MCK 2024 ASM Presentation Slides and Speech Notes

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M Social Auckland
MCK 2024
ANNUAL MEETING
M Social Auckland
WELCOME
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VOTING AND Q&A
Today’s meeting is being held both in-person and
online through Computershare’s online meeting
platform.
For online attendees, the Q&A is always open -
please feel free to submit questions throughout
the meeting.
Voting today will be conducted by way of a poll.
Online voting for all resolutions will be open
shortly.
Please cast your vote under the Vote tab. You can
change your vote, up until the time voting is
declared closed.
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M Social Auckland
OUR BOARD
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Salt Restaurant, Millennium Hotel New Plymouth, Waterfront
5
AGENDA
•Chair and Managing Director’s Addresses
•Resolutions
•Shareholder Discussion
•General Business
•Close of the Meeting
Millennium Hotel Queenstown
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STRATEGY: REVIVE AND THRIVE
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.
PRIORITY FY23 – FY24 FOCUS:
Reviving our business for tourism market momentum post-Covid.

Millennium Hotel Queenstown
7
•First uninterrupted year of trading since the pandemic
•Increased number of international flights to New Zealand has
improved visitor numbers – however still short of the pre-Covid level
of tourists
•Overall hotel occupancy reached 61%, hotel profit increased nearly
400% to $11.6m
•Completed the purchase of the Sofitel Brisbane Hotel in December
2023.
•CDL Investments’ results reflected continued softness in the
residential property markets but still recorded an operating profit
after tax
2023 WAS A YEAR OF POSITIVE PROGRESS
Indoor Pool, Millennium Hotel Rotorua
FY23 PERFORMANCE SNAPSHOT
Revive and Thrive strategy delivering value
TOTAL
REVENUE
PROFIT
After Tax and non-
controlling interests
EARNINGS PER
SHARE
$145.7m
FY23: $144.2m
$21.6m
FY23: $21.7m
13.65 cents
FY23: 13.72 cents
DIVIDENDTOTAL
ASSETS
SHAREHOLDERS’
FUNDS
3 cents
FY23: 3 cents
$746.8m
FY23: $709.2m
$547.9m
FY23: $531.0m
•Strong turnaround in
hotel business
•CDL Investments feeling
the pressure of the short
term cooldown in
property sales
•Australia apartment
sales muted
•Continue to invest in
property refurbishments
and network expansion
8
M Social Auckland
Optimistic outlook for continued recovery in 2024
•Tourism continues to recover and demand from overseas
continue to improve
•Benefit of full year trading from Sofitel Brisbane Central
•Strong and experienced leadership team
•Committed and passionate team across the hotel network
•Current economic headwinds expected to continue for at
least 1H 2024, impacting on demand.
Focus on making sure we have the best product available to
capture existing demand as the tourism market recovers.
LOOKING FORWARD
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MANAGING DIRECTOR’S
ADDRESS
Stuart Harrison
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OUR HOTEL NETWORKS
18 Hotels in NZ
Opportunity to fill in the network
2,250 rooms per night owned and managed
1 Hotel in Australia
Beachhead being established.
Significant opportunity to build footprint
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Copthorne Hotel and Resort Queenstown Lakefront
0
100000
200000
300000
400000
500000
600000
Mar-2014
Jul-2014
Nov-2014
Mar-2015
Jul-2015
Nov-2015
Mar-2016
Jul-2016
Nov-2016
Mar-2017
Jul-2017
Nov-2017
Mar-2018
Jul-2018
Nov-2018
Mar-2019
Jul-2019
Nov-2019
Mar-2020
Jul-2020
Nov-2020
Mar-2021
Jul-2021
Nov-2021
Mar-2022
Jul-2022
Nov-2022
Mar-2023
Jul-2023
Nov-2023
Mar-2024
International Visitors
•Good recovery in international
tourism although lagging
global rates
•Chinese visitor numbers
continuing to increase
•Australia remains NZ’s biggest
market – still below pre-covid
numbers
•Softer domestic tourism as
fiscal conditions bite
NZ’S TOURISM MARKET
12

View from Copthorne Hotel & Apartments Queenstown Lakeview
REVIVE AND THRIVE STRATEGY
Be the preferred hotel choice for travellers in our region, grow our footprint and
deliver value for our guests, our team and our shareholders
Short term: Reviving our business for tourism market momentum post-Covid
Medium to long term: Growth of our hotel network in New Zealand and Australia
PEOPLE
Deliver memorable
experiences for our guests
Build careers that our
people love to talk about
PRODUCT
Protect and expand our
hotel presence in New
Zealand & Australia
Invest in a portfolio of real
estate or development
projects - and manage our
investment in CDL
Investments
PROFIT
Drive improving revenue
and profit
Leverage our strong
balance sheet to achieve
growth
Deliver long term value to
our shareholders
13
Executive Chef Chetan Pangam, One80 Restaurant
Creating a great experience for our guests is essential to what we do.
We need great people to make that happen.
•Recruitment to attract and retain the best people possible
•Improving our employee experience
•Leadership development programme
PEOPLE
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Copthorne Hotel and Resort Bay of Islands
HotelSizeTiming
Millennium Hotel
Queenstown
132 rooms completed
70 rooms and 15 suites underway
FY23 - FY24
Millennium Hotel Rotorua99 rooms nearing completion
127 rooms and 2 suites commencing
FY23 - FY24
Copthorne Hotel Palmerston
North
Recladding and other worksFY23 - FY24
Copthorne Hotel & Resort
Bay of Islands
Refresh of Seaspray Wing and receptionFY24 – FY25
Current pipeline of activity:
Whole-of-network plan being developed which will inform medium term investment decisions
PRODUCT
Investing into upgrading and refurbing our hotels
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Ember Restaurant
Filling in the gaps in our New Zealand hotel network
•Whangarei land acquisition, conditional
on detailed feasibility study
Building on our initial entry into Australia
•Short term focus to deliver return on Sofitel acquisition
NETWORK EXPANSION AND GROWTH
Settled:
December 2023
Purchase Price:
A$177.7M
50%
JV Funded
Equity:
$43.9M
Internal Loan:
$62.2M
YTD 2024:
v 2023
v Budget
Revenue:
A$3.2m
Occupancy:
73.0%
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CDL INVESTMENTS PIPELINE
CDI have a solid Pipeline
▪Total land holding 294.2Ha ( an increase of 48.3Ha on 2022)
▪Estimated yield circa 3,500 sections*
▪Maintained a nationwide geographical spread
▪Diverse portfolio, offers flexibility for diversification
▪Continually looking to grow their Portfolio
AAUUCCKKLLAANNDD PPRROOJJEECCTTSS
• Trig Road, West Harbour
H
HAAMMIILLTTOONN PPRROOJJEECCTTSS
•• Gordonton Road, Puketaha
HHAAWWKKEE''SS BBAAYY PPRROOJJEECCTTSS
• Arataki Road, Havelock North
• Iona Block, Havelock North
N
NEELLSSOONN//TTAASSMMAANN PPRROOJJEECCTTSS
•• Pelorus Sound
•
• Lucas Terrace
•
• Highlands Drive
C
CAANNTTEERRBBUURRYY PPRROOJJEECCTTSS
• Prestons Park, Christchurch
• Worsleys Road, Cashmere
Christchurch
** EEssttiimmaatteedd sseeccttiioonn yyiieelldd,, ssuubbjjeecctt ttoo rreessiiddeennttiiaall zzoonniinngg//rreessoouurrccee ccoonnsseennttss
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One80 Restaurant
0
30
60
90
120
150
FY19FY20FY21FY22FY23
NZ Hotels Revenue
-10
0
10
20
30
40
FY19FY20FY21FY22FY23
NZ Hotels Profit
Profit before taxProfit after tax
Q1 2024: Positive start to the year. First quarter in 5 years without the impact of covid,
weather events or large staffing shortages.
PROFIT
Return to profit for hotel operations as recovery towards pre-covid levels continues
NZ Hotels Revenue – 4 Months
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Charity of Choice: Save the Kiwi
•Save the Kiwi: A unique opportunity for hotel guests to
donate a meal or ‘kiwi room’ for a night
•Simple for guests to participate by opting out of their daily
room servicing during a multi-night stay.
•More than 14,000 meals to feed a kiwi in first six months.
DOING GOOD
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Copthorne Hotel Greymouth
REVIVE AND THRIVE FY23 TO FY26
Key initiatives
ACHIEVED
FY23
Revival
•Bring all rooms back online
•Build occupancy back to
former levels
•Attract and retain full
complement of staff
•Marketing and sales activity
to drive guest visits
•Continued investment in
refurbishment and upgrades
IN PROGRESS
FY23 - 24
Early Stage Growth
•Identify opportunities to fill
the gaps in the New Zealand
hotel network
•Build beachhead in Australia
•Formalise strategy for
sustainable operations
•Continued investment in
refurbishment and upgrades
FUTURE PLANNING
FY25 - 26
Accelerate Growth
•Optimise hotel network and
under-utilised land and
buildings
•Expand footprint in Australia
•Continued investment in
refurbishment and upgrades
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2024 OUTLOOK
Remain confident in continued progress under Revive and Thrive strategy
•Good control over the controllables - strong staffing levels and more
room capacity
•Varied regional demand – some areas such as Queenstown remain
extremely strong
•Ongoing challenges – cost inflation, lower consumer and business
confidence, cost of living increases
•No major sporting events scheduled in 2024
•Central and local Government action and support needed to promote
NZ and attract tourists, conferences and events
M Social Auckland
BUSINESS OF THE MEETING
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RESOLUTIONS
DIRECTOR RE-ELECTIONS:
•Resolution 1: Re-election of Kevin Hangchi
•Resolution 2: Re-election of Colin Sim
•Resolution 3: Re-election of Leslie Preston
DIRECTOR ELECTION: Resolution 4: Election of Steven Zingel
DIRECTORS’ REMUNERATION: Resolution 5: That the aggregate maximum annual remuneration
for directors be increased from NZ$200,000 to NZ$400,000
AUDITORS’ REMUNERATION: Resolution 6: That the Board of Directors be authorised to fix the
auditor’s fees and expenses.
The Board unanimously recommends shareholders vote in favour of resolutions 1 – 3. After due
consideration, the Board has decided not to provide a recommendation to shareholders on
resolution 4. Given that the Board is interested in resolution 5, it is not providing a
recommendation for this resolution. The Board unanimously recommends shareholders vote in
favour of resolution 6
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Shareholder discussion
General business
Close of the Meeting
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Millennium Hotel Rotorua
THANK YOU FOR
YOUR ATTENDANCE
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This announcement has been prepared by Millennium & Copthorne Hotels New Zealand Limited ("M&C Hotels").
The details in this announcement provide general information only. It is not intended as investment, legal, tax or
financial advice or recommendation to any person and must not be relied on as such. You should obtain
independent professional advice prior to making any decision relating to your investment or financial needs.
All references to $ are to New Zealand dollars unless otherwise indicated. Percentages may be subject to
rounding.
This announcement may contain forward-looking statements. Forward-looking statements can include words
such as “expect”, “intend”, “plan”, “believe”, “continue” or similar words in connection with discussions of future
operating or financial performance or conditions. The forward-looking statements are based on management's
and directors’ current expectations and assumptions regarding the M&C Hotels business, assets and performance
and other future conditions, circumstances and results. As with any projection or forecast, forward-looking
statements are inherently susceptible to uncertainty and to any changes in circumstances. M&C Hotels actual
results may vary materially from those expressed or implied in the forward-looking statements. M&C Hotels and
its directors, employees and/or shareholders have no liability whatsoever to any person for any loss arising from
this announcement or any information supplied in connection with it. M&C Hotels are under no obligation to
update this announcement or the information contained in it after it has been released. Past performance is no
indication of future performance.
DISCLAIMER
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MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED
STOCK EXCHANGE ANNOUNCEMENT
2024 ANNUAL SHAREHOLDER MEETING – REMARKS BY MCK’S CHAIRMAN

Strategy: Revive and Thrive

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.

A year of positive progress

We provided a summary of our results and 2023 operational highlights in the annual report but for
those of you who have not read it, it was a busy year:
• Operationally, 2023 was our first uninterrupted year of trading since the pandemic.
• The increased number of international flights returning to New Zealand has improved the
visitor numbers and translated into more demand, additional revenue and more profit but
we are still short of the pre Covid level of tourists.
• Overall hotel occupancy reached 61%, which was significantly up on 2022. In line with this,
Hotel profit increased nearly 400% to $11.6m. 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.

We continue to be on the lookout for opportunities which meet our investment criteria and will help
boost our network coverage and our revenues and profits.

Completing the purchase of the Sofitel Brisbane Hotel in December was a positive way to end the
year. More recently we have entered into a conditional agreement for land in Whangarei with the
intention to develop a hotel there.

The results for CDL Investments, our majority-owned subsidiary, reflected a softness in the
residential 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, although this was softer than the previous
year.

FY23 Performance

MCK’s total revenue in 2023 was $145.7 million, with profit after tax of $21.6m, similar to the prior
year. Earnings per share was 13.65 cents.

The Board was pleased to declare a dividend of 3 cents per share, which was paid in May. This
balances the desire of your Board to deliver value to our shareholders while retaining sufficient cash
for ongoing investment needs.

At 31 December 2023, shareholders’ funds excluding non-controlling interests was $547.9 million.
Total assets increased to $746.8 million.

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Looking forward

We are entering the 2024 year with a sense of optimism, with many things to look forward to. While
there are definitely economic challenges which affect all of us, the good news is that tourism
continues to recover and demand from overseas continue to improve. Our focus is on making sure
we have the best product available to capture existing demand as the tourism market recovers. We
will also have the benefit of a full year’s trading from Sofitel Brisbane Central which we expect to be
strong.

MCK has a strong and experienced leadership team and great people providing quality service to
guests throughout our network. On behalf of the board, I would like to acknowledge and thank them
for their tireless efforts.

I will now hand over to MCK’s managing director, Stuart Harrison.


2024 ANNUAL SHAREHOLDER MEETING – REMARKS BY MCK’S MANAGING DIRECTOR

E ngā mana, E ngā waka, E ngā reo,
Ko Stuart Harrison ahau E rau Rangitira ma
Tēnā koutou Tēnā koutou Tēnā koutou katoa

Our business

Thank you all for joining our meeting today. We appreciate your engagement with our team and our
business.

A brief overview for those of you who may be new shareholders....

Millennium and Copthorne Hotels is one of New Zealand’s largest hotel owner / operators, with a
network of 18 hotels and managing ~2,250 rooms per night. Our hotels are located in New Zealand’s
key gateway cities and we take pride in hosting a wide variety of conferences, meetings and other
gatherings at our properties.

At the end of last year, we were delighted to extend our Australian portfolio taking over ownership
of the Sofitel Brisbane Central Hotel providing a further 416 rooms per night, in a highly desirable
landmark property.

We also have a majority shareholding in CDL Investments NZ, an NZX-listed investment company
focused on residential and commercial land development. This provides us with a diversified
property portfolio and revenue stream.

In the last financial year, our hotel business provided 69% of our total revenue and 30% of profit.

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What’s happening in NZ’s tourism market

While the international tourism market entering New Zealand is still recovering to pre-covid levels, it
has shown good recovery growth in the past two years.

Currently, international visitor numbers have plateaued at around 80% of pre-covid levels with a full
recovery not expected before late-2025. New Zealand took longer to open borders than many other
countries, airline capacity has been restricted and the current economic climate has seen travellers
looking for more affordable options.

February visitor numbers were at 87% of pre-covid 2019 numbers with the highest number of
Chinese arrivals since January 2020, boosted by Chinese New Year. These numbers increased further
in March. Pre-covid, China was New Zealand’s largest market, behind Australia. While Australia
remains our biggest market, I note that Australian visitors entering NZ are still at 83% of pre covid
numbers, and NZ has been displaced for the first time in nearly 50 years as Australians are choosing
Indonesia as their number 1 choice.

Domestic tourism has softened as continued pressure on consumer sentiment due to interest rates
and cost of living concerns present ongoing challenges. This is reflected in the hotel industry with
occupancy levels, the average daily rate and revenue per available room being lumpy.

As more airlines return to New Zealand and economic conditions improve, visitor numbers are
expected to grow. Business, sports and other events also provide significant value to New Zealand
and it is important that sufficient resources are provided in order to encourage organisers to hold
their events here.

While the short term outlook for tourism is a bit bumpy due to economic headwinds across the
globe, we believe the longer term outlook for New Zealand as an attractive tourism destination is
still strong.


Strategic Roadmap: Revive and Thrive

We have a clear strategy and clarity of purpose. Our focus is on ensuring that we have the best
people and product in place, for both the current market and as visitor numbers grow. This will drive
our profit and value for our shareholders.


People

Creating a great experience for our guests is essential to what we do and it’s by having great people
that we can make that happen.

Over the last 12 months we hit refresh on our recruitment processes, in an effort to attract and retain
the best people possible. The labour shortages we struggled with over the last few years have now
mostly resolved and our team is nearly back to full strength.

Our commitment to our people goes beyond just filling roles. For the coming year our focus is on
improving our employee experience through updating our people processes and systems, rolling out
a leadership development programme and redesigning our onboarding and induction activities. In
doing so, we are not just retaining top talent, we’re positioning our business as an employer of choice
in the hospitality industry.

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Product

We continue to invest in upgrading and refurbishing our hotels across our network to ensure they
are first choice for visitors. In FY23, we continued the refurbishment of the Millennium Hotel
Queenstown, commenced refurbishment at Millennium Hotel Rotorua and started recladding and
other works at Copthorne Hotel Palmerston North.

As well as ongoing projects, this year we will also be refreshing the Copthorne Hotel & Resort Bay of
Islands.

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 invested $16.6m in property improvements in FY23, with a further $11.2m committed to
ongoing projects, plus budget for around $20m of major capex to be considered for commencement
in FY24.


Network Expansion and Growth

We continue to consider potential acquisitions to fill the gaps in our New Zealand hotel network;
and to build on our initial entry into the Australian market.

An example of this in action is the recent conditional acquisition of land in Whangarei’s CBD. This
would see a return to Whangarei for our hotel business and will fit very well alongside our iconic
Copthorne Hotel & Resort Bay of Islands and our popular Kingsgate Hotel Paihia.

Prior to going unconditional we are carrying out a detailed feasibility study having regards for the
cost to develop within the current environment, the time it would take to complete and bring the
hotel on line and what the overarching tourism demand for the location would be. These factors all
feed into determining how we can deliver on reviving our business and the returns we generate for
investors.

As tourism in New Zealand continues to revive, this is another sign that we are looking to grow our
network once again. The proposed acquisition is in line with our strategy to fill the gaps in our
network, enabling us to be the hotel of choice for visitors travelling around New Zealand.


Sofitel performance/Australia strategy

The Sofitel Brisbane Central is another example of our expansion strategy.

Millennium and Copthorne has held property assets within Australia for over 30 years with that
more recently being limited to ownership of apartments in the Zenith Residences (previously the
Kingsgate International Hotel) in Sydney. With the selling down of the apartments – 5 sold in FY23
and a further 3 sold/settled so far this year – we have 33 remaining apartments. The proceeds held
within Australia were utilised in December last year for the 50% joint acquisition of the Sofitel
Brisbane Central Hotel.

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As we have said previously, Australia has long been of interest and we have evaluated a number of
opportunities over the years as we sought the right property from which to create a beachhead for
our hotel group into this country.

Brisbane is a world class tourist and event destination and Sofitel Brisbane Central is well located,
has a very strong reputation and has unique strengths in the conference and incentives sector.

We are pleased to be able to say that the hotel has had a strong start to the FY24 year with
occupancy at 72% (up 7% YoY) assisting rooms revenue to track ahead of budget. The Hotel is a
strong Meetings and Events venue with utilisation of their recently renovated Ballroom scheduled to
lift noticeably in the remaining months of the year. As part of our due diligence on the hotel we were
aware of the need to refurbish rooms and we are currently scoping out the details for this work.
We are looking forward to seeing the synergies this hotel can bring to our portfolio starting from this
year.

CDL Investments NZ contribution

Earlier today CDL Investments held its annual meeting in which they outlined a number of land
acquisitions which have recently completed and will, following master planning and consents,
provide a pipeline for future development and sales. The current environment continues to provide
acquisition opportunities and has also required that the company be cognisant of recent legislation
introduced which has materially impacted acquisition feasibility. This has caused CDI to pause, assess
and rethink their development delivery timeframes.

That said the company has had a positive start to the year with $4.6m of settled sales YTD and a
further $30.7m of unconditional sales yet to settle. This has come from a surge in sales from
Prestons Park (Christchurch) and high interest shown in Iona (Havelock North/Hawkes Bay) Stage 1
sections.

CDI is continuing to progress their new Christchurch, Nelson and Richmond projects, and continuing
to plan for the future both operationally and strategically.

Profit

We were particularly pleased with the return to profit for our hotel operations. While revenue and
profit have yet to recover to pre-covid levels, we are making good progress under our Revive and
Thrive strategy.

This time last year we were seeing through a first quarter of Hotel operations impacted by weather
events – Auckland flooding and Cyclone Gabrielle – along with restrictions on hotel occupancies
based on staffing numbers available in key locations around the country (and particularly within
Queenstown).

It is pleasing to see this returning to a more normal position and for the first time in five years, we
have been able to close out the first quarter without the impact of Covid restrictions, weather
related impacts or large staffing shortages.

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This has enabled a positive start to the year where hotels and our revenue team were able to seize
the initiative to more actively manage the hotels revenue sources. One notable location was Te Anau
where there has been a series of days with ~100% occupancy.

Doing good

Our approach has always been to contribute to the betterment of our team, our guests, our
communities and the wider environment.

One of the initiatives we are proud to support is Save the Kiwi. We have created a unique
opportunity for hotel guests to donate a meal or ‘kiwi room’ for a night to this leading conservation
charity. It’s simple for guests to participate, simply by opting out of their daily room servicing during
a multi-night stay. We then redirect the costs saved towards Save the Kiwi. In the first six months of
operation, we were very pleased to donate more than 14,000 meals to feed a kiwi.

Delivering on our strategy in 2024

The work we have been doing under our Revive and Thrive strategy will propel us forward in 2024.
While we are still in the Revive phase of our strategy, we are laying the groundwork to truly Thrive
from 2025 onwards.

Over the next two years, we will be accelerating growth initiatives – optimising our hotel network
and exploring strategic opportunities to expand our footprint in New Zealand and Australia. In
addition, we will continue our programme of refurbishments and upgrades to ensure our properties
meet the expectations of our guests.

Our growth is not just about bricks and mortar. Our most valuable asset is our people and we’ll be
introducing new ways we can add value for both our team and the communities where our hotels
reside.

At the heart of all we do lies our unwavering commitment to delivering the perfect guest experience.
By investing in growth, our products and our people, we'll ensure our guests continue to choose us
as their preferred hotel provider.

Outlook

We now have good staffing levels, more room capacity and while some regions have seen a
dampening in demand, other areas such as Queenstown remain extremely strong.

We recognise that there are still challenges in the market – ongoing cost inflation, lower consumer
confidence, business cost cutting and job losses, including in the public sector which is being
reflected in lower demand for Wellington accommodation. We are also entering a winter period
without any major tourist attractions such as the FIFA Womens World Cup which occurred last year
attracting teams and supporters.

This has highlighted the need for Central and Local government to get behind the promotion of NZ
Inc in attracting people and events – and NO Targeted Rates in its previous form are not the funding
source. NZ is struggling to attract people with many overseas locations being heavily promoted –
witness Australians heading to Indonesia ahead of NZ, and Chinese doing long-haul destinations such
as UK, US and EU with those markets aggressively promoting themselves in the China market.

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On a positive note, we are putting runs on the board and are confident in our continued progress
under our Revive and Thrive strategy.

Thank you for listening. I’ll now pass you back to Colin.