Symphony Int Hdgs (SIHL) - Update on Minor International Pcl
RNS Number : 0308R
Symphony International Holdings Ltd
14 November 2012
Not for distribution, directly or indirectly, in or into the United States or
any jurisdiction in which such distribution would be unlawful.
14 November 2012
Symphony International Holdings Limited ("SIHL" or the "Company")
Update on Minor International Pcl
The Company is pleased to announce that one of its portfolio companies, Minor
International Pcl ("MINT") released strong 2012 third quarter results
("3Q12"). MINT reported that core net profit (excluding non-recurring items)
increased 69% year-over-year, which was driven by the strong performance of
the hospitality and restaurant businesses.
MINT made an announcement on 12 November 2012, which is reproduced below.
MINOR INTERNATIONAL PCL
PRESS RELEASE - 12 November FOR IMMEDIATE RELEASE
MINT's 3Q12 CORE NET PROFIT UP 69% TO BAHT 585 MILLION
Minor International ("MINT") reported net profit of Baht 585 million in 3Q12,
an increase of 69% from core net profit (excluding non-recurring items) of
Baht 345 million recorded in 3Q11, as a result of outstanding performance of
both hospitality and restaurant businesses. For the first nine months ending
September 2012, MINT's net profit rose by 54% to Baht 2,225 million from core
net profit of Baht 1,447 million recorded in the same period of last year. The
increase was attributable to improved performance of both hospitality and
restaurant business, as well as the full consolidation of Oaks Hotels and
Resorts in Australia after the acquisition in June 2011.
In 3Q12, net profit of MINT's hospitality business increased by 173%, driven
by improved performance of hotel operations, including the Company-owned
hotels and hotel management contracts, as well as stronger profitability of
both residential sales and Anantara Vacation Club compared with that of 3Q11.
In 9M12, MINT's hospitality business achieved a 72% increase in net profit.
Strong tourist arrivals together with MINT's own efforts to strengthen sales
of its hotel rooms to existing and new markets through various distribution
channels, as well as a significant pick-up in performance of the two owned
hotels opened in 2011, have helped propel overall occupancy to 69% in 9M12
from 63% in 9M11, boosting an increase in revenue per available room (RevPar)
by 13% in 9M12. MINT also recognized the full first nine-month contribution
from Oaks in 9M12 as opposed to four-month contribution in 9M11 upon
completion of the acquisition.
In 3Q12, net profit of MINT's restaurant business increased by 23% from the
same period of last year, driven primarily by 12.5% increase in system wide
sales and contribution from the increased stake in profitable S&P Syndicate
and Thai Express. In 9M12, MINT's restaurant business saw its net profit
improve by 34% on the back of 16.4% increase in system wide sales due to a
5.8% increase in same store sales and the addition of 100 new outlets system
wide. Robust domestic consumption, which drove both the number of customers
and average revenue per customer of most brands, together with the Company's
on-going marketing efforts continued to drive sales growth, while net profit
margin continued to expand over the same period of last year.
In 3Q12, net profit of retail trading rose by 72% owing mainly to a flood
insurance claim. Excluding insurance claim, core revenue of retail trading
started to see an increase, while underlying profitability and margins were
still under some pressure as a result of higher discounts to clear out the
backlog inventory after 4Q11 flooding. In 9M12, net profit of retail trading
business increased by 48% primarily because of a flood insurance claim also.
About Minor International: Minor International (MINT) is a global company
focused on three primary businesses including restaurants, hotels and
lifestyle brands distribution. MINT is one of Asia's largest restaurant
companies with over 1,300 outlets operating system wide in 18 countries under
The Pizza Company, Swensen's, Sizzler, Dairy Queen, Burger King, Thai Express,
the Coffee Club and Ribs and Rumps brands. MINT is also a hotel owner,
operator and investor with a portfolio of 41 hotels and 39 serviced suites
under the Anantara, Avani, Oaks, Elewana, Marriott, Four Seasons, St. Regis
and Minor International brands in Thailand, Australia, New Zealand, the
Maldives, Vietnam, Tanzania, Kenya, the Middle East, Sri Lanka, China and
Indonesia. MINT is one of Thailand's largest distributors of lifestyle brands
focusing primarily on fashion, cosmetics and contract manufacturing. Its
brands include Gap, Esprit, Bossini, Charles & Keith, Pedro, Red Earth, Bloom,
Tumi, Zwilling J.A. Henckels, ETL Learning and Thaisale. For more information,
please visit www.minorinternational.com
Performance (Bt m)
3Q12 3Q11 % Change 9M12 9M11 % Change
Total Revenues 7,842 6,976 12% 24,134 19,933 21%
Cost of Sales 3,065 2,648 16% 9,193 7,446 23%
Selling & Administrative 3,291 3,035 8% 9,898 8,616 15%
EBITDA 1,486 1,293 15% 5,042 3,871 30%
Depreciation & Amort. 548 540 1% 1,623 1,445 12%
EBIT 938 752 25% 3,419 2,426 41%
Interest Expenses 277 263 5% 824 605 36%
Earnings Before Tax 661 490 35% 2,595 1,821 42%
Corporate Tax 78 132 -41% 374 329 14%
Minority Interest -2 12 -119% -4 45 -108%
One time items
Add: Gain from fair value _ 1,054 N/A _ 1,054 N/A
adjustment on investment in S&P
Less: One-time goodwill
impairment for investment in _ -93 N/A _ -93 N/A
Net Profit as Reported 585 1,306 -55% 2,225 2,408 -8%
Fully Diluted EPS as Reported 0.1567 0.3607 -57% 0.6027 0.6657 -9%
Fully Diluted Shares (mn) 3,735 3,622 3% 3,691 3,618 2%
Net Profit from Operations (exc. 585 345 69% 2,225 1,447 54%
Fully Diluted EPS from Operation 0.1567 0.0954 64% 0.6027 0.4001 51%
Fully Diluted Shares (mn) 3,735 3,622 3% 3,691 3,618 2%
Note: Share of Profit is included in other revenues
For further information:
Chaiyapat Paitoon / Jutatip Adulbhan +662 365 7500
Neil Doyle/ Tom Willetts
+44 (0) 20 7269
About Symphony International Holdings
Symphony International Holdings (LSE:SIHL) is a London listed strategic
investment company that invests in consumer businesses and develops luxury
branded real estate, hospitality and healthcare ventures which are principally
in Asia. It offers a way for investors to gain exposure to the rising
disposable incomes and wealth in fast growing economies. Symphony's objective
is to provide superior capital growth by investing in high quality companies
and forming long-term business partnerships with talented entrepreneurs.
Symphony is managed by Symphony Investment Managers which has a team of
investment professionals with a broad range of expertise - many of them have
been working in Asia for more than 25 years. For more information please visit
our website at www.symphonyasia.com
No representation or warranty is made by the Company as to the accuracy or
completeness of the information contained in this announcement and no
liability will be accepted for any loss arising from its use.
This announcement is for information purposes only and does not constitute an
invitation or offer to underwrite, subscribe for or otherwise acquire or
dispose of any securities of the Company in any jurisdiction. All investments
are subject to risk. Past performance is no guarantee of future returns.
Prospective investors are advised to seek expert legal, financial, tax and
other professional advice before making any investment decisions.
This announcement is not an offer of securities for sale into the United
States. The Company's securities have not been, and will not be, registered
under the United States Securities Act of 1933 and may not be offered or sold
in the United States absent registration or an exemption from registration.
There will be no public offer of securities in the United States.
End of Announcement
This information is provided by RNS
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MSCBJBATMBTBBLT -0- Nov/14/2012 07:00 GMT
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