SET / Reuters / Bloomberg

   
TUF TUF / TUF.BK / TUF TB
Q3/2010

Acquisition of MW Brands To the excitement of the management, TUF has finally

completed on October 29, 2010  completed the acquisition of MW Brands on October 29 after
  obtaining approvals on the transaction from shareholders on
  September 2, 2010 and the Office of Fair Trading of the UK
  Highest ever quarterly sales level in early October. Those were two key conditions precedent
in Q3’10 in spite of unfavorable required for closing. In other words, MW Brands will be
market factors    effectively consolidated into TUF, starting November this
year. That will make TUF a truly global seafood processor
  Positive sales growth despite with access to all major markets and ability to procure and
depressed margins caused by process raw materials globally. The firm will no doubt secure
sharp appreciation of Thai baht the position of the biggest canned tuna manufacturer in the
and raw material price fluctuations
  world. On the other hand, there will also be considerable
  Financial position remaining strong impact on our financial performance and position in Q4 due
with sustainable EBITDA, ROA and to a higher level of debts and additional profit contribution.
ROE from a year ago despite a
host of adverse factors through the
year and particularly in Q3’10 On the year-to-date performance, sales in USD term for
  9M’10 rose by 5.7% YoY while net profit was down by 4.0%
YoY. TUF remains committed to improving its performance in
the last quarter despite raw material fluctuations and fast
strengthening Thai baht which so far disrupted sales
expansion and put pressure on margins this year. Improving
performances at our US subsidiaries should continue. Overall
group sales volume (tons) for all products in 9M’10 was up
9.1% YoY while 9 months’ EBITDA (Bt4,723.4 m vs.
Bt4,555.7 m) were actually better than a year ago.
For Q3’10 alone, sales (USD554 m), the highest per
quarter ever, rose 11.0% YoY and 4.9% QoQ. Gross margin
(12.5%, down from 15.6% in Q2’10) was nonetheless
depressed by fast appreciating Thai baht, sharp falling tuna
raw material prices and persistently high shrimp raw material
prices. EBITDA (Bt1,515 m) was sustainable while financial
position remained strong with D/E ratio at 0.72x. Annualized
ROE and pre-tax ROA maintained at 19.2% and 13.0%
respectively.

THAI UNION FROZEN PRODUCTS PCL.1

  

Highest ever quarterly sales In spite of volatile raw material prices (where tuna
prices experienced a freefall while local shrimp prices stayed high) and the fast Increase/(decrease) As YOY QOQ
strengthening Thai baht, quarterly sales in USD term (USD554 m) increased by
11.0% YoY and 4.9% QoQ to attain the highest ever level. Except for tuna Q3’10
products, most products reported strong continual sales growth. The rapidly . Net profit -20% -6%
declining fish price (falling from USD1,705/ ton in June to USD1,215 in September)
temporarily delayed certain buyers’ tuna purchases, Shrimp sales, continuing . Baht sales 3% 2%
continuing its momentum since 1H’10, increased by 24.5% YoY, thanks to high . Dollar sales 11% 5%
demand in the US (up 23.8% YoY), Japan (up 28.0% YoY) and Europe (up 35.8% Bt m
YoY). In dollar term, other canned seafood , shrimp feed, pet food and . Operating Profit 723.9
cephalopod/salmon products showed strong sales growth rates of 38.4%, 32.5%, . EBITDA 1,515
26.1% and 21.3% respectively from Q3’09. Tuna products still accounted for the . Debt-to-Equity (x) 0.72
biggest portion at 36.8% while the US remained the biggest market with 49.8%.
. Exchange rate as of Sep30’10: Bt 30.42/USD
Negative uncontrollable factors depressing margins Gross margin (12.5%) fell from
last quarter and a year ago (when the margin hit a recent high of 16.2%). The . Avg. exchange rate for Q3’10: Bt 31.45/USD
strong Thai baht, fast falling tuna prices, the shifted product mix (where shrimp . Avg. exchange rate for Q3’09: Bt 33.83/USD
sales accounting for as high as 24%) and the depressed shrimp margins due to
persistently high local raw material prices brought the margin to a recent low. . No. of shares for Q3’10: 883.2 m
Operating margin (4.2%) was lower than a year ago though SG&A expenses (8.4% . W.A. no. of shares for Q2’10: 883.2 m
of sales) maintained within the norm (8.0-8.5%), Quarterly EBITDA (Bt1,515 m)
managed to stay at a sustainable level while the effective tax rate for the group
Dropped below those of the previous two quarters thanks to lower tax burden at
our US subsidiaries, TUF’s financial position however remained strong. The debt-
to-equity ratio was o.72x up slightly from 0.63x (Q2’10) Since the Samoan plant Q3’10
relocation last year, the inventory control continued to improve when the turnover Sales Breakdown by Product
rate now dropped to 98 days from 99 days in Q2’10 and 106 days a year ago. Domestic, Sardine, 3% Cephalopod,
Debt-to-EBITDA ratio (last 12 months) maintained at 2.29x. As of the end of June, 7% 3%

short term debts accounted for 90% of TUF’s total interest-bearing debts (Bt13,859 Shrimp
Feed, 8%
m) as most long term debts/debentures would come due within next 12 months. At Canned
the end of Q3’10, 78% of our total debts were in Thai baht with the balance in US Seafood,

dollar. The effect interest rate was stable at around 3.66%. 10%

Pet Food,

Acquisition of MW Brands completed On October 29, 2010, TUF has officially 9%

Tuna, 37%

completed the acquisition of MW Brands which is one of the European leaders in tuna
and other ambient/ shelf-stable seafood products through its famous brands - John Shrimp, 23%

West, Petit Navire, Hyacinthe Parmentier and Mareblu that hold leading market
positions in France, the United Kingdom, Ireland and the Netherlands and Italy. After Q3’10
the completion, TUF’s annual tuna processing capacity will amount to over half a Sales Breakdown by Market
million tons of whole round fish making the group the largest canned tuna producer in
the world. In addition, it will become one of a few truly global and vertically integrated Oceania, 3%
Middile East, 2%
S.America, 1%
Cannada, 1%

seafood players with sales, production, and leading brands across Asia, the US, and Asia ex-Japan,
3%

Europe. The acquisition will increase Europe’s contribution to TUF’s total sales from Africa, 3%

11% percent to more than one third. The transaction adds four processing plants in Domestic, 13%

France, Portugal, Seychelles and Ghana to TUF’s existing facilities in Thailand,

Indonesia, Vietnam and the USA. The group’s fishing fleet will also increase from 4 to Japan, 13%
9 vessels, allowing further vertical integration and strategic access to tuna raw
material. In addition, MWB’s strong European footprint (where TUF’s presence is still Europe, 11% USA, 50%

limited despite the huge potential) will provide further business opportunities through its
strong customer base, distribution, and brand leadership.

THAI UNION FROZEN PRODUCTS PCL.2

 EBITDA
PERFORMANCE (Bt million) Q3’10 Q3’09 2009
Consolidated Q3'2010 % Q3'2009 % . EBITDA (Bt m) 1,515 1,660 5,926
. EBITDA (US$ m) 48 49 173
Sales 17,437.5 100.00 16,931.3 100.00 . Avg. exchange rate 31.45 33.88 34.28
Cost of goods sold 15,254.0 87.48 14,181.8 83.76
Gross profit 2,183.5 12.52 2,749.5 16.24 Comparing 9mths’10 and 9mths’09
Bt m 9M'10 9M'09 % Inc.
SG & A 1,460.8 8.38 1,379.7 8.15
Sales 50,859 51,793 -1.8
Plant Relocation Expenses -1.2 (0.01) 235.3 1.39 Gross Profit 7,092 7,664 -7.5
Operating profit 723.9 4.15 1,134.5 6.70 S,G&A Exp. 4,304 4,508 -4.5
Forex Gain/(Loss) 372.5 2.14 167.2 0.99 Operating Profit 2,788 3,156 -11.7
Interest income 1.0 0.01 0.1 0.00 Forex Gain/(Loss) 679 331 105.1
Equity income from associates 6.8 0.04 16.5 0.10 Other Incomes 453 293 54.6
Other incomes 139.8 0.80 78.5 0.46 EBIT 3,920 3,780 3.7
Financial Expenses 393 459 -14.4
EBIT 1,244.0 7.13 1,396.8 8.25 EBT 3,527 3,321 6.2
Financial expenses 130.2 0.75 142.7 0.84 Tax/(Tax credit) 560 323 73.4
Income tax/ (Tax Credit) 133.0 0.76 109.0 0.64 Minority Interests 446 372 19.9
Income before MI 980.8 5.62 1,145.1 6.76 Net Profit 2,521 2,626 -4.0
Minority interests 163.8 0.94 127.2 0.75 Avg. Bt/ US$ 32.18 34.63 -7.1
Net Profit 817.0 4.69 1,017.9 6.01

Quarterly
Trend (Last 5 Periods)

QUARTERLY INCOME STATEMENT (Bt million)

Consolidated Q3'10 % Q2’10 % Q1’10 % Q4’09 % Q3’09 %
Sales 17,437.5 100.00 17,092.4 100.00 16,328.9 100.00 17,201.7 100.00 16,931.3 100.00
Cost of goods sold 15,254.0 87.48 14,423.9 84.39 14,089.5 86.29 14,421.8 83.84 14,181.8 83.76
Gross profit 2,183.5 12.52 2,668.5 15.61 2,239.4 13.71 2,779.9 16.16 2,749.5 16.24
SG & A 1,460.8 8.38 1,465.5 8.57 1,282.9 7.86 1,634.3 9.50 1,379.7 8.15
Plant Relocation & Start-Up Exp. -1.2 (0.01) 39.3 0.23 56.8 0.35 169.2 0.98 235.3 1.39
Operating profit 723.9 4.15 1,163.7 6.81 899.7 5.51 976.4 5.68 1,134.5 6.70
Forex Gain/(Loss) 372.5 2.14 73.2 0.43 233.1 1.43 20.8 0.12 167.2 0.99
Interest income 1.0 0.01 1.3 0.01 0.5 0.00 0.8 0.00 0.1 0.00
Equity income from associates 6.8 0.04 5.0 0.03 4.4 0.03 8.1 0.05 16.5 0.10
Other incomes 139.8 0.80 116.8 0.68 177.7 1.09 97.8 0.57 78.5 0.46
EBIT 1,244.0 7.13 1,360.0 7.96 1,315.4 8.06 1,103.9 6.42 1,396.8 8.25
Financial expenses 130.2 0.75 129.0 0.75 133.6 0.82 143.2 0.83 142.7 0.84
Income tax/ (Tax Credit) 133.0 0.76 203.0 1.19 223.7 1.37 108.3 0.63 109.0 0.64
Income before MI 980.8 5.62 1,028.0 6.01 958.1 5.87 852.4 4.96 1,145.1 6.76
Minority interests 163.8 0.94 154.9 0.91 126.9 0.78 134.4 0.78 127.2 0.75
Net Profit 817.0 4.69 873.1 5.11 831.2 5.09 718.0 4.17 1,017.9 6.01
Earning per share (Bt) 0.92 0.99 0.94 0.81 1.15
(as of par 1 baht per share)

THAI UNION FROZEN PRODUCTS PCL.3

 SHARE CAPITAL INFORMATION
PRICE (29/10/2010) : Bt 57.50
Sales and Raw Material Price Trends Historical price
(last 6 months)
: High Bt 50.75
Low Bt 32.25
Consolidated quarterly sales in dollar term increased to USD554 m, up 11.0% from No. of Shares : 883.171 m
USD499 m a year ago while sales in baht term increased by only 3.0.% YoY to Bt17,438
m from 16,931 m. The average exchange rate in Q3’10 was Bt31.45/USD. In other Market Capitalization : Bt43.496 bn
words, Thai baht appreciated by 7.0% from the same period a year ago. In Q3’10, all (US$1,350 m)
product categories record YoY sales growth, except for tuna products and sardine/ Average Daily Trading Vol. : 2,011,482
(last 6 months – local
mackerel exports (note: the combined local and export sales of sardine products actually shares)
remained stable as we reduced our exports and marketed them more aggressively in the Major Shareholder : Chansiri Family
local market). The products showing higher than average sales growth were other canned 25.40%
seafood, shrimp feed, pet food, shrimp and cephalopod. Date Closing Price P/E ratio
Dec 30, 09 30.25 7.8x
- Tuna sales (canned and loin) in US dollar term dropped 4.4% YoY in Q3’10 while Dec 30, 08 19.30 7.7x
sales volume (ton) was down 9.3% YoY. Compared with Q2’10, tuna sales were almost Dec 28, 07 22.50 10.8x
the same. The lower sales from a year ago were mainly caused by the fast falling raw Dec 29, 06 25.00 11.1x
material prices in Q3’10 from the recent peak in late June, leading to buyers’ hesitation
and eventually delayed decisions. This was however a common knee-jerk reaction among Dec 31, 05 30.50 12.7x
customers as witnessed in the past in response to any sharp raw material price Dec 31, 04 24.80 11.1x
fluctuations. Moreover, tuna loin sales to third-party customers indeed dropped more as of par 1 baht
sharply (vs. canned) as we allocated more capacity to meet COSI’s needs. Nevertheless,
the situation is considered temporary and should improve going forward as raw material Thai Union Frozen Products Public
  Company Limited was founded in 1988.
prices have become more stable of late. The US remained our largest market, accounting  
for 53..4% of our total tuna sales, followed by the EU at 17.2%. Continual growth was  
Currently, it is the largest canned tuna
packer in the world in terms of
seen in Asia (ex-Japan), Australia, and South American markets.   capacity and a leading seafood
  processor and exporter in Asia with a
Tuna sales generated from the US market, including contribution from Chicken of the global workforce of around 26,000.
 
Sea International (COSI), fell 7.1% YoY during the quarter. The sharp decline of raw   Major products are canned tuna, frozen
material price was the culprit to blame that delayed private label customers’ purchasing   tuna loin, frozen shrimp, frozen and
decisions. As the raw material prices are stabilizing since October, sales are expected to  
canned seafood, frozen cephalopod,
pet food, fish snack and shrimp feed.
improve soon.  
 
The average price of frozen skipjack tuna (Bangkok landings/ WPO) in Q3’10 was Note:
US$1,367/ metric ton, up 3.0% from a year ago, But more importantly, it fell from its
recent peak in June (US$1,705) to US$ 1,215 in September by as much as 28.6% over
barely 3 months’ time. To certain extent, the current fall followed the seasonal pattern Ratios Q3'10 2009 2008
exhibited in the past few years, but in an extreme manner. Weather pattern did play a Current Ratio (x) 1.50 2.01 1.78
role in tuna catching. On another front, the average EPO price for Q3’10 rose to
US$1,617/ metric ton. EPO prices generally followed the same trend as that of WPO fish Gearing Ratio (x)* 1.01 0.95 1.46
prices, but to a lesser extent. Tuna raw material prices are expected to stabilize. Debt-to-Equity (x)** 0.72 0.67 1.09
Inventory Turn (days) 98 108 105
- Shrimp sales in dollar term expanded by 24.5% YoY in Q3’10 to US$130.6 m.
Volume (ton) also rose by 17.9% YoY during the same period to 14,090.7 tons. Shrimp Collection Period (days) 34 36 35
sales at our US subsidiaries were higher than those of last year, but exports from our Payment Period (days) 17 19 19
Thai plants grew merely 5.9% YoY, primarily because of lower margins as a result of GP margin (%) 12.52 15.14 12.68
persistently high local raw material prices since early this year. NP margin (%)*** 4.55 4.79 3.16
Shrimp sales to the US, including contribution from Empress International and Chicken of ROAE (%) 4.79 21.79 16.03
the Sea Frozen Food, increased by 23.8% YoY in Q3’10 while sales to Japan grew by ROAA (%)**** 3.26 12.81 8.89
28.0% YoY. Sales to the EU were promising, registering a growth rate of 35.8% from last Time Int. Earned (x) 10.35 8.53 5.54
year. US market still accounted for around 75% of total shrimp sales. Debt-to-EBITDA (x)# 2.29 2.07 4.13
With respect to domestic prices, the price of white shrimp (60 counts/kg) started to
stabilize at a high level during the quarter. Overall, the average price was Bt127/kg for *Gearing Ratio = Total Liabilities / (Equity + MI)
**Debt-to-Equity Ratio =Interest-Bearing Debts/ (Equity + MI)
Q3’10, compared with Bt116/kg in Q2’10. The strong demand in the market, coupled with ***Net Margin = Net Profit/ Total Revenues
tight supply situation in Thailand and around the world, has been keeping the local raw ****ROAA = EBIT / Avg. Total Assets
material prices at a higher than normal level during the period. #Debt-to-EBITDA = Interest-Bearing Debts/ EBITDA (last12 mth)

THAI UNION FROZEN PRODUCTS PCL.4

 Financials Recent developments:
- Gross margin in Q3’10 was 12.5%, down from the high of 16.2% a year ago and
15.6% of the previous quarter. The fast strengthening Thai baht (vs. USD) put pressure
on the margin, especially for products with higher proportion of costs based in Thai baht,
e.g. shrimp exports. Margins for shrimp products were further impacted by the higher than MW Brands Financing : Rights
normal raw material prices. Moreover, margins for tuna sales were affected by fast falling Offering and Private Placement of Common
raw material prices during the period which sent selling prices and margins lower. Except Shares Were Fully Subscribed
for extreme situations seen in Q3’10, selling prices are generally adjustable to cope with
cost changes, keeping margins stable over time, These factors are considered temporary. On September 2, 2010, the extraordinary general
- SG&A expenses amounted to Bt1,460.8 million or 8.4% of sales in Q3’10, shareholders meeting did not only approve the
compared with 9.5% in Q3’09, which was very much in line with our typical range of 8.0- acquisition of MW Brands, but also the rights-
8.5%. The YoY decline was mainly due to absence of relocation expenses (Bt235 m) for offering of 44.16 million new shares to existing
the Samoa plant booked a year ago. Looking into the details, freight and commission paid shareholders at a ratio of 20 existing shares to 1
to brokers were reduced during the period while personnel expenses were slightly higher. new share and a private placement of 29 million
After all, the internal costs were well managed. The lower operating margin (4.2% vs. new shares to new investors who were financial
6.8%) was therefore more a result of the negative impacts from external uncontrollable
factors, namely strong Thai currency, the persistently high shrimp raw material price and institutions and high net worth individuals through
the fast decline of tuna raw material price during Q3’10. a booking building process. The fund raising
exercise was essentially to provide some buffer to
- FOREX gain (realized and unrealized) from current dollar-denominated support the acquisition which was mainly financed
assets/liabilities, currency forward contracts and other hedging instruments was Bt372.5 m, by new debts from local and international financial
significantly higher than Bt167.2 m a year ago and Bt73.2 m in Q2’10, caused by the
sharp appreciation of Thai baht over the year and particularly during Q3’10 when the local institutions, The capital increase was advised by
currency rose 6.2% against USD since June 30. The objective of our long term hedging Bualuang Securities with Morgan Stanley as its
policy is to minimize the currency impact on our financial performance in a time of a international selling agent.
stable or weaker baht. Given the currency trend, our hedging also increased, leading to a
significant FX gain. The weighted-average exchange rate for Q3’10 was 31.45/USD, The rights offering of 44.16 million shares met
having appreciated by 2.7% QoQ and 7.2% from a year ago.
with strong response from existing shareholders.
- All other incomes (excluding FX gain/loss) in Q3’10 were Bt147.6 m, up from Bt95.1 The issue was over-subscribed at a price of Bt50
m in Q3’09 and Bt123.1 m in Q2’10. The jump was caused by compensation from per new share and was completed on October
suppliers upon deviant raw material quality and quantity. 15.
- Financial expenses (including interest expenses, bank charges & others) of Q3’10 Right after that, a private placement of 29 million
was Bt130.2 m, lower than Bt142.7 m in Q3’09 and almost the same as Bt129.0 m in
Q2’10, This was due to a lower level of debts needed to finance working capital than a new shares was also launched with a subscription
year ago. The effective interest rate was 3.66%., slightly lower than 3.93% a quarter ago. price of Bt53 per share (that was determined
through a booking building process). Again, the
- Corporate income tax expense of Bt133.0 m was booked in Q3’10, representing an issue was well received with the booking
effective tax rate of 11.7%, higher than 8.7% in Q3’09. While the majority of our Thai equivalent to 2 times of the number of shares
operations enjoy BOI tax holiday, our US subsidiaries are subject to normal US tax rates
(which are higher than our Thai rates). Higher profitability in our overseas subsidiaries, available for subscription. Most shares are allotted
thanks to a recent corporate restructuring, led to a higher effective tax rate. to local financial institutions and high net worth
individuals. The subscription was successfully
- Net income for Q3’10 was Bt817.0 m, down 19.7% YoY and 6.4% QoQ. Net completed on October 22, 2010.
margin was 4.7%, lower than 6.0% in Q3’09 and 5.1% in Q2’10. The quarterly EPS was
Bt0.92.
The new equity would help reduce some of
- Inventory turnover rate was 98 days for Q3’10, compared with 106 days in Q3’09 financial obligations and interest burden from the
and 99 days in Q2’10 respectively, showing a continually declining trend supported by the MW Brands transaction.
plant relocation by COSI.
- Account receivables turnover rate was stable at 34 days for Q3’10, slightly better All newly issued shares are already eligible for
than 35 days for Q3’09 and Q2’10. trading on the Stock Exchange of Thailand since
October 29, 2010.
- Debt-to-Equity ratio (interest bearing debts only) increased slightly to 0.72x from
0.63x in Q2’10, but still down from 0.81x a year ago,
THAI UNION FROZEN PRODUCTS PCL.5
 HISTORICAL
HISTORICALINCOME
INCOMESTATEMENT
STATEMENT(Bt(Btmillion)
million) TUF Corporate Milestones:
 
Consolidated 2009 2008 2007 2006 2005 -1990 Started
About operations as a contract tuna
Sales 68,994.4 69,048.1 55,507.1 55,038.6 53,643.5
packer.
-1994 Listed in the Stock Exchange of Thailand.
Cost of goods sold 58,550.5 60,290.8 47,931.4 46,604.5 45,317.0 -1997 Entered a 50% JV with two overseas
business partners to buy out the then bankrupt
Gross Profit 10,443.9 8,757.3 7575.7 8434.1 8326.5 Van Camp Seafood (owner of Chicken of the Sea
SG & A 6,311.8 5,934.2 5,246.1 5,839.3 5,745.4 brand) and its production facility on American
Samoa Island.
Operating profit 4,132.1 2,823.1 2,329.6 2,594.8 2,581.1 -1998 Issued 10 m new shares for a private
Forex Gain/(Loss) 351.7 83.9 184.3 87.4 24.5 placement
-1999 Took over then listed Songkla Canning, a
Interest income 6.7 13.0 18.3 6.5 3.5 major Thai canned tuna packer, with a share swap
Equity incomes -associated 48.9 16.5 4.9 18.0 34.6 of 1 new TUF share for 1.7 existing Songkla
shares
Other income 344.4 374.0 357.4 293.9 310.9 -2001 Bought the remaining 50% of Van Camp
EBIT 4,883.8 3,310.5 2,894.5 3,000.6 2,954.6 Seafood from US partners
-2002 Euro convertible debenture was converted
Financial expenses 602.1 634.9 623.9 608.4 360.5 into 110 m new common shares by its holders.
Income tax 431.1 106.7 262.9 133.3 282.2 -2003 Acquired Empress International, a major US
seafood importer/distributor
Income before minority 3,850.6 2,568.9 2,007.7 2,258.9 2,311.9 -2004 Broke the US$ 1 bn mark in sales
Minority interests 506.8 368.4 184.4 357.6 229.5 -2005 Invested in Century Trading (Shanghai) – a
JV to market branded canned tuna in China
Net profit 3,343.8 2,200.5 1,823.3 1,901.3 2,082.4 -2006 Set up Chicken of the Sea Frozen Food to
Earnings per share (Bt) 3.79 2.51 2.08 2.18 2.40 market branded frozen seafood in US and
Acquired a 76.5% stake of Jui Fa Int. Food – an
Indonesian tuna packer
HISTORICAL CASHFLOW STATEMENT (Bt million) -2007 Started Thai Union Hatchery to develop
shrimp brood stock & acquired an Indian Ocean-
based tuna fishing fleet
9mths'10 2009 2008 2007 -2008 Bought 51% of Vietnam-based seafood
Net Income Before Tax 3,526.6 4,281.7 2,675.5 2,270.7 processor Yueh Chyang Canned Foods, Invested
in a 14.99% stake of Bombay-listed and the
Depreciation & Amortization 839.2 1,076.1 1,000.0 978.1 second largest Indian shrimp feed producer Avanti
Net Cash from Operating Activities 2,500.9 8,577.7 790.3 -1,651.5
Feeds and Broke the US$ 2 bn mark in sales
-2009 Relocated its long time American Samoa
Net Cash from Investing Activities -1,807.8 -2,036.5 -1,821.0 -2,454.5 facility to Lyons, Georgia, USA and Invested in a
50/50 venture (Avanti Thai Aqua Feed) with Avanti
Net Cash from Financing Activities -605.7 -7,461.1 2,086.5 4,120.0 Feeds in Gujarat, India
Effect of FX change on cash & equiv. 177.7 91.5 15.5 106.3 -2010 Acquired MW Brands (one of the biggest
and the most integrated canned seafood firm in
Net Inc/(Dec) in Cash 265.1 -828.4 1,071.3 120.3 Europe) which owns leading brands (John West,
Petit Navire, H. Parmentier & Mareblu) in UK,
Ireland, Holland, France and Italy
HISTORICAL BALANCE SHEET (Bt million)
Q3'10 2009 2008 2007 About TUF
Current Assets 25,696.3 24,217.3 28,816.1 23,497.1
Investment 519.7 488.6 366.9 346.4 FOR FURTHER INFORMATION,
Fixed & Other Assets 12,186.7 11,164.0 10,682.3 9,732.4 PLEASE CONTACT
Total Assets 38,402.7 35,869.9 39,865.3 33,575.9 WAI YAT PACO LEE
Current Liabilities 17,076.1 12,039.4 16,221.7 13,666.0 PARALEE SUKHATUNGKA
Non-Current Liabilities 2,188.6 5,419.8 7,412.9 5,340.2 TEL : (662)298-0024 EXT 670,680
Total Liabilities 19,264.7 17,459.2 23,634.6 19,006.2 FAX : (662)298-0553
Minorities’ Interests 2,155.2 2,079.6 1,868.4 1,483.7 [email protected]
Shareholders’ Equity 16,982.8 16,331.1 14,362.3 13,086.0 [email protected]

9m. 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001
Net Profit (Bt m) 2,521.4 3,343.8 2,200.5 1,823.3 1,901.3 2,082.4 1,932.9 2,279.3 1,549.0 1,505.6
Earning per share[EPS](Bt) 2.85 3.79 2.51 2.08 2.18 2.40 2.24 2.65 1.80 2.01
Dividend per share (Bt) 1.26 1.92 1.26 1.11 1.13 1.20 1.56 1.85 1.27 1.23
Dividend payout ratio 44% 51% 51% 53% 52% 50% 70% 70% 71% 61%

THAI UNION FROZEN PRODUCTS PCL.6