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Management Discussion and Analysis February 19, 2018 Minor International Public Company Limited M A N A G E M E N T D ISCUSSION AND A NALYSIS Overview 4Q17 and 2017 Performance Revenue Breakdown Bt million 4Q17 4Q16 %Chg Minor International Public Company Limited (“MINT”) As Reported reported y-y revenue growth of 12% in 4Q17 and 8% in 2017, Restaurant Services 6,053 5,621 8% while net profit increased by 20% in 4Q17 and 18% in 2017, Hotel & Mixed-Use 8,352 7,872 6% compared to 4Q16 and 2016 core revenue and net profit, Retail Trading & 1,173 910 29% respectively. Note that in 2016, MINT recorded non- Contract Manufacturing Total Revenue 15,578 14,403 8% recurring items as required under Thai Generally Accepted Core* Accounting Principles (Thai GAAP), which are detailed in Restaurant Services 6,053 5,621 8% the non-recurring table on page 3. Hotel & Mixed-Use 8,352 7,344 14% In a move to reward its shareholders, MINT’s Board of Retail Trading & 1,173 910 29% Contract Manufacturing Directors proposed to pay cash dividend in the amount of Total Revenue 15,578 13,875 12% Baht 0.40 per share. The dividend payment is subject to * Exclude non-recurring items as detailed in the table on page 3 MINT’s shareholder’s approval at the Annual General In 2017, MINT reported total revenue of Bt 58,644m, an Meeting of Shareholders to be held on April 3rd, 2018. increase of 8% from 2016 core revenue. The growth was driven mainly by solid performance of hotel and mixed-use For fourth quarter performance, MINT reported total business, including robust hotel operations in Thailand and revenue of Bt 15,578m, a 12% growth from 4Q16 core the Tivoli portfolio in Brazil and Portugal, additional revenue, attributable to outstanding performance of all contributions from acquisitions, including the increase in three business units. Hotel and mixed-use business showed shareholding in the two hotels in Zambia since July 2016 revenue growth of 14% from 4Q16 core revenue, bolstered and investment in C&K in 4Q17, and strong growth of real by the robust performance of Thailand hotels and Tivoli- estate business. Furthermore, the outstanding performance branded hotels in Portugal and Brazil, turnaround of the of retail trading portfolio also contributed to the group’s Maldives operation, as well as strong contributions from overall revenue growth. real estate business and MINT’s recent investment in Corbin & King (C&K), which operates a chain of restaurants In terms of revenue breakdown, in 2017, hotel & mixed-use and manages a hotel in the UK. Restaurant business posted and restaurant businesses accounted for 53% and 40% of revenue growth of 8% y-y, driven by the performance of total revenue, respectively. Retail trading and contract Thailand and China hubs. Lastly, retail trading & contract manufacturing business contributed another 7%. manufacturing business reported revenue growth of 29% Revenue Breakdown y-y, supported by organic growth of existing retail brands, the ramping up of new retail brands and the recovery of the Bt million 2o17 2016 %Chg As Reported contract manufacturing business. Restaurant Services 23,582 23,157 2% In 4Q17, hotel & mixed-use business accounted for 54% of Hotel & Mixed-Use 30,970 30,310 2% total revenue. Restaurant business contributed 39% of total Retail Trading & 4,091 3,505 17% Contract Manufacturing revenue, while retail trading and contract manufacturing Total Revenue 58,644 56,973 3% contributed the remaining 7%. Page 1 Core* 2017 2016 %Chg of all three business units. As a result, 2017 EBITDA Restaurant Services 23,582 23,022 2% margin improved to 20.9%, compared to core EBITDA Hotel & Mixed-Use 30,970 27,758 12% margin of 20.7% in 2016. Retail Trading & 4,091 3,505 17% Contract Manufacturing In 2017, hotel & mixed-use business represented 63% of Total Revenue 58,644 54,285 8% total EBITDA, while restaurant business accounted for 35%. * Exclude non-recurring items as detailed in the table on page 3 Retail trading and contract manufacturing business MINT reported EBITDA of Bt 3,435m in 4Q17, a 9% accounted for the remaining 2%. increase from 4Q16 core EBITDA. The growth was EBITDA Breakdown attributable to performance of all three business units. 2017 2016 %Chg EBITDA of restaurant business increased by 20% y-y, Bt million As Reported primarily from effective cost control and supply chain Restaurant Services 4,285 3,978 8% management of Riverside brand in China. EBITDA of retail Hotel & Mixed-Use 7,685 8,984 -14% trading & contract manufacturing business grew by 26% Retail Trading & Contract 304 267 14% y-y, mainly due to improved profitability of retail trading Manufacturing Total EBITDA 12,274 13,229 -7% business. Lastly, EBITDA of hotel & mixed use business EBITDA Margin 20.9% 23.2% was 3% higher than 4Q16 core EBITDA, mainly from strong Core* contribution of real estate business, which helped offset the Restaurant Services 4,285 3,843 12% low margin of Portugal operation during the low season. Hotel & Mixed-Use 7,685 7,146 8% With the lower growth rate of EBITDA than revenue, Retail Trading & Contract 304 267 14% EBITDA margin of the whole group dropped to 22.0% in Manufacturing Total EBITDA 12,274 11,256 9% 4Q17, compared to core EBITDA margin of 22.7% in 4Q16. EBITDA Margin 20.9% 20.7% In 4Q17, hotel & mixed-use and restaurant businesses * Exclude non-recurring items as detailed in the table on page 3 accounted for 64% and 33% of total EBITDA respectively. MINT reported net profit of Bt 1,611m in 4Q17, a 20% Retail trading & contract manufacturing contributed the growth from 4Q16 core net profit of Bt 1,347m. The remaining 3%. increase was of larger magnitude than EBITDA, mainly EBITDA Breakdown supported by tax benefits from net losses incurred in certain jurisdictions during the period. As a result, net Bt million 4Q17 4Q16 %Chg As Reported profit margin increased to 10.3% in 4Q17, from core net Restaurant Services 1,118 933 20% profit margin of 9.7% in 4Q16. Hotel & Mixed-Use 2,201 2,078 6% Retail Trading & Contract 115 91 26% In 2017, MINT reported net profit of Bt 5,415m, an increase Manufacturing of 18% from 2016 core net profit of Bt 4,576m, from solid Total EBITDA 3,435 3,102 11% performance of all three business units. As a result, net EBITDA Margin 22.0% 21.5% profit margin expanded to 9.2% in 2017 from core net Core* Restaurant Services 1,118 933 20% profit margin of 8.4% in 2016. Hotel & Mixed-Use 2,201 2,132 3% Net Profit Retail Trading & Contract 115 91 26% Manufacturing Bt million 4Q17 4Q16 %Chg Total EBITDA 3,435 3,156 9% As Reported EBITDA Margin 22.0% 22.7% Total net profit 1,611 1,293 25% * Exclude non-recurring items as detailed in the table on page 3 Net Profit Margin 10.3% 9.0% In 2017, MINT reported EBITDA of Bt 12,274m, a 9% increase from 2016 core EBITDA, driven by robust growth Page 2 Core* 4Q17 4Q16 %Chg • Entered into a 50% joint-venture to own Total net profit 1,611 1,347 20% and operate a 196-key AVANI Hua Hin Net Profit Margin 10.3% 9.7% Resort & Villas 2017 2016 %Chg • Acquired 74% stake in the UK-based As Reported Total net profit 5,415 6,590 -18% C&K, which operates a portfolio of six Net Profit Margin 9.2% 11.6% brasserie-style restaurants and manages Core* 73-key five-star hotel named The Total net profit 5,415 4,576 18% Beaumont in London, UK Net Profit Margin 9.2% 8.4% • Debuted the AVANI brand in New * Exclude non-recurring items as detailed in the table below Hotel & Zealand with the rebranding of Metro Mixed-Use Suites to AVANI Metropolis Auckland Non-Recurring Items Amount Residences Timeline Non-Recurring Items (Bt million) • Gain from bargain purchase of hotels in • Opened AVANI Broadbeach Gold Coast 490 Zambia Residences, a management letting rights • Gain from bargain purchase of Tivoli hotels 38 in Portugal contract in Queensland, Australia • Anantara Vacation Club’s (AVC) provision of doubtful account (recorded in SG&A), • Transferred and recorded sales of one 4Q16 which is part of MINT’s prudent measures to conservatively provide for potential bad -359 unit of The Estates Samui and two units debts which may arise from the accounts receivable of Phase I, which was sold of Anantara Chiang Mai Serviced Suites during 2010-2015 • Oaks’ general administrative expenses and -223 • Added seven units of Anantara Vacation provision (recorded in SG&A) • Gain from changing status of investment in Club’s inventory in Phuket 92 some of the Oaks properties, which were offset by; • Launched OVS Kids, the Italian fast 3Q16 • Impairment charges of certain Oaks Lifestyle properties (recorded in SG&A, pre-tax), fashion brand, at Don Muang Airport, -136 resulting in no material impact post-tax on Terminal 2 in Bangkok core net profit in 3Q16 • Gain from changing status of investment in • Concluded MINT - W5 warrant program, 136 BreadTalk Group in Singapore, from 2Q16 available-for-sale investment to investment resulting in additional equity of Bt 7.9 in associate • Gain from bargain purchase of the Tivoli billion for the entire program 1Q16 1,932 Hotels & Resorts Corporate • Included in the list of Thailand Sustainability Investment (THSI) 2017 by Major Developments in 4Q17 the Stock Exchange of Thailand for the third consecutive year Developments • Opened 22 outlets, net q-q, majority of which were The Pizza Company, Burger King and Dairy Queen outlets in Thailand Segment Performance • Acquired four existing Patara restaurants Restaurant Business Restaurant and franchise rights to develop and operate restaurants under Patara and At the end of 4Q17, MINT’s total restaurants reached 2,064 Suda brands in the UK outlets, comprising 1,072 equity-owned outlets (52% of • Launched the first Burger King and The total), and 992 franchised outlets (48% of total).
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