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.: +66 (0) 3481-6500 (Automatic 7 lines)
Fax: +66 (0) 3481-6886
Bangkok Office
979/12 M Floor, S.M. Tower, Phaholyothin Road, Phaya Thai, Phaya Thai, Bangkok 10400
Tel.: +66 (0) 2298-0024,2298-0537-41
Fax: +66 (0) 2298-0548,2298-0550
Investor Relations Department
Tel.: +66 (0) 2298-0024
Fax: +66 (0) 2298-0342
E-mail: ir@thaiunion.com
Corporate Communications Department
Tel.: +66 (0) 2298-0024
Fax: +66 (0) 2298-0024 ext. 4449
E-mail: tu_corporate@thaiunion.com
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
6 | Introduction | 01 Business Operations | 02 Corporate | 03 Financial Report | 04 Attachment | 56-1 ONE REPORT 2023 |
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
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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
12 | Introduction | 01 Business Operations | 02 Corporate | 03 Financial Report | 04 Attachment | 56-1 ONE REPORT 2023 | THAI UNION GROUP PUBLIC COMPANY LIMITED | 13 |
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
- Avanti Feeds Ltd., India
- Lucky Union Foods Co., Ltd. Thailand
- LDH (La Doria) Limited (LDH) , UK
- R&B Food Supply PCL, Thailand
- Aegir Sjavarfang EhF (AEGIR), Iceland
6 | 3 | 5 | 11 | 18 | |||||||
13 | 14 | 17 | |||||||||
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6 | 15 | ||||||||||
4 | 10 | 3 | 12 | 14 | |||||||
11 | 4 | 6 | 7 | 13 | |||||||
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4 | 5 | 8 | 1 | 3 | |||||||
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2 | |||||||||||
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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
16 | Introduction | 01 Business Operations | 02 Corporate | 03 Financial Report | 04 Attachment |
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 |
56-1 ONE REPORT 2023 | THAI UNION GROUP PUBLIC COMPANY LIMITED | 17 |
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.
18 | Introduction | 01 Business Operations | 02 Corporate | 03 Financial Report | 04 Attachment |
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
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Thai Union Group pcl published this content on 07 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 March 2024 11:55:04 UTC.