WRAP Melbourne Anantara Phuket Layan...WRAP Melbourne Anantara Phuket Layan Company Presentation - Aug 2014 WRAP Melbourne Anantara Phuket Layan Company Presentation - Aug 20142 Statements

Anantara Phuket Layan WRAP Melbourne

Company Presentation - Aug 2014

Anantara Phuket LayanWRAP Melbourne

Company Presentation - Aug 2014

2

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. 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.

FORWARD LOOKING STATEMENT

Disclaimer

http://www.google.co.th/url?url=http://www.clashofthevikings.com/img/logos/logo-radisson-blu-png/image_view_fullscreen&rct=j&frm=1&q=&esrc=s&sa=U&ei=JyPsU7fAHoa48gWbsIK4Bw&ved=0CCkQ9QEwAw&usg=AFQjCNE_G4QPpl_PoZLwu0HB1mUI9C8daQ

Agenda 1H14 Performance Recap & Recent Updates

Restaurant Business

Hotel & Mixed-Use Business

Other Important Information

SIFU Hong Kong Master Ribs in Singapore

1H14 Performance Recap

Royal Livingstone Hotel, Zambia Gaborone Sun Hotel & Casino, Botswana

Kalahari Sands Hotel & Casino, Namibia Lesotho Sun Hotel & Casino, Lesotho

5

CONTINUED GROWTH WITH DIVERSIFICATION MINT REPORTED 1H14 NET PROFIT OF THB 2.0 BILLION, AN 11% INCREASE YoY, DEMONSTRATING THE BENEFIT OF MINT’S DIVERSIFICATION AND INTERNATIONAL EXPANSION STRATEGY, AS STRONG PERFORMANCE OF INTERNATIONAL OPERATIONS MITIGATED THE IMPACT OF SLOWDOWN IN TOURIST ARRIVALS AND DOMESTIC CONSUMPTION IN THAILAND. NET PROFIT GROWTH WAS DUE TO BOTH HOSPITALITY AND RESTAURANT BUSINESSES, TOGETHER WITH THE GAIN ON FAIR VALUE ADJUSTMENT OF INVESTMENT IN SERENDIB IN SRI LANKA.

12,000

14,000

16,000

18,000

20,000

1H13 Hotel & Mixed-Use Restaurant Retail Trading 1H14

17,888

19,753

THB Million

1,200

1,400

1,600

1,800

2,000

2,200

1H13 Hotel & Mixed-Use Restaurant Retail Trading 1H14

THB Million

1,838

2,037

+11% YoY

+10% YoY

REVENUES

NET PROFIT

1H14 Performance Recap

Excl one-time gain+7% YoY

6

INTERNATIONAL PRESENCE

WITH SOLID DIVERSIFICATION STRATEGY, MINT’S PRESENCE IS NOW IN 33 COUNTRIES ACROSS ITS HOSPITALITY AND RESTAURANT BUSINESSES.

MINT’s Footprint

Egypt

Restaurant

Combination

Hotel

REVENUE CONTRIBUTION

87%68% 62% 55%

13%32% 38% 45%

0%

25%

50%

75%

100%

2008 2013 1H14 2018F

International

Thailand

Restaurant Business

Basil by ThaiExpress in Singapore

8

RECENT UPDATES – RESTAURANT

MINT CONTINUES TO INVEST IN ITS FUTURE, POISED FOR SOLID GROWTH GOING FORWARD.

Restaurants Updates

Invested 50% to operate BreadTalk’s bakery operations in Thailand

MINT’s investment size: THB 103 million for the 50% investment

BreadTalk Group’s support: as brand owner, and provide technical know-how

MINT’s support: its established platform in Thailand, including supply chain management, property management, outlet expansion, franchising and legal support

With the combination of BreadTalk’s strong brand recognition and MFG’s profound knowledge of Thailand together with its operational excellence and customer service, there is a vast growth potential for BreadTalk operation in Thailand over the next few years

The plan is to actively grow Breadtalk bakery outlets from existing 23 outlets, initially with company-owned business model and later with franchised model

The joint-venture is expected to be established by the end of September, after fulfilling the customary conditions precedent

Invested 70% in Swensen’s operations in India

This resulted in conversion of the existing 4 outlets from franchised to 70%-owned outlets

The existing franchisee, Devyani International, maintains the remaining 30% shareholding

Opened the first franchised Coffee Club outlets in Bali & Malaysia

The two outlets marked The Coffee Club’s entrance into the countries.

http://www.swensens.in/photos/012_b.jpg

http://www.swensens.in/photos/5_b.jpg

9

RECENT UPDATES – CONT’D


Restaurants Updates

Launched “Thai Cuisine Academy”

Partnership between three reputable parties: • MINT • S&P Syndicate • Iron Chef Chumpon Jangprai

The Academy will help strengthen the talent pool for restaurants under Minor Food Group, Minor Hotel Group, and others

The courses range from one-month to 9-month courses, for both profession and non-professional individuals

The school is located in the heart of Thonglor, and is able to graduate over 100 students and professional chefs per year

Launched two new concepts under Singapore Hub:

SIFU Hong Kong Master Ribs

Basil by ThaiExpress

The initiative is to respond to the quick change in consumer taste in Singapore and ultimately to increase customer count and overall sales

10

1H14 REVENUE OF THE RESTAURANT BUSINESS INCREASED BY 12% YoY, PRIMARILY FROM THE OUTLET EXPANSION OF 12%. 1H14 NET PROFIT GREW BY 4%, A SMALLER MAGNITUDE THAN REVENUE INCREASE MAINLY AS A RESULT OF CONTRACTION OF DOMESTIC CONSUMPTION WHICH LED TO LOWER OPERATING LEVERAGE AMIDST POLITICAL EVENTS IN 1Q14. NONETHELESS, THAILAND HUB, THE BIGGEST CONTRIBUTER TO THE RESTAURANT BUSINESS, SAW A TURNAROUND IN SAME-STORE-SALES GROWTH AND NORMALIZED MARGINS IN 2Q14.

FINANCIAL PERFORMANCE - RESTAURANT

Restaurants Updates

Key Highlights

3,878

3,725 3,742

3,997

4,307 4,230

716 634 648

761 708 725

409

308 323

461

363 379

1H14 total-system-sales exhibited strong growth

of 10.8%, primarily from the outlet expansion of 12% YoY;

Riverside, Burger King and Ribs & Rumps reported total-system-sales growth of over 20% in 1H14;

1H14 same-store-sales was flat YoY. Same-store-

sales in 2Q14 was 1.5%, as Thailand Hub witnessed a turnaround amidst improving

consumer confidence and consumption, together with new marketing initiatives;

Australia Hub reported positive same-store-sales

growth, with net profit rising 9% YoY in 1H14;

Although Singapore Hub reported negative same-

store-sales growth in 1H14, its net profit increased significantly by 37% YoY;

China Hub saw improved operational

performance YoY in 1H14, driven primarily by strong performance of Riverside;

EBITDA & net profit margins declined in 1H14 YoY, attributable to lower operating leverage of Thailand Hub from the negative same-store-sales

growth during 1Q14. Nonetheless, EBITDA and net profit margins saw improving trend in 2Q14.

18.5%

10.5%

1Q13

8.3%

2Q13

17.0% 17.3%

8.6%

3Q13

Revenue

EBITDA

NPAT

EBITDA Margin

NetMargin

THB million

+14% YoY

+14% YoY

19.0%

+23% YoY

11.5%

4Q13 1Q14

16.4%

8.4%

17.1%

2Q14

9.0%

7,603

8,537

1,3501,433

716 742

+12% YoY

+6% YoY

+4% YoY

17.8% 16.8%

1H13

9.4%

1H14

8.7%

11

RESTAURANT INTERNATIONAL FOOTPRINT MINT OPERATES FOUR RESTAURANT HUBS: THAILAND, SINGAPORE, AUSTRALIA AND CHINA. MINT’S RESTAURANT PRESENCE IS NOW IN 20 COUNTRIES ACROSS THE REGION, OPERATING OWNED, FRANCHISED AND A COMBINATION OF BOTH BUSINESS MODELS. MINT CONTINUES TO LOOK FOR OPPORTUNITIES TO EXPAND, ESPECIALLY IN THESE EXISTING MARKETS THAT MINT OPERATES.

Restaurants Updates

Egypt

Franchised

Combination

Owned

81% 70% 67%56%

19% 30% 33%44%

0%

25%

50%

75%

100%

2008 2013 1H14 2018F

International

Thailand


Hub

12

RESTAURANT PERFORMANCE

2Q14 TOTAL-SYSTEM-SALES OF THE RESTAURANT BUSINESS CONTINUED TO GROW BY 12.4%, DUE TO SAME-STORE-SALES GROWTH OF 1.5% AND OUTLET EXPANSION OF 12% YoY. 2Q14 SAME-STORE-SALES GROWTH BOUNCED BACK TO POSITIVE TERRITORY UPON PROACTIVE MARKETING INITIATIVES, TOGETHER WITH IMPROVING SENTIMENT AND DOMESTIC CONSUMPTION IN THAILAND.

Restaurants Updates

2007 2013 2Q14 2018F

Same-Store-Sales Growth Total-System-Sales Growth

No. ofOutlets

2007 2013 2Q14 2018F

35%

65%7%

93%

47%

53%676

2,625

47%

53%

18%

82%

46%

54%

1,592

676

2,625Franchised

Owned

1,544

1,544

48%

52%

1,592

International

Thailand +12% YoY

+12% YoY

35%

65%

SSS & TSS GROWTH

1,544

RESTAURANT OUTLETS BY GEOGRAPHY

RESTAURANT OUTLETS BY OWNERSHIP

4.1%

1.1%0.0%

0.9%

-1.8%

1.5%

14.6%13.9% 13.2% 14.3%

9.4%

12.4%

-5%

0%

5%

10%

15%

20%

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

1,406 1,419 1,464 1,568 1,592

13

THAILAND HUB

Restaurants Updates

THAILAND REMAINS THE MAJOR REVENUE AND PROFIT CONTRIBUTOR TO THE RESTAURANT BUSINESS. INNOVATIVE PRODUCTS AND SERVICES, PROACTIVE MARKETING INITIATIVES, AS WELL AS EFFICIENT COST CONTROL PROGRAMS HAVE AFFORDED MINT’S RESTAURANT BUSINESS TO REMAIN IN THE FOREFRONT OF THE CASUAL DINING RESTAURANT INDUSTRY IN THE COUNTRY.


THAILAND’S SSS & TSS GROWTH POISED FOR GROWTH

-5%

0%

5%

10%

15%

20%

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

1H14 REVENUE CONTRIBUTION

67%33%

ThailandOthers

Restructuring of The Pizza Company

Same-store-sales growth rebounded in 2Q14 as a result of more

proactive marketing initiatives, as well as improving domestic consumption as the political climate become more stable.

Consequently, with continued outlet expansion, total-system-sales growth also surged to 15% in 2Q14.

MINT continues to launch innovative products and services to

maintain the leadership position in the market.Swensen’s new Sundae

Sizzler’s new Salad BarBurger King’s Breakfast Menu

The Pizza Company’s Pizza Roll

In addition to organic outlet expansion, Minor Food Group always

looks for opportunities to add new concepts.

Dairy Queen’s Blizzard

JV with Breadtalk in Thailand

Launched Noodle Bar & Thai

Express in Phuket

14

SINGAPORE HUB

Restaurants Updates

SINGAPORE HUB IS THE SECOND BIGGEST REVENUE AND NET PROFIT CONTRIBUTOR OF THE RESTAURANT BUSINESS. ITS NET PROFIT HAS SEEN IMPRESSIVE GROWTH DESPITE NEGATIVE SAME-STORE-SALES GROWTH IN 1Q14 & 2Q14 BECAUSE OF THE EFFECTIVE COST CONTROL. MINT’S SINGAPORE OPERATIONS CONTINUE TO GROW NOT ONLY THROUGH ORGANIC OPERATIONS AND NEW INNOVATIVE CONCEPTS, BUT ALSO THROUGH EXPANSION OF ITS BRANDS IN OTHER COUNTRIES.

SINGAPORE’S SSS & TSS GROWTH PROFITABILITY TO REMAIN STRONG

-10%

-5%

0%

5%

10%

15%

20%

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14


18%

82%

Singapore

Others

Same-Store-Sales Growth

Same-store-sales growth was negative in 1H14 because of:

• Further expansion of Poulet, the Singapore Hub’s sub-brand, in its second year of operation, and

• Changing consumer taste which resulted in intensified competition.

Total-system-sales was positive as a result of outlet expansions, which more than offset the negative same-store-sales growth effect.

Total-System-Sales Growth

The Singapore Hub’s net profit continued to report impressive

growth as a result of effective cost control, despite the negative same-store-sales growth.

+44%

+37%

2Q13 2Q14 1H13 1H14

2Q Net Profit 1H Net Profit

The Singapore Hub continues to ensure profitability of the unit

through:• Continuous change of its menus;

• Launch of new concepts: – 2012: Poulet– 2013: Penang Street

– 2014: Basil by ThaiExpress & SIFU Hong Kong Bunnery;• Effective cost control.

Poulet Penang Street SIFU

15

AUSTRALIA HUB

Restaurants Updates

ALTHOUGH AUSTRALIA HUB CONTRIBUTES ONLY 1% TO THE RESTAURANT BUSINESS’S REVENUES, IT CONTRIBUTES 11% TO THE NET PROFIT, AS THE AUSTRALIA HUB’S PERFORMANCE IS RECOGNIZED AS SHARE OF PROFIT OF INVESTMENTS IN JOINT VENTURE UNDER EQUITY ACCOUNTING. AUSTRALIA HUB IS THEREFORE THE THIRD LARGEST PROFIT CONTRIBUTOR TO THE RESTAURANT BUSINESS.

AUSTRALIA’S SSS & TSS GROWTH EXPANSION INTACT

0%

5%

10%

15%

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14


1%

99%

Australia

Others


Australia provides stable same-store-sales and total-system-sales

growth for the group, primarily attributable to the established Coffee Club operations.

In addition to growing The Coffee Club in its established home

markets, Australia and New Zealand, the Australia Hub is looking to expand the brand in other parts of the region:

An effort to turn around Ribs & Rumps is another main focus of the

Australia Hub: • Many new marketing initiatives are being launched, including

“Buy one get one free” offer in April / May, and new Express Lunch Menu;

• Back of house process is being reviewed to focus on increasing productivity, reduction of costs and expenses, and improving

speed of service.

Thailand New Caledonia

&China

Egypt Maldives Malaysia&

Indonesia

2009 2010 2011 2012 2013 2014

16

CHINA’S SSS & TSS GROWTH GROWTH PLANS IN PLACE

CHINA HUB


Restaurants Updates

-10%

0%

10%

20%

30%

40%

1Q14 2Q14

CHINA HUB CONTRIBUTES 12% OF RESTAURANT REVENUES, WHILE IN TERMS OF NET PROFIT, ITS OPERATIONS HAVE TURNED AROUND AND WAS BREAK-EVEN IN 2013. WITH RIVERSIDE AS THE SUCCESSFUL LOCAL CONCEPT AND SIZZLER’S UNIQUE POSITION AS A WESTERN STEAK HOUSE CHAIN, TOGETHER WITH VAST POTENTIAL IN THE CONSUMPTION SPACE IN THE COUNTRY, MINT AIMS FOR CHINA TO BECOME A MEANINGFUL CONTRIBUTOR IN THE FUTURE.


12%

88%China

Others

Total-system-sales growth of China operations continued to be

strong. Active outlet expansion of the Riverside brand since MINT’s acquisition at the end of 2012 more than offset negative same-store-

sales growth effect.

The objective going forward is to expand outlets under Riverside and

Sizzler brands in China, after having closed down 15 The Pizza Company outlets during 2008-2014.

Historical Outlet Expansion in China

27 24 21 22

35 42 42

55

2008 2009 2010 2011 2012 2013 1H14 2014F

While short-term goal is to increase the scale of operations by

increasing the number of outlets, the medium to long-term goal is to improve profitability of the operations to be comparable to other

hubs.

Hotel & Mixed-Use Business

Radisson Blu Hotel, Maputo

18

RECENT UPDATES – HOTEL & MIXED-USE


Full-opening of Anantara Phuket Layan in July 2014 Launch of Oaks’ WRAP on Southbank in Melbourne in May 2014

Acquisition of 49% of Rani Minor Holding II to own hotel & mixed-use project in Maputo, Mozambique

The project consists of: • Radisson Blu Hotel: 154-key hotel (currently in operation) • Residential Tower: 187-key , 19,466 net sq.m., 18-storey tower, majority of which is for rental (under construction, expected to complete by

the end of 2015) • Office Tower: 20,926 net sq.m., 21-storey tower (under construction, expected to complete by the end of 2015)

The project is within 5 minutes of Maputo CBD, facing the renowned Maputo Bay and fronting Avenida Da Marginal, one of the city’s main arterial raods

The project is MINT’s fifth property in Mozambique, all of which are under collaboration with Rani Investments. This completes MINT’s expansion in the country, from the north all the way to the south

Investment size is USD 101 million for the 49% stake.

Anantara Bazaruto

Pemba

Matemo

Medjumbe

Maputo Project

Radisson Blu Hotel Office Tower Residential Tower

Hotel Updates

19

RECENT UPDATES – HOTEL & MIXED-USE – CONT’D


Acquisition of 8 hotels with over 1,300 rooms in 5 countries in Africa from Sun International

Hotel Updates

Kenya

Tanzania

Mozambique Zambia

Royal Livingstone Hotel

Zambezi Sun Resorts

Zambia (50%)

Namibia

Namibia (80%) Kalahari Sands Hotel & Casino

Botswana

Lesotho Lesotho Sun Hotel & Casino Maseru Sun

Lesotho (37.5%)

Royal Swazi Spa Valley Ezulwini Sun (Lugogo Sun) Swaziland (40.5%)

Swaziland

The investment size is R663.6 million (USD 62.4 million)

Investment rationales:

• The investment allows MINT to expand its footprint in the southern part of Africa and will complement the hotel business’s current East Africa safari and beach offerings through the Elewana and the Mozambican properties.

• MINT can benefit from Africa’s growth potential, both in terms of economic growth and the untapped travel and tourism

• The scale allows MINT to develop a platform with operational efficiency within the region

The 7 hotels, with the exception of Royal Livingstone Hotel, will be rebranded into AVANI. The renowned Royal Livingstone Hotel will be marketed through Anantara’s distribution channels

The transaction is expected to close in 4Q14

Gaborone Sun Hotel & Casino

Botswana (64%)

* Note: the percentage depicts MINT’s effective shareholdings in the properties

20

FINANCIAL PERFORMANCE – HOTEL & MIXED-USE 1H14 REVENUE OF HOTEL & MIXED-USE BUSINESS GREW BY 11%, PRIMARILY AS A RESULT OF GROWTH OF MANAGEMENT CONTRACT, OAKS, OWNED HOTELS AND ANANTARA VACATION CLUB. 1H14 NET PROFIT INCREASED BY 18%, LED BY HIGHER PROFITABILITY OF OWNED HOTELS IN 2Q14 AND ANANTARA VACATION CLUB ON THE BACK OF HIGHER OPERATING LEVERAGE AND EFFECTIVE COST CONTROL, TOGETHER WITH AN INCREASE IN CONTRIBUTION FROM HIGHER-MARGIN MANAGEMENT CONTRACT BUSINESS.

Owned hotels: 42% of 1H14 hotel and mixed-use revenues – saw revenue growth of 1% although system-wide 1H14 RevPar dropped by 5% YoY (organic RevPar -3%);

Oaks: 28% of 1H14 hotel and mixed-use revenues – reported 1H14 revenue growth of 15% while RevPar declined by 2%, from a slight drop in occupancy;

Management contracts: 7% of 1H14 hotel and mixed-use revenues – reported increase in 1H14 revenue by 185%, from the outstanding performance of the Maldives hotels, increase in number of rooms by 56% YoY, and system-wide 1H14 RevPar increase of 49% (organic RevPar increase of 16%);

Real estate: 17% of 1H14 hotel and mixed-use revenues – saw flat 1H14 revenues YoY, as increase in revenues from Anantara Vacation Club offset the decline of revenues from residential sales;

Net profit exhibited growth at a higher rate than revenues as a result of higher operating leverage and effective cost savings in 2Q14, together with the one-time gain on fair value adjustment of investment in Serendib in Sri Lanka of THB 69 million (after tax);

Excluding the one-time fair value adjustment, net profit increased by 12%.

Key Highlights

Hotel Updates

Revenue

EBITDA

NPAT

EBITDA Margin

NetMargin

THB million4,794

3,690 4,312

5,181 5,322

4,083

1,727

665 967

1,847 1,761

892

945

98

354

1,053 1,003

229

1Q13

19.7%

36.0% 18.0%

2Q13

2.7%

22.4%

8.2%

3Q13

35.7%

20.3%

4Q13

+11% YoY

+34% YoY

+134% YoY

1Q14

33.1%

18.8%

21.8%

2Q14

5.6%

+11% YoY

8,484

9,406

+11% YoY

2,3922,653

28.2% 28.2%

1,0431,232

+18% YoY

1H13

12.3%

1H14

13.1%

21

IN RECENT YEARS, MINT HAS IMPLEMENTED A SOLID DIVERSIFICATION STRATEGY. TODAY, MINT OPERATES HOTELS AND SPAS IN COMBINATION OF INVESTMENT, JOINT-VENTURE AND MANAGEMENT BUSINESS MODELS IN 23 COUNTRIES, WITH ANOTHER SIX COUNTRIES IN THE PIPELINE OVER THE NEXT THREE YEARS.

HOTEL & MIXED-USE - INTERNATIONAL PRESENCE

Hotel Updates

Egypt

Management

Combination

Investment

New Destinations in Pipeline

94%

60%49% 46%

6%

40%51% 54%

0%

25%

50%

75%

100%

2008 2013 1H14 2018F

International

Thailand


Hub

22

SYSTEM-WIDE HOTEL OPERATIONS 2Q14 SYSTEM-WIDE REVPAR INCREASED BY 10% YoY DESPITE THE IMPACT OF DOMESTIC POLITICAL EVENTS. EXCLUDING BANGKOK HOTELS, SYSTEM-WIDE REVPAR ROSE BY A HIGHER MAGNITUDE OF 19%. HOTELS IN THAILAND’S MAJOR TOURIST DESTINATIONS OUTSIDE OF BANGKOK CONTINUED TO SEE GROWTH IN REVPAR, WHILE OVERSEAS HOTELS, THE MAJORITY OF WHICH ARE ANANTARA HOTELS, WITNESSED EVEN STRONGER PERFORMANCE WITH REVPAR INCREASING BY OVER 50% YoY.

Hotel Updates

THB

THB

NUMBER OF HOTEL ROOMS ADR

OCCUPANCY REVPAR

THB

+10% YoY

Organic excl FX Impact-1% YoY

0

3,000

6,000

9,000

12,000

15,000

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

MLR / Oaks

Managed

Joint-venture

Owned

+24% YoYNo of Rooms

10,529 10,62411,740

12,723 13,128

* Note: Hotel Statistics include Oaks Hotel & Resort

73%

66%69%

71%

67%

60%

50%

60%

70%

80%

90%

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

-5% YoY

Organic-4% YoY

5,937

4,998 5,105

6,098

7,012

6,004

2,000

4,000

6,000

8,000

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

4,358

3,2803,537

4,3554,707

3,618

1,000

2,000

3,000

4,000

5,000

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

+20% YoY

Organic excl FX Impact+5% YoY

13,179

23

OWNED-HOTELS OPERATIONS OWNED HOTELS REMAINED A MAJOR REVENUE CONTRIBUTOR IN 1H14 WITH 42% CONTRIBUTION OF HOTEL & MIXED-USE REVENUES. ALTHOUGH THE POLITICAL INSTABILITY IN THAILAND PUT PRESSURE ON OVERALL OWNED HOTELS OCCUPANCY, PARTICULARLY THAT OF BANGKOK HOTELS, MINT WAS ABLE TO RAISE RATES BY 12% ON AVERAGE, RESULTING IN REVPAR DECLINE OF MERELY 7% YoY. DESPITE THE DECLINE IN REVPAR, WITH ADDITION OF NEW HOTEL ROOMS, REVENUES OF OWNED HOTEL HELD UP WELL.

Hotel Updates

THB

THB

+12% YoY

42%

58% Owned-hotelsOther hotels

& mixed-use


No of Rooms



OCCUPANCY REVPAR

THB-7% YoY

Organic excl FX Impact-7% YoY

2,494 2,388 2,4272,676 2,753 2,753

1,000

1,500

2,000

2,500

3,000

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

+ Hoi An+ Quy Nhon

- Anantara BophutSamui(reno)

+Anantara AnkorCambodia

+Anantara Bophut

+Grand Hotel

+Anantara LayanPhuket

+15% YoY

7,275

5,650 5,388

6,957

8,570

6,301

2,000

4,000

6,000

8,000

10,000

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

78%

61%66%

69%

64%

51%

40%

50%

60%

70%

80%

90%

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

-10% YoY

Organic-10% YoY

5,687

3,446 3,553

4,7845,497

3,199

0

2,000

4,000

6,000

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

24

OWNED-HOTELS PERFORMANCE BY GEOGRAPHY IN 1H14, BANGKOK HOTELS ACCOUNT FOR ONLY 10% OF TOTAL HOTEL & MIXED-USE REVENUES (5% OF TOTAL MINT REVENUES). SYSTEM-WIDE REVPAR OF OWNED HOTELS OUTSIDE OF BANGKOK CONTINUED TO GROW AT THE RATE OF 4% IN 2Q14, PRIMARILY AS A RESULT OF BETTER PERFORMANCE AND CHANGE IN HOTEL MIX TOWARDS HIGHER-REVPAR HOTELS OF OVERSEAS PORTFOLIO. DESPITE THE POLITICAL UNCERTAINTY, THAILAND PROVINCIAL HOTELS CONTINUED TO SEE REVPAR GROWTH OF 1%.

Hotel Updates

THB

THB

OVERALL EXCL BANGKOK THAILAND PROVINCES

BANGKOK OVERSEAS

THB

14,676

10,0408,340

11,746

15,289

10,98110,396

5,356 5,3807,145

11,058

5,989

71%

53%

65% 61% 72%

55%

0%

20%

40%

60%

80%

0

4,000

8,000

12,000

16,000

1Q13 2Q13 2Q13 4Q13 1Q14 2Q14

10%

90%

Bangkok

hotels

Other hotels & mixed-use


THB

4,7724,501 4,423

4,917 4,8144,407

3,800

2,7953,064

3,458

2,280 1,796

80%

62%69% 70%

47% 41%

0%

20%

40%

60%

80%

0

1,000

2,000

3,000

4,000

5,000

1Q13 2Q13 2Q13 4Q13 1Q14 2Q14

RevPar -36% YoY RevPar +12% YoY

7,873

5,5355,433

7,367

8,490

6,030

6,190

3,451 3,438

5,160

6,403

3,472

79%

62% 63%

70% 75%

58%

20%

40%

60%

80%

100%

0

2,000

4,000

6,000

8,000

10,000

1Q13 2Q13 2Q13 4Q13 1Q14 2Q14

RevPar +1% YoYTHB

9,042

6,474 6,135

8,348

10,067

7,131

6,977

3,900 3,900

5,655

7,518

4,056

77%

60%64%

68%75%

57%

20%

40%

60%

80%

100%

0

3,000

6,000

9,000

12,000

1Q13 2Q13 2Q13 4Q13 1Q14 2Q14

RevPar +4% YoY

RevParADR% Occupancy

25

OAKS’ OPERATIONS OAKS’ SERVICED-SUITES OPERATIONS PROVIDE THE HOTEL AND MIXED-USE BUSINESS WITH STABLE PERFORMANCE THROUGHOUT THE YEAR, COMPARED TO HOTEL BUSINESS WHICH IS MORE SEASONAL. ALTHOUGH OAK’S REVPAR IN 2Q14 SLIGHTLY DECLINED YoY, ITS REVENUES GREW BY 15% MAINLY FROM ADDITIONAL MLR CONTRACTS WHICH BROUGHT IN 11% MORE ROOMS YoY.

Hotel Updates

THB

+11% YoY

27%

73%


No of Rooms

AUD

NUMBER OF MANAGED ROOMS ADR

OCCUPANCY REVPAR

3,8253,498

3,6543,923 3,777

3,388

124

118

127

133129

112

100

110

120

130

140

150

0

1,000

2,000

3,000

4,000

5,000

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

THB

4,8984,635 4,644

4,957 4,966 4,727

158157

161

169 170

156

150

160

170

180

0

2,000

4,000

6,000

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

5,176 5,3235,576

5,897 5,855 5,906

3,000

4,000

5,000

6,000

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

28%72% Oaks

Other hotels

& mixed-use

THB+2% YoY

AUDFlat YoY

AUD

78%75%

79% 79%

76%

72%

60%

70%

80%

90%

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

-3% YoY

THB-3%YoY

AUD-5% YoY

26

MANAGED-HOTELS OPERATIONS IN 1H14, CONTRIBUTION OF MANAGED HOTELS INCREASED TO 7% OF HOTEL & MIXED-USE REVENUES FROM 3% IN 1H13. SYSTEM-WIDE REVPAR OF MANAGED HOTELS PORTFOLIO IN 2Q14 INCREASED BY 60% YoY PRIMARILY FROM THE OUTSTANDING PERFORMANCE OF MALDIVES HOTELS, TOGETHER WITH IMPROVEMENT OF OTHER EXISTING HOTELS AND ADDITION OF NEW HOTELS, PARTICULARLY UNDER PER AQUUM BRAND, WHICH COMMANDS HIGH REVPAR. AS A RESULT, 2Q14 REVENUE FROM MANAGEMENT SERVICES INCREASED BY 88% YoY.

Hotel Updates

THB

7%93%Management

contract


No of Rooms



OCCUPANCY REVPAR

+56% YoYTHB

2,126 2,1802,946

3,254 3,404 3,404

0

1,000

2,000

3,000

4,000

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

+ Anantara Xisuang-banna

+ Per AQUUM Huvafenfushi, Desert Palm, Niyama

+ Avani Atrium Bangkok

+ Anantara Al Yamm

+ Anantara Chiang Mai, Al Sahel,The Palm Dubai

- Per AQUUM Niyama

+ Anantara Emei

5,2284,405

5,4836,506

7,7267,234

0

2,000

4,000

6,000

8,000

10,000

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

+64% YoY


60%

51%

55%

62%

57%

50%

40%

50%

60%

70%

80%

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

-1% YoY

Organic-1% YoY

3,128

2,254

3,011

4,0664,382

3,613

0

1,000

2,000

3,000

4,000

5,000

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

+60% YoY


27

HOTEL EXPANSION PIPELINE

MINT CONTINUES TO IMPLEMENT “ASSET RIGHT” STRATEGY, WHICH IS A COMBINATION OF “ASSET HEAVY” (OWNED & JV) AND “ASSET LIGHT” (MANAGEMENT CONTRACTS & MLRs), DEPENDING ON THE CIRCUMSTANCES AND OPPORTUNITIES. THE BELOW FIGURES ARE BASED ON CURRENT SIGNED PIPELINE WHILE THE FINALIZATION OF ON-GOING DUE-DILIGENCE AND NEW OPPORTUNITIES THAT COME ALONG IN THE FUTURE WILL CERTAINLY ADD TO THE BELOW GROWTH FIGURES.

Hotel Updates

OWNED HOTELS

MANAGED HOTELS

OAKS

2,676 2,753

3,343

3,592

2,000

2,500

3,000

3,500

4,000

2013 2014F 2015F 2016F

+3% +21% +7%

No of Rooms

5,9066,177

6,643 6,843

2,000

3,000

4,000

5,000

6,000

7,000

2013 2014F 2015F 2016F

No of Rooms

+5% +8% +3%

3,2543,645

4,586

6,414

2,000

3,000

4,000

5,000

6,000

7,000

2013 2014F 2015F 2016F

No of Rooms +12% +26% +40%

JOINT VENTURE

896

1,331

2,555 2,555

0

500

1,000

1,500

2,000

2,500

3,000

2013 2014F 2015F 2016F

No of Rooms +49% +92% -

28

Others

HOTEL EXPANSION PIPELINE EXPANSION INSIDE AND OUTSIDE THAILAND WILL CONTRIBUTE TO REVENUE & PROFIT IN COMING YEARS.

Hotel Updates

HOTEL INVESTMENT MANAGEMENT CONTRACTS

2014F • Emei, China (150 rms)

• Doha, Qatar (117 rms)

2015F

• Sanya, China

(122 rms)

• Pinnacle

(40 rms)

• Rivermarque

(149 rms)

• WRAP (73 rms)

Total

• Niyama, Maldives*

Phase 2 (45 rms)

(Per Aquum)

• Amboseli Camp,

Kenya* (16 rms)

(Elewana)

• Layan, Phuket

(77 rms)

• Medjumbe,

Mozambique*

(12 rms)

• Matemo,

Mozambique*

(23 rms)

2016F

* Note: Joint-ventured properties

• The Radisson

Blu, Maputo,

Mozambique*

(154 rms)

• Radius (89 rms)

• Milton (298 rms)

• Carlyle (79 rms)

• Qiandao Lake, China (120 rms)

• Baoting, China (130 rms)

• Guiyang, China (218 rms)

• Salalah, Oman (136 rms)

• Al Akhdar, Oman (123 rms)

• Luang Prabang, Laos (115 rms)

• Kalutara, Sri Lanka

(141 rms)

• Tangalle, Sri

Lanka* (150 rms)

• Bazaruto Island,

Mozambique*

Phase 2 (75 rms)

• Bangkok (249 rms)

• Jimbaran,

Indonesia

(200 rms)

• Nusa Dua,

Bali , Indonesia

(590 rms)

20 Hotels / 2,574 Rooms 28 Hotels / 4,210 Rooms

• Chongqing, China (150 rms)

• Dongguan, China (120 rms)

• Mhinghang , China (300 rms)

• Mahabalipuram, India (130 rms)

• Udaipur, India (70 rms)

• Wayanad, India (95 rms)

• La Chaland, Mauritius (160 rms)

• Al Madina, Oman (120 rms)

• Tozeur, Tunisia (93 rms)

• Pemba, Mozambique* (184 rms) • Barbarons,

Seychelles

(124 rms)

• Qasr Al Sarab,

UAE (99 rms)

• Royal

Livingstone,

Zambia*

(173 rms)

• Ambalangoda, Sri Lanka (80 rms)

• Gaborone Sun, Botswana (196 rms)

• Kalahari Sands, Namibia (173 rms)

• Zambezi Sun, Zambia* (212 rms)

• Lesotho Sun, Lesotho* (158 rms)

• Maseru Sun, Lesotho* (105 rms)

• Royal Swazi, Swaziland* (149 rms)

• Ezulwini Sun, Swaziland* (202 rms)

29

Shanghai

Sanya

Phuket Samui

Bangkok

Bali

PART OF THE REAL ESTATE BUSINESS, ANANTARA VACATION CLUB, WHICH LEVERAGES ON THE ANANTARA BRAND, IS GROWING TO BECOME ANOTHER SIGNIFICANT CONTRIBUTOR TO HOTEL AND MIXED-USE BUSINESS. SALES CONTINUED TO GROW BY 28% IN 2Q14 AND 50% IN 1H14 YoY .

Current Sales Galleries

Current AVC Resorts

REAL ESTATE BUSINESS – ANANTARA VACATION CLUB

Real Estates Updates

Queenstown

17%

83%


Real estates


China29%

Thailand16%

Singapore13%

Hong Kong12%

Malaysia9%

Australia3%

Japan2%

Indonesia2%

USA1%

UK1% Others

12%

As at Jun 2014

AVC MEMBERS

22 2546

106 106

500

0

100

200

300

400

500

2010 2011 2012 2013 2Q14 2018F

No. of Units 10 Destinations

PLANNED PIPELINE OF INVENTORIES

30

REAL ESTATE BUSINESS - RESIDENTIAL NEXT RESIDENTIAL PROJECT IN THE PIPELINE IS THE RESIDENCES BY ANANTARA, PHUKET, TO BE LAUNCHED IN 2H14. MINT HAS ALSO ENTERED INTO A PARTNERSHIP TO DEVELOP SERVICE SUITES ADJACENT TO ANANTARA CHIANG MAI, AND WILL ADD ADDITIONAL RESIDENTIAL CLUB SUITES IN PHUKET. ADDITIONAL RESIDENTIAL PROJECTS ADJACENT TO ANY OF THE HOTEL PROPERTIES ARE BEING CONSIDERED TO ENSURE CORE PIPELINE OF MINT’S REAL ESTATE BUSINESS, INCLUDING ONE IN TANGALLE, SRI LANKA.

Situated on Layan beach on the preferred west coast of Phuket. Each of the 15 individually designed residences benefits from one of Phuket’s most picturesque bays, and represents the most significant new luxury development in Phuket.

15 uniquely designed pool villas

Up to 8 bedrooms, each with 21 metre private infinity pool

1,313 to 2,317 sq.m. of built-up area

Due to be launched in 2H14

THE RESIDENCES BY ANANTARA, LAYAN, PHUKET

Real Estates Updates


Sold 92%

Inventory 8%

Sold 71%

Inventory 29%

ESTATES SAMUI ST. REGIS RESIDENCES

17%

83%

Real estates


Other Important Information

32

1H14 REVENUE OF RETAIL TRADING & CONTRACT MANUFACTURING INCREASED BY 1% YoY FROM BETTER PERFORMANCE OF RETAIL TRADING BUSINESS. NET PROFIT AND NET PROFIT MARGIN WERE PRESSURED LARGELY BY THE DECREASED DOMESTIC CONSUMPTION, PARTICULARLY DISCRETIONARY SPENDING, IN LIGHT OF THAILAND’S POLITICAL UNCERTAINTY.

FINANCIAL PERFORMANCE – RETAIL TRADING & CONTRACT MANUFACTURING

1H14 revenue from retail trading increased by 4% YoY, despite the softening of domestic consumption which affected industry-wide discretionary spending. The revenue increase was primarily attributable to the expansion of points of sale by 14% YoY;

1H14 revenue from contract manufacturing decreased by 6% YoY, from delayed orders from NMT’s key customers amidst contraction of domestic consumption;

EBITDA and EBITDA margin, together with net profit and net profit margin, declined in 1H14 because of the adverse impact of national politics, which took its toll on profitability of domestic discretionary consumer sector.

Key Highlights

Retail Trading Updates

965 836 900 915

1,001

810

107

64 76

90 107

50

56

23 30

43 54

8

11.1%

5.8%

1Q13

2.8%

2Q13

7.7% 8.5%

3.3%

3Q13

Revenue

EBITDA

NPAT

EBITDA Margin

NetMargin

THB million

-3% YoY

-23% YoY

9.8%

-65% YoY

4.7%

4Q13

10.6%

5.4%

1Q14

6.2%

1.0%

2Q14

1,801 1,811

172156

79

62

+1% YoY

-9% YoY

-21% YoY

9.5% 8.6%

4.4%

1H13

3.4%

1H14

33

RETAIL TRADING & CONTRACT MANUFACTURING

2Q14 TOTAL-SYSTEM-SALES OF RETAIL TRADING GREW BY 6% AS A RESULT OF OUTLET EXPANSION OF 14% YoY. ALTHOUGH SAME-STORE-SALES GROWTH CONTINUED TO BE NEGATIVE IN 2Q14 AS SALES OF DISCRETIONARY GOODS HAVE BEEN IMPACTED BY THE INDUSTRY-WIDE SLOWDOWN, THE TREND IS IMPROVING. SIMILARLY, 2Q14 SALES PER SQM. ALSO DECLINED YoY.

Retail Trading Updates


No. ofShops

Fashion & Cosmetic Sales per Sq.m.

THB

SSS & TSS GROWTH SALES PER SQ. M.

276

12.2%

-4.0%-2.3%

3.3%

-10.0%

-5.9%

23.0%

1.0%

8.0%

16.0%

3.0%

6.0%

-20%

0%

20%

40%

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

240 247 256 278

28,931

24,78725,443 25,387

25,620

23,996

10,000

20,000

30,000

40,000

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

No. ofShops

276240 247 256 278281 281

34

CAPEX & BALANCE SHEET STRENGTH IN ADDITION TO COMMITTED CAPEX, MINT ALSO SET ASIDE ADDITIONAL CAPEX FOR FUTURE ACQUISITIONS AND NEW INITIATIVES. LEVERAGE RATIO REMAINS WELL BELOW THE INTERNAL POLICY. WITH ITS SOLID BALANCE SHEET, MINT WILL BE ABLE TO PRIMARILY USE ITS INTERNAL CASHFLOW AND DEBT FINANCING TO FUND ITS CAPEX REQUIREMENTS GOING FORWARD. TRIS RATING HAS UPGRADED MINT AND ITS SENIOR DEBENTURE RATINGS TO “A+”, FROM “A” IN APRIL 2014.

BACK-UP FINANCING

X

0.4

0.6

0.8

1.0

1.2

1.4

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

Interest Bearing Debt to Equity

Net Interest Bearing Debt to Equity

Internal Policy

X

THB million

-

2.0

4.0

6.0

8.0

-

2,000

4,000

6,000

8,000

10,000

2013 2014F 2015F 2016F 2017F 2018F

THB million

Additional CAPEX (non-committed average per annum) for New Opportunity/Acquisition(s)

Restaurant Hotel & Mixed-use Retail Trading

EBITDA coverage on committed CAPEX0

10,000

20,000

30,000

40,000

50,000

60,000

Outstanding Borrowing & Equity

Un-Utilized Facility

DebtDebt

Shareholders’Equity

CAPEX PLANS – COMMITTED & NEW OPPORTUNITIES LEVERAGE RATIOS

CAPEX & Balance Sheet Strength

0.87x

1.00x

* Note that 2014F CAPEX is according to the original 5-year plan and does not take into account new acquisitions during the year

35 Going Forward

FIVE-YEAR ASPIRATIONS

22 hotels

676 restaurants

316 retail shops & POS

(14,524 Sqm)

2007

> 160 hotels

> 200 residences built to date

> 500 timeshare units

> 2,600 restaurants

> 350 retail shops & POS

(>30,000 sqm)

2018F

NPAT (THB) 1.6bn

4.1bn

2007

2018F

2013

109 hotels

67 residences built to date

106 timeshare units

1,592 restaurants

281 retail shops & POS

(22,415 Sqm)

2Q14

36

FIVE-YEAR STRATEGY CONSISTS OF THE FOLLOWING THREE KEY PILLARS, WITH CLEAR GOALS AND MEASUREMENTS.

NPAT growth of ~15-20% CAGR ROIC of >16%

Growth Pillars

Measure-ments

Drive Profitable Portfolio of Own Brands (with

Additional Contribution from Selected International Brands)

Maximize Asset Value and Productivity

Expand Internationally Through Strategic

Investments & Acquisitions

Asset-light

Model

Mixed-use

Initiatives

Total-system-sales growth of over 15%

Revenues growth

of over 10%

Improvement of margins

Revenues from overseas of over 40%

Net profit from overseas

of 50%

2018 Goals

Summary of Five-Year Plan

MINT’S FIVE-YEAR STRATEGY 2014-2018

Appendix

Riverside in China

38

FINANCIAL PERFORMANCE – MINT MINT REPORTED 1H14 REVENUE INCREASE OF 10% YoY. THE REVENUE GROWTH WAS ATTRIBUTABLE TO HOTEL & MIXED-USE AND RESTAURANT BUSINESSES, TOGETHER WITH THE GAIN ON FAIR VALUE ADJUSTMENT OF INVESTMENT IN SERENDIB OF THB 87 MILLION BEFORE TAX (THB 69 MILLION AFTER TAX). EBITDA AND NET PROFIT GREW BY SIMILAR RATE PARTLY AS A RESULT OF EFFICIENT COST CONTROL.

Overall Performance

RestaurantHotel & Mixed-UseRetail Trading

9,636

2,550

26.5%

8,252

1,364

16.5%

8,954

1,691

18.9%

Revenue

EBITDA

NPAT

EBITDA Margin

NetMargin

THB million

+11% YoY Retail Trading9%

Restaurant43%

Hotel & Mixed-use

48%

+22% YoYRetail Trading

4%

Restaurant34%

Hotel & Mixed-use

62%

+44% YoY

1,409

429

707

Retail Trading3%

Restaurant36%

Hotel & Mixed-use

61%

14.6% 5.2% 7.9%

1Q13 2Q13 3Q13 4Q13

10,094

2,699

1,556

26.7%

15.4%

10,630

2,575

24.2%

1,420

1Q14

13.4%

9,123

1,667

617

18.3%

2Q14

6.8%

+10% YoY

17,88819,753

+8% YoY

3,9144,242

+11% YoY

1,8382,037

21.9% 21.5%

1H13

10.3%

1H14

10.3%

39

% OF FOOD & PAPER COST TO SALES

FOOD AND PAPER COSTS AS A PERCENTAGE OF SALES HAS TRENDED DOWN OVER THE PAST FIVE YEARS AS A RESULT OF CONTINUED EFFECTIVE COST MANAGEMENT PROGRAM.

Restaurants Updates

EFFECTIVE MANAGEMENT OF FOOD COSTS

Fixed Long-Term Contract Prices

Pro-Active Inventory Management

Menu-Mix Re-Engineering

Supply Chain Management

Maximization of FTA Benefit Strategies

35.9%

34.1%

34.9%

35.2% 35.2%

33.3%

33.0%

33.9%

34.5%

33.2% 33.2% 33.0%

34.0%

32.7%

31.8% 31.7%

32.0%

31.5%

31.7%31.5%

30.9%30.7%

32.0%

31.0%

33.1%

31.0%

30%

31%

32%

33%

34%

35%

36%

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

Note: Food and paper costs as a percentage of sales rose in first quarter of every year as a result of “Buy -one-get-one-free” promotional campaign launched in March of every year to celebrate the anniversary of The Pizza Company

40

Brand SSS (%) TSS (%)

2Q14 2Q13 1H14 1H13 2Q14 2Q13 1H14 1H13

The Pizza Company 4.6% -10.3% -3.7% -2.6% 13.2% -7.1% 3.0% 0.7%

Swensen’s 5.0% 6.8% 2.3% 8.1% 11.2% 12.7% 8.1% 14.0%

Sizzler 4.1% 1.2% 3.3% 1.8% 14.1% 6.3% 14.1% 4.6%

Dairy Queen 0.9% 1.5% -0.5% 0.9% 17.4% 19.8% 16.0% 18.7%

Burger King -4.4% 8.7% -1.7% 9.1% 21.7% 15.4% 25.0% 14.0%

The Coffee Club 3.0% 3.2% 2.4% 3.2% 9.5% 11.9% 9.7% 11.2%

Ribs & Rumps -5.5% -7.9% -4.6% -7.3% 33.1% 21.6% 27.0% 16.8%

Riverside -12.0% N/A -7.4% N/A 16.9% N/A 28.7% N/A

Thai Express -7.9% 8.0% -5.8% 6.8% 6.3% 17.1% 9.5% 13.3%

Average 1.5% 1.1% -0.2% 2.6% 12.4% 13.9% 10.8% 13.8%

Average Thailand 3.7% -1.2% -0.3% 2.2% 15.0% 5.9% 10.4% 8.5%

Restaurants Updates

RESTAURANT PERFORMANCE

41

Brand No. of outlets No. of outlets

Total Equity Franchise Thailand International

The Pizza Company 195 120 269 46 315

Swensen’s 132 173 278 27 305

Sizzler 52 - 43 9 52

Dairy Queen 250 128 378 - 378

Burger King 37 - 35 2 37

The Coffee Club 27 333 14 346 360

Ribs & Rumbs 8 5 - 13 13

Thai Express 70 13 2 81 83

Riverside 32 - - 32 32

Others 17 - 17 - 17

Total 820 772 1,036 556 1,592

Restaurants Updates

RESTAURANT OUTLETS - 1H14

42

S&P OPERATES A CHAIN OF RESTAURANTS AND BAKERY SHOPS WITH OVER 450 OUTLETS IN 8 COUNTRIES PRODUCING AND DISTRIBUTING FOOD AND BAKERY PRODUCTS UNDER THE S&P BRAND. SINCE 3Q11, S&P’S PERFORMANCE HAS BEEN RECOGNIZED THROUGH EQUITY ACCOUNTING METHOD. S&P’S 1H14 MARGINS HAVE BEEN PRESSURED FROM INCREASED PREMISE EXPENSES AND DEPRECIATION WHICH RESULTED FROM NUMEROUS OUTLETS OPENED IN 2H13.

S&P

CONTINUED & STRENGTHENING PARTNERSHIP WITH S&P

267562 487

683 7511,097

2,151 2,151

46

55

(131)

61

1,054

1,054

4.8%

19.0% 20.8%22.9%

26.3%

31.3% 31.3% 31.3%

-10%

0%

10%

20%

30%

40%

-500

0

500

1,000

1,500

2,000

2,500

3,000

2006 2007 2008 2009 2010 2011 2012 2013

Investment Cost

Unrealized gain (loss)

Gain from investment reclassification

% shareholding

THB million

313

617744

1,805

356

2,151

Sila-on & Riva

Families

43%MINT31%

Others26%

SHAREHOLDING STRUCTURE

MINT’S INVESTMENT IN S&P

EBITDA Margin

NetMargin

THB million

20112009 2010

4,7615,340

5,9416,653 7,094

674817

963

1,1971,092

15.4%14.2% 15.3%

293383 454

708626

8.8%6.2% 7.2%

16.2%

7.6%

2012

+7% YoY

-9% YoY

-12% YoY

18.0%

10.6%

2013

Revenue

EBITDA

NPAT

+4% YoY

3,3283,198

-11% YoY

397444

13.9% 11.9%

-25% YoY

7.7% 5.5%

1H13 1H14

245

183

As of 15 Jan 2014

43

MINT CURRENTLY HOLDS 11% STAKE IN BREADTALK. TOTAL INVESTMENT AMOUNT IS SGD 22.1 MILLION, WITH AVERAGE COST PER SHARE OF SGD 0.7155. APART FROM UNREALIZED CAPITAL GAIN, MINT IS NOW ENTITLED TO DIVIDEND FROM BREADTALK GOING FORWARD.

Breadtalk

INVESTMENT IN BREADTALK

737 bakery outlets

58 food atria

41restaurants

15Countries

China (57 cities), Singapore, Indonesia, Philippines, Thailand, Hong Kong, Malaysia, India, Vietnam, Kuwait, Bahrain, Sri Lanka, Jordan, Oman and Taiwan

Singapore50%

China32%

Hong Kong10%

Rest of World

8%

Food Atrium

26%

Restaurant23%

Bakery51%

Revenues(SGD Million)

Profit before tax(SGD Million)

247303

366447

537

16 17 1719

22

20112009 2010 2012 2013

2009-2013 CAGR 21%

2009-2013 CAGR 10%

Staff of over

7,000

A premier lifestyle brand in the region, headquartered in Singapore. Breadtalk was founded in 2000 and was listed on SGX in 2003.

BASIC PROFILE REVENUE CONTRIBUTION

FINANCIAL PERFORMANCE

* As at 2013

+14% YoY

247280

-6% YoY

1H13 1H14

5.3 5.0

44 Hotel Updates

HOTEL PERFORMANCE BY OWNERSHIP – 2Q14

Systemwide

Organic

Hotel ARR (Bt/night)

2Q14 2Q13 Chg 2Q14 2Q13 %Chg 2Q14 2Q13 Chg

Owned 51% 61% -10% 6,348 5,650 12% 3,258 3,446 -5%

Joint Venture 52% 52% 0% 15,764 11,895 33% 8,120 6,178 31%

Managed 50% 51% -1% 5,420 4,405 23% 2,701 2,254 20%

MLR 72% 75% -4% 4,727 4,635 2% 3,388 3,498 -3%

Average

(incl . Oaks) 62% 66% -4% 5,396 4,999 8% 3,344 3,280 2%

Average

(excl . Oaks) 51% 56% -6% 6,498 5,464 19% 3,293 3,071 7%#DIV/0!

Avg - Thai land 50% 62% -12% 4,916 4,479 10% 2,453 2,784 -12%

Avg - Overseas

(incl . Oaks) 67% 67% 0% 5,537 5,220 6% 3,696 3,508 5%

Avg - Overseas

(excl . Oaks) 52% 47% 5% 8,905 7,568 18% 4,623 3,531 31%

Occupancy (%) RevPar (Bt/night)


2Q14 2Q13 Chg 2Q14 2Q13 %Chg 2Q14 2Q13 Chg

Owned 51% 61% -10% 6,301 5,650 12% 3,199 3,446 -7%

Joint Venture 51% 52% -1% 17,428 11,895 47% 8,964 6,178 45%

Managed 50% 51% -1% 7,234 4,405 64% 3,613 2,254 60%

MLR 72% 75% -4% 4,727 4,635 2% 3,388 3,498 -3%

Average

(incl . Oaks) 60% 66% -5% 6,004 4,998 20% 3,618 3,280 10%

Average

(excl . Oaks) 50% 56% -6% 7,578 5,464 39% 3,818 3,071 24%

Avg - Thai land 48% 62% -15% 4,594 4,479 3% 2,183 2,784 -22%

Avg - Overseas

(incl . Oaks) 66% 67% -1% 6,462 5,220 24% 4,265 3,508 22%

Avg - Overseas

(excl . Oaks) 54% 47% 8% 11,182 7,568 48% 6,073 3,531 72%


45 Hotel Updates

HOTEL PERFORMANCE BY OWNERSHIP – 1H14

Systemwide

Organic


1H14 1H13 Chg 1H14 1H13 %Chg 1H14 1H13 Chg

Owned 58% 70% -11% 7,625 6,562 16% 4,436 4,566 -3%

Joint Venture 55% 54% 1% 19,693 15,232 29% 10,832 8,221 32%

Managed 53% 55% -3% 5,956 4,843 23% 3,127 2,685 16%

MLR 74% 77% -3% 4,847 4,769 2% 3,578 3,662 -2%

Average

(incl . Oaks) 65% 70% -4% 5,974 5,494 9% 3,899 3,819 2%

Average

(excl . Oaks) 56% 63% -7% 7,682 6,345 21% 4,266 3,969 7%

Avg - Thai land 56% 70% -15% 5,745 5,137 12% 3,199 3,608 -11%

Avg - Overseas

(incl . Oaks) 69% 69% 0% 6,049 5,663 7% 4,184 3,917 7%

Avg - Overseas

(excl . Oaks) 55% 50% 5% 10,941 9,154 18% 5,995 4,563 31%



1H14 1H13 Chg 1H14 1H13 %Chg 1H14 1H13 Chg

Owned 57% 70% -12% 7,557 6,562 15% 4,332 4,566 -5%

Joint Venture 53% 54% -1% 21,387 15,232 40% 11,356 8,221 38%

Managed 53% 55% -2% 7,493 4,843 55% 3,988 2,685 49%

MLR 74% 77% -3% 4,847 4,769 2% 3,578 3,662 -2%

Average

(incl . Oaks) 64% 70% -6% 6,527 5,494 19% 4,152 3,819 9%

Average

(excl . Oaks) 55% 63% -8% 8,462 6,345 33% 4,643 3,968 17%

Avg - Thai land 54% 70% -16% 5,252 5,136 2% 2,843 3,608 -21%

Avg - Overseas

(incl . Oaks) 68% 69% -1% 6,989 5,663 23% 4,746 3,917 21%

Avg - Overseas

(excl . Oaks) 56% 50% 6% 12,751 9,154 39% 7,126 4,563 56%


46

MINT’S COMPOSITION OF HOTEL ROOMS ARE EXPECTED TO CHANGE OVER THE NEXT FIVE YEARS. MINT WILL FOCUS ON THE EXPANSION OF OUR OWN BRANDS, ANANTARA, OAKS AND AVANI, MORE EXPONENTIALLY THROUGH ASSET LIGHT MODEL (MANAGEMENT CONTRACTS), WITH GEOGRAPHICAL FOCUS OUTSIDE OF THAILAND.

MINT’S HOTEL PORTFOLIO

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

2005 1H14 2018F

Others Oaks

Avani Anantara

Four Seasons Marriott

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

2005 1H14 2018F

International

Outside Bangkok

Bangkok

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

2005 1H14 2018F

Managed

Joint Venture

Own Equity

No of rooms

2,169

19,404

55% 4% 3%20%

28%

3%19%

47%

32%

6%

6%

37%

19%

92% 21%19%

8%8%

13%

71%

68%

2,169

36%16% 12%

56%

13% 9%8%

71%

79%

2,169

4%

13,179

6%

11%

No of rooms No of rooms

19,404

13,179

19,404

13,179

Hotel Updates

BY BRAND BY LOCATIONBY OWNERSHIP

47

HOTEL INDUSTRY OUTLOOK IS EXPECTED TO REMAIN STRONG ON THE BACK OF INCREASING TOURIST ARRIVAL.

Hotel Updates

TOURIST ARRIVAL TO THAILAND

TOURIST ARRIVALS TO THAILAND – MONTHLY TREND

TOURIST ARRIVALS TO THAILAND – YEARLY TREND

-10%

0%

10%

20%

30%

0

5

10

15

20

25

30

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014F 2015F

Tourist Arrival % Change

Million

Source: Tourism Authority of Thailand and Bank of Thailand

Million

-40%

-20%

0%

20%

40%

60%

80%

0.0

0.5

1.0

1.5

2.0

2.5

3.0

Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14

48

HISTORICAL CHALLENGES IMPOSE ONLY SHORT-LIVED IMPACT ON THAI TOURISM. NUMBER OF TOURIST ARRIVALS REBOUNDED WITHIN A FEW MONTHS AFTER EACH CHALLENGE SUBSIDED.

QUICK RECOVERY OF THAI TOURISM ENSURES LONG-TERM POSITIVE OUTLOOK FOR MINT’S HOTELS

Hotels Updates

Increasing Influx of New

Emerging Feeder Markets

Rebounding Conventional Markets on the Back of Firmer Global Economic

Recovery

Additional New Customers Who Welcome Our Brands as

We Open More Hotels Overseas

Million

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

Jan-03 Apr-03 Jul-03 Oct-03 Jan-06 Apr-06 Jul-06 Oct-06-40%

-20%

0%

20%

40%

60%

80%

Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10

SARS Outbreak in 2003

Bangkok Coup in 2006

Political Turmoil during 2008 - 2010

Air

po

rt C

losu

re

Po

litic

al U

nre

st

% Chg y-y

Ban

gko

k C

ou

p

Raj

pra

son

g R

iot

TOURIST ARRIVALS TO THAILAND – MONTHLY TREND

GOING FORWARD, MINT EXPECTS TO SEE STRONG GROWTH IN ROOMS SOLD ACROSS ALL MARKETS THAT IT OPERATES, BEING DRIVEN BY:

49

MINT CONTINUES TO SEE IMPROVEMENTS ACROSS OF ITS FEEDER MARKETS, WITH AN 18% YoY INCREASE IN 1H14 OVERALL ROOMNIGHTS COMPARED TO DECREASE IN THAILAND’S TOURIST ARRIVALS OF 10% YoY.

Hotel Updates

MINT’S FEEDER MARKETS

THAILAND’S TOP 5 – 1H14 FEEDER MARKETS

MINT’S 1H14 FEEDER MARKETS

0

400

800

1,200

1,600

2,000

2,400

China Russia Japan Laos Korea

1H13 1H14

0

50,000

100,000

150,000

200,000

Thailand East Asia Europe The Americas South Asia Oceania Middle East Africa & Others

1H13 1H14

No of room nights

No of tourists

* Note: MINT’s feeder market excludes Oaks’

-2%

-3%28%

-6%

52%20%

21%

105%

China +31%Japan -26%

Singapore -9%

UK +58%Germany +16%

Russia +35%

India +48%

-20%

9%

-21%16% -13%

UAE +59%

MINT’S 1H14 FEEDER MARKETS

Thailand, 8%

East Asia, 27%

Europe, 33%

The Americas, 8%

South Asia, 4%

Oceania, 5%

Middle East, 14%

Africa & Others, 1%

50

STRENGTHENING OF HOTEL’S NON-TRADITIONAL MARKETS

ALTHOUGH CHINA AND RUSSIA TOGETHER REPRESENTED ONLY 14% OF MINT’S TOTAL FEEDER MARKETS BASED ON ROOM NIGHTS IN 2013, THE YIELDS THEY GENERATED WERE RELATIVELY MUCH HIGHER AS THEY MOSTLY STAYED AT HIGHER-ROOM-RATE HOTELS, E.G. IN MALDIVES AND PHUKET.

Hotels Updates

China10%

Russia4%

Others86%

Maldives Hotels

21%

Anantara & JW

Marriott in Phuket

3%Four Seasons

Group16%

St. Regis3%

Others57%

Maldives Hotels

34%

Anantara & JW

Marriott in Phuket

28%

Four Seasons

Group3%

St. Regis1%

Others34%

Average ADR*: Bt 12,807 Average ADR*: Bt 20,983

Average ADR: Bt 6,098

* The pie charts include total room nights of MINT hotel portfolio (excluding Oaks), while average daily rates of China and R ussia markets are calculated from Maldives hotels, Anantara Phuket, JW Marriott Phuket, Four Seasons group and St. Regis (excluding others)

MINT’S 2013 FEEDER MARKETS

Documents

WRAP Melbourne Anantara Phuket Layan...WRAP Melbourne Anantara Phuket Layan Company Presentation - Aug 2014 WRAP Melbourne Anantara Phuket Layan Company Presentation - Aug 20142 Statements