TIDMSIHL
RNS Number : 5662T
Symphony International Holdings Ltd
15 November 2019
Not for distribution, directly or indirectly, in or into the
United States or any jurisdiction in which such distribution would
be unlawful.
Symphony International Holdings Limited ("Symphony")
15 November 2019
Update on Minor International PCL
Symphony International Holdings Limited (LSE: SIHL) is pleased
to announce that Minor International Pcl ("MINT"), Symphony's
largest portfolio investment, released its third quarter ("3Q19")
results for the 2019 financial year. MINT reported a 347% increase
in net profit in 3Q19 from the same period a year earlier as a
result of strong contributions from NH Hotel Group and MINT's
realized gain on sale of three Tivoli assets in Portugal.
MINT's announcement on 12 November 2019 is reproduced below.
MINOR INTERNATIONAL PCL
PRESS RELEASE - 12 November 2019 FOR IMMEDIATE RELEASE
MINT'S 3Q19 NET PROFIT SURGES 347% TO BAHT 4.6 BILLION
Minor International Public Company Limited ("MINT") reported net
profit of Baht 4,560 million in 3Q19, a 347% increase from Baht
1,020 million in 3Q18. This surge in net profit during the quarter
resulted from the strong contributions from NH Hotel Group and
MINT's realized gain on sale of three Tivoli assets in Portugal in
3Q19, undertaken as part of MINT's strategic asset rotation
strategy. Anantara Vacation Club also demonstrated significant
improvement in performance in 3Q19 compared to 3Q18. For the first
nine months of 2019, MINT reported net profit of Baht 6,929
million, a 76% increase from net profit of Baht 3,944 million in
the first nine months of 2018.
MINT's investment in NH Hotel Group, together with its sale and
leaseback of three Tivoli hotels in Portugal, validate MINT's
timely strategic initiatives of: (i) acquiring intrinsically strong
and growing business at a highly attractive price, and (ii)
simultaneously realizing MINT's tangible asset value through asset
rotation strategy, taking advantage of Europe's low interest rate
and high liquidity environment. Due to such strategic initiatives,
MINT was able to overcome external challenges, namely global
uncertainties arising from the US-China trade war, continued
appreciation of the Thai Baht and subdued domestic consumption
demand. As a result, MINT delivered third quarter financial
performance that surpassed its Thai and regional peer group.
Operationally, Minor Hotels achieved strong performance with 86%
core net profit growth to Baht 1,212 million in 3Q19 compared to
net profit of Baht 651 million in 3Q18, driven by strong
contribution from NH Hotel Group and significant improvement of
Anantara Vacation Club. Minor Hotels continues to strengthen its
global platform, which today spans from Australia, Asia, the Middle
East, Europe and the Americas. Minor Hotels' integration with NH
Hotel Group is well underway and is already delivering strong
benefits to the group. For example, the hotel portfolios in
Portugal and Brazil have been transferred to NH Hotel Group's
management since the third quarter of this year, in order to
capitalize on NH Hotel Group's strong European and Latin American
operating platform. Similarly, by drawing on NH Hotel Group's
strong relationships with property owners and investors across
Europe and marrying this with the strength of the Anantara brand,
Minor Hotels achieved the launch of the first Anantara in Spain in
July 2019 in Marbella and has recently announced plans for the
first Anantara in Dublin, Ireland.
Minor Food continued its recent soft performance, reporting core
net profit of Baht 207 million in 3Q19 compared to net profit of
Baht 350 million in 3Q18 on the back of negative same-store-sales
growth, primarily as a result of adverse asymmetric demand vs.
supply growth for the Thai restaurant sector. Notwithstanding this,
Minor Food is using the opportunity to refresh its food offerings,
invest in its infrastructure, and identify new growth opportunity
to take advantage of synergy from its current advantageous
economies of scale both in Thailand and internationally.
Overall, MINT reiterates its confidence in full-year 2019
performance and its long-term growth prospects, supported by its
business and geographical diversification. MINT and NH Hotel Group
continue to work together to realize further synergies between the
two businesses and believe that there remains huge untapped
potential to be unlocked in their collaboration. Thailand tourist
arrivals are already seeing signs of recovery, while Minor Hotels
expects to be able to recognize real estate sales in the fourth
quarter. With increasing focus on delivery, technology and new
growth opportunity, Minor Food sales should gradually
strengthen.
MINT further reiterates its commitment to strengthen its balance
sheet by taking advantage of highly liquid THB and USD debt capital
markets and MINT's strong issuer reputation, including: (i) the
refinancing of NH acquisition bridge loans, now with the lengthened
maturity of over 6 years, and (ii) continued support on MINT's
existing perpetual bonds, with recent favorable account treatment
being validated by The Federation of Accounting Professions for at
least until the end of 2022. In addition, MINT applied proceeds
from the sales-and-lease back of the three properties in Portugal
to repay a portion of its debt, while the gain on the transaction
has also increased its equity base, resulting in MINT's latest
debt-to-equity ratio of 1.35x as at end of 3Q19, now within the
band of MINT's internal policy target as MINT management team
previously guided to its stakeholders.
About Minor International: Minor International (MINT) is a
global company focused on three core businesses: hospitality,
restaurants and lifestyle brands distribution. MINT is a hotel
owner, operator and investor with a portfolio of 529 hotels under
the Anantara, AVANI, Oaks, Tivoli, NH Collection, NH Hotels, nhow,
Elewana, Marriott, Four Seasons, St. Regis, Radisson Blu and Minor
International brands in 55 countries across Asia Pacific, the
Middle East, Africa, the Indian Ocean, Europe, South and North
America. MINT is also one of Asia's largest restaurant companies
with over 2,200 outlets system-wide in 26 countries under The Pizza
Company, Swensen's, Sizzler, Dairy Queen, Burger King, Thai
Express, The Coffee Club, Riverside and Benihana brands. MINT is
one of Thailand's largest distributors of lifestyle brands and
contract manufacturers. Its brands include Anello, Bodum, Bossini,
Brooks Brothers, Charles & Keith, Esprit, Etam, Joseph Joseph,
OVS, Radley, Scomadi, Zwilling J.A. Henckels and Minor Smart Kids.
For more information, please visit www.minor.com
For further information:
Chaiyapat Paitoon / Jutatip Adulbhan +662 365 7500
Minor International Pcl
Symphony Asia Holdings Pte. Ltd. +65 6536 6177
Anil Thadani
Rajgopal Rajkumar
Dealing codes
The ISIN number of the Ordinary Shares is VGG548121059, the
SEDOL code is B231M63 and the TIDM is SIHL.
The LEI number of the Company is 254900MQE84GV5DS6F03.
About Symphony
Symphony International Holdings Limited (LSE:SIHL) is a London
listed strategic investment company that invests in consumer
related businesses, primarily in the healthcare, hospitality,
lifestyle (including branded real estate developments), logistics
and education sectors predominantly in Asia. It offers a way for
investors to gain exposure to 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
form long-term business partnerships with talented entrepreneurs
and management teams. Symphony's investment team has a broad range
of expertise - many of its professionals have been working in Asia
for more than 30 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.
The Company and the Investment Manager are not associated or
affiliated with any other fund managers whose names include
"Symphony", including, without limitation, Symphony Financial
Partners Co., Ltd.
End of Announcement
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END
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