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MD&A
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2Q18 and 1H18 Performance

Minor International Public Company Limited (MINT) reported revenue growth of 13% y-y in 2Q18, led by the robust growth of the hospitality and retail trading & contract manufacturing businesses, together with revenue contribution from Corbin & King (C&K), substantial dividend income of Bt 359m (before related expenses and tax of Bt 144m) from the recent investment in NH Hotel Group and one-time gain from fair value adjustment on the investment in Benihana of Bt 121m as required under Thai Generally Accepted Accounting Principles (Thai GAAP). Excluding the non-recurring item, MINT’s core revenue increased by 12% y-y in 2Q18.

For 1H18, MINT reported revenue growth of 9% y-y, driven primarily by the strong growth of organic hotel operations and retail trading & contract manufacturing business, together with revenue contributions from new investments, C&K and NH Hotel Group, and the aforementioned non-recurring gain from investment in Benihana. Excluding the non-recurring item, MINT’s core revenue increased by 8% y-y in 1H18.

Revenue Breakdown

Bt million
2Q18
2Q17
%Chg
Contribution
As Reported
Restaurant Services
5,927
5,823
2%
39%
Hotel & Mixed-Use
8,121
6,613
23%
54%
Retail Trading & Contract Manufacturing
1,014
919
10%
7%
Total Revenue
15,061
13,355
13%
100%
Core*
Restaurant Services
5,806
5,823
0%
39%
Hotel & Mixed-Use
8,121
6,613
23%
54%
Retail Trading & Contract Manufacturing
1,014
919
10%
7%
Total Revenue
14,940
13,355
12%
100%

* Exclude gain from fair value adjustment on the investment in Benihana of Bt 121m

Revenue Breakdown

Bt million
1H18
1H17
%Chg
Contribution
As Reported
Restaurant Services
12,012
11,851
1%
38%
Hotel & Mixed-Use
17,050
15,002
14%
55%
Retail Trading & Contract Manufacturing
2,143
1,882
14%
7%
Total Revenue
31,206
28,734
9%
100%
Core*
Restaurant Services
11,892
11,851
0%
38%
Hotel & Mixed-Use
17,050
15,002
14%
55%
Retail Trading & Contract Manufacturing
2,143
1,882
14%
7%
Total Revenue
31,085
28,734
8%
100%

* Exclude gain from fair value adjustment on the investment in Benihana of Bt 121m

In 2Q18, MINT recorded EBITDA of Bt 3,033m, a 42% increase from the same period last year. The significant EBITDA increase was driven by higher operating leverage of the organic hotel operation, mixed-use business and retail trading portfolio, together with substantial dividend income of Bt 234m (net of related expenses of Bt 125m before tax of Bt 19m) and the non-recurring gain from Benihana investment. Excluding the non-recurring item, core EBITDA grew by 37% y-y, while core EBITDA margin improved from 15.9% in 2Q17 to 19.5% in 2Q18.

For 1H18, MINT reported EBITDA of Bt 6,472m, a 10% increase y-y. Excluding the non-recurring item, core EBITDA grew by 8% y-y in 1H18, primarily from improved profitability of the organic hotel operations and retail trading business, together with dividend income from NH Hotel Group recorded in 2Q18. However, the timing mismatch of mixed-use revenues recognition and the impact of foreign exchange translation on the profitability of Anantara Vacation Club (AVC), especially in 1Q18 compared to the same period last year, put pressure on the overall EBITDA margin. As a result, core EBITDA margin declined slightly from 20.6% in 1H17 t0 20.4% in 1H18.

 

 

Management Discussion and Analysis 2018
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2Q18 Performance
1Q18 Performance
Management Discussion and Analysis 2017
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4Q17 Performance
3Q17 Performance
2Q17 Performance
1Q17 Performance
Management Discussion and Analysis 2016
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4Q16 Performance
3Q16 Performance
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4Q15 Performance
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Management Discussion and Analysis 2014
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4Q14 Performance
3Q14 Performance
2Q14 Performance
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Management Discussion and Analysis 2013
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4Q13 Performance
3Q13 Performance
2Q13 Performance
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Management Discussion and Analysis 2012
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4Q12 Performance
3Q12 Performance
2Q12 Performance
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Management Discussion and Analysis 2011
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4Q11 Performance
3Q11 Performance
2Q11 Performance
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Management Discussion and Analysis 2010
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4Q10 Performance
3Q10 Performance
2Q10 Performance
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Management Discussion and Analysis 2009
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4Q09 Performance
3Q09 Performance
2Q09 Performance
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Management Discussion and Analysis 2008
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4Q08 Performance
3Q08 Performance
2Q08 Performance
1Q08 Performance
Management Discussion and Analysis 2007
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4Q07 Performance
3Q07 Performance
2Q07 Performance
1Q07 Performance
Management Discussion and Analysis 2006
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4Q06 Performance
3Q06 Performance
2Q06 Performance
1Q06 Performance