company presentation may 2013mint.listedcompany.com/misc/presn/20130516-mint... · 5/16/2013 ·...

Company Presentation - May 2013

Anantara Xishuangbanna, China

2

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.

FORWARD LOOKING STATEMENT Disclaimer

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Anantara Vacation Club, Phuket

Agenda 1Q13 Performance Recap Hotel & Mixed Use Business Restaurant Business Other Important Information

http://www.anantaravacationclub.com/wp-content/uploads/2012/02/Phuket-Resort-Residents.jpg

4

1Q13 Performance Recap

Sizzler’s Launch of New Menu

Performance Recap ANOTHER RECORD-HIGH PERFORMANCE

MINT REPORTED RECORD-HIGH QUARTERLY NET PROFIT OF THB 1.4 BILLION, A 13% INCREASE YoY. EXCLUDING INSURANCE CLAIM RECEIVED IN 1Q12, NET PROFIT INCREASED BY 19% YoY, ATTRIBUTABLE TO IMPROVEMENT OF ALL THREE BUSINESS UNITS.

5

6,000

8,000

10,000

1Q12A Hotel & Mixed Use Restaurant Retail Trading 1Q13A

8,767

9,636

Revenue THB Million

1,000

1,100

1,200

1,300

1,400

1,500

1Q12A Hotel & Mixed Use Restaurant Retail Trading 1Q13A

NPAT (THB Million)

1,245

1,409

+13% YoY

Excl insurance claim +19% YoY

+10% YoY

Excl insurance claim +11% YoY

6

Anantara Hoi An Resort

Hotel & Mixed Use Business

Key Development SYSTEM-WIDE HOTEL OPERATIONS

OVERALL HOTEL STATISTICS WAS FLAT AS A RESULT OF NEW HOTELS ADDED TO THE PORTFOLIO, IN PARTICULAR MANAGED HOTELS, TOGETHER WITH THE STRENGTHENING OF THAI BAHT, WHICH RESULTED IN LOWER INCREASE IN ADR’S WHEN TRANSLATED INTO THAI BAHT. STRIPPING OUT THE EFFECT OF NEW HOTELS AND EXCHANGE RATE, REVPAR OF OVERALL PORTFOLIO INCREASED BY 6% YoY.

7

THB

* Note: Hotel Statistics include Oaks Hotel & Resort

NUMBER OF HOTEL ROOMS

0

3,000

6,000

9,000

12,000

1Q12 2Q12 3Q12 4Q12 1Q13

MLR / Oaks

Managed

Joint-venture

Owned

9,707 9,838 10,082 10,348 10,606

OCCUPANCY

73%

66% 67%

71% 74%

50%

60%

70%

80%

90%

1Q12 2Q12 3Q12 4Q12 1Q13

ADR

6,039

5,228 5,284 5,740 5,936

2,000

4,000

6,000

8,000

1Q12 2Q12 3Q12 4Q12 1Q13

REVPAR

4,417

3,430 3,553

4,075 4,368

1,000

2,000

3,000

4,000

5,000

1Q12 2Q12 3Q12 4Q12 1Q13

THB

THB

-2% YoY

-1% YoY

+9% YoY

+1% YoY

Organic excl FX Impact +2% YoY

No of Rooms

Organic +3% YoY


Key Development OWNED-HOTELS OPERATIONS

OWNED HOTELS, WHICH IS A MAJOR REVENUE DRIVER IN 1Q13 WITH 48% REVENUE CONTRIBUTION OF HOTEL & MIXED USE, SAW IMPRESSIVE REVPAR INCREASE OF 19% SYSTEM-WIDE. THIS IS DRIVEN BY REVPAR IMPROVEMENT OF ALL BRANDS – ANANTARA, FOUR SEASONS, MARRIOTT AND ST. REGIS. STRIPPING OUT THE EFFECT OF NEW HOTELS AND EXCHANGE RATE, REVPAR INCREASED BY 23% YoY.

8


2,554 2,335 2,335 2,335 2,494

0

1,000

2,000

3,000

1Q12 2Q12 3Q12 4Q12 1Q13

OCCUPANCY

70%

58%

64%

72%

78%

50%

60%

70%

80%

90%

1Q12 2Q12 3Q12 4Q12 1Q13

ADR

6,851

5,391 5,277 6,380

7,275

2,000

4,000

6,000

8,000

1Q12 2Q12 3Q12 4Q12 1Q13

REVPAR

4,776

3,139 3,388

4,563

5,692

0

2,000

4,000

6,000

1Q12 2Q12 3Q12 4Q12 1Q13

THB

THB

+6% YoY

+19% YoY

-2% YoY

+8% YoY

- Hua Hin Marriot + Hoi An + Quy Nhon

48% 52% Owned-hotels

Other hotels & mixed use

1Q13 REVENUE CONTRIBUTION

No of Rooms


Organic +9% YoY


OWNED-HOTELS PORTFOLIO & PIPELINE

MINT CONTINUES TO BUILD STRONG PIPELINE OF OWNED HOTELS OVER THE NEXT THREE YEARS, WITH PLAN TO GROW NUMBER OF ROOMS BY 10%+/- EVERY YEAR. EXPANSION CONTINUES TO BE IN MARKETS THAT MINT HAS HAD EXPERIENCE IN. NOTE THAT THE GROWTH FIGURES COULD BE HIGHER THAN THE CHART BELOW SUGGESTS IF MINT ACQUIRES MORE PROPERTIES.

9

Egypt

Key Development

Sri Lanka

Existing Avani Kalutara (105 Rooms) 2014 Avani Ambalangoda (80 Rooms) 2015 Anantara Sri Lanka (141 Rooms)

Maldives

Existing Anantara Kihavah (78 Rooms)

Vietnam

Existing Anantara Hoi An (96 Rooms) (1Q13) Qui Nhon – To be rebranded

into Avani (63 Rooms)

Thailand

Existing 12 hotels (2,152 Rooms) 2013 Anantara Layan (77 Rooms) 2015 Avani Bangkok (227 Rooms)

Australia

2014 Grand Hotel, Gladstone (143 Rooms)

2,335 2,571 2,794

3,162

0

1,000

2,000

3,000

4,000

2012 2013F 2014F 2015F

+10% +9% +13% No of Rooms

Note: Owned hotels include majority-owned hotels only

Key Development OAKS’ OPERATIONS

OAKS’ OPERATIONS PROVIDE THE HOTEL AND MIXED USE BUSINESS WITH STABLE PERFORMANCE THROUGHOUT THE YEAR, COMPARED TO HOTEL BUSINESS WHICH IS MORE EXPOSED TO SEASONALITY. OAKS’ PERFORMANCE REMAINED STABLE IN ITS AUSTRALIAN DOLLAR MARKET, WHILE THE APPRECIATION OF THAI BAHT HAS RESULTED IN THE DECLINE IN REVPAR. HOWEVER, NET PROFIT IMPROVED 3% YoY IN AUD TERM.

10

THB NUMBER OF MANAGED ROOMS

5,163 5,137 5,259 5,180 5,176

0

2,000

4,000

6,000

1Q12 2Q12 3Q12 4Q12 1Q13

OCCUPANCY

79% 76% 76% 77% 78%

50%

60%

70%

80%

90%

1Q12 2Q12 3Q12 4Q12 1Q13

ADR

REVPAR

THB

THB

THB -7% YoY

+0.3% YoY

-1% YoY

25%

75% Oaks



No of Rooms 5,244

4,980 5,249 5,156 4,898

0

2,000

4,000

6,000

1Q12 2Q12 3Q12 4Q12 1Q13

AUD -1% YoY AUD

160 158 161 162 158

0

30

60

90

120

150

180

1Q12 2Q12 3Q12 4Q12 1Q13

THB -7% YoY

AUD -2% YoY AUD

4,119 3,760 3,982 3,983 3,825

0

1,000

2,000

3,000

4,000

5,000

1Q12 2Q12 3Q12 4Q12 1Q13

126 119 122 125 124

0

30

60

90

120

150

1Q12 2Q12 3Q12 4Q12 1Q13 1Q12 2Q12 4Q12 3Q12 1Q13

1Q12 2Q12 4Q12 3Q12 1Q13

OAKS PORTFOLIO & PIPELINE

AS OAKS LOOKS FOR ADDITIONAL OPPORTUNIES OVER THE COMING YEARS, CURRENT PIPELINE IS ALREADY SHOWING HEALTHY EXPANSION. IN ADDITION TO EXPANSION THROUGH MANAGEMENT LETTING RIGHTS (MLR), OAKS IS ALSO LOOKING AT MAKING SELECTIVE INVESTMENTS IN AUSTRALIA AND EXPANDING OUTSIDE OF ITS HOME MARKETS THROUGH HOTEL MANAGEMENT CONTRACTS.

11

Egypt

Key Development

China

2013 Sanya (120 Rooms)

Australia

Existing 37 Properties (4,721 Rooms) 2013 William St., Melbourne (220 Rooms) 2014 Carlyle (87 Rooms) Radius (91 Rooms) 2015 Milton (298 Rooms) Emerald (120 Rooms)

New Zealand

Existing 3 Properties (290 Rooms)

5,180 5,786 5,964

6,478

0

2,000

4,000

6,000

8,000

2012 2013F 2014F 2015F

+12% +3% +9% No of Rooms

Thailand

Existing Bangkok (115 Rooms)

UAE

Existing Dubai (165 Rooms) 2013 Liwa Suites, Abu Dhabi (54 Rooms)

Selective acquisitions:

• 50% stake in Tidal Swell, the owner of four properties currently managed by Oaks

• Oasis Resort Caloundra, 158 hotel rooms and 9 apartments, together with MLR in Sunshine Coast

• Oaks Hyde Park Plaza, Sydney, 13 units

Indonesia

2013 Oaks Jimbaran (212 Rooms) 2015 Oaks Nusa Dua (96 Rooms)

Key Development MANAGED-HOTELS OPERATIONS

REVPAR OF MANAGED HOTELS PORTFOLIO IS SLIGHTLY DOWN BECAUSE OF THE ADDITION OF NEW HOTELS, COUPLED WITH THE APPRECIATION OF THAI BAHT, WHILE ORGANIC REVPAR WITHOUT EXCHANGE RATE IMPACT SHOWED AN INCREASE OF 6% YoY. HOWEVER, THE INCREASE IN NUMBER OF ROOMS MORE THAN OFFSET THE DECLINE IN REVPAR. TOGETHER WITH TECHNICAL SERVICE FEES, MANAGEMENT FEE INCREASED BY 54% IN 1Q13 YoY.

12


1,257 1,556 1,678

2,023 2,126

0

1,000

2,000

3,000

1Q12 2Q12 3Q12 4Q12 1Q13

OCCUPANCY

65%

50% 47%

56% 60%

30%

40%

50%

60%

70%

80%

1Q12 2Q12 3Q12 4Q12 1Q13

ADR

5,139 4,752 4,379

5,953 5,223

0

2,000

4,000

6,000

1Q12 2Q12 3Q12 4Q12 1Q13

REVPAR

3,323

2,364 2,063

3,308 3,158

0

1,000

2,000

3,000

4,000

1Q12 2Q12 3Q12 4Q12 1Q13

THB

THB

+2% YoY

-5% YoY

+69% YoY

-5% YoY

+ Anantara Uluwatu + Anantara Eastern

Mangroves, Abu Dhabi

3% 97%

Management contract


No of Rooms


+ Anantara Sanya

+ Avani Sepang Malaysia

+ Serengeti Pioneer Camp

+ Oaks Sathorn + Anantara

Xisuangbanna


Organic +4% YoY


MANAGED-HOTELS PORTFOLIO & PIPELINE

MINT HAS AN AGGRESSIVE EXPANSION PLAN FOR MANAGED HOTELS, BOTH IN EXISTING COUNTRIES OF OPERATION TO REFLECT THE CLUSTERING STRATEGY, AS WELL AS IN NEW MARKETS.

13

Egypt

Key Development

Indonesia

Existing Anantara Seminyak (60 Rooms) Anantara Uluwatu (77 Rooms) 2015 Avani Nusa Dua (654 Rooms)

UAE

Existing 3 hotels(492 Rooms) 2013 Anantara Palm Jumeirah

(293 Rooms) + Anantara Residences (456 Units)

Anantara Al Yamm (30 Rooms) Anantara Al Sahael (30 Rooms)

Vietnam

Existing Anantara Mui Ne(89 Rooms)

Thailand

Existing 6 hotels (858 Rooms)

Malaysia

Existing Avani Sepang (315 Rooms)

2,023 2,629

3,930

5,019

0

2,000

4,000

6,000

2012 2013F 2014F 2015F

+30% +45% +28% No of Rooms

China

Existing Anantara Sanya(122 Rooms) 1Q13 Anantara Xishuangbanna (103 Rooms) 2013 Anantara E-Mei (150 Rooms) 2014 Anantara Chongqing (150 Rooms) Anantara Baoting (130 Rooms) Anantara Qiandao Lake (120 Rooms) 2015 Anantara Dongguan (120 Rooms)

Tanzania

Existing Serengeti Pioneer Camp (10 Rooms)

Qatar

2014 Anantara Doha Island (117 Rooms)

Oman

2014 Anantara Salalah (136 Rooms) Anantara Al Madina (120 Rooms)

Anantara Al Akhdar (123 Rooms)

Laos

2014 Anantara Luang Prabang (115 Rooms)

India

2014 Anantara Mahabalipuram (130 Rooms) 2015 Anantara Udaipur (70 Rooms) Anantara Wayanad (95 Rooms)

Mauritius

2014 Anantara La Chaland (160 Rooms)

Sri Lanka

2015 Anantara Tangalle (150 Rooms)

Existing Projects

REAL ESTATES BUSINESS – RESIDENTIAL

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Pipeline

Sold 64%

Inventory 36%

Sold 75%

Inventory 15%

Key Development

2006 2007 2008 2009 2010 2011 2012 2013

RESIDENTIAL SALES, AS PART OF MINT’S REAL ESTATES BUSINESS, CONTINUES TO BE A CONTRIBUTOR TO THE HOTEL & MIXED USE BUSINESS. NEXT PROJECT IN THE PIPELINE IS THE FIRST ANANTARA ESTATES IN PHUKET, WHICH WILL BE LAUNCHED IN EARLY 2014. ADDITIONAL RESIDENTIAL PROJECTS NEXT TO ANY OF THE HOTEL PROPERTIES ARE BEING CONSIDERED TO ENSURE CORE PIPELINE OF MINT’S REAL ESTATES BUSINESS.

17%

83%

Real Estates



Deposited 4%

Contract signed 6%

Deposited

Contract signed

to date

• 2H13 / early 2014, concurrent with the new Anantara Phuket Hotel

Expected Launch Date

• 16 villas on 32 rais of land

Project Size

• 3-8 bedroom pool villas, with approximate size ranging from 700 – 1,800 sq.m.

• Naturally secluded, offering privacy and exclusivity, with its own private bay

Project Details

Anantara Estates, Phuket

Inventory

Performance to Date

REAL ESTATES BUSINESS – ANANTARA VACATION CLUB

15

Going Forward

Key Development

ANOTHER PART OF REAL ESTATES BUSINESS, ANANTARA VACATION CLUB, LEVERAGING ON THE ANANTARA BRAND, IS GROWING TO BECOME ANOTHER SIGNIFICANT CONTRIBUTOR TO HOTEL AND MIXED USE BUSINESS. 17%

83%

Real Estates



0

100

200

300

400

500

1Q12 2Q12 3Q12 4Q12 1Q13

+44%

THB million

2011 2012 2013F 2014F 2015F 2016F 2017F

22 25 46 57

400

0

100

200

300

400

2010 2011 2012 1Q13 2017F

Bangkok, Samui, Phuket, Bali, Queenstown, Sanya

No of Units 10 Destinations

Bangkok Phuket Samui Bali Hong Kong Singapore China

AVC Members – Asians as Target

Strong Quarterly Sales

Planned Pipeline of Inventories

Sales Office in Targeted Markets

Stable Revenue Stream Going Forward

Thailand 21%

Singapore 17%

China 13%

Hong Kong 12%

Malaysia 11%

Australia 4%

Japan 2%

India 2%

Others 18%

16

9M12 & 3Q12 Results Recap

The Path to our 5-Year Aspirations

Anantara Sanya, China

Restaurant Business

New brand under Thai Express Concept

http://poulet.com.sg/

SSS & TSS Growth

RESTAURANT PERFORMANCE

RESTAURANT BUSINESS CONTINUES TO SEE ROBUST AND STABLE GROWTH. SAME-STORE-SALES SHOWED REASONABLE GROWTH IN 1Q13, ON THE BACK OF STRONG DOMESTIC CONSUMPTION IN THAILAND, TOGETHER WITH EFFECTIVE MARKETING CAMPAIGNS, WHILE NUMBER OF OUTLETS EXPANDED BY 11% YoY.

17

7.6% 6.5%

3.3% 4.6%

4.1%

16.0%

13.6% 12.5%

11.4%

14.6%

0%

5%

10%

15%

20%

1Q12 2Q12 3Q12 4Q12 1Q13

Same Store Sales Growth Total System Sales Growth

Key Development

No. of Outlets 1,381 1,264 1,274 1,304 1,406

2005 2012 1Q13 2017F

2005 2012 1Q13 2017F

34%

66%

34%

66% 7% 93%

36%

64% 558

2,749

Restaurant Outlets Breakdown by Geography

45%

55% 14% 86%

45%

55%

1,381

558

2,749

Restaurant Outlets Breakdown by Ownership

Franchised

Owned

1,406

1,406

46%

54%

1,381

International

Thailand

+11% YoY

+11% YoY

RESTAURANT HIGHLIGHTS

MINT CONTINUES TO IMPROVE THE OPERATIONS OF ITS EXISTING FOOD BRANDS, WHILE LOOKING FOR OPPORTUNITIES TO ADD NEW BRANDS AND NEW CONCEPTS TO ITS ALREADY DIVERSE PORTFOLIO.

18

Key Development

Successful buy-one-get-one free campaign for The Pizza

Company’s anniversary

Successful Mango Sundae Promotion

Launch of new menu book design

Continued expansion of domestic franchising

Launch of BK Grill concept at all stores; Emphasis on premium beef burgers

Continued efforts in the integration of Ribs and Rumps

since the acquisition; Expansion of The Coffee Club outside of its home country

Launch of new menus for Xin Wang in 3Q12 and Thai

Express in 1Q13

Integration and consolidation of Riverside with China Food

Group

TURN-AROUND OF CHINA

THE ACQUISITION OF RIVERSIDE RESULTED IN ECONOMIES OF SCALE OF BACK OFFICE. IN ADDITION, WITH THE CONSOLIDATION OF RIVERSIDE, TOGETHER WITH RATIONALIZATION OF THE PIZZA COMPANY OUTLETS IN CHINA, MINT’S RESTAURANT BUSINESS IN CHINA STARTED TO SHOW BREAK-EVEN AT THE OPERATIONAL LEVEL SINCE 4Q12.

19

Key Development

Performance Progress

Riverside’s Plans Going Forward

• Sizzler’s performance continued to improve, with improving store contribution margin over the past two years.

• The Pizza Company started to report positive store contribution margin in March 2013.

• Since the consolidation of Riverside, China business broke-even at the operational level.

• To improve R&D for development of new products

• To emphasize on service excellence, with standardized training program

• To adhere to financial discipline, with long term strategic plan and budget tracking system

INVESTMENT IN BREADTALK

MINT INCREASED ITS INVESTMENT IN BREADTALK TO 10% AS AT END OF 1Q13. TOTAL INVESTMENT AMOUNT IS SGD 19.6 MILLION, WITH AVERAGE COST PER SHARE OF SGD 0.6977. APART FROM UNREALIZED CAPITAL GAIN, MINT IS NOW ENTITLED TO DIVIDEND FROM BREADTALK GOING FORWARD.

20

Key Development

609 bakery outlets

Basic Profile

47 food atria

30 restaurants

15 Countries

China (48 cities), Singapore, Indonesia, Philippines, Thailand, Hong Kong, Malaysia, India, Vietnam, Kuwait, Bahrain, Sri Lanka, Jordan, Oman, Taiwan,

Revenue Contribution

Singapore 51%

China 32%

Hong Kong 9%

Rest of World

8% Food Atrium

25%

Restaurant 23%

Bakery 52%

Financial Performance

Revenues (SGD Million)

Profit before tax (SGD Million)

212 247

303 366

447

12 16 17 17

19

2010 2008 2009 2011 2012

2008-2012 CAGR 20%

2008-2012 CAGR 13%

Staff of over

7,000

A premier lifestyle brand in the region, headquartered in Singapore. It was founded in 2000 and was listed on SGX in 2003.

21

9M12 & 3Q12 Results Recap

The Path to our 5-Year Aspirations

Anantara Sanya, China Other Important Information

New brand under Thai Express Concept

http://poulet.com.sg/

RETAIL TRADING & CONTRACT MANUFACTURING

RETAIL TRADING BUSINESS HAS SEEN STRONG SAME STORES SALE GROWTH SINCE 4Q12. SALES PER SQUARE METER ALSO STARTED TO SEE AN IMPROVING TREND SINCE THE RECOVERY FROM THE FLOOD IN 4Q12.

22

SSS & TSS SALES PER SQ.M.

-6.8%

-4.4%

-10.1%

7.2%

10.3%

5.0%

23.0%

16.3%

24.2% 23.0%

-20%

0%

20%

40%

1Q12 2Q12 3Q12 4Q12 1Q13

Key Development

Comparable Sales Growth Total Store Sales Growth

No. of Shops 235 240 246 237 240

Note: No. of shops include Laneige, Smashbox and Bloom which were closed in 1Q12, 3Q12 and 4Q12 respectively

Fashion & Cosmetic Sales per Sq.m.

THB

26,316

25,057

27,155 25,870

28,717

10,000

20,000

30,000

40,000

1Q12 2Q12 3Q12 4Q12 1Q13

No. of Shops 235 240 246 237 240

23

CAPEX & BALANCE SHEET STRENGTH

IN ADDITION TO COMMITTED CAPEX, MINT ALSO SET ASIDE ADDITIONAL CAPEX FOR FUTURE ACQUISITIONS AND NEW INITIATIVES. LEVERAGE RATIO CONTINUED TO COME DOWN IN 1Q13, REFLECTING PROCEEDS FROM THE EXERCISE OF WARRANTS, TOGETHER WITH IMPROVED PROFITABILITY. WITH ITS BALANCE SHEET STRENGTH, MINT WILL BE ABLE TO FINANCE ITS CAPEX REQUIREMENTS.

Committed CAPEX & New Opportunities Leverage Ratios X

Going Forward

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1Q12 2Q12 3Q12 4Q12 1Q13

Interest Bearing Debt to Equity

Net Interest Bearing Debt to Equity

Internal Policy

X

Interest Bearing Debt to Net Replacement Value

* Incremental capital increase from MINT W-4 exercise, assuming 100% MINT-W4 Conversion

THB million

Back-up Financing

0

10,000

20,000

30,000

40,000

50,000

Outstanding Borrowing & Equity

Un-Utilized Facility

Debt Debt

Shareholders’ Equity

Equity*

-

2.0

4.0

6.0

8.0

-

2,000

4,000

6,000

8,000

10,000

2012 2013F 2014F 2015F 2016F 2017F

Committed CAPEX & New Opportunities

X THB million

Additional CAPEX (non-committed average per annum) for New Opportunity/Acquisition(s)

Restaurant Hotel & Mixed-use Retail Trading

EBITDA coverage on committed CAPEX

1.01

0.72

FIVE-YEAR ASPIRATIONS

24

22 hotels

676 restaurants

316 retail shops & POS

(14,524 Sqm)

2007

84 hotels

67 residences built to date

57 timeshare units

1,406 restaurants

240 retail shops & POS

(20,279 Sqm)

1Q13

> 140 hotels

> 200 residences built to date

> 400 timeshare units

> 2,700 restaurants

> 260 retail shops & POS

(>23,000 Sqm)

2017F

NPAT (THB) 1.6bn

1.6bn 3.4bn

Going Forward

MINT’S FIVE-YEAR STRATEGY 2013-2017

MINT’S FIVE-YEAR STRATEGY WAS FORMULATED MAINLY BASED ON THE FOLLOWING THREE KEY PILLARS, WITH CLEAR GOALS AS WELL AS MEASUREMENTS.

25

Going Forward

NPAT growth of ~15-20% CAGR ROIC of >15%

Growth Pillars

Measure-ments

Drive Profitable Portfolio of Own Brands

Continually Enhance Asset Productivity

Expand Internationally Through Strategic

Investments & Acquisitions

Asset-light

Model

Mixed-use

Initiatives

Total-system-sales growth of over 15%

Revenues growth

of over 10%

Improvement of margins

Revenues from overseas of over 40%

Net profit from overseas

of 50%

2017 Goals

26

Appendix

-

2,000

4,000

6,000

8,000

10,000

1Q12 2Q12 3Q12 4Q12 1Q13

27

1Q13 Results 1Q13 REVENUE & EBITDA INCREASE OF 10% & 14%

THB million +10% YoY

MINT REPORTED 1Q13 REVENUE AND EBITDA INCREASE OF 10% AND 14% YoY RESPECTIVELY, ATTRIBUTABLE TO STRONG PERFORMANCE OF ALL THREE BUSINESS UNITS. EBITDA MARGIN IMPROVED BECAUSE OF OPERATING LEVERAGE OF OWNED HOTELS AND RESTAURANTS, GROWTH OF ASSET LIGHT BUSINESSES AND TURNAROUND OF RESTAURANT BUSINESS IN CHINA.

8,768 Restaurant

40%

Hotel & Mixed-Use

50%

Retail Trading

10%

7,524 7,842 8,859

Revenues

EBITDA

-

500

1,000

1,500

2,000

2,500

3,000

1Q12 2Q12 3Q12 4Q12 1Q13

THB million

EBITDA Margin

+14% YoY

2,245

25.6%

1,311

17.4%

1,486

18.9%

2,021

22.8%

Restaurant Hotel & Mixed-Use Retail Trading

Restaurant 28%

Hotel & Mixed-Use

68%

Retail Trading

4%

9,636

2,550

26.5%

-

300

600

900

1,200

1,500

1Q12 2Q12 3Q12 4Q12 1Q13

Restaurant Hotel & Mixed-Use Retail Trading

28

1Q13 NET PROFIT INCREASE OF 13% YoY

THB million

2012 NET PROFIT ROSE 13% YoY AS A RESULT OF IMPROVED PERFORMANCE OF ALL THREE BUSINESSES. EXCLUDING INSURANCE CLAIM RECEIVED IN 1Q12, 1Q13 NET PROFIT INCREASED MORE SIGNIFICANTLY BY 19% YoY.

Net Margin

+13% YoY

14.2%

1,245

Restaurant 29%

Hotel & Mixed-Use

67%

Retail Trading

4%

1Q13 Results

340

4.5%

345 516

6.6%

1,147

12.9%

1,409

14.6%

Note: Net profit in 2012 has been restated per the new accounting policy on current and deferred income taxes (IAS 12)

29

FINANCIAL PERFORMANCE – HOTEL & MIXED-USE Hotel Updates

Revenue

EBITDA

NPAT

EBITDA Margin

Net Margin

THB million 4,527

3,480 3,834

4,549 4,794

1,559

726 890

1,360

1,727

863

76 208

797 945

HOTEL & MIXED-USE BUSINESS SAW STABLE GROWTH OF 1Q13 REVENUES YoY, WHILE EBITDA & NET PROFIT GREW AT A FASTER RATE BECAUSE OF OPERATING LEVERAGE OF OWNED HOTELS AND HIGHER HOTEL MANAGEMENT FEES WHICH HAVE HIGHER MARGINS.

Owned hotels, accounting for 48% of hotel and mixed-use revenues in 1Q13, saw strong RevPar increase of 19% YoY;

RevPar of Oaks declined by 7%, primarily from the appreciation of Thai Baht against Australian dollar. Oaks contributes 25% of hotel and mixed-use revenues;

Revenue of management contracts increased by 54%, from the increase in number of rooms by 69% YoY, despite the RevPar decline of 5%. Management contract is 3% of hotel and mixed-use revenues in 1Q13;

Real estates business is 17% of hotel and mixed-use revenues. Despite the 2% transfer of St. Regis units, revenues from real estates business increased by 2% because of 44% sales growth of Anantara Vacation Club, together with other income, which comprise rental income and maintenance fees from the two properties, sales of Anantara Vacation Club’s trial packages and cost adjustment of residential business;

EBITDA margin increased from the enhanced operating leverage of hotel operations and improved profitability of hotel management and mixed-use businesses.

Key Highlights

1Q12

+6% YoY

34.4%

19.1%

20.9%

2.2%

2Q12 4Q12

23.2%

17.5%

29.9%

5.4%

3Q12 1Q13

19.7%

+11% YoY

36.0%

+9% YoY


30

HOTEL PERFORMANCE BY BRAND – 1Q13

Systemwide

Organic

Hotel Updates

Hotel ARR (Bt/night)

1Q13 1Q12 Chg 1Q13 1Q12 %Chg 1Q13 1Q12 Chg

Anantara 67% 65% 2% 7,607 7,738 -2% 5,111 5,040 1%

Marriott 87% 80% 7% 5,498 4,811 14% 4,787 3,854 24%

Four Seasons 78% 64% 14% 9,713 9,349 4% 7,579 5,969 27%

Oaks 78% 79% 0% 4,821 5,244 -8% 3,765 4,119 -9%

Others 57% 58% -1% 5,382 6,245 -14% 3,084 3,615 -15%

Average

(incl. Oaks) 74% 73% 0% 5,936 6,039 -2% 4,368 4,417 -1%

Average

(excl. Oaks) 69% 67% 2% 7,063 7,094 0% 4,891 4,756 3%

Avg - Thailand 78% 68% 10% 5,646 5,332 6% 4,429 3,644 22%

Avg - Overseas

(incl. Oaks) 71% 76% -5% 6,086 6,401 -5% 4,339 4,858 -11%

Avg - Overseas

(excl. Oaks) 54% 63% -9% 10,600 13,676 -22% 5,678 8,560 -34%

Occupancy (%) RevPar (Bt/night)



Anantara 73% 65% 7% 7,692 7,738 -1% 5,583 5,040 11%

Marriott 87% 80% 7% 5,498 4,811 14% 4,787 3,854 24%

Four Seasons 78% 64% 14% 9,713 9,349 4% 7,579 5,969 27%

Oaks 78% 79% 0% 4,821 5,244 -8% 3,765 4,119 -9%

Others 57% 58% -1% 6,728 6,245 8% 3,815 3,615 6%

Average

(incl. Oaks) 76% 73% 3% 5,976 6,039 -1% 4,544 4,417 3%

Average

(excl. Oaks) 74% 67% 7% 7,318 7,094 3% 5,388 4,756 13%

Avg - Thailand 78% 68% 10% 5,646 5,332 6% 4,429 3,644 22%

Avg - Overseas

(incl. Oaks) 75% 76% -1% 6,165 6,401 -4% 4,607 4,858 -5%

Avg - Overseas

(excl. Oaks) 58% 63% -5% 14,811 13,676 8% 8,551 8,560 0%


31

HOTEL PERFORMANCE BY OWNERSHIP – 1Q13

Systemwide

Organic

Hotel Updates



Owned 78% 70% 9% 7,275 6,851 6% 5,692 4,776 19%

Joint Venture 56% 53% 2% 17,842 18,735 -5% 9,933 9,999 -1%

Managed 60% 65% -4% 5,223 5,139 2% 3,158 3,323 -5%

MLR 78% 79% 0% 4,898 5,244 -7% 3,825 4,119 -7%

Average

(incl. Oaks) 74% 73% 0% 5,936 6,039 -2% 4,368 4,417 -1%

Average

(excl. Oaks) 69% 67% 2% 7,063 7,094 0% 4,891 4,756 3%

Avg - Thailand 78% 68% 10% 5,646 5,332 6% 4,429 3,644 22%

Avg - Overseas

(incl. Oaks) 71% 76% -5% 6,086 6,401 -5% 4,339 4,858 -11%

Avg - Overseas

(excl. Oaks) 54% 63% -9% 10,600 13,676 -22% 5,678 8,560 -34%




Owned 79% 70% 9% 7,409 6,851 8% 5,842 4,776 22%

Joint Venture 56% 53% 2% 17,842 18,735 -5% 9,933 9,999 -1%

Managed 68% 65% 4% 5,036 5,139 -2% 3,442 3,323 4%

MLR 78% 79% 0% 4,898 5,244 -7% 3,825 4,119 -7%

Average

(incl. Oaks) 76% 73% 3% 5,976 6,039 -1% 4,544 4,417 3%

Average

(excl. Oaks) 74% 67% 7% 7,318 7,094 3% 5,388 4,756 13%

Avg - Thailand 78% 68% 10% 5,646 5,332 6% 4,429 3,644 22%

Avg - Overseas

(incl. Oaks) 75% 76% -1% 6,165 6,401 -4% 4,607 4,858 -5%

Avg - Overseas

(excl. Oaks) 58% 63% -5% 14,811 13,676 8% 8,551 8,560 0%


32

EXPANSION INTO MARKETS INSIDE AND OUTSIDE THAILAND WILL CONTRIBUTE WELL TO REVENUE & PROFIT IN COMING YEARS.

MINT’S HOTEL EXPANSION PLANS

Hotel Investment

2014

10 Hotels / 875 Rooms

• Xishuangbanna, China (103 Rooms)

• Chengdu, China (150 Rooms)

• Palm Jumeirah, UAE (293 Rooms)

• Al Yamm, UAE (30 Rooms)

• Al Sahael, UAE (30 Rooms)

29 Hotels & Properties / 4,198 Rooms

Management Contract

2013

• Masai Mara Camp,

Kenya (16 Rooms)

• Amboseli Camp,

Kenya (16 Rooms)

• Grand Hotel,

Gladstone

Australia

(143 Rooms)

• Phuket –

Bundarika

(77 Rooms)

• Hoi An,

Vietnam

(96 Rooms)

• Sri Lanka

(141 Rooms)

• Chongqing, China (150 Rooms)

• Baoting, China (130 Rooms)

• Qiandao Lake, China (120 Rooms)

• Luang Prabang, Laos (115 Rooms)

• Salalah, Oman (136 Rooms)

• Al Akhdar, Oman (123 Rooms)

• Al Madina, Oman (120 Rooms)

• Doha, Qatar (117 Rooms)

• Mahabalipuram, India (130 Rooms)

• La Chaland, Mauritius (160 Rooms)

• Bangkok

(227 Rooms)

2015

• Ambalangoda,

Sri Lanka

(80 Rooms)

• Meru, Kenya

(16 Rooms)

• Sanya, China

(120 Rooms)

• Liwa Suites, Abu

Dhabi (54 Rooms)

• Jimbaran, Bali

(212 Rooms)

• William St.,

Melbourne

(220 Rooms)

• Tangalle, Sri Lanka (150 Rooms)

• Dongguan, China (120 Rooms)

• Udaipur, India (70 Rooms)

• Wayanad, India (95 Rooms)

• Quy Nhon,

Vietnam

(63 Rooms)

Going Forward

• Carlyle

(87 Rooms)

• Radius

(91 Rooms)

• Milton

(298 Rooms)

• Emerald

(120 Rooms)

• Oaks Nusa Dua,

Bali (96 Rooms)

• Avani Nusa

Dua, Bali

(654 Rooms)

Total

MINT’S COMPOSITION OF HOTEL ROOMS ARE EXPECTED TO CHANGE OVER THE NEXT FIVE YEARS. MINT WILL FOCUS ON THE EXPANSION OF OUR OWN BRANDS, ANANTARA AND OAKS, MORE EXPONENTIALLY THROUGH ASSET LIGHT MODEL (MANAGEMENT CONTRACTS), WITH GEOGRAPHICAL FOCUS OUTSIDE OF THAILAND.

MINT’S HOTEL PORTFOLIO

No of rooms

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2005 1Q13 2017F

Others Oaks

Avani Anantara

Four Seasons Marriott

2,169

15,797

55% 5% 4%

20%

26%

3%

19%

50%

33%

6%

9%

44%

9%

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2005 1Q13 2017F

Managed

Joint Venture

Own Equity

92% 24% 20%

8% 7%

5%

69%

75%

2,169

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2005 1Q13 2017F

International

Outside Bangkok

Bangkok

36% 14% 11% 56%

15% 10% 8%

71% 79%

2,169

By Location By Ownership By Brand

33

5%

10,606

6%

5%

15,797

10,606

15,797

10,606

Hotel Updates

No of rooms No of rooms

-10%

0%

10%

20%

30%

0

5

10

15

20

25

30

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013F

Tourist Arrival % Change

HOTEL INDUSTRY OUTLOOK IS EXPECTED TO REMAIN STRONG ON THE BACK OF INCREASING TOURIST ARRIVAL.

Million Tourists Arrival to Thailand – Yearly Trend

Source: Tourism Authority of Thailand and Bank of Thailand

TOURIST ARRIVAL TO THAILAND

Million Tourist Arrival to Thailand – Monthly Trend

34

-40%

-20%

0%

20%

40%

60%

80%

0.0

0.5

1.0

1.5

2.0

2.5

3.0

Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13

Hotel Updates

0

300,000

600,000

900,000

1,200,000

China Russia Japan Korea Germany

1Q12 1Q13

0

20,000

40,000

60,000

80,000

100,000

120,000

Thailand East Asia Europe The Americas South Asia Oceania Middle East Africa & Others

1Q12

1Q13

MINT’S FEEDER MARKETS

No of room nights

MINT’s 1Q13 Feeder Markets Thailand’s Top 5 Feeder Markets

No of tourists

MINT’s 1H12 Feeder Markets

* Note: MINT’s feeder market excludes Oaks’

35

Hotel Updates

-12%

60%

10%

-4%

24% 23%

MINT’s 1Q13 Feeder Markets

1%

34%

MINT CONTINUES TO SEE IMPROVEMENTS ACROSS ALL OF ITS FEEDER MARKETS, WITH A 21% YoY INCREASE IN 1Q13 OVERALL ROOMNIGHTS COMPARED TO INCREASE IN THAILAND’S TOURIST ARRIVALS OF 19% YoY.

China +135% Hong Kong +40%

Japan +17% Singapore +5%

Korea +6%

UK +17% Russia +4%

Australia +25%

India +38%

93%

26%

22% 20%

12%

Thailand, 8%

East Asia,

32%

Europe, 35%

The Americas,

9%

South Asia,

3%

Oceania, 4%

Middle East,

7%

Africa &

Others, 2%

STRENGTHENING OF HOTEL’S NON-TRADITIONNAL MARKETS

ALTHOUGH CHINA AND RUSSIA REPRESENTED ONLY 10% OF MINT’S TOTAL FEEDER MARKETS BASED ON ROOM NIGHTS IN 2012, THE YIELDS THEY GENERATED WERE RELATIVELY MUCH HIGHER AS THEY MOSTLY STAYED AT HIGHER-ROOM-RATE HOTELS, E.G. IN MALDIVES AND PHUKET.

Hotel Updates

36

MINT’s 2012 Feeder Markets

China 6% Russia

4%

Others 90%

Maldives Hotels

19% Anantara

& JW Marriott Phuket

8% Four Seasons Group 17%

St. Regis 5%

Others 51%

Maldives Hotels

26%

Anantara & JW

Marriott Phuket

34% Four

Seasons Group

3%

St. Regis 1%

Others 36%

Average ADR*: Bt 10,058 Average ADR*: Bt 15,929

Average ADR: Bt 5,589

* The pie charts include total room nights of MINT hotel portfolio (excluding Oaks), while average daily rates of China and Russia markets are calculated from Maldives hotels, Anantara Phuket, JW Marriott Phuket, Four Seasons group and St. Regis (excluding others)

Hotel Updates

BANGKOK HAS SEEN AGGRESSIVE INCREASE IN NEW SUPPLY DURING 2010 – 2012, BUT THE RATE IS EXPECTED TO SLOW DOWN IN THE NEXT FEW YEARS.

0

5,000

10,000

15,000

20,000

No of rooms

Source: HVS Reseach

2012 No. of Rooms

Sofitel Bangkok, Sukhumvit 13

W Hotel Bangkok

Hotel Okura Bangkok

Hansar Bangkok

Hotel Sofitel So Bangkok

The Siam, Bangkok

Surya by Supatra

344

403

240

94

238

39

68

2013F

The Langham Sukhumvit Bangkok

Langham Place, Phayathai, Bangkok

230

400

No. of Rooms

LUXURY HOTEL SUPPLY IN BANGKOK

2014F

37

Jumeirah Bangkok

Park Hyatt Bangkok

305

222

DIVERSIFICATION OUTSIDE BANGKOK

WITH ITS EXPANSION OUTSIDE OF THAILAND AS WELL AS INCREASING CONTRIBUTION FROM MIXED USE BUSINESSES, MINT IS LESS DEPENDENT ON ITS BANGKOK HOTEL PORTFOLIO. NEVERTHELESS, DESPITE THE OVERSUPPLY OF HOTELS IN BANGKOK, MINT’S BANGKOK HOTEL PORTFOLIO IS STILL SEEING SIGNIFICANT IMPROVEMENT IN REVPAR OF 40% YoY.

38

Hotel Updates

25% 24% 32% 16% 15%

75% 76% 68% 84% 85%

0%

25%

50%

75%

100%

2008 2009 2010 2011 2012

Outside Bangkok

Bangkok

Number of hotel rooms in Bangkok doubled over the past 5 years

26% 28% 25% 14% 14%

74% 72% 75% 86% 86%

0%

25%

50%

75%

100%

2008 2009 2010 2011 2012

Other Hotel & Mixed Use

Bangkok

5,097

4,255 3,951

3,542 3,857

3,389

2,394 2,025 1,788

2,499

66%

56%

51% 51%

65%

0%

20%

40%

60%

80%

0

2,000

4,000

6,000

8,000

2008 2009 2010 2011 2012

0

300

600

900

1,200

1,500

2008 2009 2010 2011 2012

Managed

Owned

No of rooms

Revpar ADR % Occupancy

769 864

1,300

1,518 1,518

However, the contribution in terms of number of rooms in Bangkok significantly declined as the expansion is faster outside of Bangkok

Despite the oversupply of hotels in Bangkok, MINT’s Bangkok hotel portfolio improves significantly, with 2012 revpar increase of 40% YoY

The revenue contribution also significantly declined over the five years, in line with the contribution from number of rooms

THB Occupancy

39

1Q13 PERFORMANCE OF THE RESTAURANT BUSINESS CONTINUED TO EXHIBIT STRONG AND STABLE GROWTH, WITH REVENUE GROWTH OF 12% AND NET PROFIT GROWTH OF 25% YoY

FINANCIAL PERFORMANCE - RESTAURANT

Revenue

EBITDA

NPAT

EBITDA Margin

Net Margin

THB million

3,451 3,237 3,097 3,406

3,878

583 549 515 592

716

328 264 277

312

409

Key Highlights

Most brands continued to exhibit strong and positive same-store-sales growth in 1Q13, from successful marketing strategies and robust domestic consumption;

Same-store-sales growth, together with outlet expansion of 11%, translated into strong total-system-sales growth of 14.6% in 1Q13;

With the consolidation of Riverside, the food concept acquired in December 2012, the China business has turned around and became profitable at the operation level in 1Q13;

EBITDA & net profit margin expanded, attributable to operating leverage, increasing franchise fees and positive EBITDA of China business in 1Q13 compared to negative EBITDA in 1Q12.

Restaurant Update

1Q12

9.5%

16.9% 17.0%

2Q12

8.2%

16.6%

3Q12

8.9% 9.1%

4Q12

17.4%

+12% YoY

+23% YoY

18.5%


+25% YoY

10.5%

1Q13

40

FOOD AND PAPER COSTS AS A PERCENTAGE OF SALES HAS COME DOWN OVER THE PAST FIVE YEARS AS A RESULT OF CONTINUED EFFECTIVE COST MANAGEMENT PROGRAM.

EFFECTIVE MANAGEMENT OF FOOD COSTS

35.9%

34.1%

34.9% 35.2% 35.2%

33.3%

33.0%

33.9%

34.5%

33.2% 33.2% 33.0%

34.0%

32.7%

31.8% 31.7%

32.0%

31.5%

31.7% 31.5%

30.9%

30%

31%

32%

33%

34%

35%

36%

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13

% of Food & Paper Costs to Sales

Fixed Long-Term Contract

Prices

Menu-Mix Re-Engineering

Supply Chain Management

Maximization of FTA Benefit

Pro-Active Inventory

Management

Strategy

Note: Food and paper costs as a percentage of sales rose in first quarter of every year as a result of “Buy-one-get-one-free” promotional campaign launched in March of every year to celebrate the anniversary of The Pizza Company

Restaurant Update

41

RESTAURANT PERFORMANCE

Brand SSS (%) TSS (%)

1Q13 1Q12 1Q13 1Q12

The Pizza Company 3.9% 7.4% 7.2% 18.5%

Swensen’s 9.6% 15.7% 15.4% 25.7%

Sizzler 2.5% 5.5% 2.8% 10.8%

Dairy Queen 0.2% 32.2% 17.6% 43.6%

Burger King 9.4% 6.3% 12.7% 7.6%

The Coffee Club 3.2% 4.3% 10.6% 13.5%

Ribs & Rumps -6.6% N/A 12.5% N/A

Thai Express 5.5% 2.8% 9.3% 6.7%

Average 4.1% 7.6% 14.6% 16.2%

Average Thailand 5.6% 10.9% 10.8% 20.2%

Restaurant Update

RESTAURANT OUTLETS – 1Q13

Brand No. of outlets No. of outlets

Total Equity Franchise Thailand International

The Pizza Company 195 98 258 35 293

Swensen’s 122 163 262 23 285

Sizzler 45 - 39 6 45

Dairy Queen 241 76 317 - 317

Burger King 29 - 29 - 29

The Coffee Club 26 297 8 315 323

Ribs & Rumbs 9 3 - 12 12

Thai Express 55 10 - 65 65

Riverside 22 - - 22 22

Others 15 - 15 - 15

Total 759 647 928 478 1,406

42

Restaurant Update

BEIJING RIVERSIDE & COURTYARD

AS PART OF MINT’S FIVE-YEAR STRATEGY, IN ADDITION TO ORGANIC GROWTH, MINT ALSO LOOKS FOR ACQUISITION OPPORTUNITIES. MINT ACQUIRED BEIJING RIVERSIDE AT THE END OF 2012 WITH PLANS TO EXPAND BOTH IN ITS HOME COUNTRY, CHINA, AND POTENTIALLY INTO OTHER COUNTRIES.

43

Key Development

Basic Information

• Established in 2005

• Distinctive chain of casual-concept restaurants in China, specializing in Sichuan barbecue fish

• 21 restaurants across Beijing and Shanghai

Ownership

• Initial 49% stake, with MINT holding the majority of the Board seats

• Another 11-30% stake in Riverside in two years, subject to a performance hurdle

• The remaining shares of Riverside will continue to be held by the original founders

Investment Rationales

• China is a country of vast opportunities that arise from its rapidly growing middle class, accumulation of wealth, and increasing domestic consumption

• Riverside is already profitable, and therefore will bring in immediate earnings contribution to MINT

• Back office of the China operations will be combined for higher efficiency

• The acquisition will be a turning point MINT’s China food business operationally and financially in 2013

952

MINT Restaurant Revenues

100% of Riverside

13,192

2012 Comparative Revenues

• Although contribution from Riverside is small initially, it is expected to become more meaningful as aggressive pace of growth is expected THB

Million

267 562 487

683 751 1,097

1,097

46

55

(131)

61

1,054

1,054 1,054

4.8%

19.0% 20.8% 22.9%

26.3%

31.3% 31.3%

-10%

0%

10%

20%

30%

40%

-500

0

500

1,000

1,500

2,000

2,500

3,000

2006 2007 2008 2009 2010 2011 2012

Investment Cost

Unrealized gain (loss)

Gain from investment reclassification

% shareholding

44

S&P OPERATES A CHAIN OF RESTAURANTS AND BAKERY SHOPS WITH OVER 400 OUTLETS IN 7 COUNTRIES PRODUCING AND DISTRIBUTING FOOD AND BAKERY PRODUCTS UNDER THE S&P BRAND. SINCE 3Q11, S&P’S PERFORMANCE HAS BEEN RECOGNIZED THROUGH EQUITY ACCOUNTING METHOD. S&P’S 1Q13 MARGINS HAVE BEEN PRESSURED FROM INCREASED LABOR COSTS, RENTAL AND ADVERGISING EXPENSES.

CONTINUED & STRENGTHENING PARTNERSHIP WITH S&P

Shareholding Structure

MINT’s Investment in S&P

THB million

313

617 744

1,805

Revenue

EBITDA

NPAT

EBITDA Margin

Net Margin

THB million

2,151

356 617

2010 2008 2009

4,437 4,761 5,340

5,941 6,653

583 674 817

963 1,197

13.1% 14.2% 15.3%

225 293 383 454

708

5.1% 6.2% 7.2%

16.2%

7.6%

2011

+12% YoY

+24% YoY

+56% YoY 2,151

Restaurant Update

18.3%

10.6%

2012

Sila-on & Riva

Families 39%

MINT 31%

Others 30%

1,516 1,638

+8% YoY

-19% YoY

289 235

-19% YoY

169 136

11.1%

1Q12

8.3%

1Q13

19.1% 14.3%

45

Retail Trading Update

1Q13 REVENUE OF RETAIL TRADING & CONTRACT MANUFACTURING INCREASED BY 22% YoY DUE PARTLY TO THE IMPROVED RETAIL TRADING OPERATIONS AND PARTLY TO THE LOW-BASED COMPARISON IN 1Q12 DUE TO THE FLOODS. EXCLUDING INSURANCE CLAIMS FROM FLOOD RECEIVED IN 1Q12, NET PROFIT INCREASED SIGNIFICANTLY BY OVER 6 TIMES.

FINANCIAL PERFORMANCE – RETAIL TRADING & CONTRACT MANUFACTURING

Revenue

EBITDA

NPAT

EBITDA Margin

Net Margin

THB million

789 807 911 905 965

103

36

81 69

107

53

-0.2

32 38

56

Key Highlights

13.1%

6.7%

1Q13 revenue from retail trading increased by 21% YoY, primarily from the fashion business, despite the decline in number of cosmetic points of sale. Retail trading business started to see a turn around with same-store-sales growth turning positive since 4Q12;

1Q13 revenue from contract manufacturing increased by 25% YoY, as the NMT plant was fully operational in 1Q13 compared to partially operational in 1Q12 because of the flood in 2011;

As a result, EBITDA and net profit margins of retail trading & contract manufacturing business increased significantly in 1Q13. Excluding insurance claim received in 1Q12, EBITDA increased by 88% and net profit increased at higher rate by over 6 times YoY.

1Q12

4.5%

0.0%

2Q12

8.9%

3.5%

3Q12

7.6%

4.2%

4Q12

+22% YoY

+4% YoY

11.1%

+4% YoY

5.8%

1Q13


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