MCK 2023 Annual Report

ANNUAL REPORT
MILLENNIUM & COPTHORNE
HOTELS NEW ZEALAND LTD
2023

M Social Auckland
196/200 Quay Street, Auckland CBD
Cover Image: Beast & Butterflies Restaurant inside M Social Auckland

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2023 | 3
Annual Report Issued 28 March 2024
Annual Shareholder Meeting 28 May 2024
Half Year End 30 June 2024
Full year End 31 December 2024
FY23 At A Glance 4
From The Chair And The Managing Director 5
Developments 8
Brisbane Development 10
Board Of Directors 12
Hotel Ownership 14
Millennium Hotels and Resorts 15
in New Zealand
My Millennium 16
Save The Kiwi Partnership 17
Financial Statements FIN1 – FIN28
Auditor’s Report FIN29 – FIN33
Corporate Governance CG1 – CG6
Outline of Material Risks CG7 – CG8
Climate Related Disclosures CG9 - CG18
Regulatory Disclosures REG1 - REG5
And Statutory Information
20192020*2021*20222023
Revenue
$229.7m $172.0m $164.8m$144.2m$145.7m
Profit Before Tax
$85.4m$54.4m$64.6m$44.8m$37.5m
Profit After Tax & NCI
$49.7m $48.5m $40.0m $21.7m$21.6m
Total Assets
$1,008.2m $664.1m $680.8m $709.2m$746.8m
Group Equity
$715.3m $474.7m $514.2m $531.0m$547.9m
Net Asset Backing Per Share
($ per share) on cost basis
N/A$3.00$3.25$3.35$3.46
Net Asset Backing Per Share
($ per share) on market value basis
$4.52$4.70$5.04$4.99$5.84
Market Value of NZ
Development Properties
$315.6m $286.4m $334.1m$342.7m$349.9m
Market Value of Australian
Development and Hotel
Properties
$88.4m $68.5m $61.7m$54.9m$250.7m
Market Value of NZ
Investment Properties
$ - $6.4m $25.5m$62.6m$62.7m
Market Value of NZ
Hotel Properties
$585.5m $561.9m $567.6m$534.4m$574.4m
FIVE YEAR TREND STATEMENT
CONTENTSCALENDAR
Colin Sim
Chairman
Stuart Harrison
Managing Director
Market Values are based on unaudited external valuations and internal management valuations.
*During 2021, the Group changed its accounting policy relating to the measurement of land and buildings from revaluation to historical cost. The comparative
figures for 2020 are restated accordingly. Refer to Note 25 of the Financial Statements for further information.

4 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2023
FY23 AT A GLANCE
FY23 COMMERCIAL HIGHLIGHTS:
• Settled the acquisition of the Sofitel Brisbane Central Hotel
in December 2023;
• Copthorne Hotel Palmerston North hosted the winning
Spanish Women’s National Football Team during the key
group stages of the 2023 FIFA Women’s World Cup held in
New Zealand and Australia;
• Hotel room refurbishment programme continued with 132
rooms completed at Millennium Hotel Queenstown and work
continuing on the remaining 70 rooms, plus commenced
refurbishment of 99 rooms in Millennium Hotel Rotorua;
• Commenced the recladding, reglazing and installation of air-
conditioning into the Copthorne Hotel Palmerston North;
• Renewal of bank facility through to January 2027 with an
increased limit of $120.0m;
• Restaurant One80 (located in Copthorne Hotel Oriental Bay)
won the Burger Wellington competition, part of the annual
Visa Wellington On a Plate food festival, beating over 200
entries from across the city.
FINANCIAL PERFORMANCE & FINANCIAL POSITION
• For the year ended 31 December 2023, MCK recorded a profit
attributable to owners of the parent of $21.6 million (2022:
$21.7 million).
• Of particular note, MCK’s New Zealand hotel operations
contributed a profit before tax of $11.6 million (2022: $4.0
million loss), as the 2026 Revive and Thrive strategy continues
to be rolled out. This positive turnaround reflects not only the
return to open borders and uninterrupted trading, but also
the sharp focus on improving profitability across the hotel
network during the year.
• The results for CDL Investments New Zealand Limited (“CDI”),
MCK’s majority-owned subsidiary, reflected a softness in the
residential property markets which resulted in contributing
$18.7 million (2022: $43.3 million) to overall pre-tax profit
numbers.
• Total revenue in 2023 was $145.7 million (2022: $144.2
million) and earnings per share was 13.65 cents per share
(2022: 13.72 cents per share).
• At 31 December 2023, MCK’s shareholders’ funds excluding
non-controlling interests was $547.9 million (2022: $531.0
million).
• Total assets increased to $746.8 million (2022: $709.2
million) with net asset backing (with land and building at
cost and before distributions) also increasing to 345.8 cents
per share (2022: 335.4 cents per share).
Executive Chef, Chetan Pangam
View from One80 Restaurant and Lounge Bar at Copthorne Hotel Wellington, Oriental Bay
One80 Restaurant, Winner of Wellington on a Plate, Burger
Wellington 2023 with their Goan Chicken Ros Pao Burger

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2023 | 5
FROM THE CHAIR AND
THE MANAGING DIRECTOR
DEAR SHAREHOLDER
We were delighted to report a return to profit for Millennium &
Copthorne Hotels New Zealand Limited (MCK) in FY23, in a year
of trading uninterrupted by the covid pandemic but still facing
marco-economic headwinds. We were particularly pleased that
we were able to increase the hotel segmental profit before tax
by 388.1% this year. That figure reflects a 17.5% year-on-year
overall increase in occupancy to 61.2% as a result of the hard
work of our team and the effort that has gone in to making
each room as profitable as possible.
Of the challenges we faced, the year commenced with a series
of severe weather storms which impacted the access to certain
hotels and disrupted a number of events and travel plans at
the start of a year where we were looking forward to operating
without Covid lockdown restrictions.
As the year progressed, cost of living increases became another
factor affecting our business with softening consumer demand
for domestic leisure travel partially offset by increased
international demand, and increased costs including wages,
food, fuel and other staples. We are doing what we can to limit
passing these increases to our customers however, some price
increases are unavoidable.
With the re-opening of international borders in June 2022, New
Zealand has seen an influx of international visitors recovering
to c.76% of the levels seen in 2019 and certain international
visitor arrivals hitting their pre- pandemic levels. On looking at
these numbers more deeply though it is important to note the
reasons behind the travel, with approximately 90% recovery of
travellers visiting family and friends. This gives rise to holiday,
business, conference and incentive visitors achieving a c.67%
recovery against 2019. While we are still short of the pre-Covid
level of tourists, we are making real progress on our Revive and
Strive strategy and anticipate growth for MCK over the medium
term.
We are now starting to look forward, to the transition from
the Revive phase of our strategy to Thrive. As part of this, our
team has been looking at how we can develop our existing and
new talent, and existing and new business opportunities both
within New Zealand and overseas. We were pleased to see that
our teams, both at our support office and across our hotels,
were highly motivated, full of good ideas and initiatives and
keen to drive MCK and our hotels forward. These wide-ranging
insights will form the basis of our strategy over the next two
years and will allow us to shift into Thrive mode by 2026 as
planned.
Our vision remains to be the preferred hotel choice for
travellers in our region, grow our footprint and deliver value
for our guests, our team and our shareholders. In the short
term, our focus remains on reviving our business for tourism
market momentum post-Covid. We are pleased to report to you
on our progress under our three pathways, Product, People and
Profit.
PRODUCT
Protect and expand our hotel presence in New Zealand &
Australia; Invest in a portfolio of real estate or development
projects and manage our investment in CDL Investments.
NEW ZEALAND HOTEL OPERATIONS
In 2023, our New Zealand hotels recorded an operating
revenue of $101.1 million (2022: $65.2 million) for the year.
This increase is pleasing and reflects a return to pre-pandemic
demand patterns both domestically and internationally.
Ensuring that our physical product remains competitive is
important to reviving our future revenues and profits. The
second stage of our refurbishment at Millennium Hotel
Queenstown was completed at the end of 2023 with a further
132 rooms completed. 2024 will see additional work done on
the remaining 70 rooms and 18 suites which are expected to
be completed by Q3 2024. The first stage of the guest room
refurbishment at Millennium Hotel Rotorua of 99 rooms is
reaching completion and will be ready before the end of Q1
2024.
We have put a lot of attention and investment into lifting the
quality of our product in 2023 and it is already starting to
provide results, with positive guest feedback in response to the
updated look and feel of the Millennium Hotel Queenstown.
We expect similar positive responses from our guests when
the works at Millennium Hotel Rotorua are complete later this
year.
Copthorne Hotel Palmerston North hosted the Spanish
Women’s team who were the eventual winners of the Women’s
Football World Cup. The hotel is now being revitalised through
the recladding, reglazing and installation of air-conditioning.
Our new Director of Property Management Louise Borton
is developing a whole-of-network plan which will focus on
investment and improvement priorities for all of our current
hotels. The plan will form the basis of many of our medium
term investment decisions and will help us prioritise urgent
projects which will deliver the most optimal results.
We remain ambitious about potential acquisitions in New
Zealand should suitable opportunities arise. In the course of
the last year, MCK assessed a number of potential acquisitions
across the country to broaden our network and create new
opportunities to add value. On this front, we remain open
to opportunities to buy or manage hotels if they meet our
investment and operational criteria. With the sector in recovery
mode, interest from domestic and international investors in the
hospitality and accommodation sectors has picked up and we
do not want to miss out on opportunities which are accretive
and add points of difference to our well-established portfolio.

6 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2023
ESTABLISHING OUR AUSTRALIAN HOTEL PRESENCE
We were delighted to complete the acquisition of the Sofitel
Brisbane Central in December 2023 after announcing the
acquisition in March together with our immediate parent
company Millennium & Copthorne Hotels Limited (UK). While
there was minimal benefit to our 2023 results given the timing
of completion, we are looking forward to seeing the hotel do
well over the next twelve months given its strong performance
in its key market segments and very positive occupancy and
room rates. As announced previously, the hotel will continue to
be managed under its existing hotel management agreement
and branding.
Completing the purchase at the end of 2023 was a positive
way to end the year. There was a lot of intensive work done
from the announcement of the acquisition through to the
settlement between the New Zealand and Singaporean deal
teams which we would like to acknowledge. Acquiring a hotel
which has a very strong reputation in its local market and
which has unique strengths in the conference and incentives
sector was something we had been looking at for some time.
We are looking forward to seeing the synergies this hotel can
bring to our portfolio starting from this year.
SELLDOWN OF ZENITH RESIDENCY APARTMENTS IN
AUSTRALIA
We are continuing to sell down our Zenith Residency apartments
in Sydney with a total of five (2022: 5) apartments sold during
2023. At this stage, we still own and manage 31 apartments
being predominantly one bedroom units with some two – three
bedrooms units. However, we will continue to sell these down
and utilise the proceeds within our Australian operations.
SUSTAINABILITY
Climate impact is expected to affect the hospitality and
accommodation sectors in a variety of ways. Like all hotel
owners and operators across the world, we are aware of the
importance of reviewing our operations to see how climate-
positive improvements can be incorporated in all aspects. One
example is our electricity supply, which is provided by Meridian
Energy and generated from renewable sources such as wind
power, hydro and solar power.
We took steps to improve our commitments to sustainability by
joining Toitu Envirocare in 2023, achieving Toitu carbonreduce
certification in line with ISO 14064-1 early in 2024. We will
be looking to lift the bar again this year by looking at how our
business as a whole can become more sustainable and setting
tangible goals for emissions and carbon reduction over the
next few years. This annual report contains our first climate
related disclosure statement and sets out our strategy and
governance on these issues.
PEOPLE
Deliver memorable experiences for our guests; Build careers
that our people love to talk about.
Our year commenced with a shortage of staff in some key
locations and roles which restricted the quantity of rooms we
could reasonably sell and the services we could provide to our
guests. One of our key learnings has been how we recruit and
retain people. Following the appointment of our new Director
of Human Resources, Lisa Maclean, we have refreshed our
recruitment processes to attract and retain the best people
possible. We are continuing to work on ways to make MCK and
our hotels more attractive places to work.
Balancing the needs of our workforce and ensuring that we can
provide the best possible service and experience is a challenge
we face every day. We are very conscious of the need to grow,
develop and retain our workforce. In the course of 2024, we
will also be adjusting our focus to look at how our existing
workforce can thrive. This means seeing how we can retain,
train and develop our teams so that they continue to work
with us over the medium to long term and create their own
career paths with MCK. This is an important part of our People
Strategy and we are excited about how MCK and our hotels can
act as career-leading centres of excellence.
On behalf of the Board and management team, we would like
to thank everyone at our hotels and our support offices for
their tireless work during 2023. We are looking forward to
another productive and profitable year with all of you in 2024.
PEOPLE NUMBERS
• Overall gender breakdown remains stable.
• 10% increase in senior leadership roles held by woman with
the appointment of Director of Property Management and
General Manager of Copthorne Hotel Greymouth.
• Slight decrease in Millennials (1%), Gen X (0.5%) and Baby
Boomers (0.2%) and increased Gen Z (1.7%)
PEOPLE
55% Female
45% Male
0.2% Gender Diverse
75% of our workforce are 42 years old and under
43% of senior leadership roles are held by woman
35 is the average age of our workforce
74 is the age of oldest staff member
AGE BREAKDOWN
0.1% Veterans (78+ years)
7.2% Baby Boomers (59 - 77 years)
17.7% Generation X (43 - 58 years)
30.6% Generation Z (<27 years)
44.4% Millennials (27 - 42 years)

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2023 | 7
Colin Sim
Chairman
2024
Stuart Harrison
Managing Director
2024
PROFIT
Drive improving revenue and profit; Leverage our strong
balance sheet to achieve growth; Deliver long term value to
our shareholders.
The work we have done over the past two years means that the
key elements to lifting our overall future profitability are now
in place. Our goal for this year is to ensure we are performing
at optimal levels.
As noted earlier, we were particularly pleased with the 388.1%
increase in the hotel segmental profit before tax. Overall, we
recorded an occupancy percentage of 61.2% (2022: 43.7%)
across all of our hotels and we also saw a healthy uplift in
average Revenue Per Available Room (RevPAR) of $120.03
(2022: $76.59). The RevPAR increase is pleasing given our
efforts to improve the profitability of each room sold. This
had been particularly challenging at the commencement of
the year with a shortage in staffing levels and severe weather
events impacting the ability to sustain the business demand.
This positive turnaround reflects not only the return to open
borders and uninterrupted trading, but also the sharp focus
on improving profitability across the hotel network during the
year.
MCK’s total revenue in 2023 was $145.7 million (2022: $144.2
million) and earnings per share was 13.65 cents per share
(2022: 13.72 cents per share). At 31 December 2023, MCK’s
shareholders’ funds excluding non-controlling interests was
$547.9 million (2022: $531.0 million).
Total assets increased to $746.8 million (2022: $709.2 million)
with net asset backing (with land and building at cost and
before distributions) also increasing to 345.8 cents per share
(2022: 335.4 cents per share).
CDL INVESTMENTS NEW ZEALAND LIMITED (CDLI)
CDLI’s 2023 results reflected the weakness in the property
markets seen from the end of 2022 which carried over into
2023. Despite this, CDLI was still able to record an operating
profit after tax for the year of $13.5 million (2022: $31.2
million). CDLI has kept its dividend at 3.5 cents per share,
which is due to be paid in May 2024.
DIVIDEND
MCK’s Board has resolved to declare and pay all shareholders
a fully imputed dividend of 3 cents per share for 2023. The
dividend, payable to all shareholders, will be paid on 17
May 2024 with a record date of 10 May 2024. The Board has
determined that the dividend balances provide a consistent
level of returns to shareholders and retain sufficient cash
resources required for ongoing refurbishment and other
projects.
OUTLOOK
We are entering the 2024 year with a sense of optimism,
with many things to look forward to. MCK remains on track
with its “Revive and Thrive” strategy and we expect to see
improvements from all of our business sectors, including CDLI,
as well as continued increases from our hotel operations.
With the completion of key refurbishments in Queenstown and
Rotorua, new refurbishment projects at Copthorne Hotel &
Resort Bay of Islands (and others currently being assessed) will
commence in 2024 and are expected to be completed within
the year. We expect them to deliver additional revenue growth
as soon as they become available.
Even though we have not noticed a meaningful return of
Chinese visitors, visitor numbers are steadily improving and
with more flight capacity into New Zealand, particularly in
the high seasons, we are expecting this growth in numbers to
translate into additional demand for accommodation at our
key properties. We are working hard to maximise the number of
confirmed bookings at our properties and improve our market
share throughout. We will also have the benefit of a full year’s
trading from Sofitel Brisbane Central which we expect to be
strong.
Our optimism is tempered with a note of caution – the cost of
doing business continued to increase in 2023 and we expect
these increases to continue to a lesser extent in 2024. While
some of these increases can and will be partially offset by the
ability to increase room rates in response to demand, we are
conscious of optimising our business to ensure that our growth
opportunities are not adversely affected.
We have set ourselves new revenue and performance targets
for 2024 as the tourism recovery continues and with the
addition of our Brisbane acquisition, and our immediate target
is to deliver an uplift to our 2023 results.
We firmly believe we are on track with our Strategy to Revive
and shift to Thrive. We continue to be focused on reviving our
people, products and profits throughout 2024.
We are looking forward to meeting shareholders at our Annual
Meeting on 28 May 2024, and reporting to you on a productive
and profitable year in due course.
On behalf of the Board and the MCK team, to our loyal
customers, thank you for your continued patronage throughout
the year just past. We appreciate it and look forward to seeing
you at one of our hotels in the very near future. We would also
like to thank our shareholders for your continued support.

8 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2023
DEVELOPMENTS
Millennium Hotel Rotorua Superior King Room
Millennium Hotel Rotorua Superior BathroomMillennium Hotel Rotorua Superior King Room
Millennium Hotel Rotorua Superior Queen Room
The first stage of the guest room refurbishment at Millennium Hotel Rotorua of 99 rooms is reaching completion and will be
ready before the end of Q1 2024. Additional refurbishment projects are currently being assessed and will commence later this
year. We expect these projects to deliver additional revenue growth as well.

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2023 | 9
In 2023, the second stage of our refurbishment at Millennium Hotel Queenstown was completed at the end of the year with
a further 132 rooms completed. 2024 will see additional work done on the remaining 70 rooms and 18 suites which are
expected to be completed by Q3 2024.
M Social Auckland Cabana
Millennium Hotel Queenstown Lobby
Millennium Hotel Queenstown Superior BathroomMillennium Hotel Queenstown Superior Twin Room

10 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2023
BRISBANE DEVELOPMENT
In 2023, MCK and its parent company Millennium & Copthorne
Hotels Limited announced that, through a 50:50 joint venture,
they completed the acquisition of the Sofitel Brisbane Central
hotel in Australia from Brookfield Asset Management. The
purchase price was A$177.7 million (approximately NZ$190.8
million*), or A$427,000 (approximately NZ$458,625*) per
key. (*: NZD / AUD exchange rates used are 1 / 0.9314 as at 30
November 2023)
MCK Managing Director Stuart Harrison outlined what the
newly-acquired hotel would bring to MCK’s overall business.
“We have been able to monitor the hotel’s overall trading
performance this year which has included events such as FIFA
Women’s World Cup, a State of Origin rugby league game and
other international artist events which show how strong the
Brisbane and Queensland location is. We are encouraged by
its strong performance in 2023 especially in its key corporate
and leisure market segments where Central Brisbane Hotels
recorded September YTD Occupancy of ~73% and ADR of
~A$235”.
Mr. Harrison noted that Sofitel Brisbane Central has unique
strengths as an established fixture in the Brisbane /
Queensland market for meetings, conferences, and incentives
and the hotel would continue to be managed by the Accor
Group as a Sofitel hotel.
“Its key strengths in many areas made this acquisition very
attractive. We were particularly aware of its reputation in the
Australian Conference and Incentive (‘C&I’) Market. MCK also
has a long-established reputation as a leading player in the
New Zealand C&I markets so one of our immediate priorities
will be to determine what synergies we can create between
that hotel and our network to maximize revenue and client
demand for both”.
“Having the ability to host events at MCK-owned properties
in New Zealand and Australia will be beneficial for us in the
medium to long term”, he said.
SOFITEL BRISBANE CENTRAL AT A GLANCE
Location249 Turbot Street, Brisbane City QLD 4000, Australia
The Hotel
A 5-star landmark hotel prominently located in the heart of Brisbane CBD, overlooking ANZAC Square
and Post Office Square, with direct access to Central Railway Station, the city’s main transport hub
Rooms & Suites416 (379 rooms and 37 suites)
Restaurant & Bars 6 restaurants, bars and lounges
Meetings &
Conferences
Ballroom Le Grand and 8 meeting rooms
Facilities
• Heated outdoor swimming pool and sundeck, plus an Elite high-performance gym
• Spa, hair salon and medical clinic
• Undercover parking for 220 vehicles
• Rooftop helicopter pad
Land Tenure• 99-year from 25 May 2021

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2023 | 11

12 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2023
BOARD OF DIRECTORS
Mr. Sim is the executive chairman of the East Quarter Group of companies
in Australia. The East Quarter Group is involved in the development,
investment and management of residential, commercial and industrial
projects across New South Wales. Mr. Sim has strong analytical skills and
extensive experience in property development/investment and business
in Australia. He studied Mechanical Engineering in London and has lived in
Sydney, Australia for over 40 years.
Mr. Sim was appointed to the Board in July 2017 and was re-elected to the
Board at the 2021 Annual Meeting of shareholders.
COLIN SIM
Chairman & Independent Director
Stuart Harrison has nearly three decades of financial reporting and senior
management experience within the utilities, hospitality and property
industries and was appointed as MCK’s Managing Director in July 2022. As
Chief Financial Officer for real estate investment trusts and managers with
portfolios with over $1 billion of assets, he oversaw their financial and
management reporting, treasury management and tax compliance within
both New Zealand and Australia and has also overseen significant equity
raising, debt facility renewals and strategic acquisitions. Stuart was MCK’s
Vice President Finance between 2000 and 2008.
Stuart holds a Bachelor of Commerce and Chartered Accountants Australia
and NZ qualifications. He was elected to the Board at the 2023 Annual
Meeting of shareholders.
STUART HARRISON Managing Director,
Member of the Audit Committee
Mr. Kwek is currently the Group Chief Operating Officer of City Developments
Limited (“CDL”) having previously been CDL’s Group Chief Strategy Officer.
Mr. Kwek joined CDL in 2009, covering Business Development for overseas
projects before being appointed as Head of Corporate Development. He was
appointed as Chief Strategy Officer in 2014 and was additionally appointed
Head, Asset Management in April 2016. Prior to joining CDL, he was with
the Hong Leong Group of companies in Singapore specialising in corporate
finance roles since 2006.
He is also Executive Director of Millennium & Copthorne Hotels Limited,
previously listed on the London Stock Exchange as Millennium & Copthorne
Hotels plc. He holds a Bachelor of Engineering in Electrical and Electronics
Engineering from Imperial College of Science, Technology and Medicine and
a Master of Philosophy in Finance from Judge Business School, Cambridge
University.
Mr. Kwek was appointed to the Board on 1 January 2020 and was re-elected
by shareholders at the 2023 annual meeting of shareholders.
EIK SHENG KWEK
Non-Executive Director

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2023 | 13
Mr. Hangchi is currently Senior Vice President, Hong Leong Management
Services Pte. Limited. He has global transactional experience across many
of the Hong Leong Group’s entities including listings and public offerings,
mergers and acquisitions as well as capital markets issuances and banking
facilities. Mr. Hangchi has been called to the English and Singaporean bars
and holds an honours degree in Accountancy and Law from the University of
Southampton.
Mr. Hangchi was appointed to the Board in 2016 and was last re-elected to
the Board at the 2021 annual meeting of shareholders.
KEVIN HANGCHI
Non-Executive Director
Mr. McKenzie is a Barrister and Solicitor with over thirty years experience
in corporate and commercial law and is a former Partner and Consultant to
Bell Gully, a leading New Zealand law firm. He is currently a member of the
New Zealand Law Society Disciplinary Tribunal. Mr. McKenzie is a member of
the New Zealand Law Society and the Queensland Law Society, Australia and
holds a Bachelor of Laws degree from Victoria University, Wellington and a
Master of Laws degree from Warwick University, England. Mr. McKenzie was a
Director of CDL Investments New Zealand Limited from 2005 to 2006.
Mr. McKenzie was appointed to the Board in 2006 and was last re-elected to
the Board at the 2022 annual meeting of shareholders.
GRAHAM MCKENZIE Independent Director,
Member of the Audit Committee
Leslie Preston was appointed to the Board in February 2021. Ms. Preston
founded Bachcare Holiday Homes (“Bachcare”) in 2003 and was CEO and
a director until 2020. Under her leadership Bachcare grew to become the
leading full-service holiday home rental management company in New
Zealand and was named one of The World’s Top 20 Vacation Rental Companies
in 2019.
Ms. Preston hails from New York and has worked for KPMG Peat Marwick
and Bankers Trust in the United States and for Boston Consulting Group and
BellSouth / Vodafone in New Zealand. Her senior management experience
has included roles in marketing, customer and corporate operations as well
as business strategy. She holds an MBA from Stanford University Graduate
School of Business and a BA (Cum Laude) from Franklin and Marshall College,
Pennsylvania.
Ms. Preston was appointed in 2021 and was elected to the Board at the 2021
annual meeting of shareholders.
LESLIE PRESTON Independent Director,
Chair of the Audit Committee

MILLENNIUM &
COPTHORNE HOTELS
NEW ZEALAND LIMITED
OWNED
Millennium Hotel New Plymouth
Waterfront
Millennium Hotel Rotorua
M Social Auckland
Copthorne Hotel & Resort Bay

of Islands (49%)
Copthorne Hotel & Resort

Queenstown Lakefront
Copthorne Hotel Greymouth
Kingsgate Hotel Te Anau
QUANTUM LIMITED
OWNED
Millennium Hotel Queenstown
Copthorne Hotel Auckland City
Copthorne Hotel Rotorua
Copthorne Hotel Palmerston North
Copthorne Hotel Wellington Oriental Bay
Copthorne Hotel & Apartments

Queenstown Lakeview
Kingsgate Hotel Dunedin
FRANCHISED
Millennium Hotel & Resort
Manuels Taupo
Copthorne Hotel & Resort Solway

Park Wairarapa
MANAGED
Grand Millennium Auckland
Kingsgate Hotel Autolodge Paihia
HOSPITALITY SERVICES
LIMITED
Background image, Copthorne Hotel and Resort Bay of Islands
HOTEL OWNERSHIP
14 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2023

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2023 | 15
MILLENNIUM HOTELS AND
RESORTS IN NEW ZEALAND
Copthorne Hotel & Resort Bay of Islands
Tau Henare Drive, Paihia
P +64 9 402 7411 F +64 9 402 8200
copthorne.bayofislands@millenniumhotels.co.nz
Copthorne Hotel Auckland City
150 Anzac Avenue, Auckland
P +64 9 379 8509 F +64 9 379 8582
copthorne.aucklandcity@millenniumhotels.co.nz
Copthorne Hotel Rotorua
Fenton Street, Rotorua
P +64 7 348 0199 F +64 7 346 1973
copthorne.rotorua@millenniumhotels.co.nz
Copthorne Hotel Palmerston North
110 Fitzherbert Avenue, Palmerston North
P +64 6 356 8059 F +64 6 356 8604
copthorne.palmerston@millenniumhotels.co.nz
Copthorne Hotel & Resort
Solway Park Wairarapa
High Street, South Masterton
P +64 6 370 0500 F +64 6 370 0501
reservations@solway.co.nz
Copthorne Hotel Wellington Oriental Bay
100 Oriental Parade, Wellington
P +64 4 385 0279 F +64 4 384 5324
copthorne.orientalbay@millenniumhotels.co.nz
Copthorne Hotel Greymouth
32 Mawhera Quay, Greymouth
P +64 3 768 5085 F +64 3 768 5844
copthorne.greymouth@millenniumhotels.co.nz

Copthorne Hotel & Resort
Queenstown Lakefront
Cnr Adelaide Street and Frankton Road, Queenstown
P +64 3 450 0260 F +64 3 442 7472
copthorne.lakefront@millenniumhotels.co.nz
Copthorne Hotel & Apartments Queenstown Lakeview
88 Frankton Road, Queenstown
P +64 3 442 7950 F +64 3 442 8066
copthorne.lakeview@millenniumhotels.co.nz
Kingsgate Hotel Autolodge Paihia
Marsden Road, Paihia
P +64 9 402 7416 F +64 9 402 8348
kingsgate.paihia@millenniumhotels.co.nz
Kingsgate Hotel Te Anau
20 Lakefront Drive, Te Anau
P +64 3 249 7421 F +64 3 249 8037
kingsgate.teanau@millenniumhotels.co.nz
Kingsgate Hotel Dunedin
10 Smith Street, Dunedin
P +64 3 477 6784 F +64 3 474 0115
kingsgate.dunedin@millenniumhotels.co.nz
Grand Millennium Auckland
71 Mayoral Drive, Auckland
P +64 9 366 3000
grandmillennium.auckland@millenniumhotels.co.nz
Millennium Hotel Rotorua
Cnr Eruera & Hinemaru Streets, Rotorua
P +64 7 347 1234 F +64 7 348 1234
millennium.rotorua@millenniumhotels.co.nz
Millennium Hotel New Plymouth Waterfront
1 Egmont St, New Plymouth
P +64 6 769 5301 F +64 6 769 5302
millennium.newplymouth@millenniumhotels.co.nz
Millennium Hotel & Resort Manuels Taupo
243 Lake Terrace, Taupo
P +64 7 378 5110 F +64 7 378 5341
millennium.taupo@millenniumhotels.co.nz
Millennium Hotel Queenstown
Cnr Frankton Road & Stanley Street, Queenstown
P +64 3 450 0150 F +64 3 441 8889
millennium.queenstown@millenniumhotels.co.nz
COMFORTABLEPREMIUM
M Social Auckland
196 - 200 Quay Street, Auckland
P +64 9 377 0349
msocial.auckland@millenniumhotels.com
LIFESTYLE

16 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2023
OF
REWARDS
A WORLD
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rewarded wherever you travel.
The more you stay, the better it gets
Redeem Points in
My Millennium
Mall
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opens up a world of exclusive benefits.

MANAAKI
Protect & Care
JUL - DEC 2023
14,013 Meals Donated
Donations now available
in the

mall
On 1 July 2023 Millennium Hotels and Resorts New Zealand
entered a partnership with Save the Kiwi New Zealand to
create a unique opportunity for hotel guests to donate a
meal or a ‘room’ for a night to this leading conservation
charity dedicated to the preservation of New Zealand’s
national icon, kiwi.
Opting out of having your room serviced on a multi-night
stay helps the hotels conserve water and energy, the funds
from these resources can then be redirected towards Save
the Kiwi.
This innovative approach sees a guest simply reducing their
own room servicing needs and ensures a kiwi gets fed and a
safe environment to grow. Every time a guest chooses the
daily ‘no room servicing’ option on a multi-night stay by using
their Save the Kiwi door hanger at any Grand Millennium,
Millennium, Copthorne, Kingsgate or M Social hotels in New
Zealand, Millennium Hotel and Resorts will donate a meal for
a kiwi at Save the Kiwi’s kiwi crèche in Napier.
SAVE THE KIWI PARTNERSHIP
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2023 | 17

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2023 | 19
Financial Statements – Contents
Consolidated Income Statement FIN 1
Consolidated Statement of Comprehensive Income FIN 1
Consolidated Statement of Changes in Equity FIN 2 - 3
Consolidated Statement of Financial Position FIN 4
Consolidated Statement of Cash Flows FIN 5 - 6
Notes to the Financial Statements FIN 7 - 28
Audit Report FIN 29 - 33

Corporate Governance
Corporate Governance Statement CG 1 - 6
Outline of Material Risks CG 7 - 8
Climate Related Disclosures
Climate Related Disclosure Statement CG 9 - 18
Regulatory Disclosures and Statutory Information – Contents
Regulatory Disclosures and Statutory Information REG 1 - 5
One80 Restaurant and Lounge Bar

FIN 1 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2023
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
FIN 1
Millennium & Copthorne Hotels New Zealand Limited
Consolidated Income Statement
For the year ended 31 December 2023
Group Group
DOLLARS IN THOUSANDS Note 2023 2022
Hotel revenue 101,072 65,245
Rental in come 3,944 3,002
Pr oper ty s al es 40,643 75,951
Revenue 145,659 144,198
Cost of sales 3,10 (67,879) (59,687)
Gross profit 77,780 84,511
Ot her income 397 -
Administratio n expenses 2,3 (25,532) (22,678)
Ot her opera ting expenses 2,3 (20,501) (18,591)
Operating profit 32,144 43,242
Finance income 4 7,700 3,870
Finance costs 4 (2,444) (2,331)
Net finance income 5,256 1,539
Share of pr ofit of jo in t venture 24 73 -
Profit before income tax 37,473 44,781
Income tax e xpense 5 (10,556) (12,363)
Profit for the year 26,917 32,418
Attributable to:
Owner s of the parent 21,602 21,713
Non-controll ing i nterests 5,315 10,705
Profit for the year 26,917 32,418
Basi c earnings per s hare (cent s) 8 13.65 13.72
Diluted earnin gs per share ( cents) 8 13.65 13.72
Consol idated Sta te ment of Comprehensive Income
For the year ended 31 December 2023
Group Group
DOLLARS IN THOUSANDS 2023 2022
Profit for the year 26,917 32,418
Other comprehensive income
Items that are or may be reclassified to profit or loss
Foreign exchange tr anslation movements 416 629
416 629
Total comprehensive income for the year 27,333 33,047
Total comprehensive income for the year attributable to :
Owner s of the parent 22,018 22,342
Non-controll ing i nterests 5,315 10,705
Total comprehensive income for the year 27,333 33,047
The accompanying notes form part of, and should be read in conju nctio n with, t hese fin ancial st atements.
FIN 1
Millennium & Copthorne Hotels New Zealand Limited
Consolidated Income Statement
For the year ended 31 December 2023
Group Group
DOLLARS IN THOUSANDS Note 2023 2022
Hotel revenue 101,072 65,245
Rental in come 3,944 3,002
Pr oper ty s al es 40,643 75,951
Revenue 145,659 144,198
Cost of sales 3,10 (67,879) (59,687)
Gross profit 77,780 84,511
Ot her income 397 -
Administratio n expenses 2,3 (25,532) (22,678)
Ot her opera ting expenses 2,3 (20,501) (18,591)
Operating profit 32,144 43,242
Finance income 4 7,700 3,870
Finance costs 4 (2,444) (2,331)
Net finance income 5,256 1,539
Share of pr ofit of jo in t venture 24 73 -
Profit before income tax 37,473 44,781
Income tax e xpense 5 (10,556) (12,363)
Profit for the year 26,917 32,418
Attributable to:
Owner s of the parent 21,602 21,713
Non-controll ing i nterests 5,315 10,705
Profit for the year 26,917 32,418
Basi c earnings per s hare (cent s) 8 13.65 13.72
Diluted earnin gs per share ( cents) 8 13.65 13.72
Consol idated Sta te ment of Comprehensive Income
For the year ended 31 December 2023
Group Group
DOLLARS IN THOUSANDS 2023 2022
Profit for the year 26,917 32,418
Other comprehensive income
Items that are or may be reclassified to profit or loss
Foreign exchange tr anslation movements 416 629
416 629
Total comprehensive income for the year 27,333 33,047
Total comprehensive income for the year attributable to :
Owner s of the parent 22,018 22,342
Non-controll ing i nterests 5,315 10,705
Total comprehensive income for the year 27,333 33,047
The accompanying notes form part of, and should be read in conju nctio n with, t hese fin ancial st atements.
FIN 1
Millennium & Copthorne Hotels New Zealand Limited
Consolidated Income Statement
For the year ended 31 December 2023
Group Group
DOLLARS IN THOUSANDS Note 2023 2022
Hotel revenue 101,072 65,245
Rental in come 3,944 3,002
Pr oper ty s al es 40,643 75,951
Revenue 145,659 144,198
Cost of sales 3,10 (67,879) (59,687)
Gross profit 77,780 84,511
Ot her income 397 -
Administratio n expenses 2,3 (25,532) (22,678)
Ot her opera ting expenses 2,3 (20,501) (18,591)
Operating profit 32,144 43,242
Finance income 4 7,700 3,870
Finance costs 4 (2,444) (2,331)
Net finance income 5,256 1,539
Share of pr ofit of jo in t venture 24 73 -
Profit before income tax 37,473 44,781
Income tax e xpense 5 (10,556) (12,363)
Profit for the year 26,917 32,418
Attributable to:
Owner s of the parent 21,602 21,713
Non-controll ing i nterests 5,315 10,705
Profit for the year 26,917 32,418
Basi c earnings per s hare (cent s) 8 13.65 13.72
Diluted earnin gs per share ( cents) 8 13.65 13.72
Consol idated Sta te ment of Comprehensive Income
For the year ended 31 December 2023
Group Group
DOLLARS IN THOUSANDS 2023 2022
Profit for the year 26,917 32,418
Other comprehensive income
Items that are or may be reclassified to profit or loss
Foreign exchange tr anslation movements 416 629
416 629
Total comprehensive income for the year 27,333 33,047
Total comprehensive income for the year attributable to :
Owner s of the parent 22,018 22,342
Non-controll ing i nterests 5,315 10,705
Total comprehensive income for the year 27,333 33,047
The accompanying notes form part of, and should be read in conju nctio n with, t hese fin ancial st atements.
FIN 1
Millennium & Copthorne Hotels New Zealand Limited
Consolidated Income Statement
For the year ended 31 December 2023
Group Group
DOLLARS IN THOUSANDS Note 2023 2022
Hotel revenue 101,072 65,245
Rental in come 3,944 3,002
Pr oper ty s al es 40,643 75,951
Revenue 145,659 144,198
Cost of sales 3,10 (67,879) (59,687)
Gross profit 77,780 84,511
Ot her income 397 -
Administratio n expenses 2,3 (25,532) (22,678)
Ot her opera ting expenses 2,3 (20,501) (18,591)
Operating profit 32,144 43,242
Finance income 4 7,700 3,870
Finance costs 4 (2,444) (2,331)
Net finance income 5,256 1,539
Share of pr ofit of jo in t venture 24 73 -
Profit before income tax 37,473 44,781
Income tax e xpense 5 (10,556) (12,363)
Profit for the year 26,917 32,418
Attributable to:
Owner s of the parent 21,602 21,713
Non-controll ing i nterests 5,315 10,705
Profit for the year 26,917 32,418
Basi c earnings per s hare (cent s) 8 13.65 13.72
Diluted earnin gs per share ( cents) 8 13.65 13.72
Consol idated Sta te ment of Comprehensive Income
For the year ended 31 December 2023
Group Group
DOLLARS IN THOUSANDS 2023 2022
Profit for the year 26,917 32,418
Other comprehensive income
Items that are or may be reclassified to profit or loss
Foreign exchange tr anslation movements 416 629
416 629
Total comprehensive income for the year 27,333 33,047
Total comprehensive income for the year attributable to :
Owner s of the parent 22,018 22,342
Non-controll ing i nterests 5,315 10,705
Total comprehensive income for the year 27,333 33,047
The accompanying notes form part of, and should be read in conju nctio n with, t hese fin ancial st atements.
FIN 1
Millennium & Copthorne Hotels New Zealand Limited
Consolidated Income Statement
For the year ended 31 December 2023
Group Group
DOLLARS IN THOUSANDS Note 2023 2022
Hotel revenue 101,072 65,245
Rental in come 3,944 3,002
Pr oper ty s al es 40,643 75,951
Revenue 145,659 144,198
Cost of sales 3,10 (67,879) (59,687)
Gross profit 77,780 84,511
Ot her income 397 -
Administratio n expenses 2,3 (25,532) (22,678)
Ot her opera ting expenses 2,3 (20,501) (18,591)
Operating profit 32,144 43,242
Finance income 4 7,700 3,870
Finance costs 4 (2,444) (2,331)
Net finance income 5,256 1,539
Share of pr ofit of jo in t venture 24 73 -
Profit before income tax 37,473 44,781
Income tax e xpense 5 (10,556) (12,363)
Profit for the year 26,917 32,418
Attributable to:
Owner s of the parent 21,602 21,713
Non-controll ing i nterests 5,315 10,705
Profit for the year 26,917 32,418
Basi c earnings per s hare (cent s) 8 13.65 13.72
Diluted earnin gs per share ( cents) 8 13.65 13.72
Consol idated Sta te ment of Comprehensive Income
For the year ended 31 December 2023
Group Group
DOLLARS IN THOUSANDS 2023 2022
Profit for the year 26,917 32,418
Other comprehensive income
Items that are or may be reclassified to profit or loss
Foreign exchange tr anslation movements 416 629
416 629
Total comprehensive income for the year 27,333 33,047
Total comprehensive income for the year attributable to :
Owner s of the parent 22,018 22,342
Non-controll ing i nterests 5,315 10,705
Total comprehensive income for the year 27,333 33,047
The accompanying notes form part of, and should be read in conju nctio n with, t hese fin ancial st atements.

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2023 | FIN 2
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
FI N 2
M
i
l
l
e
n
n
i
u
m
&
C
o
p
t
h
o
r
n
e
H
o
t
e
l
s
N
e
w
Z
e
a
l
a
n
d
L
i
m
i
t
e
d

Consol idat
ed St
ate ment of Changes
in Equ
ity
F
o
r
t
h
e
y
e
a
r
e
n
d
e
d
3
1
D
e
c
e
m
b
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r
2
0
2
3

G
r
o
u
p

A
t
t
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a
b
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o
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q
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s
o
f
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G
r
o
u
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D
O
L
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A
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T
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O
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S
A
N
D
S

S
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a
r
e

C
a
p
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a
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E
x
c
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a
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R
e
s
e
r
v
e

R
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t
a
i
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e
d

E
a
r
n
i
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g
s

T
r
e
a
s
u
r
y

S
t
o
c
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T
o
t
a
l

N
o
n
-
c
o
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t
r
o
l
l
i
n
g

I
n
t
e
r
e
s
t
s

T
o
t
a
l

E
q
u
i
t
y

Ba
la nce at 1 Ja
nua
ry 2
023
3
8
3
,
2
6
6

(
1
,
3
9
6
)

1
4
9
,
1
7
5

(
2
6
)
5
3
1
,
0
1
9
1
1
1
,
6
8
2

6
4
2
,
7
0
1

Move
me
nt in exch
ange tr anslation reserve
-
416
-
-
416
-
416
To
tal ot
her c omp
rehens
ive in com
e
-
416
-
-
416
-
416
Prof
it for th
e y
ear

-
-
21,
602

-
21,6 02
5,3
15

26,9 17
To
tal co
mp
reh
en
sive
in come fo
r the
year
-
416
21
,602

-
22,0 18
5,315

27,333

Tr ansactio
ns with owners, r ecorde
d
dir ectly in equity:

Div
id ends
pai
d t o:
Ow
ners
of
the
parent
-
-
(4,747)

-
(4,
747)
-
(4,
747)
Non
-c ontr olli ng interes
ts
-
-
-
-
-
(4,324)
(4,
324)
Su
pple men
tar
y d iv iden
ds

-
-
(98)
-
(98)
-
(98)
Fo
reign
investment t ax c red
its
-
-
98

-
98
-
98
Move
me
nt in no
n- contr ollin g in terests
wit
hout a ch
ange
in co
ntrol
-
-
(374)
-
(374)
1, 863

1,4 89
B
a
l
a
n
c
e
a
t
3
1
D
e
c
e
m
b
e
r
2
0
2
3

3
8
3
,
2
6
6

(
9
8
0
)
1
6
5
,
6
5
6
(
2
6
)
5
4
7
,
9
1
6
1
1
4
,
5
3
6

6
6
2
,
4
5
2

T
he a cco
mp
any
ing note s for
m pa
rt of
, an
d
should
b e rea
d in
co
njunc
tion with,
t hese financ
ial s
tateme
nt s
.

FIN 3 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2023
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
FI N 3
M
i
l
l
e
n
n
i
u
m
&
C
o
p
t
h
o
r
n
e
H
o
t
e
l
s
N
e
w
Z
e
a
l
a
n
d
L
i
m
i
t
e
d

Consol idat
ed St
ate ment of Changes
in Equ
ity
F
o
r
t
h
e
y
e
a
r
e
n
d
e
d
3
1
D
e
c
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m
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r
2
0
2
2

G
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A
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A
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S
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l

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R
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s
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r
v
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a
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a
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n
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s

T
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a
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S
t
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T
o
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l

N
o
n
-
c
o
n
t
r
o
l
l
i
n
g

I
n
t
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r
e
s
t
s

T
o
t
a
l

E
q
u
i
t
y

Ba
la nce at 1 Ja
nua
ry 2
022
3
8
3
,
2
6
6

(
2
,
0
2
5
)

1
3
2
,
9
7
4

(
2
6
)
5
1
4
,
1
8
9
1
0
3
,
6
1
0

6
1
7
,
7
9
9

Move
me
nt in exch
ange tr anslation rese
rv e
-
629
-
-
629
-
629
To
tal ot
her c omp
rehens
ive in come
-
629
-
-
629
-
629
Prof
it for th
e y
ear

-
-
21,
713

-
21,7 13
10,
705
32,4 18
To
tal co
mp
reh
en
sive
in come fo
r the
year
-
629
21
,713

-
22,3 42
10,
705

33,047

Tr ansactio
ns with owners, r ecorde
d
dir ectly in equity:

Div
id ends
pai
d t o:
Ow
ners
of
the
parent
-
-
(5,538)

-
(5,
538)
-
(5,
538)
Non
-c ontr olli ng interes
ts
-
-
-
-
-
(3,982)
(3,
982)
Su
pple men
tar
y d iv iden
ds

-
-
(112)
-
-
-
(112
)
Fo
reign
investment t ax c red
its
-
-
112

-
-
-
112
Move
me
nt in no
n- contr ollin g in terests
wit
hout a ch
ange
in co
ntrol
-
-
26

-
26
1,349

1,375

B
a
l
a
n
c
e
a
t
3
1
D
e
c
e
m
b
e
r
2
0
2
2

3
8
3
,
2
6
6

(
1
,
3
9
6
)

1
4
9
,
1
7
5

(
2
6
)
5
3
1
,
0
1
9
1
1
1
,
6
8
2

6
4
2
,
7
0
1

T
he a cco
mp
any
ing note s for
m pa
rt of
, an
d s hould be read in
conju nc
tio n with, th
ese fin anc
ial s tatements
.

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2023 | FIN 4
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
FIN 4
Millennium & Copthorne Hotels New Zealand Limited
Consolidated Statement of Financ ial Position
As at 31 December 2023
Group Group
D
OLLARS IN THOUSANDS Note 2023 2022
SHAREHOLDERS’ EQUITY
Is sued capit al 7 383,266 383,266
Reserv es 164,676 147,779
Tr easu ry sto ck 7 (26) (26)
Equity attributable to owners of the parent 547,916 531,019
Non-controll ing i nterests 114,536 111,682
TOTAL EQUITY 662,452 642,701
Represented by:
NON CURRENT ASSETS
Pr oper ty, plant and equipment 9 263,051 255,279
Develo pment properties 10 217,221 205,308
Investment properties 11 35,834 36,381
Investment in associates 2 2
Investment in j oin t venture 24 43, 943 -
Total non-current assets 560,051 496,970
CURRENT ASSETS
Cash and c ash equi vale nts 12 11,256 61,387
Short t erm bank deposits 64,075 111,946
Tr ade and other re cei vable s 13 20,391 14,436
Advances t o rela ted p ar tie s 20 62,516 -
Inventorie s 1,640 1,409
Develo pment properties 10 26,861 23,038
Total current assets 186,739 212,216
Total assets 746,790 709,186
NON CURRENT LIABILITIES
Lease liabilit y 22 27, 111 25,458
Deferr ed tax 15 7,001 9,717
Total non-current liabilities 34,112 35,175
CURRENT LIABILITIES
Interest-bearin g loans and borrowings 14, 26 11,9 68 -
Tr ade and other payable s 16 32,348 28,024
Tr ade payable s due to related parti es 20 2,318 2,2 48
Lease liabilit y 22 215 233
Income tax p ayable 3,377 805
Total current liabilities 50,226 31,310
Total liabilities 84,338 66,485
NET ASSETS 662,452 642,701
For and on behalf of the board
LS PRESTON, DIRECTOR, SNB HARRISON, MANAGING DIRECTOR,
2
6 February 2024 26 February 2024
The accompanying notes form part of, and should be read in conju nctio n with, t hese fin ancial st atements.
FIN 4
Millennium & Copthorne Hotels New Zealand Limited
Consolidated Statement of Financ ial Position
As at 31 December 2023
Group Group
DOLLARS IN THOUSANDS Note 2023 2022
SHAREHOLDERS’ EQUITY
Is sued capit al 7 383,266 383,266
Reserv es 164,676 147,779
Tr easu ry sto ck 7 (26) (26)
Equity attributable to owners of the parent 547,916 531,019
Non-controll ing i nterests 114,536 111,682
TOTAL EQUITY 662,452 642,701
Represented by:
NON CURRENT ASSETS
Pr oper ty, plant and equipment 9 263,051 255,279
Develo pment properties 10 217,221 205,308
Investment properties 11 35,834 36,381
Investment in associates 2 2
Investment in j oin t venture 24 43, 943 -
Total non-current assets 560,051 496,970
CURRENT ASSETS
Cash and c ash equi vale nts 12 11,256 61,387
Short t erm bank deposits 64,075 111,946
Tr ade and other re cei vable s 13 20,391 14,436
Advances t o rela ted p ar tie s 20 62,516 -
Inventorie s 1,640 1,409
Develo pment properties 10 26,861 23,038
Total current assets 186,739 212,216
Total assets 746,790 709,186
NON CURRENT LIABILITIES
Lease liabilit y 22 27, 111 25,458
Deferr ed tax 15 7,001 9,717
Total non-current liabilities 34,112 35,175
CURRENT LIABILITIES
Interest-bearin g loans and borrowings 14, 26 11,9 68 -
Tr ade and other payable s 16 32,348 28,024
Tr ade payable s due to related parti es 20 2,318 2,2 48
Lease liabilit y 22 215 233
Income tax p ayable 3,377 805
Total current liabilities 50,226 31,310
Total liabilities 84,338 66,485
NET ASSETS 662,452 642,701
For and on behalf of the board
LS PRESTON, DIRECTOR, SNB HARRISON, MANAGING DIRECTOR,
2
6 February 2024 26 February 2024
The accompanying notes form part of, and should be read in conju nctio n with, t hese fin ancial st atements.

FIN 5 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2023
The accompanying notes form part of, and should be read in conjunction with, these financial statements
FIN 5
Millennium & Copthorne Hotels New Zealand Limited
Consolidated Statement of Cash Flows
For the year ended 31 December 2023
Group Group
DOLLARS IN THOUSANDS Note 2023 2022
CASH FLOWS FROM O PERATING ACTIVITIES
Cash was provided from:
Receip ts fr om customers 142,092 146,085
Receip ts fr om insurers 397 -
Interest received 8,248 2,980
Divid ends received 4 - 1
Cash was applied to:
Payments t o suppli ers and emplo yees
(99,843) (84,544)
Purchases of develo pment land 1 (20,407) (24,607)
Interest paid (104)(18)
Income tax p aid (10,701) (13,547)
Net cash inflow/(outflow) from operating activities 19,682 26,350
CASH FLOWS FROM I NVESTING ACTIVITIES
Cash was (applied to)/provided from:
Pr oceeds f rom t he sale o f proper ty, pl ant and equipment 387 41
Purchases of pr operty, plant and equip ment 9 (13,901) (7,148)
Purchases of in vestment property (386)(13,587)
Investment in j oin t venture 24 (44,048) -
Advance to join t vent ure 20 (62,261) -
Divestments in shor t t erm bank deposits 47,871 9,550
Net cash inflow/(outflow) from investing activities (72,338) (11,144)
CASH FLOWS FROM FINANCIN G A CTIVITIES
Cash was (applied to)/provided from:
Drawdown/(Repayment) of borr owings 14 11,968 (1,000)
Lease payments 22(c ) (2,161) (3,235)
Divid ends pai d to shareholders o f Mill enniu m & C opthorne Hote ls
New Zealand Ltd 7 (4,747) (5,538)
Divid ends pai d to non-controlli ng shar eholders (4,324) (3,982)
Net cash inflow/(outflow) from financing activities 736 (13,755)
Net increase/(decrease) in cash and cash equivalents (51,920) 1,451
Add openin g ca sh a nd cash e quivalents 61,387 58,143
Exchange r ate adju stment 1,789 1,793
Closing cash and cash equivalents 12 11,256 61,387
The accompanying notes form part of, and should be read in conju nctio n with, t hese fin ancial st atements.
FIN 6
Millennium & Copthorne Hotels New Zealand Limited
Consolidated Statement of Cash Flows –
conti nued
For the year ended 31 December 2023
Group Group
DOLLARS IN THOUSANDS Note 2023 2022
RECONCI LIATION O F NET PROFIT FOR THE YEAR TO CASH FLOWS
FROM O PERATIN G A CTIVITI ES
Profit for the year 26,917 32,418
Adjusted for non-cash items:
Share of pr ofit j oin t venture (73) -
Gain on sale of pr operty, pla nt and equip ment
2
(376)(20)
Deprecia tion o f property, plant and equipment and investment p roperty
9, 11
7,845 7,353
Deprecia tion o f R ig ht-Of-Use assets
9
850 968
Unrealis ed fo reign exchange l osse s 435 10
Interest expense 1,956 2.321
Income tax e xpense
5
10,556 12,363
48,110 54,413
Adjustments for movements in working capital:
(Increase)/Decrease in tr ade & other re ceivables (5,955) 998
(Increase)/Decrease in in ventories (231)(137)
(Increase)/Decrease in develo pment properties (15,576) (12,654)
Increase/(Decrease ) in trade & other payables 4,324 (1,976)
(Decrease) in rela ted parti es (185)(1,729)
Cash generated from operations 30,487 39,915
Interest paid (104)(18)
Income tax p aid (10,701) (13,547)
Cash inflows from operating activities 19,682 26,350
Reconciliation of movement of liabilities to cash flows arising from
financing activities
As at 0 1 January -1,000
Pr oceeds f rom borrowin gs 11,968 -
Repayment of t erm lo ans -(1,000)
Financing cash flows 11,968 (1,000)
As at 3 1 D ece mber 11,968 -
The accompanying notes form part of, and should be read in conju nctio n with, t hese fin ancial st atements.
FIN 5
Millennium & Copthorne Hotels New Zealand Limited
Consolidated Statement of Cash Flows
For the year ended 31 December 2023
Group Group
DOLLARS IN THOUSANDS Note 2023 2022
CASH FLOWS FROM O PERATING ACTIVITIES
Cash was provided from:
Receip ts fr om customers 142,092 146,085
Receip ts fr om insurers 397 -
Interest received 8,248 2,980
Divid ends received 4 - 1
Cash was applied to:
Payments t o suppli ers and emplo yees
(99,843) (84,544)
Purchases of develo pment land 1 (20,407) (24,607)
Interest paid (104)(18)
Income tax p aid (10,701) (13,547)
Net cash inflow/(outflow) from operating activities 19,682 26,350
CASH FLOWS FROM I NVESTING ACTIVITIES
Cash was (applied to)/provided from:
Pr oceeds f rom t he sale o f proper ty, pl ant and equipment 387 41
Purchases of pr operty, plant and equip ment 9 (13,901) (7,148)
Purchases of in vestment property (386)(13,587)
Investment in j oin t venture 24 (44,048) -
Advance to join t vent ure 20 (62,261) -
Divestments in shor t t erm bank deposits 47,871 9,550
Net cash inflow/(outflow) from investing activities (72,338) (11,144)
CASH FLOWS FROM FINANCIN G A CTIVITIES
Cash was (applied to)/provided from:
Drawdown/(Repayment) of borr owings 14 11,968 (1,000)
Lease payments 22(c ) (2,161) (3,235)
Divid ends pai d to shareholders o f Mill enniu m & C opthorne Hote ls
New Zealand Ltd 7 (4,747) (5,538)
Divid ends pai d to non-controlli ng shar eholders (4,324) (3,982)
Net cash inflow/(outflow) from financing activities 736 (13,755)
Net increase/(decrease) in cash and cash equivalents (51,920) 1,451
Add openin g ca sh a nd cash e quivalents 61,387 58,143
Exchange r ate adju stment 1,789 1,793
Closing cash and cash equivalents 12 11,256 61,387
The accompanying notes form part of, and should be read in conju nctio n with, t hese fin ancial st atements.

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2023 | FIN 6
The accompanying notes form part of, and should be read in conjunction with, these financial statements
FIN 6
Millennium & Copthorne Hotels New Zealand Limited
Consolidated Statement of Cash Flows – conti nued
For the year ended 31 December 2023
Group Group
DOLLARS IN THOUSANDS Note 2023 2022
RECONCI LIATION O F NET PROFIT FOR THE YEAR TO CASH FLOWS
FROM O PERATIN G A CTIVITI ES
Profit for the year 26,917 32,418
Adjusted for non-cash items:
Share of pr ofit j oin t venture (73) -
Gain on sale of pr operty, pla nt and equip ment
2
(376)(20)
Deprecia tion o f property, plant and equipment and investment p roperty
9, 11
7,845 7,353
Deprecia tion o f R ig ht-Of-Use assets
9
850 968
Unrealis ed fo reign exchange l osse s 435 10
Interest expense 1,956 2.321
Income tax e xpense
5
10,556 12,363
48,110 54,413
Adjustments for movements in working capital:
(Increase)/Decrease in tr ade & other re ceivables (5,955) 998
(Increase)/Decrease in in ventories (231)(137)
(Increase)/Decrease in develo pment properties (15,576) (12,654)
Increase/(Decrease ) in trade & other payables 4,324 (1,976)
(Decrease) in rela ted parti es (185)(1,729)
Cash generated from operations 30,487 39,915
Interest paid (104)(18)
Income tax p aid (10,701) (13,547)
Cash inflows from operating activities 19,682 26,350
Reconciliation of movement of liabilities to cash flows arising from
financing activities
As at 0 1 January -1,000
Pr oceeds f rom borrowin gs 11,968 -
Repayment of t erm lo ans -(1,000)
Financing cash flows 11,968 (1,000)
As at 3 1 D ece mber 11,968 -
The accompanying notes form part of, and should be read in conju nctio n with, t hese fin ancial st atements.
FIN 6
Millennium & Copthorne Hotels New Zealand Limited
Consolidated Statement of Cash Flows –
conti nued
For the year ended 31 December 2023
Group Group
DOLLARS IN THOUSANDS Note 2023 2022
RECONCI LIATION O F NET PROFIT FOR THE YEAR TO CASH FLOWS
FROM O PERATIN G A CTIVITI ES
Profit for the year 26,917 32,418
Adjusted for non-cash items:
Share of pr ofit j oin t venture (73) -
Gain on sale of pr operty, pla nt and equip ment
2
(376)(20)
Deprecia tion o f property, plant and equipment and investment p roperty
9, 11
7,845 7,353
Deprecia tion o f R ig ht-Of-Use assets
9
850 968
Unrealis ed fo reign exchange l osse s 435 10
Interest expense 1,956 2.321
Income tax e xpense
5
10,556 12,363
48,110 54,413
Adjustments for movements in working capital:
(Increase)/Decrease in tr ade & other re ceivables (5,955) 998
(Increase)/Decrease in in ventories (231)(137)
(Increase)/Decrease in develo pment properties (15,576) (12,654)
Increase/(Decrease ) in trade & other payables 4,324 (1,976)
(Decrease) in rela ted parti es (185)(1,729)
Cash generated from operations 30,487 39,915
Interest paid (104)(18)
Income tax p aid (10,701) (13,547)
Cash inflows from operating activities 19,682 26,350
Reconciliation of movement of liabilities to cash flows arising from
financing activities
As at 0 1 January -1,000
Pr oceeds f rom borrowin gs 11,968 -
Repayment of t erm lo ans -(1,000)
Financing cash flows 11,968 (1,000)
As at 3 1 D ece mber 11,968 -
The accompanying notes form part of, and should be read in conju nctio n with, t hese fin ancial st atements.
FIN 6
Millennium & Copthorne Hotels New Zealand Limited
Consolidated Statement of Cash Flows –
conti nued
For the year ended 31 December 2023
Group Group
DOLLARS IN THOUSANDS Note 2023 2022
RECONCI LIATION O F NET PROFIT FOR THE YEAR TO CASH FLOWS
FROM O PERATIN G A CTIVITI ES
Profit for the year 26,917 32,418
Adjusted for non-cash items:
Share of pr ofit j oin t venture (73) -
Gain on sale of pr operty, pla nt and equip ment
2
(376)(20)
Deprecia tion o f property, plant and equipment and investment p roperty
9, 11
7,845 7,353
Deprecia tion o f R ig ht-Of-Use assets
9
850 968
Unrealis ed fo reign exchange l osse s 435 10
Interest expense 1,956 2.321
Income tax e xpense
5
10,556 12,363
48,110 54,413
Adjustments for movements in working capital:
(Increase)/Decrease in tr ade & other re ceivables (5,955) 998
(Increase)/Decrease in in ventories (231)(137)
(Increase)/Decrease in develo pment properties (15,576) (12,654)
Increase/(Decrease ) in trade & other payables 4,324 (1,976)
(Decrease) in rela ted parti es (185)(1,729)
Cash generated from operations 30,487 39,915
Interest paid (104)(18)
Income tax p aid (10,701) (13,547)
Cash inflows from operating activities 19,682 26,350
Reconciliation of movement of liabilities to cash flows arising from
financing activities
As at 0 1 January -1,000
Pr oceeds f rom borrowin gs 11,968 -
Repayment of t erm lo ans -(1,000)
Financing cash flows 11,968 (1,000)
As at 3 1 D ece mber 11,968 -
The accompanying notes form part of, and should be read in conju nctio n with, t hese fin ancial st atements.

FIN 7 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2023
FIN 7
Millennium & Copthorne Hotels New Zealand Limited
Notes t o t he C onsolidated F inanci al Sta tements for t he year e nded 31 December 2023
Significant accounting policies
Millenni um & Copthorne Hotel s New Zeal and Limited is a company domicil ed in New Zeala nd re giste re d under t he Companies A ct 1993 and
lis ted on the New Zealand Stock Exchange. Millennium & Copthorne Hotel s New Zealand Li mited (t he “Company” ) is a Financial Market s
Conduct Repor ting E ntity in ter ms of the Financial Market s Conduct Act 2013 and the Financial Reporting Act 2013. T he financial st atement s
of t he Company for th e year ended 31 December 2023 comprise the Company and its s ubsidi aries (tog
ether r efer re d to as the “Group”). The
re gi ster ed offic e is located at Leve l 7, 23 Customs St reet East, Auck land, New Zealand.
The pr incipal ac tivities of the Group are ownership and operation of hotels in New Zeal and; development and sal e of resid ent ial land in New
Zealand; investment pr operties compris ing commercial war ehousing and ret ai l shops in New Zealand; and development and sal e of residential
units in Austra li a.
(
a)Statement of compliance
The financial statement s have been pr epared in accordance with New Zeal and Generall y Accepted Acc ounting Pr acti ce (NZ GAAP).
They co mpl y with New Zealand equival ents to International Fin ancial Reporting Standards (NZ IFRSs) as appropr iat e for Tier 1
pr ofit-o rient ed entitie s. The financial s tatements a lso c omply with I nter national Financia l Reporting Standards ( IFRSs).
The financial statements w ere a ut horised for is suance on 26 F ebru ar y 2024.
(
b)Basis of preparation
The financial statements are present ed in the Company’s functional currency of New Zealand Dol lar s, rounded to the nearest
thousand, unless o therwise indicated. T hey a re prepared on th e historical c ost basis a nd on a going concern basis.
The pr epar ation of financial statements in conformit y with NZ IF RSs requires management to make judgment s, estimates and
assumptions that affect the application of the Group’s poli cies and repor ted amounts of assets and lia bilities, income
and expenses.
Estimates and underlying assu mpt ions a re re vie wed o n an ongoing basis. Revisions to account ing esti mates are recognised i n the
peri od in which the estimat e is r evised and in any future per iod affected.
In par ticul ar , informat ion about significant areas of estimation uncert ai nt y and critical ju dgements in applyin g accounting polic ies
that have the most sig nificant effect on the amount recognised in th e financial statements ar e desc ri bed in Note 21 – Accounting
Estim
ates and Judgements.
(
c)Change in accounting policies and new standards adopted in the year
The accounting poli cies have been applied consistently to all periods present ed in these consol idati on financial statements. The
accounting p oli cie s are now included within t he rel evant notes to the consolidated financial st atement s.
The Group adopted all new a nd amended standards t hat became effect iv e during t he report ing per iod. However, t hey di d not have
any impact on the financial position, performance and c ash flows of t he Group.
(
d)Foreign currency
Foreign currency transactions
Transactions i n fore ign currencies ar e tra nslat ed at t he foreign exchange rate r uli ng at t he date of the transaction. Monetary a ssets
and liabili ties denominated i n forei gn cur re ncies at th e balance date are translat ed to New Zeal and d oll ars at t he forei gn ex change
ra te r uli ng a t that date. Foreign exchange differences arising on transla tion are r ecognised in the income st ate ment. Non-monetary
assets and liabil ities that are measured in ter ms of historical cos t in a forei gn currency are tr
ansla ted using the exc hange rate at the
date of the tr ansaction. Non-monetary assets and li abi li tie s denominat ed in for eig n currencie s that ar e stated at fai r value are
transla ted to New Zealand dollar s at f or eign exchange rat es r uling at the dates t he fa ir v alu e was deter mined.
(
e)Insurance proceeds
Compensation fr om third parties for items of property, plant and equipment that were damaged, impaired, los t or gi ven up is included
in the pr of it or loss when the compensat ion becomes virtually cer tain. Any subsequent purchase or constru ction of replacement
assets are s eparat e e conomic events and are acc ount ed for separately.
(
f)Revenue
Revenue from sale of g oods and se rvices i n the ord inary course o f business i s r ecognised when t he Group satisfie s a performance
obligat ion by tra nsfer ri ng co nt rol of a promised good or service to the cu stomer. The amount of re venue recognis ed is the amount
of t he transactio n price allocat ed to the s atisfied performance obligat io n.
Revenue represents amounts d erived f rom:
•The ownership, management and opera tion of hot el s: revenue from sa le of goods is recognis
ed at the point control is
transferre d t o the customer (poi nt of sale) and for ser vices p rovided, over the per iod the s ervice is provided.
•Income from pr oper ty rental : recognised on an accruals basis, straight lin e over the le ase period. Lease incentives
granted are rec ognised as an int egral part of t he total rental income.
•Income from devel opment pr oper ty sales: recognised when the customer obtain s control (when the title is transfer red)
of the propert
y and is able to dir ect and obt ain the benefits from the property. The Group grant s settlement terms of up
to 12 months on ce rtain secti ons as part of the Sale and Purchas e agreement for unconditional sales. In some in stances,
the acquir ers ar e permitted access to the residential sections for building activities prior to settlement . However , the
acquirer d oes not obtain s ubstantial ly a ll o f t he remaining benefit s of the asse t unt il f
inal s et tl ement of t he land a nd t itle
has p assed.

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2023 | FIN 8
FIN 8
Millennium & Copthorne Hotels New Zealand Limited
Notes to the Consolidated F inancial Statements for the year ended 31 December 2023
Index
1.Segment reporting
2.Administrati on a nd other operating expenses
3.Personnel expenses
4.Net finance income
5.Income ta x expense
6.Imputa ti on credi ts
7.Capit al and r eserves
8.Earni ngs p er s hare
9.Property, plant and equipment
10.Develo pment p roperti es
11.Investment properties
12.Cash and cash equiv al ents
13.Trade and o ther r eceiv ables
14.Inte rest-bearing loans a nd borr owin gs
15.Deferr ed tax ass ets and lia bilities
16.Trade and o ther payabl es
17.Financial in struments
18.Capit al and land development commit ments
19.Related parti es
20.Group entit ies
21.Accounti ng estimate s a nd judgements
22.Lease
23.New sta ndard and in te rpr et ations is sued but not yet adopted
24.Investment in jo int v enture
25.Non-c ont rolli ng inte rests (“ NCI”)
26.Subsequent events
FIN 7
Millennium & Copthorne Hotels New Zealand Limited
Notes t o t he C onsolidated F inanci al Sta tements for t he year e nded 31 December 2023
Significant accounting policies
Millenni um & Copthorne Hotel s New Zeal and Limited is a company domicil ed in New Zeala nd re giste re d under t he Companies A ct 1993 and
lis ted on the New Zealand Stock Exchange. Millennium & Copthorne Hotel s New Zealand Li mited (t he “Company” ) is a Financial Market s
Conduct Repor ting E ntity in ter ms of the Financial Market s Conduct Act 2013 and the Financial Reporting Act 2013. T he financial st atement s
of t he Company for th e year ended 31 December 2023 comprise the Company and its s ubsidi aries (to
g
ether r efer re d to as the “Group”). The
re gi ster ed offic e is located at Leve l 7, 23 Customs St reet East, Auck land, New Zealand.
The pr incipal ac tivities of the Group are ownership and operation of hotels in New Zeal and; development and sal e of resid ent ial land in New
Zealand; investment pr operties compris ing commercial war ehousing and ret ai l shops in New Zealand; and development and sal e of residential
units in Austra li a.
(
a)Statement of compliance
The financial statement s have been pr epared in accordance with New Zeal and Generall y Accepted Acc ounting Pr acti ce (NZ GAAP).
They co mpl y with New Zealand equival ents to International Fin ancial Reporting Standards (NZ IFRSs) as appropr iat e for Tier 1
pr ofit-o rient ed entitie s. The financial s tatements a lso c omply with I nter national Financia l Reporting Standards ( IFRSs).
The financial statements w ere a ut horised for is suance on 26 F ebru ar y 2024.
(
b)Basis of preparation
The financial statements are present ed in the Company’s functional currency of New Zealand Dol lar s, rounded to the nearest
thousand, unless o therwise indicated. T hey a re prepared on th e historical c ost basis a nd on a going concern basis.
The pr epar ation of financial statements in conformit y with NZ IF RSs requires management to make judgment s, estimates and
assumptions that affect the application of the Group’s poli cies and repor ted amounts of assets and lia bilities, income
and expenses.
Estimates and underlying assu mpt ions a re re vie wed o n an ongoing basis. Revisions to account ing esti mates are recognised i n the
peri od in which the estimat e is r evised and in any future per iod affected.
In par ticul ar , informat ion about significant areas of estimation uncert ai nt y and critical ju dgements in applyin g accounting polic ies
that have the most sig nificant effect on the amount recognised in th e financial statements ar e desc ri bed in Note 21 – Accounting
Estim
ates and Judgements.
(
c)Change in accounting policies and new standards adopted in the year
The accounting poli cies have been applied consistently to all periods present ed in these consol idati on financial statements. The
accounting p oli cie s are now included within t he rel evant notes to the consolidated financial st atement s.
The Group adopted all new a nd amended standards t hat became effect iv e during t he report ing per iod. However, t hey di d not have
any impact on the financial position, performance and c ash flows of t he Group.
(
d)Foreign currency
Foreign currency transactions
Transactions i n fore ign currencies ar e tra nslat ed at t he foreign exchange rate r uli ng at t he date of the transaction. Monetary a ssets
and liabili ties denominated i n forei gn cur re ncies at th e balance date are translat ed to New Zeal and d oll ars at t he forei gn ex change
ra te r uli ng a t that date. Foreign exchange differences arising on transla tion are r ecognised in the income st ate ment. Non-monetary
assets and liabil ities that are measured in ter ms of historical cos t in a forei gn currency are tr
ansla ted using the exc hange rate at the
date of the tr ansaction. Non-monetary assets and li abi li tie s denominat ed in for eig n currencie s that ar e stated at fai r value are
transla ted to New Zealand dollar s at f or eign exchange rat es r uling at the dates t he fa ir v alu e was deter mined.
(
e)Insurance proceeds
Compensation fr om third parties for items of property, plant and equipment that were damaged, impaired, los t or gi ven up is included
in the pr of it or loss when the compensat ion becomes virtually cer tain. Any subsequent purchase or constru ction of replacement
assets are s eparat e e conomic events and are acc ount ed for separately.
(
f)Revenue
Revenue from sale of g oods and se rvices i n the ord inary course o f business i s r ecognised when t he Group satisfie s a performance
obligat ion by tra nsfer ri ng co nt rol of a promised good or service to the cu stomer. The amount of re venue recognis ed is the amount
of t he transactio n price allocat ed to the s atisfied performance obligat io n.
Revenue represents amounts d erived f rom:
•The ownership, management and opera tion of hot el s: revenue from sa le of goods is recognis
ed at the point control is
transferre d t o the customer (poi nt of sale) and for ser vices p rovided, over the per iod the s ervice is provided.
•Income from pr oper ty rental : recognised on an accruals basis, straight lin e over the le ase period. Lease incentives
granted are rec ognised as an int egral part of t he total rental income.
•Income from devel opment pr oper ty sales: recognised when the customer obtain s control (when the title is transfer red)
of the propert
y and is able to dir ect and obt ain the benefits from the property. The Group grant s settlement terms of up
to 12 months on ce rtain secti ons as part of the Sale and Purchas e agreement for unconditional sales. In some in stances,
the acquir ers ar e permitted access to the residential sections for building activities prior to settlement . However , the
acquirer d oes not obtain s ubstantial ly a ll o f t he remaining benefit s of the asse t unt il f
inal s et tl ement of t he land a nd t itle
has p assed.

FIN 9 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2023
FIN 9
Millennium & Copthorne Hotels New Zealand Limited
Notes to the Consolidated F inancial Statements for the year ended 31 December 2023
1. Segment reporting
O
perating segments
The Group consisted of t he following main o per ating s egments:
•Hotel oper ations, compri sing i ncome f rom t he o wner shi p and management of hotels.
•Residential l and development , compr ising the devel opment and s ale of residential la nd s ectio ns .
•Residential and commerc ial pro perty devel opment, comprising the development and sale of residential
apartments.
•Investment pr operty, compr isin g rental income fro m the owners hip and leasing of retail
shops and industri al
warehouses.
The Group has n o majo r c ustomer r epresenting greater t han 1 0% of t he Group’s t otal revenue.
(a )O
perating Segments
Hotel Operations
Residential Land
Development
Investment
Property
Residential Property
Development Group
Dollars in t housands

2023 2022 2023 2022 2023 2022 2023 2022 2023 2022
External revenue 101,072 65,245 28,284 66, 106 2,494 1, 240 13,809 11,607 145,659 144,198
Earnings b efore i nt erest,
depreciation
& amortis ation
19,299 4,754 13,697 41, 446 2, 473 775 5,371 4, 590 40,840 51,565
Finance income 2,411 1,271 3, 514 1, 664 - - 1, 775 935 7,700 3, 870
Finance expense (2,429) (2,321) (12)(7 )- - (3) (3)(2,444)(2,331)
Depreciat ion and amort isat ion (6,900) (6,807) (7)(3 )(933)(538)(6)(7)(7,846)(7,355)
Depreciat ion of R ig ht-of-use
assets (806)(940)(34)(19)- - (10) (9)(850)(9 68)
Share of profit of Joi nt v enture 73 -- - - - - - 73-
Profit before income t ax
11,648 (4,043) 17,158 43, 081 1, 540 237 7,127 5, 506 37,473 44,781
Income t ax expense (3,179) 1,417 (4,805) (1 2, 063) (431)(6 6)(2,141) (1,651) (10,556) (12,363)
Profit after income t ax
8, 469 (2,626) 12,353 31,018 1, 109 171 4,986 3, 855 26,917
32,418
Cash & c ash equiv alents a nd
short t erm bank d eposits 16,982 45,152 52,159 71, 742 - - 6,190 56,439 75,331 173,333
Investment in associa tes
- - 2 2 - - - - 2
2
Investment in joint v ent ure 43,943 - - - - - - - 43,943 -
Other segment assets 339,925 266,463 231,231 205,573 35,834 36, 381 20,524 27,434 627,514 535,851
Tot al assets
400,850 311,615 283,392 277,317 35,834 36, 381 26,714 83,873 746,790 709,186
Segment liabilit ies
(68,516) (52, 502) (4,053) (1,542) -- (1,391)(1,919) (73,960) (55,963)
Tax l iabilities
(7,393) (6,661) (1,449) (3,275) -- (1, 536)(5 86)(10,378)(10,522)
Tot al liabiliti es (75,909) (59, 163) (5,502) (4,817) -- (2,927)(2,505) (84,338) (66,485)
Property , plant and equi pment
expendit ure
13,821 17,312 56 77
- -
14 44 13,901
17,433
Investment property
expendit ure
- - - - 386 13, 587 - - 386 13,587
Residential l and development
expendit ure
- - 10,135 13, 327
- -
- - 10,135 13,327
Purchase of l and for
re sident ial l and development
- - 20,407 24, 607 - - - - 20,407
24,607
FIN 7
Millennium & Copthorne Hotels New Zealand Limited
Notes t o t he C onsolidated F inanci al Sta tements for t he year e nded 31 December 2023
Significant accounting policies
Millenni um & Copthorne Hotel s New Zeal and Limited is a company domicil ed in New Zeala nd re giste re d under t he Companies A ct 1993 and
lis ted on the New Zealand Stock Exchange. Millennium & Copthorne Hotel s New Zealand Li mited (t he “Company” ) is a Financial Market s
Conduct Repor ting E ntity in ter ms of the Financial Market s Conduct Act 2013 and the Financial Reporting Act 2013. T he financial st atement s
of t he Company for th e year ended 31 December 2023 comprise the Company and its s ubsidi aries (to
g
ether r efer re d to as the “Group”). The
re gi ster ed offic e is located at Leve l 7, 23 Customs St reet East, Auck land, New Zealand.
The pr incipal ac tivities of the Group are ownership and operation of hotels in New Zeal and; development and sal e of resid ent ial land in New
Zealand; investment pr operties compris ing commercial war ehousing and ret ai l shops in New Zealand; and development and sal e of residential
units in Austra li a.
(
a)Statement of compliance
The financial statement s have been pr epared in accordance with New Zeal and Generall y Accepted Acc ounting Pr acti ce (NZ GAAP).
They co mpl y with New Zealand equival ents to International Fin ancial Reporting Standards (NZ IFRSs) as appropr iat e for Tier 1
pr ofit-o rient ed entitie s. The financial s tatements a lso c omply with I nter national Financia l Reporting Standards ( IFRSs).
The financial statements w ere a ut horised for is suance on 26 F ebru ar y 2024.
(
b)Basis of preparation
The financial statements are present ed in the Company’s functional currency of New Zealand Dol lar s, rounded to the nearest
thousand, unless o therwise indicated. T hey a re prepared on th e historical c ost basis a nd on a going concern basis.
The pr epar ation of financial statements in conformit y with NZ IF RSs requires management to make judgment s, estimates and
assumptions that affect the application of the Group’s poli cies and repor ted amounts of assets and lia bilities, income
and expenses.
Estimates and underlying assu mpt ions a re re vie wed o n an ongoing basis. Revisions to account ing esti mates are recognised i n the
peri od in which the estimat e is r evised and in any future per iod affected.
In par ticul ar , informat ion about significant areas of estimation uncert ai nt y and critical ju dgements in applyin g accounting polic ies
that have the most sig nificant effect on the amount recognised in th e financial statements ar e desc ri bed in Note 21 – Accounting
Estim
ates and Judgements.
(
c)Change in accounting policies and new standards adopted in the year
The accounting poli cies have been applied consistently to all periods present ed in these consol idati on financial statements. The
accounting p oli cie s are now included within t he rel evant notes to the consolidated financial st atement s.
The Group adopted all new a nd amended standards t hat became effect iv e during t he report ing per iod. However, t hey di d not have
any impact on the financial position, performance and c ash flows of t he Group.
(
d)Foreign currency
Foreign currency transactions
Transactions i n fore ign currencies ar e tra nslat ed at t he foreign exchange rate r uli ng at t he date of the transaction. Monetary a ssets
and liabili ties denominated i n forei gn cur re ncies at th e balance date are translat ed to New Zeal and d oll ars at t he forei gn ex change
ra te r uli ng a t that date. Foreign exchange differences arising on transla tion are r ecognised in the income st ate ment. Non-monetary
assets and liabil ities that are measured in ter ms of historical cos t in a forei gn currency are tr
ansla ted using the exc hange rate at the
date of the tr ansaction. Non-monetary assets and li abi li tie s denominat ed in for eig n currencie s that ar e stated at fai r value are
transla ted to New Zealand dollar s at f or eign exchange rat es r uling at the dates t he fa ir v alu e was deter mined.
(
e)Insurance proceeds
Compensation fr om third parties for items of property, plant and equipment that were damaged, impaired, los t or gi ven up is included
in the pr of it or loss when the compensat ion becomes virtually cer tain. Any subsequent purchase or constru ction of replacement
assets are s eparat e e conomic events and are acc ount ed for separately.
(
f)Revenue
Revenue from sale of g oods and se rvices i n the ord inary course o f business i s r ecognised when t he Group satisfie s a performance
obligat ion by tra nsfer ri ng co nt rol of a promised good or service to the cu stomer. The amount of re venue recognis ed is the amount
of t he transactio n price allocat ed to the s atisfied performance obligat io n.
Revenue represents amounts d erived f rom:
•The ownership, management and opera tion of hot el s: revenue from sa le of goods is recognis
ed at the point control is
transferre d t o the customer (poi nt of sale) and for ser vices p rovided, over the per iod the s ervice is provided.
•Income from pr oper ty rental : recognised on an accruals basis, straight lin e over the le ase period. Lease incentives
granted are rec ognised as an int egral part of t he total rental income.
•Income from devel opment pr oper ty sales: recognised when the customer obtain s control (when the title is transfer red)
of the propert
y and is able to dir ect and obt ain the benefits from the property. The Group grant s settlement terms of up
to 12 months on ce rtain secti ons as part of the Sale and Purchas e agreement for unconditional sales. In some in stances,
the acquir ers ar e permitted access to the residential sections for building activities prior to settlement . However , the
acquirer d oes not obtain s ubstantial ly a ll o f t he remaining benefit s of the asse t unt il f
inal s et tl ement of t he land a nd t itle
has p assed.

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2023 | FIN 10
FIN 10
Millennium & Copthorne Hotels New Zealand Limited
Notes to the Consolidated F inancial Statements for the year ended 31 December 2023
1. Segment reporting - continued
(
b)Geographical areas
The Group operates i n t he fol lowing mai n geographical are as:
•New Zealand.
•Austr alia.
Segment revenue is based on the geographical l ocat ion of t he asset.
New Zealand Australia Group
Dollars I n T housands
2023 2022 2023 2022 2023 2022
External revenue 131,850 132,591 13,809 11,607 145,659 144,198
Earnings b efore i nt erest, depr eciation &
amortisatio n 35,487 46,994 5,353 4, 571 40,840 51,565
Finance income 5,925 2, 935 1,775 935 7,700 3, 870
Finance expense (2,441) (2,328) (3 )(3)(2,444) (2,331)
Depreciat ion and amort isat ion (7,840) (7,348) (6)(7)(7,846) (7,355)
Depreciat ion of R ig ht-Of-Use Assets (840)(9 59)(10)(9)(850)(968)
Share of profit of joi nt v ent ure --73 -73-
Profit before income t ax 30,291 39,294 7,182 5, 487 37,473 44,781
Income t ax ( expense) /c redit (8,422) (10,718) (2 ,134) (1 ,645) (10, 556) (12, 363)
Profit after income t ax 21,869 28,576 5,048 3, 842 26,917 32,418
Cash & cash equiv al ents and shor t term
bank deposits 69, 141 116,894 6,190 56,439 75,331 173,333
Investment in associa tes 2 2 - - 2 2
Investment in joint v ent ure - - 43,943 -43, 943-
Investment properties 35, 834 36,381 - - 35, 83436,381
Segment a ssets 508, 895 472,036 82,785 27,434 591,680499,470
Tot al assets 613,872 625,313 132,918 83,873 746,790 709,186
Segment liabilit ies (2 9, 976) (5 4, 044) (43,984) (1,919) (73, 960) (55, 963)
Tax l iabilities (8,842) (9,936) (1,536) (586)(10, 378)(10, 522)
Tot al liabiliti es (38,818) (63,980) (45,520) (2 ,505) (84,338) (66,485)
Material addi tions t o segment assets:
Property , plant and equi pment e xpenditure 13,887 17,389 14 44 13,901 17,433
Investment property expenditure 386 13,587 - - 386 13, 587
Residential l and development e xpenditur e 10, 135 13,327 - - 10, 135 13,327
Purchase of l and for resid entia l land
development 20, 407 24, 607 - - 20, 407 24, 607
An operating segment i s a distinguis hable c omponent of th e G ro up:
•that is engaged in business activities f ro m which it e arns r evenues a nd incurs e xpenses;
•whose operat ing resul ts are regula rly re viewed by the Group’s chief operat ing decis ion maker to make decisions on
re sour ce a llocatio n to the segment and assess i ts performance; and
•for which discrete fi nanci al inf ormat ion is available.
Segment inf ormation is presented in respect of th e Gro up’s re porting se g
ments. Operat ing segment s ar e the pri mary basis of
segment report ing. The Group has det er mined that its chi ef operat ing decision maker is th e Board of Directors on the basis t hat it
is t hi s g roup whic h det er mines t he allocat ion of r esour ces t o segments and assesses t heir p erfor mance.
Segment results i nclude items di rectly attri but able to a s egment as well as t hose t hat can b e allo cat ed on a reasonable b asis.
Segment c apital e xpenditure is the total
c ost in curred during the perio d t o acquire s egment assets t hat are expected to be used for
more than one period.
FIN 7
Millennium & Copthorne Hotels New Zealand Limited
Notes t o t he C onsolidated F inanci al Sta tements for t he year e nded 31 December 2023
Significant accounting policies
Millenni um & Copthorne Hotel s New Zeal and Limited is a company domicil ed in New Zeala nd re giste re d under t he Companies A ct 1993 and
lis ted on the New Zealand Stock Exchange. Millennium & Copthorne Hotel s New Zealand Li mited (t he “Company” ) is a Financial Market s
Conduct Repor ting E ntity in ter ms of the Financial Market s Conduct Act 2013 and the Financial Reporting Act 2013. T he financial st atement s
of t he Company for th e year ended 31 December 2023 comprise the Company and its s ubsidi aries (to
g
ether r efer re d to as the “Group”). The
re gi ster ed offic e is located at Leve l 7, 23 Customs St reet East, Auck land, New Zealand.
The pr incipal ac tivities of the Group are ownership and operation of hotels in New Zeal and; development and sal e of resid ent ial land in New
Zealand; investment pr operties compris ing commercial war ehousing and ret ai l shops in New Zealand; and development and sal e of residential
units in Austra li a.
(
a)Statement of compliance
The financial statement s have been pr epared in accordance with New Zeal and Generall y Accepted Acc ounting Pr acti ce (NZ GAAP).
They co mpl y with New Zealand equival ents to International Fin ancial Reporting Standards (NZ IFRSs) as appropr iat e for Tier 1
pr ofit-o rient ed entitie s. The financial s tatements a lso c omply with I nter national Financia l Reporting Standards ( IFRSs).
The financial statements w ere a ut horised for is suance on 26 F ebru ar y 2024.
(
b)Basis of preparation
The financial statements are present ed in the Company’s functional currency of New Zealand Dol lar s, rounded to the nearest
thousand, unless o therwise indicated. T hey a re prepared on th e historical c ost basis a nd on a going concern basis.
The pr epar ation of financial statements in conformit y with NZ IF RSs requires management to make judgment s, estimates and
assumptions that affect the application of the Group’s poli cies and repor ted amounts of assets and lia bilities, income
and expenses.
Estimates and underlying assu mpt ions a re re vie wed o n an ongoing basis. Revisions to account ing esti mates are recognised i n the
peri od in which the estimat e is r evised and in any future per iod affected.
In par ticul ar , informat ion about significant areas of estimation uncert ai nt y and critical ju dgements in applyin g accounting polic ies
that have the most sig nificant effect on the amount recognised in th e financial statements ar e desc ri bed in Note 21 – Accounting
Estim
ates and Judgements.
(
c)Change in accounting policies and new standards adopted in the year
The accounting poli cies have been applied consistently to all periods present ed in these consol idati on financial statements. The
accounting p oli cie s are now included within t he rel evant notes to the consolidated financial st atement s.
The Group adopted all new a nd amended standards t hat became effect iv e during t he report ing per iod. However, t hey di d not have
any impact on the financial position, performance and c ash flows of t he Group.
(
d)Foreign currency
Foreign currency transactions
Transactions i n fore ign currencies ar e tra nslat ed at t he foreign exchange rate r uli ng at t he date of the transaction. Monetary a ssets
and liabili ties denominated i n forei gn cur re ncies at th e balance date are translat ed to New Zeal and d oll ars at t he forei gn ex change
ra te r uli ng a t that date. Foreign exchange differences arising on transla tion are r ecognised in the income st ate ment. Non-monetary
assets and liabil ities that are measured in ter ms of historical cos t in a forei gn currency are tr
ansla ted using the exc hange rate at the
date of the tr ansaction. Non-monetary assets and li abi li tie s denominat ed in for eig n currencie s that ar e stated at fai r value are
transla ted to New Zealand dollar s at f or eign exchange rat es r uling at the dates t he fa ir v alu e was deter mined.
(
e)Insurance proceeds
Compensation fr om third parties for items of property, plant and equipment that were damaged, impaired, los t or gi ven up is included
in the pr of it or loss when the compensat ion becomes virtually cer tain. Any subsequent purchase or constru ction of replacement
assets are s eparat e e conomic events and are acc ount ed for separately.
(
f)Revenue
Revenue from sale of g oods and se rvices i n the ord inary course o f business i s r ecognised when t he Group satisfie s a performance
obligat ion by tra nsfer ri ng co nt rol of a promised good or service to the cu stomer. The amount of re venue recognis ed is the amount
of t he transactio n price allocat ed to the s atisfied performance obligat io n.
Revenue represents amounts d erived f rom:
•The ownership, management and opera tion of hot el s: revenue from sa le of goods is recognis
ed at the point control is
transferre d t o the customer (poi nt of sale) and for ser vices p rovided, over the per iod the s ervice is provided.
•Income from pr oper ty rental : recognised on an accruals basis, straight lin e over the le ase period. Lease incentives
granted are rec ognised as an int egral part of t he total rental income.
•Income from devel opment pr oper ty sales: recognised when the customer obtain s control (when the title is transfer red)
of the propert
y and is able to dir ect and obt ain the benefits from the property. The Group grant s settlement terms of up
to 12 months on ce rtain secti ons as part of the Sale and Purchas e agreement for unconditional sales. In some in stances,
the acquir ers ar e permitted access to the residential sections for building activities prior to settlement . However , the
acquirer d oes not obtain s ubstantial ly a ll o f t he remaining benefit s of the asse t unt il f
inal s et tl ement of t he land a nd t itle
has p assed.

FIN 11 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2023
FIN 11
Millennium & Copthorne Hotels New Zealand Limited
Notes to the Consolidated F inancial Statements for the year ended 31 December 2023
2. Administration and other operating expenses
Group
Dollars In Thousands
Note 2023 2022
Depreciat ion 9, 1 1 8,695 8,323
Auditors’ r emuneratio n
Audit fees 374 344
Tax c ompliance and tax advisory f ees 101 34
Other non-audit s ervices 74 -
Directors’ f ees 19
350 322
Rental expenses 694 699
Provision f or bad debts
Debts w ritten off 20 4
Movement i n doubtful debt provisi on 127 65
Net (gai n) / l oss on disposal of proper ty , plant and equipment (3 76)20
Resurgence S uppor t P ayments -(28)
3. Personnel expenses
Group
Dollars In Thousands
2023 2022
Wages and salar ies 44,109 32,632
Wage subsidies (3 0)(222)
Employee re lated e xpenses and benefits 2, 078 1,135
Contri but ions t o defined c ont ri bution pl ans 625 476
Increase/ (d ecrease) in liability f or l ong-service leave 76 32
46,858 34,053
Wage subsidy scheme
The Group applied for government s upport and receiv ed $46,308 under t he COVID-19 Leave Support Scheme. Dur ing 2022, a tot al
of $272,345 was recei ved u nder t he COVID-19 Leave S upport Scheme and t he COVI D-19 Shor t- term Absence Payment.
The wage su bsidies including Leave Support Scheme and Short-term Absence Payment were recor ded as a deduction agai nst payroll
cos ts in personnel expenses. T he per sonnel e xpenses are included in c ost of sales, admini stration expenses and other e xpenses in
the income st atement .
E
mployee long-term service benefits
The Gro up’s net obligation in re spect of long-term ser vice benefits, is the amount of future benefit that employees have earned in
re turn for their servi ce in the curre nt and prior per iods. The obligat ion is cal cul at ed using their exp ected remuneration and an
assessment of the li kelihood that the liabili ty will arise.
4
. Net finance income
Recognised in the income statement

Group
Dollars In Thousands
2023 2022
Interest i ncome 7,700 3, 869
Di vidend i ncome - 1
Finance i ncome 7,700 3, 870
Interest e xpense (2 ,009) (2 ,321)
Forei gn exchange loss (435)(1 0)
Finance costs (2 ,444) (2,331)
Net finance income recognised in the income statement 5,256 1,539
FIN 7
Millennium & Copthorne Hotels New Zealand Limited
Notes t o t he C onsolidated F inanci al Sta tements for t he year e nded 31 December 2023
Significant accounting policies
Millenni um & Copthorne Hotel s New Zeal and Limited is a company domicil ed in New Zeala nd re giste re d under t he Companies A ct 1993 and
lis ted on the New Zealand Stock Exchange. Millennium & Copthorne Hotel s New Zealand Li mited (t he “Company” ) is a Financial Market s
Conduct Repor ting E ntity in ter ms of the Financial Market s Conduct Act 2013 and the Financial Reporting Act 2013. T he financial st atement s
of t he Company for th e year ended 31 December 2023 comprise the Company and its s ubsidi aries (to
g
ether r efer re d to as the “Group”). The
re gi ster ed offic e is located at Leve l 7, 23 Customs St reet East, Auck land, New Zealand.
The pr incipal ac tivities of the Group are ownership and operation of hotels in New Zeal and; development and sal e of resid ent ial land in New
Zealand; investment pr operties compris ing commercial war ehousing and ret ai l shops in New Zealand; and development and sal e of residential
units in Austra li a.
(
a)Statement of compliance
The financial statement s have been pr epared in accordance with New Zeal and Generall y Accepted Acc ounting Pr acti ce (NZ GAAP).
They co mpl y with New Zealand equival ents to International Fin ancial Reporting Standards (NZ IFRSs) as appropr iat e for Tier 1
pr ofit-o rient ed entitie s. The financial s tatements a lso c omply with I nter national Financia l Reporting Standards ( IFRSs).
The financial statements w ere a ut horised for is suance on 26 F ebru ar y 2024.
(
b)Basis of preparation
The financial statements are present ed in the Company’s functional currency of New Zealand Dol lar s, rounded to the nearest
thousand, unless o therwise indicated. T hey a re prepared on th e historical c ost basis a nd on a going concern basis.
The pr epar ation of financial statements in conformit y with NZ IF RSs requires management to make judgment s, estimates and
assumptions that affect the application of the Group’s poli cies and repor ted amounts of assets and lia bilities, income
and expenses.
Estimates and underlying assu mpt ions a re re vie wed o n an ongoing basis. Revisions to account ing esti mates are recognised i n the
peri od in which the estimat e is r evised and in any future per iod affected.
In par ticul ar , informat ion about significant areas of estimation uncert ai nt y and critical ju dgements in applyin g accounting polic ies
that have the most sig nificant effect on the amount recognised in th e financial statements ar e desc ri bed in Note 21 – Accounting
Estim
ates and Judgements.
(
c)Change in accounting policies and new standards adopted in the year
The accounting poli cies have been applied consistently to all periods present ed in these consol idati on financial statements. The
accounting p oli cie s are now included within t he rel evant notes to the consolidated financial st atement s.
The Group adopted all new a nd amended standards t hat became effect iv e during t he report ing per iod. However, t hey di d not have
any impact on the financial position, performance and c ash flows of t he Group.
(
d)Foreign currency
Foreign currency transactions
Transactions i n fore ign currencies ar e tra nslat ed at t he foreign exchange rate r uli ng at t he date of the transaction. Monetary a ssets
and liabili ties denominated i n forei gn cur re ncies at th e balance date are translat ed to New Zeal and d oll ars at t he forei gn ex change
ra te r uli ng a t that date. Foreign exchange differences arising on transla tion are r ecognised in the income st ate ment. Non-monetary
assets and liabil ities that are measured in ter ms of historical cos t in a forei gn currency are tr
ansla ted using the exc hange rate at the
date of the tr ansaction. Non-monetary assets and li abi li tie s denominat ed in for eig n currencie s that ar e stated at fai r value are
transla ted to New Zealand dollar s at f or eign exchange rat es r uling at the dates t he fa ir v alu e was deter mined.
(
e)Insurance proceeds
Compensation fr om third parties for items of property, plant and equipment that were damaged, impaired, los t or gi ven up is included
in the pr of it or loss when the compensat ion becomes virtually cer tain. Any subsequent purchase or constru ction of replacement
assets are s eparat e e conomic events and are acc ount ed for separately.
(
f)Revenue
Revenue from sale of g oods and se rvices i n the ord inary course o f business i s r ecognised when t he Group satisfie s a performance
obligat ion by tra nsfer ri ng co nt rol of a promised good or service to the cu stomer. The amount of re venue recognis ed is the amount
of t he transactio n price allocat ed to the s atisfied performance obligat io n.
Revenue represents amounts d erived f rom:
•The ownership, management and opera tion of hot el s: revenue from sa le of goods is recognis
ed at the point control is
transferre d t o the customer (poi nt of sale) and for ser vices p rovided, over the per iod the s ervice is provided.
•Income from pr oper ty rental : recognised on an accruals basis, straight lin e over the le ase period. Lease incentives
granted are rec ognised as an int egral part of t he total rental income.
•Income from devel opment pr oper ty sales: recognised when the customer obtain s control (when the title is transfer red)
of the propert
y and is able to dir ect and obt ain the benefits from the property. The Group grant s settlement terms of up
to 12 months on ce rtain secti ons as part of the Sale and Purchas e agreement for unconditional sales. In some in stances,
the acquir ers ar e permitted access to the residential sections for building activities prior to settlement . However , the
acquirer d oes not obtain s ubstantial ly a ll o f t he remaining benefit s of the asse t unt il f
inal s et tl ement of t he land a nd t itle
has p assed.

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2023 | FIN 12
FIN 12
Millennium & Copthorne Hotels New Zealand Limited
Notes to the Consolidated F inancial Statements for the year ended 31 December 2023
4. Net finance income - cont inued
F
inance income and expenses
Finance in come comprises interest income on funds invested, di vidend income and foreign cur re nc y gain s that are recogni sed in
pr ofit or loss. I nter est income is recognised as it accrues, using the effect iv e int erest method. Di vid end income is reco gnised in the
income statement on the date the entity’s right to re ce iv e payments is establi shed which in the case of quoted secur ities is the ex-
di vidend date.
Finance expenses comprise inter es
t payable on borrowings cal cul ated using the effec tive interest ra te method, interest cost s on lease
lia bility a nd for ei gn exchange loss es t hat are recognised in t he income state ment.
R
ecognised in other comprehensive income

Group
Dollars In Thousands
2023 2022
Forei gn exchange t ranslation movements 416 629
Exchange translation of financial statements of foreign operations
The as sets and liabilities of for eign operat ions ar e translated to New Zeala nd dol la rs at foreign exchange rates r ul in g at t he balance
date. The revenues and expenses of fo reign operations are tr anslat ed to New Zealand dol la rs at rat es approximatin g the foreign
exchange rates rulin g at the dates of t he t ransactions. F ore ign exchange diffe rences arising on re-tr ans la tion are recognised directly
as a separ ate component of equit y. When a foreign oper ation is dis posed o
f, in part or in full, the re levant amount in the exc hange
re serve is rele ased into the income s ta tement.
5
. Income tax expense
Recognised in the income statement
Group
Dollars In Thousands
2023 2022
Current tax expense
Current y ear 13,142 12, 182
Adjustment s f or prior y ears 132 (239)
13,274 11, 943
Deferred tax expense
Origi nation and reversal of t emporar y d if fe re nce (2 ,718) 420
(2 ,718) 420
Total income tax expense in the income statement 10,556 12,363
The Group qualified for ta x relief in rolli ng over t he depreciation rec over y f rom the disposal of Copthorne Hot el Chr istchurch Cent ral
in 2012. No replacement property w as acquired dur ing 2023 and the tax reli ef ended on 31 December 2023. The deferred li abili ty of
$3.02 million provided for the depreciat ion re covery was re leased and an equival ent amount was pr ovided in the current ta x expense.
R
econciliation of tax expense
Group
Dollars In Thousands
2023 2022
Profit before income t ax 37,473 44,781
Income t ax at t he company t ax rate of 28% (2022: 2 8%) 10,492 12, 539
Adjusted f or:
Tax r at e dif ference ( if d ifferent f rom 28% above) 146 108
Tax exempt i ncome (214)(4 5)
Under /( Over) - provided in p rior y ears 132 (239)
Total income tax expense
10,556 12,363
Ef fective tax ra te 28% 28%
Income tax on the profit or lo ss for the ye ar compri ses curre nt and def erred tax. I ncome tax is recognis ed i n the income stat ement
except to th e extent that it rel ates to items recognised directly in ot her comprehensiv e income or equity, in which case it is re cognis ed
in other c omprehensive income or equity.
FIN 7
Millennium & Copthorne Hotels New Zealand Limited
Notes t o t he C onsolidated F inanci al Sta tements for t he year e nded 31 December 2023
Significant accounting policies
Millenni um & Copthorne Hotel s New Zeal and Limited is a company domicil ed in New Zeala nd re giste re d under t he Companies A ct 1993 and
lis ted on the New Zealand Stock Exchange. Millennium & Copthorne Hotel s New Zealand Li mited (t he “Company” ) is a Financial Market s
Conduct Repor ting E ntity in ter ms of the Financial Market s Conduct Act 2013 and the Financial Reporting Act 2013. T he financial st atement s
of t he Company for th e year ended 31 December 2023 comprise the Company and its s ubsidi aries (to
g
ether r efer re d to as the “Group”). The
re gi ster ed offic e is located at Leve l 7, 23 Customs St reet East, Auck land, New Zealand.
The pr incipal ac tivities of the Group are ownership and operation of hotels in New Zeal and; development and sal e of resid ent ial land in New
Zealand; investment pr operties compris ing commercial war ehousing and ret ai l shops in New Zealand; and development and sal e of residential
units in Austra li a.
(
a)Statement of compliance
The financial statement s have been pr epared in accordance with New Zeal and Generall y Accepted Acc ounting Pr acti ce (NZ GAAP).
They co mpl y with New Zealand equival ents to International Fin ancial Reporting Standards (NZ IFRSs) as appropr iat e for Tier 1
pr ofit-o rient ed entitie s. The financial s tatements a lso c omply with I nter national Financia l Reporting Standards ( IFRSs).
The financial statements w ere a ut horised for is suance on 26 F ebru ar y 2024.
(
b)Basis of preparation
The financial statements are present ed in the Company’s functional currency of New Zealand Dol lar s, rounded to the nearest
thousand, unless o therwise indicated. T hey a re prepared on th e historical c ost basis a nd on a going concern basis.
The pr epar ation of financial statements in conformit y with NZ IF RSs requires management to make judgment s, estimates and
assumptions that affect the application of the Group’s poli cies and repor ted amounts of assets and lia bilities, income
and expenses.
Estimates and underlying assu mpt ions a re re vie wed o n an ongoing basis. Revisions to account ing esti mates are recognised i n the
peri od in which the estimat e is r evised and in any future per iod affected.
In par ticul ar , informat ion about significant areas of estimation uncert ai nt y and critical ju dgements in applyin g accounting polic ies
that have the most sig nificant effect on the amount recognised in th e financial statements ar e desc ri bed in Note 21 – Accounting
Estim
ates and Judgements.
(
c)Change in accounting policies and new standards adopted in the year
The accounting poli cies have been applied consistently to all periods present ed in these consol idati on financial statements. The
accounting p oli cie s are now included within t he rel evant notes to the consolidated financial st atement s.
The Group adopted all new a nd amended standards t hat became effect iv e during t he report ing per iod. However, t hey di d not have
any impact on the financial position, performance and c ash flows of t he Group.
(
d)Foreign currency
Foreign currency transactions
Transactions i n fore ign currencies ar e tra nslat ed at t he foreign exchange rate r uli ng at t he date of the transaction. Monetary a ssets
and liabili ties denominated i n forei gn cur re ncies at th e balance date are translat ed to New Zeal and d oll ars at t he forei gn ex change
ra te r uli ng a t that date. Foreign exchange differences arising on transla tion are r ecognised in the income st ate ment. Non-monetary
assets and liabil ities that are measured in ter ms of historical cos t in a forei gn currency are tr
ansla ted using the exc hange rate at the
date of the tr ansaction. Non-monetary assets and li abi li tie s denominat ed in for eig n currencie s that ar e stated at fai r value are
transla ted to New Zealand dollar s at f or eign exchange rat es r uling at the dates t he fa ir v alu e was deter mined.
(
e)Insurance proceeds
Compensation fr om third parties for items of property, plant and equipment that were damaged, impaired, los t or gi ven up is included
in the pr of it or loss when the compensat ion becomes virtually cer tain. Any subsequent purchase or constru ction of replacement
assets are s eparat e e conomic events and are acc ount ed for separately.
(
f)Revenue
Revenue from sale of g oods and se rvices i n the ord inary course o f business i s r ecognised when t he Group satisfie s a performance
obligat ion by tra nsfer ri ng co nt rol of a promised good or service to the cu stomer. The amount of re venue recognis ed is the amount
of t he transactio n price allocat ed to the s atisfied performance obligat io n.
Revenue represents amounts d erived f rom:
•The ownership, management and opera tion of hot el s: revenue from sa le of goods is recognis
ed at the point control is
transferre d t o the customer (poi nt of sale) and for ser vices p rovided, over the per iod the s ervice is provided.
•Income from pr oper ty rental : recognised on an accruals basis, straight lin e over the le ase period. Lease incentives
granted are rec ognised as an int egral part of t he total rental income.
•Income from devel opment pr oper ty sales: recognised when the customer obtain s control (when the title is transfer red)
of the propert
y and is able to dir ect and obt ain the benefits from the property. The Group grant s settlement terms of up
to 12 months on ce rtain secti ons as part of the Sale and Purchas e agreement for unconditional sales. In some in stances,
the acquir ers ar e permitted access to the residential sections for building activities prior to settlement . However , the
acquirer d oes not obtain s ubstantial ly a ll o f t he remaining benefit s of the asse t unt il f
inal s et tl ement of t he land a nd t itle
has p assed.

FIN 13 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2023
FIN 13
Millennium & Copthorne Hotels New Zealand Limited
Notes to the Consolidated F inancial Statements for the year ended 31 December 2023
5. Income tax expense - c ontinued
Current t ax is t he expected tax payabl e on the taxable income f or t he y ear, using tax rates e nacte d o r substant ively e nacted at t he
balance date, and any a dj ustment t o tax payable in respect of previous y ears.
Deferred tax is recognised in re spect of the temporary differences bet ween the carrying amount s of assets and liabilit ies for financi al
reporting purposes and th e amounts used for taxat ion purposes. The following
temporary diff er ences are not p rovided for : goodwill
not deductib le for ta x purposes; the initial re cognition of assets or liabilities that neither af fect accounting nor taxable prof it; and
di fferences relat ing to investments in subsid iari es to the extent that they will probabl y not re ver se in the foreseeable fut ure. The
amount of deferre d tax p rovided is based on the expected manner of reali sation or settlement o f the carr yin g amount of asset
s and
liabilitie s, using t ax rates enacted or substantively e nacted at t he b alance date.
A deferre d tax asset is r ecognised o nly t o the extent t hat it is pr obable that f ut ure taxable pro fits w ill be availa ble agai nst w hich t he
asset can be utili sed. Deferred tax assets are reduced to the extent that it is no lo nger pr obable that the rel ated ta x benefit will be
realised.
Deferred tax assets and defer red tax liabili ties ar e offs et only if the Group
has a legally enf orc eable right to set off current tax assets
against current tax liabilities; the Group intends to settle net; and the def er red tax assets and the deferred tax liabili ties rel ate to
income taxes l evied by t he s ame t axat ion authori ty.
6
. Imputation credits
The KIN Holdings Group has A$13.11 million ( 2022: A$12.01 million) f ra nking credits a vailable a s at 31 December 2023.
7
. Capital and reserves
Share capital
G
roup Group
2023 2023 2022 2022
Shares $000’s Shares $000’s
Ordinary s har es i ss ued 1 January
105,578, 290 350,048 105,578,290 350,048
Ordinary shares issued at 31 December – fully paid
105,578,290 350,048 105,578,290 350,048
Redeemable preference shares 1 January
52,739, 543 33,218 52, 739,543 33,218
Redeemable preference shares issued at 31 December – fully
paid 52,739,543 33,218 52,739,543 33,218
Ordinary sh ar es repur chased and held as treasury stock 1
January (99,547) (26)(99,547)(26)
Ordinary shares repurchased and held as treasury stock 31
D
ecember (99,547) (26)(99,547)(26)
Total shares issued and outstanding
158,218,286 383,240 158,218,286 383,240
At 31 December 2023, t he aut hor is ed share capi tal consisted of 105,578,290 or di nary shar es (2022: 105,578, 290 or dinary shar es)
wi th no par val ue and 52, 739,543 redeemable pr efer ence shares (2022: 52,739,543 redeemabl e pr efer ence shares) with no par
val ue.
The non-v oting redeemable preference shares ra nk equall y wi th or dinary shares with respect to all di stributions made by th e
Company (i nclu ding wi thout limitation, to dividend payments) except for any dis tri butions mad
e in the cont ext of a liquidation of th e
Company. The Company re serves the right to the redemption of th ese pref erence shares as wel l as any distri butions relating to these
shares and makes no guarantee that these pr ef erence shar es will be redeemed or that di vidends will be paid in respect of these
pr efer ence shares .
R
epurchase of share capital
When share capital recognis ed as equity is re purchased, the amount of the consi dera tion paid, includi ng direc tly attribut ed costs,
is recognised as a change in equi ty. Repurc hased shares are classi fied as treasury stock and pr esented as a deduction fro m tot al
equity .
G
roup
Dollars I n T housands
2023 2022
Imput ation c redits avai la bl e for use in subsequent reporti ng periods 134,317 126, 825
FIN 7
Millennium & Copthorne Hotels New Zealand Limited
Notes t o t he C onsolidated F inanci al Sta tements for t he year e nded 31 December 2023
Significant accounting policies
Millenni um & Copthorne Hotel s New Zeal and Limited is a company domicil ed in New Zeala nd re giste re d under t he Companies A ct 1993 and
lis ted on the New Zealand Stock Exchange. Millennium & Copthorne Hotel s New Zealand Li mited (t he “Company” ) is a Financial Market s
Conduct Repor ting E ntity in ter ms of the Financial Market s Conduct Act 2013 and the Financial Reporting Act 2013. T he financial st atement s
of t he Company for th e year ended 31 December 2023 comprise the Company and its s ubsidi aries (to
g
ether r efer re d to as the “Group”). The
re gi ster ed offic e is located at Leve l 7, 23 Customs St reet East, Auck land, New Zealand.
The pr incipal ac tivities of the Group are ownership and operation of hotels in New Zeal and; development and sal e of resid ent ial land in New
Zealand; investment pr operties compris ing commercial war ehousing and ret ai l shops in New Zealand; and development and sal e of residential
units in Austra li a.
(
a)Statement of compliance
The financial statement s have been pr epared in accordance with New Zeal and Generall y Accepted Acc ounting Pr acti ce (NZ GAAP).
They co mpl y with New Zealand equival ents to International Fin ancial Reporting Standards (NZ IFRSs) as appropr iat e for Tier 1
pr ofit-o rient ed entitie s. The financial s tatements a lso c omply with I nter national Financia l Reporting Standards ( IFRSs).
The financial statements w ere a ut horised for is suance on 26 F ebru ar y 2024.
(
b)Basis of preparation
The financial statements are present ed in the Company’s functional currency of New Zealand Dol lar s, rounded to the nearest
thousand, unless o therwise indicated. T hey a re prepared on th e historical c ost basis a nd on a going concern basis.
The pr epar ation of financial statements in conformit y with NZ IF RSs requires management to make judgment s, estimates and
assumptions that affect the application of the Group’s poli cies and repor ted amounts of assets and lia bilities, income
and expenses.
Estimates and underlying assu mpt ions a re re vie wed o n an ongoing basis. Revisions to account ing esti mates are recognised i n the
peri od in which the estimat e is r evised and in any future per iod affected.
In par ticul ar , informat ion about significant areas of estimation uncert ai nt y and critical ju dgements in applyin g accounting polic ies
that have the most sig nificant effect on the amount recognised in th e financial statements ar e desc ri bed in Note 21 – Accounting
Estim
ates and Judgements.
(
c)Change in accounting policies and new standards adopted in the year
The accounting poli cies have been applied consistently to all periods present ed in these consol idati on financial statements. The
accounting p oli cie s are now included within t he rel evant notes to the consolidated financial st atement s.
The Group adopted all new a nd amended standards t hat became effect iv e during t he report ing per iod. However, t hey di d not have
any impact on the financial position, performance and c ash flows of t he Group.
(
d)Foreign currency
Foreign currency transactions
Transactions i n fore ign currencies ar e tra nslat ed at t he foreign exchange rate r uli ng at t he date of the transaction. Monetary a ssets
and liabili ties denominated i n forei gn cur re ncies at th e balance date are translat ed to New Zeal and d oll ars at t he forei gn ex change
ra te r uli ng a t that date. Foreign exchange differences arising on transla tion are r ecognised in the income st ate ment. Non-monetary
assets and liabil ities that are measured in ter ms of historical cos t in a forei gn currency are tr
ansla ted using the exc hange rate at the
date of the tr ansaction. Non-monetary assets and li abi li tie s denominat ed in for eig n currencie s that ar e stated at fai r value are
transla ted to New Zealand dollar s at f or eign exchange rat es r uling at the dates t he fa ir v alu e was deter mined.
(
e)Insurance proceeds
Compensation fr om third parties for items of property, plant and equipment that were damaged, impaired, los t or gi ven up is included
in the pr of it or loss when the compensat ion becomes virtually cer tain. Any subsequent purchase or constru ction of replacement
assets are s eparat e e conomic events and are acc ount ed for separately.
(
f)Revenue
Revenue from sale of g oods and se rvices i n the ord inary course o f business i s r ecognised when t he Group satisfie s a performance
obligat ion by tra nsfer ri ng co nt rol of a promised good or service to the cu stomer. The amount of re venue recognis ed is the amount
of t he transactio n price allocat ed to the s atisfied performance obligat io n.
Revenue represents amounts d erived f rom:
•The ownership, management and opera tion of hot el s: revenue from sa le of goods is recognis
ed at the point control is
transferre d t o the customer (poi nt of sale) and for ser vices p rovided, over the per iod the s ervice is provided.
•Income from pr oper ty rental : recognised on an accruals basis, straight lin e over the le ase period. Lease incentives
granted are rec ognised as an int egral part of t he total rental income.
•Income from devel opment pr oper ty sales: recognised when the customer obtain s control (when the title is transfer red)
of the propert
y and is able to dir ect and obt ain the benefits from the property. The Group grant s settlement terms of up
to 12 months on ce rtain secti ons as part of the Sale and Purchas e agreement for unconditional sales. In some in stances,
the acquir ers ar e permitted access to the residential sections for building activities prior to settlement . However , the
acquirer d oes not obtain s ubstantial ly a ll o f t he remaining benefit s of the asse t unt il f
inal s et tl ement of t he land a nd t itle
has p assed.

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2023 | FIN 14
FIN 14
Millennium & Copthorne Hotels New Zealand Limited
Notes to the Consolidated F inancial Statements for the year ended 31 December 2023
7. Capital and reserves – continued
E
xchange reserve
The ex change reserve comprises the fo rei gn exchange dif fe rence s arising fro m the t rans lation of the financial statements of foreign
operations.

Dividends
The fol lo wi ng dividends were declared and paid during the year e nded 31 December:
Company
Dollars In Thousands
2023 2022
Ordinary Dividend – 3.0 cents per qualify ing sh ar e (2022: 3.5 cents) 4,747 5, 538
Supplementary Dividend – 0. 0053 cents per qualifying share ( 2022: 0.062 cents) 98 112
4,845 5, 650
Af ter 31 December 2023, the foll owing div idends were declared by the directors . The di vidends have not been provided fo r and ther e
ar e n o income tax consequences.
Dollars In Thousands

Company
Ordinary Dividend – 3.0 cents per qualif ying share (2022: 3.0 cents) 4, 747
Supplementary Dividend – 0.0053 cents p er qualifying share ( 2022: 0 .0053 cent s) 98
Total Dividends 4, 845
Dividends and tax
Di vidends are recognised as a li abil it y in the period in which they are declared. Additional income taxes that arise from th e
di stri but ion of dividends a re r ecognised at t he same t ime a s t he liabili ty t o pay t he related divi dend.
8
. Earnings per share
Basic earnings per share
The calcul at ion of basic earnings per share at 31 December 2023 was based on the pr ofit attr ibut able to or di nary and redeemable
preference shareholders of $21,602,000 (2 022: $21,713,000) and weight ed aver age number of s hares outstanding duri ng the year
ended 31 December 2023 of 158,218,286 (2022: 158,218, 286), calcula ted as follows:
P
rofit attributable to shareholders
Group
Dollars In Thousands
2023 2022
Profit for t he year 26,917 32, 418
Profit a ttributable to non-controlling inte rests (5,315) (10,705)
Profit a ttributable to s hareholders 21,602 21,713
Weighted average number of shares
Group
2023 2022
Wei ghted average number of shares (or dinary and redeemable preference shares) 158,317,833 158,317, 833
Ef fe ct of own shar es h eld (ordinary shares) (9 9, 547) (99,547)
Wei ghted a verage number of s har es for earnings per s hare cal cul at ion 158,218,286 158,218, 286
Diluted earnings per share
The c alcula tion of di lu ted earni ngs per share is the same a s basic earnings per s har e.
Group
2023 2022
Basic and Dil ut ed Earnings per s har e (cents p er s hare) 13.65 13.72
FIN 7
Millennium & Copthorne Hotels New Zealand Limited
Notes t o t he C onsolidated F inanci al Sta tements for t he year e nded 31 December 2023
Significant accounting policies
Millenni um & Copthorne Hotel s New Zeal and Limited is a company domicil ed in New Zeala nd re giste re d under t he Companies A ct 1993 and
lis ted on the New Zealand Stock Exchange. Millennium & Copthorne Hotel s New Zealand Li mited (t he “Company” ) is a Financial Market s
Conduct Repor ting E ntity in ter ms of the Financial Market s Conduct Act 2013 and the Financial Reporting Act 2013. T he financial st atement s
of t he Company for th e year ended 31 December 2023 comprise the Company and its s ubsidi aries (to
g
ether r efer re d to as the “Group”). The
re gi ster ed offic e is located at Leve l 7, 23 Customs St reet East, Auck land, New Zealand.
The pr incipal ac tivities of the Group are ownership and operation of hotels in New Zeal and; development and sal e of resid ent ial land in New
Zealand; investment pr operties compris ing commercial war ehousing and ret ai l shops in New Zealand; and development and sal e of residential
units in Austra li a.
(
a)Statement of compliance
The financial statement s have been pr epared in accordance with New Zeal and Generall y Accepted Acc ounting Pr acti ce (NZ GAAP).
They co mpl y with New Zealand equival ents to International Fin ancial Reporting Standards (NZ IFRSs) as appropr iat e for Tier 1
pr ofit-o rient ed entitie s. The financial s tatements a lso c omply with I nter national Financia l Reporting Standards ( IFRSs).
The financial statements w ere a ut horised for is suance on 26 F ebru ar y 2024.
(
b)Basis of preparation
The financial statements are present ed in the Company’s functional currency of New Zealand Dol lar s, rounded to the nearest
thousand, unless o therwise indicated. T hey a re prepared on th e historical c ost basis a nd on a going concern basis.
The pr epar ation of financial statements in conformit y with NZ IF RSs requires management to make judgment s, estimates and
assumptions that affect the application of the Group’s poli cies and repor ted amounts of assets and lia bilities, income
and expenses.
Estimates and underlying assu mpt ions a re re vie wed o n an ongoing basis. Revisions to account ing esti mates are recognised i n the
peri od in which the estimat e is r evised and in any future per iod affected.
In par ticul ar , informat ion about significant areas of estimation uncert ai nt y and critical ju dgements in applyin g accounting polic ies
that have the most sig nificant effect on the amount recognised in th e financial statements ar e desc ri bed in Note 21 – Accounting
Estim
ates and Judgements.
(
c)Change in accounting policies and new standards adopted in the year
The accounting poli cies have been applied consistently to all periods present ed in these consol idati on financial statements. The
accounting p oli cie s are now included within t he rel evant notes to the consolidated financial st atement s.
The Group adopted all new a nd amended standards t hat became effect iv e during t he report ing per iod. However, t hey di d not have
any impact on the financial position, performance and c ash flows of t he Group.
(
d)Foreign currency
Foreign currency transactions
Transactions i n fore ign currencies ar e tra nslat ed at t he foreign exchange rate r uli ng at t he date of the transaction. Monetary a ssets
and liabili ties denominated i n forei gn cur re ncies at th e balance date are translat ed to New Zeal and d oll ars at t he forei gn ex change
ra te r uli ng a t that date. Foreign exchange differences arising on transla tion are r ecognised in the income st ate ment. Non-monetary
assets and liabil ities that are measured in ter ms of historical cos t in a forei gn currency are tr
ansla ted using the exc hange rate at the
date of the tr ansaction. Non-monetary assets and li abi li tie s denominat ed in for eig n currencie s that ar e stated at fai r value are
transla ted to New Zealand dollar s at f or eign exchange rat es r uling at the dates t he fa ir v alu e was deter mined.
(
e)Insurance proceeds
Compensation fr om third parties for items of property, plant and equipment that were damaged, impaired, los t or gi ven up is included
in the pr of it or loss when the compensat ion becomes virtually cer tain. Any subsequent purchase or constru ction of replacement
assets are s eparat e e conomic events and are acc ount ed for separately.
(
f)Revenue
Revenue from sale of g oods and se rvices i n the ord inary course o f business i s r ecognised when t he Group satisfie s a performance
obligat ion by tra nsfer ri ng co nt rol of a promised good or service to the cu stomer. The amount of re venue recognis ed is the amount
of t he transactio n price allocat ed to the s atisfied performance obligat io n.
Revenue represents amounts d erived f rom:
•The ownership, management and opera tion of hot el s: revenue from sa le of goods is recognis
ed at the point control is
transferre d t o the customer (poi nt of sale) and for ser vices p rovided, over the per iod the s ervice is provided.
•Income from pr oper ty rental : recognised on an accruals basis, straight lin e over the le ase period. Lease incentives
granted are rec ognised as an int egral part of t he total rental income.
•Income from devel opment pr oper ty sales: recognised when the customer obtain s control (when the title is transfer red)
of the propert
y and is able to dir ect and obt ain the benefits from the property. The Group grant s settlement terms of up
to 12 months on ce rtain secti ons as part of the Sale and Purchas e agreement for unconditional sales. In some in stances,
the acquir ers ar e permitted access to the residential sections for building activities prior to settlement . However , the
acquirer d oes not obtain s ubstantial ly a ll o f t he remaining benefit s of the asse t unt il f
inal s et tl ement of t he land a nd t itle
has p assed.

FIN 15 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2023
FIN 15
Millennium & Copthorne Hotels New Zealand Limited
Notes to the Consolidated F inancial Statements for the year ended 31 December 2023
9. Property, plant and equipment
Group
Initial recording
Ite ms of property, pl ant and equipment are ini tially s tated at cos t. The cost of purchased property, pl ant and equipment is the value
of the consid eration gi ven to acquire the assets and the val ue of other directly at tri butabl e costs, which have been incur re d in bringing
the as set s to the location and condition necessary for their intended ser vice. Where parts of an item of proper ty, pl ant and equipment
have different u seful lives, they a re accounted
for a s separ ate ite ms of property, plant and equipment.
Capi tal e xpenditure on major p rojects i s r ecor ded separ ately within property, p lant and equi pment as ca pital work i n progress. Once
the project is complet e th e balance is transfer red to the appropriat e pr oper ty, plant and equipment categories. Capital wor k in pr ogress
is not depr eciat ed.
S
ubsequent measurement
Property, plant and equipment is subsequent ly measured at cost less accumulat ed depreciat ion and impairment loss es. The Group
re cognises the cost of repl acin g part of such an item of propert y, pl ant and equipment w hen that cost is i ncurred if it is pro bable t hat
the future economic benefits embodied wi thi n the item wi ll flow to the Group and the cost of the item can be measured re liably. All
ot her costs are r ecogni sed in the i ncome sta te ment as an expense a s incu
rred.
Dollars In Thousands

Freehold
Land Buildings
Plant,
E
quipment
, Fixtures
& Fittings
Motor
Vehicles
Work
I
n
Progress
Right Of
Use Asset Total
Cost
Balance at 1 J anuary 2 022 43,691 213,798 105, 596 76 5, 704 19, 787 388,652
Acquisiti ons - - 8 -7, 13810, 286 17,432
Di sposals - - (8 4) -(128)(1,948) (2,160)
Transfers between c ategories 2, 970 3, 874 2, 916 -(9 ,760)- -
Movements i n f oreign exchange - - 4 --- 4
Balance at 31 December 2022 46,661 217,672 108,440 76 2,954 28,125 403,928
Balance at 1 J anuary 2 023 46,661 217,672 108, 440 76 2, 954 28, 125 403,928
Acquisiti ons - - 28 -13,8732,677 16,578
Di sposals - - (151) -(300)(1,979) (2,430)
Transfers between c ategories -4, 1934,295 -(8,488)- -
Movements i n f oreign exchange --2 --- 2
Balance at 31 December 2023 46,661 221,865 112,614 76 8,039 28,823 418,078
Depreciation and impairment losses
Balance at 1 J anuary 2 022 -(4 8,840)(9 0, 494) (7 1)-(3,465) (142,870)
Depreciat ion c harge f or t he year -(3 ,246)(3 ,570) (1)-(968)(7,785)
Di sposals --65 --1, 945 2,010
Movements i n f oreign exchange --(3 ) --(1 ) (4 )
Balance at 31 December 2022 -(52,086)(94,002) (72)-(2,489) (148,649)
Balance at 1 J anuary 2 023 -(5 2,086)(94,002) (7 2)-(2,489) (148,649)
Depreciat ion c harge f or t he y ear -(3 ,538)(3 ,370) (4)-(850)(7,762)
Di sposals --140 --1,246 1,386
Movements i n f oreign exchange --(2) --- (2)
Balance at 31 December 2023 -(55,624)(97,234) (76)-(2,093) (155,027)
Carrying amounts
At 1 January 2022 43,691 164,958 15,102 5 5,704 16,322 245,782
At 31 December 2022 43,661 165,586 14,438 4 2,954 25,636 255,279
At 31 December 2023 46,661 166,241 15,380 -8,03926,730 263,051
FIN 7
Millennium & Copthorne Hotels New Zealand Limited
Notes t o t he C onsolidated F inanci al Sta tements for t he year e nded 31 December 2023
Significant accounting policies
Millenni um & Copthorne Hotel s New Zeal and Limited is a company domicil ed in New Zeala nd re giste re d under t he Companies A ct 1993 and
lis ted on the New Zealand Stock Exchange. Millennium & Copthorne Hotel s New Zealand Li mited (t he “Company” ) is a Financial Market s
Conduct Repor ting E ntity in ter ms of the Financial Market s Conduct Act 2013 and the Financial Reporting Act 2013. T he financial st atement s
of t he Company for th e year ended 31 December 2023 comprise the Company and its s ubsidi aries (to
g
ether r efer re d to as the “Group”). The
re gi ster ed offic e is located at Leve l 7, 23 Customs St reet East, Auck land, New Zealand.
The pr incipal ac tivities of the Group are ownership and operation of hotels in New Zeal and; development and sal e of resid ent ial land in New
Zealand; investment pr operties compris ing commercial war ehousing and ret ai l shops in New Zealand; and development and sal e of residential
units in Austra li a.
(
a)Statement of compliance
The financial statement s have been pr epared in accordance with New Zeal and Generall y Accepted Acc ounting Pr acti ce (NZ GAAP).
They co mpl y with New Zealand equival ents to International Fin ancial Reporting Standards (NZ IFRSs) as appropr iat e for Tier 1
pr ofit-o rient ed entitie s. The financial s tatements a lso c omply with I nter national Financia l Reporting Standards ( IFRSs).
The financial statements w ere a ut horised for is suance on 26 F ebru ar y 2024.
(
b)Basis of preparation
The financial statements are present ed in the Company’s functional currency of New Zealand Dol lar s, rounded to the nearest
thousand, unless o therwise indicated. T hey a re prepared on th e historical c ost basis a nd on a going concern basis.
The pr epar ation of financial statements in conformit y with NZ IF RSs requires management to make judgment s, estimates and
assumptions that affect the application of the Group’s poli cies and repor ted amounts of assets and lia bilities, income
and expenses.
Estimates and underlying assu mpt ions a re re vie wed o n an ongoing basis. Revisions to account ing esti mates are recognised i n the
peri od in which the estimat e is r evised and in any future per iod affected.
In par ticul ar , informat ion about significant areas of estimation uncert ai nt y and critical ju dgements in applyin g accounting polic ies
that have the most sig nificant effect on the amount recognised in th e financial statements ar e desc ri bed in Note 21 – Accounting
Estim
ates and Judgements.
(
c)Change in accounting policies and new standards adopted in the year
The accounting poli cies have been applied consistently to all periods present ed in these consol idati on financial statements. The
accounting p oli cie s are now included within t he rel evant notes to the consolidated financial st atement s.
The Group adopted all new a nd amended standards t hat became effect iv e during t he report ing per iod. However, t hey di d not have
any impact on the financial position, performance and c ash flows of t he Group.
(
d)Foreign currency
Foreign currency transactions
Transactions i n fore ign currencies ar e tra nslat ed at t he foreign exchange rate r uli ng at t he date of the transaction. Monetary a ssets
and liabili ties denominated i n forei gn cur re ncies at th e balance date are translat ed to New Zeal and d oll ars at t he forei gn ex change
ra te r uli ng a t that date. Foreign exchange differences arising on transla tion are r ecognised in the income st ate ment. Non-monetary
assets and liabil ities that are measured in ter ms of historical cos t in a forei gn currency are tr
ansla ted using the exc hange rate at the
date of the tr ansaction. Non-monetary assets and li abi li tie s denominat ed in for eig n currencie s that ar e stated at fai r value are
transla ted to New Zealand dollar s at f or eign exchange rat es r uling at the dates t he fa ir v alu e was deter mined.
(
e)Insurance proceeds
Compensation fr om third parties for items of property, plant and equipment that were damaged, impaired, los t or gi ven up is included
in the pr of it or loss when the compensat ion becomes virtually cer tain. Any subsequent purchase or constru ction of replacement
assets are s eparat e e conomic events and are acc ount ed for separately.
(
f)Revenue
Revenue from sale of g oods and se rvices i n the ord inary course o f business i s r ecognised when t he Group satisfie s a performance
obligat ion by tra nsfer ri ng co nt rol of a promised good or service to the cu stomer. The amount of re venue recognis ed is the amount
of t he transactio n price allocat ed to the s atisfied performance obligat io n.
Revenue represents amounts d erived f rom:
•The ownership, management and opera tion of hot el s: revenue from sa le of goods is recognis
ed at the point control is
transferre d t o the customer (poi nt of sale) and for ser vices p rovided, over the per iod the s ervice is provided.
•Income from pr oper ty rental : recognised on an accruals basis, straight lin e over the le ase period. Lease incentives
granted are rec ognised as an int egral part of t he total rental income.
•Income from devel opment pr oper ty sales: recognised when the customer obtain s control (when the title is transfer red)
of the propert
y and is able to dir ect and obt ain the benefits from the property. The Group grant s settlement terms of up
to 12 months on ce rtain secti ons as part of the Sale and Purchas e agreement for unconditional sales. In some in stances,
the acquir ers ar e permitted access to the residential sections for building activities prior to settlement . However , the
acquirer d oes not obtain s ubstantial ly a ll o f t he remaining benefit s of the asse t unt il f
inal s et tl ement of t he land a nd t itle
has p assed.

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2023 | FIN 16
FIN 16
Millennium & Copthorne Hotels New Zealand Limited
Notes to the Consolidated F inancial Statements for the year ended 31 December 2023
9. Property, plant and equipment – continued
I
mpairment
The carrying amounts of the Group’s a ssets are reviewed at each b alance date to determine whether there is a ny indication of
impairment . If any such indic ation exists, t he asset ’s r ecover able a mount is esti mat ed. F or i mpairment testing, t he as set s are
gr ouped together in to the small es t asset group that generate s c ash i nf lows f ro m continuing use that are independent of other
assets or c ash g ener ating units “ CGU”. The recoverabl e amount of assets or CGU is the great er of their f ai r v alue less di sposal
cos ts
and their val ue in use. An i mpai rment loss i s recognis ed in the income sta te ment whenever the carr ying amount of an asset or
CGU exceeds it s e stimated recov erable amount .
The testing for i mpairment i s u ndertaken with an internal r evie w by management and s upplemented by external review on selected
hotels b y an i ndependent r egis tered valuer . T he inter nal review r equires management t o determine the recoverabl e amount s b y
estimatin g future cash flo ws to be generated by t he cash generating units. The basis o f
t he impairment tes t is the net present v alue
of t he future earnings o f th e asset s. The maj or unobser vable inputs th at management u se t hat r equire judgement in estimat ing
future cash flows include expected r ate of growth i n revenue and cost s, p ro je cted occupancy and average r oom rates, operational
and main tenance expenditur e profiles, t er minal c apitalisation r at e, and the appr opriat e d iscount r ate to apply when discounting
future cash flows. A verage annual growth rates appropriat e t o t he hotels range fro m 4.98% t o 11.90% ( 2022
: 5.14% to 78.61% over
five years) o ver the five year s p rojectio n. Pre-tax discount r ates ranging between 6.50% to 10.75% (2022: 6.25% and 10. 50%) were
appl ie d to the fu ture cash flows of the individual hotel s based on the specific circumstances of the proper ty. Hotel a ssets dependent
on internat ional t ravel have been projected t o return t o normal p re -COVI D occ upancy level s during 2 025.
During t he year management identified four (2022: four) hotel assets with a carryi ng valu e of $39.43 mi llion t hat had indicat or s of
impa
irment and were subsequently t ested f or impairment. The recoverable amount of o ne of t he hot el assets with a carrying val ue
of $9.34 milli on was determined on a highest and best use basis by reference t o the f ai r value of the land le ss demoli tion costs
using comparative la nd sales data. The fair value of this hotel asse t exceeded its carry ing val ue by $0.11 million and is c onsi der ed
to be sensitive t o impairment from a reasonably possible change in squar e met re r at e.
The remain in g thr ee other hotel a sse
ts w ith a c ar ry ing valu e of $30.09 milli on were considered to be sensitive t o i mpairment. The
sensitivity table b el ow schedul es out t he thresholds whic h tr igger impai rments.
Hotel 1 Hotel 2 Hotel 3
RevPAR * Decre ase by 8 .00% Decre ase by 2.00% Decrease by 8. 00%
Di sc ount rate Increase b y 8 .50% points Increase b y 2 .00% points Increase b y 3.50% poin ts
Terminal c apitalisation rat e Increase b y 6 .50% points Increase b y 1 .00% points Increase b y 1.50% poin ts
* Revenue per Available Room – a hospi tal ity metr ic combining aver age room r at e and occupancy rate.
D
epreciation
Land is not depr ecia ted. Depr eciat ion on other as set s is cal cul ated using the stra ight-l ine met hod to allocate their co st to their residual
val ues o ver t heir estimated usefu l li ves, as fo llo ws:
•Building cor e 50 y ear s or l ease t er m if shorter
•Building sur faces and finis hes30 y ear s or le ase t er m if shorter
•Pl ant a nd machi nery 15 - 20 y ear s
•Fur nit ure and equip ment10 y ear s
•Soft f urnishi ngs5 - 7 years
•Computer equipment 5 year s
•Motor vehi cle s4 years
No r
esidual valu es ar e ascribed to buil di ng surfaces and fini shes. Residual val ues as cribed to buildi ng cor e depend on the nature,
location and tenure of each property. Residual val ues ascribed to build ing cor e range between 10% to 24% of t he buildi ng core.
D
isposal or retirement
Gains or lo sses arising fro m the disposal or ret irement of pr operty, pla nt and equi pment are determined as the dif ference between
the actual net disposal pr oceeds and the car rying amount of the asset and are recognis ed in the income stat ement on the date of
re tirement o r disposal.
R
ight of use assets
The accounting policy f or r ight of u se asset is disclosed in Note 22.
P
ledged assets
A total of thr ee (2022: two) hotel proper ties with a total book val ue of $75. 33 million (2 022: $37.70 million) are pledged to t he bank
as secur ity a gainst the l oan f acilit y.
C
limate-related disclosure
The Group is currently i n the process of i dentify in g and repor tin g on the impacts o f cli mate change that are affect ing the business.
Climat e change poses significant r isks and challenges f or the hotel industry , a s it affects the physical, oper at ional, and financial
aspec ts of h otel properties. Extr eme weat her events, such as floods , storms, heatwaves, and droughts, c an damage the hotel
inf rastru cture, di sru pt the suppl y ch ain, re duce the o ccupanc y and r evenue, a nd increase the insur ance and maintenance co sts.
While hotel in
vest ors, managers, a nd owners are increasingly cognis ant of the cli mate-rel at ed impacts on their properties, the
investment c ommunity have y et to price in the cli mate-rel at ed impacts on the asset v alues. This means that the c urrent market
val ue of hotel properties may not r eflect t he potential losses or gains associat ed with their exposure to climat e r isks or their
adoption of s ustainabili ty measures, decarbonisation initiatives , and sound environmental stewardshi p.
FIN 7
Millennium & Copthorne Hotels New Zealand Limited
Notes t o t he C onsolidated F inanci al Sta tements for t he year e nded 31 December 2023
Significant accounting policies
Millenni um & Copthorne Hotel s New Zeal and Limited is a company domicil ed in New Zeala nd re giste re d under t he Companies A ct 1993 and
lis ted on the New Zealand Stock Exchange. Millennium & Copthorne Hotel s New Zealand Li mited (t he “Company” ) is a Financial Market s
Conduct Repor ting E ntity in ter ms of the Financial Market s Conduct Act 2013 and the Financial Reporting Act 2013. T he financial st atement s
of t he Company for th e year ended 31 December 2023 comprise the Company and its s ubsidi aries (to
g
ether r efer re d to as the “Group”). The
re gi ster ed offic e is located at Leve l 7, 23 Customs St reet East, Auck land, New Zealand.
The pr incipal ac tivities of the Group are ownership and operation of hotels in New Zeal and; development and sal e of resid ent ial land in New
Zealand; investment pr operties compris ing commercial war ehousing and ret ai l shops in New Zealand; and development and sal e of residential
units in Austra li a.
(
a)Statement of compliance
The financial statement s have been pr epared in accordance with New Zeal and Generall y Accepted Acc ounting Pr acti ce (NZ GAAP).
They co mpl y with New Zealand equival ents to International Fin ancial Reporting Standards (NZ IFRSs) as appropr iat e for Tier 1
pr ofit-o rient ed entitie s. The financial s tatements a lso c omply with I nter national Financia l Reporting Standards ( IFRSs).
The financial statements w ere a ut horised for is suance on 26 F ebru ar y 2024.
(
b)Basis of preparation
The financial statements are present ed in the Company’s functional currency of New Zealand Dol lar s, rounded to the nearest
thousand, unless o therwise indicated. T hey a re prepared on th e historical c ost basis a nd on a going concern basis.
The pr epar ation of financial statements in conformit y with NZ IF RSs requires management to make judgment s, estimates and
assumptions that affect the application of the Group’s poli cies and repor ted amounts of assets and lia bilities, income
and expenses.
Estimates and underlying assu mpt ions a re re vie wed o n an ongoing basis. Revisions to account ing esti mates are recognised i n the
peri od in which the estimat e is r evised and in any future per iod affected.
In par ticul ar , informat ion about significant areas of estimation uncert ai nt y and critical ju dgements in applyin g accounting polic ies
that have the most sig nificant effect on the amount recognised in th e financial statements ar e desc ri bed in Note 21 – Accounting
Estim
ates and Judgements.
(
c)Change in accounting policies and new standards adopted in the year
The accounting poli cies have been applied consistently to all periods present ed in these consol idati on financial statements. The
accounting p oli cie s are now included within t he rel evant notes to the consolidated financial st atement s.
The Group adopted all new a nd amended standards t hat became effect iv e during t he report ing per iod. However, t hey di d not have
any impact on the financial position, performance and c ash flows of t he Group.
(
d)Foreign currency
Foreign currency transactions
Transactions i n fore ign currencies ar e tra nslat ed at t he foreign exchange rate r uli ng at t he date of the transaction. Monetary a ssets
and liabili ties denominated i n forei gn cur re ncies at th e balance date are translat ed to New Zeal and d oll ars at t he forei gn ex change
ra te r uli ng a t that date. Foreign exchange differences arising on transla tion are r ecognised in the income st ate ment. Non-monetary
assets and liabil ities that are measured in ter ms of historical cos t in a forei gn currency are tr
ansla ted using the exc hange rate at the
date of the tr ansaction. Non-monetary assets and li abi li tie s denominat ed in for eig n currencie s that ar e stated at fai r value are
transla ted to New Zealand dollar s at f or eign exchange rat es r uling at the dates t he fa ir v alu e was deter mined.
(
e)Insurance proceeds
Compensation fr om third parties for items of property, plant and equipment that were damaged, impaired, los t or gi ven up is included
in the pr of it or loss when the compensat ion becomes virtually cer tain. Any subsequent purchase or constru ction of replacement
assets are s eparat e e conomic events and are acc ount ed for separately.
(
f)Revenue
Revenue from sale of g oods and se rvices i n the ord inary course o f business i s r ecognised when t he Group satisfie s a performance
obligat ion by tra nsfer ri ng co nt rol of a promised good or service to the cu stomer. The amount of re venue recognis ed is the amount
of t he transactio n price allocat ed to the s atisfied performance obligat io n.
Revenue represents amounts d erived f rom:
•The ownership, management and opera tion of hot el s: revenue from sa le of goods is recognis
ed at the point control is
transferre d t o the customer (poi nt of sale) and for ser vices p rovided, over the per iod the s ervice is provided.
•Income from pr oper ty rental : recognised on an accruals basis, straight lin e over the le ase period. Lease incentives
granted are rec ognised as an int egral part of t he total rental income.
•Income from devel opment pr oper ty sales: recognised when the customer obtain s control (when the title is transfer red)
of the propert
y and is able to dir ect and obt ain the benefits from the property. The Group grant s settlement terms of up
to 12 months on ce rtain secti ons as part of the Sale and Purchas e agreement for unconditional sales. In some in stances,
the acquir ers ar e permitted access to the residential sections for building activities prior to settlement . However , the
acquirer d oes not obtain s ubstantial ly a ll o f t he remaining benefit s of the asse t unt il f
inal s et tl ement of t he land a nd t itle
has p assed.

FIN 17 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2023
FIN 17
Millennium & Copthorne Hotels New Zealand Limited
Notes to the Consolidated F inancial Statements for the year ended 31 December 2023
10.Development properties
Group
Dollars In Thousands
2023 2022
Development land 224,540 203, 148
Residenti al d evelopment 19,542 25, 198
244,082 228,346
Less expected to settle w ithin one year (26,861) (23,038)
217,221 205,308
Development land recognised i n c ost o f s ales 10,926 20, 527
Residenti al d evelopment recogni sed in cost of sales 6,052 4, 844
Development la nd is car ri ed at the lower of cost and net realisable val ue. Interest of $Nil (2022: $Nil) was capital is ed duri ng th e year.
Resident ial develo pment a t balance date consists of the residential devel opment known as Zeni th Residences in Sydney, A ustr al ia.
Property held for futur e development and development property complet ed and held fo r sal e are stated at the lo wer of cost and net
re al is able value. The net real is able val ue of inventories is the esti
mated selling price in ordinary course of business less the estimated
cos ts o f c omplet ion and costs necessary t o make t he sale. The determination of net re ali sable v alu e of invent ories involves e stimates
taking into consid er at ion pr evaili ng market conditions, cur re nt pr ices and expected date of commencement and comple tion of the
pr ojects, the e stimated future sel li ng price, cost to complete project s and selli ng costs. T he amount o f any write -d own of i nventories is
re cognised as an
expense in the Income St ate ment to the ex tent that the car ry ing val ue of inventori es exceeds its estimat ed net
re al is able valu e. Cost includes the cost of acquisition, devel opment , and holding costs. All holding costs incurred after completion of
devel opment are expensed as incur red. Revenue and prof it ar e not recognised on development propert ies unt il the legal title pass es
to the buyer when the full settlement of the pur chase consideration of the proper
ties occurs and the development property is
derecogni sed.
The fair v alu e of development property held at 31 December 2023 was determined, b y an independent registered v aluer, D M
Koomen SPI NZ of Extensor Adviso ry Limited. T he net realis able v al ue was e stimated fro m the fair val ue. The net re ali sable v al ue
as d et er mined b y the independent re giste re d valuer, exceeded the ca rry val ue of development proper ty.
1
1.Investment properties
Group
Investment properties consist of commercial war ehousing at Wiri in Auckland, retail shops at Prestons Park in Christchur ch, and
re tai l shops at St onebrook in Rolleston.
The fair valu e of investment properti es at 31 December 2023 was determined by an
independent r egis tered val uer, D M Koomen SPI NZ, of Extensor Advisor y L imited a s $62. 69 milli on (2022: $62. 62 milli on) . The fai r
val ue measur ement was cat egoris ed as Level 3 (highest of th e fai
r value hi erarchy) based on the inputs to the val uation
methodology u sed i.e. in come c api talis ation appr oach.
Dollars In Thousands
Freehold Land Buildings
Work In
Progress Total
Cost
Balance at 1 J anuary 2 022 659 3, 052 19,691 23,402
Transfer f rom d evelopment propertie s - 33,278 (33, 278) -
Additions - - 13,587 13,587
Balance at 31 December 2022 659 36,330 -36,989
Balance at 1 J anuary 2 023 659 36,330 -36,989
Transfers between c ategories - 386 (386) -
Additions - - 386 386
Balance at 31 December 2023 659 36,716 -37,375
Depreciation and impairment losses
Balance at 1 J anuary 2 022 - 70 - 70
Depreciat ion c harge f or t he y ear - 538 - 538
Balance at 31 December 2022 - 608 - 608
Balance at 1 J anuary 2 023 - 608 - 608
Depreciat ion c harge f or t he y ear - 933 - 933
Balance at 31 December 2023 - 1,541 - 1,541
Carrying amounts
At 1 January 2023 659 35,722 -36,381
At 31 December 2023 659 35,175 -35,834
FIN 7
Millennium & Copthorne Hotels New Zealand Limited
Notes t o t he C onsolidated F inanci al Sta tements for t he year e nded 31 December 2023
Significant accounting policies
Millenni um & Copthorne Hotel s New Zeal and Limited is a company domicil ed in New Zeala nd re giste re d under t he Companies A ct 1993 and
lis ted on the New Zealand Stock Exchange. Millennium & Copthorne Hotel s New Zealand Li mited (t he “Company” ) is a Financial Market s
Conduct Repor ting E ntity in ter ms of the Financial Market s Conduct Act 2013 and the Financial Reporting Act 2013. T he financial st atement s
of t he Company for th e year ended 31 December 2023 comprise the Company and its s ubsidi aries (to
g
ether r efer re d to as the “Group”). The
re gi ster ed offic e is located at Leve l 7, 23 Customs St reet East, Auck land, New Zealand.
The pr incipal ac tivities of the Group are ownership and operation of hotels in New Zeal and; development and sal e of resid ent ial land in New
Zealand; investment pr operties compris ing commercial war ehousing and ret ai l shops in New Zealand; and development and sal e of residential
units in Austra li a.
(
a)Statement of compliance
The financial statement s have been pr epared in accordance with New Zeal and Generall y Accepted Acc ounting Pr acti ce (NZ GAAP).
They co mpl y with New Zealand equival ents to International Fin ancial Reporting Standards (NZ IFRSs) as appropr iat e for Tier 1
pr ofit-o rient ed entitie s. The financial s tatements a lso c omply with I nter national Financia l Reporting Standards ( IFRSs).
The financial statements w ere a ut horised for is suance on 26 F ebru ar y 2024.
(
b)Basis of preparation
The financial statements are present ed in the Company’s functional currency of New Zealand Dol lar s, rounded to the nearest
thousand, unless o therwise indicated. T hey a re prepared on th e historical c ost basis a nd on a going concern basis.
The pr epar ation of financial statements in conformit y with NZ IF RSs requires management to make judgment s, estimates and
assumptions that affect the application of the Group’s poli cies and repor ted amounts of assets and lia bilities, income
and expenses.
Estimates and underlying assu mpt ions a re re vie wed o n an ongoing basis. Revisions to account ing esti mates are recognised i n the
peri od in which the estimat e is r evised and in any future per iod affected.
In par ticul ar , informat ion about significant areas of estimation uncert ai nt y and critical ju dgements in applyin g accounting polic ies
that have the most sig nificant effect on the amount recognised in th e financial statements ar e desc ri bed in Note 21 – Accounting
Estim
ates and Judgements.
(
c)Change in accounting policies and new standards adopted in the year
The accounting poli cies have been applied consistently to all periods present ed in these consol idati on financial statements. The
accounting p oli cie s are now included within t he rel evant notes to the consolidated financial st atement s.
The Group adopted all new a nd amended standards t hat became effect iv e during t he report ing per iod. However, t hey di d not have
any impact on the financial position, performance and c ash flows of t he Group.
(
d)Foreign currency
Foreign currency transactions
Transactions i n fore ign currencies ar e tra nslat ed at t he foreign exchange rate r uli ng at t he date of the transaction. Monetary a ssets
and liabili ties denominated i n forei gn cur re ncies at th e balance date are translat ed to New Zeal and d oll ars at t he forei gn ex change
ra te r uli ng a t that date. Foreign exchange differences arising on transla tion are r ecognised in the income st ate ment. Non-monetary
assets and liabil ities that are measured in ter ms of historical cos t in a forei gn currency are tr
ansla ted using the exc hange rate at the
date of the tr ansaction. Non-monetary assets and li abi li tie s denominat ed in for eig n currencie s that ar e stated at fai r value are
transla ted to New Zealand dollar s at f or eign exchange rat es r uling at the dates t he fa ir v alu e was deter mined.
(
e)Insurance proceeds
Compensation fr om third parties for items of property, plant and equipment that were damaged, impaired, los t or gi ven up is included
in the pr of it or loss when the compensat ion becomes virtually cer tain. Any subsequent purchase or constru ction of replacement
assets are s eparat e e conomic events and are acc ount ed for separately.
(
f)Revenue
Revenue from sale of g oods and se rvices i n the ord inary course o f business i s r ecognised when t he Group satisfie s a performance
obligat ion by tra nsfer ri ng co nt rol of a promised good or service to the cu stomer. The amount of re venue recognis ed is the amount
of t he transactio n price allocat ed to the s atisfied performance obligat io n.
Revenue represents amounts d erived f rom:
•The ownership, management and opera tion of hot el s: revenue from sa le of goods is recognis
ed at the point control is
transferre d t o the customer (poi nt of sale) and for ser vices p rovided, over the per iod the s ervice is provided.
•Income from pr oper ty rental : recognised on an accruals basis, straight lin e over the le ase period. Lease incentives
granted are rec ognised as an int egral part of t he total rental income.
•Income from devel opment pr oper ty sales: recognised when the customer obtain s control (when the title is transfer red)
of the propert
y and is able to dir ect and obt ain the benefits from the property. The Group grant s settlement terms of up
to 12 months on ce rtain secti ons as part of the Sale and Purchas e agreement for unconditional sales. In some in stances,
the acquir ers ar e permitted access to the residential sections for building activities prior to settlement . However , the
acquirer d oes not obtain s ubstantial ly a ll o f t he remaining benefit s of the asse t unt il f
inal s et tl ement of t he land a nd t itle
has p assed.

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2023 | FIN 18
FIN 18
Millennium & Copthorne Hotels New Zealand Limited
Notes to the Consolidated F inancial Statements for the year ended 31 December 2023
11.Investment properties - continued
Investment properties are properties held either to earn rent al income or ca pital appreciation or for bot h, but not for sale in th e
ordinary course of business, use in the production or supply of goods and services, or fo r administ ra tive purposes. Investment
proper ties are s ta ted at c ost less accumulat ed depr eciat ion a nd accumul at ed impairment lo sses. C ost i ncludes expenditur e that is
di rectly attribut able to the acquisition of t
he investment p roperties. C osts of s elf-constru cted investment p roperties i nclude costs of
materi als and di rect labour , any ot her costs di rectly attribut able to bringing the investment pro perties to a workin g conditi on fo r their
int ended use and capitalis ed borrowing costs. Gai ns and losses on disposal of investment p ro perti es (calc ulat ed as the difference
between the net proceeds from disposal and th e car rying amounts of th e in ve
stment propert ies) are re cognised in the profit and
loss.
Land is not depr eci at ed. Depreciation on the investment pr opertie s is computed by asset classes usin g th e stra ight-line method to
al lo cate their cos t t o t heir re sidual val ues o ver thei r e stimated useful liv es, a s foll ows:
• Building cor e 50 y ear s
• Building sur faces and finis hes 30 y ear s
•Building ser vices 20 – 30 years
I
mpairment
Annual reviews of the car rying amounts of in ves tment properties are undertaken for indicators of im pairment. Where indicat ors of
impairment were identified, the re coverable amounts w ere estimated based on int er nal or ext ernal val uat ions under ta ken. The cash
generating units (CGU) are individual propert ies. T he recoverable a mounts of t he inve stment pr oper ties, being the hig her of the fair
val ue less costs to sel l and value-in- use, were predominantly determined
usin g the fair value le ss co sts to sell basis and wer e
estimated u sing the income capi talisation approach.
During th e year management ident ifie d two (2022: two) properties wi th a carry ing value of $13.67 million that had in dicat ors of
impai rment. Average market c apitalisat ion r ates appropri ate to the propert ies r ange from 6 .50% to 7 .0 0% (2022: 6.25% to 6 .75%).
Average market r ent per s quar e metr e r at es appropriat e to the pr operti es range from $341 to $358 (20
22: $330 t o $368) .
O
perating lease
The Group leases out its in vestment property. The Group has clas sified these leases as oper ating leases, because they do not
transfer substant ially all of t he r isks and re wards i ncidental to the owners hip of t he assets.
Renta l i ncome recognised by the Group during 2023 was $ 2.49 million (2 022: $ 1. 24 mill ion).
The following table set s out a mat urit y analysis of lease payment s, showing the undiscounted le ase payments to be receiv ed after
the re porti ng
date.
Group
Dollars In Thousands
2023 2022
Within 1 year 2, 665 2, 478
Mor e than 1 year but withi n 2 y ear s 2,675 2,660
Mor e than 2 years but withi n 3 years 2, 722 2, 670
Mor e than 3 years but withi n 4 years 2,760 2,715
Mor e than 4 years but withi n 5 years 2, 668 2, 718
Af ter 5 y ears 2,553 6, 347
16,043 19,588
12.Cash and cash equivalents
Group
Dollars In Thousands
2023 2022
Cash 6,835 11,065
Call deposits 4,421 50,322
11,256 61,387
Cash and cash e quiv alents c ompris e c ash bal ances and cal l deposits with a maturity of t hree months or l ess. Bank overdraf ts t hat
are repayable on demand and form an int egral part of the Gro up’s cash management are included as a component of cash and
cash e qui val ent s f or t he purpose of t he s tatement of c as h flows.
1
3.Trade and other receivables
Group
Dollars In Thousands
2023 2022
Trade recei vables 9,728 7, 708
Less provision fo r doubtfu l debts (206)(82)
Other t ra de receivables and prepayment s 10,869 6, 810
20,391 14,436
Trade and other receiv abl es are sta ted at their cost less impairment losses. The carry ing amounts of the trade recei vables, other
trade receivables, and prepayments are reviewed at each balance d ate to determine whether there is any in dicat ion o f impairment.
The Group appli es the si mplif ied approach to providi ng for expected cre dit losses pr es cribed by NZ IFRS 9, which permits th e use of
the lif etime expected credit lo ss pr ovision for all tra de
receivables. The al lowance for doubtful debts on tr ade receiv ables ar e ei ther
individ ually or col lectiv el y assessed based on number of days over due. The Group takes into acc ount t he his toric al lo ss exp er ience
and incorporates forward lo oking information and rel evant macroeconomic factors.
FIN 7
Millennium & Copthorne Hotels New Zealand Limited
Notes t o t he C onsolidated F inanci al Sta tements for t he year e nded 31 December 2023
Significant accounting policies
Millenni um & Copthorne Hotel s New Zeal and Limited is a company domicil ed in New Zeala nd re giste re d under t he Companies A ct 1993 and
lis ted on the New Zealand Stock Exchange. Millennium & Copthorne Hotel s New Zealand Li mited (t he “Company” ) is a Financial Market s
Conduct Repor ting E ntity in ter ms of the Financial Market s Conduct Act 2013 and the Financial Reporting Act 2013. T he financial st atement s
of t he Company for th e year ended 31 December 2023 comprise the Company and its s ubsidi aries (to
g
ether r efer re d to as the “Group”). The
re gi ster ed offic e is located at Leve l 7, 23 Customs St reet East, Auck land, New Zealand.
The pr incipal ac tivities of the Group are ownership and operation of hotels in New Zeal and; development and sal e of resid ent ial land in New
Zealand; investment pr operties compris ing commercial war ehousing and ret ai l shops in New Zealand; and development and sal e of residential
units in Austra li a.
(
a)Statement of compliance
The financial statement s have been pr epared in accordance with New Zeal and Generall y Accepted Acc ounting Pr acti ce (NZ GAAP).
They co mpl y with New Zealand equival ents to International Fin ancial Reporting Standards (NZ IFRSs) as appropr iat e for Tier 1
pr ofit-o rient ed entitie s. The financial s tatements a lso c omply with I nter national Financia l Reporting Standards ( IFRSs).
The financial statements w ere a ut horised for is suance on 26 F ebru ar y 2024.
(
b)Basis of preparation
The financial statements are present ed in the Company’s functional currency of New Zealand Dol lar s, rounded to the nearest
thousand, unless o therwise indicated. T hey a re prepared on th e historical c ost basis a nd on a going concern basis.
The pr epar ation of financial statements in conformit y with NZ IF RSs requires management to make judgment s, estimates and
assumptions that affect the application of the Group’s poli cies and repor ted amounts of assets and lia bilities, income
and expenses.
Estimates and underlying assu mpt ions a re re vie wed o n an ongoing basis. Revisions to account ing esti mates are recognised i n the
peri od in which the estimat e is r evised and in any future per iod affected.
In par ticul ar , informat ion about significant areas of estimation uncert ai nt y and critical ju dgements in applyin g accounting polic ies
that have the most sig nificant effect on the amount recognised in th e financial statements ar e desc ri bed in Note 21 – Accounting
Estim
ates and Judgements.
(
c)Change in accounting policies and new standards adopted in the year
The accounting poli cies have been applied consistently to all periods present ed in these consol idati on financial statements. The
accounting p oli cie s are now included within t he rel evant notes to the consolidated financial st atement s.
The Group adopted all new a nd amended standards t hat became effect iv e during t he report ing per iod. However, t hey di d not have
any impact on the financial position, performance and c ash flows of t he Group.
(
d)Foreign currency
Foreign currency transactions
Transactions i n fore ign currencies ar e tra nslat ed at t he foreign exchange rate r uli ng at t he date of the transaction. Monetary a ssets
and liabili ties denominated i n forei gn cur re ncies at th e balance date are translat ed to New Zeal and d oll ars at t he forei gn ex change
ra te r uli ng a t that date. Foreign exchange differences arising on transla tion are r ecognised in the income st ate ment. Non-monetary
assets and liabil ities that are measured in ter ms of historical cos t in a forei gn currency are tr
ansla ted using the exc hange rate at the
date of the tr ansaction. Non-monetary assets and li abi li tie s denominat ed in for eig n currencie s that ar e stated at fai r value are
transla ted to New Zealand dollar s at f or eign exchange rat es r uling at the dates t he fa ir v alu e was deter mined.
(
e)Insurance proceeds
Compensation fr om third parties for items of property, plant and equipment that were damaged, impaired, los t or gi ven up is included
in the pr of it or loss when the compensat ion becomes virtually cer tain. Any subsequent purchase or constru ction of replacement
assets are s eparat e e conomic events and are acc ount ed for separately.
(
f)Revenue
Revenue from sale of g oods and se rvices i n the ord inary course o f business i s r ecognised when t he Group satisfie s a performance
obligat ion by tra nsfer ri ng co nt rol of a promised good or service to the cu stomer. The amount of re venue recognis ed is the amount
of t he transactio n price allocat ed to the s atisfied performance obligat io n.
Revenue represents amounts d erived f rom:
•The ownership, management and opera tion of hot el s: revenue from sa le of goods is recognis
ed at the point control is
transferre d t o the customer (poi nt of sale) and for ser vices p rovided, over the per iod the s ervice is provided.
•Income from pr oper ty rental : recognised on an accruals basis, straight lin e over the le ase period. Lease incentives
granted are rec ognised as an int egral part of t he total rental income.
•Income from devel opment pr oper ty sales: recognised when the customer obtain s control (when the title is transfer red)
of the propert
y and is able to dir ect and obt ain the benefits from the property. The Group grant s settlement terms of up
to 12 months on ce rtain secti ons as part of the Sale and Purchas e agreement for unconditional sales. In some in stances,
the acquir ers ar e permitted access to the residential sections for building activities prior to settlement . However , the
acquirer d oes not obtain s ubstantial ly a ll o f t he remaining benefit s of the asse t unt il f
inal s et tl ement of t he land a nd t itle
has p assed.