MCK 2022 Interim Report

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LTD
INTERIM REPORT 2022

18
Tollfree in NZ call 0800 808 228
www.millenniumhotels.com
PAIHIA
BAY OF ISLANDS
AUCKLAND
ROTORUA
TAUPO
NEW PLYMOUTH
PALMERSTON NORTH
WAIRARAPA
WELLINGTON
GREYMOUTH
QUEENSTOWN
DUNEDIN
TE ANAU
GRAND MILLENNIUM COLLECTIONMILLENNIUM HOTELS
COPTHORNE HOTELSKINGSGATE HOTELS
HOTELS
NATIONWIDE

Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2022
1
SHAREHOLDER UPDATE TO 30 JUNE 2022
Dear MCK Shareholders,
We trust that our update for the half year just gone finds you and yours in good health. We are
conscious that the pandemic has not gone away and while it continues to find ways to affect our
businesses, we hope that it has not had the same effect on you.
Operational highlights:
The first half of 2022 has seen a lot of activity and change at MCK. Of note:
• We reopened our Greymouth hotel, which we rebranded from Kingsgate to Copthorne, in March
2022 after twelve months of intense work. The hotel now has a new restaurant and bar area and
53 refurbished guest rooms.
• In June, we welcomed our new Managing Director Stuart Harrison to his new role with us and a few
weeks ago at the start of July we farewelled Mr. BK Chiu and thanked him for his seventeen years
of service to MCK and the wider group.
• Our managed isolation operations at Grand Millennium Auckland and M Social Auckland came to
an end during the first half of the year and both hotels have now fully reopened for business after
a short period of refurbishment.
• Three apartment sales at the Zenith Residences (Sydney) were also recorded.
Results summary:
MCK as a group made an unaudited profit before tax and non-controlling interests of $32.05 million
for the six month period ended 30 June 2022 (2021*: $47.55 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 three apartments at the Zenith
Residences in Sydney settled during the first six months also contributed to this result.
MCK has therefore recorded a profit after income tax and non-controlling interests of $15.40 million
(2021*: $31.34 million) on group revenue for the period of $83.66 million (2021: $98.36 million). Our
earnings per share for the period decreased to 9.74 cents per share (2021*: 24.47 cps) with the prior
year reflecting the impact of a one-off gain of $15.87 million (10.03 cents per share) on disposal from
the sale of land in May 2021 (described as other income). MCK’s Net Tangible Assets per share as at
30 June 2022 was $3.33 per share (2021*: $3.20 per share).
*The 2021 comparative figures are restated due to the fact that during 2021, MCK changed its accounting policy relating to the measurement
of land and buildings from revaluation to historical cost. Refer to Note 10 of the Financial Statements for further information.

Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2022
2
New Zealand Hotel Operations:
MCK’s hotel operations saw revenue down year on year at $27.26 million (2021: $31.07 million). These
results reflected the continued government mandated COVID restrictions on travel and gatherings
seen between January through to April this year which had a severe effect on conference bookings in
particular as well as domestic travel.
Occupancy for the first half of 2022 was 38.3% (2021: 40.5%) which was proportionate to the
location and business mix of the respective hotels. Domestic and corporate travel locations of
Auckland, Palmerston North, Wellington and Dunedin saw higher levels of occupancy whilst leisure
and conference locations such as the Bay of Islands, Rotorua and Queenstown were severely impacted
during the period. Once the restrictions on gatherings and travel were lifted, we did see a small increase
in business in May and June but our customers and the public at large have remained cautious. The
border restrictions have continued to be an impact on the sourcing and availability of employees to fill
available roles. Notably this impacts on the hotels’ ability to be able to sell and service all rooms in a
timely manner.
This has resulted in the hotel operations making a pretax loss of $3.95 million (2021*: $0.64 million
profit excluding the one-off item from other income) for the period ended 30 June 2022. EBITDA for
the same period excluding the one-off item from other income was $0.88 million (2021: $5.25 million).
We reiterate what we have said for some time - hotel operations in New Zealand are still challenging.
While we do expect occupancy to steadily increase through to the end of the year barring any change
to the current COVID settings, ongoing staff and skill shortages will continue to act as a hand brake
on increasing available inventory as we need to maintain a balance between how many rooms we can
sell and how many rooms we can service. The competition for skilled labour will remain intense for the
foreseeable future.
We have continued with our programme of refurbishment and improvements. In addition to
completing the work done at Copthorne Hotel Greymouth we are also working through refurbishments
at Millennium Hotel Queenstown and Millennium Hotel Rotorua.
The renewal of our lease for the Copthorne Hotel & Resort Bay of Islands for a further term was
also completed in this period and we are working through the scoping of appropriate refurbishment
and improvements to the hotel so as to enhance its 4 star rating. We have also recently announced
the renewal of our management lease at Grand Millennium Auckland and will be working through
details with the owners for the further improvement and refurbishment of this property. Both of
these properties are critical to our recovery path and we are pleased to maintain our long-standing
relationship with both of these hotels.
CDL Investments New Zealand Limited (‘CDL’) update:
CDL recorded a solid result in the first half of 2022 with an unaudited operating profit after tax for the
six months ended 30 June 2022 of $22.90 million (2021: $20.75 million). While market conditions
have changed considerably over the last six months, CDL currently remains on track to meet its 2022
target level of sales and revenue having recorded sales in Auckland and Canterbury.
*The 2021 comparative figures are restated due to the fact that during 2021, MCK changed its accounting policy relating to the measurement
of land and buildings from revaluation to historical cost. Refer to Note 10 of the Financial Statements for further information.

Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2022
3
Australia update:
We recorded three sales comprising two single bedroom apartments and a three bedroom plus
studio apartment at the Zenith Residences, Sydney in the first half of this year. We continue to be
focused on selling down the apartments we continue to hold and we are looking at adjusting our
marketing strategy to increase sales during this year.
Outlook:
We have seen dramatic changes to global economic conditions over the last six months which we
could not have predicted a year ago much less at the start of this year. Ongoing cost pressures and
inflation around the world have and will affect the travel and accommodation sectors globally for
the rest of this year and therefore the prospect of an accelerated recovery path is now very unlikely.
Staffing shortages, due to illness or purely through lack of available employees throughout the
workforce in New Zealand, are also having a strong impact. MCK is not immune to those issues and
its hotel operations will continue to be under pressure to find a way back to profitability for at least
the next twelve months on the assumption that there is no return to gathering restrictions before the
end of the year.
All that said, we are determined to ensure that we use the current period to our advantage. We believe
that we should continue to reinvest in our properties over the coming months and years to ensure that
they are able to perform at their best when the markets do recover and international travel in particular
starts to become more regular again.
The changes to the senior management teams at MCK and CDI come at an opportune time. We will
continue to optimise our operations and position ourselves so that we will be “first in, best dressed” and
we will continue to look at different strategies and potential opportunities going forward.
We therefore still expect 2022 to be a profitable year. That profit will again be driven by our property
development subsidiaries and they will continue to ensure that we remain in the black despite the
volatile market conditions. However, as I said at the beginning, the pandemic and its effects are still
with us. There may be more storm clouds ahead but we are prepared for them should they come.
As always, we remain grateful to our shareholders and stakeholders. Thank you for your support and
ongoing loyalty. We appreciate and value the positive and helpful comments we receive from everyone
who stays with us and we look forward to your next stay very soon.
Colin Sim
Chairman
10 August 2022

Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2022
4
The attached notes form part of, and are to be read in conjunction with, these financial statements.
*The comparative information is restated due to change in accounting policy in 2021 (Note 10).
Dollars in thousandsNote
Unaudited
6 months
to 30/06/22
Restated
*
Unaudited
6 months
to 30/06/21
Revenue83,65698,360
Cost of sales(32,015) (46,938)
Gross profit51,641 51,422
Other income2(c)–15,870
Administrative expenses(10,628)(10,440)
Other operating expenses(8,839)(9,435)
Operating profit before finance Income32,1744 7, 4 1 7
Finance income1,283819
Finance costs(1,407)(688)
Net finance income(124)131
Profit before income tax32,05047,548
Income tax expense(9,113)(8,826)
Profit for the period22,93738,722
Profit for the period attributable to:
Equity holders of the parent15,40331,344
Non-controlling interests7,5347,378
Profit for the period 22,93738,722
Basic earnings per share (cents)49.74c24.47c
Diluted earnings per share (cents)49.74c24.47c
Condensed Interim Income Statement
For the six months ended 30 June 2022
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries

Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2022
5
The attached notes form part of, and are to be read in conjunction with, these financial statements.
Dollars in thousandsNote
Unaudited
6 months
to 30/06/22
Restated
*
Unaudited
6 months
to 30/06/21
Profit for the period22,93738,722
Items that are or may be reclassified to profit or loss
Foreign exchange translation movements2,656380
- Tax (expense)/credit on foreign exchange(15)-
2,641380
Total comprehensive income for the period25,57839,102
Total comprehensive income for the period attributable to:
Equity holders of the parent18,04431,725
Non-controlling interests7,5347,377
Total comprehensive income for the period25,57839,102
DETAILS OF SPECIFIC RECEIPTS/OUTLAYS, REVENUE/EXPENSES
Classified under:
Administrative expenses
Audit fees(160) (157)
Other operating expenses
Depreciation of property, plant and equipment(3,383)(3,674)
Depreciation of Investment Property(98)(25)
Depreciation of Right-Of-Use Assets (532)(596)
Leasing and rental expenses(342)(81)
Finance income
Interest income1,250819
Foreign exchange gain - -
Finance costs
Interest expense(1) (92)
Interest expense on lease liability(1,395) (481)
Foreign exchange loss(1)(100)
*The comparative information is restated due to change in accounting policy in 2021 (Note 10).
Condensed Interim Statement of Comprehensive Income
For the six months ended 30 June 2022
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries

Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2022
6
The attached notes form part of, and are to be read in conjunction with, these financial statements.
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 2021 383,266 267,222(1,699)94,884 (26)743,64799,352842,999
Prior year adjustment - effect
of change of accounting policy
10- (267,222)-(1,755)- (268,977)(4,040)(273,017)
Adjusted Opening Balance
383,266- (1,699)93,129 (26)474,67095,312569,982
Fair value movement of assets
held for sale
--------
Movement in exchange
translation reserve
- - 380 - - 380 - 380
Income and expense
recognised directly in equity
- - 380 - - 380 - 380
Profit for the period - - - 31,344 - 31,3447,37838,722
Total comprehensive income
for the period
- -38031,344 - 31,7247,37839,102
Transactions with owners,
recorded directly in equity :
Dividends paid to:
Equity holders of the
parent
5 - - - -----
Non-controlling interests - - - - - - (3,753)(3,753)
Movement of non-controlling
interests without a change
in control
- - - (204) - (204)1,5391,335
Balance at 30 June 2021383,266-(1,319)124,269 (26)506,190100,476606,666
Balance at 1 January 2022383,266 - (2,025)132,974 (26)514,189103,610617,799
Movement in exchange
translation reserve
- - 2,641 - - 2,641 - 2,641
Income and expense
recognised directly in equity
- -2,641- - 2,641 - 2,641
Profit for the period - - - 15,403 - 15,4037,53422,937
Total comprehensive income
for the period
- -2,64115,403 - 18,0447,53425,578
Transactions with owners,
recorded directly in equity :
Dividends paid to:
Equity holders of the
parent
5 - - - (5,537) - (5,537) - (5,537)
Non-controlling interests - - - - - - (3,705)(3,705)
Movement of non-controlling
interests without a change
in control
- - - 26 - 261,3491,375
Balance at 30 June 2022383,266-616142,866 (26)526,722108,788635,510
Condensed Interim Statement of Changes in Equity
For the six months ended 30 June 2022
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries

Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2022
7
The attached notes form part of, and are to be read in conjunction with, these financial statements.
Dollars in thousandsNote
Unaudited
as at
30/06/22
Audited
as at
31/12/21
SHAREHOLDERS’ EQUITY
Issued capital3383,266383,266
Reserves143,482130,949
Treasury stock3 (26) (26)
Non-controlling interests108,788103,610
Total equity635,510617,799
Represented by:
NON CURRENT ASSETS
Property, plant and equipment252,533245,782
Development properties 213,670188,508
Investment properties33,08423,332
Investment in associates 2 2
Total non-current assets499,289457,624
CURRENT ASSETS
Cash and cash equivalents22,96358,143
Short term bank deposits158,870121,496
Trade and other receivables6,90415,434
Trade receivables due from related parties6526 -
Inventories1,2221,272
Development properties10,24126,827
Total current assets200,726223,172
Total assets700,015680,796
NON CURRENT LIABILITIES
Lease liabilities20,45615,858
Provision for deferred taxation9,2459,298
Total non-current liabilities29,70125,156
CURRENT LIABILITIES
Interest-bearing loans and borrowings - 1,000
Trade and other payables25,85630,001
Trade payables due to related parties63,1443,977
Lease liabilities2,709457
Income tax payable3,0952,406
Total current liabilities34,80437,841
Total liabilities64,50562,997
Net assets635,510617,799
Condensed Interim Statement of Financial Position
As at 30 June 2022
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries

Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2022
8
The attached notes form part of, and are to be read in conjunction with, these financial statements.
Dollars in thousandsNote
Unaudited
6 months
to 30/06/22
Unaudited
6 months
to 30/06/21
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers
92,411 99,614
Interest received
1,058 1,020
93,469 100,634
Cash was applied to:
Payments to suppliers and employees
(41,175) (35,616)
Purchase of development land
(19,380)-
Interest paid
(1) (101)
Income tax paid(8,518) (9,855)
(69,074) (45,572)
Net cash inflow from operating activities24,395 55,062
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from/(applied to):
Purchase of property, plant and equipment
(3,565) (1,169)
Purchase of investment property
(9,850) (5,101)
Proceed from the sale of asset held for sale
- 17,000
Withdrawals from/(investments in) short term bank deposits
(37,374) 45,826
Net cash (outflow)/inflow from investing activities(50,789) 56,556
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was provided from/(applied to):

Repayment of borrowings
(1,000) (35,000)
Principal repayment of lease liability
(1,647) (700)
Dividends paid to shareholders of Millennium & Copthorne
Hotels New Zealand Ltd5
(5,537) -
Dividends paid to non-controlling interests
(3,705) (3,753)
Net cash outflow from financing activities(11,889) (39,453)
Net (decrease)/increase in cash and cash equivalents
(38,283) 72,165
Add opening cash and cash equivalents
58,14376,544
Exchange rate adjustment
3,103 1,468
Closing cash and cash equivalents22,963150,177
Condensed Interim Statement of Cash Flows
For the six months ended 30 June 2022
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries

Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2022
9
The attached notes form part of, and are to be read in conjunction with, these financial statements.
Dollars in thousandsNote
Unaudited
6 months
to 30/06/22
Restated
*
Unaudited
6 months
to 30/06/21
RECONCILIATION OF NET PROFIT FOR THE PERIOD
TO CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the period22,93738,722
Adjusted for non cash items:
(Gain)/Loss on Sale of Fixed Assets21
(Gain)/Loss on Sale of Asset Held For Sale2 (c)-(15,870)
Foreign Exchange (Gain)/ Loss(1) 100
Depreciation of property, plant and equipment3,3833,674
Depreciation of Right-Of-Use Assets 532596
Depreciation of Investment Property9825
Income tax expense / (credit) 9,1138,826
Adjustments for movements in working capital:
Decrease in receivables8,5321,455
Decrease in inventories50161
(Increase)/Decrease in development properties(7,635) 23,771
Increase/(Decrease) in payables(2,738) 4,240
Increase/(Decrease) in related parties(1,359) (682)
Cash generated from operations32,914 65,019
Interest paid(1) (101)
Income tax paid(8,518) (9,856)
Net cash inflow from operating activities24,39555,062
Reconciliation of movement of liabilities to cash flows arising
from financing activities
As at 01 January1,000 38,000
Repayment of borrowings (1,000) (35,000)
Financing cash flows (1,000) (35,000)
As at 30 June-3,000
*The comparative information is restated due to change in accounting policy in 2021 (Note 10).
Condensed Interim Statement of Cash Flows
For the six months ended 30 June 2022
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries

Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2022
10
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2022 (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 2022
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 10 August 2022.
(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 2021.
(b) Change in accounting policies
The Group changed its accounting policy in respect of the measurement of land and buildings in 2021.
See note 10 for further details.
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
and industrial properties.
• Residential and commercial 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 2022
11
2. Segment reporting - continued
(a) Operating Segments
Hotel Operations
Residential Land
Development
Investment Property
Residential Property
Development
Group
Dollars in thousands
6 months
to
30/06/22
6 months
to
30/06/21
*
6 months
to
30/06/22
6 months
to
30/06/21
*
6 months
to
30/06/22
6 months
to
30/06/21
*
6 months
to
30/06/22
6 months
to
30/06/21
*
6 months
to
30/06/22
6 months
to
30/06/21
*
External revenue
27,260
31,069
47,730
61,255
84
16
8,582
6,020
83,656
98,360
Other Income – Note 2(c)
-
15,870
-
-
-
-
-
-
-
15,870
Earnings before interest, depreciation & amortisation
876
21,125
31,414
28,525
(14)
10
3,911
2,052
36,187
51,712
Finance income
482
327
513
324
-
-
288
168
1,283
819
Finance expense
(1,404)
(686)
(2)
(2)
-
-
(1)
- (1,407)
(688)
Depreciation and amortisation
(3,378)
(3,669)
(1)
(1)
(98)
(25)
(4)
(4)
(3,481)
(3,699)
Depreciation of Right-of-use assets
(521)
(583)
(7)
(7)
-
-
(4)
(6)
(532)
(596)
Profit before income tax
(3,945)
16,514
31,917
28,839
(112)
(15)
4,190
2,210
32,050
47,548
Income tax expense
1,049
(93)
(8,937)
(8,075)
31
4
(1,256)
(662)
(9,113)
(8,826)
Profit after income tax
(2,896)
16,421
22,980
20,764
(81)
(11)
2,934
1,548
22,937
38,722
Cash & cash equivalents and short

term bank deposits
50,451
56,211
75,076
132,450
-
- 56,306
37,185
181,833
225,846
Other segment assets
257,403
250,067
198,586
143,850
33,084
8,401
29,107
38,588
518,180
440,906
Investment in associates
-
-
2
2
-
-
-
-
2
2
Total assets
307,854
306,278
273,664
276,302
33,084
8,401
85,413
75,773
700,015
666,754
Segment liabilities
(48,440)
(41,067)
(1,804)
(5,028)
-
- (1,923)
(1,889)
(52,167)
(47,984)
Tax liabilities
(6,824)
(8,297)
(4,352)
(3,807)
-
-
(1,162)
- (12,338)
(12,104)
Total liabilities
(55,264)
(49,364)
(6,156)
(8,835)
-
- (3,085)
(1,889)
(64,505)
(60,088)
Property, plant and equipment expenditure
10,625
1,163
-
2
-
-
40
3
10,665
1,168
Investment property expenditure
-
-
-
-
9,850
5,101
-
-
9,850
5,101
Residential land development expenditure
-
-
5,996
9,141
-
-
-
-
5,996
9,141
Purchase of land forresidential land development
-
- 19,380
-
-
-
-
- 19,380
-
*The comparative information is restated due to change in accounting policy in 2021 (Note 10).
Notes to the Condensed Interim Financial StatementsFor the six months ended 30 June 2022 (unaudited)Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries

Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2022
12
2. Segment reporting – continued
(b) Geographic Segments
New Zealand
Australia
Group
6 months
to 30/06/22
6 months
to 30/06/21
*
6 months
to 30/06/22
6 months
to 30/06/21
*
6 months
to 30/06/22
6 months
to 30/06/21
*
Dollars in thousandsExternal revenue
75,074
92,340
8,582
6,020
83,656
98,360
Other Income – Note 2(c)
-
15,870
-
-
-
15,870
Earnings before interest, depreciation & amortisation
32,285
49,668
3,902
2,044
36,187
51,712
Finance income
995
651
288
168
1,283
819
Finance expense
(1,406)
(688)
(1)
-
(1,407)
(688)
Depreciation and amortisation
(3,477)
(3,695)
(4)
(4)
(3,481)
(3,699)
Depreciation of Right-of-use assets
(528)
(590)
(4)
(6)
(532)
(596)
Profit before income tax
27,869
45,346
4,181
2,202
32,050
47,548
Income tax expense
(7,860)
(8,166)
(1,253)
(660)
(9,113)
(8,826)
Profit after income tax
20,009
37,180
2,928
1,542
22,937
38,722
Cash & cash equivalents and short term bank deposits
125,527
188,665
56,306
37,181
181,833
225,846
Segment assets
489,073
402,375
29,107
38,531
518,180
440,906
Investment in associates
2
2
-
-
2
2
Total assets
614,602
591,042
85,413
75,712
700,015
666,754
Segment liabilities
(50,244)
(46,135)
(1,923)
(1,849)
(52,167)
(47,984)
Tax liabilities
(11,176)
(12,104)
(1,162)
-
(12,338)
(12,104)
Total liabilities
(61,420)
(58,239)
(3,085)
(1,849)
(64,505)
(60,088)
Property, plant and equipment expenditure
10,625
1,165
40
3
10,665
1,168
Investment property expenditure
9,850
5,101
-
-
9,850
5,101
Residential land development expenditure
5,996
9,141
-
-
5,996
9,141
Purchase of land for residential land development
19,380
-
-
-
19,380
-
2 (c) Other income
Other income comprised the gain on sale of assets classified as held for sale (Note 10b).
*The comparative information is restated due to change in accounting policy in 2021 (Note 10).
Notes to the Condensed Interim Financial StatementsFor the six months ended 30 June 2022 (unaudited)Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries

Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2022
13
3. Share capital
Ordinary sharesRedeemable preference shares
Shares$ 000sShares$ 000s
Total shares issued – fully paid
Balance at 30 June 2021105,578,290350,04852,739,54333,218
Balance at 30 June 2022105,578,290350,04852,739,54333,218
Ordinary shares repurchased
and held as treasury stock
Balance at 30 June 2021(99,547)(26)--
Balance at 30 June 2022(99,547)(26)--
Shares issued – fully paid
Balance at 30 June 2021105,478,743350,02252,739,54333,218
Balance at 30 June 2022105,478,743350,02252,739,54333,218
At 30 June 2022, the authorised share capital consisted of 105,578,290 ordinary shares (2021:
105,578,290 ordinary shares) with no par value and 52,739,543 redeemable preference shares
(2021: 52,739,543) with no par value.
4. Earnings per share
The basic earnings per share of 9.74 cents (30 June 2021*: 24.47 cents) is based on the profit
attributable to ordinary shareholders of $15.40 million (30 June 2021*: $31.34 million) and weighted
average number of ordinary shares and redeemable preference shares outstanding during the period
ended 30 June 2022 of 158,218,286 (30 June 2021: 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 9.74 cents (30 June 2021*: 24.47 cents) is the same
as basic earnings per share.
*The comparative information is restated due to change in accounting policy in 2021 (Note 10).
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2022 (unaudited)
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries

Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2022
14
5. Dividends
The following dividends were paid during the interim periods:
Group
Dollars In Thousands
Unaudited
30/06/22
Unaudited
30/06/21
Ordinary dividend: 3.5 cents per qualifying share (2021:
Nil cents)
5,537-
Supplementary dividend: 0.617647 cents per qualifying
share (2021: Nil cents)
112-
5,649-
6. Related party transactions
Millennium & Copthorne Hotels New Zealand Limited is a 75.78% (2021: 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
30/06/22
Audited
31/12/21
Trade payables and receivables due to related parties
Millennium & Copthorne Hotels LimitedRecharge of expenses(3,144)(2,863)
Millennium & Copthorne International LimitedRecharge of expenses
& provision of
management and
marketing support3367
CDL Hotels Holdings New Zealand LimitedRecharge of expenses15796
CDLH (BVI) One Limited Rent payment336(1,277)
(2,618)(3,977)
No debts with related parties were written off or forgiven during the period. No interest was charged
on these payables during 2022 and 2021. There are no set repayment terms.
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2022 (unaudited)
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries

Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2022
15
7. Capital commitments
As at 30 June 2022, the Group has entered into contractual commitments for capital expenditure
and development expenditure.
Group
Dollars In Thousands
Unaudited
30/06/2022
Unaudited
30/06/2021
Capital expenditure on property, plant and equipment1,5591,076
Development expenditure15,45112,888
Capital expenditure on investment properties3,10024,675
Land purchases-56,258
20,11094,897
As at 30 June 2022, the Group had entered into contractual commitments for development
expenditure, and construction of investment properties. 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 2022 in accordance with the Group’s development programme.
8. Changes in contingent liabilities and contingent assets since last annual balance
sheet date
The Group’s subsidiaries, CDL Investments New Zealand Limited and subsidiary, have been named
as respondents in a judicial review proceeding which was brought by the Applicant, Winton Property
Investments Limited, in relation to a decision of the Overseas Investment Office relating to the
Group’s acquisition of land in Havelock North. The Applicant was seeking, inter alia, an order setting
aside the decision of the Overseas Investment Office in respect of the approval and/or a declaration
that Ministers erred at law in making their decision to grant consent. The proceedings, which were
advised to the market in 21 July 2021, were heard in February 2022 and a decision in favour of the
respondents was handed down at the end of March 2022. The Applicant has now filed a notice of
appeal and a hearing has been set down for May 2023 at this stage. The Group will continue to
vigorously defend its position and still considers the likelihood of the applicant being successful as
low. It is not possible to determine what the financial effect would be, if any, should the application
be successful.
9. COVID-19 employer support
The Group has applied for and received $189,796 in respect of COVID-19 Short-term Absence Payment
and Leave Support Scheme for employees who were self-isolating and were unable to work from home. In
the previous period, the Group received $350 in respect of COVID-19 Short-term Absence payment for an
employee.
The employer support payments 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 2022 (unaudited)
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries

Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2022
16
9. COVID-19 employer support – continued
Personnel expenses
Group
Dollars In Thousands
Unaudited
6 months to
30/06/22
Unaudited
6 months to
30/06/21
Wages and salaries14,16913,567
Wage subsidies(150)-
Employee related expenses and benefits908673
Contributions to defined contribution plans198252
Increase/(decrease) in liability for long-service leave(3)(73)
15,12214,419
10. Change in accounting policy
The Group changed its accounting policy in respect of the measurement of land and buildings in 2021.
Since the conversion to NZ IFRS in 2005, the Group have been recording land and buildings at fair value
while the immediate parent and the group worldwide have been carrying land and buildings at cost. The
Directors consider the measurement of hotel land and buildings at cost provides a more reliable, relevant,
and consistent measure of the underlying performance of the Group for the following reasons:
• The costs of running the hotels are more relevant to users than the fair value of the buildings as there
is no intention to sell;
• The key assumptions in the fair value measurement are highly sensitive which makes this a volatile
measurement. This is exacerbated by current market conditions, including the COVID pandemic, and
is already subject to significant judgment; and
• The cost method aligns with the treatment generally applied by similar entities in the market, and
hence provides a more comparable information to users.
The restatement to cost for land and building took effect from 1 January 2005 and the comparatives are
restated to reflect the changes.
The following tables summarise the impacts on the Group’s condensed interim financial statements.
10(a) Condensed Interim Statement of Financial Position as at 30 June 2021
Impact of change in accounting policy
Dollars In Thousands
As previously
reported
AdjustmentsAs Restated
SHAREHOLDERS’ EQUITY
Reserves385,925(262,974)122,951
Non-controlling interests104,499(4,024)100,475
Others383,240-383,240
Total equity873,664(266,998)606,666
Property, plant and equipment562,338(317,571)244,767
Others421,987-421,987
Total assets984,325(317,571)666,754
Provision for deferred taxation59,845(50,573)9,272
Others50,816-50,816
Total liabilities110,661(50,573)60,088
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2022 (unaudited)
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries

Millennium & Copthorne Hotels New Zealand Limited
Half Year Report 2022
17
10. Change in accounting policy (continued)
10(b) Condensed Interim Income Statement and Other Comprehensive Income for the
period ended 30 June 2021
Impact of change in accounting policy
Dollars In ThousandsNOTE
As previously
reported
AdjustmentsAs Restated
Other income2(c)10,2925,57815,870
Administrative expenses(11,051)611(10,440)
Income tax expense(8,655)(171)(8,826)
Others42,118-42,118
Profit for the year32,7046,01838,722
Basic earnings per share (cents)16.028.4524.47
Diluted earnings per share (cents)16.028.4524.47
Owners of the parent25,7226,00231,724
Non-controlling interests7,362167,378
Total liabilities33,0846,01839,102
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2022 (unaudited)
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries

Top Holders (Ordinary Shares) as at 26 August 2022
Top Holders Redeemable Preference Shares as at 26 August 2022
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 <HKBN90> 1,686,100 3.20
4 ACCIDENT COMPENSATION CORPORATION - NZCSD <ACCI40> 935,848 1.77
5 LENG BENG KWEK 453,000 0.86
6 NATIONAL NOMINEES LIMITED - NZCSD <NNLZ90> 233,471 0.44
7 KAY HONG CHIAM 211,324 0.40
8 CUSTODIAL SERVICES LIMITED <A/C 4> 140,627 0.27
9 ASB NOMINEES LIMITED <185748 A/C> 130,451 0.25
10 ALAN DAVID WHITE 110,130 0.21
11 GRAEME STUART LORD & LISA ANNE LORD 77,225 0.15
12 JENNIFER GAYE SIMPSON 43,000 0.08
13 THEODORE JOHN VAN GELDERMALSEN & MARGARET GAY FREEMANTLE

<GOLDEN DOWNS S/F A/C> 38,000 0.07
14 AOTEAROA RENTAL ENTERPRISES LIMITED 34,965 0.07
15 HOWARD CEDRIC ZINGEL 31,592 0.06
16 ARIE DEKKER & LEANNE KATHERINE WALKER 30,400 0.06
17 ROGER EDWARD HAYWARD & SUSAN ELIZABETH HAYWARD <TENANTS IN COMMON> 28,909 0.05
18 AIKEN & ASSOCIATES LIMITED 23,593 0.04
19 SEA AND PEAK EQUITIES LIMITED 23,400 0.04
20 RICHARD ALEXANDER COUTTS 23,000 0.04
Rank Name Units % of Units
1 CDL HOTELS HOLDINGS NEW ZEALAND LIMITED 74,743,077 70.79
2 BNP PARIBAS NOMINEES (NZ) LIMITED - NZCSD 6,010,439 5.69
3 ACCIDENT COMPENSATION CORPORATION - NZCSD <ACCI40> 3,967,628 3.76
4 CITIBANK NOMINEES (NEW ZEALAND) LIMITED - NZCSD <CNOM90> 3,074,782 2.91
5 NATIONAL NOMINEES LIMITED - NZCSD <NNLZ90> 1,955,530 1.85
6 HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD <HKBN90> 1,479,516 1.40
7 HSBC NOMINEES (NEW ZEALAND) LIMITED A/C STATE STREET -NZCSD <HKBN45> 1,296,193 1.23
8 LENG BENG KWEK 906,000 0.86
9 JPMORGAN CHASE BANK NA NZ BRANCH-SEGREGATED CLIENTS ACCT - NZCSD <CHAM24> 809,316 0.77
10 FORSYTH BARR CUSTODIANS LIMITED <1-CUSTODY> 702,010 0.66
11 NEW ZEALAND DEPOSITORY NOMINEE LIMITED <A/C 1 CASH ACCOUNT> 672,722 0.64
12 KAY HONG CHIAM 475,251 0.45
13 MFL MUTUAL FUND LIMITED - NZCSD <MFLA90> 463,297 0.44
14 CUSTODIAL SERVICES LIMITED <A/C 4> 418,429 0.40
15 CUSTODIAL SERVICES LIMITED <A/C 7> 355,500 0.34
16 JALAER INVESTMENTS LIMITED 278,977 0.26
17 ASB NOMINEES LIMITED <175703 A/C> 182,500 0.17
18 GEOK LOO GOH 168,002 0.16
19 WEI-YONG QIAN 165,000 0.16
20 LENNON HOLDINGS LIMITED 157,529 0.15

2022/2023 SHAREHOLDER DISCOUNT CARD
As a valued shareholder of Millennium & Copthorne
Hotels New Zealand Limited, we are pleased to offer
a shareholder discount of 20% 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 M Social Auckland
Millennium Hotel New Plymouth / Queenstown / Rotorua
Copthorne Hotel Auckland City / Bay of Islands / Greymouth /
Palmerston North / Queenstown Lakefront / Queenstown
Lakeview / Rotorua / Wellington Oriental Bay
Kingsgate Hotel Dunedin / Te Anau
Terms and Conditions: Shareholder Discount is available to current shareholders of Millennium & Copthorne Hotels New Zealand Limited for private bookings
(maximum 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 2023 or when you cease to be a shareholder, whichever is the earlier.
Dear Valued Shareholder,
YOUR 2022/2023 SHAREHOLDER DISCOUNT CARD
At Millennium, Copthorne and Kingsgate Hotels and Resorts we are proud of the staff, hotels and locations
we have within New Zealand. As a shareholder we would also like for you to be able to experience
first-hand the experience of staying at, dining at or meeting at one of our participating hotel locations.
To encourage you to utilise this I am pleased to enclose your 2022/2023 Shareholder Discount Card along
with our 2022 Half Year Report. The shareholder discount is for up to 2 rooms per stay at 20% off our
Best Available Fully Flexible Rate. If you decide to cancel the booking before the date of arrival there
are no cancellation fees.
In order to receive the discount, please make your bookings through our website www.millenniumhotels.
com using promo code MCKSHR, by e-mail (central.reservations@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.
Thank you for your continued support of our Millennium, Copthorne and Kingsgate Hotels and Resorts
and we look forward to hosting you in the near future.
Yours faithfully,
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED
Stuart Harrison
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.reservations@millenniumhotels.co.nz
www.millenniumhotels.com