Asian Seafoods Coldstorage PLC. Q4 Opportunity Day – 26 th February 2018 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. 2 Q4 Opportunity Day – 26th February 2018
Agenda ASIAN Overview ASIAN Key Financial ASIAN Development by Segment ASIAN Ambition 2020 ASIAN Strategies Updated ASIAN 2018 Target 3 Q4 Opportunity Day – 26th February 2018
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 5 Q4 Opportunity Day – 26th February 2018
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 6 Q4 Opportunity Day – 26th February 2018
ASIAN Key Financial Asian Seafoods Coldstorage Public Company Limited & its Subsidiaries
2017 Performance 2017 Revenues reached 9,740 million baht, 6% increase compared to the o previous year. Overall volumes increased 15%, with rapid growth in pet food and aqua feed while frozen squid declined. Weak USD negatively impacted revenues around 5%. Gross Profit Margin is at 10.5% (LY 8.4%) due to better products mix. o Net Profit in 2017 was 418 million baht, in line with expectation. o Net Deferred Taxed Assets increased 41 million baht from taxed credit from loss o carryforward. Lower doubtful debt allowance and expenses. o * Volumes include inter company transaction Q4 Opportunity Day – 26th February 2018 8
Working Capital *Net WC Days = AR Days + INV Days – AP Days **ROE= last 4 quarter net profit/Average total shareholders’ equity 9 Q4 Opportunity Day – 26th February 2018
Leverage &Debt Structure 10 Q4 Opportunity Day – 26th February 2018
Market Diversity USA & CANADA sales o mostly are Shrimp and Pet Food EU sales mostly are Squid o and Pet Food Japan sales mostly are o Fish, Sashimi, and Pet Food Middle East Sales are o mostly Tuna Domestic sales are mostly o Aquaculture Feed 11 Q4 Opportunity Day – 26th February 2018
Share Price Development ASIAN Stock Information Share price (23 Feb 2018) : 9.50 THB Historical price : 52-week high 16.90 THB 52-week low 3.25 THB No. of paid up shares : 542.73 MTHB Par value : 1.00 THB Market Capitalization : 5,155.91 MTHB Thai Shareholders: 4,918 person Foreign shareholders: 12 person Institutional Investors Thai Shareholders: 973 person Foreign shareholders: 7 person 12 Q4 Opportunity Day – 26th February 2018
Q4/17 Sales Sales Revenues in Q4/2017 amounted 2,615 million baht, down 10% y.o.y. o mainly due to an 8% lower USD-exchange rate and lower volumes in Frozen Squid and Tuna products. Gross Profit in Q4 amounted 224 million baht, 8.6% of revenues. This was 45 o million baht lower than the year before, mainly due to lower profit in the squid business that could not be fully off-set by higher profitability in the other segments. 13 Q4 Opportunity Day – 26th February 2018
Q4/17 Profitability Gross Profit margin o was 8.6% (LY 9.3%) Net Profit in 4Q17 o was 106 million Baht (LY 125). Profit was impacted by losses in squid inventory revaluations and the weakening USD, partly off-set by tax benefits revaluation. 14 Q4 Opportunity Day – 26th February 2018
Q4/17 Working Capital *Net WC Days = AR Days + INV Days – AP Days **ROE= last 4 quarter net profit/Average total shareholders’ equity 15 Q4 Opportunity Day – 26th February 2018
Leverage &Debt Structure Balance sheet ratios o a bit improved. Net debt increased to o 3,444 million baht as a result of the higher inventory. 16 Q4 Opportunity Day – 26th February 2018
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 19 Q4 Opportunity Day – 26th February 2018
Frozen Performance Silago 8% Others 5% Squid 14% Q4 2017 VAP Shrimp Shrimp 62% 11% Sales revenues decreased with 26% y.o.y. to 1,238 million (LY 1,680) o Squid customers in Europe switched from Thai squid to exceptionally low o priced South American squid, following the bumper catch that pushed overall squid prices down. (Squid down 65% y.o.y) Shrimp revenues in Q4 were slightly higher y.o.y. o Q4 Opportunity Day – 26th February 2018 20
Frozen Performance Silago 8% Others 5% Squid 14% Q4 2017 VAP Shrimp Shrimp 11% 62% Sales revenues for the full year amounted to 4,101 million baht, a decrease of o 12% y.o.y. This decrease was due to low squid sales in the second half of the year(LY 4,644) A lower USD FX rate, averaging around 5% lower, impacted sales revenues. o Gross profit was higher in shrimp than the year before. Due to a revaluation of o squid inventories in Q4, however, profitability in the squid business was significantly below last year. Sillago margins were satisfactory and stable. 21 Q4 Opportunity Day – 26th February 2018
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 o and 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 o of finished product per year. 23 Q4 Opportunity Day – 26th February 2018
Tuna Performance Tuna Sales were down 28% y.o.y. in Q4/2017. With tuna raw material prices o reaching a near record high in October, it proved to be difficult to pass on price increases and therefore processed volumes were decreased. Margins for canned tuna products were in line with last year. o 24 Q4 Opportunity Day – 26th February 2018
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 o by-products which benefit shrimp products traceability. Annual production capacity of o 34,000 tons of FG (net weight) 26 Q4 Opportunity Day – 26th February 2018
Petfood Performance Q4 revenues were a strong 684 million baht, a 27% increase compared to o the same quarter last year, and volume grew 35%. This reflects a lower USD FX rate that outpaced price increases. The additional dog food line became operational in Q4. New product o development is well under way and is expected to bring volume in the course of 2018. * Volumes include inter company transaction Q4 Opportunity Day – 26th February 2018 27
Petfood Performance Sales revenues increase 69% over the year to 2,679 million baht, mainly due o to volume increases in pet food. More production lines are on their way, which will increase capacity of o petfood pouch from 2,500 tons to 3,800 tons finished product per year and petfood plastic cup from 11,500 tons to 14,400 tons finished product per year. Expected to be commissioning and operate in mid Q2/2018. * Volumes include inter company transaction 28 Q4 Opportunity Day – 26th February 2018
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