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Minor Internationalinternational PCLPCL MinorMinor InternationalInternational PCLPCL Investor / Analyst Presentation Four Seasons Hotel Bangkok 27th February 2006 ForwardForward LookingLooking StatementsStatements 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, 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 of future acquisitions and dispositions; the availability and terms of capital for acquisitions and for 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 or accept any responsibility for the content or the use of any such opinion or statement TheThe StrengthsStrengths BehindBehind TheThe BrandsBrands Today’s Presenters: William E. Heinecke, Chairman & CEO Paul C. Kenny, CEO-Minor Food Group Pratana Manomaiphiboon, CFO The Strength Behind The Brands AgendaAgenda MINT’s Recent Development 2005 Financial Results Food Business & Strategy Hospitality Business & Strategy Expansion Plan & Cash Flow Q&A Investor / Analyst Presentation 27 February 2006 Page 4 MintMint’’ss RecentRecent DevelopmentDevelopment 20052005 FinancialFinancial ResultsResults Pratana Manomaiphiboon, CFO The Strength Behind The Brands MINTMINT’’ss RecentRecent DevelopmentDevelopment Food Continued food outlets expansion in China with 5 The Pizza and 4 Sizzler new outlets opening Acquired 100% investment of China food business from AIG of Bt30 million Hotel Opened Bodu Huraa Hotel – Maldives, and Four Seasons Golden Triangle (Tented Camp) Secured six management contracts of hotels in Dubai, Maldives, and Bali Completed construction of Phuket Beach Club (Marriott Vacation Villa or Timeshare) Phase II Acquired 67 rai plot of land in Phuket for new luxury hotel and Timeshare phase III Investor / Analyst Presentation 27 February 2006 Page 6 The Strength Behind The Brands MINTMINT’’ss RecentRecent DevelopmentDevelopment Corporate Appointment the new COO of MSpa (Thailand) – Mr. Steven Conquy Appointment the new COO of hotel business – Mr. Michael Sagild Awarded by Forbes Magazine as one of Asia’s Best Under A Billion Joined SET-100 starting January 2006 Completed 1 for 15 Rights Offering @Bt5.85 Investor / Analyst Presentation 27 February 2006 Page 7 The Strength Behind The Brands 20052005 FinancialsFinancials SnapshotSnapshot Top-line revenue grew 27% y-y to Bt10,443m Food & hotel business accounting for 49% and 42%, respectively EBITDA margin improved to 28% Bottom-line EPS increased 41% y-y to Bt0.41/share Investor / Analyst Presentation 27 February 2006 Page 8 The Strength Behind The Brands MINTMINT’’ss 20052005 RevenueRevenue BreakdownBreakdown 12,000 (Bt Million) 10,443 10,000 Growth 27% Other income 8,237 8,000 Entertainment 42% Spa Business 6,000 34% Retail Property 4,000 Hotel Services 56% 49% 2,000 44% 40% 46% 36% Food Services 48% 55% 51% 44% 0 2004 1Q05 2Q05 3Q05 4Q05 2005 Investor / Analyst Presentation 27 February 2006 Page 9 The Strength Behind The Brands FoodFood BusinessBusiness PerformancePerformance 6,000 Revenue (Bt Million) R 5,588 CAG 20% 4,885 Franchising Fee 5,000 3,904 4,000 3,500 3,082 3,000 2,000 Owned Equity 1,000 0 2001 2002 2003 2004 2005 Investor / Analyst Presentation 27 February 2006 Page 10 The Strength Behind The Brands 20052005 SameSame--StoreStore--SalesSales 2005 SSS Growth TheThe PizzaPizza CompanyCompany 6% 6% Swensen’sSwensen’s 9% 9% SizzlerSizzler 4% 4% DairyDairy QueenQueen 2% 2% BurgerBurger KingKing 11% 11% AverageAverage 6% 6% Investor / Analyst Presentation 27 February 2006 Page 11 The Strength Behind The Brands 20052005 TotalTotal--SystemSystem--SalesSales 2005 TSS Growth TheThe PizzaPizza CompanyCompany 11% 11% Swensen’sSwensen’s 27% 27% SizzlerSizzler 12% 12% DairyDairy QueenQueen 10% 10% BurgerBurger KingKing 3% 3% AverageAverage 14% 14% Investor / Analyst Presentation 27 February 2006 Page 12 The Strength Behind The Brands 20052005 FranchisingFranchising RevenuesRevenues 180 (Bt Million) 156 160 th 26% Grow 140 124 120 80 International Franchising Fee 100 69 80 60 57 40 76 Local 55 20 9 8 6 Franchising Fee 19 20 21 17 0 2004 1Q05 2Q05 3Q05 4Q05 2005 Note: 3Q05 franchising revenues mainly from territory fee from Saudi Arabia Investor / Analyst Presentation 27 February 2006 Page 13 The Strength Behind The Brands 20052005 HotelHotel BusinessBusiness PerformancePerformance Revenue (Bt Million) R CAG 19% 4,357 3,841 3,096 3,136 2,487 2001 2002 2003 2004 2005 Investor / Analyst Presentation 27 February 2006 Page 14 The Strength Behind The Brands 20052005 OccupancyOccupancy RateRate && ADRADR Occupancy Avg. Room Rate(Bt/night) Hotel 2005 2004 2005 2004 %Chg Bangkok Marriott Resort & Spa 86% 83% 3,444 2,951 17% Pattaya Marriott Resort & Spa 80% 74% 3,101 2,798 11% Hua Hin Marriott Resort & Spa 81% 72% 3,194 3,065 4% JW Marriott Phuket 67% 77% 5,561 4,727 18% Anantara Resort & Spa Hua Hin 76% 61% 3,814 3,669 4% Anantara Resort & Spa Golden Triangle 40% 35% 4,756 4,173 14% Anantara Resort & Spa Koh Samui 46% n/a 5,639 n/a n/a Four Seasons Resort Chiang Mai 59% 60% 12,115 11,008 10% Four Seasons Hotel Bangkok 63% 71% 5,665 5,139 10% Average 72% 71% 4,380 3,984 10% Investor / Analyst Presentation 27 February 2006 Page 15 The Strength Behind The Brands 20052005 RevParRevPar && TotalTotal RevenueRevenue Rev Par (Bt) Total Revenue (Btm) Hotel 2005 2004 % Chg 2005 2004 %Chg Bangkok Marriott Resort & Spa 2,974 2,433 22% 950 802 19% Pattaya Marriott Resort & Spa 2,492 2,079 20% 438 391 12% Hua Hin Marriott Resort & Spa 2,579 2,218 16% 325 278 17% JW Marrilott Phuket Resort & Spa 3,742 3,621 3% 720 711 1% Anantara Resort & Spa Hua Hin 2,901 2,238 30% 311 244 27% Anantara Resort & Spa Golden Triangle 1,915 1,460 31% 119 105 14% Anantara Resort & Spa Samui 2,577 n/a n/a 157 9 n/a Four Seasons Resort Chiang Mai 7,150 6,570 9% 385 354 9% Four Seasons Hotel Bangkok 3,590 3,664 -2% 952 947 1% Average 3,161 2,837 11% 4,357 3,841 13% Investor / Analyst Presentation 27 February 2006 Page 16 The Strength Behind The Brands RetailRetail PropertiesProperties && EntertainmentEntertainment (Bt Million) 500 th 25% Grow 88 Entertainment 400 52 300 = 200 389 Retail Property 331 100 22 21 24 21 91 104 95 99 0 2004 1Q05 2Q05 3Q05 4Q05 2005 Investor / Analyst Presentation 27 February 2006 Page 17 The Strength Behind The Brands SpaSpa BusinessBusiness PerformancePerformance 400 (Bt Million) GR CA 74% 316 297 300 56 International 41 197 200 4 148 256 260 Local 100 80 193 148 80 0 2001 2002 2003 2004 2005 Investor / Analyst Presentation 27 February 2006 Page 18 The Strength Behind The Brands MINTMINT’’ss ConsolidatedConsolidated PerformancePerformance 12,000 Sales Revenue (Bt Million) 10,443 GR CA 10,000 101% 8,237 8,000 6,000 4,662 4,000 2,749 2,077 2,000 0 2001 2002 2003 2004 2005 Investor / Analyst Presentation 27 February 2006 Page 19 The Strength Behind The Brands 20052005 ConsolidatedConsolidated PerformancePerformance (Bt Million) 2005 % 2004 % % Growth Food Services 5,155 49% 4,645 56% 11% Hotel Services 4,388 42% 2,820 34% 56% Retail Property 389 4% 331 4% 18% Spa 326 3% 298 4% 9% Entertainment 88 1% 52 1% 67% Other income 97 1% 91 1% Total Revenue 10,443 100% 8,237 100% 27% Operating Expenses 3,342 32% 2,725 33% SG&A Expenses 4,188 40% 3,379 41% EBITDA 2,913 28% 2,133 26% 37% Depreciation & Amortization 1,153 11% 919 11% EBIT 1,760 17% 1,214 15% 45% Interest Expenses 280 3% 218 3% Tax & Minority 419 4% 284 4% Investor / Analyst Presentation Net Profit 1,061 10% 712 9% 49% 27 February 2006 Page 20 The Strength Behind The Brands 20052005 BreakdownBreakdown PerformancePerformance (Bt Million) 2005 EBITDA Contribution Food Services 5,155 Hotel Services 4,388 Retail Property 389 Hotel Spa 326 53% Retail Property 9% Entertainment 88 Other income 97 Spa 4% Total Revenue 10,443 Food Services Entertainment Operating Expenses
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