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 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. Q3 Opportunity Day – 21 st November 2017 2
Agenda ASIAN Overview ASIAN Key Financial ASIAN Development by Segment ASIAN Strategy Q3 Opportunity Day – 21 st November 2017 3
ASIAN OVERVIEW Asian Seafoods Coldstorage Public Company Limited & its Subsidiaries
ASIAN Link 2016 Business Size 1.3 billion baht 1.6 billion baht 1.2 billion baht 4.6 billion baht 0.4 billion baht Q3 Opportunity Day – 21 st November 2017 5
Major Events 2012 2016 • Founded Asian • Implement ERP Food Co., Ltd. • Sustainable sourcing • EMS Outbreak & Good Labor in Shrimp Practice • Established Nutrition 2005 1994 2013 Database in Pet Food • Founded Asian • AAI invested in • Registered & Feed Asian Alliance Pet Food Line • Ambition 2020 were International Co., • Step into ready- Seafoods set Ltd. Coldstorage to-cook/eat meal PLC. 1964 2016s 2000s 2010s 2015s Starting Business 1993 2006 2014 • Founded Asian • Asian Seafood • Acquired Asian Feed Seafoods Co., Ltd. Coldstorage (Sriracha) Coldstorage • Founded Asian Co., Ltd. were closed (Suratthani) Co., Seafood Coldstorage 2015 Ltd. (Sriracha) Co., Ltd. • Quadruple Growth in Pet Food • Turnaround of Asian Feed Co., Ltd. Q3 Opportunity Day – 21 st November 2017 6
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 Q3 Opportunity Day – 21 st November 2017 7
ASIAN Key Financial Asian Seafoods Coldstorage Public Company Limited & its Subsidiaries
Q3/17 Sales growth YoY Sales revenues increased 1% y.o.y. to 2,360 million baht (LY 2,336) o Lower Squid and Tuna revenues, FX impact -4% o Sales Revenues for the first three quarters increased 12.9% to 7,125 million o baht (LY 6,310) Gross Profit in 3Q17 increased 47% y.o.y. to 260 million baht (LY 177) o Q3 Opportunity Day – 21 st November 2017 9
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 Q3 Opportunity Day – 21 st November 2017 10
Q3/17 Profit Improvement Gross Profit margin was o 11.0% (LY 7.6%) Better results in shrimp, o petfood, feed. Negative FX impact Net Profit in 3Q17 was a o record 112 million baht (LY 10). Net Profit for the first three o quarters of 2017 amounted to 312 million baht (LY 30) Q3 Opportunity Day – 21 st November 2017 11
Q3/17 Working Capital *Net WC Days = AR Days + INV Days – AP Days **ROE= last 4 quarter net profit/Average total shareholders’ equity Q3 Opportunity Day – 21 st November 2017 12
Q3/17 Leverage &Debt Structure Balance sheet ratios o remained stable. Net debt increased to o 3,471 million baht as a result of the higher working capital. 1,500 million LT Loan o concluded Q3 Opportunity Day – 21 st November 2017 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 o Asian Seafoods Coldstorage Public Company Limited (Klongtoey) o Asian Seafoods Coldstorage Public Company Limited (Samutsakorn) o Asian Seafoods Coldstorage (Suratthani) Company Limited Q3 Opportunity Day – 21 st November 2017 16
Frozen Q3/17 Sales revenues decreased with 31% y.o.y. to 859 million (LY 1,136) o Squid shipments were lower as a result of exceptionally good catch in the o 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 o quality issues with black tiger shrimp suppliers. Q3 Opportunity Day – 21 st November 2017 17
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. Q3 Opportunity Day – 21 st November 2017 19
Tuna Q3/17 With tuna prices increased around 40% y.o.y. demand was weak and sales o 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 o remain prudent and maintain a value over volume approach. Q3 Opportunity Day – 21 st November 2017 20
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. Q3 Opportunity Day – 21 st November 2017 22
Petfood Q3/17 Sales revenues again grew strongly with 67% y.o.y. to 735 million baht (LY o 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 o satisfactory. It is expected that the petfood will continue at a similar volume into 4Q2017. * Volumes include inter company transaction Q3 Opportunity Day – 21 st November 2017 23
Aquaculture Feed Business
Aquaculture Feed Business Asian Feed Co., Ltd. located in o Petchaburi. Farm research facilities in Suratthani o for both product quality and new farm model test. Advanced laboratory & academic o 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 – 21 st November 2017 25
Aquaculture feed Q3/17 Feed sales revenues strongly increased 36% y.o.y. mainly due to increased shrimp o 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 o volume. Margins were satisfactory and the quality of accounts receivable was stable. Q3 Opportunity Day – 21 st November 2017 26
Distribution Business
Distribution Business Asian Food Co., Ltd. o engages in imported frozen food products and delivered to Thai wholesalers, modern retail and restaurant chains. Our cold storage in Bangkok o and Samutsakorn are also the hub for our food distribution business. Q3 Opportunity Day – 21 st November 2017 28
Distribution Q3/17 The distribution activities were stable with a slightly higher valued sales mix. o Profitability was satisfactory. Q3 Opportunity Day – 21 st November 2017 29
2017 Sales Target 2017 Target Sales (Billion Baht) 2016 YTD 2017 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% Q4 Outlook Strong Pet Food and Feed sales o No recovery Squid before 1Q18 o Higher Tuna volumes vs Q3 o Q3 Opportunity Day – 21 st November 2017 30
ASIAN AMBITION 2020 Asian Seafoods Coldstorage Public Company Limited & Its Subsidiaries
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