2015 result presentation - thai union group · d mn) d/ton 48.7 37.2 37.5 34.1 0 10 20 30 40 50 60...
TRANSCRIPT
Page 0
2015 Result Presentation
24 February 2016
Page 1
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 2
Agenda
Company Overview
Recap & Recent Developments
Key Highlights
2015 Financial Results
2016 Outlook & Guidance
2020 Target & Strategy
Page 3
Agenda
Company Overview
Recap & Recent Developments
Key Highlights
2015 Financial Results
2016 Outlook & Guidance
2020 Target & Strategy
Page 4
More than 38 years of seafood processing experience
Remark: *Increased in 3Q12; **Divested all shares in 1Q13, ***Increased in 3Q14 , ****Completed in 4Q14
Established
Thai Union
Frozen
Products
TUF was
listed on the
Stock
Exchange of
Thailand
Expanded
capacity of
canned
seafood
manufacturer
Set up
Chicken of
the Sea
Frozen
Foods
Expanded
capacity of
canned tuna
in Indonesia
Entered to
canned
seafood in
Vietnam
Acquired
leading
canned
seafood
brands in EU
2006 20081988 1994 1995 & 1999 2014****
Founded
Thai Union
Manufacturing
Strategic
partnership
with
Mitsubishi
Corp
Acquired
third largest
canned
seafood brand
in US
Expanded to
frozen
seafood
products
in US
Entered to
tuna fishing in
Indian Ocean
Expanded to
shrimp feed
business in
India
Expanded
capacity of
frozen shrimp
1977 1992 1997 & 2001 20092003 2007 2012-2013
Acquired
leading
smoked
salmon
in EU
Acquired #1 premium
sardine brand in
Norway, US & Australia
20.03% 90.44%
100%
51% 100% 100% 100%88.8%**
15% 25.12%* 40% 77.13%***
Expanded to
shrimp
farming in
Thailand
2012
51%
Set up
pet food
business
in the US
2010
50% 100%
2015
Acquired lobster-related
asset from Orion
Seafood Int’l
Entered a JV
with Savola
Food in
Saudi Arabia
Rebranding:
Renaming
TUF to
Thai Union
Group
2015
Acquired the
majority
stake of
Rugen Fisch
in Germany
51%
2010 2015
Page 5
Group Structure
CIDENA RESOURCES (CR)
50.00%
Thai Union Frozen ProductsFrozen & canned seafood, pet food, snack and ready-to-eat meals
Branded Business OEM BusinessCore
Business
Supporting Business
Associated Companies
90.50%*
ASIAN PACIFIC CANCO., LTD. (APC)
THAI UNION GRAPHICCO., LTD. (TUG)
98.00%
TMAC CO., LTD. (TMAC)
51.00%***
100.00%THAI UNION HATCHERY (TUH)
94.44%TMK FARM CO., LTD.(TMK)
75.00%TCM FISHERY CO., LTD.(TCM)
Remark: *Investment held by SC; **Investment held by TUM, ***Investment held by TFM, ****Investment held by TUI, *****Investment held by TUFH,
******Investment held by Thai Union Norway
Source: TU’s 2014 Annual Report
Page 6
Stable sales contribution by product category
55%
28%
100% 67% 23% 1% 36%
45%
72%
33% 77%99%
64%
Remark: 1Shrimp & related business comprises of frozen shrimp (including lobster) and shrimp feed. 2Value-added & other products includes ready-to-eat products, frozen cephalopod, canned seafood, local products, bakery products, and sales of scraps
% Sales 37% 26% 3% 6% 9% 7% 12%
Sales 46,395 32,649 3,580 7,411 11,346 8,158 15,664(THB mn)
Private label
Brand
Tuna
Shrimp and related business1
Sardine & Mackerel
1
2
3
Salmon
4
Pet care Value-added & other products2
5 6Frozen shrimp
Shrimp feed
2015
Sales breakdownTHB 125,183 mn
Page 7
40%47%
New segmentation to reflect business dynamic
Ambient seafoodSales: THB 59,142mn
Pet care, value added
and othersSales: THB 15,734mn
Frozen, chilled seafood
and relatedSales: THB 50,307mn
Frozen, chilled &
smoked salmon
Tuna business
Other seafood2Sardine & MackerelAmbient & Pouch
Salmon
Shrimp & related
business1 Pet care
Value-added
business3
Remark: 1Shrimp & related business includes frozen shrimp, lobster, shrimp feed and value-added shrimp2Other seafood includes frozen cephalopod, crab, scallop, shellfish and other fish3Value-added business includes ready-to-eat products, maguro & cephalopod sashimi, local products, bakery products and snack4Other products include scrap, fishery and others
Total 2015 sales: THB 125,183mn
Other products4
61%
39%
Sales Split:
39%
61%
7%
93%
13%Brand
Private label
Brand
Private label
Brand
Private label
Page 8
#1 Global leader in a consumer staple business
TUF18%
Others82%
World Canned Tuna Annual Production1
1.67 million tons
TU is the world’s largest canned tuna producer, with the processing volume 18% of world production.
Source: 1Fishstat Plus (FAO) 2010, based on finished product production
Page 9
Global market leading brand portfolio
Remark: *Completed acquisition of King Oscar in 4Q14
•#1 canned seafood
brand in the UK, Ireland
and the Netherlands
#1
•#1 canned
seafood brands
in France
#1
•#1 premium
canned sardine
brand in France
#1
•#1 premium canned
sardine brand in US,
Norway, Australia *
#1
• #1 canned tuna
brand in China
•(by sales value)
#1
•#1 canned tuna
brand in Thailand
#1
•# 1 frozen seafood
importer and
distributor in the US
#1
•#2 tuna brand
in Italy
#2
•#3 canned seafood
brand in the US
#3
Page 10
Fully integrated global supply chain in canned tuna…
Raw material sources
Raw material flow
Work-in-process and finished good flow
Production base
Fishing fleet
Indian ocean
West Pacific Ocean
Thailand
USA
Europe
Ghana
SeychellesAtlantic ocean
TU’s 7 own fleets
Vietnam
Papua New Guinea
Fisheries Processing Canning Marketing
Raw Material Acquisition Production Marketing
• 7 own fishing vessels with
capacity of 39,000 tons per year • Covers the Atlantic Ocean
• 8 locations in 7 countries
• Maximum capacity is approximately
610,000 tons per year
• 6 Brands
• 5 Continents
Can & Label
Production
• Empty can and
printing factories in
Thailand
Page 11
… and frozen shrimp business
BreedingShrimp Feed ProcessingFarm
• Shrimp breed
development &
hatchery in
Thailand
• 2nd largest Thai
producer with
annual capacity of 330,000 tons
• Small farms in
the South and
partner farms in Thailand
• 2 locations in Thailand
• Total capacity of 110,000 tons per year
MarketingValue Adding
• Chicken of the Sea
Frozen Food
• 3 Continents
Raw Material Acquisition Production Marketing
Full traceability
Indian ocean
Pacific ocean
Thailand
USA
Europe
Japan
Atlantic ocean
Asia
Oceania
India
Latin America
China
Vietnam
TU’s export markets
Production base
COSFF’s sourcing
COSFF’s distribution
Chicken of the Sea Frozen
Food (COSFF)
Full Traceability
Page 12
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
0
5
10
15
20
25
1/4
/20
10
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/20
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01
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/201
06
/7/2
010
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01
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/201
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/201
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/201
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/201
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…1
/24
/201
22
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/4/2
012
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01
26
/22
/201
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7/2
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01
29
/4/2
012
10/9
/201
21
1/1
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…1
2/2
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51
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…1
/19
/201
6
2/2
4/2
01
6
TUF SET
Share Capital Information
Bloomberg/ Reuters TU TB/ TU.BK
Share price (24 Feb 2016) : THB 19.40
Historical price :
52-week high THB 22.50
52-week low THB 15.80
No. of paid up shares : 4,771.8mn
Par value : THB 0.25
Market Capitalization : THB 92.6bn
Stock Information
2010 2011 2012 2013 2014 2015 2016
Dividend Policy
At least 50% of net profit
Free float : 63.92%
Foreign ownership/ Foreign limit 39.01%/ 45.00%
Major Shareholders
Chansiri Family20.4%
Niruttinanon Family 7.0%
Mitsubishi Corporation
7.3%
Thai NVDR11.0%
Social Security
Office 4.6%
Others49.7%
As of 30 Dec 2015
Source: SET and TU
THB
Page 13
Agenda
Company Overview
Recap & Recent Developments
Key Highlights
2015 Financial Results
2016 Outlook & Guidance
2020 Target & Strategy
Page 14
Successful integration of MerAlliance & King Oscar
Unit: EUR mn
Revenue
152158
Plan Actual
Unit: EUR mn
OperatingProfit
2.8
6.6
Plan Actual
517
559
Plan Actual
48
53
Plan Actual
FY2015
FY2015
• FY2015 synergies were created by EUR 1.9mn
(Annualized)
+3.9%
+136%
+8.1%
+10.4%
• Strengthened account management by cross
team collaboration
• Brand rollout schedule Q4, 6 months ahead of
schedule
Unit: NOK mn
Revenue
Unit: NOK mn
Operating Profit
FY2015
FY2015
Page 15
Low tuna price prompt fleet impairment
Revenue U
SD
mn
Volu
me (
tonnes 0
00s) T
una p
rice U
SD
/ton
48.7
37.2 37.534.1
0
10
20
30
40
50
60
FY2012 FY2013 FY2014 FY2015E
Normalized revenue performance
2,1271,956
1,361
1,170
0
500
1,000
1,500
2,000
2,500
0
10
20
30
40
50
FY2012 FY2013 FY2014 FY2015E
Catch Volume and Tuna price
Catch volume Tuna price
2007: Purchased 4 fishing vessels & associated
operations
2010: Acquired 5 more fishing vessels after a
purchase of MW Brand
2015: Operating 7 tuna fishing vessels.
An annual catch of 20,000-400,00 metric tonnes
Our fishing operations total net book value of
fixed assets was US$52.6m
Due to a sharp fall in tuna prices, TU decided to
impair the asset by THB 508mn for prudent
accounting policy
Asset is currently being reviewed for the strategic
direction of the fleet business
Overview
Due to a sharp fall in tuna prices, TU decided to impair the asset for prudent accounting policy by
THB 508mn during 4Q15
Page 16
“Seafood is good for all,” US Department of Health and Human Services
US Department of Health and Human Services (HHS) has
recently released the 2015-2020 U.S. Dietary Guidelines
for Americans (DGA’s), which highlighted seafood not
only as an “important source” of nutrients that offers
many “health benefits”, but a diet that could help
“reduce risk “of heart disease as well.
Dietary Guidelines recommends Americans to eat at
least 8oz of seafood per week. The recommendation for
pregnant and breastfeeding women is to consume 8 to 12
oz. per week since seafood has a great source of proteins
and nutrients. However, a healthy eating patterns should
also include a variety of vegetables, oils, grains and fruits
as well.
Example of a shift to a healthier eating trends include the
use of vegetable oils instead of solid fats, increasing the
intake of food that naturally contain oils such as seafood
and nuts instead of meat and poultry and achieving higher
level of intake of dietary vitamin D by consuming seafood
such as salmon, herring and tuna.
Average Protein Foods Subgroup Intakes in Ounce-
Equivalents per Week by Age-Sex Groups,
Compared to Ranges of Recommended Intake
Page 17
2016 Recent Development
Feb: Announcement of the completion of a 51% equity stake of Rügen Fisch AG
Rügen Fisch will contribute to TU’s consolidated financial statement from Feb 2016 onward
Company Name: Rügen Fisch AG
Location: Island of Rügen, Germany
Revenue EUR 140mn
EV/EBITDA 6.5 times
Share proportion
to be acquired:51%
Seller Brinkman Family
Business:
Supplying ambient and chilled fish
including herring, mackerel and salmon
across Germany under brands, along
with private label business
Brands:
No. of plants3 facilities in Germany
1 facility in Lithuania
Remark: Thai Union entered into an agreement to acquire majority stake of Rügen Fisch in Germany last Dec 2015
Page 18
2016 Recent Development (Cont’d)
Feb: The winner of The “Best Treasury & Finance Strategies in Asia-Pacific” Award
“2015 Asia’s Best for Forecasting Strategy”
Thai Union’s Group Corporate Finance & Tax team was announced to be the winner of The “Best
Treasury & Finance Strategies in Asia-Pacific” Award under “2015 Asia’s Best Forecasting Strategy”
categorized by the Corporate Treasurer Magazine
TU’s treasury centre is considered to be in a far better position to manage its forecasting and
subsequently its liquidity thanks to the landmark strategy and cash visibility gained from centering up.
HSBC played a pivotal role in this structure and therefore felt it only necessary to commend them
jointly this award
The assessment was judged on complexity, innovation, and overall influence and impact to the
company, the winner has proven complete commitment to improving operations for the better
Launched in Apr 2012 The Corporate Treasurer is the only independence print publication in Asia dedicated
to serving treasury teams and CFOs
Published by Haymarket Financial Media, The Corporate Treasurer was born out of FinanceAsia’s Corporate
Treasury News and has become a forum from daily market intelligence and long-term strategic insight for
senior finance professionals across Asia
Page 19
2015 Recent Development
Thai Union, by 31 December 2015, has cease working with all external pre-
processors and will bring all processing operations in-house. The move will
provide TU with full oversight of all processing stages
TU took this decision following a full review of our supply chain and the release of
our revised Business Ethics and Labor Code of Conduct in September 2015. We
were concerned that, despite regular audits, it is difficult to guarantee that all
external preprocessors were adhering to our Code of Conduct
From 1 January 2016 onwards, ALL processing work will be directly
controlled by Thai Union, ensuring transparency, traceability of our supply
chain and upholding the rights of our employees. TU is confident that by
working in-house at our processing facilities, all workers' rights will be guaranteed
Over one thousand of employees from PP facilities have been employed to
work at TU factories
Thai Union also provided financial support to those workers who had been out of
work since Thai Union terminated business with external pre-processors. During
this transition period, the pre-processing employees were paid their minimum wage
to ensure that they were not struggling as a result of external factors
Dec: Thai Union welcomed over one thousand former workers from external pre-processing suppliers
Page 20
Dec: Thai Union with Lion Capital mutually terminated the acquisition of Bumble Bee Foods, LLC
Thai Union have reached an agreement with Lion Capital to mutually terminate the acquisition of Bumble Bee Foods, LLC (Bumble
Bee Seafoods) on December 4, 2015. The termination of the Share Purchase Agreement is effective immediately with NO break up
fee.
Thai Union announced that it had agreed to acquire Bumble Bee Seafoods on December 19, 2014. Over the course of last twelve
months, both Thai Union and Lion Capital have vigorously advocated the merits of the deal to the U.S. Department of
Justice. However, Thai Union and Lion Capital have concluded that the clearance is unlikely under the time stipulated in the Share
Purchase Agreement.
2015 Recent Development (Cont’d)
Page 21
Dec: Thai Union was ranked “Best for Overall Corporate Governance in Thailand” for the first time in
Asiamoney’s Corporate Governance Poll 2015
Thai Union was ranked:
No.1 Best for Overall Corporate Governance in Thailand
No.1 Best for Responsibilities of Management and the
Board of Directors in Thailand
No.1 Best for Corporate Social Responsibility in
Thailand
No.2 (Joint) Best for Shareholders’ Rights and Equitable
Treatment in Thailand
No.2 Best for Investor Relations in Thailand
No.3 Best for Disclosure and Transparency in Thailand
2015 Recent Development (Cont’d)
Page 22
Dec: Thai Union awarded “Excellence in Investor Relations” from IR Magazine Awards South East Asia
2015
Mr. Wai Yat Paco Lee, Deputy General Manager of Investor Relations and Corporate Investment of Thai Union Group PCL,
received on behalf of the company, a Certificate for Excellence in Investor Relations at the IR Magazine Awards South East
Asia 2015. The event was recently held in Singapore. The annual award was voted by investors and stock analysts from all over Asia
over 400 people. The receipt of this certificate demonstrates that Thai Union has gained good trust from the investment community.
The investor relations team has been providing with investors with timely, accurate & comprehensive information.
2015 Recent Development (Cont’d)
Page 23
Nov: Thai Union awarded “Outstanding Investor Relations Awards” by SET for the 2nd year running
Mr. Wai Yat Paco Lee, Deputy General Manager, Investor Relations and Corporate Investment of Thai Union Group PCL,
recently received, on behalf of the company, SET Awards 2015 for the Category “the Outstanding Investor Relations
Awards” for publicly listed companies worth over THB 100,000mn at the Stock Exchange of Thailand (SET). This is the 2nd
consecutive year that Thai Union has received this award. The award was presented by Mrs. Kesara Manchusree, President of the
SET, at the SET Awards 2015 ceremony held on 25th November. This event was organized by the SET and Money & BankingMagazine.
2015 Recent Development (Cont’d)
Page 24
2015 Recap: An eventful year
Acquisitions
SustainabilitySustainability
Rebranding
Financing
Acquisition & JVJan: Effective date of new par trading (change to THB 0.25 from THB 1)
Feb: COSFF signed the asset purchase agreement with Orion Seafood International
Feb: BOD approved of Preferential Public Offering (PPO)
Jun: Reception of Global Treasury Centre’s Permission
Jul: Official launch of Thai Union’s 2nd Sustainability Report
Jul: PPO suspension announcement
Aug: Reception of International Headquarters’ Permission
Share buyback announcement: Songkla Canning PCL
Sep: Joint venture announcement: Savola Foods Company
Sep: Official member of DJSI Emerging Markets for the 2nd year running
Sep: Share buyback announcement: Thai Union Manufacturing Co., Ltd
Sep: Official change of the company name, seal and trading symbol
Oct: Official member of Thailand Sustainability Investment 2015
Dec: Acquisition termination announcement: Bumble Bee Seafoods
Acquisition announcement: Rugen Fisch
Dec: Announcement of bringing in all shrimp pre-processing in-house
Page 25
Proposed final dividend for the period: 1 Jul 15 to 31 Dec 15
DPS THB 0.31
XD 7 March 2016
Book closing date 10 March 2016
Payment date 21 April 2016
Proposed final dividend of THB 0.31 per share
Remark:
* The company changed the par value from THB 1 to THB 0.25 and registered with the Ministry of Commerce on 25 Dec 2014.
Hence, dividend per share has been revised retroactively to reflect the par change of THB 0.25.
0.30 0.28 0.28 0.32 0.48 0.40 0.39 0.53 0.38 0.54 0.32
0.31
50.1% 50.4%53.5%
50.6% 50.7% 50.0%
29.4%
51.3%
59.9%
50.5%56.7%
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014* 2015
THB/Share
DPS (LHS) Payout Ratio (RHS)
Page 26
Agenda
Company Overview
Recap & Recent Developments
Key Highlights
2015 Financial Results
2016 Outlook & Guidance
2020 Target & Strategy
Page 27
4Q15: Sustained at high level
GP normalized(Reported GP: THB 4,730mn)
NP normalized
(Reported NP: THB 757mn)
5,238
1,614
Sales(THB mn)
33,333 +1.7%
YoY Chg Margin
+11.3% 15.7% (+136bps YoY)
+83.3% 4.8% (+216bps YoY)
OP normalized(Reported OP: THB 1,265mn)
1,861 +22.1% 5.6% (+93bps YoY)
Remark:
*Operating margin = (COGS – SG&A)/sales
**Normalized gross profit, OP and net profit are excluded of year-end adjustment items incurred in 4Q15 including fishing fleet impairment (THB 508m), capital raising
expenses (THB 211mn), net reversal of fishing fleet impairment (THB 82mn; reversal THB 110mn and related tax THB 28mn), net reversal of M&A related expenses
(THB 14mn), and loan commitment fees in preparation for Bumble Bee acquisition (THB 176mn), and acquisition-related expense (THB 57mn)
Page 28
Remark:
**Normalized net profit are excluded of year-end adjustment items incurred in 2015 including fishing fleet impairment (THB 508m), capital raising expenses
(THB 211mn), M&A related expenses (THB 273mn), net FX gains from unwinding hedged EUR in January 2015 (THB 237mn) , FX gains from unwinding of
Bumble Bee acquisition-related derivatives (THB 186mn), acquisition-related expenses (THB 57mn), and loan commitment fees in preparation for Bumble
Bee acquisition (THB 176mn) Source: 1TU; 2SET (Jan 2’14: THB70/share, Dec 30’14: THB90.50/share, Jan 5’15: THB22/share and Dec 30’15: THB17.20/share)
2015 Normalized Net
Profit up 8% YoY to
THB 6,106million
(Reported NP THB 5,303million)
Declining ND/E thanks to
lower WC and debt level
Share price movement
20142
(Jan-Dec 14)
+29.3%
20152
(Jan- Dec 15 )
-21.8%
2014
0.85x
2015
0.75x
Record net profit yet another year
5,672
5,092
10,999
19,020
6,106
5,303
11,526
19,501
Financial Summary1
(THB million)
125,183
121,402
Gross Profit*
Total Sales
EBITDA*
NormalizedNet Profit**
2015
2014
+2.5%
+4.8%
+7.7%
Q1’12
Q1’11
Net Profit* +4.1%
2015
2014
2015
2014
2015
2014
2015
2014
+3.1%
Page 29
Consistent YoY quarterly improvement for past 8 quarters
27,948 30,258 30,423.26 32,772
28,606 30,642
32,602 33,333
14.9%16.1%
17.2%
13.9% 13.8%
16.9% 17.3%15.7%*
3.4%
5.0%6.3%
2.1%
5.3%4.6% 5.0% 4.8%*
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15
Total sales (THB mn) GPM NPM
% Growth YoY
Sales 14.3 7.6 3.3 6.4 2.4 1.3 7.2 1.7
Gross profit** 56.0 39.7 28.4 14.5 -5.2 6.3 7.4 3.9
Net profit** 40.8 323.9 91.4 -14.3 58.7 -7.2 -15.4 8.5
Remark:
*Normalized gross profit and net profit are excluded of year-end adjustment items incurred in 4Q15 including fishing fleet impairment (THB 508m), capital raising
expenses (THB 211mn), net reversal of fishing fleet impairment (THB 82mn; reversal THB 110mn and related tax THB 28mn), net reversal of M&A related
expenses (THB 14mn), and loan commitment fees in preparation for Bumble Bee acquisition (THB 176mn), and acquisition-related expenses(THB 57mn)
**Reported profits and margins
14.2%**
2.3%**
Page 30
4Q15 Key highlights
4Q15 Sales up 1.7% YoY to THB 33.3bn thanks to the contribution from recently acquired businesses,
namely the full quarter consolidation of MerAllliance (Nov 2014) and King Oscar (Nov 2014) and Orion
(Feb 2015). However, overall growth was limited by depreciation of EUR against THB (2015 AVG
THB39.24/EUR, -3.3% YoY) and low commodity prices of tuna (4Q15 average price of USD1,047/ton,
down 12% YoY).
4Q15 Normalized GP up 11.3% YoY to THB 5,237bn mainly on improved gross profit margin YoY
(15.7% in 4Q15 vs. 14.4% in 4Q14) boosted by recent acquisitions and improved margins of Thailand-
based shrimp processing & pet care business. However, the reported GP was up a mere 3.9% to THB
4,730bn due to the fishing fleet impairment worth THB508mn during the 4Q15.
SG&A up 8.2% YoY to THB3,465mn in 4Q15 due to M&A-related expenses, corporate rebranding and
investment for Global Innovation Incubator, and the SG&A as a % of sales was at 10.3%. Excluding
Bumble Bee acquisition-related expenses and other year-end adjustment items, 4Q15 normalized SG&A
ratio (% of sales) would have been 10.0%, in line with our target. As a result, 4Q15 normalized OPM
was at 5.7%, up 102bps YoY.
4Q15 Normalized Net Profit up 83.5% YoY to THB 1,614mn with 4.8% NPM (vs. 2.7% in 4Q14). The
improved normalized profits was driven by improved operating margin and lower financing costs. Equity
income was at THB147mn (+177% YoY), from improved operation in Indian-based shrimp feed associate
Avanti Feeds. Operation-related FX was THB128mn gains vs a losses of THB244mn in 4Q14.
However, 4Q15 reported NP was up only 8.4% YoY to THB 758mn, mainly due to the fishing fleet
impairment, Bumble Bee acquisition related expense, and related tax impacts.
Strong operational cash flows. 4Q15 Working capital cycle at 108 days, vs 117 days in 4Q14 thanks
to good WC management, low RM prices in tunaRemark:
*Normalized gross profit, OP and net profit are excluded of year-end adjustment items incurred in 4Q15 including fishing fleet impairment (THB 508m), capital
raising expenses (THB 211mn), net reversal of fishing fleet impairment (THB 82mn; reversal THB 110mn and related tax THB 28mn), net reversal of M&A
related expenses (THB 14mn), and loan commitment fees in preparation for Bumble Bee acquisition (THB 176mn), and acquisition-related expense (THB 57mn)
Page 31 31
2015 Key highlights
2015 Sales up 3.1% YoY to THB 125.2bn thanks to the contribution from recently acquired
businesses, namely MerAllliance, King Oscar and Orion. However, overall growth was limited by
depreciation of EUR against THB (2015 AVG THB38.06/EUR, -11.4% YoY) and low commodity
prices of tuna (2015 average price of USD1,170/ton, down 14% YoY) and shrimp.
2015 GP up 5.2% YoY to THB 20,009mn on top end of GPM guidance (16.0% in 2015 vs.
15.9% in 2014) boosted by recent acquisitions and improved margins of Thailand-based shrimp
processing & feed business. However, the reported GP was up by 2.5% YoY to THB19.5bn due
to the fishing fleet impairment worth THB508mn during the 4Q15.
SG&A up 5.7% YoY to THB12.7bn at 10.2% of sales due to corporate rebranding and
investment in Global Innovation Incubator (Gii). Excluding one-off items, SG&A (% of sales) would
have been 9.8%, marginally below our target of 10.0%.
2015 Normalized Net Profit up 7.7% YoY to THB 6,106mn with 4.9% NPM (vs. 4.7% in 2014).
The improved normalized profits was driven mainly by the improved domestic shrimp and pet care
businesses, and lower interest costs (2015 effective interest costs of 3.71% vs 3.75 during 2014).
However, reported NP was up only 4.1% YoY to THB 5.3bn, mainly due to the fishing fleet
impairment, Bumble Bee acquisition related expense, and related tax impacts.
Lower ND/E to 0.75x (from 0.85x in 2014) thanks to declined interest-bearing debts resulted
from lower working capital requirement, and lack of major acquisition during the year
Remark:
*Normalized gross profit, OP and net profit are excluded of year-end adjustment items incurred in 2015 including fishing fleet impairment (THB 508m), capital
raising expenses (THB 211mn), M&A related expenses (THB 273mn), net FX gains from unwinding hedged EUR in January 2015 (THB 237mn) , FX gains from
unwinding of Bumble Bee acquisition-related derivatives (THB 186mn), acquisition-related expense (THB 57mn), and loan commitment fees in preparation for
Bumble Bee acquisition (THB 176mn)
Page 32
Company Overview
Recap & Recent Developments
Key Highlights
2015 Financial Results
2016 Outlook & Guidance
2020 Target & Strategy
Agenda
Page 33
2015 net profits of THB 6,106mn, before year end items
Unit: THB mn
508 211 57 28
FY2014Reported
NP
FY2015Normalized
NP
5,302
6,106
4Q15Reported
NP
4Q15Normalized
NP
758
57
508
2111,614
To demonstrate the true operation performance of the company, we have excluded one-off adjustment items incurred
during 2015 and 4Q15 from reported profits, including:
Fishing fleet impairment (THB 508m),
Capital raising expenses (THB 211mn)
Acquisition-related expenses (THB 57mn)
Net of other one-off items during each respective periods: 2015 (THB 28mn) and 4Q15 (THB 80mn)
As a result, we have presented our normalized net profits of THB 6,106mn for 2015 and
THB 1,614mn for 4Q15 to better reflect the true operating performance
Unit: THB mn
80
Page 34
32,772 32,602 33,333
4Q14 3Q15 4Q15
Sales Breakdown by CategoryTHB mn
USD mn
+1.7% YoY
+2.2% QoQ
Remark: 1Shrimp & related business comprises of frozen shrimp (including lobster) and shrimp feed. 2Value-added & other products includes ready-to-eat products, frozen cephalopod, canned seafood, local products, bakery products, and sales of scraps
Value added &
other products2
Pet care
SalmonSardine & Mackerel
Shrimp & related
business1
Tuna
121,402 125,183
2014 2015
+ 3.1% YoY
Value added &
other products2
Pet care
Salmon
Sardine & Mackerel
Shrimp & related
business1
Tuna
2015 sales growth in most categories despite the negative impact of weak EUR and low RM prices
4Q15 sales grew by 1.7% YoY to THB 33,333mn (down 7.6% YoY in dollar term to USD 930mn). Thanks to the full quarter
consolidation of private label salmon producer MerAllliance (Nov 2014) and canned sardine/mackerel producer King Oscar (Nov
2014). Lobster trader (Orion) also boosted the shrimp and related business sales growth. Tuna sales dropped 11.4% YoY due to
the impact of low commodity prices of tuna (4Q15 average price of USD1,047/ton, down 12% YoY) and weaker EUR against THB
on branded sales, intensifying competition, slow private label sales upon low RM prices. Sales of pet care were stable YoY.
2015 sales were up 3.1% YoY to THB 125,183mn thanks to the contribution from recently acquired businesses, namely
MerAllliance, King Oscar and Orion, that support sales of shrimp, salmon and sardine/mackerel businesses. However, the total
sales growth was capped by weak EUR and low RM prices on private label tuna.
1,007 975 930 3,750 3,716
Page 35
Solid 2015 sales growth of 6.5%, before currency impact
Revenue growth component(THB million)
Remark: 1Shrimp & related business comprises of frozen shrimp (including lobster) and shrimp feed. 2Value-added & other products includes ready-to-eat products, frozen cephalopod, canned seafood, local products, bakery products, and
sales of scraps
USD mn
930
4Q14 4Q15
32,77233,333
+137-1,223-3%
+ 2,285-1,221
-66-565
-10% +27%
-23% -6%+26%
+726
TunaShrimp
& related
business1
Sardine
&
Mackerel
Salmon Pet
care
Value
added
& other
products2
+8% +4%
+487
USD
effect
EUR
effect
USD mn
3,716
2014 2015
+1,605
-495
-9%
+ 6,126-4,807
-771
-9% +21%
-3%
-13%+102%
+6,279
Tuna Shrimp
& related
business1
Sardine
&
Mackerel
Salmon Pet
careValue
added
& other
products2
+25%
+2%
+1,022
USD
effect
EUR
effect
121,402
125,183-5,179
1,007 3,750
+1.7% YoY
+3.1% YoY
+6.5% YoY
Before currency impacts
Page 36
44% 42%
29% 29%
7% 8%7% 6%
13% 14%
2014 2015
Others
Japan
Domestic
Europe
USA
Stable geographic market and business breakdown
Sales Breakdown by BusinessSales Breakdown by Geographic
THB 121,402mn THB 125,183mn
41% 41%
59% 59%
2014 2015
Privale label
Brand
Higher sales contribution from the domestic and
European markets in 2015. 2015 YoY sales growth of
3.1% was driven by Europe, domestic, Africa, Asia and
Canada markets, but also partly offset by decline in US,
Australia, South America and Middle East markets.
On quarterly basis, 4Q15 sales growth of 1.7% YoY
was mainly driven by European and Africa markets.
Growing hand-in-hand 2015 branded sales was stable
YoY at 41.3% of the total sales. 2015 branded sales alone
grew 3.2% YoY (driven mainly by King Oscar acquisition),
compared with 3.1% in private label sales (thanks to the
additions of MerAlliance and Orion). Note that the
branded business sales was slightly depressed due to
EUR depreciation during the year
Page 37
GPM hitting top end of the target
4Q15 reported gross profit (GP) rose 3.9% YoY to THB 4,730mn thanks to contributions from King Oscar, MerAlliance,
and Orion as well as the turnaround of pet care and Thailand-based shrimp processing and feed businesses, but tuna
contribution was about the same as a year ago. However, excluding the impairment of fishing fleet worth THB 508m, the
normalized gross profits would be THB 5,238mn, up 11.3% YoY.
4Q15 gross profit margin (GPM) was at 14.2% (up from 13.9% in 4Q14) of which the improvement from the domestic
shrimp business was capped by the aforementioned fishing fleet impairment expenses. Excluding such impairment, 4Q15
normalized GPM would be at 15.7%, up 136bps YoY.
2015 GP up 2.5% YoY to THB19,501mn. Excluding the impairment expenses, GP would rise 3.6% YoY to THB 20,009mn
4,704
5,6345,238
4Q14 3Q15 4Q15
Gross ProfitTHB mn
19,020 19,501
2014 2015
GP Margin 13.9% 17.3% 14.2%
+3.9% YoY
-16.0% QoQ
4,552
5,6344,730
4Q14 3Q15 4Q15
+2.5% YoY
15.7% 15.6%
19,323
20,009
2014 2015Norm GP Margin
14.4% 17.3% 15.7%
+11.3% YoY
-7.0% QoQ
+3.6% YoY
15.9% 16.0%
Normalized Gross Profit*THB mn
Remark:
*Normalized gross profit are excluded of year-end adjustment item including fishing fleet impairment (THB 508m) incurred in 4Q15
Page 38
2015 average raw material prices were on downtrend
0
50
100
150
200
250
300
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16
0
500
1,000
1,500
2,000
2,500
3,000
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16
White shrimp raw material prices(THB/kg. of 60 pcs./kg)
189 (Jan’16)
Skipjack tuna raw material prices(USD/ton)
1,000
(Jan’16)
In 4Q15, average price was at USD 1,047/ton (-12% YoY,
-27% QoQ). In 2015, average price was at USD
1,170/ton (-14% YoY)
In 4Q15, average price was at THB 162/kg (-15% YoY,
-0.8% QoQ). In 2015, average price was at THB 168/kg
(-24% YoY)
Page 39
Continual rise in OP while SG&A still in check
4Q15 operating profit (OP) declined 6.2% YoY to THB1,265mn. Besides the fishing fleet impairment, the decline was
also due to one-off M&A-related expenses related Bumble Bee deal that was cancelled in 4Q15. SG&A expenses accounted
for 10.4% of sales during the quarter (vs 9.8% during 4Q15). Excluding the one-time items, the normalized SG&A ratio
should have improved to 10.1%, inline with the company’s target guidance of 10.0%. As a result, the 4Q15 normalized OPM
should be at 5.6%, up 93bps YoY.
2015 OP was dropped 2.9% YoY to THB 6,785mn due to a numbers of one-time items incurred during 2015. Excluding
these one-offs, 2015 OP would be THB 7,778mn, up 0.7% YoY
Operating Margin
Operating ProfitTHB mn
Norm OP Margin
1,348
2,366
1,265
4Q14 3Q15 4Q15
4.1% 7.3% 3.8%
-6.2% YoY
-46.6% QoQ
5.8% 5.4%
1,524
2,456
1,861
4Q14 3Q15 4Q15
4.7% 7.5% 5.6%
+22.1% YoY
-24.2% QoQ
6.4% 6.2%
+0.7% YoY
Normalized Operating Profit*THB mn
6,9906,785
2014 2015
Remark:
*In 4Q15, there were year-end adjustment items to SG&A including, capital raising expenses (THB 211mn), reversal of fishing fleet impairment (THB 110mn), and
net reversal of M&A related expenses (THB 14mn)
**In 2015, there were year-end adjustment items to SG&A including, capital raising expenses (THB 211mn), and M&A related expenses (THB 273mn)
-2.9% YoY
7,7257,810
2014 2015
Page 40
4Q15 EBITDA growth of 23% YoY mainly driven by FX
4Q15 EBITDA up by 6.1% YoY to THB2,351mn mainly due to an FX gains of THB128mn (from losses of THB 244mn in
4Q14), and improved equity income from Indian-based shrimp feed producer associate Avanti Feeds (equity income of
THB147mn, up 177% YoY).
2015 EBITDA increased by 4.8% YoY to THB11,526mn. Excluding one-off items, the 2015 normalized EBITDA would be
THB 12,038mn, up 2.0% YoY.
2,391
3,2022,947
4Q14 3Q14 4Q14
2,214
3,297
2,351
4Q14 3Q14 4Q14
Normalized EBITDA*THB mn
EBITDATHB mn
10,99911,526
2014 2015
6.8% 10.1% 7.1%EBITDA Margin
+6.1% YoY
-28.7% QoQ
9.1% 9.2%
11,799 12,038
2014 2015
7.3% 9.8% 8.8%
Norm
EBITDA Margin
+23.2% YoY
-8.0% QoQ
9.7% 9.6%
+2.0% YoY
+4.8% YoY
Remark:
*In 2015, there were year-end adjustment items to FX items including, FX gains from unwinding hedged EUR in January 2015 (THB 296mn) , FX gains from
unwinding of Bumble Bee acquisition-related derivatives (THB 186mn)
Page 41
2015 normalized and reported NP making record high
4Q15 net profit (NP) up 8.5% YoY, but down 53.4% QoQ to THB 757mn. The underlying YoY improvement was capped
by the numbers of exceptional items during 4Q15 including impairment charge on fishing fleet and M&A-related expenses.
Excluding the one-offs, 4Q15 normalized profits would be at THB1,614mn, up 83.3% YoY due to improved operating margin,
improved associate companies’ operations and lower financing costs.
2015 normalized NP was at a record THB 6,106mn, up 7.7% YoY. Including extraordinary items during the year, the
reported profits was THB 5,303mn.
878
1,5311,614
4Q14 3Q15 4Q15
698
1,626
757
4Q14 3Q15 4Q15
5,0925,303
2014 2015
Net ProfitTHB mn
4.2% 4.2%
+4.1% YoY
2.1% 5.0% 2.3%NP Margin
+8.5% YoY
-53.4% QoQ
Normalized Net Profit*THB mn
2.7% 4.7% 4.8%
+83.3% YoY
+5.4% QoQ
5,6726,106
2014 2015
4.7% 4.9%
+7.7% YoY
Remark:
*In 4Q15, there were year-end adjustment items to finance costs including, loan commitment fees in preparation for Bumble Bee acquisition (THB 176mn),
acquisition-related expense (THB 57mn), and additional tax expenses from the reversal of fishing fleet impairment (THB 28mn)
**In 2015, there were year-end adjustment items to finance costs including, acquisition-related expense (THB 57mn), and loan commitment fees in preparation
for Bumble Bee acquisition (THB 176mn), and additional tax expenses from the unwinding hedged EUR in January 2015 (THB 59mn)
Page 42
Improving margin and declining WC reducing leverage
+52+1,071
+1,103
+3,162
+2,063
+1,315
Operating Activities
THB 14,826 mnInvesting & Financing Activities
Free Cash Flow THB 11,664 mn
Unit: THB mn
ND/E 0.85x
Kd = 3.75%
Remark: * Included 1) change in loans to associates & other companies 2) change in investments in associates and other long-term investments 3) proceeds from sale of assets 4) dividend received and 5) change in non-controlling interest
ND/E 0.75x
Kd = 3.71%
36,363
+2,720
-4,806
-12,24640,567
Other
Investing/
Financing
activities*
Other
non-cash
expenses
Net interests
paidChange in
other assets
and liabilities
Change in
net working
capital
Net Debt
as of
31 Dec 2014
Net Debt
as of
31 Dec 2015
Tax
payment
Dividends
paidEBITDA CAPEX
+1,362
Investment
in
Subsidiaries
Page 43
Remark: 1ROE = Annualized quarterly net profit/ Average total shareholders’ equity2ROCE = Annualized EBIT / Average capital employed; where as Capital Employed = total assets - total current liabilities (incl. current
portion of long-term debt)
and EBIT = Total revenue – COGS – SG&A + share of profit in associates and joint ventures3Net WC day = INV day + A/R day – A/P day 4ND/E ratio = Net interest-bearing debt/ Total equity, Net interest-beating debt = Total interest-bearing debt - Cash & Cash equivalents
including ST investment
*2015 Net profit are excluded of year-end adjustment items with total value of THB 802mn
Improving profitability and inventory turnover
42,634 44,438 41,070
125
129
123
FY13 FY14 FY15
WC (THB mn) WC Day
Net WC3
12.9%*12.5%
9.3%
FY15FY14FY13
0.75x0.85x0.92x
FY15FY14FY13
ROCE2
13.6%*12.2%
7.4%
FY15FY14FY13
ROE1
4543
40
FY15FY14FY13
A/R Days
124131127
FY15FY14FY13
INV Days ND/E4
11.9% 12.0%
Page 44
Improvement in inventory turn and WC
34,464
33,885 35,809
37,518 34,133
33,169
35,032 35,180
135
122125
117
131
119
114
110
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15
Inventory (THB mn) Inventory Days
Inventory Days Net Working Capital Days
40,278 40,088 40,514
44,438
39,918 39,315 38,631 41,070
134
120 119117
133
116
108 108
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15
NWC NWC days
Page 45
Cash
Conversion
Rate1-0.1 1.1 1.2
Strong 2015 FCF sending cash conversion rate to a new high
Annual Free Cash FlowTHB mn
-356
9,162
11,664
2013 2014 2015
Remark: 1Cash Conversion Rate = FCF / EBIT
1,039
5,469
-1,747
4Q14 3Q15 4Q15
Quarterly Free Cash FlowTHB mn
Page 46
Declining debts with balanced maturities
Interest-bearing debts of THB 39,179mn
42%
2%
Long-term loan by maturity(THB 15,928 mn)
By Maturity
2019 onwards
2018
2017
2016
2015
Long-term
Debt
Current
Portion
of Long-
term Debt
& finance
lease
Short-term
Loan
41%
9%
49%
1%Finance
lease
By Currency
EUR
USD
THB
THB 46,724mn THB 39,179mn
2014 2015
3.6%
18.0%
78.5%
1.2%
21.5%
77.3%
Page 47
4Q15 Income Statement
Remark *Including share of income from investment in associates
*Normalized net profits exclude ALL one-off adjustments and items through the year
4Q15/ 4Q15/
4Q14 3Q15
Change Change
Sales 33,333 100% 32,772 100% 32,602 100% 1.7% 2.2%
Cost of sales (28,603) -85.8% (28,221) -86.1% (26,968) -82.7% 1.4% 6.1%
Gross profit 4,730 14.2% 4,552 13.9% 5,634 17.3% 3.9% -16.0%
SG&A expenses (3,465) -10.4% (3,204) -9.8% (3,282) -10.1% 8.1% 5.6%
FX gain (loss) 128 0.4% (244) -0.7% (55) -0.2% -152.4% -332.3%
Other income* 246 0.7% 470 1.4% 317 1.0% -47.6% -22.3%
EBIT 1,639 4.9% 1,574 4.8% 2,613 8.0% 4.1% -37.3%
Finance cost (452) -1.4% (473) -1.4% (373) -1.1% -4.5% 21.1%
EBT 1,187 3.6% 1,101 3.4% 2,240 6.9% 7.8% -47.0%
Tax (211) -0.6% (283) -0.9% (455) -1.4% -25.6% -53.6%
Net income 976 2.9% 817 2.5% 1,785 5.5% 19.4% -45.3%
Net income (loss) attributable to:
Equity holders of the Company 757 2.3% 698 2.1% 1,626 5.0% 8.5% -53.4%
Non-controlling interests of the subsidiaries 219 0.7% 119 0.4% 160 0.5% 84.0% 36.9%
Earnings per share
Basic earnings per share 0.16 0.14 0.34 13.8% -52.6%
Diluted earnings per share 0.16 0.15 0.34 9.9% -52.6%
Exchange rate
THB/USD 35.83 32.56 33.45 10.0% 7.1%
Normalized net profit 1,614 4.8% 878 2.7% 1,531 4.7% 83.9% 5.4%
Consolidated
(Million baht) 4Q15% to
sales4Q14
% to
sales3Q15
% to
sales
Page 48
2015 Income Statement
Remark *Including share of income from investment in associate
*Normalized net profits exclude ALL one-off adjustments and items through the year
2015/ 2014
Change
Sales 125,183 100% 121,402 100% 3.1%
Cost of sales (105,682) -84.4% (102,382) -84.3% 3.2%
Gross profit 19,501 15.6% 19,020 15.7% 2.5%
SG&A expenses (12,716) -10.2% (12,031) -9.9% 5.7%
FX gain (loss) 1,012 0.8% 284 0.2% 256.7%
Other income* 1,045 0.8% 1,207 1.0% -13.4%
EBIT 8,842 7.1% 8,480 7.0% 4.3%
Finance cost (1,592) -1.3% (1,673) -1.4% -4.9%
EBT 7,250 5.8% 6,807 5.6% 6.5%
Tax (1,332) -1.1% (1,040) -0.9% 28.1%
Net income 5,918 4.7% 5,767 4.8% 2.6%
Net income (loss) attributable to:
Equity holders of the Company 5,302 4.2% 5,092 4.2% 4.1%
Non-controlling interests of the subsidiaries 616 0.5% 676 0.6% -8.9%
Earnings per share
Basic earnings per share 1.11 1.10 1.1%
Diluted earnings per share 1.11 1.08 2.5%
Exchange rate
THB/USD 33.69 32.36 4.1%
Normalized net profit 6,106 4.9% 5,672 4.7% 7.7%
Consolidated
(Million baht) 2015 % to sales 2014 % to sales
Page 49
Statement of Financial Position as of 31 Dec 2015
Remark *Including short-term investments
Cash and cash equivalents* 2,816 2.5% 6,156 5.4% -54.3%
Trade and other receivables 15,776 14.2% 15,404 13.4% 2.4%
Inventories - net 35,180 31.6% 37,518 32.6% -6.2%
Other current assets 3,083 2.8% 1,786 1.6% 72.6%
Total current assets 56,855 51.0% 60,864 53.0% -6.6%
Fixed assets 23,072 20.7% 23,052 20.1% 0.1%
Goodwill and other intangible assets 27,396 24.6% 27,276 23.7% 0.4%
Other non-current assets 4,154 3.7% 3,724 3.2% 11.5%
Total assets 111,477 100% 114,916 100% -3.0%
Bank overdrafts and short-term loans 19,437 17.4% 26,139 22.7% -25.6%
Trade and other payables 12,262 11.0% 10,725 9.3% 14.3%
Current portion of long-term loans 1,561 1.4% 936 0.8% 66.8%
Current portion of debentures 1,949 1.7% - - -
Current portion of finance lease liabilities 91 0.1% 114 0.1% -20.2%
Other current liabilities 3,266 2.9% 2,440 2.1% 33.8%
Total current liabilities 38,567 34.6% 40,354 35.1% -4.4%
Long-term borrowings 15,928 14.3% 19,225 16.7% -17.2%
Finance lease liabilities - net of current portion 212 0.2% 310 0.3% -31.4%
Other non-current liabilities 8,145 7.3% 7,561 6.6% 7.7%
Total liabilities 62,851 56.4% 67,449 58.7% -6.8%
Non-controlling interests of the subsidiaries 2,838 2.5% 3,802 3.3% -25.3%
Total shareholders’ equity 48,626 43.6% 47,467 41.3% 2.4%
Total liabilities and shareholders’ equity 111,477 100% 114,916 100% -3.0%
Consolidated
(Million baht) 2015% to total
assets2014
% to total
assetsChange
Page 50
Company Overview
Recap & Recent Developments
Key Highlights
2015 Financial Results
2016 Outlook & Guidance
2020 Target & Strategy
Agenda
Page 51
2016 Outlook
2016 forming a solid foundation for growth
Launch of Sea Change Project and sustainability initiatives
Continual organic expansion of the existing businesses, enhanced by new
product and process innovations
Kick off the second phase of Global Innovation Incubator (Gii)
Launching new initiatives
Total solution provider for the food service sector
Emerging markets
Marine ingredients
Consolidating Rügen Fisch into the Group
Page 52
2016 Guidance
FY 2016
Sales USD 4.5 – 5 bn
GPM +/- 16%
SG&A +/- 10%
Effective interest rate No material change from FY2015
Effective tax rate 18 - 20%
CAPEX Approx. THB 3.5bn
Dividend policy At least 50% dividend payout
Page 53
Company Overview
Recap & Recent Developments
Key Highlights
2015 Financial Results
2016 Outlook & Guidance
2020 Target & Strategy
Agenda
Page 54
Committed to 5-year target
1.3
8.0
1.4
1.2
4.1
M&A 2020F2015 New DivisionsOrganic Growth
Bridging the Gap
Organic Growth M&AExcludesM&A
USD Sales(Billion)
Organic growth must play a bigger role in bridging the gap versus ambition along with M&A
1.73.7
Page 55
Corporate website: http://www.thaiuniongroup.com
IR website: http://www.thaiuniongroup.com/en/investor.ashx
E-mail: [email protected]: +66 2298 0024
Thank you