MCK: 2016 Results Announcement

CHAIRMAN’S REVIEW

Financial Performance & Financial Position

The Directors of Millennium & Copthorne Hotels New Zealand Limited (“MCK”) are pleased to report a
profit attributable to owners of the parent of $40.4 million (2015: $21.7 million) for the year ended 31
December 2016.
MCK’s revenue for the year increased to $172.0 million (2015: $136.5 million) and profit before tax and
non-controlling interests totalled $70.5 million (2015: $40.0 million). The increases in revenue and profit
from 2015 reflects both positive trading conditions in the tourism industry in New Zealand and ongoing
positive sales activity from majority-owned CDL Investments New Zealand Limited.
Shareholders’ funds excluding non-controlling interests as at 31 December 2016 totalled $489.1 million
(2015: $389.3 million). Total assets at 31 December 2016 were $713.9 million (2015: $590.0 million).
Net asset backing (with land and building revaluations and before distributions) as at 31 December
2016 has increased to 308.91 cents per share (2015: 245.9 cents per share).
Earnings per share increased to 25.56 cents per share (2015: 13.70 cents per share).

New Zealand Hotel Operations

Reflecting the current trading environment, revenue for the hotels increased by 9.9% to $94.6 million
(2015: $86.1 million) and revenue per available room (RevPAR) increased by 14.8% over 2015.
Occupancy also increased to 80.7% in 2016 (2015: 77.1%). These increases reflect better sales and
marketing initiatives, profit conversions and continued productivity improvements across all business
units.
Of the owned / operated hotels, Copthorne Hotel & Resort Queenstown Lakefront and Millennium
Queenstown were notable for their performance in 2016. The management lease for Grand Millennium
Auckland commenced in September 2016 and is proceeding in line with expectations.
As announced in July 2015, Copthorne Hotel Auckland Harbourcity was closed for a refurbishment
programme and is expected to be completed by the second quarter of 2017. The hotel will be
extensively refurbished and its operations will be appropriately repositioned as the MSocial Auckland.

Canterbury Update

MCK’s remaining insurance claims for its chattels and property relating to Millennium Hotel Christchurch
were settled during the year. MCK is actively considering development and rebuild options for its former
Copthorne Hotel Christchurch Central site on Colombo Street with a view to commencing works in the
medium term.

CDL Investments New Zealand Limited (“CDLI”)
CDLI continued to perform strongly and announced a record operating profit after tax for the year ended
31 December 2016 of $27.0 million (2015: $17.5 million). CDLI’s sections continue to be in high demand
particularly in Auckland and Canterbury.
As a result CDLI increased its ordinary dividend to 3.0 cents per share (2015: 2.2 cents per share).
MCK’s stake in CDLI reduced slightly to 66.70% as a result of MCK taking its dividend in cash and not
shares.

Australia Update

In Australia, the occupancy at the Zenith residences was high at 98% while the litigation affecting a
wholly-owned subsidiary was settled out of court during the year.
Dividend Announcement

Reflecting its positive results in 2016, MCK has resolved to declare and pay all shareholders a fully
imputed dividend of 5.0 cents per share (2015: 2.8 cents per share) which represents a 78.6% increase
over the 2015 dividend. The Board has chosen to increase MCK’s dividend once more as it remains
confident as to MCK’s ability to deliver consistent results and returns from its business units.
The dividend, payable to all shareholders, will be paid on 19 May 2017. The record date will be 12 May
2017.
Outlook

2017 will be another exciting year for MCK as it will mark the opening of MSocial Auckland in the second
half after extensive refurbishment. The financial impact of having Grand Millennium Auckland for a full
year will also be reflected in our results.
We expect to benefit from the growing tourism interest in New Zealand and the Lions Rugby Tour. We
also expect strong sales activity at CDL Investments to continue which will also assist our profitability.
Given all of these factors, we aim to exceed our 2016 trading results in 2017.
Management and staff

On behalf of the Board, I wish to thank the Company’s management and staff for their hard work and
commitment to the Company during the last twelve months and for delivering another exceptional result.



Wong Hong Ren
Chairman
17 February 2017

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MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND
REPORTS INCREASED 2016 REVENUES AND PROFIT

Millennium & Copthorne Hotels New Zealand Limited (NZX: MCK) today reported its preliminary results
for the year ended 31 December 2016 and announced a profit after tax and attributable to owners of
the parent of $40.4 million (2015: $21.7 million) on total revenue of $ 172.0 million (2015: $ 136.5
million).
Despite the closure of the Copthorne Hotel Auckland, Harbour City for its refurbishment, MCK’s hotel
operations grew both its topline revenue and profit. The management lease of Grand Millennium
Auckland also commenced in September 2016. The strong sales at MCK’s land development subsidiary
CDL Investments New Zealand Limited contributed significantly to MCK’s results.
MCK Chairman Mr. HR Wong said that the Board was pleased with the continued improvement in the
hotel operational efficiencies by its staff and the extension of MCK’s product range. .
“Our continued focus on our core businesses and the efficiencies we have been making in both areas
are producing results for our shareholders”, he said.
MCK has resolved to declare an increased and fully imputed dividend of 5.0 cents per share for 2016
to all shareholders (2015: 2.8 cents per share). The dividend reflects the continued positive operational
profitability of the Company. With the reopening of Copthorne Hotel, Auckland Harbour City as the
MSocial Auckland in the second half of 2017 and the full year operations of the Grand Millennium
Auckland, the Board is confident in exceeding its 2016 trading results in 2017. The dividend will be paid
to shareholders on 19 May 2017. The record date will be 12 May 2017.
Summary of results:
• Profit after tax and non-controlling interests $40.4 million (2015: $21.7m)
• Profit before tax and non-controlling interests $70.5 million (2015: $40.0m)
• Group revenue $172.0 million (2015: $136.5m)
• Shareholders’ funds excluding non-controlling interests $489.1 million (2015: $389.3am)
• Total assets $713.9 million (2015: $590.0m)
• Earnings per share (cents per share) 25.56 cents (2015: 13.70 cents)


ENDS
Issued by Millennium & Copthorne Hotels New Zealand Limited
Enquiries to:
B K Chiu
Managing Director
(09) 353 5058

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Full and Half year Preliminary Announcements and Half Year Results
Reporting Period 12 months to 31 December 2016
Previous Reporting Period 12 months to 31 December 2015
172,035NZ$ Up26.00%
40,447NZ$ Up86.65%
40,447NZ$ Up86.65%
25.56cUp86.65%
25.56cUp86.65%
308.91cUp25.63%
Final Dividend
Record Date12 May 2017
Dividend Payment Date19 May 2017
Comments:
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED
Profit (loss) from ordinary activities after tax
attributable to security holders
Revenue from ordinary activities
Please refer to the attached Chairman's Review.
Net tangible assets per share (cents per share)
Interim/Final Dividend
Amount (000s)Percentage change
Amount per security Imputed amount per security
Fully imputed
Dividend of 5.0 cents per
share
Net profit (loss) attributable to security holders
Basic earnings per share (cents per share)
Diluted earnings per share (cents per share)
Results for announcement to the market
Page 1 of 3

Details of the reporting period and the previous corresponding reporting period:
This report is for the full year ended 31 December 2016 and should be read in conjunction with the most recent
annual financial report. Comparatives are in respect of the full year ended 31 December 2015.
Information prescribed by NZX:
Please refer to “Results for announcement to the market” and below.
--Statement of Financial Performance
Refer to the Annual Financial Statements.
--Statement of Financial Position
Refer to the Annual Financial Statements.
--Statement of Cash Flows
Refer to the Annual Financial Statements.
--Details of individual and total dividends or distributions and dividend or distribution payments
On 3 February 2017, the Directors declared a final dividend of 5.00 cents per ordinary and redeemable preference
share payable on 19 May 2017. The total dividend payable will be $7.91 million. The dividend will be fully imputed
and supplementary dividends will be paid to non-resident shareholders. The dividend has not been recognised in
the 31 December 2016 financial statements.
Distributions declared
7.91NZ$ 5.00c
Last distribution paid
4.43NZ$ 2.80c
--Details of Dividend Reinvestment Plans in operation
MCK does not have a Dividend Reinvestment Plan in operation.
--Net Tangible Assets per security (with comparatives for the previous corresponding period)
Ordinary shares308.91c245.89c
Redeemable Preference shares308.91c245.89c
--Details of entities over which control has been gained or lost during the period
Nil.
--Details of associates and joint ventures
% Held
Current Full
Year
% Held
Previous
Correspondin
g Full Year
Contributions
to Net Profit
Current Full
Year
Contributions
to Net Profit
Previous Full
Year
Prestons Road Limited33.33%33.33%-$ -$
Previous full year
NZ$ (million)NZ cents per share
Name
Final dividend for the 2016 Financial Year (ordinary
and redeemable preference shares)
Final dividend for the 2015 Financial Year (ordinary
and redeemable preference shares)
NZ cents per shareCurrent full year
Page 2 of 3

Basis of preparation of financial statements:
The financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting
Practice (NZ GAAP). They comply with the New Zealand equivalents to International Financial Reporting
Standards (NZ IFRSs) as appropriate for Tier 1 profit-oriented entities. The financial statements also comply with
International Financial Reporting Standards (IFRSs).
Accounting Policies:
Refer to the Annual Financial Statements.
Changes in accounting policies:
There are no changes to accounting policies during the period.
Audit Report:
The Independent Auditor’s report is at pages FIN28 to FIN31 of the Annual Financial Statements.
Additional Information:
None.
DATE:17 February 2017
Page 3 of 3

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APPENDIX 7 – NZSX Listing Rules
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Full name
of Issuer
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Authority for event,
make this notice
e.g. Directors' resolution
Contact phone
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numbernumber
Date
Nature of event
BonusIf ticked,
Rights Issue
Tick as appropriate
Issue
state whether:Taxable
/ Non TaxableConversionInterestRenouncable
Rights IssueCapitalCallDividend
If ticked, stateFull
non-renouncable
change
X
whether:
InterimYear
X
SpecialDRP Applies
EXISTING securities affected by this
If more than one security is affected by the event, use a separate form.
Description of theISIN
class of securities
If unknown, contact NZX
Details of securities issued pursuant to this eventIf more than one class of security is to be issued, use a separate form for each class.
Description of theISIN
class of securities
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Ratio, e.g
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provide an
pari passu
ORexplanation
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of the
Strike Price available.
ranking
Monies Associated with Event
Dividend payable, Call payable, Exercise price, Conversion price, Redemption price, Application money.
Source of
Amount per securityPayment
(does not include any excluded income)
Excluded income per security
(only applicable to listed PIEs)
SupplementaryAmount per security
Currencydividendin dollars and cents
details -
NZSX Listing Rule 7.12.7
Total monies
TaxationAmount per Security in Dollars and cents to six decimal places
In the case of a taxable bonusResident
Imputation Credits
issue state strike priceWithholding Tax(Give details)
Foreign
FDP Credits
Withholding Tax(Give details)
Timing
(Refer Appendix 8 in the NZSX Listing Rules)
Record Date 5pmApplication Date
For calculation of entitlements -Also, Call Payable, Dividend /
Interest Payable, Exercise Date,
Conversion Date.
Notice DateAllotment Date
Entitlement letters, call notices,For the issue of new securities.
conversion notices mailedMust be within 5 business days
of application closing date.
OFFICE USE ONLY
Ex Date:
Commence Quoting Rights:Security Code:
Cease Quoting Rights 5pm:
Commence Quoting New Securities:Security Code:
Cease Quoting Old Security 5pm:
EMAIL: announce@nzx.com
Notice of event affecting securities
1
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED
TROY DANDY, GROUP COMPANY SECRETARYBOARD RESOLUTION
09 353 500509 309 3244
17022017
OrdinaryNZMCKE0004S9
In dollars and cents
Cashflow
$0.050
N/A
Enter N/A if not
applicable
N/A
$0.002500$0.019444
N/AN/A
NZD$0.008824
$5,273,937
Date Payable
19/05/17
19/05/17
N/AN/A
12/05/17

---

APPENDIX 7 – NZSX Listing Rules
Number of pages including this one
(Please provide any other relevant
NZSX Listing Rule 7.12.2. For rights, NZSX Listing Rules 7.10.9 and 7.10.10. details on additional pages)
For change to allotment, NZSX Listing Rule 7.12.1, a separate advice is required.
Full name
of Issuer
Name of officer authorised to
Authority for event,
make this notice
e.g. Directors' resolution
Contact phone
Contact fax
numbernumber
Date
Nature of event
BonusIf ticked,
Rights Issue
Tick as appropriate
Issue
state whether:Taxable
/ Non TaxableConversionInterestRenouncable
Rights IssueCapitalCallDividend
If ticked, stateFull
non-renouncable
change
X
whether:
InterimYear
X
SpecialDRP Applies
EXISTING securities affected by this
If more than one security is affected by the event, use a separate form.
Description of theISIN
class of securities
If unknown, contact NZX
Details of securities issued pursuant to this eventIf more than one class of security is to be issued, use a separate form for each class.
Description of theISIN
class of securities
If unknown, contact NZX
Number of Securities toMinimum
Ratio, e.g
be issued following eventEntitlement
1 for 2 for
Conversion, Maturity, Call
Treatment of Fractions
Payable or Exercise Date
Tick if
provide an
pari passu
ORexplanation
Strike price per security for any issue in lieu or date
of the
Strike Price available.
ranking
Monies Associated with Event
Dividend payable, Call payable, Exercise price, Conversion price, Redemption price, Application money.
Source of
Amount per securityPayment
(does not include any excluded income)
Excluded income per security
(only applicable to listed PIEs)
SupplementaryAmount per security
Currencydividendin dollars and cents
details -
NZSX Listing Rule 7.12.7
Total monies
TaxationAmount per Security in Dollars and cents to six decimal places
In the case of a taxable bonusResident
Imputation Credits
issue state strike priceWithholding Tax(Give details)
Foreign
FDP Credits
Withholding Tax(Give details)
Timing
(Refer Appendix 8 in the NZSX Listing Rules)
Record Date 5pmApplication Date
For calculation of entitlements -Also, Call Payable, Dividend /
Interest Payable, Exercise Date,
Conversion Date.
Notice DateAllotment Date
Entitlement letters, call notices,For the issue of new securities.
conversion notices mailedMust be within 5 business days
of application closing date.
OFFICE USE ONLY
Ex Date:
Commence Quoting Rights:Security Code:
Cease Quoting Rights 5pm:
Commence Quoting New Securities:Security Code:
Cease Quoting Old Security 5pm:
EMAIL: announce@nzx.com
Notice of event affecting securities
1
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED
TROY DANDY, GROUP COMPANY SECRETARYBOARD RESOLUTION
09 353 500509 309 3244
17022017
Redeemable Preference SharesNZMCKE0005S6
In dollars and cents
Cashflow
$0.050
N/A
Enter N/A if not
applicable
N/A
$0.002500$0.019444
N/AN/A
NZD$0.008824
$2,636,977
Date Payable
19/05/17
19/05/17
N/AN/A
12/05/17