COMPANY PRESENTATION - March 2022 - Anantara Kihavah Maldives Villas, Maldives - Minor International
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Anantara Kihavah Maldives Villas, Maldives
COMPANY PRESENTATION – March 2022
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 4Q21 in Review Minor Hotels Minor Food Minor Lifestyle Corporate Information Strong Foundations Positioned for Recovery Business Outlook & Strategic Priorities 2022
Avani Palm View Dubai Hotel & Suites, UAE
4Q21 IN REVIEW
4Q21 Key Highlights
4Q21 strong performance Promising longer term Continued disciplined Stronger foundations
confirms business rebound outlook response to COVID-19 positioned for recovery
MINT reported core net profit for Global hotel industry is expected to Cost and CAPEX control remained Minor Hotels will leverage on its brands,
the first time since the emergence of make a strong comeback in 2022, given intact where possible, albeit an sales initiatives and product & service
COVID-19 at THB 1.7 billion in 4Q21. vaccination rollouts globally & easing increase in business activities. offerings to capture demand recovery.
international travel restrictions in many Expansion will be through asset light
Minor Hotels reported robust countries. MINT was successfully approved by all business model in order to preserve cash
performance in 4Q21, fueled by lenders and majority of bondholders to in the near to medium term.
stronger business trends across all Several European nations began to change its debt covenant definition to
geographies particularly hotels in ease or phase out COVID-19 net interest-bearing debt to equity Minor Food will adapt its sales strategy
Europe and robust real estate sales, restrictions altogether, reclassifying ratio. swiftly across various distribution
with positive net profit for the first Omicron as an endemic disease. channels as situation evolves, and will
The sale of 40% interests in 5 assets in selectively expand profitable outlets,
time in 7 quarters. Thailand resumed “TEST & GO” scheme Thailand and land revaluation surplus especially in China.
without lengthy quarantine restrictions have strengthened MINT’s balance
Minor Food continued to be
from 1 February 2022. The scheme was sheet position. Net D/E already fell Longer term, both Minor Hotels and
profitable in 4Q21 for sixth
further relaxed on 1 March 2022. below debt covenant threshold. Minor Food will respond to the new
consecutive quarter, with all hubs
reporting positive NPAT. Australia fully reopened international normal trend, focusing on customer
Free cash flow continued to be positive experience, product innovation,
border to vaccinated travelers on 21
Minor Lifestyle turned profitable at for the third quarter at THB 3.7 billion, technology & digital transformation, and
February 2022.
NPAT level in the quarter. while cash on hand remained at sustainability.
Maldives continues to reap the benefit healthy level at THB 25 billion at end of
of its no quarantine policy. December 2021.
Performance already surpassed pre-
COVID level
5
4Q21 Y-Y Performance Recap
In 4Q21, MINT’s core revenue increased significantly by 89% y-y due to a strong rebound of hotel business in all geographies from higher travel
activities, robust real estate sales, together with growing operational activities of Minor Food. The increase in revenue, together with continued
cost savings, resulted in positive core net profit of THB 1,657 million in 4Q21, the first profitable quarter since the emergence of COVID-19.
REVENUE 4Q21 REVENUE CONTRIBUTION
+89% y-y Minor
THB million
+10,210 +161 26,632 +326 26,958 Lifestyle
25,000 -99 3% Minor
20,000 Food
+2,232
15,000 14,096 +32 14,128 23%
THB
10,000 26,632
5,000 million
Minor
0 Hotels
4Q20 Non-core 4Q20 Minor Hotels NHH Minor Minor 4Q21 Non-core 4Q21 74%
Reported Items Core excl NHH Food Lifestyle Core Items Reported * Excludes non-core items
NET PROFIT 4Q21 NPAT CONTRIBUTION
THB million NM Minor
+4,164 +259 1,657 Lifestyle
1,500 8% Minor
-212
0 Food
18%
-1,500 THB
+1,716
1,657
-3,000
+1,321 -3,215 (1,557) million
-4,500 (4,270) Minor
Hotels
-6,000 (5,591)
4Q20 Non-core 4Q20 Minor Hotels NHH Minor Minor 4Q21 Non-core 4Q21 74%
Reported Items Core excl NHH Food Lifestyle Core Items Reported
* Excludes non-core items
6
4Q21 Q-Q Performance Recap
4Q21 core revenue increased by 35% q-q due to a strong recovery of all three business units. Correspondingly with the revenue increase and
continued cost control, core net profit turned positive in 4Q12 from core loss on 3Q21.
REVENUE
THB million +35% q-q
+2,500 +1,190 +428 26,632 +326 26,958
25,000 +2,770
20,705 19,745
20,000
-960
15,000
10,000
5,000
0
3Q21 Reported Non-core Items 3Q21 Core Minor Hotels NHH Minor Minor Lifestyle 4Q21 Core Non-core Items 4Q21 Reported
excl NHH Food
NET PROFIT
THB million NM
3,000
+1,881 +186 +220 1,657
1,000
+1,735
-1,000 (436)
-3,215 (1,557)
-3,000 -1,930 (2,366)
-5,000
3Q21 Non-core 3Q21 Core Minor Hotels NHH Minor Minor 4Q21 Core Non-core 4Q21
Reported Items excl NHH Food Lifestyle Items Reported
7
International Presence
With a solid diversification strategy implemented, MINT’s footprint was in 63 countries at the end of 2021 across its hospitality and restaurant
businesses. Note that Thailand contribution is especially low in 2021 as Thailand, particularly hotel business, has recovered slower relative to other
key markets.
Minor Hotels
Minor Food
Combination
REVENUE CONTRIBUTION
100%
75% 50% International
63%
75%
50% Thailand
25% 50%
37%
25%
0%
2016 2020 2021
*Excludes non-core items
8
nhow London, UK MINOR HOTELS
Minor Hotels – Financial Highlights
Minor Hotels’ revenue grew significantly by 172% y-y in 4Q21 due to stronger business trends across all geographies, robust real estate sales and
European government subsidies. With higher flow-through from revenue improvement, especially at NHH and real estate business, together with
continuous cost minimization measures, Minor Hotels reported positive net profit for the first time in seven quarters at THB 1.2 billion in 4Q21
compared to core losses of THB 4.7 billion in 4Q20. Performance in key markets and of all key perimeters strengthened both y-y and q-q.
MINOR HOTELS – FINANCIAL PERFORMANCE PERFORMANCE SNAPSHOT – BY BUSINESS
+172% y-y NM NM 4Q21 Revenue Change (THB)
+37% q-q +122% q-q NM
19,688 Q-Q Y-Y
14,418 7,154 Owned &
THB Leased 30% 229%
7,245 3,227
million 1,233
-1,467 22.4% 36.3% -4,647 -2,384 Management
Letting Rights 34% 5%
6.3%
Managed
Hotels 96% 104%
4Q20 3Q21 4Q21 4Q20 3Q21 4Q21 4Q20 3Q21 4Q21
Revenue EBITDA NPAT Mixed-Use
Business 82% 121%
* The financials above reflect performance from operation, and therefore exclude non-core items. % Margin
BUSINESS PERFORMANCE SNAPSHOT – BY GEOGRAPHY
Thailand Europe Australia & Maldives & The Americas
New Zealand The Middle East
4Q21 Q-Q
Revenue
318% 23% 34% 113% 45%
Change
(THB) Y-Y 103% 322% 4% 60% 76%
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 56 countries.
OPERATIONAL HOTELS
Investment
Closed
Management 3%
Combination
Operational
New Destinations in Pipeline 97%
*As of Jan 2022
Hubs
REVENUE CONTRIBUTION
100%
75% International
63%
87% 91% Thailand
50%
25%
37%
13% 9%
0%
2016 2020 2021
* Excludes non-core items
11Minor Hotels’ Portfolio
In terms of business model, owned and leased business contribute almost 80% of Minor Hotels’ revenue in 4Q21. In terms of geography, Europe is
the major contributor with over 70% of Minor Hotels’ revenue, especially high with the recovery of the European hotel business following the
reopening of the countries. Thailand is the second largest contributor. Thailand contribution has increased q-q as the country reopened to
international tourists under Test & Go scheme in November and domestic tourism resumed in September after the lock-down.
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%
75,621 Americas 75,621
JV Rooms* 11% Rooms*
2%
Leased Europe
47% * Entire portfolio including 63% * Entire portfolio including
temporarily closed hotels temporarily closed hotels
** As at end of Dec 2021 ** As at end of Dec 2021
4Q21 CORE REVENUE CONTRIBUTION 4Q21 CORE REVENUE CONTRIBUTION
By Business By Geography
Mixed-use Maldives & Others Thailand
11% Middle East 6% 10%
MLR 4%
7% Australia &
Managed New Zealand
3% THB 7%
19,688
million Americas
2%
Owned &
Leased
79% Europe
71%
12Owned & Leased Hotels
Number of rooms of the entire owned & leased hotel portfolio remained flat y-y, but increased slightly by 1% from 4Q19. Systemwide RevPar
increased by 278% y-y, led by recovery in all key regions from higher travel activities and ability to uplift average room rate. With the RevPar growth
and significantly higher number of operational hotels in 4Q21 compared to 4Q20, revenue of owned & leased hotels increased by 229% y-y in 4Q21.
SYSTEMWIDE QUARTERLY OPERATIONAL STATS*
+1% vs 4Q19 -22% vs 4Q19 +7% vs 4Q19 -27% vs 4Q19
Flat y-y +31% y-y +38% y-y +278% y-y
70%
54,255 54,707 54,846 3,736 3,980
48% 2,631
2,888
1,910
17%
505
4Q19 4Q20 4Q21 4Q19
4Q19 4Q20
4Q20 4Q21
4Q21 4Q19
4Q19 4Q20
4Q20 4Q21
4Q21 4Q19
4Q19 4Q204Q20 4Q21
4Q21
No of Rooms Occupancy ADR (THB) RevPar (THB)
* Entire portfolio including temporarily closed hotels
MONTHLY REVPAR TREND – ENTIRE PORTFOLIO*
1%
-6% -33% -21%
-40%
-50% Monthly Systemwide 2021 RevPar Growth
-28% -36%
-68% vs 2019 - THB
-70% -76%
-83% Monthly Systemwide 2020 RevPar Growth
-64% -73%
-73% -77%
-82% -84% -83% -85% -81% vs 2019 - THB
-89%
-99% -98%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
* Entire portfolio including temporarily closed hotels
13Owned & Leased Hotels – Europe & The Americas
Hotels in Europe & the Americas are the largest contributor to owned & leased hotel portfolio. 4Q21 RevPar of Europe & the Americas hotels
surged more than three times y-y, supported by stronger demand, the reopening of hotels that were temporarily closed last year and successful
pricing strategy. The recovery should have continued to be potent but was slowed down by seasonality and the emergence of Omicron variant in
November. However, recovery started to get back on track in 1Q22.
OPERATIONAL STATS – EUROPE & THE AMERICAS (SYSTEM-WIDE) GEOGRAPHICAL BREAKDOWN
-21% vs 4Q19 -5% vs 4Q19 -33% vs 3Q19
Americas
+33% y-y +40% y-y 5%
+307% y-y
Central Spain
71% 105 100 75 4Q21 Europe 31%
50% 72 50 Revenue 29%
17% Contribution
12
4Q19 4Q20 4Q21 4Q19 4Q20 4Q21 4Q19 4Q20 4Q21 Benelux Italy
17% 18%
Occupancy ADR (EUR) RevPar (EUR)
9%
3% -36% -46% -29% -33% -42%
-52%
-69% 4.7 5.2
4.3
-70% -85% -78% 3.3 3.8
-71% -64% -74%
-84% -83% -85% -87% -79% -87% -83%
-99% -98%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Spain Italy Benelux Central Latin
Europe America
2021 Europe & the Americas RevPar Growth (vs 2019) - EUR
2020 Europe & the Americas RevPar Growth (vs 2019) - EUR 4Q21 y-y System-wide RevPar Increase (x)
Note: Europe & the Americas include hotels under NHH portfolio and hotels in Portugal and Brazil
14Owned Hotels – Thailand & Maldives
The two largest geographies for Minor Hotels outside of Europe are Thailand and the Maldives.
OPERATIONAL STATS – THAILAND OPERATIONAL STATS – MALDIVES
RevPar of owned hotels in Thailand greatly improved both y-y and q-q in 4Q21 as Strong operational rebound continued in the quarter. Within 12 months of
the country reopened to international tourists since 1 November 2021 and operation, systemwide RevPar in USD term was already above the 2019 pre-COVID
domestic tourism started to resume in September following the easing of inter- level for two consecutive quarters, exceeding by 38% in 4Q21, driven by both
provincial travel restrictions and was further boosted by government’s ‘We Travel occupancy and average room rate.
Together’ stimulus campaign.
-43% vs 4Q19 -20% vs 4Q19 -67% vs 4Q19 +7% vs 4Q19 +23% vs 4Q19 +38% vs 4Q19
+6% y-y +24% y-y +52% y-y +19% y-y +22% y-y +70% y-y
73% 6,613 4,859 68%
5,285 61% 1,080
4,260 49% 878 883 735
532 432
24% 30% 1,590
1,043
4Q19 4Q20 4Q21 4Q19 4Q20 4Q21 4Q19 4Q20 4Q21 4Q19 4Q20 4Q21 4Q19 4Q20 4Q21 4Q19 4Q20 4Q21
Occupancy ADR (THB) RevPar (THB) Occupancy ADR (USD) RevPar (USD)
48% 41%
-3% 18% 22% 22%
5% -8% -5% -5% 10% 3%
-41% -53% -38%
-71% -68% -64% -64% -5%
-20% -20%
-79% -82% -79% -79% -85% -87% -84% -81%
-44%
-82% -93% -86% -86% -71% -73% -80% -70% -66% -53%
-94% -92% -88% -99% -97% -92% -87% -88% -86% -87% -85% -81%
-95% -100% -100%-100% -100% -100% -99%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Monthly 2021 Bangkok RevPar Growth vs 2019 - THB
Monthly 2021 Provinces RevPar Growth vs 2019 - THB Monthly 2021 Maldives RevPar Growth vs 2019 - USD
Monthly 2020 Thailand RevPar Growth vs 2019 - THB Monthly 2020 Maldives RevPar Growth vs 2019 - USD
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. In 4Q21, RevPar of MLR business increased 10% y-y in AUD
as Oaks was able to increase its ADR. While RevPar of hotels under management more than doubled y-y, attributable to a recovery in Europe, the
Maldives, the Middle East and Thailand.
MANAGEMENT LETTING RIGHTS MANAGED HOTELS
-10% vs 4Q19 -13% vs 4Q19 +2% vs 4Q19 -17% vs 4Q19 -7% vs 4Q19
+1% y-y +10% y-y +20% y-y -2% y-y +114% y-y
143
7,147 124 2,963 3,022 15,129
6,391 6,451 113 12,711 12,495 2,920 2,712
2,521
1,268
4Q19 4Q20 4Q21 4Q19 4Q20 4Q21 4Q19 4Q20 4Q21 4Q19 4Q20 4Q21 4Q19
4Q19 4Q20
4Q20 4Q21
4Q21
No of Rooms RevPar (AUD) RevPar (THB) No of Rooms Systemwide RevPar (THB)
12% 15% 11% 19% 5%
4% -11% -12% -6% -4%
-5% -15%
-27% -30% -35%-23% -1% -45% -38% -36% -32%
-9% -41% -53% -53%
-26% -30% -61%
-35% -46% -29% -33% -54%
-37% -47% -63% -67% -55% -62% -56% -57% -65%-54%
-72%
-70% -82%
-78% -92%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Monthly 2021 RevPar Growth (vs 2019) - AUD Monthly 2021 Systemwide RevPar Growth (vs 2019) - THB
Monthly 2020 RevPar Growth (vs 2019) - AUD Monthly 2020 Systemwide RevPar Growth (vs 2019) - THB
16Hotel Expansion Pipeline – 63 Hotels; 12,467 Rooms
MINT will continue to look for opportunities to expand its hotel portfolio, especially through asset light business model during the short to medium
term. This includes the recently signed management contracts for hotels in Bahrain and joint-venture with Funyard to expand the hotel
management portfolio in China.
2022F 2023F 2024F 2025F-2026F
• Nice, France 152 rms
• Ubud, Bali, Indonesia* 71 rms
OWNED & LEASED
• Khao Lak, Thailand 328 rms
• Fares Island, Maldives* 200 rms
• Milan, Italy 185 rms
• Alicante, Spain 63 rms
• Frankfurt, Germany 398 rms
• Monterrey, Mexico 120 rms
• Cagliari, Italy 100 rms
• Sydney, Australia 254 rms
• Milan, Italy 100 rms
• Frankfurt, Germany 375 rms
12 Hotels / 2,346 Rooms
12 Hotels / 2,346 Rooms
* Note: Joint-ventured properties • Yao Yai Island, Thailand 158 rms • Sharjah, UAE 218 rms • Yangon, Myanmar 250 rms
• Nanjing, China 120 rms • Krabi, Thailand 231 rms • Riyadh, Saudi Arabia 163 rms • Yangon, Myanmar 221 rms
• Ras Al Khaimah, UAE 174 rms • Cam Ranh, Vietnam 397&324 rms • Phan Thiet, Vietnam 516 rms • Cairo, Egypt 530 rms
• Doha, UAE 292 rms • Nha Trang, Vietnam 280 rms • Manama, Bahrain 110 rms
• Samui Island, Thailand 80 rms • Ho Chi Minh City, Vietnam 217 rms • Manama, Bahrain 110 rms
• Phnom Penh, Cambodia 35 rms • Ho Tram, Vietnam 410 rms • Guadalajara, Mexico 120 rms
• Muscat, Oman 206 rms • Savanne, Mauritius 156 rms • Porto, Portugal 150 rms
• Chengdu, China 201 rms • Sifah, Oman 300 rms
MANAGED / MLRS
• Hangzhou, China 108 rms • Kota Kinabalu, Malaysia 386 rms Others • Hangzhou, China 54 rms
• Chengdu, China 197 rms • Hangzhou, China 166 rms
• Zhuhai, China 100 rms
• Nairobi, Kenya 120 rms • Fortaleza, Brazil 130 rms
• Murano, Italy 38 rms • Bahia, Brazil 50 rms
• Doha, Qatar 300&228 rms • Sydney, Australia 266 rms
• Lima, Peru 164 rms • Chiang Mai, Thailand 82 rms
• Iquique, Chile 135 rms • Santiago del Estero, Argentina 97 rms
• Dubai, UAE 533 rms • Aguascalientes, Mexico 105 rms
• Feira de Santana, Brazil 207 rms • Mexico City , Mexico 144 rms
• Panama, Panama 83 rms • Santiago, Chile 146 rms
• Colombia 48 rms • Lima, Peru 265 rms
19 Hotels / 3,269 Rooms 20 Hotels / 4,310 Rooms 9 Hotels / 1,541 Rooms 3 Hotels / 1,001 Rooms
51 Hotels / 10,121 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. With strong residential sales, revenue of
mixed-use business increased by 121% y-y in 4Q21, resulting in profitable bottom line of the 2 businesses at the NPAT level for the fifth consecutive
quarter.
RESIDENTIAL DEVELOPMENT ANANTARA VACATION CLUB
CURRENT PROJECTS GROWING MEMBERSHIP
Layan Residences by Launched
15 luxury pool villas 100%-owned +8%
Anantara, Phuket 2015
Others
Avadina Hills Launched 22% China
16 luxury pool villas 16,511
by Anantara, Phuket 50% JV 2018 15,239 44%
Malaysia
Anantara Chiang Mai 44 units in 7-storey Launched 6%
Serviced Suites condominium building 50% JV 2016 Hong Kong
6%
181 keys for rent & 6 penthouses Launched
Torres Rani, Maputo 49% JV Singapore
for sale; 21-storey office tower 2015
4Q20 4Q21 7% Thailand
Anantara Desaru Launched No of Members 15%
Residences, Malaysia 20 residential villas 60% JV 2020
INVENTORY TO ACCOMMODATE GROWING MEMBERS
PIPELINE
Anantara Ubud To launch >330
Residences, Indonesia 15 residential villas 50% JV 2022 +6% Queenstown
Bali
17 luxury pool villas 250 265 Sanya
Avadina Hills, Phase 3 To launch Samui
25 condominium units 50% JV 2022 Phuket
To launch Bangkok
Silom Office NA 40% JV Chiang Mai
2023
Anantara Siam Residences 73 condominium units 100%-owned Under EIA 4Q20 4Q21 2026F
No of Units No of Units
18Exposure and Potential Impact from Russian-Ukraine Disputes
MINT has minimal exposure to both countries. However, MINT is closely monitoring the current developments and some indirect implication if the
situation prolongs. MINT is hopeful that tensions would ease following the upcoming negotiations between the delegations of Russia and Ukraine
to resolve the ongoing conflicts between two countries.
EXPOSURE OF MINT POTENTIAL IMPACT ON MACRO BACKDROP
• MINT does not have any presence, both hotels and restaurants in
• Potential for disruptions to the European energy market
Russia and Ukraine
o Russia is the world’s third largest producer of oil and second largest
• Russian feeder market producer of natural gas
o Russia supplies about 1/3 of European natural gas and more than
MINT Thailand Maldives Europe & Sri Lanka Middle 1/4 of crude oil
LATAM East o Some countries are far more dependent than others
2% 2% 13% 0.5% 7% 3% - Portugal and Spain use little Russian energy
- Germany gets more than half of its natural gas and more than 30%
of its crude oil supplies from Russia
OUR IMMEDIATE RESPONSES TO THE SITUATION o However, there are other supplies from the US and OPEC but it will
come at a high cost.
• Proactively implement marketing strategies to pursue other key
feeder markets to compensate • Potential for disruptions to food supply chain
o Russia and Ukraine are the world's top wheat exporter, both
• Our supply chain team is monitoring the situation closely. We account for 29% of global wheat export market
continue to use multiple suppliers and further diversify supplier
base
19MINOR FOOD
Minor Food – Financial Highlights
The performance of NPAT level of Minor Food remained positive for the sixth consecutive quarter, with all hubs reporting positive NPAT. Minor Food’s
revenue increased by 3% y-y in 4Q21 due the top-line growth from operation of Thailand and China hubs from successful store expansion and Australia
hub from lower discount offerings. However, EBITDA and NPAT declined y-y as the stronger profitability of Australia hub attributable to leaner operation
from store rationalization strategy did not fully mitigate the softer profitability of Thailand (mainly due to share of loss from BreadTalk) and China hubs.
FINANCIAL PERFORMANCE OPERATIONAL STATS
3% y-y -7% y-y -42% y-y
+1% vs 4Q19
25% q-q 23% q-q 179% q-q
6,005 1,505 1,396 +1% y-y
5,844
4,815 1,136 501 2,377 2,370 2,389
THB
million 290
25.7% 8.6% 7.3%
23.6% 23.3% 104 6.0%
4.8%
2.2% -0.8% -1.7%
-13.7% -15.5%
% Margin
4Q20 3Q21 4Q21 4Q20 3Q21 4Q21 4Q20 3Q21 4Q21 4Q19 4Q20 4Q21 4Q19 4Q20 4Q21 4Q19 4Q20 4Q21
Revenue EBITDA NPAT No of Outlets SSSG TSSG
* The financials above reflect performance from operation, and therefore exclude non-core items
• Same-Store-Sales: In 4Q21, SSS declined by 1.7% y-y due to challenging operating 66.7%
environments in China and Australia amidst the COVID-19 Omicron variant.
Nevertheless, the decline of SSS improved q-q from a decline of 7.2% in 3Q21, mainly 42.0%
driven by the easing of COVID-19 restrictions in Thailand. SSS also showed improving
trend, with positive y-y growth December 2021 – January 2022. 9.6% 12.7% 19.0%
2.6% 4.7% TSSG
0.3%
• Outlet expansion: 4Q21 network grew of 1% y-y , primarily because of the expansion 22.6%
11.8% -7.8%-10.1%-0.4% 11.0%
SSSG
-16.0%
of Riverside stores in China and Bonchon and Coffee Journey stores in Thailand. -20.0% -0.5% 2.3%
-5.3% -6.9% -7.6%-14.0%-4.2% -7.2%
• Total-System-Sales: TSS increased by 6.0% y-y in 4Q21 as the positive TSSG of China -21.6%-20.4%
and Thailand hubs attributable to store expansion fully mitigated the softer Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
performance in Australia. 21Minor Food – International Presence
MINT operates three restaurant hubs: Thailand, China and Australia. MINT’s restaurant presence is now in 24 countries across the region, operating
owned and franchised business models. MINT continues to cautiously look for opportunities to expand, especially in these existing markets.
OPERATIONAL OUTLETS
Closed
5%
Owned Operational
95%
Franchised
*As of Jan 2022
Combination
Hubs
REVENUE CONTRIBUTION
100%
41% 33%
75% 44%
International
50%
Thailand
59% 67%
25% 56%
0%
2016 2020 2021
* Excludes non-core items
22Minor 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%
Franchised 6%
50% Australia
2,389 14%
2,389
Outlets Owned Outlets
50%
Thailand
74%
* As at end of Dec 2021 * As at end of Dec 2021
4Q21 CORE REVENUE CONTRIBUTION 4Q21 CORE REVENUE CONTRIBUTION
By Business By Geography
Franchised
7% Others
14%
China
THB 18%
6,005
million
Thailand
Owned Australia
93% 56%
12%
23Operational Stats by Hub
In 4Q21, China and Australia hub were impacted by the COVID-19 Omicron variant, resulting in restrictions on dine-in and social activities.
Minor Food continues to focus on product development, enhance brand equity and strengthen digital and delivery platform, as well as expanding
outlet to further drive growth of the business.
THAILAND CHINA AUSTRALIA
Thailand hub reported strong TSSG, mainly fueled by China hub continued to report strong TSSG, mainly A decline in TSS of Australia hub was mainly due to a
outlet expansion and the reopening of some temporary fueled by successful store expansion. However, SSS decrease in SSS from lower business activities amidst
closed stores. SSS was flat y-y but grew immensely q-q. was pressured by the COVID-19 outbreak which led to lockdowns. Nevertheless, sales trend improved in
The q-q improvement was supported by the increase in a decline in customer traffic and temporary closure of November as many states started to ease operational
dine-in traffic and longer operating hours. SSSG turned some stores. SSSG turned positive in Dec – Jan. trading restrictions and end the lockdown.
positive in Dec – Feb. 12.7%
8.6% 7.6% 7.6% 7.4%
3.4%
0.0% 1.0% 1.0%
-1.0% -1.7%
-6.9%
-15.0%
-17.2% -10.8% -7.0% -7.6%
-16.9%
4Q19 4Q20 4Q21 4Q19 4Q20 4Q21 4Q19 4Q20 4Q21 4Q19 4Q20 4Q21 4Q19 4Q20 4Q21 4Q19 4Q20 4Q21
SSSG TSSG SSSG TSSG SSSG TSSG
40% 700%
2600% 500%
TSSG* 600% 400%
20% 500%
SSSG 400% 300%
0% 300% 200%
200%
100%
-20% 100% TSSG* TSSG*
0% SSSG 0% SSSG
-40% -100% -100%
Nov
Feb
Sep
Jan
Apr
May
Jul
Aug
Dec
Jan
Mar
Jun
Oct
Nov
Feb
Sep
Jan
Jan
Mar
Apr
May
Aug
Dec
Jun
Jul
Oct
Nov
Feb
Sep
Jan
Mar
Apr
May
Jul
Aug
Dec
Jan
Jun
Oct
* Closure of dine-in restaurants in Apr, May 2020 and July, Aug 2021 * Closure of restaurants in late Jan & Feb 2020 and also some closures * Closure of dine-in restaurants in Apr, May 2020 and Aug, Sep, Oct 2021
in Aug, Sep 2021
24Response to Raw Material Price Increases
Minor Food has foreseen the rising costs of raw material and packaging since 3Q21 and carried out mitigation plans since then. Note that this trend
has had more impact on Minor Food than Minor Hotels.
MINOR FOOD MITIGATION PLANS
Building Stock
Lower costs of raw material and packaging were built up since last year. Therefore, Minor Food
was able to delay the adverse impact until at least the second quarter of 2022
Secure Future Contracts
Short-term, medium-term and long-term contracts were successfully secured given Minor Food’s
economy of scale and good relationships with multiple suppliers
Multiple Suppliers
Using multiple suppliers to create competition for higher bargaining power
Price Increase
Price increase in some certain menus
Product, Menu and Promotion Reengineering
Promotes the products that have relatively lower raw material price increase
With implementation of saving initiatives over the last 2 years and continuing into this year, together with the abovementioned plans,
Minor Food’s profitability is expected to be not far different from the 2019 pre-COVID level.
25MINOR LIFESTYLE
Minor Lifestyle
4Q21 revenue of Minor Lifestyle declined by 10% y-y but improved q-q by 84%. On a y-y basis, the strong sales growth of home and kitchenware
business, together with e-commerce could only partially help alleviate the softer performance of fashion and manufacturing units. Meanwhile, the q-q
improvement was a result of easing COVID-19 restrictions which led to higher operating activities and the reopening of stores which were ordered to
be shut down to control the COVID-19 transmission in 3Q21. With ramp-down expenses of exited brands last year and the continued cost control, both
EBITDA and NPAT turned positive in 4Q21 despite a decrease in revenue.
FINANCIAL PERFORMANCE OPERATIONAL STATS
-10% y-y NM NM
84% q-q NM NM 485 459
386
1,039 940
14.9% 21.7%
120
THB 512 3.5%
million 135
-7.0%
-36.2%
-27 -29.8%
-86
-124
-89
4Q20 3Q21 4Q21 4Q20 3Q21 4Q21 4Q20 3Q21 4Q21 4Q19 4Q20 4Q21 4Q19 4Q20 4Q21 4Q19 4Q20 4Q21
Revenue EBITDA NPAT No of Shops SSSG TSSG
Contract
Manufacturing 300%
26% • Retail trading: revenue declined by 5% y-y mainly
because of softer performance of fashion unit from 200%
THB weak consumer confidence and spending.
940 100%
million • Contract manufacturing: revenue declined by 21% y-y, 0% SSSG
TSSG
Retail from softer demand from major FMCG customers.
Trading -100%
74% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
27CORPORATE 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. MINT has reinforced its balance sheet with the issuance of corporate bonds, perpetual bonds and asset revaluation surplus and now
our leverage is well under covenant threshold. In addition, the three tranches of warrants, MINT-W7, 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 and carve-out of impairment
related to COVID-19 from the calculation of debt-to-equity covenant also provide more flexibility amidst uncertainty and fluid situation. MINT and
its senior unsecured debentures have been affirmed “A” rating by TRIS.
CAPEX PLANS LEVERAGE
THB million X
12,000 2.00 1.68
1.50 1.63
10,000 1.36 Internal
Policy
1.00
8,000 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21
Interest Bearing Debt to Equity* Net Interest Bearing Debt to Equity*
6,000 Interest Bearing Debt to Equity excl impairment from COVID-19*
* Interest Bearing Debt excludes lease liabilities as per covenant calculation definition
** Covenant testing waived until YE22
4,000
BACK-UP FINANCING
THB million
2,000 Note: Cash on hand as at end of
200,000 Equity 4Q21 is THB 25,097 million
0 150,000 79,492
2021 2022F 2023F 2024F 2025F 2026F
100,000 Debt Equity**
Minor Lifestyle 50,000 133,381 14,304
Debt
Minor Hotels 0 32,573
Minor Food Outstanding Debt* & Equity Un-Utilized Facility
* Outstanding debt exclude lease liabilities as per covenant calculation definition
** Assume 100% conversion of MINT-W7 (@ THB 21.60 per share), MINT-W8 (@ THB 28.00
* CAPEX plan excludes any potential divestments per share) & MINT-W9 (@ THB 31.00 per share) 29Oaks Cairns Hotel, Australia
STRONG FOUNDATIONS
POSITIONED FOR RECOVERYBusiness Recovery and Cost Control Led to Higher Flow-through & Improving Margins
Streamlined organization has led to stronger operating margin. Cost tightening plan across business units and geographies will remain in place in
2022. In 4Q21, costs increased y-y as business activities resumed, but is still well below the pre-COVID level. Furthermore, the cost increase of 51%
is well below the revenue increase of 89%.
Quarterly Y-Y Cost Control (excluding non-core items) Revenue Full Year
THB million
Cost Revenue
-3% -55% -44% -47% -51% +68% +33% +51% +89%
+11% +28%
30,000 75,000
20,000 50,000
10,000 25,000
0 0
* Pre-TFRS16 / ** Post-TFRS16
Core EBITDA Margin
32.6%
30% 22.0%
19.9%
13.3%
10.0%
10% 4.2%
-0.4%
-10% 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21
-30%
-27.3%
31CAPEX Reduction Also Helps Preserving Liquidity Amidst Uncertainties
MINT maintains its targets to reduce CAPEX this year in order to preserve liquidity. Only necessary and committed CAPEX will be carried out. 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%
51% 11%
Mixed-use
22%
Other CAPEX
Hotel Reduction CAPEX
10,000 Projects NHH Reduction
23% 62%
50% NHH
31% 78%
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
32Ample Liquidity Position with Positive Free Cash Flow
Free cash flow turned positive since June 2021 supported by business recovery and asset rotation transactions. Moreover, operating cash flow
turned positive since May 2021 principally from the reopening in Europe, together with cost-cutting measures and CAPEX suspension resulting in
free cash flow turning positive operationally. Cash on hand and working capital facilities provide an additional cushion to support MINT’s liquidity
position in case recovery remains uneven.
11.0 -24.2 8.2 -6.4 -8.7 -4.4 -4.7 -3.2 2.8 4.9 3.7
Free CF Cash on Hand
THB billion
(after Repayment
of Lease Liabilities)
9.2 1.3**** THB 25 billion
4.2** 5.0***
7.5
Operating CF
14.7 13
1.9 2.0 2.9 +
0.8 0.6
-0.8
-3.3 -2.5 -2.5 -3.5 -3.0
-2.5 -4.5 -3.6 -5.1
-3.8* -1.3
-2.7
-0.4 Working Cap
-14 -5.0 -1.8
-11.1 Facilities
-2.4
Repayment of
Lease Liabilities THB 33 billion
-10.5
Net CAPEX
2019 2020 2021 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 *As at end of Dec 2021
* Net of Tivoli & Maldivian Asset Sales
** Net of NH Collection Calderon Sales
*** Net of Tivoli Marina Vilamoura and Tivoli Carvoeiro Sales
**** Net of 40% interest in 5 Asset in Thailand Sales 33Stronger Balance Sheet Position
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, during the global distribution of vaccines, both at MINT and NHH level. MINT will continue
to seek additional measures to strengthen its balance sheet and financial position going forward.
MINT NH Hotel Group
✓ Corporate bonds of THB 10 billion successfully issued ✓ EUR 400 million senior secured notes due 2026 issued to
✓ 5-year callable perpetual bonds of USD 300 million issued to redeem the outstanding EUR 357 million senior secured notes
replace 3-year callable USD 300 million perpetual bonds due in due 2023
December 2021
✓ Maturity extension of syndicated facility guarantied by ICO
✓ Company and senior unsecured debentures ratings at “A” and and revolving credit facilities (RCF) from 2023 to 2026
subordinated perpetual debentures at “BBB+” affirmed by TRIS,
Liabilities ✓ Extension of waiver on covenant testing on all material loans
with negative outlook maintained
Management until December 2022
✓ Extension of waiver on covenant testing until end-2022
✓ Change in DE covenant calculation to exclude impairment arising
from COVID-19 from MINT’s equity until 2024
✓ Change debt covenant definition to net interest-bearing debt to
equity ratio1
✓ Sales & manage back of two Tivoli hotels in Portugal for EUR 148 ✓ Sales & lease back of NH Collection Barcelona Gran Hotel Calderón
Asset Rotation million to strengthen financial position / repay debt for EUR 125.5 million to strengthen financial position
✓ Sales of 40% interest in five assets in Thailand for USD 104.8 million
✓ Three tranches of warrants2 issued, to strengthen MINT’s equity ✓ Rights offering of EUR 106 million completed in September 2021
base by approximately THB 15 billion over the next three years, up
Strengthening of to 2024
equity base
✓ Higher equity base, partly coming from net land revaluation surplus
of THB 12.6 billion
1 Successfully approved by all lenders and majority of bondholders
2 Details of warrants:
MINT-W7 at exercise price of THB 21.60; control dilution of 4.35%; maturity in 2023
MINT-W8 at exercise price of THB 28.00 and maturity in 2023; MINT-W9 at exercise price of THB 31.00 and maturity in 2024; combined control dilution of 6.17% 34Business Outlook
Minor Hotels - 2022 Outlook of Key Markets
The global hotel industry is forecasted to make a strong comeback in 2022, given vaccination rollouts across the globe and easing international
travel restrictions in many countries.
Europe Thailand
• Several European nations started to reclassify COVID-19 as an endemic
• ‘Test & Go’ program which allows fully vaccinated international travelers
• A strong pick-up of tourism in Europe and gradual recovery of business from all countries to enter without lengthy quarantine restrictions was
travels will be seen in 2022 while average room rate is expected to accelerate reinstated on 1 February 2022 and was further relaxed on 1 March 2022
further
• Three more Sandbox destinations from 11 January 2022 including Krabi,
• NH Hotel Group has been holding up its average room rate well despite lower Phang-Nga and Surat Thani were reopened in addition to Phuket and other
business activities amidst the pandemic. Such strategy started to payoff when several blue-zone destinations
recovery takes place
• Fourth phase of ‘We Travel Together’ campaign was approved in February to
• Since the last week of January, a pick-up in reservations has been observed, boost the domestic tourism
meaning that worst weeks of Omicron are behind. Nevertheless, first quarter
is traditionally the least contributive period of the year due to seasonality.
The strong turnaround seen in second half of 2021 allows us to foresee a fast
return when restrictions decline
Australia The Maldives
• The Maldives has been recovering from the pandemic at a faster pace than
• Full reopening of international border to vaccinated travelers was
the rest of the world
commenced on 21 February 2022
• The country’s tourism industry is expected to continuously experience a
• Accordingly, international travels will also play a part in driving the tourism
rapid and sustained recovery throughout 2022 as Maldivian authorities will
sector this year, in addition to domestic market
be launching several new marketing activities to celebrate 50 years of
tourism in the country
• Together with Minor Hotels’ sales efforts, RevPar of Maldives hotels will
continue to stay well above the 2019 pre-COVID level
36Minor Hotels - Key Strategic Priorities
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. In addition to Minor Hotels’ offering good quality
of service and seamless customer experience, together with leveraging sales and marketing initiatives, the revamped Discovery Loyalty Program
and upgraded direct booking engines will help capture such demand.
Strengthening Brand Equity Enhancing Customer Experiences Digital Transformation Asset Portfolio Management
Lease /
Sale Manage
Investor
• Grow brand awareness with higher • Adapt strategy according to • IT roadmap to increase operational • Diversify asset right portfolio,
engagement level with customers changing customer behavior efficiency and effective marketing especially through asset light
• Drive operational excellence with tools business model during liquidity
• Leverage on new GHA Discovery 2.0
loyalty program guest centric initiatives • Upgrade owned internet booking preservation period
o NH is expected to join by mid- • Develop 8 pillars of changing engine to have full control over • Asset rotation and utilization
customer expectation (Engagement, communication with customers strategy
2022, making GHA Discovery to
be 1 of the 10 largest loyalty Design, Flexibility, Personalization, • Successfully launched owned
programs in the hospitality sector Loyalty, Health & Wellness, ‘Anantara and Avani Digital Host
Sustainability, Food & Bev) Application’ to improve
o Minor Hotels to harness the
convenience for guests
collective power of the platform’s
21 million members
37Minor Food - 2022 Outlook of Key Markets
Improving operating environment and Minor Food’s pro-active implementation of business and digital transformation should pave the way for
stronger performance of all key markets.
Thailand China
• Restaurants are now operating at regular hours and normal dine-in • China started the year on a positive note with positive same-store-sales
seating capacity in all cities following the lifting of restrictions and in January despite lockdowns in several cities
curfew • The Riverside brand has proven to be very resilient during volatile time,
• Thailand hub has put efforts in driving back dine-in traffic and as shown by sales rebound almost immediately after a lockdown ended
accelerating the delivery sales • Looking ahead in 2022, China hub plans to utilize technology to help
• Loyalty program of each brand will continue to be launched, with improve many facets of operations including brand upgrading, supply
Sizzler’s launching in January 2022 to drive customer retention rate chain management and payment system
Australia
• Business growth will be driven by Australia hub’s focus on service
quality, partnership with delivery aggregators and innovative new store
concepts
• The store rationalization strategy in Australia which resulted in 10%
lower number of outlets from pre-COVID-19 level, has helped the store
portfolio to become more resilient and profitable
• Profitability will be accelerated through brand, digital and culture
transformation
38Minor Food - Key Strategic Priorities
Key strategic focuses during the recovery period of Minor Food include the following:
Brand Revitalisation Digitalising Customer Experience Expansion of Own Delivery Channels Driving Expansion
• Revamp and refresh our core brands • Digitalize the customer experience • Scale-up 1112D to become the • Drive organic growth through
with clear customer value proposition through omni-channel solutions, dominant delivery channel for Minor SSSG improvement
especially leveraging our Loyalty Food
• Target younger customer segment to programs • Expansion across all hubs of
stay relevant in the mid to long-term o Upgrade the basics : Further current portfolio, especially China
o Fully integrated omni- enhance in-app experience hub, both equity & franchise
• Focus brands and their latest channel experience via brand
progress: and achieve premium delivery outlets
apps service
o The Pizza Company – Launched
o Loyalty ecosystem enabled by
‘The Pizza Company Signature’, a o Differentiate from the
cross-brand loyalty program
flagship concept to revitalize and market : Develop subscription
differentiate dine-in from delivery o Variety of payment options model
experience for customers to choose from
at their convenience • Launch delivery function in brand
o Swensen’s – Launched ‘Swensen’s
apps
Craft Bar’, a premium concept to o One single database for data
reiterate ice-cream credentials analytics to customize offers
for each customer segment
39APPENDIX
2021 Y-Y Performance Recap
MINT’s core revenue grew by 28% y-y to THB 74,463 million, primarily from a recovery of Minor Hotels and Minor Food business units. Given
higher sales flow-through, together with continuous cost minimization program, core loss improved to THB 9,314 million in 2021, compared to
core loss of THB 19,389 million in 2020.
REVENUE 2021 REVENUE CONTRIBUTION
THB million +28% y-y Minor
80,000 +13,485 +489 74,463 +1,539 76,003 Lifestyle
-828 4% Minor
58,232 58,118 +3,199
60,000 Food
-114
28%
40,000 THB
74,463
20,000 million
Minor
0 Hotels
2020 Non-core 2020 Minor Hotels NHH Minor Minor 2021 Non-core 2021 68%
Reported Items Core excl NHH Food Lifestyle Core Items Reported * Excludes non-core items
NET PROFIT
THB million -52%
0
-5,000
+6,732 +435 +310
-10,000
(9,314)
-15,000 +2,598 -3,852 (13,167)
+2,018
-20,000
(19,389)
-25,000 (21,407)
2020 Non-core 2020 Minor Hotels NHH Minor Minor 2021 Non-core 2021
Reported Items Core excl NHH Food Lifestyle Core Items Reported
41Financial Performance - MINT
+89% y-y +28% y-y
THB million
26,632 74,463
22,421 58,118
19,745
14,887 14,128 15,587
Revenue 12,499
6,682
NM +540% y-y
16,629
8,670
4,337
EBITDA 2,982 3,100 2,600
-1,826 1,495 -51 521
EBITDA Margin 13.3% -27.3% 10.0% -0.4% 4.2% 19.9% 22.0% 32.6% 4.5% 22.3%
-139% y-y -52% y-y
-3,173 -7,162 1,657
-4,783 -4,270 -5,211 -3,395 -2,366 -19,389 -9,314
NPAT
-14.2% -107.2% -32.1% -30.2% -41.7% -21.8% -12.0% 6.2% -12.5%
Net Margin -33.4%
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 2020 2021
Minor Food Minor Hotels Minor Lifestyle
* The financials above reflect performance from operation, and therefore exclude non-core items 422021 Non-Core Items
Amount Amount
Period Business Unit Non-recurring Items Period Business Unit Non-recurring Items
(Bt million) (Bt million)
113 revenue Non-recurring items of NH Hotel Group -32 revenue Non-recurring items of NH Hotel Group
Minor Hotels Minor Hotels
49 net profit (Revenue and SG&A expense) -245 net profit (Revenue and SG&A expense)
Foreign exchange gain on unmatched USD Cross- Minor Hotels
755 Minor Hotels Redundancy costs from cost cutting
Currency Swap (SG&A expense) -44 /Minor Food /
1Q20 measures (SG&A expense)
568 pre-tax Change in fair value of interest rate derivative Minor Lifestyle
Minor Hotels
585 post-tax (SG&A expense) Provision expenses for store closure and
Reversal of provision related to Ribs & Rumps write-off of investment in joint venture
10 Minor Food -117 Minor Food
(reversal of SG&A expense) 4Q20 related to Ya Hua store closure in Singapore
17 revenue Non-recurring items of NH Hotel Group (SG&A expense)
Minor Hotels
-152 net profit (Revenue and SG&A expense)
Provision expenses for inventory and store
Minor Hotels / -75 Minor Lifestyle
Redundancy costs from cost cutting measures closure of exited brands (SG&A expense)
-251 Minor Food /
(SG&A expense) Foreign exchange loss on unmatched USD
Minor Lifestyle -898 Minor Hotels
Receivable provision for AVC Cross-Currency Swap (SG&A expense)
2Q20 -218 Minor Hotels
(SG&A expense) Change in fair value of interest rate derivative
58 Minor Hotels
Foreign exchange loss on unmatched USD Cross- (SG&A expense)
-534 Minor Hotels 119 revenue
Currency Swap (SG&A expense) Non-recurring items of NH Hotel Group
Minor Hotels
Change in fair value of interest rate derivative -100 net profit (Revenue and SG&A expense)
-130 Minor Hotels
(SG&A expense) Impairment of asset related to COVID-19
-2,349 Minor Hotels
17 revenue Non-recurring items of NH Hotel Group (SG&A expense)
Minor Hotels
-96 net profit (Revenue and SG&A expense) Foreign exchange gain on unmatched USD
793 Minor Hotels
Minor Hotels Cross-Currency Swap (SG&A expense)
Redundancy costs from cost cutting measures
-110 /Minor Food / 1Q21 Change in fair value of interest rate derivative
(SG&A expense) -135 Minor Hotels
Minor Lifestyle (SG&A expense)
3Q20 -17 revenue Provision expenses for inventory
Minor Food Minor Hotels Redundancy costs from cost cutting
-13 net profit (SG&A expense) -12
/Minor Lifestyle measures (SG&A expense)
Foreign exchange loss on unmatched USD Cross-
-197 Minor Hotels
Currency Swap (SG&A expense) Provision expenses for store closure and
Change in fair value of financial instruments (SG&A -236 Minor Food lease receivable, and write-off of prepaid
-396 Minor Hotels
expense) rent (SG&A expense)
Note: Include the impact of TFRS16 432021 Non-Core Items
Amount Amount
Period Business Unit Non-recurring Items Period Business Unit Non-recurring Items
(Bt million) (Bt million)
134 revenue Non-recurring items of NH Hotel Group
Minor Hotels 116 revenue Non-recurring items of NH Hotel Group
83 net profit (Revenue and SG&A expense) Minor Hotels
-340 pre-tax Loss from asset sale in Spain -26 net profit (Revenue and SG&A expense)
Minor Hotels
-103 post-tax (SG&A expense) -4,460 pre-tax Loss on land revaluation and impairment of building
Transaction cost related to NH Hotel Group’s debt Minor Hotels
-737 Minor Hotels -3,065 post-tax (SG&A expense)
restructuring (Interest expense)
Adjustment of deferred tax asset at MINT level in
Redundancy costs from cost cutting measures
2Q21 -9 Minor Hotels 862 Minor Hotels relation to NH’s lease liabilities
(SG&A expense)
Provision expenses for store closure and write-off of (Tax expense)
-9 Minor Food
prepaid rent (SG&A expense) Corporate income tax from gain on sales of 40%
272 pre-tax Foreign exchange gain on unmatched USD Cross- -75 Minor Hotels MINT’s interest in the five assets in Thailand (Tax
Minor Hotels
209 post-tax Currency Swap (SG&A expense) expense)
45 pre-tax Change in fair value of interest rate derivative (SG&A
Minor Hotels -208 pre-tax Foreign exchange loss on unmatched USD Cross-
36 post-tax expense) Minor Hotels
35 revenue 4Q21 -223 post-tax Currency Swap (SG&A expense)
Non-recurring items of NH Hotel Group
Minor Hotels
-75 net profit (Revenue and SG&A expense) -284 pre-tax Change in fair value of interest rate derivative
Minor Hotels
937 Minor Hotels Gain from asset sale in Portugal (Revenue) -131 post-tax (SG&A expense and Interest expense)
Minor Hotels / Redundancy costs from cost cutting measures Impairment of goodwill, investment and other
5 Minor Hotels /
Minor Lifestyle (SG&A expense) -826 pre-tax assets plus provisions and write off in relation to
Minor Food /
-12 revenue Provision expenses for store closure, write-off of -757 post-tax store closure and obsolete inventory from three
Minor Food prepaid rent and share loss from JV Minor Lifestyle
3Q21 -17 net profit business units (SG&A expense)
(Revenue and SG&A expense)
Minor Hotels /
1,044 pre-tax Foreign exchange gain on unmatched USD Cross- -11 Redundancy costs (SG&A expense)
Minor Hotels Minor Lifestyle
1,136 post-tax Currency Swap (SG&A expense)
Net purchase price adjustment of Bonchon
50 pre-tax Change in fair value of interest rate derivative (SG&A 200 Minor Food
Minor Hotels
expense)
(Revenue)
76 post-tax
Amortization of deferred income of Minor Food
-131 Minor Hotels Ineffective hedge accounting (Interest expense) 9 Minor Food
related to IFRS15 (Revenue)
Note: Include the impact of TFRS16
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