Anantara Plaza Nice Hotel, France

COMPANY PRESENTATION – March 2023

Forward Looking Statement
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.

2
AGENDA
4Q22 in Review
Minor Hotels
Minor Food
Minor Lifestyle
Corporate Information
Business Outlook &
“Back to Growth” Strategy
 Anantara Sahara Tozeur Resort & Villas, Tunisia

4Q22 IN REVIEW
4Q22 Major Developments
MINOR HOTELS
▪ Minor Hotels opened Anantara Plaza
Nice Hotel in France, the 7th Anantara
hotel in Europe, as part of its cross-
brand expansion opportunities across
geographies.
▪ Minor Hotels introduced the NH brand
to Asia with the debut of NH Boat
Lagoon Phuket Resort in Thailand.
▪ Minor Hotels partnered with Bangkok
Dusit Medical Services to launch
BDMS Wellness Clinic Retreat at
Anantara Riverside Bangkok to capture
growing demand for medical tourism.
▪ Anantara Vacation Club opened
Anantara Vacation Club at Avani+
Khao Lak as a new club destination.
MINOR FOOD
▪ Minor Food expanded into the beverage retail
category with the acquisition of 50.1% stakes
in GAGA to solidify the existing food brand
portfolio.
▪ Minor Food opened the first Poulet
restaurant, a unique French roast chicken
specialty in Thailand to strengthen Minor
Food’s leadership in chicken category.
▪ Benihana opened its equity-owned outlet in
Covent Garden, largest store in the UK.
▪ Burger King debuted the newest flagship
store in Bangkok, featuring advanced
technologies.
▪ Dairy Queen piloted Thailand’s first pop-up
store with a fun design, seating service and
limited-time-only menus to elevate customer
experience.
5
 4Q22 Key Highlights
STRONG 4Q22 NPAT
MINT reported a core profit of THB 2.4
billion, an impressive growth of
performance both y-y and q-q.
Minor Hotels posted core profit of THB 1.9
billion in 4Q22, surging by 57% y-y. This
was attributable to robust performance of
hotels in key regions including Europe and
Latin America, Thailand and Australia.
RevPar of all key destinations exceeded
pre-COVID level in 4Q22.
Minor Food reported core profit growth of
39% y-y which exceeded pre-pandemic
level by 56% and continued to be
profitable for tenth consecutive quarter in
4Q22. The profitability of Thailand and
Australia hubs helped offset the
challenging operating environment in
China.
In 2022, MINT reported core net profit of
THB 2.0 billion, strong improvement from
core loss of THB 9.3 billion in 2021.
LIQUIDITY AND BALANCE
SHEET MANAGEMENT
MINT remains focused and committed to
strengthen balance sheet and manage
liquidity.
The sale and manage back of Tivoli Coimbra
in Portugal was successfully executed.
Net debt repayment, together with higher
equity base from profit generation and
asset sales, significantly reduced MINT’s net
IBD/E ratio to 1.17x at the end of 4Q22
from 1.36x at the end of 2021 and 1.19x at
the end of 3Q22.
MINT optimizes its fix-float split of its debt
by way of accelerating repayment of high
interest floating rate debt and deploying
hedging instruments amidst rising interest
rate environment to alleviate potential
impact from increase in cost of debt.
Liquidity position held strong with positive
operating cash flow and free cash flow
during 4Q22. Cash on hand and unutilized
credit facilities remained ample at THB 23
billion and THB 36 billion, respectively, at
the end of Dec 2022.
PROMISING OUTLOOK BACK TO GROWTH
While leisure demand continued to be strong, The new 3-year strategy for 2022-2025
demand for hotels in Europe in 2023 will be was finalized to accelerate business
further driven by return of international long- growth while effectively manage risks
haul travels, large-scale business events and with a dynamic operations.
trade fairs, as well as increasing travel
demand from large corporates. In order to achieve both financial and
non-financial objectives, MINT will
Performances of Thailand portfolio already continue to focus on 6 strategic pillars:
exceeded pre-COVID19 level in Dec 2022. (1) a winning brand portfolio, (2) value
Stronger momentum in 2023 is expected to capture & productivity, (3) investments,
be driven by a strong rebound from both partnerships & portfolio management,
international and domestic travels with a (4) digital & innovation, (5) people
significant increase in room rate. development and (6) sustainable
framework.
RevPar of hotels in Australia and the Maldives
will remain solid and exceed pre-pandemic
level with a rise in demand and increases in
room rate.
China’s reopening of international border will
provide additional upside for all key regions,
both hotel and restaurant businesses.
Higher store traffic post-COVID, together with
brand revitalization and tourism turnaround
will pave the way for promising outlook for
restaurant business.
6
 4Q22 Y-Y Performance Recap
MINT posted core revenue of THB 36 billion in 4Q22, surging by 35% y-y. This was attributable to a strong rebound of hotel business from higher
domestic and international travel activities and solid pricing strategy, together with improving operational performance of restaurants and lifestyle
businesses from rising customer traffic. Core profit increased significantly by 44% y-y to THB 2.4 billion in 4Q22.
REVENUE 4Q22 REVENUE CONTRIBUTION
THB million +35% y-y Minor
40,000 35,964 +113 36,077 Lifestyle
+5,428 +1,261* 2%
+2,844 -201* Minor
30,000 26,958 26,632 Food
-326 20%
20,000
THB
10,000 35,964
million
Minor
0 Hotels
4Q21 Non-core 4Q21 Minor Hotels NHH Minor Minor 4Q22 Non-core 4Q22 78%
Reported Items Core excl NHH Food Lifestyle Core Items Reported * Excludes non-core items

NET PROFIT 4Q22 NPAT CONTRIBUTION

THB million +44% y-y Minor
Lifestyle Minor
4,500 Food
2%
3,000 +112* 17%
+461 +239 2,379 1,911
+3,215 +1,657 -90*
1,500 -469 THB
0 2,379
million
-1,500 Minor
(1,557) Hotels
-3,000
4Q21 Non-core 4Q21 Minor Hotels NHH Minor Minor 4Q22 Non-core 4Q22 81%
Reported Items Core excl NHH Food Lifestyle Core Items Reported
* Excludes non-core items
* Manufacturing was reclassified to Minor Food from 1Q22 due to internal restructuring 7
4Q22 Q-Q Performance Recap
4Q22 core revenue increased by 3% q-q. Hotels in Thailand and the Maldives, AVC and the world-class restaurants under the Wolseley Group in
the UK led the q-q improvement. Correspondingly with the revenue rebound, core net profit sequentially improved by 18% q-q to THB 2.4 billion
in 4Q22.
REVENUE
THB million +3% q-q

40,000 +1,974 35,964 +113 36,077

35,325 34,962 +100
30,000 -363 -937 -135

20,000
10,000
0
3Q22 Non-core Items 3Q22 Core Minor Hotels NHH Minor Minor Lifestyle 4Q22 Core Non-core Items 4Q22 Reported
Reported excl NHH Food

NET PROFIT

THB million +18% q-q

5,000 4,608
4,000
+874
3,000 +3 2,379 1,911
2,011
2,000 -481 -27
-2,597 -469
1,000
0
3Q22 Non-core 3Q22 Core Minor Hotels NHH Minor Food Minor 4Q22 Core Non-core 4Q22
Reported Items excl NHH Lifestyle Items Reported

8
International Presence
With a solid diversification strategy implemented, MINT’s footprint was in 63 countries at the end of 4Q22 across its hospitality and restaurant
businesses.

Minor Hotels
Minor Food
Combination

REVENUE CONTRIBUTION
100%

75% 50% International

75% 78%
50% Thailand

25% 50%
25% 22%
0%
2016 2021 2022
*Excludes non-core items
9
nhow Berlin, Germany

MINOR HOTELS
Minor Hotels – Financial Highlights
Minor Hotels reported a core revenue of THB 28.0 billion in 4Q22, surging by 42% y-y. The y-y recovery was attributable to a strong rebound in
hotel business from higher travel demand and solid pricing strategy that led to a robust performance of hotels in key regions including Europe and
Latin America, Thailand and Australia.

MINOR HOTELS – FINANCIAL PERFORMANCE PERFORMANCE SNAPSHOT – BY BUSINESS

+42% y-y +25% y-y +57% y-y 4Q22 Revenue Change (THB)
+4% q-q +2% q-q +25% q-q Q-Q Y-Y
26,923 27,960 8,748 8,945 Owned &
7,154 48%
19,688 Leased 1%
THB 36.3% 32.5% 32.0% 1,540 1,933
million 1,233 Management
5.7% 6.9% Letting Rights 1% 58%
6.3%
Managed
4Q21 3Q22 4Q22 4Q21 3Q22 4Q22 4Q21 3Q22 4Q22 Hotels 59% 43%
Revenue EBITDA NPAT Mixed-Use
Business 42% 10%
Note: The financials above reflect performance from operation, and therefore exclude non-core items. % Margin

BUSINESS PERFORMANCE SNAPSHOT – BY GEOGRAPHY

Thailand Europe Australia & Maldives & The Americas

New Zealand The Middle East
4Q22 Q-Q
Revenue
73% 4% 1% 102% 29%
Change
(THB) Y-Y 79% 38% 58% 13% 28%
11
Minor Hotels – International Presence
In recent years, MINT has implemented a solid diversification strategy. Today, MINT operates hotels and spas under a combination of owned, leased
and management business models in 56 countries.

Investment

Management
Combination

New Destinations in Pipeline

Hubs

REVENUE CONTRIBUTION
100%

75% International
63%
50% 91% 91% Thailand

25%
37%
0% 9% 9%
2016 2021 2022
* Excludes non-core items

12
Minor Hotels’ Portfolio
In terms of business model, owned and leased business contribute over 80% of Minor Hotels’ revenue in 4Q22. In terms of geography, Europe is the
major contributor with 70% of Minor Hotels’ revenue, followed by Thailand and Australia & New Zealand.

SYSTEM-WIDE ROOM CONTRIBUTION SYSTEM-WIDE ROOM CONTRIBUTION

By Ownership By Geography

MLR Middle East & Asia

8% Africa 8% 11%
Owned Oceania
Managed 25% 9%
19%
76,996 Americas 76,996
JV Rooms 11% Rooms
2%
Leased Europe
46% 61%
*As at end of Dec 2022 *As at end of Dec 2022

4Q22 CORE REVENUE CONTRIBUTION 4Q22 CORE REVENUE CONTRIBUTION

By Business By Geography
Mixed-use Maldives & Others
Middle East 5% Thailand
MLR 7% 12%
8% 3%
Australia &
Managed New Zealand
3% THB 8%
27,960 Americas
million 2%
Owned &
Leased
82% Europe
70%
13
Owned & Leased Hotels
Number of rooms of the entire owned & leased hotel portfolio was flat y-y. In 4Q22, system-wide RevPar increase by 66% y-y. Hotels in Europe and
Latin America, Thailand and Australia led strong recovery y-y from higher travel activities and ability to increase average room rate. Overall RevPar
of owned and leased hotels continued to surpass pre-pandemic level, for the third consecutive quarter, by 21% in 4Q22.
SYSTEMWIDE QUARTERLY OPERATIONAL STATS
FLAT vs 4Q19 -7% vs 4Q19 +34% vs 4Q19 +21% vs 4Q19
+15% y-y +26% y-y
FLAT y-y +66% y-y
70%
63% 5,009
54,255 54,846 54,512 3,176
48% 3,736 3,980
2,631
1,910

4Q19 4Q21 4Q22 4Q19 4Q21 4Q22 4Q19

4Q19 4Q214Q21 4Q22
4Q22 4Q19
4Q19 4Q214Q21 4Q22
4Q22
No of Rooms Occupancy ADR (THB) RevPar (THB)

MONTHLY TREND – ENTIRE PORTFOLIO

OCCUPANCY REVPAR GROWTH (vs 2019)

71% 23% 28%

68% 66% 18% 14% 16% 18%
66% 6% 9%
54% -27% -33% -21%
-6% -40%
39% -53% -50% -28%
-68% -36%
-42% -76%
-83%
-82% -84% -83% Monthly Systemwide 2021 RevPar Growth vs 2019 - THB
Monthly Systemwide 2022 RevPar Growth vs 2019 - THB
1Q22 2Q22 3Q22 Oct Nov Dec
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
14
Owned & Leased Hotels – Europe & The Americas
Hotels in Europe & the Americas are the largest contributor to owned & leased hotel portfolio. 4Q22 system-wide RevPar of Europe & the
Americas hotels surged by 66% y-y in EUR term, led by both higher average occupancy and room rates due to strong travel demand. RevPar also
exceeded 2019 level by 10%, fueled by an increase in room rate. Southern Europe posted the strongest RevPar improvement over pre-pandemic
level, followed by Latin America and Northern Europe.
OPERATIONAL STATS GEOGRAPHICAL BREAKDOWN

-7% vs 4Q19 +22% vs 4Q19 +10% vs 4Q19 Americas

7%
+15% y-y +28% y-y +66% y-y Spain
Central 2.2
28% 1.9 2.0
71% 129 Europe 1.4 1.5
64% 105 100 82 4Q22
50% 75 23%
50 Revenue
Contribution
Spain Italy Benelux Central Latin
Europe America
Benelux Italy
4Q19 4Q21 4Q22 4Q19 4Q21 4Q22 4Q19 4Q21 4Q22 21% 4Q22 y-y System-wide RevPar Increase (x)
21%
Occupancy ADR (EUR) RevPar (EUR)

MONTHLY TREND – ENTIRE PORTFOLIO

OCCUPANCY REVPAR GROWTH (vs 2019) - EUR
70% 73%
68% 67% 19% 17%
16%
53% -26% -3%
6% 7% 7%
-36% -46% -29% 5% 6%
-52% -33% -42%
40% -55% -69%
-40% -78%
-85%
-84% -83% -85% 2021 Europe & the Americas RevPar Growth (vs 2019) - EUR
2022 Europe & the Americas RevPar Growth (vs 2019) - EUR
1Q22 2Q22 3Q22 Oct Nov Dec
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Note: Europe & the Americas include hotels under NHH portfolio and hotels in Portugal and Brazil 15
Owned Hotels – Thailand
4Q22 RevPar of owned hotels in Thailand recovered strongly both y-y and q-q, surging by 207% and 66%, respectively as the country fully reopened
to international tourists in July 2022 and airlines’ seating capacity started to ramp up faster. In 4Q22, RevPar reached the same level as 2019, the
first quarter since the pandemic, due to an increase in room rates. Notably, RevPar in December 2022 exceeded pre-pandemic horizon by 9%, led
by hotels in Bangkok which is a gateway city of Thailand.
OPERATIONAL STATS
-10% vs 4Q19 +16% vs 4Q19 FLAT vs 4Q19 OCCUPANCY
+34% y-y +45% y-y +207% y-y 70%
64%
4,859 4,873 57%
7,656 52%
73% 6,613
64% 43%
5,285
31%
30% 1,590

4Q19 4Q21 4Q22 4Q19 4Q21 4Q22 4Q19 4Q21 4Q22 1Q22 2Q22 3Q22 Oct Nov Dec
Occupancy ADR (THB) RevPar (THB)

REVPAR GROWTH vs 2019 - THB

9%
1%
-51% -22% -30% -23% -14%
-60% -38%
-39%
-70% -75%
-89% -89% -59%
-84% -81% -85% -74% -74%
-89% -88% -79%
-87%
Monthly 2021 Thailand RevPar Growth vs 2019 - THB Monthly 2022 Thailand RevPar Growth vs 2019 - THB
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
16
Owned Hotels – Maldives
RevPar of owned hotels in the Maldives remained above pre-COVID-19 level for the sixth consecutive quarter, outperforming by 22% in USD term in
4Q22. This was attributable to higher average room rate from Minor Hotels’ sales efforts. The sequential improvement from the prior quarter was
also seen.
OPERATIONAL STATS
-4 vs 4Q19 +32% vs 4Q19 +22% vs 4Q19 OCCUPANCY

-12% y-y +7% y-y -12% y-y

735 72%
1,157 651 61% 61%
68% 1,080
61% 56% 532 50% 50% 47%
878

4Q19 4Q21 4Q22 4Q19 4Q21 4Q22 4Q19 4Q21 4Q22 1Q22 2Q22 3Q22 Oct Nov Dec

Occupancy ADR (USD) RevPar (USD)

REVPAR GROWTH vs 2019 - USD

43% 37% 48% 41%
27% 27% 22% 22%
4% 0% -1% 10% 8%
5% 33%
3% 8% 19% 18%
Jan Feb Mar Apr May -5% Jun Jul Aug Sep Oct Nov Dec
-8% -5%
-38%
-66%
Monthly 2021 Maldives RevPar Growth vs 2019 - USD Monthly 2022 Maldives RevPar Growth vs 2019 - USD

17
Asset-Light Businesses
In 4Q22, RevPar of MLRs increased by 56% y-y and surpassed pre-pandemic levels by 35% in AUD term, fueled by robust return of leisure demand
from school holidays, festive season and an increase in international travel and a surge in average room rates. Meanwhile, RevPar of management
contract portfolio increased by 38% y-y and exceeded 2019 level by 29% in 4Q22, attributable to demand recovery across Europe, Asia and the
Middle East.
MANAGEMENT LETTING RIGHTS MANAGED HOTELS

-10% vs 4Q19 +35% vs 4Q19 OCCUPANCY -6% vs 4Q19 +29% vs 4Q19 OCCUPANCY
FLAT y-y +56% y-y +14% y-y +38% y-y
83% 84% 84% 83% 74% 62% 58%
193 75% 15,129
14,216
3,756 55% 59%
7,147 6,451 6,439 12,495 2,920 2,712 50%
143 43%
124

4Q19 4Q21 4Q22 4Q19 4Q21 4Q22 1Q22 2Q22 3Q22 Oct Nov Dec 4Q19 4Q21 4Q22 4Q19
4Q19 4Q21 4Q22 1Q22 2Q22 3Q22 Oct Nov
4Q21 4Q22 Dec

No of Rooms RevPar (AUD) No of Rooms RevPar (THB)

REVPAR GROWTH vs 2019 - AUD REVPAR GROWTH vs 2019 - THB

36%
13% 19% 31%
44% 57% 39% 41%
49% -4%
19% 30% 52% 19% -12% -6%
5% 12% 15% 11% 36% -26% 8%
28% 19% -32% -9%
-11% -8% -8% -38% -36% -32%
-53% -20% -45%
-27% -30% -35%-23% -53%
-9% -15% -61%
-26%
-46% -63% -67%
Monthly 2021 RevPar Growth (vs 2019) - AUD Monthly 2021 Systemwide RevPar Growth (vs 2019) - THB
Monthly 2022 RevPar Growth (vs 2019) - AUD Monthly 2022 Systemwide RevPar Growth (vs 2019) - THB
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
18
 Hotel Expansion Pipeline – 65 Hotels; 13,501 Rooms
MINT will continue to look for opportunities to expand its hotel portfolio, especially through asset-light business model during the short to
medium term. This includes the signed management contracts for hotels in the Middle East and joint-venture with Funyard to expand the hotel
management portfolio in China.
2023F 2024F 2025F
• Ubud, Bali, Indonesia* 100 rms • Porto, Portugal 162 rms
• Lisbon, Portugal 104 rms
OWNED & LEASED

• Fares Island, Maldives* 200 rms

• Frankfurt, Germany 398 rms
• Cagliari, Italy 100 rms
• Sydney, Australia 254 rms
• Bern, Switzerland 100 rms

6 Hotels / 1,152 Rooms 2 Hotels / 266 Rooms

8 Hotels / 1,418 Rooms
* Note: Joint-ventured properties
• Yao Yai Island, Thailand 158 rms • Sharjah, UAE 218 rms • Krabi, Thailand 107 rms
• Ras Al Khaimah, UAE 174 rms • Nanjing, China 120 rms • Bahia, Brazil 116 rms
• Ho Chi Minh City, Vietnam 217 rms • Libo, China 173 rms • Yangon, Myanmar 250 rms
• Sifah, Oman 300 rms • Nanboshan, China 140 rms • Ho Tram, Vietnam 410 rms
• Cam Ranh, Vietnam 397 rms • Vila Vicosa, Portugal 60 rms • Savanne, Mauritius 130 rms
• Tenerife, Spain 284 rms • Riyadh, Saudi Arabia 163 rms • Kota Kinabalu, Malaysia 386 rms
• Chengdu, China 197 rms • Phan Thiet, Vietnam 516 rms • Mooloolaba, Australia 160 rms
• • Phnom Penh, Cambodia 35 rms
MANAGED / MLRS

Zhangjiajie, China 562 rms • Hangzhou, China 166 rms

• Chiang Mai, Thailand 82 rms • Manama, Bahrain 110 rms • Alvor, Portugal 470 rms
• Doha, Qatar 299, 228 rms • Nairobi, Kenya 120 rms • Muscat, Oman 180 rms
• Zhangjiajie, China 358 rms • Al khobar, Saudi Arabia 160 rms
• Yangon, Myanmar 221 rms
• Shenyang, China 357 rms • Hangzhon, China 108 rms
• Cairo, Egypt 530 rms
• Murano, Italy 38 rms • Manama, Bahrain 110 rms
• Hangzhou, China 54 rms
• Dubai, UAE 265, 533 rms • Porto, Portugal 150 rms Others
• Zhuhai, China 100 rms
• Aguascalientes, Mexico 105 rms • Rayong, Thailand 167 rms
• Mexico City , Mexico 144 rms • Luang Prabang, Laos 115 rms
• Shenyang, China 275 rms • Guadalajara, Mexico 120 rms
• Zhengzhou, China 136 rms • Coimbra, Portugal 122 rms
• Santiago, Chile 146 rms • Zhengzhou, China 136 rms
• Lima, Peru 265 rms • Shenyang, China 275 rms
22 Hotels / 5,520 Rooms •21
Guiyang,
Hotels China
/ 3,283 Rooms 165 rms 14 Hotels / 3,280 Rooms
57 Hotels / 12,083 Rooms 19
Mixed-Use Business
Revenue from mixed-use business decreased by 10% y-y in 4Q22, despite improved operations of AVC and plaza & entertainment that could only
partially mitigate the decrease in revenue of residential projects from a timing mismatch in real estate sales activities. Higher number of points
sold and increasing average price per point resulting from successful marketing activities drove AVC business, while better performance of plaza
& entertainment was supported by stronger traffic.
RESIDENTIAL DEVELOPMENT ANANTARA VACATION CLUB
CURRENT PROJECTS GROWING MEMBERSHIP
Layan Residences by Launched
15 luxury pool villas 100%-owned +5%
Anantara, Phuket 2015
Others
China
Avadina Hills Launched 21%
14 luxury pool villas 50% JV 43%
by Anantara, Phuket 2018 16,511 17,362 Malaysia
6%
Anantara Chiang Mai 44 units in 7-storey Launched
Serviced Suites condominium building 50% JV 2016 Hong Kong
6%
181 keys for rent & 6 penthouses Launched Singapore
Torres Rani, Maputo 49% JV
for sale; 21-storey office tower 2015 7%
4Q21 4Q22 Thailand
Anantara Desaru Launched No of Members 17%
Residences, Malaysia 20 residential villas 60% JV 2020

PIPELINE INVENTORY TO ACCOMMODATE GROWING MEMBERS

Anantara Ubud To launch Queenstown
Residences, Indonesia 15 residential villas 50% JV 2024 Bali
+9% Sanya >320
Kiara Reserve Residences, 17 luxury pool villas To launch 288 Samui
50% JV 265
Phuket 25 condominium units 2024 Phuket
Bangkok
To launch Chiang Mai
Park Silom NA 40% JV 2023 Khao Lak

Anantara Siam Residences 73 condominium units 100%-owned Under EIA 4Q21 4Q22 2025F
No of Units No of Units

20
MINOR FOOD
Minor Food – Financial Highlights
Minor Food’s core revenue surged by 21% y-y in 4Q22, driven by operational improvement in Thailand and Australia, positive contribution from joint
ventures and the reclassification of a contract manufacturing unit under Minor Food. 4Q22 Core EBITDA increased by 16% y-y to THB 1.6 billion. Minor
Food’s NPAT remained positive for the tenth consecutive quarter and exceeded 4Q19 pre-pandemic level.
FINANCIAL PERFORMANCE OPERATIONAL STATS
+21% y-y +16% y-y +39% y-y 17.1%
-2% q-q +4% q-q +1% q-q +6% vs 4Q19

7,400 7,266 1,556 1,625 +6% y-y

1,396 4.4%
6,005 7.3%
399 402 2,531 6.0%
THB 2,377 2,389
22.4% 290 5.5%
million 23.3% 5.4%
21.0% 4.8%

-0.8%
% Margin -1.7%
4Q21 3Q22 4Q22 4Q21 3Q22 4Q22 4Q21 3Q22 4Q22 4Q19 4Q21 4Q22 4Q19 4Q21 4Q22 4Q19 4Q21 4Q22
Revenue EBITDA NPAT No of Outlets SSSG TSSG
Note: The financials above reflect performance from operation, and therefore exclude non-core items

• Same-Store-Sales: In 4Q22, SSS grew by 4.4% y-y as sales rebound in Thailand and
Australia more than offset a decrease of same-store-sales in China due to 51.4%
government’s stringent COVID-19 measures and big waves of infections in the 42.7%
country. 31.0%
14.0% 18.4% 21.4%
12.7% 11.1% 10.8% 17.2%13.3%
• Outlet expansion: 4Q22 store network grew 5.9% y-y , primarily because of the 8.0%
TSSG
22.5%
expansion of Swensen’s, Dairy Queen, Bonchon and Coffee Journey stores in 11.5% 15.8% 12.3% SSSG
Thailand. 5.6% 3.2% 3.8% 4.6% 7.5% 6.8% 4.8% 2.0%
• Total-System-Sales: In 4Q22, TSS rose by 17.1% y-y. Thailand and Australia hubs
saw strong operational recovery, attributable to improving dine-in segment, outlet Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
expansion and reopening of temporary closed stores last year. 2022
22
Minor Food – International Presence
MINT operates three main restaurant hubs: Thailand, China and Australia. MINT’s restaurant presence is now in 24 countries across the region,
operating owned and franchised business models. MINT continues to cautiously look for opportunities to expand, especially in these existing
markets.

Owned
Franchised
Combination

Hubs

REVENUE CONTRIBUTION
100%

75% 41% 44% 40%

International
50%
Thailand
25% 59% 56% 60%

0%
2016 2021 2022
* Excludes non-core items

23
Minor Food Portfolio
Minor Food operates outlets that are 50% owned and 50% franchised, with owned outlets as the majority revenue contributor. In terms of
geography, Thailand continues to be the most important market, followed by Australia and China.

SYSTEM-WIDE OUTLET CONTRIBUTION SYSTEM-WIDE OUTLET CONTRIBUTION

By Ownership By Geography
Others
Australia 6%
Franchised 13%
50%
China
2,531 6% 2,531
Outlets Owned Outlets
50%
Thailand
75%
* As at end of Dec 2022 * As at end of Dec 2022

4Q22 CORE REVENUE CONTRIBUTION 4Q22 CORE REVENUE CONTRIBUTION

By Business By Geography
Franchised
6% Others
17%

Australia
THB 11%
7,266
million
Owned China Thailand
94% 11% 61%

24
Thailand Hub
Thailand hub reported TSSG of 20.2% y-y in 4Q22, driven by a 4.1% increase in SSS and outlet expansion across many brands including The Pizza
Company, Swensen’s, Dairy Queen, Burger King, Bonchon and Coffee Journey. Thailand hub will continue to focus on strengthening brand
recognition and profitable expansion.
OPERATIONAL STATS
4.1%
20.2%

7.6% 8.6%
0.0%

-1.0%

4Q19 4Q21 4Q22 4Q19 4Q21 4Q22

SSSG TSSG

MONTHLY TREND 4Q22 STRATEGIES

80%
65.2%
64.6% • Thailand hub put efforts in driving customer
60% engagement and purchase frequency through
digital loyalty program and CRM campaign.
40% 30.9% 27.0%
20.0% 23.0% 21.4% 22.5% • To capture younger generations, Minor Food
15.7% 19.4% 27.9% 15.3% 16.9%
20% TSSG* continued to strengthen digital initiatives by
3.9% 4.8% 6.9% introducing digital wallet and digital touch
15.1% 17.1% 16.6% 0.6% SSSG
12.0% 9.6% 10.6% 12.6%
0% points at the restaurants such as self ordering
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec kiosks.
* Closure of dine-in restaurants in Apr, May 2020 and July, Aug 2021
25
China Hub
TSS of China hub decreased by 20.1% y-y in 4Q22 despite an increase in number of stores. This was due to the challenging operating environment in
key cities, where government imposed dine-in restrictions at the restaurants. Although local lockdowns were lifted in early December, a surge in
COVID-19 cases throughout the country resulted in low in-store traffic, causing SSS to decline by 26.4% y-y. China hub started to see V-shape
recovery in early 2023.
OPERATIONAL STATS
12.7% 7.4%

-1.7%
-20.1%
-10.8%

-26.4%
4Q19 4Q21 4Q22 4Q19 4Q21 4Q22
SSSG TSSG

MONTHLY TREND 4Q22 STRATEGIES

26.9% • Amidst local lockdowns, delivery services and new

30% 18.1% menus were launched as additional revenue
3.0% 1.5% 5.8% 2.4% sources.
10% -5.8% -4.2%
-10% • Cost saving measures were implemented through
-29.8% -7.4% negotiations with landlord, upgrading supply
-11.4% -36.9% -40.0% -12.5% -11.6% -16.5% -14.8%
-30%
-48.1% TSSG* chain system and reduction in labor costs from
-40.1%
-50% -34.1% SSSG technology-driven store operation.
-42.4% -42.5%
-53.7%
-70% -62.2% • China hub remained adaptive to local operating
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec environment and focused on resiliency of
* Closure of restaurants in late Jan & Feb 2020, Aug & Sep 2021 and Mar – Jun 2022 operation and store management.
26
Australia Hub
Australia hub reported strong TSSG of 18.9% y-y, attributable to SSSG of 15.1% and the reopening of stores at airports and flood-impacted sites.
SSS grew strongly y-y due to improved business conditions in Australia from rising consumer spending and economic activity.

OPERATIONAL STATS
15.1% 18.9%

1.0% 1.0%

-6.9%
-7.6%
4Q19 4Q21 4Q22 4Q19 4Q21 4Q22
SSSG TSSG

MONTHLY TREND 4Q22 STRATEGIES

52.0% 53.6% • Sales and marketing program that was launched

60%
nationwide to strengthen The Coffee Club’s
40% 32.2% coffee credentials further enhanced brand
24.5%
44.8% 45.9% awareness and recognition.
13.8%
20% 10.4% 27.3% 12.9%
4.5%
-1.5% 2.0% 20.6% TSSG • Another strategy is to cultivate brand loyalty.
-2.4%
0% -9.9% 8.5% 10.8% 9.3% SSSG The introduction of digital wallet in the reward
1.4% 1.8% program increased number of active members
-7.3% -6.1%
-20% -10.7% and enhanced offline customer experience.
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

* Closure of dine-in restaurants in Apr, May 2020 and Aug, Sep, Oct 2021 27
MINOR LIFESTYLE
Minor Lifestyle
4Q22 revenue of Minor Lifestyle decreased by 21% y-y due to the reclassification of contract manufacturing business to Minor Food. Excluding such
internal business restructuring, Minor Lifestyle’s revenues grew by 6% y-y even with a lower number of retail trading stores. The growth was primarily
driven by stronger door-to-door and seminar sales of Minor Smart Kids. Core EBITDA and NPAT remained positive but decreased y-y to THB 111 million
and THB 45 million, respectively. This was due to higher sales mix of lower-margin corporate sales of home & kitchenware business, higher rental
expenses, as well as write-off expenses relating to exiting brands.
FINANCIAL PERFORMANCE

-21% y-y -7% y-y -67% y-y

940 +16% q-q -20% q-q 135 -38% q-q
639 739 138
THB million 120 111 72
14.3% 45
12.8% 21.6% 15.0% 11.3%
6.1%

4Q21 3Q22 4Q22 4Q21 3Q22 4Q22 4Q21 3Q22 4Q22

Revenue EBITDA NPAT
OPERATIONAL STATS
14.9%
485 386 21.7%
297 7.8% 300%
3.5% 200%
100% SSSG
0% TSSG
-2.9%
-7.0%
-100%
4Q19 4Q21 4Q22 4Q19 4Q21 4Q22 4Q19 4Q21 4Q22 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
No of Shops SSSG TSSG 2022

29
Avani Chaweng Samui Hotel & Beach Club, Thailand

CORPORATE INFORMATION
Dynamic Balance Sheet Management
CREDIT RATING
MINT’s Credit Rating by TRIS
✓ Company rating at “A” with
stable outlook
✓ Senior unsecured debentures
ratings at “A”
✓ Subordinated perpetual
debentures rating at “BBB+”
NHH’s Credit Rating by Fitch
Ratings
✓Company rating at “B” with
stable outlook
✓Senior secured debentures rating
at “BB-”
NHH’s Credit Rating by Moody’s
✓Company rating at “BBB” with
stable outlook
LIABILITIES
MANAGEMENT
MINT’s Liabilities Management
Activities
✓ Corporate e-Bonds of THB 7
billion were successfully issued in
Mar 2022
NHH’s Liabilities Management
Activities
✓ ICO COVID-19 related
syndicated loan of EUR 250
million was fully repaid in Jul
2022, Dec 2022 and Jan 2023,
much ahead of the schedule
STRENGTHENING OF
ASSET ROTATION
EQUITY BASE
MINT’s Equity Management NHH’s Asset Rotation
✓ Three tranches of warrants
✓ Sales of 2 owned assets in the
were issued, to strengthen
Netherlands and Germany were
MINT’s equity base by completed in 2Q22 for EUR 19
approximately THB 15 billion
million
over the next 2 years, up to
2024
✓ Sales of 2 owned assets in
✓ Higher equity base from Belgium and the UK were
earning recovery completed in 3Q22 for EUR 46.5
million
✓ Perpetual bonds of THB 13
billion were successfully issued
in Jul 2022 ✓ Sale and manage back of Tivoli
Coimbra in Portugal in 4Q22 for
✓ Perpetual bonds of THB 10.5
EUR 5.5 million
billion were successfully issued
in Feb 2023
31
CAPEX & Balance Sheet Strength
As we are emerging beyond COVID, CAPEX will ramp up to THB 10 – 13 billion per year during 2023 - 2025. Source of funds for projected CAPEX will
be mainly from net operating cash flow and debt financing. MINT has also reinforced its balance sheet with reduced net leverage ratio to 1.17x, well
under covenant threshold. As at end of Dec 2022, cash on hand and unutilized facilities were at THB 23 billion and THB 36 billion, respectively.
CAPEX PLANS LEVERAGE
X
THB million 2.00 Debt Covenant
Threshold
14,000 1.50 Internal
1.17 Policy
12,000 1.00 1.13
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22
10,000 Net Interest Bearing Debt to Equity*
Net Interest Bearing Debt to Equity excl impairment from COVID-19*
8,000
* Net Interest Bearing Debt excludes lease liabilities and COVID-19 impairment as per covenant
calculation definition
6,000 Note: Covenant testing waived until YE22

4,000 BACK-UP FINANCING

2,000 THB million

Note: Cash on hand as at end of
200,000 Equity 4Q22 is THB 22,966 million
0
150,000 82,609
2022 2023F 2024F 2025F
100,000 Debt Equity**
Minor Lifestyle 50,000 119,350 11,771
Debt
Minor Hotels 36,159
0
Minor Food Outstanding Debt* & Equity Un-Utilized Facility
* Outstanding debt exclude lease liabilities as per covenant calculation definition
** Assume 100% conversion of MINT-W7 (@ THB 21.60 per share), MINT-W8 (@ THB 28.00
Note: CAPEX plan excludes any potential divestments per share) & MINT-W9 (@ THB 31.00 per share)
32
 Ample Liquidity Position with Positive Free Cash Flow
Average free cash outflow continued to be positive at THB 2.9 billion in 4Q22. In tandem with stronger operating results, strong positive of average
free cash flow will sustain its momentum going forward.

9.7 -25.6 6.8 10.9 -3.6 2.5 4.4 3.6 -0.6 2.8 5.8 2.9
Free CF
THB billion**** 0.1***
(after Repayment of
Lease Liabilities)
9.2** 1.3**
0.1***

30.1 5.0**
4.2** 11.9
Operating CF 18.2 18.1 8.0 0.5 7.7
6.6
1.6 3.9 4.1 3.9
Repayment of -3.8* 2.2
Lease Liabilities -7.9 -10.2 -8.8
-4.8 -1.5 -1.1
-2.5 -2.0 -2.0 -2.3
-0.1*** -0.8*** -3.3
-1.3 -4.1
Net CAPEX -10.5 -10.4 -2.7
-1.9
-10.4 -2.9 -2.6
-2.9 -3.1
-1.6 -3.0
Interest -8.7 Exclude Advanced
Deposit for
Exclude Return of
Advanced Deposit for
Wolseley Bidding Wolseley Bidding

2019 2020 2021 2022 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22

* 2019: Net of Tivoli & Maldivian Asset Sales

** 2021: Net of NH Collection Calderon Sales, Tivoli Marina Vilamoura and Tivoli Carvoeiro Sales, 40% interest in 5 Asset in Thailand Sales
*** 2022: Net of NH Naarden, NH Wiesbaden, NH Brussels Louise, NH London Kensington and Tivoli Coimbra Sales
**** Free CF is defined as operating CF, netted with repayment of lease liabilities, interest payment including to perpetual bondholders and net CAPEX 33
Diversified Debt Profile and Active Debt Management
MINT has increased the proportion of fixed-rate debt amidst rising interest rate environment. MINT's exposure to fixed versus floating interest rates
was at 56:44 as of 4Q22. Additional repayment of some floating debt later this year, coupled with flexible interest rate hedging and diversified debt
profile will be a protection against interest rate increases.
4Q22 MINT’S DEBT PROFILE BY CURRENCY 4Q22 MINT’S DEBT PROFILE BY TYPE
Others
3%
THB
19%

AUD
3% Floating
USD 44% Fixed
6% 56%
EUR
69%

Euro
• 60% fixed (vs 48% in 1Q22) vs 40% floating
• MINT restructured its EUR derivatives with
competitive fixed rate in Jul 2022.
• NHH early redeemed its high interest rate
EUR ICO loan of EUR 250 million in Aug
2022, Dec 2022 and Jan 2023.
Thai Baht
• 42% fixed vs 58% floating
• Maturity profile of MINT’s THB floating
debt is approx. 3 years, while BOT rate
has increased at slower pace and lower
magnitude than other currencies, thus
providing more room and time to
manage debt.
US Dollar
• 93% fixed vs 7% floating
• FED remains hawkish on rates to fight
inflation but over 90% of MINT’s USD
debt is fixed rate and thus providing
solid hedging strategy.
Australian
Dollar
• 100% floating due to syndication facility
refinancing in Dec 2022, the hedging of
which is underway in progress.
• However, MINT’s AUD debt accounts for
only 3%.

34
BUSINESS OUTLOOK & “BACK TO GROWTH” STRATEGY
2023 Outlook - Minor Hotels
All key regions will continue to see strong growth momentum.

THAILAND EUROPE & LATAM AUSTRALIA MALDIVES

▪ Thailand will experience a
strong rebound from
international arrivals (global
OCCUPANCY border reopenings) and
domestic travels (government’s
travel subsidy program)
▪ In addition to strong leisure
demand, occupancy will be
further driven by the return of
larger congresses, long-distance
international travelers and
corporate travels of big
corporations.
▪ High and stable occupancy
rate is expected from domestic
leisure and corporate demand
with additional boost from
international tourists
▪ Maldives remains to be major
tourist destination with
additional hotel openings in
the pipeline and MINT’s
targeted marketing to drive
occupancy growth

▪ MINT targets a significant
surge in ADR as robust demand
ADR will outpace the supply growth
▪ Business segment will support
further ADR increases as price
elasticity is relatively low
among business travelers
▪ With high occupancy, RevPar ▪ Positioning at luxury and
will be further strengthened upscale segments offer
opportunity for ADR increases
by ADR increases

With the growing hotel and mixed-use businesses which provide operating leverage, together with continuous efforts to control costs,
MARGIN
margin of Minor Hotels is expected to expand y-y despite inflationary pressure.

36
2023 Outlook - Minor Food
Minor Food’s operations in 2023 will be mainly driven by the V-shape recovery of China hub and growing portfolio of restaurants in Thailand with
abundant of room for margin improvement.
THAILAND
▪ Private consumption is expected to
recover, fueled by rising tourism
MARKET and decelerating inflation
OUTLOOK
▪ Brand revitalization program which
SAME-STORE- includes new products to create
excitement to the market and
SALES
proactive marketing campaign will
GROWTH strengthen brand relevance and
perception
▪ Outlet expansion will be executed
OUTLET across all brands with new
innovative store formats customized
EXPANSION
for branding and location
MARGIN The potential turnaround of China hub will lead to the significant y-y profitability improvement of Minor Food.
CHINA
▪ V-shape recovery has been seen
following the elimination of local
lockdowns and the reopening of
international borders
▪ Cancellation of dine-in restrictions
across the country has significantly
driven the traffic
▪ Enhanced loyalty program will help
drive the frequency of store visits
▪ With much more room for penetration,
China hub will grow Riverside brand
more aggressively, focusing on tier 1
and tier 2 cities which have high
purchasing power
AUSTRALIA
▪ Higher consumer spending on dine-in,
travel and other non-essential items
and services is indicative of improving
confidence
▪ Cultivating brand loyalty via its
owned digital application will help
drive repeated sale sand acquire new
customers
▪ Store network extension will be
continued with most of new stores
under franchise agreements
37
MINT’s Three-Year Strategy 2022-2025 : “Back to Growth”
While MINT’s strategy house remains unchanged, strategic pillars are targeted at reaccelerating business growth, while safeguarding profit against
future uncertainties.

2022-2025 GOALS

Core Revenue Growth of 12-15% CAGR Employer of Choice

NON-
FINANCIAL
FINANCIAL
Core ROIC > 10% CAGR Sustainable Business

GROWTH PILLARS
INVESTMENTS,
WINNING BRAND VALUE CAPTURE & PARTNERSHIPS & DIGITAL & PEOPLE SUSTAINABLE
PORTFOLIO PRODUCTIVITY PORTFOLIO MANAGEMENT INNOVATION DEVELOPMENT FRAMEWORK

▪ Driving growth of multi-brand
portfolio
▪ Exploring opportunistic addition
of new brands to the portfolio
▪ Shortening payback period and
maximizing return on
investment
▪ Growing sales and maximizing
margins
▪ Strengthening MINT’s
capabilities as a group
▪ Increasing long-term
shareholder value
▪ Maximizing revenue per
employee
▪ Back office transformation &
productivity improvement
▪ Investments : Balanced ▪ Minor Hotels : ▪ Talent for the future ▪ People
investment strategy that meets - Multi-brand booking engine
▪ Leadership development ▪ Value chain
both investment & return criteria - Data analytics
- Digital touchpoints ▪ Agile adaptability ▪ Planet
▪ Partnerships : Broadening
- Customer-rich data
relationships & exploring ▪ Governance
platform
opportunities with key potential
▪ Shared value
partners ▪ Minor Food :
- Customer segmentation
▪ Portfolio Management :
- Product innovation and
Leveraging on strength &
excitement
replicating successful best
- Supply chain and logistics
practices throughout portfolio
planning
- Digital touchpoints
- Customer engagement and
retention
38
MINT’s Three-Year Aspirations : “Back to Growth”
MINT’s aspirations are to reach new height of profitability and shareholder value.

Minor
2017 158 hotels
Lifestyle
7%
132 residences built to date Minor
Thailand Overseas Food
186 vacation club units Minor
49% 51% 40%
2,064 restaurants Hotels
398 retail shops 53%

Minor
2022 531 hotels Thailand
Lifestyle Minor
2%
22% Food
164 residences built to date 22%
288 vacation club units
2,531 restaurants Overseas Minor
78% Hotels
297 retail shops 76%

Minor
2025 Lifestyle
This is an Thailand 2%
> 600 hotels example text. 23% Minor Food
> 220 residences built to date 25%
> 320 vacation club units Minor
Overseas
> 3,400 restaurants 77% Hotels
> 220 retail shops 73%

39
APPENDIX
 2022 Y-Y Performance Recap

REVENUE 2022 REVENUE CONTRIBUTION

THB million +66% y-y Minor
140,000 Lifestyle
+6,228* 123,809 +1,007 124,341
+33,571 2%
120,000 Minor
-238*
100,000 +9,785 Food
76,003 -1,539 74,463
80,000 22%
60,000 THB
40,000 123,809
20,000 million
Minor
0 Hotels
2021 Non-core 2021 Minor Hotels NHH Minor Minor 2022 Non-core 2022 76%
Reported Items Core excl NHH Food Lifestyle Core Items Reported * Excludes non-core items

NET PROFIT 2022 NPAT CONTRIBUTION

THB million +122% y-y Minor
4,286 Lifestyle Minor
5,000 2,267
+265* 2,019 10% Food
+8,025 +249*
45%
0

-5,000 THB
+2,794
2,019
million
-10,000 (9,314) Minor
(13,167) -3,825 Hotels
-15,000
2021 Non-core 2021 Minor Hotels NHH Minor Minor 2022 Non-core 2022 45%
Reported Items Core excl NHH Food Lifestyle Core Items Reported
* Excludes non-core items
* Manufacturing was reclassified to Minor Food from 1Q22 due to internal restructuring

41
 Financial Performance
+35% y-y +66% y-y
THB million
34,962 35,964
32,181 123,809
26,632
19,745 20,701 74,463
Revenue 15,587
12,499

+23% y-y +98% y-y

32,919
9,059 10,442 10,681
8,670 16,629
EBITDA 4,337
3,100 2,737
521

EBITDA Margin 4.2% 19.9% 22.0% 32.6% 13.2% 28.2% 29.9% 29.7% 22.3% 26.6%
+44% y-y 122% y-y

2,011 2,379 2,019

1,657 1,211 -9,314
NPAT
-3,395 -2,366 -3,582
-5,211

Net Margin -41.7% -21.8% -12.0% 6.2% -17.3% 3.8% 5.8% 6.6% -12.5% 1.6%
1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 2021 2022
Minor Food Minor Hotels Minor Lifestyle
* The financials above reflect performance from operation, and therefore exclude non-core items 42
2021 Non-Core Items
Period Amount (Bt million) Business Unit Non-recurring Items
119 revenue / -100 net profit Minor Hotels Non-recurring items of NH Hotel Group (Revenue and SG&A expense)
-2,349 Minor Hotels Impairment of asset related to COVID-19 (SG&A expense)
793 Minor Hotels Foreign exchange gain on unmatched USD Cross-Currency Swap (SG&A expense)
1Q21
-135 Minor Hotels Change in fair value of interest rate derivative (SG&A expense)
-12 Minor Hotels / Minor Lifestyle Redundancy costs from cost cutting measures (SG&A expense)
-236 Minor Food Provision expenses for store closure and lease receivable, and write-off of prepaid rent (SG&A expense)
134 revenue / 83 net profit Minor Hotels Non-recurring items of NH Hotel Group (Revenue and SG&A expense)
-340 pre-tax / -103 post-tax Minor Hotels Loss from asset sale in Spain (SG&A expense)
-737 Minor Hotels Transaction cost related to NH Hotel Group’s debt restructuring (Interest expense)
2Q21 -9 Minor Hotels Redundancy costs from cost cutting measures (SG&A expense)
-9 Minor Food Provision expenses for store closure and write-off of prepaid rent (SG&A expense)
272 pre-tax / 209 post-tax Minor Hotels Foreign exchange gain on unmatched USD Cross-Currency Swap (SG&A expense)
45 pre-tax / 36 post-tax Minor Hotels Change in fair value of interest rate derivative (SG&A expense)
35 revenue / -75 net profit Minor Hotels Non-recurring items of NH Hotel Group (Revenue and SG&A expense)
937 Minor Hotels Gain from asset sale in Portugal (Revenue)
5 Minor Hotels / Minor Lifestyle Redundancy costs from cost cutting measures (SG&A expense)
3Q21 -12 revenue / -17 net profit Minor Food Provision expenses for store closure, write-off of prepaid rent and share loss from JV (Revenue and SG&A expense)
1,044 pre-tax / 1,136 post-tax Minor Hotels Foreign exchange gain on unmatched USD Cross-Currency Swap (SG&A expense)
50 pre-tax / 76 post-tax Minor Hotels Change in fair value of interest rate derivative (SG&A expense)
131 Minor Hotels Ineffective hedge accounting (Interest expense)
116 revenue / -26 net profit Minor Hotels Non-recurring items of NH Hotel Group (Revenue and SG&A expense)
-4,460 pre-tax / -3,065 post-tax Minor Hotels Loss on land revaluation and impairment of building (SG&A expense)
862 Minor Hotels Adjustment of deferred tax asset at MINT level in relation to NH’s lease liabilities (Tax expense)
-75 Minor Hotels Corporate income tax from gain on sales of 40% MINT’s interest in the five assets in Thailand (Tax expense)
-208 pre-tax / -223 post-tax Minor Hotels Foreign exchange loss on unmatched USD Cross-Currency Swap (SG&A expense)
4Q21 -284 pre-tax / -131 post-tax Minor Hotels Change in fair value of interest rate derivative (SG&A expense and Interest expense)
-826 pre-tax Minor Hotels / Minor Food / Impairment of goodwill, investment and other assets plus provisions and write off in relation to store closure and obsolete
-757 post-tax Minor Lifestyle inventory from three business units (SG&A expense)
-11 Minor Hotels / Minor Lifestyle Redundancy costs (SG&A expense)
200 Minor Food Net purchase price adjustment of Bonchon (Revenue)
9 Minor Food Amortization of deferred income of Minor Food related to IFRS15 (Revenue) 43
2022 Non-Core Items
Period Amount (Bt million) Business Unit Non-recurring Items
42 revenue / 115 net profit Minor Hotels Non-recurring items of NH Hotel Group (Revenue and SG&A expense)
-7 Minor Hotels Redundancy costs from cost cutting measures (SG&A expense)
-74 Minor Hotels Foreign exchange loss on unmatched USD Cross-Currency Swap (SG&A expense)
-576 Minor Hotels Change in fair value of interest rate derivative (SG&A expense)
1Q22 389 Minor Hotels Ineffective hedge accounting (Other gain)
-65 Minor Hotels Deferred tax related to IFRS9 (Tax expense)
-7 Minor Hotels Deferred tax related to gain on sale of 40% MINT's interest in the five assets (Tax expense)
-16 revenue / 13 net profit Minor Food Disposal of fixed asset, provision expenses for asset impairment and amortization of deferred income related to IFRS15 (Revenue and SG&A expense)
32 revenue / 115 net profit Minor Hotels Non-recurring items of NH Hotel Group (Revenue and SG&A expense)
-8 Minor Hotels Redundancy costs from cost cutting measures (SG&A expense)
867 Minor Hotels Foreign exchange gain on unmatched USD Cross-Currency Swap (SG&A expense)
-141 Minor Hotels Change in fair value of interest rate derivative (SG&A expense)
2Q22 -32 Minor Hotels Ineffective hedge accounting (Other losses)
-120 Minor Hotels Deferred tax related to IFRS9 (Tax expense)
-463 Minor Hotels Unrealized loss from derivatives (Other losses)
128 Minor Hotels Gain from unwind USD 300 million perpetual bond (Other gains)
-1 revenue / 5 net profit Minor Food Disposal of fixed asset, provision expenses for asset impairment and amortization of deferred income related to IFRS15 (Revenue and SG&A expense)
387 revenue / 456 net profit Minor Hotels Non-recurring items of NH Hotel Group (Revenue and SG&A expense)
-8 Minor Hotels Redundancy costs from cost cutting measures (SG&A expense)
783 Minor Hotels Foreign exchange gain on unmatched USD Cross-Currency Swap (SG&A expense)
-52 Minor Hotels Change in fair value of interest rate derivative (SG&A expense)
3Q22 349 Minor Hotels Ineffective hedge accounting (Other gains)
147 Minor Hotels Deferred tax related to IFRS9 (Tax expense)
922 Minor Hotels Unrealized gain from derivatives (Other gains)
-24 revenue / 1 net profit Minor Food Disposal of fixed asset, reversed provision expenses for asset impairment and amortization of deferred income related to IFRS15 (Revenue and SG&A expense)
149 revenue / 34 net profit Minor Hotels Non-recurring items of NH Hotel Group (Revenue and SG&A expense)
-61 Minor Hotels Redundancy costs from cost cutting measures (SG&A expense)
-71 Minor Hotels Provision expenses for asset and account receivable impairment (SG&A expense)
-1,000 Minor Hotels Foreign exchange loss on unmatched USD Cross-Currency Swap (SG&A expense)
4Q22 182 Minor Hotels Change in fair value of interest rate derivative (SG&A expense)
242 Minor Hotels Ineffective hedge accounting (Other gains)
-9 Minor Hotels Deferred tax related to IFRS9 (Tax expense)
167 Minor Hotels Unrealized gain from derivatives (Other gains)
-36 revenue /43 net profit Minor Food Disposal of fixed asset, reversed provision expenses for asset impairment and amortization of deferred income related to IFRS15 (Revenue and SG&A expense)44