SET Opportunity Day 3Q17 Results Presentation 15 November 2017 - - PowerPoint PPT Presentation

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SET Opportunity Day

3Q17 Results Presentation

15 November 2017

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The information contained in our presentation is intended solely for your personal reference

• nly. 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 our assumptions are correct. Actual results may differ materially from those projected.

Disclaimer

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Agenda

Key Highlights Recent Developments 3Q17 Financial Results Business Outlook Company Overview

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Agenda

Key Highlights Recent Developments 3Q17 Financial Results Business Outlook Company Overview

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40 years of seafood processing experience

Remark: *Increased in 3Q12; **Increased in 4Q14 , ***Completed in 4Q14 In 2006, TU acquired PT Juifa International Food to expanded capacity of canned tuna into Indonesia, but all shares were divested in 1Q13.

Established Thai Union Frozen Products TUF was listed on the Stock Exchange of Thailand Expanded capacity of canned seafood manufacturer Set up Chicken of the Sea Frozen Foods Entered to canned seafood in Vietnam Acquired leading canned seafood brands in EU

2006 2008 1988 1994 1995 & 2016 2014***

Founded Thai Union Manufacturing Strategic partnership with Mitsubishi Corp Acquired third largest canned seafood brand in US Expanded to frozen seafood products in US Expanded to shrimp feed business in India Expanded capacity of frozen shrimp

1992 1997 & 2001 2009 2003 2012-2013

Acquired leading smoked salmon in EU Acquired #1 premium sardine brand in Norway, US & Australia

20.03%  99.55% 100% 51% 100% 100% 100% 15%  25.12%* 40%  77.13%**

Expanded to shrimp farming in Thailand

2012

51%

Set up pet food business in the US

2010

50%  100%

2015

Acquired lobster- related asset from Orion Seafood Int’l Entered a JV with Savola Food in Saudi Arabia Rebranding: Renaming TUF to Thai Union Group Acquired stakes of Rugen Fisch in Germany

51%

2010

Acquired stakes of Les Pecheries de Chez Nous

80%

Strategic investment in Red Lobster

25%

2016 1977

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Global market leading brand portfolio

• #3 canned seafood brand

in the US

#3

• #1 canned seafood brand

in the UK, Ireland and the Netherlands

#1

• #1 canned

seafood brand in France

#1

• #1 premium

canned sardine brand in France

#1

• #1 premium canned

sardine brand in US, Norway and Australia

#1

• #1 canned tuna brand

in Thailand

#1

• 1st online frozen

seafood brand in Thailand

• #3 canned tuna

brand in Italy

#3 #1

• #1 ambient seafood

brand in Germany

#1

• #1 frozen seafood

importer and distributor in the US

• #1 ambient seafood

brand in Germany World largest seafood chain restaurant*

#1

*TU’s associated company

#1

Page 7

Thai Union’s global footprint

Page 8 Brand, 37% **FS - Brand, 6% **FS - Private Label, 6% Private Label, 51%

3 strategic business segments

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 *FS stands for Food Service

41% 46%

Ambient seafood

Sales: THB46,276mn

PetCare, value added and others

Sales: THB 13,526mn

Frozen, chilled seafood and related

Sales: THB 41,628mn

Frozen, chilled & smoked salmon Tuna business Other seafood2 Sardine & Mackerel Ambient & Pouch Salmon Shrimp & related business1 PetCare Value-added business3 Other products4

59% 41%

Sales Split:

35% 65% 9% 91%

Brand Private label Brand Private label Brand

Private label

9M17

13% Total 9M17 sales: THB 101,430mn

1H17 Growth: -4.2% YoY 1H17 Growth: +5.8% YoY 1H17 Growth: +5.6% YoY

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38% 32% 10% 6% 14%

M&A driving market diversity

Full traceability

58% 49% 36% 40% 44% 42% 39% 8% 13% 32% 30% 29% 29% 33% 7% 11% 10% 7% 7% 8% 8% 14% 12% 10% 8% 7% 6% 6% 12% 15% 13% 14% 13% 14% 13%

0% 20% 40% 60% 80% 100%

2003 2009 2011 2013 2014 2015 2016

Others* Japan Domestic Europe USA

Remark: *Others represent Asia excluding Thailand & Japan, Australia, Middle East, Canada, Africa and South America

40,408 69,697 99,589 114,277 121,402 125,183 134,375

Geographic Sales Breakdown

Total sales (THB million)

9M17 Total Sales THB 101,430million

9M17 Sales contribution in key markets remained stable compared to 2016 sales mix by geography. However, the key changes were seen in the other key markets where TU has emphasize more on emerging and new market penetration US market sales contribution was at 38%, European market at 32%, Japan at 6% and Thailand at 10% are largely unchanged from 2016

Page 10 0.28 0.63 50% 57% 0% 25% 50% 75% 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 2006 2007 2008 2009 2010 2011 2012 2013 2014* 2015 2016

DPS & Payout

55 134 20 40 60 80 100 120 140 160 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Sales

THB billion

No single quarter loss with consistent growth since listed

1,901 5,254 1,000 2,000 3,000 4,000 5,000 6,000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Net profit

THB million 3,913 11,138 2,000 4,000 6,000 8,000 10,000 12,000 14,000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

EBITDA

THB million THB *Par value was changed from THB 1.00 to THB 0.25

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Agenda

Key Highlights Recent Developments 3Q17 Financial Results Business Outlook Company Overview

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“Through organic growth, innovation and M&A efforts, we are committed to the USD 8.0bn revenue target by 2020.”

Thiraphong Chansiri President and Chief Executive Officer

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3Q17: Continued cost control and Red Lobster support profits

GP NP

4,658 1,737

Sales

(THB mn)

35,185

+0.4%

YoY Chg % of sales

• 5.6%

13.2% +8.9% OP

1,319

• 29.5%

3.8% 4.9%

• Record quarterly sales. 3Q17 sales was at a

record level through driven by a product repricing from increased raw material prices

• Rising raw material prices. Gross profit margin

remained under pressure at 13.2% resulted from a sharp year-over-year increase in raw material prices and GBP depreciation

• Strict cost control. Due to the stringent cost

control, 3Q17 SG&A to sales ratio remain under controlled at 9.1% (9.5% on reported basis), well below a 2017 guidance of lower than 10%.

• Operating profit declined on weak gross

profits, part of the operation weakness was

• ffset by good cost control
• Net profit improved YoY. Despite a rising raw

material prices, the net profit was supported by growing income contribution from Red Lobster investment, and prudent FX and tax

• management. .

Remark: Operating margin = (COGS – SG&A)/sales

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4,352 9,159 5,570 15,396 4,617 8,763 3,826 13,656

Financial Summary1

(THB million)

101,430 100,660

9M17 Net Profit up 6.1% YoY to THB 4,617million Stable ND/E despite high raw material price

Share price movement

20162

(Jan- Dec 16 )

+24.3%

20172

(Jan- Nov 3,17 )

• 15.2%

2016 ND/E

1.37x

3Q17 ND/E

1.37x 9M17 Net profit up 6.1% YoY, record 9M sales

Gross Profit Total Sales EBITDA

9M17 9M16*

• 11.3%
• 31.3%

+6.1%

Q1’12 Q1’11

Net Profit

• 7.0%

+0.8%

Source: 1TU; 2SET (Jan 4’16: THB16.9/share and Dec 30’16: THB21.0/share, Jan 4’17: THB21.1/share and Nov 3’17: THB17.9/share) *The 9M16 figures were restated mainly due to reclassification of fishing fleet discontinued operations

Operating Profit

9M17 9M16* 9M17 9M16* 9M17 9M16* 9M17 9M16*

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3Q17: Continued overall net profit resilience

28,606 30,642 32,602 33,333 31,210 34,401 35,050 33,715 31,427 34,818 35,185 13.8% 16.9% 17.3% 14.2% 16.0% 15.9% 14.1% 13.4% 13.8% 13.4% 13.2% 5.3% 4.3% 5.0% 2.3% 3.9% 4.4% 4.5% 2.7% 4.7% 4.1% 4.9%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 10,000 20,000 30,000 40,000 50,000 60,000

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16* 4Q16* 1Q17 2Q17 3Q17

Total sales (THB mn) GPM NPM

% Growth YoY Sales 2.4 1.3 7.2 1.7 9.1 12.4 7.5 1.1 0.7 1.2 0.4 Gross profit

• 5.2

6.3 7.4 3.9 26.6 4.5

• 12.4
• 4.2
• 13.3
• 14.5
• 5.6

Net profit 58.7

• 7.2
• 23.9

8.5

• 19.0

16.9

• 1.9

19.1 19.3

• 7.6

8.9

Remark: Operating margin = (COGS – SG&A)/sales *The 3Q16 and 4Q16 figures were restated mainly due to reclassification of fishing fleet discontinued operations

Raw material prices rising

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Agenda

Key Highlights Recent Developments 3Q17 Financial Results Business Outlook Company Overview

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Recent developments

Operations & Others:

Oct 2017: Thai Union is introducing a new Management Committee structure in Europe as part of our global program to harmonize our

• perations in all of our key regions.

Jul 2017: Thai Union’s executives awarded the top 3 companies in the Consumer/Staples sector in 2017 in the following categories

• Best CEO – Third Place – Mr. Thiraphong Chansiri – Nominated by the Sell Side
• Best CFO – Third Place – Mr. Joerg Ayrle – Nominated by the Sell Side

Sep 2017: Thai Union has been recognized as the Most Honored Company in Thailand

New Product: Awards Recognitions:

Oct 2017: Thai Union has been shortlisted as a finalist in the following categories for the IR Magazine Awards & Conference – South East Asia 2017

• Best in sector - consumer staples
• Best IR during a corporate transaction

Sep 2017: Tri-Union Seafoods LLC received conditional leniency with respect to the Investigation under the DOJ’s Corporate Leniency Program

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Recent developments

Sustainability:

Aug 17: Thai Union, along with the Labour Rights Promotion Network Foundation (LPN), recently celebrated the official opening of the company’s third pre-school for the children of migrant workers in Samut Sakhon. Sep 2017: Thai Union has been included in the Dow Jones Sustainability Index (DJSI) Emerging Markets for the fourth year in a row. Sep 2017: Thai Union encourages employees from every business units to participate the company’s first ever Global Sustainable Development Award. Oct 2017: Thai Union was honored to be named one of the Asia Corporate Excellence & Sustainability Awards (ACES) winners for Top Corporate Social Responsibility (CSR) Advocates during a ceremony in Singapore. Oct 2017: Thai Union was shortlisted for two awards, including Sustainability Leader of the Year (Darian McBain) and Sustainability Report of the Year at the Ethical Corporation’s Eighth Annual Responsible Business Awards ceremony held at the Waldorf Hilton

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Alibaba and Thai Union partnership

Premium quality seafood through China’s largest e-Commerce network

• Jun 2017: MOU with Alibaba group
• Jun 2017: Offline event with Yiguo (Tmall super fresh goods operator) to help King Oscar launch in Tmall super
• July 2017: King Oscar exclusive channel in Tmall super
• Sep 2017: Receive supplier exclusivity of live lobster to Alibaba’s offline store, Hema
• Oct 2017: Tmall super double 11 pre-sale, KO provide 2 of 4 exclusive seafood item and is one of two live lobster suppliers
• Nov 2017: King Oscar is one of the two seafood brands who join the Tmall super’s super member trial in Double 11

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Delayering European Business Structure

Supply Chain Thierry Gueguen

• Oversee our major

production plants in Seychelles, Ghana, France, Portugal and King Oscar to guarantee Quality, EH&S and governance standards

Oct: Thai Union is introducing a new Management Committee structure in Europe as part of our global program to harmonize our operations in all of our key regions.

Corporate European Business

Supply Chain Committee (led by CEO) CEO CFO

Business Services & CFO Stephane Re

• CFO of our

businesses in Europe

• additional

responsibilities for Business Services across Europe

• a number of

functional disciplines will report to Stephane

Legal Counsel David Sankowicz

• Group Legal &

Insurance Director,

• retain his

responsibility for legal services across all European

• perations in

addition to his global role.

Regional President Paul Reenan

• versee the

commercial

• perations of all our

European brands,

• ur exports

business, the chilled business operations and our developing foodservice offer across the region

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Fish oil extraction plant update

Fish oil extraction plant at Samut Sakhon Oil refinery plant in Rostock, Germany

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22 July 2015: Tri-Union received a subpoena from the DOJ to provide relevant information to the DOJ in relation to an antitrust investigation of the packaged seafood industry in the US

DOJ Investigation Update

Tri-Union Seafoods LLC Seafoods LLC (Tri-Union), a subsidiary operating packaged seafood business in the US under the brand Chicken of the Sea, has received conditional leniency with respect to the Investigation under the DOJ’s Corporate Leniency Program. Provided Tri-Union continues to fully cooperate with the DOJ, Tri-Union’s conditional leniency status means that neither Tri-Union nor any cooperating executives or employees within the scope of the Investigation will face criminal fines, jail time, or prosecution. Thai Union was not involved in the conduct for which Tri-Union has received conditional leniency.

Sep: Tri-Union Seafoods LLC received conditional leniency with respect to the Investigation from the US Department of Justice

11 September 2017: Tri-Union has received conditional leniency with respect to the Investigation under the DOJ’s Corporate Leniency Program

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Agenda

Key Highlights Recent Developments 3Q17 Financial Results Business Outlook

• TU’s Consolidated Results
• Results by Business Unit

Company Overview

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“Despite challenging operating environment, we remain committed to deliver solid growth and enhance

• ur shareholders’ value.”

Joerg Ayrle Group Chief Financial Officer

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The key take away for 3Q17 results

Top line at record level Continuously weak GPM

• Record tuna prices continue to put pressure on profit margin
• Four consecutive quarters of positive GP for European Salmon

business

Strong cost control leads to 100bps saving

• Prudent cost control prompt 9.1% 3Q17 SG&A to sales ratio

(adjusted for one-off restructuring and relocation costs; 9.5% reported), well below 10% guidance

Red Lobster

• perations on track

Non-operating items support net profit

• 3Q17 sales at a record THB 35.2bn, despite light demand and weak

currencies

• At constant exchange rates, sales would have increased 2.1% YoY
• Prudent FX management policy posted strong FX gains in 9M17
• Significant tax and non-controlling interests savings
• Mainly from interest yield and tax savings
• Slightly negative share of profits due to seasonality and natural

calamity in the US

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13.8% 16.9% 17.3% 14.2% 16.0% 15.9% 14.1% 13.4% 13.8% 13.4% 13.2% 5.3% 4.3% 5.0% 2.3% 3.9% 4.4% 4.5% 2.7% 4.7% 4.1% 4.9%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 10,000 20,000 30,000 40,000 50,000 60,000

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16* 4Q16* 1Q17 2Q17 3Q17

1,103 1,102 1,430 1,047 1,257 1,503 1,433 1,508 1,633 1,763 2,010

600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200

3Q17: Profitability profile intact amid challenging environment

Remark: Operating margin = (COGS – SG&A)/sales *The 3Q16 and 4Q16 figures were restated mainly due to reclassification of fishing fleet discontinued operations Source: TU (Monthly tuna prices)

• Despite the rising tuna prices over the past 12 months, TU’s profitability profile remain largely resilient
• Income contribution from investments and prudent FX and tax management support net profit margin

improvement

Total Sales (THB mn) Tuna Price Index Gross Profit Net Income

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1,000 1,170 1,600 1,610 1,500 1,400 1,400 1,450 1,450 1,400 1,500 1,625 1,700 1,700 1,500 1,690 1,700 1,900 1,950 1,980 2,100 2,300

500 1,000 1,500 2,000 2,500 3,000

Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17

Rising tuna prices put pressure on operation

1Q16 1,257

%Growth QoQ 20.1% 19.6%

• 4.7%

5.2% 8.3% 8.0% 14.0% %Growth YoY 13.9% 36.5% 0.2% 44.1% 30.0% 17.3% 40.2%

2Q16 1,503 3Q16 1,433 4Q16 1,508 1Q17 1,633 2Q17 1,763 3Q17 2,010

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Focus on FX gain/ loss on Hedging accounting treatment

• TU has vast majority of sales being denominated in foreign currencies, such as USD, EUR and GBP; TU applies

a strict policy in order to hedge these transactions and limit exposure to FX change.

• According to the Thai GAAP, the effects from this hedging on Operating transactions, where the hedge

accounting according to IFRS is not applied, could not be presented in Sales/COGS line but in “Other income” line, below GP.

• Since beginning of the year, FX changed a lot, especially USD vs. THB, impacting downwards our GP

whereas we recognized a huge FX gain related to operating below GP: the impact is estimated below:

• TU is currently analyzing if it can early adopt hedge accounting in FY18 (provided it is allowed under Thai

GAAP). This would allow TU Group to disclose hedging effects in Sales and COGS line. 1Q17 2Q17 3Q17 YTD Estimated impact of hedging related to operating (THB mn) 56 309 311 676 GPM reported 13.8% 13.4% 13.2% 13.5% GPM restated (estimate) 14.0% 14.3% 14.1% 14.1%

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USD mn 952

35,050 33,715 31,427 34,818 35,185 3Q16* 4Q16* 1Q17 2Q17 3Q17

Sales

THB mn

3Q17 A record quarterly sales

• 3Q17 sales grew by 0.4% YoY to THB 35,185mn

(up 4.3% YoY in dollar term to USD1,054mn), driven by:

• Ambient

seafood business, while seeing product repricing, was facing difficult business environment from sluggish demand in Europe and European currencies depreciation against Thai Baht

• Chilled and frozen products saw marginal sales

decline YoY inline with the margin shrimp price decreased (-3.3% YoY) over the same period

• PetCare business continued to show steadily

growth in light of new product launches and an improved market penetration

• Weak sales growth in Thai Baht term was partly

due to YoY Baht appreciation against US Dollar and GBP during 3Q17.

• 9M17 sales grew by 0.8% YoY to THB 101,430mn

(up 4.0% YoY in dollar term to USD2,964mn)

112,813 121,402 125,183 134,375 100,660 101,430

• 20,000

2013 2014 2015 9M16* 9M17 YoY Growth 5.7% 7.6% 3.1% 895 1,015

+0.4% YoY +1.1% QoQ

1,006 7.3% 2,964 2,851 USD mn

Remark: *3Q16, 4Q16 and 9M16 figures were restated mainly due to reclassification of fishing fleet discontinued operations +0.8% YoY

1,054

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As a reminder, we are growing consistently every quarter

20,000 22,000 24,000 26,000 28,000 30,000 32,000 34,000 36,000

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16* 4Q16* 1Q17 2Q17 3Q17 Total sales (THB mn) %Sales Growth YoY

14.3 7.6 3.3 3.2 2.4 1.3 7.2 1.7 9.1 12.4 7.5 1.1 0.7 1.2 0.4

Remark: Operating margin = (COGS – SG&A)/sales *The 3Q16 and 4Q16 figures were restated mainly due to reclassification of fishing fleet discontinued operations

Despite the sales seasonality, TU continued to delivered YoY sales growth consistently

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3Q17 resilient sales growth, slowed by the FX impact

Revenue growth component

(THB million)

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

3Q16 3Q17

+0.4% YoY +0.8% YoY

2.3% YoY

Before currency impacts 35,185 35,050

• 342
• 37
• 52

+838

• 125
• 50

+7%

• 1%
• 6%
• 18%

Tuna Shrimp & related business1 Sardine & Mackerel Salmon Pet Care

Value added & other products2

+7%

• 0%
• 634

USD effect EUR effect +170

• 4%
• 1%

+368 +8% Lobster

9M16 9M17

3.0% YoY

Before currency impacts 101,430 100,660

• 710

+234 +1,031 +719

• 268
• 1,032

+2% +4%

• 4%
• 15%

Tuna Shrimp & related business1 Sardine & Mackerel Salmon Pet Care

Value added & other products2

+9%

• 3%
• 1,233

USD effect EUR effect +609

• 3%

+3% +1,420 +12% Lobster

Page 32 Brand, 37% **FS - Brand, 6% **FS - Private Label, 6% Private Label, 51%

Growing branded sales mix amid foreign currency volatility

Sales Breakdown by Business Sales Breakdown by Geographic

• 9M17 Sales contribution in key markets remained

stable compared to 2016 sales mix by geography. However, the key changes were seen in the other key markets where TU has emphasize more on emerging and new market penetration

• US market sales contribution was at 38%,

European market at 32%, Japan at 6% and Thailand at 10% are largely unchanged from 2016

• 9M17 branded sales mix slightly increase to 43%

(up from 41% during 2016) leaving the private label sales contributing the remaining 57% of 9M17 sales

• 9M17 total branded sales increased by 1.1% YoY,

mainly due to the solid brand presence in European and US markets

• On the other hand, private label sales also show a

marginal growth rate of 0.5% YoY, resulting in diluted sales contribution compared to 2016

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

40% 44% 42% 39% 38% 30% 29% 29% 33% 32%

7% 7% 8% 8% 10%

8% 7% 6% 6% 6% 14% 13% 14% 13% 14%

0% 20% 40% 60% 80% 100%

2013 2014 2015 2016 9M17

Others* Japan Domestic Europe USA

THB 101,430mn 9M17

Brand, 37% **FS - Brand, 4% **FS - Private Label, 8% Private Label, 50%

THB 134,375mn 2016

Page 33 GPM 12.6% 15.7% 15.6% 14.8% YTD 15.3% 13.5%

14,222 19,020 19,501 19,927 15,396 13,656

• 5,000

2013 2014 2015 9M16* 9M17

• 11.3% YoY

4,937 4,531 4,330 4,669 4,658 14.1% 13.4% 13.8% 13.4% 13.2%

3Q16* 4Q16* 1Q17 2Q17 3Q17

Gross margin under pressure from high raw material prices

Gross Profit

THB mn

• 3Q17 Gross profit of THB 4,658mn, stable QoQ,

despite continued rising tuna raw material price (+14% QoQ to USD2,010/ton). On YoY basis, the gross profit was down 5.6% YoY, driven mostly by raw material prices volatility GBP depreciation

• 3Q17 margin was at 13.2%, down 85bps YoY. The

margin remained under pressure due to:

• Rising tuna raw material prices (+40% YoY)

affect gross margin of tuna business, particularly in European markets,

• PetCare business’ gross margin was under

pressure amid rising tuna raw material prices

• THB currency appreciated against GBP and

USD, YoY

• But the negative impact was partly offset by:
• 3Q17 European chilled smoked salmon

business gross profit continued to be positive for the fourth consecutive quarter

• 9M17 gross profit was at THB 13,656mn, down

11.3% YoY, driven mainly by raw material price volatility

• 5.6% YoY
• 0.2% QoQ

GPM

Remark: *The 3Q16, 4Q16 and 9M16 figures were restated mainly due to reclassification of fishing fleet discontinued operations

Page 34

Operating profit: Strong cost control continued

Operating Profit

THB mn

• 3Q17 Operating profit of THB 1,319mn, down

29.5% YoY, driven by rising raw material prices.

• Due to stringent cost control, 3Q17 normalized

SG&A to sales ratio remained at a controlled level

• f 9.1%, well below the guidance of 10%. Note

that the reported 9.5% ratio as reported in the financial statements also include one-time business restructuring expenses in Ghana facility and office relocation in the US.

• 9M17 SG&A to sales ratio was 9.8%, well below

the full year target of 10%, which is mostly attributed to a strong cost control across the company

1,871 1,236 881 1,627 1,319 5.3% 3.7% 2.8% 4.7% 3.7%

3Q16* 4Q16* 1Q17 2Q17 3Q17

• 29.5% YoY
• 18.9% QoQ

3,988 6,990 6,785 6,805 5,570 3,826

• 1,000

2013 2014 2015 9M16* 9M17

OP Margin

• 31.3% YoY

OPM 3.5% 5.8% 5.4% 5.1% YTD 5.5% 3.8% Remark: *The 3Q16, 4Q16, and 9M16 figures were restated mainly due to reclassification of fishing fleet discontinued operations SGA% 8.7% 9.8% 11.0% 8.7% 9.5%

Page 35 EBITDA Margin 9.2% 7.0% 9.1% 9.2% YTD 9.1% 8.6%

Stable EBITDA supported by investments

EBITDA

THB mn

2,954 1,979 2,899 2,874 2,990 8.4% 5.9% 9.2% 8.3% 8.5%

3Q16* 4Q16* 1Q17 2Q17 3Q17

+1.2% YoY +4.1% QoQ

9,823 7,867 10,999 11,526 9,159 8,763

• 2,000

2012 2013 2014 9M16* 9M17

• 4.3% YoY
• Despite a weak operating profit, TU reported

3Q17 EBITDA of THB 2,990mn, up 1.2% YoY and 4.1% QoQ, driven mostly by strong income contribution from Red Lobster Investor and prudent FX management.

• 9M17 EBITDA was at THB 8,763mn, down 4.3%

YoY

EBITDA Margin

Remark: *The 3Q16, 4Q16 and 9M16 figures were restated mainly due to reclassification of fishing fleet discontinued operations

Page 36

Resilient net profit growth despite challenging environment

Net Profit

THB mn

1,594 902 1,469 1,411 1,737 4.5% 2.7% 4.7% 4.1% 4.9%

3Q16 4Q16 1Q17 2Q17 3Q17

+8.9% YoY +23.1% QoQ

2,853 5,092 5,302 5,254 4,352 4,617

• 1,000

2013 2014 2015 9M16 9M17

+6.1% YoY

NPM

• Despite the challenging operating environment,

3Q17 net profit of THB 1,737mn, up 8.9% YoY and 23.1% QoQ

• The net profit improvement was driven by:
• Improved income contribution from a strategic

investments from both Red Lobster and Avanti Feeds

• While Baht appreciation against key currencies

put pressure on profit margin, such appreciation resulted in FX gains during the quarter.

• Lower tax expenses from a recognition of tax

credit related to the Red Lobster investment

• Lower minority interest expenses from minority

stake buyout of US business in 3Q16

• 9M17 net profit was THB4,617mn, up 6.1% YoY

NPM 2.5% 4.2% 4.2% 3.9% YTD 4.3% 4.6%

Page 37

Normalized net profit increased 15% YoY to THB 1,590mn

Normalized Net Profit

THB mn Norm NP Margin

• Excluding the one-off quarter-end items, 3Q17

normalized net profit was at THB 1,590mn, representing 15% increase YoY

• One-off positive items during 3Q17 of THB 147mn

comprised of:

• Expenses from relocating and consolidating US
• perating offices (-THB53mn),
• Expenses from Ghana business restructuring

(-THB80mn),

• Insurance receipt from Ghana plant accident

(+THB134mn),

• Red Lobster tax credit (+THB136mn), and
• Discontinued

fishing fleet

• peration

(+THB10mn),

• We finalized the disposal of the loss-making

fishing fleet business in Aug 2017

Remark: The normalized net profit still include the realized FX gains/losses from normal business operation

1,384 1,423 1,052 1,372 1,590 3.9% 4.2% 3.3% 3.9% 4.5%

3Q16 4Q16 1Q17 2Q17 3Q17

+14.9% YoY +15.9% QoQ

1,737

+53

• 79

1,590

Fishing fleets DO 3Q17 Reported NP 3Q17 Normalized NP US office relocation Ghana business restructuring

• 134
• 136
• 10

Red Lobster tax credit

+80

Insurance payment

Page 38

0.98 0.60 1.07 1.11 0.91 0.97 2012 2013 2014 9M16 9M17

EPS: Keeps momentum despite operational headwinds

EPS*

THB

0.33 0.19 0.31 0.29 0.37 3Q16 4Q16 1Q17 2Q17 3Q17

+8.9% YoY +23.1% QoQ

• 3Q17 EPS was at THB 0.37, up 8.9% YoY and

23.1% QoQ, despite challenging operational headwinds

Remark: *EPS in this slide represents fully diluted EPS based on current number of shares of 4,771,815,496 +6.1% YoY

Page 39

• 33
• 49

203

• 118

247 259 261 240

• 134
• 136
• 127
• 102

300 160

• 113

39 380 235 224 59 0.080 0.049 0.047 0.012

28.0% +20.3% +17.9% +6.7%

Red Lobster is 28% EPS accretive in 3Q17

1Q17 4Q16

Share of profit Other Income Finance Costs Income Tax Net Income EPS (THB/share)

THB mn

• RL’s contribution during 3Q17 amounted to THB

380mn, mainly from tax savings and interest yield

• Red Lobster is a strong contributor to TU’s 3Q17

profits, +28% net profit accretive and the highest

• f any quarter to date

Q1 Q2 Q3 Q4

Seasonality

Average Fluctuation

Lent Period Christmas & NYE

2Q17

EPS accretion

3Q17

Page 40

9,162 11,664 3,837 2,384 2014 2015 2016 9M17

3Q17 weak free cash flow amid rising raw material prices

Annual Free Cash Flow

THB mn

• 192
• 425

786 1,586 12

3Q16 4Q16 1Q17 2Q17 3Q17

Quarterly Free Cash Flow

THB mn

Remark: 1Cash Conversion Rate = FCF / EBIT; FCF= EBITDA-Changes in net working capital - CAPEX Cash Conversion Rate1

• 0.09
• 0.3

0.4 0.7 0.01

Cash Conversion Rate1

1.1 1.2 0.5 0.4

• Despite rising raw material prices, 3Q17 Free

cash flow (FCF) remain positive at THB 12mn, due mainly to positive contribution from recent investments and improved working capital management

• 9M17 free cash flow remain positive at THB 2.4bn

Page 41

2016

Debt refinancing secured long-term funding

Interest-bearing debts of THB 67,449mn

42% 2% Long-term loan by maturity THB 50,794mn

By Maturity

2021

• nwards

2020 2019 2018 Long-term Debt

2Q17

Current Portion

• f Long-

term Debt & finance lease Short-term Loan

76% 2% 23% 39% 5% 56%

EUR

97.7% 97.9% 1.3% 0.9% 1.0% 1.2% 2016 2Q17

By Currency

USD THB

THB 65,918mn THB 67,449mn

Page 42

3Q17: Debt profile affected by lower than planned EBITDA, NWC increase and Capex, commitment to strong dividend policy

+148 +697 +747 +3,108 +140

Operating Activities THB 5,492mn Investing & Financing Activities Free Cash Flow THB 2,384 mn Unit: THB mn ND/E 1.37x Kd = 2.74% ND/E 1.37x Kd = 3.21%

66,294

+818 +1,679

• 8,763

64,942

Other Investing/ Financing activities* Other non-cash expenses Net interests paid Change in

• ther assets

and liabilities Change in net working capital Net Debt as of 31 Dec 2016 Net Debt as of 30 Sep 2017 Tax payment EBITDA CAPEX +3,399 Cash paid for NCI in subsidiaries 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

• 622

Dividend paid

Page 43 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-beating debt = Total interest-bearing debt - Cash & Cash equivalents including ST investment

Improving Equity returns

Net WC3

8.4% 8.1% 9.3% 5.8% 10.9% 3Q17 2Q17 1Q17 4Q16* 3Q16* 1.37x 1.33x 1.34x 1.37x 0.92x 3Q17 2Q17 1Q17 4Q16 3Q16

ROCE2 ROE1 Debt to EBITDA ND/E4

15.6% 12.8% 13.5% 8.4% 14.8% 3Q17 2Q17 1Q17 4Q16 3Q16

INV Days

122 119 131 119 108 3Q17 2Q17 1Q17 4Q16 3Q16 5.64 5.70 5.59 8.33 3.75 3Q17 2Q17 1Q17 4Q16* 3Q16* 42,371 42,926 41,923 43,821 44,701 107 114 121 111 113 3Q16 4Q16 1Q17 2Q17 3Q17

WC (THB mn) WC Day *The figures were restated mainly due to fishing fleets reclassification

Page 44

Agenda

Key Highlights Recent Developments 3Q17 Financial Results Business Outlook

• TU’s Consolidated Results
• Results by Business Unit

Company Overview

Page 45

500 1,000 1,500 2,000 2,500

Jan-14 Jan-15 Jan-16 Jan-17

Key operating impact: Raw material prices continued to rise due to supply challenge

White shrimp raw material prices (THB/kg. of 60 pcs./kg)

175 (Oct’17)

Skipjack tuna raw material prices (USD/ton)

2,300 (Oct’17)

• In Oct, tuna price closed at USD 2,300/ton. In 3Q17, average price

was at USD 2,010/ton (+40.2% YoY, +14.0% QoQ).

• In Oct, shrimp price closed at THB 175/kg. In 3Q17, average price

was at THB 176/kg (-3.3% YoY, +4.5% QoQ) Source: Thai Union Group and http://fishpool.eu/price-information/spot-prices/history/

Raw material prices

Salmon raw material prices (NOK/kg)

• In Oct, salmon price closed at NOK 53/kg. In 3Q17, average price

was at NOK 57/kg (-7.4% YoY, -17.0% QoQ)

20 40 60 80

Jan-14 Jan-15 Jan-16 Jan-17

53 (Oct’17) 50 100 150 200 250 300 Jan-14 Jan-15 Jan-16 Jan-17 x2

Page 46

Exchange rate

Key operating impact:

28 30 32 34 36 38

Jan-14 Jan-15 Jan-16 Jan-17

USD/THB

• In Oct, USD/THB closed at 33.25. In 3Q17, average USD/THB was

at 33.39 (-4.2% YoY, -2.7% QoQ)

33.25 (Oct’17)

30 35 40 45 50

Jan-14 Jan-15 Jan-16 Jan-17

EUR/THB

39.07 (Oct’17)

• In Oct, EUR/THB closed at 39.07. In 3Q17, average EUR/THB was

at 39.20 (+0.8% YoY, +3.9% QoQ)

30 40 50 60

Jan-14 Jan-15 Jan-16 Jan-17

GBP/THB

• In Oct, GBP/THB closed at 43.90. In 3Q17, average GBP/THB was

at 43.69 (-4.6% YoY, -0.4% QoQ)

43.90 (Oct’17)

Page 47

Thai Union’s global footprint

Page 48

41% 46%

3 strategic business segments

Ambient seafood

Sales: THB 46,276 mn

PetCare, value added and

• thers

Sales: THB 13,526 mn

Frozen, chilled seafood and related

Sales: THB 41,628 mn

Frozen, chilled & smoked salmon Tuna business Other seafood2 Sardine & Mackerel Ambient & Pouch Salmon Shrimp & related business1 PetCare Value-added business3

Total 9M17 sales: THB 101,430 mn

Other products4

59% 41%

Sales Split:

35% 65% 9% 91%

13%

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

Page 49

Ambient Seafood

Page 50

Ambient Seafood Business outlook stabilizing

Sales (THB million) Quantity (Tons) Gross Profit Margin (Percent)

• 3Q17 ambient seafood business sales were THB

15.8bn, up 2.4% YoY. While the average selling price increased by 2.7% to reflect rising tuna cost, the sales volume was under pressure due to the incorporated price hike

• 3Q17 Gross profit margin was at 15.6%, stable YoY,

due to ability to eventually pass on high raw material prices during the year

• Continued rising tuna price to USD2,100/ton by

September 2017 continue to put pressure on both branded and private label gross profit margin when compared to the normalized margin level

Remark: 2016 sales of branded and private label sales were reclassified due to sales reclassification at Rugen Fisch *Including effect of Steam Pot sales reclassification in 3Q16 onwards, from Ambient seafood to Value-added products

43% 48% 41% 41% 41% 57% 52% 59% 59% 59%

15,461 13,852 14,069 16,371 15,836

• 1,000.00

3Q16* 4Q16 1Q17 2Q17 3Q17

49% 55% 49% 51% 50% 51% 45% 51% 49% 50%

93,028 88,415 87,643 95,773 92,783

• 1,000.00

3Q16* 4Q16 1Q17 2Q17 3Q17

+2.4% YoY

• 3.3% QoQ
• 0.3% YoY
• 3.1% QoQ

Brand Private label Brand Private label

21% 19% 18% 20% 19% 9% 9% 14% 7% 11% 16% 14% 16% 15% 16%

3Q16* 4Q16 1Q17 2Q17 3Q17

Total Brand Private label

Page 51

Frozen, chilled seafood and related

Page 52 32% 33% 30% 28% 30% 68% 67% 70% 72% 70%

64,147 64,837 54,015 62,257 67,302

• 1,000.00

3Q16 4Q16 1Q17 2Q17 3Q17

+8.1% QoQ

64% 68% 63% 64% 66% 36% 32% 37% 36% 34%

15,138 15,317 12,914 13,944 14,770

• 1,000.00

3Q16 4Q16 1Q17 2Q17 3Q17

Frozen, chilled seafood and related Resilient business outlook

11% 12% 10% 11% 11% 8% 9% 7% 9% 9% 10% 10% 8% 10% 10%

3Q16 4Q16 1Q17 2Q17 3Q17

Total Brand Private label

Sales (THB million) Quantity (Tons) Gross Profit Margin (Percent)

• 2.4% YoY

+5.9% QoQ +4.9% YoY

• 3Q17 frozen and chilled seafood business sales were

at THB 14.8bn, down 2.4% YoY. The marginal decline YoY was driven mainly by:

• 3Q17 Domestic shrimp price declined 3.3% YoY to

THB176/kg due to improved domestic production

• Salmon raw material price also declined by 7.4%

YoY from the peak in 3Q16

• With European salmon business gross profit margin

remained positive for four consecutive quarters in 3Q17 and stable margin profile for shrimp business, 3Q17 gross margin for the business remain stable at 9.8% (from 10.2% in 3Q16)

Brand Private label Brand Private label

Page 53

PetCare, value-added and others

Page 54

PetCare, value-added and others PetCare delivering solid operational performance

Total

Sales (THB Million) Quantity (Tons) Gross Profit Margin (Percent)

• 3Q17 PetCare and valued added segment sales were

at THB 4,580mn, up 2.9% YoY and 1.7% QoQ, mainly thanks to continued growth in PetCare business

• Gross margin has declined from last year, mainly

driven by the reclassification in the cost structure for the sales of scrap, while the PetCare business’ profit margin was under pressure due to rising tuna raw material price.

Remark:*Including effect of Steam Pot sales reclassification in 3Q16 onwards, from Ambient seafood to Value-added products **From 1Q17 onward, sales of scrap no longer apply “No-COGS” policy. With new cost allocation, the segment gross margin has shown a decline YoY

+1.7% QoQ 84% 85% 93% 90% 90% 16% 15% 7% 10% 10%

36,247 30,962 35,900 36,884 38,454

• 1,000.00

3Q16* 4Q16 1Q17 2Q17 3Q17

81% 90% 93% 88% 91% 19% 10% 7% 12% 9%

4,451 4,546 4,444 4,502 4,580

• 1,000.00

3Q16* 4Q16 1Q17 2Q17 3Q17

+2.9% YoY +6.1% YoY +4.3% QoQ

26% 25% 22% 20% 16%

3Q16* 4Q16 1Q17** 2Q17** 3Q17**

Brand Private label Brand Private label

Page 55

Remark: 1Shrimp & related business includes frozen shrimp, shrimp feed and value-added shrimp

9M17 Segment Profitability

THB 13,656 million Gross Profit

Frozen, chilled seafood and related PetCare, value added and others Ambient seafood

New segment

Total

Sales (THB million) Margin (%) Gross Profit (THB million) 7,197 3,855 2,605 46,276 41,628 13,526 15.6% 9.3% 19.3% 101,430 13.5%

*Tuna business *Sardine & Mackerel *Ambient & Pouch Salmon *Shrimp & related business1 *Frozen, chilled & smoked salmon *PetCare *Value-added & others3 *Other seafood2 *Other products4 *Lobster

Page 56

Agenda

Key Highlights Recent Developments 3Q17 Financial Results Business Outlook Company Overview

Page 57

Company outlook: What is key over the next months?

• Continued emphasis on Cost control Initiatives and structural cost reduction

(Europe, US regional office, Shared Services)

• Focused productivity program to close gap in underperforming plants and

manage Capex to drive unit cost reduction

• Achieve Cost-Price recovery in all commercial units
• Prioritize investments into growing businesses
• Emerging Markets, esp China
• Accelerate commercialization of Innovation
• Accelerate Foodservice initiative
• Speed up Marine Ingredients
• Deliver on three key hypothesis in Red Lobster investment
• Emphasize Cash Generation to drive de-leveraging
• Maintain full attention to SeaChange program

Page 58

Favorably positioned to achieve USD 8bn sales target

Organic 2020F Target Red Lobster Pro forma Sales

3.8

Annual Sales USD Bn

Focusing on executing organic growth initiatives

8.0

2.5 6.3

FY2016 Emerging Market Marine Ingredient Food Service

Page 59

Corporate website: http://www.thaiuniongroup.com IR website: http://www.thaiuniongroup.com/en/investor.ashx E-mail: ir@thaiunion.com Tel: +66 2298 0024

Q&A

Page 60

Appendix

Page 61

200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 5 10 15 20 25

2013 2014 2015 2016 2017

TU SET

Share Capital Information

Stock Information Dividend Policy

At least 50% of net profit

Major Shareholders

THB

Bloomberg/ Reuters TU TB/ TU.BK Share price (3 Nov 2017) : THB 17.90 Historical price : 52-week high THB 22.70 52-week low THB 17.70

• No. of paid up shares :

4,771.82mn Par value : THB 0.25 Market Capitalization : THB 85.4bn Chansiri Family 20.8% Niruttinanon Family 6.8% Mitsubishi Corporation 7.3% Thai NVDR 8.3% Social Security Office 6.1% Others 50.7%

Source: SET and TU

As of 29 2017 Free float : 65.9% Foreign ownership/ Foreign limit 32.2%/ 45.00%

Page 62 3Q17/ 3Q17/ 3Q16 3Q17 Change Change Sales 35,185 100% 35,050 100% 34,818 100% 0.4% 1.1% Cost of sales (30,528)

• 86.8%

(30,113)

• 85.9%

(30,149)

• 86.6%

1.4% 1.3% Gross profit 4,658 13.2% 4,937 14.1% 4,669 13.4%

• 5.6%
• 0.2%

SG&A expenses (3,339)

• 9.5%

(3,066)

• 8.7%

(3,042)

• 8.7%

8.9% 9.8% FX gain (loss) 275 0.8% (30)

• 0.1%

40 0.1%

• 1010.2%

586.9% Other income* 715 2.0% 327 0.9% 530 1.5% 118.3% 34.9% EBIT 2,308 6.6% 2,168 6.2% 2,196 6.3% 6.5% 5.1% Finance cost (547)

• 1.6%

(392)

• 1.1%

(563)

• 1.6%

39.5%

• 2.9%

EBT 1,762 5.0% 1,776 5.1% 1,633 4.7%

• 0.8%

7.9% Tax 90 0.3% (20)

• 0.1%

(22)

• 0.1%
• 554.1%
• 506.8%

Profit (Loss) from discontinued operarion 10 0.0% (3) 0.0% (80) 0.0%

• 420.0%
• 112.2%

Net income 1,861 5.3% 1,753 5.0% 1,611 4.6% 6.1% 15.5% Net income (loss) attributable to: Equity holders of the Company 1,737 4.9% 1,594 4.5% 1,411 4.1% 8.9% 23.1% Non-controlling interests of the subsidiaries 124 0.4% 159 0.5% 200 0.6%

• 21.9%
• 37.9%

Earnings per share Basic earnings per share 0.37 0.33 0.29 12.1% 27.6% Diluted earnings per share 0.37 0.33 0.29 12.1% 27.6% Exchange rate THB/USD 33.39 34.83 34.30

• 4.1%
• 2.7%

Normalized net profit*** 1,590 4.5% 1,384 3.9% 1,372 3.9% 14.9% 15.9% (Unit: THB mn) 3Q17 % to sales 3Q16** % to sales Consolidated 2Q17 % to sales

3Q17 Income Statement

Remark: *Including share of income from investment in associates **3Q16 figures were restated mainly due to reclassification of fishing fleet discontinued operations ***Normalized net profit exclude ALL one-off adjustments and items throughout the period

Page 63

9M17 Income Statement

Remark: *Including share of income from investment in associates **9M16 figures were restated mainly due to reclassification of fishing fleet discontinued operations ***Normalized net profit exclude ALL one-off adjustments and items throughout the period 9M17/ 9M16 Change Sales 101,430 100% 100,660 100% 0.8% Cost of sales (87,773)

• 86.5%

(85,264)

• 84.7%

2.9% Gross profit 13,656 13.5% 15,396 15.3%

• 11.3%

SG&A expenses (9,830)

• 9.7%

(9,826)

• 9.8%

0.0% FX gain (loss) 905 0.9% 266 0.3% 240.4% Other income* 1,994 2.0% 1,116 1.1% 78.7% EBIT 6,725 6.6% 6,952 6.9%

• 3.3%

Finance cost (1,607)

• 1.6%

(1,067)

• 1.1%

50.7% EBT 5,118 5.0% 5,885 5.8%

• 13.0%

Tax (132)

• 0.1%

(863)

• 0.9%
• 84.8%

Profit (Loss) from discontinued operarion (35) 0.0% (190) 0.0% 0.0% Net income 4,952 4.9% 4,832 4.8% 2.5% Net income (loss) attributable to: Equity holders of the Company 4,617 4.6% 4,352 4.3% 6.1% Non-controlling interests of the subsidiaries 335 0.3% 480 0.5%

• 30.2%

Earnings per share Basic earnings per share 0.97 0.91 6.6% Diluted earnings per share 0.97 0.91 6.6% Exchange rate THB/USD 34.22 35.26

• 2.9%

Normalized net profit*** 4,014 4.0% 3,913 3.9% 2.6% (Unit: THB mn) 9M17 % to sales 9M16** % to sales

Page 64

Statement of Financial Position as of 30 September 2017

Remark: *Including short-term investments Cash and cash equivalents* 1,098 0.7% 976 0.7% 12.5% Trade and other receivables - net 18,109 12.3% 16,412 11.5% 10.3% Inventories - net 42,155 28.6% 39,626 27.8% 6.4% Other current assets 2,016 1.4% 3,064 2.2%

• 34.2%

Total current assets 63,379 43.0% 60,079 42.2% 5.5% Fixed assets 24,593 16.7% 23,281 16.4% 5.6% Goodwill and other intangible assets 31,047 21.1% 29,583 20.8% 5.0% Other non-current assets 28,424 19.3% 29,424 20.7%

• 3.4%

Total Assets 147,443 100% 142,365 100% 3.6% Bank overdrafts and short-term loans 15,467 10.5% 36,983 26.0%

• 58.2%

Trade and other payables 20,688 14.0% 17,429 12.2% 18.7% Current portion of long-term loans 969 0.7% 765 0.5% 26.8% Current portion of debentures

• 0.0%

2,500 1.8%

• 100.0%

Current portion of finance lease liabilities 50 0.0% 82 0.1%

• 38.7%

Other current liabilities 806 0.5% 1,483 1.0%

• 45.6%

Total current liabilities 37,981 25.8% 59,242 41.6%

• 35.9%

Long-term loans from financial institutions 14,576 9.9% 963 0.7% 1413.1% Debentures 36,218 24.6% 24,417 17.2% 48.3% Finance lease liabilities - net of current portion 168 0.1% 208 0.1%

• 19.2%

Other non-current liabilities 9,933 6.7% 10,099 7.1%

• 1.6%

Total Liabilities 98,876 67.1% 94,930 66.7% 4.2% Non-controlling interests of the subsidiaries 4,037 2.7% 4,193 2.9%

• 3.7%

Total Shareholders’ Equity 48,566 32.9% 47,436 33.3% 2.4% Total liabilities and shareholders’ equity 147,443 100% 142,365 100% 3.6% Change (Unit: THB mn) 9M17 % to total assets 2016 % to total assets

Page 65 (Unit: THB mn) 9M17 9M16 Change Profit before income tax 5,083 5,695 (611) Adjustments for depreciation & amortisation expenses 2,038 2,207 (169) Other adjustments 913 981 (068) Changes in operating assets and liabilities (1,844) (475) (1,369) Cash flows receipts from operating activities 6,189 8,407 (2,218) Net cash receipts (payments) from operating activities 5,492 7,136 (1,643) Net cash payments for investing activities (2,636) (7,631) 4,994 Net cash receipts (payments) for financing activities (2,815) (797) (2,018) Net increase (decrease) in cash and cash equivalent 41 (1,292) 1,333 Cash and cash equivalents - opening balance 731 2,590 (1,859) Exchange gain (loss) on cash and cash equivalents 14 (24) 38 Cash and cash equivalents - closing balance 786 1,275 (488) CAPEX (3,877) (2,874) (1,003) Management Est. Free Cash Flows 2,384 4,262 (1,878) Consolidated

9M17 Statement of Cash Flow

Page 66

Ensuring stable cash return for shareholders

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.

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 0.22 0.25 0.31 0.31 50.1%50.4% 53.5%50.6%50.7%50.0% 29.4% 51.3% 59.9% 50.5% 56.7% 57.2%53.3% 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 1H17 THB/Share DPS (LHS) Payout Ratio (RHS)

Interim dividend for the period: 1 Jan 17 to 30 Jun 17 DPS THB 0.32 XD 18 August 2017 Book closing date 23 August 2017 Payment date 4 September 2017