MINOR

INTERNATIONAL

MINOR
INTERNATIONAL

Overview

Hotel&Mix Use

Restaurant

Retail Trading

MINOR
INTERNATIONAL

Overview
30% market share in Western Restaurant
12,000 Rooms in Hotel Group
Market Cap 92,831 MB.
EBIDA 21% NET PROFIT 10%

Revenue 36,936 B in 2013

Potential Entrants

MINOR
INTERNATIONAL

Authorised Dealer

Suppliers
500

Buyers

H&M

Substitutes

MINOR
INTERNATIONAL

MINOR
INTERNATIONAL

MINOR
INTERNATIONAL

Growth Strategies & Future Risks

Niche&Luxury&&=>&SLH&+&Pool&&Villas&+&Spa+&Bou9que&Segment&
&&&&&&&&&&&&&&&&&&&&&&&&&&=>&High&Margin&&

Specic''Segment'or'
Trial'Project'or'
Visionary'?!

MINOR
INTERNATIONAL

Growth Strategies & Future Risks

Start&&&
organic&
growth

Successor(Plan?

organic(growth(and(acquisi0ons

Strategic Investments & Acquisi3ons !

MINOR
INTERNATIONAL

MINOR
INTERNATIONAL

MINOR
INTERNATIONAL

MINOR
INTERNATIONAL

Revenue Growth
HOTEL

Trend 1

RESTAURANT

RETAIL

20000
17,977
16,390

15000

15,343
13,192

12,657

11,697

10000

5000

2011

3,616

3,412

2,923

2012

2013

MINOR
INTERNATIONAL

2008

2009

2010

2011

35,000
26,250
17,500
8,750

28,332

2012

2013

32,994 34,406

19,089
17,244
16,399
2008

2009

2010

2011

Total Revenues

2012

2013

MINOR
INTERNATIONAL

2008

2009

2010

2011

2012

2013

100
75
50

64.2

61.9

58.9

56.70

56

58

2008

2009

2010

2011

2012

2013

25
0

Gross Profit Margin%

MINOR
INTERNATIONAL

2008

2009

2010

2011

2012

2013

100
75
50
25
0

11.5

6.5

10.20

9.8

11.3

2008

2009

2010

2011

2012

2013

Net Profit Margin%

MINOR
INTERNATIONAL

2008

2009

2010

2011

2012

2013

100
75
50
25
0

26.2

22

19

21.90

21.4

22.8

2008

2009

2010

2011

2012

2013

EBITDA MARGIN%

MINOR
INTERNATIONAL

2008

2009

2010

2011

2012

2013

100
75
50
25
0

17.19

11.5

9.58

2008

2009

2010

20.08 19.08 17.86

2011

Return on Equity (ROE)%

2012

2013

MINOR
INTERNATIONAL

5 ()

7,400
EBITDA 8,300

MINOR
INTERNATIONAL

Relative Value
PE
25
20
15
10

22.76

22.3

CENTEL

MINT

5
0

MINOR
INTERNATIONAL

Relative Value
P/BV
25
20
15
10
5
0

4.19

3.47

CENTEL

MINT

MINOR
INTERNATIONAL

Relative Value
EV/EBITDA
25
20
15
10

17.38

16

CENTEL

MINT

5
0

MINOR
INTERNATIONAL

Relative Value
Div Yield
25
20
15
10
5
0

0.98

1.28

CENTEL

MINT

MINOR
INTERNATIONAL

EPS

(growth10%)

(1.1494)
EPS

(growth15%)

(1.2018)
EPS

(growth20%)

(1.2518)

PE15

PE20

PE25

17.24

22.41

28.72

18.02

24.03

30.04

18.77

25.03

31.29

MINOR
INTERNATIONAL

Q&A
Thank you

MINOR
INTERNATIONAL

APPENDIX