MCK 2021 Interim Report

INTERIM REPORT 2021

19
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Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2021
1
SHAREHOLDER UPDATE TO 30 JUNE 2021
Dear MCK Shareholders,
Although it is over a year since the last major national lockdowns which affected all of us, the memory
of what happened in 2020 is still fresh and while we are working towards our path to recovery, many
of the same things which affected us last year are things we still have to deal with.
The latest change in Alert Levels for Greater Wellington in June saw over nine hundred room nights
cancelled across our network, over half of which were for the Copthorne Hotel Wellington Oriental
Bay, and while the financial impact of those cancellations was not material to our overall financial
performance, it served as a reminder to us that COVID-19 continues to have a significant impact on our
employees and our revenue across the country.
The good news is that the work we have put in over the last twelve months to right-size and stabilize
our hotels is working. Although occupancy levels continue to be similar in 2021 to last year, we are
seeing some growth in the domestic corporate and conferences markets as confidence returns to both
market sectors and forward bookings for events are being made. Assuming that there are no major
alert level changes, we believe this trend will continue in the second half of the year and into 2022.
The eight week suspension of the Trans-Tasman Travel Bubble announced recently confirms that we
cannot depend on the Travel Bubble to be a totally reliable source of business. Our domestic markets
remain our primary market and for that reason, our promotions remain focused on New Zealand
travelers as we encourage them to visit regions they have either not explored before or have not been
to in a while.
It is clear that international long-haul travel is very unlikely until some time in 2022 and we have based
our planning on that basis. We continue to liaise with our international clients and agents ahead of the
time when border restrictions will be eased.
To our shareholders and stakeholders, we would like to thank you again for the support and positive
comments and feedback you have provided to our employees and about our hotels not only in 2021
but indeed over the past twelve months. We love hearing from you and we are very grateful for the
positivity as we slowly build back to where we were before.
Results summary
MCK as a group made an unaudited profit before tax and non-controlling interests of $41.36 million
for the six month period ended 30 June 2021 (2020: $26.26 million). The main contributors to these
results were sales of residential sections from our majority-owned subsidiary CDL Investments New
Zealand Limited which continues to trade strongly and the sale of the Copthorne Hotel Christchurch
Central land in May 2021. Four apartment sales at the Zenith Residences in Sydney settled during the
last six months also contributed to this result
MCK has therefore recorded a profit after income tax and non-controlling interests of $25.34 million
(2020: $34.09 million) on group revenue for the period of $98.36 million (2020: $84.74 million). Our
earnings per share for the period decreasing to 16.02 cents per share (2020: 21.55 cps) reflecting the

Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2021
2
impact of last year’s one-off tax credit from the Government’s COVID-19 Business Continuity Package.
MCK’s Net Tangible Assets per share as at 30 June 2021 which was $4.86 per share (2020: $4.44
per share).

New Zealand Hotel Operations
For the first half of this year, MCK’s hotel operations made a pretax profit of $33,000 (2020: $3.69
million) excluding the one-off item from other income. EBITDA for the same period excluding the one-
off item from other income was $5.25 million (2020: $8.58 million). These results reflects the lack of
two months pre-COVID summer trading seen in 2020, the impact of not having the wage subsidy or
other Government support in this period and continued reliance on the domestic markets for business.
While the result might appear to be marginal, we believe that it is actually satisfactory given the
operational levels of occupancy seen during this period (2021: 40.5%; 2020: 42.7%) and also takes
into the account the impact of the short lockdown in February in Auckland and the change of alert
levels across New Zealand in February and in Wellington in June. Good occupancies in our regional
hotels are being seen but these positive signs need to be balanced with reduced occupancies in the
main centres and increased competition in resort locations.
Hotel operations and management in New Zealand will continue to be challenging for the foreseeable
future. Staff and skill shortages are the biggest issues facing the industry as a whole currently and how
to bridge the capacity and skills gap is a priority for MCK and other operators.
MCK continues to adopt a cautious and conservative approach to its use of resources and expenditure.
Financially, we remain sound with sufficient reserves and balance sheet strength to see out a change
in trading conditions should they occur.
As we announced in April, MCK issued injunction proceedings against the Waitangi National Trust
Board in relation to the renewal of its ground lease for the Copthorne Hotel & Resort Bay of Islands.
Matters relating to the renewal are still being discussed between the parties through their lawyers and
it is hoped that matters can be resolved without the need to proceed to arbitration.
Grand Millennium Auckland and M Social Auckland both continue to undertake managed isolation
facility business and are likely to do so for the remainder of this year. All staff working at both hotels
have been fully vaccinated and the deadline to comply set by the Government was met. We continue to
have a positive working relationship with the Ministry of Business, Innovation and Employment which
is the lead government agency for managed isolation and returnee feedback about their managed
isolation stay is for the most part very positive.
Refurbishment work on the public areas and one level of guest rooms commenced at Millennium Hotel
Queenstown and will be completed at the end of Q4 as part of the staged refurbishment of the hotel. A
partial reopening of the hotel was made on 22nd July. Work will also commence shortly at Millennium
Hotel Rotorua on a selected section of the hotel. Kingsgate Hotel Greymouth was closed in April ahead
of extensive demolition and refurbishment works which will see the hotel rebranded to Copthorne
standard when it reopens in Q4 2021.

Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2021
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CDL Investments New Zealand Limited (‘CDL’)
CDL has continued to trade positively in 2021 and recorded an unaudited operating profit after tax
for the six months ended 30 June 2021 of $20.75 million (2020: $13.74 million). Sales in Auckland,
Hamilton and Canterbury were recorded and CDL is on track better its 2020 results which will in turn
bolster MCK’s results as well.

Australia update:
We recorded four sales of apartments at the Zenith Residences, Sydney in the first half of the year. We
are aiming to sell additional apartments in the second half of the year and we are currently reviewing
our sales strategy as buyers are showing renewed interest in inner city apartments.

Outlook
As we said at the start of this update, there are positive signs as confidence returns to the markets
and we have reasons to be optimistic should the current trading environment continue. At our annual
meeting of shareholders, we stated that our focus was on positioning our operations to ensure that we
can take advantage of market growth wherever it arises and whenever it appears. Shareholders can
take heart that we are confident that we will be able to achieve this aim through the projects and other
initiatives we are undertaking this year.
However, the Alert Level Changes we have seen already in Auckland and Wellington so far could well
be repeated before the end of the year. While we hope that this will not be the case, the impact of
any significant change or even lockdown could well have a material bearing on any forecast revenue
or profit. While we remain confident that MCK still has sufficient resources to endure a period where
trading is not possible at some or all of its New Zealand hotels, we have factored in the potential
effects of such an event or events. We think this is a prudent approach to adopt until such time as
New Zealand’s international borders can be safely reopened and travel to and from New Zealand can
resume to pre-pandemic levels which will not be until some time in 2022 at the earliest.
We are therefore understandably cautious about making statements about the second half of this year
and about what we are forecasting for our year-end results presently. There remains a high degree of
uncertainty due to the pandemic and the Board will be monitoring MCK’s trading patterns, revenue and
profitability very closely during the coming months and will look to provide clearer guidance towards
the end of the calendar year.
In the meantime, we look forward to welcoming everyone to our hotels across the country whether it
is for leisure or business. You can be assured of a warm welcome and the very best hospitality we have
to offer wherever you choose to go.
Colin Sim
Chairman
2 August 2021
BK Chiu
Managing Director

Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2021
4
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Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2021
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The attached notes form part of, and are to be read in conjunction with, these financial statements.
Dollars in thousandsNote
Unaudited
6 months
to 30/06/21
Unaudited
6 months
to 30/06/20
Revenue 98,360 84,743
Cost of sales (46,938) (39,260)
Gross profit 51,422 45,483
Other income2(c) 10,292 -
Administrative expenses (11,051) (10,416)
Other operating expenses (9,435) (9,674)
Operating profit before finance Income 41,228 25,393
Finance income 819 1,881
Finance costs (688) (1,017)
Net finance income 131 864
Profit before income tax 41,359 26,257
Income tax expense9 (b) (8,655) (7,367)
Income tax credit arising from change in building depreciation9 (b) - 20,060
Profit for the period 32,704 38,950
Profit for the period attributable to:
Equity holders of the parent 25,342 34,090
Non-controlling interests 7,362 4,860
Profit for the period 32,704 38,950
Basic earnings per share (cents)416.02c21.55c
Diluted earnings per share (cents)416.02c21.55c
Condensed Interim Income Statement
For the six months ended 30 June 2021
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries

Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2021
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The attached notes form part of, and are to be read in conjunction with, these financial statements.
Dollars in thousandsNote
Unaudited
6 months
to 30/06/21
Unaudited
6 months
to 30/06/20
Profit for the period 32,704 38,950
Other comprehensive income
Items that will not be reclassified to profit or loss
Devaluation of property, plant and equipment9 (c) - (49,963)
- Tax expense on devaluation of property, plant and equipment9 (b) - 13,990
- (35,973)
Items that are or may be reclassified to profit or loss
Foreign exchange translation movements 380 1,350
- Tax (expense)/credit on foreign exchange9 (b) - (2)
380 1,348
Total comprehensive income for the period
33,084 4,325
Total comprehensive income for the period attributable to:
Equity holders of the parent 25,722 (535)
Non-controlling interests 7,362 4,860
Total comprehensive income for the period 33,084 4,325
DETAILS OF SPECIFIC RECEIPTS/OUTLAYS, REVENUE/EXPENSES
Classified under:
Administrative expenses
Audit fees (157) (159)
Other operating expenses
Depreciation of Property, Plant & Equipment (4,112) (4,292)
Depreciation of Investment Property (25) -
Depreciation of Right-Of-Use Assets (769) (823)
Leasing and rental expenses (81) (84)
Finance income
Interest income 819 1,849
Foreign exchange gain - 32
Finance costs
Interest expense (92) (499)
Interest expense on lease liability (481) (499)
Foreign exchange loss (100) (4)
Condensed Interim Statement of Comprehensive Income
For the six months ended 30 June 2021
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries

Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2021
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The attached notes form part of, and are to be read in conjunction with, these financial statements.
For the six months ended 30 June 2018
Attibutable to Equity Holders of the Group
Dollars in thousandsNote
Unaudited
Share
Capital
Unaudited
Revaluation
Reserves
Unaudited
Exchange
Reserves
Unaudited
Accumulated
Losses
Unaudited
Treasury
Stock
Unaudited
Total
Unaudited
Non-
controlling
Interests
Unaudited
Total
Equity
Balance at 1 January 2020 383,266 274,495 (3,319) 60,837 (26) 715,253 91,747 807,000
Movement in revaluation
reserve
- (35,973) - - - (35,973) - (35,973)
Movement in exchange
translation reserve
- - 1,348 - - 1,348 - 1,348
Income and expense
recognised directly in equity
- (35,973) 1,348 - - (34,625) - (34,625)
Profit for the period - - - 34,090 - 34,090 4,860 38,950
Total comprehensive income
for the period
- (35,973) 1,348 34,090 - (535) 4,860 4,325
Transactions with owners,
recorded directly in equity :
Dividends paid to:
Equity holders of the
parent
5 - - - (11,866) - (11,866) - (11,866)
Non-controlling interests - - - - - - (3,679) (3,679)
Movement of non-controlling
interests without a change
in control
- - - (49) - (49) 1,329 1,280
Supplementary dividends5 - - - (256) - (256) - (256)
Foreign investment tax credits - - - 256 - 256 - 256
Balance at 30 June 2020 383,266 238,522 (1,971) 83,012 (26) 702,803 94,257 797,060
Balance at 1 January 2021 383,266 267,222 (1,699) 94,884 (26) 743,647 99,352 842,999
Transfer of Revaluation
Reserve to Retained Earnings
upon disposal of PP&E
- (5,578) - 5,578 - - - -
Movement in exchange
translation reserve
- - 380 - - 380 - 380
Income and expense
recognised directly in equity
- (5,578) 380 5,578 - 380 - 380
Profit for the period - - - 25,342 - 25,342 7,362 32,704
Total comprehensive income
for the period
- (5,578) 380 30,920 - 25,722 7,362 33,084
Transactions with owners,
recorded directly in equity :
Dividends paid to:
Equity holders of the
parent
5 - - - - - - - -
Non-controlling interests - - - - - - (3,754) (3,754)
Movement of non-controlling
interests without a change
in control
- - - (204) - (204) 1,539 1,335
Balance at 30 June 2021 383,266 261,644 (1,319) 125,600 (26) 769,165 104,499 873,664
Condensed Interim Statement of Changes in Equity
For the six months ended 30 June 2021
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries

Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2021
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The attached notes form part of, and are to be read in conjunction with, these financial statements.
Dollars in thousandsNote
Unaudited
as at
30/06/21
Audited
as at
31/12/20
Unaudited
as at
30/06/20
SHAREHOLDERS’ EQUITY
Issued capital3 383,266 383,266 383,266
Reserves 385,925 360,407 319,561
Treasury stock3 (26) (26) (26)
Non-controlling interests 104,499 99,352 94,259
Total equity 873,664 842,999 797,060
Represented by:
NON CURRENT ASSETS
Property, plant and equipment9 (c) 562,338 566,090 539,953
Development properties 147,825 156,880 169,250
Investment Properties 8,401 3,325 -
Investment in associates 2 2 2
Total non-current assets 718,566 726,297 709,205
CURRENT ASSETS
Cash and cash equivalents 94,398 20,766 26,301
Short term bank deposits 131,448 177,274 156,045
Trade and other receivables 10,715 12,170 13,263
Trade receivables due from related parties6 168 - 206
Inventories 1,191 1,352 1,315
Assets Classified as Held for Sale - 7,708 -
Development properties 27,839 42,342 48,705
Total current assets 265,759 261,612 245,835
Total assets 984,325 987,909 955,040
NON CURRENT LIABILITIES
Interest-bearing loans and borrowings 3,000 38,000 67,000
Lease Liabilities 13,842 14,005 14,219
Provision for deferred taxation9 (b) 59,845 60,077 50,535
Total non-current liabilities 76,687 112,082 131,754
CURRENT LIABILITIES
Interest-bearing loans and borrowings - - 297
Trade and other payables 26,711 24,068 19,084
Trade payables due to related parties6 3,976 4,490 4,743
Lease Liabilities 455 478 472
Income tax payable 2,832 3,792 1,630
Total current liabilities 33,974 32,828 26,226
Total liabilities 110,661 144,910 157,980
Net assets 873,664 842,999 797,060
Condensed Interim Statement of Financial Position
As at 30 June 2021
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries

Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2021
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The attached notes form part of, and are to be read in conjunction with, these financial statements.
Dollars in thousandsNote
Unaudited
6 months
to 30/06/21
Unaudited
6 months
to 30/06/20
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers
99,614 92,404
Interest received
1,020 1,858
100,634 94,262
Cash was applied to:
Payments to suppliers and employees
(35,616) (47,010)
Interest paid
(101) (655)
Income tax paid (9,855) (11,977)
(45,572) (59,642)
Net cash inflow from operating activities 55,062 34,620
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from/(applied to):
Purchase of property, plant and equipment
(1,169) (3,167)
Purchase of investment property
(5,101) -
Proceed from the sale of asset held for sale
17,000 -
Increase in short term bank deposits
45,826 (33,996)
Net cash outflow from investing activities 56,556 (37,163)
CASH FLOWS FROM FINANCING ACTIVITIES
Drawdown of borrowings
- 297
Repayment of borrowings
(35,000) -
Principal repayment of lease liability
(700) (720)
Dividends paid to shareholders of Millennium & Copthorne
Hotels New Zealand Ltd5
- (11,866)
Dividends paid to non-controlling interests
(3,754) (3,679)
Net cash outflow from financing activities (39,454) (15,968)
Net (decrease)/increase in cash and cash equivalents
72,164 (18,511)
Add opening cash and cash equivalents
20,766 43,182
Exchange rate adjustment
1,468 1,630
Closing cash and cash equivalents 94,398 26,301
Condensed Interim Statement of Cash Flows
For the six months ended 30 June 2021
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries

Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2021
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The attached notes form part of, and are to be read in conjunction with, these financial statements.
Dollars in thousandsNote
Unaudited
6 months
to 30/06/21
Unaudited
6 months
to 30/06/20
RECONCILIATION OF NET PROFIT FOR THE PERIOD
TO CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the period 32,704 38,950
Adjusted for non cash items:
(Gain)/Loss on Sale of Fixed Assets 1 -
(Gain)/Loss on Sale of Asset Held For Sale2 (c) (10,292) -
Foreign Exchange (Gain)/ Loss 100 (28)
Depreciation of Property, Plant & Equipment 4,111 4,290
Depreciation of Right-Of-Use Assets 769 823
Depreciation of Investment Property 25 -
Income tax expense / (credit) 9 (b) 8,656 (12,693)
Adjustments for movements in working capital:
Decrease in receivables 1,455 7,670
Decrease in inventories 161 300
(Increase)/Decrease in development properties 23,771 11,576
Increase/(Decrease) in payables 4,240 (4,325)
Increase/(Decrease) in related parties (682) 689
Cash generated from operations 65,019 47,252
Interest paid (101) (655)
Income tax paid (9,856) (11,977)
Net cash inflow from operating activities55,062 34,620
Reconciliation of movement of liabilities to cash flows arising
from financing activities
As at 01 Jan 38,000 67,000
Proceeds from borrowings - 297
Repayment of borrowings (35,000) -
Financing cash flows (35,000) 297
As at 30 Jun3,000 67,297
Condensed Interim Statement of Cash Flows
For the six months ended 30 June 2021
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries

Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2021
11
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2021 (unaudited)
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
1. Significant accounting policies
Millennium & Copthorne Hotels New Zealand Limited is a company domiciled in New Zealand,
registered under the Companies Act 1993 and listed on the New Zealand Stock Exchange. Millennium
& Copthorne Hotels New Zealand Limited (the “Company”) is a Financial Markets Conduct Reporting
Entity in terms of Financial Markets Conduct Act 2013 and the Financial Reporting Act 2013. The
condensed interim financial statements of the Company for the six months ended 30 June 2021
comprise the Company and its subsidiaries (together referred to as the “Group”). The registered
office is located at level 13, 280 Centre, 280 Queen Street, Auckland, New Zealand.
The principal activities of the Group are ownership and operation of hotels in New Zealand;
residential development and sale of land in New Zealand; and development and sale of residential
units in Australia.
The condensed interim financial statements were authorised for issuance on 2 August 2021.
(a) Statement of compliance
The condensed interim financial statements have been prepared in accordance with New Zealand
Generally Accepted Accounting Practice (NZ GAAP). They comply with NZ IAS 34 Interim Financial
Reporting. The condensed interim financial statements do not include all of the information required
for full annual financial statements.
The accounting policies and methods of computation applied by the Group in these condensed interim
financial statements are the same as those applied by the Group in its financial statements for the year
ended 31 December 2020.
2. Segment reporting
Segment information is presented in the condensed interim financial statements in respect of the
Group’s reporting segments. Operating segments are the primary basis of segment reporting. The
Group has determined that its chief operating decision maker is the Board of Directors on the basis
that it is this group which determines the allocation of resources to segments and assesses their
performance.
Inter-segment pricing is determined on an arm’s length basis. Segment results include items directly
attributable to a segment as well as those that can be allocated on a reasonable basis.
Segment capital expenditure is the total cost incurred during the period to acquire segment assets
that are expected to be used for more than one period.
Operating segments
The Group consisted of the following main operating segments:
• Hotel operations, comprising income from the ownership and management of hotels.
• Residential land development, comprising the development and sale of residential land sections.
• Investment property, comprising rental income from the ownership and leasing of retail shops.
• Residential property development, comprising the development and sale of residential apartments.
Geographical segments
The Group operates in the following main geographic segments:
• New Zealand
• Australia
Segment revenue is based on the geographical location of the asset. The Group has no major
customer representing greater than 10% of the Group’s total revenue.

Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2021
12
2.
Segment reporting - continued
(a) Operating Segments
Hotel Operations
Residential Land
Development
Investment Property
Residential Property
Development
Group
Dollars in thousands
6 months
to
30/06/21
6 months
to
30/06/20
6 months
to
30/06/21
6 months
to
30/06/20
6 months
to
30/06/21
6 months
to
30/06/20
6 months
to
30/06/21
6 months
to
30/06/20
6 months
to
30/06/21
6 months
to
30/06/20
External revenue
31,069
35,755
61,255
40,955
16
-
6,020
8,033
98,360
84,743
Other Income – Note 2(c)
10,292
-
-
-
-
-
-
-
10,292
-
Earnings before interest, depreciation & amortisation
15,547
8,582
28,525
18,589
10
-
2,052
3,337
46,134
30,508
Finance income
327
1,221
324
504
-
-
168
156
819
1,881
Finance expense
(686)
(1,015)
(2)
(1)
-
-
-
(1)
(688)
(1,017)
Depreciation and amortisation
(4,107)
(4,287)
(1)
-
(25)
-
(4)
(5)
(4,137)
(4,292)
Depreciation of Right-of-use assets
(756)
(811)
(7)
(7)
-
-
(6)
(5)
(769)
(823)
Profit before income tax
10,325
3,690
28,839
19,085
(15)
-
2,210
3,482
41,359
26,257
Income tax expense
78
(979)
(8,075)
(5,344)
4
-
(662)
(1,044)
(8,655)
(7,367)
Income tax credit arising from change in building depreciation
-
20,060
-
-
-
-
-
-
-
20,060
Profit after income tax
10,403
22,771
20,764
13,741
(11)
-
1,548
2,438
32,704
38,950
Cash & cash equivalents and short

term bank deposits
56,211
88,434
132,450
67,351
-
-
37,185
26,561
225,846
182,346
Other segment assets
567,638
550,557
143,850
176,686
8,401
-
38,588
45,449
758,477
772,692
Investment in associates
-
-
2
2
-
-
-
-
2
2
Total assets
623,849
638,991
276,302
244,039
8,401
-
75,773
72,010
984,325
955,040
Segment liabilities
(41,067)
(102,470)
(5,028)
(1,755)
-
-
(1,889)
(1,590)
(47,984)
(105,815)
Tax liabilities
(58,870)
(49,347)
(3,807)
(1,511)
-
-
-
(1,307)
(62,677)
(52,165)
Total liabilities
(99,937)
(151,817)
(8,835)
(3,266)
-
-
(1,889)
(2,897)
(110,661)
(157,980)
Property, plant and equipment expenditure
1,163
3,157
2
6
-
-
3
5
1,168
3,168
Investment property expenditure
-
-
-
-
5,101
-
-
-
5,101
-
Residential land development expenditure
-
-
9,141
11,841
-
-
-
-
9,141
11,841
Notes to the Condensed Interim Financial StatementsFor the six months ended 30 June 2021 (unaudited)Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries

Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2021
13
2.
Segment reporting – continued
(b) Geographic Segments
New Zealand
Australia
Group
6 months
to 30/06/21
6 months
to 30/06/20
6 months
to 30/06/21
6 months
to 30/06/20
6 months
to 30/06/21
6 months
to 30/06/20
Dollars in thousandsExternal revenue
92,340
76,710
6,020
8,033
98,360
84,743
Other Income – Note 2(c)
10,292
-
-
-
10,292
-
Earnings before interest, depreciation & amortisation
44,090
27,184
2,044
3,324
46,134
30,508
Finance income
651
1,725
168
156
819
1,881
Finance expense
(688)
(1,016)
-
(1)
(688)
(1,017)
Depreciation and amortisation
(4,133)
(4,287)
(4)
(5)
(4,137)
(4,292)
Depreciation of Right-of-use assets
(763)
(818)
(6)
(5)
(769)
(823)
Profit before income tax
39,157
22,788
2,202
3,469
41,359
26,257
Income tax expense
(7,995)
(6,326)
(660)
(1,041)
(8,655)
(7,367)
Income tax credit arising from change in building depreciation
-
20,060
-
-
-
20,060
Profit after income tax
31,162
36,522
1,542
2,428
32,704
38,950
Cash & cash equivalents and short term bank deposits
188,665
155,786
37,181
26,560
225,846
182,346
Other segment assets
719,946
727,547
38,531
45,145
758,477
772,692
Investment in associates
2
2
-
-
2
2
Total assets
908,613
883,335
75,712
71,705
984,325
955,040
Segment liabilities
(46,135)
(104,263)
(1,849)
(1,552)
(47,984)
(105,815)
Tax liabilities
(62,677)
(50,859)
-
(1,306)
(62,677)
(52,165)
Total liabilities
(108,812)
(155,122)
(1,849)
(2,858)
(110,661)
(157,980)
Property, plant and equipment expenditure
1,165
3,163
3
5
1,168
3,168
Residential land development expenditure
5,101
-
-
-
5,101
-
Purchase of land for residential land development
9,141
11,841
-
-
9,141
11,841
2 (c)
Other income

Other income comprised the gain on sale of assets classified as held for sale.
Notes to the Condensed Interim Financial StatementsFor the six months ended 30 June 2021 (unaudited)Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries

Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2021
14
3. Share capital
Ordinary sharesRedeemable preference shares
Shares$ 000sShares$ 000s
Total shares issued – fully paid
Balance at 30 June 2020105,578,290350,04852,739,54333,218
Balance at 30 June 2021105,578,290350,04852,739,54333,218
Ordinary shares repurchased
and held as treasury stock
Balance at 30 June 2020(99,547)(26)--
Balance at 30 June 2021(99,547)(26)--
Shares issued – fully paid
Balance at 30 June 2020105,478,743350,02252,739,54333,218
Balance at 30 June 2021105,478,743350,02252,739,54333,218
At 30 June 2021, the authorised share capital consisted of 105,578,290 ordinary shares (2020:
105,578,290 ordinary shares) with no par value and 52,739,543 redeemable preference shares
(2020: 52,739,543) with no par value.
4. Earnings per share
The basic earnings per share of 16.02 cents (30 June 2020: 21.55 cents) is based on the profit
attributable to ordinary shareholders of $25.34 million (30 June 2020: $34.09 million) and weighted
average number of ordinary shares and redeemable preference shares outstanding during the period
ended 30 June 2021 of 158,218,286 (30 June 2020: 158,218,286).
The redeemable preference shares are included in the computation of earnings per share as they
rank equally with ordinary shares in respect of distributions made by the Company except any
distribution in the case of liquidation.
The calculation of diluted earnings per share of 16.02 cents (30 June 2020: 21.55 cents) is the same
as basic earnings per share.
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2021 (unaudited)
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries

Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2021
15
5. Dividends
The following dividends were paid during the interim periods:
Group
Dollars In Thousands
Unaudited
30/06/21
Unaudited
30/06/20
Ordinary dividend: NIL cents per qualifying share
(2020: 7.5 cents)
-11,866
Supplementary dividend: NIL cents per qualifying share
(2020: 1.3235 cents)
-256
-12,122
6. Related party transactions
Millennium & Copthorne Hotels New Zealand Limited is a 75.78% (2020: 75.78%) (economic
interests from both ordinary and preference shares) owned subsidiary of CDL Hotels Holdings New
Zealand Limited which is a wholly owned subsidiary of Millennium & Copthorne Hotels Ltd in the
United Kingdom. The ultimate parent company is Hong Leong Investment Holdings Pte Limited in
Singapore.
At balance date there were related party advances owing from/(owing to) the following related
companies:
Group
Dollars In Thousands
Nature of balanceUnaudited
30/06/21
Unaudited
30/06/20
Trade payables and receivables due to related parties
Millennium & Copthorne Hotels LimitedRecharge of expenses(3,365)(3,536)
Millennium & Copthorne International LimitedRecharge of expenses
& provision of
management and
marketing support102276
CDL Hotels Holdings New Zealand LimitedRecharge of expenses6630
CDLH (BVI) One Limited Rent payment(611)(1,207)
(3,808)(4,538)
No debts with related parties were written off or forgiven during the period. No interest was charged
on these payables during 2021 and 2020. There are no set repayment terms.
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2021 (unaudited)
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries

Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2021
16
7. Capital commitments
As at 30 June 2021, the Group has entered into contractual commitments for capital expenditure and
development expenditure.
Group
Dollars In Thousands
Unaudited
30/06/2021
Unaudited
30/06/2020
Capital expenditure on property, plant and equipment1,076468
Development expenditure12,88819,160
Capital expenditure on investment properties24,675-
Land purchases56,2581,272
94,89720,900
As at 30 June 2021, the Group had entered into contractual commitments for development expenditure,
construction of investment properties, and purchases of land. Contractual agreements for the purchase
of land are subject to a satisfactory outcome of the Group’s due diligence process, board approval, and
OIO approval. Development expenditure represents amounts contracted and forecast to be incurred in
the remainder of 2021 in accordance with the Group’s development programme.
8. Changes in contingent liabilities and contingent assets since last annual balance
sheet date
The Group has no other contingent liabilities or contingent assets at balance date.
9. COVID-19 pandemic update
(a) Wage subsidy scheme
The Group has applied for and received $350 in respect of COVID-19 Short-term Absence payment for
an employee. This is the only government assistance received by the Group in the current period. In the
previous period, the Group applied for the Government’s Wage Subsidy Scheme on 27 March 2020 and
received a net sum of $6.70 million. The Group’s owned and managed hotels were eligible to apply as the
hotels suffered a decline of 41.9% in total revenues in March 2020 against the comparative period in 2019.
This amount covered a period of 12 weeks which ended on 21 June 2020.
The Group subsequently applied for the Wage Subsidy Extension and received a total of $1.82 million which
covers the period from 22 June to 16 August 2020. The Group’s owned and managed hotels were eligible
to apply for the Government’s Wage Subsidy Extension Scheme as the hotels suffered a decline of 58.7% in
total revenues in the 30 day period from 24 May to 23 June 2020 against the comparative period in 2019.
The wage subsidies were applied as a deduction against payroll costs in personnel expenses in accordance
with NZ IAS 20. The personnel expenses are included in cost of sales, administration expenses and other
expenses in the income statement.
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2021 (unaudited)
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries

Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2021
17
9. COVID-19 pandemic update – continued
Personnel expenses
Group
Dollars In Thousands20212020
Wages and salaries13,56719,962
Wage subsidies-(5,507)
Employee related expenses and benefits673464
Contributions to defined contribution plans252369
Increase/(decrease) in liability for long-service leave(73)(51)
14,41915,237
(b) Tax changes
During March 2020, the Government released its Business Continuity Package in response to the economic
impact of COVID-19. Included in the Business Continuity Package (COVID-19 Response (Taxation and
Social Assistance Urgent Measure) Act 2020) was the reintroduction of tax depreciation on commercial
and industrial buildings. With effect from 1 January 2020, the Group is now able to depreciate, at 2.0%
diminishing value method, the core components of the hotel buildings previously depreciated at 0.0% for
tax purposes. As a result, the deferred tax liability is reduced by $20.06 million with a deferred tax credit
of the same amount booked into the profit and loss in the previous period.
Income tax expense
Recognised in the income statement
Group
Dollars In Thousands20212020
Current tax expense
Current year8,8887,752
Adjustments for prior years--
8,8887,752
Deferred tax expense
Origination and reversal of temporary difference(233)(385)
Change in treatment of building depreciation-(20,060)
Adjustments for prior years--
(233)(20,445)
Total income tax expense/(credit) in the income statement8,655(12,693)
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2021 (unaudited)
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries

Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2021
18
9. COVID-19 pandemic update – continued
Reconciliation of tax expense
Group
Dollars In Thousands20212020
Profit before income tax41,35926,257
Income tax at the company tax rate of 28% (2020:28%)11,5817,352
Adjusted for:
Non-deductible expenses--
Tax rate difference (if different from 28% above)4569
Tax exempt income(2,971)(54)
Change in treatment of building depreciation-(20,060)
Total income tax expense/(credit)8,655(12,693)
Effective tax rate21%(48)%
Deferred tax expense/(credit) recognised in other comprehensive income
Group
Dollars In Thousands20212020
Relating to devaluation of property, plant and equipment-(13,990)
Relating to foreign currency translation of foreign subsidiaries-2
-(13,988)
Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is recognised in
the income statement except to the extent that it relates to items recognised directly in other comprehensive
income or equity, in which case it is recognised in other comprehensive income or equity.
(c) Property, Plant and Equipment
Due to the unprecedented nature of the trading conditions from the Alert Level 2, 3, and 4 lockdowns during
the first half of 2020, the Group’s hotel properties were subjected to an internal review for fair value at 30
June 2020. At that reporting date, there was market uncertainty with the COVID-19 pandemic surging
globally. The market was uncertain in regards to the recovery of tourism and accommodation sector and
was dependent on several factors which were then unknown and evolving at that time. These factors chiefly
were: the success of health bodies worldwide to control the pandemic; the recovery of economies in key
markets; the opening up of closed borders for international air travel; and the increase in domestic travel
after lockdowns.
Based on the internal review and in accordance with the Group’s accounting policies the respective
properties’ land and buildings were revalued to their fair value. At 30 June 2020, a total of $49.96 million
was deducted from the carrying values of land and buildings and the amount after tax was deducted from
the asset revaluation reserves in equity. Details of annual growth rates, pre-tax discount rates, and the
valuation methodology applied are disclosed in the previous interim financial statements.
Given that the entire portfolio of 14 hotel properties were subjected to an external professional valuation
at 31 December 2020, the next external and internal reviews based on the Group’s triennial cycle will be
required at the next reporting date.
10. Subsequent event
Subsequent to balance date, the Group settled the acquisition of 69.4 hectares of land at Havelock North.
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2021 (unaudited)
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries

Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2021
19
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Top Holders (Ordinary Shares) as at 25 August 2021
Top Holders Redeemable Preference Shares as at 25 August 2021
Shareholder Information and Disclosures
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Rank Name Units % of Units
1. CDL HOTELS HOLDINGS NEW ZEALAND LIMITED 45,224,095 85.75
2. BNP PARIBAS NOMINEES (NZ) LIMITED - NZCSD 2,945,671 5.59
3. HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD 1,683,950 3.19
4. ACCIDENT COMPENSATION CORPORATION - NZCSD 935,848 1.77
5. LENG BENG KWEK 453,000 0.86
6. NATIONAL NOMINEES LIMITED - NZCSD 269,771 0.51
7. KAY HONG CHIAM 211,324 0.40
8. ASB NOMINEES LIMITED 130,451 0.25
9. CUSTODIAL SERVICES LIMITED 128,955 0.24
10. ALAN DAVID WHITE 110,130 0.21
11. GRAEME STUART LORD & LISA ANNE LORD 63,625 0.12
12. JENNIFER GAYE SIMPSON 43,000 0.08
13. AOTEAROA RENTAL ENTERPRISES LIMITED 42,200 0.08
14. THEODORE JOHN VAN GELDERMALSEN & MARGARET GAY FREEMANTLE 38,000 0.07
15. HOWARD CEDRIC ZINGEL 31,592 0.06
16. ROGER EDWARD HAYWARD & SUSAN ELIZABETH HAYWARD (TENANTS IN COMMON) 28,909 0.05
17. AIKEN & ASSOCIATES LIMITED 23,593 0.04
18. SEA AND PEAK EQUITIES LIMITED 23,400 0.04
19. HAMISH ARTHUR JAMIESON 22,500 0.04
20. WALTER BRENT SHEATHER & SHEATHER TRUSTEES (HTS) LIMITED 16,026 0.03
TOTALS: TOP 20 HOLDERS OF REDEEMABLE PREFERENCE SHARES (TOTAL) 52,426,040 99.41
Rank Name Units % of Units
1. CDL HOTELS HOLDINGS NEW ZEALAND LIMITED 74,743,077 70.79
2. BNP PARIBAS NOMINEES (NZ) LIMITED - NZCSD 6,187,777 5.86
3. ACCIDENT COMPENSATION CORPORATION - NZCSD 3,819,246 3.62
4. CITIBANK NOMINEES (NEW ZEALAND) LIMITED - NZCSD 2,898,478 2.75
5. NATIONAL NOMINEES LIMITED - NZCSD 1,956,703 1.85
6. HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD 1,619,209 1.53
7. HSBC NOMINEES (NEW ZEALAND) LIMITED A/C STATE STREET -NZCSD 1,296,193 1.23
8. LENG BENG KWEK 906,000 0.86
9. JPMORGAN CHASE BANK NA NZ BRANCH-SEGREGATED CLIENTS ACCT - NZCSD 821,578 0.78
10. AMALGAMATED DAIRIES LIMITED 684,980 0.65
11. NEW ZEALAND DEPOSITORY NOMINEE LIMITED (1 CASH ACCOUNT) 671,611 0.64
12. KAY HONG CHIAM 475,251 0.45
13. MFL MUTUAL FUND LIMITED - NZCSD 463,297 0.44
14. CUSTODIAL SERVICES LIMITED 365,163 0.35
15. CUSTODIAL SERVICES LIMITED 361,350 0.34
16. JALAER INVESTMENTS LIMITED 278,977 0.26
17. ASB NOMINEES LIMITED 182,500 0.17
18. GEOK LOO GOH 168,002 0.16
19. WEI-YONG QIAN 165,000 0.16
20. SITA SINGH 151,000 0.14
TOTALS: TOP 20 HOLDERS OF ORDINARY SHARES (TOTAL) 98,215,392 93.02

2021/2022 SHAREHOLDER DISCOUNT CARD
As a valued shareholder of Millennium & Copthorne
Hotels New Zealand Limited, we are pleased to
offer a shareholder discount of 20 percent off our
Best Available Fully Flexible Rate applicable at the
time of booking and 12.00pm check-out (subject to
availability) at participating Millennium, Copthorne
and Kingsgate hotels in New Zealand.
Please note: the participating hotels are
Millennium Hotel New Plymouth / Queenstown / Rotorua
Copthorne Hotel Auckland City / Bay of Islands / Palmerston
North / Queenstown Lakefront / Queenstown Lakeview /
Rotorua / Wellington Oriental Bay / Kingsgate Hotel
Dunedin / Greymouth / Te Anau
Terms and Conditions: Shareholder Discount is available to current shareholders of Millennium & Copthorne Hotels New Zealand Limited for private bookings (maxi-
mum 2 rooms) only. The discount is 20% off the Best Available Fully Flexible Rate applicable at time of booking and does not apply to any other previously discounted
/ special rate. Where available, a check-out time of 12.00pm may be requested. Reservations must be made via the internet (www.millenniumhotels.com), by e-mail
to central.res@millenniumhotels.co.nz or by telephone (0800 808 228 within New Zealand). The promo code MCKSHR must be used. Please present this card upon
check-in. Card is valid until 30 September 2022 or when you cease to be a shareholder, whichever is the earlier.
Dear Valued Shareholder,
YOUR 2021/2022 SHAREHOLDER DISCOUNT CARD
Thank you for your continued support of our Millennium, Copthorne and Kingsgate Hotels and Resorts.
I am pleased to enclose your 2021/2022 Shareholder Discount Card along with our 2021 Half Year Report.
We are continuing the shareholder discount at 20 percent off our Best Available Fully Flexible Rate. This
discount is available at our participating hotels and has no fees should you decide to cancel before the date of
arrival. While we will be offering promotions that might be cheaper than this discounted price from time to
time, such promotions have a strictly limited timeframe. We hope that you will find this an attractive discount
and we do encourage you to use it.
In order to receive the discount, please make your bookings through our website www.millenniumhotels.com
using promo code MCKSHR, by e-mail (central.res@millenniumhotels.co.nz) or via our Central Reservations
Office on 0800 808 228 (within New Zealand only). Bookings cannot be made via the hotel directly.
In addition to the Shareholder Discount, we have a range of other special offers and promotions available.
You can find these on www.millenniumhotels.com and awaytogo.co.nz.
To subscribe to our e-newsletter, please email marketing@millenniumhotels.co.nz.
We look forward to your custom at our Millennium, Copthorne and Kingsgate Hotels and Resorts throughout
New Zealand in the near future.
Yours faithfully,
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED
BK Chiu
Managing Director

HEAD OFFICE
Head Office Tel: (09) 353 5010
Level 13, 280 Queen Street
PO Box 5640, Victoria Street West, Auckland 1142
NATIONAL CONFERENCE OFFICE
Ph: 0800 4 MEETINGS (0800 4 633 846)
Email: meetings@millenniumhotels.co.nz
www.meetingsnz.co.nz
SALES

Email: sales.marketing@millenniumhotels.co.nz
International Sales Tel: (09) 353 5085
Corporate Sales Auckland Tel: (09) 353 5010
Corporate Sales Wellington Tel: (04) 382 0770
CENTRAL RESERVATIONS
Ph: 0800 808 228
Email: central.res@millenniumhotels.co.nz
www.millenniumhotels.com