Asian Seafoods Coldstorage PLC. Q2 Opportunity Day – 08 th Aug 18 TUNA BUSINESS FEED BUSINESS FROZEN BUSINESS PETFOOD BUSINESS DISTRIBUTION BUSINESS We are the right choice!
Disclaimer This presentation includes forward-looking statements and numbers that are subject to risks and uncertainties including, in particular, statements about future events, future financial performance, plans, strategies, expectations, prospects, competitive environment, regulation and supply and demand. ASIAN, Asian Seafoods Coldstorage PLC., based these forward-looking statements on its views with respect to future events and financial performance. Actual performance described herein could differ materially, better or worse, from that projected in the forward-looking statement due to the inherent uncertainty of estimates, forecasts and projections. Readers should not put undue reliance on any forward-looking statements. Forward-looking statements represent estimates and assumptions only as of the date that they were made. The information contained in this presentation is subject to change without notice and ASIAN does not undertake any duty to update the forward-looking statements, and the estimates and assumptions associated with them, except to the extent required by applicable laws and regulations. Q2 Opportunity Day – 08 th Aug 18 2
Agenda ASIAN Overview ASIAN Key Financial ASIAN Development by Segment ASIAN Strategies Updated ASIAN 2018 Target Q2 Opportunity Day – 08 th Aug 18 3
ASIAN OVERVIEW Asian Seafoods Coldstorage Public Company Limited & its Subsidiaries
Asian Business Growth : -19% YoY Growth : +69% YoY Growth : +25% YoY Growth : -12% YoY Growth : +6% YoY Frozen Tuna Aquaculture Distribution Pet Food Business Business Business Feed Business Business Asian Alliance Asian Seafoods Asian Seafoods Asian Alliance Asian Feed International Coldstorage Coldstorage International Co., Ltd. Co., Ltd. PLC. PLC. Co., Ltd. Asian Seafoods Asian Food Coldstorage Co., Ltd. (Suratthani) Co., Ltd. 4.1 billion baht 1.1 billion baht 2.7 billion baht 1.5 billion baht 0.7 billion baht 2017 Business Size Q2 Opportunity Day – 08 th Aug 18 5
ASIAN’s Sustainability Product Quality and Services o Human Development and Human Value o Commit avoiding to involve in illegal fishing, procuring, o importing, exporting, transiting and distributing aquatic life and products obtained from illegal fishing and labor, and human trafficking. Anti-Corruption Policy o Q2 Opportunity Day – 08 th Aug 18 6
Major Events 2018 • Founded Asian 1993 2012 2016 Group Services • Founded Asian • Founded Asian Food • Implement ERP Co., Ltd. • Sustainable Seafoods Coldstorage Co., Ltd., domestic (Suratthani) Co., Ltd. trader company of the sourcing & Good • Invest in Asian In order to expand group Labor Practice Group SCS Europe • Established Frozen Food Business • EMS Outbreak in GmbH Shrimp Nutrition Database 1994 in Pet Food & Feed • Asian Feed invested • Invest in Inter • Registered Asian in Extruder to • Ambition 2020 Petrina Co., Ltd. for Seafoods diversify into Fish were set 1964 “Maria” brand. Coldstorage PLC. Feed Business Starting Business 2015s 2016s 2018s 2010s in Frozen Food 2005 2013 2017 • Founded Asian • AAI invested in • Expand Pet Alliance Premium Pet Food Capacity International Co., Food Line • Rapid Growth in Ltd., diversify into Pet food & Aqua 2015 Tuna Business Feed • Quadruple Growth • Launch concept 2006 in Pet Food “Closer to • Acquired Asian • Turnaround of consumer and Feed Co., Ltd., Asian Feed Co., efficiency” and diversify into Ltd. set up strategies. Shrimp Feed Business Q2 Opportunity Day – 08 th Aug 18 7
ASIAN Key Financial Asian Seafoods Coldstorage Public Company Limited & its Subsidiaries
Q2/18 Highlights Sales revenues increased 1.5% y.o.y. to o Profitability Analysis 2,316 million at lower volumes, mainly due to lower Aquafeed volumes. Petfood ('000'000 Baht) Q2 2017 Q2 2018 Q1 2018 Sales 2,283 2,316 2,300 volumes were up Gross Profit 234 273 139 Gross Profit margin was 11.8% versus SG&A (137) (168) (140) o 10.2% in the same quarter last year. EBIT from Operation 97 104 (1) Margins in Frozen and Petfood improved Other Incom 20 18 48 fxGain (loss) 8 (5) 21 Q.o.Q due to better prices and FX Non-recurring 0 (2) effects EBIT 125 116 69 Net profit in Q2/18 was 92 million baht, o Financial Cost (32) (35) (33) in line with the same period last year EBT 93 81 35 Taxes 1 12 (9) Joint-ventures were concluded in o Germany and Thailand for the marketing Net Profit 94 92 27 and sales of Petfood First exports of frozen processed o Barramundi Q2 Opportunity Day – 08 th Aug 18 9
Q2/18 Sales Overall volumes in Q2 decreased 9% y.o.y. which was a result of lower Feed and o Distribution volumes which were partly offset by higher Petfood volumes and slightly higher Tuna volumes. Aquaculture. Sales Revenues in Q2 increased 1.5% compared to the same quarter a year ago o (excluding intracompany transactions). The USD increased more than 6% during the quarter, which returned higher o prices in baht for all USD denominated sales. * Volumes include inter company transaction Q2 Opportunity Day – 08 th Aug 18 10
Q2/18 Profitability Gross Profit margin was 11.8 % o versus 10.2% in the same quarter last year. Net profit in Q2/18 was 92 million o baht, in line with the same period last year (net profit 94 million baht) Q2 Opportunity Day – 08 th Aug 18 11
Q2/18 Working Capital *Net WC Days = AR Days + INV Days – AP Days **ROE= last 4 quarter net profit/Average total shareholders’ equity Q2 Opportunity Day – 08 th Aug 18 12
Leverage &Debt Structure Balance sheet ratios o a bit improved. Long term Loan o improved as planned Q2 Opportunity Day – 08 th Aug 18 13
ASIAN Development by Segment Asian Seafoods Coldstorage Public Company Limited & its Subsidiaries
Frozen Business
Frozen Business Frozen Business of Asian Group comprises of 3 plants Asian Seafoods Coldstorage o Public Company Limited (Klongtoey) capacity of 2,400 tons finished product per year Asian Seafoods Coldstorage o Public Company Limited (Samutsakorn) capacity of 14,000 tons finished product per year Asian Seafoods Coldstorage o (Suratthani) Company Limited Capacity of 10,000 tons finished product per year Q2 Opportunity Day – 08 th Aug 18 16
Frozen Performance Sales volumes for the quarter were overall stable y.o.y. but sales revenues decreased 7% o to 904 million baht. Squid volumes were slower compared to the same period last year, and at lower prices. o Margins improved, compare to the previous two quarters, as a result of slightly lower raw material price due to market mechanism and inventory write-downs taken previously. Shrimp volume in Q2 increased y.o.y. but trading at significantly lower prices compared to a o year ago. Profit margins were however better than in Q1 as a result of a better product/market mix and lower processing cost. Optimizing coldstorage capacity has yielded cost savings in the course of Q2. o Q2 Opportunity Day – 08 th Aug 18 * Volumes include inter company transaction 17
Frozen Actions o More focus on China market o Increase fish processing and product development o Further strengthen squid brand Asian Surat o Cost restructuring • A comprehensive cost rationalisation project among the three processing plants has been initiated and is expected to show an improved cost structure in the course of Q3 • Rationalisation of cold storage facilities in the course of Q2 Q2 Opportunity Day – 08 th Aug 18 18
Tuna Business
Tuna Business Operated by Asian Alliance o International Co., Ltd., located in Samutsakorn province w/ quite new facilities compare to others. Traditional tuna product in cans and o pouches, and Value added product (ready-to-eat) such as Tuna with rice meal. No branded, more flexible in tuna o high price seasons. Capacity of around 17,500 tons of o finished product per year. Q2 Opportunity Day – 08 th Aug 18 20
Tuna Performance o Canned Tuna volumes and sales revenues were up y.o.y. amounting to 244 million baht. o This was partly due to the strengthening of the USD during the quarter. Profit margin improved. * Volumes include inter company transaction Q2 Opportunity Day – 08 th Aug 18 21
Petfood Business
Petfood Business Also operate by Asian Alliance o International Co., Ltd. Serve as a “co - developer” who o understand customers and provide ideas for new products in variety of packaging. Target premium brand owners and o private labels showing continued growth. Process Fishmeal using non-IUU by- o products which benefit shrimp products traceability. Annual production capacity of o 38,000 tons of FG (net weight) Q2 Opportunity Day – 08 th Aug 18 23
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