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Company Profile – 4Q18
Vision
2
To be a leader in delivering exceptional experiences that anticipate and satisfy customers’ aspirations and positively impact stakeholders
Customer Focus
Result Oriented
People Development
Innovative Partnership
Overview
MINT’s Key Milestones
3
Joint venture with
in African Assets
Founded
RGR, MFG and MINOR
listed
M&A of RGR and MFG and became
Launched
Founded
50% stake in
70% stake in
Completed group
business restructuring;
Delisted
1978 1980 1982 1988-9 2000-1 2003 2008 2009 2010-11 2012-13 2014 2015 2016 2017 2018
100% stake in
Launched
Increased stake to 31% in
50% stake in
49% stake in
11% stake in
Increased stake to 100% in
49% investment in hotel & mixed use project in Maputo,
Mozambique
Acquired
in Australia
Acquired 7 hotels
Launched
Invested in
Increased stake to 69.2% in
Acquired additional 20% stake in
Acquired remaining 7
hotels & brand
Acquired additional stake from
in hotels in Africa
Acquired 74% stake in
Founded
Launched
75% stake in
Increased stake to 100% in
94.1% stake in
Overview
http://www.tivolihotels.com/en/home.aspxhttp://www.tivolihotels.com/en/home.aspxhttp://www.tivolihotels.com/en/home.aspxhttp://www.tivolihotels.com/en/home.aspx
MINT – Consistent Growth
4
Total Revenues
0
20,000
40,000
60,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
THB Million
0
30,000
60,000
90,000
120,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
0
100,000
200,000
300,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
THB Million
THB Million
Assets
Market Cap
Overview
MINT – Today
5
Overview
Shared Services
Hotel
• Equity-Owned• Hotel and Serviced Suites
Management• Spa
Mixed-Use
• Plaza & Entertainment• Residential Development• Point-Based Vacation Club
Casual Dining Restaurants
• Equity-Owned• Franchised
Manufacturing
• Cheese & Ice-cream• Ice-cream Ingredients and
Toppings• Coffee Roasting
Minor Hotels Minor Food
MINT – Contributions by Business Groups & Geographies
6
Overview
2018 EBITDA Contribution 2018 NPAT Contribution
Minor Lifestyle 2%
Minor Food22%
Minor Hotels76%
Minor Lifestyle 2%
Minor Food26%
Minor Hotels72%
Thailand39%
Overseas61%
Thailand22%
Overseas78%
2018 Revenue ContributionMINT
2018 Revenue ContributionMinor Hotels
2018 Revenue ContributionMinor Food
Thailand65%
Overseas35%
2018 Revenue Contribution
Minor Lifestyle 6%
Minor Food30%
Minor Hotels64%
*Core operations, excluding non-recurring items
MINT’s Presence
7
Overview
Enhance profile, reputation & recognition with 513 hotels and serviced suites, 2,270 restaurant outlets and 61 spas. With the recent investment in NH Hotel Group, MINT has expanded its operations to a total of 62 countries.
AfricaBotswana
Egypt
Kenya
Lesotho
Mozambique
Namibia
Seychelles
Tanzania
South Africa
Zambia
Asia PacificAustralia
Cambodia
China
India
Indonesia
Korea
Laos
Malaysia
Maldives
Myanmar
New Zealand
Pakistan
Singapore
Sri Lanka
Thailand
Vietnam
The AmericasCanadaUSAArgentinaBrazilChileColombiaCubaDominican RepublicEcuadorHaitiMexicoUruguay
EuropeAustria
Belgium
Czech Republic
France
Germany
Hungary
Italy
Luxemburg
Poland
Portugal
Romania
Slovakia
Spain
Switzerland
The Netherlands
UK
Middle East
Bahrain Oman
Jordan Qatar
Kuwait Saudi Arabia
Lebanon UAE
Minor Hotels Minor Food Minor Lifestyle
To be a leading hospitality partner maximizing shareholder value
Minor Hotels
Hotel Portfolio – 513 Properties, 75,241 Rooms (1/2)
9
Minor Hotels
Majority Owned Leased Joint-venture Managed MLR Total
# Hotels # Rooms # Hotels # Rooms # Hotels # Rooms # Hotels # Rooms # Hotels # Rooms # Hotels # Rooms
Asia 22 3,066 11 1,187 15 2,469 48 6,722
12 1,654 3 329 10 1,222 25 3,205
5 772 3 393 4 1,132 12 2,297
1 78 1 115 2 193
Others 5 640 4 387 9 1,027
Middle East 15 2,042 1 168 16 2,210
9 1,237 9 1,237
1 216 1 216
2 154 1 168 3 322
3 435 3 435
Oceania 2 445 56 6,767 58 7,212
3 360 3 360
2 445 53 6,407 55 6,852
http://www.tivolihotels.com/en/home.aspxhttp://www.tivolihotels.com/en/home.aspx
Hotel Portfolio – 513 Properties, 75,241 Rooms (2/2) Minor Hotels
Majority Owned Leased Joint-venture Managed MLR Total
# Hotels # Rooms # Hotels # Rooms # Hotels # Rooms # Hotels # Rooms # Hotels # Rooms # Hotels # Rooms
Europe 65 11,298 202 30,891 33 4,060 300 46,249
1 280 1 280
1 119 1 119
7 1,305 41 6,522 7 1,177 55 9,004
47 7,674 158 23,541 22 2,439 227 33,654
3 828 1 150 4 978
9 1,920 2 149 11 2,069
Others 1 145 1 145
Americas 24 3,589 21 2,728 19 4,582 64 10,899
6 866 9 1,213 5 738 20 2,817
16 2,219 11 1,386 9 1,407 36 5,012
2 504 2 504
Others 1 129 5 2,437 6 2,566
Africa 4 754 1 198 17 839 5 158 27 1,949
1 173 2 56 3 229
3 581 3 448 1 124 7 1,153
1 198 1 198
Others 12 335 4 34 16 369
Grand Total 117 19,152 224 33,817 28 2,026 87 13,311 57 6,935 513 75,241
10
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Anantara – Life is a Journey
11
Minor Hotels
A luxury brand for modern travelers, Anantara opens the door to unforgettable experiences in the world’s most exciting destinations.
AVANI – The Details That Matter
12
Minor Hotels
Blending modern lifestyle features, a passion for design and smooth seamless service, AVANI offers all the meaningful details that matter for a great stay.
Oaks – Welcome Home to Oaks
13
Minor Hotels
Spacious, contemporary serviced studios and suites. Offering peace of mind, effortless short or long stays, and essential comforts.
NH Hotel Group – A Leading European Hospitality
14
Minor Hotels
Mid- to upscale urban hotels for guests who demand excellent location and the best value for money Premium hotels in
exceptional places for extraordinary memories
Design hotels that are unconventional and
cosmopolitan14
Boutique Hotel Brands with Unique Luxury Experience
15
Minor Hotels
Experience MoreFrom thriving cities to beach paradises, a
diverse portfolio of hotels and resorts, welcoming guests with the exceptional
comfort and a sense of wellbeing.
The Ultimate African ExperienceAn unrivalled collection of luxury lodges,
camps and hotels in select locations chosen to give inside, privileged access
to the best of Kenya and Tanzania.
http://www.tivolihotels.com/en/home.aspxhttp://www.tivolihotels.com/en/home.aspx
7,028 6,553 5,788 6,2284,5754,168 4,293 3,685 3,865
3,117
59%66% 64% 62%
68%
0%
20%
40%
60%
80%
0
2,000
4,000
6,000
8,000
10,000
12,000
2014 2015 2016 2017 2018
Minor Hotels – Key Statistics
16
Minor Hotels
Anantara, 14%
AVANI, 5%
Oaks, 13%
Tivoli, 13%
NH Hotel Group, 35%
Others, 16%
Management fee, 3%
Management Letting Rights
*Core revenue, excluding mixed-use and non-recurring items
AUD Occupancy
THB Occupancy
THB Occupancy
2018 Revenue Breakdown By Brand*
Managed Hotels
Owned & Leased Hotels
RevParADROccupancy
164 166 174177 179
124 127 133138 141
76% 76% 77% 78%79%
0%
20%
40%
60%
80%
0
50
100
150
200
250
2014 2015 2016 2017 2018
6,748 7,038 6,724 6,1085,309
3,7374,400 4,241 3,917 3,378
55%
63% 63% 64% 64%
0%
20%
40%
60%
0
2,000
4,000
6,000
8,000
10,000
2014 2015 2016 2017 2018
12% OF MINOR HOTELS REVENUES IN 2018
75% OF MINOR HOTELS REVENUE IN 2018
3% OF MINOR HOTELS REVENUES IN 2018
RevParADROccupancyRevParADROccupancy
Plaza & Entertainment
17
Minor Hotels
MINT owns and operates three shopping plazas:
Royal Garden Plaza Pattaya
Turtle VillagePhuket
Riverside PlazaBangkok
MINT also operates seven entertainment outlets
Anantara Vacation Club
18
Minor Hotels
MINT introduced “Anantara Vacation Club” (point-based vacation club project) in December 2010, withinventory in Samui, Phuket, Bangkok, Chiang Mai in Thailand, Bali in Indonesia, Queenstown in New Zealand andSanya in China. Additional destinations will be added to the inventory over the years.
Residential Property Development
19
Minor Hotels
Avadina Hills By Anantara, Phuket16 modern villas, forested hillsides above Layan Beach, adjacent to Anantara Layan Phuket Resort
Layan Residences by Anantara, Phuket15 uniquely designed pool villas adjacent to Anantara Layan Phuket Resort
The Estates Samui14 luxury villas adjacent to Four Seasons Resort Koh Samui
Anantara Chiang Mai Serviced Suites44 condominium units across from Anantara Chiang Mai Resort
Torres RaniOf the 187 luxury apartments in Maputo, Mozambique, 6 penthouses are for sale
Minor Hotels – Financial Performance
20
Minor Hotels
THB Million
Revenue
EBITDA
NPAT
EBITDA Margin
NetMargin
20172015
28.9% 25.7%
13.5% 10.1%
2014
19,243 23,547
27,758 30,970
50,577
5,561 6,146 7,146 7,685
12,290
2,600 3,009 2,811 3,375
4,307
2016
26.1%
12.8%
Note: Core operations, excluding non-recurring items
24.8%
10.9%
2018
24.3%
8.5%
To be a leading food operator maximizing stakeholders’ value
Minor Food
Minor Food Portfolio – 4Q18
22
Minor Food
THAILAND INTERNATIONAL
Brand No. of OutletsThailand International
Equity Franchise Equity Franchise
528 262 133 2 131
316 121 168 1 26
66 55 - 11 -
503 254 247 2 -
109 103 - 6 -
462 51 - 46 365
95 14 - 58 23
70 - - 70 -
20 - 3 2 15
Others 101 89 - 12 -
Total Equity 1,159 949 - 210 -
Total Franchise 1,111 - 551 - 560
Grand Total 2,270 1,500 770
Riverside
Manufacturing
23
Minor Food
Two manufacturing plants in Thailand producing over 20,000 tons of cheese and ice cream per annum
Coffee roasting factory in Australia
Manufacturing of ice-cream ingredients and toppings
Minor Food – Key Statistics
24
Minor Food
The Pizza Company, 21%
The Coffee Club, 14%
Sizzler, 13%Swensen's, 10%
Dairy Queen, 6%
Burger King, 7%
Thai Express, 8%
Riverside, 11%
Others, 10%
*Core revenue, excluding non-recurring items
Same-store-sales Growth
2018 Revenue Breakdown by Brand*
Total-system-sales Growth
No. of Outlets
1,708 1,851
1,996 2,064 2,270
500
1,000
1,500
2,000
2,500
2014 2015 2016 2017 2018
0.4%
-0.2%
1.3%
-0.8%
-3.3%-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
2014 2015 2016 2017 2018
13.1%
11.2%
9.1%
5.1%
0.2%0.0%
5.0%
10.0%
15.0%
2014 2015 2016 2017 2018
Minor Food Financial Performance
25
Minor Food
1,550 1,572 1,684 1,913 1,521
THB Million
EBITDA Margin
Net Margin
16,754 18,626
23,022 23,582 23,484
2,817 3,127 3,843 4,285 3,647
16.8% 16.7%
9.3% 7.3%
16.8%
8.4%
20162014 2015
Note: Core operations, excluding non-recurring items
2017
18.2%
8.1%
Revenue
EBITDA
NPAT
2018
6.5%
15.5%
Others – Minor Lifestyle Portfolio – 4Q18
26
Minor Lifestyle
# Outlets
31
-
Fashion
# Outlets
82
40
83
2
Total 409
9
27
# Outlets
32
119
29
Household
6
21
Total 81
9
Manufacturing of acid-based fast-moving consumer goods
100K Tons / Year
Contract Manufacturing
Lifestyle
Scomadi
Minor Lifestyle – Statistics & Financial Performance
27
Minor Lifestyle
THB Million
Revenue
EBITDA
NPAT
EBITDA Margin
NetMargin
Same-Store-Sales Growth
Total-System-Sales Growth
-8.1%-6.3%
-0.1%
2.3%
-3.9%
-10.0%
-5.0%
0.0%
5.0%
2014 2015 2016 2017 2018
3.8%
-3.3%
8.4%
19.3%
9.0%
-10.0%
0.0%
10.0%
20.0%
2014 2015 2016 2017 2018
183
124 81
127 130
2016
10.4% 7.6%
4.9% 2.3%
3,703 3,505 3,505
4,091 4,439
384 300 267 304 307
2014
8.6%
3.5%
2015
Financial Performance
7.4%
3.1%
2017 2018
2.9%
6.9%
Key Financial Highlights
Resiliency of Thailand vs. MINT’s Responsive Strategies
29
Since 2000, Thailand has gone through several challenges, driven by both domestic and global factors. Geographical diversification and new initiatives including mixed-use development have proven to mitigate the risks, with MINT reporting profit all along.
-3,000
-1,500
0
1,500
3,000
4,500
6,000
-15%
0%
15%
30%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
MINT's NPAT % Change in Private Consumption % Change in Tourist Arrival
Source: Office of The National Economic and Social Development Board and Bank of Thailand
MINT’s Diversification Strategy
2000 – 2005
• Acquired Minor Food Group
• Launched own Pizza brand, The Pizza Company and opened TPC and SZ in China
• Launched own hotel brand, Anantara
• Entered into a JV to operate 3 hotels in the Maldives
• Launched the first timeshare project in Asia with Marriott
2006 – 2009
• Acquired Minor Corporation
• Invested in S&P Thailand, The Coffee Club Australia and Thai Express Singapore
• Entered into a JV with Serendib Sri Lanka and Elewana Africa
• Launched the first residential project, the Estates Samui
• Opened the first two overseas purely managed hotels in Bali and Abu Dhabi
2010 – 2018
• Invested in Beijing Riverside & Courtyard China, VGC in Australia, Corbin & King in the UK and non-US operations of Benihana
• Invested in hotels in Sri Lanka, Phuket, Vietnam, Cambodia, Zambia, Namibia, Botswana, Lesotho and Mozambique, in Oaks Hotels & Resorts in Australia, in Tivoli Hotels & Resorts in Portugal and Brazil and in NH Hotel Group in Spain
• Launched AVANI brand, Anantara Vacation Club, and the new residential projects, Layan Residences by Anantara, Avadina Hills by Anantara and Anantara Chiang Mai Serviced Suites
Pattaya Riot
AirportClosure
Tsunami RajprasongRiot
Bangkok Coup
FloodingSARSSub-prime
Crisis
Bangkok Shutdown Coup
THB Million
ErawanBombing
Mourning
Phuket Boat Incident
Financial Highlights
MINT Financial Highlights
30
Financial Highlights
THB Million THB Million
THB Million THB Million
Total Assets
Total Revenue
Total Equity
Net Profit
74,279 98,382 108,453
119,100
267,700
0
50,000
100,000
150,000
200,000
250,000
300,000
2014 2015 2016 2017 2018
30,024 36,711
40,797 50,504
83,074
0
15,000
30,000
45,000
60,000
75,000
90,000
2014 2015 2016 2017 2018
39,70045,678
54,285
78,499
39,78748,014
56,973 58,644
79,328
0
15,000
30,000
45,000
60,000
75,000
90,000
2014 2015 2016 2017 2018
4,3334,705 4,576
5,957
4,402
7,0406,590
5,415 5,445
0
2,000
4,000
6,000
8,000
2014 2015 2016 2017 2018
Core operation Reported Core operation Reported
MINT Financial Highlights
31
Financial Highlights
Return On Assets
EBITDA Margin
Return On Equity
Net Margin
22.1%21.0% 20.7% 20.9% 20.7%
22.2% 24.8% 23.2%
19.8%
0%
10%
20%
30%
2014 2015 2016 2017 2018
10.9% 10.3%8.4% 9.2% 7.6%
11.1%
14.7%
11.6%
6.9%
0%
5%
10%
15%
2014 2015 2016 2017 2018
6.4%5.4%
4.4%4.8%
3.1%
6.6%
8.2%
6.4%
2.8%
0%
2%
4%
6%
8%
10%
2014 2015 2016 2017 2018
15.2%14.1%
11.8% 11.9%
8.9%
15.5%
21.1%
17.0%
8.2%
0%
5%
10%
15%
20%
25%
2014 2015 2016 2017 2018
Core operation Reported
MINT Financial Highlights - Others
32
Financial Highlights
Current Ratio
Interest-Bearing D/E
Dividend Per Share And Payout Ratio
Interest Coverage
0.25 0.35 0.35 0.40 0.40
0.10 35.6% 32.8% 33.7% 32.8% 31.0%*
0%
20%
40%
60%
0.00
0.10
0.20
0.30
0.40
2014 2015 2016 2017 2018
Cash Stock Payout Ratio
x x
x THB
1.11.2 1.2
1.0
1.5
0.0
0.5
1.0
1.5
2014 2015 2016 2017 2018
5.55.2
5.75.1
4.0
0.0
2.0
4.0
6.0
8.0
2014 2015 2016 2017 2018
1.0
1.5
0.9
1.3
0.9
0.0
0.4
0.8
1.2
1.6
2014 2015 2016 2017 2018
***
* EPS calculation based on core operation, excluding non-recurring items
Other Corporate Information
Minor Group34%
Foreign Institutions27%
Osathanugrah Group10%
Thai Institutions 18%
Royal Family3%
Others8%
Shareholders & Management
34
Corporate Information
0
10
20
30
40
50
2001Investment
CashDividend
StockDividend
Warrants Capital Gain YTD Value
Shareholding Structure
Shareholders’ ReturnTHB
Management Structure
1. William E. Heinecke Chairman and Group Chief Executive Officer
2. Paul Charles Kenny Chief Executive Officer of Minor Food
3. Dillip Rajakarier Chief Operating Officer of Minor International Chief Executive Officer of Minor Hotels
4. Patamawalai Ratanapol Chief People Officer of Minor International
5. James Richard AmatavivadhanaChief Executive Officer of Minor Lifestyle
6. Brian James DelaneyCorporate Chief Financial Officer
7. Stephen ChojnackiChief Commercial Officer and General Counsel
8. John Scott Heinecke Chief Operating Officer - Hot Chain of Minor FoodAs of Dec 2018
34 1 26 75 8
As of Jan 2019
Sustainability Development
35
Corporate Information
Drive for Empowerment
Driving People DevelopmentWe focus our efforts in developing people, from grassroots to leaders, with education, skills and life-long learning, empowering them to achieve their highest potential
Drive for Shared Success
Engaging in End-to-End Customer ExperienceWe strive to enrich our customers’ experiences through end-to-end engagement and by delivering the best products and services that provide 100% satisfaction
Committing to Long-term and Sustainable PartnershipsWe foster long-term relationships with our partners along the value chain to achieve mutual sustainable benefits
Drive for Good Governance
Managing Environmental ImpactWe commit to produce a positive environmental and social impact in the locations where we operate
Fostering Social Responsibility MindsetWe encourage and foster a social responsibility mindset among our employees and with our partners
Practicing Good Corporate GovernanceWe build a strong platform for sustainable organization by practicing good corporate governance in all business operations
Drive for Harmony
Recent Awards
36
Corporate Information
2018 All-Asia Executive Team Rankings: Honored Company in the Emerging Markets – Country Winner, Institutional Investor
2018 All-Asia Executive Team Rankings: Top 3 Thailand's Best CEO, Institutional Investor
2018 All-Asia Executive Team Rankings: Top 3 Thailand's Best IR Professional, Institutional Investor
Best SET Sustainability Awards 2018 (SET Market Capitalization of Over THB100bn), Stock Exchange of Thailand
Included in Dow Jones Sustainability Emerging Markets Index (DJSI) 2018 in Hotels, Resorts and Cruise Lines Industry (fifth consecutive year), S&P Dow Jones Indices and RobecoSAM
Included in FTSE4Good Emerging Index 2018 (third consecutive year), FTSE Russell
2018 Conde Nast Traveler Readers’ Choice Awards
o Naladhu Private Island – No. 1 Best Resort in the Indian Ocean
o Qasr al Sarab Desert by Anantara – No. 1 Best Resort in Middle East
Anantara Hotels & Resorts
o No. 9 World's Greatest Hotel Group, The Telegraph (UK)
o World's Best Awards: No. 13 Top Hotel Brands, Travel+Leisure (USA)
o Gold Stevie® Winner, The International Business Awards
o Readers’ Choice Awards: No. 4 Best Hotel Brand for Leisure, DestinAsian
Minor Food – Thailand’s Top Corporate Brand Values 2018 in F&B Sector, The Stock Exchange of Thailand & Chulalongkorn Business School
First Runner Up in Top Curl Award 2018, International Dairy Queen
Overall Performance & Corporate
Minor Hotels
Minor FoodMinor Food – Thailand’s Top Corporate
Brand Values 2018 in F&B Sector, The Stock Exchange of Thailand & Chulalongkorn
Business School
Naladhu Private Island – No. 1 Best Resort in the Indian Ocean, by Conde Nast Traveler