COMPANY PRESENTATION – August 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
nhow Am nho Amsterdam RAI RAI AGENDA 2Q20 in Review Minor Hotels Minor Food Minor Lifestyle Corporate Information Response to COVID-19: Immediate & Long-term Plans
2Q20 IN REVIEW
Recap – Impact from COVID-19 Since the outbreak of COVID- 19, MINT’s business has been impacted globally. April has by far been the month with minimal operati on across the three business units. Majority of the reopenings started in late May, and continued into June & July. January February March April May June July News of Wuhan / China Italy lockdown, Many countries Many countries start Gradual border Further easing of COVID-19 lockdown followed by other under lockdown to loosen lockdown reopening of lockdowns European countries globally measures some countries 535 536 389 356 MINOR HOTELS 247 No of hotels in 144 115 operation 2,289 2,349 2,179 2,037 1,890 1,947 1,521 MINOR FOOD No of outlets in operation 478 474 476 464 458 MINOR LIFESTYLE No of outlets in 48 operation 34 5
2Q20 Performance Recap In 2Q20, MINT’s core revenue declined by 79% y -y, as majority of all three business units were temporarily closed for at least two months in the quarter with many countries under lockdown because of the COVID-19 outbreak. MINT reported net loss both pre- and post- TFRS 16 in 2Q20. But with aggressive cost reduction of over 50% during the quarter, the severity has been alleviated with an improving m-m trend throughout the quarter. REVENUE 2Q20 REVENUE CONTRIBUTION Minor THB million -79% y-y Lifestyle 40,000 8% Minor 31,393 31,455 Food 30,000 -62 60% -6,748 20,000 THB 6,682 - - 6,682 10,000 6,682 +17 6,698 million -15,534 -1,881 -549 Minor 0 Hotels 2Q19 Non-core 2Q19 Minor NHH Minor Minor 2Q20 TFRS16 TFRS16 2Q20 Non-core 2Q20 Reported Items Core Hotels Food Lifestyle Core Impact Impact Core Items Reported 32% excl NHH Pre-TFRS16 excl NHH on NHH Post-TFRS16 * Excludes non-core items NET PROFIT MONTHLY NPAT TREND THB million NM 3,000 2,101 +315 1,786 THB billion 1.0 0 -2.8 -2.4 -2.0 -2,216 0.0 -3,000 -1.0 -2.0 -6,000 -3.0 -6,006 -650 -97 -6,869 -8 -286 -7,162 -4.0 -9,000 -8,448 -1,285 Apr-20 May-20 Jun-20 2Q19 Non-core 2Q19 Minor NHH Minor Minor 2Q20 TFRS16 TFRS16 2Q20 Non-core 2Q20 Reported Items Core Hotels Food Lifestyle Core Impact Impact Core Items Reported * Core NPAT post-TFRS16 excl NHH Pre-TFRS16 excl NHH on NHH Post-TFRS16 6 * Non-core items are detailed on page 44.
International Presence With a solid diversification strategy implemented, MINT’s footprint was in 63 countries at the end of 2Q20 across its hospita lity and restaurant businesses. Minor Hotels Minor Food Combination REVENUE CONTRIBUTION 100% 43% 75% International 62% 71% 73% Thailand 50% 57% 25% 38% 29% 27% 0% 2014 2019* 1H20* 2024F *Excludes non-core items 7
Ana Anantara Gol olden Triangle Ele Elephant Cam amp & Reso esort MINOR HOTELS
Minor Hotels – Financial Highlights 2Q20 revenue declined by 91% y-y, attributable to all businesses and geographies, with April and May being the hardest hit months by the COVID- 19 pandemic. While Minor Hotels’ successful cost cutting initiatives (with cost reduction of almost 60% during the quarter) h elped alleviate such adverse impact. EBITDA and NPAT pre-TFRS 16 turned negative in 2Q20 because of the revenue shortfall. While NHH continues to be the biggest contributor to the loss, contributing over 70% of Minor Hotels’ net loss in 2Q20. Post -TFRS 16, Minor Hotels reported core net loss of THB 6.7 billion. MINOR HOTELS – FINANCIAL PERFORMANCE PERFORMANCE SNAPSHOT – BY BUSINESS 2Q20 Revenue Change Y-Y (THB) NM -91% NM 24,408 Owned & 93% Leased THB 5,282 million Management 1,825 2,126 67% 2,126 21.6% -6,687 -6,397 -5,094 -2,275 Letting Rights 7.5% 43% Managed Hotels Revenue EBITDA NPAT 2Q19 2Q20 Pre-TFRS 16 2Q20 Post-TFRS 16 % Margin Mixed-Use 79% * The financials above reflect performance from operation, and therefore exclude non-core items as Business detailed on page 44. BUSINESS PERFORMANCE SNAPSHOT – BY GEOGRAPHY Australia & Maldives & Thailand Europe The Americas New Zealand The Middle East 2Q20 Revenue 92% 93% 66% 85% 102% 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. MINT also expects its diversification to positively help the recovery process from COVID-19. Investment Management Combination New Destinations in Pipeline Hubs REVENUE CONTRIBUTION 100% 33% 75% International 86% 87% 88% Thailand 50% 67% 25% 14% 13% 12% 0% 2014 2019* 1H20* 2024F * Excludes non-core items 10
Owned & Leased Hotels In terms of business model, owned and leased business contribute 58% of Minor Hotels’ revenue in 2Q20, lower than normal, as majority of the hotels have been forced closed during the lockdown of many countries with the COVID-19 outbreak. In terms of geography, Europe is the major contributor with 52% of Minor Hotels’ revenue. Australia & New Zealand was the second largest contributor as all properties r emained operational throughout the quarter. SYSTEM-WIDE ROOM CONTRIBUTION SYSTEM-WIDE ROOM CONTRIBUTION By Ownership By Geography Middle East & MLR Asia Africa 6% 9% 11% Oceania Owned Managed 9% 26% 16% Americas 75,187 75,187 11% Rooms* Rooms* JV 2% Leased Europe * Entire portfolio including * Entire portfolio including 47% 63% temporarily closed hotels temporarily closed hotels ** As at end of June 2020 ** As at end of June 2020 2Q20 REVENUE CONTRIBUTION 2Q20 REVENUE CONTRIBUTION By Business By Geography Mixed-use Others Thailand 15% 12% 8% Maldives & Middle East 3% MLR THB Australia & 21% 2,126 Owned & New Zealand million Leased 22% 58% Europe 52% Managed Americas 9% 0% 11
Owned & Leased Hotels Number of rooms of the entire owned & leased hotel portfolio increased by 2% y-y in 2Q20. However, RevPar declined by 95%, primarily because of decline in occupancy with temporary closure of the majority of hotels during the quarter because of the adverse impact of COVID-19. As a result, revenue of owned & leased hotels declined by 93% y- y in 2Q20. Minor Hotels’ business was most significantly impacted by the COVI D-19 pandemic in April, with sales improvement in second half of May onwards, as hotels started to reopen. QUARTERLY OPERATIONAL STATS* Organic System-wide Organic excl FX System-wide Organic excl FX System-wide +2% -68% -68% -37% -38% -95% -95% 54,470 74% 53,262 4,109 3,053 2,577 2,563 147 6% 6% 144 2Q19 2Q20 2Q19 2Q20 2Q19 2Q19 2Q20 2Q20 2Q19 2Q19 2Q20 2Q20 2Q19 2Q20 No of Rooms Occupancy ADR (THB) RevPar (THB) * Entire portfolio including temporarily closed hotels MONTHLY REVPAR TREND Entire Portfolio Opened Hotels Only -70% -99% -5% -69% -6% -98% -89% -72% 2% -96% -93% -84% -65% 1% Jan Feb Mar Apr May Jun Jul Jan Feb Mar Apr May Jun Jul Organic RevPar Growth - THB (y-y) Organic RevPar Growth - THB (y-y) 12
Owned Hotels – Thailand & Maldives The two largest geographies for Minor Hotels outside of Europe are Thailand and the Maldives. Hotels in Thailand gradually reopened since May, catering primarily to domestic tourists. As a result, RevPar started to improve in June onwards, especially in the provinces such as Hua Hin. Hotels in the Maldives were closed throughout 2Q20, and will remain so in 3Q20, with the plan to reopen in 4Q20, in time for its high season. OPERATIONAL STATS – THAILAND (ORGANIC) OPERATIONAL STATS – MALDIVES (ORGANIC) -71% -38% -98% -57% -100% -100% 374 214 73% 57% 5,367 3,891 3,309 2% 0% 80 - - Occupancy ADR (THB) RevPar (THB) Occupancy ADR (USD) RevPar (USD) 2Q19 2Q20 2Q19 2Q20 18% 2% -47% -77% -98% -98% -4% -36% -66% -100% -99% -93% -95% -92% -82% -20% -53% -100%-100% -100% -100% Jan Feb Mar Apr May Jun Jul Jan Feb Mar Apr May Jun Jul Jan Feb Mar Apr May Jun Jul Monthly 2020 Maldives RevPar Growth - USD (y-y) Monthly 2020 Bangkok RevPar Growth - Monthly 2020 Provinces RevPar Growth - THB (y-y) THB (y-y) 13
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