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Asian Seafoods Coldstorage PLC. Q3 Opportunity Day 21 st November 2017 TUNA BUSINESS FEED BUSINESS FROZEN BUSINESS PETFOOD BUSINESS DISTRIBUTION BUSINESS We are the right choice! Disclaimer This presentation includes forward-looking

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We are the right choice!

FROZEN BUSINESS TUNA BUSINESS PETFOOD BUSINESS FEED BUSINESS DISTRIBUTION BUSINESS

Asian Seafoods Coldstorage PLC.

Q3 Opportunity Day– 21st November 2017

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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.

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Q3 Opportunity Day– 21st November 2017

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ASIAN Overview ASIAN Key Financial ASIAN Development by Segment ASIAN Strategy

Agenda

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Q3 Opportunity Day– 21st November 2017

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ASIAN OVERVIEW

Asian Seafoods Coldstorage Public Company Limited & its Subsidiaries

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ASIAN Link

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Q3 Opportunity Day– 21st November 2017

4.6 billion baht 1.3 billion baht 1.6 billion baht 1.2 billion baht 0.4 billion baht 2016 Business Size

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2014

  • Asian Seafood

Coldstorage (Sriracha) Co., Ltd. were closed

2006

  • Acquired Asian Feed

Co., Ltd.

  • Founded Asian

Seafood Coldstorage (Sriracha) Co., Ltd.

2000s 2010s 2015s

1964

Starting Business

1993

  • Founded Asian

Seafoods Coldstorage (Suratthani) Co., Ltd.

1994

  • Registered

Asian Seafoods Coldstorage PLC.

2005

  • Founded Asian

Alliance International Co., Ltd.

2012

  • Founded Asian

Food Co., Ltd.

  • EMS Outbreak

in Shrimp

2013

  • AAI invested in

Pet Food Line

  • Step into ready-

to-cook/eat meal

2015

  • Quadruple Growth

in Pet Food

  • Turnaround of

Asian Feed Co., Ltd.

2016

  • Implement ERP
  • Sustainable sourcing

& Good Labor Practice

  • Established Nutrition

Database in Pet Food & Feed

  • Ambition 2020 were

set

2016s

Major Events

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Q3 Opportunity Day– 21st November 2017

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ASIAN’s Sustainability

  • Product Quality and Services
  • Human Development and Human Value
  • Commit avoiding to involve in illegal fishing, procuring,

importing, exporting, transiting and distributing aquatic life and products obtained from illegal fishing and labor, and human trafficking.

  • Anti-Corruption Policy

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Q3 Opportunity Day– 21st November 2017

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ASIAN Key Financial

Asian Seafoods Coldstorage Public Company Limited & its Subsidiaries

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Q3/17 Sales growth YoY

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Q3 Opportunity Day– 21st November 2017

  • Sales revenues increased 1% y.o.y. to 2,360 million baht (LY 2,336)
  • Lower Squid and Tuna revenues, FX impact -4%
  • Sales Revenues for the first three quarters increased 12.9% to 7,125 million

baht (LY 6,310)

  • Gross Profit in 3Q17 increased 47% y.o.y. to 260 million baht (LY 177)
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Market Diversity

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  • USA & CANADA sales

mostly are Shrimp and Pet Food

  • EU sales mostly are Squid

and Pet Food

  • Japan sales mostly are

Fish, Sashimi, and Pet Food

  • Middle East Sales are

mostly Tuna

  • Domestic sales are mostly

Aquaculture Feed

Q3 Opportunity Day– 21st November 2017

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Q3/17 Profit Improvement

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Q3 Opportunity Day– 21st November 2017

  • Gross Profit margin was

11.0% (LY 7.6%)

  • Better results in shrimp,

petfood, feed. Negative FX impact

  • Net Profit in 3Q17 was a

record 112 million baht (LY 10).

  • Net Profit for the first three

quarters of 2017 amounted to 312 million baht (LY 30)

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Q3/17 Working Capital

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*Net WC Days = AR Days + INV Days – AP Days **ROE= last 4 quarter net profit/Average total shareholders’ equity

Q3 Opportunity Day– 21st November 2017

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Q3/17 Leverage &Debt Structure

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  • Balance sheet ratios

remained stable.

  • Net debt increased to

3,471 million baht as a result of the higher working capital.

  • 1,500 million LT Loan

concluded

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ASIAN Development by Segment

Asian Seafoods Coldstorage Public Company Limited & its Subsidiaries

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Frozen Business

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Frozen Business of Asian Group comprises of 3 plants

  • Asian Seafoods Coldstorage

Public Company Limited (Klongtoey)

  • Asian Seafoods Coldstorage

Public Company Limited (Samutsakorn)

  • Asian Seafoods Coldstorage

(Suratthani) Company Limited

Frozen Business

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Q3 Opportunity Day– 21st November 2017

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Frozen Q3/17

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Q3 Opportunity Day– 21st November 2017

  • Sales revenues decreased with 31% y.o.y. to 859 million (LY 1,136)
  • Squid shipments were lower as a result of exceptionally good catch in the

southern hemisphere of lower grade species which shifted demand away from higher priced Thai squid.

  • Value added Shrimp sales were down compared to last year as a result of

quality issues with black tiger shrimp suppliers.

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Tuna Business

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Tuna Business

  • Operated by Asian Alliance

International Co., Ltd., located in Samutsakorn province w/ quite new facilities compare to others.

  • Traditional tuna product in cans

and pouches, and Value added product (ready-to-eat) such as Tuna with rice meal.

  • No branded, more flexible in tuna

high price seasons.

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Q3 Opportunity Day– 21st November 2017

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Tuna Q3/17

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Q3 Opportunity Day– 21st November 2017

  • With tuna prices increased around 40% y.o.y. demand was weak and sales

revenues were 13% lower y.o.y. to 244 million baht (LY 282) due to lower volumes processed.

  • Prices have eased in Q4 which causes a slightly more active market, but we

remain prudent and maintain a value over volume approach.

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Petfood Business

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Petfood Business

  • Also operate by Asian Alliance

International Co., Ltd.

  • Serve as a “co-developer” who

understand customers and provide ideas for new products in variety of packaging.

  • Target premium brand owners and

private labels showing continued growth.

  • Process Fishmeal using non-IUU

by-products which benefit shrimp products traceability.

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Q3 Opportunity Day– 21st November 2017

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Petfood Q3/17

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* Volumes include inter company transaction

Q3 Opportunity Day– 21st November 2017

  • Sales revenues again grew strongly with 67% y.o.y. to 735 million baht (LY

439) on the back of existing and new contracts. Volumes grew 34%*, mostly in petfood, and product mix further improved compared to last year.

  • A new plastic cup line was commissioned in September and working
  • satisfactory. It is expected that the petfood will continue at a similar volume

into 4Q2017.

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Aquaculture Feed Business

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Aquaculture Feed Business

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  • Asian Feed Co., Ltd. located in

Petchaburi.

  • Farm research facilities in Suratthani

for both product quality and new farm model test.

  • Advanced laboratory & academic

expertise to provide water quality analysis inspection, aquatic animal quality evaluation, food quality development, technique advisory for rearing and solution for diseases in aquatic animals.

Q3 Opportunity Day– 21st November 2017

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Aquaculture feed Q3/17

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Q3 Opportunity Day– 21st November 2017

  • Feed sales revenues strongly increased 36% y.o.y. mainly due to increased shrimp

feed volume. This was higher than the market growth and further improved our market share.

  • The outlook is a continuous growth along with the increase of Thai farmed shrimp
  • volume. Margins were satisfactory and the quality of accounts receivable was stable.
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Distribution Business

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Distribution Business

  • Asian Food Co., Ltd.

engages in imported frozen food products and delivered to Thai wholesalers, modern retail and restaurant chains.

  • Our cold storage in Bangkok

and Samutsakorn are also the hub for our food distribution business.

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Q3 Opportunity Day– 21st November 2017

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Distribution Q3/17

  • The distribution activities were stable with a slightly higher valued sales mix.

Profitability was satisfactory.

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Q3 Opportunity Day– 21st November 2017

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2017 Sales Target

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Sales (Billion Baht) 2016 YTD 2017 2017 Target Update Frozen 4.6 2.8 4.0 Tuna 1.4 0.8 1.1 Pet Food 1.6 2.0 2.7 Aqua Feed 1.2 1.2 1.6 Dirtribution 0.4 0.4 0.6 Total Asian Group 9.2 7.1 10.0 Consolidate GP 8.4% 11.2% 11.0%

Q3 Opportunity Day– 21st November 2017

Q4 Outlook

  • Strong Pet Food and Feed sales
  • No recovery Squid before 1Q18
  • Higher Tuna volumes vs Q3
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ASIAN AMBITION 2020

Asian Seafoods Coldstorage Public Company Limited & Its Subsidiaries

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Sales (Billion baht) 2015 2016 Key Strategy/Success 2020 Target Frozen 3.6 4.6 Shrimp & VAP 6.0 Tuna 1.2 1.4 VAP 1.5 Pet Food 1.6 1.6 Co-Developer, Customer Relation 4.0 Feed 1.1 1.2 Sustainability, Fishmeal Substitution, Dryfeed 2.0 Distribution 0.4 0.4 Acquisition 1.0 Total ASIAN 7.9 9.2 14.5 Consolidated GP 8.2%* 8.4% 10.0-12.0%

*2015 GP excluding Fx Benefit

Ambition 2020

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Q3 Opportunity Day– 21st November 2017

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Ambition 2020 - Update

  • 2020 sales target based on utilizing existing capacities (more or

less) and business model

  • Capex < Depreciation
  • Q1 2018 update on business model and expansion:
  • Stronger position in sales and distribution in our key-markets
  • Leverage on ‘Quality’ in Frozen (4-star)
  • Investments in Petfood opportunities
  • Investments in efficiency and overhead reduction
  • ERP development

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Q2 CNS Corporate Access– 17th October 2017

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Thanks!

Any questions?

Investor Relations Contact Email: Asian-secretary@asianseafoods.co.th Tel: (66) 034-845575-91 ext. 5370 Presentation is available at www.asianseafoods.co.th

Q3 Opportunity Day– 21st November 2017

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Appendix

Asian Seafoods Coldstorage Public Company Limited & Its Subsidiaries

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Management Team

Mr.Somsak Amorrattanachaikul Chief Executive Officer Mr.Somchai Amorrattanachaikul Senior Managing Director Mr.Suriya Prasatbuntitya Executive Vice President Mr.Hendrikus (Rik) Van Westendorp Executive Vice President & Chief Financial officer Mr.Aekarat Punnasung MD-Asian

  • Mr. Yasuto Togashi

MD- Asian Alliance Mrs.Suree Jangsawat MD-Asian Surat Mr.Wallop Lomlimp MD-Asian Feed

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Q3 Opportunity Day– 21st November 2017

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Q3/17 Income Statement

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Unit ('000 baht) Q3-2016 % to Sales Q3-2017 % to Sales YTD 2016 % to Sales YTD 2017 % to Sales Sales

2,333,825 99.9% 2,358,700 99.9% 6,303,450 99.9% 7,119,652 99.9%

Cold storage service income

2,175 0.1% 1,757 0.1% 7,036 0.1% 5,689 0.1%

Cost of Sale and service

(2,159,418)

  • 92.4% (2,100,736)
  • 89.0% (5,806,873) -92.0% (6,329,518) -88.8%

Gross Profit

176,582 7.6% 259,721 11.0% 503,613 8.0% 795,823 11.2%

Other income

22,027 0.9% 43,437 1.8% 46,815 0.7% 108,517 1.5%

SG&A expenses

(155,222)

  • 6.6%

(159,764)

  • 6.8%

(411,380)

  • 6.5%

(497,378)

  • 7.0%

EBIT

43,387 1.9% 143,394 6.1% 139,048 2.2% 406,962 5.7%

Finance cost

(39,240)

  • 1.7%

(36,771)

  • 1.6%

(114,107)

  • 1.8%

(101,432)

  • 1.4%

EBT

4,147 0.2% 106,623 4.5% 24,941 0.4% 305,530 4.3%

Income tax expenses

5,521 0.2% 5,329 0.2% 4,795 0.1% 6,625 0.1%

Profit for the year

9,668 0.4% 111,952 4.7% 29,736 0.5% 312,155 4.4%

Earning per share

0.03 0.31 0.08 0.86

Q3 Opportunity Day– 21st November 2017

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Unit ('000 baht) Sep 2017 % to Total Asset 2016 % to Total Asset Change Assets Current assets Cash and cash equivalents 67,180 0.98% 66,510 1.05% 1.01% Trade and other receivables 943,025 13.71% 1,195,140 18.89%

  • 21.10%

Short-term loans to subsidiaries

  • 0.00%
  • 0.00%

n/a Inventories 3,020,000 43.91% 2,197,578 34.74% 37.42% Other current assets 43,681 0.64% 33,747 0.53% 29.44% Total current assets 4,073,886 59.23% 3,492,974 55.22% 16.63% Non-Current assets Investments in subsidiaries

  • 0.00%
  • 0.00%

n/a Investment properties 40,301 0.59% 40,301 0.64% 0.00% Property, plant and equipment 2,640,567 38.39% 2,675,031 42.29%

  • 1.29%

Other non-current assets 122,814 1.79% 117,288 1.85% 4.71% Total non-current assets 2,803,682 40.77% 2,832,620 44.78%

  • 1.02%

Total assets 6,877,568 100.00% 6,325,595 100.00% 8.73% Liabilities and shareholders' equity Current Liabilities Bank overdrafts and short-term loans from banks 1,262,552 18.36% 1,386,617 21.92%

  • 8.95%

Trade and other payables 762,269 11.08% 686,442 10.85% 11.05% Current long-term loans and lease liabilities 789,062 11.47% 476,082 7.53% 65.74% Other current liabilities 36,688 0.53% 38,577 0.61%

  • 4.90%

Total current liabilities 2,850,571 41.45% 2,587,718 40.91% 10.16% Non-current liabilities Long-term loans 1,418,917 20.63% 995,374 15.74% 42.55% Long-term debentures

  • 0.00%

349,508 5.53%

  • 100.00%

Finance lease liabilities 903 0.01% 1,307 0.02%

  • 30.91%

Other non-current liabilities 173,796 2.53% 174,218 2.75%

  • 0.24%

Total non-current liabilities 1,593,616 23.17% 1,520,407 24.04% 4.82% Total liabilities 4,444,187 64.62% 4,108,126 64.94% 8.18% Total shareholders' equity 2,433,381 35.38% 2,217,469 35.06% 9.74% Total liabilities and shareholders' equity 6,877,568 100.00% 6,325,595 100.00% 8.73%

Q3/17 Statement of Financial Position

A-3

Q3 Opportunity Day– 21st November 2017

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Q3/17 Statement of Cash Flow

A-4

Units: (‘000 baht)

9mth 2017 9mth 2016 Change

Profit (loss) before tax

305,530 24,941 280,589

Depreciation & Amortisation

137,392 143,724 (6,332)

Other adjustments to reconcile profit (loss) before tax to net cash

(19,831) 35,564 (55,395)

Loss (gain) on exchange rate

(10,045) 10,060 (20,105)

Interest expense (income)

98,771 113,867 (15,096)

Profit from operating activities before changes in operating assets and liabilities

511,817 328,156 183,661

Decrease (increase) in operating assets

(545,109) (247,604) (297,505)

Increase (decrease) in operating liabilities

26,281 112,610 (86,329)

Cash from (used in) operating activities

(7,011) 193,162 (200,173)

Cash paid for interest

(103,505) (111,604) 8,099

Cash paid for income tax

(4,610) (4,124) (486)

Net cash from (used in) operating activities

(115,126) 77,434 (192,560)

Net cash from (used in) investing activities

(107,035) (98,781) (8,254)

Net cash from (used in) financing activities

222,831 14,044 208,787

Net increase (decrease) in cash and cash equivalents

670 (7,303) 7,973

Cash and cash equivalents at beginning of period

66,510

51,827

14,683

Cash and cash equivalents at end of period

67,180

44,524

22,656 Q3 Opportunity Day– 21st November 2017