoY, +19.6% QoQ).

In Jul, shrimp price closed at THB 186/kg. In 2Q16, average price

was at THB 164/kg (+4.5% YoY, -12.3% QoQ).

Source: Thai Union Group and http://fishpool.eu/price-information/spot-prices/history/

Raw material prices

0

50

100

150

200

250

300


Salmon raw material prices (NOK/kg)

In Jul, salmon price closed at NOK 75.1/kg. In 2Q16, average price

was at NOK 65/kg (+67.5% YoY, +9.4% QoQ).

0

20

40

60

80


75.1 (Jul’16)

28

30

32

34

36

38


USD/THB

In Jul, USD/THB closed at 35.08. In 2Q16, average USD/THB was at

35.28 (-1.1% QoQ, +6.1% YoY)35.08

(Jul’16)

Exchange rate

Key operating impact

28

33

38

43

48


EUR/THB

38.79

(Jul’16)

In Jul, EUR/THB closed at 38.79. In 2Q16, average EUR/THB was at

39.83 (+1.3% QoQ, +8.2% YoY)

Thai Union’s global footprint

39%49%

3 strategic business segments

Ambient seafoodSales: THB 32,459mn

PetCare, value added and

othersSales: THB 7,861mn

Frozen, chilled seafood

and relatedSales: THB 25,377mn

Frozen, chilled &

smoked salmon

Tuna business

Other seafood2Sardine & MackerelAmbient & Pouch

Salmon

Shrimp & related

business1 PetCare

Value-added

business3

Total 1H16 sales: THB 65,697mn

Other products4

60%

40%

Sales Split:

33%

67%

5%

95%

12%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

Ambient Seafood

43% 42% 48% 40% 40%

57% 58% 52% 60%60%

15,621 15,307 14,178 15,198 17,261

- 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

2Q15 3Q15 4Q15 1Q16 2Q16

53% 50% 58% 50% 49%

47% 50% 42% 50% 51%

96,116 90,351 89,117 94,086 103,387

- 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

2Q15 3Q15 4Q15 1Q16 2Q16

Ambient SeafoodSolid growth boosted by branded business

27%25%

23%23%

25%

11%

16%

11% 12% 12%

20% 21%

17%18%

20%

2Q15 3Q15 4Q15 1Q16 2Q16

Sales (THB million) Quantity (Tons)

Total

Brand

+10.5% YoY

+13.6% QoQ

Private label

Gross Profit Margin (Percent)

+7.6% YoY

+9.9% QoQ

2Q16 ambient seafood business sales of THB 17.3bn, up 10.5% YoY, driven by Rugen Fischacquisition, strong brand presence in UK, and rising tuna raw material price

Gross profit margin has slightly improved 8bps YoY to 19.9%, thanks to:

Growing branded sales in Europe,

Low cost of raw material inventory,

Market expansion in the Middle East starting to contribute profit

Brand

Private label

Brand

Private label

Frozen, chilled seafood and related

Frozen, chilled seafood and relatedCatching up

10%11%

15%14%

13%

11%

12%

11%

7%

6%

10%11%

13%

10%8%

2Q15 3Q15 4Q15 1Q16 2Q16

Total

Brand

Private label

Sales (THB million) Quantity (Tons)

Gross Profit Margin (Percent)

63% 68% 67% 66% 68%

37%32%

33%34% 32%

11,159 13,197

15,099 12,225 13,152

- 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

2Q15 3Q15 4Q15 1Q16 2Q16

29% 32% 29% 33% 34%

71%68% 71%

67% 66%

48,920 60,439

67,521

52,524 57,635

- 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

2Q15 3Q15 4Q15 1Q16 2Q16

+17.9% YoY

+7.6% QoQ

+17.8% YoY

+9.7% QoQ

Brand

Private label

Brand

Private label

2Q16 frozen and chilled seafood business sales of THB 13.2bn, up 17.9% YoY, due to

Product repricing to reflect rising raw material prices, and

An increase in sales volume, thanks to improved domestic shrimp production

The gross profit margin has declined by 219bps YoY to 8.3% from

An increase in salmon and shrimp raw material prices

Salmon business was loss-making during 1H16

PetCare, value added and others

PetCare, value added and othersPetCare business continue to deliver

24%22% 23% 23% 22%

2Q15 3Q15 4Q15* 1Q16 2Q16

Total

Sales (THB Million) Quantity (Tons)

Normalized gross Profit Margin (Percent)

92% 93% 96% 92% 98%

8% 7% 4% 8% 2%3,861 4,098 4,057 3,833 4,028

-

1,000.00

2,000.00

3,000.00

4,000.00

5,000.00

6,000.00

2Q15 3Q15 4Q15 1Q16 2Q16

96% 97% 98% 92% 95%

4% 3% 2% 8%5%

31,617 31,031 30,746 31,545 34,654

- 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

2Q15 3Q15 4Q15 1Q16 2Q16

+4.3% YoY

+5.1% QoQ

+9.6% YoY

+9.9% QoQ

Brand

Private label

Brand

Private label

2Q16 sales of THB 4,029mn, or a growth of 4.3% YoY

PetCare business reported both solid sales growth and margin improvement YoY during 2Q16 thanks to:

Launches of more high value-added PetCareproducts, and

Our commitment in sustainability entice more customers

*Remark: 4Q15 normalized gross margin exclude THB 508mn fishing fleet impairment expenses

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

1H16 Segment Profitability

THB 10,276 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)

6,249

2,254

1,774

32,459

25,377

7,861

19.3%

8.9%

22.6%

65,697 15.6%

*Tuna business

*Sardine & Mackerel

*Ambient & Pouch Salmon

*Shrimp & related business1

*Frozen, chilled &

smoked salmon

*PetCare

*Value added & others3

*Other seafood2

*Other products4

Agenda

Company Overview

Key Highlights

Recent Developments




“At Thai Union, we are dedicated to being

the world’s most trusted seafood leader.

That means earning trust from all our

stakeholders and working with all of our

partners to ensure a healthy seafood supply

for generations to come.”

Darian McBain, Ph.D.Group Director of Sustainable Development

Agenda


Sustainability Report and DJSI submission

John West and Greenpeace

WWF partnership review

Sea Change review

Sustainability report and DJSI submission

You can download TU’s sustainability report at: http://www.thaiunion.com/Sustainability_Report2015_E.pdf

(Thai version: http://www.thaiunion.com/Sustainability_Report2015_T.pdf)

http://www.thaiunion.com/Sustainability_Report2015_E.pdf

http://www.thaiunion.com/Sustainability_Report2015_T.pdf

John West and Greenpeace update

Campaign continues in UK market, as well as global

campaign

John West retained many retailers as customers

Of the range, 22 product lines were withdrawn and 5

were added, bringing the total of supply to 59 product

lines into Tesco

6 pink and red salmon products that were being

discontinued would have been MSC certified by start

of August and fully compliant with the Tesco

sustainability commitments

Supply into other UK retailers remains unchanged,

and support for our commitment of fishery

improvement projects towards MSC, in line with the

WWF/Thai Union Europe partnership.

WWF and Thai Union Europe Partnership

• Partnership is very successful, and guiding direction for our

sustainability work on fisheries

• First public progress report after entering into the partnership in

2014

• A full environmental risk assessment across all fish species

sourced by Thai Union Europe has been conducted

• Under the TUE/WWF partnership we are committed to working

towards MSC/ASC certification, the highest level of

sustainability certification. This will meet the high sustainability

requirements of several European countries including the UK

and Germany.

• Communication in pack on the partnership, and on websites

will continue to be escalated.

Sea Change consultation

Gathering feedback from stakeholders worldwide and refining our

strategy – a key to our transparency and industry leading approach

• Online consultation

• Consultation workshops and face-to-face meetings

April-June

• Compilation of comments received

• Adaptation of Sea Change

July• Presentation of

revised Sea Change Strategy

October

Agenda

Company Overview

Key Highlights

Recent Developments




Executive introduction: Whitney Small

“We are sharing Thai Union’s story in

support of our responsible and

sustainable business practices

around the world. As Thai Union

continues to grow and innovate, our

industry leading role showcases our

efforts, shaping public perception.”

Whitney Foard SmallGroup Director of Corporate Communications

Executive introduction: Valentin Ramirez

“At COSI, our objective is to be

the most trusted seafood leader

in the US, driving positive change

in the areas of sustainability,

innovation, and quality. We will

provide strategic thought

leadership to drive penetration

and growth of the category.

Valentin RamirezCEO of Tri-Union Seafood LLC

Executive introduction: Mario Brands, Ph.D.

“We are increasing the

efficient use of our marine

products and are opening up

new markets by

commercializing high value-

added ingredients for animal

and human consumption.”

Mario Brands, Ph.D.Director of Marine Ingredients

Appendix

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

0

5

10

15

20

25

TU SET

Share Capital Information

Stock Information

2012 2013 2014 2015 2016

Dividend Policy

At least 50% of net profit

Major Shareholders

THB

Bloomberg/ Reuters TU TB/ TU.BK

Share price (05 Aug 2016) : THB 21.70

Historical price :

52-week high THB 23.00

52-week low THB 15.80

No. of paid up shares : 4,771.82mn

Par value : THB 0.25

Market Capitalization : THB 103.5bn

Chansiri Family19.6%

Niruttinanon Family 6.9%

Mitsubishi Corporation

7.3%

Thai NVDR13.2%

Social Security

Office 4.6%

Others48.5%

Source: SET and TU

As of 30 Jun 2016

Free float : 64.8%

Foreign ownership/ Foreign limit 38.7%/ 45.00%

2Q16 Income Statement

Remark: *Including share of income from investment in associates

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

2Q16/ 2Q16/

2Q15 1Q16

Change Change

Sales 34,441 100% 31,257 100% 30,642 100% 10.2% 12.4%

Cost of sales (29,012) -84.2% (26,409) -84.5% (25,450) -83.1% 9.9% 14.0%

Gross profit 5,428 15.8% 4,848 15.5% 5,192 16.9% 12.0% 4.5%

SG&A expenses (3,366) -9.8% (3,394) -10.9% (2,992) -9.8% -0.8% 12.5%

FX gain (loss) 32 0.1% 264 0.8% (300) -1.0% -87.9% -110.7%

Other income* 368 1.1% 336 1.1% 262 0.9% 9.7% 40.3%

EBIT 2,462 7.1% 2,054 6.6% 2,163 7.1% 19.9% 13.8%

Finance cost (263) -0.8% (329) -1.1% (355) -1.2% -20.1% -26.1%

EBT 2,199 6.4% 1,725 5.5% 1,808 5.9% 27.5% 21.7%

Tax (352) -1.0% (352) -1.1% (338) -1.1% 0.0% 4.1%

Net income 1,848 5.4% 1,373 4.4% 1,470 4.8% 34.6% 25.7%

Net income (loss) attributable to:

Equity holders of the Company 1,527 4.4% 1,231 3.9% 1,306 4.3% 24.1% 16.9%

Non-controlling interests of the subsidiaries 321 0.9% 142 0.5% 163 0.5% 125.2% 96.2%

Earnings per share

Basic earnings per share 0.32 0.26 0.27 24.1% 16.9%

Diluted earnings per share 0.32 0.26 0.27 24.1% 16.9%

Exchange rate

THB/USD 35.29 35.90 32.79 -1.7% 7.6%

Normalized net profit 1,446 4.2% 1,082 3.5% 1,402 4.6% 33.6% 3.1%

Consolidated

(Unit: THB mn) 2Q16%

to sales1Q16

%

to sales2Q15

%

to sales

1H16 Income Statement

Remark: *Including share of income from investment in associates

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

1H16/

1H15

Change

Sales 65,697 100% 59,248 100% 10.9%

Cost of sales (55,421) -84.4% (50,110) -84.6% 10.6%

Gross profit 10,276 15.6% 9,138 15.4% 12.5%

SG&A expenses (6,760) -10.3% (5,997) -10.1% 12.7%

FX gain (loss) 296 0.5% 826 1.4% -64.1%

Other income* 704 1.1% 502 0.8% 40.1%

EBIT 4,516 6.9% 4,469 7.5% 1.0%

Finance cost (591) -0.9% (767) -1.3% -22.9%

EBT 3,924 6.0% 3,702 6.2% 6.0%

Tax (845) -1.3% (639) -1.1% 32.3%

Net income 3,079 4.7% 3,063 5.2% 0.5%

Net income (loss) attributable to:

Equity holders of the Company 2,758 4.2% 2,825 4.8% -2.4%

Non-controlling interests of the subsidiaries 321 0.5% 237 0.4% 35.1%

Earnings per share

Basic earnings per share 0.58 0.59 -2.4%

Diluted earnings per share 0.58 0.59 -2.4%

Exchange rate

THB/USD 35.48 32.72 8.4%

Normalized net profit 2,528 3.8% 2,896 4.9% -12.7%

1H16%

to sales1H15**

%

to sales(Unit: THB mn)

Statement of Financial Position as of 30 Jun 2016

Remark: *Including short-term investments

Cash and cash equivalents* 2,207 1.9% 2,816 2.5% -21.6%

Trade and other receivables 17,415 15.2% 16,554 14.9% 5.2%

Inventories - net 34,977 30.6% 35,180 31.7% -0.6%

Other current assets 2,010 1.8% 2,547 2.3% -21.1%

Total current assets 56,609 50% 57,097 51.5% -0.9%

Fixed assets 23,332 20.4% 22,165 20.0% 5.3%

Goodwill and other intangible assets 29,621 25.9% 27,396 24.7% 8.1%

Other non-current assets 4,751 4.2% 4,300 3.9% 10.5%

Total Assets 114,312 100% 110,958 100% 3.0%

Bank overdrafts and short-term loans 16,289 14.2% 19,437 17.5% -16.2%

Trade and other payables 16,178 14.2% 13,731 12.4% 17.8%

Current portion of long-term loans 1,591 1.4% 1,561 1.4% 1.9%

Current portion of debentures 1,950 1.7% 1,949 1.8% 0.0%

Current portion of finance lease liabilities 91 0.1% 91 0.1% -0.2%

Other current liabilities 1,333 1.2% 1,904 1.7% -30.0%

Total current liabilities 37,432 32.7% 38,674 34.9% -3.2%

Long-term loans from financial institutions 1,444 1.3% 1,697 1.5% -14.9%

Debentures 16,876 14.8% 14,231 12.8% 18.6%

Finance lease liabilities - net of current portion 229 0.2% 212 0.2% 8.0%

Other non-current liabilities 9,534 8.3% 8,127 7.3% 17.3%

Total Liabilities 65,515 57.3% 62,941 56.7% 4.1%

Non-controlling interests of the subsidiaries 4,684 4.1% 2,754 2.5% 70.1%

Total Shareholders’ Equity 48,797 42.7% 48,017 43.3% 1.6%

Total liabilities and shareholders’ equity 114,312 100% 110,958 100% 3.0%

Change(Unit: THB mn 1H16% to total

assets2015

% to total

assets

1H16 Statement of Cash Flow

(Unit: THB mn) 1H16 1H15 Change

Profit before income tax 3,924 3,702 222

Adjustments for depreciation & amortisation expenses 1,421 1,289 132

Other adjustments 657 1,204 (547)

Changes in operating assets and liabilities 921 4,701 (3,779)

Cash flows receipts from operating activities 6,923 10,895 (3,972)

Net cash receipts (payments) from operating activities 5,987 10,447 (4,460)

Net cash payments for investing activities (3,366) (1,521) (1,845)

Net cash receipts (payments) for financing activities (3,196) (9,461) 6,265

Net increase (decrease) in cash and cash equivalent (575) (535) (40)

Cash and cash equivalents - opening balance 2,816 2,123 693

Exchange gain (loss) on cash and cash equivalents (35) (117) 82

Cash and cash equivalents - closing balance 2,207 1,472 735

Consolidated

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

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