FORWARD LOOKING STATEMENT
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- Abigayle Henry
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1 Company Presentation May 2016
2 FORWARD LOOKING STATEMENT 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. Disclaimer 2
3 Agenda 1Q16 Performance Recap & Recent Updates Minor Hotel Minor Food Minor Retail Corporate Information
4 1Q16 Performance Recap & Recent Updates
5 CONTINUED GROWTH WITH DIVERSIFICATION MINT reported 1Q16 net profit of THB 3.6 billion, a 66% increase y-y, primarily from the robust performance of Minor Hotel and Minor Food, together with the gain from revaluation of Tivoli of THB 1,932 million, which demonstrated MINT s M&A capabilities. Excluding such gain in 1Q16 and gain from revaluation of Sun International hotels in 1Q15, 1Q16 net profit from operation increased by 9% y-y. THB million 16,000 REVENUES +30% y-y Excl special gains +21% y-y 15,846 12,000 12,143 8,000 THB million 3,000 2,000 1Q15 Minor Hotel Minor Food Minor Retail Special Gains 1Q16 15,846 2,157 NET PROFIT +66% y-y Excl special gains +9% y-y 3,575 1, Q15 Minor Hotel Minor Food Minor Retail Special Gains 1Q16 1Q16 Performance Recap 5
6 INTERNATIONAL PRESENCE With solid diversification strategy, MINT s presence was in 32 countries at the end of 1Q16 across its hospitality and restaurant businesses. REVENUE CONTRIBUTION 100% 13% Hotel & Spa 75% 44% 44% 50% International Restaurant 50% 87% Thailand Combination 25% 56% 56% 50% 0% Q F * Excludes special gains MINT s Footprint 6
7 ADDITIONAL INVESTMENT IN HOTEL PORTFOLIO IN AFRICA The Investment MINT will increase its shareholding in the hotel portfolio in Africa by acquiring additional stake from Sun International Total investment amount (for both existing investment and the additional shareholding) is ZAR 1,020.8 million (THB 2.7 billion) Tranche Timing of Completion Investment Amount Tranche 1 Completed at end of 2014 ZAR million Tranche 2 To be completed in ZAR million Royal Livingstone by Anantara AVANI Victoria Falls The assets include 8 properties with over 1,300 rooms across 5 countries Name Country Rooms Current Shareholding (Tranche 1) New Shareholding (Tranche 1+2) Timeline of Tranche 2 Investment 1. Royal Livingstone by Anantara Zambia % 100% 2Q16 2. AVANI Victoria Falls Zambia % 100% 2Q16 3. AVANI Lesotho Lesotho % 46.9% 2Q16 4. AVANI Maseru Lesotho % 46.9% 2Q16 5. AVANI Gaborone Botswana % 80% 3Q16 6. AVANI Windhoek Namibia % 100% 3Q16 7. Royal Swazi Spa Swaziland % 2H17 onwards 8. Lugogo Sun Swaziland % 2H17 onwards Total Portfolio 1,368 Zambia Botswana Namibia Swaziland Lesotho AVANI Gaborone Royal Swazi Spa Investment Rationales This strategic investment follows MINT s initial acquisition of 6 hotels under the Sun International portfolio in Africa in December 2014 The additional investment will solidify MINT s presence in Africa and allow it to fully capitalize on the long-term potential of the region AVANI Windhoek Lugogo Sun The portfolio will further benefit from MINT s global operating platform, as well as its robust sales and marketing network to strengthen performance going forward AVANI Lesotho AVANI Maseru Investment Update 7
8 INVESTMENT REVIEWS MINT s past investments have delivered superior returns, highlighting MINT s M&A capabilities to drive value creation from its strategic investments. Oaks Minor DKL The Investment Initial investment of AUD 84.5 million in 2011 Payback period: ~3 years Project IRR > 15% The Investment Initial investment of AUD 23 million in 2008 Payback period: ~5 years Project IRR > 25% Revenues Revenues AUD Million 200 CAGR 10% AUD Million CAGR 24% Added >20 properties and >1,500 rooms under Oaks brand within 4 years Diversified Oaks brand outside its home country to Asia and Middle East Developed new product offerings under Oaks brand from MLRs to traditional hotel management Expanded from a single brand at acquisition to a portfolio of 6 brands today Grew number of outlets by over 60% over the past five years Increased international footprint to 8 countries across Asia and Oceania Investment Reviews 8
9 Minor Hotel Anantara Peace Haven Tangalle Sri Lanka
10 FINANCIAL PERFORMANCE MINOR HOTEL 1Q16 core revenues of hotel & mixed-use business (excluding special gains) grew by 18% y-y, as a result of improving owned hotels operations, addition of newly acquired hotels, Oaks, management contracts and sale of residential development villas. 1Q16 core EBITDA increased by 24% because of increased operating leverage of owned hotels and higher-profitability residential sales. Net profit increased by 10%, lower than increase in revenues, because of increase in depreciation and effective tax rates in 1Q16. THB million Revenue 6,002 4,842 5, % y-y 7,109 7,108 Owned hotels 55% of 1Q16 hospitality revenues Key Highlights Core revenue grew by 25% y-y on the back of 1Q16 increase in organic RevPar excl FX impact of 5% y-y, together with the incremental revenue from the newly acquired hotels (system-wide RevPar -24%). EBITDA 1, , % y-y 2,218 2,175 Oaks 20% of 1Q16 hospitality revenues 1Q16 revenue increased by 8% y-y, in line with the RevPar increase of 9% both in THB term and AUD term. EBITDA Margin 29.2% 18.8% 22.3% 31.2% 30.6% +10% y-y Management contracts 4% of 1Q16 hospitality revenues Revenue increased by 12% y-y, primarily attributable to hotels in Thailand and the Middle East. 1Q16 system-wide RevPar increased by 8% (organic RevPar +9%). NPAT Net Margin 1, % 1Q % 2Q15 1,270 1, % 17.9% 15.8% 3Q15 4Q15 1Q16 Real estate 18% of 1Q16 hospitality revenues 1Q16 revenue increased by 20% y-y with the continued sales momentum of The Residences by Anantara, Layan, Phuket. * The financials above reflect performance from operations, and therefore excludes special gains from revaluation of investments in Sun International hotels of THB 650 million in 1Q15, Oaks Elan Darwin of THB 20 million in 3Q15 and 4Q15, and Tivoli of THB 1,932 million in 1Q16. Minor Hotel 10
11 MINOR HOTEL - INTERNATIONAL PRESENCE In recent years, MINT has implemented a solid diversification strategy. At the end of 1Q16, MINT operates hotels and spas under a combination of investment, joint-venture and management business models in 24 countries, with another 7 countries in the pipeline over the next three years. REVENUE CONTRIBUTION 100% 6% 75% 50% 94% 59% 55% 66% International Thailand 25% 41% 45% 34% 0% Q F * Excludes special gains Investment Management Combination New Destinations in Pipeline Hubs Minor Hotel 11
12 SYSTEM-WIDE HOTEL OPERATIONS 1Q16 system-wide RevPar decreased by 2% y-y as a result of the addition of new hotels, i.e. the Tivoli portfolio in Portugal. In addition, the RevPar is also impacted by the low season of the Portuguese hotels portfolio. Excluding new hotels and foreign exchange impact, 1Q16 organic RevPar increased by 6% y-y, attributable to increase in Thailand hotels RevPar of 10% and Oaks RevPar of 9%. NUMBER OF HOTEL ROOMS ADR No of Rooms 20,000 15,000 10,000 16,872 16,774 17,076 17, % y-y 19,006 MLR / Oaks Managed THB 8,000 6,000 6,359 5,245 5,367 6,306 Organic excl FX Impact +4% y-y +1% y-y 6,431 5,000 Joint-venture Owned 0 2,000 OCCUPANCY REVPAR 90% Organic +1% y-y THB Organic excl FX Impact +6% y-y 80% 70% 70% 65% 69% 69% -2% y-y 67% 5,000 4,431 3,409 3,678-2% y-y 4,335 4,337 60% 3,000 2,000 50% 1,000 Minor Hotel 12
13 OWNED-HOTELS OPERATIONS 1Q16 HOSPITALITY REVENUE CONTRIBUTION No of Rooms 7,000 6,000 5,000 55% Ownedhotels 4,807 4,807 With the acquisition of Tivoli portfolio in Portugal, contribution of owned hotels increased to over half of hotel & mixed-use revenues in 1Q16. 1Q16 RevPar of owned hotels was down 24% y-y because of the addition of new Tivoli hotels and AVANI Riverside Bangkok. Excluding the new hotels and impact from exchange rate, organic RevPar of owned hotels increased by 5% y-y in 1Q16, attributable to hotels in Thailand. Negative system-wide RevPar of owned hotels was more than offset by incremental revenues from the additional rooms. As a result, revenue of owned hotels increased by 25% y-y in 1Q16. NUMBER OF HOTEL ROOMS +Oaks Elan Darwin 5,108 +Tivoli Oriente 5, % y-y +Tivoli Victoria +Tivoli Palacio de Sateais +Tivoli Jardin +Tivoli Lagos +Tivoli Sintra +Tivoli Coimbra +AVANI Riverside Bkk 6,566 THB 10,000 8,000 6,000 7,550 ADR 5,709 5,815 Organic excl FX Impact +6% y-y -11% y-y 7,055 6,696 3,000 2,000 OCCUPANCY REVPAR 90% 80% 70% 72% 62% 65% 67% Organic Flat y-y -10% y-y 62% THB 6,000 5,460 3,521 3,804 4,753 Organic excl FX Impact +5% y-y -24% y-y 4,161 60% 50% 2,000 40% 0 Minor Hotel 13
14 OWNED-HOTELS THAILAND 1Q16 HOSPITALITY REVENUE CONTRIBUTION 34% Thailand hotels Thailand hotels continued to be the highest contributor to the hospitality business, with revenue of owned hotels in Thailand account for about one-third of hospitality revenues. System-wide RevPar of Thailand owned hotels (including newly-opened AVANI Riverside Bangkok) increased by 5% y-y. Excluding the new hotel, organic RevPar of Thailand owned hotels increased by 8%, thanks to the strong tourism flow into Thailand. THB 6,000 THB 10,000 BANGKOK RevPar Growth (y-y) +78% +65% +39% +3% -3% 2, ,178 4,065 79% 4,720 4,762 5,018 5,178 % Occupancy 2,963 3,115 3,692 63% 65% 74% THAILAND PROVINCES RevPar Growth (y-y) +1% +11% +23% +9% +11% 8,000 6,000 2,000 0 ADR 3,923 76% 8,614 6,455 75% 5,673 68% 3,844 5,863 7,847 70% 70% 5,455 4,076 9,132 7,188 79% RevPar Industry Bangkok owned hotels Owned hotels in Thailand Provinces International tourist arrival to Thailand increased by 15% y-y in 1Q16, led by tourists from China, Korea, UK and The Americas. 1Q16 Bangkok RevPar was down by 3% because of the addition of the newly-opened AVANI Riverside Bangkok. Excluding the new hotel, organic RevPar of owned hotels in Bangkok increased by 2%. Hotels in the provinces of Thailand continued to see a resilient 1Q16 RevPar growth of 11% y-y. All key destinations including Phuket, Samui, Hua Hin and Chiang Mai have experienced RevPar growth in 1Q16. Minor Hotel 14
15 OWNED-HOTELS OVERSEAS 1Q16 HOSPITALITY REVENUE CONTRIBUTION OVERSEAS RevPar THB Growth (y-y) -50% -39% -22% -37% -47% THB 10,000 8,000 6,000 2, % Overseas hotels 8,597 5,572 65% Contributing 21% of hospitality revenue, overseas owned hotels portfolio is another major driver of the hospitality business. Although system-wide RevPar of overseas owned hotels declined by 47% because of the addition of newly acquired Tivoli hotels, the incremental revenues from the acquisition, together with the improvement of the existing hotels, resulted in revenue increase of overseas owned hotels portfolio of 66% y-y in 1Q16. 6,502 7,948 6,594 62% 61% 55% 4,816 3,629 4,001 % Occupancy ADR RevPar 1Q16 REVENUE CONTRIBUTION BY GEOGRAPHY Africa, 14% Portugal, 22% Others, 9% Maldives, 27% Brazil, 27% 5,888 50% 2,947 Overall RevPar Performance Maldives Brazil Portugal Africa Excluding newly acquired Tivoli hotels in Portugal, organic RevPar of overseas owned hotels declined by 8% y-y. 1Q16 performance of Maldives owned hotel slightly improved y-y. RevPar of hotels in Brazil declined y-y in 1Q16 as the two hotels are under renovation, together with the weakening of the Brazilian reals. Nevertheless, revenues of hotels in Brazil increased by 31% y-y because of consolidation of 2 months in 1Q15 vs. full quarter in 1Q16. Only two months of revenue of Portuguese hotels were consolidated in 1Q16. As 1Q is low season, contribution from Portugal portfolio is expected to be higher in 2Q and 3Q, which are their high season. Today, the two owned hotels in Botswana and Namibia are city hotels, and therefore are impacted by the regional economic slowdown. Upon completion of the increased shareholding in Sun hotels portfolio, hotels in Zambia will be consolidated. Positioned as leisure hotels with the renowned Victoria Falls as the main attraction, the Zambian hotels are less susceptible to the African economy. Minor Hotel 15
16 OAKS OPERATIONS 1Q16 HOSPITALITY REVENUE CONTRIBUTION 20% Oaks Oaks serviced-suites operation is the second largest segment in the hotel and mixed-use business, with 20% revenue contribution in 1Q16. Oaks continues to provide the hotel & mixed-use business with stable performance throughout the year, compared to hotel operations which is more seasonal. Oaks 1Q16 revenues in THB increased by 8% y-y, in line with the RevPar growth. NUMBER OF MANAGED ROOMS ADR No of Rooms 7,000 6,000 Flat y-y 6,330 6,232 6,208 6,232 6,257 THB 6,000 4,309 3,923 4,214 THB +7% y-y 4,610 4, AUD ,000 2, AUD +6% y-y OCCUPANCY REVPAR 90% +2% y-y THB 5,000 THB +9% y-y AUD % 70% 60% 79% 78% 77% 75% 73% 3,000 2,000 1, , , , ,603 3, AUD +9% y-y Minor Hotel 16
17 MANAGED-HOTELS OPERATIONS 1Q16 HOSPITALITY REVENUE CONTRIBUTION 4% Management Contracts In 1Q16, managed hotels contributed 4% of hotel & mixed-use revenues. System-wide RevPar of managed hotels portfolio increased by 8% y-y in 1Q16, primarily from hotels in the Middle East and Thailand. The increase in RevPar, together with the increase in room counts resulted in growth in management fees of 12% y-y. NUMBER OF HOTEL ROOMS ADR No of Rooms +Souq Waqif Doha by AVANI +8% y-y +The Residences at Victoria, Tivoli THB Organic excl FX Impact -3% y-y +2% y-y 3,703 3,703 3,727 3,910 3,998 8,000 6,000 7,424 6,356 6,461 7,809 7,605 3,000 2,000 2,000 0 OCCUPANCY REVPAR 80% 70% 60% 66% 61% 60% 63% Organic +4% y-y +3% y-y 69% THB 6,000 4,910 3,849 3,892 4,938 Organic excl FX Impact +4% y-y +8% y-y 5,280 50% 2,000 40% 0 Minor Hotel 17
18 HOTEL EXPANSION PIPELINE Expansion inside and outside Thailand will contribute to revenue & profit in coming years. HOTEL INVESTMENT MANAGEMENT CONTRACTS 2016F Kalutara, Sri Lanka (141 rms) 2017F 2018F 2019F Total Desaru, Malaysia (103 rms) Ubud, Bali, Indonesia* (80 rms) Riverside Bangkok, Thailand (249 rms) Khao Lak, Thailand (327 rms) Deira Islands, Dubai, UAE* (500 rms) * Note: Joint-ventured properties Tivoli Victoria Vilamoura, Portugal (280 rms) Tivoli Palacio de Seteais, Portugal (30 rms) Tivoli Jardim, Portugal (119 rms) Tivoli Lagos, Portugal (324 rms) Tivoli Sintra, Portugal (77 rms) Tivoli Coimbra, Portugal (100 rms) Bodhgaya, India* (78 rms) Torres Rani, Maputo, Mozambique* (181 rms) Guiyang, China (218 rms) Jabal Al Akhdar, Oman (115 rms) Salalah, Oman (136 rms) Al Houara Tangier, Morocco (150 rms) Luang Prabang, Laos (101 rms) Qiandao Lake, China (120 rms) Shanghai, China (260 rms) Tozeur, Tunisia (93 rms) Le Chaland, Mauritius (176 rms) Oman (198 rms) Dubai Creek, UAE (290 rms) Jabal Dhannah, UAE (60 rms) Durrat Al Bahrain, Bahrain (220 rms) Ras Al Khaimah, UAE (300 rms) Zanzibar, Tanzania (150 rms) Nusa Dua, Bali, Indonesia (433 rms) Chiang Mai, Thailand (70 rms) UAE (111 rms) Jabal Dhannah, UAE (230 rms) Queensland, Australia (219 rms) The Residences at Victoria Golf Club, Portugal (88 rms) 14 Hotels / 2,589 Rooms 28 Hotels / 4,550 Rooms Minor Hotel Al Wakrah, Qatar (101 rms) Busan, Korea (400 rms) Loisaba Tented Camp, Kenya (12 rms) Loisaba Star Beds, Kenya (7 rms) Woollongabba, Australia (80 rms) Nusa Dua, Bali, Indonesia (96 rms) Neemrana, Rajasthan, India (116 rms) 18
19 REAL ESTATE BUSINESS - RESIDENTIAL 1Q16 HOSPITALITY REVENUE CONTRIBUTION 18% Real Estates MINT launched The Residences by Anantara, Layan, Phuket in 2H15. With two units sold and revenues recognized in 1Q16, total number of units sold to date is five. To ensure the revenue stream from residential sales in the coming years, MINT has additional residential projects in the pipeline, including in Chiang Mai in Thailand; Maputo in Mozambique, Desaru in Malaysia and Ubud in Indonesia. Other residential projects will be selectively considered in various hotel destinations in order to increase returns of the overall project. THE RESIDENCES BY ANANTARA, LAYAN, PHUKET ANANTARA CHIANG MAI SERVICED SUITES The project is situated on Layan beach, one of the most picturesque bays on west coast of Phuket. 15 uniquely designed pool villas A 50% joint-venture with U City Pcl. (formerly Natural Park), the project is in the city center of Chiang Mai, across from Anantara Chiang Mai Resort & Spa. 44 units in 7-storey condominium building 65 to 162 sq.m. (one to three bedrooms) Completion expected in 2016 Sold 34% Inventory 66% Up to 8 bedrooms, each with 21 metre private infinity pool 1,313 to 2,317 sq.m. of built-up area Construction of 8 units completed; the remaining 7 is expected to be completed by the end of 2Q16 TORRES RANI, MAPUTO THE ESTATES SAMUI Above a secluded cove of powder-white sands and crystalblue waters, The Estates Samui provide complete privacy and spectacular panoramic views with its own stretch of beach. A 49% joint-venture with Rani Investment, the project is 5 minutes from Maputo CBD. 187-key, 18-storey residential tower 20,926 sq.m., 21- storey office tower The project will be completed in 2016 Sold 79% Inventory 21% ST. REGIS RESIDENCES Minor Hotel 19
20 REAL ESTATE BUSINESS ANANTARA VACATION CLUB 1Q16 HOSPITALITY REVENUE CONTRIBUTION 18% Real Estates Part of the real estate business, Anantara Vacation Club is now another importnant contributor to the hotel and mixed-use business. Growth of members are driven by four main markets China, Thailand, Hong Kong and Singapore. AVC sales and profitability were temporarily put under pressure in 1Q16 because of the change in business model which resulted in smaller package, cash flow acceleration, as well as lower bad debt and cancellation rate. TOTAL NUMBER OF MEMBERS Growth (y-y) +207% +67% +41% +28% +23% No. of Members 8,000 6,928 7,195 6,000 5,431 3,857 2,309 2, Q16 Hong Kong, 11% MEMBERS PRIMARILY IN ASIA US, 1% UAE, 1% Others, 10% Indonesia, Korea, 1% 1% Japan, 3% Australia, 3% Malaysia, 9% Singapore, 10% Thailand, 11% China, 39% As at Mar 2016 No. of Units INVENTORY TO ACCOMMODATE GROWING MEMBERS Destinations: Queenstown Bali Sanya Samui Phuket Bangkok Destinations Q F No. of Members 6,000 2,000 0 GROWTH DRIVEN BY FOUR MARKETS China Hong Kong Thailand Singapore 4,896 5,104 3,731 2, % +37% +111% +300% 1, % +38% +29% +39% +23% +19% +5% +5% +36% +12% +10% +9% Q16 Minor Hotel 20
21 Minor Food
22 FINANCIAL PERFORMANCE MINOR FOOD 1Q16 revenues of the restaurant business increased by 28%, attributable to total-system-sales growth of 8.8%, together with the consolidation of Australia hub since November EBITDA grew at the similar rate of 26%, while net profit grew at a slower rate of 12%, primarily from the increase in minority interest from the consolidation of Minor DKL. THB million +28% y-y Key Highlights Revenue 4,567 4,335 4,517 5,244 5,841 Total-system-sales growth of 8.8% in 1Q16 The Pizza Company, Burger King and Riverside continued to report impressive double-digit total-system-sales growth in 1Q16. EBITDA % y-y 1,051 Outlet expansion of 8% in 1Q16 In 1Q16, Burger King, Riverside, BreadTalk, SSP (operator in airports) and The Pizza Company saw the fastest outlet expansion y-y (in terms of percentage growth). EBITDA Margin NPAT Net Margin 18.3% 15.6% 16.6% 16.5% 18.0% % y-y % 6.8% 8.0% 9.3% 8.2% Same-store-sales growth of 0.9% in 1Q16 Positive same-store-sales growth of The Pizza Company, Burger King, The Coffee Club and Riverside contributed to the improved samestore-sales growth of the portfolio. Performance of Swensen s and Dairy Queen were soft as dessert category was impacted by the domestic economy. Ribs and Rumps and Thai Express continued to face challenging macro economic environment in Australia and Singapore. 1Q15 2Q15 3Q15 4Q15 1Q16 * The financials above reflect performance from operations, and therefore excludes gain on fair value adjustment of change in status of investments in Minor DKL, MINT s Australian restaurant hub of THB 1,665 million in 4Q15. Minor Food 22
23 MINOR FOOD - INTERNATIONAL PRESENCE MINT operates four restaurant hubs: Thailand, Singapore, Australia and China. MINT s restaurant presence is now in 19 countries across the region, operating owned, franchised and a combination of both business models. MINT continues to look for opportunities to expand, especially in these existing markets that MINT operates. REVENUE CONTRIBUTION 100% 75% 50% 25% 19% 81% 34% 38% 42% 66% 62% 58% International Thailand 0% Q F * Excludes special gains Owned Franchised Combination Hub Minor Food 23
24 MINOR FOOD OPERATIONAL PERFORMANCE 1Q16 total-system-sales of the restaurant business grew 8.8% y-y, from outlet expansion of 8%, mostly in Thailand and Vietnam, together with same-store-sales growth of 0.9%. Thailand and China hubs solid performance resulted in the improving samestore-sales growth trend in 1Q16. SSS & TSS GROWTH RESTAURANT OUTLETS BY GEOGRAPHY 20% 17.9% International Thailand +8% y-y 3,139 39% 15% 10% 11.1% 12.9% 7.8% 8.8% 1,043 33% 67% 1,851 1,859 36% 36% 64% 64% 61% 5% Q F 0% 0.6% -1.6% -0.2% 0.3% 0.9% Franchised RESTAURANT OUTLETS BY OWNERSHIP 3,139-5% Owned +8% y-y 1,851 1,859 50% No. of Outlets 1,727 1,747 1,787 1,851 1,859 Same-Store-Sales Growth Total-System-Sales Growth 1,043 38% 82% 62% 48% 52% 53% 48% 50% 52% 50% 59% Q F Minor Food 24
25 THAILAND HUB 1Q16 RESTAURANT REVENUE CONTRIBUTION 62% Thailand Revenues from domestic operations accounted for over 60% of total restaurant revenues in 1Q16. The Pizza Company and Burger King reported strong same-store-sales growth, reaffirming Thailand hub s leadership position in the industry and its ability to stay ahead of competition amidst the prolonged slowdown of the domestic economy. 15% 10% THAILAND S SSS & TSS GROWTH Thailand hub reported strong same-store-sales growth of 3.0% in 1Q16 despite prolonged challenging domestic consumption environment. Successful tactical initiatives, product innovations, together with effective marketing and promotional campaigns continued to pay off in 1Q16. With consistent outlet expansion, Thailand hub reported totalsystem-sales growth of 14.3% in 1Q16. 5% INDUSTRY LEADER Successful buy-one-get-one free promotion, with monthly record sales in March Effective new mango promotion with six mango flavors starting in March. In addition, solid marketing plans have been put in place for the rest of the year. Creative product innovation with monthly new launch Thai chicken basil in May. Attractive product offering resulted in record number of dockets of 14 million in 1Q16, with more improvement expected in 2Q. Continued expansion of domestic market with new store openings in outskirts of Bangkok and other major cities, including stand-alone and drive-thru formats in gas stations. 0% -5% Same-Store-Sales Growth Total-System-Sales Growth Minor Food 25
26 SINGAPORE HUB 1Q16 RESTAURANT REVENUE CONTRIBUTION 10% Singapore Like many other restaurant operators in the market, MINT s Singapore hub continued to be impacted by the economic slowdown and increased competition. The hub is taking the opportunity to renovate some of its outlets and gradually overhaul the customer journey to refresh the brand image as well as maintain its leadership position as one of the largest and most trusted Thai restaurant chains in Singapore. SINGAPORE S SSS & TSS GROWTH Although same-store-sales growth of Singapore hub remained negative in 1Q16, the trend is improving, with the best same-storesales in 1Q16 since the beginning of Total-system-sales growth continued to be negative because of the pause in outlet expansion to focus on the refresh of Thai Express brand. 0% -5% STREAMLINE OF OPERATIONS Thai Express continues to undergo the refurbishment program for its 15 outlets. The program is expected to complete by the end of the year. Singapore hub is evaluating the performance of its restaurant portfolio and is looking to close down some of its unprofitable outlets going forward. The hub s new initiatives include: - Launched Thai Kitchen by Thai Express in Food Republic, BreadTalk s food atrium concept. The initiative is another collaboration between MINT and BreadTalk Singapore. - Introducing China-based Riverside, the Sichuan barbecue fish restaurant concept, in Singapore in 2Q % -15% Same-Store-Sales Growth Total-System-Sales Growth Minor Food 26
27 AUSTRALIA HUB 1Q16 RESTAURANT REVENUE CONTRIBUTION 14% Australia In 1Q16, Australia hub s contribution to total restaurant business significantly increased to 14% with the consolidation of Minor DKL, as opposed to the recognition of equity income in previous years, since the increase in MINT s shareholding in Australia hub from 50% to 70% in November % AUSTRALIA S SSS & TSS GROWTH Australia hub s same-store-sales remained flat, only slightly declining by 0.6% in 1Q16, in the midst of of slow down of the economy especially in Queensland, Australia, where half of The Coffee Club s outlets are located. Total-system-sales grew by 2.2% in 1Q16, as Australia hub is cautiously expanding its outlets amidst the weak macro backdrop in the country. SUCCESSFUL VERTICAL INTEGRATION With the successful integration of Veneziano into the Australia hub, MINT will continue to further enhance its supply chain management by integrating Veneziano s coffee roasting capability across MINT s global supply chain to further drive sales and profitability going forward. Despite total-system-sales growth of only 2.2%, 1Q16 net profit from operation of Australia hub increased by over 10% in AUD because of the proceeds from sales of its stores to franchisees, which is the normal operation of The Coffee Club in Australia. 20% 10% 0% -10% Same-Store-Sales Growth Total-System-Sales Growth Minor Food 27
28 CHINA HUB 1Q16 RESTAURANT REVENUE CONTRIBUTION 13% China China hub reported positive same-store-sales growth for the first time in two years. MINT remains confident in the growing middle class in China and sees the long term potential in the country. With its focus on increasing the scale, while instilling productivity and efficiency in the everyday operations of all brands, MINT expects its China hub to yield a more meaningful contribution in the future. 40% 20% CHINA S SSS & TSS GROWTH Same-store-sales growth of China operations turned positive of 2% in 1Q16 from both Riverside and Sizzler brands on better consumption environment in Beijing. Total-system-sales growth was 13.4% in 1Q16 from the samestore-sales growth, together with outlet expansion. RECOVERY ON TRACK Sizzler in China reported positive same-store-sales growth for seven consecutive months since September 2015, partly attributable to the successful menu relaunch. For Riverside brand, same-store-sales growth was strongest in Beijing. Riverside was successful in cost control, including raw material costs, labor costs and shop expenses. As a result, China hub has seen improving profitability in 1Q16. As Riverside has aggressively expanded its number of outlets over the past three years, going forward, the brand will also start to focus on profitability improvement. Outlet expansion will continue with focus on resilient city, Beijing. 0% -20% Same-Store-Sales Growth Total-System-Sales Growth Minor Food 28
29 Minor Retail
30 FINANCIAL PERFORMANCE MINOR RETAIL 1Q16 revenues of Minor Retail increased by 4% y-y from revenue recovery of both fashion and manufacturing businesses. However, both EBITDA and net profit still reported a decline because of the promotional discounts of previous-season inventory, as well as higher marketing and promotional costs. +4% y-y THB million Revenue Retail trading 70% of 1Q16 retail revenues Key Highlights 1Q16 revenue from retail trading increased by 3% y-y, primarily from Banana Republic, Charles & Keith and Bossini. EBITDA % y-y 85 Contract manufacturing 30% of 1Q16 retail revenues 1Q16 revenue from contract manufacturing increased by 9%, thanks to the success of its efforts to expand its customer base. EBITDA Margin 10.6% 7.2% 5.2% 10.9% 8.8% Expanded portfolio In 2Q16, Minor retail selectively added two new brands: NPAT % y-y 38 - Brooks Brothers from the US: opened in late April in Gaysorn, Siam Paragon and Emporium - Kojima Premium Denim from Japan: opened in Siam Paragon, with the brands e-jeans, Tenryo, Pallet Life Story and Japan Blue. Net Margin 5.4% 1.9% 1.2% 5.2% 3.9% Going forward, Minor retail will restructure its portfolio of brands in order to drive revenues and profitability. Minor Retail 30
31 MINOR RETAIL OPERATIONAL PERFORMANCE 2016 same-store-sales of retail trading started to see a recovery trend and was flat in 1Q16. Because of outlet expansion y-y, primarily from the opening of Bossini and GAP outlets, together with the launch of Banana Republic brand since the beginning of 2015, total-system-sales increased by 4.2%. SSS & TSS GROWTH SALES PER SQ. M. 10% THB 5% 0.4% 4.2% 40,000 33,830 34,246 34,042 35,200 0% -2.5% -2.7% -0.1% 30,000 27,101-5% -2.2% -5.7% -7.9% 20,000-10% -9.7% -7.8% -15% No. of Shops ,000 No. of Shops Same-Store-Sales Growth Total-System-Sales Growth Fashion & Cosmetic Sales per Sq. m. Minor Retail 31
32 Corporate Information Tivoli Lagos, Algarve, Portugal
33 CAPEX & BALANCE SHEET STRENGTH In addition to committed CAPEX, MINT also set aside additional CAPEX for future investments and new opportunities. Even with recent acquisitions, leverage ratio remains below the internal policy, while earnings from newly acquired entities have yet to feed through to the results. With its solid balance sheet, MINT will be able to primarily use its internal cash flow and debt financing to fund its CAPEX requirements going forward. In addition, MINT and its senior debenture have A+ rating by TRIS. CAPEX PLANS COMMITTED & NEW OPPORTUNITIES LEVERAGE RATIOS THB million 15,000 12,000 9,000 6,000 X X Interest Bearing Debt to Equity Net Interest Bearing Debt to Equity 1.28x 1.14x Internal Policy 3, F 2017F 2018F 2019F 2020F Restaurant Hotel & Mixed-use Retail Trading Additional CAPEX (non-committed average per annum) for New Opportunity/Acquisition(s) EBITDA coverage on committed CAPEX * 2016 committed CAPEX includes the final stage of Tivoli acquisition and increased shareholding in the hotel portfolio in Africa THB million 80,000 60,000 40,000 20,000 0 BACK-UP FINANCING Shareholders Equity 38,895 Debt 49,878 Outstanding Borrowing & Equity Note: Cash on hand as at end of 1Q16 is THB 5,455 million Equity* 7,981 Debt 27,728 Un-Utilized Facility * Incremental capital increase from MINT-W5 exercise, assuming 100% MINT-W5 conversion Corporate Information 33
34 FIVE-YEAR ASPIRATIONS 2020F hotels 1,112 restaurants 292 retail shops & POS (14,275 Sqm) 1Q hotels 75 residences built to date 140 timeshare units 1,859 restaurants 307 retail shops & POS (26,109 Sqm) > 210 hotels > 500 residences built to date > 450 timeshare units > 3,100 restaurants > 360 retail shops & POS (> 29,000 Sqm) 7.0bn 2020F NPAT (THB) 1.4bn Corporate Information 34
35 MINT S FIVE-YEAR STRATEGY Five-year strategy consists of the following three key pillars, with clear goals and measurements Goals NPAT growth of 15-20% CAGR ROIC of >15% Growth Pillars Drive a Portfolio of Own Brands, With Additional Contribution From Selected International Brands Maximize Asset Value and Productivity Strengthening of Hub / Cluster System Expand Through Existing and Future Strategic Investments & Acquisitions Asset-light Model Mixed-use Initiatives Measurements Total-system-sales growth of 15% Revenues growth of over 10% Improvement of margins Revenues from overseas of 50% Net profit from overseas of over 55% Corporate Information 35
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