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5CNGU $CJV OKNNKQP 5CNGU $CJV OKNNKQP 5CNGU $CJV OKNNKQP 2017 4,070 2017 3,295 2017 2,442 2017 2,799 2017 302 2017 68 2017 47 2017 113 2016 3,896 2016 3,234 2016 2,314 2016 2,271 2016 343 2016 70 2016 25 2016 20 2015 3,956 2015 2,979 2015 2,300 2015 1,754 2015 383 2015 41 2015 2015 !QD@C3@KJ3G@HK@MC 2DKDBS2DQUHBD/@QSMDQ ,HMNQ#@HQX+HLHSDC ,HMNQ"GDDRD+HLHSDC 1@CKDX@MC MDKKN 9VHKKHMF) 'DMBJDKR ,HMNQ2L@QS*HCR -@U@RQH,@MTE@BSTQHMF 6Je LoKntXentWre oH 3G@HK@MC+HLHSDC We operate KEe EreaO We operate EJeeUe HaEtor[ +n tJe DaI UeIOent @MC)NRDOG)NRDOG /Knor 5Oart -KdU KU -,3 tJe $read6aNM Drand Kn 1Wr reUtaWrant DWUKneUU HaEtor[ Wnder /Knor &aKr[ Wnder /Knor %JeeUe .KOKted we dKUtrKDWte 4adNe[ +n tJe JoOeware UeIOent 6JaKNand¿U NeadKnI dKUtrKDWtor 0/6 KU tJe OanWHaEtWrer 6JaKNand JaU oWtNetU Kn aKrportU JaU a totaN oH .KOKted HroO tJe 7- wKtJ UtoreU we dKUtrKDWte <wKNNKnI ,# oH EJKNdren¿U DooMU and wJKEJ UWppNKeU prodWEtU to oWtNetU and #neNNo HroO ,apan *enEMeNU wJKEJ operateU NearnKnI aKd XKa 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.