MCK 2019 Results Announcement

Results announcement



Results for announcement to the market
Name of issuer Millennium & Copthorne Hotels New Zealand Limited (MCK)
Reporting Period 12 months to 31 December 2019
Previous Reporting Period 12 months to 31 December 2018
Currency NZD

Amount (000s) Percentage change
Revenue from continuing
operations
$229,669 4.9%
Total Revenue $229,669 4.9%
Net profit/(loss) from
continuing operations
$49,662 0.6%
Total net profit/(loss) $49,662 0.6%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.075
Imputed amount per Quoted
Equity Security
$0.02916667
Record Date 8 May 2020
Dividend Payment Date 15 May 2020
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$4.52 $4.04
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer Chairman’s Review accompanying this announcement
Authority for this announcement
Name of person

authorised
to make this announcement
Takeshi Ito (Company Secretary)
Contact person for this
announcement
Takeshi Ito (Company Secretary)
Contact phone number 09 353 5055
Contact email address takeshi.ito@millenniumhotels.com
Date of release through MAP

10 February 2020

Audited financial statements accompany this announcement.

---

CHAIRMAN’S REVIEW

Financial Performance & Financial Position

Millennium & Copthorne Hotels New Zealand Limited (NZX:MCK) is pleased to report that, for the year ended 31
December 2019, it generated a profit attributable to owners of the parent of $49.7 million (2018: $49.4 million).
MCK also noted an increase in revenue for the year to $229.7 million (2018: $218.8 million). Its 2019 profit before
tax and non-controlling interests was $85.4 million (2018: $85.1 million) reflecting consistent performance in more
challenging market conditions for its hotel and residential property development operations
. Despite these
challenges, MCK’s earnings per share increased to 31.39 cents per share (2018: 31.21 cents per share).
As at 31 December 2019, MCK recorded shareholders’ funds excluding non-controlling interests of $715.3 million
(2018: $640.3 million) and total assets of $1,008.2 million (2018: $898.2 million) with net asset backing (with land
and building revaluations and before distributions) increasing to 451.78 cents per share (2018: 404.41 cents per
share).

New Zealand Hotel Operations
In an environment which has seen increased inventory in key tourism centres coupled with a slowing in the growth
of international visitors to New Zealand, the New Zealand hotels were able to maintain their revenue at levels seen
over the past three years which totaled $126.6 million (2018: $126.5 million) and Revenue per Available Room
(RevPAR) increasing slightly to $132.46 (2018: $130.63). Occupancy for the year remained steady at 80.8% (2018:
80.9%). Gross Operating Profit decreased by 1.9 %. This was due to increasing cost pressures during 2019 such
as utility and payroll cost increases which are expected to continue into 2020.

In 2019 MCK’s “book direct” and “think local” initiatives saw increases in the number of bookings made by
customers directly with MCK. This is an encouraging trend and one which MCK is keen to see improve further.
Geographically, MCK’s marketing operations focused on diversifying its customer base originating from new and
emerging markets such as South-East Asia and India. With some key markets showing signs of weakness, we
believe that growth from such emerging markets will be a key factor in maintaining market share and growing
future revenues.
Within New Zealand itself, MCK was pleased with the performance of several of its regional hotels such as
Kingsgate Hotel Dunedin, Copthorne Hotel Palmerston North, and Kingsgate Hotel Te Anau which traded
positively during the year and indicate an increasing strength in such hotels.
2019 also saw MCK’s talent pool upskilling with completions through the Service IQ programmes which assisted
with retaining key operational staff at a number of our hotels. MCK continues to be focused on development of
employees in an environment where attracting and retaining skilled employees will continue to contribute to
productivity gains.
MCK is disappointed by the judgment in relation to the Accommodation Provider Targeted Rate handed down by
the High Court last week. We are reviewing our options with our external lawyers and will determine whether an
appeal should be pursued in the next few weeks.

CDL Investments New Zealand Limited (“CDLI”)

CDLI announced an operating profit after tax for the year ended 31 December 2019 of $34.1 million (2018: $33.6
million). This marks ten successive years of profit growth. Given slowing markets, this is a very creditable result
and reflected a resourceful sales strategy in the latter half of 2019.
MCK is encouraged that CDLI is progressing well with development works and has commenced sales at Dominion
Road (South Auckland) and Kewa Road (North Shore) already.

CDLI maintained its ordinary dividend to 3.5 cents per share which MCK will again take in cash when paid in May
this year.

Australia Update

During 2019, six apartments at the Zenith Residences were sold and achieved attractive margins. Other units are
being actively marketed for sale and we expect that these sales will boost MCK’s 2020 results.
Leasing of the remaining portfolio continues at an annual average occupancy rate of 92.6%. The Board is targeting
further sales in 2020.

Dividend Announcement

MCK’s Board has resolved to declare and pay all shareholders a fully imputed dividend of 7.5 cents per share
which is the same as 2018 and reflects MCK’s stable earnings profile. The dividend, payable to all shareholders,
will be paid on 15 May 2020 with a record date of 8 May 2020.

Outlook

The recent travel issues associated with the Novel Coronavirus will impact on MCK’s first quarter operations and
results. A number of our hotels in high tourism areas are receiving cancellations from several Chinese operators
as the Chinese and New Zealand Governments’ travel bans and other containment measures come into
effect. Cancellations received to date will result in revenue loss of between NZ$2 million and NZ$3 million with
more cancellations expected for future months. We have been advised that this revenue loss will not be covered
by insurance. Management is implementing urgent response plans to mitigate the effect of these cancellations. A
health and safety plan is now in full effect at MCK’s hotels. Given that the situation is extremely fluid, the Board
will monitor the situation carefully and will update shareholders if the position changes.
With increased hotel inventory in Auckland and other key tourism hotspots in New Zealand, MCK’s hotels will need
to work resourcefully to ensure that they are well positioned in key segments throughout this year without the
benefit of any major events in New Zealand until 2021 and with tourism coming off its historic peak. We expect
that MCK’s land development operations will deliver positive contributions to the bottom line during the coming year
and sales of the Zenith Residences units will add to overall profitability.

The Board will continue to oversee progress against Management’s targets closely to ensure that shareholders are
able to receive positive returns despite what are expected to be difficult trading conditions during this year.

On behalf of my fellow MCK directors, I thank all of MCK’s management and staff for their efforts in 2019.



Colin Sim
Chairman
10
February 2020

---

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND
DELIVERS CONSISTENT PROFIT AND DIVIDEND TO SHAREHOLDERS

Millennium & Copthorne Hotels New Zealand Limited (NZX: MCK) today reported its preliminary results
for the year ended 31 December 2019 and announced a profit after tax and attributable to owners of
the parent of $49.7 million on total revenue of $229.7 million.

“The Board and I are pleased that we have been able to deliver a consistent profit result in what was a
difficult year for our property development and hotel operations”, said MCK’s Chair Colin Sim.

MCK’s results showed consistent occupancy, gross profit and yield across its hotel portfolio despite
falling overseas visitor numbers. Its majority-owned subsidiary CDL Investments also contributed to
the profit result having made good sales progress in the second half of 2019.

MCK’s Managing Director BK Chiu noted that the challenging factors that MCK had to overcome over
the last two years would continue to have an effect for the foreseeable future.

“Cost increases, a tight employment market and government policies impacted on our results during
2019. Tourism and the residential property market are now into their slower stages of the business
cycle. Being nimble and the ability to flex our organization and processes on both costs and revenue,
will help us to achieve meaningful productivity gains. These are being implemented with People, Planet
and Profit lines of sight metrics and to deliver outstanding service experiences to our guests and
customers,” he said.

Mr. Chiu said that MCK was disappointed by the judgment in relation to the Accommodation Provider
Targeted Rate handed down by the High Court last week and would review its options with MCK’s
external lawyers as to whether to appeal the decision.

MCK has resolved to maintain its fully imputed dividend of 7.5 cents per share to all shareholders. The
dividend will be paid to shareholders on 15 May 2020. The record date will be 8 May 2020.

Mr. Sim noted that the Novel Coronavirus issues including the government travel bans were impacting
on MCK’s operations and future bookings. Several MCK hotels had received cancellations and the
revenue lost to date would be between $2 million to $3 million which would not be covered by
insurance. MCK was therefore implementing mitigation measures in place urgently and the Board
would be monitoring the situation carefully.

He also said that the MCK Board would continue to oversee progress to ensure that shareholders were
able to receive positive returns despite what are expected to be difficult trading conditions during this
year.

Summary of results:
• Profit after tax and non-controlling interests $49.7 million (2018: $49.4m)
• Profit before tax and non-controlling interests $85.4 million (2018: $85.1m)
• Group revenue $229.7 million (2018: $218.8m)
• Shareholders’ funds excluding non-controlling interests $715.3 million (2018: $640.3m)
• Total assets $1,008.2 million (2018: $898.2m)
• Earnings per share (cents per share) 31.39 cents (2018: 31.21 cents)


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

---

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