2Q17 Results Presentation - Thai Union Group · 2Q17 Results Presentation. 8 August 2017. Page 2....

2Q17 Results Presentation8 August 2017

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

Key Highlights

Recent Developments

2Q17 Financial Results

Business Outlook

“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

2Q17: Strong cost control and Red Lobster support operation

GP

NP

4,669

1,411

Sales(THB mn)

34,818 +1.2%

YoY Chg % of sales

-14.5% 13.4%

-7.6%

OP1,627 -22.4% 4.7%

4.1%

Stable quarterly sales. 2Q17 sales growth marginally improved from the previous year mainly driven by a product repricing from increased raw material prices

Rising raw material prices. Gross profit margin remained under pressure at 13.4% resulted from a sharp year-over-year increase in raw material prices and European currencies depreciation

Strict cost control. Due to the stringent cost control, 2Q17 SG&A expenses declined by 9.6% YoY, improving SG&A to sales ratio to 8.7% from 2016 ratio of 9.8%.

Operating profit improved 85% from 1Q17, supported by seasonality improvement in sales and improved cost efficiency.

Net profit remained stable YoY. Despite a rising raw material prices, the net profit was supported by growing income contribution from Red Lobster investment and lower tax payment.

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

2,758

6,205

3,699

10,459

2,880

5,773

2,508

8,998

Financial Summary1

(THB million)

66,244

65,611

1H17 Net Profitup 4.4% YoY to

THB 2,880million

Strong cash flow support solid financial strength

Share price movement20162

(Jan- Dec 16 )

+24.3%

20172

(Jan- Aug 4,17 )

-5.6%

2016 ND/E

1.37x2Q17 ND/E

1.33x

1H17 Net profit up 4.4% YoY, improved balance sheet

Gross Profit

Total Sales

EBITDA

1H17

1H16*

-14.0%

-32.2%

+4.4%

Q1’12

Q1’11

Net Profit

-7.0%

+1.0%

Source: 1TU; 2SET (Jan 4’16: THB16.9/share and Dec 30’16: THB21.0/share, Jan 4’17: THB21.1/share and Aug 4’17: THB19.9/share)*The 1H16 figures were restated mainly due to reclassification of fishing fleet discontinued operations

Operating Profit

1H17

1H16*

1H17

1H16*

1H17

1H16*

1H17

1H16*

2Q17: Continued overall operational resilience

28,606 30,64232,602 33,333 31,210

34,401 35,128 33,637 31,427 34,818

13.8%

16.9% 17.3%

14.2%16.0% 15.9%

14.1% 13.5% 13.8% 13.4%

5.3%4.3% 5.0%

2.3%3.9% 4.4% 4.5%

2.7%4.7% 4.1%

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

Total sales (THB mn) GPM NPM

% GrowthYoY

Sales 2.4 1.3 7.2 1.7 9.1 12.4 7.7 0.8 0.7 1.2

Grossprofit -5.2 6.3 7.4 3.9 26.6 4.5 -12.4 -3.5 -13.3 -14.5

Net profit 58.7 -7.2 -23.9 8.5 -19.0 16.9 -1.9 19.1 19.3 -7.6

Remark: Operating margin = (COGS – SG&A)/sales*The 2Q16 and 4Q16 figures were restated mainly due to reclassification of fishing fleet discontinued operations

Raw material prices rising

Agenda

Key Highlights

Recent Developments


Business Outlook

Recent developments

28 July 17: TU remains a constituent of the FTSE4Good Index following the June 2017 index review. TU has been included in the FTSE4Good Emerging Index since December 2016

25 July 17: TRIS affirmed TU and the rating of TU’s senior unsecured debenture’s credit rating at AA- with Stable outlook

Recognitions:

6 July 17: John West awarded “Best UK’s canned seafood brand of the year” by the Marine Stewardship Council’s for offering MSC-certified products. The brand offers a range of 32 MSC-certified product in the UK mainly for canned salmon and mackerel

21 June 17: Chicken of the Sea announced a strategic cooperation with Alibaba Group, the Chinese’s biggest online commerce company, through Tmall’s platform. Chicken of the Sea will be able to bring premium and high quality seafood such as lobster from the US to Chinese customers

Operation:

A launch of MSC-certified products

Smoked fish cocktail

Schillerlocken

Sealect Daily

Sardine in tomato sauce

Numerous value added opportunities

Pesto shrimp

Selected Product innovations:

Recent developments Sustainability:

27 June 17: Thailand maintained in Tier 2 Watch List status in Trafficking in Persons Report for the 2nd consecutive year

6 June 17: TU commits to World Economic Forum’s Tuna 2020 Traceability Declaration. The declaration supports the UN’s Sustainable Development Goals and commits to concrete actions and partnerships to demonstrate the commitment to implement the declaration and action agenda

5 June 2017: TU released the 4th version of SD report for 2016 containing the detail of TU global operation and sustainability strategies and initiative from January to December 2016 against KPI and SeaChange strategy. The report was prepared in accordance with the Global Reporting Initiatives Guideline G4

2 May 17: Chicken of the Sea celebrates World Tuna Day and commitment to sustainability by donating to fisheryProgress.org as well as organizing Best of the Sea Recipe Challenge. The World Tuna Day is a special day for all who are involved in tuna fishing and tuna conservation and management to celebrate the wonders of tuna communities around the world

Sealect, the first Thai leading tuna brand, Initiated tuna traceability system allowing consumer to trace their canned tuna all the way from the ocean

Commercialized first innovation productJuly: Officially commercialized first innovation product “Yellowfin Tuna Slice” through our own brand “Chicken of the Sea” via Foodservice channel across the US

Yellowfin tuna burrito fresco

Big easy yellowfin tuna sandwiches

Yellowfin tuna Banh Mi

Tuna Avocado Hors D’oeuvre Plate

Black Pepper Yellowfin Tuna Slices

VDO Yellowfin Tuna Slice

Agreement between Thai Union and Greenpeace

Longline fishing presents a risk for the incidental coach of non-target species, and current practices increase risk for illegal practices such as IUU fishing and human rights abuses

Greenpeace and Thai Union agree that labor and human rights abuses have no place in the seafood supply chain and should be eliminated as soon as possible

Transhipment presents a high risk point within the tuna supply chain, particularly for IUU fishing and labor abuses, allowing vessels to remain at sea for years without adequate regulatory oversight

The sustainable management of tuna stock requires management and reduction of FADs in each fishery

“Thai Union has fully embraced its role as a leader for positive change as one of the largest seafood companies in the world. Thai Union looks forward to continuing to execute our SeaChange® sustainability strategy, strengthened and enhanced by the joint agreement with Greenpeace and our shared vision for healthy seas now and for future generations.” - Thai Union CEO Thiraphong Chansiri

Further action: Greenpeace and Thai Union will meet every six months to assess progress and implementation. At the end of 2018, an independent third-party will review progress to-date on the commitments

11 July 2017: Thai Union entered into a joint agreement in July with Greenpeace to commit to more sustainable, socially-responsible seafood, building upon the company’s sustainability strategy, SeaChange®

Active PR campaigns of Red LobsterCrabfest“Now this is seafood”

Crabfest was held during 10 Jul – 3 Sep

Lobster & shrimp Summerfest “Take your favorite seafood – lobster and shrimp and turns it into summer on a plate”

Summerfest was held during 29 May – 9 Jul

American customer satisfaction index scores for Red Lobster restaurants in the US from 2007 - 2017In 2017, the index score has improved to 81 versus the lowest index score of 77 in 2015

78 79 8083 82 83 83

78 7779

81

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Source: https://www.statista.com/statistics/194698/customer-satisfaction-with-us-red-lobster-restaurants-since-2007/

Fully divested fishing fleets in August 2017

2007

Entered to tuna fishing fleet business in

Indian Ocean

2010

Owned fishing fleets through an acquisition of MW Brands

2015

Operated 6 tuna fishing flees with

catches of 20,000 – 40,000 tons per

annum

1Q17

One fishing boat was effectively sold

to a 3rd party

2Q – 3Q17

Fully divested the remaining 5 fishing fleets to Chinese

partner

$ $$$$$

Impact:

Overall transaction worth USD 25mn

Impairment changes were booked in 4Q15 at USD 15mn and in 2016 at USD 1.5mn for prudent accounting policy

Overall transaction impact over the six-month period during 2017 was neutral

Rising to theFUTURE

Proposed 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

Ensuring stable cash return for shareholders

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

0.25 0.31 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)

Agenda

Key Highlights

Recent Developments


Business Outlook

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

High tuna prices(+17.3% YoY, +8.0% QoQ)

• Difficulty to pass on price increases to consumer• Competitive pressure in the private label business• Tuna volumes are under pressure

High shrimp prices(+3.1% YoY, -20.6% QoQ)

• An increase in shrimp price put pressure on gross profit margin

High salmon prices(+6.6% YoY, +2.0% QoQ)

• Salmon re-pricing enable third consecutive quarter of positive gross margin

• Due to significant re-pricing, the sales volume was affected

Exchange rate volatility• THB appreciation hurt competitiveness of Thai exports• EUR and GBP depreciation induce consumer price inflation• Exchange volatility affected the accounting translation

Political dynamics • New government in France• Continued uncertainty regarding Brexit scheme

Headwinds remained

1,000

1,170

1,600

1,6101,500

1,400

1,400

1,450

1,450 1,4001,500

1,6251,700

1,700

1,500

1,690 1,700

1,900

1,950

500

1,000

1,500

2,000

2,500

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

Skipjack Tuna Raw Material Price (USD/ton)

Surging tuna prices put pressure on operation

1Q16 1,257

2Q16 1,503 3Q16

1,433

4Q16 1,508

1Q17 1,633

2Q17 1,763

%GrowthQoQ 20.1% 19.6% -4.7% 5.2% 8.3% 8.0%

%GrowthYoY 13.9% 36.5% 0.2% 44.1% 30.0% 17.3%

Resilient sales growth • Sales +1.2% YoY, due to soft demand and weak European

currency• At constant exchange rates, 2Q17sales would have increased

by 4.5%

A weaker GPM from high raw material prices

• High tuna prices put pressure on gross profit margin• European salmon business product re-pricing prompt three

consecutive quarters of positive GP

Strong cost control• SG&A expenses decreased by 10% compared to last year.

Represent 8.7% of sales, well below the 10% guidance• Focus on structural cost changes in back office

Well-managed non-operating items

• Positive FX after strong FX gain in 1Q17• Significant tax and non controlling interests savings• Strong share of profit thanks to Indian associates

Continued contribution from Red Lobster

• Mainly from interest yield and tax savings

The key take away for 2Q17 results

USD mn 948

34,401 35,128 33,637 31,427 34,818

2Q16* 3Q16 4Q16* 1Q17 2Q17

SalesTHB mn

2Q17 A stable sales trend hinder by currency fluctuation

2Q17 sales grew by 1.2% YoY to THB 34,818mn(up 4.0% YoY in dollar term to USD1,015mn),driven by: Ambient seafood business, while seeing

product repricing, was facing difficult businessenvironment from sluggish demand in Europeand European currencies depreciation againstThai Baht

Chilled and frozen products continued to reportsolid growth from growing shrimp and salmonbusiness

PetCare business continued to show steadilygrowth in light of new product launches and animproved market penetration

Weak sales growth in Thai Baht term was partlydue to YoY Baht appreciation against US Dollarduring 1Q17.

1H17 sales grew by 1.0% YoY to THB 66,244mn(up 3.5% YoY in dollar term to USD1,910mn)

112,813 121,402 125,183

134,375

65,611 66,244

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2013 2014 2015 1H16* 1H17YoYGrowth 5.7% 7.6% 3.1%

895 1,015976

+1.2% YoY

+10.8% QoQ

1,009

7.3%1,9101,846USD mn

Remark: *1Q16, 4Q16 and 1H16 figures were restated mainly due to reclassification of fishing fleet discontinued operations

+1.0% YoY

2Q17 resilient sales growth, hindered 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

2Q16 2Q17

USD mn

1,015975

+1.2% YoY +1.0% YoY

3.8% YoY Before currency impacts

34,818

34,401

-40 +60+170+314-115

-523

+2%

+2%

-3%

-3%

Tuna Shrimp & related business1

Sardine&

Mackerel

Salmon Pet Care

Value added & other

products2

+5% -5%

-375

USDeffect

EUReffect

+120

-4% +2%

+806

+20%

Lobster 1H16 1H17

USD mn

1,9101,846

3.4% YoY Before currency impacts

66,24465,611

-361 +269+1,080-121

-138

-984

-0% +8%

-3%

-13%

Tuna Shrimp & related business1

Sardine&

Mackerel

Salmon Pet Care

Value added & other

products2

+10% -5%

-611

USDeffect

EUReffect

+440

-2% +4%

+1,060

+14%

Lobster

+4.1% YoY +3.5% YoY

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 1H17 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 33%, Japan at 6.4% and Thailand at 8.1% are largely unchanged from 2016

1H17 branded sales mix slightly increase to 43% (up from 41% during 2016) leaving the private label sales contributing the remaining 57% of 1H17 sales

1H17 total branded sales increased by 3.1% YoY, mainly due to the solid brand presence in European and US markets

On the other hand, private label sales were relatively stable 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% 33%

7% 7% 8% 8% 8%8% 7% 6% 6% 6%

14% 13% 14% 13% 15%

0%

20%

40%

60%

80%

100%

2013 2014 2015 2016 1H17

Others*

Japan

Domestic

Europe

USA

THB 66,244mn

1H17

Brand, 37%

**FS - Brand, 4%

**FS - Private Label, 8%

Private Label, 50%

THB 134,375mn

2016

GPM 12.6% 15.7% 15.6% 14.8%

YTD 15.9% 13.6%

14,222

19,020 19,501 19,927

10,459 8,998

-

5,000

10,000

15,000

20,000

25,000

2013 2014 2015 1H16* 1H17

-14.0% YoY

5,4634,937

4,530 4,330 4,669

15.9%14.1%

13.5% 13.8% 13.4%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

22.0%

24.0%

26.0%

28.0%

30.0%

2Q16* 3Q16 4Q16* 1Q17 2Q17

Gross margin under pressure from high raw material pricesGross ProfitTHB mn

2Q17 Gross profit of THB 4,669mn, up 7.8% QoQ, driven by the seasonal sales improvement of 10.8% QoQ. On YoY basis, the gross profit was down 14.5% YoY, driven mostly by raw material prices volatility and European currency depreciation

2Q17 margin was at 13.4%, down 235bps YoY. The margin remained under pressure due to: Rising tuna raw material prices (+17.3% YoY)

affect gross margin of tuna business, particularly in European market

THB currency appreciated against European currencies and USD, YoY

But the negative impact was partly offset by: 2Q17 European chilled smoked salmon

business gross profit continued to be positive for the third consecutive quarter

1H17 gross profit was at THB 8,998mn, down 14.0% YoY, driven mainly by raw material price volatility

-14.5% YoY

+7.8% QoQ

GPM

Remark: *The 1Q16, 4Q16 and 1H16 figures were restated mainly due to reclassification of fishing fleet discontinued operations

Operating profit: Strong cost controlOperating ProfitTHB mn

2Q17 Operating profit of THB 1,627mn, up 84.6% QoQ, driven by stringent cost control. However, the operating profit down 22.4% YoY, driven mostly by a weak gross profit margin during the quarter

Due to stringent cost control, 2Q17 SG&A expenses were down by 9.6% YoY to THB 3.0bn. Ratio-wise, the 2Q17 SG&A to sales ratio was at 8.7%

1H17 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

2,0971,872

1,235881

1,627

6.1% 5.3%

3.7%2.8%

4.7%

1.0%

3.0%

5.0%

7.0%

9.0%

11.0%

13.0%

15.0%

2Q16 3Q16 4Q16* 1Q17 2Q17

-22.4% YoY

+84.6% QoQ

3,988

6,990 6,785 6,805

3,699 2,508

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2013 2014 2015 1H16* 1H17

OP Margin

-32.2% YoY

OPM 3.5% 5.8% 5.4% 5.1%

YTD 5.6% 3.8%

Remark: *The 1Q16 and 4Q16 figures were restated mainly due to reclassification of fishing fleet discontinued operations

SG&A saving aided challenging operation

3,005 2,9923,282

2,8983,394 3,366

3,0663,295

3,4483,042

10.5% 9.8% 10.1%8.7%

10.9% 9.8%8.7% 9.8%

11.0%8.7%

5.0%

7.0%

9.0%

11.0%

13.0%

15.0%

17.0%

19.0%

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17

SG&A expenseTHB mn

%SG&A/Sales

Implemented strict cost saving initiatives

Personnel cost control

Marketing expense control

Rental cost renegotiation

Energy cost saving

Maintenance cost control

Administrative cost control

Others

EBITDAMargin 9.2% 7.0% 9.1% 9.2%

YTD 9.5% 8.7%

Stable EBITDA supported by investmentsEBITDATHB mn

3,2592,917

2,016

2,899 2,874

9.5% 8.3%6.0%

9.2% 8.3%

3.0%

8.0%

13.0%

18.0%

23.0%

28.0%

2Q16 3Q16 4Q16* 1Q17 2Q17

-11.8% YoY

-0.9% QoQ

9,823 7,867

10,999 11,526

6,205 5,773

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2012 2013 2014 1H16* 1H17

-7.0% YoY

With a weak operating profit, TU reported 2Q17 EBITDA of THB 2,874mn, down 11.8% YoY and 0.9% QoQ, driven mostly by fluctuating raw material prices. The declining EBITDA YoY was partly offset by growing interest income from an investment in Red Lobster and increased equity profit contribution from Avanti Feeds

1H17 EBITDA was at THB 5,773mn, down 7.0% YoY

EBITDAMargin

Remark: *The 1Q16 and 4Q16 figures were restated mainly due to reclassification of fishing fleet discontinued operations

Resilient net profit despite challenging environmentNet ProfitTHB mn

1,527 1,594

902

1,469 1,411

4.4% 4.5%

2.7%

4.7%4.1%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

2Q16 3Q16 4Q16 1Q17 2Q17

-7.6% YoY

-3.9% QoQ

2,853

5,092 5,302 5,254

2,758 2,880

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2013 2014 2015 1H16 1H17

+4.4% YoY

NPM

2Q17 net profit of THB 1,411mn, down 7.6% YoY and 3.9% QoQ

The declined net profit was driven by: Raw material price fluctuation with tuna raw

material price increased 17% YoY Baht appreciation against key currencies put

pressure on profit margin Higher interest expenses as a result from

higher interest-bearing debt as a result of a multiple investments made during 2016

However, the profit decline was partly offset by Improved income contribution from a strategic

investments from both Red Lobster and Avanti Feeds

Lower minority interest expenses from minority stake buyout of US business in 3Q16

Lower tax expenses from a weak business performance in European market

1H17 net profit was THB2,880mn, up 4.4% YoYNPM 2.5% 4.2% 4.2% 3.9%

YTD 4.2% 4.3%

Normalized net profit of THB 1,372mnNormalized Net ProfitTHB mn

Norm NP Margin

Excluding the one-off quarter-end items, 2Q17normalized net profit was at THB 1,372mn,representing 5.1% decline YoY

One-off positive items during 2Q17 of THB 39mncomprised of: Gains from accounting adjustment on fishing

fleet depreciation reclassified to discontinuedoperation item (-THB 17mn),

One-time tax exemption from Red Lobsterinvestment (-THB 102mn)

Discontinued operation (THB 80mn), 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

1,446 1,384 1,4231,052

1,372

4.2% 3.9% 4.2% 3.3% 3.9%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

2Q16 3Q16 4Q16 1Q17 2Q17

-5.1% YoY

+30.4% QoQ

1,411 -17-79 1,372

Fishing fleets DO2Q17

Reported NP2Q17

Normalized NP

Accounting adjustment

Red Lobster Tax benefits

-102+80

0.98

0.60

1.07 1.11

0.58 0.60

2012 2013 2014 1H16 1H17

EPS: Keeps momentum despite operational headwindsEPS*THB

0.32 0.33

0.19

0.31 0.29

2Q16 3Q16 4Q16 1Q17 2Q17

-7.6% YoY

-3.9% QoQ 1H17 EPS was at THB 0.60, up 4.4% YoY, despite challenging operational headwinds

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

+4.4% YoY

Red Lobster investment is EPS accretive

1Q17 4Q16

Share of profit

Other Income

Finance Costs

Income Tax

Net Income

EPS (THB/share)

THB mn

RL’s contribution during 2Q17 amounted to THB235mn, mainly from tax savings and interest yield

Adverse in share of profit caused by businessseasonality

Q1 Q2 Q3 Q4

Seasonality

Average Fluctuation

Lent Period Christmas & NYE

-49 203 -118

259 261 240

-136 -127 -102

160 -113 39

235 224 59

0.049 0.047 0.012

+20.3% +17.9% +6.7%

2Q17

EPS accretion

9,16211,664

3,8372,371

2014 2015 2016 1H17

2Q17 strong free cash flow amid rising raw material prices

Annual Free Cash FlowTHB mn

-29 -192 -425 786

1,586

2Q16 3Q16 4Q16 1Q17 2Q17

Quarterly Free Cash FlowTHB mn

Remark: 1Cash Conversion Rate = FCF / EBIT; FCF= EBITDA-Changes in net working capital - CAPEX

Cash Conversion

Rate1-0.01 -0.09 -0.3 0.4 0.7

Cash Conversion

Rate11.1 1.2 0.5 0.5

Despite high raw material prices, 2Q17 Free cash flow (FCF) was solid at THB 1,586mn, due mainly to positive contribution from recent investments and improved working capital management

2016

Debt refinancing secured long-term funding

Interest-bearing debts of THB 65,477mn

42%

2%

Long-term loan by maturityTHB 51,034mn

By Maturity

2021 onwards

2020

2019

2018

Long-term Debt

2Q17

Current Portionof Long-term Debt & finance lease

Short-term Loan

78%

1%

21%

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 65,477mn

2Q17: Strong operating cashflow enabled dividend payment

+159+429

+420

+1,885 +108

Operating ActivitiesTHB 4,257mn Investing & Financing Activities

Free Cash Flow THB 2,371 mn

Unit: THB mn

ND/E 1.37xKd = 2.74%

ND/E 1.33xKd = 3.23%

64,867

+489

+508

-5,77364,942

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 Jun 2017

Tax payment

EBITDA CAPEX

+1,479

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

+219

Dividend paid

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 ventures

3Net 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 working capital efficiency

Net WC3

8.1%9.3%6.0%

10.7%13.4%

2Q171Q174Q16*3Q162Q16*

1.33x1.34x1.37x

0.92x0.74x

2Q171Q174Q163Q162Q16

ROCE2

ROE1 Debt to EBITDA

ND/E4

12.8%13.5%

8.4%

14.8%13.8%

2Q171Q174Q163Q162Q16

INV Days

119131

119108106

2Q171Q174Q163Q162Q16

5.705.59

7.87

3.802.95

2Q171Q174Q163Q162Q16*

41,131 42,371 42,926 41,923 43,821 104

107

114

121

111

2Q16 3Q16 4Q16 1Q17 2Q17

WC (THB mn) WC Day

*The figures were restated mainly due to fishing fleets reclassification

Agenda

Key Highlights

Recent Developments


Business Outlook

TU’s Consolidated Results

Results by Business Unit

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)

177 (Jul’17)

Skipjack tuna raw material prices (USD/ton)

1,950(Jul’17)

In July, tuna price closed at USD 1,950/ton. In 2Q17, average pricewas at USD 1,763/ton (+17.3% YoY, +8.0% QoQ).

In July, shrimp price closed at THB 177/kg. In 2Q17, average pricewas at THB 169/kg (+3.1% YoY, -20.6% QoQ).

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

Raw material prices

Salmon raw material prices (NOK/kg)

In July, salmon price closed at NOK 64/kg. In 2Q17, average pricewas at NOK 69/kg (+6.6% YoY, +2.0% QoQ).

20

40

60

80


64(Jul’17)

50100150200250300


x2

Exchange rate

Key operating impact:

283032343638


USD/THB

In July, USD/THB closed at 33.75. In 2Q17, average USD/THB wasat 34.30 (-2.8% YoY, -2.3% QoQ).

33.75(Jul’17)

30

35

40

45

50


EUR/THB

37.72(Jul’17)

In July, EUR/THB closed at 38.83. In 2Q17, average EUR/THB wasat 37.72 (-5.3% YoY, +0.8% QoQ).

30

40

50

60


GBP/THB

In July, GBP/THB closed at 43.86. In 2Q17, average GBP/THB wasat 43.87 (-13.4% YoY, +0.8% QoQ).

43.87(Jul’17)

Thai Union’s global footprint

41%46%

3 strategic business segments

Ambient seafoodSales: THB 30,440 mn

PetCare, value added and others

Sales: THB 8,946 mn

Frozen, chilled seafood and related

Sales: THB 26,858 mn

Frozen, chilled & smoked salmon

Tuna business

Other seafood2Sardine & Mackerel Ambient & Pouch Salmon

Shrimp & related business1 PetCare

Value-added business3

Total 1H17 sales: THB 66,244mn

Other products4

59%41%

Sales Split:

36%64%

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 shrimp2.Other seafood includes frozen cephalopod, crab, scallop, shellfish and other fish3.Value-added business includes ready-to-eat products, maguro & cephalopod sashimi, local products, bakery products and snack4.Other products include scrap, fishery and others

Ambient Seafood

Ambient SeafoodHigh tuna price constrained growth

Sales (THB million) Quantity (Tons)

Gross Profit Margin (Percent) 2Q17 ambient seafood business sales were THB 16.4bn, down 2.8% YoY. While the average selling price increased by 3.5% to reflect rising tuna cost, the sales volume was under pressure

2Q17 Gross profit margin was at 14.9%, down 464bps YoY, due to high raw material prices during the quarter

Continued rising tuna price to USD1,900/ton by June 2017 put pressure on both branded and private label gross profit margin

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

39% 40% 48% 41% 41%

61% 60% 52% 59% 59%

16,846 14,733 13,852 14,069

16,371

- 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

2Q16 3Q16* 4Q16 1Q17 2Q17

49% 47% 55% 49% 51%

51% 53% 45% 51% 49%

101,582 90,028 88,415 87,643 95,773

- 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

2Q16 3Q16* 4Q16 1Q17 2Q17

-2.8% YoY

+16.4% QoQ

-5.7% YoY

+9.3% QoQ

Brand

Private label

Brand

Private label

26%

21%19% 18% 20%

9%6%

9% 14%

7%

20%

15% 14% 16%15%

2Q16 3Q16* 4Q16 1Q17 2Q17

Total

Brand

Private label

Frozen, chilled seafood and related

34% 32% 33% 30% 28%

66% 68% 67%70% 72%

57,635 64,147 64,837 54,015

62,257

- 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

2Q16 3Q16 4Q16 1Q17 2Q17

+15.3% QoQ

68% 64% 68% 63% 64%

32% 36% 32%37% 36%

13,152 15,138 15,317

12,914 13,944

- 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

2Q16 3Q16 4Q16 1Q17 2Q17

Frozen, chilled seafood and relatedSolid growth

13% 13%11% 10%

11%

6% 9% 9%7%

9%8%

10%10% 8%

10%

2Q16 3Q16 4Q16 1Q17 2Q17

TotalBrand

Private label

Sales (THB million) Quantity (Tons)

Gross Profit Margin (Percent)

+6.0% YoY

+8.0% QoQ

+8.0% YoY

2Q17 frozen and chilled seafood business sales were at THB 13.9bn, up 6.0% YoY. The improvement was driven mainly by: Product repricing to reflect higher raw material

prices. Chilled salmon business, while sales volume declined, reported an average selling price (ASP) up 14% YoY

Shrimp business saw sales improvement driven by growing sales volume

With European salmon business gross profit margin remained positive into 2Q17 and stable margin profile for shrimp business, overall gross margin for the business improved by 132bps YoY to 9.6%

Brand

Private label

Brand

Private label

PetCare, value-added and others

PetCare, value-added and othersPetCare delivering solid operational performance

Total

Sales (THB Million) Quantity (Tons)

Gross Profit Margin (Percent) 1Q17 PetCare and valued added segment sales were at THB 4,502mn, up 2.2% YoY and 1.3% QoQ, mainly thanks to continued growth in PetCare business

Despite rising tuna price, PetCare value-added and other businesses continue to deliver solid 20% gross profit margin

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

+1.3% QoQ

95% 86%85% 93% 90%

5% 14%

15%7% 10%

36,459 42,493

30,961 35,900 36,884

- 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

2Q16 3Q16* 4Q16 1Q17 2Q17

98% 84% 90% 93% 88%

2% 16% 10% 7% 12%4,404 5,177 4,549 4,444 4,502

-

1,000.00

2,000.00

3,000.00

4,000.00

5,000.00

6,000.00

2Q16 3Q16* 4Q16 1Q17 2Q17

+2.2% YoY +1.2% YoY

+2.7% QoQ

25% 26% 25%22% 20%

2Q16 3Q16* 4Q16 1Q17** 2Q17

Brand

Private label

Brand

Private label

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

1H17 Segment Profitability

THB 8,998 million

Gross ProfitFrozen, chilled

seafood and related

PetCare, value added and others

Ambient seafood

New segment

Total

Sales(THB million)

Margin(%)

Gross Profit(THB million)

4,726

2,406

1,868

30,440

26,858

8,946

15.5%

9.0%

20.9%

66,244 13.6%

*Tuna business

*Sardine & Mackerel

*Ambient & Pouch Salmon

*Shrimp & related business1

*Frozen, chilled & smoked salmon

*PetCare*Value-added & others3

*Other seafood2

*Other products4

*Lobster

Agenda

Key Highlights

Recent Developments


Business Outlook

Favorably positioned to achieve USD 8bn sales target

Organic 2020FTarget

Red Lobster Pro forma Sales

3.8

Annual SalesUSD Bn

Focusing on executing organic growth initiatives

8.0

2.5 6.3

FY2016 Emerging Market

Marine Ingredient

Food Service

Category Highlight

Continue to profitably grow market share in European ambient marketsImproved profitability of the tuna business (COSI and Private Label business)European salmon business improvement

Operation improvement

New Businesses Develop King Oscar as a global brand and grow related businessLaunch Tuna Oil business (Marine Ingredients)Accelerate Global Foodservice and Emerging Markets initiatives

Successfully drive growth from investment in Red LobsterImproved business integration and collaboration globally Divest the loss-making fishing fleet business by 1H17

M&A / Post Merger Integration

1

2

Accelerate Gii commercialization, both on new products and processes initiativesInnovation

Sustainability ‘Sea Change’ and Tuna Commitment sustainability programsDemonstrate leading capabilities in responsible sourcing and fair labor

3

4

5

Fully shift gear to profitability-focused organization

Appendix

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

0

5

10

15

20

25

2012 2013 2014 2015 2016 2017

TU SET

Share Capital Information

Stock Information

Dividend PolicyAt least 50% of net profit

Major Shareholders

THB

Bloomberg/ Reuters TU TB/ TU.BKShare price (4 Aug 2017) : THB 19.90Historical price :

52-week high THB 22.7052-week low THB 19.50

No. of paid up shares : 4,771.82mnPar value : THB 0.25Market Capitalization : THB 95.0bn

Chansiri Family20.8%

Niruttinanon Family 6.8%

Mitsubishi Corporation

7.3%

Thai NVDR9.0%Social

Security Office 6.1%

Others50.0%

Source: SET and TU

As of 30 Jun 2017

Free float : 65.9%Foreign ownership/ Foreign limit 33.3%/ 45.00%

2Q17 Income Statement

Remark: *Including share of income from investment in associates**2Q16 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

2Q17/ 2Q17/ 2Q16 1Q17

Change ChangeSales 34,818 100% 34,401 100% 31,427 100% 1.2% 10.8%Cost of sales (30,149) -86.6% (28,938) -84.1% (27,097) -86.2% 4.2% 11.3%Gross profit 4,669 13.4% 5,463 15.9% 4,330 13.8% -14.5% 7.8%SG&A expenses (3,042) -8.7% (3,366) -9.8% (3,448) -11.0% -9.6% -11.8%FX gain (loss) 40 0.1% 32 0.1% 590 1.9% 25.5% -93.2%Other income* 530 1.5% 411 1.2% 750 2.4% 29.0% -29.4%EBIT 2,196 6.3% 2,540 7.4% 2,221 7.1% -13.5% -1.1%Finance cost (563) -1.6% (303) -0.9% (498) -1.6% 85.8% 13.2%EBT 1,633 4.7% 2,236 6.5% 1,723 5.5% -27.0% -5.2%Tax (22) -0.1% (493) -1.4% (199) -0.6% -95.5% -88.9%Profit (Loss) from discontinued operarion (80) -0.2% (38) -0.1% 36 0.0% 112.0% -324.6%Net income 1,531 4.4% 1,705 5.0% 1,524 4.8% -10.2% 0.4%Net income (loss) attributable to:Equity holders of the Company 1,411 4.1% 1,527 4.4% 1,469 4.7% -7.6% -3.9%Non-controlling interests of the subsidiaries 120 0.3% 178 0.5% 55 0.2% -32.9% 116.4%Earnings per shareBasic earnings per share 0.29 0.32 0.31 -9.4% -6.5%Diluted earnings per share 0.29 0.32 0.31 -9.4% -6.5%Exchange rateTHB/USD 34.30 35.29 35.11 -2.8% -2.3%

Normalized net profit 1,372 3.9% 1,446 4.2% 1,052 3.3% -5.1% 30.4%

(Unit: THB mn) 2Q17 % to sales 2Q16** %

to sales

Consolidated

1Q17 % to sales

2Q17/ 2Q17/ 2Q16 1Q17

Change ChangeSales 34,818 100% 34,401 100% 31,427 100% 1.2% 10.8%Cost of sales (30,149) -86.6% (28,938) -84.1% (27,097) -86.2% 4.2% 11.3%Gross profit 4,669 13.4% 5,463 15.9% 4,330 13.8% -14.5% 7.8%SG&A expenses (3,042) -8.7% (3,366) -9.8% (3,448) -11.0% -9.6% -11.8%FX gain (loss) 40 0.1% 32 0.1% 590 1.9% 25.5% -93.2%Other income* 530 1.5% 411 1.2% 750 2.4% 29.0% -29.4%EBIT 2,196 6.3% 2,540 7.4% 2,221 7.1% -13.5% -1.1%Finance cost (563) -1.6% (303) -0.9% (498) -1.6% 85.8% 13.2%EBT 1,633 4.7% 2,236 6.5% 1,723 5.5% -27.0% -5.2%Tax (22) -0.1% (493) -1.4% (199) -0.6% -95.5% -88.9%Profit (Loss) from discontinued operarion (80) -0.2% (38) -0.1% 36 0.0% 112.0% -324.6%Net income 1,531 4.4% 1,705 5.0% 1,524 4.8% -10.2% 0.4%Net income (loss) attributable to:Equity holders of the Company 1,411 4.1% 1,527 4.4% 1,469 4.7% -7.6% -3.9%Non-controlling interests of the subsidiaries 120 0.3% 178 0.5% 55 0.2% -32.9% 116.4%Earnings per shareBasic earnings per share 0.29 0.32 0.31 -9.4% -6.5%Diluted earnings per share 0.29 0.32 0.31 -9.4% -6.5%Exchange rateTHB/USD 34.30 35.29 35.11 -2.8% -2.3%

Normalized net profit 1,372 3.9% 1,446 4.2% 1,052 3.3% -5.1% 30.4%

Consolidated

1Q17 % to sales(Unit: THB mn) 2Q17 %

to sales 2Q16** % to sales

1H17 Income Statement

Remark: *Including share of income from investment in associates**1H16 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

1H17/ 1H16

ChangeSales 66,244 100% 65,611 100% 1.0%Cost of sales (57,246) -86.4% (55,151) -84.1% 3.8%Gross profit 8,998 13.6% 10,459 15.9% -14.0%SG&A expenses (6,491) -9.8% (6,760) -10.3% -4.0%FX gain (loss) 630 1.0% 296 0.5% 112.7%Other income* 1,280 1.9% 789 1.2% 62.2%EBIT 4,417 6.7% 4,784 7.3% -7.7%Finance cost (1,061) -1.6% (675) -1.0% 57.2%EBT 3,356 5.1% 4,109 6.3% -18.3%Tax (221) -0.3% (843) -1.3% -73.8%Profit (Loss) from discontinued operarion (44) -0.1% (187) 0.0% 0.0%Net income 3,091 4.7% 3,079 4.7% 0.4%Net income (loss) attributable to:Equity holders of the Company 2,880 4.3% 2,758 4.2% 4.4%Non-controlling interests of the subsidiaries 211 0.3% 321 0.5% -34.3%Earnings per shareBasic earnings per share 0.60 0.58 3.8%Diluted earnings per share 0.60 0.58 3.8%Exchange rateTHB/USD 34.68 35.57 -2.5%

Normalized net profit*** 2,424 3.7% 2,529 3.9% -4.2%

(Unit: THB mn) 1H17 % to sales 1H16** %

to sales

Cash and cash equivalents* 610 0.4% 976 0.7% -37.5%Trade and other receivables - net 18,077 12.5% 16,412 11.5% 10.1%Inventories - net 40,418 27.9% 39,626 27.8% 2.0%Other current assets 2,169 1.5% 3,064 2.2% -29.2%Total current assets 61,274 42.3% 60,079 42.2% 2.0%Fixed assets 23,814 16.4% 23,281 16.4% 2.3%Goodwill and other intangible assets 30,574 21.1% 29,583 20.8% 3.4%Other non-current assets 29,224 20.2% 29,424 20.7% -0.7%Total Assets 144,886 100% 142,365 100% 1.8%Bank overdrafts and short-term loans 13,452 9.3% 36,983 26.0% -63.6%Trade and other payables 19,894 13.7% 17,429 12.2% 14.1%Current portion of long-term loans 739 0.5% 765 0.5% -3.3%Current portion of debentures - 0.0% 2,500 1.8% -100.0%Current portion of finance lease liabilities 93 0.1% 82 0.1% 12.9%Other current liabilities 1,072 0.7% 1,483 1.0% -27.8%Total current liabilities 35,250 24.3% 59,242 41.6% -40.5%Long-term loans from financial institutions 14,773 10.2% 963 0.7% 1433.5%Debentures 36,261 25.0% 24,417 17.2% 48.5%Finance lease liabilities - net of current portion 160 0.1% 208 0.1% -23.5%Other non-current liabilities 9,843 6.8% 10,099 7.1% -2.5%Total Liabilities 96,286 66.5% 94,930 66.7% 1.4%Non-controlling interests of the subsidiaries 3,993 2.8% 4,193 2.9% -4.8%Total Shareholders’ Equity 48,600 33.5% 47,436 33.3% 2.5%

Total liabilities and shareholders’ equity 144,886 100% 142,365 100% 1.8%

Change(Unit: THB mn) 1H17 % to total assets 2016 % to total

assets

Statement of Financial Position as of 30 June 2017

Remark: *Including short-term investments

(Unit: THB mn) 1H17 1H16 Change

Profit before income tax 3,312 3,924 (612)Adjustments for depreciation & amortisation expenses 1,356 1,421 (65)

Other adjustments 702 656 046

Changes in operating assets and liabilities (665) 923 (1,588)

Cash flows receipts from operating activities 4,705 6,923 (2,218)

Net cash receipts (payments) from operating activities 4,275 5,987 (1,712)Net cash payments for investing activities (1,840) (3,366) 1,526Net cash receipts (payments) for financing activities (2,703) (3,673) 971Net increase (decrease) in cash and cash equivalent (267) (1,052) 785

Cash and cash equivalents - opening balance 731 2,590 (1,859)

Exchange gain (loss) on cash and cash equivalents 8 (35) 42

Cash and cash equivalents - closing balance 472 1,504 (1,032)

CAPEX (2,384) (1,533) (850)Management Est. Free Cash Flows 2,371 4,454 (2,083)

Consolidated

1H17 Statement of Cash Flow

Corporate website: http://www.thaiuniongroup.com IR website: http://www.thaiuniongroup.com/en/investor.ashxE-mail: [email protected] Tel: +66 2298 0024

Thank you

2Q17 Results Presentation - Thai Union Group · 2Q17 Results Presentation. 8 August 2017. Page 2....

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