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SET / Reuters / Bloomberg TUF / TUF.BK / TUF TB

Q2 Year 2011














Sharp sales jump (55.3% YoY) to set record quarterly sales of US$ 821 m, thanks to consolidation of MW Brands and continual growth in TUF existing business   Sharp rebound from Q1 leading to record quarterly earnings (Bt 1,238 m) thanks to the firm’s ability to maintain margins despite the pressure of high raw material costs and interest burden  Stronger financial position thanks to gradually declining D/E, healthy margins, record EBITDA and earning and positive operating cash flows despite the presence of negative uncontrollable factors   With the expectation of back-tonormal sales and margins, the outlook for the second half of the year and the chance of another record earning year is optimistic

Given the satisfactory performance for the first 6 months of the year, TUF is optimistic about its business outlook for the second half of the year. 2011 is therefore poised to be another record year in terms of sales and net profit (since 2009), thanks to full consolidation of MW Brands into the group and continual growth of the existing business. Strong demand for its products and the firm’s ability to sustain margins despite high raw material prices were the key drivers behind this ambition. TUF’s financial leverage is gradually declining thanks to improving profitability and timely loan refinancing. Timely adjustments in raw material procurement, selling prices and financial hedging, together with efficient working capital management and yield improvement at the plants continue to be the critical success factors. Q2 was no doubt a record breaking quarter with sales (US$ 820 m), net profit (Bt 1,238 m) and EBITDA (Bt 2,834 m) setting new highs. Gross (17.4%) and operating margins (8.7%) surged to levels not seen since 2003 (when tuna sales and the US market accounted for almost 60% of the total respectively upon weaker Thai baht (> Bt 41/ US$)). Excluding the contribution from MW Brands, sales should grow 14.8% YoY during the first 6 months and 14.6% YoY in Q2’11 to US$ 1,176 m and US$ 606 m respectively while MW Brands alone also grew 12.5% YoY during the first 6 months and 9.6% YoY in Q2’11. MW Brands managed to deliver performance as budgeted. The group performance was no surprise from our earlier prediction of a turnaround performance in Q2. Nevertheless, it will not be without challenges going forward as raw material prices remain volatile, Thai baht strengthened since July, interest rates continue to rise due to inflation and investors stay concerned about the US and EU economies. Despite ongoing adversities, TUF financial position has been improving. Higher profitability as a result of record breaking quarterly EBITDA and net profit, given a stable debt level, was the culprit. Working capital turnover ratios also improved. Operating and free cash flows were positive. Financial gearing (Debt-to-Equity & Debt-to-EBITDA) dropped modestly to 1.58x and thanks to marked turnaround of Thai operating performance.


All product categories exhibited strong YoY sales growth rates. On another front. persistently high local shrimp raw material prices. 3% Oceania. W. Operating and free cash flows were positive partly a consequence of the highest margin levels seen in recent years.7 m (up 45.8 bn (Bt 38. Quarterly EBITDA set another new record (Bt 2.33/USD . Shrimp raw material prices. gross margin continued to recover. of shares for Y2011: 956. 36% THAI UNION FROZEN PRODUCTS PCL. canned & sushi). shrimp (14. and others. short term interest rates (applicable to working capital needs) are continually rising local and abroad. the task should be more manageable going forward.700).834 m).75/USD . Both tuna and shrimp material prices were at some of their highest levels in recent years in 1H-11.3% YoY.9%). Exchange rate as of Jun30’11: Bt 30. pet food (6. Avg. EBITDA .0% only.8% in Q1 when we managed to adjust selling prices (particularly in shrimp business which suffered since last year thru Q1) with high raw material prices. hitting 17.2 . sales reached a new high again in Q2.3% Bt m 2.834 1. yet setting another record quarterly level again along with a record-breaking quarterly net profit of Bt 1. up 55. exchange rate for Q2’11: Bt 30. The ability to manage costs and adjust selling prices (thanks to shorter term contracts and continuous negotiation with clients) and timely raw material procurement helped send operating margins back to more typical levels. leading by tuna (101%).2% of the total sales. 2% USA. Raw material prices generally stayed high.27/USD .9%).5%).5%). European markets surpassed the US (34.A. US$ 215 m). salmon (56. cephalopod (35. the exchange rate was stable through the period.5 bn in Q1’11) where short term debts accounted for 31% of the total interestbearing debts with an effective interest rate of 6.860 m).7% 45. Avg. tuna sales were up by 44. canned sardine/mackerel (123. of shares for Q2’11: 956. Uncontrollable external factors becoming manageable In Q2. though weakened slightly in Q2. But with our local debt refinancing (thru Thai baht debenture issues) in July. adding to more interest expenses. Tuna raw material prices hit a recent high (US$ 1. Dollar sales .4% 55. As for tuna sales alone. Canada. Tuna products held the largest share at 49. The higher interest expenses (than those of Q1) were considered temporary.6%). Europe is now also TUF’s biggest market at 54. long term fixed rate debts have now accounted for around 70% of our total debts already.4% from 14. The inventory turnover (97 days) was stable from the previous period.4% vs. 3% Japan. No.3% YoY to US$ 820.9%.58x.905/ metric ton) in June (though it fell sharply in July. With raw material pricing likely peaking. shrimp feed (13. Quarterly interest expenses surged to Bt 612 m. it now bounded back to US$ 1. Baht sales . The quarterly sales surged by 55.58 QOQ 64.238 m despite continually rising tuna raw material prices. Net profit .7%).3 m 1H’2011 Sales Breakdown by Product Cephalopod / Salmon 5% Canned Petfood 6% Frozen Shrimp 17% Shrimp Feed 5% Canned Seafood 5% Sardine / Mackerel 4% Domestic 7% Tuna 51% 1H’2011 Sales Breakdown by Market Europe. breaking the previous record in Q1’11. 1% 9% S. Also.6%) and the local market (9.4%). America. Keeping contracts shorter and timely and continuous procurement allowed more pricing flexibility that did pay off in Q2. 9% Domestic sales.9%) to become TUF’s largest market at 35. no. that should keep some of our financially cost lower for next few years. Operating Profit .3 m . and higher tax and interest expenses. Debt-to-Equity (x) As YOY 41.4% .5% 10.157 2. indicating active upward adjustments of selling prices. followed by Japan (9.9% of sales value. followed by shrimp (17. remained high.012 m from the previous quarter. canned seafood (15. 34% Middle East.3%.5%). In volume term. Plus. though partly due to higher short term interest rates. thanks to sustainable performance at MW Brands and sharply improved performance at Thai operations. 2% Asia(non-Japan). total debts edged up slightly to Bt 38. Financial position improved while debts stable The debt/equity ratio improved to 1. exchange rate for Q2’10: Bt 32.5% or Bt 1. 1% Africa. Increase/(decrease) Q2’11 . making cost control in Thai plants easier. Highest ever quarterly sales Thanks to consolidation of MW Brands (c.    Q2’11 in a snapshot: Sales in dollar term rose 55.4% in Thai baht term to Bt 24.1%). At the end of Q2’2011.4% 9. the US (24.

2 1.326.6 63.7 73.926 173 34.7 1.1 251.1 2.0 154.6 63.0 116.5 1.59 9.04 0.62 0.0 331.00 88.39 15.33 1.183.11 THAI UNION FROZEN PRODUCTS PCL.99 % 100.065.0 1.0 96.412 326 427 348 282 1.40 8.845 3.01 0.237.8 Comparing 6M’11 and 6M’10 6M'11 6M'10 47.13 0.354.9 2.25 0.6 1.7 19. Avg.68 (0.29 % 100.0 -6.5 49.06 0.57 Quarterly Trend (Last 5 Periods) QUARTERLY INCOME STATEMENT (Bt million) Consolidated Sales Cost of goods sold Gross profit SG & A Plant Relocation & Start-Up Exp.028.8 139.01 0.859. EBITDA (US$ m) .0 1.657 3.3 0.908 4.808.4 14.5 0.27 3.6 1.75 0.169.52 6.6 1.406.6 849.00 84.9 44.255 2.5 1.19 2.0 154.40 8.2 0.9 2.9 372.1 3.43 0.2 1.326.3 752.G&A Exp.76 3.134 263 2.01 0.489.0 35.9 873.EBITDA PERFORMANCE (Bt million) Consolidated Sales Cost of goods sold Gross profit SG & A Plant Relocation Expenses Operating profit Forex Gain/(Loss) Interest income Equity income from associates Other incomes EBIT Financial expenses Income tax/ (Tax Credit) Income before MI Minority interests Net Profit Earnings per share (Bt) Q2'2011 24.99 1.62 0.233 30.48 12.092.5 824.7 612.8 1.4 16.3 55.156.96 0.80 0.16 1.00 82.990 1.447.60 17.00 85.648.1 0.0 130.76 5.0 2.4 -19.1 145.391.01 0.94 4.62 2.6 1.2 32.68 0.6 522.9 352.6 66.9 370.53 2009 5.68 7.0 980.39 15.0 2.16 3.99 % 100.69 Q2’10 17.01) 4.798 2.9 1.237.14 0.62 2.27 2010 5.30 0.0 0.2 723.0 203.43 0.00 87.533.8 1.533.10 5.3 56.75 1.96 0.10 0.0 2.37 32.426 2.360.8 17.15 2.439.834 94 30.68 0.3 5.8 1.0 203.169.99 1.0 290.0 2.01 4.1 0.460.063 63 306 309 306 3.289.28 % Inc.08 0. Operating profit Forex Gain/(Loss) Interest income Equity income from associates Other incomes EBIT Financial expenses Income tax/ (Tax Credit) Income before MI Minority interests Net Profit Earning per share (Bt) (as of par 1 baht per share) Q2'11 24.52 8.2 2.8 817.01 0.46 1.0 631.35 % 100.9 873.0 57.01 0.7 612.0 57.423.61 8.98 Q1'11 22.6 18.01 0.421 7.09) 0.47 0.0 290.0 42.6 4.7 20.6 7.01 0.7 23.3 .92 % 100.244.7 73.163.03 0.681 4.11 .3 5.03 0.17 5.2 2.1 -79.447.00 84.1 24.092.25 0.8 1.1 2.7 0.4 14. 42.254.6 4.5 1.61 8.163.91 5.360.1 251.0 116.73 8.81 0.6 2.489.7 2.5 15.8 68.01 4.209.1 145.81 8.423.71 Q3'10 17.29 % 100.81 0.38 (0. exchange rate Bt m Sales Gross Profit S.0 129.79 % 100.9 385.17 5.437.5 1.5 1.74 0.87 0.73 8.10 0.675 1.2 0.59 9.68 7.19 6. Operating Profit Forex Gain/(Loss) Other Incomes EBIT Financial Cost EBT Tax/(Tax credit) Minority Interests Net Profit EBITDA Avg.8 1.2 133.46 1.34 6.00 82.854 186 31.0 6.668.859.42 3.1 24.23 14.32 Q4'10 20.391.5 1.34 6. Bt/ US$ Q2’11 2.80 7.6 1.19 11.75 1.703 4.8 -1.7 2. EBITDA (Bt m) .19 6.8 163.4 128.04 0.2 10.99 1.028.7 20.664 2.668.01 0.1 2.6 117.0 1.47 0.0 129.3 1.77 9.91 5.565 33.705.351.5 0.98 Q2'2010 17.5 -23.156.60 17.

tuna sales were up by 6. The average price of frozen skipjack tuna (Bangkok landings/ WPO) in Q2’11 was US$ 1. Compared with Q1’11.91 3.50 No.3% YoY but rose 10. 07 22. up 17. including contribution from the now merged US subsidiary Chicken of the Sea Frozen Products. Europe was our largest market.6 % from a year ago.62 2.5% YoY. With the raw material price staying at the current levels. the group sales in dollar term should still grow by 15. Earned (x) Debt-to-EBITDA (x)# Q2'11 1. 10 52. quarterly sales value increased by 24.95 0. including contribution from Chicken of the Sea International (COSI). Consolidation of MW Brands’ sales. falling by 20.0% YoY.29 2009 2. 09 30.50 12.600/ metric ton.50 Historical price : High Bt 60.1x Dec 31. 05 30.080 seen in last October. was the key factor sending the quarterly tuna sales to another new high. Given the current unpredictable weather. Despite the rising fish prices.Shrimp sales in dollar term expanded by 14.893 (last 6 months – local shares) Major Shareholder : Chansiri Family 25.1% YoY.4% from Q1’11.427. Continual growth was seen in Japan.01 0.81 8.092 m. Total Assets #Debt-to-EBITDA = Interest-Bearing Debts/ EBITDA (last 12 mth) THAI UNION FROZEN PRODUCTS PCL.Consolidated quarterly sales in dollar term continued to surge and eventually set a new record at US$ 821 m (up 55.8x Dec 29. frozen shrimp. Canada and Latin American markets. The difference (the price increase) was mainly caused by continual rise in tuna raw material costs since Q4’10. In other words. Sales to Japan however declined by 12. On the domestic raw material prices. Sales and Raw Material Price Trends as of par 1 baht                         SHARE CAPITAL INFORMATION PRICE (5/08/2011) : Bt 56.1% while the volume dropped by 9. frozen tuna loin.810 m) Average Daily Trading Vol. mainly thanks to our clients’ understanding and shorter term contracts (<3 months).53 2. Major products are canned tuna.30 7.Tuna sales (canned and loin) in US dollar term jumped by 101.40% Date Closing Price P/E ratio Dec 30. allowing selling prices to be adjusted upward significantly in order to cope with the persistently high local raw material prices.67 108 36 19 15.07 *Gearing Ratio = Total Liabilities / (Equity + MI) **Debt-to-Equity Ratio =Interest-Bearing Debts/ (Equity + MI) ***Net Margin = Net Profit/ Total Revenues ****ROAA = EBIT / Avg. 08 19. accounting for 54. caused by poor consumer sentiments after the tragic earthquake and tsunami in March. The key driver of the YoY increase was consolidation of MW Brands’ sales into the group. pet food. Volume (ton) dropped slightly up by 3. But if MW Brands (US$ 157 m) is excluded. Meanwhile.27/US$. In July. flat from a year ago. increased by 24.40 6. It is the largest canned tuna producer in the world and a leading seafood processor and exporter in Asia with a global workforce of around 30.25 7.0% QoQ. all product categories recorded YoY sales growth.2% QoQ in Q2’11 thanks to strong demand and price adjustments. Middle East. but actually up by 19. The US was about 81% of our total shrimp sales.95 15.6% YoY and 23. followed by the US at 24.61 107 40 25 13. mainly caused by timely price adjustments to cope with continually rising tuna raw material prices. US. the price surged further to US$ 1.33 3. Tuna sales value and volume generated from the US market. the fish price should stay high as the current price rebound to US$ 1. Production plants are located in Asia.9 m.9% from a year ago and 18. Meanwhile. Africa and Europe. Meanwhile.00 (last 6 months) Low Bt 38.72 2.50 16. in addition to continual growth in the group’s existing business. fish snack and shrimp feed.4% of the total tuna sales.750. sales value and volume from the EU (including MW Brands) jumped by 480.42 2010 1. Australia.808/ metric ton. of Shares : 956.99 3. .5% YoY and 17. white shrimp (60 counts/kg) stayed persistently high in Q1 with an average at Bt 145.50 10.1% YoY.79 12.7x Thai Union Frozen Products Public Company Limited was founded in 1988.3% from US$ 529 m a year ago) while sales in Thai baht term increased by 45. The average exchange rate in Q2’11 was Bt 30. MW Brands sales were also up 9.2%. Therefore. Thai baht appreciated by 6. .033 bn (US$1.4 .2% respectively. up 25. high oil prices and the fishing ban in EPO (July 29 – Sep 28).0% YoY in Q2’11 while sales volume (ton) was up 44.14 4. During the quarter.94 5.000. gross margins restored to normal levels as expected.40 4.3% from last quarter.22 1. tuna sales value should continue to show YoY growth thru Q3.0% YoY and down 1. stayed flat YoY and QoQ as competition was intense during the period.7% QoQ during the quarter to US$ 146.4% YoY to Bt 24.79 21.4% from the same period a year ago.65 2.4x Dec 30. the average EPO price for Q2’11 was US$ 1.700/metric ton after a short-lived decline in June.860 m from Bt 17. : 3. Without MW Brands’ contribution (€ 148 m or US$ 215 m). particularly strong in canned tuna. sales volume grew 4. Note: Ratios Current Ratio (x) Gearing Ratio (x)* Debt-to-Equity (x)** Inventory Turn (days) Collection Period Payment Period (days) GP margin (%) NP margin (%)*** ROAE (%) ROAA (%)**** Time Int.4% from last quarter.00 11.329 m Market Capitalization : Bt54.34 1. timely adjustments of selling prices and continual yield improvement should help relieve pressure on margins.8x Dec 30. frozen cephalopod.0% and 212. 06 25. sardine/mackerel and salmon products.7x Dec 28.9%.41 8. Strong market demand abroad and delayed crops keep the local raw material prices high.58 97 39 30 17.9% YoY. Asia (exJapan). Shrimp sales generated from the US.6% YoY during the quarter. frozen and canned seafood. Sales to the EU were volatile.97 6. The fish price has been on a steady uptrend since US$ 1.

750 m in July should help reduce some interest burden if the inflation stabilizes.3% in Q1’11.All other incomes (excluding FX gain/loss) in Q2’11 were Bt 171.61% in its 4th review. US$) by 6.27/USD. . allowing Thai shrimp exporters to compete effectively with other major shrimp exporting countries in the US market.1 m in Q1’11.7% of sales in Q2’11. 2011 to refinance part of our Thai baht loans originally raised for the acquisition last year.500 million to THB 6.6 m was booked in Q2’11.2%.2 m.8% of the previous quarter. therefore. Given the ongoing currency hedging. shrimp orders were priced upward to match high shrimp raw material prices that had depressed margins since Q4’10. The local currency appreciated by 6. US Department of Commerce reduced the anti-dumping rate on Thai shrimp exports to 0. Considering all arrangements.7%. This was indeed the first time for TUF to issue such a large amount of debentures as well as with the longest tenor.5% in Q2’10 (before MW Brands acquisition).750 m Upon improving investors’ confidence in our acquisition of MW Brands since the deal completion 9 months ago.750 m in July. compared with 99 days in Q2’10 and 98 days in Q1’11 respectively. timely selling price adjustments.0 m.200 m in June. a reversal from a loss of Bt 19. the maturity of majority of our Thai baht debentures (only Bt500 m remaining in June) and an opportunity to bring our interest burden down. investors still showed high confidence in our debentures witnessed by a strong response and excessive investor demand on the book-building day when the issues were 1.SG&A expenses amounted to Bt 2.5 million or 8.29. we estimated the all-in savings should be close to 100 basis points in term of interest cost over the retied loans. representing an effective tax rate of 16.1% in Q2’10. This was the highest level since Q2’03.73% upon its 5th period of review . 2011.50% in Q1’11 and 3.0 m in Q1’11. appreciated (vs. We. The rate would be effective until the next round of review. The In July. The debentures were of 3-year. The recent spike in short term interest rates also added to a higher cost. continual yield improvement and proper adjustment of sales mix also allowed gross margin to surge to a recent new high in spite of continually high raw material prices (shrimp and tuna). up from 15. USD) in Q2 helped relieve pressure on margins.4% YoY but remained much the same from Q1’11.7 times oversubscribed. The effective interest rate rose to 6.2 m was reported a year ago. . The temporarily stable Thai baht (vs. It was very positive given the continual downward trend. we decided to launch a series of Thai baht debentures worth Bt 6.6 m. compared with 35 days for Q2’10 and 39 days for Q1’11. bank charges & others) of Q2’11 was Bt 612.0 m in Q2’10 and Bt 522. higher than 5.Financials . were appointed as the joint lead underwriters for such debentures. but higher than 4.3%.7% QoQ.Inventory turnover rate was stable at 97 days for Q2’11.0% in Q1’11.1 m in Q2’10 and Bt 137. The quarterly EPS was Bt 1. decided to increase the issuance size from our initial plan of THB 4. but we managed to report a higher figure. Besides consolidation of MW Brands (which no longer suffered from acquisition-related accounting impact).73% which was even lower than 2. up from 6.237.33%. This was due to significantly more debts (and at higher rates) incurred as a result of MW Brands acquisition.8% YoY and 5.93% in Q2’10. slightly lower than 5. The stable Thai baht during the quarter should have led to a modest gain only.Account receivables turnover rate stabilized at 39 days for Q2’11. The 4-year bond was issued in 2007 to provide financial support to our US subsidiaries.4% YoY but were flat from Q1’11.63x a year ago. representing the highest level since Q1’03. A gain of Bt 73. currency forward contracts and other hedging instruments was Bt 63. . Higher profitability usually leads to a higher tax.750 million. the US Department of Commerce announced the latest All Others anti-dumping rate for Thai shrimp exports (applicable to TUF) at 0.7% YoY and 64.Corporate income tax expense of Bt 290.FOREX gain (realized and unrealized) from current dollar-denominated assets/liabilities. but higher than 3. The refinancing of Thai baht loans (used for acquisition of MW Brands) by issuance of new Thai baht debentures worth Bt 6. up from Bt 123.65x in Q1’11 and 0. Moreover. .4% QoQ.4%. Particularly. Thai baht. . 5-year and 10year maturity which were also assigned A+ rating by TRIS Rating. .0%. THAI UNION FROZEN PRODUCTS PCL. on average. with all the acquisitionrelated expenses and accounting impacts behind us. Higher profitability improved the ratio as interest-bearing debts were essentially stable in the quarter. . one should see significant FX gain upon sharp appreciation of Thai baht during any reporting period or vice versa.6% a year ago and 14. Despite the rising interest rate trend.58x from 1. gross margin returned to the levels long expected for as a result of the acquisition of MW Brands.9 m.Gross margin in Q2’11 was 17. quarterly net margin was 5. sharply higher than Bt 129.Debt-to-Equity ratio (interest bearing debts only) fell slightly to 1. slightly lower than 16.Financial expenses (including interest expenses. . The weighted-average exchange rate for Q2’11 was Bt 30. The operating margin therefore jumped to 8.169. up 41. It was very much in line with our expectation of 9%.9 m from the previous quarter. partly thanks to a gain from a currency swap contract upon maturity of a Thai baht bond worth Bt 3. Siam Commercial Bank Public Company Limited. compared with 8. The average effective tax rate for the first 6 months was indeed 12. Recent developments: Successful refinancing of Thai baht acquisition loans through issuing Thai baht debentures worth Bt 6.5% in Q2’10.Net income for Q2’11 was Bt 1. Kasikorn Bank Public Company Limited and Hong Kong and Shanghai Banking Corporation Limited (Bangkok Branch). As a result. it would be more appropriate to analyze our accounts with consideration of FX gain/loss.5 .

1 2008 28.941.000.0 2009 24.9 57.0 790.7 6.6 46.1 81.459.79 1.18   -1990 About Started HISTORICAL CASHFLOW STATEMENT (Bt million) Net Income Before Tax Depreciation & Amortization Net Cash from Operating Activities Net Cash from Investing Activities Net Cash from Financing Activities Effect of FX change on cash & equiv.352.329.6 .0 3.071.931.1 2.6 628.5% stake of PT Juifa – an Indonesian tuna packer -2007 Started Thai Union Hatchery to develop shrimp brood stock & acquired an Indian Oceanbased tuna fishing fleet -2008 Bought 51% of Vietnam-based seafood processor Yueh Chyang Canned Foods.200.5 1.549.5 panward_ch@thaiunion.9 13.428.5 -7. Ireland.3 2.6 1.5 18.9 262.7 184.894.23 61% THAI UNION FROZEN PRODUCTS PCL.889.976.4 39.4 2.27 71% 2001 1.6 1. a major US seafood importer/distributor -2004 Broke the US$ 1 bn mark in sales -2005 Invested in Century Trading (Shanghai) – a JV to market branded canned tuna in China -2006 Set up Chicken of the Sea Frozen Foods to market branded frozen seafood in US and Acquired a 76.1 60.4 1.7 new TUF shares -2001 Bought the remaining 50% of Van Camp Seafood from US partners -2002 Euro convertible debenture was converted into 110 m new common shares by its holders.1 351.290.5 8434.9 106.221.8 3.7 5.048.9 3.258.4 43.99% stake of Bombay-listed and the second largest Indian shrimp feed producer Avanti Feeds and Broke the US$ 2 bn mark in sales -2009 Relocated its long time American Samoa facility to Lyons. 35.5 10.541.2 2.600.423.4 9.865.823. Parmentier & Mareblu) in UK.816. 698 FAX : (662)298-0342 paco_lee@thaiunion.5 623. Invested in a 14.0 6.92 51% 2008 608.5 2.3 2. PLEASE CONTACT TEL : (662)298-0024 EXT 680.3 30.HISTORICAL INCOME STATEMENT (Bt million) HISTORICAL INCOME STATEMENT (Bt million) Consolidated Sales Cost of goods sold Gross Profit SG & A Operating profit Forex Gain/(Loss) Interest income Equity incomes -associated Other income EBIT Financial expenses Income tax Income before minority Minority interests Net profit Earnings per share (Bt) 2010 71.507.4 133.4 2008 2. Net Inc/(Dec) in Cash 1H2011 2.3 39.3 About TUF WAI YAT PACO LEE PANWARD CHANSIRI FOR FURTHER INFORMATION.682.7 3.821.675. Petit Navire.7 2.4 61.5 489.311.5 -828.01 HISTORICAL BALANCE SHEET (Bt million) Current Assets Investment Fixed & Other Assets Total Assets Current Liabilities Non-Current Liabilities Total Liabilities Minorities’ Interests Shareholders’ Equity 2.577.9 10.4 309.3 16.873.5 634.3 34.507.6 16.20 50% 2004 1.20 1.5 2.268.8 87.270. France and Italy -2011 Set up US Pet Nutrition venture and merged Empress International with Chicken of the Sea Frozen Foods 1H2010 37.281.40 1.3 488. H.6 506.164.7 -1.753. USA and Invested in a 50/50 venture (Avanti Thai Aqua Feed) with Avanti Feeds in Gujarat. Georgia.4 4.5 74.6 3.4 2.901.343.079.60 50% 2009 3.362.5 374. -2003 Acquired Empress International.9 23.13 52% 2005 2.5 2.967.039.0 910.9 2.3 18.082.461.3 2.8 602.8 8.776.9 344.412.4 3.505.5 -371.279.1 366. Holland. a major Thai canned tuna packer.4 858.901.8 582.3 5.20 2009 68.839.7 975.18 1.2 478. -1997 Entered a 50% JV with two overseas business partners to buy out the then bankrupt Van Camp Seafood (owner of Chicken of the Sea brand) and its production facility on American Samoa Island.7 7.0 1.6 2.823.594.4 58.873.932.80 1.3 2.8 3.08 2006 55.1 91.8 1.418.000.8 17.8 4.343.3 2.875062 TUF Corporate Milestones: out as a contract tuna producer -1994 Listed in the Stock Exchange of Thailand.310.443.85 70% 2002 1.51 2007 55.9 4.9 12.550.1 83.9 357.9 22.509.250.007.26 51% 2007 1.4 7575.4 3.3 2.8 3.1 431.4 2.79 2008 69.1 8.1 2010 34.4 6.419.4 5.869.7 48.604.8 742.1 51.6 Historical Dividend Payout Ratio Net Profit (Bt m) Earning per share[EPS](Bt) Dividend per share (Bt) Dividend payout ratio 2010 2.217.1 4.0 16.2 2.112.531.7 -2.4 23.036.56 70% 2003 2.757.7 3.9 6.7 1.744.51 1.65 1.461.0 5.1 47.634.078.200.5 20.4 14.823.24 1.755.6 -2.246.6 26. -1998 Issued 10 m new shares for a private placement -1999 Took over then listed Songkla Canning. India -2010 Acquired MW Brands (one of the biggest and the most integrated canned seafood firm in Europe) which owns leading brands (John West.0 293.8 2010 3.001.865.9 2.9 368.3 -1.0 2009 4.11 53% 2006 1.6 11.3 2.850. with a share swap of 1 existing SC share for 1.379.2 2.883.868.4 2.0 2.1 5.3 4.08 1.568.9 357.0 3.6 184.2 22.496.994.9 20.4 -30.5 15.664.331.934.