ANNUAL REPORT 2011 - Thecorporatelibrary.net

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THAI UNION FROZEN PRODUCTS PCL. As at 31 December 2011 and 2010, certain trade accounts receivable of two overseas subsidiaries have secured their credit facilities as mentioned in Note 19. 10. Related party transactions During the years, the Company and its subsidiaries had significant business transactions with related parties. Such transactions are summarised below. (Unit: Million Baht) Consolidated Separate financial statements financial statements Transfer Pricing Policy 2011 2010 2011 2010 Transactions with subsidiaries: (Eliminated from consolidated financial statements) Sales - - 10,348 9,222 Cost plus margin Dividend income - - 1,196 1,207 As declared Interest income - - 1,049 435 2.55 - 6.40% per annum (2010: 1.85 - 6.40% per annum) Other income - - 41 37 Near market price Sale of assets - - - 44 Near market price Purchases of goods - - 1,115 981 Cost plus margin Purchase of assets - - - 111 Near market price Interest expense - - 3 12 2.50% per annum (2010: 1.10 - 1.95% per annum) Management fee - - 52 41 Contract price Other expenses - - 87 48 Near market price Transactions with associates: Sales 26 19 7 6 Cost plus margin Dividend income 35 12 35 12 As declared Other income 21 16 - - Near market price Purchases of goods 9 11 - - Cost plus margin Purchases service expense 1 1 - - Near market price Transactions with related companies: Sales 1,064 1,139 238 248 Cost plus margin Purchases of goods 4,775 3,124 3,910 2,244 Cost plus margin Transportation expense 44 42 8 10 Near market price Expenses relating to assets 132 286 54 197 Near market price The Company and its subsidiaries have insured with Asia-Pacific Risk Consultants (Thailand) Co., Ltd. which is an insurance broker related by way of having common directors. During the year 2011, insurance premiums paid through that company amounted to Baht 52 million (2010: Baht 60 million). 138 ANNUAL REPORT 2011
THAI UNION FROZEN PRODUCTS PCL. The relationships between the Company and the related parties are summarised below. List of related companies Songkla Canning Pcl. Thai Union Manufacturing Co., Ltd. Thai Union Seafood Co., Ltd. T-Holding Co., Ltd. Thai Union Feedmill Co., Ltd. Thai Union Graphic Co., Ltd. Thai Union International, Inc. (TUI) PT Juifa International Foods Thai Union Investment Holding Co., Ltd. (TUIH) Tri-Union Seafoods, LLC Tri-Union Frozen products, Inc. (TUFP) Empress International, Ltd. (Empress) Tri-Union Frozen Foods, LLC US Pet Nutrition, LLC (USPN) Canadian Pet Nutrition, ULC Empress International of California Ltd. Empress International Midwest Ltd. Asian-Pacific Can Co., Ltd. Yueh Chyang Canned Food Co., Ltd. Thai Union Hatchery Co., Ltd. Thai Quality Shrimp Co., Ltd. Phuket Fishing Co., Ltd. Samui Fishing Co., Ltd. Phang-nga Fishing Co., Ltd. Songkla Fishing Co., Ltd. Siam Fishing Pte. Ltd. Thai Union EU Seafood 1 S.A. Thai Union EU Seafood 2 S.A. MW Brands SAS European Seafood Investment Portugal UK Seafood Investment Limited John West Food Limited Mareblu SRL MW Brands Seychelles Limited Indian Ocean Tuna Limited Pioneer Food Cannery Limited TTV Limited Mauritius Company Relationship Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary (Held by subsidiary) Subsidiary (Held by subsidiary) Subsidiary (Held by subsidiary) Subsidiary (Held by subsidiary) Subsidiary (Held by subsidiary) Subsidiary (Held by subsidiary) Subsidiary (Held by subsidiary) Subsidiary (Held by subsidiary) Subsidiary (Held by subsidiary) Subsidiary (Held by subsidiary) Subsidiary (Held by subsidiary) Subsidiary (Held by subsidiary) Subsidiary (Held by subsidiary) Subsidiary (Held by subsidiary) Subsidiary (Held by subsidiary) Subsidiary (Held by subsidiary) Subsidiary (Held by subsidiary) Subsidiary (Held by subsidiary) Subsidiary (Held by subsidiary) Subsidiary (Held by subsidiary) Subsidiary (Held by subsidiary) Subsidiary (Held by subsidiary) Subsidiary (Held by subsidiary) Subsidiary (Held by subsidiary) Subsidiary (Held by subsidiary) Subsidiary (Held by subsidiary) Subsidiary (Held by subsidiary) Subsidiary (Held by subsidiary) Subsidiary (Held by subsidiary) ANNUAL REPORT 2011 139
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ANNUAL REPORT 2011 thai union froze
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CONTENTS Contents Message from Cha
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MESSAGE FROM CHAIRMAN Mr. Kraisorn
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MESSAGE FROM PRESIDENT Mr. Thirapho
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ORGANIZATION CHART Total Workforce
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Mr. Cheng Niruttinanon Executive Di
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Mr. Rittirong Boonmechote Managing
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Mr. Chan Shue Chung Executive Direc
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Mr. Kiti Pilunthanadiloke Independe
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THAI UNION FROZEN PRODUCTS PCL. Tha
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THAI UNION FROZEN PRODUCTS PCL. 5-Y
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THAI UNION FROZEN PRODUCTS PCL. COR
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THAI UNION FROZEN PRODUCTS PCL. MW
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THAI UNION FROZEN PRODUCTS PCL. Tha
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Investments in Subsidiaries and ASS
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THAI UNION FROZEN PRODUCTS PCL. THA
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THAI UNION FROZEN PRODUCTS PCL. U.S
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THAI UNION FROZEN PRODUCTS PCL. Sal
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Frozen Tuna Loin Frozen tuna is sel
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Fisho Family: Fish-based/Squid-base
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THAI UNION FROZEN PRODUCTS PCL. REL
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THAI UNION FROZEN PRODUCTS PCL. str
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to provide customers with unparalle
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THAI UNION FROZEN PRODUCTS PCL. TUF
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AWARDS, CERTIFICATES strategic ma
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SUSTAINABLE
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THAI UNION FROZEN PRODUCTS PCL. sch
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In addition to the implementation o
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THAI UNION FROZEN PRODUCTS PCL. AN
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THAI UNION FROZEN PRODUCTS PCL. the
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THAI UNION FROZEN PRODUCTS PCL. Ris
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THAI UNION FROZEN PRODUCTS PCL. ear
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THAI UNION FROZEN PRODUCTS PCL. Rep
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THAI UNION FROZEN PRODUCTS PCL.
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THAI UNION FROZEN PRODUCTS PCL.
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THAI UNION FROZEN PRODUCTS PCL. 5.
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THAI UNION FROZEN PRODUCTS PCL. Sub
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THAI UNION FROZEN PRODUCTS PCL. APP
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THAI UNION FROZEN PRODUCTS PCL. In
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THAI UNION FROZEN PRODUCTS PCL. Sha
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