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 assumptions are correct. Actual results
may differ materially from those projected.
Top line dropped on lower raw
material prices and currencies YoY
4Q19 sales down 3.7% YoY
excluding FX impact:
• Thai Baht appreciated against
major currencies
• Tuna raw material prices
declined YoY, putting pressure
on sales.
• Strong sales volume growth
(+2.7% YoY), driven by high
growth in frozen business
GPM of 16.1%, up 122bps YoY
Gross margin recovery from
key business segments:
• Continued focus on high-
margin businesses
• Gross margin recovery in
both ambient and frozen
businesses
• Branded tuna business
margin continued to
improved
Solid performance
Operating profit improved on
profitability recovery,
• SG&A expenses
decreased 2.8% YoY
driven by prudent cost
control
• Due to lower sales, SG&A
ratio was up to 11.4%
(from 10.7% in 4Q18)
Strong operation partly offset by
higher non-operating expenses
Net profit lower 13.6% YoY:
• Share of profits has improved
mainly from Avanti Feed
• The positive was offset by
lower other income and
higher tax expenses during
4Q19
Sales Operating ProfitGross Profit Net Profit
32,854
(THB mn)
5,288 1,0571,537
YoY Chg. -8.8% -1.3% +2.6% -13.6%*
QoQ Chg +3.2% +4.2% +1.4% -23.0%
% of sales 16.1% 4.7% 3.2%
*Remark: 4Q18 normalized net profit is adjusted for Edinburgh Salmon Company (ESCo) business closure related expenses
of THB 69mn and TMAC, distributor of shrimp feed, investment impairment of THB 87mn.
5,191
11,016
4,669
18,892
133,285
5,218
12,033
5,642
20,110
126,275
Net profit EBITDA Operating profit Gross profit Total sales
Financial Summary1
(THB million)2018 20192019 Net Profit
up 0.5% YoY to
THB 5,218 million
ND/E lowered from new bond
issuance and profit recovery
2018
ND/E
1.40x**
2019
ND/E
1.07x
-5.3%
+6.4%
+20.8%
+9.2%
+0.5%
Share price movement
20192
(Jan – Dec 19)
-16.7%
20182
(Jan – Dec 18)
-21.7%
Source: 1TU; 2SET (Jan 3’18: THB20.7/share and Dec 28’18: THB16.2/share, Jan 2’19: THB16.2/share and Dec 30’19: THB13.5/share)
**Net debt to equity of 1.35X, before adoption of TFRS 9 and 16
Remark: Excluding one-time net accrual for US legal-related settlement of THB1,402mn (2Q19) and THB1,359mn (2Q18), ESCo business
closure-related expenses of THB489mn (2H18) and TMAC investment impairment of THB 87mn (4Q18).
30,95834,400 34,847 34,733
29,329
33,775 34,169 36,012
29,36932,214 31,838 32,854
14.8% 14.5% 14.2% 13.8%
11.6%
14.0%
15.8%14.9% 14.9%
16.7%15.9% 16.1%
4.6% 4.1%4.9%
4.1%3.0%
4.1%5.1%
3.4%4.3% 4.7% 4.3%
3.2%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
0
10,000
20,000
30,000
40,000
50,000
60,000
1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19
Total sales (THB mn) GPM NPM
% Growth YoY
Sales -0.8 0.0 -0.6 3.0 -5.3 -1.8 -1.9 3.7 0.1 -4.6 -6.8 -8.8
Gross profit -8.3 -9.0 0.3 6.1 -26.1 -4.6 9.2 11.4 29.3 13.1 -6.1 -1.3
Net profit 16.3 -6.9 8.1 56.6 -39.3 -3.7 0.5 -13.4 46.5 10.6 -20.6 -13.6
Remark: Excluding one-time net accrual for US legal-related settlement of THB1,402mn (2Q19) and THB1,359mn (2Q18), ESCo business
closure-related expenses of THB489mn (2H18) and TMAC investment impairment of THB 87mn (4Q18).
• 23 startups from Germany, India, Norway, Singapore, Thailand and US, pitched innovative food-tech ideas at the SPACE-F exclusive preview
• The event was joined by Thai Union executives and other potential investors
• SPACE-F is Thailand’s first global food-tech startup incubator and accelerator, established by Thai Union, National Innovation Agency (NIA), and Mahidol University’s Faculty of Science
• Key focus areas include wellness, alternative proteins, packaging solution, smart manufacturing, and more
• Non-equity model allows founders to have full ownership of their ideas and products.
•As part of Thai Union Global
Compliance Program
• ‘Speak Out’ hotline and web-solution
are a global platform in addition to
existing local reporting systems
• ‘Speak Out’ gives the opportunity to
report illegal or unethical activity
• Launched in December 2019
UPDATED
• Thai Union China donated more than 52,000 cans of King Oscar tuna as humanitarian assistance to Wuhan, which has been heavily impacted by the COVID-19.
• Conducted through local logistics service and online food delivery operator in China.
• The tuna was distributed in two shipments:
• To people working on the Wuhan Leishenshan Hospital Project, one of two new hospitals being built for COVID-19 patients.
• To more than 15 hospitals in Wuhan including Wuhan Union Hospital, which is the main hospital treating people affected by the COVID-19 virus.
Get fit with SEALECT Tuna Fitt
• SEALECT Tuna Fitt is a new tuna product in Thailand to attract health-conscious consumers and encourage healthier lifestyle through nutritious food and workout plans
• No trans fat, no MSG, high omega-3
• Thai Union partnered with Bangkok-based gym WE Fitness for fat-loss competition, almost 200 participants joined
SEALECT Tuna x Pa Waen Chili tuna flakes
• Partnered with Pa Waen, well-known local brand for Thai mixed chili paste, to launch five new flavoursof Thailand’s first spicy tuna flakes by SEALECT
• First of its kind in Thai market, combining tuna meat with local ingredients sourced from nearby communities
• Available at leading supermarkets in Thailand and online
Premium, sustainably harvested Brisling Sardine
in Natural Lemon Flavor by King Oscar USA
• The new Lemon flavor variety appeals to a younger
consumer demographic – and leverages trending
citrus popularity.
• International Business Magazine Awards 2020
• Mr. Thiraphong Chansiri – CEO of the Year
(Thailand: Food & Beverage)
• Mr. Joerg Ayrle – CFO of the Year
(Thailand: Food & Beverage)
• Dr. Darian McBain – Most Inspiring Women (Thailand)
• SET Awards 2019 by Stock Exchange of Thailand
• Best Sustainability Excellence Award (mid-cap) for
outstanding performance in sustainability
• Outstanding Investor Relations Award (mid-cap)
for outstanding performance in engaging with investor
relations activities
• IR Magazine Awards 2019 – South East Asia
• Best Overall Investor Relations (mid-cap), recognized
as for IR excellence and an outstanding IR program
• Best Crisis Management for efforts on actively
communicating with investors
• Thailand Corporate Excellence Awards 2019 by Thailand
Management Association (TMA)
• Innovation Excellence Award for outstanding work in
innovation
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 0.25 0.25
0.22
0.25 0.31 0.31 0.34
0.15 0.22
50% 50%53%
51% 51% 50%
29%
51%
60%
50%
57% 57%52%
59%* 59%
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 2017 2018 2019
THB/Share
DPS (LHS) Payout Ratio (RHS)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.
• *Chicken of the Sea’s net legal accruals impact not considered for the payout calculation for 1H18 dividend payment
Final dividend for the period: 1 July, 2019 to 31 December, 2019
DPS THB 0.47
Record Date 3 March, 2020
Payment date 22 April, 2020
Remark: Excluding one-time net accrual for US legal-related settlement of THB1,402mn (2Q19) and THB1,359mn (2Q18), ESCo business closure-related expenses of THB489mn (2H18) and TMAC investment impairment of THB 87mn (4Q18).
Non operating
items unfavorable
YoY
• Lower other income (mostly due to investment revaluation for 173m) and
higher taxes (-147m), but was partly offset by:
• Affiliate contribution (+THB71m) and FX gains (+THB179m) improved YoY
• Improved discontinued operation (+THB54m) YoY
Solid organic
sales volume
growth
• 4Q19 sales volume continued to grew by 3% YoY
• Frozen and chilled seafood (+10.2% YoY) and Petcare and Value Added
business (+0.9%) segments both reported sales volume growth
Tight cost
control remain
in place
• SG&A expenses declined on absolute basis (-2.8% YoY)
• Due to weak sales, the SG&A-to-sales ratio was at 11.4% (vs 10.7% in 4Q18)
• Operating profit of THB1.5bn, up 2.6% YoY
Lower gross
profit despite
rising margin
• GPM at 16.1% improving from 14.9% achieved during 4Q18
• Ambient and Frozen businesses’ margins both improved
• Despite margin recovery, GP slightly declined from challenged sales YoY
Challenged
sales, mostly
due to FX
• 4Q19 reported sales declined 8.8% YoY due to depreciation of key trading
currencies vs THB, GBP (-8% YoY), EUR (-11%) and USD (-8%).
• Ex-FX, TU sales -3.7% YoY due to declines in Thai ambient operations and EU
%Change
QoQ 20.1% 19.6% -4.7% 5.2% 8.3% 8.0% 14.0% 1.2% -22.5% 5.7% -12% -4% +3.2% -16.3% +0% -21.9%
%Change
YoY13.9% 36.5% 0.2% 44.1% 30.0% 17.3% 40.2% 34.8% -3.5% -5.4% -27.0% -31.0% -7.8% -27.0% -17.0% -32.5%
1,257
1,503 1,433 1,508 1,633
1,763 2,010 2,033
1,577 1,667
1,467 1,408 1,453
1,217 1,217
950
1,350
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
Jan
-16
Feb
-16
Mar
-16
Ap
r-1
6
May
-16
Jun
-16
Jul-
16
Au
g-1
6
Sep
-16
Oct
-16
No
v-1
6
Dec
-16
Jan
-17
Feb
-17
Mar
-17
Ap
r-1
7
May
-17
Jun
-17
Jul-
17
Au
g-1
7
Sep
-17
Oct
-17
No
v-1
7
Dec
-17
Jan
-18
Feb
-18
Mar
-18
Ap
r-1
8
May
-18
Jun
-18
Jul-
18
Au
g-1
8
Sep
-18
Oct
-18
No
v-1
8
Dec
-18
Jan
-19
Feb
-19
Mar
-19
Ap
r-1
9
May
-19
Jun
-19
Jul-
19
Au
g-1
9
Sep
-19
Oct
-19
No
v-1
9
Dec
-19
Jan
-20
Tuna raw material price (USD/ton)
Quarterly average Monthly average
1Q16
1Q172Q17
3Q17 4Q17
1Q182Q18
3Q184Q163Q16
2Q164Q18 1Q19
2Q19 3Q194Q19
36,012
29,36932,214 31,838 32,854
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
4Q18 1Q19 2Q19 3Q19 4Q19
SalesTHB mn
+3.2% QoQ
-8.8% YoY
USD mn 929 1,020 1,037 1,0851,098
125,183 134,375 134,937 133,285 126,275
2015 2016 2017 2018 2019
3.1% 7.3% 0.4% -1.2%YoY
Growth
• 4Q19 sales declined 3.7% YoY,
excluding FX impact, driven by:
✓ Reported sales saw decline mainly
from key trading currencies
depreciation against THB GBP (-
8% YoY), EUR (-11%) and USD (-
8%)
✓ Ambient business sales declined
from a falling tuna price (-33%
YoY).
• Overall sales volume saw an
increase of 2.7% YoY.
✓ Frozen and Chilled Seafood and
PetCare businesses continued to
see sales volume growth YoY
• On reported basis, 2019 sales were
at THB 126.3bn, down 5.3% YoY
(-1.4% excluding FX impact)
-3.7% YoYBefore currency
impacts
-5.3%
4Q18 4Q19
Revenue growth
component
THB mn
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
-8.8% YoY
-3.7% YoYBefore currency
impacts
32,854
36,012 -718
Tuna Shrimp
&
related
business1
Sardine
&
Mackerel
Salmon-
Ambient
Pet
Care
Value
added
& other
products2
USD
effect
EUR
effect
LobsterOther
seafood
-
Ambient
Salmon
-FrozenOther
seafood -
Frozen
-18 -99+17 -260
+61 -67 -37 -498+312 -905
-945
-6% -1% -12% +4%
-3% +4% -3% -2%
-15% +16%
-8%
-
10%
• 2019 Sales contribution in key markets
shifted in favor of domestic market
✓ TU focused on domestic market,
resulted in 10% sales growth YoY.
✓ US sales contribution improved from
growing frozen business sales
despite USD depreciating against
THB in 2019.
• 2019 branded and private label sales
mix remain stable from 2018 at 41%
and 59%, respectively,
✓ 2019 total branded sales decreased
4.9% YoY, as majority of the branded
sales are contributed from the US
and Europe, thus affected by THB
appreciation, despite branded
volume sales continued to grow 3.1%
YoY.
✓ 2019 private label sales was down
5.5% YoY due mainly to a decline in
key raw material prices YoY amid
sales volume growth of 1.1% YoY.
Brand35%
Food Service: Brand
6%
Food Service: Private Label
5%
Private Label54%
Remark: Others represent Asia, Australia, Middle East, Canada, Africa
and South America
42% 39% 39% 38% 40%
29% 33% 31% 31% 28%
8% 8% 9% 11% 12%
6% 6% 6% 6% 5%
14% 13% 15% 15% 15%
0%
20%
40%
60%
80%
100%
2015 2016 2017 2018 2019
Sales Breakdown by Geographic
Sales Breakdown by Business
THB 126.3bnTHB 133.2bn
2018
Brand35%
Food Service: Brand
6%
Food Service: Private Label
6%
Private Label53%
2019
Others
Japan
Domestic
Europe
USA
5,356
4,382
5,364 5,0775,288
14.9% 14.9%
16.7%15.9% 16.1%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
22.0%
24.0%
26.0%
28.0%
30.0%
4Q18 1Q19 2Q19 3Q19 4Q19
Gross ProfitTHB mn
19,501 19,927 19,310 18,892 20,110
-
5,000
10,000
15,000
20,000
25,000
2015 2016 2017 2018 2019
-1.3% YoY
+4.2% QoQ
GPM
• 4Q19 Gross margin improved YoY,
amid challenged sales
environment,
✓ Ambient business delivered
margin improvement to 18.7%, up
from 16.7% in 4Q18, mainly
through ongoing discussion with
customers and a strategy to
pursue more value-added
products.
✓ Frozen and chilled business
reported gross profit improving of
9.9% YoY from margin
improvement and strong volume
growth.
• 2019 gross profit was at a record
level of THB20.1bn up 6.4% YoY,
driven by improving gross profit in all
three key business segments. GPM 15.6% 14.8% 14.3% 14.2% 15.9%
+6.4% YoY
Remark: Excluding one-time net accrual for US legal-related settlement of THB1,402mn (2Q19) and THB1,359mn (2Q18), ESCo business
closure-related expenses of THB489mn (2H18) and TMAC investment impairment of THB 87mn (4Q18).
1,499
1,020
1,570 1,516 1,537
4.2%3.5%
4.9% 4.8% 4.7%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
4Q18 1Q19 2Q19 3Q19 4Q19
Operating ProfitTHB mn
+2.6% YoY
+1.4% QoQ
6,817 6,805
4,921 4,669 4,669 5,642
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
2015 2016 2017 2018 2019
OP
Margin
OPM 5.4% 5.1% 3.6% 3.5% 4.5%
SG&A% 10.7% 11.4% 11.8% 11.2% 11.4%
• 4Q19 Operating profit was at THB
1,537mn:
✓ Prudent cost control prompt
SG&A expenses declined on
absolute basis (-2.8% YoY),
although the SG&A ratio was at
11.4% due to challenged sales
during 4Q19
✓ Operating profit improved despite
a marginal decline in gross profit
YoY
• 2019 operating profit turnaround.
2019 normalized operating profit
improved 20.8% YoY, and at the
highest level in 2 years, driven by
both overall operation improvement
YoY and prudent cost saving
initiatives.
+20.8% YoY
Remark: Excluding one-time net accrual for US legal-related settlement of THB1,402mn (2Q19) and THB1,359mn (2Q18), ESCo business
closure-related expenses of THB489mn (2H18) and TMAC investment impairment of THB 87mn (4Q18).
• 4Q19 EBITDA at THB2.8bn, an
increase of 2.1% YoY,
✓ An improvement was driven by
operation improvement, FX gains
and improved affiliates’
operations, especially from
Avanti Feeds.
✓ The improvement was partly
offset by revaluation of
investments.
✓ 2019 EBITDA at the historical
record level of THB12bn, driven
largely by improved profitability
and consistently improved
contribution from investment and
affiliates
EBITDAMargin
9.2% 8.4% 8.6% 8.3% 9.5%
2,7032,818
3,271 3,1822,761
7.5%9.6% 10.2% 10.0%
8.4%
3.0%
8.0%
13.0%
18.0%
23.0%
28.0%
4Q18 1Q19 2Q19 3Q19 4Q19
EBITDATHB mn
+2.1% YoY
-13.2% QoQ
11,526 11,269 11,579 11,016 11,016 12,033
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
2015 2016 2017 2018 2019
+9.2% YoY
EBITDA
Margin
Remark: Excluding one-time net accrual for US legal-related settlement of THB1,402mn (2Q19) and THB1,359mn (2Q18), ESCo business
closure-related expenses of THB489mn (2H18) and TMAC investment impairment of THB 87mn (4Q18).
1,223 1,273
1,5131,374
1,057
3.4%4.3% 4.7% 4.3%
3.2%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
4Q18 1Q19 2Q19 3Q19 4Q19
Net ProfitTHB mn
-13.6% YoY
-23.0% QoQ
5,302 5,254 5,989
5,191 5,191 5,218
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2015 2016 2017 2018 2019
NPM
NPM 4.2% 3.9% 4.4% 3.9% 4.1%
• On reported basis, 4Q19 net profit
of THB 1,171mn, down 1.0% YoY.
Excluding one-off impairment on
subsidiary closure during 4Q18, TU’s
net profit would show a decline of
13.6% YoY.
• Finance cost was marginally lower
by 3.9% YoY partly due to the debt
refinancing during 2019
• 4Q19 Income tax expense of THB
112mn, from tax credit of THB 35mn
during 4Q18 (investment
revaluation).
• 2019 normalized net profit at THB
5.2bn, an increase of 0.5% YoY.
However, the reported net profit
show a significant recovery of 17.2%
compared to 2018 reported net
profit.
+0.5% YoY
Remark: Excluding one-time net accrual for US legal-related settlement of THB1,402mn (2Q19) and THB1,359mn (2Q18), ESCo business
closure-related expenses of THB489mn (2H18) and TMAC investment impairment of THB 87mn (4Q18).
Adjusted
NP
Margin
1,223 1,111
1,718
1,3741,230
3.4% 3.8%
5.3%4.3% 3.7%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
4Q18 1Q19 2Q19 3Q19 4Q19
Adjusted Net ProfitTHB mn
+0.6% YoY
-10.5% QoQ
• Only adjustment is the impairment
of our investment in Nutrifish
• Nutrifish is a French startup who
produces marine natural ingredients
derived from seafood to
nutraceuticals, cosmetics, and other
food products.
-79
Remark: Excluding one-time net accrual for US legal-related settlement of THB1,402mn (2Q19) and THB1,359mn (2Q18), ESCo business
closure-related expenses of THB489mn (2H18) and TMAC investment impairment of THB 87mn (4Q18).
1.11 1.101.26
1.09 1.09
2015 2016 2017 2018 2019
0.26 0.270.32
0.29
0.22
4Q18 1Q19 2Q19 3Q19 4Q19
Earning per Share (EPS)*THB
-13.6% YoY
-23.0% QoQ
+0.5% YoY
• 2019 normalized EPS was at THB
1.09, down 13.6% YoY, along with
the net profit trajectory.
• However, the reported EPS show
a significant recovery of 17.2%
compared to 2018 reported EPS
Remark:
Excluding one-time net accrual for US legal-related settlement of THB1,402mn (2Q19) and THB1,359mn (2Q18), ESCo business closure-
related expenses of THB489mn (2H18) and TMAC investment impairment of THB 87mn (4Q18).
*EPS in this slide represents fully diluted EPS based on current number of shares of 4,771,815,496
THB mn • 4Q19 remain a seasonally weak
quarter operationally with guest
count remain a key challenge
• With lower tax expense and a
stable interest income, 4Q19 net
profit contribution post less
losses YoY.
• During 2019, Red Lobster
investment contributed a total of
THB 419mn of net profit to Thai
Union (THB0.08/share)
Share of profit
Other income
Finance costs
Income tax
Net income
EPS (THB/share)
Red Lobster has contributed THB 165mn to net loss in 4Q19
4Q19 3Q19 2Q19 1Q19 4Q18
-243 -34 -9 144 -201
252 242 249 249 258
-136 -139 -146 -142 -138
-38 63 73 34 -113
-165 132 168 284 -193
-0.03 0.03 0.04 0.06 -0.04
5,544
2,938
8,4017,149
2016 2017 2018 2019
Annual Free Cash FlowTHB mn
1,052 1,259 1,178 1,085
3,627
4Q18 1Q19 2Q19 3Q19 4Q19
Quarterly Free Cash FlowTHB mn
Remark: Change definition of Free Cash Flow; 1Cash Conversion
Rate = FCF / EBIT; FCF= EBITDA-Changes in net working capital –
Change in other assets& Liabilities + non-cash expenses – CAPEX
FCF is based on reported financial statement basis
Cash
Conversion
Rate10.94 0.73 0.59 0.67 2.28
Cash Conversion
Rate1 0.67 0.33 1.04 1.01
• Higher free cash flow was driven
by both operating cash flow,
strong cash conversion ability,
and efficient inventory
management, especially during
the key raw material prices were
low during the quarter.
224
-1,230
4,555
-57
-214
-6,000
Free Cash Flow THB 7,149 mn
Unit: THB mn
ND/E 1.40x
Kd = 3.04%
ND/E 1.07x
Kd = 3.27%
55,215
1,729
-523-10,174
64,374
Net Debt
as of
1 Jan 2019
Net Debt
as of
31 Dec 2019
2,531
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
Other
Investing &
Financing
activities*
CAPEXOther non-
cash
expenses
Tax
payments
Net interest
paidDividend
received
Change in
other assets
and
liabilities
EBITDA Change in
net working
capital
Income tax paid and other investing & financing
activities
1.35x before
adoption of
TFRS 9 and 16
Including one-time net accrual for US legal-related settlement of THB1,402mn (2Q19).
Issuance of
perpetual
debentures
We are back
in the target
range of
1.0-1.1x
2018 2019
98.3% 98.7%
0.0%
1.7% 1.4%
2018 2019
Interest-bearing debts of THB 59,905mn
Long-term loan by maturity
THB 43,662mn
By Maturity
2023 onwards2022
2021
Long-term
debt
Current portion
of long-term
debt & finance
lease
Short-term
loan
21%
65%
14%
EUR
By Currency
USD
THB
THB 64.5bn THB 59.9bn
19%
75%
6%
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-bearing debt = Total interest-bearing debt - Cash & Cash equivalents including ST investment
*Net debt to equity of 1.35X, before adoption of TFRS 9 and 16
Net WC3
7.2%9.6%9.9%
8.0%7.7%
4Q193Q192Q191Q194Q18
ROCE2
ROE1 Net Debt to
EBITDA
9.4%
13.0%14.1%11.8%11.5%
4Q193Q192Q191Q194Q18
INV Days
5.005.064.855.635.95
4Q193Q192Q191Q194Q18
39,085 38,212 38,383 38,928 37,561
100
118
107 109105
4Q18 1Q19 2Q19 3Q19 4Q19
WC (THB mn) WC Day
38,371 36,859 37,126 36,951 36,873
115
135
124 125121
4Q18 1Q19 2Q19 3Q19 4Q19
INV (THB mn) INV Day
1.07x
1.43x1.38x1.36x1.39x
4Q193Q192Q191Q19*4Q18
ND/E4
Target
4.0-4.5
Target
1.0-1.1
Excluding one-time net accrual for US legal-related settlement of THB1,402mn (2Q19) and THB1,359mn (2Q18), ESCo
business closure-related expenses of THB489mn (2H18) and TMAC investment impairment of THB 87mn (4Q18).
Source: Thai Union Group and Bloomberg
1,633 1,763
2,010 2,033
1,577 1,667
1,467 1,408 1,453
1,217
950 800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
Tuna raw material price (USD/ton)
Quarterly average Monthly average
3Q174Q17
1Q18 2Q18
3Q184Q18 1Q19
2Q19
1Q172Q17
182
212169 176 175
183141 158 145 139 143 145
70
120
170
220
270
Shrimp raw material price (60pcs/kg) (THB/kg)
Quarterly average Monthly average
1Q17
2Q17 1Q18
2Q183Q18
4Q181Q192Q19
3Q17 4Q17
In January 2020, raw material prices closed at:
• Tuna - USD 1,350/ton
• Shrimp - THB 158/kg
• Salmon - NOK 77/kg
In 4Q19, average raw material prices closed at:
• Tuna
USD 950/ton (-33.0% YoY, -22% QoQ)
• Shrimp
THB 145/kg (+0.2% YoY, +2.0% QoQ)
• Salmon
NOK 59/kg (+1.9% YoY, +6.5% QoQ)
Price continued its
downtrend to lowest level
since 2009, with sharp
increase in January 2020 to
a normalized level
Fluctuation in
the range of
140-160
THB/kg since
2018
3Q191,217
3Q194Q19
4Q19
66 6759
5360
69
58 5864 65
55 59
40
50
60
70
80
90 Salmon raw material price (NOK/kg)
Quarterly average Monthly average
3Q174Q17
1Q182Q18
3Q18 4Q181Q192Q191Q172Q17
3Q19
Salmon price fluctuating
in a range of 55-70
NOK/kg since 2018
4Q19
35.134.3
33.4 32.931.5 31.9
33.0 32.831.6 31.6
30.7 30.3
28.0
30.0
32.0
34.0
36.0
38.0
Jan
-17
Ma
r-1
7
Ma
y-1
7
Jul-
17
Se
p-1
7
Nov-1
7
Jan
-18
Ma
r-1
8
Ma
y-1
8
Jul-
18
Se
p-1
8
Nov-1
8
Jan
-19
Ma
r-1
9
Ma
y-1
9
Jul-
19
Se
p-1
9
Nov-1
9
Jan
-20
Quarterly average Monthly average
1Q172Q17
3Q17 4Q181Q19
4Q171Q18 2Q18
3Q182Q19
3Q19 37.4 37.739.2 38.838.8
38.1 38.437.4 35.9
35.534.1 34.0
33.0
34.0
35.0
36.0
37.0
38.0
39.0
40.0
41.0
Jan
-17
Ma
r-1
7
Ma
y-1
7
Jul-
17
Se
p-1
7
Nov-1
7
Jan
-18
Ma
r-1
8
Ma
y-1
8
Jul-
18
Se
p-1
8
Nov-1
8
Jan
-19
Ma
r-1
9
Ma
y-1
9
Jul-
19
Se
p-1
9
Nov-1
9
Jan
-20
Quarterly average Monthly average
1Q17 2Q173Q174Q17
3Q184Q18
1Q19
1Q18 2Q18
2Q19
In January 2020, average FX rates closed at:
USD/THB – THB 30.43
EUR/THB – THB 33.78
GBP/THB – THB 39.81
In 4Q19, average FX rates closed at:
USD/THB
THB 30.28 (-7.7% YoY, -1.4% QoQ)
EUR/THB
THB 33.50 (-10.5% YoY, -1.9% QoQ)
GBP/THB
THB 38.96 (-7.7% YoY, -1.1% QoQ)
USD/THB EUR/THB
GBP/THB
Source: Thai Union Group
Risk
factor
Continued
depreciation
since 2018
Continues to decline
against THB after
gaining strength in 2018
43.5 43.9 43.7 43.7 43.9 43.4 43.042.2
41.2 40.6
37.8
39.0
36.0
38.0
40.0
42.0
44.0
46.0
48.0
Jan
-17
Ma
r-1
7
Ma
y-1
7
Jul-
17
Se
p-1
7
Nov-1
7
Jan
-18
Ma
r-1
8
Ma
y-1
8
Jul-
18
Se
p-1
8
Nov-1
8
Jan
-19
Ma
r-1
9
Ma
y-1
9
Jul-
19
Se
p-1
9
Nov-1
9
Jan
-20
Quarterly average Monthly average
1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18
2Q191Q194Q18
Continued decline since
2018 and slightly
appreciated for the first
time in 4Q19
3Q19
3Q194Q194Q19
4Q19
Risk
factorRisk
factor
Tuna Tuna slices
Sardine & mackerel Ambient and pouch salmon
Sales: THB 52,424 mn
Frozen, chilled seafood and
related
41%
44%56%
44%
Sales Split
36%64%
10%
90%
15%
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
Excluding one-time net accrual for US legal-related settlement of THB1,402mn (2Q19) and THB1,359mn (2Q18), ESCo business closure-related expenses of
THB489mn (2H18) and TMAC investment impairment of THB 87mn (4Q18).
Total 2019 sales: THB 126,275 mn
Sales: THB 55,221 mn
Ambient seafood
Sales: THB 18,630 mn
PetCare, value-added and others
Shrimp and related 1 Lobster
Frozen, chilled & smoked salmon Other seafood2
PetCare Marine ingredients
Value-added 3 Other products4
58%49% 48% 51% 62%
42%51% 52%
49% 38%
- 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
4Q18 1Q19 2Q19 3Q19 4Q19
Sales (THB million) Quantity (Tons)
Gross Profit Margin (Percent)
-11.5% YoY
-8.3% QoQ
-1.4% YoY
-3.1% QoQ
Brand
Private
label
Brand
Private
label
Total
Brand
Private
label
50% 42% 41% 43% 52%
50%58% 59% 57% 48%
14,994 13,456 14,031 14,466 13,268
4Q18 1Q19 2Q19 3Q19 4Q19
17% 20%
23%22%
25%
16% 17%
22%
13% 13%
17%19%
22% 18% 19%
4Q18 1Q19 2Q19 3Q19 4Q19
• 4Q19 ambient sales declined 11.5% YoY, due to
both THB appreciation against key trading
currencies and lower tuna price (-33% YoY).
• Volume sales decline was mainly due to lower
export sales from Thailand due to strong Baht.
• Product price recovery in European markets,
while prompt some volume decline from UK
and France markets, improved branded margin
• 4Q19 Gross profit margin at 18.7%, from 16.7%
in 4Q18, due to profitability improvement in all
underlying businesses.
• During 2019, strong profitability improvement
was driven by through efficiency enhancement
and product innovation
79,973 78,01887,58088,841 90,353
Remark: Excluding one-time net accrual for US legal-related settlement of THB1,402mn (2Q19) and THB1,359mn (2Q18), ESCo business closure-related
expenses of THB489mn (2H18) and TMAC investment impairment of THB 87mn (4Q18).
45% 44%
55%56%
62,262 55,221
2018 2019
-11.3% YoY
19%22%
14%16%
17%19%
2018 2019
54% 53%
46%47%
2018 2019
335,924359,248
-6.5% YoY
9%
10% 10%
12% 12%
10%
7%
9%
11% 11%10%
8% 9%
11% 12%
4Q18 1Q19 2Q19 3Q19 4Q19
• 4Q19 frozen and chilled seafood sales volume
up 10.2% YoY, driven by shrimp and salmon
volume growth with strong margin recovery.
• 2019 frozen business volume sales was up
12.8% YoY while sales were flat YoY (-0.7%)
• 2019 Gross margin was at 10.2%, from 9.1%
during 2018, mainly attributed to a strategy to
shift portfolio to higher margin product and
markets, solid growth in Thai Union Feedmill,
and gross margin recovery in salmon and
lobster businesses.
Sales (THB million)
-6.1% YoY
+15.1% QoQ
Brand
Private
label65%
65% 62% 64% 64%
35%
35%38% 36%
36%
15,652
11,529 13,435 12,768
14,691
- 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
4Q18 1Q19 2Q19 3Q19 4Q19
33% 29% 29% 29% 32%
67% 71% 71% 71% 68%
67,551 61,862
68,504 73,084 74,436
- 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
4Q18 1Q19 2Q19 3Q19 4Q19
Quantity (Tons)
+10.2% YoY
+1.8% QoQ
Brand
Private
label
Gross Profit Margin (Percent)
Total
Brand
Private
label
Remark: Excluding one-time net accrual for US legal-related settlement of THB1,402mn (2Q19) and THB1,359mn (2Q18), ESCo business closure-related expenses of THB489mn (2H18) and TMAC investment impairment of THB 87mn (4Q18).
65% 64%
35% 36%
52,794 52,424
2018 2019
-0.7% YoY
9%
11%
9%
10%9%
10%
2018 2019
30% 30%
70%70%
2018 2019
277,886246,451
+12.8% YoY
• 4Q19 PetCare and value added sales
decreased 8.8% YoY, due mostly to FX
impact.
• PetCare sales dropped YoY due partly
to FX impact and partly to an above-
normal sales during 4Q18
• New and value added businesses
deliver strong sales volume growth of
8% YoY.
• 2019 PetCare and value added sales
increased 2.2% YoY, on the back of sales
volume increase 3.2% over the same
period.
+0.9% YoY
93% 96% 95% 95% 95%
7% 4% 5% 5%5%
- 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
4Q18 1Q19 2Q19 3Q19 4Q19
93%88% 87% 92% 94%
7%
12% 13% 8% 6%
5,367 4,384 4,747 4,604 4,896
-
1,000.00
2,000.00
3,000.00
4,000.00
5,000.00
6,000.00
4Q18 1Q19 2Q19 3Q19 4Q19
24% 22% 20% 22% 22%
4Q18 1Q19 2Q19 3Q19 4Q19
Brand
Private label
Sales (THB million)
-8.8% YoY
+6.3% QoQ
Brand
Private label
Quantity (Tons)
+8.1% QoQ
Total
Gross Profit Margin (Percent)
67,508 68,874 74,45273,769 67,838
Remark: Excluding one-time net accrual for US legal-related settlement of THB1,402mn (2Q19) and THB1,359mn (2Q18), ESCo businessclosure-related expenses of THB489mn (2H18) and TMAC investment impairment of THB 87mn (4Q18).
92%
90%
8%10%
18,229 18,630
2018 2019
+2.2% YoY
20%22%
2018 2019
94% 95%
6% 5%
2018 2019
269,910 278,672
+3.2% YoY
(Asia, Australia, Middle East, Africa and South America)
United States
and Canada
41% Europe
28%
Thailand
12%
19%Others
15,192
12,207 12,792 12,14314,418
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
20000
4Q18 1Q19 2Q19 3Q19 4Q19
SalesTHB mn
-5.1% YoY
+18.7% QoQ
• 2019 North America sales declined by
2.2% in Thai Baht term.
✓ USD depreciated 7.7% YoY vs Baht
✓ Excluding FX impact, Sales in the US
would have declined by 1.7% YoY
✓ US Frozen businesses, both shrimp
and lobster, deliver solid sales
growth
✓ US Canned tuna business sales
down 3.9% due mostly to FX impact
• Menu collaboration with Red Lobster
52,745
51,560
0
10000
20000
30000
40000
50000
60000
2018 2019
-2.2% YoY
• 2019 EU sales declined 14.6% YoY,
✓ EUR (-11% YoY) and GBP (-12% YoY)
depreciation against Thai Baht YoY,
✓ Excluding FX impact, EU sales would still
show a decline trend YoY due to a focus
price recovery in European market that
affect sales volume in UK and France.
• Despite sales decline, EU branded tuna
business still delivered strong gross
profit turnaround that resulted in gross
profit increase YoY, due to a stable tuna
raw material price environment.
10,5038,198
9,726 9,8137,337
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
20000
4Q18 1Q19 2Q19 3Q19 4Q19
SalesTHB mn
-30.1% YoY
-25.2% QoQ41,049
35,074
0
10000
20000
30000
40000
50000
60000
2018 2019
-14.6% YoY
• 2019 Thailand sales up 10.2% YoY.
• Diversifying sales in home market
partly offset weaker export market
from THB appreciation against key
currencies
• Well-received launches of Chicken
of the Seas Infusion, Sealect Tuna
Fitt, new flavors of fish and shrimp
snacks, and other products
4,242 3,853 3,785 4,003 4,039
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
20000
4Q18 1Q19 2Q19 3Q19 4Q19
SalesTHB mn
-4.8% YoY
+0.9% QoQ14,229
15,680
0
5000
10000
15000
20000
25000
30000
2018 2019
+10.2% YoY
6,0755,111 5,911 5,879
7,061
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
20000
4Q18 1Q19 2Q19 3Q19 4Q19
SalesTHB mn
+16.2% YoY
+20.1% QoQ
• 2019 sales was down 5.1% YoY
mainly driven mainly by falling raw
material price during year, resulted
in lower selling price, particularly in
the private label business.
• China sales delivered sale growth
of 4% YoY during 2019 due to
continued penetration into China
market.
25,263 23,962
0
5000
10000
15000
20000
25000
30000
35000
40000
2018 2019
-5.1% YoY
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
Excluding one-time net accrual for US legal-related settlement of THB1,402mn (2Q19) and THB1,359mn (2Q18), ESCo business closure-related expenses of
THB489mn (2H18) and TMAC investment impairment of THB 87mn (4Q18).
Gross profitTHB million
Margin%
SalesTHB million
Business segment
5,288
Ambient seafood
• Tuna
• Sardine and mackerel
• Ambient and pouch salmon
13,268 18.7 2,476
Frozen, chilled seafood and related
• Shrimp and related 1
• Lobster
• Frozen, chilled and smoked salmon
• Other seafood2
14,691 11.7 1,726
PetCare, value-added and others
• PetCare
• Value-added and others1
• Other products2
4,896 22.2 1,086
Total 32,854 16.1
Strengthening core business
Leadership in sustainability
Value creation in existing strategic
investments
New value-
enhancing
businesses
Thai Union is one of the world’s most innovative seafood operators,
delivering highly nutritious and responsible food products to ensure
sustainable value to our stakeholders.
Healthy Living, Healthy Oceans
We remain committed
Sales 3-5% YoY growth
Gross profit
margin
~ 16%
SG&A to sales ~ 10 – 11%
Effective
interest rate
No material
change from
2019
CAPEX ~ THB 4.9bn
Dividend policy At least 50%
dividend payout
ratio
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
0
5
10
15
20
25
2013 2014 2015 2016 2017 2018 2019
TU
SET
Minimum 50% payout of our net profit with semi-annual payments
THB
Bloomberg/ Reuters TU TB/ TU.BK
Share price (14 February, 2020) THB 15.00
Historical price
52-week high THB 18.90
52-week low THB 18.60
No. of paid up shares 4,771.8mn
Par value THB 0.25
Market Capitalization THB 71.6bn
Chansiri Family19.4%
Thai NVDR11.7%
Mitsubishi Corporation
7.3%
Niruttinanon Family 6.9%
Social Security
Office 3.8%
Others51.0%
Source: SET and TU
As of 30 December, 2019
Free float 68.3%
Foreign ownership/ Foreign limit 28.9%/ 45.00%
Stock Performance at a Glance Major Shareholders
Dividend Policy
DPS (THB per share)
Period 2H19 1H19 2H18 1H18 2H17 1H17 2H16
DPS 0.22 0.25 0.15 0.25 0.34 0.32 0.31
*The company changed the par value from THB 1 to THB 0.25 and registered with the Ministry of Commerce on 25 Dec 2014.
*4Q19 4Q19
4Q18 3Q19
Change Change
Sales 32,854 100% 36,012 100% 31,838 100% -8.8% 3.2%
Cost of sales (27,567) -83.9% (30,657) -85.1% (26,762) -84.1% -10.1% 3.0%
Gross profit 5,288 16.1% 5,356 14.9% 5,077 15.9% -1.3% 4.2%
SG&A expenses (3,751) -11.4% (3,857) -10.7% (3,561) -11.2% -2.8% 5.3%
FX gain (loss) 220 0.7% 41 0.1% 78 0.2% 432.0% 181.8%
Other income 97 0.3% 493 1.4% 473 1.5% -80.4% -79.5%
Share of profits from investments in assoc. & Jvs (66) -0.2% (137) -0.4% 201 0.6% -51.5% -133.0%
EBIT 1,787 5.4% 1,896 5.3% 2,267 7.1% -5.7% -21.2%
Finance cost (503) -1.5% (523) -1.5% (508) -1.6% -3.9% -1.0%
EBT 1,284 3.9% 1,373 3.8% 1,759 5.5% -6.5% -27.0%
Tax (112) -0.3% 35 0.1% (278) -0.9% -424.1% -59.7%
Profit (Loss) from discontinued operarion (6) 0.0% (60) -0.2% (25) -0.1% -90.4% -76.9%
Net income 1,166 3.5% 1,347 3.7% 1,456 4.6% -13.5% -19.9%
Net income (loss) attributable to:
Equity holders of the Company 1,057 3.2% 1,223 3.4% 1,374 4.3% -13.6% -23.0%
Non-controlling interests of the subs 109 0.3% 124 0.3% 82 0.3% -12.2% 32.4%
Earnings per share
Basic earnings per share 0.22 0.26 0.29 -13.6% -23.0%
Exchange rate
THB/USD 30.28 32.81 30.71 -7.7% -1.4%
%
to sales
Consolidated
3Q19(Unit: THB mn) 4Q19%
to sales4Q18
%
to sales
*2019
2018
Change
Sales 126,275 100% 133,285 100% -5.3%
Cost of sales (106,165) -84.1% (114,394) -85.8% -7.2%
Gross profit 20,110 15.9% 18,892 14.2% 6.4%
SG&A expenses (14,467) -11.5% (14,222) -10.7% 1.7%
FX gain (loss) 543 0.4% 972 0.7% -44.1%
Other income 1,565 1.2% 2,036 1.5% -23.2%
Share of profits from investments in assoc. & Jvs 591 0.5% 350 0.3% 68.9%
EBIT 8,342 6.6% 8,028 6.0% 3.9%
Finance cost (2,056) -1.6% (2,025) -1.5% 1.5%
EBT 6,286 5.0% 6,002 4.5% 4.7%
Tax (614) -0.5% (189) -0.1% 224.7%
Profit (Loss) from discontinued operarion (102) -0.1% (224) -0.2% -54.2%
Net income 5,570 4.4% 5,589 4.2% -0.4%
Net income (loss) attributable to:
Equity holders of the Company 5,218 4.1% 5,191 3.9% 0.5%
Non-controlling interests of the subs 352 0.3% 398 0.3% -11.6%
Earnings per share
Basic earnings per share 1.09 1.09 0.5%
Exchange rate
THB/USD 31.02 32.34 -4.1%
Consolidated
(Unit: THB mn) 2019%
to sales2018
%
to sales
Remark: *Including short-term investments
Cash and cash equivalents* 4,689 3.3% 1,586 1.1% 195.7%
Trade and other receivables - net 14,869 10.5% 15,518 10.9% -4.2%
Inventories - net 36,873 26.0% 38,371 27.0% -3.9%
Other current assets 3,115 2.2% 3,086 2.2% 0.9%
Total current assets 59,547 42.0% 58,560 41.2% 1.7%
Fixed assets 27,500 19.4% 28,110 19.8% -2.2%
Investments 22,031 15.5% 22,710 16.0% -3.0%
Goodwill and other intangible assets 27,899 19.7% 29,407 20.7% -5.1%
Other non-current assets 4,932 3.5% 3,464 2.4% 42.4%
Total Assets 141,909 100% 142,251 100% -0.2%
Bank overdrafts and short-term loans 11,277 7.9% 13,468 9.5% -16.3%
Trade and other payables 19,323 13.6% 19,713 13.9% -2.0%
Current portion of long-term loans 4,003 2.8% 9,728 6.8% -58.9%
Other current liabilities 1,205 0.8% 893 0.6% 34.9%
Total current liabilities 35,808 25.2% 43,802 30.8% -18.2%
Long-term loans 44,625 31.4% 42,764 30.1% 4.4%
Other non-current liabilities 9,681 6.8% 9,736 6.8% -0.6%
Total Liabilities 90,114 63.5% 96,302 67.7% -6.4%
Non-controlling interests of the subsidiaries 3,372 2.4% 3,261 2.3% 3.4%
Total Shareholders’ Equity 48,423 34.1% 42,688 30.0% 13.4%
Total liabilities and shareholders’ equity 141,909 100% 142,251 100% -0.2%
(Unit: THB mn) 2019% to total
assets2018
% to total
assetsChange
Remark: *Figures as reported in February 2020
(Unit: THB mn) 2019 2018 Change
Profit before income tax 4,313 3,664 649
Adjustments for depreciation & amortisation expenses 3,691 2,989 702
Other adjustments 3,245 3,021 223
Changes in operating assets and liabilities 450 3,659 (3,209)
Cash flows receipts from operating activities 11,699 13,333 (1,634)
Net cash receipts (payments) from operating activities 11,755 12,866 (1,111)
Net cash payments for investing activities (4,485) (3,403) (1,082)
Net cash receipts (payments) for financing activities (4,028) (8,704) 4,676
Net increase (decrease) in cash and cash equivalent 3,242 759 2,483
Cash and cash equivalents - opening balance 1,311 573 738
Exchange gain (loss) on cash and cash equivalents (69) (21) (48)
Cash and cash equivalents - closing balance 4,483 1,311 3,173
CAPEX 4,555 4,898 (343)
Management Est. Free Cash Flows* 7,149 8,401 (1,252)
Consolidated