MANAGEMENT DISCUSSION AND ANALYSIS

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1 MANAGEMENT DISCUSSION AND ANALYSIS COMPANY AND SUBSIDIARIES FINANCIAL STATUS AND PERFORMANCE MINOR INTERNATIOANL PUBLIC COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE ) Overview In the second quarter of 2006, Thailand s overall market sentiment was not only disrupted by increasing oil prices and global inflation fears, but it was also affected by political concerns. Since the 2 nd April 2006 general election was annulled by the courts, economic momentum weakened as Thailand s government and public sector lost effectiveness under the Thaksin Shinawatra caretaker government. The lack of government caused the delay in many infrastructure and mega projects and the tight monetary policy extended by the Bank of Thailand in order to curb the increased inflation hampered business sectors such as automobiles and housing. However, according to the Tourism Authority of Thailand, the tourism sector performed impressively with a 22% year-on-year (y-y) growth in terms of international tourists spending during the first six months following a recovery in tourism sector. Minor International Public Company Limited s ( MINT ) has therefore reported a 25% y-y increase in total revenues and 61% y-y increase in net profit. The Company s strong increases of revenues were encouraged by both hotel revenues which were up Bt 108 million y-y to Bt 936 million and the food revenues which were up Bt 303 million y-y to Bt 1,519million. The Company s total system sales for food marked a 25% y-y growth. The solid performance of MINT s food business was mainly from two sources including the increased of traffics from existing stores and new expansion and from the consolidation of China food business. Although the country s private consumption index (PCI) was weak during the beginning of this year, the sentiments marginally improved towards the end of second quarter with a growth of 0.8% compared to growth of 1.2% during the same period last year. The success of MINT s food business in this quarter was mainly because the new products launches together with the aggressive market campaigns. Our spa business grew by 27% in 2Q06 due to the new openings in China, Jordan, and UAE. Currently, MINT operates more than 20 spas under its equity-own and management contract. In summary, MINT reported total revenues of Bt 2,915 million on its three-month performance as end of 30 June 2006 posting a 25% increase compared to the same period last year. Its net profit of Bt 220 million also record a significant growth of 61% y-y compared to 2Q06. 2) The major changes that shall affect to the Company s operating results in the future are as follows:

2 2.1. On food business, MINT successfully increased its food outlets by 69 outlets to 585 in 2Q06 compared to 516 outlets in the same period last year. The increases are from both owned equity and franchised outlets including the Pizza of 18 outlets (include 7 franchised), Swensen s of 21 outlets (include 15 franchised), Sizzler of 5 outlets, Dairy Queen of 15 outlets, Le Jazz of 7 (including 2 franchised), and 1 other outlet MINT s China food business expanded to 24 outlets in total, with The Pizza 6 outlets, Sizzler 5 outlets and Chinese fast food restaurant Le Jazz of 13 outlets Internationally, the Company expanded its franchised outlets of The Pizza and Swensen s in Saudi Arabia, UAE, Cambodia, the Philippines, and China of 14 outlets in total In June 2006, the company signed Memorandum of Understanding with Hemas Holdings Limited (Hemas) a company listed in the Colombo Stock Exchange for hotel investment in Srilanka 2.3. In June 2006, MINT was selected by The Stock Exchange of Thailand for the SET-50 Index which will be added in the benchmark index calculation beginning 1 st July ) Company s Operation Analysis The Company s operating results and those of its subsidiaries in 2Q06 showed a total profit of Bt 220 million increasing Bt 84 million or 61% over the previous year, The year on year increase of more than 20% was mainly from the following reasons: 3.1) Revenues 3.1.1) Revenues from Food & Beverage Services up 25% The Company s revenues from food & beverage in 2Q06 increased to Bt 1,519 million increasing Bt 303 million or 25% compared to the previous year. The growth was driven by additional outlets especially from new stores in China and strong same-store-sales y-y growth in 2Q Total sales of The Pizza in 2Q06 increased 27% compared to the same period last year. The strong surge in sales during the period was driven from the expansion of 18 new outlets both domestic and international of 11 and 7 outlets, respectively. 2. Swensen s (Thai) Limited, which sells premium ice cream under the Swensen s brand, saw its sales jumped 30% over the same period last year. This outstanding performance in Swensen s sales was mainly from the opening of 21 new outlets (owned equity 6 outlets and franchise 15 outlets). 2

3 3. SLRT Company Limited, the exclusive operator of the Sizzler western seafood and salad in Thailand and China, saw its sales increased 32% year-on-year Due to the expansion of 5 outlets (3 outlets in Thailand and 2 outlets in China). 4. Minor DQ Company Limited, the exclusive operator of Dairy Queen soft serve ice cream outlets in Thailand, reported a 4% decrease in sales compared to 2Q05. This decrease in sales was derived from aggressive promotion by reducing price of competitor which attached more customers to them. 5. Burger Thailand Limited, the operator of Burger King Hamburger restaurants in Thailand, reported sales increase of 35% over the same period last year due to the campaign Bt 79 price promotion ) Revenues from Hotel Operations increased 13% Revenues from hotel operations in 2Q06 were Bt 936 million compared to Bt 828 million in 2Q05. The increase of Bt 108 million or 13% y-y was mainly from the Company s solid performance in terms of occupancy and average room rates operating under brands Marriott, Anantara, and Four Seasons. The hotel performance under the Marriott group 1. The Bangkok Marriott Resort and Spa Hotel s revenues in 2Q06 increased to Bt 225 million from Bt 202 million in the previous year or up 12%. This is due to the occupancy rate increased to 89% from 83% and the average room rate increased from Bt 3,014 to Bt 3,331 per night. 2. The Pattaya Marriott Resort and Spa Hotel s revenues increased to Bt 112 million in 2Q06 from Bt 97 million in the previous year or up 16%. This is due to the increased average room rate to Bt 3,091 from Bt 2,921 per night. Occupancy rate in 2Q06 was also outstanding at 83% compared to 77% in 2Q The Hua Hin Marriott Resort and Spa s revenues increased to Bt 71 million in 2Q06 from Bt 56 million in the previous year or up 26%. This is due to the increased of occupancy rate to 83% from 63% 4. The JW Phuket Marriot Resorts & Spa Hotel increased its total revenues to Bt 156 million compared to last year of Bt142 million. This mainly due to the increased of average room rate from Bt 4,886 per night to Bt 5,106 in the first quarter this year. 3

4 Hotels performance under the Anantara group: 5. The Anantara Resort and Spa Hua Hin Hotel s revenues increased to Bt 59 million in the 2Q06 increased 8% y-y. This mainly due to the increased average room rate to Bt 3,321 from Bt 3,177 per night. 6. The Anantara Samui reported revenues of Bt 45 million in 2Q06 increased from Bt 23 million or 97% y-y due to the increased occupancy rate to 61% from 29%. 7. The Anantara Golden Triangle Hotel s revenues increased to Bt 19 million in 2Q06 from Bt 18 million in the previous year or 6% y-y due to the increased of occupancy rate to 28% from 25% and the increased of average room rate to Bt 4,644 from Bt 3,834. Hotels in Four Seasons group have an in-line result as follows: 8. The Four Seasons Resort Chiangmai s revenues in 2Q06 increased to Bt 79 million from Bt 64 million in the previous year or up 25%. This is due to the increased occupancy rate from 44% to 53% and the average room rate increased from Bt 9,847 to Bt 10,371 per night. 9. For the Four Seasons Bangkok, the hotel s total revenues in 2Q06 reported at Bt 165 million decreased from Bt 186 million in the previous year. The reported 11% decrease was mainly from the closing of 180 rooms for renovation since late of first quarter However, the hotel average room rate reported higher to Bt 6,042 per night from Bt 5,541 in the previous year. 10. The Company has opened Four Seasons Tented Camp in Chaing Rai beginning of this year. The hotel reported total revenues in 2Q06 of Bt20 million with the occupancy rate of 39% and the average room rate of Bt 16,420 per night ) Revenues from Spa Business also reported a strong y-y growth of 27% In 2Q06, revenues from MINT s spa business reported at Bt 86 million increasing Bt 18 million or 27% from last year due to the opening of 6 new spas and extension of treatment rooms from the previous year. The solid growth was also stimulated by the recovery of tourism in the Southern provinces after the Tsunami ) Revenues from Shopping Center up 10% Net revenues from shopping centers in the second quarter year 2006 increased to Bt 100 million, or up 10% from the completed renovation which increased rental space from the 4

5 previous year as well as the increasing of the revenues from percentage of sales in this quarter. In addition, revenues from the Food Wave (the food court) also increased compared to last year ) Revenues from Entertainment increased 13% year-on-year Revenues from the Company s entertainment operations in 2Q06 were Bt 24 million posting a strong increase of 13%. The strengthened operations of entertainment revenues were mainly from the refurbishment of the plays and attractions such as Haunted House and Infinity Maze. The Company was very successful in its marketing initiations through group tour by adding into tourism attraction of Pattaya City. In addition, international tourist in Pattaya dramatically increased compare to last year ) Revenues from franchise Fee increased 27% year-on-year Revenues from the Company s franchised operations in 2Q 2006 was Bt 35 million or 27% increase compared to the same period last year. This mainly from the extensive expansion of MINT s franchised business including 20 domestic and 4 international outlets ) Other Income The company recorded Bt 213 million for other income, an increase of Bt 129 million or 152% from the same quarter last year. The increase primarily resulting from increasing of Bt 9 million from sales of raw material to MFG s international franchisees, Bt 14 million from sales of investment, profit sharing from subsidiaries of Bt 31 million, and dividend received increased of Bt 47 million. 3.2) Cost of Sales and Expenses 3.2.1) Total Cost of Sales increased 25% -- in-line with expectation The total cost of sales in 2Q06 was Bt 964 million increased of Bt 185 million or 25% from the same period previous year. The increase of MINT s cost of sales was generally in-lined with key highlights as follows: Cost of food and beverage increased Bt 125 million or 30% increase year-on-year. The ratio with revenues is a little higher than the same period last year due to the increasing of transportation cost which affected from the increasing of oil price. However, the company has planned to well manage cost for both purchasing price and efficiently used of raw material. 5

6 The hotel s cost of sales increased Bt 45 million or 15% compared to the previous year and this also in-line with increased hotel revenues. On entertainment business, the cost of sales slightly increased by Bt 0.1 million or 2% comparing to the same period last year. The increase was significantly lower than the increased revenues growth implying the higher efficiency of the Company s operations. Cost of sales in the retail properties also increased Bt 2 million or 9% year-on-year which slightly less than the increased revenues growth resulting from the efficiency of managing cost. Cost of sales in the spa operations substantially increased Bt 13 million or 44% year-on-year. The increase on spa cost was higher than the increased revenues due to the pre-operating expenses of 6 newly opened spas in both local and international ) Selling and Administrative Expenses increased 25% MINT and its subsidiaries reported total selling and administrative expenses in 2Q06 of Bt 1,250 million, an increase of Bt 248 million compared to the same period last year. Rationales of the increases are: 1) The S&A expenses of MFG in 2Q06 increased Bt 180 million mainly from i. increase of staff expense, expenses related to branch expansion; ii. Marketing expenses iii. Increased expenses of China Food Group of Bt 80 million as the Company started consolidated its China business in 1Q06. 2) The S&A expenses of hotel and other business group in 2Q06 increased Bt 68 million from 2Q05 with key highlights as follows: i. Management fee and marketing expense increased Bt 44 million due to the increased revenues ii. Management fee and marketing expense of the Four Seasons Tented Camp Chaing Rai which opened in January 2006 of Bt 16 million. iii. Selling and administration expense including opening new spas of Bt 6 million. The increased expense was important for the aggressive expansion in the future. 6

7 iv. Land rental increased Bt 2 million which in-line with the increasing revenues 3.2.3) Depreciation and Amortization increased 10% The consolidated depreciation charge for the company in 2Q06 was Bt 317 million, increased Bt 29 million from last year. The increase was due to the following: The depreciation of the Minor Food Group Plc. increased at the amount of Bt 22 million (Including the depreciation charge for China Food Group of Bt 9 million) The depreciation of various hotels and shopping center renovation projects increased at the amount of Bt 1 million. The depreciation charge for the Four Seasons Tented Camp Chiang Rai of Bt 6 million 3.2.4) Interest Expenses showed decreasing In 2Q06, interest expenses of MINT and its subsidiaries were at Bt 63 million showing a decrease of Bt 1 million or 2% compared to the same period last year. Financial Performance in Summary In summary, MINT s 2Q06 reported total revenues of Bt 2,915 million increasing 25% from last year while the Company s cost of sales and S&A are general in-lined with the revenues. In term of bottom-line, the Company has reported a remarkable performance of 61% y-y growth of its net profit to Bt 220 million and EPS is Bt per share or increasing 50% compared to the previous year. 4.) Balance Sheet Statements 4.1 Assets As of 30 June 2006, MINT had total consolidated assets of Bt 15,681 million, increased Bt 7

8 236 million or 2% from the previous year-end at 31 December The main changes of the Company s assets derived from the following reasons: The Company s cash and short term investment decreased by Bt 192 million from dividend payment to shareholders; Account receivables decreased at the amount of Bt 195 million ; Land, building and equipment increased Bt 155 million resulting from renovation of various hotels and shopping centers of hotel group at the amount of Bt 293 million, from transferring of work in progress in to fixed assets of Bt 180 million and from renovation and expansion of the Minor Food Group (MFG) at the amount of Bt 360 million, reduction from depreciation and amortization in the amount of Bt 644 million, reduction from sales of investment in subsidiary in the amount of Bt 24 million, and translation adjustment of Bt 10 million; Net intangible assets increased Bt 18 million mainly from increasing of goodwill from increased investment of RNS Holdings Limited in the amount of Bt 35 million and decreased from goodwill amortization of Bt 21 million; Land and project under development increased 63 million resulting from the transfer of the work-in-progress to fixed assets of Bt 180 million and the incremental investment of Samui Four Seasons, and new hotel in Phuket of Bt 243 million. 4.2 Liabilities As of 30 June 2006, the Company had total consolidated liabilities of Bt 8,271 million, decreased by Bt 1,235 million or decreased 13% from December 31, The lower liabilities came from: The repayment of short and long-term loans of Bt 1,106 million Account and trades payable decreased Bt 42 million Accrued expenses and other current liabilities reduced Bt 39 million 4.3 Shareholders' Equity Total shareholders' equity as of 30 June 2006 increased Bt 1,472 million or up 25% from 31 December 2005 due to: 8

9 Net profits before minority interest of Bt 664 million; Increased share capital at the amount of Bt 1,207 million from the issuance of 182 million common shares (amount Bt 1,066 million) under the right offering issuance. In addition, the proceeds of Bt 141 million from 33 million shares issuance for the exercise of 28 million units of ESOP warrant. Increase of treasury stock of Bt 65 million from its wholly owned Minor Food Group as it exercised its rights option Decreased minority interest of Bt 22 million due to the dividend payment Dividend payment of Bt 345 million Increase in profit from selling of securities investment at the amount of Bt 70 million. Decreased of minority interest of Bt 23 million Advanced payment received of Bt 2 million from new share subscription and decreased in the translation adjustment of Bt 15 million 4.4.) Cash Flow Statements As of 30 June 2006, the company generated and committed cash as follows: The Company generated cash from operating activities totaling Bt 1,134 million which was substantially increased compared to Bt 904 million in the same period last year. The increases were mainly from: Net profits of Bt 641 million Depreciation and amortization of Bt 625 million and decreased from adjustment of other non-cash items of Bt 128 million The decrease of account receivables of Bt 195 million The increased accrued tax payment of Bt 19 million The increase of inventory and other current asset of Bt 106 million The decrease of account payables, accrued expenses, and other current liability of Bt 102 million Cash payments for investing activities of Bt 855 million including followings: 9

10 The acquisition of property, plant, work-in-progress and other assets at the amount of Bt 242 million (for Four Seasons Samui and new projects in Phuket); the normal repair and maintenance for various hotels of Bt 279 million and the extension and renovation of food business of Bt 288 million Loan for the subsidiaries and related companies of Bt 126 million Investment of subsidiary of Bt 90 million Cash payment for other non-current asset of Bt 30 million Cash received from selling of long-term investment of Bt 63 million Cash received from selling of short-term investment of Bt 140 million Cash flow from financing activities as of 30 June 2006 in total of Bt 317 million mainly from: The cash received from issuing common shares of the Company and its subsidiaries of Bt 1,142 million The cash payment for short-term and long-term loans of Bt 1,088 million Dividend payment of Bt 368 million In the first 6 month 0f year 2006, the Company s net cash decreased Bt 37 million and the net cash position as of 30 June 2006 ending at Bt 277 million. 10

11 RATIO ANALYSIS Key Ratios June 30, 2006 June 30, 2005 Profitability Ratios (First 6 month) Gross profit margin (%) 65.39% 66.17% Net profit margin (%) 10.46% 8.79% Return on Equity (%) 9.60% 8.02% Liquidity Ratios June 30, 2006 December 31, 2005 Current assets/current liabilities (times) June 30, 2006 June 30, 2005 Collection Period (days) (2 nd Quarter) Efficiency Ratios (First 6 month) June 30, 2006 June 30, 2005 Return on Assets (%) 4.12% 3.12% Financial Policy (First 6 month) June 30, 2006 June 30, 2005 Interest coverage (times) Financial Leverage June 30, 2006 December 31, 2005 Total liabilities to Equity (times) Net interest bearing debt to equity (times)

12 ANALYSIS OF FINANCIAL RATIOS MINT has again reported a stronger than the previous year performance in the second quarter The Company s top-line revenues of Bt 2,915 million showed an impressive y-y growth of 25% amidst the unfavorable economic environments throughout the quarter including prolong political uncertainties, inflation fear, oil price hikes, and the rising interest rates. The Company s diversified sources of revenues provided more than a strong buffer for MINT s sales revenues that the management achieved in delivering such impressive financial results. Together, MINT s 2Q06 net profit of Bt 220 million reported a strong y-y growth of 60% due to the improved operating and net profit margins thanks to the Company s successful strategy in increasing the returns on invested capitals. Major development in 2Q06 including the first year operations of Four Seasons Tented Camp hotel in Chaing Rai and the expansion of MINT s food business in China which has the strong expansion potentials. In addition, MINT expanded its hotel contract management into international tourism destination in this year at Bodu Huraa Hotel Maldives which the Company shared a 50% ownership. Performance of the newly opened hotels was impressively in-lined with management s expectation. Operation-wise, MINT s 2Q06 profitability has shown an improvement y-y giving its net profit margin growing to 10.46% from 8.79% and return on equity strongly improved to 9.60% from 8.02% in the previous year. Its return on assets showed an improvement of 4.12% compared to 3.12% in the same period last year as the Company started to fully utilize its assets of the new opening hotels at the same time being an Asset-Light company by having more earnings from hotel contract management and food franchising business. In addition, the Company s liquidity ratio increased to 0.56 times from 0.51 during the same period last year. The collection period also reduced to 13 days compared to the previous year 14 days, respectively. MINT s interest coverage ratio also increased to 9.26 times from 8.70 times. Balance sheet was reported stronger with its net interest bearing debt to equity decreased to 0.82 times in 2Q06 compared to the end of 2005 of 1.21 times resulted from the successful capital raise plan and financial policy. Looking ahead, the Company anticipated that domestic demand according to the macro-economic indicators will remain lackluster in the latter half of this year. Unlike hotel business, it is important for the Company to be at the forefront for any unfavorable circumstances by increasing efficiency on operating costs in order to at least maintain the operating margins especially on its food business. MINT s hotel business seems less worrisome giving the strong recovery of Thai tourism where MINT with diversified geographical locations can enjoy the solid growth of international tourist arrivals with an enhancement by the opening of the new airport. MINT s management has a strong belief in the Company s sustainable growth in the latter half of (Pratana Manomaiphiboon) Director 12

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