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Our Journey to Success

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Our Journey to Success Our Journey to Success 2017 Annual Reportr Minor International Public Company Limited %QNL@RHMFKDGNSDKHM/@SS@X@ AVANI/@SS@X@ .QHFHM@KKX1NX@K&@QCDM1DRNQS/@SS@X@ 3N@LTKSH AQ@MCONQSENKHNNEGNSDKR QDRS@TQ@MSR@MCKHEDRSXKDOQNCTBSRHM LTKSH FDNFQ@OGHDR &KreEt1wned /anaIed M@MS@Q@1DRNQSR2O@R M@MS@Q@1DRNQSR2O@R 5 -('NSDKR1DRNQSR 5 -('NSDKR1DRNQSR 3HUNKH'NSDKR1DRNQSR -HX@L@@MC-@K@CGT $KDV@M@"NKKDBSHNM M@MS@Q@5@B@SHNM"KTA 3G@HK@MC ([email protected]@M 3G@HK@MC 2$ -DWBKTCHMF3G@HK@MC /NQSTF@K SGD,@KCHUDR @MC"GDKH/D@BNBJ EQHB@ #nantara 8aEatKon %NWD 1Wr awardwKnnKnI +n tJe +ndKan 1Eean We operate a totaN We operate a totaN oH We operate JoteNU 0K[aOa 2rKXate +UNandU 'Newana %oNNeEtKon and waU NaWnEJed at tJe end #nantara Drand JaU we operate #nantara oH JoteNU Kn 6JaKNand #8#0+ JoteNU Kn #5'#0 Kn 2ortWIaN Wnder tJe 6KXoNK and 0aNadJW 2rKXate %JeNK 2eaEoEM toda[ oH 6oda[ we JaXe propertKeU NoEated JoteNU Kn tJe /aNdKXeU +n we added #8#0+ EoWntrKeU eZENWdKnI Drand +UNand Kn tJe /aNdKXeU operate UaHarK EaOpU KnXentorKeU Kn 6JaKNand tJroWIJtoWt 6JaKNand and #nantara JoteNU *Wa *Kn 4eUort 8KNNaU Knto 6JaKNand EoOprKUKnI oHHer NWZWrKoWU XKNNaU HaEKnI Kn 6an\anKa and -en[a %JKna +ndoneUKa and oWr JoOe OarMet Kn 5rK .anMa oWr portHoNKo Kn /aNa[UKa and Kn 8KetnaO tJe a\Wre +ndKan 1Eean 0ew <eaNand 5CNGU $CJV OKNNKQP 5CNGU 75& OKNNKQP 5CNGU $CJV OKNNKQP 5CNGU 75& OKNNKQP 5CNGU '74 OKNKKQP 5CNGU 75& OKNNKQP 5CNGU 75& OKNNKQP 5CNGU 75& OKNNKQP 2017 5,834 2017 93 2017 1,683 2017 17 2017 79 2017 39 2017 39 2017 107 2016 5,579 2016 90 2016 768 2016 16 2016 73 2016 39 2016 28 2016 79 2015 4,905 2015 84 2015 323 2015 19 2015 8 2015 37 2015 24 2015 89 M@MS@Q@1DRNQSR2O@R M@MS@Q@1DRNQSR2O@R 5 -('NSDKR1DRNQSR 5 -('NSDKR1DRNQSR 3HUNKH'NSDKR1DRNQSR ,@QQHNSS 2S@QVNNC %NTQ2D@RNMR 3G@HK@MC 1@CHRRNM!KT ,NY@LAHPTD 2$ -DWBKTCHMF3G@HK@MC SGD,HCCKD$@RS ([email protected]@M SGD,HCCKD$@RS@MC EQHB@ !Q@YHK 3G@HK@MC 1Wr NWZWrKoWU (oWr 5eaUonU 6Je 4adKUUon $NW *oteN @MC"GHM@ We OanaIe #nantara #8#0+ HKrUt NaWnEJed KtU We operate #8#0+ JoteNU We operate JoteNU Kn $ra\KN We JaXe JoteNU Wnder JoteNU are Kn %JKanI /aK 4eUKdenEe /apWto Kn #nantara JaU a totaN oH JoteNU JoteNU Kn tJe /KddNe 'aUt Drand Kn 5rK .anMa Kn Kn tJe 7#' /o\aODKSWe Wnder tJe 6KXoNK Drand /arrKott 5tarwood DrandU %JKanI 4aK and -oJ 5aOWK /o\aODKSWe LoKned oWr Kn #5'#0 eZENWdKnI 6JaKNand oH wJKEJ KU Kn 3atar 6oda[ we operate #8#0+ $otUwana 0aOKDKa .eUotJo Kn 6JaKNand naOeN[ dKXerUe Drand portHoNKo and %JKna We operate a JoteN Kn tJe 7#' and Kn 1Oan JoteNU Kn 5rK .anMa and and <aODKa ,W /arrKott 2JWMet 4eUort Kn Kn %aODodKa Kn +ndoneUKa Kn 5e[EJeNNeU 5pa and 6Je 5t 4eIKU Kn 8KetnaO and Kn %JKna $anIMoM 5CNGU 75& OKNNKQP 5CNGU 75& OKNNKQP 5CNGU 75& OKNNKQP 5CNGU 75& OKNNKQP 5CNGU $4. 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dKreEt UaNeU INoDaN (/%) EoOpanKeU wKtJ UtoreU Kn 6JaKNand UtoreU and ,oUepJ ,oUepJ tJroWIJoWt 6JaKNand wJKEJ operateU UtoreU Kn 6JaKNand 5CNGU $CJV OKNNKQP 5CNGU $CJV OKNNKQP 5CNGU $CJV OKNNKQP 5CNGU $CJV OKNNKQP 5CNGU $CJV OKNNKQP 5CNGU $CJV OKNNKQP 5CNGU $CJV OKNNKQP 5CNGU $CJV OKNNKQP 2017 632 2017 2,062 2017 1,284 2017 672 2017 406 2017 123 2017 195 2017 979 2016 503 2016 1,736 2016 1,303 2016 675 2016 29 2016 99 2016 129 2016 954 2015 293 2015 1,366 2015 1,275 2015 717 2015 2015 90 2015 134 2015 1,044 Contents Vision and Core Values 5 Minor International’s Footprint 6 Financial Highlights 8 Financial Status at a Glance 9 Our Journey to Success 10 Chairman’s Message 16 Board of Directors 24 Minor Hotels 26 Minor Food 50 Minor Lifestyle 64 Minor’s Journey to Sustainability 72 Awards 2017 74 Report of the Board of Directors’ Responsibilities for Financial Statements 81 Report of the Audit Committee 82 Independent Auditor’s Report 85 Financial Statements 89 Management Discussion and Analysis 261 Connected Transactions 280 Nature of Business 303 Major Events in 2017 304 Risk Factors 306 Report of the Nominating and Corporate Governance Committee 311 Report of the Compensation Committee 312 Good Corporate Governance 313 Shareholders’ Structure and Management 329 Dividend Policy 347 Subsidiaries, Associates and Joint Ventures 348 Corporate Information 360 Vision To be a Leading Hospitality, Restaurant Operator and Lifestyle Brand Retailer through the delivery of branded products and services that provide 100% satisfaction to all stakeholders.
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