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Company any Presenta sentation tion Feb 2016 FORWARD LOOKING - - PowerPoint PPT Presentation

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Company any Presenta sentation tion Feb 2016 FORWARD LOOKING STATEMENT Statements included or incorporated in these materials that use the words "believe", "anticipate", "estimate", "target", or

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SLIDE 1

Company any Presenta sentation tion – Feb

2016

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SLIDE 2

2 Statements included or incorporated in these materials that use the words "believe", "anticipate", "estimate", "target", or "hope", or that

  • therwise 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.

FORWARD LOOKING STATEMENT

Disclaimer

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SLIDE 3

Ag Agenda enda

20 2015 Perf rform

  • rmanc

ance Re Recap cap & Re Recent cent Upda dates tes Mino nor Ho Hotel tel Minor nor Foo

  • od

Mino nor Re Retail ail Cor

  • rpor

porate te Informa

  • rmation

tion

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SLIDE 4

201 015 Performance

  • rmance

Recap & Re Recent ent Upda pdate tes

The Milton Brisbane

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SLIDE 5

5

CONTINUED GROWTH WITH DIVERSIFICATION

MINT reported 2015 net profit of THB 7.0 billion, a 60% increase, primarily from the robust performance of hospitality business, together with gains from revaluation of investments in a total of THB 2,335 million relating to the acquisitions of Sun International hotels in Africa, Oaks Elan Darwin and Minor DKL in Australia in 2015. Excluding such gains, 2015 core net profit increased by 9%.

20,000 30,000 40,000 50,000 2014 Hotel & Mixed-Use Restaurant Retail Trading 2015 39,787 48,149 THB million 2,000 4,000 6,000 8,000 2014 Hotel & Mixed-Use Restaurant Retail Trading 2015 THB million 4,402 7,040 +60% y-y +21% y-y

REVENUES NET PROFIT

2015 Performance Recap Excl extra gains +15% y-y Excl extra gains +9% y-y

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SLIDE 6

6

MINT’s Footprint

With solid diversification strategy, MINT’s presence was in 32 countries at the end of 2015 across its hospitality and restaurant businesses.

Restaurant Combination Hotel & Spa

INTERNATIONAL PRESENCE

REVENUE CONTRIBUTION

87% 57% 56% 50% 13% 43% 44% 50% 0% 25% 50% 75% 100% 2008 2014 2015 2020F International Thailand

* Excludes special gains

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SLIDE 7

7

COMPLETION OF THE FINAL STAGE OF TIVOLI HOTELS & RESORTS ACQUISITION

MINT continues to invest in its future, poised for solid growth going forward.

Recent Development

  • The investment:

‐ Euro 294.2 million (THB 11.5 billion) for the entire portfolio of 14 hotels; the largest-ever hospitality transaction in Portugal ‐ Total of 14 hotels, of which 12 are in Portugal and 2 are in Brazil, totaling 2,982 rooms ‐ Hotel operating platform and Tivoli Hotels & Resorts brand for both Portugal and Brazil

  • Size & valuation (entire portfolio):

‐ 9.6x EV/EBITDA multiple, a highly attractive valuation for well- located assets in a strong European market ‐ Revenue of Euro 121 million and normalized EBITDA of Euro 31 million in 2015, which will further strengthen MINT’s earnings growth and diversification

  • Plans going forward:

‐ The brand, with its heritage of over 80 years, will be kept ‐ MINT will invest further in the Tivoli hotel assets to further enhance the positioning of the brand across its markets ‐ Tivoli will be used as platform for further expansion in the regions

Name Country Stars Rooms Acquired in 2015

  • 1. Tivoli Sao Paulo

Sao Paulo, Brazil 5 220

  • 2. Tivoli Ecoresort Praia do Forte

Bahia, Brazil 5 287

  • 3. Tivoli Lisboa

Lisbon, Portugal 5 306

  • 4. Tivoli Marina Vilamoura

Algarve, Portugal 5 383

  • 5. Tivoli Marina Portimão

Algarve, Portugal 4 196

  • 6. Tivoli Carvoeiro

Algarve, Portugal 4 293

  • 7. Tivoli Oriente

Lisbon, Portugal 4 279

  • No. of rooms acquired in 2015

1,964 Acquired in February 2016

  • 8. Tivoli Victoria

Algarve, Portugal 5 280

  • 9. Tivoli Palácio de Seteais

Lisbon, Portugal 5 30

  • 10. Tivoli Jardim

Lisbon, Portugal 4 119

  • 11. Tivoli Lagos

Algarve, Portugal 4 324

  • 12. Tivoli Sintra

Lisbon, Portugal 4 77

  • 13. Tivoli Coimbra

Coimbra, Portugal 4 100

  • 14. The Residences at Victoria

Golf Club (managed) Algarve, Portugal 5 88

  • No. of rooms acquired in 2016

1,018 Total Portfolio 2,982

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SLIDE 8

8

COMPLETION OF THE FINAL STAGE OF TIVOLI HOTELS & RESORTS ACQUISITION (Cont’d)

Sao Paulo Bahia

Acquired in 2016 Acquired in 2015

Recent Development

Tivoli Sao Paulo - Mofarrej (220 Rooms) Tivoli Ecoresort Praia do Forte (287 Rooms)

Brazil

Coimbra Lisbon Algarve

Tivoli Sintra (77 Rooms)

Portugal

Tivoli Palácio de Seteais (30 Rooms) Tivoli Jardim (119 Rooms) Tivoli Lisboa (306 Rooms) Tivoli Oriente (279 Rooms) Tivoli Lagos (324 Rooms) Tivoli Marina Portimão (196 Rooms) The Residences at Victoria Golf Club (88 Rooms) Tivoli Marina Vilamoura (383 Rooms) Tivoli Coimbra (100 Rooms) Tivoli Carvoeiro (293 Rooms) Tivoli Victoria (280 Rooms)

In the first stage post-acquisition, MINT plans to renovate four Tivoli hotels to further enhance the positioning of the brand: Tivoli Oriente, Tivoli Lisboa and Tivoli Marina Vilamoura in Portugal and Tivoli Sao Paulo – Mofarrej in Brazil.

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SLIDE 9

9

KEY DRIVERS OF 2016 AND BEYOND – MINOR HOTEL

2016 and Beyond

Integration of Tivoli Brand and Operating Platform

  • Earnings enhancement

through consolidation of entire Tivoli portfolio

  • Leverage on Tivoli

footprints to expand MINT’s operations in Europe and South America

  • Look for opportunity to

expand Tivoli brand elsewhere in the world Renovations Completed & Ready for 2016

  • Anantara Siam Bangkok

(1st phase)

  • Anantara Hua Hin
  • Anantara Dhigu Maldives

Key Additions in 2016

  • AVANI Riverside

Bangkok: 249 rooms in 2Q16

  • Anantara Kalutara, Sri

Lanka: 141 rooms in mid- 2016 The Residences by Anantara, Layan, Phuket

  • Construction of 8 units

completed; all 15 to be done within 2016

  • 3 units sold in 2015

Anantara Chiang Mai Serviced Suites

  • Completion in 2016
  • 30 units presold
  • Transfer expected to

start in 2Q16 Torres Rani Mixed-Use Project in Maputo

  • Completion in 2Q16
  • 2 residential units

presold Pipeline Beyond 2016

  • Anantara Desaru,

Malaysia

  • Anantara Ubud,

Indonesia Building Stronger Pipeline

  • f New Properties
  • Adding over 30% of new

inventories:

  • Anantara Mai Khao
  • Anantara Chiang Mai

Service Suites

  • AVANI Riverside

Bangkok

  • Build /acquire more villas

in key locations (e.g. Samui, Bali, China, etc) Building Sustainable & Profitable Platform

  • Pricing scheme

restructuring resulted in:

  • shortened installment

period

  • higher cash position
  • Lower bad debts in

longer term

  • Diversify customer base

through more active marketing efforts Leverage MINT’s Expertise to Enhance Growth

  • MINT’s platform and

capability to help enhance potential contribution from:

  • Sun International
  • Elewana Collection
  • Mozambique

Tivoli Integration Renovation & New Rooms Residential Projects Anantara Vacation Club African Portfolio

Capitalize on Oaks’ Solid Brand and Platform

  • Further improve sales &

marketing platform (i.e. reservation /call center) to enhance customer experience

  • Explore asset investment
  • pportunities both within

home base and overseas

Oaks

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SLIDE 10

10 Thailand Recovery

2016 and Beyond Minor DKL Consolidation

  • Additional revenues and

profits from consolidation

  • f Minor DKL’s financials
  • Enhance growth by

leveraging on MINT’s

  • perating platform and

international capabilities Further Enhance Global Supply Chain through Vertical Integration

  • Vertical

integration of Veneziano’s coffee roasting capability across MINT’s global supply chain to drive sales and margins Ramp-up Renovation of Thai Express

  • Extension of renovation

plan from 7 key Thai Express outlets to over 15

  • utlets in total
  • The renovation, expected

to complete in 2016, to be ready to capitalize on consumption recovery Renovation for Other Concepts

  • 3 Poulet outlets to be

renovated in 2016 Business Streamlining

  • Enhance operational

excellence and productivity to reduce operating cost

  • Streamline business to

focus on core brands

  • Consider closing non-

performing outlets Outlet Expansion & Product Improvement

  • Market remains attractive

in the long-term despite the recent economic slowdown

  • Continue to expand outlets,

although at a slower pace

  • Further strengthen product

and service to increase table turns and traffic

  • Focus on improving

profitability Operation Integration

  • Completed back-office

integration to streamline costs, increase efficiency and support outlet expansion Ramp-up Expansion of Restaurant Outlets in the UK

  • Patara Fine Thai Cuisine, in

partnership with S&P, successfully launched in Dec-15

  • More active expansion plan

in place for 2016

Australia Integration Singapore Overhaul Project China Expansion Global Thai Concept

Capturing Consumption Recovery in Thailand

  • Sustain growth momentum
  • f new product offerings
  • Ramp-up Burger King’s
  • utlet expansion efforts
  • Build on BreadTalk’s

traction with active outlet expansion Leadership & Expertise in Airport Operations

  • 13 outlets opened at Don

Muang Airport Terminal 2 at the end of 2015, with

  • ver 8 more to be opened

in 1H16

  • Continue to look for
  • pportunities in both

domestic and overseas airports India Operations Gaining Strong Traction

  • Swensen’s operation in

India is gaining strong traction, posting consistent double digit same-store- sales growth

  • India contribution to

continue to ramp-up in 2016 and beyond

India Operations

KEY DRIVERS OF 2016 AND BEYOND – MINOR FOOD

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SLIDE 11

11 Thailand Recovery

2016 and Beyond Minor DKL Consolidation

  • Additional revenues and

profits from consolidation

  • f Minor DKL’s financials
  • Enhance growth by

leveraging on MINT’s

  • perating platform and

international capabilities Further Enhance Global Supply Chain through Vertical Integration

  • Vertical

integration of Veneziano’s coffee roasting capability across MINT’s global supply chain to drive sales and margins Ramp-up Renovation of Thai Express

  • Extension of renovation

plan from 7 key Thai Express outlets to over 15

  • utlets in total
  • The renovation, expected

to complete in 2016, to be ready to capitalize on consumption recovery Renovation for Other Concepts

  • 3 Poulet outlets to be

renovated in 2016 Business Streamlining

  • Enhance operational

excellence and productivity to reduce operating cost

  • Streamline business to

focus on core brands

  • Consider closing non-

performing outlets Outlet Expansion & Product Improvement

  • Market remains attractive

in the long-term despite the recent economic slowdown

  • Continue to expand outlets,

although at a slower pace

  • Further strengthen product

and service to increase table turns and traffic

  • Focus on improving

profitability Operation Integration

  • Completed back-office

integration to streamline costs, increase efficiency and support outlet expansion Ramp-up Expansion of Restaurant Outlets in the UK

  • Patara Fine Thai Cuisine, in

partnership with S&P, successfully launched in Dec-15

  • More active expansion plan

in place for 2016

Australia Integration Singapore Overhaul Project China Expansion Global Thai Concept

Capturing Consumption Recovery in Thailand

  • Sustain growth momentum
  • f new product offerings
  • Ramp-up Burger King’s
  • utlet expansion efforts
  • Build on BreadTalk’s

traction with active outlet expansion Leadership & Expertise in Airport Operations

  • 13 outlets opened at Don

Muang Airport Terminal 2 at the end of 2015, with

  • ver 8 more to be opened

in 1H16

  • Continue to look for
  • pportunities in both

domestic and overseas airports India Operations Gaining Strong Traction

  • Swensen’s operation in

India is gaining strong traction, posting consistent double digit same-store- sales growth

  • India contribution to

continue to ramp-up in 2016 and beyond

India Operations

KEY DRIVERS OF 2016 AND BEYOND – RESTAURANT

Minor

  • r

Hote

  • tel

Souq Waqif Doha by AVANI

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12

FINANCIAL PERFORMANCE – MINOR HOTEL

2015 core revenues of hotel & mixed-use business (excluding special gains) grew by 23%, as a result of growth of owned hotels

  • perations, addition of newly acquired hotels, and sale of residential development villas. 2015 core EBITDA and net profit

increased by 11% and 16% respectively, lower than the revenue growth, attributable to the decline of the higher-margin hotel management business, addition of lower-margin newly acquired hotels and decline in profitability of Anantara Vacation Club.

Owned hotels

49%

  • f 2015 hospitality

revenues

Key Highlights

Minor Hotel Revenue EBITDA NPAT THB million

* Excludes special gains from revaluation of investments in Oaks Elan Darwin of THB 20 million and Sun International hotels of THB 650 million in 2015, and Serendib of THB 87 million (before tax) in 2014

+38% y-y +16% y-y* 12,657 16,390 17,977 19,330 24,304 3,313 4,535 5,206 5,647 6,816 1,158 1,940 2,449 2,669 3,679

Revenue grew by 47% y-y, as a result of system-wide 2015 RevPar increase of 5% y-y (organic RevPar +14%), together with the addition of newly acquired hotels. Oaks

23%

  • f 2015 hospitality

revenues Management contracts

4%

  • f 2015 hospitality

revenues Real estate

19%

  • f 2015 hospitality

revenues Revenue declined by 2% while RevPar declined by 11% in THB term (2015 revenue increased by 10% while RevPar increased by 2% in AUD term). Revenue decreased by 22%, to more normalized level as 1Q14 was an exceptional quarter for Maldives hotels, with the VIP

  • guests. System-wide 2015 RevPar increased

by 18% (organic RevPar +10%); Revenue increased by 30% y-y primarily because of sales of The Residences by Anantara, Layan, Phuket, together with the increase in revenues of Anantara Vacation Club.

+26% y-y +23% y-y* +21% y-y +11% y-y* EBITDA Margin 26.0%* 29.0% 28.0% 26.2% 27.7% 29.2% 28.9%* Net Margin 2015 2011 2013 13.6% 15.1% 9.1% 2012 11.8% 2014 13.8% 12.7%* 13.5%*

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SLIDE 13

13

Hubs

In recent years, MINT has implemented a solid diversification strategy. At the end of 2015, MINT operates hotels and spas under a combination of investment, joint-venture and management business models in 24 countries, with another 6 countries in the pipeline over the next three years.

MINOR HOTEL - INTERNATIONAL PRESENCE

REVENUE CONTRIBUTION

94% 40% 41% 34% 6% 60% 59% 66% 0% 25% 50% 75% 100% 2008 2014 2015 2020F International Thailand Management Combination Investment New Destinations in Pipeline

* Excludes special gains

Minor Hotel

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SLIDE 14

14

SYSTEM-WIDE HOTEL OPERATIONS

2015 system-wide RevPar decreased by 2% y-y. Occupancy increased mainly from hotels in Thailand as a result of the recovery of tourism since the political unrest in 2014. ADR declined primarily because of the addition of new AVANI hotels in Africa which commanded ADRs that were lower than average, together with the decline of Oaks’ ADR in THB term because of the weakening

  • f AUD. Excluding new hotels and foreign exchange impact, organic RevPar of the entire portfolio increased by 4% in 2015.

THB

NUMBER OF HOTEL ROOMS ADR OCCUPANCY REVPAR

No of Rooms Organic excl FX Impact

  • 2% y-y
  • 5% y-y

THB

  • 2% y-y

Organic excl FX Impact +4% y-y +20% y-y +2% y-y Organic +4% y-y 5,000 10,000 15,000 20,000 2011 2012 2013 2014 2015 MLR Managed Joint-venture Owned 65% 69% 70% 66% 68% 40% 50% 60% 70% 80% 2011 2012 2013 2014 2015

5,385 5,589 5,573 6,110 5,830

2,000 4,000 6,000 2011 2012 2013 2014 2015

3,479 3,871 3,901 4,024 3,964

1,000 2,000 3,000 4,000 5,000 2011 2012 2013 2014 2015

12,800 14,721 9,575 10,348 17,714

Minor Hotel

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SLIDE 15

15

OWNED-HOTELS OPERATIONS

Owned hotels contribute about half of hotel & mixed-use revenues in 2015, an increase from the same period last year, from improving operations of existing owned hotels and additional revenues of newly acquired

  • hotels. 2015 RevPar of owned hotels was up 5%, primarily from the occupancy increase on the back of the

recovery of Thailand hotels, particularly in Bangkok. ADR declined because of the new hotels in Africa, which commanded lower rates. 2015 organic RevPar excluding foreign exchange impact improved by 13%.

THB THB 49%

Owned- hotels 2015 HOSPITALITY REVENUE CONTRIBUTION

NUMBER OF HOTEL ROOMS ADR OCCUPANCY REVPAR

+73% y-y No of Rooms +5% y-y Organic excl FX Impact +13% y-y Organic excl FX Impact

  • 2% y-y
  • 6% y-y

+7% y-y Organic +9% y-y 2,554 2,335 2,676 3,112 5,387 2,000 4,000 6,000 2011 2012 2013 2014 2015 58% 66% 68% 59% 67% 40% 50% 60% 70% 80% 2011 2012 2013 2014 2015 5,377 6,035 6,385 7,028 6,583 4,000 5,000 6,000 7,000 2011 2012 2013 2014 2015 3,133 3,977 4,372 4,168 4,393 2,000 3,000 4,000 5,000 2011 2012 2013 2014 2015 Minor Hotel

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16

OWNED-HOTELS PERFORMANCE BY GEOGRAPHY

THB THB

THAILAND PROVINCES BANGKOK OVERSEAS

THB 8,793 17,436 11,151 12,177 7,437 6,143 12,246 6,903 7,452 4,499 70% 70% 62% 61% 60% 4,000 8,000 12,000 16,000 2011 2012 2013 2014 2015 THB 4,435 4,589 4,662 4,830 4,943 2,138 2,901 3,278 2,473 3,473 48% 63% 70% 51% 70% 2,000 4,000 6,000 2011 2012 2013 2014 2015 RevPar Growth (y-y) +2% +36% +13%

  • 25%

+40% 5,369 5,840 6,686 6,937 7,060 3,404 3,944 4,599 4,526 4,974 63% 68% 69% 65% 70% 2,000 4,000 6,000 8,000 2011 2012 2013 2014 2015

RevPar ADR % Occupancy

2015 KEY HIGHLIGHTS

12%

Bangkok hotels 2015 HOSPITALITY REVENUE CONTRIBUTION

RevPar Growth (y-y) +568% +99%

  • 44%

+8%

  • 40%

RevPar Growth (y-y) +11% +16% +17%

  • 2%

+10%

  • Bangkok: robust recovery in 2015, with RevPar increasing to the

level that is already higher than in 2013

  • Thailand provinces: resilient performance throughout the five

years, demonstrating the strength of Thailand tourism industry, together with Minor Hotel Group’s strong products and marketing efforts

  • Overseas: decline in system-wide owned RevPar, largely because
  • f the addition of new hotels with RevPar that are lower than the

portfolio’s average. Organic owned RevPar increased by 2%

Contribution of Bangkok hotels in 2015 remained at around 12% of total hotel & mixed-use revenues (6% of total MINT revenues). The strong recovery of RevPar of hotels in Thailand, especially in Bangkok helped

  • ffset the decline in RevPar of overseas hotels. 2015 RevPar of system-wide owned hotels increased by 5% in

2015.

Minor Hotel

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SLIDE 17

17

OAKS’ OPERATIONS

Oaks’ serviced-suites operation is the second largest segment in the hotel and mixed-use business, with 23% revenue contribution in 2015. Oaks continues to provide the hotel & mixed-use business with stable performance throughout the year, compared to hotel operations which is more seasonal. With RevPar increase of 2% in AUD term, Oaks’ 2015 revenues in AUD increased by 10% y-y.

THB Flat y-y

No of Rooms

NUMBER OF MANAGED ROOMS ADR OCCUPANCY REVPAR

THB AUD 23%

Oaks 2015 HOSPITALITY REVENUE CONTRIBUTION

THB

  • 11% y-y

AUD +2% y-y Flat y-y AUD THB

  • 11% y-y

AUD +2% y-y 5,040 5,180 5,897 6,223 6,232 3,000 4,000 5,000 6,000 2011 2012 2013 2014 2015 79% 77% 78% 76% 76% 60% 70% 80% 90% 2011 2012 2013 2014 2015 3,917 3,962 3,730 3,643 3,258 124 123 126 124 127 110 120 130 140 150 1,000 2,000 3,000 4,000 5,000 2011 2012 2013 2014 2015 4,977 5,160 4,788 4,795 4,271 157 160 162 164 168 150 160 170 180 2,000 4,000 6,000 2011 2012 2013 2014 2015 Minor Hotel

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SLIDE 18

18

MANAGED-HOTELS OPERATIONS

In 2015, managed hotels contributed 4% of hotel & mixed-use revenues. System-wide RevPar of managed hotels portfolio increased by 18% y-y in 2015, primarily from the ramping up of the relatively new hotels in China and UAE, good performance of hotels in Thailand and the new Banana Island Resort Doha by Anantara, which has exceptionally high ADR . However, 2015 revenue from management service declined by 22% y-y, as 2014 had a remarkably high base from hotels in the Maldives with VIP guests.

THB

NUMBER OF HOTEL ROOMS ADR OCCUPANCY REVPAR

THB 4%

Management Contracts 2015 HOSPITALITY REVENUE CONTRIBUTION

No of Rooms Organic excl FX Impact

  • 6% y-y

+4% y-y +7% y-y Organic +9% y-y +18% y-y Organic excl FX Impact +8% y-y +13% y-y 1,257 2,023 3,254 3,453 3,910 1,000 2,000 3,000 4,000 2011 2012 2013 2014 2015 4,831 5,047 5,594 6,748 7,038 3,000 5,000 7,000 9,000 2011 2012 2013 2014 2015 49% 54% 58% 55% 63% 40% 50% 60% 70% 80% 2011 2012 2013 2014 2015 2,375 2,748 3,227 3,737 4,400 1,000 2,000 3,000 4,000 5,000 2011 2012 2013 2014 2015 Minor Hotel

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SLIDE 19

19

HOTEL EXPANSION PIPELINE

Expansion inside and outside Thailand will contribute to revenue & profit in coming years.

* Note: Joint-ventured properties

Total 2016F • Kalutara, Sri Lanka

(141 rms)

13 Hotels / 2,511 Rooms 27 Hotels / 4,440 Rooms

2017F

  • Jabal

Dhannah, UAE (230 rms)

  • Queensland,

Australia (219 rms)

  • Busan, Korea

(404 rms)

HOTEL INVESTMENT

  • Oman (198 rms)
  • Dubai Creek, UAE (290 rms)
  • Durrat Al Bahrain, Bahrain

(220 rms)

  • Jabal Dhannah, UAE

(60 rms)

  • Desaru, Malaysia

(103 rms)

2018F

  • Luang Prabang, Laos

(101 rms)

  • Qiandao Lake, China

(120 rms)

  • Shanghai, China (260 rms)
  • Tozeur, Tunisia (93 rms)
  • Le Chaland, Mauritius

(176 rms)

  • Torres Rani,

Maputo, Mozambique* (181 rms)

  • Riverside

Bangkok, Thailand (249 rms)

  • Nusa Dua,

Bali, Indonesia (96 rms)

  • Neemrana,

Rajasthan, India (116 rms)

  • Guiyang, China (218 rms)
  • Jabal Al Akhdar, Oman

(115 rms)

  • Salalah, Oman (136 rms)
  • Al Houara Tangier,

Morocco (150 rms)

  • Loisaba

Tented Camp, Kenya (12 rms)

  • Kiboko

Star Beds, Kenya (4 rms)

  • Radius,

Australia (80 rms)

  • Ubud, Bali,

Indonesia* (80 rms)

  • Ras Al Khaimah, UAE

(300 rms)

  • Zanzibar, Tanzania

(150 rms)

2019F

  • Tivoli Victoria

Vilamoura, Portugal (280 rms)

  • Tivoli Palacio de Seteais,

Portugal (30 rms)

  • Tivoli Jardim, Portugal

(119 rms)

  • Tivoli Lagos, Portugal

(324 rms)

  • Tivoli Sintra, Portugal

(77 rms)

  • Tivoli Coimbra, Portugal

(100 rms)

MANAGEMENT CONTRACTS

  • The Residences

at Victoria Golf Club, Portugal (88 rms)

  • Doha, Qatar

(101 rms)

  • Nusa Dua, Bali,

Indonesia (433 rms)

  • Chiang Mai,

Thailand (70 rms)

  • Khao Lak

(327 rms)

  • Deira

Islands, Dubai, UAE* (500 rms)

Minor Hotel

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SLIDE 20

20 TOTAL NUMBER OF MEMBERS MEMBERS PRIMARILY IN ASIA INVENTORY TO ACCOMMODATE GROWING MEMBERS GROWTH DRIVEN BY FOUR MARKETS

Part of the real estate business, Anantara Vacation Club is growing to become another significant contributor to the hotel and mixed-use business. Number of members have seen impressive growth trajectory over the past three years, primarily driven by four main markets – China, Thailand, Hong Kong and Singapore. The five-year plan calls for a total of 450 units of inventory across 10 destinations to accommodate the members’

  • growth. AVC sales grew by 7% y-y in 2015, while margins were temporarily under pressure because of the

change in pricing scheme to accelerate cash flows and reduce cancellation rate.

REAL ESTATE BUSINESS – ANANTARA VACATION CLUB

As at Dec 2015

  • No. of Units

10 Destinations 19%

Real Estates 2015 HOSPITALITY REVENUE CONTRIBUTION

751 2,309 3,857 5,431 6,928 2,000 4,000 6,000 2011 2012 2013 2014 2015

  • No. of

Members 1,000 2,000 3,000 4,000 5,000 2011 2012 2013 2014 2015

  • No. of

Members 407 1,444 2,460 3,731

+107% +36% +12% +596% +23% +19% +428% +300% +111%

China Thailand Singapore Growth (y-y) +207% +67% +41% +28% 6 Destinations: Queenstown Bali Sanya Samui Phuket Bangkok 4,896

+10% +5% +48%

China, 38% Thailand, 11% Hong Kong, 11% Singapore, 10% Malaysia, 9% Australia, 3% Japan, 3% Indonesia, 1% US, 1% UAE, 1% Korea, 1% Others, 11% 25 46 106 119 137 450 100 200 300 400 500 2011 2012 2013 2014 2015 2020F

+239% +39% +35% +38%

Hong Kong Minor Hotel

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SLIDE 21

21

REAL ESTATE BUSINESS - RESIDENTIAL

MINT launched The Residences by Anantara, Layan, Phuket in 2H15, with three units sold and revenues recognized in 4Q15. To ensure the revenue stream from residential sales in the coming years, MINT has additional residential projects in the pipeline, including in Chiang Mai of Thailand, Maputo of Mozambique, Desaru of Malaysia and Ubud of Indonesia. Other residential projects will be selectively considered in various hotel destinations in order to increase returns of the overall project.

Sold 79% Inventory 21%

THE RESIDENCES BY ANANTARA, LAYAN, PHUKET

19%

Real Estates 2015 HOSPITALITY REVENUE CONTRIBUTION

ANANTARA CHIANG MAI SERVICED SUITES

15 uniquely designed pool villas 1,313 to 2,317 sq.m. of built-up area Up to 8 bedrooms, each with 21 metre private infinity pool The project is situated on Layan beach, one of the most picturesque bays on west coast of Phuket. A 50% joint-venture with U City Pcl. (formerly Natural Park) , the project is in the city center of Chiang Mai, across from Anantara Chiang Mai Resort & Spa. 44 units in 7-storey condominium building 65 to 162 sq.m. (one to three bedrooms) Completion expected in 2016

  • ST. REGIS RESIDENCES

THE ESTATES SAMUI

Above a secluded cove of powder-white sands and crystal- blue waters, The Estates Samui provide complete privacy and spectacular panoramic views with its own stretch of beach.

TORRES RANI, MAPUTO

A 49% joint-venture with Rani Investment, the project is 5 minutes from Maputo CBD. 187-key, 18-storey residential tower 20,926 sq.m., 21- storey office tower The project will be completed in 2016

Sold 21% Inventory 79%

Construction of 8 units completed

Minor Hotel

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Minor

  • r

Fo Food

  • d
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23

Key Highlights

FINANCIAL PERFORMANCE – MINOR FOOD

Net Margin THB million Minor Food +21% y-y Revenue EBITDA NPAT EBITDA Margin +70% y-y +109% y-y

2015 core revenues of the restaurant business (excluding special gains) increased by 11%, attributable to outlet expansion of 8%. 2015 core net profit increased by 1%, at a lower rate than the increase in revenues, as margins of Singapore hub continued to be under pressure, with key Thai Express outlets temporarily closed for renovation.

12,751 13,192 15,343 16,754 20,339 2,884 2,238 2,759 2,817 4,792 1,833 1,180 1,501 1,550 3,237 18.0% 23.6% 9.8% 15.9% 22.6% 14.4% 17.0% 8.9% 16.8% 9.3% 2015 2012 2013 2014 2011

Total-system-sales growth of

11.2%

In 2015 Brands that reported impressive double-digit total-system-sales growth in 2015 are Burger King, Riverside, The Coffee Club and The Pizza Company. Outlet expansion

  • f

8%

in 2015 In 2015, Burger King, Riverside, BreadTalk, SSP and The Pizza Company saw the fastest outlet expansion (in terms of percentage growth). Positive same-store-sales growths of The Pizza Company, Sizzler, Burger King and Dairy Queen were offset by the soft performance of Swensen’s and Ribs and Rumps, while Thai Express was facing challenging macro economic environment in Singapore, and Riverside comp growth was impacted by its active outlet

  • expansion. Nonetheless, geographical and

multi-brand diversification made MINT more resilient than smaller players.

* Excluding gain on reclassification of investment in S&P of THB 1,054 million, netted off with impairment charge of China business of THB 93 million in 2011 and gain on fair value adjustment of change in status of investments in Minor DKL, MINT’s Australian restaurant hub of THB 1,665 million in 2015.

+11% y-y* +11% y-y* 16.4%* 16.7%* +1% y-y* 7.5%* 8.4%*

Same-store-sales growth of

  • 0.2%

in 2015

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24

Franchised Combination Owned

REVENUE CONTRIBUTION

Hub 81% 67% 66% 58% 19% 33% 34% 42% 0% 25% 50% 75% 100% 2008 2014 2015 2020F International Thailand

MINT operates four restaurant hubs: Thailand, Singapore, Australia and China. MINT’s restaurant presence is now in 19 countries across the region, operating owned, franchised and a combination of both business models. MINT continues to look for

  • pportunities to expand, especially in these existing markets that MINT operates.

Minor Food

MINOR FOOD - INTERNATIONAL PRESENCE

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25

MINOR FOOD – OPERATIONAL PERFORMANCE

Same-Store-Sales Growth Total-System-Sales Growth 53% 82% 59% Franchised Owned 50% International Thailand

SSS & TSS GROWTH RESTAURANT OUTLETS BY GEOGRAPHY RESTAURANT OUTLETS BY OWNERSHIP

2015 total-system-sales of the restaurant business grew 11.2% y-y, primarily from the outlet expansion of 8%, mostly in Thailand and China. Same-store-sales growth was flat in 2015. Thailand’s positive same-store-sales growth was offset by Singapore’s negative same-store-sales growth in 2015.

2008 2014 2015 2020F 37% 63% 67% 33% 39% 61% 1,043 3,139 1,851 1,708 +8% y-y 36% 64% 2008 2014 2015 2020F 38% 62% 50% 50% 3,139 48% 52% +8% y-y 1,043 1,851 1,708 50% 50% 9.0% 5.5% 1.5% 0.4%

  • 0.2%

14.1% 15.1% 13.8% 13.1% 11.2%

  • 5%

0% 5% 10% 15% 20% 2011 2012 2013 2014 2015

1,851 1,257 1,381 1,544 1,708

  • No. of

Outlets

Minor Food

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26

THAILAND HUB

Same-Store-Sales Growth Total-System-Sales Growth

THAILAND’S SSS & TSS GROWTH RESILIENT OPERATIONS

66%

Thailand 2015 RESTAURANT REVENUE CONTRIBUTION

Revenues from domestic operations still accounted for about two-thirds of total restaurant revenues in

  • 2015. The Pizza Company, Sizzler and Burger King reported strong same-store-sales growth, demonstrating

Thailand hub’s ability to stay ahead of competition amidst the slowdown of the macro backdrop.

Thailand hub’s same-store-sales growth was 2.1% in 2015, improving from 2013 and 2014 despite the sluggish domestic consumption in 2015. The resiliency was attributable to successful new strategies, continued product innovations, together with effective marketing and promotional campaigns. With consistent outlet expansion, Thailand hub saw total-system- sales growth of 11% in 2015. Constant innovation of menus with the launch of 48 new items for dine-in restaurants. Creative new ice cream flavors to address the changing taste of consumers. Successful marketing initiatives through social media, with

  • ver one million likes achieved on Sizzler Thailand page by

mid-February 2016 Attractive product offering resulting in traffic increase of almost 10% y-y in 4Q15. Continued focus on domestic market with new store

  • penings including drive-thru format.

0% 5% 10% 15% 20% 2011 2012 2013 2014 2015 Minor Food

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27 SINGAPORE’S SSS & TSS GROWTH DOMINANCE IN THAI CUISINE SEGMENT

SINGAPORE HUB

Same-Store-Sales Growth Total-System-Sales Growth 15%

Singapore 2015 RESTAURANT REVENUE CONTRIBUTION

  • 15%
  • 10%
  • 5%

0% 5% 10% 15% 20% 2011 2012 2013 2014 2015

Like many other F&B operators in the market, our Singapore hub has been affected by the economic slowdown and increased competition throughout 2015. The hub took the opportunity to renovate some of the key outlets and gradually overhaul the customer journey to revive the brand image as well as maintain its leadership position as one of the largest and most trusted Thai restaurant chains in Singapore .

Same-store-sales growth of Singapore hub remained negative in 2015 mainly due to both key brands - Thai Express and Xin Wang Hong Kong Café. Total-system-sales growth continued to be negative because of the pause in outlet expansion and temporary closure of some key Thai Express outlets for renovation. Thai Express’s refurbishment program has expanded from the

  • riginal 7 outlets to over 15. The program is expected to yield

satisfactory results later in the year. As part of its aspiration to dominate Thai cuisine segment in Singapore, Minor Food Group further extended its collaboration with BreadTalk Singapore with the plan to launch Thai Express in Food Republic, BreadTalk’s food atrium concept. The hub is launching China-based Riverside’s Sichuan barbecue fish in Singapore, which should well satisfy the palate of Asians

  • utside China.

Apart from Singapore, Thai Express also gains increasing recognition in Vietnam under its franchise operations. The 15

  • utlets registered significantly strong total sales and comparable

sales growths in 4Q15.

Minor Food

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28 AUSTRALIA’S SSS & TSS GROWTH SUCCESSFUL VERTICAL INTEGRATION

AUSTRALIA HUB

Total-System-Sales Growth 3%

2015 RESTAURANT REVENUE CONTRIBUTION Australia

In 2016, Australia hub’s contribution to total restaurant business will significantly increase as MINT started to consolidate the Australian performance, as opposed to the recognition of equity income in previous years, because of the increased shareholding from 50% to 70% since November 2015.

Australia hub remained resilient, reporting flat same-store-sales growth in 2015 in the midst of soft economy in Australia. Total-system-sales continued to grow by 14% because of outlet expansion, together with the addition of Veneziano Group acquired in September 2014.

Same-Store-Sales Growth

  • 5%

0% 5% 10% 15% 20% 25% 2011 2012 2013 2014 2015

MINT’s Australia hub has successfully completed the full vertical integration of Veneziano into the Group, where all The Coffee Club

  • utlets are now supplied with the award-winning Veneziano
  • coffee. The integration is expected to drive sales volume of both

The Coffee Club and Veneziano, as well as enhance profitability going forward. With increased shareholding and consolidation of financial results

  • f Minor DKL since November 2015, MINT targets to drive both

the outlet expansion and comparable sales growth of Australia hub going forward given the relatively stabilized economic environment in Australia.

Minor Food

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29 CHINA’S SSS & TSS GROWTH DRIVING GROWTH AND PRODUCTIVITY

CHINA HUB

Same-Store-Sales Growth Total-System-Sales Growth 14%

China 2015 RESTAURANT REVENUE CONTRIBUTION

China hub continued to show improvement in its total sales growth since the acquisition of Riverside at the end of 2012. MINT remains confident in the growing middle class in China and sees the long term potential in the country. With its focus on increasing the scale, while instilling productivity and efficiency in the everyday operations of all brands, MINT expects its China hub to yield a meaningful contribution in the future.

Same-store-sales of China operations gradually improved in 2015, as the expansion of Riverside outlets become more stabilized and Sizzler reported strong performance. Total-system-sales growth in 2015 was still robust at 24%, from continued active expansion of the Riverside outlets (+20% y-y)

  • 20%
  • 10%

0% 10% 20% 30% 2011 2012 2013 2014 2015 Acquisition of Riverside 300%

Since the acquisition of Riverside in 2012, MINT has actively expanded number of Riverside outlets to strengthen the brand awareness and coverage in key cities. In 2015, MINT successfully integrated the operations and back-of- house support functions of Riverside with the existing China hub’s corporate office. In 2016, MINT will focus on driving organic sales growth, improving productivity, applying renowned Minor Food Group’s operational excellence to the newly integrated platform, and optimizing

  • verhead and administrative cost structure. Examples of the

initiatives include the implementation of Ready-to-Use sauces and seasoning as well as Quality Assurance process to ensure the consistency of taste and quality across all brands in China.

Minor Food

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Retail ail

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FINANCIAL PERFORMANCE – MINOR RETAIL

Key Highlights

Revenue EBITDA NPAT Net Margin THB million Minor Retail

  • 5% y-y
  • 22% y-y
  • 32% y-y

2015 revenue from retail trading decreased by 5%, because of the weak domestic consumption which continued to affect industry-wide discretionary spending, and the Bangkok bombing incident in August which temporarily impacted the high-traffic

  • utlets in the area;

2015 revenues of retail trading & contract manufacturing business declined by 5% y-y from soft performance of both fashion and manufacturing businesses as a result of the slowdown of the domestic economy. Net profit declined by 32%, at a higher rate than the decline in revenues, because of the lower operating leverage and promotional discounts.

  • 110

123 151 183 124 2015 2011 4.2% 3.5% 2012

  • 3.8%

2,923 3,412 3,616 3,703 3,505

4 289 338 384 300

3.6% 2013 4.9% 2014

Retail trading

70%

  • f 2015 retail

revenues Contract manufacturing

30%

  • f 2015 retail

revenues 2015 revenue from contract manufacturing decreased by 6%, from delayed orders from NMT’s key customers.

EBITDA Margin 9.3% 8.6% 0.2% 8.5% 10.4%

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MINOR RETAIL – OPERATIONAL PERFORMANCE

Same-Store-Sales Growth Total-System-Sales Growth Fashion & Cosmetic Sales per Sq. m.

SSS & TSS GROWTH SALES PER SQ. M.

THB

2015 total-system-sales of retail trading declined by 3.3% y-y, while same-store-sales declined by 6.3% because of soft domestic consumption, together with the impact of the Bangkok bombing on the surrounding high-traffic outlets. In 2015, number of

  • utlets increased by 3.3% y-y primarily from the increase of Bossini and Gap outlets, together with the launch of the new brand,

Banana Republic.

14.6%

  • 2.1%

0.3%

  • 8.1%
  • 6.3%

18.9% 14.6% 12.0% 3.8%

  • 3.3%
  • 10%

0% 10% 20% 30% 2011 2012 2013 2014 2015

  • No. of

Shops 307 246 235 94,002 102,333 94,860 105,248 119,163 60,000 80,000 100,000 120,000 140,000 2011 2012 2013 2014 2015

  • No. of

Shops 276 297 307 246 235 276 297 Minor Retail

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Corpor rporate te Informa rmation tion

Elephant Pepper Camp Masai Mara, Cheli Peacock

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34 BACK-UP FINANCING

CAPEX & BALANCE SHEET STRENGTH

Interest Bearing Debt to Equity Net Interest Bearing Debt to Equity THB million THB million

CAPEX PLANS – COMMITTED & NEW OPPORTUNITIES LEVERAGE RATIOS

Corporate Information Restaurant Hotel & Mixed-use Retail Trading Additional CAPEX (non-committed average per annum) for New Opportunity/Acquisition(s) EBITDA coverage on committed CAPEX

* Incremental capital increase from MINT-W5 exercise, assuming 100% MINT-W5 conversion

20,000 40,000 60,000 80,000 Outstanding Borrowing & Equity Un-Utilized Facility Debt 23,975 Debt 45,473 Shareholders’ Equity 35,915 Equity* 7,981

In addition to committed CAPEX, MINT also set aside additional CAPEX for future investments and new opportunities. Even with recent acquisitions, leverage ratio remains below the internal policy. With its solid balance sheet, MINT will be able to primarily use its internal cash flow and debt financing to fund its CAPEX requirements going forward. In addition, MINT and its senior debenture have “A+” rating by TRIS.

Note: Cash on hand as at end of 2015 is THB 4,003 million 0.4 0.6 0.8 1.0 1.2 1.4 2011 2012 2013 2014 2015 1.15x 1.27x X Internal Policy X

  • 1.0

2.0 3.0 4.0 5.0 6.0

  • 3,000

6,000 9,000 12,000 15,000 2015 2016F 2017F 2018F 2019F 2020F

* 2016 committed CAPEX includes the final stage of Tivoli acquisition

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FIVE-YEAR ASPIRATIONS

NPAT (THB)

1.4bn

2009

7.0bn

2020F 2015

2020F

2015

  • > 210 hotels
  • > 500 residences built to

date

  • > 450 timeshare units
  • > 3,100 restaurants
  • > 360 retail shops & POS

(> 29,000 Sqm)

  • 138 hotels
  • 75 residences built to

date

  • 137 timeshare units
  • 1,851 restaurants
  • 307 retail shops & POS

(25,605 Sqm)

2009

  • 30 hotels
  • 1,112 restaurants
  • 292 retail shops & POS

(14,275 Sqm)

Corporate Information

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36

Five-year strategy consists of the following three key pillars, with clear goals and measurements.

MINT’S FIVE-YEAR STRATEGY 2016-2020

NPAT growth of 15-20% CAGR ROIC of >15% Growth Pillars Measure- ments

Drive a Portfolio of Own Brands, With Additional Contribution From Selected International Brands Maximize Asset Value and Productivity Expand Through Existing and Future Strategic Investments & Acquisitions

Asset-light Model Mixed-use Initiatives

Total-system-sales growth

  • f 15%

Revenues growth

  • f over 10%

Improvement of margins Revenues from overseas

  • f 50%

Net profit from overseas

  • f over 55%

2020 Goals

Strengthening of Hub / Cluster System

Corporate Information