Tax change will affect MCK interim results
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED
NZX ANNOUNCEMENT 1 AUGUST 2024
TAX CHANGE WILL AFFECT MCK INTERIM RESULTS
Millennium & Copthorne Hotels New Zealand Limited (MCK) advises that changes to tax legislation
which removed the ability to claim tax depreciation on commercial buildings will result in a one-off, non-
cash deferred tax liability adjustment. The adjustment, which amounts to approximately $26 million,
arose from a change in tax legislation that came into effect this year and relates to the depreciation of
buildings owned by MCK.
MCK notes that the adjustment will be a one-off, non-cash deferred tax expense which will be recognised
in the current financial year and will have no impact on MCK’s trading profitability or cash flows.
Since the passing of the law change, MCK has been assessing the impact of the change and sought
external accounting and taxation advice. The assessment has proved to be complex given MCK’s hotel
and other property portfolio.
MCK expects to release its 2024 interim results in the first half of August.
ENDS
Issued by Millennium & Copthorne Hotels New Zealand Limited
For investor relations enquiries, please contact: Stuart Harrison, Managing Director M: +64 21 869 216
About Millennium & Copthorne Hotels New Zealand Limited
Millennium & Copthorne Hotels New Zealand Limited (NZX:MCK) is the only NZX listed hotel owner – operator with 18 owned /
leased / franchised hotels based in New Zealand under the Millennium, Grand Millennium, M Social, Copthorne and Kingsgate
brands. As part of the Millennium & Copthorne Hotels group, we are proud to be part of a global network of over 120 properties in
gateway cities across Asia, Europe, North America, the Middle East and New Zealand. MCK is also the majority shareholder in land
developer CDL Investments New Zealand Limited (NZX:CDI) and also has property interests in Australia through its Kingsgate Group
subsidiaries including a 50% ownership interest in the Sofitel Brisbane Central through a joint venture.
For more information, visit our website:
www.millenniumhotels.co.nz
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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