2 0 0 6 A n n u a l R e p o r t M i n o r I n t e r n a t i o n a l P u b l i c C o m p a n y L i m i t e d √ “ ¬ ß “ π ª √ – ® ” ªï 2 5 4 9 ∫ √ ‘ … — ∑ ‰ ¡ ‡ π Õ √å Õ ‘ π ‡ µ Õ √å ‡ π ™—Ë π · π ≈ ® ” °— ¥ ( ¡ À “ ™ π ) M I N O R I N T E R N A T I O N A L B R A N D S H O W C A S E Four Seasons Hotel Bangkok Four Seasons Hotel Bangkok Sales Baht Million Successfully renovated 40% and 60% of 2006 882 its hotel rooms in 2005 and 2006, 2005 952 respectively. 2004 970 Four Seasons Resort Chiang Mai Four Seasons Resort Chiang Mai Sales Baht Million , Continues to be one of the world s 2006 374 premier resorts despite more 2005 385 competition from new resorts in 2004 354 Chiang Mai. Four Seasons Tented Camp Four Seasons Tented Camp Sales Baht Million 91 Successfully completed, its first full year of 2006 operations in Thailand s Golden Triangle 2005 0 near Chiang Rai. 2004 0 Four Seasons Resort Samui Opened in February 2007, as the leading luxury resort on Thailand s Koh Samui. Anantara Resort and Spa Golden Triangle Anantara Golden Triangle Sales Baht Million Our stunning Anantara in northern 2006 118 Thailand continues to receive awards 2005 119 and industry acclaim. 2004 105 Anantara Resort and Spa Hua Hin Anantara Hua Hin Sales Baht Million Our largest Anantara resort with 187 2006 321 rooms holds a leadership position in 2005 311 the Hua Hin market. 2004 244 Anantara Resort and Spa Samui Anantara Samui Sales Baht Million In only its second full year in operation, 2006 206 achieved a 60% average occupancy rate 157 31 2005 and a % increase in total revenue. 2004 9 Anantara Resort and Spa Maldives Anantara Maldives Sales USD Million Successfully opened in September 2006 2006 5.1 as the first Anantara outside of Thailand. 2005 0 2004 0 JW Marriott Phuket Resort & Spa JW Marriott Phuket Sales Baht Million 8% increase in room rates drove revenue 2006 788 up by 9% in 2006. 2005 720 2004 711 Bangkok Marriott Resort & Spa Bangkok Marriott Sales Baht Million Our largest hotel property with 413 2006 1,036 9 950 rooms achieved2006 a % increase in 2005 revenues in . 2004 802 Hua Hin Marriott Resort & Spa Hua Hin Marriott Sales Baht Million Stronger occupancy rates and an 2006 349 325 increase in8 revenue per available2006 room 2005 led to an % increase in revenues. 2004 278 Pattaya Marriott Resort & Spa Pattaya Marriott Sales Baht Million Stronger occupancy rates and an 2006 496 438 increase13 in revenue per available2006 room 2005 led to a % increase in revenues. 2004 391 Marriott Vacation Club Phuket Marriott Vacation Club Sales Baht Million 144 timeshare rooms operating next to 2006 1,249 our JW Marriott in Phuket under a 50/50 2005 909 joint venture with Marriott. 2004 0 Boduhuraa Maldives Boduhuraa Maldives Sales USD Million Opened in December 2005 and 2006 3.82 74 0 08 achieved2006 average occupancy of % 2005 . in . 2004 0 Naladhu Maldives Opened in the Maldives in March 2007 and is one of the most luxurious in our resort portfolio. Harbour View Vietnam Harbour View Vietnam Sales USD Million Our sole Vietnam property continues 2006 2.0 to perform well in northern Vietnam. 2005 1.7 2004 1.4 MSpa International MSpa International Sales Baht Million Opened 7 spas in 2006 and now 2006 380 operates 24 spas in 5 countries. 2005 316 2004 297 Royal Garden Entertainment Royal Garden Entertainment Sales Baht Million , Sales up 82% since opening Ripley s 2006 95 Haunted Adventure in Pattaya in late 2005 88 2004. 2004 52 Royal Garden Plaza Royal Garden Plaza Sales Baht Million Our shopping centers adjacent to our 2006 477 Marriott hotels in Bangkok and Pattaya 2005 446 combined to achieve a 7% increase in 2004 382 revenue in 2006. The Pizza Company The Pizza Company Sales Baht Million Our own brand achieved a 21% increase 2006 2,130 in revenue and continues to expand 2005 1,893 domestically and internationally with 2004 1,757 equity owned and franchised outlets. Swensen’s Swensen’s Sales Baht Million Currently franchising in six international 2006 1,337 markets with opportunities to expand to 2005 1,104 33 international markets. 2004 966 Sizzler Sizzler Sales Baht Million In 2006, we owned and operated 2006 1,054 30 outlets in Thailand and 7 outlets 2005 886 in Beijing. 2004 787 Dairy Queen Dairy Queen Sales Baht Million Achieved a 14% increase in sales in 2006 633 2006. 2005 553 2004 501 Burger King Burger King Sales Baht Million With great locations and premium 2006 274 quality, BK enjoys a loyal following in 2005 209 Thailand. 2004 204 LeJazz LeJazz Sales RMB Million Consists of 18 outlets in Beijing under 2006 26.4 15.6 our own2005 brand which we acquired in 2005 late . 2004 34.6 Select Service Partner (Thailand) Limited SSP Sales Baht Million Transferred operations to the new 2006 386 Suvarnbhumi airport in 2006. 2005 330 2004 283 Minor Dairy Limited MDL Sales Baht Million 2006 623 Growing ,with the success of our Swensen s and Dairy Queen brands 2005 486 and beginning to supply third parties. 2004 433 Minor Cheese Limited MCL Sales Baht Million Growing with the success of our 2006 302 The Pizza Company brand and 2005 215 beginning to supply third parties. 2004 204 01 Minor International Public Company Limited C O R E V A L U ES P e o p l e C u s t o m e r F o c u s R e s u l t O r i e n t e d I n n o v a t i v e D e v e l o p m e n t V I S I O N To be a leading international hospitality and leisure operator and a leading multiple food concept operator through the delivery of branded products and services providing 100% SATISFACTION to all stakeholders. Delivering premium branded hospitality services and food concepts globally Every year, over 18,000 service professionals at 16 hotels and resorts, 24 spas and 630 restaurants have the pleasure of serving over 70 million customers the very best in dining, resort lodging and spa treatments. 02 2006 Annual Report 03 Minor International Public Company Limited CONTENTS “ √ ∫— ≠ Financial Highlights ................................................................................. 4 ®ÿ¥‡¥àπ∑“ß°“√‡ß‘π........................................................................................... 140 Financial Status at a Glance ........................................................... 5 ∂“π–°“√‡ß‘πæÕ —߇¢ª ........................................................................... 141 Chairman and CEOûs Statement .............................................. 6 √“¬ß“π®“°ª√–∏“π°√√¡°“√.............................................................. 142 Social Contribution .................................................................................. 26 §«“¡√—∫º‘¥™Õ∫µàÕ —ߧ¡ .......................................................................... 162 Report of the Board of Directorsû Responsibilities √“¬ß“𧫓¡√—∫º‘¥™Õ∫¢Õß for Financial Statements............................................................... 27 §≥–°√√¡°“√µàÕ√“¬ß“π∑“ß°“√‡ß‘π ...................................... 163 Report of the Audit Committee ................................................ 28 √“¬ß“π§≥–°√√¡°“√µ√«® Õ∫ ....................................................... 164 Auditorûs Report .......................................................................................... 29 √“¬ß“π¢ÕߺŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ ................................................. 165 Financial Statements .............................................................................. 30 ß∫°“√‡ß‘π ............................................................................................................... 166 Management Discussion & Analysis .................................... 92 §”Õ∏‘∫“¬·≈–∫∑«‘‡§√“–Àå¢ÕßΩÉ“¬®—¥°“√ ................................ 228 Connected Transactions .................................................................... 101 √“¬°“√√–À«à“ß°—π ......................................................................................... 237 Nature of Business .................................................................................... 109 ≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘® ....................................................................... 245 Major Events in 2006 ............................................................................. 110 ‡Àµÿ°“√≥å ”§—≠„π√Õ∫ªï æ.». 2549 ............................................ 246 Risk Factors ....................................................................................................... 111 ªí®®—¬§«“¡‡ ’Ë¬ß ............................................................................................... 247 Good Corporate Governance ..................................................... 115 °“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ ............................................................................ 252 Shareholdersû Structure and Management .................. 121 ‚§√ß √â“ß°“√∂◊ÕÀÿâπ·≈–°“√®—¥°“√ ................................................. 258 Subsidiaries and Affiliates ................................................................ 131 ∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑„π‡§√◊Õ ................................................................ 268 Corporate Information ......................................................................... 137 ¢âÕ¡Ÿ≈∑—Ë«‰ª ............................................................................................................ 274 04004 2006 Annual Report FINANCIAL HIGHLIGHTS 2002 2003 2004 2005 2006 Consolidated (Baht Million) Net Sales ............................................................................................ 2,595 4,436 7,944 10,045 11,716 Total Revenues ................................................................................ 2,749