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Symphony Int Hdgs SIHL Update on Minor International Pcl



  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
2012

 

            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
China
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%
(Bt)
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%
One-time items)
Fully Diluted EPS from Operation 0.1567 0.0954      64% 0.6027 0.4001      51%
(Bt)
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

Minor International

 

Neil Doyle/  Tom Willetts  
                                 +44  (0) 20  7269 
7237/ 7175

FTI Consulting

 

 

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
           The company news service from the London Stock Exchange
 
END
 
 
MSCBJBATMBTBBLT -0- Nov/14/2012 07:00 GMT
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