COMPANY PRESENTATION – May 2020
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 1Q20 in Review Minor Hotels Minor Food Minor Lifestyle Corporate Information Response to COVID-19: Immediate & Long-term Plans
NH Col ollection Rom oma For ori Imperiali 1Q20 IN REVIEW
5M20 Recap – Impact from COVID-19 Since the outbreak of COVID- 19, MINT’s business has been impacted globally. MINT continues to minimize costs and CAPEX in order to reduce negative flow-through, preserve cash and focus on liquidity, while preparing for the business re-opening. Jan 2020 Feb 2020 Mar 2020 Apr 2020 May 2020 • Italy lockdown, followed by • Many countries under • Many countries start to • News of COVID-19 • Wuhan / China lockdown other European countries lockdown globally loosen lockdown measures • Majority of food outlets • Majority of food outlets in China reopened, performing better than “best case” in China closed expectation • 2/3 of outlets in Thailand & Australia • Gradual reopening of operational for delivery and takeaways dine-in services • Temporary closure of hotels in Europe, starting in Italy & Spain, and gradually extended to other European countries and Latin America • Hotel closure in Thailand, • Selective reopening of Maldives and other hotels such as in China & countries. Those Vietnam. remained open are at • Reopening of restaurants minimal operation in hotels in Bangkok • Over 90% of lifestyle outlets temporarily closed 5
1Q20 Performance Recap In 1Q20, MINT’s core revenue declined by 22% y -y, as all three business units have been impacted by the COVID-19 outbreak. Consequently, with the severe and sudden revenue decline while costs did not fall as fast, the compounding negative flow- through resulted in MINT’s net loss both pre- and post- TFRS 16 in the quarter. REVENUE 1Q20 REVENUE CONTRIBUTION Minor THB million -22% y-y Lifestyle 28,848 29,030 30,000 5% Minor -182 Food -2,433 22,421 +113 22,533 - - 22,421 25% -3,027 -703 -265 20,000 THB 22,421 million Minor 10,000 Hotels 1Q19 Non-core 1Q19 Minor NHH Minor Minor 1Q20 TFRS16 TFRS16 1Q20 Non-core 1Q20 Reported Items Core Hotels Food Lifestyle Core Impact Impact Core Items Reported 70% excl NHH Pre-TFRS16 excl NHH on NHH Post-TFRS16 * Excludes non-core items NET PROFIT THB million NM 1,000 +50 633 583 0 -1,000 -1,531 +1,400 -2,000 -1,774 -1,272 -3,000 -557 -109 -2,834 -51 -288 -3,173 -4,000 1Q19 Non-core 1Q19 Minor NHH Minor Minor 1Q20 TFRS16 TFRS16 1Q20 Non-core 1Q20 Reported Items Core Hotels Food Lifestyle Core Impact Impact Core Items Reported excl NHH Pre-TFRS16 excl NHH on NHH Post-TFRS16 6 * Non-core items are detailed on page 36.
International Presence With a solid diversification strategy implemented, MINT’s footprint was in 63 countries at the end of 1Q20 across its hospita lity and restaurant businesses. Minor Hotels Minor Food Combination REVENUE CONTRIBUTION 100% 43% 75% International 67% 71% 73% Thailand 50% 57% 25% 33% 29% 27% 0% 2014 2019* 1Q20* 2024F *Excludes non-core items 7
Avani+ Sam Samui MINOR HOTELS
Minor Hotels – Financial Highlights 1Q20 revenue declined by 26% y-y, attributable to most businesses and geographies, from the impact of the COVID-19 pandemic. Both EBITDA and NPAT pre-TFRS 16 were negative in 1Q20, predominantly starting from February. The negative flow-through with declining revenues was further dampened by the seasonally soft quarter and lease structure in Europe. As such, almost 80% of Minor Hotels’ net loss was attr ibutable to NHH. Post-TFRS 16, Minor Hotels reported core net loss of THB 3 billion. MINOR HOTELS – FINANCIAL PERFORMANCE PERFORMANCE SNAPSHOT – BY BUSINESS 1Q20 Revenue Change Y-Y (THB) -26% NM NM 21,230 Owned & 26% 15,770 15,770 Leased 3,085 THB 2,070 million Management 6% 14.5% 128 13.1% -670 -2,998 -2,675 Letting Rights 0.6% 34% Managed Hotels Revenue EBITDA NPAT 1Q19 1Q20 Pre-TFRS 16 1Q20 Post-TFRS 16 % Margin Mixed-Use 43% * The financials above reflect performance from operation, and therefore exclude non-core items as Business detailed on page 36. BUSINESS PERFORMANCE SNAPSHOT – BY GEOGRAPHY Australia & Maldives & Thailand Europe The Americas New Zealand The Middle East 1Q20 Revenue 38% 26% 6% 26% 25% Change Y-Y (THB) 9
Minor Hotels – International Presence In recent years, MINT has implemented a solid diversification strategy. Today, MINT operates hotels and spas under a combination of owned, leased and management business models in 55 countries. Investment Management Combination New Destinations in Pipeline Hubs REVENUE CONTRIBUTION 100% 33% 75% International 86% 86% 88% Thailand 50% 67% 25% 14% 14% 12% 0% 2014 2019* 1Q20* 2024F * Excludes non-core items 10
Owned & Leased Hotels In terms of business model, owned and leased business contribute 85% of Minor Hotels’ revenue. In terms of geography, Europe is the major contributor with 59% of Minor Hotels’ revenue. Thailand is the second largest contributor, followed by Australia & New Zealan d. SYSTEM-WIDE ROOM CONTRIBUTION SYSTEM-WIDE ROOM CONTRIBUTION By Ownership By Geography Middle East & MLR Asia Africa 6% 9% 11% Oceania Owned 10% Managed 26% 17% Americas 76,320 76,320 11% Rooms Rooms JV 2% Leased Europe 62% 46% 1Q20 REVENUE CONTRIBUTION 1Q20 REVENUE CONTRIBUTION By Business By Geography Others Mixed-use Maldives & Thailand MLR 8% 5% Middle East 4% 14% 8% Managed Australia & New 2% Zealand 8% THB Americas 15,770 7% million Owned & Europe Leased 59% 85% 11
Owned & Leased Hotels Number of rooms of owned & leased hotel portfolio increased by 3% y-y in 1Q20. Organic RevPar excluding FX impact declined by 25%, driven purely by occupancy as a result of the adverse impact of COVID-19. System-wide RevPar of owned & leased portfolio declined further by 28%, from the addition of new hotels and slightly stronger Thai Baht during the quarter. As a result, revenue of owned & leased hotels declined by 26% y-y in 1Q20. OPERATIONAL STATS Organic System-wide Organic excl FX System-wide Organic excl FX System-wide +3% -19% -19% +6% +2% -25% -28% 54,685 52,978 65% 3,970 3,810 2,444 3,748 46% 46% 1,844 1,752 1Q19 1Q20 1Q19 1Q20 1Q19 1Q19 1Q20 1Q20 1Q19 1Q19 1Q20 1Q20 1Q19 1Q20 No of Rooms Occupancy ADR (THB) RevPar (THB) 12
Owned Hotels – Thailand & Maldives The two largest geographies for Minor Hotels outside of Europe are Thailand and the Maldives. With Chinese tourists contributing over 20%, Thailand hotels saw RevPar declining since February. The outstanding performance of hotels in the Maldives in January was offset by the declining RevPar in February and March. Since the beginning of April, hotels in both Thailand and the Maldives have been temporarily closed. OPERATIONAL STATS – THAILAND (ORGANIC) OPERATIONAL STATS – MALDIVES (ORGANIC) -28% Flat -34% -13% +1% -16% 7,301 7,325 1,134 1,151 829 5,951 73% 82% 60% 693 54% 3,948 Occupancy ADR (THB) RevPar (THB) Occupancy ADR (USD) RevPar (USD) 1Q19 1Q20 1Q19 1Q20 2% 18% -47% -77% -4% -36% -66% -20% -53% Jan Feb Mar Jan Feb Mar Jan Feb Mar Monthly 2020 Bangkok RevPar Monthly 2020 Provinces RevPar Monthly 2020 Maldives RevPar Growth - THB (y-y) Growth - THB (y-y) Growth - USD (y-y) 13
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