Thai Union Group Public Company Limited · SET:TU
Thai Union Group Public — Thai Union Group PCL — FY2021 Earnings Presentation
70 slides from Thai Union Group Public's earnings presentation, Feb 24, 2022
Slide 1: Virtual Analyst Meeting for FY2021 Results
Virtual Analyst Meeting for FY2021 Results Thai Union Group PCL. February 24, 2022
Slide 2: Disclaimer
Disclaimer The information contained in our presentation is intended solely for 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
Slide 3: 2021 Key Highlights
2021 Key Highlights Slide 3 Virtual Analyst Meeting for FY2021 Results
Slide 4: CEO message on strong full-year 2021 performance
“ Thai Union achieved a strong full-year 2021 performance amid COVID-19, driven by solid sales push and enhanced profitability. Looking forward, we are focusing on growing our higher-margin businesses, automation, and unlocking the hidden value of our high-potential businesses. Thiraphong Chansiri P
Slide 5: Thai Union at a glance
Thai Union at a glance Leading global seafood company Healthy & consistent growth since Consistent dividends & prudent listing, with no quarterly net loss financial management • World’s leading seafood processor and • 2018-21 net profit* CAGR of 16% p.a. • Consistent dividend payments, semi- no. 1 l
Slide 6: 4Q21: All-time high quarterly revenue, solid net profit growth
4Q21: All-time high quarterly revenue, solid net profit growth, despite ongoing supply chain challenges and pandemic impact THB mn Sales Gross Profit Operating Profit Net Profit 38,501 7,023 1,976 1,930 Solid growth of 15.1% YoY GPM at 18.2%, up 24bps YoY OPM at 5.1%, down 66bps YoY NPM at 5.0%, up
Slide 7: 2021: Record KPIs, enhanced profitability, debt ratio at 0.99x
2021: Record KPIs, enhanced profitability, debt ratio at 0.99x 2021 Net profit soars Financial Summary1 +6.5% 28.3% YoY to (THB million) 141,048 THB 8,013 million 2020 2021 +9.9% 132,402 Share price movement +15.2% 25,727 20212 20222 23,418 (Jan – Dec 21) (Jan – Feb 22) +28.3% 14,928 +5.6% 12,959 +4
Slide 8: 2H21 final dividend of THB 0.50/share, FY2021 record-high
With robust net profit, TU announced 2H21 final dividend of THB 0.50/share, FY2021 record-high dividend of THB 0.95/share THB/Share 1.00 Final dividend for the period: 0.95 0.90 July 1 to December 30, 2021 60% 70% 57%57% 59%60% 58%57% 53% 52% 0.80 50%50% 51%51%50% 51% 50% DPS THB 0.50 0.72 50% 0.70
Slide 9: Our 2021 dynamic investment journey
Our 2021 dynamic investment journey Acquisition & minority Our joint-ventures Food-tech start-up Manage our global investment investment portfolio • One of the • Divestment of our MerAlliance world’s leading Poland to a local player. We cell-based recorded an impairment of • Acquired remaining 49% •
Slide 10: Our global production network remains at normal operations
Our global production network remains at normal operations Our global vaccine roll-outs in advanced progress Vaccines in the U.S., the U.K., and Seychelles are in advanced progress through co-programs with local authorities. In Thailand, 96% employees have received first dose and 88% are fully vacci
Slide 11: We have strengthened our CSR efforts in light of COVID-19
We have strengthened our CSR efforts in light of COVID-19 COVID-19 has presented a unique challenge for the whole world over the past two years. We will continue to help as a company, and in partnership with public and private organizations, for as long as needed to those in need, as we manage our w
Slide 12: Continue supporting our global communities
Continue supporting our global communities Placeholder for graphic (paste graphic, crops to H19.05*W10.5) (add TU logo) Thai Union and Samut Sakhon Provincial Office of Nature Resources and Environment, along with 50 volunteers joined a coastal cleanup in Samut Sakhon, Thailand, as part of a global
Slide 13: Recognized with over 37 awards in 2021
We are proud to be recognized with over 37 awards across multiple categories in 2021 Key highlight awards Best Innovation, Sustainability, IR Best CEO, CFO, IR, CSR in Global Product of the Year: Blue Finance in SET Awards 2021 Banking & Finance Awards 2021 in Business+ Awards 2021 Best Investor Eve
Slide 14: 2021 Financial Results
2021 Financial Results Slide 14 Virtual Analyst Meeting for FY2021 Results
Slide 15: CFO message on exceptional year in 2021
“We continued to deliver an exceptional year in 2021, with an all-time high revenue and solid net profit and a margin uplift, despite supply chain pressures and inflation. Efficient cost management continues to be a key focus area towards our targets for 2022. Ludovic Garnier, ” Group CFO Slide 15 V
Slide 16: Delivered consistently high gross margin and robust net profit
Delivered consistently high gross margin and robust net profit 4Q21 Key Takeaways • Sales growth of 15.1% YoY, driven by Frozen & chilled business recovery in the All-time high U.S., continued increase in sales of PetCare & value-added business, as well as quarterly top line resilient sales growth i
Slide 17: Our great achievements on sustainable finance
Our great achievements on sustainable finance Our Blue Portfolio target on long-term 1st ever Blue Finance Portfolio* in Thailand financing (USD 1.4bn or THB 45bn) Long-term financing USD840mn or THB 27bn in 2021 ✓ Issued THB12bn 5-year sustainability-linked loans (SLL) in Thailand and Japan during
Slide 18: Top line growth for eight consecutive quarters
Top line growth for eight consecutive quarters, with gross margin enhancement Total sales (THB mn) GPM NPM 19.0% 18.2% 18.2% 18.0% 17.7% 18.0% 18.2% 20.0% 60,000 16.7% 15.9% 16.1% 16.2% 18.0% 15.8% 14.8% 14.5% 14.2% 14.9% 14.9% 14.0% 16.0% 50,000 13.8% 14.0% 11.6% 38,501 40,000 34,400 34,847 34,733
Slide 19: Managing global supply chain challenges
We are prudently managing the global supply chain challenges Logistics Packaging & Ingredients Our solutions Rising freight costs and container Key raw material prices of packaging Our strategies have helped mitigate the shortages were key headwinds in 2021 and ingredients remain a key challenge imp
Slide 20: Tuna price inflation in the past few months
We have seen tuna price inflation in the past few months 2,400 Tuna raw material price (USD/ton) +1.5% YoY 2,200 2,000 FY2020 FY2021 1,385 1,406 1,800 1,600 3Q17 4Q17 Jan 2022 1,400 1,600 2Q17 2,010 2,033 2Q18 1Q17 1,763 1Q18 4Q21 1,200 1,667 1Q19 1Q20 3Q20 1,633 1,577 3Q184Q18 1,453 1,500 4Q20 1Q21
Slide 21: Our diversified three core businesses remain prosperous
Our diversified three core businesses remain prosperous Sales (THB bn) 4Q20 3Q21 4Q21 2019 2020 2021 +6.5% +4.9% +21.0% 16.6 +11.7% 141.0 15.0 15.1 14.8 14.4 132.4 13.7 126.3 +27.2% 6.7 5.3 5.7 Ambient Seafood Frozen and Chilled Seafood PetCare, Value added and Total other products GPM 20.1% 20.7% 2
Slide 22: Ambient seafood: Healthy topline growth and improving margin
Ambient seafood: Healthy topline growth and improving margin Sales (THB mn) Quantity (tons) +14.2% +1.2% -6.0% YoY -10.9% YoY +4.9% YoY -5.4% YoY +1.3% QoQ 62,724 58,955 +3.2% QoQ 392,563 349,616 87,58093,652 86,197 88,959 13,268 14,440 13,580 15,272 14,954 15,149 57% 85,865 88,595 46% 47% 59% 42% B
Slide 23: Frozen and chilled seafood: Sales growth and margin recovery
Frozen and chilled seafood: Sales growth and margin recovery Sales (THB mn) Quantity (tons) +13.2% -2.4% +21.0% YoY +17.8% YoY +4.9% YoY +10.9% YoY +12.0% QoQ 58,417 -5.8% QoQ 291,609 49,605 262,924 14,691 13,738 14,869 14,84316,628 38% 12,076 38% 37% 74,436 69,236 78,791 77,100 36% 35% 40% 72,637 7
Slide 24: PetCare, value-added and others: Continued solid growth
PetCare, value-added and others: Continued solid growth & GPM Sales (THB mn) +37.3% Quantity (tons) +0.6% +17.9% YoY +1.2% YoY +27.2% YoY -0.7% YoY 23,675 +17.1% QoQ +10.9% QoQ 286,601 289,983 20,073 6% 5% 6% 5% 6,724 74,452 75,409 72,957 74,603 74,880 5,469 5,741 5,742 6% 67,542 4,896 5,287 5% 7% 7
Slide 25: 4Q21 revenue component
4Q21 revenue component: All three categories grew firmly +17.2% THB mn +1.9% YoY +15.1% YoY +503 38,501 +1,135 +454 +5% +711 +874 +9% +1,529 -161 +24% -114 +21% 33,464 +559 -1,189 +897 -11% 33,464 +215 -9 -20 -80 -5% +51% 32,854 +342 32,854 +2% 0% -3% -19% +18% -0.9% YoY +10.3% YoY Before currency i
Slide 26: 2021 revenue component
2021 revenue component: Frozen seafood and PetCare & value-added grew, while ambient seafood normalized +11.7% THB mn +4.9% YoY +6.5% YoY +2,256 141,048 +1,090 +1,051 +6% +2,313 +6,601 -3,180 +2% +1,335 132,402 +13% +1,370 +1,319 +534 +19% 132,402 -4,821 +1,337 +4,482 +16% 126,275 +8% 126,275 +31% +
Slide 27: Red Lobster operations recovered significantly in 4Q21
Red Lobster operations recovered significantly in 4Q21 Remains under close monitoring due to Omicron variant, inflation and labor shortage Share of profit THB mn 4Q21 3Q21 2Q21 1Q21 4Q20 2021* 2020 2019 2018 (THB mn) Share of profit Operations -178 -1,188 -142 -128 -147 -63 -49 81 -321 from operatio
Slide 28: 2021 delivered all-time high net profit
2021 delivered all-time high net profit +82.6% Net Profit • 4Q21 reported net profit was at THB 1,930mn, THB mn +32.5% YoY 14.0% up 32.5% YoY, driven by: -0.3% QoQ 12.0% 10.0% • A strong core business, particularly frozen & 2,343 chilled seafood with robust top line growth, 1,937 1,930 1,803 8.0% co
Slide 29: 4Q21 and 2021 adjusted net profit also grew significantly
4Q21 and 2021 adjusted net profit also grew significantly Adjusted Net Profit • 4Q21 adjusted net profit was THB 2,001mn, THB mn +62.7% 20.0% up 24.8% YoY. The one-off items were: +24.8% YoY +6.8% QoQ 18.0% • MerAlliance Poland restructuring cost of THB 154mn (mainly booked at COGS), after 16.0% 14.
Slide 30: Net debt increased by THB 9.2bn from negative NWC change
2021: Despite high EBITDA, net debt increased by THB 9.2bn from negative NWC change, dividend payment, and investments ND/E 0.94x Income tax paid and other investing & ND/E 0.99x Free Cash Flow THB 3,445 mn Kd = 2.91% financing activities Kd = 2.62% THB mn 5,786 61,318 4,214 52,129 1,959 3,730 883 -
Slide 31: Improved profitability ratio, debt ratio within target
Improved profitability ratio, temporary net debt increase from soaring NWC, debt ratio remained within our target ROE INV Days 135 133 Net Debt to EBITDA 126 125 124 15.5% 16.2% 15.8% 16.1% 14.1% 4.11 Target 4.39 4.0-4.5 38,546 39,195 42,566 45,409 46,636 4.02 3.87 3.91 4Q20 1Q21 2Q21 3Q21 4Q21 4Q20
Slide 32: 2022 Outlook
2022 Outlook Slide 32 Virtual Analyst Meeting for FY2021 Results
Slide 33: A well-balanced, diversified business portfolio
A well-balanced, diversified business portfolio We are expanding our core to higher margin, new value-enhancing areas Ambient seafood Frozen & chilled seafood PetCare & value-added business Core Ingredients Supplements Alternative protein Value-enhancing businesses Slide 33 Virtual Analyst Meeting f
Slide 34: Key steps to our 2025 corporate strategy
Key steps to our 2025 corporate strategy Strengthening our core business Flexible Healthy Living, Performance improvement programs for packaging for PetCare: Expand further branded business “Healthy Living” food products into private label, innovative Healthy Oceans product portfolio segments and ad
Slide 35: Culinary project
Culinary project New, automated, ready-to-eat production line, serving customers globally in 2022 We are consolidating three existing factories into a single, totally new plant with more automation and increased production efficiency. (1) Pakfood (Asia-Pacific), (2) Thai Union (Meal & Bakery), Thai
Slide 36: Protein hydrolysate and collagen peptide plant
Protein hydrolysate and collagen peptide plant Expanding our portfolio to serve fast-growing markets in Asia Protein hydrolysate and collagen peptide plant Protein hydrolysate and collagen peptide, made from 100% natural tuna parts Applications in animal nutrition, functional food, cosmetics, and su
Slide 37: Driving efficiency and cost competitiveness through automation
Driving efficiency and cost competitiveness through automation Utilizing automation to reduce cost and improve production efficiency • Automated machines for frozen shrimp value-added products resulted in higher production output and lower cost per unit Shrimp frying production Automated shrimp brea
Slide 38: Growing our Healthy Living portfolio
Growing our “Healthy Living” portfolio across key businesses Innovation-driven products, focused on healthy consumer trends & profitability Ambient seafood Frozen & chilled seafood Continued expanding our Increased demand “Healthy Living” for value-added portfolio frozen seafood PetCare & value- Alt
Slide 39: New, innovative products launched
New, innovative products launched ZEAVITA, LISA DHA SHOT, ZEA TUNA Essence Own brand JV products LISA DHA SHOT 600mg DHA content: Essential for Collagen Immunity Calcium Fish oil brain, eye, and heart health Suitable for everyone: Kids, adults, elderly and pregnant Quality ingredients: Natural cold-
Slide 40: Milestones from Global PetCare Business to i-Tail Corporation
Our milestones from Global PetCare Business to i-Tail Corporation Thai Union Group has GPC is transformed to To be possibly listed in been operating pet food i-Tail Corporation (ITC) the Stock Exchange of business for over 44 years as a separate entity Thailand (SET) in 3Q22 2020 2020 1977 2015 2015
Slide 41: Two new strategic joint ventures in 1Q22
We announced two new strategic joint ventures in 1Q22 Avanti Group • Thai Union (TU), R&B Food Supply PLC (RBF) and • Thai Union Manufacturing (TUM) agreed to launch a new Srinivasa Cystine Private Limited (SCPL – an associate joint venture (JV) with JWD InfoLogistics Pcl’s company of Avanti Group)
Slide 42: Investing in food-tech startups to drive innovation
We continue to invest in food-tech startups to drive innovation At Thai Union, we continue to build an ecosystem to drive innovation in the food industry: • Space-F welcomed 19 startups to our 3rd cohort with 50% coming from overseas SPACE-F • The 3rd cohort consists of 9 accelerator and 10 incubato
Slide 43: Strategic initiatives to mitigate Omicron, higher COGS and labor
Strategic initiatives are in progress to partially mitigate the challenges from Omicron, higher COGS and labor Some immediate actions to address the Omicron variant • Initiatives to drive up the guest count • Cash preservation measures • Focus on safety for all employees Strategic initiatives 1 Win
Slide 44: Our 2022 guidance
Our 2022 guidance Sales 4 – 5% YoY growth Gross profit margin ~ 18.0 – 18.5% SG&A to sales ~ 12.0 – 13.0% Placeholder for graphic Effective interest No material change rate from 2021 (paste graphic, crops to H19.05*W10.5) (add TU logo) CAPEX ~ THB 6.0bn Dividend policy At least 50% dividend payout r
Slide 45: SeaChange - A vision towards 2025 and beyond
SeaChange® - A vision towards 2025 and beyond SAFE & LEGAL RESPONSIBLE RESPONSIBLE PEOPLE & Our Key Pillars and progress LABOR SOURCING OPERATIONS COMMUNITIES Providing safe, legal and freely- Traceability is the key to improving The way we operate must be At Thai Union, we take chosen employment in
Slide 46: Appendix
Appendix Slide 46 Virtual Analyst Meeting for FY2021 Results
Slide 47: Higher tuna and salmon prices YoY, cost managed efficiently
Despite higher tuna and salmon prices YoY, we continued to manage cost efficiently in 4Q21 Salmon (NOK/kg) 2,500 Tuna (USD/ton) 100 2,300 2,100 90 Upward trend in 4Q21 due to Fluctuation in the range of 1,200 – suppliers facing algal bloom 1,900 1,500 USD/ton, with inflation in 4Q21 issue 80 1,700 4
Slide 48: Thai Baht depreciation YoY supported strong sales growth
Thai Baht depreciation YoY supported strong sales growth in 4Q21 38.0 48.0 37.0 USD/THB 47.0 GBP/THB GBP has been 46.0 appreciating against 36.0 THB since 3Q19 USD continued to 45.0 35.0 appreciate against THB 44.0 34.0 43.0 33.0 42.0 4Q21 3Q21 32.0 1Q17 41.0 4Q21 2Q17 33.4 40.0 1Q172Q173Q174Q171Q18
Slide 49: Sales growth driven by frozen seafood and PetCare
Sales growth driven by frozen seafood and PetCare & value-added businesses Sales +17.2% • 4Q21 robust sales growth of 15.1% YoY, THB mn driven by: +10.3% YoY +15.1% YoY Before currency impacts • Frozen and chilled seafood business delivered +8.3% QoQ strong growth of 27.2% YoY, thanks to the food 38
Slide 50: Strong sales growth from the U.S. and Thailand
Strong sales growth from key regions: the U.S. and Thailand Sales Breakdown by Geographic • 2021 higher sales contribution from key regions, 100% 13% 15% 15% 15% 14% 13% Others including the U.S., Thailand, and Europe 6% 6% 5% 5% Japan 80% 8% 6% 9% 11% 6% 10% 10% Domestic • The U.S., Thailand, and E
Slide 51: Consistently high gross profit and gross margin
Consistently high gross profit and gross margin Gross Profit +32.8% THB mn • 4Q21 gross profit and GPM remained at a high +16.6% YoY 30.0% level, thanks to: +9.9% QoQ 28.0% 26.0% • Frozen and chilled seafood gross profit soared at 6,805 7,023 6,023 6,391 24.0% 24.5% growth YoY, from a recovery of fo
Slide 52: Operating profit grew amidst rising freight costs
Operating profit grew reasonably well amidst rising freight costs Operating Profit* +28.6% THB mn +2.0% YoY • 4Q21 operating profit increased by 2.0% YoY: 20.0% +4.8% QoQ 18.0% • SG&A expenses increased 23.6% YoY, or 16.0% 2,524 14.0% THB 962mn, mainly due to sharp rising logistic 1,938 1,871 1,885
Slide 53: Healthy EBITDA, driven by FX gains and business recovery
Healthy EBITDA, driven by FX gains and business recovery EBITDA* +29.9% THB mn +16.0% YoY • 4Q21 EBITDA at THB 3.6bn, up 16.0% YoY: 28.0% -5.1% QoQ • 4Q21 FX gains of THB 136mn vs. THB 38mn in 23.0% 4Q20, explained by THB depreciation against 4,135 3,780 3,092 3,426 3,587 18.0% key currencies. 2,761
Slide 54: EPS rose greatly on the back of higher net profit
EPS rose greatly on the back of higher net profit Earning per Share (EPS)* THB +79.9% • 4Q21 EPS was at THB 0.40, up 35.9% YoY, +35.9% YoY driven by robust net profit YoY. -0.3% QoQ • 2021 new-high EPS was at THB 1.66, up 0.49 31.5% YoY, thanks to our strong core operations, 0.37 0.40 0.40 cost effi
Slide 55: 4Q21 free cash flow remained positive
4Q21 free cash flow remained positive, despite being impacted by high net working capital Quarterly Free Cash Flow • 4Q21 free cash flow remained positive after a THB mn temporary impact from higher net working capital (due to raw material price inflation, 3,621 higher inventory of finished goods, g
Slide 56: Majority THB funding, reducing currency risk
Majority THB funding, reducing risk associated to currency volatility Interest-bearing debts of THB 71.0bn By Currency By Maturity JPY 0.0% 1.4% EUR 1.5% 14% 1.5% USD 0.0% Short-term loan 12.6% 23% 21% Current portion of long-term 14% debt & finance THB 98.5% lease 84.5% Long-term debt 63% 65% 2020
Slide 57: 3 strategic business categories
3 strategic business categories Total 2021 sales: THB 141,048 mn Ambient seafood Frozen & chilled seafood and related PetCare, value-added and others Sales: THB 58,955 mn Sales: THB 58,417 mn Sales: THB 23,675 mn Sales Split Sales Split Sales Split 17% 6% 42% 41% 38% 59% 41% 62% 94% Brand Brand Bran
Slide 58: Geographic diversity: 2021 Sales
Geographic diversity: 2021 Sales Europe United States and Canada 28% 45% Pacific Ocean Pacific Ocean Atlantic Ocean Others Thailand 17% Indian Ocean (Asia, Australia, Middle East, Africa and South America) 10% Slide 58 Virtual Analyst Meeting for FY2021 Results
Slide 59: US & Canada: Organic sales increased with FX gains
US & Canada: Organic sales increased with FX gains Sales THB mn +24.8% +15.7% YoY +9.2% YoY +7.1% QoQ 62,700 60000 57,422 17,177 15,571 16,042 50000 13,769 14,851 13,911 40000 30000 20000 10000 0 4Q19 4Q20 1Q21 2Q21 3Q21 4Q21 2020 2021 • 4Q21 and 2021 North America sales increased 15.7% YoY and 9.2%
Slide 60: Europe: Strong topline, supported by ambient seafood and FX
Europe: Strong topline, supported by ambient seafood and FX Sales THB mn +34.1% 60000 +4.1% YoY +10.5% YoY 50000 +6.8% QoQ 40000 38,361 39,927 10,800 10,031 10,709 30000 9,688 7,986 8,387 20000 10000 0 4Q19 4Q20 1Q21 2Q21 3Q21 4Q21 2020 2021 • 4Q21 EU sales increased 10.5% YoY, thanks to higher sell
Slide 61: Thailand: Sales rebounded after pandemic impact
Thailand: Sales rebounded nicely after pandemic impact Sales THB mn +1.6% 30000 +27.4% YoY 25000 +9.7% YoY +27.0% QoQ 20000 14,591 15000 13,304 4,039 3,628 3,631 4,101 3,219 3,230 10000 5000 0 4Q19 4Q20 1Q21 2Q21 3Q21 4Q21 2020 2021 • 4Q21 and 2021 Thailand sales recovered 27.4% YoY and 9.7% YoY, re
Slide 62: Emerging Markets and rest of the world
Emerging Markets (EM) and rest of the world: Frozen and PetCare businesses grew well Sales THB mn +1.6% +14.2% YoY 40000 +2.2% YoY 35000 +4.4% QoQ 30000 23,830 25000 23,316 20000 6,411 5,706 5,881 6,237 6,513 5,198 15000 10000 5000 0 4Q19 4Q20 1Q21 2Q21 3Q21 4Q21 2020 2021 • 4Q21 EM and rest of worl
Slide 63: 4Q21 Category profitability
4Q21 Category profitability Business category Sales Margin Gross profit THB mn % THB mn Ambient seafood 15,149 22.7 3,444 • Tuna • Sardine and mackerel (4Q20: 14,440) (4Q20: 20.1%) (4Q20: 2,908) • Ambient and pouched salmon Frozen and chilled seafood • Shrimp and related 1 16,628 11.7 1,941 • Lobste
Slide 64: 2021 Category profitability
2021 Category profitability Business category Sales Margin Gross profit THB mn % THB mn Ambient seafood 58,955 21.4 12,638 • Tuna • Sardine and mackerel (2020: 62,724) (2020: 21.1%) (2020: 13,261) • Ambient and pouched salmon Frozen and chilled seafood • Shrimp and related 1 58,417 11.8 6,872 • Lobs
Slide 65: Share capital information
Share capital information Stock Performance at a Glance Major Shareholders Bloomberg/ Reuters TU TB/ TU.BK As of December 30, 2021 Share price (21 February 2022) THB 20.90 Others, Historical closing price 48.5% 52-week high THB 23.00 Chansiri 52-week low THB 13.50 Family, Social Security 19.6% No. o
Slide 66: 4Q21 Income statement
4Q21 Income statement * Slide 66 Virtual Analyst Meeting for FY2021 Results
Slide 67: 2021 Income statement
2021 Income statement * Slide 67 Virtual Analyst Meeting for FY2021 Results
Slide 68: Statement of Financial Position as of December 31, 2021
Statement of Financial Position as of December 31, 2021 Remark: *Including short-term investments Slide 68 Virtual Analyst Meeting for FY2021 Results
Slide 69: 2021 Statement of cash flow
2021 Statement of cash flow Remark: *Figures as reported in February 2022 Slide 69 Virtual Analyst Meeting for FY2021 Results
Slide 70: Thank You!
Thank You! Slide 70 Virtual Analyst Meeting for FY2021 Results