Minor International Minor International Analyst Presentation 3Q10 Performance November 15, 2010
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 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. �
Today’s Agenda � Recent Developments, 9M10 and 3Q10 Financial Performance � 2011 - 2012 Outlook � MINT’s 5-Year Plan � Pipeline Expansion & CAPEX � � Q&A Q&A Appendix � MINT’s Business Portfolio � Detailed 3Q10 and 9M10 Performance �
Recent Developments in 3Q10 Restaurant: � Food outlets reached 1,133: 690 owned and 443 franchised � Second SW franchised outlet opened in Delhi International Airport in India � All restaurants at Central World shopping center reopened in late September Hotel & Residence � Acquisition of Kani Lanka hotel in Sri Lanka with the first Anantara hotel in Sri Lanka to be developed on the adjacent land � In the process of preparing the commencement of point-based “Anantara Vacation Club” with necessary infrastructure already in place. Retail Trading: � Points of sales totaled 266, including 192 fashion outlets, 57 cosmetics outlets and 17 other retail outlets � Third GAP mega-store opened at Paradise Park in August, while the existing GAP and other retail outlets in Central World reopened in September �
9M10 Financial Performance Snap Shot � 9M10 total revenues increased by 13%, attributable to all three businesses:- � Restaurant business as main growth driver throughout the year on the back of strong domestic economy � Hotel business as a strong performer in the beginning of the year � Retail trading contribution rose as consolidation took place in June 2009 � Net profit margin maintained due mainly to the improvement in margin of the restaurant business Profitability Margin (Bt Million) 9M10 9M09 %Change EBITDA Net Profit 30% Total Revenue 13,794 12,184 13% 20% 20% 21% 19% EBITDA 2,577 2,554 1% 10% 6% 6% Net Profit 808 782 3% 0% 9M10 9M09 EPS (Bt) 0.2464 0.2376 4% �
Solid Revenue Growth in 9M10 � Revenue growth primarily from the consolidation of retail trading business � Restaurant business remains the biggest revenue contributor Breakdown of Revenue Growth Breakdown of Revenue Growth Revenue Contribution Revenue Contribution (Bt m) 1,225 14,000 ������� 99 286 ������� ��� 12,184 13,794 11,000 Increased ���������� 13% y-y ����������� ��� �������� 8,000 ��� ��� ��� 5,000 Hotel, Spa & 9M09 Restaurant 9M10 Retail Trading Mixed Use �
9M10 Profitability Improved by 3% y-y � Profitability is driven by strong 1Q10 and consistent improvement of restaurant performance EBITDA (Bt m) 9M10 9M09 % chg EBITDA Contribution EBITDA Contribution Restaurant 1,217 1,157 5% Hotel , Spa & Mixed Use 1,263 1,336 -5% ������� Retail Trading 97 62 56% ������� �� EBITDA 2,577 2,555 1% ���������� ����������� ��� �������� ��� NPAT (Bt m) 9M10 9M09 % chg � � � � Restaurant 454 353 29% Hotel, Spa & Mixed Use 331 395 -16% Retail Trading 23 34 -32% Net Profit 808 782 3% �
3Q10 Financial Performance Snap Shot � 3Q10 revenue growth was attributable to growth of all businesses, particularly restaurant � Decline in net profit was primarily the result of net loss from hotel, spa & mixed use business, partly due to pre-opening expenses of two new hotels. Historically, hotel business commanded the partly due to pre-opening expenses of two new hotels. Historically, hotel business commanded the highest margin Profitability Margin (Bt Million) 3Q10 3Q09 %Change EBITDA Net Profit 20% 15% Total Revenue 4,412 4,152 6% 17% 16% 10% 10% EBITDA EBITDA 690 690 720 720 -4% -4% 5% Net Profit 127 152 -16% 4% 3% 0% EPS (Bt) 0.0388 0.0499 -22% 3Q10 3Q09 �
Revenue Growth From All Businesses in 3Q10 Breakdown of Revenue Growth Revenue Contribution (Bt m) 4,500 71 46 144 Retail Trading 15% 4,000 Hotel, Spa ���������� 4,413 & Mixed 4,152 �!� Increased Use 3,500 6% y-y 27% 3,000 Hotel, Spa & 3Q09 Restaurant 3Q10 Retail Trading Mixed Use �
3Q10 Profitability Driven by Restaurant Business EBITDA (Bt m) 3Q10 3Q09 % chg EBITDA Contribution Restaurant Restaurant 356 356 376 376 -5% -5% Hotel, Spa & Mixed Use 298 308 -3% ������� Retail Trading 36 36 0% ������� EBITDA 690 720 -4% �� ����������� �������� ��� ���������� NPAT (Bt m) 3Q10 3Q09 % chg �"� ��� Restaurant Restaurant 138 138 121 121 14% 14% Hotel, Spa & Mixed Use -20 14 N/A Retail Trading 9 17 -47% Net Profit 127 152 -16% ��
Restaurant Business ��
Continued Improvement of Restaurant Business � 3Q10 saw the highest same store sales growth since 2007, driven by strong domestic spending and recovery of Thai Express in Singapore % growth y-y 20% ��#� SSS TSS ��#� 15% ��#� ��#� #� !#� 10% �#" 5% % % -5% -10% 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 ��
Restaurant - 3Q10 Performance Snap Shot Same-Store-Sales Growth (y-y) #!� !# � !# � !#�� !#�� �#�� �#�� Compared to Showed strong "#�� the high base improvement from last year -6% last quarter $�# � $�# � �%& �' �(� )* +, �&& �- �!#�� �!#�� ��#�� ��#�� ��#�� !#!� �#�� �#�� $�#�� Total-System-Sales Growth (y-y) ��
Hotel & Residence Businesses ��
Hotel Business Sentiment Update % occupancy Occupancy ADR Baht 100% 100% 8,000 8,000 7,160 7,160 6,973 6,973 7,000 6,133 5,284 75% 6,000 5,002 4,749 4,633 5,000 61% 58% 56% 50% 4,000 51% 48% 44% 3,000 41% 25% 25% 2,000 2,000 1,000 0% 0 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 ��
Hotel - 3Q10 Performance Snap Shot • Hotel business is expected to have reached its bottom and on its path to recovery Average Occupancy of 48% 3% y-y Average Occupancy of 48% 3% y-y Average ADR of Bt 4,633 2% y-y Average ADR of Bt 4,633 2% y-y Change in ADR 3Q10 3Q09 6,775 60% 5,969 5,932 56% -1% 47% 46% 45% 44% -4% -5% 2,915 28% 28% -17% -17% Others Others ��
Stable Feeder Markets Movement • Overall feeder market increased by 7% y-y, mainly driven by Thais, Middle East and Oceania. This is attributable to aggressive promotions, Thai government’s tax incentives and the opening of Anantara Qasr Al Sarab since November 2009 Feeder Market Breakdown MINT’s Customers 3Q10 3Q09 Chg Breakdown (%) Africa & Thailand 15 13 2 The Others, Americas, 2% 10% East Asia 29 30 -1 Thailand, South Asia, South Asia 3 3 0 14% 4% Middle East 7 6 1 Europe, 28% Europe, 28% Europe 28 33 -5 East The Americas 9 10 -1 Asia, 29% Oceania 6 4 2 Oceania, 5% Middle East, 7% Africa & Others 3 1 2 ��
Tourist Arrivals to Thailand vs MINT � MINT’s growing feeder markets are in line with Thailand’s highest growth feeder markets � The increase of MINT’s tourists from Thailand, China, UAE and Australia more than offset the decline in MINT’s feeder markets from developed countries decline in MINT’s feeder markets from developed countries Thailand’s Top Feeder Markets MINT’s Top Feeder Markets 1,500,000 #room night 9M10 9M09 �*�� �*� 1,200,000 +23% "����� 900,000 ������ +55% -6% -10% -14% +28% +22% -11%-15% ������ 600,000 +38% +63% +45% -1% ����� ����� +29% +29% +43% +43% 300,000 300,000 � 0 �����,��� 3���� /�������� ��������� ,���� �#�#/# 0��1��2 &.��� �#/#-# 4���� �.������ �, Japan Malaysia China Korea UK India ��
Retail Trading & Contract Manufacturing ��
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