MCK 2023 Interim Report

INTERIM REPORT 2023
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LTD

2023/2024 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 2024 or when you cease to be a shareholder, whichever is the earlier.
Dear Valued Shareholder,
YOUR 2023/2024 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 2023/2024 Shareholder Discount Card along
with our 2023 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.
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

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2023 | 3
New Zealand hotel owner / operator, Millennium & Copthorne Hotels New Zealand
Limited (NZX:MCK), has announced its unaudited results for the six months to 30
June 2023, with its New Zealand hotel operations showing a positive recovery to near
pre-pandemic levels, and currently on track for a return to profit in FY23.
MCK Chairman Colin Sim said that this was encouraging after a very challenging
environment over the last three years.
“A tremendous amount of work is being done on the hotels’ side of the business as part
of our Revive and Thrive strategy, and our performance and improving results confirm
that we are on the right track. We have seen a healthy increase in hotel occupancy over
the past year as tourism has resurged. While various challenges remain, we are expecting
our hotel operations to return to profitability this year. We are continuing to progress the
acquisition of Sofitel Brisbane Central Hotel, with a number of conditions now met. This
will provide MCK with a beachhead into Australia which we have sought for some time
and we consider it to be an important part of our future growth strategy.”
“On the property development side, CDL Investments (CDI) did not have the benefit of
any uplift from land sales as it did last year. Our prior year results included a one-off
contribution from CDI from a high value land sale which boosted the results by $29.0
million. CDI’s results for 2023 reflect the downturn which started last year and has
continued into 2023.”
MCK Managing Director Stuart Harrison said that MCK’s New Zealand hotel operations
were on track to be independently profitable by the end of the year.
“Ensuring that our hotels are able to make and maintain consistent profitability is a key
pathway to our success over the next two years. Pleasingly, we are seeing increases in our
revenues and occupancy, however, ongoing staff shortages continue to limit our ability to
maximise occupancy and parts of our food and beverage operations. Our expectation is
that there will be some improvement of these constraints by the end of the year”.
MCK INTERIM RESULTS
FOR SIX MONTHS TO 30 JUNE 2023
SUMMARY OF UNAUDITED 1H23 RESULTS:
• Strong progress on Revive and Thrive strategy; Hotel operations on track for profit
• Average hotel occupancy across the Group 59.8% (2022: 38.3%)
• Group revenue $60.05m (2022: $83.66m)
•
Profit before income tax and non-controlling interests $11.47m (2022: $32.05m)
• Profit after tax and non-controlling interests $6.18m (2022: $15.40m)

4 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2023
”
“
... our performance and improving results
confirm that we are on the right track.
“We saw a further resurgence of business into leisure locations such as the Bay of Islands,
Rotorua, Queenstown and Te Anau, and we expect to see an additional uplift across our
hotel network as we head towards summer. Considering the effects of the severe weather
incidents which affected our Auckland and Northland hotels in January and February,
the 1H23 performance was a good result in unexpectedly challenging circumstances”,
he said.
Highlights for the six months include the conditional acquisition of Sofitel Brisbane
Central hotel, for AUD$177.7 million as a 50:50 joint venture with MCK’s parent
company, Millennium & Copthorne Hotels Limited; and continued investment into the
refurbishment of the New Zealand hotel network. While there were no new sales of the
Zenith Apartments in Sydney in the last six months, contracts have been exchanged for
the sale of one sub-penthouse apartment with settlement scheduled for September
2023. MCK’s aim is to complete sales of the remaining apartments over the next two
years as the operational focus shifts towards the Brisbane investment.
RESULTS SNAPSHOT
For the six month period ended 30 June 2023, MCK has reported an unaudited profit
before tax and non-controlling interests of $11.47 million (2022: $32.05m). Group
revenue for the period was $60.05 million (2022: $83.66m), with profit after tax and
non-controlling interests of $6.18 million (2022: $15.40m). The reductions are primarily
due to lower sales activity recorded by MCK’s majority-owned subsidiary CDL Investments
New Zealand Limited (“CDI”) which reported revenue of $11.97 million (2022: $47.81m);
and no one-off apartment sales (2022: $8.58m).
Earnings per share for the period was 3.90 cents per share (2022: 9.74 cps). Net Tangible
Assets per share as at 30 June 2023 remained stable at $3.37 per share (2022: $3.33
per share).
NZ HOTEL OPERATIONS
•
Positiv
e recovery as borders open
•
Returned to profit HY23
A
USTRALIA
• Ongoing apartment rental income
CDL INVESTMENTS
•
Long term positive macro trends
but shor
t term rapid cool down on
property sales
•
Muted HY23 contribution

4 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2023MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2023 | 5
UPDATE ON SOFITEL BRISBANE CENTRAL ACQUISITION
In relation to its purchase agreement for the Sofitel Brisbane Central hotel, MCK notes
that approval from Australia’s Foreign Investment Review Board has been obtained and
that the parties are making progress towards settlement.
“There are still a number of conditions that need to be completed before we can
settle the transaction but we believe that we remain on track to do so before the end
of the calendar year”, said Mr. Harrison. “We are excited to complete the purchase
and to provide more information when we can on how this purchase will benefit all of
MCK’s shareholders”.
OUTLOOK
MCK’s board and management remain focused on building on the positive momentum
now being seen by the New Zealand hotel operations and maximising returns over the
coming months.
“We are targeting our New Zealand hotel operations to be profitable in their own right
for the year. This will be critical as we expect profit contributions from CDI and our Zenith
Apartments sales to be softer than previous years. CDI are optimistic that sales will
increase in the second half of this year but recognise that the total number of section
sales for 2023 will be below the number seen in previous years. CDI are actively looking
at opportunities to add to their land portfolio including projects which can be brought
to market relatively quickly”.
“One-off events this year will provide a timely influx of overseas visitors across our hotel
network and the addition of new air services from later this year from key destinations
in North America and Asia will also help boost occupancies around the country”, he said.
“We have initiatives in place to manage market and economic challenges and we believe
that shareholders should be optimistic about MCK’s future as we look to revive and grow
our core business.”
REFURBISHMENTS UNDERWAY:
• Millennium Hotel Queenstown – rooms
• Millennium Hotel Rotorua – rooms
• Copthorne Hotel & Resort Bay of Islands
– rooms, including accessible
• Cop
thorne Hotel Palmerston North – recladding

6 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2023
GOAL
Be the preferred hotel choice for travellers in our region, grow our footprint and deliver
value for our guests, our team and our shareholders.
PEOPLE
Deliver memorable experiences for
our guests
Build careers that our people love
to talk about
PRODUCT
Protect and expand our hotel presence
in New Zealand and Australia
Invest in a portfolio of real estate or
development projects – and manage our
investment in CDL Investments
PROFIT
Drive improving revenue and profit
Leverage our strong balance sheet to
achieve growth
Deliver long term value to our shareholders
LOOKING FORWARD:
REVIVE & THRIVE STRATEGY
OUR PERFORMANCE AND IMPROVING RESULTS
CONFIRM THAT WE ARE ON THE RIGHT TRACK
SHORT TERM
Reviving our business for tourism market momentum post-Covid.
MEDIUM TO LONG TERM
Growth of our hotel network in New Zealand and Australia.

6 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2023MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2023 | 7
• Unique opportunity, landmark property
prominently located in the heart of
Brisbane CBD
•
Funded
via cash reserves (mostly held
in AUD post Sydney apartment sales)
• 416 rooms including 37 suites
LOCATION249 TURBOT STREET, BRISBANE CITY, AUSTRALIA
Tenure99-year leasehold (~97 years remaining)
Acquisition PriceA$177.7m plus acquisition costs
Interest50% ownership alongside M&C Hotels (UK)
SettlementSecond half of 2023 (subject to FIRB and landlord consents)
BUILDING A BEACHHEAD
IN AUSTRALIA
SOFITEL BRISBANE CENTRAL HOTEL
Luxury RoomGrand Ballroom (798 sqm) – Level 2
Caters up to 1,100 people
Cuvée Lounge Bar
(200 pax)
• Grand Ballroom (798sqm) and
8 meeting rooms
• 220 undercover parking lots
• Outdoor swimming pool and 2 gyms

8 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2023
FY23
REVIVAL
Bring all rooms back online
Build occupancy back to former levels
Attract and retain full complement of staff
Marketing and sales activity to drive
guest visits
Continued investment in refurbishment
and upgrades
FY23–24
EARLY STAGE GROWTH
Identify opportunities to fill the gaps in the
New Zealand hotel network
Build beachhead in Australia
Formalise strategy for sustainable operations
Continued investment in refurbishment
and upgrades
REVIVE & THRIVE FY23–FY26
KEY INITIATIVES
FY25–26
ACCELERATE GROWTH
Optimise hotel network and under-utilised
land and buildings
Expand footprint in Australia
Continued investment in refurbishment
and upgrades

8 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2023MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2023 | 9
MANAAKI
Protect & Care
Millennium Hotels and Resorts
New Zealand have partnered
with Save the Kiwi to keep our
kiwi chicks safe and support
their growth in the Save the Kiwi
crèche in Napier.
During the 3-4 months stay at the
crèche, they are given a burrow
in a safe enclosure and learn to
forage for food until they are large
enough to defend themselves and
be released into the wild.
For details about how you can help, please ask a member

of staff or discover more information in your room.

10 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2023
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Income Statement
FOR THE SIX MONTHS ENDED 30 JUNE 2023
UnauditedUnaudited
6 months6 months
DOLLARS IN THOUSANDSNOTEto 30/06/23to 30/06/22
Revenue60,051 83,656
Cost of sales(28,780) (32,015)
Gross profit31,271 51,641
Administrative expenses(12,981) (10,628)
Other operating expenses(9,564) (8,839)
Operating profit before finance income8,726 32,174
Finance income3,785 1,283
Finance costs(1,045) (1,407)
Net finance income / (costs)2,740
(124)
Profit before income tax11,466 32,050
Income tax expense(3,085) (9,113)
Profit for the period8,381 22,937
Profit for the period attributable to:
Equity holders of the parent6,177 15,403
Non-controlling interests2,204 7,534
Profit for the period 8,381 22,937


Basic earnings per share (cents)
43.90c9.74c
Diluted earnings per share (cents)
43.90c9.74c
The attached notes form part of, and are to be read in conjunction with, these financial statements.
Page 1
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10 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2023MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2023 | 11
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Income Statement
FOR THE SIX MONTHS ENDED 30 JUNE 2023
UnauditedUnaudited
6 months6 months
DOLLARS IN THOUSANDSNOTEto 30/06/23to 30/06/22
Revenue60,051 83,656
Cost of sales(28,780) (32,015)
Gross profit31,271 51,641
Administrative expenses(12,981) (10,628)
Other operating expenses(9,564) (8,839)
Operating profit before finance income8,726 32,174
Finance income3,785 1,283
Finance costs(1,045) (1,407)
Net finance income / (costs)2,740
(124)
Profit before income tax11,466 32,050
Income tax expense(3,085) (9,113)
Profi
t for the period8,381 22,937
Profit for the period attributable to:
Equity holders of the parent6,177 15,403
Non-controlling interests2,204 7,534
Profit for the period 8,381 22,937


Basic earnings per share (cents)
43.90c9.74c
Diluted earnings per share (cents)
43.90c9.74c
The attached notes form part of, and are to be read in conjunction with, these financial statements.
Page 1
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Statement of Financial Position
AS AT 30 JUNE 2023UnauditedAudited
as atas at
DOLLARS IN THOUSANDSNOTE30/06/2331/12/22
SHAREHOLDERS' EQUITY
Issued capital
3383,266 383,266
Reserves149,724 147,779
Treasury stock
3(26) (26)
Non-controlling interests111,809 111,682
Total equity644,773 642,701
Represented by:
NON CURRENT ASSETS
Property, plant and equipment258,906 255,279
Development properties 201,823 205,308
Investment properties36,156 36,381
Investment in associates2 2
Total non-current assets496,887 496,970
CURRENT ASSETS
Cash and cash equivalents58,342 61,387
Short term bank deposits106,097 111,946
Trade and other receivables22,491 14,436
Inventories1,374 1,409
Income tax receivable3,088 -


Development properties24,848 23,038
Total current assets216,240 212,216
Total assets713,127 709,186
NON CURRENT LIABILITIES
Lease liabilities27,772 25,458
Provision for deferred taxation9,621 9,717
Total non-current liabilities37,393 35,175
CURRENT LIABILITIES
Trade and other payables28,385 28,024
Trade payables due to related parties
62,407 2,248
Lease liabilities169 233
Income tax payable- 805
Total current liabilities30,961 31,310
Total liabilities68,354 66,485
Net assets644,773 642,701
Net Asset Backing before Distributions (cents per share)
The attached notes form part of, and are to be read in conjunction with, these financial statements.
Page 4
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
CONDENSED INTERIM INCOME STATEMENT

12 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2023
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Statement of Comprehensive Income
FOR THE SIX MONTHS ENDED 30 JUNE 2023
UnauditedUnaudited
6 months6 months
DOLLARS IN THOUSANDSNoteto 30/06/23to 30/06/22
Profit for the period8,381 22,937
Items that are or may be reclassified to profit or loss
Foreign exchange translation movements894 2,656
- Tax (expense)/credit on foreign exchange(5) (15)
889 2,641
Total comprehensive income for the period9,270 25,578
Total comprehensive income for the period attributable to:
Equity holders of the parent7,066 18,044
Non-controlling interests2,204 7,534
Total comprehensive income for the period9,270 25,578
DETAILS OF SPECIFIC RECEIPTS/OUTLAYS, REVENUE/EXPENSES
Classified under:
Administrative expenses
Audit fees(176) (160)
Other operating expenses
Depreciation of Property, Plant & Equipment(3,444)

(3,383)
Depreciation of Investment Property(511) (98)
Depreciation of Right-Of-Use Assets (411) (532)
Leasing and rental expenses(341) (342)
Finance income
Interest income3,785 1,250
Finance costs
Interest expense-(1)
Interest expense on lease liability(895) (1,395)
Foreign exchange loss(144) (1)
The attached notes form part of, and are to be read in conjunction with, these financial statements.
Page 2
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Statement of Financial Position
AS AT 30 JUNE 2023UnauditedAudited
as atas at
DOLLARS IN THOUSANDSNOTE30/06/2331/12/22
SHAREHOLDERS' EQUITY
Issued capital
3383,266 383,266
Reserves149,724 147,779
Treasury stock
3(26) (26)
Non-controlling interests111,809 111,682
Total equity644,773 642,701
Represented by:
NON CURRENT ASSETS
Property, plant and equipment258,906 255,279
Development properties 201,823 205,308
Investment properties36,156 36,381
Investment in associates2 2
Total non-current assets496,887 496,970
CURRENT ASSETS
Cash and cash equivalents58,342 61,387
Short term bank deposits106,097 111,946
Trade and other receivables22,491 14,436
Inventories1,374 1,409
Income tax receivable3,088 -


Development properties24,848 23,038
Total current assets216,240 212,216
Total assets713,127 709,186
NON CURRENT LIABILITIES
Lease liabilities27,772 25,458
Provision for deferred taxation9,621 9,717
Total non-current liabilities37,393 35,175
CURRENT LIABILITIES
Trade and other payables28,385 28,024
Trade payables due to related parties
62,407 2,248
Lease liabilities169 233
Income tax payable- 805
Total current liabilities30,961 31,310
Total liabilities68,354 66,485
Net assets644,773 642,701
Net Asset Backing before Distributions (cents per share)
The attached notes form part of, and are to be read in conjunction with, these financial statements.
Page 4
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME

12 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2023MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2023 | 13
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Statement of Comprehensive Income
FOR THE SIX MONTHS ENDED 30 JUNE 2023
UnauditedUnaudited
6 months6 months
DOLLARS IN THOUSANDSNoteto 30/06/23to 30/06/22
Profit for the period8,381 22,937
Items that are or may be reclassified to profit or loss
Foreign exchange translation movements894 2,656
- Tax (expense)/credit on foreign exchange(5) (15)
889 2,641
Total comprehensive income for the period9,270 25,578
Total comprehensive income for the period attributable to:
Equity holders of the parent7,066 18,044
Non-controlling interests2,204 7,534
Total comprehensive income for the period9,270 25,578
DETAILS OF SPECIFIC RECEIPTS/OUTLAYS, REVENUE/EXPENSES
Classified under:
Administrative expenses
Audit fees(176) (160)
Other operating expenses
Depreciation of Property, Plant & Equipment(3,444)

(3,383)
Depreciation of Investment Property(511) (98)
Depreciation of Right-Of-Use Assets (411) (532)
Leasing and rental expenses(341) (342)
Finance income
Interest income3,785 1,250
Finance costs
Interest expense-(1)
Interest expense on lease liability(895) (1,395)
Foreign exchange loss(144) (1)
The attached notes form part of, and are to be read in conjunction with, these financial statements.
Page 2
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Statement of Financial Position
AS AT 30 JUNE 2023UnauditedAudited
as atas at
DOLLARS IN THOUSANDSNOTE30/06/2331/12/22
SHAREHOLDERS' EQUITY
Issued capital
3383,266 383,266
Reserves149,724 147,779
Treasury stock
3(26) (26)
Non-controlling interests111,809 111,682
Total equity644,773 642,701
Represented by:
NON CURRENT ASSETS
Property, plant and equipment258,906 255,279
Development properties 201,823 205,308
Investment properties36,156 36,381
Investment in associates2 2
Total non-current assets496,887 496,970
CURRENT ASSETS
Cash and cash equivalents58,342 61,387
Short term bank deposits106,097 111,946
Trade and other receivables22,491 14,436
Inventories1,374 1,409
Income tax receivable3,088 -


Development properties24,848 23,038
Total current assets216,240 212,216
Total assets713,127 709,186
NON CURRENT LIABILITIES
Lease liabilities27,772 25,458
Provision for deferred taxation9,621 9,717
Total non-current liabilities37,393 35,175
CURRENT LIABILITIES
Trade and other payables28,385 28,024
Trade payables due to related parties
62,407 2,248
Lease liabilities169 233
Income tax payable- 805
Total current liabilities30,961 31,310
Total liabilities68,354 66,485
Net assets644,773 642,701
Net Asset Backing before Distributions (cents per share)
The attached notes form part of, and are to be read in conjunction with, these financial statements.
Page 4
Millennium
& Copthorne
Hotels New
Zealand
Limited
and
Subsidiaries
Condensed
Interim
Statement
of
Changes
in
Equity
FOR THE
SIX
MONTHS
ENDED 30
JUNE
2023
Unaudited
Unaudited
Unaudited
Share
Exchange
Accumulated
Treasury
Unaudited
Non-controlling
Total
DOLLARS
IN
THOUSANDS
NOTE
Capital
Reserves
Losses
Stock
Total
Interests
Equity
Balance
at
1 January
2022
383,266


(2,025)


132,974


(26)


514,189


103,610


617,799


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



-


15,403


7,534


22,937


Total
comprehensive
income
for
the
period
-


2,641


15,403


-


18,044


7,534


25,578


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)


-


-


26


-


26


1,349


1,375


Balance
at
30
June
2022
383,266


616


142,866


(26)


526,722


108,788


635,510


Balance
at
1 January
2023
383,266


(1,396)


149,175


(26)



531,019



111,682


642,701


Movement
in exchange
transla
tion
reserve
-


889


-


-


889


-


889


Income
and
expense
recognised
directly
in equity
-


889


-


-


889


-


889


Profit
for
the
period
-


-


6,177


-



6,
177


2,204


8,381


Total
comprehensive
income
for
the
period
-


889


6,177


-


7,066


2,204


9,270


Transactions
with
owners,
recorded
directly
in equity
:
Dividends
paid
to:
Equity
holders
of the
parent
5
-


-


(4,747)


-


(4,747)


-


(4,747)


Non-controlling
interests
-


-


-


-


-



(3
,940)


(3,940)


-


-


(374)


-


(374)


1,86
3


1,489


Balance
at
30
June
2023
383,266


(507)


150,231


(26)


532,964


111,809


644,773


The
attached
notes
form
part
of, and
are
to
be
read
in conjunction
with,
these
financial
statements.
Attibutable
to Equity
Holders
of the
Group
Movement
of non-controlling
interests
without
a change
in control
Movement
of non-controlling
interests
without
a change
in control
Page
3
Unaudited
Unaudited
Unaudited
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIESCONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY

14 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2023
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Statement of Financial Position
AS AT 30 JUNE 2023UnauditedAudited
as atas at
DOLLARS IN THOUSANDSNOTE30/06/2331/12/22
SHAREHOLDERS' EQUITY
Issued capital
3383,266 383,266
Reserves149,724 147,779
Treasury stock
3(26) (26)
Non-controlling interests111,809 111,682
Total equity644,773 642,701
Represented by:
NON CURRENT ASSETS
Property, plant and equipment258,906 255,279
Development properties 201,823 205,308
Investment properties36,156 36,381
Investment in associates2 2
Total non-current assets496,887 496,970
CURRENT ASSETS
Cash and cash equivalents58,342 61,387
Short term bank deposits106,097 111,946
Trade and other receivables22,491 14,436
Inventories1,374 1,409
Income tax receivable3,088 -


Development properties24,848 23,038
Total current assets216,240 212,216
Total assets713,127 709,186
NON CURRENT LIABILITIES
Lease liabilities27,772 25,458
Provision for deferred taxation9,621 9,717
Total non-current liabilities37,393 35,175
CURRENT LIABILITIES
Trade and other payables28,385 28,024
Trade payables due to related parties
62,407 2,248
Lease liabilities169 233
Income tax payable- 805
Total current liabilities30,961 31,310
Total liabilities68,354 66,485
Net assets644,773 642,701
Net Asset Backing before Distributions (cents per share)
The attached notes form part of, and are to be read in conjunction with, these financial statements.
Page 4
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Statement of Financial Position
AS AT 30 JUNE 2023UnauditedAudited
as atas at
DOLLARS IN THOUSANDSNOTE30/06/2331/12/22
SHAREHOLDERS' EQUITY
Issued capital
3383,266 383,266
Reserves149,724 147,779
Treasury stock
3(26) (26)
Non-controlling interests111,809 111,682
Total equity644,773 642,701
Represented by:
NON CURRENT ASSETS
Property, plant and equipment258,906 255,279
Development properties 201,823 205,308
Investment properties36,156 36,381
Investment in associates2 2
Total non-current assets496,887 496,970
CURRENT ASSETS
Cash and cash equivalents58,342 61,387
Short term bank deposits106,097 111,946
Trade and other receivables22,491 14,436
Inventories1,374 1,409
Income tax receivable3,088 -


Development properties24,848 23,038
Total current assets216,240 212,216
Total assets713,127 709,186
NON CURRENT LIABILITIES
Lease liabilities27,772 25,458
Provision for deferred taxation9,621 9,717
Total non-current liabilities37,393 35,175
CURRENT LIABILITIES
Trade and other payables28,385 28,024
Trade payables due to related parties
62,407 2,248
Lease liabilities169 233
Income tax payable- 805
Total current liabilities30,961 31,310
Total liabilities68,354 66,485
Net assets644,773 642,701
Net Asset Backing before Distributions (cents per share)
The attached notes form part of, and are to be read in conjunction with, these financial statements.
Page 4
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

14 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2023MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2023 | 15
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Statement of Financial Position
AS AT 30 JUNE 2023UnauditedAudited
as atas at
DOLLARS IN THOUSANDSNOTE30/06/2331/12/22
SHAREHOLDERS' EQUITY
Issued capital
3383,266 383,266
Reserves149,724 147,779
Treasury stock
3(26) (26)
Non-controlling interests111,809 111,682
Total equity644,773 642,701
Represented by:
NON CURRENT ASSETS
Property, plant and equipment258,906 255,279
Development properties 201,823 205,308
Investment properties36,156 36,381
Investment in associates2 2
Total non-current assets496,887 496,970
CURRENT ASSETS
Cash and cash equivalents58,342 61,387
Short term bank deposits106,097 111,946
Trade and other receivables22,491 14,436
Inventories1,374 1,409
Income tax receivable3,088 -


Development properties24,848 23,038
Total current assets216,240 212,216
Total assets713,127 709,186
NON CURRENT LIABILITIES
Lease liabilities27,772 25,458
Provision for deferred taxation9,621 9,717
Total non-current liabilities37,393 35,175
CURRENT LIABILITIES
Trade and other payables28,385 28,024
Trade payables due to related parties
62,407 2,248
Lease liabilities169 233
Income tax payable- 805
Total current liabilities30,961 31,310
Total liabilities68,354 66,485
Net assets644,773 642,701
Net Asset Backing before Distributions (cents per share)
The attached notes form part of, and are to be read in conjunction with, these financial statements.
Page 4
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Statement of Financial Position
AS AT 30 JUNE 2023UnauditedAudited
as atas at
DOLLARS IN THOUSANDSNOTE30/06/2331/12/22
SHAREHOLDERS' EQUITY
Issued capital
3383,266 383,266
Reserves149,724 147,779
Treasury stock
3(26) (26)
Non-controlling interests111,809 111,682
Total equity644,773 642,701
Represented by:
NON CURRENT ASSETS
Property, plant and equipment258,906 255,279
Development properties 201,823 205,308
Investment properties36,156 36,381
Investment in associates2 2
Total non-current assets496,887 496,970
CURRENT ASSETS
Cash and cash equivalents58,342 61,387
Short term bank deposits106,097 111,946
Trade and other receivables22,491 14,436
Inventories1,374 1,409
Income tax receivable3,088 -


Development properties24,848 23,038
Total current assets216,240 212,216
Total assets713,127 709,186
NON CURRENT LIABILITIES
Lease liabilities27,772 25,458
Provision for deferred taxation9,621 9,717
Total non-current liabilities37,393 35,175
CURRENT LIABILITIES
Trade and other payables28,385 28,024
Trade payables due to related parties
62,407 2,248
Lease liabilities169 233
Income tax payable- 805
Total current liabilities30,961 31,310
Total liabilities68,354 66,485
Net assets644,773 642,701
Net Asset Backing before Distributions (cents per share)
The attached notes form part of, and are to be read in conjunction with, these financial statements.
Page 4
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Statement of Financial Position
AS AT 30 JUNE 2023UnauditedAudited
as atas at
DOLLARS IN THOUSANDSNOTE30/06/2331/12/22
SHAREHOLDERS' EQUITY
Issued capital
3383,266 383,266
Reserves149,724 147,779
Treasury stock
3(26) (26)
Non-controlling interests111,809 111,682
Total equity644,773 642,701
Represented by:
NON CURRENT ASSETS
Property, plant and equipment258,906 255,279
Development properties 201,823 205,308
Investment properties36,156 36,381
Investment in associates2 2
Total non-current assets496,887 496,970
CURRENT ASSETS
Cash and cash equivalents58,342 61,387
Short term bank deposits106,097 111,946
Trade and other receivables22,491 14,436
Inventories1,374 1,409
Income tax receivable3,088 -


Development properties24,848 23,038
Total current assets216,240 212,216
Total assets713,127 709,186
NON CURRENT LIABILITIES
Lease liabilities27,772 25,458
Provision for deferred taxation9,621 9,717
Total non-current liabilities37,393 35,175
CURRENT LIABILITIES
Trade and other payables28,385 28,024
Trade payables due to related parties
62,407 2,248
Lease liabilities169 233
Income tax payable- 805
Total current liabilities30,961 31,310
Total liabilities68,354 66,485
Net assets644,773 642,701
Net Asset Backing before Distributions (cents per share)
The attached notes form part of, and are to be read in conjunction with, these financial statements.
Page 4
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Statement of Cash Flows
FOR THE SIX MONTHS ENDED 30 JUNE 2023UnauditedUnaudited
6 months6 months
DOLLARS IN THOUSANDSNOTEto 30/06/23to 30/06/22
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers52,108 92,411
Interest received3,673 1,058
55,781 93,469
Cash was applied to:
Payments to suppliers and employees(44,449) (41,175)
Purchase of development land- (19,380)
Interest paid-
(1)
Income tax paid(7,083) (8,518)
(51,532) (69,074)
Net cash inflow from operating activitie
s4,249 24,395
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from/(applied to):
Purchase of property, plant and equipment(5,051) (3,565)
Purchase of investment property(286) (9,850)
Proceed from the sale of property, plant and equipment3 -


(Investments in) / withdrawals from short term bank deposits5,849 (37,374)
Net cash inflow/(outflow) from investing activities515 (50,789)
CASH FLOWS FRO
M FINANCING ACTIVITIES
Cash was provided from/(applied to):
Repayment of borrowings- (1,000)
Pri
ncipal repayment of lease liability(1,082) (1,647)
Dividends paid to shareholders of Millennium & Copthorne
Hotels New Zealand Ltd
5(4,747) (5,537)
Dividends paid to non-controlling interests (3,940) (3,705)
Net cash outflow from financing activities(9,769) (11,889)
Net (decrease) in cash and cash equivalents(5,005) (38,283)
Add opening cash and cash equivalents61,387 58,143
Exchange rate adjustment1,960 3,103

Closing cash and cash equivalents58,342 22,963
The attached notes form part of, and are to be read in conjunction with, these financial statements.
Page 5
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
CONDENSED INTERIM STATEMENT OF CASH FLOWS

16 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2023
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Statement of Cash Flows
FOR THE SIX MONTHS ENDED 30 JUNE 2023
UnauditedUnaudited
6 months6 months
DOLLARS IN THOUSANDSNOTEto 30/06/23to 30/06/22
RECONCILIATION OF NET PROFIT FOR THE PERIOD
TO CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the period8,381 22,937
Adjusted for non cash items:
(Gain)/Loss on Sale of Fixed Assets3 2
Foreign Exchange (Gain)/ Loss144 (1)
Depreciation of Property, Plant & Equipment3,444 3,383
Depreciation of Right-Of-Use Assets 411 532
Depreciation of Investment Property511 98
Income tax expense / (credit)3,085 9,113
Adjustments for movements in working capital:
Decrease/(Increase) in receivables(8,055) 8,532
Decrease in inventories35 50
(Increase)/Decrease in development properties1,952 (7,635)
Increase/(Decrease) in payables1,262 (2,738)
Increase/(Decrease) in related parties159 (1,359)
Cash generated from operations11,332

32,914
Interest paid- (1)
Income tax paid(7,083) (8,518)
Net cash inflow from operating activities4,24924,395
Reconciliation of movement of liabilities to cash flows arisingUnauditedUnaudited
from financing activities6 months6 months
to 30/06/23to 30/06/22
As at 01 January- 1,000
Repayment of borrowings- (1,000)
Financing cash flows- (1,000)
As at 30 June- -
The attached notes form part of, and are to be read in conjunction with, these financial statements.
Page 6
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Statement of Financial Position
AS AT 30 JUNE 2023UnauditedAudited
as atas at
DOLLARS IN THOUSANDSNOTE30/06/2331/12/22
SHAREHOLDERS' EQUITY
Issued capital
3383,266 383,266
Reserves149,724 147,779
Treasury stock
3(26) (26)
Non-controlling interests111,809 111,682
Total equity644,773 642,701
Represented by:
NON CURRENT ASSETS
Property, plant and equipment258,906 255,279
Development properties 201,823 205,308
Investment properties36,156 36,381
Investment in associates2 2
Total non-current assets496,887 496,970
CURRENT ASSETS
Cash and cash equivalents58,342 61,387
Short term bank deposits106,097 111,946
Trade and other receivables22,491 14,436
Inventories1,374 1,409
Income tax receivable3,088 -


Development properties24,848 23,038
Total current assets216,240 212,216
Total assets713,127 709,186
NON CURRENT LIABILITIES
Lease liabilities27,772 25,458
Provision for deferred taxation9,621 9,717
Total non-current liabilities37,393 35,175
CURRENT LIABILITIES
Trade and other payables28,385 28,024
Trade payables due to related parties
62,407 2,248
Lease liabilities169 233
Income tax payable- 805
Total current liabilities30,961 31,310
Total liabilities68,354 66,485
Net assets644,773 642,701
Net Asset Backing before Distributions (cents per share)
The attached notes form part of, and are to be read in conjunction with, these financial statements.
Page 4
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
CONDENSED INTERIM STATEMENT OF CASH FLOWS

Page 7

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
for the six months ended 30 June 2023 (unaudited)

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 2023 comprise the Company and its subsidiaries (together referred
to as the “Group”). The registered office is located at level 7, 23 Customs Street East, 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; ownership and leasing of investment properties in New Zealand
and development and sale of residential units in Australia.

The condensed interim financial statements were authorised for issuance on 08 August 2023.

(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
2022.


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.

16 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2023MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2023 | 17
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Statement of Cash Flows
FOR THE SIX MONTHS ENDED 30 JUNE 2023
UnauditedUnaudited
6 months6 months
DOLLARS IN THOUSANDSNOTEto 30/06/23to 30/06/22
RECONCILIATION OF NET PROFIT FOR THE PERIOD
TO CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the period8,381 22,937
Adjusted for non cash items:
(Gain)/Loss on Sale of Fixed Assets3 2
Foreign Exchange (Gain)/ Loss144 (1)
Depreciation of Property, Plant & Equipment3,444 3,383
Depreciation of Right-Of-Use Assets 411 532
Depreciation of Investment Property511 98
Income tax expense / (credit)3,085 9,113
Adjustments for movements in working capital:
Decrease/(Increase) in receivables(8,055) 8,532
Decrease in inventories35 50
(Increase)/Decrease in development properties1,952 (7,635)
Increase/(Decrease) in payables1,262 (2,738)
Increase/(Decrease) in related parties159 (1,359)
Cash generated

from operations11,332 32,914
Interest paid- (1)
Income tax paid(7,083) (8,518)
Net cash inflow from operating activities4,24924,395
Reconciliation of movement of liabilities to cash flows arisingUnauditedUnaudited
from financing activities6 months6 months
to 30/06/23to 30/06/22
As at 01 January- 1,000
Repayment of borrowings- (1,000)
Financing cash flows- (1,000)
As at 30 June- -
The attached notes form part of, and are to be read in conjunction with, these financial statements.
Page 6
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Statement of Financial Position
AS AT 30 JUNE 2023UnauditedAudited
as atas at
DOLLARS IN THOUSANDSNOTE30/06/2331/12/22
SHAREHOLDERS' EQUITY
Issued capital
3383,266 383,266
Reserves149,724 147,779
Treasury stock
3(26) (26)
Non-controlling interests111,809 111,682
Total equity644,773 642,701
Represented by:
NON CURRENT ASSETS
Property, plant and equipment258,906 255,279
Development properties 201,823 205,308
Investment properties36,156 36,381
Investment in associates2 2
Total non-current assets496,887 496,970
CURRENT ASSETS
Cash and cash equivalents58,342 61,387
Short term bank deposits106,097 111,946
Trade and other receivables22,491 14,436
Inventories1,374 1,409
Income tax receivable3,088 -


Development properties24,848 23,038
Total current assets216,240 212,216
Total assets713,127 709,186
NON CURRENT LIABILITIES
Lease liabilities27,772 25,458
Provision for deferred taxation9,621 9,717
Total non-current liabilities37,393 35,175
CURRENT LIABILITIES
Trade and other payables28,385 28,024
Trade payables due to related parties
62,407 2,248
Lease liabilities169 233
Income tax payable- 805
Total current liabilities30,961 31,310
Total liabilities68,354 66,485
Net assets644,773 642,701
Net Asset Backing before Distributions (cents per share)
The attached notes form part of, and are to be read in conjunction with, these financial statements.
Page 4

Page 7

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
for the six months ended 30 June 2023 (unaudited)

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 2023 comprise the Company and its subsidiaries (together referred
to as the “Group”). The registered office is located at level 7, 23 Customs Street East, 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; ownership and leasing of investment properties in New Zealand
and development and sale of residential units in Australia.

The condensed interim financial statements were authorised for issuance on 08 August 2023.

(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
2022.


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 AND SUBSIDIARIES
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2023 (UNAUDITED)

18 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2023
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIESNOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 JUNE 2023 (UNAUDITED)
Hotel Operations
Residential Land

Development
Investment Property
Residential Property
Development
Group
Dollars in thousands
6 months to
30/06/23
6 months to
30/06/22
6 months to
30/06/23
6 months to
30/06/22
6 months to
30/06/23
6 months to
30/06/22
6 months to
30/06/23
6 months to
30/06/22
6 months to
30/06/23
6 months to
30/06/22
External revenue
47,452
27,260
10,749
47,730
1,219
84
631
8,582
60,051
83,656
Earnings before interest, depreciation

& amortisation
7,702
876
4,600
31,414
1,199
(14)
(409)
3,911
13,092
36,187
Finance income
1,195
482
1,713
513
-
-
877
288
3,785
1,283
Finance expense
(1,038)
(1,404)
(6)
(2)
-
-
(1)
(1)
(1,045)
(1,407)
Depreciation and amortisation
(3,438)
(3,378)
(3)
(1)
(511)
(98)
(3)
(4)
(3,955)
(3,481)
Depreciation of Right-of-use assets
(392)
(521)
(14)
(7)
-
-
(5)
(4)
(411)
(532)
Profit before income tax
4,029
(3,945)
6,290
31,917
688
(112)
459
4,190
11,466
32,050
Income tax expense
(992)
1,049
(1,761)
(8,937)
(193)

31
(139)
(1,256)
(3,085)
(9,113)
Profit after income tax
3,037
(2,896)
4,529
22,980
495
(81)
320
2,934
8,381
22,937
Cash & cash equivalents and short term bank deposits
51,926
50,451
65,097
75,076
-
-
47,416
56,306
164,439
181,833
Tax receivable
2,696
-
372
-
-
-
20
-
3,088
-
Other segment assets
267,497
257,403
204,920
198,586
36,156
33,084
37,025
29,107
545,598
518,180
Investment in associates
-
-
2
2
-
-
-
-
2
2
Total assets
322,119
307,854
270,391
273,664
36,156
33,084
84,461
85,413
713,127
700,015
Segment liabilities
(56,428)
(48,440)
(921)
(1,804)
-
-
(1,384)
(1,923)
(58,733)
(52,167)
Tax liabilities
(8,955)
(6,824)
(339)
(4,352)
-
-
(327)
(1,162)
(9,621)
(12,338)
Total liabilities
(65,383)
(55,264)
(1,260)
(6,156)
-
-
(1,711)
(3,085)
(68,354)
(64,505)
Property, plant and equipment expenditure
7,470
10,625
6
-
-
-
13
40
7,489
10,665
Investment property expenditure
-
-
-
-
285
9,850
-
-
285
9,850
Residential land development expenditure
-
-
2,420
5,996
-
-
-
-
2,420
5,996
Purchase of land for residential land development
-
-
-
19,380
-
-
-
-
-
19,380
2. Segment reporting -
continued
(a) Operating Segments

18 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2023MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2023 | 19
2. Segment reporting - continued
(b) Geographic Segments
New ZealandAustraliaGroup
Dollars in thousands
6 months to
30/06/23
6 months to
30/06/22
6 months to
30/06/23
6 months to
30/06/22
6 months to
30/06/23
6 months to
30/06/22
External revenue59,42075,0746318,58260,05183,656
Earnings before interest, depreciation

& amortisation13,51032,285(418)3,90213,09236,187
Finance income2,9089958772883,7851,283
Finance expense(1,044)(1,406)(1)(1)(1,045)(1,407)
Depreciation and amortisation(3,952)(3,477)(3)(4)(3,955)(3,481)
Depreciation of Right-of-use assets(406)(528)(5)(4)(411)(532)
Profit before income tax11,01627,8694504,18111,46632,050
Income tax expense(2,949)(7,860)(136)(1,253)(3,085)(9,113)
Profit after income tax8,06720,0093142,9288,38122,937
Cash & cash equivalents and short term

bank deposits117,023125,52747,41656,306164,439181,833
Tax receivable3,068-20-3,088-
Other segment assets508,573489,07337,02529,107545,598518,180
Investment in associates22--22
Total assets628,666614,60284,46185,413713,127700,015
Segment liabilities(57,349)(50,244)(1,384)(1,923)(58,733)(52,167)
Tax liabilities(9,294)(11,176)(327) (1,162)(9,621)(12,338)
Total liabilities(66,643)(61,420)(1,711)(3,085)(68,354) (64,505)
Property, plant and equipment expenditure7,47610,62513407,48910,665
Investment property expenditure2859,850--2859,850
Residential land development expenditure2,4205,996--2,4205,996
Purchase of land for residential land
development -19,380---19,380
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2023 (UNAUDITED)

20 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2023

Page 10

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
for the six months ended 30 June 2023 (unaudited)


3. Share capital


Ordinary shares Redeemable preference shares
Shares $ 000s Shares $ 000s
Total shares issued – fully paid

Balance at 30 June 2022 105,578,290 350,048 52,739,543 33,218
Balance at 30 June 2023 105,578,290 350,048 52,739,543 33,218


Ordinary shares repurchased and
held as treasury stock



Balance at 30 June 2022 (99,547) (26) - -
Balance at 30 June 2023 (99,547) (26) - -


Shares issued – fully paid

Balance at 30 June 2022 105,478,743 350,022 52,739,543 33,218
Balance at 30 June 2023 105,478,743 350,022 52,739,543 33,218



At 30 June 2023, the authorised share capital consisted of 105,578,290 ordinary shares (2022: 105,578,290 ordinary
shares) with no par value and 52,739,543 redeemable preference shares (2022: 52,739,543) with no par value.





4. Earnings per share

The basic earnings per share of 3.90 cents (30 June 2022: 9.74 cents) is based on the profit attributable to ordinary
shareholders of $6.18 million (30 June 2022: $15.40 million) and weighted average number of ordinary shares and
redeemable preference shares outstanding during the period ended 30 June 2023 of 158,218,286 (30 June 2022:
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 3.90 cents (30 June 2022: 9.74 cents) is the same as basic earnings
per share.



5. Dividends

The following dividends were paid during the interim periods:



Group
Dollars In Thousands
Unaudited
30/06/23
Unaudited
30/06/22


Ordinary dividend: 3.0 cents per qualifying share (2022: 3.5 cents) 4,747 5,537
Supplementary dividend: 0.529412 cents per qualifying share (2022:
0.617647 cents)

98

112

4,845 5,649






MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2023 (UNAUDITED)

Page 11

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
for the six months ended 30 June 2023 (unaudited)

6. Related party transactions

Millennium & Copthorne Hotels New Zealand Limited is a 75.78% (2022: 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 balance Unaudited
30/06/23
Unaudited
30/06/22
Trade payables and receivables due to
related parties

Millennium & Copthorne Hotels Limited Recharge of
expenses
(2,096) (3,144)

Millennium & Copthorne International
Limited
Recharge of
expenses
& provision of
management and
marketing support



(102)



33

CDL Hotels Holdings New Zealand Limited
Recharge of
expenses
(51) 157

CDLH (BVI) One Limited Rent payment (158) 336

(2,407) (2,618)

No debts with related parties were written off or forgiven during the period. No interest was charged on these payables
during 2023 and 2022. There are no set repayment terms.


7. Capital commitments

As at 30 June 2023, the Group has entered into contractual commitments for capital expenditure and development
expenditure.


Group
Dollars In Thousands
Unaudited
30/06/2023
Unaudited
30/06/2022
Capital expenditure on property, plant and equipment 2,072 1,559
Development expenditure 21,471 15,451
Capital expenditure on investment properties 60 3,100
Land purchases 20,407 -

44,010 20,110

As at 30 June 2023, 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 2023 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, were named as respondents in a
High Court judicial review proceeding which was brought by the Applicant, Winton Property Investments Limited, in
relation to a recent decision relating to the Group’s acquisition of land in Havelock North which was advised to the
market on 21 July 2021 and which has settled. The Applicant sought, 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 matter was heard in the High Court in February 2022 and a decision against the
Applicant was handed down in March 2022. Winton has appealed to the Court of Appeal and the appeal hearing
was held in May 2023. A decision has yet to be handed down by the Court of Appeal. The Group 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 appeal be successful.

20 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2023MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2023 | 21

Page 11

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
for the six months ended 30 June 2023 (unaudited)

6. Related party transactions

Millennium & Copthorne Hotels New Zealand Limited is a 75.78% (2022: 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 balance Unaudited
30/06/23
Unaudited
30/06/22
Trade payables and receivables due to
related parties

Millennium & Copthorne Hotels Limited Recharge of
expenses
(2,096) (3,144)

Millennium & Copthorne International
Limited
Recharge of
expenses
& provision of
management and
marketing support



(102)



33

CDL Hotels Holdings New Zealand Limited Recharge of
expenses
(51) 157

CDLH (BVI) One Limited Rent payment (158) 336

(2,407) (2,618)

No debts with related parties were written off or forgiven during the period. No interest was charged on these payables
during 2023 and 2022. There are no set repayment terms.


7. Capital commitments

As at 30 June 2023, the Group has entered into contractual commitments for capital expenditure and development
expenditure.


Group
Dollars In Thousands
Unaudited
30/06/2023
Unaudited
30/06/2022
Capital expenditure on property, plant and equipment 2,072 1,559
Development expenditure 21,471 15,451
Capital expenditure on investment properties 60 3,100
Land purchases 20,407 -

44,010 20,110

As at 30 June 2023, 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 2023 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, were named as respondents in a
High Court judicial review proceeding which was brought by the Applicant, Winton Property Investments Limited, in
relation to a recent decision relating to the Group’s acquisition of land in Havelock North which was advised to the
market on 21 July 2021 and which has settled. The Applicant sought, 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 matter was heard in the High Court in February 2022 and a decision against the
Applicant was handed down in March 2022. Winton has appealed to the Court of Appeal and the appeal hearing
was held in May 2023. A decision has yet to be handed down by the Court of Appeal. The Group 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 appeal be successful.

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2023 (UNAUDITED)

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2023 (UNAUDITED)
22 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2023

Page 12

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
for the six months ended 30 June 2023 (unaudited)

9. COVID-19 employer support

The Group has applied for and received $42,708 in respect of COVID-19 Leave Support Scheme for employees who
were self-isolating and were unable to work from home. In the previous period, the Group received $189,796 in
respect of COVID-19 Short-term Absence payment and Leave Support Scheme.

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.





Personnel expenses



Group


Dollars In Thousands

Unaudited
6 months to
30/06/23
Unaudited
6 months to
30/06/22
Wages and salaries

20,599 14,169
COVID-19 employer support

(31) (150)
Employee related expenses and benefits

1,891 908
Contributions to defined contribution plans

310 198
Increase/(decrease) in liability for long-service leave

103 (3)

22,872 15,122




10. Australian acquisition

On 22 March 2023 the Company and its parent company, Millennium & Copthorne Hotels Limited, through a 50:50
joint venture, entered into a conditional sale and purchase agreement to acquire the Sofitel Brisbane Central hotel in
Australia at a purchase price of $190.59 million (A$177.70 million). The acquisition is subject to various conditions,
including Australian Foreign Investment Review Board approval (granted in June 2023), liquor licence transfer, and
landlord’s consent. The acquisition is expected to complete in the second half of 2023.


11. Subsequent event

Subsequent to the six month period ended 30 June 2023, the Group settled the purchase of a parcel of land in
Hamilton for approximately $4.0 million. The capital committed is included in Note 7.

22 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2023
Tollfree in NZ call 0800 808 228
www.millenniumhotels.com
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18
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SUPPORT OFFICE
Level 7, 23 Customs Street East, Auckland CBD, 1011
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
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