COMPANY PRESENTATION - Mar 2019 - Minor International

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COMPANY PRESENTATION - Mar 2019 - Minor International
COMPANY PRESENTATION – Mar 2019
COMPANY PRESENTATION - Mar 2019 - Minor International
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.

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COMPANY PRESENTATION - Mar 2019 - Minor International
AGENDA
 2018 Performance
 Recap
 Minor Hotels
 Minor Food
 Minor Lifestyle
 Corporate Information
 & Five-Year Strategy
COMPANY PRESENTATION - Mar 2019 - Minor International
NH Collectiion Grand Hotel Convento di Amalfi

                                                PERFORMANCE RECAP
COMPANY PRESENTATION - Mar 2019 - Minor International
2018 Performance Recap
In 2018, MINT successfully completed the investment in NH Hotel Group (NHH), which was immediately accretive. As a result, MINT reported core
net profit growth of 10% for the year, primarily attributable to the core organic hotel business and contribution from NHH, despite the headwinds
of the weak macro backdrop, which resulted in soft performance of the restaurant business.

                                                    REVENUE                                             2018 REVENUE CONTRIBUTION
THB million                                                         +34%                 +35%
                                                                                                            Minor Lifestyle
  80,000                                                            78,499               79,328                  6%
                                                                                                                                  Minor Food
                                                                                                                                     30%

  60,000        58,644

                                                                                                   Minor Hotels
  40,000                                                                                              64%
                2017           Minor        Minor        Minor      2018     Non-core     2018
                               Hotels       Food        Lifestyle   Core      Items     Reported                               * Excludes non-core items

                                                NET PROFIT                                             2018 NET PROFIT CONTRIBUTION
 THB million                                                        +10%                 +1%                 Minor Lifestyle
                                                                                                                  2%
                                                                    5,957
   6,000        5,415                                                                                                             Minor Food
                                                                                         5,445
                                                                                                                                     26%

   4,000

   2,000                                                                                            Minor Hotels
                2017           Minor        Minor        Minor      2018     Non-core     2018         72%
                               Hotels       Food        Lifestyle   Core      Items     Reported                               * Excludes non-core items

* Non-core items are detailed on page 40.                                                                                                                  5
COMPANY PRESENTATION - Mar 2019 - Minor International
International Presence
With solid diversification strategy, MINT’s footprint was in 62 countries at the end of 2018 across its hospitality and restaurant businesses.

              Minor Hotels
              Minor Food
              Combination

                 REVENUE CONTRIBUTION

100%
           13%
 75%                 49%                     International
                             61%     72%
 50%                                         Thailand
           87%
 25%                 51%
                             39%     28%
  0%
          2008      2017     2018*   2023F
 * Excludes non-core items
                                                                                                                                                 6
COMPANY PRESENTATION - Mar 2019 - Minor International
Dividends and Warrants
MINT Board of Directors announced the resolution for dividend payment and warrant issuance, both of which are subject to shareholders’
approval. The Annual General Meeting of Shareholders will be held on 22 April 2019.

                                   DIVIDEND PAYMENT                                                                     WARRANT ISSUANCE

 • Cash dividend of THB 0.40 per share                                                       • Issuance of warrants on ordinary shares (MINT-W6)
 • Total cash not exceeding THB 1,848 million                                                • Offering to existing shareholders at no cost, at the ratio of 20 ordinary
                                                                                               shares to one unit of warrant, pro rata to existing shareholders
 • XD on 26 April 2019
                                                                                             • Dilution of 4.76%
 • Record date to determine the rights of shareholders on 29 April 2019
                                                                                             • Tenor: Approx 2 years 4 months
 • Dividend payment date on 15 May 2019
                                                                                             • Exercise ratio of 1 unit of warrant per 1 ordinary share
   THB                                                                                       • Exercise price of THB 43 per share
   0.40        35.6%                          33.7%                                    40%   • Record date on 29 April 2019 to determine the shareholders entitled to
                              32.8%                         32.8%
                                                                               31.0%           receive MINT-W6
   0.30         0.10                                                                   30%
                                                                                             • Assuming all warrants are converted, total cash received will be approx.
   0.20                                                                                20%     THB 9.9 billion
                                                             0.40              0.40
                               0.35           0.35
   0.10         0.25                                                                   10%   MINT WARRNT HISTORY
                                                                                                1999                          2006              2010            2014
      -                                                                                0%
                2014           2015           2016           2017              2018
                                                                                              MINT-W2                       MINT-W3           MINT-W4         MINT-W5
                    Cash              Stock              Payout Ratio
                                                                                               5-years                       2-years           3-years         3-years
   * EPS calculation based on core operations, excluding non-recurring items                 10% Dilution                  10% Dilution      10% Dilution    5% Dilution
                                                                                                                                                                           7
COMPANY PRESENTATION - Mar 2019 - Minor International
Update on NHH Integration
  MINT has already started to work with NHH to identify, formulate and quantify the potential synergistic benefits. The process is expected to take 6
  months. Task force from both Minor Hotels & NHH have already been assigned to collaborate across various functions and below are the key initial
  findings that have been identified and pursued.
        Dec                                 Jan                                Feb                               Mar                                 Apr                           May
        2018                               2019                               2019                               2019                               2019                           2019
                                                         NHH Budget & Standalone 5-Year Plan
                                                                       Identification of Integration Initiatives
                                                                                                                                     Finalization & Market Release
                                                                             Implementation of Integration

                                                              NEGOTIATION WITH                        COMBINATION OF                      LEVERAGE ON
  TIVOLI INTEGRATION              BRAND STREAMLINE                                                                                                                    LOYALTY INTERFACE
                                                                TRADE PARTNERS                         GLOBAL SALES                     HUMAN CAPITAL
• Transfer of Portugal &        • Joint brand positioning • Both Minor Hotels &                  • NHH hotel portfolio has          • Initial movements are         • Respective database
  Brazil Tivoli operations        has been agreed.           NHH uniformly reached                 been incorporated in               planned:                        analysis has been
  is in process.                • Over 5 hotels have         out to partners for                   MINT websites.                     ‒ GM from Minor                 completed.
• NHH is in the process           been identified as         improved and win-win                • Vision has been defined               Hotels to NHH;             • Both parties are
  of identifying                  potential accretive        pricing scheme based                  for websites at both               ‒ Operations &                  analyzing terms and
  synergies through               rebrand so far, of which   on enlarged portfolio.                group and brand levels.               revenue                      benefits.
  efficiencies across             3 to Anantara.           • Partners include OTAs,              • Cross-selling has started;            management from            • Global loyalty vision
  sales & marketing,            • Strong interests for new travel agents and                       China office for Spanish              NHH to Minor                 and roadmap to be
  procurement & back              expansion have been        procurement suppliers.                hotels, Thailand office for           Hotels.                      defined by 3Q19,
  office.                         identified for both           • Proposals are being              German hotels, Madrid            • Further employee                including assessment
                                  MINT and NHH brands             discussed with                   office for Oaks.                   mobility policy is in           on merger, cross
                                  across geographies.             suppliers to include the                                            process.                        redemption and cross
                                                                                                 • Joint-salesforce roadmap
                                                                  combined portfolio.              has been agreed.                                                   accumulation.
* Note that transactions and agreements are conducted in arms-length manner under MINT and NHH approved protocols (Governance Framework signed 7th February 2019)                             8
COMPANY PRESENTATION - Mar 2019 - Minor International
MINOR HOTELS

Anantara Quy Nhon Villas
COMPANY PRESENTATION - Mar 2019 - Minor International
Minor Hotels – Financial Highlights
2018 revenue of Minor Hotels grew by 63%, as a result of owned & leased and management hotels from both organic operations and consolidation
of NHH. 2018 EBITDA increased by 60%, with robust NHH profitability partially offset by the higher personnel-related expenses of Australian
operation and lower profitability of mixed-use business. Net profit grew by 28%, at a slower rate than revenue and EBITDA because of higher
interest expenses to finance the acquisition of NHH, higher minority interest and tax rate of NHH.
                                                                         +63%                                                          KEY HIGHLIGHTS
 THB million
                                                                         50,577             Owned & leased hotels                • Revenue grew by 117%, as a result of:
                                                           30,970                           75%                                     ‒ Organic growth of 24% from all key markets; i.e.
                                              27,758                                                                                  Thailand, Brazil, Portugal and Africa, and
                                23,547                                                      of 2018 Minor Hotels’
                   19,243
  Revenue                                                                                                                           ‒ Consolidation of NH Hotel Group
                                                                                            revenue

                                                                                            Management letting rights • Revenue in THB term was flat. Although RevPar was
                                                                         +60%                                           up by 2% in AUD term, revenue in THB term was
                                                                         12,290
                                                                                            12%
                                                                                            of 2018 Minor Hotels’       impacted by the weakening of the AUD.
                                               7,146        7,685
                   5,561         6,146                                                      revenue
   EBITDA
                                                                                            Management contracts                 • Revenue (excl NHH) increased by 19%, primarily
 EBITDA            28.9%        26.1%         25.7%        24.8%         24.3%                                                     attributable to higher income of managed hotels,
 Margin                                                                                     3%                                     especially in Thailand, together with contribution of
                                                                         +28%               of 2018 Minor Hotels’                  newly added hotels and additional technical service
                                                                         4,307              revenue                                and termination fees.
                                                            3,375
                                 3,009
                   2,600                      2,811
                                                                                            Mixed-use business                   • Revenue declined by 13%, from:
    NPAT                                                                                                                            ‒ Mismatch of sales of residential development in
                                                                                            10%                                       2018; and
 Net               13.5%        12.8%         10.1%        10.9%         8.5%               of 2018 Minor Hotels’                   ‒ Adverse impact on Anantara Vacation Club’s
 Margin                                                                                     revenue                                   revenue from the strengthening of the THB
                  2014          2015          2016          2017         2018                                                         against USD resulting in only 4% revenue growth.
* The financials above reflect performance from operation, and therefore exclude non-core items in 2014-2016 and 2018 as detailed on page 40.                                              10
Minor Hotels – International Presence
In recent years, MINT has implemented a solid diversification strategy. With the investment in NHH, MINT operates hotels and spas under a
combination of investment, joint-venture and management business models in 53 countries.

       Investment

       Management
       Combination

       New Destinations in Pipeline

       Hubs

                 REVENUE CONTRIBUTION
100%       6%
 75%                                          International
                     63%
                             78%      89%
 50%                                          Thailand
          94%
 25%
                     37%
                             22%      11%
  0%
          2008      2017     2018*    2023F
 * Excludes non-core items

                                                                                                                                        11
System-wide Hotel Portfolio
Excluding new hotels and FX impact, organic RevPar of the entire portfolio increased by 5% in 2018, driven primarily by owned and joint-venture
hotels portfolio. 2018 system-wide RevPar declined by 15%, primarily from the change in room type mix with the consolidation of the NHH
portfolio.

                     NUMBER OF HOTEL ROOMS                                                                ADR
   No of                                        +272%
  Rooms                                                                                                               Organic excl FX System-wide
                                                                            THB
  80,000                                        75,241                                                                    +2%             -16%
                                                                                   6,110     5,830     5,744                  5,816
  60,000                                                                   6,000                                  5,705
                                                         MLR                                                                          4,765
  40,000                                                 Managed
                                                                           4,000
                    17,714   19,797   20,209             Joint-venture
  20,000   14,721
                                                         Owned & Leased
      0                                                                    2,000
            2014     2015     2016     2017     2018                                  2014
                                                                                    2014       2015
                                                                                             2015         2016
                                                                                                        2016        2017
                                                                                                                  2017           2018

                             OCCUPANCY                                                                  REVPAR
    80%                                                                                                               Organic excl FX System-wide
                                                                            THB
                                                                                                                          +5%             -15%
                                                                                   4,024     3,964                             4,013
                                                         System-wide       4,000                       3,821      3,837
                                                             +2%
    70%               68%                         69%                                                                                 3,278
             66%               67%       67%               Organic
                                                  69%       +2%            3,000

    60%                                                                    2,000
            2014     2015     2016       2017    2018                                 2014
                                                                                    2014       2015
                                                                                             2015         2016
                                                                                                        2016        2017
                                                                                                                  2017           2018
                                                                                                                                                    12
Owned & Leased Hotels
                                    With the acquisition of NHH, owned & leased hotels contributed three-fourths of hotel & mixed-use revenue in
    2018
MINOR HOTELS                        2018. 2018 organic RevPar excluding FX impact of owned & leased hotels increased by 10%, from the strong
                          75%
  REVENUE              Owned &      performance of organic overseas hotels. System-wide RevPar of owned & leased portfolio declined by 19%,
CONTRIBUTION           Leased       primarily from the dilution of ADR with the consolidation of different room type mix of NHH. Revenue of owned &
                                    leased hotels more than doubled in 2018, both from organic operations and the consolidation of NHH.
                        NUMBER OF HOTEL ROOMS                                                                 ADR
   No of                                                     +653%              THB                                      Organic excl FX System-wide
  Rooms                                                                                                                      +5%             -27%
  60,000
  20,000                                                     52,969             8,000   7,028    6,553                           6,535
                                                                                                            5,811     6,228
  15,000                                                                        6,000
                                                                                                                                         4,575
  10,000                                                                        4,000
                                        7,118      7,039
                           5,387
   5,000       3,112                                                            2,000

      0                                                                            0
               2014        2015         2016       2017       2018                        2014
                                                                                        2014        2015
                                                                                                 2015          2016
                                                                                                            2016         2017
                                                                                                                      2017           2018
                                                                                                                                     2018

                                  OCCUPANCY                                                                 REVPAR
    80%                                                    System-wide          THB                                      Organic excl FX System-wide
                                                               +6%                                                           +10%            -19%
                                                                                5,000
    70%                   66%                                 68%
                                                                                        4,168    4,293                           4,269
                                        63%         62%                                                               3,865
               59%                                                              4,000
    60%                                                       65%                                           3,653
                                                            Organic                                                                      3,117
    50%                                                      +3%                3,000

    40%                                                                         2,000
               2014        2015        2016       2017        2018                      2014
                                                                                          2014   2015
                                                                                                    2015    2016
                                                                                                              2016    2017
                                                                                                                        2017         2018
                                                                                                                                                       13
Owned Hotels – Thailand
                  NHH,                 Thailand,         While Thailand remained the largest single country contributor, its contribution is now smaller than all of
                  42%                    24%
 2018 OWNED                                              NHH hotels combined. The momentum of RevPar growth of hotels in Thailand slowed in 2H18 primarily
HOTEL REVENUE
BY GEOGRAPHY         MLR                  Overseas       from the temporary slowdown of the Chinese tourists. Nevertheless, Thailand will remain an attractive
                                          excl NHH,      destination for tourism with its diverse attractions, well-developed infrastructure and strategic location.
                                            34%

                                      BANGKOK                                                                         KEY HIGHLIGHTS
 RevPar Growth                                                             Organic
 (y-y)         -25%             +40%          -4%             +14%          +8%                      • Despite the slowdown in Chinese tourists in 2H18, international
                                                                                                       tourist arrivals into Thailand grew by 7.5% in 2018.
     THB
            4,830                                           4,874         4,964
    5,000                    4,943         4,722                                                     • Number of room nights in Thailand sold by Minor Hotels grew by
                                                                            83%
                                70%             71%           78%             4,105      Thailand      4% in 2018.
    4,000                         3,473                         3,794
                51%                              3,337                                               • Organic RevPar of Minor Hotels’ owned Thailand portfolio grew
    3,000                                                                                              by 5% in 2018, driven by 1H18 performance, and primarily by
                    2,473
                                                                                                       hotels in Bangkok.
    2,000
                2014           2015           2016            2017          2018
                                                                                                     • The 8% RevPar growth of owned hotels in Bangkok in 2018 was
                              THAILAND PROVINCES                                                       primarily from higher occupancy and a slight increase in ADR.
 RevPar Growth                                                             Organic       Bangkok     • The Riverside hotels, both Anantara Riverside Bangkok and AVANI
 (y-y)         -2%             +10%             +6%           +6%           +3%
                                                                                                       Riverside Bangkok performed exceptionally well with double-digit
     THB
                                                            7,581        7,815                         RevPar growth throughout the year.
    8,000   6,937             7,060        7,443                                 5,746
                              70%              71%            74%                74%
    6,000       65%                                             5,600                                • RevPar of hotels in the provinces increased by 3% in 2018, from
                                 4,974           5,272
                  4,526
    4,000                                                                                Thailand      higher ADR.
                                                                                         Provinces   • Both Anantara’s in Phuket and hotels in Chiang Mai and Hua Hin
    2,000
                2014           2015           2016            2017          2018
                                                                                                       performed well.

                            % Occupancy               ADR               RevPar                                                                                            14
Owned Hotels – Overseas (Excl NHH)
                       NHH,                 Thailand,         RevPar of owned overseas hotels (excl NHH) increased by 9% in 2018, driven by hotels in all key markets.
                       42%                    24%
 2018 OWNED                                                   Excluding FX impact, organic RevPar of owned overseas hotels increased by even higher rate of 16%.
HOTEL REVENUE
BY GEOGRAPHY              MLR                 Overseas        Favorable tourism environment in key markets, selective asset refreshments, together with Minor Hotels’
                                              excl NHH,       ongoing sales & marketing efforts, contributed to the strong performance.
                                                34%

                                 OVERSEAS EXCL NHH                                                                           KEY HIGHLIGHTS
  RevPar Growth                                                                     Organic
  (y-y)         +8%                  -43%           -24%            +3%              +9%                   • The Portugal portfolio’s RevPar increased by 10% in THB (11% in
                                                                                                             EUR).
     THB
                 12,177                                                                                    • With the completion of the renovations in 2Q18, the RevPar
    12,000                                                                                      Portugal
                                                                                                             increase, in particular in 2H18, was from both occupancy and rate
     8,000             7,452 7,265                                  6,297                                    (vs previous RevPar increases mainly from rates), signifying the
                                       4,236 5,5673,220 6,239 3,331       3,621
     4,000          61%              58%         58%        53%         58%                                  traction of the hotels’ operating performance.

          0                                                                                                • Brazil’s RevPar increased by 5% in THB (25% in BRL) with the
                    2014             2015           2016            2017            2018        Brazil       weakening of the Brazilian real by 15%.
                           % Occupancy               ADR                   RevPar                          • RevPar of both hotels grew by over 20% in BRL.

                      2018 ORGANIC REVPAR GROWTH (THB)                                                     • The Maldives portfolio performed well throughout the year, with
                                                                                                             RevPar growth of 9% in THB (+16% in USD).
                                            10%                                                 Maldives
Others, 31%           Portugal, 33%                                        9%                              • The RevPar growth was driven by occupancy increase, from the
                                                                                           7%                continued targeted marketing efforts.
                                                            5%
                                                                                                           • RevPar of the African portfolio increased by 7% in THB (19% in
Africa, 13%            Brazil, 13%                                                                           local currencies).
                                                                                                Africa
              Maldives, 10%                                                                                • Hotels in Botswana and Zambia saw RevPar growth of over 20% in
                                         Portugal          Brazil     Maldives         Africa                local currencies.
                                                                                                                                                                                 15
Owned & Leased Hotels – NH Hotel Group
                        NHH,              Thailand,           NHH was the largest contributor to the owned & leased hotel portfolio in 2018. 4Q18 RevPar of NHH
                        42%                 24%
 2018 OWNED                                                   increased by 9%, driven by all key markets. The RevPar increase in 4Q18 was both from occupancy (across
HOTEL REVENUE
BY GEOGRAPHY             MLR                Overseas          all regions, with Latin America and Spain as highlights) and ADR (primarily from Spain and Central Europe).
                                            excl NHH,
                                              34%

                                      NH HOTEL GROUP                                                                        KEY HIGHLIGHTS
                   RevPar
                   +9% Y-Y                  * Notes:
                                                                                                          • Remarkable growth in Madrid from relevant congress in Oct 2018
  EUR                                                                                           Spain
            94                 98
                                              (1) ADR & RevPar in THB terms are THB 3,675                 • Improving comps in Barcelona since 4Q18, recovering from slow
   100                                            and THB 2,580 respectively
                                              (2) For the time being, stats are given in EURs               leisure domestic market in 2Q18-3Q18
    80             63               69
                                                  for performance comparisons.
    60                                        (3) The stats are different than NHH’s public               • Good performance of Rome & secondary cities
    40        67%               70%
                                                  disclosure as MINT’s version is organic
    20                                            (one-year in operation) whereas NHH’s is      Italy     • However, Milan reported flat RevPar growth, as the city was
                                                  LFL (24 months full cycle of operations)
     0                                                                                                      negatively affected by the trade fair calendar
             4Q17              4Q18
                          % Occupancy              ADR                RevPar                              • Outstanding performance in Brussels due to continued recovery
                                                                                                Benelux     since the terrorist attack in 4Q16
                    4Q18 ORGANIC REVPAR GROWTH (EUR)
                                                                                                          • Dutch secondary cities also performed well
    America, 10%          Spain , 27%    12%                                           12%
                                                                                                Central
                                                                                                          • Munich & Berlin up strongly due to favorable trade fair calendar
                                                                 8%         7%                  Europe
Central Europe,                                       5%
     24%
                                                                                                          • RevPar up even higher (+18%) in local currencies
                                                                                                Latin
   Benelux , 22%          Italy, 17%
                                         Spain        Italy    Benelux Central Latin            America   • Buenos Aires & Bogota saw double-digit RevPar growth even with
                                                                       Europe America                       FX depreciation
* Note that only 4Q stats are shown as consolidation of NHH is only in 4Q18.                                                                                                   16
NH Hotel Group – Financial Highlights
NH Hotel Group reported recurring EBITDA of EUR 263 million in 2018, above its announced target. EBITDA increase of 13% in 2018 was a result of
sound revenue growth and constant focus on efficiency. 4Q18 recurring performance showed a stronger momentum compared to the full year.

 EUR million                      +8% y-y                       +4% y-y                                                                  KEY HIGHLIGHTS
                                                     1,553       1,620                                       • 2018 revenue growth of 4%
                       397           430                                                                        ‒ RevPar up 3.8% (Occupancy +1.5% & ADR +2.3%)
   Revenue
                                                                                     Revenues                   ‒ Strong performance of Benelux and Italy
                                  +24% y-y                      +13% y-y                                        ‒ Relative RevPar outperformed comp sets in top cities with focus on
                                                                  263                                             quality (measured through STR / MKG Competitive Set average growth)
                                     78               233
  Recurring
   EBITDA
                         63                                                                                  • 2018 recurring EBITDA growth of 13%, with margin improvement of 1.3%
                                                                                     Recurring
                                                                                                                ‒ 45% EBITDA conversion rate
  EBITDA              15.8%        18.1%             15.0%       16.3%               EBITDA
  Margin                                                                                                        ‒ Effective cost control, both payroll and operating expenses
                                 +250% y-y                     +146% y-y
                                                                  86                                         • 2018 NPAT up significantly
  Recurring
    NPAT                             28                 35                                                      ‒ Business improvement
                         8
                                                                                     NPAT                       ‒ Lower financial costs, from both refinancing and full redemption of
  Recurring            1.9%         6.6%              2.2%        5.3%
  NPAT Margin                                                                                                     corporate bond and convertible bond
                                  +1% y-y                      +228% y-y                                        ‒ Higher contribution of net capital gains from asset rotation
                                                                 118
  Reported
    NPAT                 11           11                36                                                   • Successful debt reduction
                                                                                                                ‒ Decline in net financial debt to EUR 171 million as of end of 2018 from
  NPAT Margin          2.8%         2.6%              2.3%        7.3%               Leverage
                                                                                                                  EUR 655 million as of end of 2017
                       4Q17         4Q18              2017        2018                                          ‒ Early redemption of convertible bond (EUR 250 million) in June 2018
Note:   (1) As per NH Hotel Group’s report, the numbers include hyperinflation accounting effect (IAS 29) (implemented since 1 Jan 2018), and
        (2) Recurring NPAT exclude capital gains and related taxes from asset rotation.
Source: NH Hotel Group’s 2018 Results Presentation & Sales and Results                                                                                                                      17
Management Letting Rights
                                  Management letting rights (MLR) business which manages serviced-suites, mainly under the Oaks brand, is the
    2018
MINOR HOTELS     12%              second largest segment in the hotel and mixed-use business. MLR provides Minor Hotels with stable performance
  REVENUE        MLR              throughout the year, compared to hotel operations which are more seasonal. While 2018 MLR’s revenue increased
CONTRIBUTION                      by 5% in AUD term, primarily from the increase in RevPar, revenue in THB term slightly declined by 1% because of
                                  the weakening of the AUD.
                       NUMBER OF HOTEL ROOMS                                                                ADR
   No of                                                                        THB                                                      AUD
  Rooms                                                    +8%                                                                 THB -6%
                                                                               6,000                                                     200
  7,000                                                   6,935                         4,795               4,557     4,588
                                    6,339      6,418                                              4,271                         4,297
           6,223        6,232                                                                                                            190
  6,000                                                                        4,000
                                                                                                                                         180
  5,000                                                                                                                177       179
                                                                                                             174                         170
                                                                               2,000
  4,000                                                                                                                        AUD +1%
                                                                                         164       166                                   160
  3,000                                                                           0                                                      150
               2014     2015        2016       2017       2018                          2014      2015      2016      2017       2018

                                OCCUPANCY                                                                  REVPAR
                                                                              THB                                                        AUD
   90%
                                                          +1%                 5,000                                            THB -6%   160
                                                           79%                4,000    3,643                3,495    3,596      3,391    150
   80%                               77%        78%                                              3,258
               76%       76%
                                                                              3,000                                                      140
                                                                                                                                141
                                                                              2,000                                   138                130
   70%                                                                                                      133               AUD +2%
                                                                              1,000     124       127                                    120
   60%                                                                            0                                                      110
               2014      2015        2016       2017       2018                         2014      2015      2016      2017      2018
                                                                                                                                                 18
Managed Hotels
                                  In 2018, managed hotels contributed approximately 3% of hotel & mixed-use revenue. Organic RevPar excluding FX
    2018
MINOR HOTELS      3%              impact of managed hotels portfolio decreased by 1%. System-wide RevPar declined by 14%, with the addition of
                  Management      NHH portfolio. Because of higher income of managed hotels, especially in Thailand, together with contribution of
  REVENUE         Contracts
CONTRIBUTION                      newly added hotels and additional technical service and termination fees, revenue from management service
                                  (excluding NHH) increased by 19% in 2018.
                       NUMBER OF HOTEL ROOMS                                                                ADR
   No of                                                                       THB                                      Organic excl FX System-wide
  Rooms                                                      +184%
                                                                                                                             -1%            -13%
                                                                              8,000
  15,000                                                    13,311
                                                                                                7,038     6,724
  12,000                                                                              6,748
   9,000                                                                                                             6,108       6,048
                                                                              6,000
   6,000                             4,533      4,692                                                                                    5,309
               3,453      3,910
   3,000
      0                                                                       4,000
                2014       2015       2016       2017        2018                     2014
                                                                                        2014    2015
                                                                                                  2015     2016
                                                                                                             2016    2017
                                                                                                                       2017        2018
                                                                                                                                   2018

                                OCCUPANCY                                                                  REVPAR
                                                                                                                        Organic excl FX System-wide
                                                          Organic              THB                                           -1%            -14%
   80%
                                                           Flat
                                                                              5,000
   70%                                                                                          4,400     4,241
                         63%        63%        64%          64%                       3,737                          3,917      3,894
                                                                                                                                         3,378
   60%     55%                                              64%
                                                                              3,000
                                                        System-wide
   50%                                                      Flat
   40%                                                                        1,000
               2014      2015       2016       2017        2018                       2014
                                                                                        2014    2015
                                                                                                  2015    2016
                                                                                                            2016     2017
                                                                                                                       2017        2018
                                                                                                                                                      19
Hotel Expansion Pipeline
                                                     2019F                                     2020F                                                2021F                                 2022F
                                        • Desaru, Malaysia             103 rms    • Fares Island, Maldives*        200 rms             • Khao Lak, Thailand          328 rms
                                        • Ubud, Bali, Indonesia*
HOTEL INVESTMENT

                                                                        71 rms    • Milan, Italy                   185 rms
                                        • Antwerp, Belgium                                                                             • Frankfurt, Germany          428 rms
                                                                       180 rms    • Santander, Spain                64 rms
                                        • Paseo de Montejo, Mexico     120 rms    • Monterey La Esfera, Mexico     120 rms             • Hamburg, Germany            261 rms
                                        • Mannheim, Germany            225 rms    • Cancun, Mexico                 140 rms             • Frankfurt, Germany          375 rms
                                        • Leipzig, Germany             197 rms    • Milan, Italy                   100 rms
                                        • Warangi, Serengeti                      • Hannover, Germany               89 rms
                                          National Park, Tanzania*      12 rms    • Amsterdam, Netherlands         650 rms
                                            7 Hotels / 908 Rooms                      8 Hotels / 1,548 Rooms                               4 Hotels / 1,392 Rooms
                                                                                                                 19 Hotels / 3,848 Rooms
                              * Note: Joint-ventured properties
                                        • Bahia, Brazil                  50 rms   • Libo Country, China            173 rms             • Chengdu, China              150 rms   • Sifah, Oman                 198 rms
                                        • Le Chaland, Mauritius         164 rms   • Phi Phi Island, Thailand       107 rms             • Nanjing, China              120 rms
                                        • Tozeur, Tunisia                93 rms
                                        • Victoria, Australia           170 rms
                                                                                  • Ras Al Khaimah, UAE            140 rms             • Zhuhai, China               160 rms   • Kota Kinabalu, Malaysia     386 rms
                                        • Angkor, Cambodia               80 rms                                                        • Accra, Ghana                155 rms   • Ho Chi Minh City, Vietnam   217 rms
                                        • Seminyak, Bali, Indonesia      37 rms   • Dubai, UAE                     528 rms             • Sharjah, UAE                233 rms
                                        • Busan, Korea        289 rms & 570 rms   • Ras Al Khaimah, UAE            225 rms                                                     • Guadalajara, Mexico         120 rms
MANAGEMENT CONTRACTS / MLRS

                                        • Bangkok, Thailand             382 rms                                                        • Zhuhai, China               300 rms   • Panama                       83 rms
                                        • Tunis, Tunisia                 41 rms
                                        • Dubai, UAE                    372 rms   • Hangzhou, China                166 rms             • Savanne, Mauritius          156 rms
                                        • Vũng Tàu, Vietnam             149 rms                                                        • Muscat, Oman                150 rms
                                        • Recife, Brazil                200 rms   • Queensland, Australia           50 rms             • Gammarth, Tunisia           232 rms
                                        • Brasilia, Brazil              395 rms   • Daegu, Korea                   144 rms             • Dubai, UAE                  528 rms
                                        • South Australia, Australia    278 rms                                                        • Cam Ranh, Vietnam           595 rms
                                        • Hangzhou, China               132 rms   • Venice, Italy                  150 rms
                                        • Busan, Korea                  436 rms
                                        • Beirut, Lebanon               110 rms                                                        • Fortaleza, Brazil           130 rms
                                        • Wellington, New Zealand       226 rms   • Iquique, Chile                 135 rms
                                        • Khon Kaen, Thailand            79 rms   • Mexico City, Mexico            144 rms             • Phuket, Thailand            500 rms
                                        • Santiago, Chile                86 rms   • Lima, Peru                     164 rms
                                        • Valencia, Spain                47 rms                                                        • Zhuhai, China               100 rms
                                        • Bahia, Brazil                 207 rms                                               Others
                                        • Porto, Portugal                79 rms
                                                                                  • Santiago, Chile                146 rms             • Hangzhou, China              54 rms
                                        • Lima, Peru                    265 rms
                                        • London, UK                    190 rms
                                        • Laikipia, Kenya                 7 rms
                                           27 Hotels / 5,134 Rooms                   13 Hotels / 2,272 Rooms                               15 Hotels / 3,563 Rooms                5 Hotels / 1,004 Rooms
                                                                                                               60 Hotels / 11,973 Rooms
                                                                                                                                                                                                                 20
Mixed-use Business – Residential
                    10%              MINT’s residential projects are part of Minor Hotels’ mixed-use business. The developments are within or
     2018     Mixed-use
 MINOR HOTELS                        adjacent to MINT’s hotels and are usually branded MINT’s hotel brands. In addition to the current projects, MINT
   REVENUE                           has prepared a pipeline in order to ensure the continuity of revenue stream from residential sales in the coming
 CONTRIBUTION                        years. Other residential projects will be selectively considered in various hotel destinations in order to increase
                                     returns of the overall project.
                                     CURRENT PROJECTS                                                            PIPELINE PROJECTS
Layan Residences    Avadina Hills                         Anantara Chiang                        Anantara Desaru   Anantara Ubud
                                         The Estates                           Torres Rani,
  by Anantara,      by Anantara,                           Mai Serviced                            Residences,      Residences,         Silom Office
                                           Samui                                 Maputo
     Phuket            Phuket                                 Suites                                Malaysia         Indonesia

 15 luxury pool     16 luxury pool      14 luxury pool        44 units in    181 keys for rent    20 residential     15 residential          NA
      villas             villas              villas            7-storey      & 6 penthouses           villas             villas
                                                            condominium          for sale;
                                                               building      21-storey office
                                                                                  tower
 Launched 2015     Launched 2018       Launched 2006       Launched 2016      Launched 2015       To launch 2019   To launch 2019      To launch 2023
  100%-owned              50% JV        100%-owned             50% JV            49% JV              60% JV             50% JV             40% JV
                                                                                                                                                        21
Mixed-Use Business – Anantara Vacation Club
                   10%                    Part of the mixed-use business, Anantara Vacation Club is another important contributor to Minor Hotels. Growth
    2018     Mixed-use
MINOR HOTELS                              of members are driven by four main markets – China, Thailand, Hong Kong and Singapore. In 2018, while AVC
  REVENUE                                 revenue increased by 9% in USD term, because of the strengthening of the THB, AVC revenue in THB term
CONTRIBUTION                              increased by 4%.

                          TOTAL NUMBER OF MEMBERS                                                        MEMBERS PRIMARILY IN ASIA
  Growth          +41%          +28%         +15%           +27%      +21%                             UAE, 1% Others, 12%
  No. of                                                                                              USA, 2%
 Members                                                                                          Philippines, 2%
                                                                      12,347                      Australia, 2%                         China, 38%
 12,000                                                  10,193                                    Taiwan, 4%
   9,000                                    8,000
                                6,928                                                               Japan, 4%
   6,000         5,431
                                                                                                  Malaysia, 7%
   3,000
       0                                                                                             Singapore, 8%
                 2014           2015         2016           2017      2018                               Hong Kong, 8%             Thailand, 12%       As at Dec 2018

           INVENTORY TO ACCOMMODATE GROWING MEMBERS                                                  GROWTH DRIVEN BY FOUR MARKETS
 No. of Units                                    7 Destinations:   >12 Destinations
                                                  Queenstown,          > 500                                CAGR 2013-2018           2018 Growth Y-Y
    500                                            Bali, Sanya,
                                                     Samui,                                    41%
    400                                         Phuket, Bangkok
                                                   Chiang Mai
    300                                                                                              29%               26%
                                                        229                                                                  21%
    200                            160       186                                                                 18%
                119      137                                                                                                          13%      12%      11%
    100
       0
                2014     2015      2016     2017     2018              2023F                     China            Thailand   Hong Kong             Singapore
                                                                                                                                                                        22
MINOR FOOD
Minor Food – Financial Highlights
2018 revenue of Minor Food was flat, primarily because of the outlet expansion, which offset the slowdown of the same-store-sales from the weak
macro backdrop. With spending on the product and promotional campaigns to drive traffic, the ramping up of the newly opened stores, and the
contraction of same-store-sales, EBITDA and net profit declined by 15% and 21% respectively.

                                                                                                                                       KEY HIGHLIGHTS
 THB million                                                              Flat
                                                           23,582        23,484                                            • The Pizza Company, Burger King, Dairy Queen and
                                             23,022
                                18,626                                                                                       Riverside reported positive total-system-sales growth as
                  16,754
                                                                                                                             the brands continued to open new outlets.
                                                                                             Total-system-sales
  Revenue                                                                                    growth of                     • Total-system-sales growth turned positive since Aug with
                                                                                                                             the accelerated expansion in China and Thailand.
                                                                                             0.2%                            However, full year 2018 growth was pulled down in 1H18
                                                                         -15%                in 2018                         because of the outlet rationalization in Singapore and
                                              3,843        4,285                                                             Australia and divestment of The Groove Train portfolio in
                                                                         3,647
                                 3,127
                   2,817                                                                                                     late 2017.
   EBITDA
                                                                                             Outlet expansion              • The drivers of outlet expansion during the year were The
 EBITDA           16.8%         16.8%        16.7%         18.2%         15.5%               10%                             Pizza Company, Dairy Queen, The Coffee Club and
 Margin                                                                                      in 2018                         Benihana through the acquisition in April 2018.
                                                                         -21%
                   1,550                      1,684
                                                            1,913                                                          • Soft macro conditions in countries that the three hubs
                                 1,572                                   1,521
                                                                                                                             operate continued to put pressure on the group’s same-
                                                                                             Same-store-sales
                                                                                                                             store-sales growth.
    NPAT                                                                                     growth of
                                                                                                                           • Minor Food will continue to strengthen its multi-brand
 Net                9.3%         8.4%          7.3%         8.1%          6.5%               -3.3%                           portfolio through product innovations and operational
 Margin                                                                                      in 2018                         excellence, together with focus on technology in order to
                   2014          2015         2016          2017         2018                                                maintain its competitiveness.
* The financials above reflect performance from operation, and therefore exclude non-core items in 2014-2016 and 2018 as detailed on page 40.                                            24
Minor Food – International Presence
MINT operates three restaurant hubs: Thailand, China and Australia. MINT’s restaurant presence is now in 27 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.

            Owned
            Franchised
            Combination

            Hubs

                REVENUE CONTRIBUTION

100%
          19%
75%                 40%      35%     40%
                                             International
50%
          81%                                Thailand
                    60%      65%     60%
25%

 0%
         2008       2017     2018*   2023F
 * Excludes non-core items

                                                                                                                                                 25
Minor Food – Operational Performance
2018 total-system-sales of the restaurant business grew by 0.2%, driven mainly by outlet increase of 10%, primarily from Thailand and China hubs.
As all three hubs faced challenges of the economic slowdown and increased competition, same-store-sales declined by 3.3% in 2018.

                          SSS & TSS GROWTH                                                    RESTAURANT OUTLETS BY GEOGRAPHY

                                                                                     International                                  4,462
              Same-Store-Sales Growth           Total-System-Sales Growth            Thailand
                                                                                                                +10%                37%
   20%
                                                                                                       2,064     2,270
                                                                                                        35%      34%
   15%                                                                              1,043                                           63%
           13.1%                                                                     33%                65%      66%
                         11.2%                                                       67%

   10%                                  9.1%                                        2008               2017      2018               2023F

                                                       5.1%                                   RESTAURANT OUTLETS BY OWNERSHIP
    5%
                                                                                      Franchised                                    4,462
                                        1.3%                         0.2%
            0.4%        -0.2%                                                         Owned
    0%                                                 -0.8%
                                                                                                                 +10%                51%
                                                                      -3.3%
                                                                                                                 2,270
                                                                                                       2,064
   -5%                                                                                                           49%
                                                                                   1,043                48%
            2014         2015           2016           2017           2018                                                        59%49%
                                                                                    38%
                                                                                                         53%
                                                                                                        52%      50%
                                                                                                                 51%
                                                                                    62% 82%
 No. of
           1,708         1,851          1,996          2,064          2,270         2008               2017      2018               2023F
 Outlets
                                                                                                                                                26
Minor Food – Thailand Hub
                                  Revenue from domestic operations accounted for over 60% of total restaurant revenue in 2018. The Pizza
    2018
 MINOR FOOD                       Company, Dairy Queen, Burger King and The Coffee Club expanded the number of outlets, which resulted in
                       65%
  REVENUE             Thailand
                     Thailand     positive total-system-sales growth in 2018.
CONTRIBUTION

                  THAILAND’S SSS & TSS GROWTH                                                        KEY HIGHLIGHTS

        Same-Store-Sales Growth       Total-System-Sales Growth        • Same-store-sales: Thailand’s SSS declined by 3.1% in 2018:
                                                                          ‒ Consumer confidence remained challenging throughout the year,
 20%
                                                                            especially in the rural areas, with weak commodity prices;
                                                                          ‒ Bangkok has been impacted by high competition and delivery service
 15%                                                                        disruption; and
                                                                          ‒ The brands that have high exposure to tourists; i.e. Burger King and The
 10%                                                                        Coffee Club, were impacted by the tourist slowdown in 2H18.

                                                                       • Total-system-sales: With outlet expansion of 12% during 2018, Thailand’s
  5%                                                                     TSSG was 5.4%.

                                                                       • 2019 Strategies:
  0%
                                                                          ‒ Focus on customer accessibility, both through physical and digital
                                                                            channels;
 -5%                                                                      ‒ Continue with product innovations, ensuring that the brands remain
         2014         2015         2016        2017         2018            relevant for customers; and
                                                                          ‒ Leverage on digital technology, including areas of operations, customer
                                                                            service and ordering, loyalty and e-payment and big data analytics.

                                                                                                                                                       27
Minor Food – 1112Delivery
Anticipating the emerging dine-at-home trend and leveraging on one of the country’s best delivery platform and driver fleet, Minor Food launched
1112Delivery Project to capture such growing trend in February 2019.
                      Thailand
                                                                                          1112DELIVERY
                                         Thailand Food Delivery Market
                                         • Food delivery market is expected to represent 20% of total food service market in Thailand by 2023.
                                         • Customers are switching to online from offline ordering.
                                         • By 2023, the delivery market size is expected to grow by over 6 times, with almost 60% of online food delivery
                                           continuing to be concentrated in Bangkok and metropolitan area, and another 20% in tier 2 cities.

                                                    Repeat                                                               Accessibility
                                                • Customer feedback collected                                       • Multiple channels, including:
                                                  through all channels                                                ‒ Website
                                                                                                                      ‒ Mobile application
                                                                                                                      ‒ 1112 call center

                                                     Delivery                                                            Selection
                                                • Single delivery through                                           • All Minor Food brands available
                                                  professional 1112 delivery team                                     for delivery
                                                • All products delivered timely                                     • Multiple brands, single payment
                                                                                                                                                            28
Minor Food – China Hub
                                  China hub is expected to remain one of MINT’s growth drivers as MINT is confident in the strong growth
    2018
 MINOR FOOD                       prospect of the country, supported by growing middle class and increased urbanization trend. Riverside
  REVENUE       13%               continues to be the main driver of China hub.
CONTRIBUTION      China

                    CHINA’S SSS & TSS GROWTH                                                       KEY HIGHLIGHTS
                                                                    • Same-store-sales: China’s SSS declined by 5.9% in 2018, primarily from soft
        Same-Store-Sales Growth      Total-System-Sales Growth        performance of outlets in Tier 3 cities and natural cannibalization from rapid
                                                                      expansion of outlets in Beijing and Shanghai.
 30%                                                                • Total-system-sales: With rapid outlet expansion of 18%, the TSSG was 4.4% for
                                                                      the year 2018, with a monthly improving trend.
 20%                                                                     15%                                                                   TSSG
                                                                         10%
                                                                          5%
 10%                                                                      0%
                                                                         -5%                                                                   SSSG
                                                                        -10%
  0%                                                                    -15%
                                                                               Jan-18         Apr-18           Jul-18           Oct-18
 -10%                                                               • 2019 Strategies:
                                                                       ‒ Continue to expand Riverside outlets, with the aim to dominate the grilled
 -20%                                                                    fish segment in Beijing and Shanghai and surrounding areas (Tier 2);
         2014         2015        2016        2017          2018
                                                                       ‒ Improve customer experience for Riverside brand, both through store
                                                                         uplift and food traceability programs; and
                                                                       ‒ Grow the delivery business.
                                                                                                                                                   29
Minor Food – Australia Hub
                                  In 2018, Australia hub’s revenue contributed 10% of total restaurant business. Revenue in AUD declined by 11%
    2018
 MINOR FOOD      10%              as a result of negative same-store-sales growth, but declined at a higher rate in THB term because of the
  REVENUE      Australia          weakening of the AUD.
CONTRIBUTION

                  AUSTRALIA’S SSS & TSS GROWTH                                                        KEY HIGHLIGHTS
                                                                        • Same-store-sales: Australia’s SSS declined by 2.6% in 2018, as the country’s
        Same-Store-Sales Growth     Total-System-Sales Growth             economy continued to be challenging.

 20%                                                                    • Total-system-sales: As part of its rationalization program, the hub divested
                                                                          The Groove Train portfolio at the end of 2017, resulting in Australia’s TSSG
 15%                                                                      to remain negative throughout 2018, and ending the year with TSS decline
                                                                          of 13.3%.
 10%
                                                                        • 4Q18 New Market Expansion: The Coffee Club entered three new markets
  5%
                                                                          in late 2018: China, Qatar and Cambodia. JV has also been signed in
  0%                                                                      Vietnam to operate The Coffee Club franchise.

  -5%                                                                   • 2019 Strategies:
                                                                            ‒ Grow The Coffee Club business in Australia through brand relevance,
 -10%                                                                         such as convenience through delivery channel and differentiation
                                                                              through hero products and loyalty program;
 -15%
                                                                            ‒ Drive international expansion of The Coffee Club brand in both existing
          2014             2015   2016        2017         2018
                                                                              and new markets; and
                                                                            ‒ Expand coffee roasting business through all channels: retail channel
                                                                              through The Coffee Club and white label business, and wholesale
                                                                              channel through supermarkets.
                                                                                                                                                         30
MINOR LIFESTYLE
Minor Lifestyle – Financial Highlights
2018 revenue of Minor Lifestyle was up 9%, driven by the retail trading business. EBITDA and net profit increased at a much slower rate as discount
campaigns were implemented to drive sales during the weak domestic consumption sentiment and intensified competition, which put pressure on
margins. In 4Q18, Minor Lifestyle launched a new brand, Save My Bag, a handbag and accessories brand from Italy.
                                                                                                      KEY HIGHLIGHTS
 THB million                                          +9%
                                                                    Retail trading               • 2018 revenue from retail trading increased by 9%,
                                                     4,439
                                            4,091                                                  mainly from Charles & Keith, Anello, Etam, Radley,
                3,703   3,505     3,505                             78%                            Henckels and Joseph Joseph, together with sales from
                                                                    of 2018 Minor Lifestyle        recently-added brands, OVS, Bodum and Save My
  Revenue                                                           revenue                        Bag.
                                                                    Contract manufacturing
                                                      +1%           22%                          • 2018 revenue from contract manufacturing increased
                384                                                 of 2018 Minor Lifestyle        by 1% as a result of weak consumption environment.
                         300       267       304      307
                                                                    revenue
  EBITDA
                                                                                                      SSS & TSS GROWTH
 EBITDA        10.4%    8.6%      7.6%      7.4%      6.9%                                                                19.3%
 Margin
                                                      +2%                                                   8.4%                        9.0%
                                                                                                                                                TSSG
                183                                                                 3.8%
                         124                 127      130
   NPAT                            81                                                         -3.3%
                                                                                                                          2.3%
                                                                                   -8.1%                    -0.1%                               SSSG
 Net           4.9%     3.5%      2.3%      3.1%      2.9%                                    -6.3%                                     -3.9%
 Margin
                                                                                   2014        2015          2016         2017          2018
               2014     2015     2016      2017      2018           No. of Shops    297        307           327           398          490

                                                                                                                                                          32
Minor Lifestyle – Scomadi
With the growing premium motorcycle and scooter segment, Minor Lifestyle is taking the opportunity to enter the market to operate the
manufacturing and distribution of Scomadi.
                            Thailand

                    WHO IS SCOMADI?                                                                                                        WHY SCOMADI?
• Scomadi is a British brand established in 2005                                                                      • Opportunity to grow a potential global lifestyle
• The founders are two partners with over 60 years                                                                      brand
  of experience combined in the scooter industry                                                                      • Diversification into another segment of Thai
      ‒ Frank Sanderson of Scooter Innovation Ltd.                                                                      lifestyle market

      ‒ Pal Melici of PM Tuning Ltd.                                                                                  • High growth of the modern classic scooters
                                                                                                                        segment
• Scomadi is a modern classic scooter brand
                                                                                                                      • Brand with strong fan base and following with
                                                                                                                        proven concept

                                                                             SCOMADI ROADMAP

        ORGANIZATION                            PRODUCTION                   MARKET EXPANSION                    BRAND AWARENESS                       NEW PRODUCT
 • Placement of key positions          • Ensuring production            • Expansion of the brand, both      • Target world-wide recognition     • New model development, such
                                         capabilities to meet current     domestically and                    through:                            as electric models
 • Planning of business strategy,
                                         market demand                    internationally.                      ‒ motor sport events
   operations, systems and
   financials                                                           • Key international markets             ‒ community-related events,
                                                                          identified are UK, Europe,              such as road trips, digital
                                                                          Australia, Malaysia and India           spaces, scooter fashion
                                                                                                                  shows
                                                                        • Engagement activities with
                                                                          distributors in all key markets       ‒ celebrity endorsement

                                                                                                                                                                                33
Corporate Information
   & Five-Year Plan
CAPEX & Balance Sheet Strength
CAPEX plans include committed CAPEX of projects in the pipeline. Following the acquisition of NHH, 2018 interest bearing debt to equity ratio rose
to 1.53x, which is within its debt covenant of 1.75x. MINT and its senior unsecured debentures have “A” rating by TRIS. MINT plans to bring the debt
to equity ratio down to its internal policy of 1.3x by the end of 2019. Going forward, source of fund for the committed CAPEX requirement will
primarily be internal cash flow and debt financing.
                                      CAPEX PLANS                                                                             LEVERAGE RATIOS
                                                                                               X
  THB million                                                                         X       1.6                                                        1.53x
   100,000
    30,000                                                                           6.0      1.4                                                        1.37x
                                                                                                                                                                                Internal
                                                                                              1.2                                                                       1.30x    Policy
    25,000                                                                           5.0
                                                                                              1.0
    20,000                                                                           4.0      0.8
                                                                                                        2014         2015         2016        2017       2018         2019
    15,000                                                                           3.0                                                                             Target
                                                                                                      Interest Bearing Debt to Equity            Net Interest Bearing Debt to Equity
    10,000                                                                           2.0
                                                                                                                             BACK-UP FINANCING
     5,000                                                                           1.0      THB million                                Note: Cash on hand as at end of
                                                                                                200,000                                        2018 is THB 12,760 million
                                                                                                                     Shareholders’
          0                                                                          0.0                                Equity
                                                                                                150,000                 83,074
                 2018      2019F       2020F       2021F      2022F       2023F
                                                                                                100,000
                  Minor Food             Minor Hotels            Minor Lifestyle                                         Debt
                                                                                                    50,000              126,894                         Debt
                            EBITDA coverage on committed CAPEX                                                                                         42,367
                                                                                                        0
   * 2018 CAPEX includes investments in Benihana, Riverside, Food Theory and NH Hotel Group                  Outstanding Borrowing & Equity      Un-Utilized Facility
                                                                                                                                                                                           35
Refinance & Balance Sheet Management Plans
MINT has a plan in place to refinance the current bridge loans to long-term bonds and/or loans within 2019. In addition, MINT targets to bring its
debt-to-equity ratio back down to the internal policy of 1.3x by the end of 2019. Some of the initiatives, including asset rotation, is already being
pursued.

                               REFINANCING PLANS                                                    BALANCE SHEET MANAGEMENT

    THB 88 bn                          THB 88 bn
                                                                                                 2018 Performance
   94.1% stake                All funding swapped to EUR                                         • 2018 net profit has been added to the equity base.
                           Target blended financing cost < 3%
                                                                                                 Issuance of Perpetual Bonds
                                                                                    Completed    • Two tranches of perpetual bonds have been
                                                    18-mths bridge loans:            in 2018       successfully issued, to help strengthen the equity base:
                                                    • To be refinanced to a
                                                      combination of bonds
                                                                                                     ‒ THB 15 billion perpetual bonds;
                 47.7% stake
    THB 45 bn                         THB 55 bn       and loans, or                 DE = 1.53x       ‒ USD 300 million perpetual bonds.
                 Oct 2018
                                                    • To be partially repaid
                                                                                                 Revaluation of NHH Assets
                                                      with proceeds from asset
                                                      rotation                                   • The revaluation exercise has been completed, which
                                                                                                   helped uplift the equity base by THB 708 million.
                                                        EUR 139 mn
                 16.6% stake                            5-yr loans                               2019 Performance
    THB 15 bn
                 Aug 2018                               EUR 80 mn
                                       THB 5 bn                                                  • 2019 net profit will further add to the equity base.
                                       THB 3 bn         15-yr corporate bonds         2019
                                                    USD 300 mn                                   Asset Rotation Strategy
                                      THB 10 bn                                       Plan
    THB 28 bn    29.8% stake                        3-yr callable perpetual bonds                • Cash received can be used to repay debt, while asset
                 Jun 2018                                                                          sale may result in gain from sale of assets, which will
                                      THB 15 bn     THB 15 bn
                                                    5-yr callable perpetual bonds   DE >= 1.3x     improve the equity base.
                                                                                                 • MINT is already exploring the sales-and-lease-back
   Acquisition                         Funding                                                     option for selected Tivoli assets.
                                                                                                                                                              36
MINT’s Five-Year Strategy

                Revenue Growth                                        NPAT Growth
                                                                                                                                  ROIC = 12%
   2023           > 10% CAGR                                            15-20%
   Goals
                                          Employer of Choice                                    Sustainable Business

                                                           Investments,
             Winning Brand         Value Capture &                               Innovation &               Empowered                  Sustainable
                                                          Partnerships &
               Portfolio             Productivity                                   Digital                People & Team               Framework
                                                            Acquisitions

                                 Brands & value chains                           Ensure                                               Good Corporate
                                     monetization                            1   commitment             Superior    Sustainable        Governance
                                                                                                        workforce   leadership
  Growth                         Margin enhancement                          2      Set clear targets                              People      Customers
   Pillars                       through integration
                                 & shared operations                             Leverage
                                                                             3   ecosystem
                                  Capital optimization                           partners                                         Partners Environment
                                    with asset right
                                                                                                            Engaging work
                                 strategy & mixed-use                            Promote digital                                    Social Responsibility
                                        business                             4                               environment
                                                                                 culture                                                  Mindset

                                                                                                                                                            37
Five-Year Aspiration

                                                                                    2023F
                                                                  2023
                                                                                    •   > 630 hotels
    2018                                                                            •   > 250 residences built
    •   513 hotels                                                                  •   > 500 vacation club units
    •   132 residences built to date                   2018                         •   > 4,400 restaurants
    •   229 vacation club units                  REVENUE THB 78.5 bn
                                                                                    •   > 600 retail shops & POS
    •   2,270 restaurants
    •   490 retail shops & POS                                                          (>46,000 sq.m.)
        (31,776 sq.m.)

                                         2013
                                   REVENUE THB 36.9 bn                   2009
                                                                         • 30 hotels
                                                                         • 1,112 restaurants
                                                                         • 292 retail shops & POS
                                                                           (14,275 sq.m.)

                                                                                                                    38
APPENDIX
Non-Core Items
             AMOUNT
  PERIOD   (THB million)   BUSINESS UNIT                                         NON-CORE ITEMS
                 708        Minor Hotels   • Gain on fair value adjustment of investment in NH Hotel Group
                -800        Minor Hotels   • Loss from changing status of investment in NH Hotel Group
                 -96        Minor Hotels   • Impairment charge of investment in Oaks Gladstone
  4Q18      -280 pre-tax
           -232 post-tax    Minor Hotels   • Impairment of investment in Rani (Mozambique)
                -125        Minor Food     • Impairment of investment in GrabThai in UK
                 -87        Minor Hotels   • FX loss on unmatched USD cross-currency swap
  2Q18          -121         Minor Food    • Gain on fair value adjustment of investment in Benihana
                490         Minor Hotels   • Gain from bargain purchase of hotels in Zambia
                 38         Minor Hotels   • Gain from bargain purchase of Tivoli hotels in Portugal
  4Q16          -359        Minor Hotels   • Anantara Vacation Club’s (AVC) provision of doubtful account (recorded in SG&A), MINT’s
                                             prudent measures to conservatively provide for potential bad debts of Phase I
                -223        Minor Hotels   • Oaks’ general administrative expenses and provision (recorded in SG&A)
                  92        Minor Hotels   • Gain from changing status of investment in some of the Oaks properties
  3Q16
                -136        Minor Hotels   • Impairment charges of certain Oaks properties (recorded in SG&A, pre-tax)
  2Q16          136          Minor Food    • Gain from changing status of investment in BreadTalk Group in Singapore
  1Q16        1,932         Minor Hotels   • Gain from bargain purchase of the Tivoli Hotels & Resorts
              1,665          Minor Food    • Gain on fair value adjustment of change in status of investments in Minor DKL
  4Q15
                 -49        Minor Hotels   • Reduction of gain from bargain purchase of Oaks Elan Darwin recorded in 3Q15
  3Q15            70        Minor Hotels   • Gain from bargain purchase of Oaks Elan Darwin
  1Q15          650         Minor Hotels   • Gain from bargain purchase of Sun International hotels in Africa
            87 pre-tax      Minor Hotels   • Gain from changing status of investments in Seredib Hotels PLC
  2Q14     69 post-tax                                                                                                                 40
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