WRAP Melbourne Company Presentation - Nov 2014 Anantara Bazaruto Island, Mozambique
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. Disclaimer 2
Agenda 9M14 Performance Recap & Recent Updates Hotel & Mixed-Use Business Restaurant Business Other Important Information
9M14 Performance Recap
CONTINUED GROWTH WITH DIVERSIFICATION MINT REPORTED 9M14 NET PROFIT OF THB 2.8 BILLION, A 9% INCREASE YoY , THANKS TO MINT’S DIVERSIFICATION AND INTERNATIONAL EXPANSION STRATEGY, AS STRONG PERFORMANCE OF INTERNATIONAL OPERATIONS MITIGATED THE IMPACT OF SLOWDOWN IN TOURIST ARRIVALS AND DOMESTIC CONSUMPTION IN THAILAND. NET PROFIT GROWTH WAS ATTRIBUTABLE TO BOTH HOSPITALITY AND RESTAURANT BUSINESSES, TOGETHER WITH THE GAIN ON FAIR VALUE ADJUSTMENT OF INVESTMENT IN SERENDIB IN SRI LANKA IN 2Q14. REVENUES THB Million +9% YoY 29,172 30,000 26,842 25,000 20,000 15,000 9M13 Hotel & Mixed-Use Restaurant Retail Trading 9M14 NET PROFIT Excl one-time gain +7% YoY THB Million +9% YoY 3,000 2,783 2,545 2,500 2,000 1,500 9M13 Hotel & Mixed-Use Restaurant Retail Trading 9M14 9M14 Performance Recap 5
INTERNATIONAL PRESENCE WITH SOLID DIVERSIFICATION STRATEGY, MINT’S PRESENCE IS NOW IN 33 COUNTRIES ACROSS ITS HOSPITALITY AND RESTAURANT BUSINESSES. REVENUE CONTRIBUTION 100% 13% 32% 39% 48% 75% International Thailand 50% 87% 68% 61% 25% 52% 0% 2008 2013 9M14 2019F Egypt Hotel Restaurant Combination MINT’s Footprint 6
WHAT’S NEW IN 3Q14 TO DATE MINT CONTINUES TO INVEST IN ITS FUTURE, POISED FOR SOLID GROWTH GOING FORWARD. HOTEL & MIXED USE RESTAURANT HOTEL INVESTMENTS 50% joint-venture with BreadTalk Group to operate BreadTalk ’s • 49% acquisition of Radisson Blu Hotel & mixed-use project in Maputo, bakery operations in Thailand Mozambique Strategic investment of 70% in VGC Food Group by Australia hub, consisting of: • Announcement of acquisition of 8 hotels with over 1,300 rooms in 5 Veneziano Coffee Roaster: a leading and award- countries in Africa from Sun International (to be completed in 4Q14): winning specialty roasting house, supplying over 80% in Kalahari Sands Hotel & Casino, Namibia 500 tons of freshly roasted coffee annually 64% in Gaborone Sun Hotel & Casino, Botswana The Groove Train: a casual dining (bar / restaurant) 50% in Royal Livingstone Hotel and Zambezi Sun Resorts, Zambia franchise system offering quality food and 40.5% in Royal Swazi Spa Valley and Ezuwini Sun (Lugogo Sun), Swaziland beverages in a ‘funky / modern’ atmosphere 37.5% in Lesotho Sun Hotel & Casino and Maseru Sun, Lesotho Coffee Hit: a unique specialty coffee franchise system offering an enhanced retail coffee experience to customers via beverage and whole- bean trade OAKS CORPORATE Rivermarque, Mackay (MLR) Inclusion of MINT in the Dow Jones Sustainability Emerging Markets Index (DJSI) in the consumer services sector for the first year Recent Development 7
Hotel & Mixed-Use Business Serengiti Migration Camp
FINANCIAL PERFORMANCE – HOTEL & MIXED-USE 9M14 REVENUE OF HOTEL & MIXED-USE BUSINESS GREW BY 9%, PRIMARILY AS A RESULT OF GROWTH OF MANAGEMENT CONTRACT, OAKS, OWNED HOTELS AND ANANTARA VACATION CLUB. 9M14 NET PROFIT INCREASED BY 16%, FROM HIGHER PROFITABILITY ON THE BACK OF HIGHER OPERATING LEVERAGE AND EFFECTIVE COST CONTROL IN 2Q14 AND 3Q14, TOGETHER WITH AN INCREASE IN CONTRIBUTION FROM HIGHER-MARGIN MANAGEMENT CONTRACT BUSINESS. Key Highlights +9% YoY +4% YoY 13,911 Owned hotels : 41% of 9M14 hotel and mixed-use THB million 5,322 5,181 12,796 4,794 revenues – saw revenue growth of 3% although 4,505 4,312 4,083 3,690 system-wide 9M14 RevPar dropped by 7% YoY (organic RevPar -5%); Revenue Oaks : 29% of 9M14 hotel and mixed-use revenues – reported 9M14 revenue growth of 15% while RevPar declined by 1%; +13% YoY Management contracts : 6% of 9M14 hotel and +17% YoY 3,782 mixed-use revenues – reported increase in 9M14 3,359 revenue by 149%, from the outstanding 1,847 1,761 1,727 performance of the Maldives hotels and the 1,130 EBITDA ramping up of the new hotels, with system-wide 967 892 9M14 RevPar increase of 24% (organic RevPar 665 increase of 10%); Real estate : 17% of 9M14 hotel and mixed-use EBITDA 18.0% 36.0% 22.4% 35.7% 33.1% 21.8% 25.1% 26.2% 27.2% Margin revenues – declined by 11% YoY because of lower +16% YoY residential sales; +8% YoY 1,615 Net profit exhibited growth at a higher rate than 1,397 1,053 1,003 revenues as a result of higher operating leverage 945 and effective cost savings in 2Q14 and 3Q14, NPAT together with the one-time gain on fair value 382 354 adjustment of investment in Serendib in Sri Lanka of 229 98 THB 69 million (after tax); Net 19.7% 2.7% 8.2% 20.3% 18.8% 5.6% 8.5% 10.9% 11.6% Excluding the one-time fair value adjustment, net Margin 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 9M13 9M14 profit increased by 11%. Hotel Updates 9
HOTEL & MIXED-USE - INTERNATIONAL PRESENCE IN RECENT YEARS, MINT HAS IMPLEMENTED A SOLID DIVERSIFICATION STRATEGY. TODAY, MINT OPERATES HOTELS AND SPAS IN COMBINATION OF INVESTMENT, JOINT-VENTURE AND MANAGEMENT BUSINESS MODELS IN 23 COUNTRIES, WITH ANOTHER SEVEN COUNTRIES IN THE PIPELINE OVER THE NEXT THREE YEARS. REVENUE CONTRIBUTION 100% 6% 40% 75% 51% International 56% Thailand 50% 94% 60% 25% 49% 44% 0% 2008 2013 9M14 2019F Egypt Investment Management Combination New Destinations in Pipeline Hub Hotel Updates 10
SYSTEM-WIDE HOTEL OPERATIONS 3Q14 SYSTEM-WIDE REVPAR WAS FLAT AMIDST DOMESTIC POLITICAL EVENTS AND RENOVATIONS OF ANANTARA RIVERSIDE, ANANTARA HUA HIN AND AVANI QUY NHON. WHILE HOTELS IN THAILAND’S MAJOR TOURIST DESTINATIONS, ESPECIALLY BANGKOK, SAW THE LINGERING IMPACT OF THE MARTIAL LAW AND COUP IN 3Q14, OVERSEAS HOTELS, THE MAJORITY OF WHICH ARE ANANTARA HOTELS, WITNESSED AN INCREASE IN REVPAR OF 14% YoY. NEVERTHELESS, THAI HOTELS ARE SEEING IMPROVING TREND IN REVPAR GROWTH MONTH-BY-MONTH THROUGHOUT 3Q14. NUMBER OF HOTEL ROOMS ADR No of Rooms Organic excl FX Impact +15% YoY THB +2% YoY 15,000 13,179 13,465 12,723 13,128 +4% YoY 11,740 12,000 8,000 10,529 10,624 6,968 MLR / Oaks 9,000 5,937 6,098 5,884 6,000 Managed 5,321 5,105 4,998 6,000 Joint-venture 4,000 Owned 3,000 0 2,000 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 OCCUPANCY REVPAR Organic excl FX Impact 90% Organic THB -1% YoY -2% YoY THB -1% YoY 80% -4% YoY 73% 5,000 4,673 71% 4,358 4,355 69% 66% 67% 4,000 70% 66% 3,537 3,546 3,486 3,280 60% 3,000 60% 2,000 50% 1,000 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 * Note: Hotel Statistics include Oaks Hotel & Resort; and excludes Sun International hotels in 3Q14 Hotel Updates 11
OWNED-HOTELS OPERATIONS 9M14 REVENUE CONTRIBUTION OWNED HOTELS REMAINED A MAJOR REVENUE CONTRIBUTOR IN 9M14 WITH 41% CONTRIBUTION OF HOTEL & MIXED-USE REVENUES. ALTHOUGH THE POLITICAL INSTABILITY IN THAILAND PUT PRESSURE ON OVERALL 41% OWNED HOTELS OCCUPANCY, PARTICULARLY THAT OF BANGKOK HOTELS, MINT WAS ABLE TO RAISE 3Q14 Owned- 59% hotels RATES BY 6% ON AVERAGE. DESPITE THE DECLINE IN REVPAR OF 11% YoY, WITH ADDITION OF NEW HOTEL Other hotels & mixed-use ROOMS, 3Q14 REVENUES OF OWNED HOTELS INCREASED BY 8% YoY. NUMBER OF HOTEL ROOMS ADR - Anantara +Anantara No of Organic excl FX Impact +13% YoY +Anantara +Anantara Rooms Bophut Bophut +6% YoY THB + Hoi An Ankor Layan Samui +Grand + Quy Nhon Cambodia Phuket (reno) Hotel +6% YoY 10,000 8,570 3,000 2,753 2,753 2,676 2,753 7,275 2,494 8,000 2,388 2,427 6,957 2,500 6,301 5,717 5,650 5,388 6,000 2,000 4,000 1,500 1,000 2,000 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 OCCUPANCY REVPAR Organic excl FX Impact Organic THB 90% -11% YoY -11% YoY THB 78% -11% YoY 80% -11% YoY 5,687 5,497 69% 6,000 66% 4,784 70% 64% 61% 3,553 3,446 3,159 4,000 3,199 55% 60% 51% 2,000 50% 40% 0 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 Hotel Updates 12
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