Thai Union : Form 56-1 One Report 2023 (Annual Report)

2	Introduction	01 Business Operations	02 Corporate	03 Financial Report	04 Attachment	56-1 ONE REPORT 2023	THAI UNION GROUP PUBLIC COMPANY LIMITED	3
	and Performance	Governance

Content

COMPANY PROFILE	5
MESSAGE FROM OUR CHAIRMAN	6
MESSAGE FROM OUR PRESIDENT AND CEO	8
	Business Operations and Performance	10		Corporate Governance	122
01	Group Stucture and Operations	11	06	Corporate Governance Policy	123
	Thai Union's Footprint	12		Overview of Policy and Principles of Good Corporate Governance	124
	Our Purpose and Our Vision	15		Business Code of Conduct	139
	Thai Union Stategy	16		Changes and Significant Developments in Policy, Practice and Governance in the Past Year	140
	Corporate History and Development	18
	Our Brand Portfolio	22	07	Corporate Governance Structure and Key Information Concerning	142
	Selected Brand Share in 2023	30		the Board of Directors, Sub-committees, Executives and Employees, etc.
	Financial Highlights	32		Corporate Governance Structure	143
	Awards and Recognitions	34		Information of the Board of Directors	144
	Innovation at Thai Union	42		Thai Union Board Skill Matrix 2023	147
	Thai Union Ingredients	46		Sub- Committees	160
	Quality and Food Safety	48		Information of Excutive	167
				Information Related to Employees	171
Our Business	50		Other Important Information	175
	Our Core Product Categories	50
	Sales Breakdown	55	08 Corporate Governance Report	176
	Group Business Structure	56		Performance Report on Corporate Governance for the Year 2023	177
	Details of the Company, Its Subsidiaries and Associated Companies and Joint Ventures	60		Report on Performance of the Audit Committee in 2023	187
	Shareholding Structure	66		Summary Performance of Other Subcommittees	190
	Sales Structure of Thai Union and Subsidiaries	67
	Investment Promotion Act	68	9.Internal Control and Connected Transactions	198
	Industry Overview	70		Internal Control	199
	Factories and Capacity	76		Connected Transactions	202
	Pending for Delivery Note	77
	Dividend Policy	77
	Debentures of Thai Union Group Public Company Limited	78		Financial Report	210
02	Risk Management	80	Independent Auditor's Report	212
Financial Report	220
	Risk Management Policy and Governance	81
	Risk Factors on Business Operations	84

03	Sustainability at Thai Union	99
	Overview of SeaChange® Sustainability Strategy:	101
	Objectives, Programs and Key Progress
	Impact Management to stakeholders in the Business Value Chain	102
	Thai Union's Environmental Policies and Social Policies and Impacts	106
04	Management Discussion and Analysis	112
05	General and Important Information	120
	References	120
	Information Influencing Investors' Decisions	121
	Litigation	121

Attachment	320
Attachment 1 : Information and Detail of Directors, Executive, People who are Assigned the	321
Highest Responsibility in Accounting and Finance, Compliance and Risk
Management Committee's Secretary
Attachment 2 : Details of the Directors of the Subsidiaries	347
Attachment 3 : Detail of Head of the Internal Audit	352
Attachment 4 : Assets Used in Business Operation	353
Attachment 5 : Corporate Governance Policy and Code of Business Ethics	353

4	Introduction	01 Business Operations	02 Corporate	03 Financial Report	04 Attachment	56-1 ONE REPORT 2023	THAI UNION GROUP PUBLIC COMPANY LIMITED	5
	and Performance	Governance

Company

Profile

Company Profile

Thai Union Group

Public Company Limited

Registration No.0107537000891

Type of Business Processor and exporter of frozen and canned seafood

Head Office

72/1 Moo 7, Sethakit 1 Road, Tarsrai Sub-District, Mueang Samut Sakhon District, Samut Sakhon Province 74000 Tel.: [phone] (Automatic 7 lines)

Fax: [phone]

Bangkok Office

979/12 M Floor, S.M. Tower, Phaholyothin Road, Phaya Thai, Phaya Thai, Bangkok 10400

Tel.: [phone]

Fax: [phone]

Investor Relations Department

Tel.: [phone]

Fax: [phone]

E-mail: [e-mail]

Corporate Communications Department

Tel.: [phone]

Fax: [phone] ext. 4449

E-mail: [e-mail]

Website

www.thaiunion.com

Listed on the Stock Exchange of Thailand Since 22 November 1994

As of 31 December 2023 Registered capital THB 1,463,783,174 (5,855,132,696 shares)

Paid-up capital THB 1,163,783,174 (4,655,132,696 shares)

Par value THB 0.25 per share

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	and Performance	Governance

Message

from Our	The past year presented global economic challenges that
tested the resilience and adaptability of organizations
Chairman	worldwide. At Thai Union Group, amidst inflationary pressures
and a shifting economic landscape, we navigated these
	challenges with a steadfast commitment to our mission and
	values. This period of adversity did not deter us; instead, it
	sharpened our focus on innovation, sustainability, and strategic
	growth.
	As we look toward the future, I am excited to introduce Strategy
	2030, a visionary blueprint designed to propel Thai Union
	into a new era of industry leadership and sustainable growth.
	Strategy 2030 articulates our ambition to redefine the seafood
	industry, emphasizing innovation, sustainability, and global
	expansion while remaining committed to our core values of
	integrity, responsibility, and excellence.
	Our commitment to "Healthy Living, Healthy Oceans"
	encapsulates our dedication to nourishing the planet and its
	people. It guides our operations, product development, and
	community engagements, ensuring that we contribute
	positively to the global ecosystem and society at large.
	In 2023, we laid the foundation for this transformative journey
	with the launch of SeaChange® 2030, our comprehensive
	sustainability strategy. This initiative marks a significant
	milestone in our commitment to environmental stewardship
	and social responsibility, aiming to set new industry standards
	in human and labor rights, health and wellness, climate action,
	biodiversity, and circularity.
	Our efforts have not gone unnoticed, as evidenced by our
	continued presence on the Dow Jones Sustainability Indices
	and our top ranking on the Seafood Stewardship Index. These
	accolades reflect our unwavering commitment to sustainable
	practices and our leadership in the global seafood industry.

THAI UNION GROUP PUBLIC COMPANY LIMITED	7

The decision to exit our investment in Red Lobster, though difficult, was a strategic move aligned with our focus on core categories and long-term success. It underscores our resolve to make tough choices for the greater good of our stakeholders and the future of Thai Union.

At the heart of our achievements are our people-our greatest asset. From Asia to North America, our teams demonstrate an unparalleled dedication to excellence, community service, and innovation. Their efforts ensure that we continue to deliver healthy, nutritious products while making a positive impact on the communities we serve.

As we embark on our Strategy 2030 journey, I am filled with gratitude for the unwavering support of our customers, consumers, shareholders, and all stakeholders. Your trust and collaboration fuel our ambition to achieve greater heights.

The challenges of 2023 have prepared us for the opportunities that lie ahead. With resilience, innovation, and a shared vision, we are poised to navigate the future with confidence and purpose.

Thank you for being an integral part of our journey toward "Healthy Living, Healthy Oceans."

Kirati Assakul

Chairman

8	Introduction	01 Business Operations	02 Corporate	03 Financial Report	04 Attachment	56-1 ONE REPORT 2023
	and Performance	Governance

		As we reflect on 2023, it's clear that we've navigated through
		a period marked by challenges, including high inflation and
Message from
rising interest rates that impacted consumer spending globally.
Our President	Despite these headwinds, it's crucial to highlight the strides
business. Our journey last year wasn't just about facing
		we've made towards building a resilient and forward-looking
and CEO	difficulties; it was about laying a stronger foundation for the
future, guided by our ambitious Strategy 2030.
		In 2023, while we encountered a softening in sales and a 37
		percent fall in full year normalized net profit to THB 4.5 billion,
		it is important to note that Thai Union's financials remain strong.
		This was reinforced by TRIS Rating, which affirmed our company
		rating and the ratings of our senior unsecured debentures at A+.
		It is also essential to recognize the positive developments that
		occurred in 2023. We saw signs of improvement in demand
		for our healthy and nutritious products as the year progressed,
		aided by easing pressures from key material prices and the
		strategic rationalization of our portfolio. This resilience is a
		testament to our robust business model and our team's
		unwavering commitment to excellence.
		Our operational achievements last year were significant.
		We expanded our manufacturing footprint with the
		commercialization of two new factories in Thailand, marking
		a strategic step in enhancing our production capabilities. In
		the first half of 2024 we will commercialize two factories in
		Thailand, one for Halal culinary products and another to
		produce protein hydrolysate, along with a tuna cold storage
		facility in Ghana. This expansion is not just about growth;
		it's about strengthening our position to serve the evolving
		needs of our consumers more effectively.
		Sustainability remained at the heart of our operations. The
		launch of SeaChange® 2030, an ambitious expansion of
		our sustainability strategy, underscores our dedication to
		responsible business practices. Achieving milestones such
		as a 42 percent reduction in our greenhouse gas emissions by
		2030 and our commitment to source 100 percent of wild-caught
		seafood responsibly are pivotal to our purpose of "Healthy
		Living, Healthy Oceans".
		As we pivot towards the future, Strategy 2030 is our compass,
		redefining our vision "To become the world's leading marine
		health and nutrition company". This vision is not just
		aspirational; it is anchored in a robust strategic framework that
		outlines our path to industry leadership, superior shareholder
		returns, and a diversified marine-focused portfolio.

THAI UNION GROUP PUBLIC COMPANY LIMITED	9

Our strategy is built on three pillars:

• Defending the Core, which will involve growing our Ambient business in the U.S. and European markets, expanding our Feed business, and scaling up our Chilled processing business.
• Identifying our Next Wave of Growth by focusing on areas which will grow and help deliver sustained profitability through 2030. This includes accelerating our PetCare business through potential strategic M&A opportunities, broadening our Frozen business, driving further innovation in the Culinary business, and strengthening our commercial capabilities in Ingredients.
• Exploring New Frontiers for long-term growth such as in Pet tech, aquaculture ecosystem and technology, pursuing greater diversification in Alternative Proteins.

These pillars are not mere focus areas; they are the blueprint for our evolution, guiding our journey towards sustainable profitability and long-term growth. Crucially, our strategy encompasses critical must-dos that address efficiency improvements across Thai Union. This holistic approach ensures we are not just setting goals but are also equipping ourselves with the means to achieve them.

As we look forward, our departure from investments that no longer fit our strategic vision, such as Red Lobster, is a move towards sharpening our focus on core businesses and areas of future growth. These decisions, though tough, are essential steps towards aligning our resources with our long-term objectives.

Our commitment to "Healthy Living, Healthy Oceans" is unwavering. It is a promise not just to our stakeholders but to future generations. As we move forward, our focus remains on delivering growth, innovation, and sustainability in harmony with our strategic vision.

Thiraphong Chansiri

President and CEO

10	Introduction	01 Business Operations	02 Corporate	03 Financial Report	04 Attachment	56-1 ONE REPORT 2023	THAI UNION GROUP PUBLIC COMPANY LIMITED	11
	and Performance	Governance

Business Operations

and Performance

01 Group Structure

and Operations

Business Overview

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	and Performance	Governance

Thai Union's Footprint

Production Location

1	Lyons, GA, USA	5	Svolvær, Norway	10	Songkhla, Thailand
2	Douarnenez and Quimper,	6	Gniewino, Poland	11	Sassnitz, Germany
	France	7	Mahé, Seychelles	12	Kretinga, Lithuania
3	Peniche, Portugal	8	Long An, Vietnam	13	Rostock, Germany
4	Tema, Ghana	9	Samut Sakhon, Thailand	14	Moscow, Russia

15. Jawa Timur, Indonesia

Brands

1 Chicken of the Sea®, USA

2 GENOVA, USA

3 JOHN WEST, UK

4 PARMENTIER, France

5 PETIT NAVIRE, France

6 KING OSCAR, Norway

7 RUGEN FISCH & Hawesta, Germany

8 Mareblu, Italy

9 SEALECT, Thailand

10 FiSHO, Thailand

11 MONORI, Thailand

12 Qfresh, Thailand

13 Bellotta, Thailand

14 Marvo, Thailand

15 Thammachart Seafood, Thailand

16 OMG Meat, Thailand

17 ZEAVITA, Thailand

18 ZEA Tuna Essence, Thailand

7 1

12 1

1

2

Strategic Partnership/

Key Joint Venture

1 Avanti Frozen Foods, India

1. Avanti Feeds Ltd., India
2. Lucky Union Foods Co., Ltd. Thailand
3. LDH (La Doria) Limited (LDH) , UK
4. R&B Food Supply PCL, Thailand
5. Aegir Sjavarfang EhF (AEGIR), Iceland

6		3			5	11			18
						13	14	17
						13
				5		9			16
				6			15
		4	10	3		12			14
	11	4				6	7		13
		3			2		12
		3
		8						11
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			2		5				9
		4			5	8		1		3
									5
								2
								8
			4
									9	15	15
						7		2	6	10

Corporate Office/Sales

		1	El Segundo, CA, USA	8	Luxemburg, Luxemburg
Innovation Center/	2	Milan, Italy	9	Hamburg, Germany
3	Issy Les Moulineaux, France	10	Utrecht, Netherlands
R&D Center
4	Liverpool, UK	11	Dublin, Ireland
1	Douarnenez, France	5	Bergen, Norway	12	San Diego, USA
2	Bangkok, Thailand	6	Bangkok, Thailand	13	Moscow, Russia
3	Wageningen, Netherlands	7	Pittsburgh, PA, USA

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	and Performance	Governance

Our Purpose

Healthy Living, Healthy Oceans

Creating a sustainable & healthier future for humans, pets & our planet

Our Vision

To become the world's leading marine health & nutrition company

Leading the global marine industry while driving superior shareholder returns Building a diversified marine-focused portfolio beyond seafood

Committed to shaping the future of nutrition for humans and pets

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	and Performance	Governance

Thai Union Strategy

A renewed purpose and vision

In response to evolving market dynamics, consumer trends, strategic shifts and to realize Thai Union's full potential, our Company kicked off a significant journey to define our core purpose and vision, which in turn will drive our strategy towards 2030 and beyond.

Our Purpose

Our Vision

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Thai Union Strategy 2030

In 2023, we defined a new strategic pivot to guide us towards the next phase of growth towards 2030. Strategy 2030 is an evolution of previous strategies with increased focus on the core, however it enables us to dynamically adapt to new opportunities while placing an increased focus on execution. Pursuant to our emphasis on our core and given Red Lobster's prolonged negative financial contribution to Thai Union, we exited our minority investment in Red Lobster to re-allocate capital towards long-term strategic priorities.

Underlining our commitment to our vision to become the world's leading marine health & nutrition company, the strategy aims to help us reach Thai Union's full potential while future-proofing our businesses to navigate the opportunities and disruptions

Our purpose, "Healthy Living, Healthy Oceans'', embodies the commitment to forging a sustainable, healthier future for people, pets, and our planet. We believe in leveraging our resources to facilitate robust and healthier lives for our consumers and a thriving ocean ecosystem, setting new benchmarks for sustainability in the seafood and marine industry.

Simultaneously, we have unveiled our new vision "To become the world's leading marine health & nutrition company". This vision guides our aspirations to be the leading agent of change in the global marine industry, while achieving market-leading shareholder returns, building a diverse marine-focused portfolio beyond seafood, e.g. collagen, algae, calcium, etc., and keeping our commitment to shape a better future of nutrition for humans and pets alike.

that lie ahead. Strategy 2030 is built on three growth pillars - (1) Defend the core, (2) Next wave of growth, and (3) New frontiers, all underpinned by a foundation of (4) Strategic enablers.

(1) Defend the Core

Our first growth pillar revolves around bolstering, revitalizing, and strengthening our leading position in our primary business sectors (ambient Chilled, and feed). These are the engines that will continue to sustain Thai Union and generate the cash to support our other endeavors into emerging growth sectors. Key initiatives under this pillar include re-igniting category growth, driving commercial excellence and rejuvenating our brand strategies for our core businesses. Furthermore, we will

Thai Union Corporate Strategy 2030: Overall structure

The
'Why'				Vision:
			"To become the world's leading marine health & nutrition company"
			Revenue uptick	Revenue CAGR	EBIT% uptick	TSR: Top quartile

continue to expand our presence across other temperature regimes such as chilled, and strategically increase our value-chain participation in the seafood and feed space.

(2) Next wave of growth

Our second growth pillar aims to double down in higher margin categories where we believe that profitable growth can be sustained through 2030 and beyond. We are focused on accelerating our Pet business through 'i-Tail Corporation (ITC)', which was spun-off and listed on the Stock Exchange of Thailand in December 2022, and continues to exhibit strong potential for long-term growth and margins. Alongside investing in the promising PetCare category, we aim to broaden our frozen business, especially in the value-added segment. Additionally, we continue to scale up our Culinary business and aim to transform the Ingredients business to a build a comprehensive marine health & nutrition product portfolio.

The 'What'

Pillar 1 :

Defend the core

Our primary business sectors that will continue to sustain Thai Union and generate cash needed to branch to new growth areas

Pillar 2 :

Next wave of growth

Faster growing business segments that we believe will continue to drive profitable growth through 2030 and beyond

Pillar 3 :

New frontiers

Emerging and progressive ventures that will sow the seeds fostering

Thai Union's growth further into the future

(3) New frontiers

Beyond our next wave of growth, it is essential for us to continue exploring more progressive ventures to diversify our portfolio and guarantee Thai Union's sustained growth far into the future. Among these emerging concepts are end-to-end Aquaculture Ecosystem, other innovative opportunities in PetCare, and continue investing and scaling our ventures in Alternative Proteins.

(4) Strategic enablers

The			Critical must-dos:
'How'		Crucial enablers across all business units and functions that must
			be addressed for us to thrive in 2030 and beyond

Underscoring all our growth pillars, we are committed to advancing a set of crucial enablers to fundamentally strengthen our company from within.

These include: operating model and talent development, efficiencies and automation in our operations, digital transformation, innovation as well as sustainability, which includes our industry leading SeaChange® 2030 strategy launched in 2023.

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	and Performance	Governance

Corporate History and

Development

2009

56-1 ONE REPORT 2023

THAI UNION GROUP PUBLIC COMPANY LIMITED	19

2018

• Increased our shareholding in

Thai Union Feedmill Co., Ltd, a Thai

Union Group subsidiary, to 66.9

percent.

• Thai Union Feedmill set up a joint

197 7

• Thai Union Group was originally founded under Thai Union Manufacturing Company Limited, as a processor and exporter of canned tuna.

1994

• Thai Union went public with a listing on the Stock Exchange of Thailand on 22 November 1994 as Thai Union Frozen Products PCL. (TUF).

1997-2006

• First overseas investment with the acquisition of Chicken of the Sea, which had the third-highest market share of canned tuna brands in the U.S.

1997-2006

• Acquired Empress International Ltd., a frozen seafood importer and distributor in the U.S.
• Established Tri-Union Frozen Products, Inc. (Chicken of the Sea Frozen Foods) to market frozen seafood in the U.S. Chicken of the Sea Frozen Foods was later merged with Empress International.

2008

• Acquired a majority stake in Yueh Chyang Canned Food, a canned seafood producer and exporter based in Vietnam, and fully owned 100 percent of shares since 2017.

• Invested in Avanti Feeds Limited, a shrimp feed and frozen shrimp producer based in India.

2010-2014

• Expanded into Europe with the acquisition of MW Brands (now Thai Union Europe), a producer and distributor of shelf-stable tuna and other seafood with leading European brands such as John West, Petit Navire, Parmentier, and Mareblu.
• The acquisition of MerAlliance, Europe's number four smoked salmon producer and number one in France.
• Acquired King Oscar AS of Norway, the number one premium shelf-stable sardine brand in Norway, the U.S. and Australia and with over 140 years of heritage.

2016

• Completed acquisition of majority stake in Rügen Fisch, the leading seafood Company in Germany, and fully owned 100 percent of shares since 2021.
• Acquired a 40 percent equity stake of Avanti Feeds Limited's shrimp processing unit Avanti Frozen Foods Private Limited.
• Made a USD 575 million strategic investment in Red Lobster Seafood Co., the world's largest seafood restaurant Company.

201 7

• Fully established Thai Union China, with offices in Shanghai and Beijing.

2018

• Acquired a 25.1 percent stake in Thammachart Seafood Retail Co., Ltd. (TSR), increased to 65 percent in 2019.
• Acquired a 45 percent stake in TUMD Luxembourg S.a.r.l., which wholly-owns three Russian seafood companies, and increased to 90 percent in 2020.

venture Company, a manufacturer

of aqua feed, particularly shrimp

feed, based in the Indonesian city

of Surabaya.

2019

• Invested in the foundation of a Corporate Venture Capital (CVC) fund as part of our continuous investment in innovation.

2020

• Further expanded our work with, and investments in, innovative food-tech startups. CVC fund grows to six investments in the areas of alternative protein, functional nutrition and value chain technology.
• Invested in a new joint venture, Food and Beverage United Company Limited, with Thai Beverage PCL., to collaborate on product development, production and distribution of food and beverage products.
• Repurchased 117 million shares for THB 1.5 billion to help manage the Company's excess liquidity.

202 1

• Thai Union Feedmill PCL., or TFM, a manufacturer and distributor of aquaculture and commercial animal feeds, was listed on the Stock Exchange of Thailand. Hence, the ownership percentage decreased to 51.0 percent of total shares in TFM (from 66.9 percent)
• Thai Union Ingredients (TUI) made a strategic minorit y investment of 10 percent of shares in Clover Corporation, the world's leading tuna oil encapsulation company in Australia.
• Thai Union announced a 10 percent strategic investment in R&B Food Supply PCL (RBF), Thailand's leading food ingredients company specializing in flavors, colors and coating.
• Our Corporate Venture Capital (CVC) fund has grown eight investments in the areas of alternative protein, functional nutrition, and value chain technology

1977