SIHL announces that one of its portfolio companies, MINT, reported strong financial results for the first half of 2012. MINT's net profit increased 49% year-over-year, driven by improved performance in its hospitality and restaurant businesses. MINT also invested in a luxury hotel in Phuket that will be rebranded as an Anantara property.

1. REG - Symphony Int Hdgs
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10 August 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 first half results ("1H12"). MINT reported that net profit increased
49% in 1H12 year-over-year, which was driven by an improvement in the hospitality business, the
consolidation of Oaks Hotels and Resorts Limited ("Oaks") during the period and the continued
strong performance of the restaurant business. MINT also announced an investment in a hotel in
Phuket.
MINT made an announcement on 8 August 2012, which is reproduced below.
MINT ANNOUNCED STRONG 1H12 RESULTS & ITS INVESTMENT IN LUXURY HOTEL IN
PHUKET
8 AUGUST 2012

2. Minor International (MINT) reported net profit of Baht 1.6 billion in 1H12, an increase of 49% YoY
from Baht 1.1 billion recorded in 1H11, mainly attributable to improved performance of both
hospitality and restaurant businesses. Since the quick post-flood rebound in tourist arrivals in 1Q12,
the hotel business's low-season 2Q12 continued to see robust growth YoY, with net profit rising 30%
YoY to Baht 364 million in the quarter.
In 1H12, EBITDA of MINT's hospitality business increased significantly by 52% YoY, attributable
primarily to the solid improvement in hotel operations and consolidation of Oaks Hotels and Resorts
in Australia. Revenue per available room (RevPar) of MINT's hotel portfolio increased by 18% in
1H12, on the back of strong occupancy of 69% in 1H12 compared to 58% in 1H11. This was a result
of improvement of hotels in Thailand, together with the addition of Oaks rooms, which run at
relatively higher occupancy. In addition, MINT recognized the full first half contribution from Oaks
in 1H12 as opposed to one-month contribution in 1H11 upon the completion of the acquisition. 1H12
sales progress of Anantara Vacation Club was outstanding, where sales more than tripled that of
1H11, and was above the budgeted 1H12 figures.
The restaurant business continued to report strong growth, with 1H12 EBITDA increase of 19%.
MINT's restaurant portfolio's total system sales growth in 1H12 was 14.0%, as 1H12 same store
sales increased by 7.1%, coupled with store expansion of 105 stores YoY. The robust performance
was attributable to strong domestic consumption, which drove both the number of customers and
average revenue per customer, coupled with the Company's on-going pro-active marketing efforts,
which resulted in strong same store sales growth, in particular for The Pizza Company, Swensen's
and Dairy Queen brands. The opening of new restaurant outlets alongside business expansion of
major retail operators, together with continued growth of the Company's franchised business, also
contributed to restaurant performance during 1H12.
Retail trading business continued to see gradual recovery from the flood in 4Q11 into the first half of
2012. The contract manufacturing of consumer goods recently resumed full operations in early June.
Nevertheless, the unit's increase in 1H12 EBITDA of 16% YoY was primarily because of the
insurance claim received in 1Q12. The retail trading business continues to be a profitable operation
of MINT's business, although still small compared to MINT's total business, with 1H12 revenue
contribution of 10% and net profit contribution of 5%.
MINT also announced its successful investment in one of Phuket's most luxurious hotels, Bundarika
Villas & Suites. Located on the secluded Layan Beach with 400 meters of private beach, the hotel
will be rebranded to Anantara after total refurbishment to further strengthen MINT's 5-star deluxe
brand in one of Asia's most established tourist destinations. The hotel features 77 villas and suites
on 23 rai of beachfront land. In addition to the hotel, MINT also acquires 32 rai of adjacent hillside
land with panoramic sunset views of the Andaman Sea. The adjoining land will be developed into
high-end residential project. Total investment size is estimated at THB 3 billion. MINT holds 95%
interest in the hotel in partnership with original founder, who retains a 5% interest and will continue
to work closely with MINT to ensure this a successful investment. The hotel will undergo renovation
and operational improvement program to enable it to be re-launched as Phuket's second Anantara

3. next year.
MINT has a proven record of accomplishment in Phuket's hospitality sector, as evidenced by the
successful development of its two upscale hotels on Mai Khao beach, namely Anantara Phuket
Resort & Spa and JW Marriott Phuket, and the Turtle Village Shopping Plaza Phuket located
adjacent to the two hotels, as well as the well-received Marriott Vacation Club and Mai Khao Beach
Club projects, which recorded strong combined sales of over THB 6 billion previously. The addition
of Bundarika Villas & Suites will reinforce MINT's leadership position in the world-famous beach
resort of Phuket. Bundarika, which is to be rebranded as Anantara and the new adjacent high-end
residential project, together with the planned launch of the new Anantara Vacation Club Phuket will
further echo MINT's commitment to the clustering business model whereby synergy is created
among multiple properties and projects within the same location, leading to higher profitability. The
new Anantara Vacation Club Phuket, which features 100 villas worth total sales amount of
approximately THB 4 billion, is expected to be completed by the end of the year.
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 1,200 outlets operating system wide in 15 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 39 hotels and 38 serviced suites under the Anantara, Avani, Oaks, Marriott, Four Seasons, St.
Regis, Elewana and Minor International brands in Thailand, Australia, New Zealand, the Maldives,
Vietnam, Tanzania, Kenya, the Middle East, Sri Lanka 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)

4. 2Q12
2Q11
% Change
1H12
1H11
Sales
7,266

5. 5,855
24%
15,619
12,291
Others
258
423

6. -39%
673
666
Total Revenues
7,524
6,278
20%

7. 16,292
12,957
Cost of Sales
2,931
2,306
27%
6,128

8. 4,798
Selling & Administrative
3,282
2,900
13%
6,607
5,580

9. EBITDA
1,311
1,072
22%
3,556
2,578
Depreciation & Amort.

10. 543
492
10%
1,076
905
EBIT
769

11. 580
33%
2,481
1,674
Interest Expenses
276
212

12. 30%
547
342
Earnings Before Tax
492
368
34%

13. 1,934
1,332
Corporate Tax
138
75
84%
296

14. 196
Minority Interest
(9)
13
-170%
(1)
33

15. Net Profit
364
279
30%
1,639
1,102
Fully Diluted EPS (Bt)

16. 0.0987
0.0772
28%
0.4473
0.3048
Fully Diluted Shares (mn)
3,686

17. 3,619
2%
3,665
3,615
Note: Share of Profit is included in other revenue
For further information:
Neil Doyle/ Tom Willetts ? +44 (0)20 7269 7237/ 7175
FTI Consulting
About Symphony International Holdings

18. 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