Minor Food Message

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Minor Food Message CHANGECOMPETING ON THE WORLD STAGE: 2019 Annual Report การแข่งขันบนเวทีโลก: การเปลี่ยนแปลง รายงานประจำปีา 2562 Anantara Avani Oaks Sales (USD million) Sales (USD million) Sales (AUD million) 2019 574 2019 198 2019 393 2018 563 2018 161 2018 384 2017 514 2017 138 2017 390 Tivoli NH Collection NH Hotels nhow Sales (EUR million) Sales (EUR million) Sales (EUR million) Sales (EUR million) 2019 161 2019 486 2019 861 2019 43 2018 141 2018 144 2018 296 2018 13 2017 93 2017 2017 2017 Elewana Collection and Cheli & Peacock Niyama and Naladhu Anantara Vacation Club Plaza Sales (USD million) Sales (USD million) Sales (USD million) Sales (Baht million) 2019 51 2019 42 2019 133 2019 568 2018 48 2018 46 2018 118 2018 646 2017 40 2017 39 2017 107 2017 646 Radisson Blu Four Seasons Marriott Branded Restaurants (Zuma, Trader Vic’s, Bill Bentley) Corbin & King Sales (USD million) Sales (Baht million) Sales (Baht million) Sales (Baht million) Sales (GBP million) 2019 11 2019 1,640 2019 1,756 2019 403 2019 56 2018 10 2018 1,893 2018 1,871 2018 395 2018 55 2017 10 2017 1,889 2017 1,871 2017 366 2017 Owned & Leased Managed Anantara Avani Oaks Sales (USD million) Sales (USD million) Sales (AUD million) 2019 574 2019 198 2019 393 2018 563 2018 161 2018 384 2017 514 2017 138 2017 390 Tivoli NH Collection NH Hotels nhow Sales (EUR million) Sales (EUR million) Sales (EUR million) Sales (EUR million) 2019 161 2019 486 2019 861 2019 43 2018 141 2018 144 2018 296 2018 13 2017 93 2017 2017 2017 Elewana Collection and Cheli & Peacock Niyama and Naladhu Anantara Vacation Club Plaza Sales (USD million) Sales (USD million) Sales (USD million) Sales (Baht million) 2019 51 2019 42 2019 133 2019 568 2018 48 2018 46 2018 118 2018 646 2017 40 2017 39 2017 107 2017 646 Radisson Blu Four Seasons Marriott Branded Restaurants (Zuma, Trader Vic’s, Bill Bentley) Corbin & King Sales (USD million) Sales (Baht million) Sales (Baht million) Sales (Baht million) Sales (GBP million) 2019 11 2019 1,640 2019 1,756 2019 403 2019 56 2018 10 2018 1,893 2018 1,871 2018 395 2018 55 2017 10 2017 1,889 2017 1,871 2017 366 2017 Owned & Leased Managed The Pizza Company Bonchon Benihana Charles & Keith Esprit Bossini Sales (Baht million) Sales (Baht million) Sales (USD million) Sales (Baht million) Sales (Baht million) Sales (Baht million) 2019 10,668 2019 214 2019 31 2019 1,262 2019 462 2019 290 2018 9,898 2018 2018 15 2018 1,137 2018 465 2018 261 2017 9,372 2017 2017 2017 1,058 2017 486 2017 281 Riverside The Coffee Club Radley Anello Etam Sales (RMB million) Sales (AUD million) Sales (Baht million) Sales (Baht million) Sales (Baht million) 2019 687 2019 657 2019 165 2019 975 2019 97 2018 571 2018 612 2018 104 2018 608 2018 146 2017 555 2017 655 2017 55 2017 351 2017 113 Thai Express Swensen's Sizzler Dairy Queen OVS Brooks Brothers Zwilling J.A. Henckels Sales (SGD million) Sales (Baht million) Sales (Baht million) Sales (Baht million) Sales (Baht million) Sales (Baht million) Sales (Baht million) 2019 102 2019 3,685 2019 3,215 2019 2,563 2019 188 2019 48 2019 139 2018 95 2018 4,005 2018 3,293 2018 2,550 2018 137 2018 59 2018 126 2017 145 2017 4,070 2017 3,295 2017 2,442 2017 2 2017 47 2017 110 Minor Dairy Limited, Minor Cheese Select Service Partner Limited, Veneziano Coffee Burger King Global Thai Concept (Thailand) Limited Roasters and Pecan Deluxe Joseph Joseph Bodum Minor Smart Kids Navasri Manufacturing (NMT) Sales (Baht million) Sales (Baht million) Sales (Baht million) Sales (Baht million) Sales (Baht million) Sales (Baht million) Sales (Baht million) Sales (Baht million) 2019 3,349 2019 356 2019 2,145 2019 3,438 2019 40 2019 39 2019 249 2019 937 2018 3,025 2018 366 2018 2,033 2018 3,199 2018 26 2018 14 2018 219 2018 991 2017 2,799 2017 233 2017 2,062 2017 3,327 2017 13 2017 2017 195 2017 979 Direct-owned Franchised Direct-owned The Pizza Company Bonchon Benihana Charles & Keith Esprit Bossini Sales (Baht million) Sales (Baht million) Sales (USD million) Sales (Baht million) Sales (Baht million) Sales (Baht million) 2019 10,668 2019 214 2019 31 2019 1,262 2019 462 2019 290 2018 9,898 2018 2018 15 2018 1,137 2018 465 2018 261 2017 9,372 2017 2017 2017 1,058 2017 486 2017 281 Riverside The Coffee Club Radley Anello Etam Sales (RMB million) Sales (AUD million) Sales (Baht million) Sales (Baht million) Sales (Baht million) 2019 687 2019 657 2019 165 2019 975 2019 97 2018 571 2018 612 2018 104 2018 608 2018 146 2017 555 2017 655 2017 55 2017 351 2017 113 Thai Express Swensen's Sizzler Dairy Queen OVS Brooks Brothers Zwilling J.A. Henckels Sales (SGD million) Sales (Baht million) Sales (Baht million) Sales (Baht million) Sales (Baht million) Sales (Baht million) Sales (Baht million) 2019 102 2019 3,685 2019 3,215 2019 2,563 2019 188 2019 48 2019 139 2018 95 2018 4,005 2018 3,293 2018 2,550 2018 137 2018 59 2018 126 2017 145 2017 4,070 2017 3,295 2017 2,442 2017 2 2017 47 2017 110 Minor Dairy Limited, Minor Cheese Select Service Partner Limited, Veneziano Coffee Burger King Global Thai Concept (Thailand) Limited Roasters and Pecan Deluxe Joseph Joseph Bodum Minor Smart Kids Navasri Manufacturing (NMT) Sales (Baht million) Sales (Baht million) Sales (Baht million) Sales (Baht million) Sales (Baht million) Sales (Baht million) Sales (Baht million) Sales (Baht million) 2019 3,349 2019 356 2019 2,145 2019 3,438 2019 40 2019 39 2019 249 2019 937 2018 3,025 2018 366 2018 2,033 2018 3,199 2018 26 2018 14 2018 219 2018 991 2017 2,799 2017 233 2017 2,062 2017 3,327 2017 13 2017 2017 195 2017 979 Direct-owned Franchised Direct-owned CONTENTS 5 6 8 9 10 Vision and Minor International’s Financial Highlights Financial Status Competing Core Values Footprint at a Glance on the World Stage: CHANGE 12 18 20 24 48 Chairman’s Message Board of Directors Group CEO’s Minor Hotels Minor Food Message 64 72 74 81 82 Minor Lifestyle Embarking on Change Awards 2019 Report of Report of with Sustainability the Board of Directors’ the Audit Committee Responsibilities for Financial Statements 84 89 233 252 273 Independent Auditor’s Financial Statements Management Connected Nature of Business Report Discussion Transactions and Analysis 274 275 281 282 283 Major Events Risk Factors Report of Report of Report of in 2019 the Nominating and the Compensation Risk Management Corporate Governance Committee Oversight Committee Committee 284 302 323 324 332 Good Corporate Shareholders’ Structure Dividend Policy Subsidiaries, Corporate Information Governance and Management Associates and Joint Ventures VISION To be a leader in delivering exceptional experiences that anticipate and satisfy customers’ aspirations and positively impact stakeholders. Every year, over 79,000 service professionals at 535 hotels, 2,377 restaurants and 485 retail outlets have the pleasure of serving more than 230 million customers in 65 countries. CORE VALUES Customer- Result- People Focused Oriented Development Innovative Partnership Minor International Public Company Limited 2019 Annual Report 5 MINOR INTERNATIONAL’S FOOTPRINT 535HOTELS 78,360HOTEL KEYS 2,377RESTAURANTS RETAIL485 POINTS OF SALE THE AMERICAS ARGENTINA BRAZIL EUROPE CANADA CHILE ANDORRA LUXEMBOURG COLOMBIA AUSTRIA NETHERLANDS CUBA BELGIUM POLAND DOMINICAN REPUBLIC CZECH REPUBLIC PORTUGAL ECUADOR FRANCE ROMANIA HAITI GERMANY SLOVAKIA MEXICO HUNGARY SPAIN URUGUAY IRELAND SWITZERLAND USA ITALY UK 6 2019 Annual Report Minor International Public Company Limited Minor International’s Footprint MINOR HOTELS MINOR FOOD MINOR LIFESTYLE OVER OVER BRANDS50 COUNTRIES65 AWARDS130 RECEIVED ASIA PACIFIC AUSTRALIA CAMBODIA AFRICA CHINA INDIA BOTSWANA INDONESIA EGYPT LAOS KENYA MALAYSIA LESOTHO MIDDLE EAST MALDIVES MAURITIUS MYANMAR MOZAMBIQUE BAHRAIN NEW ZEALAND NAMIBIA KUWAIT PAKISTAN SEYCHELLES LEBANON SINGAPORE SOUTH AFRICA OMAN SOUTH KOREA TANZANIA QATAR SRI LANKA TUNISIA SAUDI ARABIA THAILAND ZAMBIA UAE VIETNAM Minor International Public Company Limited 2019 Annual Report 7 FINANCIAL HIGHLIGHTS 2015 2016 2017 2018 2019 (Restated) (Restated) Consolidated Net Sales 42,345 51,152 55,001 74,938 119,023 (Baht million) Total Revenues 48,014 56,973 58,644 78,620 129,889 Gross Profit 26,225 31,710 34,893 46,127 60,625 EBITDA 11,908 13,229 12,273 14,634 26,283 EBIT 8,846 9,447 8,164 8,908 17,369 Net Profit 7,040 6,590 5,415 4,508 10,698 Core Net Profit 4,705 4,576 5,415 5,728 7,061 Total Assets 98,382 108,453 119,100 268,081 254,184 Total Liabilities 61,670 67,656 68,596 185,780 168,316 Interest Bearing Debt 45,473 49,832 50,163 126,894 112,373 Total Equities 36,711 40,797 50,504 82,301 85,868 Net Cash Flow from Operating Activities 2,499 6,494 6,585 7,360 14,766 Profitability Gross Profit Margin 58.01 57.46 58.83 56.27 45.23 Ratio Net Profit Margin 14.66 11.57 9.23 5.73 8.24 (Percentage) Return on Total Assets (ROA) 8.15 6.37 4.76 2.33 4.10 Return on Equity (ROE) 21.10 17.00 11.86 6.79 12.72 Debt to Interest Bearing Debt/Equity Ratio 1.24 1.22 0.99 1.54 1.31 Equity Ratio Long Term Debt/Equity Ratio 1.13 1.03 0.89 1.33 1.19 (Times) Gearing Ratio 1.57 1.55 1.25 2.10 1.80 Per Share Data Basic Earnings per Share 1.60 1.50 1.22 0.93 2.04 (Baht) Core Basic Earnings per Share 1.07 1.04 1.22 1.19 1.25 Book Value per Share 8.34 9.25 10.93 17.82 18.59 Dividend per Share 0.35 0.35 0.40 0.40 N/A Dividend Payout Ratio (%) 32.75 33.69 32.81 33.49 N/A Share Capital Par Value (Baht per Share) 1.00 1.00 1.00 1.00 1.00 (Thousand shares) Registered Ordinary Shares 4,641,789 4,621,828 4,621,828 4,618,914 4,849,860 Registered Preferred Shares - - - - - Number of Ordinary Shares Outstanding 4,402,312 4,410,368 4,618,914 4,618,914 4,619,005 Number of Preferred Shares Outstanding - - - - - Number of Weighted Average Ordinary Shares Outstanding 4,402,365 4,406,519 4,441,818 4,618,914 4,618,942 Number of Weighted Average Preferred Shares Outstanding - - - - - Number of Warrants Outstanding: • Offered to Existing Shareholders 199,512 192,187 - - 230,849 • Offered to Employee Stock Option Program - - - - - Notes: 1.
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