Minor International PCL Minor International PCL 2Q06 Analyst - - PowerPoint PPT Presentation
M M M M I NT I NT I NT I NT s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day Minor International PCL Minor International PCL 2Q06 Analyst Meeting Michael Sagild, COO Four Seasons Hotel Bangkok Pratana
2Q06 Analyst Meeting Four Seasons Hotel Bangkok 15th August 2006
M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
Michael Sagild, COO Pratana Manomaiphiboon, CFO
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
"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
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
2Q06 Analyst Meeting Presentation 15th August 2006 Page 3 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
2Q06 Analyst Meeting Presentation 15th August 2006 Page 5 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
Food
Number of outlets increased to 585 stores, up 69 stores from 2Q05 New stores (mainly in Thailand & China) including The Pizza 18, Swensen’s 21, Sizzler 5, DQ 15, BK 2 , Le Jazz 7 and Other 1 Same-store-sales up 12%, Total-system-sales up 27%, y-y
Hospitality
Signed MoU with Hemas Holding aiming for hotel contract management business of four hotels in Sri Lanka Signed contract for 5 hotel contract management in Dubai, and 1 in Bali Occupancy rate stood 65% - compared to last year 61%; RevPar up 13% y-y Number of MINT’s spa increased to 20 as end of 2Q06
Corporate
Selected for the SET-50 Index beginning 1st July
2Q06 Analyst Meeting Presentation 15th August 2006 Page 6 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
2Q06 Analyst Meeting Presentation 15th August 2006 Page 7 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
1,000 2,000 3,000 4,000 2Q05 3Q05 4Q05 1Q06 2Q06
Other income Spa Business Retail & Entertain Hotel Services Food Services
(Bt Million) 55% 51% 36% 40% 46% 44% 2,337 2,915 57% 34% 25% y-y Growth 43% 49%
2Q06 Analyst Meeting Presentation 15th August 2006 Page 8 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
The Pizza Company 18% 16% The Pizza Company 18% 16%
Swensen’s 20% 15% Swensen’s 20% 15% Sizzler 6% 3% Sizzler 6% 3% Dairy Queen
Dairy Queen
Burger King 4% 10% Burger King 4% 10% Average 12% 11% Average 12% 11%
2Q06 Analyst Meeting Presentation 15th August 2006 Page 9 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
The Pizza Company 31% 28% The Pizza Company 31% 28%
Swensen’s 39% 33% Swensen’s 39% 33% Sizzler 22% 18% Sizzler 22% 18% Dairy Queen
4% Dairy Queen
4% Burger King 35% 28% Burger King 35% 28% Average 27% 25% Average 27% 25%
2Q06 Analyst Meeting Presentation 15th August 2006 Page 10 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
20 21 17 30 8 57 6 6 6 28
20 40 60 80 100
2Q05 3Q05 4Q05 1Q06 2Q06
(Bt Million) 27% y-y Growth Local Franchising Fee International Franchising Fee
Note: 3Q05 franchising revenues mainly from territory fee from Saudi Arabia
2Q06 Analyst Meeting Presentation 15th August 2006 Page 11 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
n.a. n.a. 16,419 n.a. 39% Four Seasons Tented Camp n.a. n.a. 7,323 n.a. 51% Bodu Huraa Hotel, Maldives 9% 5,541 6,042 48% 39% Four Seasons Hotel Bangkok 5% 4,886 5,106 65% 55% JW Marriott Phuket
Occupancy
Hotel %Chg 2Q05 2Q06 2Q05 2Q06 11% 3,014 3,331 83% 89% Bangkok Marriott Resort & Spa 6% 2,921 3,091 77% 83% Pattaya Marriott Resort & Spa
2,686 2,616 63% 83% Hua Hin Marriott Resort & Spa 5% 3,177 3,321 64% 63% Anantara Resort & Spa Hua Hin 21% 3,834 4,644 25% 28% Anantara Resort & Spa Golden Triangle 61% 36% 44% 29% 7% 3,748 3,998 65% Average
1,798 1,689 49% Harbour View Hotel, Vietnam 5% 9,848 10,371 53% Four Seasons Resort Chiang Mai
4,752 4,715 61% Anantara Resort & Spa Koh Samui
2Q06 Analyst Meeting Presentation 15th August 2006 Page 12 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
n.a. n.a. 20 n.a. n.a. 6,339 Four Seasons Tented Camp n.a. n.a. 29 n.a. n.a. 3,747 Bodu Huraa Hotel, Maldives 23% 14 17 29% 693 862 Harbour View Hotel, Vietnam
181 159
2,684 2,373 Four Seasons Hotel Bangkok 9% 144 156
3,176 2,824 JW Marriott Phuket Resort & Spa 13% 28% 106% 35% 4% 28% 15% 18% % Chg Total Revenue (Bt m) Rev Par (Bt) Hotel %Chg 2Q05 2Q06 2Q05 2Q06 12% 202 225 2,491 2,951 Bangkok Marriott Resort & Spa 15% 98 113 2,238 2,581 Pattaya Marriott Resort & Spa 25% 57 71 1,697 2,169 Hua Hin Marriott Resort & Spa 7% 55 59 2,018 2,092 Anantara Resort & Spa Hua Hin 10% 17 19 970 1,310 Anantara Resort & Spa Golden Triangle 2,289 4,301 1,398 16% 855 995 2,596 Average 23% 65 79 5,517 Four Seasons Resort Chiang Mai 97% 23 45 2,886 Anantara Resort & Spa Samui
2Q06 Analyst Meeting Presentation 15th August 2006 Page 13 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
n.a. n.a. 16,604 n.a. 34% Four Seasons Tented Camp n.a. n.a. 6,576 n.a. 69% Bodu Huraa Hotel, Maldives 9% 5,511 6,005 56% 57% Four Seasons Hotel Bangkok 11% 5,518 6,146 72% 57% JW Marriott Phuket
Occupancy Hotel %Chg 1H05 1H06 1H05 1H06 15% 3,291 3,774 85% 90% Bangkok Marriott Resort & Spa 7% 3,104 3,332 82% 87% Pattaya Marriott Resort & Spa 2% 3,377 3,428 78% 88% Hua Hin Marriott Resort & Spa 5% 4,015 4,211 75% 75% Anantara Resort & Spa Hua Hin 17% 4,718 5,510 38% 38% Anantara Resort & Spa Golden Triangle 69% 42% 55% 41% 9% 4,228 4,614 72% Average 3% 1,609 1,663 50% Harbour View Hotel, Vietnam 4% 11,896 12,367 60% Four Seasons Resort Chiang Mai
5,776 5,641 62% Anantara Resort & Spa Koh Samui
2Q06 Analyst Meeting Presentation 15th August 2006 Page 14 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
n.a. n.a. 35 n.a. n.a. 5,669 Four Seasons Tented Camp n.a. n.a. 72 n.a. n.a. 4,540 Bodu Huraa Hotel, Maldives 8% 402 433 12% 3,092 3,452 Four Seasons Hotel Bangkok 11% 316 351
3,956 3,492 JW Marriott Phuket Resort & Spa 14% 23% 14% 47% 18% 6% 14% 14% 22% % Chg Total Revenue (Bt m) Rev Par (Bt) Hotel %Chg 1H05 1H06 1H05 1H06 15% 448 516 2,787 3,414 Bangkok Marriott Resort & Spa 12% 226 254 2,544 2,908 Pattaya Marriott Resort & Spa 14% 158 180 2,637 3,011 Hua Hin Marriott Resort & Spa 8% 154 166 3,001 3,171 Anantara Resort & Spa Hua Hin
57 56 1,790 2,121 Anantara Resort & Spa Golden Triangle 2,907 680 6,547 2,377 18% 2,040 2,402 3,304 Average 19% 31 37 838 Harbour View Hotel, Vietnam 12% 178 198 7,466 Four Seasons Resort Chiang Mai 48% 70 104 3,482 Anantara Resort & Spa Samui
2Q06 Analyst Meeting Presentation 15th August 2006 Page 1 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
70 78 67 13 14 22 20 55 79 17
20 40 60 80 100 120 2Q05 3Q05 4Q05 1Q06 2Q06 (Bt m)
2 7 % y
G r
t h Local International
2Q06 Analyst Meeting Presentation 15th August 2006 Page 16 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
104 95 99 103 113 21 24 21 24 24
30 60 90 120 150 2Q05 3Q05 4Q05 1Q06 2Q06
=
Retail Property Entertainment 10% y-y Growth (Bt Million)
2Q06 Analyst Meeting Presentation 15th August 2006 Page 17 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
6% 3% 3% 11% 12% 24% 43% 33% 100% 0% 1% 3% 4% 36% 55% % 65 2% 63 Interest Expenses 62 3% 79 Tax & Minority 1,006 44% 1,270 SG&A Expenses 23% 551 23% 682 EBITDA 288 11% 317 Depreciation & Amortization 38% 264 12% 363 EBIT 9% 104 4% 113 Retail Property 16% 843 34% 978 Hotel Services 29% 1,296 57% 1,674 Food Services 3 1% 35 Other income 13% 21 1% 24 Entertainment 30% 69 3% 90 Spa 8% 33% 100% % 221 964 2,915 2Q06 61% 137 Net Profit 779 Operating Expenses 25% 2,337 Total Revenue % Growth 2Q05
(Bt Million)
2Q06 Analyst Meeting Presentation 15th August 2006 Page 18 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
Hotel 35% Food Services 44%
Retail Property 12% Spa 3%
EBITDA Contribution
Entertainment 2%
46% 54% 221 Consolidated Net Profit 101 Hospitality & Leisure 120 Food Services
Net Profit Contribution
8% 221 Net Profit 3% 79 Tax & Minority 2% 63 Interest Expenses 12% 363 EBIT 11% 317 Depreciation & Amortization 23% 682 EBITDA 44% 1,270 SG&A Expenses 33% 964 Operating Expenses 100% 2,915 Total Revenue 1% 35 Other income 1% 24 Entertainment 3% 90 Spa 4% 113 Retail Property 34% 978 Hotel Services 57% 1,674 Food Services % 2Q06
(Bt Million) Share of Profit 3%
2Q06 Analyst Meeting Presentation 15th August 2006 Page 19 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
9% 4% 3% 15% 11% 27% 41% 32% 100% 0.27% 1% 3% 4% 41% 52% % 133 2% 132 Interest Expenses 180 4% 228 Tax & Minority 2,040 41% 2,532 SG&A Expenses 23% 1,319 27% 1,627 EBITDA 568 10% 625 Depreciation & Amortization 33% 751 16% 1,001 EBIT 11% 194 4% 216 Retail Property 17% 2,016 38% 2,355 Hotel Services 26% 2,567 53% 3,231 Food Services 14 1% 82 Other income 13% 43 1% 48 Entertainment 37% 139 3% 191 Spa 10% 32% 100% % 641 1,965 6,124 1H06 47% 437 Net Profit 1,614 Operating Expenses 23% 4,972 Total Revenue % Growth 1H05
(Bt Million)
2Q06 Analyst Meeting Presentation 15th August 2006 Page 20 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
Hotel 48% Food Services 33%
Retail Property 10% Spa 4%
EBITDA Contribution
Entertainment 2%
68% 32% 641 Consolidated Net Profit 438 Hospitality & Leisure 203 Food Services
Net Profit Contribution
10% 641 Net Profit 4% 228 Tax & Minority 2% 132 Interest Expenses 16% 1,001 EBIT 10% 625 Depreciation & Amortization 27% 1,627 EBITDA 41% 2,532 SG&A Expenses 32% 1,965 Operating Expenses 100% 6,124 Total Revenue 1% 82 Other income 1% 48 Entertainment 3% 191 Spa 4% 216 Retail Property 38% 2,355 Hotel Services 53% 3,231 Food Services % 1H06
(Bt Million) Share of Profit 4%
2Q06 Analyst Meeting Presentation 15th August 2006 Page 21 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
6% 5% 8% 10% 12% 13% 13% 11% 6% 8% 200 400 600 800
2 Q 4 2 Q 5 3 Q 4 3 Q 5 4 Q 4 4 Q 5 1 Q 5 1 Q 6 2 Q 5 2 Q 6
(Bt m) 0% 4% 8% 12% 16%
Net Profit Net Profit Margin
0.03 0.12 0.15 0.12 0.09 0.06 0.05 0.05 0.08 0.15 0.00 0.02 0.04 0.06 0.08 0.10 0.12 0.14 0.16 0.18
2 Q 4 2 Q 5 3 Q 4 3 Q 5 4 Q 4 4 Q 5 1 Q 5 1 Q 6 2 Q 5 2 Q 6
(Bt/share)
Net Profit EPS
2Q06 Analyst Meeting Presentation 15th August 2006 Page 22 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
Return on Equity Return on Assets
8.4% 7.7% 7.3% 7.2% 7.0% 5,000 10,000 15,000 20,000 2Q05 3Q05 4Q05 1Q06 2Q06 (Bt m) 0% 2% 4% 6% 8% 10%
Total Assets Adjusted Return on Assets
8.4% 7.7% 7.3% 7.2% 7.0% 5,000 10,000 15,000 20,000 2Q05 3Q05 4Q05 1Q06 2Q06 (Bt m) 0% 2% 4% 6% 8% 10%
Total Assets Adjusted Return on Assets
18.7% 17.5% 20.1% 20.3% 19.8% 2,000 4,000 6,000 8,000 2Q05 3Q05 4Q05 1Q06 2Q06 (Bt m) 0% 5% 10% 15% 20% 25%
Total Parent's Shareholders' Equity Adjusted Return on Equity Note: Calculations based on revolving 4 quarters Return on Assets = Profit Before Minorities / Total Assets Return on Equity = Net Profit / Total Parents’ Shareholders’ Equity
2Q06 Analyst Meeting Presentation 15th August 2006 Page 23 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day 0.82 0.85 1.21 1.32 1.31 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 2Q05 3Q05 4Q05 1Q06 2Q06 (Bt m) 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 (x) Equity Interest Bearing Debt Other Liabilities Interest Bearing Debt-to-Equity (RHS)
Note: Debt to Equity Ratio = Interest Bearing Debt / Total Equity
Assets 13,960 MB Assets 14,721 MB Assets 16,088 MB Assets 15,445 MB Assets 15,682 MB
2Q06 Analyst Meeting Presentation 15th August 2006 Page 24 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
10.42 10.38 10.42 11.05 11.57 200 400 600 800 1,000 2Q05 3Q05 4Q05 1Q06 2Q06 (Bt m) 8 9 10 11 12 (x) EBITDA Interest Expense Interest Coverage Ratio (RHS)
Note: Calculations based on revolving 4 quarters Interest Coverage Ration = EBITDA / I
2Q06 Analyst Meeting Presentation 15th August 2006 Page 26 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
Strong recovery in 2006 due to last year low base effect with stimulation of Bangkok’s new international airport opening The government strategically develop Thai tourism as an industry becoming the second largest export contributor TAT forecasts international tourists arrivals to grow from 12m in 2005 to 20m by 2010 implying a significant demand for hotel accommodation and
Bangkok luxury hotels occupancy and average room rates of 70% and US$100 indicate real-term increase since the country’s financial crisis
2Q06 Analyst Meeting Presentation 15th August 2006 Page 27 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
arrivals up 22% y-y after the Tsunami depressed quarter last year
private consumption index, and private investment, all softened against 1Q06
0.4% 2.2% Private Investment Index 0.8% 1.2% Private Consumption Index 6.4% 9.7% Manufacturing Index 16.2% 21.7% Tourist arrivals 2Q06 1Q06 % y-y
2Q06 Analyst Meeting Presentation 15th August 2006 Page 28 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 1,800,000 2,000,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec (person) 2004 2005 2006
Source : Airport of Thailand
18% growth in May
2Q06 Analyst Meeting Presentation 15th August 2006 Page 29 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec (person) 2004 2005 2006
13% growth in May
Source : Airport of Thailand
2Q06 Analyst Meeting Presentation 15th August 2006 Page 30 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
2005 2008 2010 Phase 1 Phase 2 Phase 3
15 properties 30 properties + new brand
2Q06 Analyst Meeting Presentation 15th August 2006 Page 31 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
MINT’s current 15 properties include owned equity, joint ventures, management contract hotels, residential, and time share Strategically, the Company expands its management contract business through the “Anantara” brand Together with its owned properties model under the core brands ie Marriott, Four Seasons, and JW Marriott, MINT will acquire a new brand for its newly developed properties Target to increase to 30 properties by 2010
2Q06 Analyst Meeting Presentation 15th August 2006 Page 32 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
MINT’s new hotel projects will also include the mixed- use developments with residential component The mixed-use strategy will not only provide an alternative source of revenues, it also helps diversifying financial risks and lessening the required invested capital for the project One of key benefits for the mixed-use property is an alignment of economic interests of developers, consumers, hotel operators, and lenders MINT plans to apply the mixed-use for our future projects including Rajdamri Luxury Hotel & Residence, Phuket Luxury Hotel, Four Seasons CM
2Q06 Analyst Meeting Presentation 15th August 2006 Page 33 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
1,003 1,292 1,292 1,292 1,292 1,292 1,292 177 306 791 791 1,091 1,091 176 1,122 1,322 1,416 160 160 331 341 417 417 1,003 760 760 760 700
18% CAGR (No of Rooms)
2005 2006F 2007F 2008F
Owned Managed
2009F 2010F
Owned & Managed Partial Owned & Managed Residence
2Q06 Analyst Meeting Presentation 15th August 2006 Page 34 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
Owned 30% Owned & Managed 55% Partial Owned & Managed 8% Residence 7%
Owned 19% Owned & Managed 25% Partial Owned & Managed 21% Residence 8%
Managed 27%
2Q06 Analyst Meeting Presentation 15th August 2006 Page 35 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
2008-9 MoU
5 Luxury hotels in Dubai 60 318 508 180
#Rooms
MoU MoU Confirmed Confirmed
Status
2007 Luxury hotel in Seminyak -- Bali 2007 Seredib, Club Dolphin, Sigiriya hotels in Sri Lanka 2008 Anantara Resorts in Dubai at Jumeirah Lake & Palm Jumeirah 2008 Bodu Huraa, Anantara, Naladhu hotels in Maldives
COD Project
2Q06 Analyst Meeting Presentation 15th August 2006 Page 36 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
Bali Middle East Bahrain Abu Dhabi Fujairah Turkey Maldives & Sri Lanka Vietnam
2Q06 Analyst Meeting Presentation 15th August 2006 Page 37 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
Four Seasons Samui Village, Koh Samui Samui Beach Residence, Koh Samui Anantara Maldives Naladhu Maldives Timeshare Phase III, Phuket Luxury Hotel, Phuket Rajdamri Luxury Hotel & Residence, Bangkok
2Q06 Analyst Meeting Presentation 15th August 2006 Page 39 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
81
39 Franchises Total Owned Equity 504 20 11 17 183 34 109 130 183 169 149 34 17 13 585
Total
20
Note Number of outlets includes both equity outlets and franchisees in Thailand and Internationally
2Q06 Analyst Meeting Presentation 15th August 2006 Page 40 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
Domestic consumption sentiments dampened by increased oil prices and interest rates However, MINT anticipated the negative environments and successfully outperform the industry with total- system-sales growth over 25% in 1H Marketing strategy in 1H include 1) increasing docket growth by offering superior value proposition; 2) strengthen top-of-mind brand through holistic communications According to AC Nielson, MINT takes a larger slice of market share on pizza and ice cream segments in 2Q
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415 394 390 566 498 145 133 131 291 234 100 200 300 400 500 600 700 800 900 1000 2Q05 3Q05 4Q05 1Q06 2Q06 (Tons) 551 488 463 593 694 100 200 300 400 500 600 700 800 2Q05 3Q05 4Q05 1Q06 2Q06 (Tons)
The Pizza Company
31% YoY Growth 26% YoY Growth
Swensen’s
Icecream Cheese Flour
2Q06 Analyst Meeting Presentation 15th August 2006 Page 42 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
Jan: 30% Extra loaded cheese Mar: BOGO – Buy 1 get 1 Apr: Introduce X-PAN pizza Jun: Extra cheesy sausage bites
Reinforce superior value proposition with the launch
Reach more target consumers with more frequency of medias Aggressive marketing event in 2H such as AF III show
2Q06 Analyst Meeting Presentation 15th August 2006 Page 43 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
Apr: Mango Promotion Jun: Chocolate Truffles Introduction
Maintain strong growth of sales and customer counts through value innovations and effective medias
2Q06 Analyst Meeting Presentation 15th August 2006 Page 44 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
Apr-May: Super Set Menu
Value proposition marketing with health conscious low-carb menu
May: Salad To-Go
2Q06 Analyst Meeting Presentation 15th August 2006 Page 45 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
Accomplished 26 outlets opening including 7 Pizza Company, 6 Sizzler, and 13 Le Jazz in Jul-06 Pipeline opening another 18 outlets by year-end including 7 Pizza Company, 1 Sizzler, and 10 Le Jazz Stabilizing market share on aggregate and growth shall be sustained with more store coverage, and increase of docket counts Strategy – Strengthened presence with target to breakeven in 2007
2Q06 Analyst Meeting Presentation 15th August 2006 Page 46 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
516 57 5 20 7 25 459 19 6 15 168 3 26 103 2 117 2Q05 585 81 2 5 35 9 30 504 20 11 17 183 5 29 109 6 124 2Q06 29 26 23 8 Lejazz 297 196 119 76 Total Franchises 64 27 8 8 SW - International 86 45 16 11 TPC - International 26 23 20 16 BK Total Outlets Lejazz SZ - International SW - Local TPC - Local Total Owned Equity Others DQ SZ - China SZ - Thailand SW TPC - China TPC -Thailand 12 9 7 4 32 22 12 5 20 20 20 19 216 206 191 176 36 33 31 27 120 115 107 105 72 62 47 29 59 51 42 28 Franchises 16 11 6 639 596 547 482 148 142 136 122 Owned Equity 2008F 2007F 2006F 2005 558 936 792 666
2Q06 Analyst Meeting Presentation 15th August 2006 Page 47 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
To achieve over 30 stores of The Pizza, Sizzler, and Le Jazz in China Reinforce brand strategy for The Pizza, top-line strategy for Sizzler, and brand positioning of Le Jazz For Middle East market, emphasis expansion, and brand positioning for Swensen’s For domestic market, maintain market share by 1) innovative products – The Pizza, Swensen’s, Sizzler, 2) superior value proposition – DQ, BK; 3) holistic communications
2Q06 Analyst Meeting Presentation 15th August 2006 Page 48 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
727 76 119 196 297 408 519 684 639 596 547 482
(No of Outlets)
2005 2006F 2007F 2008F
Owned Equity
2009F 2010F
Franchise 17% CAGR
2Q06 Analyst Meeting Presentation 15th August 2006 Page 50 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
1H – On-track to meet 2006 objectives In-lined progress of China food business, while domestic market outperform industry average MINT’s hotel RevPar grew stronger than local peers despite two new hotels opened in 1H Prudent cost structure mitigates corporate interest rate risk With our strong portfolio, MINT’s 2006 target growth
2Q06 Analyst Meeting Presentation 15th August 2006 Page 51 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
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)
2Q06 Analyst Meeting Presentation 15th August 2006 Page 52 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
(Bt Million)
1,000 2,000 3,000 4,000 5,000 6,000 2006 2007 2008 2009 2010
Food Hotel Others New Opportunities
2Q06 Analyst Meeting Presentation 15th August 2006 Page 53 M I NT M I NT M I NT M I NT’ ’ s s Br ands New Day Br ands New Day Br ands New Day Br ands New Day
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
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