MCK 2024 Interim Report

INTERIM REPORT 2024
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LTD

2024/2025 SHAREHOLDER DISCOUNT CARD
As a valued shareholder of Millennium & Copthorne
Hotels New Zealand Limited, we are pleased to offer
a shareholder discount of 20% off our Best Available
Fully Flexible Rate applicable at the time of booking
and 12.00pm check-out (subject to availability) at
participating Millennium, Copthorne and Kingsgate
hotels in New Zealand.
Please note: the participating hotels are M Social Auckland
Millennium Hotel New Plymouth / Queenstown / Rotorua
Copthorne Hotel Auckland City / Bay of Islands / Greymouth /
Palmerston North / Queenstown Lakefront / Queenstown
Lakeview / Rotorua / Wellington Oriental Bay
Kingsgate Hotel Dunedin / Te Anau
Terms and Conditions: Shareholder Discount is available to current shareholders of Millennium & Copthorne Hotels New Zealand Limited for private bookings
(maximum 2 rooms) only. The discount is 20% off the Best Available Fully Flexible Rate applicable at time of booking and does not apply to any other previously
discounted / special rate. Where available, a check-out time of 12.00pm may be requested. Reservations must be made via the internet (www.millenniumhotels.
com), by e-mail to central.res@millenniumhotels.co.nz or by telephone (0800 808 228 within New Zealand). The promo code MCKSHR must be used.
Please present this card upon check-in. Card is valid until 30 September 2025 or when you cease to be a shareholder, whichever is the earlier.
Dear Valued Shareholder,
YOUR 2024/2025 SHAREHOLDER DISCOUNT CARD
At Millennium, Copthorne and Kingsgate Hotels and Resorts we are proud of the staff, hotels and locations
we have within New Zealand. As a shareholder we would also like for you to be able to experience
first-hand the experience of staying at, dining at or meeting at one of our participating hotel locations.
To encourage you to utilise this I am pleased to enclose your Shareholder Discount Card along with
our 2024 Half Year Report. The shareholder discount is for up to 2 rooms per stay at 20% off our Best
Available Fully Flexible Rate. If you decide to cancel the booking before the date of arrival there are no
cancellation fees.
In order to receive the discount, please make your bookings through our website www.millenniumhotels.
com using promo code MCKSHR, by e-mail (central.reservations@millenniumhotels.co.nz) or via our
Central Reservations Office on 0800 808 228 (within New Zealand only). Bookings cannot be made via
the hotel directly.
In addition to the Shareholder Discount, we have a range of other special offers and promotions available.
You can find these on www.millenniumhotels.com.
Thank you for your continued support of our Millennium, Copthorne and Kingsgate Hotels and Resorts
and we look forward to hosting you in the near future.
Yours faithfully,
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED
Stuart Harrison
Managing Director

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2024 | 3
MCK INTERIM RESULTS
FOR SIX MONTHS TO 30 JUNE 2024
New Zealand hotel owner and operator, Millennium & Copthorne Hotels New Zealand
Limited (MCK), announced its unaudited results for the six months to 30 June 2024 on 7
August 2024 and reported revenue growth of 42% and an increase in net profit before tax
of 88% compared to the same period last year.
As announced on 1 August 2024, MCK recognised a one-off non-cash deferred tax liability
adjustment amounting to $25.76m which arose from a change in tax legislation that
came into effect this year and relates to the depreciation of buildings owned by MCK.
The effect of the adjustment, which does not affect MCK’s trading position or cash flow,
meant that MCK recorded an after tax loss for the period of $10.17 million.
MCK was able to show improving occupancy and profit in the Hotels business, despite
a slowdown in demand for corporate travel and meetings. The first half of the financial
year was the first time in five years where the hotels have been able to operate without
the impact of pandemic restrictions, weather-related issues or large staffing shortages.
Outside of the hotel operations, MCK’s majority owned property development subsidiary,
CDL Investments New Zealand Limited (CDI), improved its contribution to group profit,
recording a 32% increase on its 2023 profit before tax. CDI believes that the property
markets have passed peak trough and are showing signs of recovery and are still targeting
an improvement on their 2023 results by year end.
MCK Chairman Colin Sim, said the strong Hotels result was reflective of the hard work of
the team and the successful execution of the Revive and Thrive strategy.
“Our team has worked hard to attract both international and domestic visitors, improve
our hotel offer, and drive room profitability in a challenging trading environment.
Despite economic headwinds and depressed demand in some regions as a result of
reduced business and government demand, the good news is that tourism, particularly
from overseas, continues to improve. We expect another strong result from our Hotels
business in the 2024/25 high season, with CDI also expected to deliver a year on year
improvement, as the number of sections sales increases over time.”
Business highlights for the period include positive progress on the Hotels refurbishment
programme, the inclusion of Sofitel Brisbane Central hotel in the Hotels portfolio, and
the continued sell down of the Zenith apartments in Australia.

4 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2024
MCK’s Managing Director, Stuart Harrison, said the performance of the Sofitel Brisbane
Central hotel over the last six months had provided many learnings. “The hotel’s trading
metrics are positive. In the first quarter, the hotel saw growth in average daily rate
and occupancy ahead of budget. A recent highlight for the hotel was hosting multiple
teams over the NRL’s Magic Round in May and the State of Origin final game in July
which emphasised how popular the hotel is for sporting teams and spectators coming
to Brisbane.”
RESULTS SNAPSHOT
SIX MONTHS TO 30 JUNE1H241H23
Average hotel occupancy across the Group69.0%59.8%
Group revenue$85.32m$60.05m
Profit before income tax and non-controlling interests$21.53m$11.47m
Profit/(Loss) after tax and non-controlling interests$(11.75m)$6.18m
Profit after tax and non-controlling interests
(excluding tax adjustment)
$12.57m$6.18m
Earnings per share (cents per share)-7.42 cps3.90 cps
Earnings per share (adjusted for one-off tax adjustment)7.94 cps
Group revenue was $85.32m (1H23: $60.05m), with profit before tax and non-controlling
interests of $21.53m (1H23: $11.47m). Group loss after tax and non-controlling interests
of $(11.75m) (1H23: $6.18m) was impacted by a one-off noncash $25.76m deferred tax
liability adjustment as a result of a change in tax legislation. Excluding this adjustment
and other one-off items, profit after tax was $12.57m.
Earnings per share for the period was -7.42 cents per share (1H23: 3.9 cps). Net Tangible
Assets per share as at 30 June 2024 was $3.36 per share (Dec 2023: $3.46 per share).

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2024 | 5
OUTLOOK
The Hotels business now has good staffing levels and more room capacity following
completion of certain refurbishment works. While some regions have seen a dampening in
demand, other areas such as Queenstown remain extremely strong. Economic headwinds
remain challenging and there are no major events, such as last year’s FIFA Women’s World
Cup, planned for the winter period. These trends of dampened demand are expected to
continue into the third quarter, but with a resurgence of activity from overseas visitors
in quarter four.
CDL Investments 2024 sales performance is showing improvement and the company is
also positioning itself for future diversification with its recent purchase of industrial-
zoned land in Christchurch. MCK will see the benefits from both in the near to medium
term.
Stuart Harrison commented: “One matter which is hampering our ability to optimise our
future projections is the lack of any clear direction, new initiatives or funding announced
by Government in relation to boosting tourism. With other countries actively competing
for world-class events and receiving government funding to do so, there is a real risk
of New Zealand missing out and creating a disadvantage which will take some years to
fix. Our view is that such funding would be a wise investment and help the tourism and
accommodation industries “get back on track” and secure their medium-term futures.”
He continued: “Our team are highly focused on securing business across all market
segments and in all regions for the remainder of the year and into 2025. We have set
ourselves stretch targets for both revenue and profit for this year and we are determined
to achieve these. Our half year profit before tax result highlights that we are making
excellent progress on our strategy and laying the groundwork to truly Thrive from 2025
onwards”, he said.

6 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2024
GOAL
Be the preferred hotel choice for travellers in our region, grow our footprint and deliver
value for our guests, our team and our shareholders.
PEOPLE
Deliver memorable experiences for
our guests
Build careers that our people love
to talk about
PRODUCT
Protect and expand our hotel presence
in New Zealand and Australia
Invest in a portfolio of real estate or
development projects – and manage our
investment in CDL Investments
PROFIT
Drive improving revenue and profit
Leverage our strong balance sheet to
achieve growth
Deliver long term value to our shareholders
REVIVE & THRIVE STRATEGY
ON A PAGE
SHORT TERM
• Identifying new opportunities
• Develop a sustainability strategy
• Continue our investment in
refurbishments
LONG TO MEDIUM TERM
• Growth of our hotel network in
New Zealand and Australia
• Optimise hotel network and
under-utilised land

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2024 | 7
MANAAKI
Protect & Care
YEAR ONE
29,500 Meals Donated
Donations 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

8 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2024
8 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2024
EXTRAORDINARY
EXPERIENCES AWAIT,
JOIN FOR FREE
Explore with MyMillennium and
be rewarded wherever you travel.
From the moment you join,
MyMillennium opens up a world
of exclusive benefits.
The more you stay, the better it gets
SAVE
Member-exclusive
rates & oers
EARN
Double Points
every 10 nights
SHOP
Redeem Points in
My Millennium Mall
UPGRADE
Stay 10 nights for Prestige
status & enhanced perks
UNLOCK A
WORLD OF
REWARDS

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2024 | 9
8 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2024
EXTRAORDINARY
EXPERIENCES AWAIT,
JOIN FOR FREE
Explore with MyMillennium and
be rewarded wherever you travel.
From the moment you join,
MyMillennium opens up a world
of exclusive benefits.
The more you stay, the better it gets
SAVE
Member-exclusive
rates & oers
EARN
Double Points
every 10 nights
SHOP
Redeem Points in
My Millennium Mall
UPGRADE
Stay 10 nights for Prestige
status & enhanced perks
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
CONDENSED INTERIM INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2024
Page 1
UnauditedUnaudited
6 months6 months
DOLLARS IN THOUSANDSNOTE
to 30/06/24to 30/06/23
Revenue85,319 60,051
Cost of sales(38,485) (28,780)
Gross profit46,834 31,271
Administrative expenses(14,649) (12,981)
Other operating expenses(12,374) (9,564)
Operating profit before finance income19,811 8,726
Finance income2,837 3,785
Finance costs(1,095) (1,045)
Net finance income1,742
Share of profit/(loss) of joint venture
9
(19)
Profit before income tax21,534 11,466
Income tax expense
5
(5,948) (3,085)
Income tax expense arising from change in building depreciation
5
(25,760)-
Profit/(loss) for the period(10,174) 8,381
Profit/(loss) for the period attributable to:
Equity holders of the parent(11,747) 6,177
Non-controlling interests1,573 2,204
Profit/(loss) for the period (10,174) 8,381
Basic earnings per share (cents)
4
-7.42c3.90c
Diluted earnings per share (cents)
4
-7.42c3.90c
The atta ched notes form part of, and are to be re ad in conjunction with, these financial statem ents .
2 ,740
-
The attached notes form part of, and are to be read in conjunction with, these financial statements.

10 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2024
Page 2
Unaudite dUnaudited
6 months6 months
DOLLARS IN THOUSANDSNote
to 30/06/24to 30/06/23
Profit/(loss) for the period
(10,174)183,8
Items that are or may be reclassified to profit or loss
Foreign exchange translation movements841498
- Tax (expense)/credit on foreign exchange-)5(
841988
Total comprehensive income/(loss) for the period(9,333)072,9
Total comprehensive income/(loss) for the period attributable to:
Equity holders of the parent(10,906)660,7
Non-controlling interests1,573402,2


Total comprehensive income/(loss) for the period(9,333)072,9
DETAILS OF SPECIFIC RECEIPTS/OUTLAYS, REVENUE/EXPENSES
Classified under:
Administrative expenses
Audit fees(195))671(
Other operating expenses
Depreciation of property, plant & equipment(3,581))444,3(
Depreciation of investment property(275))115(
Depreciation of right-of-use assets (447))114(
Leasing and rental expenses(367))143(
Finance income
Interest income2,479587,3
Finance costs
Interest expense on lease liability(
951))59
8(
Foreign exchange loss(73))441(
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2024
The attached notes form part of, and are to be read in conjunction with, these financial statements.

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2024 | 11
Page
3
i
d
u
a
n
U
d
e
t
i
d
u
a
n
U
d
e
t
i
d
u
a
n
U
d
e
t
i
d
u
a
n
U
d
e
t
i
d
u
a
n
U
d
e
t
i
d
u
a
n
U
ted
Shar
e
Exch
ange
Retained
Treas
ury
Unaudi
ted
Non-controllin
g
Total
DOLLARS IN THOUSANDS
NOTE
Capi
tal
Reserves
Earnings
Stock
Total
Interests
Equi
ty
Balance at 1 January 2023
383,
266

(1,396)

149
,175
)
6
2
(













531,
019

111
,682

642,701

Movement in exchange translation reserve
-

889

-

-

889

-

889

-
Income and expense recognised directly in equity



889

-

-

889

-

889

Profit for the period
-

-

6,177

-

6,177

2,204

8,381

Total comprehensive income for the period
-

889

6,177

-

7,066

2,204

9,270

Transactions with owners, recorded directly in equity:
Dividends paid to:
Equity holders of the parent
6
-

-

(4,747)

-

(4,747)

-

(4,747)

Non-controlling interests
-

-

-

-

-

(3,940
)

(3,940)

Movement of non-controlling interests without a change in control
-

-

(374)

-

(374)

1,863

1,489

Balance at 30 June 2023
383,
266

(507)

150
,231
)
6
2
(














532,
964

111
,809

644,773

Balance at 1 January 2024
383,
266

(980)

165
,656
)
6
2
(













547,
916

114
,536

662,452

Movement in exchange translation reserve
-

841

-

-

841

-

841

-
Income and expense recognised directly in equity

841

-

-

841

-



841

Profit/(loss) for the period
-

-

(11,747)

-

(11,
747)

1,573

(10,174)

Total comprehensive income for the period
-

841

(11,747)

-

(10,
906)

1,573

(9,333)

Transactions with owners, recorded directly in equity:
Dividends paid to:
Equity holders of the parent
6
-

-

(4,747)

-

(4,747)

-

(4,747)

Non-controlling interests
-

-

-

-

-

(4,138
)

(4,138)

Movement of non-controlling interests without a change in control
-

-

(242)

-

(242)

965

723

Balance at 30 June 2024
383,
266

(139)

148
,920
)
6
2
(













532,
021

112
,936

644,957

Attibutable to Equity Holders of the Group
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIESCONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2024 (UNAUDITED)
The attached notes form part of, and are to be read in conjunction with, these financial statements.

12 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2024
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
Page 4
UnauditedAudited
as atas at
DOLLARS IN THOUSANDSNOTE
30/06/2431/12/23
SHAREHOLDERS' EQUITY
Issued capital
3383,266 383,266
Reserves148,781 164,676
Treasury stock
3(26) (26)
Non-controlling interests112,936 114,536
Total equity644,957 662,452
Represented by:
NON CURRENT ASSETS
Property, plant and equipment266,742 263,051
Development properties 235,816 217,221
Investment properties35,646 35,834
Investment in associates2 2

Investment in joint venture44,338 43,943
Total non-current assets582,544 560,051
CURRENT ASSETS
Cash and cash equivalents35,387 11,256
Short term bank deposits26,782 64,075
Trade and other receivables15,422 20,391
Advance to related parties
7
63,495 62,516
Inventories1,689 1,640
Development properties13,203 26,861
Total current assets155,978 186,739
Total assets738,522 746,790

NON CURRENT LIABILITIES
Lease liabilities2
6,988 27,111
Provision for deferred taxation32,609 7,001
Total non-current liabilities59,597 34,112
CURRENT LIABILITIES
Interest-bearing loans and borrowings- 11,968
Trade and other payables29,551 32,348
Trade payables due to related parties
7
2,804 2,318
Lease liabilities251 215
Income tax payable1,362 3,377
Total current liabilities33,968 50,226
Total liabilities93,565 84,338


Net assets644,957 662,452
The attached notes form part of, and are to be read in conjunction with, these financial statements.

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2024 | 13
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
CONDENSED INTERIM STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2024
Page 5
UnauditedUnaudited
6 months6 months
DOLLARS IN THOUSANDSNOTE
to 30/06/24to 30/06/23
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers89,888 52,108
Interest received2,269 3,673
92,157 55,781
Cash was applied to:
Payments to suppliers and employees(62,039) (44,449)
Purchase of development land(6,620)-
Interest paid(95) -
Income tax paid(8,137) (7,083)
(76,891) (51,532)
Net cash inflow from operating activities15,266942,4
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from/(applied to):
Purchase of property, plant and equipment(7,680
)
(5,051)
Purchase of investment property(87) (286)
Proceed from the sale of property, plant and equipment-)3(
(Investments in)/withdrawals from short term bank deposits392,73 948,5
Net cash inflow/(outflow) from investing activities29,526905
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was provided from/(applied to):
Repayment of borrowings(11,968)-
Principal repayment of lease liability(1,086) (1,082)
Dividends paid to shareholders of Millennium & Copthorne
Hotels New Zealand Ltd
6
(4,747) (4,747)
Dividends paid to non-controlling interests (4,138) (3,940)
Net cash outflow from financing activities(21,939))967,9(
Net (decrease)/increase in cash and cash equivalents2
2,853)110,5(
Add opening cash and cash equivalents11,256783,16
Exchange rate adjustment1,278 1,960
Closing cash and cash equivalents35,387633,85
The attached notes form part of, and are to be read in conjunction with, thes e financial s tatem ents.
The attached notes form part of, and are to be read in conjunction with, these financial statements.

14 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2024
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
CONDENSED INTERIM STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2024
Page 6

UnauditedUnaudited
6 months6 months
DOLLARS IN THOUSANDSNOTE
to 30/06/24to 30/06/23
Reconciliation of net profit/(loss) for the period to cash flows from operating activities
Profit/( loss) for the period(10,174) 8,381
Adjusted for non cash items:
Share of loss/(profit) joint venture
9
19 -
(Gain)/loss on sale of fixed assets9 3
Foreign exchange (gain)/loss(285) 144
Depreciation of property, plant & equipment3,581 3,444
Depreciation of right-of-use assets 447 411
Depreciation of investment property275 511
Income tax expense/(credit)31,708 3,085
Adjustments for movements in working capital:
Decrease/(increase) in receivables4,359 (8,055)
Decrease in inventories(49) 35
(Increase)/decrease in development properties(4,787) 1,952
Increase/(decrease) in payables(1,722) 1,262
Increase/(decrease) in related parties117 159
Cash generated from operations23,498 11,332
Interest paid(95)
-
Income tax paid(8,137) (7,083)
Net cash inflow from operating activities15,2664,249
Reconciliation of movement of liabilities to cash flows arising
UnauditedUnaudited
from financing activities
6 months6 months
to 30/06/24to 30/06/23
As at 1 January
11,968 -
Proceeds from borrowings- -
Repayment of borrowings(11,968)-
Financing cash flows
(11,968)-
As at 30 June- -
The atta ched notes form part of, and are to be read in conjunction with, these financial s tatements .
The attached notes form part of, and are to be read in conjunction with, these financial statements.

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2024 | 15
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2024 (UNAUDITED)
Page 6

UnauditedUnaudited
6 months6 months
DOLLARS IN THOUSANDSNOTE
to 30/06/24to 30/06/23
Reconciliation of net profit/(loss) for the period to cash flows from operating activities
Profit/( loss) for the period(10,174) 8,381
Adjusted for non cash items:
Share of loss/(profit) joint venture
9
19 -
(Gain)/loss on sale of fixed assets9 3
Foreign exchange (gain)/loss(285) 144
Depreciation of property, plant & equipment3,581 3,444
Depreciation of right-of-use assets 447 411
Depreciation of investment property275 511
Income tax expense/(credit)31,708 3,085
Adjustments for movements in working capital:
Decrease/(increase) in receivables4,359 (8,055)
Decrease in inventories(49) 35
(Increase)/decrease in development properties(4,787) 1,952
Increase/(decrease) in payables(1,722) 1,262
Increase/(decrease) in related parties117 159
Cash generated from operations23,498 11,332
Interest paid(95)
-
Income tax paid(8,137) (7,083)
Net cash inflow from operating activities15,2664,249
Reconciliation of movement of liabilities to cash flows arising
UnauditedUnaudited
from financing activities
6 months6 months
to 30/06/24to 30/06/23
As at 1 January
11,968 -
Proceeds from borrowings- -
Repayment of borrowings(11,968)-
Financing cash flows
(11,968)-
As at 30 June- -
The atta ched notes form part of, and are to be read in conjunction with, these financial s tatements .
Page 7
1. Significant accounting policies

Millennium & Copthorne Hotels New Zealand Limited is a company domiciled in New Zealand, registered under the
Companies Act 1993 and listed on the New Zealand Stock Exchange. Millennium & Copthorne Hotels New Zealand Limited
(the “Company”) is a Financial Markets Conduct Reporting Entity in terms of Financial Markets Conduct Act 2013 and the
Financial Reporting Act 2013. The condensed interim financial statements of the Comp
any f
or the six months ended 30 June
2024 comprise the Company and its subsidiaries (together referred to as the “Group”). The registered offi ce is located at
level 7, 23 Customs Street East, Auckland, New Zealand.

The principal activities of the Group are ownership and operation of hotels in New Zealand; residential development and sale
of land in New Zealand; ownership and leasing of investment properties in New Zealand and development and sale of
residential units
in Au
stralia.

The condensed interim financial statements were authorised for issuance on 07 August 2024.
(a) Statement of compliance

The condensed interim financial statements have been prepared in accordance with New Zealand Generally Accepted
Accounting Practice (NZ GAAP). They comply with NZ IAS 34
Interim Financial Report ing. The condensed interim financial
statements do not include all of the inf ormation required for full annual financial statements.
The accounting policies
and methods of computation applied by the Group in these condensed interim financial statements
are the same as those applied by the Group in its financial statements for the year ended 31 December 2023.


2. Segment reporting
Segment inf ormation is presented in the condensed interim financial statements in respect of the Group’s reporting segments.
Operating segments are the primary basis of segment reporting. The Group has determined that its chief
opera
ting decision
maker is the Board of Directors on the basis that it is this group which determines the all ocation of resources to segments and
assesses their performance.
Inter-segment pricing is determined on an arm’s length basis. Segment result s include items directly attr ibutable to a segment
as well as those that can be all ocated on a reasonable basis.
Segment capital expenditure is the total cost incu rred during the period to acquire segment asset
s that are expected to be
used for more than one period.
Operating segments
The Group consisted of the follo wing main operating segments:
• Hotel operations, comprising income from the ownership and management of hotels.
• Residential land development, comprising the development and sale of residential land sections.
• Investment property, comprising rental income from the ownership and leasing of retail shops and industrial
warehouse.
• Residential and commercial property development, comprising the development and sale of residential apartments.
Geographical segments
The Group operates in the follo wing main geographic segments:
• New Zealand
• Australia
Segment revenue is based on the geographical locati on of the asset. The Group has no major customer representing
greater than 10% of the Group’s total revenue.

16 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2024
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2024 (UNAUDITED)
Page 8
2. Segment reporting - continued
(a) Operating Segments

Dollars in thousa nds
to 30/06/24 to 30/06/23 to 30/06/24 to 30/06/23 to 30/06/24 to 30/06/23 to 30/06/24 to 30/06/23 to 30/06/24 to 30/06/23
1912,1503,1947,01013,51254,74109,55External revenue2,80363185,31960,051
Earnings before interest,
depreciation, amortisation & tax
587,3738,2778727--317,1053,1591,1067Finance income
(1,088)(1,038)(6)(6)--(1)(1)(1,095)(1 ,045)
(3,574)(3,438)(4)(3)(275)(511)(3)(3)(3,856)(3,955)
Depreciation of right-of-use assets(422)(392)(20)(14)--(5)(5)(447)(411)
Share of profit/(loss) of joint venture(19)-------(19)-
6,5704,0298,1866,2901,0216885,75745921,53411,466
(23,516)(992)(2,265)(1,761)(4,199)(193)(1,728)(139)(31,708)(3,085)
(16,946)3,0375,9214,529(3,178)4954,029320(10,174)8,381
Property, plant and equipment
expenditure
7,7277,470-6---137,7277,489
----87285--87285
Residential land development
expenditure
--11,6262,420----11,6262,420
Purchase of land for residential
land development
--6,620-----6,620-
3 0/06/2431/12/23 3 0/06/2431/12/23 30/06/2431/12/23 3 0/06/2431/12/23 3 0/06/2431/12/23
Cash & cash equivalents and
short term bank deposits
18,46716,98235,85352,159--7,8496,19062,16975,331
--22----22
44,33843
,943------44,33843,943
320,048339,925241,752231,23135,64635,83434,56720,524632,013627,514
38,53646,53293,382706,772058,004358,283Total assets 442,41626,714738,522746,790
(56,050)(68,516)(2,148)(4,053)--(1,396)(1,391)(59,594)(73,960)
(-)319,3()944,1()081()393,7()657,72(Tax liabilities2,122)(1,536)(33,971)(10,378)
9,3()205,5()823,2()909,57()608,38(Total liabilities 13)-(3,518)(2,927)(93,565)(84,338)
10,9137,7026,8664,6001,296
Hotel Operations
Residential Land
Development
Investment Property
Residential Property
Development
Group
1,1995,039(409)24,11413,092
6 m onths6 m onths6 m onths6 m onths6 m onths
As atAs atAs atAs atAs at
Investment in associates
Finance expense
Income tax expense
Other segment assets
Investment in joint venture
Investment property expenditure
Profit/(loss) after income tax
Segment liabilities
Profit before income tax
Depreciation and amortisation
Page 8
2. Segment reporting - continued
(a) Operating Segments

Dollars in thousa nds
to 30/06/24 to 30/06/23 to 30/06/24 to 30/06/23 to 30/06/24 to 30/06/23 to 30/06/24 to 30/06/23 to 30/06/24 to 30/06/23
1912,1503,1947,01013,51254,74109,55External revenue2,80363185,31960,051
Earnings before interest,
depreciation, amortisation & tax
587,3738,2778727--317,1053,1591,1067Finance income
(1,088)(1,038)(6)(6)--(1)(1)(1,095)(1 ,045)
(3,574)(3,438)(4)(3)(275)(511)(3)(3)(3,856)(3,955)
Depreciation of right-of-use assets(422)(392)(20)(14)--(5)(5)(447)(411)
Share of profit/(loss) of joint venture(19)-------(19)-
6,5704,0298,1866,2901,0216885,75745921,53411,466
(23,516)(992)(2,265)(1,761)(4,199)(193)(1,728)(139)(31,708)(3,085)
(16,946)3,0375,9214,529(3,178)4954,029320(10,174)8,381
Property, plant and equipment
expenditure
7,7277,470-6---137,7277,489
----87285--87285
Residential land development
expenditure
--11,6262,420----11,6262,420
Purchase of land for residential
land development
--6,620-----6,620-
3 0/06/2431/12/23 3 0/06/2431/12/23 30/06/2431/12/23 3 0/06/2431/12/23 3 0/06/2431/12/23
Cash & cash equivalents and
short term bank deposits
18,46716,98235,85352,159--7,8496,19062,16975,331
--22----22
44,33843
,943------44,33843,943
320,048339,925241,752231,23135,64635,83434,56720,524632,013627,514
38,53646,53293,382706,772058,004358,283Total assets 442,41626,714738,522746,790
(56,050)(68,516)(2,148)(4,053)--(1,396)(1,391)(59,594)(73,960)
(-)319,3()944,1()081()393,7()657,72(Tax liabilities2,122)(1,536)(33,971)(10,378)
9,3()205,5()823,2()909,57()608,38(Total liabilities 13)-(3,518)(2,927)(93,565)(84,338)
10,9137,7026,8664,6001,296
Hotel Operations
Residential Land
Development
Investment Property
Residential Property
Development
Group
1,1995,039(409)24,11413,092
6 m onths6 m onths6 m onths6 m onths6 m onths
As atAs atAs atAs atAs at
Investment in associates
Finance expense
Income tax expense
Other segment assets
Investment in joint venture
Investment property expenditure
Profit/(loss) after income tax
Segment liabilities
Profit before income tax
Depreciation and amortisation

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2024 | 17
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2024 (UNAUDITED)
Page 9
2. Segment reporting - continued

(b) Geographic Segments
Dolla rs in thousands
External revenue72,51659,42012,80363185,31960,051
Earnings before interest, depreciation,
amortisation & tax
Finance income2,1102,9087278772,8373,785
Finance expense(1,094)(1,044)(1)(1)(1,095)(1,045)
(3,853)(3,952)(3)(3)(3,856)(3,955)
(442)(406)(5)(5)(447)(411)
-)91(-)91(--Share of profit/(loss) of joint venture
1435,12054927,5610,11508,51Profit before income tax1,466
07,13()631()527,1()949,2()389,92(Income tax expense8)(3,085)
413400,4760,8)871,41(Profit/(loss) after income tax(10,174)8,381
Property, plant and equipment expenditure 7,7277,476-137,7277,489
58278--58278Investment property expenditure
11,6262,420--11,6262,420
Purchase of land for residential land
development
6,620---6,620-
Cash & cash equivalents and short term
bank deposits
54,32069,1417,8496,19062,16975,331
22--22Investment in associates
9,34833,44349,34833,44--Investment in joint venture43
438,53646,53--438,53646,53Investment property
3,695587,28509,87598,805264,715Other segment assets67591,680
Total assets 607,430613,872131,092132,918738,522746,790
5()193,1()693,1()965,27()891,85(Segment liabilities9,594)(73,960)
Tax liabilities(31,849)(8,842)(2,122)(1,536)(33,971)(10,378)
Total liabilities(90,047)(81,411)(3,518)(2,927)(93,565)(84,338)
GroupailartsuANew Zealand
19,08413,5105,030(418)24,11413,092
6 months 6 months 6 months
As at
Depreciation of right-of-use asset
Depreciation and amortisation
Residential land development expenditure
to 30/06/24to 30/06/23to 30/06/24to 30/06/23to 30/06/24to 30/06/23
30/06/2431/12/2330/06/2431/12/2330/06/2431/12/23
As atAs at
Page 9
2. Segment reporting - continued

(b) Geographic Segments
Dolla rs in thousands
External revenue72,51659,42012,80363185,31960,051
Earnings before interest, depreciation,
amortisation & tax
Finance income2,1102,9087278772,8373,785
Finance expense(1,094)(1,044)(1)(1)(1,095)(1,045)
(3,853)(3,952)(3)(3)(3,856)(3,955)
(442)(406)(5)(5)(447)(411)
-)91(-)91(--Share of profit/(loss) of joint venture
1435,12054927,5610,11508,51Profit before income tax1,466
07,13()631()527,1()949,2()389,92(Income tax expense8)(3,085)
413400,4760,8)871,41(Profit/(loss) after income tax(10,174)8,381
Property, plant and equipment expenditure 7,7277,476-137,7277,489
58278--58278Investment property expenditure
11,6262,420--11,6262,420
Purchase of land for residential land
development
6,620---6,620-
Cash & cash equivalents and short term
bank deposits
54,32069,1417,8496,19062,16975,331
22--22Investment in associates
9,34833,44349,34833,44--Investment in joint venture43
438,53646,53--438,53646,53Investment property
3,695587,28509,87598,805264,715Other segment assets67591,680
Total assets 607,430613,872131,092132,918738,522746,790
5()193,1()693,1()965,27()891,85(Segment liabilities9,594)(73,960)
Tax liabilities(31,849)(8,842)(2,122)(1,536)(33,971)(10,378)
Total liabilities(90,047)(81,411)(3,518)(2,927)(93,565)(84,338)
GroupailartsuANew Zealand
19,08413,5105,030(418)24,11413,092
6 months 6 months 6 months
As at
Depreciation of right-of-use asset
Depreciation and amortisation
Residential land development expenditure
to 30/06/24to 30/06/23to 30/06/24to 30/06/23to 30/06/24to 30/06/23
30/06/2431/12/2330/06/2431/12/2330/06/2431/12/23
As atAs at

18 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2024
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2024 (UNAUDITED)
Page 10
3. Share capital


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

Balance at 30 June 2023 105,578,290 350,048 52,739,543 33,218
Balance at 30 June 2024 105,578,290 350,048 52,739,543 33,218


Ordinary shares repurchased and
held as treasury stock



- - )62( )745,99( 3202 enuJ 03 ta ecnalaB
- - )62( )745,99( 4202 enuJ 03 ta ecnalaB


Shares issued – fully paid

Balance at 30 June 2023 105,478,743 350,022 52,739,543 33,218
Balance at 30 June 2024 105,478,743 350,022 52,739,543 33,218



At 30 June 2024, the authorised share capital consisted of 105,578,290 ordinary shares (2023: 105,578,290 ordinary shares)
with no par value and 52,739,543 redeemable preference shares (2023: 52,739,543) with no par value.


4. Earnings per share

The basic earnings per share of -7.42 cents (30 June 2023: 3.90 cents) is based on the profit/( loss) attr ibutable to ordinary
shareholders of -$11.7 mill ion (30 June 2023: $6.18 milli on) and weighted average number of ordinary shares and r
edeemable
preference shares outstanding during the period ended 30 June 2024 of 158,218,286 (30 June 2023: 158,218,286).

The redeemable preference shares are included in the computation of earnings per share as they rank equally with ordinary
shares in respect of distributions made by the Company except any distribution in the case of liquidation.

The calculation of dilu ted earnings per share of -7.42 cents (30 June 2023: 3.90 cents) is the same as basic earnings per share.




5. Income tax expense
Recognised in the income statement

Group
Dollars In Thousands

Six months to
30/06/24
Six months to
30/06/23
Current tax expense

Current year 6,132 3,186
Adjustments for prior years (27) -
6,106 3,186

Deferred tax expense


( Origination and reversal of temporary difference158) (101)
Changes in treatment of building depreciation 25,760 -
25,602 (101)
Total income tax expense in the income statement

31,708 3,085

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2024 | 19
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2024 (UNAUDITED)
Page 10
3. Share capital


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

Balance at 30 June 2023 105,578,290 350,048 52,739,543 33,218
Balance at 30 June 2024 105,578,290 350,048 52,739,543 33,218


Ordinary shares repurchased and
held as treasury stock



- - )62( )745,99( 3202 enuJ 03 ta ecnalaB
- - )62( )745,99( 4202 enuJ 03 ta ecnalaB


Shares issued – fully paid

Balance at 30 June 2023 105,478,743 350,022 52,739,543 33,218
Balance at 30 June 2024 105,478,7
43 350,022 52,739,543 33,218



At 30 June 2024, the authorised share capital consisted of 105,578,290 ordinary shares (2023: 105,578,290 ordinary shares)
with no par value and 52,739,543 redeemable preference shares (2023: 52,739,543) with no par value.


4. Earnings per share

The basic earnings per share of -7.42 cents (30 June 2023: 3.90 cents) is based on the profit/( loss) attr ibutable to ordinary
shareholders of -$11.7 mill ion (30 June 2023: $6.18 milli on) and weighted average number of ordinary shares and r
edeemable
preference shares outstanding during the period ended 30 June 2024 of 158,218,286 (30 June 2023: 158,218,286).

The redeemable preference shares are included in the computation of earnings per share as they rank equally with ordinary
shares in respect of distributions made by the Company except any distribution in the case of liquidation.

The calculation of dilu ted earnings per share of -7.42 cents (30 June 2023: 3.90 cents) is the same as basic earnings per share.




5. Income tax expense
Recognised in the income statement

Group
Dollars In Thousands

Six months to
30/06/24
Six months to
30/06/23
Current tax expense

Current year 6,132 3,186
Adjustments for prior years (27) -
6,106 3,186

Deferred tax expense


( Origination and reversal of temporary difference158) (101)
Changes in treatment of building depreciation 25,760 -
25,602 (101)
Total income tax expense in the income statement

31,708 3,085
Page 11
5. Income tax expense - continued
Reconciliation of tax expense
Group
Dollars In Thousands
Six months to
30/06/24
Six months to
30/06/23
Profit before income tax 21,534 11,466
Income tax at the company tax rate of 28% (2023: 28%) 6,030 3,211
Adjusted for:
Tax rate difference (if different from 28% above) 114 10
Non-deductible expenses 1 -
Tax exempt income (170) (135)
Changes in treatment of building depreciation 25,760 -
Under/(over) - provided in prior years (27) -
Total income tax expense
31,708 3,085
Effective tax rate (147%) 27%


Impact of change in tax depreciation

Before 2010, all components of commercial buildi ngs were depreciable for tax purposes. On 28 March 2024, the Taxation
(Annual Rates for 2023-24, Mult inational Tax, and Remedial Matters) legislation was enacted, encompassing a range of
changes to tax legislation including the removal of the tax deduction for depreciat ion on buil ding core of commercial buildings.

As a result of the change in legislat ion, income tax expense and deferred ta
x liability has increased by $25.8m for the six months
ended 30 June 2024.
6. Di vidends

The following dividends were paid during the interim periods:
Group
Dollars In Thousands
Six months to
30/06/24
Six months to
30/06/23


Ordinary dividend: 3.0 cents per qualifying share (2023: 3.0 cents) 747,4 747,4
Supplementary dividend: 0.529412 cents per qualifying share
(2023: 0.529412 cents)

94

98

4,841 4,845

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2024 (UNAUDITED)
20 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2024
Page 12
7. Related party transactions

Millennium & Copthorne Hotels New Zealand Limited is a 75.78% (2023: 75.78%) (economic int erests from both ordinary and
preference shares) owned subsidiary of CDL Hotels Holdings New Zealand Limited which is a wholly owned subsidiary of
Millennium & Copthorne Hotels Ltd in the United Kingdom. The ult imate parent company is Hong Leong Investment Holdings
Pte Limited in Singapore.
At balance date there were related party advances owing from/(owing to)
the fo
llowing related companies:
Group
Dollars In Thousands
Nature of balance 6 months to
30/06/24
6 months to
30/06/23
Trade payables and receivables due to
related parties

Millennium & Copthorne Hotels Limited )690,2( )736,1(Recharge of expenses

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

-

-

-

(102)
Marquee Hotel Holdings Pty Ltd

19,265 -
Marquee Hotel Holdings Pty Ltd - 935,34
Marquee Hotel Holdings Pty Ltd 661 -
CDL Hotels Holdings New Zealand Limited )15( 03 sesnepxe fo egrahceR
)839( sesnepxe fo egrahceR detimiL enO )IVB( HLDC -
CDLH (BVI) One Limited(229) (158)


((2,407)
No debts with related parties were written off or forgiven during the year. Interest at 6.43% was charged on interest bearing
advance during 2024. No int erest was charged for the other payables or on the int erest free advance. The related party advances
to Marquee Hotel Holdings Pty Ltd are unsecured.
During 2024, the Group had the following transactions with relat ed parties:
Group
Dollars In Thousands
6 months
to
30/06/24
6 months
to
30/06/23
Marquee Hotel Holdings Pty Ltd 613 -

CDLHT (BVI) One Ltd
Management, franchise and incentive
646 874income
M&C Reservation Services Ltd (UK)(590) (137)
CDL Hotels Holdings New Zealand
Limited
Accounting support fee received
30 30

8. Capital commitments

As at 30 June 2024, the Group has entered into contractual commitments for capital expenditure and development
expenditure.

Group
Dollars In Thousands
30/06/24 30/06/23
Capital expenditure on property, plant and equipment 270,2 441,4
Development expenditure 10,542 21,471
Capital expenditure on investment properties 11 60
Land purchases 17,100 20,407

31,797 44,010
As at 30 June 2024, the Group had entered into contractual commitments for development expenditure, and construction of
investment properties. Contractual agreements for the purchase of land are subject to a satisfactory outcome of the Group's
due dil igence process, board approval, and OIO approval. Development expenditure represents amounts contracted and
forecast to be incurred in the remainder of 2024 in accordance with the Group’s development programme.
Interest bearing advance
Interest free advance
Interest receivable
Nature of balance
60,691
Rent payment
Interest receivable
Management and marketing support

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2024 (UNAUDITED)
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2024 | 21
Page 13
A joi nt venture is an arrangement in which the Group has joi nt control, over the financial and operating poli cies. They are
accounted for using the equit y method. The financial statements include the Group’s share of the income, expenses and
reserves of the joint venture from the date that joint control commences until the date that joint control ceases. When the Group’s
share of losses exceeds its int erest in an equit y accounted investee, t
he carr
ying amount of that int erest (including any long-
term investments) is reduced to nil and the recognition of further losses is discontinued except to the extent that the Group has
an oblig ation or has made payments on behalf of the joint venture.
During 2023, the Group through Kingsgate Holdings Pty Limited (100% subsidiary) formed a 50:50 joint venture with its Parent
Company to acquire the leasehold assets and the freehold assets of the Sofitel Brisbane Central hotel
in Que
ensland,
Australia. The joi nt venture is Marquee Hotel Holdi ngs Pty Ltd Limited. Within the Marquee Hotel Holdi ngs group, there are six
wholly owned entities. Marquee Hotel Holdings group completed the acquisition of the Sofitel Brisbane Central on 15
December 2023. The hotel is managed by an external hotel management group.

The Group’s share of loss in its joint venture for the period ended 30 June 2024 was $19,016.
Principal Activity
Principal
Place of
Business
Group
interes
t%
202
4
Marquee Hotel Holdings Pty
Limited Australia

100% owned subsidiaries of
Marquee Hotel Holdings Pty
Limited are:

Marquee Brisbane Hotel Pty
Limited
Trustee Company of Marquee Brisbane Hotel
ailartsuA tsurT
Marquee Brisbane Hotel TrustLessee of leasehold assets expiring 30
December 2057

Marquee Brisbane Hotel 2 Pty
Limited
Trustee Company of Marquee Brisbane Hotel
ailartsuA tsurT 2
Marquee Brisbane Hotel 2 TrustLessee of leasehold assets expiring 24 May
ailartsuA 0212


Marquee Hotel Operations Pty
Limited
Trustee Company of Marquee Hotel
Operations Pty Trust
Marquee Hotel Operations Pty
Trust
Hotel Assets and Operations
Australia
Australia
Australia
Investment Holdi ng50.00
9. Investment in joint venture

22 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2024
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2024 (UNAUDITED)
Page 14
9. Investment in joint venture (continued)
Summary financial information for joint venture, not adjusted for the percentage ownership held by the Group:
Group
Dollars In Thousands
As at
30/06/24
As at
31/12/23
Non-current assets 201,809 202,650
Current assets 22,851 27,477
Non-current liabili ties - -
Current liabilit ies (135,985) (142,241)
Net assets (100%) 88,675 87,886
Group’s share (50%) 44,338 43,943
The current assets balance of the joint venture includes a cash and cash equivalents balance of $20.21m. The current
liabilit ies balance of the joint venture includes balances owing to shareholders of $126.3m.
Group

6 months to
30/06/24
Revenue 23,261
Operating profit/(loss) 854
Interest income 317
Interest expense (1,225)
Income tax expense 16
Profit for the year (100%) (38)
Group’s share of profit (50%) 19
Movements in the carrying value of joi nt venture:
Group

As at
30/06/24
Balance at 1 January 43,943
Share of profit for the year (19)
Foreign exchange adjustments 414
Balance at 30 June 44,338
Group

Page 14
9. Investment in joint venture (continued)
Summary financial information for joint venture, not adjusted for the percentage ownership held by the Group:
Group
Dollars In Thousands
As at
30/06/24
As at
31/12/23
Non-current assets 201,809 202,650
Current assets 22,851 27,477
Non-current liabili ties - -
Current liabilit ies (135,985) (142,241)
Net assets (100%) 88,675 87,886
Group’s share (50%) 44,338 43,943
The current assets balance of the joint venture includes a cash and cash equivalents balance of $20.21m. The current
liabilit ies balance of the joint venture includes balances owing to shareholders of $126.3m.
Group

6 months to
30/06/24
Revenue 23,261
Operating profit/(loss) 854
Interest income 317
Interest expense (1,225)
Income tax expense 16
Profit for the year (100%) (38)
Group’s share of profit (50%) 19
Movements in the carrying value of joi nt venture:
Group

As at
30/06/24
Balance at 1 January 43,943
Share of profit for the year (19)
Foreign exchange adjustments 414
Balance at 30 June 44,338
Group
18
HOTELS
NATIONWIDE
Tollfree in NZ call 0800 808 228
www.millenniumhotels.com
PAIHIA
BAY OF

ISLANDS
AUCKLAND
ROTORUA
TAUPO
NEW PLYMOUTH
PALMERSTON NORTH
WAIRARAPA
WELLINGTON
GREYMOUTH
QUEENSTOWN
DUNEDIN
TE ANAU
PREMIUM
COMFORTABLE
LIFESTYLE
GRAND MILLENNIUM HOTELS
MILLENNIUM HOTELS
COPTHORNE HOTELS
KINGSGATE HOTELS
M SOCIAL HOTELS

SUPPORT OFFICE
Level 7, 23 Customs Street East, Auckland CBD, 1011
PO Box 5640, Victoria Street West, Auckland 1142
NATIONAL CONFERENCE OFFICE
Ph: 0800 4 MEETINGS (0800 4 633 846)
Email: meetings@millenniumhotels.co.nz
www.meetingsnz.co.nz
SALES
Email: sales.marketing@millenniumhotels.co.nz
Corporate Sales Auckland Tel: (09) 353 5010
Corporate Sales Wellington Tel: (04) 382 0770
CENTRAL RESERVATIONS
Ph: 0800 808 228
Email: central.reservations@millenniumhotels.co.nz
www.millenniumhotels.com