The Minor Food Group PCL Quarterly Corporate Update

Bangkok--Nov 21--Minor Group The Minor Food Group PCL Quarterly Corporate Update Quarterly Review * Slower consumer spending in late August and September together with higher interest, cost of goods and depreciation charges contributed to a larger than expected loss of THB 72.9 mn for the 3Q01. YoY sales edged up 1% against the 3Q00 to THB 769 mn although this achievement fails to reflect the more competitive market conditions and slower economy compared to a year earlier. * Although earnings were disappointing in 3Q01, cash flow remains strong with operating cash flow of THB 91.6 mn generated. * While trading conditions were slower than a year earlier, The Pizza Company continued to lead its market segment with its market share estimated at 65%.TPC opened new outlets in Surat Thani and Siam Square while also launching its popular Tom Yum Kung topping that has since become part of the menu. In the 4Q01, TPC will open new outlets in Samui and Pattaya. * In July, Dairy Queen unveiled a new lower price menu that translated in to 12-15% higher sales volumes. These trend has continued through the first part of the 4Q01 as well. Sizzler and Swensen's enjoyed good trading in 3Q01 with margins remaining stable compared to last year. * Burger King continued to improve operations opening one outlet and introducing new products at lower price points to drive increased traffic. Chicken Treat launched a new hot & spicy flavor for both roasted and fried chicken that has translated into higher sales. * To address the higher cost of goods, nearly all restaurant concept raised prices at the beginning of October by an average 5-10 %. To date, this increase has been accepted by the market and should boost margins in the 4Q01. Share Capital Information Price (12/11/01) : THB 32.00(L) THB 32.00 (F) No. of Shares O/S : 32.3 mn Market Capitalization : THB 1,033.6 mn(US$ 23mn) Warrants Outstanding : 2004 @ THB 110 7.4mn Debentures O/S : THB 750 mn unsecured due in 2002 yielding 9.875% Average Daily Volume : est. THB 2.0 (USD 0.05 mn) Major Shareholder : Royal Garden Resorts 30% Financial & Operating Data (%) 3Q00 4Q00 1Q01 2Q01 3Q01 Return on Equity (%) 0.4 0.6 n/a n/a n/a LT Debt To Equity(x) 0.6 0.5 0.6 0.8 1.0 Gearing Ratio(x) 1.2 1.3 1.7 1.5 1.7 Note: Gearing is (Total Debt-Cash)/Equity Quarter Ending September 30,2001 Performance (THB mn). (Restated) Consolidated 3Q00 4Q00 1Q01 2Q01 3Q01 Sales 760.7 770.8 641.3 802.4 769.6 Cost of Sales 296.1 298.7 255.8 321.1 307.5 Other Income 9.6 13.9 21.7 31.5 3.7 Selling & Admin Exp. 365.9 370.0 351.3 391.8 399.4 EBITDA 108.3 116.0 55.9 121.0 66.4 Depreciation & Amort 78.8 92.2 79.0 107.9 103.6 EBIT 29.5 25.8 (23.1) 13.1 (37.2) Interest Expense 23.9 27.7 27.8 32.0 31.4 Earnings Before Tax 5.6 (1.9) (50.9) (18.9) (68.6) Forex Loss (Gain) 0.0 0.0 0.0 0.0 0.0 Taxes 11.4 (10.6) 14.4 (8.2) 4.3 Net Profit (5.8) 8.7 (65.3) (10.7) (72.9) EPS (THB) (0.18) 0.27 (2.02) (0.33) (2.25) Operating Cash Flow (THB mn) 3Q00 4Q00 1Q01 2Q01 3Q01 Net Profit (5.8) 8.7 (65.3) (10.7) (72.9) Depreciation 78.8 92.2 95.7 107.9 103.6 Change In Working Capital 72.5 (20.4) (18.4) (135.4) 60.9 Other 0.0 0.0 0.0 0.0 0.0 Operating Cashflow (OCF) 145.5 78.5 12.0 (38.2) 91.6 OCF/Share (THB) 4.5 2.4 0.4 (1.2) 2.8 Balance sheet (THB mn) - (Restated) 3Q00 4Q00 1Q01 2Q01 3Q01 Current Assets 345.9 384.3 503.5 412.5 413.6 Investments 225.8 206.5 178.5 238.5 199.5 Fixed & Other Assets 2,512.9 2,515.3 2,580.3 2,575.0 2,511.6 Total Assets 3,084.6 3,106.1 3,262.3 3,226.0 3,124.9 Current Liabilities 993.4 1,110.5 1,319.0 999.1 855.5 Long-Term Liabilities 750.0 755.0 755.0 1,002.5 1,152.5 Total Liabilities 1,743.4 1,865.5 2,074.0 2,001.6 2,008.0 Total Equity 1,341.2 1,240.6 1,188.3 1,224.4 1,116.9 Number of Restaurants 3Q00 4Q00 1Q01 2Q01 3Q01 Pizza Company 116 116 116 116 118 Swensen's 77 77 76 76 76 Sizzler 18 19 19 19 19 Dairy Queen 103 103 99 99 99 Chicken Treat 6 20 20 20 20 Burger King 4 6 8 8 9 Others 9 9 10 10 10 Total 333 350 348 348 351 For further information, Please contact William Heinecke/Richard Neville At Tel: (662) 381-5123, Fax: (662) 381-5118 or visit us at http://minornet.com End -NM-

• ข่าวMinor Food Group PCL
• ข่าวo:food
• ข่าวo:fin
• ข่าวo:loc
• ข่าวen