the information contained in our presentation is …...the information contained in our presentation...

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



• 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.

https://investor.thaiunion.com/register_accelerator.html

•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



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



• 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



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%

• 4Q19 Normalized reported profit

of THB 1,057mn, down 13.6% YoY,

excluding one-off impairment on

subsidiary closure during 4Q18.

• 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



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



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)


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)


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)


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


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


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


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


Ambient seafood


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


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


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 2020

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 19.50

52-week low THB 12.90

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

*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

+66 2298 0024

[email protected]

investor.thaiunion.com

@irthaiunion

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