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Jun 14, 2017 - Asian Seafoods Coldstorage Public Company Limited. & its Subsidiaries .... o Serve as a “co-develop
Asian Seafoods Coldstorage PLC. Opportunity Day-14th June 2017 TUNA BUSINESS

FROZEN BUSINESS

FEED BUSINESS

PETFOOD BUSINESS

We are the right choice!

DISTRIBUTION BUSINESS

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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Agenda Asian Overview o o o o

Asian Business Major Events Asian Link Sustainable Issues

Asian Performance o 2016 Highlight o Q1/2017 Performance

Asian Ambition 2020 Asian 2017 Target Opportunity Day-14th June 2017

ASIAN OVERVIEW 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.Aekarat Punnasung MD-Asian

Mrs.Suree Jangsawat MD-Asian Surat

Mr.Hendrikus (Rik) Van Westendorp Executive Vice President & Chief Financial officer

Mr.Wallop Lomlimp MD-Asian Feed

Mr. Yasuto Togashi MD- Asian Alliance

Asian Business

Frozen Business

Tuna Business

Asian Seafoods Coldstorage PLC.

Asian Alliance International Co., Ltd.

Pet Food Business

Aqua culture Feed Business

Asian Alliance International Co., Ltd.

Asian Feed Co., Ltd.

Distribution Business Asian Food Co., Ltd.

Asian Seafoods Coldstorage (Suratthani) Co., Ltd. 4.6 billion baht Opportunity Day-14th June 2017

1.3 billion baht

1.6 billion baht 2016 Business Size

1.2 billion baht

0.4 billion baht

Major Events

1994 Registered Asian Seafoods Coldstorage PLC.

1964

2005

2012

Founded Asian Alliance International Co., Ltd.



2000s

1990s

Starting Business

1993

2006

Founded Asian Seafoods Coldstorage (Suratthani) Co., Ltd.



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Acquired Asian Feed Co., Ltd. Founded Asian Seafood Coldstorage (Sriracha) Co., Ltd.



2015

Founded Asian Food Co., Ltd. EMS Outbreak in Shrimp

2010s 2013 • •

AAI invested in Pet Food Line Step into readyto-cook/eat meal

2014 Asian Seafood Coldstorage (Sriracha) Co., Ltd. were closed

Quadruple Growth in Pet Food Turnaround of Asian Feed Co., Ltd.

• •

2015s 2016 • • • •

Implement ERP Sustainable sourcing & Good Labor Practice Established Nutrition Database in Pet Food & Feed Ambition 2020 were set

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

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Asian Seafoods Coldstorage PCL(Klongtoey) Asian Seafoods Coldstorage PCL (Samutsakorn) Asian Seafoods Coldstorage (Suratthani) Company Limited)

Frozen Business o Production capacity of 4,000 tons a year o Sillago and Sillago breaded products or tempura mostly distributed to Japanese customers o Brands that customer trust o Relationship to raw material sources o Coldstorage facility right in the center of BKK Opportunity Day-14th June 2017

Frozen Business o Production capacity of 24,000 tons per year

o Focuses on frozen shrimp and expands into a variety of valueadded products (ready-to-cook and ready-to-eat meal) o Provide full traceability on 100% non-IUU Fishmeal (in corporate with Asian Feed Co., Ltd.) o “4 Stars” certified shrimp products Opportunity Day-14th June 2017

Frozen Business o Production capacity of 18,000 tons per year o Focuses on Squid and raw ready-to-eat product (Sasimi) o It can fetch fresh materials as it situated close to the country’s important source of marine raw materials and the center of shrimp farms in southern part of Thailand

Frozen Products

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Frozen Products

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Frozen Products

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Frozen Trademarks

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Tuna Business

Tuna Business o Operated by Asian Alliance International Co., Ltd., located in Samutsakorn province o Annual production capacity of 45,000 tons o Traditional tuna product in cans and pouches, and Value added product (ready-to-eat) such as Tuna with rice meal o Quite new facilities compare to others which ready to expand Opportunity Day-14th June 2017

Tuna Products

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Brand we produce

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Petfood Business

Petfood Business o

Also operated by Asian Alliance International Co., Ltd. with annual production capacity of 15,000 tons.

o

Serve as a “co-developer” who understand customers and provide ideas for new products in variety of packaging.

o

With ERP system implementation, the main focus is to streamline operations by growing with the larger customer and reduce the number of small clients. The target segments are premium brand owners and private labels showing continued growth.

o

Fishmeal processing using by-products derived from processed tuna and wet pet food manufacturing process.

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Petfood Products

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Petfood Products

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Brand we produce

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Brand we produce

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Aquaculture Feed Business

Aquaculture Feed Business o

Asian Feed Co., Ltd. located in Petchaburi province

o

Manufactures and distributes aquaculture feed under its own trademarks

o

Production capacity of 60,000 tons of sinking pellet and 25,000 tons of floating pellet per year.

o

Advanced laboratory and 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.

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Aquaculture Feed Business o

Develop and implement research plan using Asian Group’s farm in Suratthani for both product quality and new farm model test

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Aquaculture Feed Trademarks

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Distribution Business

Distribution Business o

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

o

Our cold storage in Bangkok and Samutsakorn are also the hub for our food distribution business

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Asian Link

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Asian’s Sustainability o Product Quality and Services

o Human Development and Human Value o 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.

o Anti-Corruption Policy

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ASIAN PERFORMANCE Asian Seafoods Coldstorage Public Company Limited & its Subsidiaries

2016 Highlight

o

An excellent Q4 made up for a slow start of 2016, with full year results exceeding expectations.

o

Consolidated Sales Revenues in Q4/2016 amounted 2,896 million Baht, up 25% YoY. Main contributor were very strong sales volumes in the Frozen, Pet food and Aqua Feed segments.

o

Revenues for the full year 2016 reached 9,206 million Baht, a 16% increase compared to the previous year.

o

Gross Profit for the year was 8.4%, down from 9.6% the previous year.

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2016 Highlight

o

Consolidated Net Profit in Q4/2016 was 125 million Baht, a record high, and 149% higher y.o.y. This was mainly a result of big volumes and improved margins in commodity shrimp products and strong volumes in pet food

o

Net Profit for the full year 2016 was 155 million Baht, a15% decrease y.o.y. Less favorable exchange rate effects than in the previous year and higher allowances for receivables and inventories contributed to this.

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2016 Highlight

o

Asian’s policy is to finance around 50% of its requirements by long term funding to stabilized its financial source.

o

In July 2015 a 750 million BHT 2 year bond was successfully issued. First steps to balance its short term and long term financing.

o

In July 2016, a new 5-year loan of 750 million Baht was concluded. Also in July a 562.5 million 2-year bond was redeemed.

o

Asian’s balance sheet further strengthened. The Debt to Equity ratio decreased from 2.0 a year before to 1.9.

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Q1/2017 Highlight SALES VS. GROSS PROFIT 2,482 302

2,896 269

2,336 177

1,989

1,985 157

244

170

2,309

2,345 265

1,646 147

1,639 107

2,052 88

1,845 62

1,802 130

2,071 152

2,484 197

2,229

Gross (loss) Profit

(7)

83

2,099 143

2,505

2,909 85

2,823 145

2,558 205

67

2,011

Sales and Service Income

o

Sales revenues increased 25% y.o.y. to 2,482 million baht, mainly driven by higher volumes in petfood and aqua-feed, and higher prices of shrimp and squid.

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Q1/2017 Highlight

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o

Excellent first quarter 2017 with net profit of 106 million baht

o

Gross Profit margin was 12.2% versus 8.6% in the same quarter last year. Price increases of shrimp, squid and tuna could mostly be passed on to customers and an improved petfood – tuna product mix in the canning plant increased overall margins

Q1/2017 Highlight Sales By Business Segment Q1 2016 Q1 2017 %Growth Volume (Mt)

20,195

23,378

16%

Frozen business

4,015

3,675

-8%

Tuna Business

3,173

2,572

-19%

Pet Food & Fishmeal Business

2,730

4,465

64%

Aquaculture Feed Business

7,197

11,509

60%

Distribution business

3,080

1,157

-62%

2,110

2,655

26%

Frozen business

997

1,141

14%

Tuna Business

369

334

-10%

Pet Food & Fishmeal Business

331

630

90%

Aquaculture Feed Business

225

323

44%

Distribution business

188

227

21%

Revenues (Millions Baht)

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Q1/2017 Highlight o

Product Mix Development.

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Q1/2017 Highlight

o

Balance sheet ratios further improved. Net debt decreased to 3,045 million baht. Debt to equity ratio decreased to 1.8 and net debt to equity was 1.4 (1.9 and 1.5 at 31 December 2016 respectively).

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Frozen Q1/2017

o Sales revenues for the quarter increased 14% y.o.y. to 1,141 million baht, despite lower volumes shipped in mainly sillago fish. o As prices increased significantly and could generally be passed on to customers, the lower volumes were more than off-set, resulting in higher revenues and improved margins compared to the year before. Opportunity Day-14th June 2017

Tuna Q1/2017

o Canned Tuna volumes were y.o.y. down 19% and sales revenues were down 10%, with higher prices partly off-setting the lower volume. o The selective order intake as opposed to a volume approach the year before. o Purchase of tuna was matched with orders on hand did improve margin even though tuna price and availability are unpredictable. Opportunity Day-14th June 2017

Petfood Q1/2017

o Sales revenues were 630 million baht, almost double compared with the same quarter last year, 16% increases compared to a very strong 4Q16. o Volume mainly increased with customers in the premium market segment. o Improved in product mix and overall gross profit. o Capacity extension started in this quarter and will be completed by the end of Q3.

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Aquaculture feed Q1/2017

o Feed volumes strongly increased 60% y.o.y. to 11.5k MT, with strong growth both in shrimp feed and fish feed. o Sales revenues grew 44% y.o.y, reflecting lower average selling prices due to lower raw material costs and formula optimizations. o Margins remained good with improved market share as customer satisfied with our feed quality and service at competitive prices. Opportunity Day-14th June 2017

Distribution Q1/2017

o

Sales revenues increased to 227 million baht with lower volume at higher prices. Gross profit increased compared to the same quarter a year before.

o

Focus on selective products which matched to target margin.

o

Seeking for opportunity on acquisition both domestic area and aboard to strengthen group’s distribution channel.

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ASIAN AMBITION 2020 Asian Seafoods Coldstorage Public Company Limited & Its Subsidiaries

Ambition 2020

Sales (Billion Baht) Frozen Business Tuna Business Pet Food Business Feed Business Dirtribution Total Asian Group

2015 3.6 1.2 1.6 1.1 0.4 7.9

2016 4.6 1.4 1.6 1.2 0.4 9.2

Key Strategy/Success 2020 Target Shrimp and VAP 6 VAP 1.5 Co-Developer, Customer Relation 4 Sustainability, Fishmeal Substitution, Dry Feed 2 Acquistion 1 14.5

Consolidate GP

8.2%*

8.4%

10%-12%

Opportunity

Day-14th

June 2017

2015 GP excluding Fx Benefit

Ambition 2020

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Ambition 2020

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ASIAN 2017 TARGET Asian Seafoods Coldstorage Public Company Limited & Its Subsidiaries

2017 Sales Target

Sales (Billion Baht)

2016

Q1 2017

2017 Target

Frozen Business

4.6

1.1

5.1

Tuna Business

1.4

0.3

1.3

Pet Food Business

1.6

0.6

1.9

Feed Business

1.2

0.3

1.6

Distribution

0.4

0.2

0.6

Total Asian Group

9.2

2.7

10.5

8.4%

12.2%

10%

Consolidate GP Opportunity Day-14th June 2017

Thanks! Any questions?