Forward Looking Statement Statements included or incorporated in - PowerPoint PPT Presentation

COMPANY PRESENTATION – Aug 2019

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 2Q19 & 1H19 Performance Recap Minor Hotels Minor Food Minor Lifestyle Corporate Information & Five-Year Strategy

PERFORMANCE RECAP AVANI Suk Sukhumvit Ban angkok, Tha hailand

2Q19 Performance Recap In 2Q19, MINT’s revenue more than doubled primarily from the consolidation of NH Hotel Group (NHH), and the growth from all business units. NPAT almost doubled y-y from contribution of NHH with its high season in the second quarter, together with the hotels under owned brands, whose NPAT increased by almost four times. Thanks to MINT’s diversification strategy, contribution from NHH has helped mitigate the soft performance of MINT’s organic businesses. 2Q19 REVENUE CONTRIBUTION REVENUE +110% y-y THB million Minor Lifestyle +16,237 +62 +59 +106 31,455 31,393 3% Minor Food 30,000 19% 20,000 15,061 +51 14,940 -121 10,000 0 Minor Hotels 2Q18 Non-core 2Q18 Core Minor NHH Minor Minor 2Q19 Core Non-core 2Q19 78% Reported Items Hotels Food Lifestyle Items Reported Pre-NHH * Excludes non-core items NET PROFIT 2Q19 NET PROFIT CONTRIBUTION +94% y-y THB million Minor Lifestyle +1,246 0.3% 2,101 Minor Food 2,000 1,786 -24 -80 13% -315 1,500 1,205 1,085 1,000 -121 -126 500 0 2Q18 Non-core 2Q18 Core Minor NHH Minor Minor 2Q19 Core Non-core 2Q19 Minor Hotels Reported Items Hotels Food Lifestyle Items Reported 87% Pre-NHH * Excludes non-core items 5 * Non-core items are detailed on page 46.

1H19 Performance Recap In 1H19, MINT’s revenue almost doubled primarily from the consolidation of NHH. NPAT slightly declined by 2% y- y, because of NHH’s first quarter low season and MINT’s organic operations. Comparisons to MINT’s 1H18 results are not meaningful as MINT started to consolidat e NHH financials in October 2018. MINT remains confident in the delivery of its full year performance. 1H19 REVENUE CONTRIBUTION REVENUE +94% y-y THB million Minor Lifestyle +341 +227 +28,773 60,242 +244 60,485 4% Minor Food 60,000 20% 40,000 31,805 31,206 -121 -184 20,000 0 Minor Hotels 1H18 Non-core 1H18 Core Minor NHH Minor Minor 1H19 Core Non-core 1H19 76% Reported Items Hotels Food Lifestyle Items Reported Pre-NHH * Excludes non-core items NET PROFIT 1H19 NET PROFIT CONTRIBUTION THB million Minor Lifestyle -2% y-y 2,925 1% +293 3,000 2,804 2,734 Minor Food -121 2,369 2,500 -153 -24 27% -186 -365 2,000 1,500 1,000 1H18 Non-core 1H18 Core Minor NHH Minor Minor 1H19 Core Non-core 1H19 Minor Hotels Reported Items Hotels Food Lifestyle Items Reported 72% Pre-NHH * Excludes non-core items 6 * Non-core items are detailed on page 46.

Operational Performance Improvement In order to fairly reflect the true operations of the group, the like-for-like (LFL) core revenue and core NPAT are compared, taking into account MINT & NHH performance for both 1H18 & 1H19. On a LFL basis, MINT’s revenue would have improved by 3% while NPAT would have increased by 9%, attributable to the favorable performance of NHH. The LFL comparison reiterates MINT’s business and geographical diversity. LIKE-FOR-LIKE CORE REVENUE COMPARISON THB million +3% y-y +1,385 62,656 60,888 +30,162 +384 60,242 60,000 -2,415 +1% y-y +5% y-y 40,000 30,726 20,000 0 1H18 1H18 LFL 1H18 1H19 1H19 LFL 1H19 1H19 1H19 Core MINT NHH MINT + NHH MINT NHH excl FX Core MINT NHH FX MINT excl NHH Impact Impact LIKE-FOR-LIKE CORE NET PROFIT COMPARISON THB million +9% y-y +686 3,743 +13 4,000 +830 3,418 3,000 2,734 2,589 -362 -1,021 2,000 -14% y-y +83% y-y 1,000 0 1H18 1H18 LFL 1H18 1H19 1H19 LFL 1H19 1H19 1H19 1H19 MINT NHH @ MINT + NHH MINT NHH @94.1% Core MINT NHH FX NHH Core MINT excl NHH 94.1% excl FX & Impact Acquisition Acquisition Expenses Expenses 7 * NHH acquisition expenses include expenses related to fair value adjustment and interest expenses on the financing of the acquisition.

International Presence With solid diversification strategy, MINT’s footprint was in 63 countries at the end of 1H19 across its hospitality and restaurant businesses. Minor Hotels Minor Food Combination REVENUE CONTRIBUTION 100% 13% 75% International 61% 72% 74% Thailand 50% 87% 25% 39% 28% 26% 0% 2008 2018* 1H19* 2023F * Excludes non-core items 8

MINOR HOTELS Ana Anantara Vil Villa a Padi adierna Palac alace Benahavis Mar arbella, Spa Spain

Minor Hotels – Financial Highlights The drastic change in revenue, EBITDA and NPAT of Minor Hotels in 1H19 compared to 1H18 is from the consolidation of NHH since October 2018. As a result, the comparison is not meaningful in terms of business operations and the 1Q19 & 2Q19 performance is now the new base of Minor Hotels’ overall operations going forward. +201% y-y +168% y-y THB million +28,773 45,639 45,639 24,535 24,408 21,230 17,050 17,050 8,929 8,992 8,121 Revenue -184 +174% y-y +101% y-y 8,367 +4,625 8,367 5,907 5,270 4,170 4,170 3,085 2,245 2,213 1,926 EBITDA -428 EBITDA 25.1% 23.7% 24.6% 24.1% 14.4% 21.6% 24.5% 18.3% Margin +159% y-y +6% y-y 1,953 +293 1,953 1,846 1,846 1,810 1,825 1,141 -186 705 651 NPAT 128 Net 12.8% 8.7% 7.2% 7.4% 0.6% 7.5% 10.8% 4.3% Margin Minor Hotels 1H18 NHH 1H19 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 1H18 1H19 Pre-NHH 10 * The financials above reflect performance from operation, and therefore exclude non-core items as detailed on page 46.

Minor Hotels – Organic Performance Organically (excluding NHH performance), 1H19 revenue of Minor Hotels declined by 1%, primarily from management letting rights (MLR) portfolio in Australia and Anantara Vacation Club (AVC), although owned and managed hotels, together with residential development reported revenue increases. Consequently, 1H19 EBITDA and NPAT declined by 11%, from the lower flow-through of the MLR and real estate operations. 1H19 KEY HIGHLIGHTS THB million +1% y-y -1% y-y Owned hotels 16,691 • Revenue (excluding NHH) grew by 2% y-y, as a result of: 16,507 (Minor Hotels pre-NHH) 7,812 ‒ Favorable performance of hotels in Portugal, Brazil, the 7,762 23% Maldives and Africa, which helped offset of 1H19 Minor Hotels’ ‒ The soft performance of hotels in Thailand, especially Revenue revenue those managed by third-party (non-own branded hotels). • Excluding third-party-managed hotels, revenue grew by 6% y-y. -20% y-y -11% y-y • Revenue in THB term declined by 11% y-y, because of: 3,936 Management letting rights 3,496 ‒ AUD RevPar down by 5%, pressured by both occupancy 1,692 6% 1,350 and room rate, and of 1H19 Minor Hotels’ EBITDA ‒ Weakening of AUD by 9% during the period. revenue EBITDA 21.8% 17.3% 23.6% 21.2% Management contracts • Revenue (excl NHH) increased by 12% y-y, primarily Margin attributable to improving performance of hotels in the Middle -26% y-y -11% y-y 2% East and the Maldives, together with contribution of newly 1,632 of 1H19 Minor Hotels’ 1,445 added hotels. revenue 490 365 NPAT • Revenue declined by 7% y-y, from: Mixed-use business ‒ The decline in sales of Anantara Vacation Club, which was 6% Net 6.3% 4.7% 9.8% 8.8% somewhat mitigated by Margin of 1H19 Minor Hotels’ ‒ Sales activities of residential development in 1Q19. revenue 2Q18 2Q19 1H18 1H19 11 * The financials above reflect performance from operation, and therefore exclude non-core items as detailed on page 46.