Befreiender Konzernabschluss Zum Geschäftsjahr Vom 01.01.2021 Bis Zum 31.12.2021 - Thai Union Germany GmbHMünchen
| Published date | 30 Marzo 2023 |
| Section | Rechnungslegung / Finanzberichte |
| Issuer | Thai Union Germany GmbHMünchen |
Thai Union Germany GmbH
München
Befreiender Konzernabschluss zum Geschäftsjahr vom 01.01.2021 bis zum 31.12.2021
Thai Union Group PCL
Samut Sakhon/Thailand
1. Management Report
Business Overview
Business Operations and Performance
Our Vision
To be the world’s most trusted seafood leader, caring for our resources to nurture generations to come.
Our Mission
To be the seafood industry’s leading agent of change, making a real positive difference to our consumers, our customers and the way the category is managed.
Our Goal
We are committed to “Healthy Living, Healthy Oceans”. With a focus on health and wellbeing across our group’s portfolio, we will strengthen the growth and profitability of our core businesses and expand into new, attractive areas. We will continue to lead the industry on sustainability while attracting and retaining talent.
Thai Union Strategy
2021 Was Challenging, But We Continued To Deliver
2021 was a challenging year for our business and our people, as COVID-19 continued to impact supply chains around the world. Thai Union’s learning from previous years dictated that we stay the course and continue to execute the strategy towards 2025 (Strategy 2025). We continued our crisis management protocols around the world, to ensure employee safety and deliver value to our stakeholders. These protocols include comprehensive health & safety measures, planning for operational resilience as well as strict cash management and cost controls. During these times of “new normal”, we continue to track and address key trends, while our experience from the previous year has further strengthened our belief in and commitment to our Strategy 2025.
Thai Union’s Strategy 2025 builds on our determination to provide healthy and tasty products to consumers and on our commitment to industry-leading sustainability, and we continue to focus on “Healthy Living, Healthy Oceans”.
Our strategy remains unchanged through the pandemic, and consists of six elements to create long-term value, which will help us fuel and sustain profitable, organic growth and shift and future-proof our Group portfolio.
Growing The Core
Firstly, we aim to achieve moderate but profitable growth in our core business, with a relentless focus on managing costs. There are still substantial opportunities to grow in terms of both volume and value. We will achieve this via a three-pronged approach: tapping into existing and emerging white spaces through expanding our product ranges and optimizing our customer and geography mix; by selectively entering attractive adjacent categories; and by further developing and differentiating our value proposition especially in health and wellbeing. At the same time, we will continue the comprehensive agenda to continuously improve operations and reduce SG&A in our operations.
Diversifying Along Our Value Chains
Secondly, we will continue to diversify our Group portfolio by expanding into attractive businesses along our value chains. We are focused on further growing our pet care and feed businesses, as well as continuing to invest in research and development of alternative protein and supplements. Our feed business, Thai Union Feedmill (TFM) was spun-off and listed on The Stock Exchange of Thailand (SET) on October 2021, with the funds being utilized towards overseas expansion projects and to unlock the firm’s hidden value. In pet care, for example, i-Tail Corporation (ITC) launched new products (i.e. cat & dog drink, hamburger, pet purée treat) in key markets globally, and the Global PetCare Innovation Center (GPCI) continues to work closely with customers to co-develop new, innovative products, with the ultimate goal to bring health and longevity to the pets we serve.
Exploring New Horizons
Thai Union continues to build out new businesses that tap on the large opportunity to valorize our co-products and create high-margin and high-growth businesses. We have a unique strategic position in these businesses through our raw material access and innovation capabilities. Within this mandate, we will continue to expand our Thai Union Ingredients business, which produces a branded range of marine ingredients, including UniQTMDHA, and UniQTMBONE products. We will invest to grow into other ingredients and specialized products, including commissioning a new protein processing factory which started construction in June 2021. Thai Union also launched its supplements brand “ZEAvita” in Thailand in September 2021, focused on collagen, calcium and fish oil products. In addition to ingredients and supplements, Thai Union is exploring entering into other related businesses such as through partnerships with R&B Food Supply.
At Thai Union, we recognize that not all innovations can be developed internally, especially as the food-tech space has become increasingly dynamic. As a result, we continue to engage with, and support, global food-tech startups through our role as one of the founding members of SPACE-F, Thailand’s first food tech incubator/accelerator, as well as through Thai Union’s Corporate Venture Capital (CVC) fund.
Future-proofing Our Operations
We continue our efforts to strengthen our supply chain and operations, while increasing productivity and reducing our structural costs. We are investing in automation and artificial intelligence in order to further drive efficiency, increase quality, and improve decision-making with data digitalization. These initiatives have strengthened the resilience of our supply chain and ensured that we are well-positioned for the future. Additionally, we continue our programs to drive continuous improvement across our operations with detailed plans and clear line of sight on annual reduction of conversion costs.
Continuing Our Sustainability Leadership
We are proud to be recognized for our efforts in sustainability, not only in our own operations, but in the industry as a whole. Thai Union has been listed on the Food Products Industry Index of the Dow Jones Sustainability Indices (DJSI) for the past eight years and was ranked number one in the world in 2018 and 2019, and number two in 2020 and 2021. Thai Union was also ranked number one on the Seafood Stewardship Index (SSI) for the second year, which assessed the contribution of the world’s 30 largest seafood companies to the United Nations Sustainable Development Goals. We continue to be focused on operationalizing SeaChange®, our global, industry-leading sustainability strategy, across all parts of our business, and integrating sustainability within our “Healthy Living, Healthy Oceans” strategy. At the same time, we are driving the next stage of our sustainability strategy by expanding our work on ocean stewardship and developing our climate change response. Thai Union has also been paving the way for Blue Finance in Thailand by launching its inaugural Sustainability-Linked Loan which was followed by the successful pricing of its Sustainability-Linked Bond (SLB) for institutional investors - the first SLB in Thailand. With these efforts, we expect Thai Union to continue to be a sustainability leader.
Wellbeing And Capability Of Our Employees
At Thai Union, we are focused on improving employees’ wellbeing, productivity and capability. As COVID-19 continues in many regions, we continue to support our employees in this challenging situation, and have adapted the work environment across our offices and manufacturing locations to dynamically react to the respective local situation and requirements. We have also deployed initiatives to ensure employees are able to balance their personal and professional responsibilities, while prioritizing their emotional, mental and physical wellbeing.
In addition, we will continue to focus on talent development and strengthening our people capabilities, such as through the Thai Union Academy which focuses on upskilling and reskilling in high demand curriculums. In addition, we will continue our drive to increase employee engagement across all our businesses and employee demographics.
We will allocate our resources in a disciplined fashion in line with the above priorities. As we continue to deliver efficiencies in our core business, we are freeing up resources to provide fuel for growth, both for core product innovation, as well as for investment into new strategic growth areas.
We continue to actively manage our Group portfolio, investing in higher-growth and higher-margin businesses and are determined to fix underperforming businesses. We continue to be prepared to take decisive actions to improve or exit underperforming businesses. Any such actions are taken with full consideration and due diligence and in such a way as to minimize disruption and unlock the full potential of existing businesses.
While we primarily focus on investing in driving profitable growth organically, we continue to selectively look at acquisitions and partnerships to further our strategic priorities. For potential acquisitions we will focus on areas of high strategic interest, particularly in high-growth categories and regions.
With the above strategy we are balancing a focus on top-and bottom-line growth with building the foundations for the future. In a rapidly changing environment, we believe the key to Thai Union’s success is to continue building on our strengths; our access to naturally healthy and nutritious seafood, and our ability to lead the industry on innovation and sustainability. Thai Union will maintain an unwavering commitment to “Healthy Living, Healthy Oceans”.
Selected Brand Share in 2021
Financial Highlights
Amount (Billion Baht)
| Year | |||||
| 2021 | 2020 | 2019 | 2018 | 2017* e | |
| Sales | 141.0 | 132.4 | 126.3 | 133.3 | 134.9 |
| EBITDA | 14.9 | 13.0 | 10.2 | 9.5 | 11.6 |
| Net Profit attributable to owners of the parent | 8.0 | 6.2 | 3.8 | 3.3 | 6.0 |
| Total Assets | 166.6 | 1 | |||
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