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  • Miramar Hotel and Investment Company, Limited

    Financial and Operation Review

    March 2012

  • 2011CMiramar Hotel and Investment Company, Limited Annual Results 20112

    Awards and Achievements

    Business Outlook

    Financial Highlights

    Agenda

  • Financial Highlights

  • 2011CMiramar Hotel and Investment Company, Limited Annual Results 2011

    Year 2011 Year 2010 Change

    Turnover 2,496 2,112 +18%

    Gross Profit 788 672 +17%

    Adjusted EBITDA 689 592 +16%

    Profit Attributable to Shareholders 1,325 784 +69%

    Underlying Profit Attributable toShareholders (1)

    411 378 +9%

    Underlying EPS (HK) 71 65 +9%

    DPS (HK) 38 37 +3%

    Dividend Payout Ratio (%) 54 57 3% points

    NAV per share(HK$) 17.35 15.36 +13%

    Note 1: The effect of the net increase/ decrease in fair value of Investment properties (net of deferred tax and non-controllinginterests) was excluded in the calculation of the underlying profit attributable to shareholders of the company.

    (HK million)

    Financial Highlights

    4

  • 2011CMiramar Hotel and Investment Company, Limited Annual Results 20115

    2,112

    592784

    689

    1,325

    2,496

    0

    500

    1,000

    1,500

    2,000

    2,500

    3,000

    Turnover Adjusted EBITDA Profit Attributable to

    Shareholders

    2010

    2011

    +16%

    +69%

    +18%

    (HK million)

    Financial Highlights

  • 2011CMiramar Hotel and Investment Company, Limited Annual Results 2011

    Year 2011Year 2010

    Restated (2)Change

    Property Investment (1) 611 497 +23%

    Hotel Ownership and Management

    534 429 +24%

    Food and Beverage Operation 228 202 +13%

    Travel Operation 1,055 984 +7%

    Apparel Retail 68 - N/A

    Consolidated Turnover 2,496 2,112 +18%

    6

    (HK million)

    Turnover Breakdown by Segments

    Note 1: Reporting date including Property development and sales segmentNote 2: Financial results of the leasing activities in Miramar Shopping Centre Hotel Tower is grouped under Property

    investment segment, which previously grouped under Hotel ownership and management segment. Thus, comparative figures have been restated in conformity with the current years presentation.

  • 2011CMiramar Hotel and Investment Company, Limited Annual Results 20117

    Property:

    23%

    Hotel

    Ownership &

    Management:

    24%

    Food &

    Beverage:

    13%

    Travel:

    7%

    Apparel Retail

    1,055M, 42%

    611M, 25%

    534M, 21%

    228M,

    9%

    68M,

    3%

    Turnover Summary of Year 2011

    Turnover Breakdown by Segments

  • 2011CMiramar Hotel and Investment Company, Limited Annual Results 2011

    Year 2011Year 2010

    Restated (2)Change

    Property Investment (1) 478 404 +18%

    Hotel Ownership and Management

    207 136 +52%

    Food and Beverage Operation (17) 18 N/A

    Travel Operation 25 34 (26%)

    Apparel Retail (4) - N/A

    Total Adjusted EBITDA 689 592 +16%

    8

    (HK million)

    Adjusted EBITDA by Segments

    Note 1: Reporting date including Property development and sales segmentNote 2: Financial results of the leasing activities in Miramar Shopping Centre Hotel Tower is grouped under Property

    investment segment, which previously grouped under Hotel ownership and management segment. Thus, comparative figures have been restated in conformity with the current years presentation.

  • Business Outlook

  • 2011CMiramar Hotel and Investment Company, Limited Annual Results 2011

    Business Outlook

    10

    The Group operates five core businesses Hotel and Hotel Management business; Property Rental business; Food and Beverage business; Travel business; and the newly-developed Apparel Retail business

  • 2011CMiramar Hotel and Investment Company, Limited Annual Results 2011

    Business Outlook

    11

    During the year, development of each business segmentsis in line with expectation and overall businessperformance showed an improvement as compared tothat of the previous year

  • 2011CMiramar Hotel and Investment Company, Limited Annual Results 2011

    Business Outlook Hotel & Hotel Management

    12

    Hotel and Hotel Management business segment continued to deliverimpressive results, with leverage on the reputable brand image of The Miraand our meticulous services

    EBITDA (earnings before interest, taxes, depreciation and amortization) ofThe Mira grew 52% to reach approximately HK$206,500,000

  • 2011CMiramar Hotel and Investment Company, Limited Annual Results 201113

    Business Outlook Hotel & Hotel Management

    The Group obtained a hotel managementproject for a designed lifestyle hotel in WanChai during the year. The hotel, which iscurrently under construction, will beoperated under the brand name of MiraMoon

    During the year, construction progressed asscheduled and the hotel is expected tocommence operation in 2013

  • 2011CMiramar Hotel and Investment Company, Limited Annual Results 201114

    Business Outlook Property Rental Business

    The Group owns a sound property portfolio,comprising retail shops in our shoppingcentre and office tower, which generatesstable income

    During the year, rental income derived fromMiramar Shopping Centre and MiramarTower remained as the major incomecontributor

  • 2011CMiramar Hotel and Investment Company, Limited Annual Results 201115

    Business Outlook Property Rental Business

    The refurbishment work in theshopping centre at The Mira wascompleted in the fourth quarter of2011

    A number of renowned brands havebeen establishing their presence,including the flagship store of Coach,Tommy Hilfiger and King Fook Jewellery

    We believe the opening of new storeswill become another momentum forrental income growth

  • 2011CMiramar Hotel and Investment Company, Limited Annual Results 2011

    Hide Chan Raman Assaggio Trattoria Italiana

    16

    Business Outlook Group F&B

    The Group operates a multi-brand Food and Beverage Business, includingTsui Hang Village, Yunyan Sichuan Restaurant, Cuisine Cuisine (a high-endChinese restaurant) etc

    Three new restaurants opened during the year, namely Hide-Chan Ramen(a popular Japanese Ramen restaurant), Saboten (a traditional Japanesepork cutlet restaurant) and Assaggio Trattoria Italiana (an Italianrestaurant)

  • 2011CMiramar Hotel and Investment Company, Limited Annual Results 201117

    Business Outlook

    In addition, the Group is dedicated toexcel in the realm of high-end luxuryfood and beverage business andintroduced its successful brand CuisineCuisine to the mainland China market

    The first Cuisine Cuisine is located in theCentral Business District of Chaoyang,Beijing and was opened in September2011

    Varnishing and decoration of the otherCuisine Cuisine in Wuhan wascompleted and is expected tocommence operation in April

  • 2011CMiramar Hotel and Investment Company, Limited Annual Results 201118

    Business Outlook

    The Groups Travel Business witnessedanother year of growth. As compared to2010, turnover of this business segmentincreased 7% to reach HK$1.05 billion

    However, travel industry around theworld was seriously struck by thepolitical instability and natural disasters,including the earthquakes in Japan andNew Zealand, the flooding in Australia,the nuclear plant explosion inFukushima, Japan, as well as thepolitical campaign that took place in theMiddle East and Africa

  • 2011CMiramar Hotel and Investment Company, Limited Annual Results 201119

    Business Outlook

    The Group extended its reach to Apparel Retail Business in 2011 andbecame the distributor of DKNY Jeans, a young and energetic brand, inmainland China

    At present, the Group owns and operates five DKNY Jeans stores in each ofShanghai and Beijing. In addition, the Group successfully secured andengaged over 20 franchisees to operate DKNY Jeans franchised stores

    As at the end of 2011, there were over 40 stores operated by the Group andfranchisees

  • 20

    Awards and Achievements

  • 2011CMiramar Hotel and Investment Company, Limited Annual Results 201121

    Miramar Group was granted Outstanding Hong Kong Branding Enterprise 2011, Capital Magazine

    The Mira Hong Kong

    Recommended Hotel, Michelin Guide Hong Kong & Macau 2012

    Recommended Hotel, Hong Kong/Macau Louis Vuitton City Guide 2012

    Mira Spa: Best Hotel Spa and Best Facial in Hong Kong, Kelly England The Guide Awards 2011

    Awards and Achievements

  • 2011CMiramar Hotel and Investment Company, Limited Annual Results 201122

    Outlets Awards and Achievements

    AssaggioTrattoriaItaliana

    Outstanding Greater China Design Awards 2011, Hong Kong Art & Design Festival

    Coco Hong Kongs Best Restaurants 2010 2012, Asia Tatler Dining

    Cuisine Cuisine in Hong Kong

    1-Star Restaurant, Michelin Guide Hong Kong & Macau 2012

    Recommended Restaurant, Hong Kong/Macau Louis Vuitton City Guide 2012

    Regional Best Restaurants 2012, Asia Tatler

    Excellent Brand of Business Banquet, Hong Kong Leaders Choice 2011 (Cuisine Cuisine at ifc)

    Outstanding Wine List Award, China Best Value Wine Awards 2012 (Cuisine Cuisine at The Mira)

    Food and Beverage Business

    Awards and Achievements

  • 2011CMiramar Hotel and Investment Company, Limited Annual Results 201123

    Outlets Awards and Achievements

    Hide-Chan Ramen

    Recommended Bib Gourmand Restaur

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