Anantara Xishuangbanna, China

Transcription

1 Anantara Xishuangbanna, China Company Presentation - May 213

2 FORWARD LOOKING STATEMENT Disclaimer Statements included or incorporated in these materials that use the words "believe", "anticipate", "estimate", "target", or "hope", or that otherwise relate to objectives, strategies, plans, intentions, beliefs or expectations or that have been constructed as statements as to future performance or events, are "forward-looking statements" within the meaning are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated at the time the forward-looking statements are made. MINT undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. MINT makes no representation whatsoever about the opinion or statements of any analyst or other third party. MINT does not monitor or control the content of third party opinions or statements and does not endorse or accept any responsibility for the content or the use of any such opinion or statement. 2

3 Agenda 1Q13 Performance Recap Hotel & Mixed Use Business Restaurant Business Other Important Information Anantara Vacation Club, Phuket 3

4 Sizzler s Launch of New Menu 1Q13 Performance Recap 4

5 ANOTHER RECORD-HIGH PERFORMANCE Performance Recap MINT REPORTED RECORD-HIGH QUARTERLY NET PROFIT OF THB 1.4 BILLION, A 13% INCREASE YoY. EXCLUDING INSURANCE CLAIM RECEIVED IN 1Q12, NET PROFIT INCREASED BY 19% YoY, ATTRIBUTABLE TO IMPROVEMENT OF ALL THREE BUSINESS UNITS. Revenue THB Million 1, Excl insurance claim +11% YoY +1% YoY 9,636 8,767 8, 6, NPAT (THB Million) 1,5 1,4 1,3 1Q12A Hotel & Mixed Use Restaurant Retail Trading 1Q13A 1,245 Excl insurance claim +19% YoY +13% YoY 1,49 1,2 1,1 1, 1Q12A Hotel & Mixed Use Restaurant Retail Trading 1Q13A 5

6 Anantara Hoi An Resort Hotel & Mixed Use Business 6

7 SYSTEM-WIDE HOTEL OPERATIONS Key Development OVERALL HOTEL STATISTICS WAS FLAT AS A RESULT OF NEW HOTELS ADDED TO THE PORTFOLIO, IN PARTICULAR MANAGED HOTELS, TOGETHER WITH THE STRENGTHENING OF THAI BAHT, WHICH RESULTED IN LOWER INCREASE IN ADR S WHEN TRANSLATED INTO THAI BAHT. STRIPPING OUT THE EFFECT OF NEW HOTELS AND EXCHANGE RATE, REVPAR OF OVERALL PORTFOLIO INCREASED BY 6% YoY. THB NUMBER OF HOTEL ROOMS ADR No of Rooms 12, 9, 6, +9% YoY 9,77 9,838 1,82 1,348 1,66 MLR / Oaks Managed THB 8, 6, 6,39 5,228 5,284 Organic excl FX Impact +2% YoY -2% YoY 5,74 5,936 3, Joint-venture Owned 4, 2, OCCUPANCY REVPAR 9% 8% 7% 73% 66% 67% 71% Organic +3% YoY +1% YoY 74% THB 5, 4, 3, 4,417 3,43 3,553 Organic excl FX Impact +6% YoY 4,75-1% YoY 4,368 6% 2, 5% * Note: Hotel Statistics include Oaks Hotel & Resort 1, 7

8 OWNED-HOTELS OPERATIONS Key Development 1Q13 REVENUE CONTRIBUTION 52% Other hotels & mixed use 48% Ownedhotels OWNED HOTELS, WHICH IS A MAJOR REVENUE DRIVER IN 1Q13 WITH 48% REVENUE CONTRIBUTION OF HOTEL & MIXED USE, SAW IMPRESSIVE REVPAR INCREASE OF 19% SYSTEM-WIDE. THIS IS DRIVEN BY REVPAR IMPROVEMENT OF ALL BRANDS ANANTARA, FOUR SEASONS, MARRIOTT AND ST. REGIS. STRIPPING OUT THE EFFECT OF NEW HOTELS AND EXCHANGE RATE, REVPAR INCREASED BY 23% YoY. NUMBER OF HOTEL ROOMS ADR No of Rooms 3, 2, 2,554 - Hua Hin Marriot -2% YoY + Hoi An + Quy Nhon 2,335 2,335 2,335 2,494 THB 8, 6, 6,851 5,391 5,277 Organic excl FX Impact +9% YoY 6,38 +6% YoY 7,275 1, 4, 2, OCCUPANCY REVPAR 9% 8% 7% 7% 64% 72% Organic +9% YoY +8% YoY 78% THB 6, 4, 4,776 3,139 3,388 Organic excl FX Impact +23% YoY 4, % YoY 5,692 6% 58% 2, 5% 8

9 OWNED-HOTELS PORTFOLIO & PIPELINE Key Development MINT CONTINUES TO BUILD STRONG PIPELINE OF OWNED HOTELS OVER THE NEXT THREE YEARS, WITH PLAN TO GROW NUMBER OF ROOMS BY 1%+/- EVERY YEAR. EXPANSION CONTINUES TO BE IN MARKETS THAT MINT HAS HAD EXPERIENCE IN. NOTE THAT THE GROWTH FIGURES COULD BE HIGHER THAN THE CHART BELOW SUGGESTS IF MINT ACQUIRES MORE PROPERTIES. No of Rooms 4, 3, 2, 2,335 +1% +9% +13% 3,162 2,794 2,571 Vietnam Existing Anantara Hoi An (96 Rooms) (1Q13) Qui Nhon To be rebranded into Avani (63 Rooms) 1, F 214F 215F Egypt Thailand Existing 12 hotels (2,152 Rooms) 213 Anantara Layan (77 Rooms) 215 Avani Bangkok (227 Rooms) Australia 214 Grand Hotel, Gladstone (143 Rooms) Maldives Existing Anantara Kihavah (78 Rooms) Sri Lanka Existing Avani Kalutara (15 Rooms) 214 Avani Ambalangoda (8 Rooms) 215 Anantara Sri Lanka (141 Rooms) Note: Owned hotels include majority-owned hotels only 9

10 OAKS OPERATIONS Key Development 1Q13 REVENUE CONTRIBUTION 25% Oaks 75% Other hotels & mixed use OAKS OPERATIONS PROVIDE THE HOTEL AND MIXED USE BUSINESS WITH STABLE PERFORMANCE THROUGHOUT THE YEAR, COMPARED TO HOTEL BUSINESS WHICH IS MORE EXPOSED TO SEASONALITY. OAKS PERFORMANCE REMAINED STABLE IN ITS AUSTRALIAN DOLLAR MARKET, WHILE THE APPRECIATION OF THAI BAHT HAS RESULTED IN THE DECLINE IN REVPAR. HOWEVER, NET PROFIT IMPROVED 3% YoY IN AUD TERM. THB NUMBER OF MANAGED ROOMS ADR No of Rooms 6, 5,163 5, % YoY 5,259 5,18 5,176 THB 6, 5,244 THB -7% YoY 16 4, , , , AUD -1% YoY AUD , 4, , 2, 6 3 1Q12 2Q12 3Q12 3Q12 4Q12 4Q12 1Q13 1Q13 OCCUPANCY REVPAR 9% 8% 79% -1% YoY 76% 76% 77% 78% THB 5, 4, 4,119 THB -7% YoY 126 3, , , , AUD -2% YoY AUD % 3, 9 6% 2, 1, 6 3 5% 1Q12 1Q12 1Q12 2Q12 2Q12 2Q12 3Q12 3Q12 3Q12 4Q12 4Q12 1Q13 1Q13 1

11 OAKS PORTFOLIO & PIPELINE Key Development AS OAKS LOOKS FOR ADDITIONAL OPPORTUNIES OVER THE COMING YEARS, CURRENT PIPELINE IS ALREADY SHOWING HEALTHY EXPANSION. IN ADDITION TO EXPANSION THROUGH MANAGEMENT LETTING RIGHTS (MLR), OAKS IS ALSO LOOKING AT MAKING SELECTIVE INVESTMENTS IN AUSTRALIA AND EXPANDING OUTSIDE OF ITS HOME MARKETS THROUGH HOTEL MANAGEMENT CONTRACTS. No of Rooms 8, 6, 4, 2, +12% +3% +9% 6,478 5,786 5,964 5, F 214F 215F Egypt China 213 Sanya (12 Rooms) Australia Existing 37 Properties (4,721 Rooms) 213 William St., Melbourne (22 Rooms) 214 Carlyle (87 Rooms) Radius (91 Rooms) 215 Milton (298 Rooms) Emerald (12 Rooms) Selective acquisitions: 5% stake in Tidal Swell, the owner of four properties currently managed by Oaks Oasis Resort Caloundra, 158 hotel rooms and 9 apartments, together with MLR in Sunshine Coast Oaks Hyde Park Plaza, Sydney, 13 units UAE Existing Dubai (165 Rooms) 213 Liwa Suites, Abu Dhabi (54 Rooms) Thailand Existing Bangkok (115 Rooms) Indonesia 213 Oaks Jimbaran (212 Rooms) 215 Oaks Nusa Dua (96 Rooms) New Zealand Existing 3 Properties (29 Rooms) 11

12 MANAGED-HOTELS OPERATIONS Key Development 1Q13 REVENUE CONTRIBUTION 97% Other hotels & mixed use 3% Management contract REVPAR OF MANAGED HOTELS PORTFOLIO IS SLIGHTLY DOWN BECAUSE OF THE ADDITION OF NEW HOTELS, COUPLED WITH THE APPRECIATION OF THAI BAHT, WHILE ORGANIC REVPAR WITHOUT EXCHANGE RATE IMPACT SHOWED AN INCREASE OF 6% YoY. HOWEVER, THE INCREASE IN NUMBER OF ROOMS MORE THAN OFFSET THE DECLINE IN REVPAR. TOGETHER WITH TECHNICAL SERVICE FEES, MANAGEMENT FEE INCREASED BY 54% IN 1Q13 YoY. NUMBER OF HOTEL ROOMS ADR No of Rooms 3, 2, + Anantara Uluwatu + Anantara Eastern Mangroves, Abu Dhabi 1,257 1,556 + Anantara Sanya 1,678 + Avani Sepang Malaysia + Serengeti Pioneer Camp + Oaks Sathorn +69% YoY 2,23 2,126 + Anantara Xisuangbanna THB 6, 4, 5,139 4,752 4,379 Organic excl FX Impact +% YoY 5,953 +2% YoY 5,223 1, 2, OCCUPANCY REVPAR 8% 7% 6% 5% 65% 5% 47% 56% Organic +4% YoY -5% YoY 6% THB 4, 3, 2, 3,323 2,364 2,63 Organic excl FX Impact +6% YoY -5% YoY 3,38 3,158 4% 1, 3% 12

13 MANAGED-HOTELS PORTFOLIO & PIPELINE Key Development MINT HAS AN AGGRESSIVE EXPANSION PLAN FOR MANAGED HOTELS, BOTH IN EXISTING COUNTRIES OF OPERATION TO REFLECT THE CLUSTERING STRATEGY, AS WELL AS IN NEW MARKETS. No of Rooms +3% +45% +28% 6, 5,19 China 3,93 4, 1Q13 2,629 2,23 2, Qatar UAE 214 Anantara Doha Island (117 Rooms) Existing 3 hotels(492 Rooms) 213 Anantara Palm Jumeirah (293 Rooms) + Anantara Residences (456 Units) Anantara Al Yamm (3 Rooms) Anantara Al Sahael (3 Rooms) Oman F 214F 215F 214 Anantara Salalah (136 Rooms) Anantara Al Madina (12 Rooms) Anantara Al Akhdar (123 Rooms) Tanzania Existing Serengeti Pioneer Camp (1 Rooms) Egypt Mauritius 214 Anantara La Chaland (16 Rooms) India Sri Lanka 215 Anantara Tangalle (15 Rooms) 214 Anantara Mahabalipuram (13 Rooms) 215 Anantara Udaipur (7 Rooms) Anantara Wayanad (95 Rooms) Existing Anantara Sanya(122 Rooms) Anantara Xishuangbanna (13 Rooms) 213 Anantara E-Mei (15 Rooms) 214 Anantara Chongqing (15 Rooms) Anantara Baoting (13 Rooms) Anantara Qiandao Lake (12 Rooms) 215 Anantara Dongguan (12 Rooms) Laos 214 Anantara Luang Prabang (115 Rooms) Vietnam Existing Anantara Mui Ne(89 Rooms) Thailand Existing 6 hotels (858 Rooms) Indonesia Existing Anantara Seminyak (6 Rooms) Anantara Uluwatu (77 Rooms) 215 Avani Nusa Dua (654 Rooms) Malaysia Existing Avani Sepang (315 Rooms) 13

14 REAL ESTATES BUSINESS RESIDENTIAL Key Development 1Q13 REVENUE CONTRIBUTION 17% Real Estates 83% Other hotels & mixed use RESIDENTIAL SALES, AS PART OF MINT S REAL ESTATES BUSINESS, CONTINUES TO BE A CONTRIBUTOR TO THE HOTEL & MIXED USE BUSINESS. NEXT PROJECT IN THE PIPELINE IS THE FIRST ANANTARA ESTATES IN PHUKET, WHICH WILL BE LAUNCHED IN EARLY 214. ADDITIONAL RESIDENTIAL PROJECTS NEXT TO ANY OF THE HOTEL PROPERTIES ARE BEING CONSIDERED TO ENSURE CORE PIPELINE OF MINT S REAL ESTATES BUSINESS. Existing Projects Pipeline Sold 64% Inventory 36% Sold 75% Inventory 15% Deposited 4% Contract signed 6% Anantara Estates, Phuket Expected Launch Date 2H13 / early 214, concurrent with the new Anantara Phuket Hotel Project Size 16 villas on 32 rais of land Project Details 3-8 bedroom pool villas, with approximate size ranging from 7 1,8 sq.m. Inventory Deposited Contract signed Naturally secluded, offering privacy and exclusivity, with its own private bay to date 14

15 REAL ESTATES BUSINESS ANANTARA VACATION CLUB Key Development 1Q13 REVENUE CONTRIBUTION 17% Real Estates 83% Other hotels & mixed use ANOTHER PART OF REAL ESTATES BUSINESS, ANANTARA VACATION CLUB, LEVERAGING ON THE ANANTARA BRAND, IS GROWING TO BECOME ANOTHER SIGNIFICANT CONTRIBUTOR TO HOTEL AND MIXED USE BUSINESS. THB million Performance to Date AVC Members Asians as Target Others 18% India Japan 2% 2% Australia 4% Malaysia 11% Hong Kong 12% China 13% Thailand 21% Strong Quarterly Sales Singapore 17% No of Units Going Forward Planned Pipeline of Inventories Bangkok, Samui, Phuket, Bali, Queenstown, Sanya Destinations Q13 217F Sales Office in Targeted Markets Bangkok Phuket Samui Bali Hong Kong Singapore China 5 +44% 4 Stable Revenue Stream Going Forward F 214F 215F 216F 217F 15

16 Restaurant Business Anantara Sanya, China 9M12 & 3Q12 Results Recap The Path to our 5-Year Aspirations New brand under Thai Express Concept 16

17 RESTAURANT PERFORMANCE Key Development RESTAURANT BUSINESS CONTINUES TO SEE ROBUST AND STABLE GROWTH. SAME-STORE-SALES SHOWED REASONABLE GROWTH IN 1Q13, ON THE BACK OF STRONG DOMESTIC CONSUMPTION IN THAILAND, TOGETHER WITH EFFECTIVE MARKETING CAMPAIGNS, WHILE NUMBER OF OUTLETS EXPANDED BY 11% YoY. 2% 15% 1% 5% 16.% 7.6% SSS & TSS Growth 13.6% 6.5% 12.5% 3.3% 11.4% 4.6% 14.6% 4.1% 558 7% 93% Restaurant Outlets Breakdown by Geography International Thailand 1,381 34% 66% +11% YoY 1,46 34% 66% 36% 64% Q13 217F Restaurant Outlets Breakdown by Ownership 2,749 % Franchised Owned +11% YoY 2,749 45% No. of Outlets 1,264 1,274 1,34 1,381 1,46 1,381 1,46 Same Store Sales Growth Total System Sales Growth % 86% 45% 55% 46% 54% 55% Q13 217F 17

18 RESTAURANT HIGHLIGHTS Key Development MINT CONTINUES TO IMPROVE THE OPERATIONS OF ITS EXISTING FOOD BRANDS, WHILE LOOKING FOR OPPORTUNITIES TO ADD NEW BRANDS AND NEW CONCEPTS TO ITS ALREADY DIVERSE PORTFOLIO. Successful buy-one-get-one free campaign for The Pizza Company s anniversary Successful Mango Sundae Promotion Launch of new menus for Xin Wang in 3Q12 and Thai Express in 1Q13 Continued efforts in the integration of Ribs and Rumps since the acquisition; Expansion of The Coffee Club outside of its home country Launch of new menu book design Continued expansion of domestic franchising Launch of BK Grill concept at all stores; Emphasis on premium beef burgers Integration and consolidation of Riverside with China Food Group 18

19 TURN-AROUND OF CHINA Key Development THE ACQUISITION OF RIVERSIDE RESULTED IN ECONOMIES OF SCALE OF BACK OFFICE. IN ADDITION, WITH THE CONSOLIDATION OF RIVERSIDE, TOGETHER WITH RATIONALIZATION OF THE PIZZA COMPANY OUTLETS IN CHINA, MINT S RESTAURANT BUSINESS IN CHINA STARTED TO SHOW BREAK-EVEN AT THE OPERATIONAL LEVEL SINCE 4Q12. Performance Progress Sizzler s performance continued to improve, with improving store contribution margin over the past two years. The Pizza Company started to report positive store contribution margin in March 213. Since the consolidation of Riverside, China business broke-even at the operational level. Riverside s Plans Going Forward To improve R&D for development of new products To emphasize on service excellence, with standardized training program To adhere to financial discipline, with long term strategic plan and budget tracking system 19

20 INVESTMENT IN BREADTALK Key Development MINT INCREASED ITS INVESTMENT IN BREADTALK TO 1% AS AT END OF 1Q13. TOTAL INVESTMENT AMOUNT IS SGD 19.6 MILLION, WITH AVERAGE COST PER SHARE OF SGD APART FROM UNREALIZED CAPITAL GAIN, MINT IS NOW ENTITLED TO DIVIDEND FROM BREADTALK GOING FORWARD. Basic Profile A premier lifestyle brand in the region, headquartered in Singapore. It was founded in 2 and was listed on SGX in bakery outlets 47 food atria 3 restaurants Hong Kong 9% China 32% Revenues (SGD Million) Revenue Contribution Rest of World 8% Food 212 Singapore 51% Bakery 52% Financial Performance Atrium 25% Restaurant 23% CAGR 2% 15 Countries Staff of over 7, China (48 cities), Singapore, Indonesia, Philippines, Thailand, Hong Kong, Malaysia, India, Vietnam, Kuwait, Bahrain, Sri Lanka, Jordan, Oman, Taiwan, Profit before tax (SGD Million) CAGR 13% 2

21 Other Important Information Anantara Sanya, China 9M12 & 3Q12 Results Recap The Path to our 5-Year Aspirations New brand under Thai Express Concept 21

22 RETAIL TRADING & CONTRACT MANUFACTURING Key Development RETAIL TRADING BUSINESS HAS SEEN STRONG SAME STORES SALE GROWTH SINCE 4Q12. SALES PER SQUARE METER ALSO STARTED TO SEE AN IMPROVING TREND SINCE THE RECOVERY FROM THE FLOOD IN 4Q12. SSS & TSS SALES PER SQ.M. 4% THB 4, 23.% 24.2% 23.% 2% 16.3% 5.% 7.2% 1.3% 3, 26,316 25,57 27,155 25,87 28,717 % 2, -6.8% -4.4% -1.1% -2% 1, No. of Shops No. of Shops Note: No. of shops include Laneige, Smashbox and Bloom which were closed in 1Q12, 3Q12 and 4Q12 respectively Comparable Sales Growth Total Store Sales Growth Fashion & Cosmetic Sales per Sq.m. 22

23 CAPEX & BALANCE SHEET STRENGTH Going Forward IN ADDITION TO COMMITTED CAPEX, MINT ALSO SET ASIDE ADDITIONAL CAPEX FOR FUTURE ACQUISITIONS AND NEW INITIATIVES. LEVERAGE RATIO CONTINUED TO COME DOWN IN 1Q13, REFLECTING PROCEEDS FROM THE EXERCISE OF WARRANTS, TOGETHER WITH IMPROVED PROFITABILITY. WITH ITS BALANCE SHEET STRENGTH, MINT WILL BE ABLE TO FINANCE ITS CAPEX REQUIREMENTS. THB million 1, 8, 6, 4, 2, Committed CAPEX & New Opportunities F 214F 215F 216F 217F Restaurant Hotel & Mixed-use Retail Trading Additional CAPEX (non-committed average per annum) for New Opportunity/Acquisition(s) EBITDA coverage on committed CAPEX X X Leverage Ratios Interest Bearing Debt to Equity THB million 5, 4, 3, 2, 1, Net Interest Bearing Debt to Equity Back-up Financing Shareholders Equity Debt Outstanding Borrowing & Equity Internal Policy Interest Bearing Debt to Net Replacement Value Equity* Debt Un-Utilized Facility * Incremental capital increase from MINT W-4 exercise, assuming 1% MINT-W4 Conversion 23

24 FIVE-YEAR ASPIRATIONS Going Forward 217F hotels 676 restaurants 316 retail shops & POS (14,524 Sqm) 1Q13 84 hotels 67 residences built to date 57 timeshare units 1,46 restaurants 24 retail shops & POS (2,279 Sqm) > 14 hotels > 2 residences built to date > 4 timeshare units > 2,7 restaurants > 26 retail shops & POS (>23, Sqm) NPAT (THB) 1.6bn 3.4bn 1.6bn 24

25 MINT S FIVE-YEAR STRATEGY Going Forward MINT S FIVE-YEAR STRATEGY WAS FORMULATED MAINLY BASED ON THE FOLLOWING THREE KEY PILLARS, WITH CLEAR GOALS AS WELL AS MEASUREMENTS. 217 Goals NPAT growth of ~15-2% CAGR ROIC of >15% Growth Pillars Drive Profitable Portfolio of Own Brands Continually Enhance Asset Productivity Assetlight Model Mixeduse Initiatives Expand Internationally Through Strategic Investments & Acquisitions Measurements Total-system-sales growth of over 15% Revenues growth of over 1% Improvement of margins Revenues from overseas of over 4% Net profit from overseas of 5% 25

26 Appendix 26

27 1Q13 REVENUE & EBITDA INCREASE OF 1% & 14% 1Q13 Results MINT REPORTED 1Q13 REVENUE AND EBITDA INCREASE OF 1% AND 14% YoY RESPECTIVELY, ATTRIBUTABLE TO STRONG PERFORMANCE OF ALL THREE BUSINESS UNITS. EBITDA MARGIN IMPROVED BECAUSE OF OPERATING LEVERAGE OF OWNED HOTELS AND RESTAURANTS, GROWTH OF ASSET LIGHT BUSINESSES AND TURNAROUND OF RESTAURANT BUSINESS IN CHINA. Revenues THB million 1, 8, 6, 8,768 7,524 7,842 8,859 +1% YoY 9,636 Retail Trading 1% Restaurant 4% 4, 2, Hotel & Mixed-Use 5% - EBITDA THB million 3, 2,5 2, 1,5 2,245 1,311 1,486 2,21 +14% YoY 2,55 Retail Trading 4% Restaurant 28% 1, 5 - EBITDA Margin 25.6% 17.4% 18.9% 22.8% 26.5% Hotel & Mixed-Use 68% Restaurant Hotel & Mixed-Use Retail Trading 27

28 1Q13 NET PROFIT INCREASE OF 13% YoY 1Q13 Results 212 NET PROFIT ROSE 13% YoY AS A RESULT OF IMPROVED PERFORMANCE OF ALL THREE BUSINESSES. EXCLUDING INSURANCE CLAIM RECEIVED IN 1Q12, 1Q13 NET PROFIT INCREASED MORE SIGNIFICANTLY BY 19% YoY. THB million 1,5 +13% YoY 1,49 1,2 1,245 1,147 Retail Trading 4% 9 Restaurant 29% Hotel & Mixed-Use 67% - Net Margin 14.2% 4.5% 6.6% 12.9% 14.6% Restaurant Hotel & Mixed-Use Retail Trading Note: Net profit in 212 has been restated per the new accounting policy on current and deferred income taxes (IAS 12) 28

29 FINANCIAL PERFORMANCE HOTEL & MIXED-USE Hotel Updates HOTEL & MIXED-USE BUSINESS SAW STABLE GROWTH OF 1Q13 REVENUES YoY, WHILE EBITDA & NET PROFIT GREW AT A FASTER RATE BECAUSE OF OPERATING LEVERAGE OF OWNED HOTELS AND HIGHER HOTEL MANAGEMENT FEES WHICH HAVE HIGHER MARGINS. THB million 4,527 3,48 3,834 4,549 +6% YoY 4,794 Key Highlights Owned hotels, accounting for 48% of hotel and mixed-use revenues in 1Q13, saw strong RevPar increase of 19% YoY; Revenue RevPar of Oaks declined by 7%, primarily from the appreciation of Thai Baht against Australian dollar. Oaks contributes 25% of hotel and mixed-use revenues; EBITDA 1, ,36 +11% YoY 1,727 Revenue of management contracts increased by 54%, from the increase in number of rooms by 69% YoY, despite the RevPar decline of 5%. Management contract is 3% of hotel and mixeduse revenues in 1Q13; EBITDA Margin NPAT Net Margin 34.4% % 1Q12 2.9% % 2Q % % 3Q % % 4Q12 36.% +9% YoY % Note: Net profit in 212 has been restated per the new accounting policy on current and deferred income taxes (IAS 12) 1Q13 Real estates business is 17% of hotel and mixeduse revenues. Despite the 2% transfer of St. Regis units, revenues from real estates business increased by 2% because of 44% sales growth of Anantara Vacation Club, together with other income, which comprise rental income and maintenance fees from the two properties, sales of Anantara Vacation Club s trial packages and cost adjustment of residential business; EBITDA margin increased from the enhanced operating leverage of hotel operations and improved profitability of hotel management and mixed-use businesses. 29

30 HOTEL PERFORMANCE BY BRAND 1Q13 Hotel Updates Systemwide Hotel Occupancy (%) ARR (Bt/night) RevPar (Bt/night) 1Q13 1Q12 Chg 1Q13 1Q12 %Chg 1Q13 1Q12 Chg Anantara 67% 65% 2% 7,67 7,738-2% 5,111 5,4 1% Marriott 87% 8% 7% 5,498 4,811 14% 4,787 3,854 24% Four Seasons 78% 64% 14% 9,713 9,349 4% 7,579 5,969 27% Oaks 78% 79% % 4,821 5,244-8% 3,765 4,119-9% Others 57% 58% -1% 5,382 6,245-14% 3,84 3,615-15% Average (incl. Oaks) 74% 73% % 5,936 6,39-2% 4,368 4,417-1% Average (excl. Oaks) 69% 67% 2% 7,63 7,94 % 4,891 4,756 3% Avg - Thailand 78% 68% 1% 5,646 5,332 6% 4,429 3,644 22% Avg - Overseas (incl. Oaks) 71% 76% -5% 6,86 6,41-5% 4,339 4,858-11% Avg - Overseas (excl. Oaks) 54% 63% -9% 1,6 13,676-22% 5,678 8,56-34% Organic Hotel Occupancy (%) ARR (Bt/night) RevPar (Bt/night) 1Q13 1Q12 Chg 1Q13 1Q12 %Chg 1Q13 1Q12 Chg Anantara 73% 65% 7% 7,692 7,738-1% 5,583 5,4 11% Marriott 87% 8% 7% 5,498 4,811 14% 4,787 3,854 24% Four Seasons 78% 64% 14% 9,713 9,349 4% 7,579 5,969 27% Oaks 78% 79% % 4,821 5,244-8% 3,765 4,119-9% Others 57% 58% -1% 6,728 6,245 8% 3,815 3,615 6% Average (incl. Oaks) 76% 73% 3% 5,976 6,39-1% 4,544 4,417 3% Average (excl. Oaks) 74% 67% 7% 7,318 7,94 3% 5,388 4,756 13% Avg - Thailand 78% 68% 1% 5,646 5,332 6% 4,429 3,644 22% Avg - Overseas (incl. Oaks) 75% 76% -1% 6,165 6,41-4% 4,67 4,858-5% Avg - Overseas (excl. Oaks) 58% 63% -5% 14,811 13,676 8% 8,551 8,56 % 3

31 HOTEL PERFORMANCE BY OWNERSHIP 1Q13 Hotel Updates Systemwide Hotel Occupancy (%) ARR (Bt/night) RevPar (Bt/night) 1Q13 1Q12 Chg 1Q13 1Q12 %Chg 1Q13 1Q12 Chg Ow ned 78% 7% 9% 7,275 6,851 6% 5,692 4,776 19% Joint Venture 56% 53% 2% 17,842 18,735-5% 9,933 9,999-1% Managed 6% 65% -4% 5,223 5,139 2% 3,158 3,323-5% MLR 78% 79% % 4,898 5,244-7% 3,825 4,119-7% Average (incl. Oaks) 74% 73% % 5,936 6,39-2% 4,368 4,417-1% Average (excl. Oaks) 69% 67% 2% 7,63 7,94 % 4,891 4,756 3% Avg - Thailand 78% 68% 1% 5,646 5,332 6% 4,429 3,644 22% Avg - Overseas (incl. Oaks) 71% 76% -5% 6,86 6,41-5% 4,339 4,858-11% Avg - Overseas (excl. Oaks) 54% 63% -9% 1,6 13,676-22% 5,678 8,56-34% Organic Hotel Occupancy (%) ARR (Bt/night) RevPar (Bt/night) 1Q13 1Q12 Chg 1Q13 1Q12 %Chg 1Q13 1Q12 Chg Ow ned 79% 7% 9% 7,49 6,851 8% 5,842 4,776 22% Joint Venture 56% 53% 2% 17,842 18,735-5% 9,933 9,999-1% Managed 68% 65% 4% 5,36 5,139-2% 3,442 3,323 4% MLR 78% 79% % 4,898 5,244-7% 3,825 4,119-7% Average (incl. Oaks) 76% 73% 3% 5,976 6,39-1% 4,544 4,417 3% Average (excl. Oaks) 74% 67% 7% 7,318 7,94 3% 5,388 4,756 13% Avg - Thailand 78% 68% 1% 5,646 5,332 6% 4,429 3,644 22% Avg - Overseas (incl. Oaks) 75% 76% -1% 6,165 6,41-4% 4,67 4,858-5% Avg - Overseas (excl. Oaks) 58% 63% -5% 14,811 13,676 8% 8,551 8,56 % 31

32 MINT S HOTEL EXPANSION PLANS Going Forward EXPANSION INTO MARKETS INSIDE AND OUTSIDE THAILAND WILL CONTRIBUTE WELL TO REVENUE & PROFIT IN COMING YEARS. Hotel Investment Management Contract Total Phuket Bundarika (77 Rooms) Hoi An, Vietnam (96 Rooms) Masai Mara Camp, Kenya (16 Rooms) Amboseli Camp, Kenya (16 Rooms) Sri Lanka Meru, Kenya (141 Rooms) (16 Rooms) Grand Hotel, Gladstone Australia (143 Rooms) 1 Hotels / 875 Rooms Quy Nhon, Vietnam (63 Rooms) Ambalangoda, Sri Lanka (8 Rooms) Bangkok (227 Rooms) Xishuangbanna, China (13 Rooms) Chengdu, China (15 Rooms) Palm Jumeirah, UAE (293 Rooms) Al Yamm, UAE (3 Rooms) Al Sahael, UAE (3 Rooms) Chongqing, China (15 Rooms) Baoting, China (13 Rooms) Qiandao Lake, China (12 Rooms) Luang Prabang, Laos (115 Rooms) Salalah, Oman (136 Rooms) Al Akhdar, Oman (123 Rooms) Al Madina, Oman (12 Rooms) Doha, Qatar (117 Rooms) Mahabalipuram, India (13 Rooms) La Chaland, Mauritius (16 Rooms) Tangalle, Sri Lanka (15 Rooms) Dongguan, China (12 Rooms) Udaipur, India (7 Rooms) Wayanad, India (95 Rooms) Sanya, China (12 Rooms) Liwa Suites, Abu Dhabi (54 Rooms) Jimbaran, Bali (212 Rooms) William St., Melbourne (22 Rooms) Carlyle (87 Rooms) Radius (91 Rooms) Milton (298 Rooms) Emerald (12 Rooms) Oaks Nusa Dua, Bali (96 Rooms) 29 Hotels & Properties / 4,198 Rooms Avani Nusa Dua, Bali (654 Rooms) 32

33 MINT S HOTEL PORTFOLIO Hotel Updates MINT S COMPOSITION OF HOTEL ROOMS ARE EXPECTED TO CHANGE OVER THE NEXT FIVE YEARS. MINT WILL FOCUS ON THE EXPANSION OF OUR OWN BRANDS, ANANTARA AND OAKS, MORE EXPONENTIALLY THROUGH ASSET LIGHT MODEL (MANAGEMENT CONTRACTS), WITH GEOGRAPHICAL FOCUS OUTSIDE OF THAILAND. By Brand By Ownership By Location No of rooms 16, 15,797 6% No of rooms 16, 15,797 No of rooms 16, 15,797 14, 14, 14, 12, 1, 1,66 9% 44% 12, 1, 1,66 75% 12, 1, 1,66 8, 6, 5% 9% 8, 6, 69% 8, 6, 71% 79% 4, 2, - 5% 33% 2,169 26% 6% 19% 2% 55% 5% 3% 5% 4% 25 1Q13 217F 4, 2, - 5% 2,169 7% 8% 2% 92% 24% 25 1Q13 217F 4, 2, - 2,169 8% 15% 1% 56% 36% 14% 11% 25 1Q13 217F Others Oaks Managed International Avani Four Seasons Anantara Marriott Joint Venture Own Equity Outside Bangkok Bangkok 33

34 TOURIST ARRIVAL TO THAILAND Hotel Updates HOTEL INDUSTRY OUTLOOK IS EXPECTED TO REMAIN STRONG ON THE BACK OF INCREASING TOURIST ARRIVAL. Million Tourists Arrival to Thailand Yearly Trend F 3% 2% 1% % -1% Tourist Arrival % Change Million Tourist Arrival to Thailand Monthly Trend 8% 6% 4% 2% % -2%. Jan-1 Apr-1 Jul-1 Oct-1 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13-4% Source: Tourism Authority of Thailand and Bank of Thailand 34

35 MINT S FEEDER MARKETS Hotel Updates MINT CONTINUES TO SEE IMPROVEMENTS ACROSS ALL OF ITS FEEDER MARKETS, WITH A 21% YoY INCREASE IN 1Q13 OVERALL ROOMNIGHTS COMPARED TO INCREASE IN THAILAND S TOURIST ARRIVALS OF 19% YoY. No of room nights 12, 1, 8, China +135% Hong Kong +4% Japan +17% Singapore +5% Korea +6% 6% UK +17% Russia +4% 1% MINT s 1H12 Feeder Markets MINT s 1Q13 Feeder Markets 1Q12 1Q13 6, 4, 2, -12% -4% India +38% 24% Australia +25% 23% 34% 1% Thailand East Asia Europe The Americas South Asia Oceania Middle East Africa & Others * Note: MINT s feeder market excludes Oaks MINT s 1Q13 Feeder Markets Thailand s Top 5 Feeder Markets Middle East, Africa & 7% Others, 2% Thailand, 8% Oceania, 4% South Asia, 3% The Americas, 9% East Asia, 32% No of tourists 1,2, 9, 6, 3, 93% 26% 22% 1Q12 2% 1Q13 12% Europe, 35% China Russia Japan Korea Germany 35

36 STRENGTHENING OF HOTEL S NON-TRADITIONNAL MARKETS Hotel Updates ALTHOUGH CHINA AND RUSSIA REPRESENTED ONLY 1% OF MINT S TOTAL FEEDER MARKETS BASED ON ROOM NIGHTS IN 212, THE YIELDS THEY GENERATED WERE RELATIVELY MUCH HIGHER AS THEY MOSTLY STAYED AT HIGHER-ROOM-RATE HOTELS, E.G. IN MALDIVES AND PHUKET. MINT s 212 Feeder Markets China 6% Russia 4% Average ADR: Bt 5,589 Others 9% Average ADR*: Bt 1,58 Average ADR*: Bt 15,929 Others 51% Maldives Hotels 19% Four Seasons Group 17% St. Regis 5% Anantara & JW Marriott Phuket 8% Others 36% St. Regis 1% Four Seasons Group 3% Maldives Hotels 26% Anantara & JW Marriott Phuket 34% * The pie charts include total room nights of MINT hotel portfolio (excluding Oaks), while average daily rates of China and Russia markets are calculated from Maldives hotels, Anantara Phuket, JW Marriott Phuket, Four Seasons group and St. Regis (excluding others) 36

37 LUXURY HOTEL SUPPLY IN BANGKOK Hotel Updates BANGKOK HAS SEEN AGGRESSIVE INCREASE IN NEW SUPPLY DURING , BUT THE RATE IS EXPECTED TO SLOW DOWN IN THE NEXT FEW YEARS. No of rooms 2, 15, 1, 5, 212 No. of Rooms 213F No. of Rooms Sofitel Bangkok, Sukhumvit 13 W Hotel Bangkok Hotel Okura Bangkok Hansar Bangkok Hotel Sofitel So Bangkok The Siam, Bangkok The Langham Sukhumvit Bangkok Langham Place, Phayathai, Bangkok 214F Jumeirah Bangkok Park Hyatt Bangkok Surya by Supatra 68 Source: HVS Reseach 37

38 DIVERSIFICATION OUTSIDE BANGKOK Hotel Updates WITH ITS EXPANSION OUTSIDE OF THAILAND AS WELL AS INCREASING CONTRIBUTION FROM MIXED USE BUSINESSES, MINT IS LESS DEPENDENT ON ITS BANGKOK HOTEL PORTFOLIO. NEVERTHELESS, DESPITE THE OVERSUPPLY OF HOTELS IN BANGKOK, MINT S BANGKOK HOTEL PORTFOLIO IS STILL SEEING SIGNIFICANT IMPROVEMENT IN REVPAR OF 4% YoY. Number of hotel rooms in Bangkok doubled over the past 5 years However, the contribution in terms of number of rooms in Bangkok significantly declined as the expansion is faster outside of Bangkok No of rooms 1,5 1, ,518 1,518 1, Managed Owned 1% 75% 5% 25% % 75% 76% 68% 84% 85% 25% 24% 32% 16% 15% Outside Bangkok Bangkok Despite the oversupply of hotels in Bangkok, MINT s Bangkok hotel portfolio improves significantly, with 212 revpar increase of 4% YoY THB 8, 6, 4, 2, 66% 5,97 3,389 56% 4,255 51% 51% 3,951 3,542 2,394 2,25 1,788 65% 3, Occupancy 2,499 8% 6% 4% 2% % 1% The revenue contribution also significantly declined over the five years, in line with the contribution from number of rooms 75% 5% 25% % 74% 72% 75% 26% 28% 25% 86% 86% 14% 14% Other Hotel & Mixed Use Bangkok % Occupancy ADR Revpar 38

39 FINANCIAL PERFORMANCE - RESTAURANT Restaurant Update 1Q13 PERFORMANCE OF THE RESTAURANT BUSINESS CONTINUED TO EXHIBIT STRONG AND STABLE GROWTH, WITH REVENUE GROWTH OF 12% AND NET PROFIT GROWTH OF 25% YoY THB million Revenue 3,451 3,237 3,97 3,46 +12% YoY 3,878 Key Highlights Most brands continued to exhibit strong and positive same-store-sales growth in 1Q13, from successful marketing strategies and robust domestic consumption; % YoY 716 Same-store-sales growth, together with outlet expansion of 11%, translated into strong total-system-sales growth of 14.6% in 1Q13; EBITDA EBITDA Margin NPAT 16.9% 17.% 16.6% % % +25% YoY 49 With the consolidation of Riverside, the food concept acquired in December 212, the China business has turned around and became profitable at the operation level in 1Q13; EBITDA & net profit margin expanded, attributable to operating leverage, increasing franchise fees and positive EBITDA of China business in 1Q13 compared to negative EBITDA in 1Q12. Net Margin 9.5% 8.2% 8.9% 9.1% 1.5% Note: Net profit in 212 has been restated per the new accounting policy on current and deferred income taxes (IAS 12) 39

40 EFFECTIVE MANAGEMENT OF FOOD COSTS Restaurant Update FOOD AND PAPER COSTS AS A PERCENTAGE OF SALES HAS COME DOWN OVER THE PAST FIVE YEARS AS A RESULT OF CONTINUED EFFECTIVE COST MANAGEMENT PROGRAM. % of Food & Paper Costs to Sales 36% 35% 35.9% 34.9% 35.2% 35.2% 34.5% 34% 34.1% 33.9% 34.% 33% 32% 33.3% 33.% 33.2% 33.2% 33.% 32.7% 32.% 31.7% 31.5% 31% 31.8% 31.7% 31.5% 3.9% 3% 1Q8 2Q8 3Q8 4Q8 1Q9 2Q9 3Q9 4Q9 1Q1 2Q1 3Q1 4Q1 1Q11 2Q11 3Q11 4Q11 Note: Food and paper costs as a percentage of sales rose in first quarter of every year as a result of Buy-one-get-one-free promotional campaign launched in March of every year to celebrate the anniversary of The Pizza Company Strategy Fixed Long- Term Contract Prices Pro-Active Inventory Management Menu-Mix Re-Engineering Supply Chain Management Maximization of FTA Benefit 4

41 RESTAURANT PERFORMANCE Restaurant Update Brand SSS (%) TSS (%) 1Q13 1Q12 1Q13 1Q12 The Pizza Company 3.9% 7.4% 7.2% 18.5% Swensen s 9.6% 15.7% 15.4% 25.7% Sizzler 2.5% 5.5% 2.8% 1.8% Dairy Queen.2% 32.2% 17.6% 43.6% Burger King 9.4% 6.3% 12.7% 7.6% The Coffee Club 3.2% 4.3% 1.6% 13.5% Ribs & Rumps -6.6% N/A 12.5% N/A Thai Express 5.5% 2.8% 9.3% 6.7% Average 4.1% 7.6% 14.6% 16.2% Average Thailand 5.6% 1.9% 1.8% 2.2% 41

42 RESTAURANT OUTLETS 1Q13 Restaurant Update Brand No. of outlets No. of outlets Equity Franchise Thailand International Total The Pizza Company Swensen s Sizzler Dairy Queen Burger King The Coffee Club Ribs & Rumbs Thai Express Riverside Others Total ,46 42

43 BEIJING RIVERSIDE & COURTYARD Key Development AS PART OF MINT S FIVE-YEAR STRATEGY, IN ADDITION TO ORGANIC GROWTH, MINT ALSO LOOKS FOR ACQUISITION OPPORTUNITIES. MINT ACQUIRED BEIJING RIVERSIDE AT THE END OF 212 WITH PLANS TO EXPAND BOTH IN ITS HOME COUNTRY, CHINA, AND POTENTIALLY INTO OTHER COUNTRIES. Basic Information Established in 25 Distinctive chain of casual-concept restaurants in China, specializing in Sichuan barbecue fish 21 restaurants across Beijing and Shanghai Ownership Initial 49% stake, with MINT holding the majority of the Board seats Another 11-3% stake in Riverside in two years, subject to a performance hurdle The remaining shares of Riverside will continue to be held by the original founders 212 Comparative Revenues Although contribution from Riverside is small initially, it is expected to become more meaningful as aggressive pace of growth is expected THB Million 13,192 MINT Restaurant Revenues 952 1% of Riverside Investment Rationales China is a country of vast opportunities that arise from its rapidly growing middle class, accumulation of wealth, and increasing domestic consumption Riverside is already profitable, and therefore will bring in immediate earnings contribution to MINT Back office of the China operations will be combined for higher efficiency The acquisition will be a turning point MINT s China food business operationally and financially in

44 CONTINUED & STRENGTHENING PARTNERSHIP WITH S&P Restaurant Update S&P OPERATES A CHAIN OF RESTAURANTS AND BAKERY SHOPS WITH OVER 4 OUTLETS IN 7 COUNTRIES PRODUCING AND DISTRIBUTING FOOD AND BAKERY PRODUCTS UNDER THE S&P BRAND. SINCE 3Q11, S&P S PERFORMANCE HAS BEEN RECOGNIZED THROUGH EQUITY ACCOUNTING METHOD. S&P S 1Q13 MARGINS HAVE BEEN PRESSURED FROM INCREASED LABOR COSTS, RENTAL AND ADVERGISING EXPENSES. Shareholding Structure +12% YoY +8% YoY Sila-on & Riva Families 39% MINT 31% THB million Revenue 4,437 4,761 5,34 5,941 6,653 1,516 1, % YoY -19% YoY Others 3% MINT s Investment in S&P EBITDA , THB million 3, 2,5 2, 1,5 1, 5-5 Investment Cost Unrealized gain (loss) Gain from investment reclassification % shareholding 26.3% 19.% 2.8% 22.9% 1,85 1, % 31.3% 2,151 2,151 1,54 1,54 4.8% % ,97 1, Net % Margin (131) % 4% 3% 2% EBITDA Margin NPAT 13.1% 14.2% 15.3% % 6.2% 7.2% % 7.6% % +56% YoY % % 14.3% -19% YoY % 8.3% 1Q12 1Q13 44

45 FINANCIAL PERFORMANCE RETAIL TRADING & CONTRACT MANUFACTURING Retail Trading Update 1Q13 REVENUE OF RETAIL TRADING & CONTRACT MANUFACTURING INCREASED BY 22% YoY DUE PARTLY TO THE IMPROVED RETAIL TRADING OPERATIONS AND PARTLY TO THE LOW-BASED COMPARISON IN 1Q12 DUE TO THE FLOODS. EXCLUDING INSURANCE CLAIMS FROM FLOOD RECEIVED IN 1Q12, NET PROFIT INCREASED SIGNIFICANTLY BY OVER 6 TIMES. THB million Revenue EBITDA EBITDA Margin NPAT Net Margin % % 1Q % -.2.% 2Q % % 3Q % % 4Q12 +22% YoY +4% YoY % +4% YoY Note: Net profit in 212 has been restated per the new accounting policy on current and deferred income taxes (IAS 12) % 1Q13 Key Highlights 1Q13 revenue from retail trading increased by 21% YoY, primarily from the fashion business, despite the decline in number of cosmetic points of sale. Retail trading business started to see a turn around with same-store-sales growth turning positive since 4Q12; 1Q13 revenue from contract manufacturing increased by 25% YoY, as the NMT plant was fully operational in 1Q13 compared to partially operational in 1Q12 because of the flood in 211; As a result, EBITDA and net profit margins of retail trading & contract manufacturing business increased significantly in 1Q13. Excluding insurance claim received in 1Q12, EBITDA increased by 88% and net profit increased at higher rate by over 6 times YoY. 45