COMPANY PRESENTATION - March 2021 - Minor International
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COMPANY PRESENTATION – March 2021
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.
2
AGENDA 4Q20 in Review Minor Hotels Minor Food Minor Lifestyle Corporate Information Response to COVID-19 Long-term Post-COVID World
Avani Palm View Dubai Hotel & Suites
4Q20 IN REVIEW
4Q20 Key Highlights
Volatility in the short-term Promising longer term Continued discipline Longer-term plans
4Q20 performance outlook response to COVID-19 post-COVID
With second-wave of the There is increasingly positive MINT continues to reduce costs, Both Minor Hotels and Minor
pandemic, net loss slightly news with the rollout of in order to minimize cash Food will adapt to changes in
widened q-q to THB 4.7 billion vaccines; over 240 million outflows and reduce breakeven customer behavior amidst
shots have been given globally point COVID-19
Minor Food reported profit
growth, both y-y and q-q Number of new COVID-19 Cash outflow increased slightly to Minor Hotels will focus on
cases has been declining for THB 1.6 billion per month in expansion of management
Minor Hotels’ performance sixth consecutive week 4Q20 vs THB 1.5 billion in 3Q20 contracts, turnaround of NHH
weakened q-q because of amidst the second wave of and digital transformation to
Europe, which was hit by the Number of new deaths COVID-19 improve customer experience
second wave reported also fell 10% w-w in
mid-Feb Balance sheet management In the short term, strong
Other businesses of Minor continues to be a priority, with momentum of real estate sales
Hotels showed growth q-q Many countries are exploring waiver on covenant testing will help support Minor Hotels’
the idea of “standardized obtained until 2022 and performance
Australia remained profitable at vaccine passports” to allow additional warrants to be issued
EBITDA level people to travel freely Minor Food will focus on
to bolster capital of another THB
10 billion by 2023-24 delivery, digital transformation
Mixed-use business turned
and product innovation
profitable at the NPAT level
Asset rotations are underway
5
4Q20 Y-Y Performance Recap
In 4Q20, MINT’s core revenue declined by 58% y-y amidst the second wave of COVID-19 pandemic. Aggressive cost reduction program has helped
alleviate the losses. MINT reported net losses, primarily from Minor Hotels and Minor Lifestyle, while Minor Food reported net profit during the
quarter with an improvement y-y. Monthly trend of net losses improved especially in December.
REVENUE 4Q20 REVENUE CONTRIBUTION
Minor
THB million -58% y-y
Lifestyle
40,000 35,127 33,646 7% Minor
30,000 -1,481 Food
-6,453 42%
20,000 14,128 14,128 14,096 THB
-12,234 -471 -360 - - 14,128
10,000 -32
million
0 Minor
4Q19 Non-core 4Q19 Minor NHH Minor Minor 4Q20 TFRS16 TFRS16 4Q20 Non-core 4Q20 Hotels
Reported Items Core Hotels Food Lifestyle Core Impact Impact Core Items Reported 51%
excl NHH Pre-TFRS16 excl NHH on NHH Post-TFRS16 * Excludes non-core items
NET PROFIT MONTHLY NPAT TREND
THB million NM
4,000 3,768 THB billion
2,909
1.0
2,000 -859
-1.7 -1.9 -0.7
0 0.0
-2,653
-2,000
-1.0
-4,000 +275 +489
-5,085 -155 -4,708 -51 -4,270 -2.0
-6,000 -1,321 -5,591
4Q19 Non-core 4Q19 Minor NHH Minor Minor 4Q20 TFRS16 TFRS16 4Q20 Non-core 4Q20 Oct-20 Nov-20 Dec-20
Reported Items Core Hotels Food Lifestyle Core Impact Impact Core Items Reported
excl NHH Pre-TFRS16 excl NHH on NHH Post-TFRS16 * Core NPAT post-TFRS16
6
4Q20 Q-Q Performance Recap
With COVID-19 situation worsening in 4Q20, especially in Europe with the second wave, MINT’s financial performance declined slightly q-q. The
improving performance of Minor Hotels elsewhere other than NH Hotel Group and Minor Food partially helped offset the deterioration of the
performance of NH Hotel Group and Minor Lifestyle.
REVENUE
THB million -5% q-q
14,904 14,887 - - 14,887 +796 +653 +47 14,128 - - 14,128 14,096
15,000
-17 -32
-2,255
10,000
5,000
0
3Q20 Non-core 3Q20 TFRS16 TFRS16 3Q20 Minor NHH Minor Minor 4Q20 TFRS16 TFRS16 4Q20 Non-core 4Q20
Reported Items Core Impact Impact Core Hotels Food Lifestyle Core Impact Impact Core Items Reported
Post TFRS-16 excl NHH on NHH Pre-TFRS16 excl NHH Pre-TFRS16 excl NHH on NHH Post-TFRS16
NET PROFIT
THB million -7% q-q
0
-2,000
-4,000 +279 +48 +489 -1,321
+812 +86 +326
-4,419 -45 -4,708 -4,270
-4,783 -618 -51
-6,000 -5,595 -5,591
3Q20 Non-core 3Q20 TFRS16 TFRS16 3Q20 Minor NHH Minor Minor 4Q20 TFRS16 TFRS16 4Q20 Non-core 4Q20
Reported Items Core Impact Impact Core Hotels Food Lifestyle Core Impact Impact Core Items Reported
Post TFRS-16 excl NHH on NHH Pre-TFRS16 excl NHH Pre-TFRS16 excl NHH on NHH Post-TFRS16
7
International Presence
With a solid diversification strategy implemented, MINT’s footprint was in 63 countries at the end of 4Q20 across its hospitality and restaurant
businesses.
Minor Hotels
Minor Food
Combination
REVENUE CONTRIBUTION
100%
75% 43%
63% International
73% 71%
50% Thailand
25% 57%
27% 37% 29%
0%
2014 2019* 2020* 2024F
*Excludes non-core items
8
NH Collection Grand Sablon
MINOR HOTELS
Minor Hotels – Financial Highlights
4Q20 revenue declined by 72% y-y and also by 17% q-q, with the second wave of COVID-19 primarily in Europe. Improvements are seen across
business models and geographies q-q, with the exception of the leased business model in Europe, and mixed-use business. With revenue shortfall,
EBITDA and NPAT declined both y-y and q-q, despite continued cost cutting measures. Nevertheless, Australia has turned positive at the EBITDA
level, while mixed-use business was profitable at the NPAT level.
MINOR HOTELS – FINANCIAL PERFORMANCE PERFORMANCE SNAPSHOT – BY BUSINESS
Pre-TFRS 16 Post- Pre-TFRS 16 Post- Pre-TFRS 16 Post- 4Q20 Revenue Change (THB)
TFRS 16 TFRS 16 TFRS 16
25,932 Q-Q Y-Y
Owned &
THB 8,704 7,245 7,245 6,018 Leased 28% 76%
million 2,619
-2,479 -2,834 -1,467 -4,548 -5,119 -4,647 Management
Letting Rights 52% 9%
4Q19 3Q20 4Q20 4Q20 4Q19 3Q20 4Q20 4Q20 4Q19 3Q20 4Q20 4Q20 Managed
Hotels 15% 22%
Revenue EBITDA NPAT
Mixed-Use
Business 3% 76%
* The financials above reflect performance from operation, and therefore exclude non-core items.
BUSINESS PERFORMANCE SNAPSHOT – BY GEOGRAPHY
Thailand Europe Australia & Maldives & The Americas
New Zealand The Middle East
4Q20 Q-Q 16% 51% 61% NA 332%
Revenue
Change
(THB) Y-Y 78% 80% 9% 62% 69%
10Minor Hotels – International Presence
In recent years, MINT has implemented a solid diversification strategy. Today, MINT operates hotels and spas under a combination of owned, leased
and management business models in 55 countries. MINT also expects its diversification to positively help the recovery process from COVID-19.
Investment
Management
Combination
New Destinations in Pipeline
Hubs
REVENUE CONTRIBUTION
100%
33%
75% International
86% 87% 88% Thailand
50%
67%
25%
14% 13% 12%
0%
2014 2019* 2020* 2024F
* Excludes non-core items
11Minor Hotels’ Portfolio
In terms of business model, owned and leased business contribute almost 70% of Minor Hotels’ revenue in 4Q20. In terms of geography, Europe is
the major contributor with over 40% of Minor Hotels’ revenue (although lower than normal because of the second wave of COVID-19), with
Australia & New Zealand and Thailand as the second and third largest contributors.
SYSTEM-WIDE ROOM CONTRIBUTION SYSTEM-WIDE ROOM CONTRIBUTION
By Ownership By Geography
MLR Middle East & Asia
9% Africa 7% 10%
Owned Oceania
Managed 25% 9%
17%
75,638 Americas 75,638
Rooms* 11% Rooms*
JV 2%
Leased * Entire portfolio including Europe * Entire portfolio including
47% temporarily closed hotels 63% temporarily closed hotels
** As at end of Dec 2020 ** As at end of Dec 2020
4Q20 CORE REVENUE CONTRIBUTION 4Q20 CORE REVENUE CONTRIBUTION
By Business By Geography
Mixed-use Others
10% Maldives & 13% Thailand
Middle East 14%
MLR
18% 5%
THB
7,245 Australia &
Managed Owned & New Zealand
3% million
Leased 19%
69% Europe
Americas 42%
7%
12Owned & Leased Hotels
Number of rooms of the entire owned & leased hotel portfolio increased by 1% y-y in 4Q20, primarily from the addition of luxury hotels previously
under the Boscolo portfolio in Europe. Organic RevPar excluding FX impact declined by 81% y-y, weaker than 3Q20’s decline of 69%, with the impact
from the second wave of COVID-19 in Europe. With negative RevPar growth, revenue of owned & leased hotels declined by 76% y-y in 4Q20.
QUARTERLY OPERATIONAL STATS*
+1% y-y Organic System-wide Organic excl FX System-wide Organic excl FX System-wide
-51% y-y -53% y-y -23% y-y -81% y-y
-29% y-y -81% y-y
-1% q-q
70% -12% q-q -6% q-q -42% q-q
54,255 55,190 54,707 3,736
2,631
2,804 2,647 2,888
31%
19% 17% 857 500 505
4Q19 3Q20 4Q20 4Q19
4Q19 3Q20
3Q20 4Q20
4Q20 4Q19
4Q19 3Q20
3Q20 4Q20
4Q20 4Q19
4Q19 3Q20
3Q20 4Q20
4Q20
No of Rooms Occupancy ADR (THB) RevPar (THB)
* Entire portfolio including temporarily closed hotels
MONTHLY REVPAR TREND
Entire Portfolio Opened Hotels Only
1% 2%
-6% -5%
-70% -72%
-63%
-72% -77% -69% -65%-57% -69% -74% -73%
-89% -85% -79% -82% -96% -93% -84% -83% -73%
-99% -98%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
Organic 2020 RevPar Growth - THB (y-y) Organic 2020 RevPar Growth - THB (y-y)
13Owned Hotels – Thailand & Maldives
The two largest geographies for Minor Hotels outside of Europe are Thailand and the Maldives. Hotels in Thailand continued to cater to domestic
tourists and alternative state quarantine guests as the border remained closed, and saw q-q improvement. Hotels in the Maldives started to reopen
since end of September, with very positive trend m-m. RevPar of the Maldives hotels was almost back to the pre-COVID level in December.
OPERATIONAL STATS – THAILAND (ORGANIC) OPERATIONAL STATS – MALDIVES (ORGANIC)
-48% y-y -36% y-y -78% y-y -12% y-y +1% y-y -19% y-y
+4% +8% +31% +3% +8%
q-q q-q q-q q-q q-q
6,613
73% 4,859 61% 878 821 883 532
3,923 4,239 49% 432
21% 25% 808 1,061
0% 1
4Q19 3Q20 4Q20 4Q19 4Q20 4Q20 4Q19 3Q20 4Q20 4Q19 3Q20 4Q20 4Q19 3Q20 4Q20 4Q19 3Q20 4Q20
Occupancy ADR (THB) RevPar (THB) Occupancy ADR (USD) RevPar (USD)
18%
2%
-4% -36% -5% -10%
Monthly 2020 -20% -20%
-66% -64% -72% Bangkok RevPar -44%
-47% -76%
-82% -79% -78%-79% -53%
-92% Growth - THB (y-y)
-99%-95% -70%-74% -80% -83%
-77%
-85% -93% Monthly 2020 -100%-100%-100%-100%-100%-99%
-100%-98%-98% -93%
Provinces RevPar
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
Growth - THB (y-y)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Monthly 2020 Maldives RevPar Growth - USD (y-y)
14Owned & Leased Hotels – Europe & The Americas
Hotels in Europe & the Americas are the largest contributor to owned & leased hotel portfolio. 4Q20 RevPar of Europe & the Americas portfolio
declined by 83% y-y in Euro term amidst the second wave of COVID-19 in Europe since the end of August. Situation in Latin America, on the other
hand, started to improve during 4Q20. Given that the majority of customers in Europe are intra-European travelers, the portfolio is expected to
turnaround quickly once the vaccines are distributed.
OPERATIONAL STATS – EUROPE & THE AMERICAS (ORGANIC) MONTHLY REVPAR TREND
-52% y-y -36% y-y -83% y-y Entire Portfolio
-13% -16% -50% 9%
q-q q-q q-q 3%
71% 105 75
81
68
32%
19% 26 -70% -71% -64% -74% -79%
13 -87% -87% -83% -85%
-99% -98%
4Q19 3Q20 4Q20 4Q19 3Q20 4Q20 4Q19 3Q20 4Q20
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
Occupancy ADR (EUR) RevPar (EUR)
Americas Opened Hotels Only
14% Spain
31% 10% 5%
Central
Europe
22% -82% -82% -83% -84%
-91% -63% -58% -71%
Benelux Italy -70%
-82% -77% -86% -78% -76%
14% 19% Spain Italy Benelux Central Latin -96% -94%
Europe America
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
4Q20 Revenue Contribution 4Q20 y-y Organic RevPar Decline
Note: Europe & the Americas include hotels under NHH portfolio and hotels in Portugal and Brazil 15Asset-Light Businesses
MINT’s asset light businesses include management letting rights (MLR) of serviced-suites primarily under the Oaks brand in Australia and
New Zealand, together with the hotel management contracts under Minor Hotels’ brands. The performance of managed hotels portfolio was stable
in 4Q20. RevPar of MLR business improved especially with the opening of interstate borders, bringing RevPar to pre-COVID level in December.
Consequently, EBITDA of MLR continued to be positive in 4Q20.
MANAGEMENT LETTING RIGHTS MANAGED HOTELS
-11% y-y -21% y-y -15% y-y Organic excl FX System-wide
-57% y-y
-16% y-y -58% y-y
+1% +28% +28%
q-q q-q q-q +1% q-q -1% q-q
143
7,147 6,349 2,963 15,129 2,920
6,391 113 2,521 12,600 12,711
88 1,965
1,236 1,222 1,268
4Q19 3Q20 4Q20 4Q19 3Q20 4Q20
4Q19 3Q20 4Q20 4Q19 3Q20 4Q20 4Q19 3Q20 4Q20 4Q19 3Q20 4Q20
No of Rooms RevPar (AUD) RevPar (THB) No of Rooms RevPar (THB)
4% 5%
-5% -1%
-13% -11%
-30%-29% -33%
-37% -35% -41% -54%
-47% -55% -56% -54% -57% -59%
-62% -65%
-78% -70% -82% -72%
-92%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
Monthly 2020 THB excl FX RevPar Growth (y-y)
Monthly 2020 AUD RevPar Growth (y-y)
16Hotel Expansion Pipeline – 60 Hotels; 12,137 Rooms
2021F 2022F 2023F 2024F-2025F
• Ubud, Bali, Indonesia* 71 rms • Fares Island, Maldives* 200 rms
• Nice, France 152 rms • Frankfurt, Germany 428 rms
• Khao Lak, Thailand 328 rms • Monterrey, Mexico 120 rms
• Milan, Italy 185 rms • Cagliari, Italy 100 rms
OWNED & LEASED
• Santander, Spain 64 rms • Frankfurt, Germany 375 rms
• Alicante, Spain 63 rms
• Copenhagen, Denmark 394 rms
• Milan, Italy 100 rms
• Hamburg, Germany 261 rms
• Hannover, Germany 89 rms
• Hamburg, Germany 136 rms
11 Hotels / 1,843 Rooms 5 Hotels / 1,223 Rooms
16 Hotels / 3,066 Rooms
* Note: Joint-ventured properties
• Nanjing, China 120 rms • Sharjah, UAE 233 rms • Phi Phi Island, Thailand 107 rms • Riyadh, Saudi Arabia 163 rms
• Ras Al Khaimah, UAE 174 rms • Cam Ranh, Vietnam 324 rms • Ho Tram, Vietnam 410 rms • Yangon, Myanmar 250 rms
• Doha, UAE 292 rms • Ho Chi Minh City, Vietnam 217 rms • Savanne, Mauritius 156 rms • Phan Thiet, Vietnam 516 rms
• Krabi, Thailand 83 rms • Busan, Korea 570 rms • Sifah, Oman 300 rms • Yangon, Myanmar 221 rms
• Cam Ranh, Vietnam 397 rms • Panama, Panama 83 rms • Kota Kinabalu, Malaysia 386 rms Others • Hangzhou, China 54 rms
• Nha Trang, Vietnam 280 rms • Hangzhou, China 166 rms
• Phnom Penh, Cambodia 35 rms • Santiago, Chile 146 rms
• Fortaleza, Brazil 130 rms
MANAGED / MLRS
• Muscat, Oman 206 rms Others • Zhuhai, China 100 rms
• Phuket, Thailand 500 rms
• Nairobi, Kenya 120 rms • Sydney, Australia 266 rms
• Bahia, Brazil 50 rms • Guadalajara, Mexico 120 rms
• Chengdu, China 201 rms • Aguascalientes, Mexico 105 rms
• Hangzhou, China 108 rms • Mexico City, Mexico 144 rms
• Chengdu, China 197 rms • Lima, Peru 265 rms
• Lima, Peru 164 rms
• Iquique, Chile 135 rms
• Feira de Santana, Brazil 207 rms
• Murano, Italy 104+38 rms
• Doha, Qatar 228 rms
19 Hotels / 3,139 Rooms 7 Hotels / 1,673 Rooms 13 Hotels / 3,055 Rooms 5 Hotels / 1,204 Rooms
44 Hotels / 9,071 Rooms
** MINT is in the process of reevaluating the opening dates of the hotels in the pipeline. 17Mixed-Use Business
Mixed-use business comprises residential development and Anantara Vacation Club. In addition to the current projects, MINT has a pipeline of
branded residences for sale in order to ensure the continuity of revenue stream in the coming years. In 4Q20, mixed-use revenue declined by 76%
y-y, but only declined by 3% q-q as the growth of Anantara Vacation Club partially helped offset the slowdown of residential sales. With stringent
cost savings initiatives, mixed-use business turned profitable at the NPAT level in 4Q20, driving the full-year 2020 performance to also turn
profitable at the NPAT level.
RESIDENTIAL DEVELOPMENT ANANTARA VACATION CLUB
CURRENT PROJECTS GROWING MEMBERSHIP
Layan Residences by Launched +5%
15 luxury pool villas 100%-owned
Anantara, Phuket 2015 Others China
15,239 25% 40%
14,535
Avadina Hills Launched
16 luxury pool villas 50% JV Malaysia
by Anantara, Phuket 2018
7%
Singapore
7%
Anantara Chiang Mai 44 units in 7-storey Launched
Serviced Suites condominium building 50% JV 2016 Hong Kong Thailand
4Q19 4Q20 7% 14%
No of Members
181 keys for rent & 6 penthouses Launched
Torres Rani, Maputo 49% JV
for sale; 21-storey office tower 2015 INVENTORY TO ACCOMMODATE GROWING MEMBERS
Anantara Desaru Launched >330
Residences, Malaysia 20 residential villas 60% JV 2020 Queenstown
+5%
Bali
250 Sanya
PIPELINE 239 Samui
Phuket
Anantara Ubud To launch Bangkok
Residences, Indonesia 15 residential villas 50% JV 2021 Chiang Mai
To launch 4Q19 4Q20 2025F
Silom Office NA 40% JV 2023 No of Units No of Units
* MINT is in the process of reevaluating the launch dates of the residential projects in the pipeline. 18MINOR FOOD
Minor Food – Financial Highlights
Despite the y-y decline in Minor Food’s revenue in 4Q20, EBITDA increased by 41% y-y, attributable to the performance of China hub and Thailand
hub. With effective cost control measures, net profit of Minor Food has already exceeded the quarterly 2019 pre-COVID level. Consequently,
margins have significantly improved.
FINANCIAL PERFORMANCE OPERATIONAL STATS
Pre-TFRS 16 Post- Pre-TFRS 16 Post- Pre-TFRS 16 Post- Flat y-y
TFRS 16 TFRS 16 TFRS 16
-7% y-y +41% y-y +106% y-y +1% q-q
6,314
5,191 5,844 5,844 1,505 2,377 2,356 2,370
1,197
THB 533 501
million 847 767 7.3%
258 208
20.5% 9.1%
13.4%
- 14.8% -0.8%
4.1% 4.0%
-13.7%
-15.9% -17.2% -15.5%
4Q19 3Q20 4Q20 4Q20 4Q19 3Q20 4Q20 4Q20 4Q19 3Q20 4Q20 4Q20
Revenue EBITDA NPAT 4Q19 3Q20 4Q20 4Q19 3Q20 4Q20 4Q19 3Q20 4Q20
* The financials above reflect performance from operation, and therefore exclude non-core items No of Outlets SSSG TSSG
• Same-Store-Sales: SSSG trend improved in 4Q20, driven primarily by China hub 11.9%
and Australia hub. -0.9%
• Outlet expansion: 4Q20 network growth was flat y-y. The expansion of Bonchon 3.5% -15.5% -12.9%-19.6%-15.5%-13.9%
-9.2% SSSG
-16.4%
outlets in Thailand and Riverside outlets in China was offset by rationalization of -8.0% -24.5%
-25.6% -20.0%
-28.1% -11.9%
outlets in Australia. -16.3%-18.7%-16.0%-15.0% -20.1%-21.6%
-25.0% -24.5%
• Total-System-Sales: With stable number of outlets y-y, TSSG tracks SSSG trend. TSSG
• The softer trend in Dec & Jan was a result of the new wave of COVID-19 in -37.8%
-47.4%
Thailand and Australia.
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
20Minor Food – International Presence
MINT operates three restaurant hubs: Thailand, China and Australia. MINT’s restaurant presence is now in 26 countries across the region, operating
owned and franchised business models. MINT continues to look for opportunities to expand, especially in these existing markets.
Owned
Franchised
Combination
Hubs
REVENUE CONTRIBUTION
100%
33% 35% 33% 36%
75%
International
50%
Thailand
67% 65% 67% 64%
25%
0%
2014 2019* 2020* 2024F
* Excludes non-core items
21Minor Food Portfolio
Minor Food operates outlets that are 50% owned and 50% franchised, while owned outlets is the majority revenue contributor. In terms of
geography, Thailand continues to be the most important market, followed by China and Australia.
SYSTEM-WIDE OUTLET CONTRIBUTION SYSTEM-WIDE OUTLET CONTRIBUTION
By Ownership By Geography
Others
China 6%
5%
Franchised
50% Australia
15%
2,370 2,370
Outlets Owned Outlets
50%
Thailand
74%
* As at end of Dec 2020 * As at end of Dec 2020
4Q20 CORE REVENUE CONTRIBUTION 4Q20 CORE REVENUE CONTRIBUTION
By Business By Geography
Franchised Others
6% 12%
Thailand
China 61%
16%
THB
5,844
million
Owned Australia
94% 11%
22Operational Stats by Hub
SSSG of China hub remained positive in 4Q20, although monthly trend saw a temporary dip during November and December because of the second
wave in Beijing and Shanghai. Australia hub demonstrated monthly improving trend, with SSSG almost flat in December. SSSG of Thailand hub,
however, weakened in 4Q20 because of the political activities and the new wave of COVID-19. Amidst challenging macro backdrop, Minor Food
continues to focus on its delivery business, as well as product innovation and promotional campaigns, in order to help uplift sales momentum.
THAILAND CHINA AUSTRALIA
7.6% 12.7% 1.0% 1.0%
8.1% 7.6%
-7.0%
-1.0% 3.0% 3.4%
-18.6% -15.0%
-14.2% -25.2%
-15.5% -16.9% -17.2% -1.7%
4Q19 3Q20 4Q20 4Q19 3Q20 4Q20 4Q19 3Q20 4Q20 4Q19 3Q20 4Q20 4Q19 3Q20 4Q20 4Q19 3Q20 4Q20
SSSG TSSG SSSG TSSG SSSG TSSG
TSSG* 20%
20% 25% SSSG
0%
0%
0% SSSG -20% TSSG*
-25%
-40%
-20% -50% -60%
SSSG
-75% -80%
-40% TSSG* -100% -100%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
* Closure of dine-in restaurants in Apr & May * Closure of restaurants in late Jan & Feb * Closure of dine-in restaurants in Apr & May
23MINOR LIFESTYLE
Minor Lifestyle
4Q20 revenue of Minor Lifestyle declined by 26% y-y, primarily from the soft fashion and home and kitchenware business amidst the economic slow
down, although contract manufacturing sales was resilient from the high demand for sanitizer and cleaning products. Despite cost savings
initiatives, both EBITDA and bottom line pre-TFRS16 declined to a net loss of 117 million and 123 million respectively from lower sales flow-through
and heavier markdown of fashion business, together with loss from Scomadi.
FINANCIAL PERFORMANCE OPERATIONAL STATS
Pre-TFRS 16 Post- Pre-TFRS 16 Post- Pre-TFRS 16 Post- 485
1,400 TFRS 16 TFRS 16 TFRS 16 468 459
992 1,039 1,039
14.9% 21.7%
THB 103
million
32 -78 -123 -124
-9 -117 -89
-26.7% -29.8% -28.8% -36.2%
4Q19 3Q20 4Q20 4Q19 3Q20 4Q20 4Q19 3Q20 4Q20
4Q19 3Q20 4Q20 4Q20 4Q19 3Q20 4Q20 4Q20 4Q19 3Q20 4Q20 4Q20
Revenue EBITDA NPAT No of Shops SSSG TSSG
0%
Contract
Manufacturing • Retail trading: revenue declined by 38% y-y,
-25%
30% primarily from the fashion business because of
weak consumer confidence. -50% SSSG
THB
1,039 TSSG
million • Contract manufacturing: revenue increased by -75%
Retail 40% y-y driven by strong sanitizer sales and high
Trading -100%
70% demand of cleaning products.
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
25Oaks Cairns Hotel CORPORATE INFORMATION
CAPEX & Balance Sheet Strength
CAPEX plans, including maintenance, renovations and signed pipeline, have been suspended in 2020-2022, and only those that are necessary will be
continued. With the increase in equity of approximately THB 20 billion from perpetual bond and rights issuance, netted off with the adverse impact
from the adoption of TFRS 16 and net loss in 2020, interest bearing debt to equity ratio was at 1.79x at the end of 4Q20. MINT-W7, together with
MINT-W8* and MINT-W9* will further strengthen its equity base by another THB 15 billion over the next three years. Covenant waiver until year-
end 2022 also provides more flexibility amidst uncertainty and fluid situation. MINT and its senior unsecured debentures have “A” rating by TRIS.
* Subject to shareholders’ approval at the AGM to be held on 22 Apr 2021
CAPEX PLANS LEVERAGE
X
1.75 1.79
THB million
1.50 1.44 Internal
10,000
1.25 Policy
8,000 1.00
0.75
6,000 1Q19 2Q19 3Q19 YE19 1Q20* 2Q20* 3Q20* 4Q20*
Interest Bearing Debt to Equity Net Interest Bearing Debt to Equity
* Interest Bearing Debt excludes lease liabilities as per covenant calculation definition
4,000 ** Covenant testing waived until YE22
BACK-UP FINANCING
2,000 THB million Note: Cash on hand as at end of
200,000 Equity 4Q20 is THB 26,188 million
0 150,000 76,324
2020 2021F 2022F 2023F 2024F 2025F
100,000
Debt Equity**
Minor Lifestyle 50,000 136,339 14,553
Minor Hotels Debt
0 28,099
Minor Food Outstanding Debt* & Equity Un-Utilized Facility
* Outstanding debt exclude lease liabilities as per covenant calculation definition
** Assume 100% conversion of MINT-W6 (at exercise price of THB 43 per share) & MINT-W7 (at
* CAPEX plan excludes any potential divestments exercise price of THB 21.60 per share) 27RESPONSE TO COVID-19
Response to COVID-19
With the COVID-19 pandemic impacting the world longer than anyone would have anticipated, MINT focuses on ensuring the sustainability of its
businesses. While there are many impactful and uncontrollable external factors, such as various countries’ border closures and second wave of the
virus, MINT has relentlessly focused on five key priorities.
1 2 3 4 5
Resuming Minimizing Reducing Managing Embracing
Business Cash Burn & Breakeven Point Balance Sheet Long Term
Activities Preserving “New Normal”
Liquidity
as quickly as through cost to speed up the in order to to capture new
possible controls & CAPEX recovery of ensure the ability business
reduction profit to meet financial opportunities
obligations
29Resuming Business Activities
The outbreak of COVID-19 has impacted MINT’s businesses globally. April was the month with lowest business activities across the three business
units. Since then, MINT has cautiously resumed its operations as quickly as possible. The strategy has been to keep hotel openings flexible according
to the volatile COVID situation, and reopen restaurant outlets that generate positive cash flows.
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
News of Wuhan / Italy lockdown, Many countries start to loosen lockdown Second wave of Second wave of
COVID-19 China followed by other measures & gradual border reopenings COVID-19, COVID-19 in
lockdown countries globally especially in Europe Thailand
535 536
447 Closed
389 410 440 395 32%
356 376 368
MINOR HOTELS 247
No of hotels in 144
115 Operational
operation 68%
2,289 2,349 2,246 Closed
1,947 1,890 2,037 2,179 2,103 2,128 2,139 2,224 2,178 7%
1,521
MINOR FOOD
No of outlets in
operation Operational
93%
Closed
478 476 458 464 474 474 468 461 470 459 446 0%
MINOR LIFESTYLE
No of outlets in
operation 34 48
Operational
100%
30Minimizing Cash Burn & Preserving Liquidity – Cost Savings
With early and aggressive cost savings implemented since end of 1Q20 as the COVID-19 pandemic initially started, MINT was able to achieve highest
cost savings in 2Q20, at 51% y-y. Since 2Q20 until year-end, MINT achieved cost savings of 42% y-y.
1Q 2Q 3Q 4Q
THB million THB million THB million THB million
40,000 -9% 40,000 -51% 40,000 -34% 40,000 -41%
30,000 30,000 30,000 30,000
20,000 20,000 20,000 20,000
10,000 10,000 10,000 10,000
0 0 0 0
1Q19 1Q20 2Q19 2Q20 3Q19 3Q20 4Q19 4Q20
Actual Actual Actual Actual Actual Actual Actual Actual
2Q + 3Q + 4Q
THB million
-42%
80,000
60,000
40,000
20,000
0
2Q+3Q+4Q 2Q+3Q+4Q
2019 Actual 2020 Actual
31Minimizing Cash Burn & Preserving Liquidity – Cost Savings
With aggressive cost savings effort across business units and across geographies, MINT has been able to achieve higher cost savings than originally
planned across all three categories.
WE SAID WE WOULD SAVE NEARLY 25% OF OUR 2019 COSTS & EXPENSES / NEARLY 30% OF BUDGETED COSTS …
Contribution of Savings Payroll Leases Other Opex
THB million
60,000
24% 26%
Payroll 40,000
35% 30%
24%
20,000 24%
Other 19%
Opex
50% Leases 0
15% 2019 Cost 2020 2019 Cost 2020 2019 Cost 2020
Actual Savings Budget Actual Savings Budget Actual Savings Budget
OUR UPDATED NUMBERS: WE SAVED 34% OF OUR 2019 COSTS & EXPENSES / NEARLY 40% OF OUR BUDGET
Contribution of Savings Payroll Leases Other Opex
THB million
60,000
Payroll
36% 40,000 43% 42%
30% 37%
20,000 18% 25%
Other
Opex 0
Leases
51% 2019 Cost 2020 2019 Cost 2020 2019 Cost 2020
13%
Actual Savings Budget Actual Savings Budget Actual Savings Budget
32Minimizing Cash Burn & Preserving Liquidity – CAPEX Reduction
As part of liquidity preservation plan, MINT targets to reduce its CAPEX over the next two years. The CAPEX reduction is primarily attributable to
Minor Hotels, in particular NHH, while Minor Food is almost back to its normal operational level and therefore its new CAPEX will generate higher
return on investment.
CAPEX REDUCTION PLANS
Minor
THB million Lifestyle
6%
20,000 Other Hotel
Projects
43%
CAPEX Minor Minor
Reduction Food Lifestyle
15,000 29% NHH Mixed-use 3% 1%
Mixed-use
51% 13% 15%
Other
Other Hotel
Hotel CAPEX Projects
Projects Reduction 7% CAPEX
10,000 9% Reduction
NHH
74% NHH
52% 78%
34%
5,000
0
2020 2020 2021 2021 2022 2022
(Previous (New) (Previous (New) (Previous (New)
5 Yr Plan) 5 Yr Plan) 5 Yr Plan)
Minor Hotels Minor Food Minor Lifestyle
33Minimizing Cash Burn & Preserving Liquidity
MINT’s operating free cash flow turned negative in February amidst the national lock-downs across the globe, and peaked in May during the worst
months of the pandemic. With cost-cutting measures and CAPEX suspension taking effect, cash burn rate started to see an improving trend since
June. Cash on hand and working capital facilities combined is more than sufficient to support the operation, especially with improving cash burn
trend as the business environment improves and cost reduction initiatives continue to be implemented.
11.0 -24.2 -6.4 -8.7 -4.4 -4.7 -0.2 -1.9 -4.3 -3.0 -3.6 -2.1 -0.3 -2.5 -1.6 -2.2 -1.6 -0.9
Free CF
Cash on Hand
THB billion
(after Repayment
of Lease Liabilities)
THB 25 billion
14.7
Operating CF 1.9 0.8
2.1
0.0 -0.2 0.7 0.3 0.3 1.0 +
-0.8 -0.5 -0.8 -0.8 -0.2 -0.6
-3.8* -2.5 -2.5 -1.3 -1.1 -0.9 -1.2 -0.8 -0.2 -0.9 -1.2 -1.4
-3.3 -0.5 -0.5 -0.8
-4.5 -1.0 -0.8 -2.9 -0.9 -2.0 -1.3 -0.2 -0.5
-3.6
-3.2 -1.3
-11.1 -2.7 -0.5
-0.4 -0.3 Working Cap
-5.0 -1.8
Facilities
Repayment of -2.4
Lease Liabilities -10.5
THB 28 billion
Net CAPEX
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2019 2020 1Q20 2Q20 3Q20 4Q20 20 20 20 20 20 20 20 20 20 20 20 20
*As at end of Jan 2021
* Net of Tivoli & Maldivian Asset Sales 34Breakeven Point Analysis – Minor Hotels
Since the peak of the pandemic, breakeven point has increased as operations restarted for Minor Hotels. The exception was Europe & the Americas,
where breakeven point slightly declined in 4Q20 because of the rental savings with the second wave of the pandemic. The breakeven point of
Europe & the Americas is likely to increase once full operations resume. The geography whose operation has already exceeded the breakeven point
and is now profitable at EBITDA level is Australia & New Zealand.
40% - 48%
Thailand, Asia, 28%
Minor Hotels – Breakeven Occupancy Middle East & Africa 22% - 27% 24% - 30% 2020A
Occupancy
Indicative % at Property Level
10,826 keys / 15% of total system Before Cost-Cutting Peak of COVID-19 4Q20
49% - 59% 52% - 63%
34% - 42% Europe & Americas 38% - 46% 33% - 40%
32% - 39% 25%
28%
2020A
2020A Occupancy
Occupancy
46,164 keys / 65% of total system Before Cost Cutting Peak of COVID-19 4Q20
Before Cost Cutting Peak of COVID-19 4Q20 60%
43% - 53% 2020A
Australia & New 37% - 45%Occupancy
32% - 39%
Zealand
7,201 keys / 10% of total system Before Cost Cutting Peak of COVID-19 4Q20
Projected occupancies are an indicative scenario due to highly fluid business on-the-books situation and should not be construed as forward guidance; breakeven occupancy ranges are indicative and calculated based on EBITDA post charging of rental expenses (with impact of TFRS16
neutralized) but before charging corporate overheads; ADR simulated 10-15% down to budget at peak / down to actual at 4Q20 as a central case with occupancy ranges based on variations of +/-10% around the central case; breakeven after cost cutting is with reference to H2 2020 and
applies latest forecast cost structure at peak, actual at 4Q20; breakeven before cost cutting is with reference to FY 2020 (Europe & Americas with reference to H2 2020) and is based on the cost of the 2020 budget; perimeter of breakeven analysis covers c.90% of system keys and is
35
considered by management to be representative of the total system; the c.10% of system keys not covered in the analysis comprises hotels under third-party and JV brands in Thailand and Africa, the hotel management contract portfolio of NHH, and certain Tivoli properties in Portugal.Balance Sheet Management – Asset Rotation Strategy
Given MINT’s pool of quality assets, including NHH’s strong holding of irreplaceable real estate assets across key European cities in great locations,
MINT continues to engage with long-term core real estate investors for asset-based transactions as part of MINT’s long-term asset rotation strategy
to further strengthen its balance sheet.
57 Identified Quality Assets 4-5 Selected Quality Assets
Value of Over THB 100 billion Value of THB 10-15 billion
MINT will enter into sales-and-leaseback and/or sales-and-manage-back transactions
Europe: so that the hotels continue to be a part of its portfolio.
Spain: 5 Properties; 1,110 keys
Italy: 4 Properties; 779 keys 4Q20 1Q21 2Q21 3Q21
Portugal: 7 Properties; 1,580 keys
Netherlands: 6 Properties; 2,105 keys ✓ MOU signed Expected
Belgium: 5 Properties; 958 keys Transaction #1 ✓ Due diligence being performed Completion
Germany: 2 Properties; 614 keys
✓ MOU signed Expected
Transaction #2 ✓ Due diligence being performed Completion
Thailand & CLMV:
15 Properties; 2,621 keys
o High quality assets in prime strategic locations
o Proven high demand for the assets
The Americas:
o Low interest rate environment resulting in acceptable yield
4 Properties; 994 keys Indian Ocean:
7 Properties; 918 keys o Track record of past transactions
Australia:
2 Properties; 264 keys o Ability to scale up or down the asset sales size to THB 35 billion as required,
depending on the evolution of the situation
Hotel Locations
36Balance Sheet Management – Longer-Term Plan
MINT remains disciplined with its balance sheet management, and is proactively taking all the precautionary actions to minimize any potential
downside risks amidst short-term external uncertainties, pre-global distribution of vaccines. In addition to covenant waiver, asset rotation together
with additional capital of THB 15 billion from warrant conversion over the next 2-3 years will strengthen MINT’s balance sheet further.
Key Milestones Amount 2020 2021 2022 2023 2024
2020 2020
o Covenant Testing Waiver
o Capital raising through:
- Rights offering THB 10 billion
- Perpetual bond THB 9 billion
- Warrants: MINT-W72 THB 5 billion
2021 2021
o Changes of debt terms & conditions
- Extension of testing covenant waiver
- Change of DE covenant calculation to
exclude impairment arising from COVID-
19 from MINT’s equity
o Asset Rotation THB 10-15 billion
o Capital raising through additional warrants1
- MINT-W83 THB 5 billion
- MINT-W93 THB 5 billion
1 MINT-W8 & MINT-W9 are subject to shareholders’ approval at the AGM to be held on 22 April 2021; preliminary details of instruments can be found in SET disclosure dated 25 February 2021
2 MINT-W7 at exercise price of THB 21.60; control dilution of 4.35%
3 MINT-W8 at exercise price of THB 28.00; MINT-W9 at exercise price of THB 31.00; combined control dilution of 6.17% 37Longer Term Post-COVID World
Minor Hotels: Changing Customer Behavior
Amidst the COVID-19 pandemic outbreak, Minor Hotels observes some changing behavior of customers.
Shift in Booking
Last Minute Range of Stay Demands Channel and Generational
Booking Travel Market Segment Travel
Mix
• 40% of travelers • Domestic and Local • Staycations • Increased use of • Population over 60’s,
booking just days in travel will remain past Online Channels with one of the faster
advance - trips COVID • Workation, remote higher demand on growing markets
planned, booked and working and co- Hotel Websites
taken within the • Popularity of Urban working content • Grandparents to
month areas grandchildren travel
• Extended Stays and • Growth in leisure at together
• Uncertainty driving • Quarantine free travel Packages the expense of
shorter booking bubbles will open up corporate/business • Generation Z to
windows and length regional and longer • Increased privacy overtake Millennials
of stay haul markets
39Minor Hotels: Five Stages of Hotel Booking Reset
Source: SiteMinder
Domestic Acceleration Plateauing Flux Embracing International Acceleration
• An increase in domestic booking • An increase in domestic booking • Irregular booking behavior, due • Much less erratic booking • An increase in international
Booking Behavior within a destination with largely momentum, seen after a local to threatening restrictions or behavior bookings following an ease of
closed international borders surge or rise in COVID-19 causing growing concerns of a rise in restrictions for travelers from
restriction COVID-19 cases one or many countries
• Last minutes bookings • Happening at a slower rate with • Last minute bookings and • Last minute domestic bookings • Last minute bookings with
Booking Trends more lead time (fewer last cancellations and hopeful international longer length of stay as well as
minute bookings) bookings bookings with longer lead time
Travelers Confidence • Generally high • Neutral • In flux • Moderately high • High
Travel Restriction / • Low domestically • Influx • Influx • Low domestically and lowering • Low domestically and lowering
Coronavirus Cases internationally internationally 40Minor Hotels: Post-COVID World
While taking into consideration the changing customer behavior with COVID-19 pandemic, including hygiene measures and wellness, Minor Hotels
has identified four main areas to focus in order to ensure long-term sustainable growth.
Delivery of Customer Experiences Digital Transformation Balance Sheet Management NH Business Plan
& & &
Strengthening Brand Equity Economies of Scale Asset Portfolio Management
• Leverage on loyalty program to capture • IT roadmap to ensure seamless delivery of • Asset rotation strategy • Revenue recovery based on scenario
new customer segments customer experience and effective analysis
marketing tools, taking into consideration
data privacy and security New
International normal
Lease / recovery
Sale Manage Cross
border
Domestic
recovery
Lockdown demand
Investor
• Brand positioning & differentiated • Evaluation of cost structure to increase • Ongoing leasehold management • Efficiency measures to be implemented
experience profit margin through integration with further
NHH, scale and supply chain
o Payroll: government support and/or
Sustainable Supply Chain planned redundancy
o Other operating costs: ensuring
Thailand gradual rise as operations resume
o Rental: strict control
Coral Protection
41Minor Food: Industry Trends
COVID-19 has accelerated changes in consumer behavior. MINT is monitoring such changes to adjust its businesses to better serve the customers in
the medium to long term.
Global Pizza players investing heavily Continued growth of global The rise of cloud kitchens
in digitization and e-Commerce online food delivery market & virtual brands
• Investments with focus on driving delivery sales, and closure • Expected CAGR of 7.5%, with projected market volume of • Cloud kitchen global market forecasted at USD 1 trillion in
of unprofitable dine-in outlets almost USD 200 billion in 2024 2030
COVID crisis further boosting Create a buzz in the market with Dine-in driven by outstanding
the healthy trend leading product innovations customer experience
• Fast-growing trend of ‘Flexitarian’, food traceability • Trend towards unconventional combinations, cuisines & • Willingness to pay a premium for good customer experience
dishes
42Minor Food: Digital Transformation
As Minor Food aims to deliver a seamless O2O experience for customers, there are 9 key elements to the digital transformation.
Our core business Key Enablers Customer touchpoints
1 5 3
Strong Brand Portfolio with wide Brand Apps & Websites
Marketing & Loyalty
network of outlets, complemented
by “Cloud Kitchens”
6
Data Analytics
7
Delivery Fleet
2 4
Minor Food Innovation Team Customer Service Channels
(“M-FIT”) as innovation center for 8
the Group Core technology
9
Operating System &
Training
Digital Transformation across all 9 elements to ensure seamless omni-channel experience for our customers
SOURCE: Minor Food Strategy Team 43APPENDIX
2020 Performance Recap
In 2020, MINT’s core revenue declined by 53% y-y, as all three business units have been impacted by the COVID-19 outbreak. With immediate
decline in revenue, especially in 2Q20, even with aggressive cost savings initiatives, the compounding negative flow-through resulted in MINT’s net
loss both pre- and post- TFRS16 in 2020. In the short term, the performance continued to be impacted by the reemergence of the pandemic.
REVENUE 2020 REVENUE CONTRIBUTION
Minor
THB million -53% y-y
Lifestyle
150,000 129,889 6%
123,385 Minor
-6,504 Food
100,000
-20,340 36%
58,118 58,118 +114 58,232 THB
- -
50,000 -40,003 -3,549 -1,375 58,118
million
0 Minor
2019 Non-core 2019 Minor NHH Minor Minor 2020 TFRS16 TFRS16 2020 Non-core 2020 Hotels
Reported Items Core Hotels Food Lifestyle Core Impact Impact Core Items Reported 58%
excl NHH Pre-TFRS16 excl NHH on NHH Post-TFRS16 * Excludes non-core items
NET PROFIT
THB million
NM
15,000 10,698
10,000 7,060
5,000 -3,638
0
-5,000 -8,194
-10,000
-15,000
-20,000 -16,328 -932 -437 -18,831 -195 -364 -19,390
-25,000 -2,017 -21,407
2019 Non-core 2019 Minor NHH Minor Minor 2020 TFRS16 TFRS16 2020 Non-core 2020
Reported Items Core Hotels Food Lifestyle Core Impact Impact Core Items Reported
excl NHH Pre-TFRS16 excl NHH on NHH Post-TFRS16
45Financial Performance - MINT
THB million -53%
123,385
78,499
Revenue 58,118
54,285 58,644
39,700 45,678
-138%
22,634
15,901
11,256 12,273
8,762 9,573
EBITDA
-8,708
EBITDA Margin 22.1% 21.0% 20.7% 20.9% 20.3% 18.3% NM
-367%
5,415 5,728 7,061
4,333 4,705 4,576
NPAT
-18,830
Net Margin 10.9% 10.3% 8.4% 9.2% 7.3% 5.7% NM
2014 2015 2016 2017 2018 2019 2020
Minor Food Minor Hotels Minor Lifestyle
* The financials above reflect performance from operation pre-TFRS16, and therefore exclude non-core items
46Non-Core Items
Amount Amount
Period Business Unit Non-recurring Items Period Business Unit Non-recurring Items
(THB million) (THB million)
Minor Hotels / 113 revenue
Minor Hotels Non-recurring items of NH Hotel Group
-44 Minor Food / Redundancy costs from cost cutting measures 49 net profit
Minor Lifestyle 755 Minor Hotels Foreign exchange gain on unmatched USD Cross-Currency Swap
Provision expenses for store closure and write-off of 1Q20 568 pre-tax
Minor Hotels Change in fair value of interest rate derivative
-117 Minor Food investment in joint venture related to Ya Hua store closure in 585 post-tax
Singapore 10 Minor Food Reversal of provision related to Ribs & Rumps
4Q20 Provision expenses for inventory and store closure of exited 1,350 revenue
-75 Minor Lifestyle Minor Hotels Gain from Maldives asset sales
brands 935 net profit
-898 Minor Hotels Foreign exchange loss on unmatched USD Cross-Currency Swap 4Q19 131 revenue
58 Minor Hotels Change in fair value of interest rate derivative Minor Hotels Non-recurring items of NH Hotel Group
55 net profit
Minor Hotels / -131 Minor Hotels Foreign exchange loss on unmatched USD Cross-Currency Swap
-44 Minor Food / Redundancy costs from cost cutting measures
4,743 revenue
Minor Lifestyle Minor Hotels Gain from Tivoli asset sales
3,512 net profit
17 revenue
Minor Hotels Non-recurring items of NH Hotel Group 35 revenue
-96 net profit Minor Hotels Non-recurring items of NH Hotel Group
-1 net profit
Minor Hotels / 3Q19
-110 Minor Food / Redundancy costs from cost cutting measures -46 Minor Hotels Foreign exchange loss on unmatched USD Cross-Currency Swap
3Q20 Minor Lifestyle
-17 revenue Minor Hotels / Expenses and provisions related to Corbin & King, Ribs &
Minor Food Provision expenses for inventory -322
-13 net profit Minor Food Rumps, certain brands in Singapore hub
Foreign exchange loss on unmatched USD Cross-Currency Minor Hotels /
-197 Minor Hotels -48 pre-tax Provision expenses for employee retirement benefits to adhere
Swap Minor Food /
-396 Minor Hotels Change in fair value of financial instruments -38 post-tax to the new labor law
Minor Lifestyle
17 revenue 2Q19
62 revenue
-152 net Minor Hotels Non-recurring items of NH Hotel Group Minor Hotels Capital gain from asset rotation of NH Hotel Group
44 net profit
profit
-320 Minor Hotels Foreign exchange loss on unmatched USD Cross-Currency Swap
Minor Hotels /
2Q20 -469 Minor Food / Redundancy costs from cost cutting measures 50 Minor Food Gain from the divestment of Bread Talk Thailand
Minor Lifestyle 132 pre-tax
1Q19 Minor Hotels Capital gain from asset rotation of NH Hotel Group
-534 Minor Hotels Foreign exchange loss on unmatched USD Cross-Currency Swap 91 post-tax
-130 Minor Hotels Change in fair value of interest rate derivative -191 Minor Hotels Foreign exchange loss on unmatched USD Cross-Currency Swap
Note: Include the impact of TFRS16
47IFRS 16 Impact on P&L
4Q20 4Q20
THB million
Pre-TFRS16 Post-TFRS16
Total EBITDA -1,754 -51
EBITDA Margin (%) -12.4 -0.4
Depreciation 2,719 3,549
Interest Expense 1,162 1,395
Corporate Income Tax -576 -372
Minority Interest -353 -353
Total Net Profit -4,708 -4,270
Net Profit Margin (%) -33.3 -30.2
2020 2020
THB million
Pre-TFRS16 Post-TFRS16
Total EBITDA -8,708 2,600
EBITDA Margin (%) -15.0 4.5
Depreciation 9,603 18,219
Interest Expense 4,263 7,444
Corporate Income Tax -2,449 -2,379
Minority Interest -1,296 -1,296
Total Net Profit -18,830 -19,389
Net Profit Margin (%) -32.4 -33.4
* Excludes non-recurring items 48You can also read
