Company Presentation – Aug 2017
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 1H17 Performance Recap Minor Hotels Minor Food Minor Lifestyle Corporate Information Avandina Hills by Anantara, Phuket
1H17 Performance Recap
RESILIENT PERFORMANCE WITH QUICK TURNAROUND 1H17 net profit increased by 19% from 1H16 core net profit, from the strong performance of all three businesses. The robust multi-brand portfolios, geographical diversification and business agility contributed to MINT’s growth. REVENUE THB million Excl special gain +8% y-y 30,000 28,734 28,611 26,543 25,000 20,000 15,000 1H16 Minor Hotels Minor Food Minor Lifestyle 1H17 NET PROFIT THB million 5,000 Excl special gain 4,307 +19% y-y 4,000 3,000 2,661 2,000 2,239 1,000 0 1H16 Minor Hotels Minor Food Minor Lifestyle 1H17 Non-recurring items: gain from bargain purchase of the Tivoli of THB 1,932 million in 1Q17 and gain from changing status of investment in BreadTalk Group of THB 136 million in 2Q17 5 1H17 Performance Recap
INTERNATIONAL PRESENCE With solid diversification strategy, MINT’s presence was in 32 countries at the end of 1H17 across its hospitality and restaurant businesses. REVENUE CONTRIBUTION 100% Minor Hotels 13% 75% 50% 47% 52% Minor Food International Thailand 50% Combination 87% 25% 50% 53% 48% 0% 2008 2016 1H17 2021F * Excludes non-recurring gains MINT’s Footprint 6
Minor Hotels Anantara Guiyang, China
WHAT’S NEW IN 2Q17 TO DATE – MINOR HOTELS • Launched Anantara and AVANI into Europe for the first time with the renovation and rebranding of two Tivoli hotels in April 2017: Hotel Investment - Anantara Vilamoura Algarve, Portugal - AVANI Avenida Liberdade Lisbon, Portugal • Acquired MLR contract of Metro Suites in Auckland, New Zealand in May 2017 Oaks Management • Launched Anantara Guiyang in China in June 2017 Contracts • Entered into a 50% JV agreement with Kajima Corporation to invest in and operate the residential project, Avadina Hills by Anantara , Phuket. The project will strengthen the inventory pipeline of residential development. Real Estate • Added nine units of Anantara Vacation Club’s inventory in Phuket and Chiang Mai Recent Development 8
FINANCIAL PERFORMANCE – MINOR HOTELS 1H17 revenues of Minor Hotels grew by 14%, due to increase in revenues of owned hotels, Oaks, management contracts and real estate business. 1H17 EBITDA increased by 11%, at a lower rate than revenue growth because of re-launching expenses of the renovated Tivoli hotels in Portugal and ramping up of new hotels. 1H17 net profit increased by 21%, from the strong performance of Oaks and the real estate business, together with various tax benefits and deferred tax adjustment. KEY HIGHLIGHTS +8% y-y +14% y-y THB million 15,002 • 1H17 revenue grew by 11% y-y, Owned hotels 13,177 from both hotels in Thailand and 8,388 54% 7,237 7,344 7,078 overseas, together with the 6,613 6,099 of 1H17 hospitality consolidation of hotels in Zambia. Revenue revenue • 1H17 revenue increased by 5% y-y, Oaks primarily from the RevPar growth of -5% y-y +11% y-y 20% 4% (in THB term). 3,637 of 1H17 hospitality 3,291 revenue 2,574 2,175 2,132 EBITDA 1,723 1,063 • Revenue increased by 8% in 1H17 1,117 Management contracts y-y, primarily attributable to 4% EBITDA additional management fees from 30.7% 18.3% 23.8% 29.0% 30.7% 16.1% 25.0% 24.2% Margin of 1H17 hospitality newly managed hotels (organic revenue 1H17 RevPar was flat y-y). +21% y-y +21% y-y 1,648 1,361 • Revenue increased by 36% y-y in 1,361 Real estate NPAT 1,124 889 1H17 from strong performance of 561 19% 237 287 residential sales in 1Q17 and of 1H17 hospitality Anantara Vacation Club in 1H17 Net 15.9% 3.9% 7.8% 16.2% 12.1% 4.3% 10.3% 11.0% revenue Margin after the adjustment of its business 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 1H16 1H17 model. * The financials above reflect performance from operation, and therefore exclude non-recurring items as detailed on page 37 Minor Hotels 9
MINOR HOTELS - INTERNATIONAL PRESENCE In recent years, MINT has implemented a solid diversification strategy. At the end of 1H17, MINT operates hotels and spas under a combination of investment, joint-venture and management business models in 25 countries, with another 5 countries in the pipeline over the next three years. REVENUE CONTRIBUTION 100% 6% 75% International 63% 68% 60% Thailand 50% 94% 25% 37% 40% 32% 0% 2008 2016 1H17 2021F * Excludes non-recurring gains Investment Management Combination New Destinations in Pipeline Hubs Minor Hotels 10
SYSTEM-WIDE HOTEL OPERATIONS Excluding new hotels and impact from exchange rate, organic RevPar of the entire portfolio increased by 6% in 2Q17, driven primarily by owned hotels portfolio. However, 2Q17 system-wide RevPar increased by a lesser extent of 2%, primarily from newly-added overseas hotels. NUMBER OF HOTEL ROOMS ADR +4% y-y THB No of Rooms Organic excl FX System-wide 19,794 19,776 19,896 19,512 19,006 19,115 20,000 8,000 +3% y-y Flat y-y 6,431 6,397 6,338 15,000 5,963 6,000 MLR / Oaks 5,410 5,337 5,198 5,207 10,000 Managed Joint-venture 4,000 5,000 Owned 0 2,000 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 OCCUPANCY REVPAR 90% THB Organic excl FX System-wide +6% y-y +2% y-y 80% 5,000 4,450 4,337 4,270 70% 70% 3,858 67% Organic 4,000 3,793 70% 65% 3,540 66% 64% 3,388 +2% y-y 3,327 3,000 67% System-wide 65% 60% +1% y-y 2,000 50% 1,000 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 Minor Hotels 11
OWNED-HOTELS OPERATIONS Owned hotels contribute over half of hotel & mixed-use revenues in 1H17. RevPar of owned hotels portfolio 1H17 HOSPITALITY REVENUE CONTRIBUTION grew by double-digit y-y in 2Q17, driven by both Thai and overseas hotels. As a result, revenue of owned 54% hotels increased by 11% y-y in 1H17. Owned- hotels NUMBER OF HOTEL ROOMS ADR +Tivoli Victoria Organic excl FX System-wide +Tivoli Palacio de THB Sateais +11% y-y +10% y-y +Anantara Kalutara +Tivoli Jardin No of +Royal Livingstone +Tivoli Lagos +Elements +7% y-y by Anantara +Tivoli Sintra 8,000 Rooms Boutique +AVANI Victoria +Tivoli Coimbra Resort & Spa 6,863 Falls +AVANI Riverside Bkk 6,791 6,733 8,000 6,143 7,084 7,118 7,118 6,000 7,050 5,572 5,568 5,519 7,000 5,009 6,566 6,566 6,000 4,000 5,000 4,000 2,000 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 OCCUPANCY REVPAR THB Organic excl FX System-wide 90% +13% y-y +11% y-y 6,000 80% 73% 4,208 4,063 4,041 3,907 Organic 70% 4,000 63% 3,529 3,445 3,445 +1% y-y 62% 61% 60% 3,114 56% System-wide 60% 62% Flat y-y 2,000 58% 50% 40% 0 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 * Change in 1Q16 & 2Q16 stats because of retroactive classification of hotels in Zambia from JV hotels to owned hotels as a result of change in investment status effective 3Q16. Minor Hotels 12
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