MIRA INFORM REPORT
|
Report Date : |
15.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
THAI UNION FROZEN PRODUCTS PCL |
|
|
|
|
Registered Office : |
S.M. Tower, FL M, 979/12, Phaholyothin Rd., Samsennai, Phaya Thailand, Bangkok, 10400 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
17.03.1988 |
|
|
|
|
Legal Form : |
Public Parent Company |
|
|
|
|
Line of Business : |
manufacture and export
of frozen and canned seafood |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
Thai Union Frozen Products PCL
S.M. Tower, FL M, 979/12
Phaholyothin Rd., Samsennai,
Phaya Thai
Bangkok, 10400
Thailand
Tel: 66-2-2980024
Fax: 66-2-2980553
Synthesis
Employees: 1,241
Company Type: Public
Parent
Corporate Family: 15
Companies
Traded: Stock
Exchange of Thailand (Bangkok): TUF
Incorporation Date: 17-Mar-1988
Auditor: Ernst
& Young LLP
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2010
Reporting Currency: Thai
Baht
Annual Sales: 2,254.0 1
Net Income: 90.6
Total Assets: 2,480.6 2
Market Value: 1,645.3
(04-Nov-2011)
Business Description
Thai Union Frozen
Products Company Limited is a Thailand-based company engaged in the manufacture
and export of frozen and canned seafood. It serves both local and international
markets. The Company operates through six business areas: frozen and canned
food products, animal feeds and agricultural products, packaging products, food
business in domestic market, overseas investment, and fishing vessels. Its
exported products include canned, pouched, and seal-contained tuna, sardine,
mackerel and seafood, frozen shrimp, frozen tuna loin, frozen cephalopod,
frozen salmon, ready-to-eat frozen food and pet food. Within the country, the Company
offers fish and squid-based snacks, canned tuna and pet food under the brands:
Fisho, Sealect and Bellotta respectively. As of December 31, 2010, it had four
production factories in Samutsakhorn province. As of the same date, it had 27
subsidiary companies, with 17 companies in Thailand and 10 companies overseas.
For the six months ended 30 June 2011, Thai Union Frozen Products Public
Company Limited's total sale increased 42% to BAH47.57B. Net income increased
17% to BAH1.99M. Total sale reflects an increase in sales. Net income also
benefited from an increase in share of income from investment in associates and
interest income. The Company is engaged in the manufacture and exportof frozen
& canned seafood.
Industry
Industry Food Processing
ANZSIC 2006: 1120 - Seafood
Processing
NACE 2002: 1520 - Processing
and preserving of fish and fish products
NAICS 2002: 311711 - Seafood
Canning
UK SIC 2003: 1520 - Processing
and preserving of fish and fish products
US SIC 1987: 2091 - Canned and
Cured Fish and Seafoods
Key Executives
|
Name |
Title |
|
Ritthirong Bunmichot |
Managing Director of Shrimp Product Lines,
Director |
|
Sutthidet Amornkasemwong |
Deputy General Manager-Business Support |
|
Suphawan Kraiphoem |
Manager-Finance |
|
Attapan Masrungson |
Human Resources Manager |
|
Thiraphong Chansiri |
Chairman of the Executive Board, Director |
Significant Developments
|
Topic |
#* |
Most Recent
Headline |
Date |
|
Equity Investments |
1 |
Thai Union Frozen Products PCL Announces
Additional Investment in Subsidiary |
8-Nov-2011 |
|
Dividends |
2 |
Thai Union Frozen Products PCL to Pay H1
FY 2011 Dividend |
5-Aug-2011 |
* number of significant developments within the last 12 months
News
|
Title |
Date |
|
Thai Union
Frozen Q1 profit down |
18-May-2011 |
|
WSJ(3/16)
Crisis Adds New Risk To Global Recovery(2) |
15-Mar-2011 |
|
WSJ UPDATE:
Japan Disaster May Shake World Economy Longer-Term(2) |
15-Mar-2011 |
|
UPDATE:
Thai Union Frozen Products: 2011 Sales Likely Near $3 Bln |
15-Mar-2011 |
|
UPDATE:
Thai Union Frozen 2010 Net Profit Slides 14% |
1-Mar-2011 |
Financial Summary
As of 30-Jun-2011
Key Ratios Company Industry
Current Ratio (MRQ) 1.65 1.53
Quick Ratio (MRQ) 0.64 0.78
Debt to Equity (MRQ) 1.75 1.14
Sales 5 Year Growth 5.92 6.97
Net Profit Margin (TTM) % 4.32 7.06
Return on Assets (TTM) % 6.23 7.05
Return on Equity (TTM) % 16.10 21.45
Stock Snapshot
|
1 - Profit & Loss Item Exchange Rate: USD 1 = THB 31.72462
2 - Balance Sheet Item Exchange Rate: USD 1 = THB 30.145
Corporate Overview
Location
S.M. Tower, FL M, 979/12
Phaholyothin Rd., Samsennai,
Phaya Thai
Bangkok, 10400
Thailand
Tel: 66-2-2980024
Fax: 66-2-2980553
Quote Symbol - Exchange
TUF - Stock
Exchange of Thailand (Bangkok)
Sales THB(mil): 71,507.4
Assets THB(mil): 74,776.9
Employees: 1,241
Fiscal Year End: 31-Dec-2010
Industry: Food
Processing
Incorporation Date: 17-Mar-1988
Company Type: Public
Parent
Quoted Status: Quoted
Managing
Director of Shrimp
Product Lines, Director: Ritthirong
Bunmichot
Company Web Links
· Company Contact/E-mail
· Corporate History/Profile
· Employment Opportunities
· Executives
· Financial Information
· Home Page
· Investor Relations
· News Releases
· Products/Services
Contents
· Industry Codes
· Business Description
· Brand/Trade Names
· Financial Data
· Market Data
· Shareholders
· Subsidiaries
· Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
1120 - Seafood Processing
1192 - Prepared Animal and Bird Feed Manufacturing
3609 - Other Grocery Wholesaling
NACE 2002 Codes:
1572 - Manufacture of prepared pet foods
5138 - Wholesale of other food including fish, crustaceans and
molluscs
1520 - Processing and preserving of fish and fish products
NAICS 2002 Codes:
311711 - Seafood Canning
424490 - Other Grocery and Related Products Merchant Wholesalers
311111 - Dog and Cat Food Manufacturing
US SIC 1987:
5149 - Groceries and Related Products, Not Elsewhere Classified
2047 - Dog and Cat Food
2091 - Canned and Cured Fish and Seafoods
UK SIC 2003:
1520 - Processing and preserving of fish and fish products
5138 - Wholesale of other food including fish, crustaceans and
molluscs
1572 - Manufacture of prepared pet foods
Business
Description
Thai Union Frozen
Products Company Limited is a Thailand-based company engaged in the manufacture
and export of frozen and canned seafood. It serves both local and international
markets. The Company operates through six business areas: frozen and canned
food products, animal feeds and agricultural products, packaging products, food
business in domestic market, overseas investment, and fishing vessels. Its
exported products include canned, pouched, and seal-contained tuna, sardine,
mackerel and seafood, frozen shrimp, frozen tuna loin, frozen cephalopod,
frozen salmon, ready-to-eat frozen food and pet food. Within the country, the
Company offers fish and squid-based snacks, canned tuna and pet food under the
brands: Fisho, Sealect and Bellotta respectively. As of December 31, 2010, it
had four production factories in Samutsakhorn province. As of the same date, it
had 27 subsidiary companies, with 17 companies in Thailand and 10 companies
overseas. For the six months ended 30 June 2011, Thai Union Frozen Products
Public Company Limited's total sale increased 42% to BAH47.57B. Net income
increased 17% to BAH1.99M. Total sale reflects an increase in sales. Net income
also benefited from an increase in share of income from investment in
associates and interest income. The Company is engaged in the manufacture and
exportof frozen & canned seafood.
More Business
Descriptions
· Production and export of frozen and canned tuna, shrimp, cuttlefish and petfood
· Thai Union (Thailand) manufactures and exports frozen canned food.
· Seafood Product Preparation and Packaging
Brand/Trade Names
· Chicken of the Sea
· Sealect
· Puffie Pie
· Calico Jack
· Fisho
· Express Roll
· Ocean Wave
· Happy Tuna
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Corporate
Family |
Corporate
Structure News: |
|
|
|
|
Thai Union
Frozen Products PCL |
|
|
|
|
|
|
|
|
Company
Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Bangkok |
Thailand |
Food Processing |
2,254.0 |
1,241 |
|
|
Subsidiary |
Bangkok, Bangkok |
Thailand |
Food Processing |
|
5,180 |
|
|
Subsidiary |
Bangkok |
Thailand |
Food Processing |
|
4,500 |
|
|
Subsidiary |
San Diego, CA |
United States |
Food Processing |
250.0 |
2,200 |
|
|
Subsidiary |
Bangkok, Bangkok |
Thailand |
Food Processing |
|
1,000 |
|
|
Subsidiary |
Bangkok |
Thailand |
Food Processing |
1.0 |
100 |
|
|
Subsidiary |
Paris |
France |
Computer Services |
18.8 |
31 |
|
|
Subsidiary |
Milano, Milano (Milan) |
Italy |
Retail (Grocery) |
52.7 |
19 |
|
|
Subsidiary |
London |
United Kingdom |
Commercial Banks |
|
|
|
|
Subsidiary |
Liverpool |
United Kingdom |
Retail (Grocery) |
173.3 |
69 |
Executive report
|
Board of
Directors |
|
|
|
|
|||||
|
Chairman of the Executive Board, Director |
Chairman |
|
|||||
|
||||||||
|
Chairman of the Board |
Chairman |
|
|
||||
|
||||||||
|
Independent Director |
Director/Board Member |
|
|
||||
|
||||||||
|
Independent Director |
Director/Board Member |
|
|
||||
|
||||||||
|
Independent Director |
Director/Board Member |
|
|
||||
|
Independent Director |
Director/Board Member |
|
|
||||
|
||||||||
|
Director |
Director/Board Member |
|
|
||||
|
Managing Director of Shrimp Product Lines, Director |
Director/Board Member |
|
|
||||
|
||||||||
|
Director |
Director/Board Member |
|
|
||||
|
Director |
Director/Board Member |
|
|
||||
|
Executive Director |
Director/Board Member |
|
|
||||
|
||||||||
|
Executive Director |
Director/Board Member |
|
|
||||
|
||||||||
|
Director |
Director/Board Member |
|
|
||||
|
||||||||
|
Director |
Director/Board Member |
|
|
||||
|
||||||||
|
Director |
Director/Board Member |
|
|
||||
|
Independent Director |
Director/Board Member |
|
|
||||
|
||||||||
|
Executive Director |
Director/Board Member |
|
|
||||
|
||||||||
|
Independent Director |
Director/Board Member |
|
|
||||
|
||||||||
|
Director |
Director/Board Member |
|
|
||||
|
||||||||
|
Executive Director |
Director/Board Member |
|
|
||||
|
||||||||
|
Executives |
|
|
|
|
|||||
|
Deputy General Manager-Business Support |
Division Head Executive |
|
|||||
|
Managing Director of Shrimp Product Lines, Director |
Managing Director |
|
|||||
|
||||||||
|
Manager-Finance |
Finance Executive |
|
|
||||
|
Financial Controller |
Finance Executive |
|
|
||||
|
Finance Manager |
Finance Executive |
|
|
||||
|
Human Resources Manager |
Human Resources Executive |
|
|
||||
Significant Developments
Thai Union Frozen Products PCL Announces Additional Investment in
Subsidiary Nov 08, 2011
Thai Union Frozen
Products PCL announced that its Board of Directors has passed the resolutions
to approve the additional of investment ratio in PT. Juifa International Foods
Co., Ltd., a processor and exporter of canned tuna products in Indonesia, a
subsidiary of Thai Union Frozen Products PCL. from 76.5% to 88.78% by the
acquisition 3,315 shares at the book value price of PT. Juifa International
Foods Co., Ltd. as of September 30, 2011, from Mr. Lai Kuan Jsen, non-connected
persons pursuant to the related notification of the Stock Exchange of Thailand.
Thai Union Frozen
Products PCL to Pay H1 FY 2011 Dividend Aug 05, 2011
Thai Union Frozen
Products PCL announced that it is to pay an interim dividend for the first half
of fiscal year 2011 of THB 0.91 per share. Payment is to be made on August 30,
2011, to shareholders of record on August 18, 2011. THB 0.70 per share is not
subject to withholding tax. The Company paid a dividend of THB 1.00 per share
for the same period the year previous.
Thai Union Frozen
Products PCL to Pay Final FY 2010 Dividend Mar 01, 2011
Thai Union Frozen
Products PCL announced it is to pay final fiscal year 2010 dividends of THB
0.34 per share on May 4, 2011 to shareholders of record on March 24, 2011. The
Company paid final dividends for the year previous of THB 1.00 per share.
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Restated Normal |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate
(Period Average) |
31.724617 |
34.331774 |
33.367913 |
34.251325 |
37.915929 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
2,254.0 |
2,009.6 |
2,069.3 |
1,620.6 |
1,451.6 |
|
Sale |
2,254.0 |
2,009.6 |
2,069.3 |
1,620.6 |
1,451.6 |
|
Total Sale |
2,254.0 |
2,009.6 |
2,069.3 |
1,620.6 |
1,451.6 |
|
|
|
|
|
|
|
|
Cost of Sale |
1,953.6 |
1,705.4 |
1,806.8 |
1,399.4 |
1,229.2 |
|
Cost of Sale, Total |
1,953.6 |
1,705.4 |
1,806.8 |
1,399.4 |
1,229.2 |
|
Gross Profit |
300.4 |
304.2 |
262.4 |
221.2 |
222.4 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
190.7 |
181.8 |
175.7 |
153.0 |
153.8 |
|
Labor & Related Expense |
1.8 |
1.9 |
1.8 |
- |
- |
|
Total Selling/General/Administrative Expenses |
192.5 |
183.7 |
177.5 |
153.0 |
153.8 |
|
Interest Income -
Operating |
-0.2 |
-0.2 |
-0.4 |
-0.5 |
-0.2 |
|
Investment Income -
Operating |
-26.2 |
-11.7 |
-3.0 |
-5.5 |
-2.8 |
|
Interest/Investment Income - Operating |
-26.4 |
-11.9 |
-3.4 |
-6.1 |
-3.0 |
|
Interest Expense (Income) - Net Operating Total |
-26.4 |
-11.9 |
-3.4 |
-6.1 |
-3.0 |
|
Other Operating Expense |
0.2 |
0.1 |
0.4 |
0.1 |
0.2 |
|
Other, Net |
-15.4 |
-10.0 |
-11.2 |
-10.4 |
-7.7 |
|
Other Operating Expenses, Total |
-15.3 |
-9.9 |
-10.8 |
-10.3 |
-7.6 |
|
Total Operating Expense |
2,104.5 |
1,867.4 |
1,970.1 |
1,536.1 |
1,372.5 |
|
|
|
|
|
|
|
|
Operating Income |
149.6 |
142.3 |
99.2 |
84.5 |
79.1 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-24.1 |
-17.5 |
-19.0 |
-18.2 |
-16.0 |
|
Interest Expense, Net Non-Operating |
-24.1 |
-17.5 |
-19.0 |
-18.2 |
-16.0 |
|
Interest Income (Expense) - Net Non-Operating Total |
-24.1 |
-17.5 |
-19.0 |
-18.2 |
-16.0 |
|
Income Before Tax |
125.5 |
124.7 |
80.2 |
66.3 |
63.1 |
|
|
|
|
|
|
|
|
Total Income Tax |
19.8 |
12.6 |
3.2 |
7.7 |
3.5 |
|
Income After Tax |
105.7 |
112.2 |
77.0 |
58.6 |
59.6 |
|
|
|
|
|
|
|
|
Minority Interest |
-15.1 |
-14.8 |
-11.0 |
-5.4 |
-9.4 |
|
Net Income Before Extraord Items |
90.6 |
97.4 |
65.9 |
53.2 |
50.1 |
|
Net Income |
90.6 |
97.4 |
65.9 |
53.2 |
50.1 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
90.6 |
97.4 |
65.9 |
53.2 |
50.1 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
90.6 |
97.4 |
65.9 |
53.2 |
50.1 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
897.4 |
882.3 |
882.3 |
882.5 |
877.8 |
|
Basic EPS Excl Extraord Items |
0.10 |
0.11 |
0.07 |
0.06 |
0.06 |
|
Basic/Primary EPS Incl Extraord Items |
0.10 |
0.11 |
0.07 |
0.06 |
0.06 |
|
Dilution Adjustment |
-0.7 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
89.9 |
97.4 |
65.9 |
53.2 |
50.1 |
|
Diluted Weighted Average Shares |
905.2 |
882.3 |
882.3 |
885.4 |
882.5 |
|
Diluted EPS Excl Extraord Items |
0.10 |
0.11 |
0.07 |
0.06 |
0.06 |
|
Diluted EPS Incl Extraord Items |
0.10 |
0.11 |
0.07 |
0.06 |
0.06 |
|
Dividends per Share - Common Stock Primary Issue |
0.07 |
0.05 |
0.03 |
0.04 |
0.03 |
|
Gross Dividends - Common Stock |
62.9 |
49.2 |
33.1 |
36.5 |
25.0 |
|
Interest Expense, Supplemental |
24.1 |
17.5 |
19.0 |
18.2 |
16.0 |
|
Depreciation, Supplemental |
37.5 |
30.6 |
29.2 |
25.4 |
21.9 |
|
Total Special Items |
- |
- |
- |
0.4 |
0.0 |
|
Normalized Income Before Tax |
125.5 |
124.7 |
80.2 |
66.7 |
63.1 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
- |
- |
- |
0.0 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
19.8 |
12.6 |
3.2 |
7.7 |
3.5 |
|
Normalized Income After Tax |
105.7 |
112.2 |
77.0 |
59.0 |
59.6 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
90.6 |
97.4 |
65.9 |
53.6 |
50.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.10 |
0.11 |
0.07 |
0.06 |
0.06 |
|
Diluted Normalized EPS |
0.10 |
0.11 |
0.07 |
0.06 |
0.06 |
|
Amort of Acquisition Costs, Supplemental |
- |
- |
- |
0.4 |
0.0 |
|
Amort of Intangibles, Supplemental |
1.0 |
0.7 |
0.0 |
0.0 |
- |
|
Rental Expenses |
18.4 |
15.1 |
12.1 |
8.2 |
- |
|
Normalized EBIT |
123.2 |
130.4 |
95.8 |
78.4 |
76.2 |
|
Normalized EBITDA |
161.6 |
161.7 |
125.1 |
104.3 |
98.1 |
|
Current Tax - Domestic |
9.2 |
9.5 |
11.1 |
8.1 |
3.7 |
|
Current Tax - Other |
0.4 |
0.4 |
-0.5 |
0.2 |
0.3 |
|
Current Tax - Total |
9.6 |
9.9 |
10.6 |
8.3 |
4.0 |
|
Deferred Tax - Domestic |
10.2 |
2.6 |
-7.4 |
-0.6 |
-0.5 |
|
Deferred Tax - Total |
10.2 |
2.6 |
-7.4 |
-0.6 |
-0.5 |
|
Other Tax |
0.0 |
- |
- |
- |
- |
|
Income Tax - Total |
19.8 |
12.6 |
3.2 |
7.7 |
3.5 |
|
Defined Contribution Expense - Domestic |
1.2 |
1.1 |
1.2 |
1.0 |
0.8 |
|
Total Pension Expense |
1.2 |
1.1 |
1.2 |
1.0 |
0.8 |
|
Pension Payment Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Restated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate |
30.145 |
33.34 |
34.78 |
33.685 |
36.15 |
|
Auditor |
Ernst &
Young LLP |
Ernst & Young
LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
34.4 |
21.8 |
16.0 |
14.4 |
10.1 |
|
Short Term Investments |
- |
- |
28.8 |
0.0 |
- |
|
Cash and Short Term Investments |
34.4 |
21.8 |
44.8 |
14.4 |
10.1 |
|
Accounts Receivable -
Trade, Gross |
313.5 |
199.7 |
208.6 |
195.2 |
147.8 |
|
Provision for Doubtful
Accounts |
-7.7 |
-4.7 |
-4.4 |
-5.0 |
-3.6 |
|
Trade Accounts Receivable - Net |
305.8 |
195.0 |
204.3 |
190.2 |
144.3 |
|
Notes Receivable - Short Term |
0.0 |
0.0 |
0.5 |
0.1 |
0.9 |
|
Other Receivables |
42.7 |
8.1 |
8.9 |
4.3 |
5.4 |
|
Total Receivables, Net |
348.6 |
203.2 |
213.7 |
194.6 |
150.6 |
|
Inventories - Finished Goods |
491.0 |
322.5 |
379.9 |
332.2 |
243.7 |
|
Inventories - Work In Progress |
2.1 |
3.3 |
4.8 |
3.0 |
2.6 |
|
Inventories - Raw Materials |
213.1 |
159.2 |
177.5 |
140.2 |
90.3 |
|
Inventories - Other |
-11.8 |
-8.3 |
-9.4 |
-2.0 |
-2.4 |
|
Total Inventory |
694.5 |
476.7 |
552.9 |
473.4 |
334.2 |
|
Prepaid Expenses |
24.3 |
12.1 |
10.2 |
8.5 |
10.1 |
|
Other Current Assets |
26.1 |
6.5 |
7.0 |
6.7 |
4.9 |
|
Other Current Assets, Total |
26.1 |
6.5 |
7.0 |
6.7 |
4.9 |
|
Total Current Assets |
1,127.9 |
720.3 |
828.5 |
697.6 |
510.0 |
|
|
|
|
|
|
|
|
Buildings |
218.9 |
131.2 |
109.8 |
101.9 |
85.6 |
|
Land/Improvements |
52.9 |
36.8 |
35.0 |
35.4 |
29.4 |
|
Machinery/Equipment |
529.7 |
311.4 |
266.6 |
257.1 |
187.6 |
|
Construction in
Progress |
53.0 |
33.1 |
28.2 |
17.9 |
14.6 |
|
Other
Property/Plant/Equipment |
1.9 |
1.7 |
1.7 |
1.8 |
1.8 |
|
Property/Plant/Equipment - Gross |
856.5 |
514.2 |
441.4 |
414.1 |
319.1 |
|
Accumulated Depreciation |
-387.1 |
-234.5 |
-194.9 |
-182.9 |
-149.8 |
|
Property/Plant/Equipment - Net |
469.4 |
279.7 |
246.5 |
231.2 |
169.3 |
|
Goodwill - Gross |
378.0 |
8.7 |
- |
- |
8.1 |
|
Accumulated Goodwill Amortization |
0.0 |
0.0 |
- |
- |
-1.9 |
|
Goodwill, Net |
378.0 |
8.7 |
8.7 |
6.1 |
6.2 |
|
Intangibles - Gross |
455.8 |
36.1 |
33.1 |
32.5 |
- |
|
Accumulated Intangible Amortization |
-23.7 |
-14.7 |
-11.4 |
-11.6 |
- |
|
Intangibles, Net |
432.8 |
22.0 |
22.3 |
21.5 |
23.9 |
|
LT Investment - Affiliate Companies |
27.8 |
12.1 |
7.6 |
7.6 |
6.0 |
|
LT Investments - Other |
2.4 |
2.6 |
2.9 |
2.7 |
2.7 |
|
Long Term Investments |
30.2 |
14.7 |
10.5 |
10.3 |
8.7 |
|
Note Receivable - Long Term |
22.0 |
6.8 |
3.2 |
14.2 |
0.5 |
|
Deferred Income Tax - Long Term Asset |
16.5 |
15.7 |
18.7 |
11.0 |
10.2 |
|
Restricted Cash - Long Term |
0.4 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Long Term Assets |
3.3 |
8.0 |
5.3 |
4.9 |
12.6 |
|
Other Long Term Assets, Total |
20.2 |
23.7 |
24.1 |
15.9 |
22.8 |
|
Total Assets |
2,480.6 |
1,075.9 |
1,143.8 |
996.8 |
741.4 |
|
|
|
|
|
|
|
|
Accounts Payable |
202.0 |
84.0 |
101.0 |
93.2 |
60.2 |
|
Accrued Expenses |
36.6 |
19.6 |
17.4 |
16.1 |
11.8 |
|
Notes Payable/Short Term Debt |
277.5 |
168.0 |
309.7 |
266.5 |
149.4 |
|
Current Portion - Long Term Debt/Capital Leases |
123.3 |
50.5 |
6.5 |
5.3 |
2.5 |
|
Income Taxes Payable |
6.2 |
4.5 |
4.0 |
2.2 |
1.4 |
|
Other Current Liabilities |
49.1 |
34.5 |
27.7 |
22.4 |
22.0 |
|
Other Current liabilities, Total |
55.3 |
39.1 |
31.7 |
24.6 |
23.4 |
|
Total Current Liabilities |
694.7 |
361.1 |
466.4 |
405.7 |
247.5 |
|
|
|
|
|
|
|
|
Long Term Debt |
842.3 |
148.9 |
190.2 |
147.3 |
100.4 |
|
Total Long Term Debt |
842.3 |
148.9 |
190.2 |
147.3 |
100.4 |
|
Total Debt |
1,243.0 |
367.4 |
506.4 |
419.1 |
252.4 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
154.0 |
8.2 |
8.4 |
8.2 |
7.9 |
|
Deferred Income Tax |
154.0 |
8.2 |
8.4 |
8.2 |
7.9 |
|
Minority Interest |
75.3 |
62.4 |
53.7 |
44.0 |
40.2 |
|
Other Long Term Liabilities |
18.8 |
5.4 |
12.1 |
3.0 |
4.7 |
|
Other Liabilities, Total |
18.8 |
5.4 |
12.1 |
3.0 |
4.7 |
|
Total Liabilities |
1,785.0 |
586.0 |
730.9 |
608.3 |
400.8 |
|
|
|
|
|
|
|
|
Common Stock |
31.7 |
26.5 |
25.4 |
26.1 |
24.2 |
|
Common Stock |
31.7 |
26.5 |
25.4 |
26.1 |
24.2 |
|
Additional Paid-In Capital |
270.7 |
135.5 |
129.9 |
133.0 |
122.0 |
|
Retained Earnings (Accumulated Deficit) |
396.3 |
331.8 |
262.0 |
231.9 |
195.4 |
|
Unrealized Gain (Loss) |
-1.5 |
-1.0 |
-3.0 |
-0.4 |
-0.7 |
|
Translation Adjustment |
-1.6 |
-3.0 |
-1.4 |
-2.2 |
-0.3 |
|
Other Equity, Total |
-1.6 |
-3.0 |
-1.4 |
-2.2 |
-0.3 |
|
Total Equity |
695.5 |
489.8 |
412.9 |
388.5 |
340.6 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
2,480.6 |
1,075.9 |
1,143.8 |
996.8 |
741.4 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
956.3 |
889.3 |
889.3 |
884.9 |
880.1 |
|
Total Common Shares Outstanding |
956.3 |
889.3 |
889.3 |
884.9 |
880.1 |
|
Treasury Shares - Common Stock Primary Issue |
- |
- |
- |
0.0 |
- |
|
Employees |
1,241 |
- |
981 |
25,973 |
26,043 |
|
Accumulated Goodwill Amortization Suppl. |
0.0 |
0.0 |
- |
- |
1.9 |
|
Accumulated Intangible Amort, Suppl. |
23.7 |
14.7 |
11.4 |
11.6 |
- |
|
Total Operating Leases, Supplemental |
18.8 |
- |
9.0 |
- |
- |
|
Operating Lease Payments Due in Year 1 |
15.4 |
- |
3.2 |
- |
- |
|
Operating Lease Payments Due in Year 2 |
0.8 |
- |
1.3 |
- |
- |
|
Operating Lease Payments Due in Year 3 |
0.8 |
- |
1.3 |
- |
- |
|
Operating Lease Payments Due in Year 4 |
0.8 |
- |
1.3 |
- |
- |
|
Operating Lease Payments Due in Year 5 |
0.8 |
- |
1.3 |
- |
- |
|
Operating Lease Pymts. Due in 2-3 Years |
1.5 |
- |
2.6 |
- |
- |
|
Operating Lease Pymts. Due in 4-5 Years |
1.5 |
- |
2.6 |
- |
- |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
0.4 |
- |
0.5 |
- |
- |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate
(Period Average) |
31.724617 |
34.331774 |
33.367913 |
34.251325 |
37.915929 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
125.5 |
124.7 |
80.2 |
66.3 |
50.1 |
|
Depreciation |
38.0 |
31.3 |
30.0 |
28.6 |
24.1 |
|
Depreciation/Depletion |
38.0 |
31.3 |
30.0 |
28.6 |
24.1 |
|
Deferred Taxes |
- |
- |
- |
- |
-0.5 |
|
Unusual Items |
0.2 |
5.9 |
-0.2 |
-0.1 |
0.5 |
|
Equity in Net Earnings (Loss) |
-0.7 |
-1.4 |
-0.5 |
-0.1 |
-0.5 |
|
Other Non-Cash Items |
17.7 |
14.6 |
29.3 |
19.1 |
-2.7 |
|
Non-Cash Items |
17.2 |
19.1 |
28.5 |
18.9 |
-2.7 |
|
Accounts Receivable |
-20.9 |
13.5 |
-15.0 |
-41.5 |
4.1 |
|
Inventories |
-19.0 |
86.3 |
-91.0 |
-126.1 |
-23.9 |
|
Other Assets |
7.3 |
-1.9 |
-5.6 |
-0.8 |
2.0 |
|
Accounts Payable |
-10.8 |
-19.9 |
12.5 |
26.4 |
-4.5 |
|
Other Liabilities |
-9.8 |
9.2 |
10.0 |
2.7 |
-9.4 |
|
Other Operating Cash Flow |
-19.5 |
-12.5 |
-8.5 |
-22.7 |
- |
|
Changes in Working Capital |
-72.8 |
74.8 |
-97.6 |
-162.0 |
-31.8 |
|
Cash from Operating Activities |
107.9 |
249.9 |
41.1 |
-48.2 |
39.2 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-85.6 |
-57.7 |
-51.7 |
-72.3 |
-37.6 |
|
Purchase/Acquisition of Intangibles |
-0.5 |
-0.7 |
-1.4 |
-0.1 |
0.0 |
|
Capital Expenditures |
-86.1 |
-58.4 |
-53.0 |
-72.4 |
-37.6 |
|
Acquisition of Business |
- |
- |
0.0 |
-0.2 |
-2.8 |
|
Sale of Fixed Assets |
11.6 |
0.9 |
0.4 |
0.5 |
1.5 |
|
Sale/Maturity of Investment |
0.7 |
0.1 |
0.4 |
0.0 |
0.1 |
|
Purchase of Investments |
-895.4 |
-2.6 |
-2.7 |
-1.0 |
0.0 |
|
Other Investing Cash Flow |
-0.1 |
0.6 |
0.3 |
1.4 |
-0.2 |
|
Other Investing Cash Flow Items, Total |
-883.1 |
-1.0 |
-1.5 |
0.7 |
-1.4 |
|
Cash from Investing Activities |
-969.2 |
-59.4 |
-54.6 |
-71.7 |
-39.0 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-60.4 |
-24.5 |
-20.2 |
-4.8 |
-2.3 |
|
Financing Cash Flow Items |
-60.4 |
-24.5 |
-20.2 |
-4.8 |
-2.3 |
|
Cash Dividends Paid - Common |
-62.9 |
-41.7 |
-29.6 |
-31.5 |
-25.0 |
|
Total Cash Dividends Paid |
-62.9 |
-41.7 |
-29.6 |
-31.5 |
-25.0 |
|
Sale/Issuance of
Common |
117.0 |
0.0 |
1.2 |
2.2 |
2.2 |
|
Common Stock, Net |
117.0 |
0.0 |
1.2 |
2.2 |
2.2 |
|
Issuance (Retirement) of Stock, Net |
117.0 |
0.0 |
1.2 |
2.2 |
2.2 |
|
Short Term Debt Issued |
176.5 |
0.0 |
45.3 |
112.3 |
0.8 |
|
Short Term Debt
Reduction |
0.0 |
-145.7 |
-1.5 |
-2.7 |
-3.2 |
|
Short Term Debt, Net |
176.5 |
-145.7 |
43.8 |
109.5 |
-2.4 |
|
Long Term Debt Issued |
724.7 |
0.0 |
59.9 |
94.2 |
83.3 |
|
Long Term Debt
Reduction |
-47.3 |
-5.5 |
-10.0 |
-49.3 |
-74.2 |
|
Long Term Debt, Net |
677.4 |
-5.5 |
49.9 |
44.9 |
9.0 |
|
Issuance (Retirement) of Debt, Net |