ST. REGIS MEETS BANGKOKST. REGIS MEETS BANGKOK
Company PresentationMay 2011
AGENDA
1Q11 Results Review
Business Updates & Outlook
Appendix
2
Anantara Kihavah, Maldives
1Q11 Results Review
3
The St. Regis Bangkok
6,000
8,000
1Q11 ResultsRECORD QUARTERLY REVENUE
5,326
4,412
5,296
THB Million +26% YoY+26% QoQ
6,686
MINT REPORTED RECORD QUARTERLY REVENUES IN 1Q11, AN INCREASE OF 26% YoY, ATTRIBUTABLE TO GROWTH IN ALL BUSINESSES, IN
PARTICULAR THE HOTEL AND MIXED-USE BUSINESS
Restaurant
44%
Hotel &
Mixed
Retail
Trading
13%
% Revenue Contribution
-
2,000
4,000
1Q10 2Q10 3Q10 4Q10 1Q11
Restaurant Hotel & Mixed Use Retail Trading
4
4,0554,412 Mixed
Use
43%
Revenue increased by 26% YoY, as a result of:
Gradual recovery of hotel business, partly supported
by the improvement in the tourism industry;
Recognition of sales of St. Regis residential units;
Commencement of sales of Anantara Vacation Club;
Strong growth of restaurant business;
Impressive same store sales growth of existing retail
trading brands, together with increased contribution
from GAP;
Resumption of contract manufacturing orders
1Q11 ResultsRECORD QUARTERLY EBITDA
+19% YoY+43% QoQ
EBITDA INCREASED BY 19% YoY PRIMARILY PROPELLED BY THE HOTEL AND MIXED-USE BUSINESS, WHILE EBITDA MARGIN DECLINED
SLIGHTLY YoY OWING MAINLY TO PRE-OPENING EXPENSES OF TWO NEW HOTELS AND ANANTARA VACATION CLUB
800
1,200
1,600
THB Million
Restaurant
31%
Hotel &
Mixed Use
65%
Retail
Trading
4%
EBITDA Contribution
1,270
1,056
1,506
5
EBITDA increased by 19% YoY, as a result of:
Recovery of occupancy of existing hotels
(excluding newly-opened hotels), although the
pre-opening expenses of two new hotels
mitigated such positive effect;
Recognition of sale of St. Regis residential units
Better performance of the retail trading and
contract manufacturing businesses from higher
operating efficiency and operating leverage
-
400
800
1Q10 2Q10 3Q10 4Q10 1Q11
Restaurant Hotel & Mixed Use Retail Trading
22.5%EBITDA
Margin23.8% 15.2% 15.6% 19.9%
617690
1Q11 ResultsRECORD QUARTERLY NET PROFIT
THB Million +37% YoY+90% QoQ
MINT REPORTED RECORD QUARTERLY NET PROFIT IN 1Q11, WHICH ROSE 37% YoY, WHILE NET PROFIT MARGIN ALSO EXPANDED TO
12.3%, HELPED BY IMPROVED PERFORMANCE OF ALL THREE BUSINESS UNITS, TOGETHER WITH LOWER EFFECTIVE TAX RATE
600
800
1,000
600
433
823
Restaurant
26%
Hotel &
Mixed
Use
Retail
Trading
4%
Net Profit Contribution
6
Net profit increased by 37% YoY, as a result of:
Improvement in hotel and mixed use net profit of
over 40%
Steady improvement in restaurant net profit of 8%
Net profit of retail trading and contract
manufacturing business more than doubled in
1Q11
Lower effective tax rate as MINT did not have to pay
taxes on subsidiaries with net losses, namely the two
new hotels & Anantara Vacation Club
-200
-
200
400
1Q10 2Q10 3Q10 4Q10 1Q11
Restaurant Hotel & Mixed Use Retail Trading
80 127
12.3%11.3% 2.0% 2.9% 8.2%Net
Margin
Use
70%
7
Business Updates & Outlook Anantara Vacation Club, Bophut, Koh Samui
FINANCIAL PERFORMANCE – HOTEL & MIXED USE Hotel Updates
Revenue
THB Million
1,866
1,010 1,222
1,853
2,883
975
Recognition of sale of real estates - St. Regis
Residences was a major revenue contributor
to the hotel and mixed-use business in 1Q11;
Key Highlights
REVENUE AND PROFIT FROM THE HOTEL & MIXED-USE BUSINESS EXHIBITED IMPRESSIVE GROWTH OF 50% YoY WITH NET MARGIN
REMAINING STABLE. STRIPPING OUT PRE-OPENING EXPENSES OF TWO NEW HOTELS AND ANANTARA VACATION CLUB, NET MARGIN
WOULD HAVE IMPROVED SIGNIFICANTLY
Although contribution is still not
significant, Anantara Vacation Club started to
recognize revenues from sale of points for
right-to-use in time share resort after it was
successfully launched in December 2010
8
EBITDA
NPAT
EBITDA
Margin
Net
Margin
1Q111Q10 2Q10 3Q10 4Q10
761
204 298
553
975
40.8% 20.2% 24.4% 29.8% 33.8%
389
-49 -24
216
577
20.9% -4.8% -2.0% 11.7% 20.0%
Anantara Kihavah, MINT’s first wholly-owned
hotel outside of Thailand, was opened in Feb
2011, along with Anantara Rasananda, a
managed hotel under Anantara brand;
St. Regis Hotel Bangkok was opened in April 2011
Hotel business saw a gradual recovery as
evidenced by improvement in organic occupancy
The company made initial investment in Oaks
Hotels & Resorts Limited (OAK ASX) in Australia
in March 2011
successfully launched in December 2010
Share of profit from the three Maldives hotels
(Anantara Veli, Anantara Dhigu and Naladhu)
almost doubled in 1Q11, compared to 1Q10
RESIDENTIAL PROPERTY DEVELOPMENT Hotel Outlook
SALES OF ST. REGIS RESIDENTIAL UNITS WERE ONE OF THE MAJOR REVENUE CONTRIBUTORS FOR THE HOTEL & MIXED USE BUSINESS IN
1Q11. BOTH ST. REGIS RESIDENCES AND THE ESTATES SAMUI STILL HAVE INVENTORIES AVAILABLE FOR SALE FOR THE NEXT FEW YEARS
Sold 50%
Inventory 50%
Sold 32%
Inventory 68%
THE ESTATES SAMUI
While sales have been recognized for the 7
units during 2006-2008, The Estates Samui
has seven units in the inventory to be sold
over the next few years
ST. REGIS RESIDENCES
Although 32% of the total sellable area of St. Regis Residences have been
sold to date, a total of 22% have been booked as revenues in 4Q10 and
1Q11. The remaining 10% will be booked as the properties are transferred.
More revenue will be recognized as more inventories are sold
9
2006 2007 2008 2009 2010 1Q11 2011F 2011F 2011F 2012F 2013F
Sold
pending
transfer
Potential;
deposit
collected
Inventory
2011F
Inventory Inventory
ANANTARA VACATION CLUB Hotel Outlook
LAUNCHED IN DEC 2010, ANANTARA VACATION CLUB STARTED TO CONTRIBUTE TO REVENUES OF THE HOTEL & MIXED USE BUSINESS IN
1Q11. ALTHOUGH THE AMOUNT IS STILL NOT SIGNIFICANT, IT HAS EXCEEDED MINT’S INTERNAL TARGET. MINT EXPECTS SELLING
MOMENTUM TO ACCELERATE OVER THE NEXT FEW YEARS
Inventories
Anantara Vacation Club is in the process of
accumulating its own purpose-built
properties:
� Samui
The 20 units of exclusive suites and villas
have been completed in Dec 2010 and
are now available
Sales & Marketing
Sales and marketing offices have been
launched in Samui and Phuket
As at 1Q11, over 130 memberships
have been sold, with Asians currently
the biggest market
10
Singapore
15%
Germany
8%
Hong Kong
8%
Malaysia
8%Japan
5%Australia
5%
UK
5%
Others
46%
AVC Membersare now available
� Phuket
Two villas at Anantara Phuket Resort &
Spa have been rented as immediate
inventory
30 rais of land has been purchased to
build 100 units of Anantara Vacation Club
properties, to be available by end of
2012
Other destinations, which are being actively
pursued, include Bangkok and Bali
Sample of AVC Brochure
REVENUE STREAM IS ENHANCED THROUGH CONSTANT RENEWAL OF EXISTING ASSETS AND PROPERTIES WITH MINIMAL INVESTMENT
By November 2011, Bangkok Marriott Resort
and Spa will be rebranded to Anantara
Bangkok Riverside
Lease term has been extended from the
remaining 8 years to 38 years
REJUVENATION OF EXISTING ASSETS
Anantara Bangkok Riverside
Hotel Outlook
11
The 413-room hotel will be upgraded through
development of a convention center and
shopping plaza, with additional guest rooms on
upper floors
Manorah Cruises will also be rebranded to
Anantara Cruises in July 2011
The Anantara brand reinforces our commitment
to leverage on our own intellectual properties
MINT’S HOTEL STATISTICS SAW GRADUAL IMPROVEMENT SINCE ITS ALL-TIME-LOW IN 2Q10. EXCLUDING NEW HOTELS OPENED, ORGANIC
OCCUPANCY OF EXISTING HOTELS SAW AN IMPROVEMENT BOTH YoY AND QoQ TO 64% WHILE ADR IMPROVED QoQ WHILE REMAINED
STABLE YoY AT THB 6,866 IN 1Q11
MINT’S HOTEL STATISTICS Hotel Outlook
6,960
4,940 4,590
6,237
6,877
4,234
3,571
4,048
61%
41%
48%
57% 59%
40%
60%
80%
4,000
6,000
8,000
THB
61%
48%
57% 59%
64%
60%
4,000
5,000
Number of Rooms
+436 rooms Anantara Sathorn
+44 rooms Anantara Rasananda+78 rooms Anantara Kihavah
12
2,018 2,211
3,57141%
0%
20%
40%
0
2,000
4,000
1Q10 2Q10 3Q10 4Q10 1Q11
RevparADR % Occupancy
3,142 3,142 3,142 3,142 3,687
41%
0%
20%
40%
0
1,000
2,000
3,000
1Q10 2Q10 3Q10 4Q10 1Q11
Overall Occupancy
Organic Occupancy
Number of Hotel Rooms
* Note: No of rooms exclude Elewana, Serendib and Kani Lanka rooms
MINT CONTINUES TO SEE IMPROVEMENTS ACROSS ALL OF ITS FEEDER MARKETS, WITH A 10% YoY INCREASE IN OVERALL ROOMNIGHTS
COMPARED TO INCREASE IN THAILAND’S TOURIST ARRIVALS OF 14% YoY
MINT’S FEEDER MARKETS Hotel Outlook
0
20,000
40,000
60,000
80,000
1Q10 1Q11
Number of Room Nights
China +53%
Korea +62%
13%
11%
4%
2%
34%13%
56%
-22%
India +45%
UAE +70%
MINT’s 1Q11 Feeder Markets
13
0
Thailand East Asia Europe The Americas South Asia Oceania Middle East Africa & Others
Thailand
11%East Asia
20%
Europe
41%
The Americas
11% South Asia
3%
Oceania
4%
Middle East
8%
Africa &
Others
2%
MINT’s 1Q11 Feeder Markets
0
100,000
200,000
300,000
400,000
500,000
China Japan Russia Korea United
Kingdom
1Q10 1Q11
Thailand’s Top 5 Feeder MarketsNumber of
Tourists
30%
5%43%
18%1%
EXPANSION INTO MARKETS INSIDE AND OUTSIDE THAILAND HAS BEEN ON TRACK & SHOULD CONTRIBUTE WELL TO REVENUE & PROFIT IN
COMING QUARTERS
MINT’S HOTEL EXPANSION PLANS Hotel Outlook
Investment Hotel
• Anantara Kihavah, Maldives - 78 Rooms (Opened)
• St. Regis Hotel, Bangkok - 227 Rooms (Opened)
• Anantara Pa-Ngan - 44 Rooms (Opened)
• Anantara Mui Ne, Vietnam - 89 Rooms
• Anantara Flamingo Villas, UAE - 30 Rooms
• Anantara Savannah Villas, UAE - 30 Rooms
• Anantara Xishuangbanna, China - 103 Rooms
• Anantara Uluwatu, Bali - 77 Rooms
• Anantara Blue City, Oman - 122 Rooms
Hotel Pipeline Management Contract
2011
• Masai Mara Camp, Kenya - 16 Rooms
14
2012
7 Hotels / 498 Rooms
• Anantara Sanya, China - 122 Rooms
• Anantara Chongqing, China - 150 Rooms
• Anantara E-Mei, Chengdu, China - 150 Rooms
• Anantara Chennai, India - 130 Rooms
• Anantara La Cambuse, Mauritius - 215 Rooms
• Anantara Wayanad, India - 95 Rooms
• Anantara Udaipur, India - 80 Rooms
• Anantara Al Baleed, Oman - 136 Rooms
• Anantara Al Akhdar, Oman – 134 Rooms
16 Hotels / 1,707 Rooms
2013
Total
• Amboseli Camp, Kenya - 16 Rooms
• Anantara Sri Lanka - 125 Rooms
• Serengeti Migration Camp Explorer, Tanzania -
20 Rooms
• Meru, Kenya - 16 Rooms
OAKS’ UNIQUE APARTMENT PORTFOLIO IS A VALUABLE ADDITION TO MINT’S EXPANDING RESORT AND HOTEL PORTFOLIO, PROVIDING
MINT WITH THE OPPORTUNITY TO EXPAND ITS EXTENSIVE HOTEL FOOTPRINT TO THE AUSTRALIAN MARKET
ACQUISITION OF OAKS HOTELS & RESORTS Hotel Update
Oaks is one of Australia’s largest hotel and resort operators. Founded in
1991 and listed on ASX in January 2006, Oaks has consolidated a market-
leading position in the Australian Management Letting Rights (“MLR”) business;
MLR are rights that allow Oaks to operate and rent residential condominium
units participated in the rental pool as a hotel/service apartment. The
company entered into an agreement with individual unit owners to operate
and rent their units in exchange for a fixed percentage of top-line revenue and associated charges;
MINT currently has a 54.3% relevant interest in Oaks;
15
The company currently manages 37 properties with an inventory of more
than 4,000 rental units located throughout Australia, New Zealand and
Dubai. Oaks property portfolio includes CBD apartments
properties, resorts overlooking coastal beaches and villas set amongst acres of tropical landscaping and lagoons
117 127 126
70
0
50
100
150
2008 2009 2010 1H11
RevenueAUDmn
33 33
2519
0
10
20
30
40
2008 2009 2010 1H11
EBITDAAUDmn
14.7
9.8
3.96.0
0
5
10
15
20
2008 2009 2010 1H11
NPATAUDmn
Source: Oak’s Annual Reports
REVENUE AND PROFIT FROM THE RESTAURANT BUSINESS EXHIBITED STRONG GROWTH OF OVER 7% FROM THE PRIOR YEAR WITH
NET MARGIN REMAINING STABLE YoY AND QoQ
FINANCIAL PERFORMANCE - RESTAURANT
Revenue
THB Million
2,765
2,471 2,519
2,704
2,963
Key Highlights
All brands recorded positive sales growth in 1Q11;
The Pizza Company and Sizzler, which
made up more than 40% of
consolidated food group revenue, led
the pact, having recorded double-
digit same sales growth and total sales growth;
Restaurant Update
16
EBITDA
NPAT
EBITDA
Margin
Net
Margin
1Q111Q10 2Q10 3Q10 4Q10
471 390 356
449 467
17.0% 15.8% 14.1% 16.6% 15.8%
198 128 143
191 213
7.2% 5.2% 5.7% 7.1% 7.2%
Share of profit from The Coffee
Club, in which MINT holds a 50%
stake, increased significantly on the
back of strong same store sales
growth and continued outlet expansion through franchise model
Apart from strong same store sales
growth, the increase in the number of
franchised outlets (by 43 outlets from
end-1Q10 and by 8 outlets from end-
2010) also helped contributing to a
24.6% increase in franchise income YoY in 1Q11;
RESTAURANT SAME STORE SALES GROWTH MOMENTUM CONTINUED TO IMPROVE IN 1Q11 , OWING TO STRONG DOMESTIC DEMAND AND
MINT’S SUCCESSFUL PROMOTIONAL EFFORTS. TOTAL STORE SALES GROWTH WAS ALSO PROPELED BY CONTINUED OUTLET EXPANSION
MINT’S RESTAURANT STATISTICS
6.8%
7.8%
9.5%
7.2%
10.6%
11.8% 11.9%
10%
15%
34%
66%
34%
66%
49%
51%
1,148 1,157
2,188
Restaurant Outlets Breakdown by Geography
International
Thailand
Restaurant Update
17
Same Store Sales Growth Total Store Sales Growth
0.9%1.4%
5.7%
0%
5%
1Q10 2Q10 3Q10 4Q10 1Q11
1,117 1,123 1,133 1,148No. of
Outlets
17
1,157
2010 1Q11 2015F
40%
60%
41%
59%
63%
37%
2010 1Q11 2015F
1,148 1,157
2,188
Restaurant Outlets Breakdown by Ownership
Franchised
Owned
FOOD AND PAPER COSTS ROSE IN 1Q11 PRIMARILY AS A RESULT OF SEASONAL “BUY ONE GET ONE FREE” CAMPAIGN, LAUNCHED EVERY
YEAR IN MARCH TO CELEBRATE THE ANNIVERSARY OF THE PIZZA COMPANY. STRIPPING THAT OUT, FOOD AND PAPER COSTS IN 1Q11
WOULD HAVE REMAINED STABLE AND WERE WELL CONTAINED
FOOD COSTS
35.9%
34.9% 35.2%35.2%
35%
36%
% of Food & Paper Costs to Sales
Restaurant Update
18
34.1%
33.3%
33.0%
33.9%
34.5%
33.2% 33.2%33.0%
34.0%
32%
33%
34%
35%
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11
Fixed Long-
Term Contract Prices
Menu-Mix Re-Engineering
Supply Chain Management
Maximization of FTA Benefit
Pro-Active
Inventory Management
Strategy
Retail Trading Update
REVENUE OF RETAIL TRADING & CONTRACT MANUFACTURING INCREASED BY 21% WHILE PROFIT MORE THAN DOUBLED YoY, RESULTING
IN INCREASE IN NET MARGIN BOTH YoY AND QoQ
FINANCIAL PERFORMANCE – RETAIL TRADING & CONTRACT MANUFACTURING
Revenue
THB Million
696 574
672 739
840
Key Highlights
Contribution from GAP increased from
A modification of pricing and
distribution strategies for some fashion brands led to higher sales volume;
1Q11 also saw higher sales volume
from end-of-season sales event in
January compared with the same period the prior year
19
EBITDA
NPAT
EBITDA
Margin
Net
Margin
1Q111Q10 2Q10 3Q10 4Q10
38 23
36 55 64
5.5% 4.0% 5.4% 7.4% 7.6%
13 0.5
9
26 32
1.8% 0.1% 1.3% 3.5% 3.8%
Contribution from GAP increased from
that generated from one outlet in
March 2010 to that generated from
three outlets in the entire quarter of 2011;
Revenue from contract manufacturing
rose significantly on the back of
additional orders from existing
customers;
Additional manufacturing contracts
have been signed with new
customers, production is expected to begin in a few months
COMPARABLE SALES GROWTH AND TOTAL SALES GROWTH REMAINED STRONG. SALES PER SPACE CONTINUED TO IMPROVE DESPITE THE
REDUCTION IN THE NUMBER OF OUTLETS AND SPACE AS A RESULT OF UPGRADES OF STORE CONCEPTS AND A MORE TARGETED PRODUCT
OFFERING
MINT’S RETAIL TRADING STATISTICS Retail Trading Update
14.5%
16.5% 17.0%
25.6%
27.8%
21.0%20%
30%
24,590
18,37820,171
27,544
30,262
20,000
30,000
40,000
20
Comparable Sales Growth Total Store Sales Growth
10.4%
7.3%
12.0%
0.0%0%
10%
1Q10 2Q10 3Q10 4Q10 1Q11
277 267 267 258No. of
Outlets233
18,378
0
10,000
1Q10 2Q10 3Q10 4Q10 1Q11
277 267 267 258No. of
Outlets233
Fashion & Cosmetic Sales per Sqm.
GROWTH OF ALL BUSINESS UNITS ARE ON TRACK 5-Year Targets
� 22 hotels
� 676 restaurants
� 316 retail stores (14,524 Sqm)
2007
� > 75 hotels
� > 0 residence
� > 200 timeshare units
� > 2,100 restaurants
� > 300 retail stores (21,600 Sqm)
2007
2015F
21
1Q11
2015F� 35 hotels
� 67 residences
� 22 timeshare units
� 1,157 restaurants
� 233 retail stores (14,599 Sqm)
1Q11
LONG-TERM INVESTMENT RATIONALES Investment Rationales
SOLID FOUNDATION FOR FURTHER GROWTH & HIGHER SHAREHOLDER VALUE
International
Player
New
Initiatives &
Acquisition
Portfolio
Balance
Building to be an International Player
Adding Growth through
New Initiatives and Disciplined Acquisition
Balancing a Mix of
Business Portfolio to
Mitigate Risk & Volatility
22
MINT
Intellectual
Property
Partnership
w/ Global
Players
Financial
Discipline
Enhancing Value through
Increasingly Stronger Intellectual Property
Leveraging Off Partnership with Reputable Global Players
Maintaining Solid
Balance Sheet & Cash
Flows through Financial Discipline
APPENDIX
23
HOTEL PERFORMANCE
HotelOccupancy Rate (%) ADR (Bt/night) RevPar (Bt/night)
1Q11 1Q10 1Q11 %Chg 1Q11 %Chg
Marriott 79% 77% 4,243 -7% 3,344 -5%
Anantara 47% 48% 8,552 -4% 4,027 -6%
Four Seasons 59% 63% 9,678 3% 5,699 -4%
Others 35% 34% 12,328 6% 4,350 12%
Average 59% 61% 6,877 -1% 4,048 -4%
Avg. Thailand 61% 66% 5,572 -4% 3,388 -12%
24
RESTAURANT PERFORMANCE
BrandSSS (%) TSS (%)
1Q11 1Q10 1Q11 1Q10
The Pizza Company 10.8 -0.5 13.4 0.8
Swensen’s -2.5 6.9 2.6 7.0
Sizzler 10.5 5.1 12.5 18.7
Dairy Queen 5.2 4.0 8.9 10.8
25
Dairy Queen 5.2 4.0 8.9 10.8
Burger King 9.8 9.4 11.5 18.9
The Coffee Club 11.1 2.1 16.9 17.5
Thai Express -2.0 -16.2 2.0 -2.8
Average 7.8 0.9 11.9 9.5
Average Thailand 7.2 4.2 10.9 8.7
RESTAURANT OUTLETS
BrandNo. of outlets No. of outlets
Equity Franchise Thailand International
The Pizza Company 170 78 210 38
Swensen’s 113 133 232 14
Sizzler 44 - 38 6
Dairy Queen 244 3 247 -
26
Dairy Queen 244 3 247 -
Burger King 27 - 27 -
The Coffee Club 18 247 5 260
Thai Express 58 10 - 68
Others 12 - 12 -
Total 686 471 771 386