1q19 opportunity day - stock exchange of thailand · 2019-05-14 · 1q19 opportunity day the...

1Q19 Opportunity Day

1Q19 Opportunity Day Thai Union Group PCL. 14 May, 2019


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.

Disclaimer


Agenda

Slide 3

Company Overview

Key Highlights

Recent Developments

1Q19 Financial Results

Business Outlook


Agenda

Slide 5

Company Overview

Key Highlights

Recent Developments


Business Outlook


Thiraphong Chansiri

President and CEO

With great focus on operational excellence,

cost management, and profitability

improvement, we continued a solid

operating recovery.

“

”


Sales improved YoY 1Q19 sales up 2.3% YoY exclude FX impact: • Continued organic sales volume growth • Sales growth driven by Frozen and PetCare businesses sales growth • Ambient business saw small sales decline from EUR depreciation

Operation improvement Gross profit improved 29.3% YoY, driven by: • GPM improvement to

14.9% from 11.6% in 1Q18

• Stable raw material prices environment

• Ambient Seafood and PetCare businesses were main drivers for recovery

Solid recovery Operating profit up 997% YoY, • Stringent cost control

prompted 2.0% SG&A expense increase YoY, inline with organic sales growth (+2.3% YoY)

• SG&A ratio still slightly high at 11.4% (from 11.2% in 1Q18)

Recovery partly offset by lower FX gains Net profit up 46.5% YoY: • FX gains of THB 81mn,

from THB 580mn in 1Q18 from stable USD

• Share of profits improved mostly from Avanti Frozen operation improvement

Sales

1Q19: Net profit improved 46.5% YoY, soft top line

Slide 7

Operating Profit

Gross Profit Net Profit

29,369

(THB mn)

4,382 1,273 1,020

YoY Chg. +0.1% +29.3% +997% +46.5%

QoQ Chg -18.4% -18.2% -32.0% +4.1%

% of sales

14.9% 3.5% 4.3%


869

[CELLREF]

93

3,388

29,329

1,273

2,818

1,020

4,382

29,369

Net profit

EBITDA Operating profit Gross profit Total sales

Financial Summary1

(THB million) 1Q18 1Q19

1Q19 Net Profit up 46.5% YoY to

THB 1,273 million

Strong cash flow and debt repayment improve debt ratio

1Q19 Encouraging operation recovery

Slide 8

2018 ND/E

1.39x**

1Q19 ND/E

1.36x

+0.1%

+29.3%

+997%

+26.6%

+46.5%

Share price movement

20192

(Jan - May 19)

+15.4%

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 May 2’19: THB18.7/share) **Net debt to equity of 1.35X, before adoption of TFRS 9 and 16


% Growth YoY

Sales 1.1 -0.8 0.0 -0.6 3.0 -5.3 -1.8 -1.9 3.7 0.1

Gross profit -4.2 -8.3 -9.0 0.3 6.1 -26.1 -4.6 9.2 11.4 29.3

Net profit 18.9 16.3 -6.9 8.1 56.6 -39.3 -3.7 0.5 -13.4 46.5

33,715 30,958 34,400 34,847 34,733

29,329 33,775 34,169 36,012

29,369

13.4% 14.8% 14.5% 14.2% 13.8%

11.6%

14.0%

15.8% 14.9% 14.9%

2.7%

4.6% 4.1% 4.9%

4.1% 3.0%

4.1% 5.1%

3.4% 4.3%

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

4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19

Total sales (THB mn) GPM NPM

1Q19: Net profit improved 46.5% YoY

Slide 9

Remark: Excluding one-time net accrual for US legal-related settlement of THB1,359mn (2Q18), ESCo business closure-related expenses of THB489mn (2H18) and TMAC investment impairment of THB 87mn (4Q18)


Agenda

Slide 10

Company Overview

Key Highlights

Recent Developments


Business Outlook


TFM: Capitalizing on global aquaculture growth

Slide 11

• Thai Union Feedmill (TFM) is one of Thailand’s leading aqua feed producers

• TFM consistently delivers profitable operation with top quality shrimp and fish feeds

• Investing into growing Indonesian aquaculture industry with leading Indian aqua feedmill, Avanti Feeds

• Unlock underlying value, raise proceeds from partial sales of TFM shares

Source: FAO

Thai Union to remain anchor investor with 51% stake

Strong aquaculture growth track record

Delivering consistent growth

66.90%

33.10%

Pre-IPO

TU holding Others

51% 49%

Post-IPO

TU holding Others

0 1000 2000 3000 4000 5000 6000

Global shrimp production ('000 tons)

3500

3700

3900

4100

4300

4500

2016 2017 2018

TFM Revenue (THB mn)


5 April

• Thai Union was shortlisted as a finalist in the StrategicRISK Asia-Pacific Risk Management Awards 2019 in the categories of:

• Risk Programme of the Year • StrategicRISK Award

Winners will be announced on 30 May in Singapore.

15 April

Slide 12

Key Developments: Corporate

• Thai Union, Alibaba Group’s Shanghai Win-Chain Supply Chain Management Co., Ltd., signed MOU

• To supply Thai Union’s seafood products in Chinese market

• Retail, food service channels, Tmall online platform

12 March

19 April

• Thai Union signed MOU with Thai Marine Fish Farmers Association

• Provide world-class standard seabass to Thai Airways Catering's inflight meals

• Thai Union hosted 2019 Annual General Meeting (AGM) of Shareholders on 5 April, 2019 at Royal Thai Army Radio and Television Station.


Key Developments: Sustainability

Slide 13

26 April

• Thai Union was shortlisted for two sustainability awards.

• The Global Good Awards 2019, under the categories of:

• Community Partnership – Coastal East Africa Project

• Individual Leader of the Year – Dr. Darian McBain, Group Director, Corporate Affairs and Sustainability

• Dr. Darian McBain is a finalist for Leader of the Year by BusinessGreen Leaders Awards 2019.

• Winners announced in London on 19 June and 26 June, respectively.

1 May

• Chicken of the Sea®, in line with SeaChange® Ignite, announced Responsible Aquaculture Commitment

• Plans for 100% of COS branded aquaculture products to meet standards by Monterey Bay Aquarium Seafood Watch, Global Seafood Sustainability Initiative (GSSI), Social Supply Chain Initiative (SSCI)

2 May

• Thai Union published 2018 Sustainability Report, detailing positive progress made in 2018 and Thai Union’s performance against KPI’s and targets outlined in

SeaChange®.


Key Developments: New Products

Slide 14

14 March

• Fisho brand introduced two new flavors under the product line Fisho Max 3

• “Extreme barbeque” and “super spicy” flavors

• Available at supermarkets and convenience stores nationwide

• Monori brand launched a new product line

• Crispy salmon skin in salty egg flavor and original flavor

• Available at supermarkets and convenience stores throughout Thailand

29 March


Agenda

Slide 15

Company Overview

Key Highlights

Recent Developments


• Consolidated Results

• Results by Business Unit

Business Outlook

1Q19 Opportunity Day Slide 16

Joerg Ayrle

Group CFO

Triple C is key:

Cash,

Cost productivity,

Capital efficiency.

“

”


1Q19: Key Takeaways

Growing topline

Strong GPM

Positive OP recovery

Less favorable non-operating items than last year

Early adoption of TFRS 9 and 16

• GPM recovering at 14.9%, compared to 11.6% achieved in 1Q18 and 14.9% in 4Q18

• Ambient OEM and PetCare are the main drivers for such margin recovery

• High SG&A with 2.0% growth YoY in absolute amount, prompting 11.4% SG&A to sales ratio, from 11.2% during 1Q18

• OP at THB 1,020mn (vs THB 93mn during 1Q18)

• FX gains normalized at THB 81mn, from THB 580 in 1Q18 • 1Q19 Tax expenses of THB 27mn, from a tax credit during 1Q18, due to

improved operation

• TFRS 9 (Financial instruments): • Adjusted net debt to equity increasing from 1.35 to 1.39 as at January 1, 2019 • Limited impact on Q119 P/L: +0.2bn sales/GP/OP

• TFRS 16 (Leases): main impacts are new account “right of use” for 1.8bn and lease liabilities increase by 1.4bn

• Delivering organic sales growth, mainly from frozen seafood and pet care, whereas European sales weaken from EU currencies depreciation (6-7% YoY)

• Reported growth at 0.1%, or adjusted growth at constant FX rates at 2.3%

Remark: 1Q17-4Q18 figures were restated mainly due to reclassification of COGS, ESCo’s financial to discontinued operation TMAC investment impairment. 2018 figures exclude one-time net accrual for US legal-related settlement of THB1,359mn (2Q18), ESCo business closure-related expenses of THB489mn (2H18) and TMAC investment impairment of THB 87mn (4Q18).


As per existing rule (TAS 17): • Classification was based on complex rules and tests • Some lessees avoid recognizing finance lease items • Similar lease transactions classified differently

despite substances being the same

Changes in accounting principles: TFRS 9 and TFRS 16

Slide 18

Operating Lease

Finance Lease

TFRS 16 – Lease Classification

TFRS 16

No more separation between operating and finance lease.

Using common methodology, asset

and liability will always be booked,

except for low-value and short-term

leases.

TFRS 9 – Financial Instruments

Objective: To align accounting standards for Thai Union Group

Hedge Accounting

Minimize volatility and appropriately represent risk management activities in financial statements

Enter into forward contract

Sales incur Cash receipt from customer and F/W

is settled


Gearing Ratio

Previous 1.35

Restated 1.39

TFRS 16 (Lease), TFRS 9 (Financial Instruments), early adopted in 1Q19

Restated 2018 reported numbers: limited impact as expected

Main impacts on balance sheet include: TFRS 16: Right of use

appearance and lease liabilities increase

TFRS 9: decrease of the derivatives assets/ liabilities & investment in debt instrument

Impact on Net Debt/equity ratio is detailed below:


Impact is on our BS as of March 31, 2019 and 1Q19 P/L: As expected positive impact on our sales and gross profit

Slide 20


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

1,000

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

Tuna raw material price (USD/ton)

Quarterly average Monthly average

Efficient inventory management with more stable raw material price environment

Slide 21

%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

%Change YoY

13.9%

36.5% 0.2% 44.1% 30.0% 17.3% 40.2% 34.8% -3.5% -5.4% -27% -31% -7.8

1Q16

1Q17 2Q17

3Q17 4Q17

1Q18

2Q18

3Q18 4Q16 3Q16

2Q16 4Q18 1Q19


29,329

33,775 34,169 36,012

29,369

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

1Q18 2Q18 3Q18 4Q18 1Q19

Sales THB mn

-18.4% QoQ

+0.1% YoY

USD mn 929 930 1,059 1,036 1,098

125,183 134,375 134,937 133,285

29,329 29,369

2015 2016 2017 1Q18 1Q19

3.1% 7.3% 0.4% -1.2% YoY Growth

1Q19 Sales delivered growth, excluding FX impact

Slide 22

• 1Q19 sale improved 2.3% YoY, excluding FX impact, driven by: Frozen and Chilled Seafood and

PetCare businesses saw strong sales volume growth YoY

Ambient OEM business see strong growth from Thailand export sales

Branded ambient business sales saw marginal decline mainly from EUR and GBP currency depreciation of 7% and 6% YoY, respectively, against THB

On reported basis, 1Q19 sales were at THB 29bn, stable YoY, despite weak EU currencies depreciation.

+0.1% YoY

+2.3% YoY Before currency

impacts


1Q18 1Q19

Excluding the FX impact, 1Q19 delivered good organic sales growth

Slide 23

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

+0.1% YoY

+2.3% YoY Before currency

impacts

29,369 29,329 -22

Tuna Shrimp &

related business1

Sardine &

Mackerel

Salmon-Ambient

Pet Care Value added

& other products2

USD effect

EUR effect

Lobster Other seafood - Ambient

Salmon-Frozen

Other seafood -

Frozen

90 -135 -55

624 18 -63 -115 233

107 22 -664

0% +4% -17% -19% +9%

+2% -4% -6% +10%

+6% 0%

-7%


Brand 35%

**FS - Brand

6% **FS - Private Label

5%

Private Label 54%

Remark: *Others represent Asia, Australia, Middle East, Canada, Africa and South America **FS stands for Food Service

42% 39% 39% 38% 40%

29% 33% 31% 31% 28%

8% 8% 9% 11% 13% 6% 6% 6% 6% 5%

14% 13% 15% 15% 14%

0%

20%

40%

60%

80%

100%

2015 2016 2017 2018 1Q19

Sales Breakdown by Geographic

Brand 36%

**FS - Brand

6% **FS - Private Label

6%

Private Label 52%

Sales Breakdown by Business

THB 29.4bn THB 133.2bn

2018 1Q19

Continued push for domestic and US markets

Slide 24

• 1Q19 Sales contribution in key markets shifted in favor of domestic and US markets. TU focused on selling product in

domestic market, resulted in 12% sales growth YoY.

US sales improved driven by Frozen Seafood sales growth

Europe sales contribution shrunk from 2018 mix mainly due to EUR and GBP depreciating against THB in 1Q19.

• 1Q19 branded sales mix at 42% (compared to 41% during 2018), private label sales contributing remaining 58% of 1Q19 sales 1Q19 total branded sales increased 0.7%

YoY, partly due to the increased in branded aqua feed sales

Private label sales was stable YoY due to increased sales volume was offseted by the decline in tuna raw material price YoY

Others Japan Domestic Europe USA


3,388

4,741 5,406 5,356

4,382

11.6%

14.0%

15.8% 14.9% 14.9%

10.0%

15.0%

20.0%

25.0%

30.0%

1Q18 2Q18 3Q18 4Q18 1Q19

Gross Profit THB mn

19,501 19,927 19,310 18,892

3,388 4,382

-

5,000

10,000

15,000

20,000

25,000

2015 2016 2017 1Q18 1Q19

+29.3% YoY

-18.2% QoQ

GPM

1Q19 Gross profit improved 29% YoY

• 1Q19 Gross profit was up 29.3% YoY, With tuna raw material prices

become more stable in recent quarters, product price discussion prompted ambient seafood margin recovery,

PetCare volume improvement resulted in better economies of scale and gross margin

Shrimp business benefited from price recovery and strategy to pursue more value-added products

Lobster business gross profit continue to improve YoY

Slide 25

GPM 15.6% 14.8% 14.3% 14.2%

Remark: 2018 figures exclude one-time net accrual for US legal-related settlement of THB1,359mn (2Q18), ESCo business closure-related expenses of THB489mn (2H18) and TMAC investment impairment of THB 87mn (4Q18).

+29.3% YoY


93

1,212

1,866

1,499

1,020

0.3%

3.6%

5.5% 4.2%

3.5% 0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

1Q18 2Q18 3Q18 4Q18 1Q19

Operating Profit THB mn

+997% YoY

-32.0% QoQ

6,817 6,805

4,921 4,669

93 1,020

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

2015 2016 2017 1Q18 1Q19

OP Margin

OPM 5.4% 5.1% 3.6% 3.5%

SG&A% 11.2% 10.4% 10.4% 10.7% 11.4%

1Q19 Operating profit delivered strong improvement YoY

Slide 26

• 1Q19 Operating profit was at THB 1,020mn, up 997% YoY: Strong gross margin recovery YoY SG&A cost remain under control

from various cost control initiatives • SG&A-to-sales ratio was at 11.4%

(from 11.2% in 4Q17), due to: THB sales was flat YoY as European

sales declined from weak currency, On absolute basis, SG&A expenses

increased by only 2.0% YoY.


+997% YoY



• 1Q19 EBITDA up 26.6% YoY, Sales growth, gross margin

improvement and continued cost control all contributed to the EBITDA improvement

Business profitability improved from a more stable raw material price environment and stringent cost control

EBITDA Margin

9.2% 8.4% 8.6% 8.3%

2,226

2,834 3,254

2,703 2,818

7.6% 8.4% 9.5%

7.5% 9.6%

3.0%

8.0%

13.0%

18.0%

23.0%

28.0%

1Q18 2Q18 3Q18 4Q18 1Q19

EBITDA THB mn

+26.6% YoY

+4.3% QoQ

11,526 11,269 11,579 11,016

2,226 2,818

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2015 2016 2017 1Q18 1Q19

+26.6% YoY

EBITDA Margin

1Q19 EBITDA recovery YoY

Slide 27


869

1,368

1,731

1,223 1,273

3.0%

4.1%

5.1%

3.4% 4.3%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

1Q18 2Q18 3Q18 4Q18 1Q19

Net Profit THB mn

+46.5% YoY

+4.1% QoQ

5,302 5,254 5,989

5,191

869 1,273

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2015 2016 2017 1Q18 1Q19

NPM

NPM 3.0% 4.1% 5.1% 3.4%

• With strong recovery in operating performance, TU’s 1Q19 net profit was at THB 1,273mn, up 46.5% YoY, despite the key non-operating items lowered: FX gains of THB 81mn (from THB

580mn in 1Q18), Tax expense of THB 27mn from

improved profitability, vs tax credit of THB 13mn recorded in 1Q18

• However, equity income mainly improved from Avanti Frozen operation growth YoY.

1Q19 Net profit strong start of the year

Slide 28


+46.5% YoY


Adjusted NP Margin

690

1,018

1,731

1,223 1,111

2.4% 3.0%

5.1%

3.4% 3.8%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

1Q18 2Q18 3Q18 4Q18 1Q19

Adjusted Net Profit THB mn

+61.0% YoY

-9.2% QoQ

1Q19 Adjusted net profit up 61% YoY

• Excluding the one-off quarter-end items, 1Q19 adjusted net profit was at THB 1,111mn, representing 61.0% increase YoY

• One-off positive items during 1Q19 of THB 162mn comprised of: • Capital gain on sales of assets (+THB

100mn) • Tax credit from Thailand ambient

business (+THB 62mn)

Slide 29


-79

1,111

1Q19 Reported NP

1Q19 Adjusted NP

-62

TUM Tax release

-100

Capital gain on sales of asset

1,273


1.11 1.10 1.26

1.09

0.18 0.27

2015 2016 2017 1Q18 1Q19

0.18

0.29

0.36

0.26 0.27

1Q18 2Q18 3Q18 4Q18 1Q19

Earning per Share (EPS)* THB

+46.5% YoY

+4.1% QoQ

+46.5% YoY

EPS: 1Q19 EPS growing 46.5% YoY

• 1Q19 EPS was at THB 0.27, up 46.5% YoY and 4.1% QoQ, along with the net profit trajectory.

Slide 30

Remark: *EPS in this slide represents fully diluted EPS based on current number of shares of 4,771,815,496 **2018 figures exclude one-time net accrual for US legal-related settlement of THB1,359mn (2Q18), ESCo business closure-related expenses of THB489mn (2H18) and TMAC investment impairment of THB 87mn (4Q18).


THB mn

• 1Q19 continued to be a seasonally strong quarter with net profit improving from the same period last year, resulting in an improved equity income contribution. Interest income remained stable

and well-above funding cost Tax expense increased due to the

improved operation.

1Q19: Improved core operation

Slide 31

Share of profit

Other income

Finance costs

Income tax

Net income

EPS (THB/share)

Red Lobster has contributed THB 284mn to net profit in 1Q19

1Q19 4Q18 3Q18 2Q18 1Q18

144 -201 64 -128 137

249 258 256 259 235

-142 -138 -137 -129 -128

34 -113 104 93 22

284 -193 287 96 266

0.06 -0.04 0.06 0.02 0.06


5,544

2,938

8,401

1,259

2016 2017 2018 1Q19

Annual Free Cash Flow THB mn

1,369

3,794

2,186

1,052 1,259

1Q18 2Q18 3Q18 4Q18 1Q19

Quarterly Free Cash Flow THB 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

Cash Conversion Rate1

0.90 1.18 0.91 0.77 0.68

Cash Conversion Rate1 0.67 0.33 0.95 0.68

• 1Q19 free cash flow of THB 1.3bn was due largely to an improved profitability and EBITDA,

• However, despite efficient inventory control, the 1Q19-end tuna raw material price (USD1,600/ton) was higher than 2018-end tuna price (USD1,300/ton), resulting in stable free cash flow profile compared to the 1Q19.

1Q19 Free cash flow slightly declined on higher raw material prices

Slide 32


+272

+590

+965

-333

-88

Free Cash Flow THB 1,259 mn

Unit: THB mn

ND/E 1.39x Kd = 3.07%

ND/E 1.36x Kd = 3.24%

63,415 +641

-268 -2,818

64,374

Net Debt as of

31 Dec 2018

Net Debt as of

31 Mar 2019

+81

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*

CAPEX Other non-cash

expenses

Tax payments

Net interest paid

Dividend received

Change in other assets

and liabilities

EBITDA Change in net working capital

Income tax paid and other investing & financing activities

1Q19: Strong cash flow prompted THB 959mn debt repayment

Slide 33

1.35x before adoption of

TFRS 9 and 16


2018 1Q19

98.3% 98.3%

0.0%

1.7% 1.7%

2018 1Q19

Interest-bearing debts of THB 64,218mn

Long-term loan by maturity THB 37,952mn

By Maturity

2023 onward

s

2022

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 64.2bn

23%

61%

16%

Majority THB funding, reducing risk associated to currency volatility

Slide 34


Remark: 1ROE = Annualized quarterly net profit/ Average total shareholders’ equity 2ROCE = Annualized EBIT / Average capital employed; where as Capital Employed = total assets - total current liabilities

(incl. current portion of long-term debt) and EBIT = Total revenue – COGS – SG&A + share of profit in associates and joint ventures 3Net WC day = INV day + A/R day – A/P day 4ND/E ratio = Net interest-bearing debt/ Total equity,

Net interest-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

8.0% 7.7% 9.9%

8.0% 5.6%

1Q19 4Q18 3Q18 2Q18 1Q18

ROCE2

ROE1 Net Debt to EBITDA

11.8% 11.5%

16.2%

12.5%

7.8%

1Q19 4Q18 3Q18 2Q18 1Q18

INV Days

5.63 5.95 4.92

5.73

7.32

1Q19 4Q18 3Q18 2Q18 1Q18

41,665 41,652 41,229 39,085 38,212

131

111 109 100

118

1Q18 2Q18 3Q18 4Q18 1Q19

WC (THB mn) WC Day

40,691 39,708 39,996 38,371 36,859

145

128 125

115

135

1Q18 2Q18 3Q18 4Q18 1Q19

INV (THB mn) INV Day

Keen focus on NWC management

Slide 35

1.36x 1.39x 1.40x 1.41x 1.35x

1Q19* 4Q18 3Q18 2Q18 1Q18

ND/E4

Target 4.0-4.5

Target 1.0-1.1


Agenda

Slide 36

Company Overview

Key Highlights

Recent Developments


• Consolidated Results

• Results by Business Unit

Business Outlook


212

169 176 175 183 141 158 167

35

85

135

185

235 Shrimp raw material price

(60pcs/kg) (THB/kg)


1Q17 2Q17 3Q17 4Q17 1Q18

2Q18 3Q18 4Q18

Source: Thai Union Group and Bloomberg

Key operating impact: Raw material price environment remained in a favorable range except for salmon

Slide 37

In April 2019, raw material prices closed at: • Tuna - USD 1,450/ton • Shrimp - THB 138/kg • Salmon - NOK 69/kg

In 1Q19, average raw material prices closed at: • Tuna

USD 1,453/ton (-7.8% YoY, +3.2% QoQ) • Shrimp

THB 167/kg (-8.6% YoY, 15.0% QoQ) • Salmon

NOK 64/kg (+5.3% YoY, +10.3% QoQ)

1,633 1,763

2,010 2,033

1,577 1,667

1,467 1,408 1,453

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2,400

Tuna raw material price (USD/ton)


1Q17 2Q17

3Q17 4Q17

1Q18 2Q18 3Q18 4Q18

1Q19

1Q19

Prices fluctuating within the range of 1,300 – 1,700

USD/ton since 2018

145

Sideway upward trend after last year’s decline

66 67 59

53 60

69

58 58 64

40

50

60

70

80

90 Salmon raw material price

(NOK/kg)


1Q17 2Q17 3Q17

4Q17 1Q18

2Q18

3Q18 4Q18 1Q19

Price seems to be trending up after some retracement

from peak last year


In April 2019, average FX rates closed at: USD/THB – THB 31.85 EUR/THB – THB 35.75 GBP/THB – THB 41.49

In 1Q19, average FX rates closed at: USD/THB THB 31.61 (0.2% YoY, -3.7% QoQ) EUR/THB THB 35.90 (-7.4% YoY, -4.1% QoQ) GBP/THB THB 41.18 (-6.3% YoY, -2.4% QoQ)

USD/THB EUR/THB

Key operating impact: Euro and GBP volatility posts a challenge, while USD remained quite stable

Slide 38

GPB/THB

Source: Thai Union Group

43.52 43.87 43.69 43.74 43.93 43.44 42.99 42.19

41.18

39.0

41.0

43.0

45.0

47.0

49.0


1Q18 2Q18 3Q18 1Q17 2Q17 3Q17 4Q17

4Q18

Continued decline since 1Q18

Risk factor

1Q19

37.41 37.72

39.20 38.78 38.78 38.05 38.35

37.42 35.90

35.0

36.0

37.0

38.0

39.0

40.0

41.0


1Q18 2Q18 3Q18

1Q17 2Q17

3Q17 4Q17

4Q18 1Q19

Continued depreciation with recent sharp decline

Risk factor

35.12 34.30

33.39 32.95 31.54 31.92

32.97 32.81 31.61

28.0

30.0

32.0

34.0

36.0

38.0


1Q18 2Q18 3Q18

1Q17 2Q17 3Q17 4Q17 4Q18

1Q19

Weakening continues after gaining some strength in 2018


Tuna Tuna slices

Sardine & mackerel Ambient and pouch salmon

Sales: THB 11,529 mn

Frozen, chilled seafood and related

39% 46%

58% 42%

Sales Split

35% 65%

12%

88%

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 2018 figures exclude one-time net accrual for US legal-related settlement of THB1,359mn (2Q18), ESCo business closure-related expenses of THB489mn (2H18) and TMAC investment impairment of THB 87mn (4Q18).

Slide 39

3 strategic business segments

Total 1Q19 sales: THB 29,369 mn

Sales: THB 13,456 mn

Ambient seafood

Sales: THB 4,384 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


[CELLRANGE]

[CELLRANGE]

[CELLRANGE]

[CELLRANGE]

[CELLRANGE]

[CELLRANGE]

[CELLRANGE]

[CELLRANGE]

[CELLRANGE] [CELLRANG

E]

79,973

- 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

1Q18 2Q18 3Q18 4Q18 1Q19

Sales (THB million) Quantity (Tons)

Gross Profit Margin (Percent)

-4.6% YoY

-10.3% QoQ

-4.0% YoY

-10.0% QoQ

Brand

Private label

Brand

Private label

Total

Brand

Private label

[CELLRANGE]

[CELLRANGE]

[CELLRANGE]

[CELLRANGE]

[CELLRANGE]

[CELLRANGE]

[CELLRANGE]

[CELLRANGE]

[CELLRANGE]

[CELLRANGE]

14,100 16,363 16,806

14,994 13,456

- 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

1Q18 2Q18 3Q18 4Q18 1Q19

15%

22% 21%

17%

20%

13% 12%

16% 16% 17% 14%

18% 19% 17% 19%

1Q18 2Q18 3Q18 4Q18 1Q19

Ambient Seafood: Solid gross margin recovery

Slide 40

• 1Q19 ambient sales declined 4.6% YoY, while gross profit improved 27% YoY.

• Weak sales were mostly attributed to the depreciating European currencies (EUR/THB -7.1% YoY and GBP/THB -6.3% YoY)

• Gross profit margin at 18.6%, up from 14.0% in 1Q18: A stable tuna price environment A focus on higher-value product sales Automation implementation enables a

more efficient work process. Remark: 2018 figures exclude one-time net accrual for US legal-related settlement of THB1,359mn (2Q18), ESCo business closure-related expenses of THB489mn (2H18) and TMAC investment impairment of THB 87mn (4Q18).

83,314 93,855 93,236 88,841



8% 8%

8% 9%

10%

6%

9%

11% 10%

7%

7% 8%

10% 10% 8%

1Q18 2Q18 3Q18 4Q18 1Q19

Frozen, chilled seafood and related: Solid growth and lobster business turnaround

Slide 41

• 1Q19 frozen and chilled seafood sales up 3.4% YoY, driven mainly by volume growth (16.3% YoY) that outpaced shrimp price decline (-8.6% YoY).

• Gross profit margin was at 8.0%, up 113bps YoY, due to focus on value added products

• Lobster business turnaround with business profitability improving from the previous year from strong volume growth

Sales (THB million)

+3.4% YoY

-26.3% QoQ

Brand

Private label

[CELLRANGE]

[CELLRANGE]

[CELLRANGE]

[CELLRANGE]

[CELLRANGE]

[CELLRANGE]

[CELLRANGE]

[CELLRANGE]


E]

11,149 12,962 13,031

15,651

11,529

- 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

1Q18 2Q18 3Q18 4Q18 1Q19

[CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE]

[CELLRANGE] [CELLRANGE] [CELLRANG

E]

[CELLRANGE]

[CELLRANGE]

53,201 62,253 63,443 67,552

61,862

- 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

1Q18 2Q18 3Q18 4Q18 1Q19

Quantity (Tons)

+16.3% YoY

-8.4% QoQ

Brand

Private label


Total

Brand

Private label


• PetCare and valued added sales increased 7.5% YoY, on the back of sales volume increase 4.0% over the same period. Pet food business delivered a solid sales

growth, driven mainly by sales volume. Value-added products and others segment

reported average selling price increase from increased sales of higher value-added products.

• Gross margin has improved due to strong sales growth and growing value-added product sales mix.

+4.0% YoY

[CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE]

[CELLRANGE] [CELLRANGE]

[CELLRANGE] [CELLRANGE] [CELLRANGE]

- 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

1Q18 2Q18 3Q18 4Q18 1Q19

[CELLRANGE]

[CELLRANGE]

[CELLRANGE]

[CELLRANGE]

[CELLRANGE]

[CELLRANGE]

[CELLRANGE]

[CELLRANGE]


E]

4,080 4,450 4,332 5,367

4,384

-

1,000.00

2,000.00

3,000.00

4,000.00

5,000.00

6,000.00

1Q18 2Q18 3Q18 4Q18 1Q19

16% 17% 21%

24% 22%

1Q18 2Q18 3Q18 4Q18 1Q19

Brand

Private label

PetCare, value-added and others: Growth story continued

Slide 42

Sales (THB million)

+7.5% YoY

-18.3% QoQ

Brand

Private label

Quantity (Tons)

-8.0% QoQ

Total



65,256

57,394

67,126 73,769 67,838

1Q19 Opportunity Day Slide 43

Thai Union’s geographic diversity: Sales

(Asia, Australia, Middle East, Africa and South America)

United States and Canada

42% Europe

28%

Thailand

13%

17% Others


11,821 12,931 12,801 15,192

12,207

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

1Q18 2Q18 3Q18 4Q18 1Q19

Sales THB mn

+3.3% YoY

-19.6% QoQ

US & Canada: Frozen business recovery

Slide 44

• 1Q19 North America sales improved by 3.3% in Thai Baht term. USD/THB exchange rate was stable US Frozen businesses, both shrimp

and lobster, deliver solid sales growth US Canned tuna sales dropped on

lower sales of lower-margin products • Red Lobster operation improved YoY


• 1Q19 European sales declined 9.4% YoY in Thai Baht term, largely driven by weakened EUR and GBP exchange rate against Thai Baht YoY,

• However, the EU branded tuna business still deliver gross profit improvement due to stable tuna raw material price environment.

9,044 10,612 10,890 10,503

8,198

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

20000

1Q18 2Q18 3Q18 4Q18 1Q19

Sales THB mn

-9.4% YoY

-21.9% QoQ

Europe: Weak revenue well-compensated by improved profit

Slide 45


• 1Q19 Thailand sales up 12.0% YoY. • Diversifying sales in home market to

offset weaker export market from THB appreciation against key currencies

• Strong export sales from Ambient, Frozen and PetCare business

Thailand: Star performer

Slide 46

3,439 3,169 3,379 4,242 3,853

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

20000

1Q18 2Q18 3Q18 4Q18 1Q19

Sales THB mn

+12.0% YoY

-9.2% QoQ


5,025 7,063 7,099

6,075 5,111

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

20000

1Q18 2Q18 3Q18 4Q18 1Q19

Sales THB mn

+1.7% YoY

-15.9% QoQ

EM and rest of the world: Steady growth

Slide 47

• 1Q19 sales was at THB 5.1bn, up 1.7% YoY due to new market penetration, such as into Africa and South America.

• Initiatives in China, including collaboration with Thammachart Seafood on food service should gradually deliver growth from the Chinese market starting 2019


Remark: 1Shrimp & related business includes frozen shrimp, shrimp feed and value-added shrimp 2Other seafood includes frozen cephalopod, crab, scallop, shellfish and other fish 3Value-added business includes ready-to-eat products, maguro & cephalopod sashimi, local products, bakery products and snack 4Other products include scrap, fishery and others

1Q19 Segment profitability

Slide 48

Gross profit THB million

Margin %

Sales THB million

Business segment

4,382

Ambient seafood

• Tuna • Sardine and mackerel • Ambient and pouch salmon

13,456 18.6 2,508

Frozen, chilled seafood and related

• Shrimp and related 1

• Lobster • Frozen, chilled and smoked salmon • Other seafood2

11,529 8.0 920

PetCare, value-added and others

• PetCare • Value-added and others1

• Other products2

4,384 21.8 954

Total 29,369 14.9


Agenda

Slide 49

Company Overview

Key Highlights

Recent Developments


Business Outlook


2019 Guidance

Slide 50

Sales:

3-5% YoY growth

Gross profit margin:

15%

SG&A to sales:

10-10.5%

Effective interest rate:

No material change from 2018

CAPEX:

Approx. THB 4.8bn

Dividend policy:

At least 50% dividend payout ratio


Appendix

Slide 51


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 (3 May, 2019) THB 18.60

Historical price

52-week high THB 19.50

52-week low THB 14.70

No. of paid up shares 4,771.8mn

Par value THB 0.25

Market Capitalization THB 88.8bn

Chansiri Family 19.6%

Thai NVDR 7.9% Mitsubishi

Corporation 7.3%

Social Security Office 7.2%

Niruttinanon Family

6.9%

Others 51.1%

Source: SET and TU

As of 7 March, 2019

Free float 68.3%

Foreign ownership/ Foreign limit 32.5%/ 45.00%

Share capital information

Slide 52

Stock Performance at a Glance Major Shareholders

Dividend Policy

DPS (THB per share) Period 2H18 1H18 2H17 1H17 2H16 1H16

DPS 0.15 0.25 0.34 0.32 0.31 0.32


1Q19 Income statement

Slide 53

1Q19/ 1Q19/

1Q18 4Q18

Change Change

Sales 29,369 100% 29,329 100% 36,012 100% 0.1% -18.4%

Cost of sales (24,988) -85.1% (25,941) -88.4% (30,656) -85.1% -3.7% -18.5%

Gross profit 4,382 14.9% 3,388 11.6% 5,356 14.9% 29.3% -18.2%

SG&A expenses (3,362) -11.4% (3,295) -11.2% (3,857) -10.7% 2.0% -12.8%

FX gain (loss) 81 0.3% 580 2.0% 41 0.1% -86.0% 97.6%

Other income 497 1.7% 543 1.9% 493 1.4% -8.5% 0.8%

Share of profits from investments in

associates and joint ventures347 1.2% 301 1.0% (137) -0.4% 15.3% -353.3%

EBIT 1,945 6.6% 1,517 5.2% 1,896 5.3% 28.2% 2.6%

Finance cost (528) -1.8% (503) -1.7% (524) -1.5% 5.0% 0.8%

EBT 1,417 4.8% 1,014 3.5% 1,372 3.8% 39.7% 3.3%

Tax (27) -0.1% 13 0.0% 35 0.1% -307.7% -177.1%

Profit (Loss) from discontinued operarion (43) -0.1% (60) -0.2% (60) 0.0% -28.3% -28.3%

Net income 1,347 4.6% 967 3.3% 1,347 3.7% 39.3% 0.0%

Net income (loss) attributable to:

Equity holders of the Company 1,273 4.3% 869 3.0% 1,223 3.4% 46.5% 4.1%

Non-controlling interests of the subsidiaries 73 0.2% 98 0.3% 124 0.3% -25.5% -41.1%

Earnings per share

Basic earnings per share 0.27 0.18 0.26 46.5% 4.1%

Diluted earnings per share 0.27 0.18 0.26 50.0% 5.3%

Exchange rate

THB/USD 31.61 31.54 32.81 0.2% -3.7%

(Unit: THB mn) 1Q19%

to sales1Q18

%

to sales

Consolidated

4Q18%

to sales


Remark: *Including short-term investments

Statement of Financial Position as of 31 March 2019

Slide 54

Cash and cash equivalents* 803 0.6% 1,586 1.1% -49.4%

Trade and other receivables - net 14,798 10.7% 15,968 11.2% -7.3%

Inventories - net 36,859 26.6% 38,371 26.9% -3.9%

Other current assets 2,619 1.9% 3,086 2.2% -15.1%

Total current assets 55,078 39.7% 59,011 41.4% -6.7%

Fixed assets 26,409 19.0% 26,272 18.4% 0.5%

Goodwill and other intangible assets 28,939 20.9% 29,407 20.6% -1.6%

Other non-current assets 28,245 20.4% 27,785 19.5% 1.7%

Total Assets 138,671 100% 142,474 100% -2.7%

Bank overdrafts and short-term loans 15,130 10.9% 13,468 9.5% 12.3%

Trade and other payables 17,357 12.5% 19,713 13.8% -12.0%

Current portion of long-term loans 147 0.1% 147 0.1% -0.1%

Current portion of debentures 9,497 6.8% 9,149 6.4% 3.8%

Current portion of finance lease liabilities 408 0.3% 432 0.3% -5.6%

Other current liabilities 939 0.7% 893 0.6% 5.2%

Total current liabilities 43,478 31.4% 43,802 30.7% -0.7%

Long-term loans from financial institutions 14,482 10.4% 14,569 10.2% -0.6%

Debentures 23,470 16.9% 27,014 19.0% -13.1%

Finance lease liabilities - net of current portion 1,084 0.8% 1,182 0.8% -8.3%

Other non-current liabilities 9,540 6.9% 9,736 6.8% -2.0%

Total Liabilities 92,054 66.4% 96,302 67.6% -4.4%

Non-controlling interests of the subsidiaries 3,327 2.4% 3,261 2.3% 2.0%

Total Shareholders’ Equity 46,616 33.6% 46,172 32.4% 1.0%

Total liabilities and shareholders’ equity 138,671 100% 142,474 100% -2.7%

Change(Unit: THB mn) 1Q19 % to total assets 2018 % to total assets


1Q19 Statement of cash flow

Slide 55

Remark: *Figures as reported in May 2019

(Unit: THB mn) 1Q19 1Q18 Change

Profit before income tax 1,400 954 446

Adjustments for depreciation & amortisation expenses 873 709 164

Other adjustments (45) (96) 52

Changes in operating assets and liabilities (4) 1,035 (1,039)

Cash flows receipts from operating activities 2,225 2,602 (377)

Net cash receipts (payments) from operating activities 2,558 2,532 026

Net cash payments for investing activities (1,106) (1,052) (055)

Net cash receipts (payments) for financing activities (2,449) (1,857) (592)

Net increase (decrease) in cash and cash equivalent (997) (377) (620)

Cash and cash equivalents - opening balance 1,311 573 738

Exchange gain (loss) on cash and cash equivalents (19) (6) (13)

Cash and cash equivalents - closing balance 294 190 105

CAPEX (965) (1,233) 267

Management Est. Free Cash Flows* 1,259 1,369 (110)

Consolidated


thaiunion.com

+66 2298 0024 Line ID: @irthaiunion investor.thaiunion.com

[email protected]

1q19 opportunity day - stock exchange of thailand · 2019-05-14 · 1q19 opportunity day the...

Documents