Minor International PCL Minor International PCL Investor / Analyst - - PowerPoint PPT Presentation

Minor International PCL Minor International PCL

Investor / Analyst Presentation

The Stock Exchange of Thailand 29th May 2006

Forward Looking Statements Forward Looking Statements

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

• r 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, including without limitation, risks and uncertainties associated with the following: the continued ability of Minor International Public Company Limited (“Mint”) to attract and retain personnel; identification, completion, terms and timing

• f future acquisitions and dispositions; the availability and terms of capital for acquisitions and for

renovations; execution of hotel renovation and expansion programs; the ability to maintain existing management, franchise or representation agreements and to obtain new agreements on favorable terms; competition within the lodging and leisure industry; the cyclicality of the real estate business and the hotel and leisure business; foreign exchange fluctuations and exchange control restrictions; general real estate and national and international economic conditions; political and financial conditions and uncertainties in countries in which Mint owns or operates properties; changes in current laws, rules or regulations of governmental or other regulatory bodies; and other risks and uncertainties set forth in the annual, quarterly and current reports and proxy statements of Mint filed with the Securities and Exchange Commission (the "SEC"). 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

• r accept any responsibility for the content or the use of any such opinion or statement

Today Today’ ’s Presenters: s Presenters:

Paul C. Kenny, CEO-Minor Food Group Pratana Manomaiphiboon, CFO

Investor / Analyst Presentation 29 May 2006 Page 4

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Agenda Agenda

Key Takeaways in 1Q06 Performance & Financial Results MINT’s China Ambition Pipeline Expansion Capex & Cash Flow

Key Takeaways & Financial Results Key Takeaways & Financial Results

Pratana Manomaiphiboon, CFO

Investor / Analyst Presentation 29 May 2006 Page 6

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Key Takeaways in 1Q06 Key Takeaways in 1Q06

Food

Operating 4 The Pizza, 5 Sizzler, and 9 Le Jazz outlets in Beijing Started consolidating revenues from China food business in 1Q Total food outlets recorded 562 as of March 2006

Hotel

Opened Bodu Huraa Hotel – Maldives, and Four Seasons Golden Triangle (Tented Camp) Currently operating 12 equity owned properties in Thailand, Vietnam, and

• Maldives. MINT manages most of its hotel properties except JW Phuket and

Four Seasons properties

Corporate

Completed capital increase through rights offering in February and warrant issuance in March Total share outstanding as end of March 2006 equal 2,861m shares

Investor / Analyst Presentation 29 May 2006 Page 7

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1Q06 Financials Snapshot 1Q06 Financials Snapshot

Top-line revenue grew 22% y-y to Bt 3,209m Food & hotel business accounted for 48% and 44%, respectively EBITDA improved by 23% Bottom-line EPS increased 33% y-y to Bt0.1543/share

Investor / Analyst Presentation 29 May 2006 Page 8

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MINT MINT’ ’s s 1Q06 Revenue Breakdown 1Q06 Revenue Breakdown

1,000 2,000 3,000 4,000 1Q05 2Q05 3Q05 4Q05 1Q06

Other income Spa Business Retail & Entertain Hotel Services Food Services

(Bt Million) 55% 51% 36% 40% 46% 44% 44% 48% 2,636 3,209 48% 44% 22% Growth

Investor / Analyst Presentation 29 May 2006 Page 9

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1Q06 Same 1Q06 Same-

• Store

Store-

• Sales

Sales

The Pizza Company 15% The Pizza Company 15%

1Q06 SSS Growth

Swensen’s 9% Swensen’s 9% Sizzler 0% Sizzler 0% Dairy Queen 8% Dairy Queen 8% Burger King 15% Burger King 15% Average 9% Average 9%

Investor / Analyst Presentation 29 May 2006 Page 10

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1Q06 Total 1Q06 Total-

• System

System-

• Sales

Sales

The Pizza Company 26% The Pizza Company 26%

1Q06 TSS Growth

Swensen’s 27% Swensen’s 27% Sizzler 13% Sizzler 13% Dairy Queen 15% Dairy Queen 15% Burger King 22% Burger King 22% Average 24% Average 24%

Investor / Analyst Presentation 29 May 2006 Page 11

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1Q06 Franchising Revenues 1Q06 Franchising Revenues

19 20 21 28 9 8 57 6 6 17 10 20 30 40 50 60 70 80 90 100

1Q05 2Q05 3Q05 4Q05 1Q06

(Bt Million) 2 1 % G r

• w

t h Local Franchising Fee International Franchising Fee

Note: 3Q05 franchising revenues mainly from territory fee from Saudi Arabia

Investor / Analyst Presentation 29 May 2006 Page 12

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1Q06 Occupancy Rate & ADR 1Q06 Occupancy Rate & ADR

9% 5,488 5,985 64% 79% Four Seasons Hotel Bangkok 18% 6,047 7,143 78% 58% JW Marriott Phuket

• Avg. Room Rate(Bt/night)

Occupancy Hotel %Chg 1Q05 1Q06 1Q05 1Q06 18% 3,557 4,204 87% 92% Bangkok Marriott Resort & Spa 8% 3,266 3,531 87% 92% Pattaya Marriott Resort & Spa 8% 3,850 4,162 93% 93% Hua Hin Marriott Resort & Spa 5% 4,641 4,857 86% 88% Anantara Resort & Spa Hua Hin 16% 5,163 6,015 51% 49% Anantara Resort & Spa Golden Triangle 78% n.a. 67% 53% 11% 4,737 5,236 80% Average n.a. n.a. 16,848 35% Four Seasons Tented Camp 5% 13,256 13,955 68% Four Seasons Resort Chiang Mai 3% 6,350 6,561 62% Anantara Resort & Spa Koh Samui

Investor / Analyst Presentation 29 May 2006 Page 13

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1Q06 1Q06 RevPar RevPar & Total Revenue & Total Revenue

24% 221 274 35% 3,504 4,717 Four Seasons Hotel Bangkok 13% 172 194

• 12%

4,744 4,168 JW Marriott Phuket Resort & Spa 14% n.a. 7% 21% 12% 7% 8% 13% 26% % Chg Total Revenue (Btm) Rev Par (Bt) Hotel %Chg 1Q05 1Q06 1Q05 1Q06 18% 246 290 3,087 3,881 Bangkok Marriott Resort & Spa 10% 128 141 2,853 3,238 Pattaya Marriott Resort & Spa 7% 101 109 3,587 3,861 Hua Hin Marriott Resort & Spa 8% 98 106 3,995 4,261 Anantara Resort & Spa Hua Hin

• 7%

40 37 2,619 2,941 Anantara Resort & Spa Golden Triangle 3,705 n.a. 8,817 3,366 15% 1,168 1,344 4,207 Average n.a. n.a. 15 5,835 Four Seasons Tented Camp 5% 113 119 9,437 Four Seasons Resort Chiang Mai 25% 47 58 4,085 Anantara Resort & Spa Samui

Investor / Analyst Presentation 29 May 2006 Page 14

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Spa Spa Business Performance Business Performance

55 70 79 13 13 17 22 57 78 14

20 40 60 80 100 120

1Q05 2Q05 3Q05 4Q05 1Q06

(Bt Million) 4 5 % G r

• w

t h Local International

Investor / Analyst Presentation 29 May 2006 Page 15

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Retail Properties & Entertainment Retail Properties & Entertainment

91 104 95 99 103 22 21 24 21 24

30 60 90 120 150 1Q05 2Q05 3Q05 4Q05 1Q06

=

Retail Property Entertainment 12% Growth (Bt Million)

Investor / Analyst Presentation 29 May 2006 Page 16

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1Q06 Consolidated Performance 1Q06 Consolidated Performance

11% 4% 3% 18% 11% 29% 39% 32% 100% 0% 1% 3% 3% 44% 48% % 69 2% 69 Interest Expenses 118 5% 148 Tax & Minority 1,034 39% 1,263 SG&A Expenses 23% 768 29% 945 EBITDA 280 10% 308 Depreciation & Amortization 31% 487 20% 637 EBIT 13% 91 4% 103 Retail Property 17% 1,173 43% 1,376 Hotel Services 23% 1,271 48% 1,558 Food Services 10 1% 47 Other income 9% 22 1% 24 Entertainment 44% 70 3% 101 Spa 13% 31% 100% % 420 1,001 3,209 1Q06 40% 300 Net Profit 834 Operating Expenses 22% 2,636 Total Revenue % Growth 1Q05

(Bt Million)

Investor / Analyst Presentation 29 May 2006 Page 17

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1Q06 Breakdown Performance 1Q06 Breakdown Performance

Hotel 58% Food Services 25%

Retail Property 8% Spa 4%

EBITDA Contribution

Entertainment 2%

80% 20% 420 Consolidated Net Profit 337 Hospitality & Leisure 83 Food Services

Net Profit Contribution

13% 420 Net Profit 5% 148 Tax & Minority 2% 69 Interest Expenses 20% 637 EBIT 10% 308 Depreciation & Amortization 29% 945 EBITDA 39% 1,263 SG&A Expenses 31% 1,001 Operating Expenses 100% 3,209 Total Revenue 1% 47 Other income 1% 24 Entertainment 3% 101 Spa 4% 103 Retail Property 43% 1,376 Hotel Services 48% 1,558 Food Services % 1Q06

(Bt Million) Share of Profit 4%

Investor / Analyst Presentation 29 May 2006 Page 18

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Profitability Ratio Profitability Ratio

11% 8% 5% 6% 8% 10% 13% 12% 11% 13% 200 400 600 800 1,000 1,200

1 Q 4 1 Q 5 2 Q 4 2 Q 5 3 Q 4 3 Q 5 4 Q 4 4 Q 5 1 Q 5 1 Q 6

0% 2% 4% 6% 8% 10% 12% 14%

Net Profit Net Profit Margin

0.15 0.15 0.12 0.13 0.03 0.05 0.06 0.09 0.12 0.07 0.00 0.02 0.04 0.06 0.08 0.10 0.12 0.14 0.16 0.18

1Q04 1Q05 2Q04 2Q05 3Q04 3Q05 4Q04 4Q05 1Q05 1Q06

Net Profit EPS

(Bt Million) (Bt/share)

Investor / Analyst Presentation 29 May 2006 Page 19

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Efficiency Ratio Efficiency Ratio

Return on Equity Return on Assets

6.6% 7.0% 7.2% 7.3% 7.7% 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000

1Q05 2Q05 3Q05 4Q05 1Q06

0% 2% 4% 6% 8%

Total Assets Adjusted Return on Assets

6.6% 7.0% 7.2% 7.3% 7.7% 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000

1Q05 2Q05 3Q05 4Q05 1Q06

0% 2% 4% 6% 8%

Total Assets Adjusted Return on Assets

17.5% 20.1% 20.3% 19.8% 18.1%

1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 1Q05 2Q05 3Q05 4Q05 1Q06 0% 5% 10% 15% 20% 25%

Total Parent's Shareholders' Equity Adjusted Return on Equity

Note: Calculations based on annualized figures Return on Assets = Profit Before Minorities / Total Assets Return on Equity = Net Profit / Total Parents’ Shareholders’ Equity

(Bt Million)

Investor / Analyst Presentation 29 May 2006 Page 20

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0.85 1.21 1.32 1.31 1.23 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 1Q05 2Q05 3Q05 4Q05 1Q06 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 Equity Interest Bearing Debt Other Liabilities Interest Bearing Debt-to-Equity (RHS)

DE Ratio DE Ratio

(Bt Million)

Note: Debt to Equity Ratio = Interest Bearing Debt / Total Equity

Assets 13,960 MB Assets 14,721 MB Assets 16,088 MB Assets 13,964 MB Assets 15,445 MB

Investor / Analyst Presentation 29 May 2006 Page 21

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11.19 10.42 10.38 10.42 13.78 200 400 600 800 1,000 1Q05 2Q05 3Q05 4Q05 1Q06 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0

EBITDA Interest Expense Interest Coverage Ratio (RHS)

Interest Coverage Ratio Interest Coverage Ratio

(Bt Million)

Note: Interest Coverage Ration = EBITDA / I (Annualized basis)

Paul C. Kenny, CEO – Minor Food Group

MINT MINT’ ’s s China Ambition China Ambition

Investor / Analyst Presentation 29 May 2006 Page 23

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MINT MINT’ ’s s Food Business Model Food Business Model

Strong Base in Thailand

470 equity owned and 57 franchised outlets in Thailand – expanding with high comp growth and additional outlets

Expanding to new international markets

35 outlets outside of Thailand and this will increase – most will be franchised

Leveraging Strong Brands

Pizza Company, Swensen’s, Sizzler

Investor / Analyst Presentation 29 May 2006 Page 24

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Mint Mint’ ’s Food Portfolio s Food Portfolio – – 1Q06 1Q06

74

• 2
• 37

35 Franchises Total Owned Equity 488 19 9 16 178 33 107 126 178 161 144 33 16 11 562

Total

19

Note Number of outlets includes both equity outlets and franchisees in Thailand and Internationally

Investor / Analyst Presentation 29 May 2006 Page 25

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International Franchising Strategy International Franchising Strategy

Franchise The Pizza Company (our own brand) globally Establish The Pizza Company and Sizzler in Beijing with equity owned outlets and then franchise to other parts of China Franchise The Pizza Company, Swensen’s and Sizzler in SE Asian and Middle Eastern markets Partner with franchisees that are highly capable with food service experience and the financial resources to support our brands

Investor / Analyst Presentation 29 May 2006 Page 26

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China China China China China China

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Target Territories in 2006 Target Territories in 2006

Investor / Analyst Presentation 29 May 2006 Page 28

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Expanding in China Expanding in China

First franchise in NE China signed with the #1 group in the market Strong interest from prospective franchisees for Sizzler in Shanghai Territory and Le Jazz in North China Total outlets to be achieved in May of 25 outlets including 7 Pizza Company, 5 Sizzler, and 13 Le Jazz Pipeline opening another 7 outlets by year-end including 1 Pizza Company, 1 Sizzler, and 5 Le Jazz

Investor / Analyst Presentation 29 May 2006 Page 29

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Total System Sales Total System Sales Outlook Outlook

2,000 4,000 6,000 8,000 10,000 12,000 14,000

2005 2006F 2007F 2008F 2009F 2010F

Revenue (Bt Million)

22% CAGR

Strong growth with higher contribution from franchising

Investor / Analyst Presentation 29 May 2006 Page 30

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The Pizza Company The Pizza Company – – China China

Target achievement in 2006: – Set up franchise recruitment, support and control systems – Sign three contracts negotiated in 2005 – Using strategic alliance partners to assist franchisees in finding locations – Open 5 new stores

Investor / Analyst Presentation 29 May 2006 Page 31

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Sizzler Sizzler – – China China

Major market strategic development Equity / franchise geographically to match Pizza Company The preferred casual dining food concept in China

Investor / Analyst Presentation 29 May 2006 Page 32

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Le Jazz Le Jazz – – China China

Focus on Beijing and

• pen 19 equity stores in

2006 Positioning in small retail outlets with quick service, various food with international style Two types of services including the food court and shopping mall 发展:以北京为核心辐射全国，北京今年发展19家直营店

Pipelines Growth & Cash Flow Pipelines Growth & Cash Flow

Pratana Manomaiphiboon, CFO

Investor / Analyst Presentation 29 May 2006 Page 34

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700 76 142 223 327 452 596 659 616 574 529 482

Food Outlet Growth Food Outlet Growth

(No of Outlets)

2005 2006F 2007F 2008F

Owned Equity

2009F 2010F

Franchise 22% CAGR

Investor / Analyst Presentation 29 May 2006 Page 35

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Earnings Outlook Earnings Outlook – – Food Business Food Business

0% 20% 40% 60% 80% 100% 2005 2006 2007 2008 2009 2010

Owned Equity Franchise

Investor / Analyst Presentation 29 May 2006 Page 36

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2,067 321 451 672 672 1,312 1,312 177 483 860 1,289 1,589 1,739 2,067 2,067 2,067 2,067 1,992

Hotel Room Growth Hotel Room Growth

15% CAGR (No of Rooms)

2005 2006F 2007F 2008F

Owned Equity Joint Venture Management Contracts

2009F 2010F

Investor / Analyst Presentation 29 May 2006 Page 37

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Earnings Outlook Earnings Outlook – – Hotel Business Hotel Business

0% 20% 40% 60% 80% 100% 2005 2006 2007 2008 2009 2010

Owned & JV Hotel Contract Management

Investor / Analyst Presentation 29 May 2006 Page 38

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Spa Business Pipeline Expansion Spa Business Pipeline Expansion

Country As of April 2006 Pipeline Expansion 2006 To be opened in 2007 THAILAND Bangkok Marriott Resort & Spa 2 hotels Imperial Queen's Park Bangkok Royal Orchid Sheraton Four Seasons Bangkok Plaza Athenee - Royal Meridien Bangkok Hua Hin Marriott Resort & Spa Anantara Resort & Spa Hua Hin Pattaya Marriott Resort & Spa Sheraton Krabi Resort & Spa JW Marriott Resort & Spa Phuket Anantara Resort & Spa Golden Triangle Anantara Resort & Spa Samui Sala Samui CHINA JW Marriott Shanghai Palm Springs - Beijing 1 hotel Sheraton Sanya Marco Polo - Shenzhen Commune by the Great Wall Kempinski - Beijing Renaissance Yangtze Hotel - Shanghai HONG KONG 1 hotel TANZANIA The Kilimanjalo Kempinski Hotel - Dar es Salaam 2 hotels Zamani Kempinski Resort - Zanziba MALDIVES Reflections Spa - Bodu Huraa Anantara Dighufinolu - Maldives JORDAN Kempinski Ishtar Dead Sea - Jordan 4 hotels ABU DHABI Emirates Palace - Abu Dhabi DUBAI Kempinski Dubai Mall 3 hotels EGYPT Madinat Makadi Hurghada - Iberotel 5 hotels Total 132 rooms 158 rooms

• c. 72 rooms

Investor / Analyst Presentation 29 May 2006 Page 39

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Retail Properties & Entertainment Retail Properties & Entertainment

2,084 19,983 7,511

Size (SqM)

Pattaya In Royal Garden Plaza Pattaya Bangkok

Location Retail Properties & Entertainment

Future expansion: c. 2,000 Sqm rental space in Phuket properties in 2007

Investor / Analyst Presentation 29 May 2006 Page 40

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Growth Prospects Growth Prospects to 2010 to 2010

2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 22,000 24,000

2005 2010

20% CAGR Food Hotel Retail & Entertainment Spa

(Sales Revenues Btm)

Investor / Analyst Presentation 29 May 2006 Page 41

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Value Creation Value Creation

We will maintain the top player position in Thai food and hotel business Long-term targets:

Free-cash-flow Bt10bn during 2006-10 Improved ROIC

Through:

Top-line growth of at least 20% pa. Improved operating margin Improved capital efficiency

Investor / Analyst Presentation 29 May 2006 Page 42

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ROIC vs. WACC ROIC vs. WACC

9.6% 15.5% 2001 2005

8.1% WACC ROIC target at 20% by 2008

Investor / Analyst Presentation 29 May 2006 Page 43

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Financial Policy Financial Policy

Balancing risk and return DE no more than 1.3x Cost of debt 150 bps lower Credit rating A- Adequate internal cash flow for funding requirement Value creation potential project

• nly

Effective tax planning Long-term sustainable dividend payment Cost of equity lower than industry

Investor / Analyst Presentation 29 May 2006 Page 44

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1,000 2,000 3,000 4,000 5,000 6,000 2006 2007 2008 2009 2010

Capex Capex Plan 2006 Plan 2006-

• 10 (Revised)

10 (Revised)

Repair & Maintenance Pipeline Projects New Opportunities

(Bt Million)

Investor / Analyst Presentation 29 May 2006 Page 45

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Capex Capex Plan in Summary Plan in Summary

40% 33% 27% % Share % Share 5.0-6.2 4.5-5.0 3.5-4.2 2006 2006 -

• 10

10

Others & New Others & New Opportunities Opportunities

Hotel Hotel Food Food (Bt bn)

Investor / Analyst Presentation 29 May 2006 Page 46

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Forecasted FCF 2006 Forecasted FCF 2006-

• 10

10

Bt Billion EBITDA 20.5 – 24.1 Planed Capex (9.1) – (15.4) Tax & Finance (4.0) – (4.2) New Equity * 2.8 – 3.0 Free Cash Flow 7.5 – 10.2

*Note: New equity assumed proceeds of Bt 1,070m from rights offering in February 2006 and warrant exercise of Bt 1,908m during 2007- 2008

Investor / Analyst Presentation 29 May 2006 Page 47

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Coming Attractions in 2006 Coming Attractions in 2006

Food: First two franchises signed in Northern Provinces in China Hotel: Opening of Anantara Maldives, Naladhu Villa Maldives, Four Seasons Samui Villa & Four Seasons Samui Residence Anticipate new 3 hotel management contracts signed by September Spa: Ten spa of 158 rooms to be opened by 2006

FOR MORE INFO..

Prapharat Tangkawattana Senior Finance Director Investor Relations +66 2 3815151 Ext 1306 prapharat_ta@minornet.com Or visit our website: www.minornet.com

Thank You Thank You