The information contained in our presentation is intended solely for your personal reference only. 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 assumptions are correct. Actual results may differ materially from those projected.
Slide 2
2Q23 Analyst Meeting
2Q23 Key Highlights
2Q23 is showing better momentum from operating profit improving from the bottom in Q1, especially Ambient business, with a healthier GPM.
Despite soft net profit in 1H23, Thai
Union is bringing a highly attractive dividend payout ratio at 70% "
Thiraphong Chansiri
President and CEO
Slide 4
2Q23: Better momentum from core performance improving
YoY with a healthier operating profit
THB mn
Sales
34,057
Still impacted by inventory destocking & US rightsizing
Sales dropped 13% YoY, mainly from:
14% lower sales volume across all categories and falling freight revenue
Sales dropped mainly from PetCare (-42% YoY), Frozen (-17% YoY), and value-added(-16% YoY)
Partially offset by sales growth from Ambient (+1% YoY), especially in the Europe and domestic market
Gross Profit
5,748
GPM at 16.9%, stable compared
to LY and recovering QoQ
Gross profit dropped mainly from:
Decreasing GP from PetCare and Value-added from increasing production cost per unit triggered by lower sale volumes, falling freight revenues, and negative category mix, while the cost of key raw materials is higher, especially Tuna price
Partially offset by a better margin from Ambient (one-off item from Rügen Fisch restructuring costs last year) & Frozen categories
Operating Profit
1,777
OP rose 8.2% YoY
Operating profit increased 8% YoY, mainly from
20% SG&A YoY reduction in 2Q23, thanks to significant freight cost improvement, profit protection plan measures and no one-off item from Rügen Fisch restructuring costs (THB 86mn in 2Q22).
Partially offset by soft performance of PetCare and value-added and rising key raw material costs
Net Profit
1,029
NP slightly increased from
the bottom Q1
Net Profit flat QoQ but declined YoY due to unfavorable items below:
Negative impact from FX loss of THB 250mn vs. FX gain of THB 498mn in 2Q22, lower tax credit, and dilution effect on i-Tail net profit
Partially offset by lower Red
Lobster's share of losses and higher other income
YoY Chg.
-12.6%
-12.7%
+8.2%
-36.7%
QoQ Chg.
+4.3%
+16.9%
+123.2%
+0.7%
% of sales
16.9%
5.2%
3.0%
Slide 5
2Q23 Analyst Meeting
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Thai Union Group pcl published this content on 08 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 August 2023 07:45:26 UTC.
Thai Union Group Public Company Limited is a Thailand-based company. The principal activities of the Company and its Thai subsidiaries are the manufacture and sale of frozen, chilled and canned seafood. The Companyâs some Thai subsidiaries are also engaged in packaging, printing, pet food, food ingredients and food supplemental businesses. Its subsidiaries in the United States distribute pet food, lobster, and other seafood products and import shrimp and other frozen seafood products for sale to restaurant chains, retailers and wholesalers. Its subsidiaries in Europe manufacture and distribute ambient and chilled seafood products to countries in Europe, the United States and Australia under their trademarks. Its subsidiaries in Asia manufacture and distribute seafood in Vietnam and China. The Company has 17 branches in Bangkok and Samutsakorn. Its segments include ambient seafood, frozen and chilled seafood and related businesses, pet food, and value-added and other businesses.
THAI UNION GROUP 
