MCK FY2021 Results and Financial Statements

CHAIRMAN’S REVIEW

Reflecting on 2021

This time last year, we were hopeful that the prospects for 2021 would be better than those in 2020. There was good
cause for optimism as we learned of vaccines that would be made available and the prospect of restrictions
potentially easing as New Zealand pursued its elimination strategy and looked to get on top of the spread of the
virus. That optimism turned out to be short-lived with the arrival of the Delta variant and the re-imposition of
lockdowns initially across the whole of New Zealand but latterly in Auckland.

In 2021, the efforts of our staff were no less extraordinary than in 2020. They continued to adapt to an environment
without international visitors for a second straight year.

Once more, MCK’s Board thanks all of its team members at each of its hotels and corporate offices for their
contributions in 2021. You have done us proud and we are grateful for the work you do each day.

Towards the end of 2021, there were two significant positive matters – in November, we welcomed the unanimous
decision of the Court of Appeal to declare Auckland Council’s Accommodation Provider Targeted Rate as illegal.
We are disappointed that Council has decided to appeal the decision. We are optimistic that the Supreme Court
will affirm the Court of Appeal’s decision.

In December 2021, after a consultation process, MCK announced its vaccination policy which required all employees
and guests to be fully immunized against Covid-19. This has been very well received by our guests and
stakeholders alike, and reflects the general sentiment across the majority of New Zealanders who want and expect
a safe environment when they travel away from home.


Financial Performance & Financial Position

For the year ended 31 December 2021, MCK recorded a profit attributable to owners of the parent of $40.0 million
(2020*: $48.5 million).

Our 2021 results were bolstered by the continued strong performance of our property development operations
through our majority-owned subsidiary, CDL Investments New Zealand Limited and from a one-off gain of $15.9
million on disposal from the sale of land (described as other income). Overall, MCK’s New Zealand hotel operations
recorded a profit before tax of $13.8 million (2020*: $5.5 million). Without the one-off gain from the sale of land,
MCK would have recorded a pre-tax loss of $2.1 million. This was reflected in our earnings per share which
decreased to 25.31 cents per share (2020*: 30.64 cents per share).

Our 2021 revenue totaled $164.8 million (2020: $172.0 million) largely contributed by CDL Investments. There were
no tax credits in 2021 offered by the Government as pandemic support, although MCK’s subsidiary claimed $4.2
million of wage subsidy particularly during the Level 4 and Level 3 lockdowns in 2021. A total of $202,078 of
other Government support such as the Resurgence Support Payment was claimed during the year.

At 31 December 2021, MCK’s shareholders’ funds excluding non-controlling interests was $514.2 million (2020*:
$474.7 million). Total assets increased to $680.8 million (2020*: $664.1 million) with net asset backing (with land
and building at cost and before distributions) also increasing to 324.8 cents per share (2020*: 299.8 cents per
share).




*The 2020 comparative figures are restated due to the fact that during 2021, MCK changed its accounting policy relating to the measurement of
land and buildings. Since 2005 when MCK adopted NZ IFRS, land and buildings have been recorded at fair value. This was different to the
accounting policy used within other members of M&C Group overseas which recognised land and buildings at cost. In order to align with the
overall group accounting policy, MCK made the decision to restate land and buildings at cost. The restatements took effect from 1 January 2005
and the comparatives now reflect this change. Further information can be found in the Notes to the Financial Statements.

New Zealand Hotel Operations

In 2021, we achieved an average occupancy of 36.1% (2020: 39.2%), reflecting the closed New Zealand borders
that, accordingly, the sole reliance on New Zealand residents. The lockdowns affecting Auckland had a severe
effect on travel and accommodation throughout New Zealand and the loss of revenue in the third and fourth quarters
of the year were not able to be recovered.

Despite that, and owing to careful targeted marketing, the average RevPAR (Revenue Per Available Room)
achieved across all of MCK’s hotels was $57.91 (2020: $66.17).

Both Grand Millennium Auckland and M Social Auckland remained in the Managed Isolation programme during
2021 and are contracted to remain as MIQ properties for at least part of 2022.

Kingsgate Hotel Greymouth underwent major refurbishment works for several months in 2021 and is scheduled to
be rebranded to the Copthorne Hotel Greymouth in the first half of 2022. The refurbishment of two levels of guest
rooms at Millennium Hotel Queenstown is ongoing. Additional refurbishments are scheduled to take place at other
hotels in 2022 in anticipation of the return of international visitors.


CDL Investments New Zealand Limited (“CDLI”)

CDLI continued to meet strong demand for its residential sections in 2021 and recorded an operating profit after
tax for the year ended 31 December 2021 of $31.3 million (2020: $30.1 million).

CDLI has maintained its dividend at 3.5 cents per share and MCK’s Board has resolved to take its CDLI dividend
in cash when it is paid in May. Given that CDLI’s profitability and dividend will assist MCK’s overall results in 2022,
MCK is assured that CDI is sufficiently resourced to allow it to continue its sales and development activities in 2022
and that the decision by MCK to take its dividend in cash will not affect CDI’s position.


Australia Update

In 2021, a total of ten apartments were sold at the Zenith Residences in Sydney. This was slightly below
expectations given market conditions in Australia. MCK will continue to market its Zenith Residences for sale but
will adjust its selling strategy given continued strong interest in residential property in Australia.


Dividend Announcement

MCK’s Board has resolved to declare and pay all shareholders a fully imputed dividend of 3.5 cents per share for
2021. The dividend, payable to all shareholders, will be paid on 13 May 2022 with a record date of 6 May 2022. The
dividend is modest and reflects the overall profit made in 2021 but also allows MCK to retain and deploy additional
funds for its ongoing refurbishment and upgrade capital works in 2022 in preparation for 2023 and beyond.


Outlook

The current state of business will continue as long as the pandemic continues to stifle international travel. Those
issues are completely outside MCK’s control and it is already clear that 2022 will be another difficult year. If we have
some cause to be optimistic for the second half of the year, it is that vaccination rates in key markets remain high
and vaccination mandates for travel have become the norm. This should, we hope, allow some level of international
travel to New Zealand to resume in 2022.

The announcements made by the New Zealand Government on 3 February confirming the step plan to reopen the
international borders starting from late February 2022 are good news for Kiwis looking to return home this year.
However, because all of the steps currently require a period of self-isolation for everyone entering New Zealand
regardless of origin, we believe that international visitors will choose destinations other than New Zealand which
do not have such requirements. As the plan also assumes that the international border will reopen to all non-New
Zealand or Australian visitors from October, we do not expect to see a material boost in visitor numbers or to our
revenue this year even if the timeline is brought forward.

The current low occupancy and domestic orientated environment will continue for most, if not all, of this year. We
are looking at a half year of break-even results for H1 2022 for the hotel operations, but expect our property
development activities to continue with their positive momentum throughout 2022. We will continue to take the
opportunity to progressively upgrade and refurbish our hotels across out network in anticipation of better times in
2023 and 2024.

The advantage we have now is that we know the effect of the last two years on our operations and our business.
We are able to scale back quickly if we need to should the current trading situation continue longer than anticipated.
But we are also looking to scale up our operations where demand warrants it and will compete for talent and
resources purposefully to ensure that we remain a leader in the New Zealand accommodation markets.

2022 will also see the conclusion of our Managing Director BK Chiu’s time with the group. On behalf of the Board,
I would like to take this opportunity to thank BK for his tireless efforts over the course of over sixteen-plus years
with MCK and CDI which has seen the group through many difficult challenges including this pandemic. His
significant contribution and leadership has ensured that MCK remains strong. His successor will have big shoes to
fill as MCK continues on its path to recovery over the next few years.



Colin Sim
Chairman
18 February 2022

---

PROPERTY DEVELOPMENT AND ONE-OFF GAIN PUSHES MILLENNIUM &
COPTHORNE HOTELS NEW ZEALAND TO 2021 PROFIT

With hotel operations still affected by the pandemic, Millennium & Copthorne Hotels New Zealand Limited’s (NZX:
MCK) results for the year ended 31 December 2021 were again bolstered by its property development activities,
notably from its majority-owned subsidiary CDL Investments New Zealand Limited.

“There were no magic bullets for the tourism and accommodation industries in 2021”, said MCK’s Managing
Director Mr., BK Chiu. “Our overall profit results came from our property development activities and a significant
one-off gain from the sale of land and not our hotel trading operations”, he said.

“Fortunately for us, the New Zealand property markets remain solid with strong demand across the country” said
MCK Chairman Colin Sim. “This gives us some cause for optimism but the road to recovery is long and with the
pandemic still very much front and centre globally, events and circumstances outside of our control will continue to
have a significant impact on the hospitality sector, and our earnings”, he said.

MCK declared a dividend for 2021 of 3.5 cents per share payable in mid-May. Mr. Sim said that this reflected the
Board’s wish to reward shareholders that did not receive a dividend in 2020 and had shown a great level of
understanding toward the company in very trying circumstances.

“We recognize that the last two years have been very tough on everybody, including our shareholders, and the
Board’s view was that we needed to provide some level of return, however modest, to demonstrate that we continue
to have good financial management of the group but to also thank our shareholders for their loyalty”, he said.

MCK also signaled that its ongoing refurbishment and renovation programmes would continue in 2022 ahead of
the return of international visitors.

“While it may take longer than we anticipated, we are confident that with increasingly vaccinated populations around
the world, we should be able to see international travel resume in some form during 2022 which should mean that
New Zealand’s international borders can reopen, albeit in a gradual and managed way. In anticipation of that, we
are looking to complete our previously announced refurbishments with some additional projects during 2022 which
should allow us to maintain our competitive advantages into 2023 and 2024”, said Mr. Chiu.

“Having survived two of the toughest and leanest years in our history, we remain cautiously optimistic about how
we will trade through 2022 with an eye on much better times in 2023 and beyond”, he said.


Summary of results:
• Profit after tax and non-controlling interests

$40.0 million

(2020*: $48.5 million)
• Profit before tax and non-controlling interests $64.6 million (2020*: $54.4 million)
• Group revenue $164.8 million (2020: $172.0 million)
• Shareholders’ funds excluding non-controlling interests $514.2 million (2020*: $474.7 million)
• Total assets $680.8 million (2020*: $664.1 million)
• Earnings per share (cents per share) 25.31 cents (2020*: 30.64 cents)


ENDS
Issued by Millennium & Copthorne Hotels New Zealand Limited
Enquiries to:
B K Chiu
Managing Director
(09) 353 5058
*The 2020 comparative figures are restated due to the fact that during 2021, MCK changed its accounting policy relating to the measurement of
land and buildings. Land and buildings have now been restated at cost. Further information can be found in the Notes to the Financial Statements.

---

Name of issuer
Reporting Period
Previous Reporting Period
Currency
Amount (000s)
Revenue from continuing operations$164,772
Total Revenue$164,772
Net profit/(loss) from continuing operations $40,049
Total net profit/(loss) $40,049
Amount per Quoted Equity Security
Imputed amount per Quoted Equity Security
Record Date
Dividend Payment Date
Prior comparable period
Net tangible assets per Quoted Equity Security$3.00
A brief explanation of any of the figures above
necessary to enable the figures to be understood
Name of person authorised to make this
announcement
Contact person for this announcement
Contact phone number
Contact email address
Date of release through MAP
18 Feb, 2022
$0.01361111
06 May, 2022
13 May, 2022
Current period
$3.25
Refer to Chairman’s Statement and Media Release
Authority for this announcement
Takeshi Ito – Company Secretary
Takeshi Ito – Company Secretary
+64 9 353 5005
takeshi.ito@millenniumhotels.com
$0.03500000
Results for announcement to the market
Millennium & Copthorne Hotels New Zealand Limited
12 months to 31 December 2021
12 months to 31 December 2020
NZD
Percentage change
(4.19%)
(4.19%)
(17.40%)
(17.40%)
Final Dividend

---

Distribution Notice





Please note: all cash amounts in this form should be provided to 8 decimal places

Section 1: Issuer information
Name of issuer
Millennium & Copthorne Hotels New Zealand
Limited
Financial product name/description
Redeemable Preference Shares
NZX ticker code
MCK
ISIN (If unknown, check on NZX
website)
NZMCKE0005S6
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year X
Quarterly
Half Year Special
DRP applies
Record date
6 May 2022
Ex-Date (one business day before the
Record Date)
5 May 2022
Payment date (and allotment date for
DRP)
13 May 2022
Total monies associated with the
distribution
1

$1,845,884
Source of distribution (for example,
retained earnings)
Retained earnings
Currency
NZD
Section 2: Distribution amounts per financial product
Gross distribution
2

$0.04861111
Gross taxable amount
3

$0.04861111
Total cash distribution
4

$0.03500000
Excluded amount (applicable to listed
PIEs)
n/a
Supplementary distribution amount
$0.00617647
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed
Fully imputed
Partial imputation
No imputation

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

28%
Imputation tax credits per financial
product
$0.01361111
Resident Withholding Tax per
financial product
$0.00243056
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
Not applicable
Start date and end date for
determining market price for DRP
Date strike price to be announced (if
not available at this time)
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
DRP strike price per financial product
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
Section 5: 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 5005
Contact email address
takeshi.ito@millenniumhotels.com
Date of release through MAP

18/02/2022





6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

---

Distribution Notice





Please note: all cash amounts in this form should be provided to 8 decimal places

Section 1: Issuer information
Name of issuer
Millennium & Copthorne Hotels New Zealand
Limited
Financial product name/description
Ordinary Shares
NZX ticker code
MCK
ISIN (If unknown, check on NZX
website)
NZMCKE0004S9
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year X
Quarterly
Half Year Special
DRP applies
Record date
6 May 2022
Ex-Date (one business day before the
Record Date)
5 May 2022
Payment date (and allotment date for
DRP)
13 May 2022
Total monies associated with the
distribution
1

$3,695,240.15
Source of distribution (for example,
retained earnings)
Retained earnings
Currency
NZD
Section 2: Distribution amounts per financial product
Gross distribution
2

$0.04861111
Gross taxable amount
3

$0.04861111
Total cash distribution
4

$0.03500000
Excluded amount (applicable to listed
PIEs)
n/a
Supplementary distribution amount
$0.00617647
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed
Fully imputed
Partial imputation
No imputation

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

28%
Imputation tax credits per financial
product
$0.01361111
Resident Withholding Tax per
financial product
$0.00243056
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
Not applicable
Start date and end date for
determining market price for DRP
Date strike price to be announced (if
not available at this time)
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
DRP strike price per financial product
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
Section 5: 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 5005
Contact email address
takeshi.ito@millenniumhotels.com
Date of release through MAP

18/02/2022





6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

---

F
IN 1
Millennium & Copthorne
Millennium & CopthorneMillennium & Copthorne
Millennium & Copthorne

Hotels New Zealand Limited
Hotels New Zealand Limited Hotels New Zealand Limited
Hotels New Zealand Limited
Consolidated Income Statement
For the year ended 31 December
For the year ended 31 December For the year ended 31 December
For the year ended 31 December 202
202202
2021
11
1


Group
GroupGroup
GroupGroup
GroupGroup
Group
DOLLARS IN THOUSANDS
DOLLARS IN THOUSANDSDOLLARS IN THOUSANDS
DOLLARS IN THOUSANDS

Note
NoteNote
Note

202
202202
2021
11
1

20
2020
2020
2020
20


(
((
(Res
ResRes
Restated)
tated)tated)
tated)

ȃ
ȃȃ
ȃ


Hotel revenue 55,247 64,078
Rental income 1,942 2,180
Property sales 107,583 105,724
Revenue
RevenueRevenue
Revenue

1
11
164
6464
64,
,,
,77
7777
772
22
2

171
171171
171,
,,
,982
982982
982


Cost of sales 3,10 (78,513) (79,815)
Gross profit
Gross profitGross profit
Gross profit 86
8686
86,
,,
,259
259259
259

92
9292
92,
,,
,167
167167
167


Other income 1
(c) 15,870 -
Administration expenses 2,3 (19,971) (20,588)
Other operating expenses 2,3 (17,752) (18,533)
Operating profit
Operating profit Operating profit
Operating profit 64
6464
64,
,,
,406
406406
406

53
5353
53,
,,
,046
046046
046


Finance income 4 1,565 3,401
Finance costs 4 (1,378) (2,029)
Net finance income
Net finance incomeNet finance income
Net finance income

187
187187
187

1,
1,1,
1,372
372372
372


Profit before income tax
P
rofit before income taxProfit before income tax
Profit before income tax 64
6464
64,
,,
,593
593593
593

5
55
54
44
4,
,,
,418
418418
418


Income tax expense 5 (13,871) 4,406
Profit for the year
Profit for the yearProfit for the year
Profit for the year

5
55
50
00
0,
,,
,722
722722
722

5
55
58
88
8,
,,
,824
824824
824


Attributable to:
Attributable to:Attributable to:
Attributable to:
Owners of the parent 40,049 48,483
Non-controlling interests 10,673 10,341
Profit for the year
Profit for the yearProfit for the year
Profit for the year 5
55
50
00
0,
,,
,722
722722
722

5
55
58
88
8,
,,
,8
88
824
2424
24


Basic earnings per share (cents) 8 25.31 30.64
Diluted earnings per share (cents) 8 25.31 30.64
Consolidated Statement of Comprehensive Income
For the year ended 31 December
For the year ended 31 December For the year ended 31 December
For the year ended 31 December 202
202202
2021
11
1
Group
GroupGroup
GroupGroup
GroupGroup
Group
D
OLLARS IN THOUSANDS
DOLLARS IN THOUSANDSDOLLARS IN THOUSANDS
DOLLARS IN THOUSANDS

Note
NoteNote
Note

202
202202
2021
11
1

20
2
020
2020
2020
20


(
((
(Res
ResRes
Restated)
tated)tated)
tated)


ȃ
ȃȃ
ȃ
Profit for the year
Profit for the yearProfit for the year
Profit for the year 5
55
50
00
0,
,,
,722
722722
722

5
55
58
88
8,
,,
,8
88
824
2424
24


Other comprehensive income
Other comprehensive incomeOther comprehensive income
Other comprehensive income


Items that are or may be reclassified to profit or loss
Items that are or may be reclassified to profit or lossItems that are or may be reclassified to profit or loss
Items that are or may be reclassified to profit or loss
Foreign exchange translation movements 4 (326) 1,620
- Tax credit on foreign exchange translation movements4, 5 - -
(326)
(326)(326)
(326)

1,620
1,6201,620
1,620


Total comprehensive income for the year
Total comprehensive income for the yearTotal comprehensive income for the year
Total comprehensive income for the year

50
5050
50,
,,
,396
396396
396

6
66
60
00
0,
,,
,4
44
444
4444
44


Total comprehensive income for the year attributable
to :
Total comprehensive income for the year attributable to :Total comprehensive income for the year attributable to :
Total comprehensive income for the year attributable to :


Owners of the parent 39,723 50,103
Non-controlling interests 10,673 10,341
Total comprehensive income for the year
Total comprehensive income for the yearTotal comprehensive income for the year
Total comprehensive income for the year


50
5050
50,
,,
,396
396396
396

60
6060
60,
,,
,4
44
444
4444
44


ȃ
ȃ
ȃ
ȃ The comparative information is restated due to change i
The comparative information is restated due to change iThe comparative information is restated due to change i
The comparative information is restated due to change in accounting policy
n accounting policyn accounting policy
n accounting policy.
..
.

See
SeeSee
See

n
nn
note 2
ote 2ote 2
ote 25
55
5.
..
.
The accompanying notes form part of, and should be read in conjunction with, these financial statements

F
IN 2
Millennium & Copthorne Hotels New Zealand Lim
Millennium & Copthorne Hotels New Zealand LimMillennium & Copthorne Hotels New Zealand LimMillennium & Copthorne Hotels New Zealand Limited
ited ited ited
Consolidated Statement of Changes in Equity
For the year ended 31 December
For the year ended 31 December For the year ended 31 December For the year ended 31 December 202
2022022021
111


Group
GroupGroupGroup

Attributable to equity holders of the Group
Attributable to equity holders of the GroupAttributable to equity holders of the GroupAttributable to equity holders of the Group

DOLLARS IN THOUSANDS
DOLLARS IN THOUSANDSDOLLARS IN THOUSANDSDOLLARS IN THOUSANDS

Share
Share Share Share
Capital
CapitalCapitalCapital

Revaluation
Revaluation Revaluation Revaluation
Reserve
ReserveReserveReserve

Exchange
Exchange Exchange Exchange
Reserve
ReserveReserveReserve

Retained
Retained Retained Retained
Earnings
EarningsEarningsEarnings

Treasury
Treasury Treasury Treasury
Stock
StockStockStock

Total
TotalTotalTotal

Non
NonNonNon-
---
controlling
controllingcontrollingcontrolling

Interests
InterestsInterestsInterests

Total
Total Total Total
Equity
EquityEquityEquity

Balance at 1 January 2021
383,266
-
(1,699)
93,129
(26)
474,670
95,312 569,982
Movement in exchange translation reserve, net of tax
-
-
(326)
-
-
(326)
-
(326)
Total other comprehensive income/(loss)
-
-
(326)
-
-
(326)
-
(326)
Profit for the year
-
-
-
40,049
-
40,049
10,673
50,722
Total comprehensive income for the year
-
-
(326)
40,049
-
39,723
10,673
50,396
Transactions with owners, recorded directly in equity: Dividends paid to:
Owners of the parent
-
-
-
-
-
-
-
-
Non-controlling interests
-
-
-
-
-
-
(3,914)
(3,914)
Supplementary dividends
-
-
-
-
-
-
-
-
Foreign investment tax credits
-
-
-
-
-
-
-
-
Movement in non-controlling interests without a change in control
-
-
-
(204)
-
(204)
1,539
1,335
Balance at
Balance at Balance at Balance at 31 December
31 December 31 December 31 December 202
2022022021
111

383,266
383,266383,266383,266

-
---
(
(((2
222,
,,,025
025025025)
)))
132
132132132,
,,,974
974974974

(26)
(26)(26)(26)
514
514514514,
,,,189
189189189
103
103103103,
,,,610
610610610
617
617617617,
,,,7
77799
999999

he accompanying notes form part of, and should be read in conjunction with, these financial statements

F
IN 3
Mill
MillMillMillennium & Copthorne Hotels New Zealand Limited
ennium & Copthorne Hotels New Zealand Limited ennium & Copthorne Hotels New Zealand Limited ennium & Copthorne Hotels New Zealand Limited
Consolidated Statement of Changes in Equity
For the year ended 31 December 20
For the year ended 31 December 20For the year ended 31 December 20For the year ended 31 December 2020
202020


Group
GroupGroupGroup

Attributable to equity holders of the Group
Attributable to equity holders of the GroupAttributable to equity holders of the GroupAttributable to equity holders of the Group

DOLLARS IN THOUSANDS
DOLLARS IN THOUSANDSDOLLARS IN THOUSANDSDOLLARS IN THOUSANDS

Share
Share Share Share
Capital
CapitalCapitalCapital

Revaluation
Revaluation Revaluation Revaluation
Reserve
ReserveReserveReserve

Exchange
Exchange Exchange Exchange
Reserve
ReserveReserveReserve

Ret
RetRetRetained
ained ained ained
Earnings
EarningsEarningsEarnings

Treasury
Treasury Treasury Treasury
Stock
StockStockStock

Total
TotalTotalTotal

Non
NonNonNon-
---
controlling
controlling controlling controlling
Interests
InterestsInterestsInterests

Total
Total Total Total
Equity
EquityEquityEquity

Balance at 1 January 2020
383,266
274,495
(3,319)
60,837
(26)
715,253
91,747 807,000
Impact of change in accounting policy
-
(274,495)
-
(4,275)
- (278,770)
(4,291) (283,061)
Restated balance at 1 January 2020
-
-
(3,319)
56,562
(26)
436,483
87,456 523,939
Movement in exchange translation reserve, net of tax
-
-
1,620
-
-
1,620
-
1,620
Total other comprehensive income/(loss)
-
-
1,620
-
-
1,620
-
1,620
Profit for the year
-
-
-
48,483
-
48,483
10,341
58,824
Restated total comprehensive income for the year
-
-
1,620
48,483
-
50,103
10,341
60,444
Transactions with owners, recorded directly in equity: Dividends paid to:
Owners of the parent
-
-
-
(11,866)
- (11,866)
-
(11,866)
Non-controlling interests
-
-
-
-
-
-
(3,815)
(3,815)
Supplementary dividends
-
-
-
(256)
-
(256)
-
(256)
Foreign investment tax credits
-
-
-
256
-
256
-
256
Movement in non-controlling interests without a change in control
-
-
-
(50)
-
(50)
1,330
1,280
Restated b
Restated bRestated bRestated balance at
alance at alance at alance at 31 December 2020
31 December 202031 December 202031 December 2020

383,266
383,266383,266383,266

-
---
(1,699)
(1,699)(1,699)(1,699)
9
9993
333,
,,,129
129129129

(26)
(26)(26)(26)
474
474474474,
,,,670
670670670
9
9995
555,
,,,312
312312312
569
569569569,
,,,982
982982982

The accompanying notes form part of, and should be read in conjunction with, these financial statements

F
IN 4
Millennium & Copthorne
Millennium & CopthorneMillennium & Copthorne
Millennium & Copthorne

Hotels New Zealand Limited
Hotels New Zealand Limited Hotels New Zealand Limited
Hotels New Zealand Limited
Consolidated Statement of Financial Position
As at 31 December
As at 31 December As at 31 December
As at 31 December 202
202202
2021
11
1


Group
GroupGroup
GroupGroup
GroupGroup
GroupGroup
GroupGroup
Group
DOLLARS IN THOUSANDS
DOLLARS IN THOUSANDSDOLLARS IN THOUSANDS
DOLLARS IN THOUSANDS

Note
NoteNote
Note

2021
20212021
2021


31 December
31 December 31 December
31 December
20
2020
2020
20 20
20 (
((
(Restated
RestatedRestated
Restated)
))
)

ȃ
ȃȃ
ȃ


1 January
1 January 1 January
1 January 20
2020
2020
20 20
20
(
((
(Restated
RestatedRestated
Restated)
))
)

ȃ
ȃȃ
ȃ


SHAREHOLDERS’ EQUITY
SHAREHOLDERS’ EQUITYSHAREHOLDERS’ EQUITY
SHAREHOLDERS’ EQUITY
Issued capital 7 383,266 383,266 383,266
Reserves 130,949 91,430 53,243
Treasury stock 7 (26) (26) (26)
Equity attributable to owners of the
Equity attributable to owners of the Equity attributable to owners of the
Equity attributable to owners of the
parent
parentparent
parent


514
514514
514,
,,
,189
189189
189

474
474474
474,
,,
,670
670670
670

43
4343
436
66
6,
,,
,483
483483
483


Non-controlling interests 103,610 95,312 87,456
Total equity
Total equity Total equity
Total equity

617
617617
617,
,,
,799
799799
799

569
569569
569,
,,
,982
982982
982

52
5252
523
33
3,
,,
,939
939939
939


Represented by:
Represented by:Represented by:
Represented by:


NON CURRENT ASSETS
NON CURRENT ASSETSNON CURRENT ASSETS
NON CURRENT ASSETS


Property, plant and equipment 9 245,782 247,908 253,239
Development properties 10 188,508 156,880 176,579
Investment properties 11 23,332 3,325 -
Investment in associates 2 2 2
Total non
Total nonTotal non
Total non-
--
-current assets
current assetscurrent assets
current assets 45
4545
457
77
7,
,,
,624
624624
624

408
408408
408,
,,
,115
115115
115

4
44
429
2929
29,
,,
,820
820820
820


CURRENT ASSETS
CURRENT ASSETSCURRENT ASSETS
CURRENT ASSETS


Cash and cash equivalents 12 58,143 20,766 43,182
Short term bank deposits 121,496 177,274 122,049
Trade and other receivables 13 15,434 12,170 21,138
Inventories 1,272 1,352 1,615
Assets classified as held for sale 24 - 2,130 -
Development properties 10 26,827 42,342 51,887
Total current assets
Total current assetsTotal current assets
Total current assets

22
2222
223
33
3,
,,
,172
172172
172

2
22
256
5656
56,
,,
,034
034034
034

2
22
239
3939
39,
,,
,871
871871
871


Total assets
Total assetsTotal assets
Total assets

68
6868
680
00
0,
,,
,7
77
796
9696
96

664
664664
664,
,,
,149
149149
149

6
66
669
6969
69,
,,
,691
691691
691


NON CURRENT LIABILITIES
NON CURRENT LIABILITIESNON CURRENT LIABILITIES
NON CURRENT LIABILITIES


Interest-bearing loans and borrowings 14 - 38,000 67,000
Lease liability 22 15,858 14,005 14,370
Deferred tax 15 9,298 9,334 31,495
Total non
Total nonTotal non
Total non-
--
-current liabil
current liabilcurrent liabil
current liabilities
itiesities
ities 25
2525
25,
,,
,156
156156
156

61
6161
61,
,,
,339
339339
339

1
11
11
11
12
22
2,
,,
,865
865865
865


CURRENT LIABILITIES
CURRENT LIABILITIESCURRENT LIABILITIES
CURRENT LIABILITIES
Interest-bearing loans and borrowings 14 1,000 - -
Trade and other payables 16 30,001 24,068 24,562
Trade payables due to related parties 20 3,977 4,490 4,054
Lease liability 22 457 478 429
Income tax payable 2,406 3,792 3,842
Total current liabilities
Total current liabilitiesTotal current liabilities
Total current liabilities

37
3737
37,
,,
,841
841841
841

32
3232
32,
,,
,828
828828
828

3
33
32
22
2,
,,
,887
887887
887


Total liabilities
Total liabilitiesTotal liabilities
Total liabilities

6
66
62
22
2,
,,
,997
997997
997

94
9494
94,
,,
,167
167167
167

14
1414
145
55
5,
,,
,752
752752
752


NET ASSETS
NET ASSETSNET ASSETS
NET ASSETS

617
617617
617,
,,
,799
799799
799

569,982
569,982569,982
569,982

52
5252
523
33
3,
,,
,939
939939
939


ȃ
ȃȃ
ȃ T
he comparative information is restated due to change i
The comparative information is restated due to change iThe comparative information is restated due to change i
The comparative information is restated due to change in accounting policy. See note
n accounting policy. See note n accounting policy. See note
n accounting policy. See note 2
22
25
55
5.
..
.
For and on behalf of the board
For and on behalf of the boardFor and on behalf of the board
For and on behalf of the board


G
GG
G


M
MM
MCKENZIE
CKENZIECKENZIE
CKENZIE,
, ,
, DIRECTOR
DIRECTORDIRECTOR
DIRECTOR,
, ,
, 1
11
18
88
8

February
February February
February 202
202202
2022
22
2

BK CHIU, MANAGING DIRECTOR
BK CHIU, MANAGING DIRECTORBK CHIU, MANAGING DIRECTOR
BK CHIU, MANAGING DIRECTOR,
, ,
, 1
11
18
88
8

February
February February
February 202
202202
2022
22
2


The accompanying notes form part of, and should be read in conjunction with, these financial statements

FIN 5
Millennium & Copthorne
Millennium & CopthorneMillennium & Copthorne
Millennium & Copthorne

Hotels New Zealand Limited
Hotels New Zealand Limited Hotels New Zealand Limited
Hotels New Zealand Limited
Consolidated Statement of Cash Flows
For the year ended 31 December
For the year ended 31 December For the year ended 31 December
For the year ended 31 December 2021
20212021
2021


Group
GroupGroup
Group

Group
GroupGroup
Group


DOLLARS IN THOUSANDS
DOLLARS IN THOUSANDSDOLLARS IN THOUSANDS
DOLLARS IN THOUSANDS

Note
NoteNote
Note

202
202202
2021
11
1

2
0
2020
2020
2020
20


CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Cash was provided from:Cash was provided from:
Cash was provided from:


Receipts from customers 161,320 180,659
Interest received 1,751 3,604
Dividends received 4 2 1
Cash was applied to:
Cash was applied to:Cash was applied to:
Cash was applied to:
Payments to suppliers and employees
(62,099) (77,908)
Purchases of development land 1 (56,528) (1,260)
Interest paid (139)(1,173)
Income tax paid (15,288) (17,826)
Net cash inflow from operating activities
Net cash inflow from operating activitiesNet cash inflow from operating activities
Net cash inflow from operating activities

2
22
29
99
9,
,,
,01
0101
019
99
9

86
8686
86,
,,
,097
097097
097


CASH FLOWS FROM INVESTING ACTIVITIES
Cash was (applied to)/provided from:
Cash was (applied to)/provided from:Cash was (applied to)/provided from:
Cash was (applied to)/provided from:


Proceeds from the sale of property, plant and equipment 10 108
Proceeds from the sale of asset held for sale 18,000 -
Purchases of property, plant and equipment 9 (3,981) (5,956)
Purchases of investment property (20,077) (3,325)
Investments in short term bank deposits 55,778 (55,225)
Net cash
Net cash Net cash
Net cash inflow/(o
inflow/(oinflow/(o
inflow/(outflow
utflowutflow
utflow)
))
)

from investing activities
from investing activitiesfrom investing activities
from investing activities 49
4949
49,
,,
,730
730730
730

(
((
(64,398
64,39864,398
64,398)
))
)


CASH FLOWS FROM FINANCING ACTIVITIES
Cash was (applied to)/provided from:
Cash was (applied to)/provided from:Cash was (applied to)/provided from:
Cash was (applied to)/provided from:


Repayment of borrowings 14 (37,000) (29,000)
Principal repayment of lease liability 22(c) (1,577) (1,430)
Dividends paid to shareholders of Millennium & Copthorne
Hotels New Zealand Ltd 7 -(11,866)
Dividends paid to non-controlling shareholders (3,914) (3,815)
Net cash
Net cash Net cash
Net cash outflow
outflowoutflow
outflow

from financing activities
from financing activitiesfrom financing activities
from financing activities

(42,491)
(42,491)(42,491)
(42,491)

(46,111)
(46,111)(46,111)
(46,111)


Net increase/(decrease)
Net increase/(decrease)Net increase/(decrease)
Net increase/(decrease)

in cash and cash equivalents
in cash and cash equivalentsin cash and cash equivalents
in cash and cash equivalents

36
3636
36,
,,
,25
2525
258
88
8

(24
(24(24
(24,
,,
,412)
412)412)
412)


Add opening cash and cash equivalents 20,766 43,182
Exchange rate adjustment 1,119 1,996
Closing cash and cash equivalents
Closing cash and cash equivalents Closing cash and cash equivalents
Closing cash and cash equivalents 12

58,143
58,14358,143
58,143

20,766
20,76620,766
20,766


The accompanying notes form part of, and should be r
ead in conjunction with, these financial statements

FIN 6
Millennium & Copthorne
Millennium & CopthorneMillennium & Copthorne
Millennium & Copthorne

Hotels New Zealand Limited
Hotels New Zealand Limited Hotels New Zealand Limited
Hotels New Zealand Limited
Consolidated Statement of Cash Flows – continued
For the year ended 31 December
For the year ended 31 December For the year ended 31 December
For the year ended 31 December 202
202202
2021
11
1


Group
GroupGroup
Group

Group
GroupGroup
Group


DOLLARS IN THOUSANDS
DOLLARS IN THOUSANDSDOLLARS IN THOUSANDS
DOLLARS IN THOUSANDS

Note
NoteNote
Note

202
202202
2021
11
1

2020
20202020
2020


RECONCILIATION OF NET PROFIT FOR THE YEAR TO CASH FLOWS
FROM OPERATING ACTIVITIES
Profit for the year
Profit for the yearProfit for the year
Profit for the year

50,722 58,824
Adjusted for non
Adjusted for nonAdjusted for non
Adjusted for non-
--
-cash items:
cash items:cash items:
cash items:


G
ain on sale of property, plant and equipment
2
(5)(19)
Gain on sale of asset held for sale (15,870) -
D
epreciation of property, plant and equipment and investment property
9, 11
7,417 7,801
Depreciation of Right-Of-Use assets
9
961 1,333
Unrealised foreign exchange losses/(gain) 115 (74)
Income tax expense/(credit)
5
13,871 (4,406) ȃ
ȃȃ
ȃ
57
5757
57,
,,
,21
2121
211
11
1

63
6363
63,
,,
,459
459459
459


Adjustments for movements in working capital:
Adjustments for movements in working capital:Adjustments for movements in working capital:
Adjustments for movements in working capital:


(
Increase)/Decrease in trade & other receivables (3,264) 8,970
Decrease in inventories 80 263
(Increase)/Decrease in development properties (16,272) 30,299
I
ncrease in trade & other payables 7,204 1,669
Increase/(Decrease) in related parties (513)436
Cash generated from operations
Cash generated from operationsCash generated from operations
Cash generated from operations

4
44
44
44
4,
,,
,44
4444
446
66
6

105
105105
105,
,,
,096
096096
096


Interest paid (139)(1,173)
Income tax paid (15,288) (17,826)
Cash inflows from operating activities
Cash inflows from operating activities Cash inflows from operating activities
Cash inflows from operating activities
2
22
29
99
9,
,,
,01
0101
019
99
9

86
8686
86,
,,
,097
097097
097


R
econciliation of movement of liabilities to cash flows arising from financing
Reconciliation of movement of liabilities to cash flows arising from financing Reconciliation of movement of liabilities to cash flows arising from financing
Reconciliation of movement of liabilities to cash flows arising from financing
activities
activitiesactivities
activities


As at 01 January 38,000 67,000
Proceeds from borrowings - -
Repayment of term loans (37,000) (29,000)
Financing cash flows
Financing cash flowsFinancing cash flows
Financing cash flows

(
((
(37
3737
37,000)
,000),000)
,000)

(29,000)
(29,000)(29,000)
(29,000)


A
s at 31 December 1
11
1,000
,000,000
,000

38
3838
38,000
,000,000
,000


ȃ
ȃȃ
ȃ The comparative information is restated due to change i
The comparative information is restated due to change iThe comparative information is restated due to change i
The comparative information is restated due to change in accounting policy. See note 25.
n accounting policy. See note 25.n accounting policy. See note 25.
n accounting policy. See note 25.
The accompanying notes form part of, and should be r
ead in conjunction with, these financial statements

FIN 7
Millennium & Copthorne Hotels New Zealand Limited
M
illennium & Copthorne Hotels New Zealand Limited Millennium & Copthorne Hotels New Zealand Limited
Millennium & Copthorne Hotels New Zealand Limited
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
Significant accounting policies
Significant accounting policiesSignificant accounting policies
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 the Financial Markets Conduct Act 2013 and the Financial Reporting Act 2013.
The financial statements of the Company for the year ended 31 December 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; development and sale of residential land
in New Zealand; and development and sale of residential units in Australia.
(a) Statement of compliance
(a) Statement of compliance(a) Statement of compliance
(a) Statement of compliance


The financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice
(NZ GAAP). They comply with 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).
The financial statements were authorised for issuance on 18 February 2022.
(b) Basis of preparation
(b) Basis of preparation(b) Basis of preparation
(b) Basis of preparation


The financial statements are presented in New Zealand Dollars, rounded to the nearest thousand. They are prepared on
the historical cost basis.
The preparation of financial statements in conformity with NZ IFRSs requires management to make judgments, estimates
and assumptions that affect the application of the Group’s policies and reported amounts of assets and liabilities, income
and expenses. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised and in any future period affected.
In particular, information about significant areas of estimation uncertainty and critical judgements in applying accounting
policies that have the most significant effect on the amount recognised in the financial statements are described in Note 21
– Accounting Estimates and Judgements.
(c)
(c) (c)
(c) Change in accounting policies
Change in accounting policiesChange in accounting policies
Change in accounting policies

and new standards adopted in the year
and new standards adopted in the yearand new standards adopted in the year
and new standards adopted in the year


The accounting policies have been applied consistently to all periods presented in these consolidation financial statements,
except as mentioned below:
The Group has changed its accounting policy in respect of the measurement of land and buildings. The restatement to
cost for land and building took effect from 1 January 2005 and the comparatives are restated to reflect the changes. See
note 25 for further details.
The accounting policies are now included within the relevant notes to the consolidated financial statements.
(
((
(d
dd
d) Foreign currency
) Foreign currency) Foreign currency
) Foreign currency
Foreign currency transactions
Foreign currency transactionsForeign currency transactions
Foreign currency transactions


Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary
assets and liabilities denominated in foreign currencies at the balance date are translated to New Zealand dollars at the
foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the income
statement. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are
translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign
currencies that are stated at fair value are translated to New Zealand dollars at foreign exchange rates ruling at the dates
the fair value was determined.
(
((
(e
ee
e)
) )
) Insurance proceeds
Insurance proceedsInsurance proceeds
Insurance proceeds


Compensation from third parties for items of property, plant and equipment that were damaged, impaired, lost or given up
is included in the profit or loss when the compensation becomes virtually certain. Any subsequent purchase or construction
of replacement assets are separate economic events and are accounted for separately.
(
((
(f
ff
f) Revenue
) Revenue) Revenue
) Revenue


Revenue from sale of goods and services in the ordinary course of business is recognised when the Group satisfies a
performance obligation by transferring control of a promised good or service to the customer. The amount of revenue
recognised is the amount of the transaction price allocated to the satisfied performance obligation.
Revenue represents amounts derived from:
•The ownership, management and operation of hotels: recognised on an accruals basis to match the provision
of the related goods and services.
•Income from property rental: recognised on an accruals basis, straight line over the lease period. Lease
incentives granted are recognised as an integral part of the total rental income.
•Income from development property sales: recognised when the customer obtains control of the property and is
able to direct and obtain the benefits from the property.

FIN 8
M
M
M
Mi
ii
illennium & Copthorne
llennium & Copthornellennium & Copthorne
llennium & Copthorne

Hotels New Zealand Limited
Hotels New Zealand Limited Hotels New Zealand Limited
Hotels New Zealand Limited
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
Index
1. Segment reporting
2. Administration and other operating expenses
3. P
ersonnel expenses
4. Net finance income
5. Income tax expense
6. I
mputation credits
7. Capital and reserves
8. Earnings per share
9. Property, plant and equipment
10
. Development properties
11. Investment properties
12. Cash and cash equivalents
13. Trade and other receivables
14. Interest-bearing loans and borrowings
15. Deferred tax assets and liabilities
16
. Trade and other payables
17. Financial instruments
18. Capital and land development commitments
19. Related parties
20. Group entities
21. Accounting estimates and judgements
22. Lease
23. New standard and interpretations issued but not yet a dopted
24. Assets classified as held for sale
25
. Change in accounting policy
26
. Contingent liabilities

F
IN 9
Millennium & Copthorne
Millennium & CopthorneMillennium & Copthorne
Millennium & Copthorne

Hotels New Zealand Limited
Hotels New Zealand Limited Hotels New Zealand Limited
Hotels New Zealand Limited
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
1.
1.1.
1. Segment reporting
Segment reportingSegment reporting
Segment reporting


Operating
OperatingOperating
Operating

segments
segmentssegments
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.
•Residential and commercial property development, comprising the development and sale of residential
apartments.
•Investment property, comprising rental income from the ownership and leasing of retail shops and industrial
warehouses.
The Group has no major customer representing greater
than 10% of the Group’s total revenue.
(a) Operating Segments
Hotel Operations
H
otel OperationsHotel Operations
Hotel Operations


Residential Land
Residential Land Residential Land
Residential Land
Development
DevelopmentDevelopment
Development


Investment
Investment Investment
Investment
Property
PropertyProperty
Property


Residential Property
Residential Property Residential Property
Residential Property
Development
DevelopmentDevelopment
Development

Group
GroupGroup
Group


Dollars in thousands
202
202202
2021
11
1


2020
20202020
2020


(Restated)
(Restated)(Restated)
(Restated)

202
202202
2021
11
1

2020
20202020
2020

202
202202
2021
11
1

2020
20202020
2020

202
202202
2021
11
1

2020
20202020
2020

202
202202
2021
11
1


2020
20202020
2020


(Restated)
(Restated)(Restated)
(Restated)


External revenue
55,247 64,067 92,088 88,779
48 -
17,389 19,136 164,772

171,982

Other Income – Note 1(c) 15,870 - - - - - - - 15,870 -
Earnings before interest,
depreciation
& amortisation
22,876 14,583 42,863 40,790
34 -
7,011 6,807 72,784 62,180
Finance income
585 1,995 616 1,038
- -
364 368 1,565

3,401

Finance expense
(1,374) (2,025) (4)(2)
- -
-(2)(1,378)

(2,029)

Depreciation and amortisation
(7,337) (7,791) (2)(1)
(70)-
(8)(9)(7,417)

(7,801)

Depreciation of Right-of-use
assets
(940)(1,310)(13)(14)
- -
(8)(9)(961)(1,333)
Profit before income tax
13,810 5,452 43,460 41,811
(36)-
7,359 7,155 64,593

54,418

Income tax expense
495 (1,794) (12,169) (11,712)
10 -
(2,207) (2,146) (13,871)

(15,652)

Income tax credit arising from
change in building
depreciation
-20,058- -
- - - - -20,058
Profit after income tax
14,305 23,716 31,291 30,099
(26)-
5,152 5,009 50,722

58,824

Cash & cash equivalents and
short term bank deposits
50,264 70,195 83,025 96,731
- -
46,350 31,114 179,639

198,040

Other segment assets
254,020 256,171 191,263 163,349
23,332 3,325
32,540 43,262 501,155

466,107

Investment in associates
- - 2 2
- -
- - 2

2

Total assets
304,284 326,366 274,290 260,082
23,332 3,325
78,890 74,376 680,796

664,149

Segment liabilities
(42,048) (76,766) (7,397) (2,397)
- -
(1,849) (1,878) (51,294)

(81,041)

Tax liabilities
(7,710) (8,704) (3,845) (3,880)
- -
(148)(542)(11,703)

(13,126)

Total liabilities
(49,758) (85,470) (11,242) (6,277)
- -
(1,997) (2,420) (62,997)

(94,167)

Property, plant and equipment
expenditure
6,218 5,922 35 6
- -
5 28 6,258

5,956

Investment property
expenditure
- - - -
15,593 3,325
- - 15,593

3,325

Residential land development
expenditure
- - 12,948 20,788
- -
- - 12,948

20,788

Purchase of land for
residential land development
- - 56,258 1,260 - - - - 56,258

1,260

FIN 10
Millennium & Copthorne Hotels New Zealand Limited
Millennium & Copthorne Hotels New Zealand Limited Millennium & Copthorne Hotels New Zealand Limited
Millennium & Copthorne Hotels New Zealand Limited
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
1.
1.1.
1.

Segment r
Segment rSegment r
Segment reporting
eporting eporting
eporting -
--
-

continued
(b)
(b) (b)
(b) Geographical
Geographical Geographical
Geographical areas
areasareas
areas


The Group operates in the following main geographical areas:
•New Zealand.
•Australia.
Segment revenue is based on the geographical location of the asset.
New Zealand
N
ew ZealandNew Zealand
New Zealand

Australia
AustraliaAustralia
Australia

Group
GroupGroup
Group


Dollars In Thousands
202
202202
2021
11
1


2020
20202020
2020


(Restated)
(Restated)(Restated)
(Restated)

202
202202
2021
11
1

2020
20202020
2020

202
202202
2021
11
1


2020
20202020
2020


(Restated)
(Restated)(Restated)
(Restated)


External revenue 147,383 152,846 17,389 19,136 164,772 171,982
Other Income – Note 1(c)
15,870 - - - 15,870 -
Earnings before interest, depreciation &
amortisation 65,792 55,398 6,992 6,782 72,784 62,180
Finance income 1,201 3,033 364 368 1,565 3,401
Finance expense (1,378) (2,027) -(2)(1,378) (2,029)
Depreciation and amortisation (7,409) (7,792) (8)(9)(7,417) (7,801)
Depreciation of Right-Of-Use Assets (953)(1,324)(8)(9)(961)(1,333)
Profit before income tax 57,253 47,288 7,340 7,130 64,593 54,418
Income tax (expense)/credit (11,669) (13,513) (2,202) (2,139) (13,871) (15,652)
Income tax credit arising from change in
building depreciation
-20,058- - -20,058
Profit after income tax 45,584 53,833 5,138 4,991 50,722 58,824
Cash & cash equivalents and short term
bank deposits
133,289 162,926 46,350 35,114 179,639 198,040
Segment assets 445,283 423,987 32,540 38,795 477,823 462,782
Investment properties 23,332 3,325 - - 23,332 3,325
Investment in associates 2 2 - - 2 2
Total assets 601,906 590,240 78,890 73,909 680,796 664,149
Segment liabilities (49,445) (79,205) (1,849) (1,836) (51,294) (81,041)
Tax liabilities (11,555) (12,586) (148)(540)(11,703) (13,126)
Total liabilities (61,000) (91,791) (1,997) (2,376) (62,997) (94,167)
Material additions to segment assets:
Property, plant and equipment expenditure 6,253 5,928 5 28 6,258 5,956
Investment property expenditure
15,593 3,325 - - 15,593 3,325
Residential land development expenditure 12,948 20,788 - - 12,948 20,788
Purchase of land for residential land
development
56,258 1,260 - - 56,258 1,260
An operating segment is a distinguishable component of the Group:
•that is engaged in business activities from which it earns revenues and incurs expenses;
•whose operating results are regularly reviewed by the Group’s chief operating decision maker to make decisions on
resource allocation to the segment and assess its performance; and
•for which discrete financial information is available.
Segment information is presented 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.
(c) Other income
(c) Other income(c) Other income
(c) Other income


Other income comprised the gain on sale of assets classified as held for sale. See note 24 for details of the asset sold.

FIN 11
Millennium & Copthorne Hotels New Zealand Limited
M
illennium & Copthorne Hotels New Zealand Limited Millennium & Copthorne Hotels New Zealand Limited
Millennium & Copthorne Hotels New Zealand Limited
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
2
22
2.
..
.

Administ
AdministAdminist
Administration and other operating expenses
ration and other operating expensesration and other operating expenses
ration and other operating expenses


Group
GroupGroup
Group


Dollars In Thousands Note
NoteNote
Note 202
202202
2021
11
1

2020
20202020
2020


Depreciation (restated) 9, 11 8,378 9,134
Auditors remuneration
Audit fees 367 319
Tax compliance and tax advisory fees 34 34
Directors fees 19
345 296
Rental expenses 300 163
Provision for bad debts
Debts written off 18 81
Movement in doubtful debt provision (49) (27)
Net loss on disposal of property, plant and equipment 5 19
Resurgence Support Payments (187) -
During the Alert Level 3 and 4 lockdowns in the latter part of 2021, the Group applied for government assistance in the form of
Resurgence Support Payments. A total of $187,478 was received and applied as credits to the local council rates which are classified
under operating expenses in the income statement.
3
33
3.
..
.

Personnel expenses
Personnel expensesPersonnel expenses
Personnel expenses


Group
GroupGroup
Group


Dollars In Thousands 202
202202
2021
11
1

2020
20202020
2020


Wages and salaries 27,734 32,451
Wage subsidies (3,990) (7,377)
Employee related expenses and benefits 962 1,005
Contributions to defined contribution plans 362 587
Increase/(decrease) in liability for long-service leave 19 (89)
2
22
25
55
5,
,,
,087
087087
087

26,577
26,57726,577
26,577


Wage subsidy scheme
Wage subsidy schemeWage subsidy scheme
Wage subsidy scheme


The Group applied for government support arising from the August 2021 Alert Levels 3 and 4 lockdowns. The Group received a total
of $4.16 million under the COVID-19 Wage Subsidy August 2021 Scheme. Other assistance applied for and received were $13,200
under the COVID-19 Leave Support Scheme and $1,400 for COVID-19 Short-term Absence Payment.
The wage subsidies including Leave Support Scheme and Short-term Absence Payment were recorded as a deduction against payroll
costs in personnel expenses. The personnel expenses are included in cost of sales, administration expenses and other expenses in
the income statement.
Employee long
Employee longEmployee long
Employee long-
--
-term serv
term servterm serv
term service benefits
ice benefitsice benefits
ice benefits


The Group’s net obligation in respect of long-term service benefits, is the amount of future benefit that employees have earned in
return for their service in the current and prior periods. The obligation is calculated using their expected remuneration and an
assessment of the likelihood that the liability will arise.
4
44
4.
..
.

Net finance income
Net finance incomeNet finance income
Net finance income


Recognised in the income statement
Recognised in the income statementRecognised in the income statement
Recognised in the income statement

Group
GroupGroup
Group


Dollars In Thousands 202
202202
2021
11
1

2020
20202020
2020


Interest income 1,563 3,311
Dividend income 2 1
Foreign exchange gain - 89
Finance income 1,565 3,401
Interest expense (1,263) (2,014)
Foreign exchange loss (115)(15)
Finance costs (1,378) (2,029)
Net finance income recognised in the income statement
Net finance income recognised in the income statementNet finance income recognised in the income statement
Net finance income recognised in the income statement

1
11
187
8787
87

1,372
1,3721,372
1,372

FIN 12
Millennium & Copthorne Hotels New Zealand Limited
M
illennium & Copthorne Hotels New Zealand Limited Millennium & Copthorne Hotels New Zealand Limited
Millennium & Copthorne Hotels New Zealand Limited
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
4
44
4.
..
.

Net finance income
Net finance incomeNet finance income
Net finance income

- continued
Finance income and expenses
Finance income and expensesFinance income and expenses
Finance income and expenses


Finance income comprises interest income on funds invested, dividend income and foreign currency gains that are recognised in
profit or loss. Interest income is recognised as it accrues, using the effective interest method. Dividend income is recognised in the
income statement on the date the entity’s right to receive payments is established which in the case of quoted securities is the ex-
dividend date.
Finance expenses comprise interest payable on borrowings calculated using the effective interest rate method, interest costs on lease
liability and foreign exchange losses that are recognised in the income statement.
Re
ReRe
Recognised in other comprehensive income
cognised in other comprehensive incomecognised in other comprehensive income
cognised in other comprehensive income
Group
GroupGroup
Group


Dollars In Thousands 202
202202
2021
11
1

2020
20202020
2020


Foreign exchange translation movements (326)1,620
Net finance income recognised in other comprehensive income
Net finance income recognised in other comprehensive incomeNet finance income recognised in other comprehensive income
Net finance income recognised in other comprehensive income

(326)
(326)(326)
(326)

1,620
1,6201,620
1,620


Exchange translation of f
Exchange translation of fExchange translation of f
Exchange translation of financial statements of for
inancial statements of forinancial statements of for
inancial statements of foreign operations
eign operationseign operations
eign operations


The assets and liabilities of foreign operations are translated to New Zealand dollars at foreign exchange rates ruling at the balance
date. The revenues and expenses of foreign operations are translated to New Zealand dollars at rates approximating the foreign
exchange rates ruling at the dates of the transactions. Foreign exchange differences arising on re-translation are recognised directly
as a separate component of equity. When a foreign operation is disposed of, in part or in full, the relevant amount in the exchange
reserve is released into the income statement.


5
55
5.
..
.

Income tax expense
Income tax expenseIncome tax expense
Income tax expense


Recognised in the income statement
Recognised in the income statementRecognised in the income statement
Recognised in the income statement


Group
GroupGroup
Group


Dollars In Thousands

202
202202
2021
11
1

2020
20202020
2020


Current tax expense
Current tax expenseCurrent tax expense
Current tax expense
Current year 13,803 17,461
Adjustments for prior years 104 294
13,907 17,755
Deferred tax expense
Deferred tax expenseDeferred tax expense
Deferred tax expense


Origination and reversal of temporary difference (36)(2,104)
Changes in treatment of building depreciation -(20,058)
Adjustments for prior years - 1
(36)(22,161)
Total income tax ex
Total income tax exTotal income tax ex
Total income tax expense in the income statement
pense in the income statementpense in the income statement
pense in the income statement

13
1313
13,
,,
,871
871871
871

(
((
(4
44
4,
,,
,406
406406
406)
))
)


Reconciliation of tax
Reconciliation of tax Reconciliation of tax
Reconciliation of tax expense
expenseexpense
expense


Group
GroupGroup
Group


Dollars In Thousands 202
202202
2021
11
1

2020
20202020
2020


Profit before income tax 64,593 54,418
Income tax at the company tax rate of 28% (2020: 28%) 18,086 15,237
Adjusted for:
Non-deductible expenses - -
Tax rate difference (if different from 28% above) 147 143
Tax exempt income (4,466) (23)
Changes in treatment of building depreciation -(20,058)
Under/(Over) - provided in prior years 104 295
Total income tax expense
Total income tax expenseTotal income tax expense
Total income tax expense


13
1313
13,
,,
,871
871871
871

(
((
(4
44
4,
,,
,406
406406
406)
))
)


Effective tax rate 21% (8)%

FIN 13
Millennium & Copthorne Hotels New Zealand Limited
Millennium & Copthorne Hotels New Zealand Limited Millennium & Copthorne Hotels New Zealand Limited
Millennium & Copthorne Hotels New Zealand Limited
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
5
55
5.
..
.

Income tax expense
Income tax expense Income tax expense
Income tax expense - continued
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.
Included in the Government’s 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, in 2020 the deferred tax liability was reduced by $20.06 million with a
deferred tax credit of the same amount booked into the profit and loss.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the
balance date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognised in respect of the temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: goodwill
not deductible for tax purposes; the initial recognition of assets or liabilities that neither affect accounting nor taxable profit; and
differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The
amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and
liabilities, using tax rates enacted or substantively enacted at the balance date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the
asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be
realised.
Deferred tax assets and deferred tax liabilities are offset only if the Group has a legally enforceable right to set off current tax assets
against current tax liabilities; the Group intends to settle net; and the deferred tax assets and the deferred tax liabilities relate to
income taxes levied by the same taxation authority.
6
66
6.
..
.

Imputation credits
Imputation creditsImputation credits
Imputation credits


The KIN Holdings Group has A$10.66 million (2020: A$8.22 million) franking credits available as at 31 December 2021.
7
77
7.
..
.

Capital and reserves
Capital and reserves Capital and reserves
Capital and reserves
Share capital
Share capital Share capital
Share capital


Group
GroupGroup
Group

Group
GroupGroup
Group


202
202202
2021
11
1

202
202202
2021
11
1

2020
20202020
2020

2020
20202020
2020


Shares
SharesShares
Shares

$000’s
$000’s$000’s
$000’s

Shares
SharesShares
Shares

$000’s
$000’s$000’s
$000’s


Ordinary shares issued 1 January 105,578,290 350,048 105,578,290 350,048
Ordinary shares issued at 31 December
Ordinary shares issued at 31 December Ordinary shares issued at 31 December
Ordinary shares issued at 31 December –
––
–

fully paid
fully paidfully paid
fully paid

105,578,290
105,578,290105,578,290
105,578,290

350,048
350,048350,048
350,048

105,578,290
105,578,290105,578,290
105,578,290

350,048
350,048350,048
350,048


Redeemable preference shares 1 January 52,739,543 33,218 52,739,543 33,218
Redeemable preference shares issue
Redeemable preference shares issueRedeemable preference shares issue
Redeemable preference shares issued at 31 December
d at 31 December d at 31 December
d at 31 December –
––
–

fully
fully fully
fully
paid
paidpaid
paid


52,739,543
52,739,54352,739,543
52,739,543

33,218
33,21833,218
33,218

52,739,543
52,739,54352,739,543
52,739,543

33,218
33,21833,218
33,218


Ordinary shares repurchased and held as treasury stock 1
January
(99,547) (26) (99,547) (26)
Ordinary shares repurchased and held as treasury stock 31
Ordinary shares repurchased and held as treasury stock 31 Ordinary shares repurchased and held as treasury stock 31
Ordinary shares repurchased and held as treasury stock 31
December
DecemberDecember
December


(99,547)
(99,547)(99,547)
(99,547)

(26
(26(26
(26)
))
)

(99,547)
(99,547)(99,547)
(99,547)

(26
(26(26
(26)
))
)


Total shares issued and outstanding
Total shares issued and outstandingTotal shares issued and outstanding
Total shares issued and outstanding

158,218,286
158,218,286158,218,286
158,218,286

383,240
383,240383,240
383,240

158,218,286
158,218,286158,218,286
158,218,286

383,240
383,240383,240
383,240


At 31 December 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 redeemable preference shares) with no par
value.
G
roup
GroupGroup
Group


Dollars In Thousands

202
202202
2021
11
1

2020
20202020
2020


Imputation credits available for use in subsequent reporting periods 110,508 112,639

FIN 14
Millennium & Copthorne Hotels New Zealand Limited
Millennium & Copthorne Hotels New Zealand Limited Millennium & Copthorne Hotels New Zealand Limited
Millennium & Copthorne Hotels New Zealand Limited
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
7
77
7.
..
.

Capital and reserves
Capital and reservesCapital and reserves
Capital and reserves

–
––
– continued
Repurchase of share capital
Repurchase of share capitalRepurchase of share capital
Repurchase of share capital


When share capital recognised as equity is repurchased, the amount of the consideration paid, including directly attributed costs,
is recognised as a change in equity. Repurchased shares are classified as treasury stock and presented as a deduction from total
equity.
Exchange reserve
Exchange reserveExchange reserve
Exchange reserve


The exchange reserve comprises the foreign exchange differences arising from the translation of the financial statements of foreign
operations.



D
ividends
DividendsDividends
Dividends
The following dividends were declared and paid during the year ended 31 December:
Parent
ParentParent
Parent


Dollars In Thousands

202
202202
2021
11
1

2020
20202020
2020


Ordinary Dividend
Ordinary Dividend Ordinary Dividend
Ordinary Dividend – Nil cents per qualifying share (2020: 7.5 cents)

-11,866
Supplementary Dividend
Supplementary Dividend Supplementary Dividend
Supplementary Dividend – Nil cents per qualifying share (2020: 1.3235 cents) -256
-12,122
After 31 December 2021, the following dividends were declared by the directors. The dividends have not been provided for and there
are no income tax consequences.
Dollars In Thousands

Parent
ParentParent
Parent


Ordin
OrdinOrdin
Ordinary Dividend
ary Dividendary Dividend
ary Dividend – 3.5 cents per qualifying share (2020: Nil cents)

5,538
Supplementary Dividend
Supplementary DividendSupplementary Dividend
Supplementary Dividend – 0.0062 cents per qualifying share (2020: Nil cents) 159
Total
TotalTotal
Total

Dividend
DividendDividend
Dividends
ss
s

5,697
Dividends
DividendsDividends
Dividends

and tax
and taxand tax
and tax


Dividends are recognised as a liability in the period in which they are declared. Additional income taxes that arise from the
distribution of dividends are recognised at the same time as the liability to pay the related dividend.
8
88
8.
..
.

Earnings per share
Earnings per shareEarnings per share
Earnings per share


Basic earnings per share
Basic earnings per shareBasic earnings per share
Basic earnings per share


The calculation of basic earnings per share at 31 December 2021 was based on the profit attributable to ordinary and redeemable
preference shareholders of $40,049,000 (2020 restated: $48,483,000) and weighted average number of shares outstanding during
the year ended 31 December 2021 of 158,218,286 (2020: 158,218,286), calculated as follows:
Profit attributable to shareholders
Profit attributable to shareholdersProfit attributable to shareholders
Profit attributable to shareholders


Group
GroupGroup
Group


Dollars In Thousands

202
202202
2021
11
1

2020
20202020
2020


Profit for the year 50,722 58,824
Profit attributable to non-controlling interests (10,673) (10,341)
Profit attributable to shareholders 40,049 48,483
Weighted average number of
Weighted average number ofWeighted average number of
Weighted average number of

shares
sharesshares
shares


Group
Group Group
Group


202
202202
2021
11
1

2020
20202020
2020


Weighted average number of shares (ordinary and redeemable preference shares) 158,317,833 158,317,833
Effect of own shares held (ordinary shares) (99,547) (99,547)
Weighted average number of shares for earnings per share calculation 158,218,286 158,218,286
Diluted earnings per share
Diluted earnings per shareDiluted earnings per share
Diluted earnings per share


The calculation of diluted earnings per share is the same as basic earnings per share.

FIN 15
Millennium & C
Millennium & CMillennium & C
Millennium & Copthorne
opthorneopthorne
opthorne

Hotels New Zealand Limited
Hotels New Zealand Limited Hotels New Zealand Limited
Hotels New Zealand Limited
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
9
99
9.
..
.

Property, plant and equipment
Property, plant and equipmentProperty, plant and equipment
Property, plant and equipment

(Restated)
(Restated)(Restated)
(Restated)


G
GG
Group
rouproup
roup


Initial recording
Initial recordingInitial recording
Initial recording


Items of property, plant and equipment are initially stated at cost. The cost of purchased property, plant and equipment is the value
of the consideration given to acquire the assets and the value of other directly attributable costs, which have been incurred in bringing
the assets to the location and condition necessary for their intended service. Where parts of an item of property, plant and equipment
have different useful lives, they are accounted for as separate items of property, plant and equipment.
Capital expenditure on major projects is recorded separately within property, plant and equipment as capital work in progress. Once
the project is complete the balance is transferred to the appropriate property, plant and equipment categories. Capital work in progress
is not depreciated.
D
ollars In Thousands



Freehold
FreeholdFreehold
Freehold


Land
LandLand
Land

Buildings
BuildingsBuildings
Buildings


Plant,
Plant, Plant,
Plant,
Equipment
EquipmentEquipment
Equipment
, Fixtures
, Fixtures , Fixtures
, Fixtures
&
&&
&

Fittings
FittingsFittings
Fittings


Motor
MotorMotor
Motor


Vehicles
VehiclesVehicles
Vehicles


Work
WorkWork
Work


In
InIn
In


Progress
ProgressProgress
Progress


Right Of
Right Of Right Of
Right Of
Use
Use Use
Use
Asset
AssetAsset
Asset

Total
TotalTotal
Total


Cost
CostCost
Cost


Balance at 1 January 2020 184,997 387,284 103,990 76 2,118 23,192 701,657
Impact of change in accounting policy (139,176) (177,905) - - - (5,677) (322,758)
Restated balance 1 January 2020 45,821 209,379 103,990 76 2,118 17,515 378,899
Acquisitions -315339 -5,302130 6,086
Disposals -(1)(172)-(58)(6)(237)
Transfers between categories -3,918806 -(4,724)--
Transfer to assets classified as held
for sale (2,130) - - - - -(2,130)
Movements in foreign exchange - - 9 - - 1 10
Restated b
Restated bRestated b
Restated balance at
alance at alance at
alance at 31 December
31 December 31 December
31 December
2020
20202020
2020

43
4343
43,
,,
,691
691691
691

213
213213
213,
,,
,611
611611
611

104,972
104,972104,972
104,972

76
7676
76

2,638
2,6382,638
2,638

17
1717
17,
,,
,640
640640
640

38
3838
382
22
2,
,,
,628
628628
628


Balance at 1 January 2021 43,691 213,611 104,972 76 2,638 17,640 382,628
Acquisitions -205433 -3,3432,276 6,257
Disposals -(39)(31)-(32)(129)(231)
Transfers between categories -21224 - (245)- -
Movements in foreign exchange --(2) - - - (2)
Balance at
Balance at Balance at
Balance at 31 December 2021
31 December 202131 December 2021
31 December 2021

43
4343
43,
,,
,691
691691
691

2
22
213
1313
13,
,,
,798
798798
798

105,59
105,59105,59
105,596
66
6

76
7676
76

5,704
5,7045,704
5,704

19
1919
19,
,,
,787
787787
787

388
388388
388,
,,
,652
652652
652


Depreciati
DepreciatiDepreciati
Depreciation and impairment losses
on and impairment losseson and impairment losses
on and impairment losses


Balance at 1 January 2020 -(26,045)(82,496) (67)- (1,300) (109,908)
Impact of change in accounting policy -(15,752)- - -- (15,752)
Restated balance 1 January 2020 -(41,797)(82,496) (67)- (1,300) (125,660)
Depreciation charge for the year -(3,609)(4,190) (2)- (1,333) (9,134)
Impairment losses for the year --- - -- -
Disposals --82 - - - 82
Movements in foreign exchange --(8) - - - (8)
Restated b
Restated bRestated b
Restated balance at
alance at alance at
alance at 31 December
31 December 31 December
31 December
2020
20202020
2020

-
--
-

(
((
(45
4545
45,
,,
,406
406406
406)
))
)

(86,612)
(86,612)(86,612)
(86,612)

(69)
(69)(69)
(69)

-
--
-

(
((
(2,
2,2,
2,633
633633
633)
))
)

(1
(1(1
(134
3434
34,
,,
,720
720720
720)
))
)


Balance at 1 January 2021 -(45,406)(86,612) (69)- (2,633) (134,720)
Depreciation charge for the year -(3,434)(3,911) (2)-(961)(8,308)
Disposals --27 --129 156
Movements in foreign exchange --2 --- 2
Balance at
Balance at Balance at
Balance at 31 December 2021
31 December 202131 December 2021
31 December 2021

-
--
-

(48,8
(48,8(48,8
(48,840
4040
40)
))
)

(90,49
(90,49(90,49
(90,494
44
4)
))
)

(71)
(71)(71)
(71)

-
--
-

(3,
(3,(3,
(3,46
4646
465
55
5)
))
)

(142,
(142,(142,
(142,8
88
870
7070
70)
))
)


Carrying amounts
Carrying amountsCarrying amounts
Carrying amounts


At 1 January 2020 4
44
45
55
5,
,,
,821
821821
821

1
11
167
6767
67,
,,
,582
582582
582

21,
21,21,
21,494
494494
494

9
99
9

2,118
2,1182,118
2,118

16
1616
16,
,,
,215
215215
215

25
2525
253
33
3,
,,
,239
239239
239


At
At At
At 31 December 2020
31 December 202031 December 2020
31 December 2020

43
4343
43,
,,
,691
691691
691

168
168168
168,
,,
,205
205205
205

18
1818
18,
,,
,360
360360
360

7
77
7

2,638
2,6382,638
2,638

15
1515
15,
,,
,007
007007
007

247
247247
247,
,,
,908
908908
908


At 31 December
At 31 December At 31 December
At 31 December 2021
20212021
2021

43
4343
43,
,,
,6
66
691
9191
91

16
1616
164
44
4,
,,
,958
958958
958

15
1515
15,
,,
,10
1010
102
22
2

5
55
5

5,704
5,7045,704
5,704

16
1616
16,
,,
,322
322322
322

2
22
245
4545
45,
,,
,782
782782
782