company profile...2020/05/25 · company profile –1q20 mint –vision 2 to be a leader in...
TRANSCRIPT
Company Profile – 1Q20
MINT – Vision
2
To be a leader in delivering exceptional experiences that anticipate and satisfy customers’ aspirations and positively impact stakeholders
Customer-Focused Results-OrientedPeople
DevelopmentInnovative Partnership
MINT – Key Milestones
3
Joint venture with
in African Assets
Founded
RGR, MFG and MINOR
listed
M&A of RGR and MFG and became
Launched
Founded
50% stake in
70% stake in
Completed group business restructuring;
Delisted
1978 1980 1982 1988-9 2000-1 2003 2008 2009 2010-11 2012-13 2014 2015 2016 2017 2018 2019 2020
100% stake in
Launched
Increased stake to 31% in
50% stake in
49% stake in
11% stake in
Increased stake to 100% in
49% investment in hotel & mixed use project in Maputo,
Mozambique
Acquired
in Australia
Acquired 7 hotels
Launched
Invested in
Increased stake to 69.2% in
Increased stake to 70% in
Acquired remaining 7
hotels & brand
Acquired additional stake
from
in hotels in Africa
Acquired 74% stake in
Founded
Launched
75% stake in
Increased stake to 100% in
94% stake in
100% stake in existing
operations of
Thailand
70% stake in franchise
rights & new expansion of
Thailand
Increased stake to 25% in
MINT – 10-Year Track Record
4
CORE PROFIT (THB million)
MARKET CAPITALIZATION (THB million)
17,244
123,385
2009 2019
1,400
7,061
2009 2019
28,271
254,184
2009 2019
29,395
166,284
2009 2019
CORE REVENUE (THB million)
ASSETS (THB million)
+22%CAGR
+18%CAGR
+19%CAGR
+25%CAGR
MINT – Today
5
Shared Services
Hotel
• Equity-Owned & Leased• Hotel and Serviced Suites
Management• Spa
Mixed-Use
• Plaza & Entertainment• Residential Development• Point-Based Vacation Club
Casual Dining Restaurants
• Equity-Owned• Franchised
Manufacturing
• Cheese & Ice-cream• Ice-cream Ingredients and
Toppings• Coffee Roasting
MINOR HOTELS MINOR FOOD
MINT – Contributions by Business Groups & Geographies
6
Minor Lifestyle 1% Minor Food
16%
Minor Hotels83%
Minor Lifestyle 1% Minor Food
17%
Minor Hotels82%
Thailand27%
Overseas73%
Minor Lifestyle 4% Minor Food
20%
Minor Hotels76%
*Core operations, excluding non-recurring items
Thailand30%
Overseas70%
2019 REVENUE CONTRIBUTION 2019 EBITDA CONTRIBUTION 2019 NPAT CONTRIBUTION
2019 REVENUE CONTRIBUTION 2019 NPAT CONTRIBUTION
THB 7,061
million
THB 123,385 million
THB 22,634 million
MINT – Footprint
7
MINT today has a global presence with 530 hotels and serviced suites, 2,362 restaurant outlets and 473 retail points of sale in 63 countries.
AfricaBotswana
Kenya
Lesotho
Mozambique
Namibia
Seychelles
Tanzania
Tunisia
South Africa
Zambia
Mauritius
Asia PacificAustralia
Cambodia
China
India
Indonesia
South Korea
Laos
Malaysia
Maldives
Myanmar
New Zealand
Pakistan
Singapore
Sri Lanka
Thailand
Vietnam
The AmericasCanadaUSAArgentinaBrazilChileColombiaCubaEcuadorHaitiMexicoUruguay
EuropeAndorra
Austria
Belgium
Czech Republic
France
Germany
Hungary
Italy
Ireland
Luxemburg
Netherlands
Poland
Portugal
Romania
Slovakia
Spain
Switzerland
UK
Middle East
Bahrain Oman
Saudi Arabia Qatar
Kuwait UAE
Lebanon
Minor Hotels Minor Food Minor Lifestyle
THE AMERICAS EUROPE ASIA PACIFIC
AFRICA
MIDDLE EAST
The leading hospitality partner maximizing shareholder value
Minor Hotels
Hotel Portfolio – 530 Properties; 76,320 Rooms
9
* MLR is management letting rights (management of serviced suites)** No of rooms as at end of Mar 2020
7%
7%
4%
50%
19%
10%3%
Minor Hotels has a very diversified hotel portfolio, in terms of brands, ownership structure and geography. Over 90% of the rooms today are under Minor Hotels’ own brands.
SYSTEM-WIDE ROOM CONTRIBUTIONBy Ownership
SYSTEM-WIDE ROOM CONTRIBUTIONBy Geography
SYSTEM-WIDE ROOM CONTRIBUTIONBy Brand
Others
76,320 rooms
Owned26%
Leased46%
JV 2%
Managed17%
MLR9%
76,320 Rooms
Asia11%
Europe62%
Americas 11%
Oceania10%
Middle East & Africa 6%
76,320 Rooms
Portfolio Contribution
10
* MLR is management letting rights (management of serviced suites)** Maldives & Middle East contribute 3% of Minor Hotels’ revenue but 14% of NPAT because majority of the hotels in the Maldives and the Middle East are joint-venture and
managed hotels.
Today, owned & leased hotel portfolio is the main driver of Minor Hotels, while the management letting rights (MLR) business model provides stable growth, and management contracts and mixed-use business helps with the overall profitability. In terms of geography, Europe is the major contributor, followed by Thailand and the Maldives & the Middle East.
1Q20 REVENUE CONTRIBUTIONBy Business
1Q20 REVENUE CONTRIBUTIONBy Geography
THB 15,770 million
Owned & Leased
85%
Managed2%
MLR8%
Mixed-use5%
Thailand14%
Europe59%
Americas7%
Australia & New Zealand 8%
Maldives & Middle East 4%
Others8%
Anantara – Life is a Journey
11
A luxury hospitality brand for modern travelers, connecting them to genuine places, people and stories through personal experiences, and providing heartfelt hospitality in the world’s most exciting destinations.
Contemporary Accommodation for All Occasions
12
Avani hotels are perfecting the balance between work and play, design and function, service and privacy,
laid-back and lavish. Our city and resort destinations pulse with life, emanating from our buzzy social
spaces and extending throughout the hotels.
A unique blend of city hotels in central locations and resort-style accommodation in tourist destinations. For both short and longer stays, families and groups enjoy friendly service, superior accommodation and quality onsite leisure facilities.
NH Hotel Group – A Leading European Hospitality
13
NH Hotels offers trustworthy experiences based on three main pillars: value for money, the best location to connect with the city, and service with a human touch.
NH Collection showcases captivating hotels housed in authentic and unique landmark buildings in key cities of Europe and Latin America.
Hotels that are unconventional and cosmopolitan, each with a unique personality in major international cities.
13
Boutique Hotel Brands with Unique Luxury Experience
14
Encompassing a diverse hotel portfolio with unique personalities and facilities, Tivoli combines local teams,
convenient services and unique experiences to reveal the authenticity of each destination, be it a multicultural
thriving city or leading beach paradise.
Each of the camps, lodges and hotels offers unique accommodations of exceptional comfort. Their iconic
locations provide any discerning world-traveller one of the most rewarding experiences they could wish for; close
to all the drama and spectacle of African wildlife.
15
Rapid Expansion of Hotel Portfolio
Over the past five years, the number of hotels more than quadrupled, while revenue increased by over 5 times. Minor Hotels expanded its portfolio through both organic expansion and acquisitions, increasing both in terms of brand portfolio and geographies.
2014 2019 2024F*
Revenue THB 15 billion
Revenue THB 88 billion
Revenue
TSS THB 30 billion
TSS THB 108 billion
TSS
119 22 Hotels Countries
530 55 Hotels Countries
>750 >60 Hotels Countries
32
12
51
8
Others 16
Number of Properties
43
32
60
16
16
347
Others 16
Number of Properties
* 2024F revenue & TSS is according to original 5-year plan approved in Nov 2019, pre-COVID pandemic
Note: Data above as at end of Mar 2020
16
Owned & Leased Hotels – RevPar Maximization
Minor Hotels focuses on driving RevPar growth in each of its markets. While the aim of the hotels in established markets is to maintain the stable RevPar increase momentum, Minor Hotels will benefit from the higher growth potential of RevPar in new markets.
4,334 4,654
2016 2019
+2%CAGR 449 475
2016 2019
+2%CAGR
62
77
2016 2019
+8% CAGR
399
630
2016 2019
+58%CAGR
62
74
2016 2019
THAILAND (THB) MALDIVES (USD) NHH (EUR)
MAINTAINING REVPAR MOMENTUM IN KEY ESTABLISHED MARKETS
BRAZIL (BRL) AFRICA (USD) VIETNAM (USD)
LEVERAGING ON NEW / SMALLER MARKETS FOR HIGHER REVPAR GROWTH
+6%CAGR
Pre-acquisition
69
92
2016 2019
+10% CAGR
17
Support from Asset Light Portfolio
Although owned and leased portfolio is Minor Hotels’ key growth driver, management letting rights portfolio provides Minor Hotels with stable growth, while management contracts offer higher profitability with minimal capital investment.
4,570
7,147
2011 20191,123
3,910
6,060
2010 2015 2019124
136
2011 2019
2,897
5,554
2011 2019
246
984
1,335
2010 2015 2019
* Management contracts exclude NHH’s portfolio
MANAGEMENT LETTING RIGHTS
NO OF ROOMS
+6%CAGR
+1%CAGR
REVPAR (AUD)
REVENUE (THB million)
+8%CAGR
MANAGED HOTELS
NO OF ROOMS
REVENUE (THB million)
+28%CAGR
+12%CAGR
+32%CAGR
+8%CAGR
8%
12%
4%
43%
19%
9%5%
18
Portfolio Expansion – Pipeline
With its current pipeline of 74 hotels, Minor Hotels will have a total of 609 hotels in 3-4 years time. Given today’s pipeline, the expansion will be faster for the Anantara and Avani brands, managed hotels and in Asia and the Middle East and Africa. Minor Hotels continues to build its pipeline in order to reach the target of over 750 hotels by 2024.
BY BRAND BY OWNERSHIP BY GEOGRAPHY
2024F*
Others
1Q20
92,793 rooms
Owned22%
Leased41%JV
2%
Managed27%
MLR8% Asia
15%
Europe55%
Middle East & Africa
8%
Oceania8%
Americas14%
92,793 rooms
92,793 rooms
* 2024F no of rooms are according to original 5-year plan approved in Nov 2019, pre-COVID pandemic
7%
7%
4%
50%
19%
10% 3%Others
76,320 rooms
Owned26%
Leased46%
JV 2%
Managed17%
MLR9%
76,320 Rooms
Asia11%
Europe62%
Americas 11%
Oceania10%
Middle East & Africa 6%
76,320 Rooms
Strategic Asset Rotation
19
THAILAND INTERNATIONALMinor Hotels has implemented asset rotation strategy in 2019, which demonstrated its ability to increase the value of the hotel portfolio, as well as helped strengthen MINT’s balance sheet. Although the properties have been sold, they continued to be in Minor Hotels’ portfolio under leased and managed hotels, whereby Minor Hotels participates in the upside of the portfolio performance.
Strengthens MINT’s balance sheet
where cash proceeds can be used to pay down debt, while gain
recognized will strengthen the equity base
Validates / increases overall return of the project
with the price of the assets
Retains upside of the portfolio performance with the lease back / hotel
management contracts
Solidifies relationship with hotel real estate
institutional investorsfor future transactions
Sales & Lease Back of 3 Tivoli hotels in
Lisbon, Portugal
2 transactions completedin 2019:
Sales & Management Contracts
of 3 hotels under Anantara & Naladhu
brands in the Maldives
1
2
CASE STUDY – TIVOLI SALES & LEASE BACK
ASSETS & INVESTMENTS
313
294 98
2019
2015-2018
Investment CAPEX & Renovations
Gross Selling Price
Total investment for 14 hotels in Portugal & Brazil
EUR 392 million
(EUR million)
Sale of 3 hotels in LisbonEUR 313 million
3 years
OPERATIONAL STATS & PERFORMANCE
79
96
2016 2018
RevPar (EUR)
2016 2018
EBITDA (EUR)
+10%CAGR
+28%CAGR
o The transaction implies EV/EBITDA of approx. 19x (vs. EV/EBITDA of 9.6x at the time of the purchase in 2016).
o The internal rate of return of the entire project has been elevated to over 20%.
o With the leaseback (through NHH), MINT retains about 75% of the EBITDA of the 14 hotels portfolio.
Mixed-use Business
Plaza & EntertainmentAnantara Vacation ClubResidential Property Development
20
Ensuring Pipeline to Accommodate Growth
21
The Estates Samui
Launched 2 AVC
Destinations Bali, Bangkok
Layan Residences
by Anantara, Phuket
St. Regis Residences
Bangkok
Torres Rani, Maputo
Launched 1 AVC
Destination Chiang Mai
2006 2010 2011 2012 2013 2015 2016 2018 2020 2023
Avadina Hills by Anantara,
Phuket
AnantaraUbud
Residences, Indonesia
Anantara Desaru
Residences, Malaysia
Launched 1 AVC
Destination Sanya
Launched 3 AVC
DestinationsSamui, Phuket,
Queenstown
Anantara Chiang Mai
Serviced Suites
Silom Office, Bangkok
An
anta
raV
acat
ion
Clu
bR
esi
de
nti
al D
eve
lop
me
nt
Minor Hotels continues to build the pipeline of both residential development and Anantara Vacation Club, in order to ensure sufficient inventory to accommodate future sales.
Minor Hotels – Financial Performance
22
THB million
EBITDA Margin
Net Margin
20182016
26.1% 24.8%
12.8% 10.9%
2015
23,547 27,758 30,970
50,577
94,189
6,146 7,146 7,685
11,947
18,803
3,009 2,811 3,375 4,077
5,783
2017
25.7%
10.1%
Note: Core operations, excluding non-recurring items
23.6%
8.1%
2019
20.0%
6.1%
Revenue
EBITDA
NPAT
To be a leading food operator maximizing stakeholders’ value
Minor Food
Restaurant Portfolio – 2,362 Outlets
24
* No of outlets as at end of 1Q20
24%
14%
3%
22%
5%
20%
4%4%
1%2% 1%
Minor Food’s restaurant portfolio is well-diversified, both in terms of brands and ownership. Its three main hubs are Thailand, Australia and China.
Others
SYSTEM-WIDE OUTLET CONTRIBUTIONBy Ownership
SYSTEM-WIDE OUTLET CONTRIBUTIONBy Hub
SYSTEM-WIDE OUTLET CONTRIBUTIONBy Brand
2,362 outlets
Thailand74%
Australia16%
China 4%
Others 6%
2,362 Outlets
Owned 50%
Franchised50%
2,362 Outlets
28%
8%
9%6%10%
7%
12%
7%
5%1%
8%
Portfolio Contribution
25
Minor Food’s revenue is well distributed among its brands. Its business is primarily in Thailand, with China as a potential growth driver and Australia as the hub with stable operations.
Others
1Q20 REVENUE CONTRIBUTIONBy Geography
1Q20 NPAT CONTRIBUTIONBy Geography
1Q20 REVENUE CONTRIBUTIONBy Brand
Thailand 75%
Australia9%
China 6%
Others 10%
Owned 93%
Franchised7%
THB 5,664
million
Minor Food Brands
26
Minor Food Brands
27
Two manufacturing plants in Thailand producing over 20,000 tons of cheese and ice cream per annum
Coffee roasting factory in Australia
Manufacturing of ice-cream ingredients and toppings
Manufacturing Business
28
29
Growth Driven by Selective Outlet Expansion
Minor Food continues to grow its number of outlets, keeping a well-balanced mix of brands, ownership and geographies.
2014 2019 2024F*
Revenue THB 17 billionRevenue THB 24 billion
TSS THB 38 billionTSS THB 44 billion
1,708 21 Outlets Countries
2,362 26 Outlets Countries
>3,700Outlets
Number of Outlets Number of Outlets
Revenue
TSS
322
306
53
387
42
427
88
44
Others 39
576
321
66
515
121
468
88
90
46
19
Others 52
* 2024F revenue & TSS is according to original 5-year plan approved in Nov 2019, pre-COVID pandemic
Note: Data above as at end of Mar 2020
19%
10%
3%
17%4%
30%
1%6%
1%4%
6%
30
Portfolio Expansion
Among the brands in the portfolio, Minor Food expects faster growth of The Coffee Club (primarily in Australia), Riverside (in China) and Bonchon. Moreover, Minor Food will gradually move towards asset light business model with accelerated expansion of franchised outlets.
BY BRAND BY OWNERSHIP BY GEOGRAPHY
2024F*
1Q20
Others
>3,700 outlets
Equity45%
Franchise55%
Thailand61%
Australia25%
China5%
Others8%
>3,700 outlets
>3,700 outlets
* Number of outlets in 2024F are according to original 5-year plan approved in Nov 2019, pre-COVID pandemic.
24%
14%
3%
22%
5%
20%
4%4%
1% 2% 1%Others
Thailand74%
Australia16%
China4%
Others 6%
2,362 Outlets
Owned50%
Franchised50%
2,362 Outlets
2,362 Outlets
Minor Food – Financial Performance
31
1,572 1,684 1,913
1,521 1,210
THB million
EBITDA Margin
Net Margin
18,626 23,022 23,582 23,484 24,233
3,127 3,843 4,285
3,647 3,527
16.8% 18.2%
8.4% 8.1%
16.7%
7.3%
20172015 2016
Note: Core operations, excluding non-recurring items
2018
15.5%
6.5%
2019
5.0%
14.6%
Revenue
EBITDA
NPAT
Others – Minor Lifestyle Portfolio – 1Q20
32
Outlets
28
-
Outlets
83
43
79
Total 393
5
26
Outlets
30
116
27
25
Total 80
11
Manufacturing of acid-based fast-moving consumer goods
100K Tons / Year
Scomadi
FASHION
HOUSEHOLD LIFESTYLE
CONTRACT MANUFACTURING
Key Financial Highlights
MINT – Resiliency
34
Since 2000, Thailand has gone through several challenges, driven by both domestic and global factors. Geographical diversification and new initiatives including mixed-use development have proven to mitigate the risks, with MINT reporting profit all along.
-6,000
-3,000
0
3,000
6,000
9,000
12,000
-15%
0%
15%
30%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
MINT's NPAT % Change in Private Consumption % Change in Tourist Arrival
Source: Office of The National Economic and Social Development Board and Bank of Thailand
MINT’s Diversification Strategy
2000 – 2005
• Acquired Minor Food Group
• Launched own Pizza brand, The Pizza Company and opened TPC and SZ in China
• Launched own hotel brand, Anantara
• Entered into a JV to operate 3 hotels in the Maldives
• Launched the first timeshare project in Asia with Marriott
2006 – 2009
• Acquired Minor Corporation
• Invested in S&P Thailand, The Coffee Club Australia and Thai Express Singapore
• Entered into a JV with Serendib Sri Lanka and Elewana Africa
• Launched the first residential project, the Estates Samui
• Opened the first two overseas purely managed hotels in Bali and Abu Dhabi
2010 – 2019
• Invested in Beijing Riverside & Courtyard China, VGC in Australia, Corbin & King in the UK, non-US operations of Benihana and Bonchon
• Invested in hotels in Sri Lanka, Phuket, Vietnam, Cambodia, Zambia, Namibia, Botswana, Lesotho and Mozambique, in Oaks Hotels & Resorts in Australia, in Tivoli Hotels & Resorts in Portugal and Brazil and in NH Hotel Group in Spain
• Launched AVANI brand, Anantara Vacation Club, and the new residential projects, Layan Residences by Anantara, Avadina Hills by Anantara and Anantara Chiang Mai Serviced Suites
Pattaya Riot
AirportClosure
Tsunami RajprasongRiot
Bangkok Coup
FloodingSARS Sub-primeCrisis
Bangkok Shutdown Coup
THB million
ErawanBombing
Mourning Phuket Boat Incident
4,705 4,576 5,415 5,728
7,061
9,573 11,256 12,273 15,901
22,634
MINT – Financial Highlights
35
Revenue
EBITDA
NPAT
THB million
EBITDA Margin
Net Margin
21.0% 20.7% 20.9% 20.3%
10.3% 8.4% 9.2% 7.3%
18.3%
5.7%
20192015 20172016 2018
45,678 54,285 58,644 78,499
123,385
Note: Core operations, excluding non-recurring items
MINT – Financial Highlights
36
0.35 0.35 0.40 0.40
32.8% 33.7% 32.8% 32.3%*
0%
20%
40%
60%
0.00
0.10
0.20
0.30
0.40
2015 2016 2017 2018 2019**
Cash Stock Payout RatioTHB
1.2 1.21.0
1.51.3
2015 2016 2017 2018 2019
***
* EPS calculation based on core operation, excluding non-recurring items** BOD on 19 May 2020 has resolved to omit the dividend payment for 2019
performance, and will propose to shareholders’ approval at the AGM on 19 June 2020.
98,382 108,453 119,100
268,081 254,184
2015 2016 2017 2018 2019
36,711 40,797 50,504
82,301 85,868
2015 2016 2017 2018 2019
TOTAL EQUITY (THB million)
DIVIDEND PER SHARE & PAYOUT RATIO
TOTAL ASSETS (THB million)
INTEREST-BEARING D/E (x)
Other Corporate Information
Shareholders’ Information
THB
As of May 2020
As of May 2020
38
SHAREHOLDING STRUCTURE
SHAREHOLDERS’ RETURN
+20%CAGR
0
10
20
30
2001Investment
CashDividend
StockDividend
Warrants Capital Gain YTD Value
Minor Group34%
Foreign Institutions
27%
Thai Institutions
13%
Osathanugrah Group11%
Royal Family3%
Others12%
Management Structure
3939
BUSINESS & RESULTS
2. Dillip RajakarierCEO Minor Hotels
GROWTH TRANSFORMATIONFinancial commitments, operational effectiveness and team motivation
Opportunities to grow beyond financial commitments and plans, long-term shareholder value creation
Relevance and leadership in a disruptive world while creating a competitive advantage.
2. Dillip RajakarierGroup CEO MINT
3. Paul KennyCEO Minor Food
4. James AmatavivadhanaCEO Minor Lifestyle
5. Ramón AragonésCEO NH Hotel Group
6. Brian DelaneyChief Financial Officer
7. Beatriz PuenteExecutive Managing Director of Finance & Administration, NH Hotel Group
8. Stephen ChojnackiChief Commercial Officer & General Counsel
9. Kosin ChantikulChief Investment Officer
10. Kulshaan SinghChief People Officer
11. Steve HerndonChief Information Officer
12. Chaiyapat PaitoonChief Strategy Officer
13. John HeineckeChief Sustainability Officer
1 23 47 6 5 13 8 1011 129
1. William E. HeineckeChairman
Sustainability Development
40
Develop Sustainable and Capable Human
Capital
We continuously invest in educational and career support for children, youth and underprivileged community members and develop our employees and leaders, to empower people within our sphere of influence to achieve their highest potential.
Drive for Sustainable Value
Chain Management
Practice
We pledge to enrich our customers’ experience through end-to-end engagements by delivering the best products and services and commit to establish long-term partnerships with various stakeholders in our value chain to achieve mutual sustainable success.
We strive to minimize our impacts on the environment and promote biodiversity conservation wherever we have a footprint.
Strengthen Good Corporate Governance and
Responsible Business Culture
We build a strong platform for sustainable organization by practicing good corporate governance in all business operations.
Manage Environmental
Impact and Advocate
Conservation
Recent Awards
41
2019 All-Asia Executive Team Rankings: Honored Company in the Emerging Markets – Country Winner, Institutional Investor
2019 Asia's Best Companies: Top 3 Thailand's Best CEO, FinanceAsia
2019 All-Asia Executive Team Rankings: Top 3 Thailand's Best IR Professional, Institutional Investor
Best SET Sustainability Awards 2019 (SET Market Capitalization of Over THB100bn), Stock Exchange of Thailand
Included in Dow Jones Sustainability Emerging Markets Index (DJSI) 2019 in Hotels, Resorts and Cruise Lines Industry(sixth consecutive year), S&P Dow Jones Indices and RobecoSAM
Included in FTSE4Good Emerging Index 2019 (fourth consecutive year), FTSE Russell
Received an MSCI ESG Rating of AAA, MSCI*
Board Of The Year Awards 2018 (July 2019), Thai Institute of Directors
Outstanding Deal of the Year Awards 2019 for Acquisition of NH Hotel Group, The Stock Exchange of Thailand
Winner of Merger & Acquisition/Portfolio of the Year 2019 Award for Acquisition of NH Hotel Group, Hotel Investment Conference Europe (Hot.E)
2019 Conde Nast Traveler Readers’ Choice Awardso Anantara Siam Bangkok – No. 1 Best Hotels in Bangkoko Anantara Kalutara Resort – No. 2 Favorite Sustainable Luxury Hotelo Naladhu Private Island Maldives – No. 1 Best Resorts in the Indian Ocean
US 2019 Travel & Leisure World’s Best Awardso Tivoli Palacio De Seteais Sintra – No. 1 Best Spain and Portugal Resort Hotelso Anantara Huahin – No. 3 Top Resort Hotels in Southeast Asia
Minor Food – Best Companies To Work For In Asia 2019 - Thailand, HR Asia
Minor Food – Global Restaurant Industry Service Award, Global Restaurant Leadership Conference
Overall Performance & Corporate
Minor Hotels
Minor FoodWinner of M&A/Portfolio of the Year 2019 Award for Acquisition of NH Hotel Group
Hotel Investment Conference Europe
Board Of The Year Awards (July 2019) Thai Institute of Directors
* Disclaimer: The inclusion of Minor International Pcl. in any MSCI Index and the use of MSCI logos, trademarks, service marks or index names herein, Do not
constitute a sponsorship, endorsement or promotion of Minor International Pcl. by MSCI or any of its affiliates. The MSCI Indexes are the exclusive property of
MSCI. MSCI and the MSCI Index names and logos are trademarks or service Marks of MSCI or its affiliates.