Analyst Meeting Four Seasons Hotel Bangkok Minor International PLC - - PDF document

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Analyst Meeting Four Seasons Hotel Bangkok Minor International PLC - - PDF document

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1 Analyst Meeting Four Seasons Hotel Bangkok Minor International PLC MINTs 1Q07 25 th May 2007 Forward Looking Statements Statements included or incorporated in these materials that use the words "believe", "anticipate",

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MINT’s 1Q07 Analyst Meeting

Minor International PLC

Four Seasons Hotel Bangkok 25th May 2007

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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 2

Forward Looking Statements

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, including without limitation, risks and uncertainties associated with the following: the continued ability of Minor International Public Company Limited (“Mint”) to attract and retain personnel; identification, completion, terms and timing of future acquisitions and dispositions; the availability and terms of capital for acquisitions and for renovations; execution of hotel renovation and expansion programs; the ability to maintain existing management, franchise or representation agreements and to obtain new agreements on favorable terms; competition within the lodging and leisure industry; the cyclicality of the real estate business and the hotel and leisure business; foreign exchange fluctuations and exchange control restrictions; general real estate and national and international economic conditions; political and financial conditions and uncertainties in countries in which Mint owns or operates properties; changes in current laws, rules or regulations of governmental or other regulatory bodies; and other risks and uncertainties set forth in the annual, quarterly and current reports and proxy statements of Mint filed with the Securities and Exchange Commission (the "SEC"). Mint undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Mint makes no representation whatsoever about the opinion or statements of any analyst or other third party. Mint does not monitor or control the content of third party opinions or statements and does not endorse or accept any responsibility for the content or the use of any such opinion or statement

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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 3

Today’s Agenda

Key Issues in 1Q07 1Q07 Performance Financial Results Pipeline Projects Update Year-End Anticipations

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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 4

Key Issues in 1Q07

Food Business:

  • Opened 13 new food outlets in Thailand and overseas
  • Investment of S&P with current holding of 17%
  • Innovative marketing campaigns & promotions
  • SSS +4% y-y, TSS +19% y-y

Hospitality & Leisure:

  • Opened 2 hotels in Samui and Maldives
  • Occupancy at 81%, RevPar +19% y-y
  • Tender offer of Rajdamri Hotel with current holding of 96%
  • Appointment of Mr. Dillip Rajakarier for Hotel Finance VP

Residential Properties:

  • Sold one villa of The Residence in Samui
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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 5

  • 2

7 4 3 1

13 New Food Outlets in 1Q07

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Extreme Square

January March

Mar 1

BOGO Cheesy Max

February

Jan 24

April May June

Attractive Price Point

199.-

Any Pizzas 199.-up

Free

Bye Bye Summer

The Pizza Company’s Promotion

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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 7

Swensen’s Innovative Menu

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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 8

New in Salad Bar

Roasted Pumpkin & Cashew Prawns & Rice Noodle Strawberry Mousse

New Insert Menu launch: April 12, 2007 Old Insert Menu : Lunch Special

Relaunch New frequency Menu

Sizzler’s Promotion Re-launch

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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 9

First Franchise in Dalian, China

New TPC franchised outlet

  • pened in May 2007

Dalian is a trading and financial

center in northeastern Asia and has gained the name the “Hong Kong of Northern China”

Together with equity outlet in

Beijing, MINT now operates 33 food outlets in China including 10 TPC, 7 Sizzler, and 16 Le Jazz

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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 10

Newly Opened Hotels

Four Seasons Four Seasons Samui Samui

60 Pool Villas Occupancy 50% ADR $650

Naladhu Naladhu Maldives Maldives

19 Pool Villas Occupancy 60% ADR $1,600 The Hot List Hotels of Conde Naste Traveller’s (May Issue) 2007

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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 11

Appointment of VP Finance

  • Mr. Dillip Rajakarier
  • Mr. Dillip Rajakarier has 20 years experience in

hospitality business. Prior to joining MINT, he was the Deputy CFO for Orient-Express Hotels, Trains and Cruises

Previous Achievement: Planning, budgeting, and

implementation of internal controls and systems; Executer of major due diligence acquisitions including Hotel Ritz (Madrid), Grand Hotel Europe (St. Petersburg), and the Pansea Group of Hotels in Asia

Key Role at MINT: Directing the finance and

accounting operations of the hotel division

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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 12

Today’s Agenda

Key Issues in 1Q07 1Q07 Performance & Financial Results Pipeline Projects Update Year-End Anticipations

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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 13

1Q07 Financials Snapshot

420 945 3,205

1Q06

7% 450 Net Profit 8% 1,023 EBITDA 15% 3,674 Sales Revenues

% Chg 1Q07

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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 14

MINT’s 1Q07 Revenue Breakdown

Spa 3% Property 2% Share of profit 1% Entertain 1% Retail 3% Food 48% Hotel 42%

1Q07 : Bt3,674m 1Q06 : Bt3,205m

15% y-y

Hotel 43% Food 49% Retail 3% Entertain 1% Share of profit 1% Spa 3%

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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 15

23.7 42.0 22.4 15.0 13.0 26.7 26.2 1Q06 8.9 (4.1) 14.5 8.1 (0.9) 8.2 13.5 1Q06 TSS (%) 18.0 (2.8) Average Brand 1Q07 1Q07 19.2 4.4 18.9 2.0 16.6 10.2 11.5 (1.8) 20.9 5.3 22.2 5.7 SSS (%)

MINT’s 1Q07 QSR Performance

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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 16

QSR Franchising Revenues

28 30 28 33 6 6 8 6 8 30 10 20 30 40 50 1Q06 2Q06 3Q06 4Q06 1Q07 (Bt m)

Local Franchising Fee International Franchising Fee

2 % y

  • y

g r

  • w

t h

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MINT’s 1Q07 Hotel Performance

n/a 3,457 62%

1Q06

41% 3,663 83%

1Q07 Other Brands

14% 5,130 78%

1Q06

9% 4,467 85%

1Q06

13% 5,440 72%

1Q06

21% 7,453 73%

1Q06 1Q07 1Q07 1Q07 1Q07

13% 4,780 89% 19% 47% 2% Rev Par (%Chg) 5,893 7,516 8,749 ARR (Bt) 81% 77% 64% Occupancy (%)

Total

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Spa Business Performance

67 69 71 22 20 29 31 79 71 23 20 40 60 80 100 120 1Q06 2Q06 3Q06 4Q06 1Q07 (Bt m)

Local International Spa Inter +41% y-y Spa Local -10% y-y

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Retail Properties & Entertainment

103 100 100 103 109 24 24 24 23 28 30 60 90 120 150 1Q06 2Q06 3Q06 4Q06 1Q07 (Bt m)

Retail Property Entertainment

8 % y

  • y

g r

  • w

t h

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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 20

1Q07 Consolidated Performance

n.a. 0% – 2% 89 Property 13% 5% 2% 20% 10% 29% 39% 31% 100% 1% 1% 3% 3% 43% 48%

%

69 2% 70 Interest Expenses 148 5% 176 Tax & Minority 1,258 40% 1,469 SG&A Expenses 8% 945 28% 1,023 EBITDA 308 9% 327 Depreciation & Amortization 9% 637 19% 696 EBIT 6% 103 3% 109 Retail Property 12% 1,377 42% 1,541 Hotel Services 14% 1,553 48% 1,762 Food Services

  • 8%

47 1% 43 Share of profit 16% 24 1% 28 Entertainment 0% 101 3% 101 Spa 12% 32% 100%

%

450 1,182 3,674

1Q07

7% 420 Net Profit 1,001 Operating Expenses 15% 3,205 Total Revenue

% Growth 1Q06 (Bt Million)

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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 21

1Q07 Breakdown Performance

2% 89 Property 12% 450 Net Profit 5% 176 Tax & Minority 2% 70 Interest Expenses 19% 696 EBIT 9% 327 Depreciation & Amortization 28% 1,023 EBITDA 40% 1,469 SG&A Expenses 32% 1,182 Operating Expenses 100% 3,674 Total Revenue 1% 43 Share of profit 1% 28 Entertainment 3% 101 Spa 3% 109 Retail Property 42% 1,541 Hotel Services 48% 1,762 Food Services

% 1Q07 (Bt Million)

EBITDA Contribution Net Profit Contribution

86% 14% 450 Consolidated Net Profit 385 Hospitality & Leisure 65 Food Services* Spa 3% Retail 7% Entertain 2% Property 4% Share of profit 4% Hotel 56% Food 24%

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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 22

Profitability Ratio

8% 6% 10% 8% 13% 12% 12% 13% 100 200 300 400 500 600 2Q05 2Q06 3Q05 3Q06 4Q05 4Q06 1Q06 1Q07 (Bt m) 0% 4% 8% 12% 16% Net Profit Net Profit Margin 0.05 0.15 0.14 0.15 0.08 0.09 0.08 0.15 0.00 0.02 0.04 0.06 0.08 0.10 0.12 0.14 0.16 0.18 2Q05 2Q06 3Q05 3Q06 4Q05 4Q06 1Q06 1Q07 (Bt/share)

Net Profit EPS

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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 23

Efficiency Ratio

7.9% 8.0% 8.3% 8.5% 8.3% 5,000 10,000 15,000 20,000 1Q06 2Q06 3Q06 4Q06 1Q07 (Bt m) 0% 2% 4% 6% 8% 10% Total Assets Adjusted Return on Assets 17.8% 18.2% 19.6% 21.4% 22.0% 2,000 4,000 6,000 8,000 10,000 1Q06 2Q06 3Q06 4Q06 1Q07 (Bt m) 0% 5% 10% 15% 20% 25% Total Parent's Shareholders' Equity Adjusted Return on Equity

Note: Calculations based on revolving 4 quarters Return on Assets = Profit Before Minorities / Total Assets Return on Equity = Net Profit / Total Parents’ Shareholders’ Equity

Return on Assets Return on Equity

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0.85 0.82 0.85 0.87 0.76 3,000 6,000 9,000 12,000 15,000 18,000 1Q06 2Q06 3Q06 4Q06 1Q07 (Bt m) 0.0 0.2 0.4 0.6 0.8 1.0 1.2 (x) Equity Interest Bearing Debt Other Liabilities Interest Bearing Debt-to-Equity (RHS)

Balance Sheet

Assets 17,787 MB Assets 16,088 MB Assets 18,074 MB Assets 15,682 MB Assets 16,299 MB

Note:Debt to Equity Ratio = Interest Bearing Debt / Total Equity

Interest Bearing DE

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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 25

12.69 12.47 12.01 11.57 11.05 200 400 600 800 1,000 1Q06 2Q06 3Q06 4Q06 1Q07 (Bt m) 6 8 10 12 14 (x) EBITDA Interest Expense Interest Coverage Ratio (RHS)

Interest Coverage Ratio

Note: Calculations based on revolving 4 quarters Interest Coverage Ration = EBITDA / I

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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 26

Today’s Agenda

Key Issues in 1Q07 1Q07 Performance & Financial Results Pipeline Projects Update Year-End Anticipations

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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 27

Current QSR Portfolio

192 192 169 169 37 37 192 192 17 17 18 18 19 19

92 590 Thailand 83 537 Equity 100 644 Total 100 644 Total 8 54 International 17 107 Franchise % Outlets % Outlets

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QSR Outlet Pipeline Opening

631

  • 21

2 16

  • 16
  • 189
  • 37

53 109 45 143

2006

  • 25

25 25 23 Equity Franchise 703 2 14

  • 20
  • 203
  • 37

75 116 61 152

2007

827 10 18

  • 22
  • 207

4 45 100 123 107 166

2008

984 22 24

  • 25
  • 217

10 50 129 128 175 179

2009

34

  • 20

158 246 32 Equity Franchise 27 Equity Franchise 56 Equity Franchise 227 Equity Franchise 133 Equity Franchise 193 Equity Franchise 1,151

2010

Total Outlets

(Number of outlets)

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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 29

Expansion Target

200 400 600 800 1,000 1,200 2006 2010

  • No. of outlets

ME Asia SE Asia China Thailand

631 1,151 16% CAGR

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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 30

QSR Asset Light Model

200 400 600 800 1,000 1,200 1,400 2006 2007 2008 2009 2010

Franchise Equity

Food Outlets Expansion

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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 31

MINT’s Hotel Portfolio

Bangkok Bangkok Chiang Mai Chiang Mai Chiang Chiang Rai Rai Koh Koh Samui Samui

Bangkok

Bangkok Bangkok Pattaya Pattaya Hua Hua Hin Hin Phuket Phuket Hua Hua Hin Hin Koh Koh Samui Samui Chiang Chiang Rai Rai Maldives Maldives Maldives Maldives Maldives Maldives Vietnam Vietnam

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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 32

MINT’s Hotel Portfolio

1998 MINT 20% 43 127 Harbour view, Vietnam 2007 Four Seasons 100% 650 60 Four Seasons Koh Samui 2007 MINT 50% 1,600 19 Naladhu, Maldives 177 591 166 345 320 155 152 110 168 90 93 102 ADR (US$) 2,358 Total 2005 MINT 50% 50 Bodu Huraa Hotel, Maldives 2005 Four Seasons 100% 15 Four Seasons Tented Camp 1998 Four Seasons 96% 356 Four Seasons Bangkok 1993 Four Seasons 71% 64 Four Seasons Chiang Mai 2006 MINT 50% 110 Anantara, Maldives 2003 MINT 100% 106 Anantara Koh Samui 2002 MINT 100% 77 Anantara Gloden Triangle 1990 MINT 100% 187 Anantara Hua Hin 2001 Marriott 100% 265 JW Marriott Phuket 1984 MINT 100% 216 Hua Hin Marriott 1978 MINT 100% 293 Pattaya Marriott 1992 MINT 81% 413 Bangkok Marriott Commencement Hotel Manager Holding

  • No. of Rooms

Hotel

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Hotel Asset Light Model

1,000 2,000 3,000 4,000 5,000 6,000 2006 2007 2008 2009 2010 (Room)

Pure Managed Owned

Hotel Expansion

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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 34

Hotel & Residence Pipeline Opening (Newly Revised)

2010 2009 2008 2007

Naladhu Maldives Four Seasons Tent Camp Anantara Maldives

3 hotels 3 hotels

2 Anantara in Phuket & Khao Lak Anantara Seminyak Bali

4 hotels/1 residential

Anantara Jumeirah Lake Dubai Palm Jumeirah Dubai Anantara Hoi An 5 Luxury Hotels in Dubai Rajadamri Hotel & Residence

10 hotels

Four Seasons Samui

2006

Thailand 3 Dubai 2 Other ME 4 India 3 Vietnam 4 Bali 3 Indian Ocean 4 China 3

Owned, Owned & Managed Partial Owned & managed Pure Management Bodu Huraa Maldives 3 Hotels In Sri Lanka 133 Units

  • f Residential

in Phuket

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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 35

1,292 1,506 177 892 1,808 144 436 1,025 700

Growth by Type of Assets

20% CAGR (No of Rooms)

2006

Owned & 3rd Party Managed Pure Managed

2010F

Owned & Managed Partial Ownership & Managed Residence

2,313 5,667

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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 36

MINT’s Expanding Hotel Portfolio

Others 7% Anantara 20% Int'l Brands 73%

Others 21% Anantara 39% Int'l Brands 40%

2010 : 5,667 rooms* 2006 : 2,423 rooms*

Note: * No of rooms including residence

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Owned Hotel in Thailand

  • 105 rooms
  • ARR: US$120
  • Open: in 2008
  • 84 rooms
  • ARR: US$360
  • Open: in 2008
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Management Contact in Bali

  • 59 rooms
  • ARR: US$200
  • Open: in 2007
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  • 159 rooms
  • ARR: US$167
  • Open: in 2009

Management Contact in Vietnam

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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 40

Management Contact in Dubai

  • 265 hotel

rooms and 208 service apartment

  • ARR: US$255
  • Open: 2008

1 1-

  • 5 luxury

5 luxury Hotels Hotels Plam Plam Jumeirah Jumeirah

  • ~1,500 rooms
  • Open: 2009
  • 243 hotel

rooms and 132

  • ARR: US$200
  • Open: 2008
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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 41

Our Mix-Use Projects

Pipeline Residential Property Projects Pipeline Residential Property Projects

Samui Samui Residence Residence 14 Pool Villas Avg Price: US$ 3m/unit Completion: 2007 75 Residential Units Price: US$0.75m to 3m Completion: 2010 133 Units Selling Price: US$ 0.5m/unit Completion: 2008 Phuket Phuket Rajdamri Rajdamri Residence Residence

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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 42

Planned Capex (Revised)

(Bt Million)

1,000 2,000 3,000 4,000 5,000 6,000 2007 2008 2009 2010

Food Hospitality New Opportunities

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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 43

Projected Cashflow 2007-10

5 10 15 20 EBITDA CAPEX Tax & Finance Warrant Proceeds FCF (Bt Billion) (11.6) (4.1) 1.5 4.5 19.0

250m warrants to be exercised by Feb-08

Free cash for new

  • pportunities
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Today’s Agenda

Key Issues in 1Q07 1Q07 Financial Results Pipeline Projects Update Year-End Anticipations

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Year-end Anticipation

Low consumer confidence to bottom-out in 3Q MINT’s QSR positive same-store-sales growth

remain intact

Implement QSR processed cost improvement First pure managed hotel opened in Bali Strengthened RevPar growth Sell 6 villas of “The Residence” at Samui Pre-sale 20 units of Rajdamri Residence

Condominium

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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 46

2007 Financial Ambition

Top-line growth of 15% Food business SSS >5%, TSS >15% Hotel RevPar growth +8-10% Hotel revenues increase >15% ROIC increase to 17%

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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 47

Key Earnings Driver in 2007

2006 Hotel Food Residence Spa & Others Interest Minority 2007

+15-20% y-y

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MINT’s 1Q07 Analyst Meeting 25th May 2007 Four Seasons Hotel Bangkok 48

MINT’s Target Growth by Business

>18% >17% >30% Target ROIC 15-20% 12-15% 20-25% EBITDA 10-12% 10-12% 15-20% Top-Line Properties Hospitality & Leisure Food CAGR (2007-10)

0% 25% 50% 75% 100% Top-line Bottom-line Residential Property Hospitality & Leisure Food

Breakdown Performance

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MINT’s Earnings Outlook

2006 2010F 90% 10% 35% 65% Fee Base Earnings R e v e n u e B a s e E a r n i n g s

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Thank You

Investor Relations +66 2 3815151 Ext 1307 punnee_ru@minornet.com prapharat_ta@minornet.com Or visit our website: www.minornet.com

For more info….