Millennium & Copthorne Hotels New Zealand Limited/Announcement

MCK FY2024 Results Announcement

Full Year Results23 February 2025MCKConsumer Discretionary

Millennium & Copthorne Hotels New Zealand Limited
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
FIN 1
Consolidated Income Statement
For the year ended 31 December 2024
Group Group
DOLLARS IN THOUSANDS Note 2024 2023
Hotel revenue 109,486 101,072
Rental income 4,028 3,944
Property sales 62,670 40,643
Revenue 176,184 145,659
Cost of sales 3,10 (78,328) (67,879)
Gross profit 97,856 77,780
Other income - 397
Administration expenses 2,3 (29,795) (25,532)
Other operating expenses 2,3 (25,600) (20,501)
Operating profit 42,461 32,144
Finance income 4 5,347 7,700
Finance costs 4 (2,235) (2,444)
Net finance income 3,112 5,256
Share of profit of joint venture, net of tax 24 1,508 73
Profit before income tax 47,081 37,473
Income tax expense 5 (38,293) (10,556)
Profit for the year 8,788 26,917
Attributable to:
Owners of the parent 2,762 21,602
Non-controlling interests 6,026 5,315
Profit for the year 8,788 26,917
Basic and diluted earnings per share (cents) 8 1.75 13.65
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2024
Group Group
DOLLARS IN THOUSANDS 2024 2023
Profit for the year 8,788 26,917
Other comprehensive income
Items that are or may be reclassified to profit or loss
Foreign exchange translation movements 2,226 416
Total comprehensive income for the year 11,014 27,333
Total comprehensive income for the year attributable to :
Owners of the parent 4,988 22,018
Non-controlling interests 6,026 5,315
Total comprehensive income for the year 11,014 27,333

Millennium & Copthorne Hotels New Zealand Limited
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
FIN 2
Consolidated Statement of Changes in Equity
For the year ended 31 December 2024
Group
Attributable to equity holders of the Group
DOLLARS IN THOUSANDS
Share
Capital
Exchange
Reserve
Retained
Earnings
Treasury
Stock Total
Non-
controlling
Interests
Total
Equity
Balance at 1 January 2024 383,266 (980)165,656(26)547,916114,536 662,452
Movement in exchange translation reserve -2,226- - 2,226 -2,226
Total other comprehensive income -2,226- - 2,226 -2,226
Profit for the year --2,762 -2,7626,026 8,788
Total comprehensive income for the year -2,2262,762 -4,9886,026 11,014
Transactions with owners, recorded
directly in equity:
Dividends paid to:
Owners of the parent - - (4,747) -(4,747)-(4,747)
Non-controlling interests - - - - -(4,537)(4,537)
Supplementary dividends - - (94) -(94)-(94)
Foreign investment tax credits - - 94 -94-94
Movement in non-controlling interests
without a change in control - - (242) -(242)965 723
Balance at 31 December 2024 383,266 1,246 163,429 (26)547,915116,990 664,905

Millennium & Copthorne Hotels New Zealand Limited
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
FIN 3
Consolidated Statement of Changes in Equity
For the year ended 31 December 2023
Group
Attributable to equity holders of the Group
DOLLARS IN THOUSANDS
Share
Capital
Exchange
Reserve
Retained
Earnings
Treasury
Stock Total
Non-
controlling
Interests
Total
Equity
Balance at 1 January 2023 383,266 (1,396) 149,175 (26)531,019111,682 642,701
Movement in exchange translation reserve -416- - 416 -416
Total other comprehensive income -416- - 416 -416
Profit for the year --21,602 -21,6025,315 26,917
Total comprehensive income for the year -41621,602 -22,0185,315 27,333
Transactions with owners, recorded
directly in equity:
Dividends paid to:
Owners of the parent - - (4,747) -(4,747)-(4,747)
Non-controlling interests - - - - -(4,324)(4,324)
Supplementary dividends - - (98) -(98)-(98)
Foreign investment tax credits - - 98 -98-98
Movement in non-controlling interests
without a change in control - - (374) -(374)1,863 1,489
Balance at 31 December 2023 383,266 (980)165,656(26)547,916114,536 662,452

Millennium & Copthorne Hotels New Zealand Limited
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
FIN 4
Consolidated Statement of Financial Position
As at 31 December 2024
Group Group
DOLLARS IN THOUSANDS Note 2024 2023
SHAREHOLDERS’ EQUITY
Issued capital 7 383,240 383,240
Reserves 164,675 164,676
Equity attributable to owners of the parent 547,915 547,916
Non-controlling interests 116,990 114,536
TOTAL EQUITY 664,905 662,452
Represented by:
NON CURRENT ASSETS
Property, plant and equipment 9 283,430 263,051
Development properties 10 228,634 217,221
Investment properties 11 36,301 35,834
Investment in associates 2 2
Investment in joint venture 24 46,554 43,943
Total non-current assets 594,921 560,051
CURRENT ASSETS
Cash and cash equivalents 12 39,726 11,256
Short term bank deposits 1,571 64,075
Trade and other receivables 13 23,497 20,391
Advances to related parties 20 65,326 62,516
Inventories 1,771 1,640
Development properties 10 35,454 26,861
Total current assets 167,345 186,739
Total assets 762,266 746,790
NON CURRENT LIABILITIES
Lease liability 22 26,726 27,111
Deferred tax 15 32,718 7,001
Interest-bearing loans and borrowings 14, 26 3,000 -
Total non-current liabilities 62,444 34,112
CURRENT LIABILITIES
Interest-bearing loans and borrowings 14, 26 - 11,968
Trade and other payables 16 30,524 32,348
Trade payables due to related parties 20 1,767 2,318
Lease liability 22 370 215
Income tax payable 2,256 3,377
Total current liabilities 34,917 50,226
Total liabilities 97,361 84,338
NET ASSETS 664,905 662,452
For and on behalf of the board
LS PRESTON, DIRECTOR, SNB HARRISON, MANAGING DIRECTOR,
24 February 202524 February 2025

Millennium & Copthorne Hotels New Zealand Limited
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
FIN 5
Consolidated Statement of Cash Flows
For the year ended 31 December 2024
Group Group
DOLLARS IN THOUSANDS Note 2024 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers 172,358 142,092
Receipts from insurers - 397
Interest received 5,196 8,248
Cash was applied to:
Payments to suppliers and employees
(126,244) (99,843)
Purchases of development land 1 (23,720) (20,407)
Interest paid (175) (104)
Income tax paid (13,738) (10,701)
Net cash inflow from operating activities 13,677 19,682
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was (applied to)/provided from:
Proceeds from the sale of property, plant and equipment 30 387
Purchases of property, plant and equipment 9 (28,448) (13,901)
Purchases of investment property (1,017) (386)
Investment in joint venture 24 -(44,048)
Advance to joint venture 20 -(62,261)
Divestments in short term bank deposits 62,504 47,871
Net cash (outflow)/inflow from investing activities 33,069 (72,338)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was (applied to)/provided from:
Drawdown/(Repayment) of borrowings 14 (8,968) 11,968
Lease payments 22(c) (2,174) (2,161)
Dividends paid to shareholders of Millennium & Copthorne Hotels
New Zealand Ltd 7 (4,747) (4,747)
Dividends paid to non-controlling shareholders (4,537) (4,324)
Net cash inflow/(outflow) from financing activities (20,426) 736
Net increase/(decrease) in cash and cash equivalents 26,320 (51,920)
Add opening cash and cash equivalents 11,256 61,387
Exchange rate adjustment 2,150 1,789
Closing cash and cash equivalents 12 39,726 11,256

Millennium & Copthorne Hotels New Zealand Limited
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
FIN 6
Consolidated Statement of Cash Flows – continued
For the year ended 31 December 2024
Group Group
DOLLARS IN THOUSANDS Note 2024 2023
RECONCILIATION OF NET PROFIT FOR THE YEAR TO CASH FLOWS
FROM OPERATING ACTIVITIES
Profit for the year 8,788 26,917
Adjusted for non-cash items:
Share of profit joint venture (1,508) (73)
Gain on sale of property, plant and equipment
2
(1)(376)
Depreciation of property, plant and equipment and investment property
9, 11
7,751 7,845
Depreciation of Right-Of-Use assets
9
895 850
Unrealised foreign exchange losses (659) 435
Interest expense 2,017 1,956
Income tax expense
5
38,293 10,556
55,576 48,110
Adjustments for movements in working capital:
(Increase) in trade & other receivables (3,106) (5,955)
(Increase) in inventories (131)(231)
(Increase) in development properties (19,618) (15,576)
(Decrease)/ Increase in trade & other payables (1,770) 4,324
(Decrease) in related parties (3,361) (185)
Cash generated from operations 27,589 30,487
Interest paid (175)(104)
Income tax paid (13,738) (10,701)
Cash inflows from operating activities 13,677 19,682
Reconciliation of movement of liabilities to cash flows arising from
financing activities
External borrowings as at 01 January 11,968 -
Proceeds from borrowings 3,000 11,968
Repayment of term loans (11,968) -
Financing cash flows (8,968) 11,968
External borrowings as at 31 December 3,000 11,968

Millennium & Copthorne Hotels New Zealand Limited
Notes to the Consolidated Financial Statements for the year ended 31 December 2024
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
FIN 7
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 the Financial Markets Conduct Act 2013 and the Financial Reporting Act 2013. The financial statements
of the Company for the year ended 31 December 2024 comprise the Company and its subsidiaries (together referred to as the “Group”). The
registered office is located at Level 7, 23 Customs Street East, Auckland, New Zealand.
The principal activities of the Group are ownership and operation of hotels in New Zealand; development and sale of residential land in New
Zealand; investment properties comprising commercial warehousing and retail shops in New Zealand; and development and sale of residential
units in Australia.
(a) Statement of compliance
The financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice (NZ GAAP).
They comply with New Zealand equivalents to International Financial Reporting Standards (NZ IFRSs) as appropriate for Tier 1
profit-oriented entities. The financial statements also comply with International Financial Reporting Standards (IFRSs).
The financial statements were authorised for issuance on 24 February 2025.
(b) Basis of preparation
The financial statements are presented in the Company’s functional currency of New Zealand Dollars, rounded to the nearest
thousand, unless otherwise indicated. They are prepared on the historical cost basis and on a going concern basis.
The preparation of financial statements in conformity with NZ IFRSs requires management to make judgments, estimates and
assumptions that affect the application of the Group’s policies and reported amounts of assets and liabilities, income and expenses.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the
period in which the estimate is revised and in any future period affected.
In particular, information about significant areas of estimation uncertainty and critical judgements in applying accounting policies
that have the most significant effect on the amount recognised in the financial statements are described in Note 21 – Accounting
Estimates and Judgements.
(c)Change in accounting policies and new standards adopted in the year
The accounting policies have been applied consistently to all periods presented in the consolidated financial statements. The Group
adopted all new and amended standards that became effective during the reporting period, specifically FRS-44 New Zealand
Additional Disclosures of Fees for Audit Firms' Services and Amendment to NZ IAS 1 Non-current Liabilities with Covenants. The
accounting policies are now included within the relevant notes to the consolidated financial statements.
Several new and amended standards are effective for annual periods starting after January 1, 2025. The Group has not early
adopted any new or amended standards in preparing the consolidated financial statements. Further details can be found in note 23.
(d) Foreign currency
Foreign currency transactions
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets
and liabilities denominated in foreign currencies at the balance date are translated to New Zealand dollars at the foreign exchange
rate ruling at that date. Foreign exchange differences arising on translation are recognised in the income statement. Non-monetary
assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the
date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are
translated to New Zealand dollars at foreign exchange rates ruling at the dates the fair value was determined.
(e) Insurance proceeds
Compensation from third parties for items of property, plant and equipment that were damaged, impaired, lost or given up is included
in the profit or loss when the compensation becomes virtually certain. Any subsequent purchase or construction of replacement
assets are separate economic events and are accounted for separately.

Millennium & Copthorne Hotels New Zealand Limited
Notes to the Consolidated Financial Statements for the year ended 31 December 2024
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
FIN 8
Significant accounting policies - continued
(f) Revenue
Revenue from sale of goods and services in the ordinary course of business is recognised when the Group satisfies a performance
obligation by transferring control of a promised good or service to the customer. The amount of revenue recognised is the amount
of the transaction price allocated to the satisfied performance obligation.
Revenue represents amounts derived from:
•The ownership, management and operation of hotels: revenue from sale of goods is recognised at the point control is
transferred to the customer (point of sale) and for services provided, over the period the service is provided.
•Income from property rental: recognised on an accruals basis, straight line over the lease period. Lease incentives
granted are recognised as an integral part of the total rental income.
•Income from development property sales: recognised when the customer obtains control (when the title is transferred)
of the property and is able to direct and obtain the benefits from the property. The Group grants settlement terms of up
to 12 months on certain sections as part of the Sale and Purchase agreement for unconditional sales. In some instances,
the acquirers are permitted access to the residential sections for building activities prior to settlement. However, the
acquirer does not obtain substantially all of the remaining benefits of the asset until final settlement of the land and title
has passed.
(f)Pillar 2
The Group has adopted the International Tax Reform – Pillar Two Model Rules – Amendments to NZ IAS 12 approved by the New
Zealand External Reporting Board from the issuance date of 10 August 2023. The amendments provide a temporary mandatory
exception from deferred tax accounting and require new disclosures in the annual financial statements in relation to the
implementation of the Pillar Two Model Rules published by the Organisation for Economic Co-operation and Development. The
Group has applied the exception with immediate effect. The mandatory exception applies retrospectively. The group has a
presence in jurisdictions that have enacted or substantively enacted legislation in relation to the Pillar Two model rules. The
ultimate parent of the group also being captured under the said rule in their country of operation. Refer to income tax note 5 for
detail discussion.

Millennium & Copthorne Hotels New Zealand Limited
Notes to the Consolidated Financial Statements for the year ended 31 December 2024
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
FIN 9
Index
1.Segment reporting
2.Administration and other operating expenses
3.Personnel expenses
4.Net finance income
5.Income tax expense
6.Imputation credits
7.Capital and reserves
8.Earnings per share
9.Property, plant and equipment
10.Development properties
11.Investment properties
12.Cash and cash equivalents
13.Trade and other receivables
14.Interest-bearing loans and borrowings
15.Deferred tax assets and liabilities
16.Trade and other payables
17.Financial instruments
18.Capital and land development commitments
19.Related parties
20.Group entities
21.Accounting estimates and judgements
22.Lease
23.New standard and interpretations issued but not yet adopted
24.Investment in joint venture
25.Non-controlling interests (“NCI”)
26.Subsequent events

Millennium & Copthorne Hotels New Zealand Limited
Notes to the Consolidated Financial Statements for the year ended 31 December 2024
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
FIN 10
1.Segment reporting
Operating segments
The Group consisted of the following main operating segments:
•Hotel operations, comprising income from the ownership and management of hotels.
•Residential land development, comprising the development and sale of residential land sections.
•Residential and commercial property development, comprising the development and sale of residential
apartments.
•Investment property, comprising rental income from the ownership and leasing of retail shops and industrial
warehouses.
The Group has no major customer representing greater than 10% of the Group’s total revenue.
(a)Operating Segments
Hotel Operations
Residential Land
Development
Investment
Property
Residential Property
Development Group
Dollars in thousands
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
External revenue 109,486 101,072 46,313 28,284 2,746 2,494 17,611 13,809 176,184 145,659
Earnings before interest,
depreciation
& amortisation
17,356 19,299 22,255 13,697 2,731 2,473 8,765 5,371 51,107 40,840
Finance income 2,180 2,411 2,381 3,514 - - 786 1,775 5,347 7,700
Finance expense (2,224) (2,429) (9)(12)- - (2)(3)(2,235) (2,444)
Depreciation and amortisation
(7,183) (6,900) (8)(7)(550)(933)(10)(6)(7,751) (7,846)
Depreciation of Right-of-use
assets
(846)(806)(39)(34)- - (10)(10)(895)(850)
Share of profit of Joint venture
1,508 73- - - - - - 1,508 73
Profit before income tax 10,791 11,648 24,580 17,158 2,181 1,540 9,529 7,127 47,081 37,473
Income tax expense
(24,547) (3,179) (6,852) (4,805) (4,528) (431) (2,366) (2,141) (38,293) (10,556)
Profit after income tax (13,756) 8,469 17,728 12,353 (2,347) 1,109 7,163 4,986 8,788 26,917
Cash & cash equivalents and
short term bank deposits
2,599 16,982 33,287 52,159 - - 5,411 6,190 41,297 75,331
Investment in associates - - 2 2 - - - - 2 2
Investment in joint venture
46,555 43,943 - - - - - - 46,555 43,943
Other segment assets
364,960 339,925 259,032 231,231 36,301 35,834 14,119 20,524 674,412 627,514
Total assets 414,114 400,850 292,321 283,392 36,301 35,834 19,530 26,714 762,266 746,790
Segment liabilities
(58,256) (68,516) (2,362) (4,053) - - (1,769) (1,391) (62,387) (73,960)
Tax liabilities (27,720) (7,393) (2,229) (1,449) (4,379) - (646)(1,536)(34,974) (10,378)
Total liabilities
(85,976) (75,909) (4,591) (5,502) (4,379) - (2,415) (2,927) (97,361) (84,338)
Property, plant and equipment
expenditure
27,830 13,821 2 56
- -
616 14 28,448 13,901
Investment property
expenditure
- - - - 1,017 386 - - 1,017 386
Residential land development
expenditure
- - 22,458 10,135
- -
- - 22,458 10,135
Purchase of land for
residential land development
- - 23,720 20,407 - - - - 23,720 20,407

Millennium & Copthorne Hotels New Zealand Limited
Notes to the Consolidated Financial Statements for the year ended 31 December 2024
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
FIN 12
2.Administration and other operating expenses
Group
Dollars In Thousands Note 2024 2023
Depreciation 9, 11 8,646 8,695
Fees incurred for services received from audit firm
Audit fees 475 374
Out of scope audit fees relating to prior year 22 -
Tax Compliance 42 40
Tax Advisory 2 61
Green House Gas reporting assurance 119 -
Strategy support advisory services - 74
Agreed upon procedures 7 -
Directors’ fees 19
392 350
Rental expenses 722 694
Provision for bad debts
Debts written off 25 20
Movement in doubtful debt provision (112) 127
Net loss/ (gain) on disposal of property, plant and equipment 1 (376)
3.Personnel expenses
Group
Dollars In Thousands 2024 2023
Wages and salaries 49,057 44,109
Wage subsidies -(30)
Employee related expenses and benefits 2,004 2,078
Contributions to defined contribution plans 697 625
Increase in liability for long-service leave 30 76
51,788 46,858
Employee long-term service benefits
The Group’s net obligation in respect of long-term service benefits, is the amount of future benefit that employees have earned in
return for their service in the current and prior periods. The obligation is calculated using their expected remuneration and an
assessment of the likelihood that the liability will arise.
4.Net finance income
Recognised in the income statement
Group
Dollars In Thousands 2024 2023
Interest income 4,476 7,700
Foreign exchange gain 871 -
Finance income
5,347 7,700
Interest expense (2.022) (2.009)
Foreign exchange loss (212)(435)
Finance costs (2,234) (2,444)
Net finance income recognised in the income statement 3,112 5,256
Finance income and expenses
Finance income comprises interest income on funds invested, dividend income and foreign currency gains that are recognised in
profit or loss. Interest income is recognised as it accrues, using the effective interest method. Dividend income is recognised in the
income statement on the date the entity’s right to receive payments is established which in the case of quoted securities is the ex-
dividend date.
Finance expenses comprise interest payable on borrowings calculated using the effective interest rate method, interest costs on lease
liability and foreign exchange losses that are recognised in the income statement.

Millennium & Copthorne Hotels New Zealand Limited
Notes to the Consolidated Financial Statements for the year ended 31 December 2024
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
FIN 14
5.Income tax expense - continued
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the
asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be
realised.
Deferred tax assets and deferred tax liabilities are offset only if the Group has a legally enforceable right to set off current tax assets
against current tax liabilities; the Group intends to settle net; and the deferred tax assets and the deferred tax liabilities relate to
income taxes levied by the same taxation authority.
Removal of tax depreciation on commercial and industrial buildings
From the 2020/21 tax year, the Group has been depreciating its commercial and industrial buildings on a 2% diminishing value
basis, following the reinstatement of tax depreciation for buildings with a useful life of 50 years or more as part of the government's
COVID-19: Economic Response Package.
Effective from 1 April 2024, the tax depreciation rate reverted to 0%, impacting the tax value of buildings held from the 2024/25 tax
year onwards. The Group recognises deferred tax on temporary differences at the tax rates expected to apply when these
differences reverse, using the tax rates enacted or substantively enacted at the balance sheet date. The change in tax legislation
effective from 1 April 2024 eliminates the tax base of commercial and industrial buildings, thereby creating a temporary difference
that leads to a deferred tax liability. This liability is recognised unless the initial recognition exemption (IRE) under NZ IAS 12 applies,
which precludes the recognition of deferred tax on initial recognition of an asset or liability in a transaction that is not a business
combination and at the time of the transaction affects neither accounting nor taxable profit and is a non cash item.
Deferred Tax on Buildings
The impact of the removal of tax depreciation on commercial and industrial buildings, which reduced the tax base to nil creating a
significant taxable temporary difference for all the Group’s hotel assets and commercial buildings, classified as either Property,
Plant and Equipment or investment properties, irrespective of their date of acquisition. The recognition of this temporary difference
as a deferred tax liability depends on whether the buildings were acquired through business combination and whether the initial
recognition exception (IRE) in NZ IAS 12 was previously applied.
The change in tax legislation effective from 1 April 2024 eliminates the tax base for these assets, thereby creating a temporary
difference that leads to a deferred tax liability (DTL). As part of recognising the DTL, a one-off tax expense of $25.8m has been
recognised within the year ended 31 December 2024.
Pillar 2
The Group operates in multiple jurisdictions, some of which have enacted or substantively enacted tax legislation to implement the
Pillar Two Model Rules from a date commencing on or after 1 January 2024. Based on the assessment carried out, management
concluded that there is no current tax impact in the Group’s financial statements for the year ended 31 December 2024. The Group
has applied a temporary mandatory exception from deferred tax accounting in respect of the Pillar Two Model Rules and will
account for any top-up tax liabilities arising from the application of the rules as a current tax when it is incurred. Under the Pillar Two
Model Rules, the Group will be required to pay a top-up tax if the effective tax rate per jurisdiction (calculated using the prescribed
approach) is below the 15% minimum rate.
The group continues to monitor and evaluate the domestic implementation of the Pillar Two rules in the jurisdictions in which it
operates. The group's potential exposure to Pillar Two taxes, based on legislation that is enacted or substantively enacted, is not
expected to be material.
6.Imputation credits
The KIN Holdings Group has A$16.13 million (2023: A$13.11 million) franking credits available as at 31 December 2024.
Group
Dollars In Thousands 2024 2023
Imputation credits available for use in subsequent reporting periods 140,351 134,317

Millennium & Copthorne Hotels New Zealand Limited
Notes to the Consolidated Financial Statements for the year ended 31 December 2024
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
FIN 15
7.Capital and reserves
Share capital
Group Group
2024 2024 2023 2023
Shares $000’s Shares $000’s
Ordinary shares issued 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 shares repurchased and held as treasury stock 1
January (99,547) (26) (99,547) (26)
Ordinary shares repurchased and held as treasury stock 31
December (99,547) (26) (99,547) (26)
Total shares issued and outstanding
158,218,286 383,240 158,218,286 383,240
At 31 December 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 redeemable preference shares) with no par
value.
The non-voting redeemable preference shares rank equally with ordinary shares with respect to all distributions made by the
Company (including without limitation, to dividend payments) except for any distributions made in the context of a liquidation of the
Company. The Company reserves the right to the redemption of these preference shares as well as any distributions relating to these
shares and makes no guarantee that these preference shares will be redeemed or that dividends will be paid in respect of these
preference shares.
Repurchase of share capital
When share capital recognised as equity is repurchased, the amount of the consideration paid, including directly attributed costs,
is recognised as a change in equity. Repurchased shares are classified as treasury stock and presented as a deduction from total
equity.
Exchange reserve
The exchange reserve comprises the foreign exchange differences arising from the translation of the financial statements of foreign
operations.
Dividends
The following dividends were declared and paid during the year ended 31 December:
Company
Dollars In Thousands 2024 2023
Ordinary Dividend – 3.0 cents per qualifying share (2023: 3.0 cents) 4,747 4,747
Supplementary Dividend – 0.0053 cents per qualifying share (2023: 0.053 cents) 94 98
4,841 4,845
After 31 December 2024, there will be no dividends declare by the directors.
Dividends and tax
Dividends are recognised as a liability in the period in which they are declared. Additional income taxes that arise from the
distribution of dividends are recognised at the same time as the liability to pay the related dividend.
8.Earnings per share
Basic earnings per share
The calculation of basic earnings per share at 31 December 2024 was based on the profit attributable to ordinary and redeemable
preference shareholders of $2,762,000 (2023: $21,602,000) and weighted average number of shares outstanding during the year
ended 31 December 2024 of 158,218,286 (2023: 158,218,286), calculated as follows:

Millennium & Copthorne Hotels New Zealand Limited
Notes to the Consolidated Financial Statements for the year ended 31 December 2024
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
FIN 17
9.Property, plant and equipment - continued
Initial recording
Items of property, plant and equipment are initially stated at cost. The cost of purchased property, plant and equipment is the value
of the consideration given to acquire the assets and the value of other directly attributable costs, which have been incurred in bringing
the assets to the location and condition necessary for their intended service. Where parts of an item of property, plant and equipment
have different useful lives, they are accounted for as separate items of property, plant and equipment.
Capital expenditure on major projects is recorded separately within property, plant and equipment as capital work in progress. Once
the project is complete the balance is transferred to the appropriate property, plant and equipment categories. Capital work in progress
is not depreciated.
Subsequent measurement
Property, plant and equipment is subsequently measured at cost less accumulated depreciation and impairment losses. The Group
recognises the cost of replacing part of such an item of property, plant and equipment when that cost is incurred if it is probable that
the future economic benefits embodied within the item will flow to the Group and the cost of the item can be measured reliably. All
other costs are recognised in the income statement as an expense as incurred.
Impairment
The Group assesses impairment of non-current tangible assets at each reporting date when there are indicators of impairment. If an
impairment indicator exists, the recoverable amount is estimated at the cash generating unit (“CGU”) or individual asset level. A CGU
is the smallest asset group that generates cash inflows from continuing use that are independent of other assets or cash generating
units “CGU”. Management has determined that each hotel site represents a separate CGU for the purpose of the impairment
assessment, unless separate land titles are not used for generation of cash flows by the hotel the CGU is the equivalent of the hotel
assets recorded as property, plant and equipment. The recoverable amount of assets or CGU is the greater of their fair value less
disposal costs and their value in use. An impairment loss is recognised in the income statement whenever the carrying amount of an
asset or CGU exceeds its estimated recoverable amount.
Market capitalisation is lower than the net assets indicating potential impairment. In response management used judgement to identify
impairment indicators at the CGU or individual material asset level including using thresholds to identify hotels with smaller headroom
based on prior valuations, and the hotels performance being below expectation among other factors. Indicators of impairment were
identified with reference to the individual hotels trading conditions and independent valuations.
The recoverable amounts of the Group’s CGUs or individual assets are based on fair value less cost of disposal or value in use
determined by an independent valuer. In 2024 the recoverable amount of the CGU was determined by independent appraiser Colliers
and Bower valuations Limited and in 2023 recoverable amount was determined by internal review conducted by management and
supplemented by external review on selected hotels by an independent registered valuer Bower Valuations Limited.
The valuation methods used require the independent appraiser to make a number of assumptions including estimating the future
cash flows expected to arise from the cash-generating units, suitable discount, capitalisation and square meter rates, as well as value
per room, to determine the recoverable value.
Valuation methodologies used are explained below:
Income capitalisation method Capitalisation methodology converts short term earnings derived from a property into value.
The central premise of this approach is that the adopted capitalisation rate is derived from
the yields indicated by sales of similar property investments. The yields derived from
comparable sales evidence are purported to reflect any expectations of future growth in
income and capital value.
Discounted cash flow method The discounted cashflow analysis (DCF) is based on the concept that an investment value is
the time adjusted value of future cashflows which can be obtained from an asset. This
requires explicit assumptions to be made regarding prospective income and expenses,
including occupancy and average daily rate, as well as timing and duration of cash flows over
the holding period. A five (5) year horizon with a terminal value has been adopted by Colliers
and Bower Valuations Limited to reflect the sustainable earnings profile of the asset.
Sales comparison approach Fair value is determined by applying positive and negative adjustments to recently transacted
assets of a similar nature
The property valuations require the use of judgements specific to the properties, as well as consideration of the prevailing market
conditions. As at 31 December 2024, the hotel property market and economy, were impacted by the economic uncertainty resulting
from high interest rates, inflation and geopolitical unrest, slower global growth, recession as well as continued recovery of international
travel from COVID 19. Significant assumptions used in the valuation are inherently subjective and in times of economic uncertainty
the degree of subjectivity maybe higher than it might otherwise be. Key estimates and judgements are influenced by these
uncertainties. As at the date of valuation, there remains a lower number of recent hotel sales transactions, which increases the
uncertainty around valuation conclusions. A difference in the key assumptions, when aggregated, could result in a significant change
to the valuation of a property.
The assumptions and judgements applied in the estimation of the recoverable amounts of all CGUs correspond to Level 3 category
of NZ IFRS 13 fair value hierarchy. The key unobservable inputs that required significant estimation and judgements are presented
below:

Millennium & Copthorne Hotels New Zealand Limited
Notes to the Consolidated Financial Statements for the year ended 31 December 2024
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
FIN 18
9.Property, plant and equipment – continued
Key valuation
input
Range of valuation input value Measurement of sensitivity on
valuation
2024 2023
Increase in the
input
Decrease in the
input
Occupancy rate 59% - 83% 64% - 85% Higher Lower
Average daily
rate
$185 - $214 $166 - $271 Higher Lower
Rev PAR* $121 - $177 $118 - $231 Higher Lower
Discount rate 10% - 12% 8% - 11% Lower Higher
Capitalization rate 9% - 11% 7% - 10% Lower Higher
SQM rate 449 420 Lower Higher
* Revenue per Available Room – a hospitality metric combining average room rate and occupancy rate.
Two hotel assets were considered sensitive to impairment:
•The recoverable amount of one of the hotel assets was determined on a highest and best use, being fair value of the land
less demolition costs using comparative land sales data. The fair value of this hotel asset exceeded its carrying value by
$0.9 million and is considered to be sensitive to impairment from a reasonably possible change in square metre rate.
•The recoverable amount of one of the hotel assets had a carrying value equivalent to its recoverable amount of $15.2
million. Any material change in key assumptions (listed in the above table) would therefore result in an impairment.
Management and the directors believe that the key assumptions used, and estimates made, represent the most realistic assessment
of each CGU.
Depreciation
Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost to their residual
values over their estimated useful lives, as follows:
•Building core50 years or lease term if shorter
•Building surfaces and finishes30 years or lease term if shorter
•Plant and machinery15 - 20 years
•Furniture and equipment10 years
•Soft furnishings5 - 7 years
•Computer equipment5 years
•Motor vehicles4 years
No residual values are ascribed to building surfaces and finishes. Residual values ascribed to building core depend on the nature,
location and tenure of each property. Depreciable values ascribed to building core range between 10% to 24% of the building core.
Disposal or retirement
Gains or losses arising from the disposal or retirement of property, plant and equipment are determined as the difference between
the actual net disposal proceeds and the carrying amount of the asset and are recognised in the income statement on the date of
retirement or disposal.
Right of use assets
The accounting policy for right of use asset is disclosed in Note 22.
Pledged assets
A total of three (2023: three) hotel properties with a total book value of $83.25 million (2023: $75.33 million) are pledged to the bank
as security against the loan facility disclosed in Note 14.
Climate-related disclosure
The Group continues to assess the impact of climate change on its business and its tangible assets. Climate change poses
significant risks and challenges for the hotel industry and for the land development industry (residential and commercial), as it
affects the physical, operational, and financial aspects of hotel properties. Extreme weather events, such as floods, storms,
heatwaves, and droughts, can damage the hotel infrastructure, disrupt the supply chain, reduce the occupancy and revenue, and
increase the insurance and maintenance costs. While hotel investors, managers, and owners are increasingly cognisant of the
climate-related impacts on their properties, the investment community have yet to price in the climate-related impacts on the asset
values. This means that the current market value of hotel properties may not reflect the potential losses or gains associated with
their exposure to climate risks or their adoption of sustainability measures, decarbonisation initiatives, and sound environmental
stewardship. While valuers have made no explicit adjustments to the recoverable amount of the selected properties in respect of
climate change matters, it is anticipated that climate change may have a greater influence on valuations in the future as investment
markets place a greater emphasis on climate change and a property's environmental resilience and credentials. Known climate
risks are reflected in the adopted capitalisation and discount rates.

Millennium & Copthorne Hotels New Zealand Limited
Notes to the Consolidated Financial Statements for the year ended 31 December 2024
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
FIN 19
10.Development properties
Group
Dollars In Thousands 2024 2023
Development land 251,445 224,540
Residential development 12,643 19,542
264,088 244,082
Less expected to settle within one year (35,454) (26,861)
228,634 217,221
Development land recognised in cost of sales 19,274 10,926
Residential development recognised in cost of sales 7,381 6,052
Development properties are recognised and measured in accordance with NZ IAS 2 Inventories. They are carried at the lower of cost
and net realisable value. Cost includes the cost of acquisition, development, and holding costs such as interest. Interest and other
holding costs incurred after completion of development are expensed as incurred. All holding costs are written off through profit or
loss in the year incurred with the exception of interest holding costs which are capitalised during the period when active development
is taking place. No interest (2023: nil) has been capitalised during the year.
Residential development at balance date consists of the residential development known as Zenith Residences in Sydney, Australia.
The Group’s inventory of development property is reviewed at each balance date to ensure its carrying amount is recorded at the lower
of its cost and net realisable value. The net realisable value of the development property is the estimated selling price in the ordinary
course of business less the estimated costs of completion and costs necessary to make the sale. The determination of net realisable
value of inventory involves estimates taking into consideration prevailing market conditions, current prices and expected date of
commencement and completion of the project, the estimated future selling price, cost to complete projects and selling costs. An
impairment loss is recognised in the income statement to the extent that the carrying value of development property exceeds its
estimated net realisable value.
The fair value of development property held at 31 December 2024 was determined by an independent registered valuer, DM Koomen
SPINZ of Extensor Advisory Limited. The fair value is determined to estimate the net realisable value. The net realisable value as
determined by the independent registered valuer, exceeds the carrying value of development property.
11.Investment properties
Group
Investment properties consist of commercial warehousing at Wiri in Auckland, retail shops at Prestons Park in Christchurch, and retail
shops at Stonebrook in Rolleston which are fully operational. The fair value of investment properties held at 31 December 2024 was
determined by an independent registered valuer, DM Koomen SPINZ of Extensor Advisory Limited as $65.1 million (2023: $62.7
million).
Dollars In Thousands Freehold Land Buildings
Work In
Progress Total
Cost
Balance at 1 January 2023 659 36,330 - 36,989
Transfers between categories - 386 (386) -
Additions - - 386 386
Balance at 31 December 2023 659 36,716 - 37,375
Balance at 1 January 2024 659 36,716 - 37,375
Transfers between categories - - - -
Additions - - 1,017 1,017
Balance at 31 December 2024 659 36,716 1,017 38,392
Depreciation and impairment losses
-,-(88,351)
Balance at 1 January 2023 -608-608
Depreciation charge for the year - 933 - 933
Balance at 31 December 2023 - 1,541 - 1,541
Balance at 1 January 2024 - 1,541 - 1,541
Depreciation charge for the year - 550 - 550
Balance at 31 December 2024 - 2,091 - 2,091
Carrying amounts
At 1 January 2024 659 35,175 - 35,834
At 31 December 2024 659 34,625 1,017 36,301

Millennium & Copthorne Hotels New Zealand Limited
Notes to the Consolidated Financial Statements for the year ended 31 December 2024
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
FIN 21
13.Trade and other receivables
Group
Dollars In Thousands 2024 2023
Trade receivables 9,594 9,728
Less provision for doubtful debts (86) (206)
Other trade receivables and prepayments 13,989 10,869
23,497 20,391
Trade and other receivables are stated at their cost less impairment losses. The carrying amounts of the trade receivables, other
trade receivables, and prepayments are reviewed at each balance date to determine whether there is any indication of impairment.
The Group applies the simplified approach to providing for expected credit losses prescribed by NZ IFRS 9, which permits the use of
the lifetime expected credit loss provision for all trade receivables. The allowance for doubtful debts on trade receivables are either
individually or collectively assessed based on number of days overdue. The Group takes into account the historical loss experience
and incorporates forward looking information and relevant macroeconomic factors
14.Interest-bearing loans and borrowings
This note provides information about the contractual terms of the Group’s interest-bearing loans and borrowings. For more information
about the Group’s exposure to interest rate and foreign currency risk, see Note 17.
Group
Dollars in
Thousands Currency
Interest
Rate Facility Total
31 December 2024 31 December 2023
Face Value
Carrying
Amount Face Value
Carrying
Amount
Revolving credit NZD 5.42% 115,000 3,000 3,000 10,000 10,000
Overdraft NZD 5.42% 5,000 - - 1,968 1,968
TOTAL 120,000 3,000 3,000 11,968 11,968
Current - - 11,968 11,968
Non-current 3,000 3,000 - -
Terms and debt repayment schedule
The Group has adopted classification of liabilities as current or non-current (amendments to NZIAS 1) from 1 January 2024.The bank
facilities are secured over hotel properties with a carrying amount of $83.25 million (2023: $75.33 million) – refer to Note 9. The Group
facilities were renewed on 22 December 2023 with a new maturity date of 31 January 2027. The Group has complied with the bank
covenants. The interest-bearing borrowings were classified as non-current as the Group has an existing right to defer settlement of
the loan for at least 12 months after the reporting period.
Interest-bearing loans and borrowings
Interest-bearing loans and borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial
recognition, interest-bearing loans and borrowings are stated at amortised cost with any difference between cost and redemption
value being recognised in the income statement over the period of the borrowings on an effective interest basis.
15.Deferred tax assets and liabilities
Deferred tax is recognised in respect of the temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: goodwill
not deductible for tax purposes; the initial recognition of assets or liabilities that neither affect accounting nor taxable profit; and
differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The
amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and
liabilities, using tax rates enacted or substantively enacted at the balance date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the
asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be
realised.
Deferred tax assets and deferred tax liabilities are offset only if the Group has a legally enforceable right to set off current tax assets
against current tax liabilities; the Group intends to settle net; and the deferred tax assets and the deferred tax liabilities relate to
income taxes levied by the same taxation authority.
Impact of change in tax depreciation
In 2020 as part of the response to the Covid-19, all components of commercial buildings were able to be depreciated for tax
purposes. On 28 March 2024, the Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) legislation was
enacted, encompassing a range of changes to tax legislation including the removal of the tax deduction for depreciation on building
core of commercial buildings. As a result of the change in legislation, income tax expense and deferred tax liability has increased
by $25.8m for the year.

Millennium & Copthorne Hotels New Zealand Limited
Notes to the Consolidated Financial Statements for the year ended 31 December 2024
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
FIN 22
15.Deferred tax assets and liabilities - continued
Recognised deferred tax assets and liabilities
Deferred tax assets and liabilities are attributable to the following:
Group
Assets Liabilities Net
Dollars In Thousands 2024 2023 2024 2023 2024 2023
Property, plant and
equipment (includes Right of
use assets)
- - 39,142 17,481 39,142 17,481
Investment property - - 4,379 345 4,379 345
Development properties (750) (212) - - (750)(212)
Accruals (147) (474) - - (147)(474)
Employee benefits (1,999) (2,074) - - (1,999) (2,074)
Lease liability (7,586) (7,651) - - (7,586) (7,651)
Trade and other payables (1,247) (1,297) - - (1,247) (1,297)
Net investment in foreign
operations - - 926 883 926 883
Net tax (assets) / liabilities (11,729) (11,708) 44,447 18,709 32,718 7,001
Movement in deferred tax balances during the year
Group
Dollars In Thousands
Balance
1 Jan 23
Recognised
in Income
Recognised
in equity
Balance
31 Dec 23
Property, plant and equipment (includes Right of use
assets) 19,776 (2,295) -17,481
Investment property 157 188 - 345
Development properties (388)179(3)(212)
Accruals (454)(18)(2)(474)
Employee benefits (1,715) (359)- (2,074)
Lease liability (7,193) (458)- (7,651)
Trade and other payables (1,342) 45 -(1,297)
Net investment in foreign operations 876 - 7 883
9,717 (2,718) 2 7,001
Movement in deferred tax balances during the year
Group
Dollars In Thousands
Balance
1 Jan 24
Recognised in
Income
Recognised
in equity
Balance
31 Dec 24
Property, plant and equipment (includes Right of use
assets) 17,481 21,661 -39,142
Investment property 345 4,034 -4,379
Development properties (212)(538)-(750)
Accruals (474) 327 -(147)
Employee benefits (2,074) 75 -(1,999)
Lease liability (7,651) 65 -(7,586)
Trade and other payables (1,297) 50 -(1,247)
Net investment in foreign operations 883 28 15 926
7,001 25,702 15 32,718
16.Trade and other payables
Group
Dollars In Thousands 2024 2023
Trade payables 3,948 2,790
Employee entitlements 7,518 7,652
Non-trade payables and accrued expenses 19,058 21,906
30,524 32,348
Trade and other payables are stated at amortised cost.
17.Financial instruments
The Group only holds non-derivative financial instruments which comprise cash and cash equivalents, trade and other receivables,
trade receivables due from related parties, related party advances, secured bank loans, trade and other payables and trade payables
due to related parties.
Non-derivative financial instruments are recognised initially at fair value plus, for instruments not at fair value through the income
statement, any directly attributable transaction costs. Subsequent to initial recognition non-derivative financial instruments are
measured as described in accounting policies below.

Millennium & Copthorne Hotels New Zealand Limited
Notes to the Consolidated Financial Statements for the year ended 31 December 2024
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
FIN 27
20.Group entities - continued
Subsidiaries
Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has rights to, variable
returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial
statements of subsidiaries are included in the financial statements from the date that control commences until the date that control
ceases.
Transactions eliminated on consolidation
Intra-group balances and any unrealised gains and losses or income and expenses arising from intra-group transactions, are
eliminated in preparing the financial statements. Unrealised gains arising from transactions with jointly controlled entities are
eliminated to the extent of the Group’s interest in the entity. Unrealised losses are eliminated in the same way as unrealised gains,
but only to the extent that there is no evidence of impairment.
21.Accounting estimates and judgements
Management discussed with the Audit Committee the development, selection and disclosure of the Group’s critical accounting policies
and estimates and the application of these policies and estimates.
Critical accounting judgements in applying the Group’s accounting policies
Certain critical accounting judgements in applying the Group’s accounting policies are described below.
Development property
The Group is also exposed to a risk of impairment to development properties should the carrying value exceed the net realisable
value due to market fluctuations in the value of development properties. However, there is no indication of impairment as the net
realisable value of development properties significantly exceed the carrying value determined by an independent registered valuer.
The valuer adopts the Sales Comparison Approach to determine rates per hectare/per square metre for block land holdings in addition
to recent section sales to derive the gross realisation values. The net realisable values are determined from gross realisation values
after deducting appropriate selling costs.
For residential land under development and is yet to commence development in the short term, the valuer adopts the Residual
Subdivision Approach. This approach considers the gross realisation values of the sections less costs associated with development
including GST, sales commissions, legal fees, civil and development costs including Council contributions, professional fees, and
contingency allowances. In addition, holding costs are deducted for the estimated timing of development and sell down periods.
In both valuation approaches, the valuer makes assumptions relating to section prices, sell down periods, consumer confidence,
unemployment rates, interest rates, and external economic factors. These assumptions are sensitive to economic factors such as net
migration, Official Cash Rate set by the Reserve Bank, inflation, residential market activity, and business confidence.
Investment property
The Group is also exposed to a risk of impairment to investment properties should the carrying value exceed the recoverable amount
due to market fluctuations in the value of investment properties. However, there is no indication of impairment as the recoverable
amount determined by an independent registered valuer significantly exceeds the carrying value of investment properties. In
determining the recoverable amount, the valuer adopts the Income Capitalisation Approach whereby the assessed market rent for
each asset is capitalised in perpetuity from the valuation date at an appropriate capitalisation rate, and uses the discounted cash flow
and depreciated replacement cost approaches to corroborate. The adopted capitalisation rate reflects the nature, location, and
tenancy profile of the property together with current market investment criteria as evidenced by recent sales. The recoverable amount
is sensitive to movements in the adopted capitalisation rate and the market rent.
Property, plant, and equipment
The Group determines whether tangible fixed assets are impaired when indicators of impairments exist or based on the annual
impairment assessment. The annual assessment requires an estimate of the recoverable value of the cash generating units to which
the tangible fixed assets are allocated, which is predominantly at the individual hotel site level. The recoverable amounts of the
Group’s cash generating units or individual assets are based on fair value less cost of disposal or value in use determined by an
independent valuer. The valuation methods used require the independent appraiser to make a number of assumptions including
estimating the future cash flows expected to arise from the cash-generating units, suitable discount, capitalisation and square meter
rates, as well as value per room, to determine the recoverable value.
22.Lease
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the
contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess
whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in NZ IFRS 16.
This policy is applied to contracts entered into, on or after 1 January 2019.
At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the
contract to each lease component on the basis of its relative stand-alone prices.
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset was
recognised at cost on initial recognition, which comprised the initial amount of the lease liability adjusted for any lease payments
made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove
the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.

Millennium & Copthorne Hotels New Zealand Limited
Notes to the Consolidated Financial Statements for the year ended 31 December 2024
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
FIN 29
22(c) Schedule of lease liabilities by class
Dollars In
Thousands Lease term
Carrying
value @
01/01/24
Interest
expense
for the year
Addition
during the
year
Disposal
during the
year
Lease
payment for
the year
Carrying
value @
31/12/24
Land sites at
hotels
Renewal at 21
year cycles for
perpetuity 20,931 1,281 - - (1,323) 20,889
Corporate office
building and
hotel carpark
Between 5 to
23 years 5,688 549 5 - (530) 5,712
Motor vehicles
Between 12 to
45 months 707 66 52 (9) (321) 495
Totals 27,326 1,896 57 (9) (2,174) 27,096
22(d) Exemptions and exclusions
Exempted were motor vehicle leases shorter than 12 months and leased assets with value below $8,000. Excluded were variable
rentals and lease payments. The following table summarizes these leases by class:
Dollars In Thousands
Expense
recognised in
the Profit & Loss
Lease
commitments @
31/12/24
Lease
commitments
within one year
Lease
commitments
between one
and 5 years
Lease
commitments
more than 5
years
Short term leases <12
months 112 112 112 - -
Low value leased assets 23 56 14 42 -
Variable lease payments
under service and
management contracts 587 13,867 577 2,309 10,981
Total 722 14,036 703 2,351 10,981
23.New standard and interpretations issued but not yet adopted
A number of amended standards are effective for annual periods beginning after 1 January 2025 and earlier application is permitted.
The Group has not early adopted any new or amended standards in preparing the consolidated financial statements.
The Group is in the process of finalising the evaluation of impact from the following new and amended standards, including changes
in the Presentation and Disclosure in Financial Statements in line with NZ IFRS 18. The Group does not expect material financial
impact from these new and amended standards but note this may change the presentation and disclosures of the consolidated
financial statements.
•Amendments to NZ IAS21 Lack of Exchangeability.
•Amendments to NZ IFRS 9 and NZ IFRS 7 Classification and Measurement of Financial Instruments.
•Annual Improvements to NZ IFRS Accounting Standards – Volume 11.
•NZ IFRS 18 Presentation and Disclosure in Financial Statements.
•IFRS 19 Subsidiaries without Public Accountability: Disclosures.
•Amendments to NZ IFRS 10 and NZ IAS 28 Sale or Contribution of Assets between an Investor and its Associate or
Joint Venture
24.Investment in joint venture
A joint venture is an arrangement in which the Group has joint control, over the financial and operating policies. They are accounted
for using the equity 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 interest in an equity accounted investee, the carrying amount of that interest (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 obligation or has made payments
on behalf of the joint venture.
During the previous year, 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 Queensland,
Australia. The joint venture is Marquee Hotel Holdings Pty Limited. Within the Marquee Hotel Holdings 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 profit in its joint venture for the year was $1.508m (2023: $0.073m).

Millennium & Copthorne Hotels New Zealand Limited
Notes to the Consolidated Financial Statements for the year ended 31 December 2024
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
FIN 30
24.Investment in joint venture – continued
Principal Activity
Principal
Place of
Business
Group
Holding
%
2023
Marquee Hotel Holdings Pty Limited Investment Holding Australia 50.00
100% owned subsidiaries of Marquee
Hotel Holdings Pty Limited are:
Marquee Brisbane Hotel Pty Limited Trustee Company of Marquee Brisbane Hotel Trust Australia
Marquee Brisbane Hotel Trust Lessee of leasehold assets expiring 30 December 2057 Australia
Marquee Brisbane Hotel 2 Pty Limited Trustee Company of Marquee Brisbane Hotel 2 Trust Australia
Marquee Brisbane Hotel 2 Trust Lessee of leasehold assets expiring 24 May 2120 Australia
Marquee Hotel Operations Pty Limited Trustee Company of Marquee Hotel Operations Pty Trust Australia
Marquee Hotel Operations Pty Trust Hotel Assets and Operations Australia
Summary financial information for joint venture, not adjusted for the percentage ownership held by the Group:
Group Group
Dollars In Thousands 2024 2023
Non-current assets 203,903 202,650
Current assets 26,112 27,477
Non-current liabilities (1,382) -
Current liabilities (135,525) (142,241)
Net assets (100%) 93,108 87,886
Group’s share (50%) 46,554 43,943
The current assets balance of the joint venture includes a cash and cash equivalents balance of $21.74m (2023:$26.12m). The
current liabilities balance of the joint venture includes balances owing to shareholders of $125.87m (2023:$124.5m).
Group Group
2024 2023
Revenue 53,470 2,142
Operating profit/(loss) 6,074 (175)
Interest (expense)/income (1,756) 384
Income tax expense (1,301) (63)
Profit for the year (100%) 3,017 146
Group’s share of profit (50%) 1,508 73
Movements in the carrying value of joint venture:
Group Group
2024 2023
Balance at 1 January
43,943 -
Purchase of investment
- 44,048
Share of profit for the year
1,508 73
Foreign exchange adjustments
1,103 (178)
Balance at 31 December
46,554 43,943
25.Non-controlling interests (“NCI”)
The following subsidiary has material NCI.
Principal Activity
Principal
Place of
Business
Holding %
2024
Holding %
2023
CDL Investments New Zealand Limited “CDI”
Property Investment and
Development NZ 34.69 34.46
The following is the summarised financial information for CDL Investments New Zealand Limited and subsidiary. The information is
before intercompany eliminations with other companies in the Group.

Millennium & Copthorne Hotels New Zealand Limited
Notes to the Consolidated Financial Statements for the year ended 31 December 2024
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
FIN 31
25.Non-controlling interests (“NCI”) - continued
CDI Group
Dollars In Thousands 2024 2023
Revenue 49,059 30,779
Profit after tax 15,381 13,463
Profit attributable to NCI 5,336 4,639
Other comprehensive income - -
Total comprehensive income 15,381 13,463
Other comprehensive income attributable to NCI
5,336 4,639
Current assets
70,172 80,244
Non-current assets 258,450 238,984
Current liabilities (4,593) (5,162)
Non-current liabilities (4,377) (341)
Net assets 319,652 313,725
Net assets attributable to NCI 110,887 108,110
CDI Group
Dollars In Thousands 2024 2023
Cash outflow from operating activities (8,129) (10,309)
Cash inflow/(outflow) from investing activities 48,497 (10,325)
Cash outflow from financing activities (9,724) (8,874)
Net increase/(decrease) in cash and cash equivalents 30,644 (29,508)
Dividends paid to NCI during the year 3,507 3,437
26.Subsequent events
The acquisition of the Mayfair Hotel Christchurch was completed on 22 January 2025. This was a freehold acquisition of the existing
67 room hotel which was originally opened mid-2022 and located at 155 Victoria Street, Christchurch for $31.9m. Refer also the NZX
announcement made 22 January 2025.
Post balance date, the purchase of 6.5 hectares of land for $13.3 million in Hamilton was settled during January 2025. The settlement
will be recognised as an increase in land classified as development property in 2025.
On 10 February 2025, Millennium & Copthorne Hotels New Zealand Limited (MCK) received a takeover offer from CDL Hotels
Holdings New Zealand Limited (CDLHH NZ) for $2.25 per share for all shares not already held by CDLHH NZ, which currently holds
75.8% of MCK’s shares. The MCK Independent Directors considered the offer too low and inadequate, as it did not reflect the value
of MCK’s assets and recovery potential. They advised shareholders to take no action until the Target Company Statement, including
an independent assessment by Northington Partners Limited, is published on 24 February 2025. The offer is conditional and must
remain open until at least 8 May 2025.
The offer includes a condition preventing MCK from declaring or paying a dividend from 20 January 2025 until the offer is unconditional
or lapses. Despite MCK's Independent Committee requesting a waiver to allow a final dividend for the 2024 financial year, CDLHH
NZ did not agree. Consequently, MCK will not declare a final dividend for 2024.

© 2025 KPMG, a New Zealand Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,
a private English company limited by guarantee. All rights reserved.

Document classification: KPMG Public

Independent Auditor’s Report
To the Shareholders of Millennium & Copthorne Hotels New Zealand Limited (Group)
Report on the audit of the consolidated financial statements
Opinion
We have audited the accompanying consolidated
financial statements which comprise:
the consolidated statement of financial position as
at 31 December 2024;
the consolidated income statement, statements of
comprehensive income, changes in equity and
cash flows for the year then ended; and
notes, including material accounting policy
information and other explanatory information.

In our opinion, the accompanying consolidated
financial statements of Millennium & Copthorne
Hotels New Zealand Limited (the Company) and its
subsidiaries (the Group) on pages 1 to 31 present
fairly in all material respects:
the Group’s financial position as at 31
December 2024 and its financial
performance and cash flows for the year
ended on that date;
In accordance with New Zealand
Equivalents to International Financial
Reporting Standards (NZ IFRS) issued by
the New Zealand Accounting Standards
Board and the International Financial
Reporting Standards issued by the
International Accounting Standards Board.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)). We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We are independent of Millennium & Copthorne Hotels New Zealand Limited in accordance with Professional and
Ethical Standard 1 International Code of Ethics for Assurance Practitioners (Including International Independence
Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board and the
International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants
(including International Independence Standards) (IESBA Code), as applicable to audits of financial statements of
public interest entities. We have also fulfilled our other ethical responsibilities in accordance with Professional and
Ethical Standards 1 and the IESBA Code.
Our responsibilities under ISAs (NZ)(Revised) are further described in the Auditor’s responsibilities for the audit of
the consolidated financial statements section of our report.
Our firm has provided other services to the Group in relation to agreed upon procedures, tax compliance, taxation
advisory and limited assurance services in respect of Green House Gas Emissions reporting. Subject to certain
restrictions, partners and employees of our firm may also deal with the Group on normal terms within the ordinary
course of trading activities of the business of the Group. These matters have not impaired our independence as
auditor of the Group. The firm has no other relationship with, or interest in, the Group.

Materiality
The scope of our audit was influenced by our application of materiality. Materiality helped us to determine the
nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually and
on the consolidated financial statements as a whole. The materiality for the consolidated financial statements as a
whole was set at $4.75m determined with reference to a benchmark of the Group’s total assets. We chose the
benchmark because, in our view, this is a key measure of the Group’s performance.

Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the consolidated financial statements in the current period. We summarise below those matters and our key audit
procedures to address those matters in order that the Shareholders as a body may better understand the process
by which we arrived at our audit opinion.
Our procedures were undertaken in the context of and solely for the purpose of our audit opinion on the
consolidated financial statements as a whole and we do not express discrete opinions on separate elements of the
consolidated financial statements.
The key audit matter How the matter was addressed in our audit
Impairment of hotel assets
Refer to Note 9 to the financial
statements.
Impairment of hotel assets is a key audit
matter given the magnitude of the
balance (hotel assets being 37% of total
assets), conditions that indicate potential
impairment and the judgement required
by us in assessing the group’s key
valuation assumptions to determine the
value of specific hotel assets.
The recoverable amount of hotel assets
was determined by an external valuer.
We focused on the key assumptions in
the valuation models including the
projected occupancy rates, average
daily room rates (ADRs), discount rates,
terminal capitalisation rates,
capitalisation rates and square metre
rates. Due to the ongoing recovery of
international travel from COVID-19,
current economic conditions including
recession and high interest rates, and
lower level of sales evidence from
comparable market transactions, the
level of estimation uncertainty in the
valuation remains heightened compared
to stable market conditions.

Our audit procedures included:
• Evaluating the group’s determination of the appropriate unit of measure
for impairment testing purposes, or changes thereto, the cash-generating
unit (“CGU”).
• Assessing each hotel asset for impairment indicators with consideration
of changes in contractual arrangements, economic conditions, financial
performance, physical quality of the underlying asset and capital
expenditure requirements, among other factors.
• Assessing the scope of work performed, competency, professional
qualifications, independence, and experience of the external valuers
engaged by the group. This included direct enquiry and challenge of the
external valuers’ methods and assumptions.
• Assessing the appropriateness of the valuation methodology applied by
the external valuers with reference to accepted methods approved by our
internal valuation specialists.
• Challenging the group’s key valuation assumptions (occupancy rates,
ADRs, projected direct costs, discount rates, capitalisation rates and
terminal capitalisation rates) included in the external valuations by:
comparing to externally derived data from hotel industry reports and
other market data.
assessing the relevance and reasonableness of the key assumptions
with reference to rates used in the prior year external valuations, financial
performance and recent market evidence presented by the valuer.
• Assessing the accuracy of the external valuer’s and management’s
previous forecasts to inform our evaluation of the forecasts incorporated
into the valuation models. This included comparing actual occupancy

The key audit matter How the matter was addressed in our audit
rates, ADRs and direct costs to the assumptions projected over the
forecast period and used in the prior period valuations.
•Assessing hotels that are most sensitive to impairment using sensitivity
analysis over key assumptions and comparing the headroom.
•Assessing the adequacy of the disclosures made in the financial
statements by using our understanding obtained from our testing and
against the requirements of the relevant accounting standards.
We did not identify material exceptions from procedures performed, and
the financial statement disclosure is consistent with the requirements of
the accounting standards.
Capitalisation and allocation of development costs
Refer to Note 10 to the financial
statements.
The group’s development property
comprises land and development costs

incurred to develop land into
subdivisions and individual properties for
s
ale. The development property
portfolio represents 35% of total assets
on the consolidated statement of
financial position.
The capitalisation and allocation of
development costs is
a key audit matter
as determining whether to capitalise or
expense costs relating to development
of land is subjective, as
it depends on
whether the costs enhance the land or
maintain the current value. In addition,
there is significant judgement in
determining whether
obligations exist for
future costs and how to allocate
capitalised development costs to
individual properties or stages.
The key judgements used in this
determination are:
•Whether costs are eligible for
capitalisation under the relevant
accounting standards.
•the allocation of capitalised costs to
the individual projects, stages and
land lots and the associated
recognition of cost of sales.
•Whether a capitalised cost and the
associated liability for future
obligations should be recorded
under the relevant accounting
standard.
Our audit procedures included:
•Evaluating the group’s accounting policy for capitalisation of
development costs using the criteria in the accounting standard.
•Developing an understanding of the key controls over the cost
capitalisation and allocation process.
•Agreeing a sample of capitalised development costs to supporting
documentation. For each selected transaction we:
-considered the nature of the costs capitalised and evaluated
whether they are eligible for capitalisation under the relevant
accounting standard.
-assessed the appropriateness of allocation to the individual project
stages and land lots.
•Agreeing a sample of land acquisitions to sales and purchase
agreements, settlement document and cash payment.
•Performing analytical procedures in relation development property
costs of sales to assess that margins recognised between periods
were appropriate, including considering alternative methods of
allocation.
•Performing a retrospective review of the forecast costs and cost of
sales to ensure the reasonableness of forecast cost estimation.
•Evaluating the reasonableness of the group’s judgement to record
liabilities for future obligations and that these have been appropriately
measured and recorded in accordance with the applicable
accounting standard.
•Assessing disclosures included in the consolidated financial
statements in respect of the development properties using our
understanding obtained from our testing and against the
requirements of the accounting standards.
Our testing did not identify any material exceptions related to capitalised
development costs, the allocation of those costs to individual project stages
and the recognition of future development cost obligations.

Other information
The Directors, on behalf of the Group, are responsible for the other information included in the entity’s Annual
Report and Annual Climate Statement (prepared in accordance with the Aotearoa New Zealand Climate
Standards). The other information in the Annual Report includes the Chairman’s Review, Managing Director’s
Review, disclosures relating to Corporate Governance, Financial Summary, and the other information included in
the Annual Report. The Annual Climate Statement discloses information about the effects of climate change on
the entity’s business.
Our opinion on the consolidated financial statements does not cover any other information and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements our responsibility is to read the other
information and in doing so, consider whether the other information is materially inconsistent with the consolidated
financial statements or our knowledge obtained in the audit or otherwise appears materially misstated.
If, based on the work we have performed on the other information that we obtained prior to the date of this auditor’s
report, we conclude there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
The Annual Report and Annual Climate Statement are expected to be made available to us after the date of the
Independent Auditor’s Report and we will report the matters identified, if any, to those charged with governance.

Use of this independent auditor’s report
This independent auditor’s report is made solely to the Shareholders. Our audit work has been undertaken so that
we might state to the Shareholders those matters we are required to state to them in the independent auditor’s
report and for no other purpose. To the fullest extent permitted by law, none of KPMG, any entities directly or
indirectly controlled by KPMG, or any of their respective members or employees, accept or assume any
responsibility and deny all liability to anyone other than the Shareholders for our audit work, this independent
auditor’s report, or any of the opinions we have formed.

Responsibilities of Directors for the consolidated financial
statements
The Directors, on behalf of the Group, are responsible for:
— the preparation and fair presentation of the consolidated financial statements in accordance with NZ
IFRS issued by the New Zealand Accounting Standards Board and the International Financial Reporting
Standards issued by the International Accounting Standards Board;

— implementing the necessary internal control to enable the preparation of a consolidated set of financial
statements that is free from material misstatement, whether due to fraud or error; and

— assessing the ability of the Group to continue as a going concern. This includes disclosing, as
applicable, matters related to going concern and using the going concern basis of accounting unless
they either intend to liquidate or to cease operations or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the consolidated
financial statements
Our objective is:
— to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error; and
— to issue an independent auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance but it is not a guarantee that an audit conducted in
accordance with ISAs NZ will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the basis of the
consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is located at the
External Reporting Board (XRB) website at:
https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-1 -1/

This description forms part of our independent auditor’s report.
The engagement partner on the audit resulting in this independent auditor’s report is Geoff Lewis.

For and on behalf of:

KPMG
Auckland
24 February 2025

---

MCK FY24 Results for 12 months ended 31 December 2024
Significant uplift in results; material growth in revenue and earnings over past two years
• Revenue $176.2m, up 21.0%
• Operating profit $42.5m, up 32.1%
• Profit before tax $47.1m, up 25.6%
• Profit after tax of $2.8m attributable to MCK shareholders includes a one off, non-cash
deferred tax adjustment
1
. Excluding this, profit after tax would be $27.2m
• Total Assets $762.3m (2023: $746.8m) which includes property assets at a book value of
$694.1m. Fair market value of property assets assessed as $1.1b as at 31 December 2024
2

• Net asset backing per share on market value basis assessed as $5.39 per share
3
.

24 February 2025: Millennium & Copthorne Hotels New Zealand Limited (the Company, MCK) (NZX:
MCK) has announced its results for the 12 months to 31 December (FY24), reporting a significant uplift
in revenue and a continued improvement in profit before tax despite the weaker tourism and
property markets in 2024.

The improvement was driven by continued positive growth in the NZ Hotel business, with CDL
Investments delivering a solid result as the cooldown in the property market has started to stabilise.

The company has continued to build the value of its hotel and property portfolio, which grew to $1.1b
as at 31 December 2024
2
. Significant milestones have been achieved as MCK continues to progress its
long term refurbishment and upgrade of hotel properties. The full benefits from these initiatives will
be seen in future years. Land was acquired in Whangarei for a future hotel and, following financial
year-end, MCK settled the acquisition of The Mayfair Hotel in Christchurch for $31.9m, further
expanding its network.

FY24 was the first year of ownership in the 50% joint venture which acquired the Sofitel Brisbane
Hotel in December 2023. The hotel has seen consistent and strong demand across all major segments
following a soft Q1, and an increased profit contribution is expected in FY25.

Sales of the Zenith Apartments in Sydney are continuing, with nine apartments sold during the year
and the remaining 22 apartments either held for sale or rented. The company will continue to
progress further sales during 2025.

MCK’s chairman, Colin Sim, said: “The strong results demonstrate the resilience of our business and
the value of the Revive and Thrive strategy. We are now nearing the end of the Revive stage and
expect to move to Thrive in late 2025.

1
Includes one-off deferred tax adjustment of $25.8m, made as a result of government legislation change.
2
Unaudited, assessed market valuation based on analysis by independent property experts as at 31 December 2024.Includes
100% of: NZ hotels, Zenith Apartments, and CDI property assets; and 50% Sofitel Brisbane Hotel.
3
Adjusted for MCK proportion of shareholding being 100% NZ hotels and Zenith Apartments, 65% of CDI and 50% Sofitel
Brisbane and including an allowance for tax on the revaluation of property assets.

“We continue to invest into targeted growth opportunities that will add value for our shareholders.
Over the past few years, we have invested significantly in refurbishing and upgrading our hotels and
have expanded our network through acquisition. We have also identified surplus land adjacent to our
hotels (including at Rotorua, Queenstown and Palmerston North), which provide optionality for
further development or sale.

“The long-term macro drivers for our business are positive – the tourism and property markets are
both expected to start to recover in the coming year; New Zealand is a top tourist destination and
tourism is New Zealand’s second highest export earner. We are well positioned to benefit as visitor
numbers build up again over the coming year, with a national network of quality hotels in attractive
locations, many of which have been recently refurbished.”

Financial Performance

For the FY24 year, MCK delivered its highest revenue result in five years, with a 21.0% yoy increase to
$176.2m.

Operating profit increased 32.1% yoy to $42.5m, as a result of increased revenue and a focus on cost
management. Profit before tax was up 25.6% yoy to $47.1m. Income Tax expense included a $25.8m
one off, non-cash deferred tax adjustment (as noted in the 1H24 results release). Profit after tax
attributable to MCK shareholders of $2.8m would have been $27.2m excluding the one-off tax
adjustment impact.

CDL Investments New Zealand Limited (CDI), MCK’s 65% owned subsidiary, improved its pre-tax
performance in 2024 against the previous year. CDI reported revenue of $49.1m and profit before tax
of $26.8m. Profit after tax was $15.4m, including a one-off non-cash tax liability adjustment of
approximately $3.9m.
These results confirm that property markets in New Zealand are showing signs
of improvement and there is now a positive momentum shift.

The company has a robust balance sheet, with a net cash position of $41.3m as at 31 December 2024.
Bank debt was $3.0m at year end, with a further drawdown in January 2025 for the $31.9m
settlement of The Mayfair Hotel. The book value of property assets was $694.1m, with the fair
market value assessed as $1.1b
2
, contributing to a market value NTA per share attributable to MCK
shareholders of $5.39 per share
3
.

A final dividend was not declared for FY24 due to the conditions of the CDLHH NZ takeover offer
currently in process, which prevents a dividend from being paid.

2025 Outlook

The expected improvement in the tourism and property markets will directly benefit both MCK and
CDI.

MCK Managing Director, Stuart Harrison, said: “Our strong FY24 demonstrates the progress we are
making on our strategy and we are poised to Thrive from late 2025 onwards. We are focused on the
ongoing control over the controllables with strong staffing levels and increasing room capacity. Our
refurbishment and upgrades of key hotel properties are substantially complete, delivering an
increased number of rooms available for sale in 2025. Our teams are highly focused on securing
business across all market segments and in all regions as we grow the My Millennium loyalty scheme
and encourage customer bookings. We will also be identifying and assessing opportunities for surplus
land at several of our hotels.”

CDI are looking to advance development works across key sites, particularly the two projects in
Hamilton and the Hawkes Bay, which were included in the Fast-track approvals legislation. With a
number of pre-titled residential section sales from the Iona and Prestons Park developments in-hand
and work already underway developing additional stages, these developments will be critical to their
results and success in 2025.

Stuart said: “There is no question that MCK has a positive future ahead of it and will continue to be a
leading hotel owner and operator in New Zealand for many years to come. 2025 represents MCK’s
30th year of continuous operations in New Zealand and we intend to continue delivering quality
customer experiences for another thirty years and more.”

ENDS

Issued by Millennium & Copthorne Hotels New Zealand Limited
For investor relations enquiries, please contact:
Stuart Harrison, Managing Director
M: +64 21 869 216
E: enquiries@mckhotels.co.nz

About Millennium & Copthorne Hotels New Zealand Limited
Millennium & Copthorne Hotels New Zealand Limited (NZX:MCK) is the only NZSX listed hotel owner-operator with 19
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 also has property interests in Australia through its Kingsgate Group subsidiaries including a 50% ownership interest
in the Sofitel Hotel Brisbane Central through a joint venture. MCK is the majority shareholder in land developer CDL
Investments New Zealand Limited (NZX:CDI).
For more information, visit our website: www.millenniumhotels.co.nz

---

Name of issuer
Reporting Period
Previous Reporting Period
Currency
Amount (000s)
Revenue from continuing operations$176,184
Total Revenue$176,184
Net profit/(loss) from continuing operations $2,762
Total net profit/(loss) $2,762
Amount per Quoted Equity Security
Imputed amount per Quoted Equity Security
Record Date
Dividend Payment Date
Prior comparable period
Net tangible assets per Quoted Equity Security$3.46
A brief explanation of any of the figures above
necessary to enable the figures to be understood
Name of person authorised to make this
announcement
Contact person for this announcement
Contact phone number
Contact email address
Date of release through MAP
24 Feb, 2025
XX
XX
XX
Current period
$3.46
Refer to Chairman’s Statement and Media Release
Authority for this announcement
Takeshi Ito – Company Secretary
Takeshi Ito – Company Secretary
+64 215 915 31
takeshi.ito@millenniumhotels.com
XX
Results for announcement to the market
Millennium & Copthorne Hotels New Zealand Limited
12 months to 31 December 2024
12 months to 31 December 2023
NZD
Percentage change
20.96%
20.96%
(87.21%)
(87.21%)
Final Dividend

---

Salt Restaurant, Millennium Hotel New Plymouth, Waterfront
FY24 RESULTS
PRESENTATION
FOR THE YEAR ENDED31 DECEMBER 2024

Strategic execution delivering
strong uplift in results
Ready to leverage demand
as tourism market recovers

FY24 Performance Snapshot
Significant uplift in results; material growth in revenue and earnings over past two years
GROUP PROFIT
BEFORE TAX
NZ HOTEL
REVENUE
TOTAL
REVENUE
$
47.1m
+25.6%
$
109.5m
+8.3%
$
176.2m
+21.0%
NTA PER SHAREPROPERTY
ASSETS
EARNINGS PER
SHARE
BOOK VALUE
$
3.46
MARKET VALUE
$5.39
3
BOOK VALUE
$
694.1m
MARKET VALUE
2
$
1.1b
17.17
1
cents
+25.8%
•Hotels: Continuing positive
growth in hotel business
•CDL Investments: Solid
turnaround with the
cooldown in property sales
stabilising
•Use of capital: Continue to
invest in hotel property
refurbishments and network
expansion
1. Adjusted for one-off deferred tax adjustment, made as a result of government legislation change
2. Unaudited, assessed market valuation based on analysis by independent property experts as at 31 December 2024.Includes 100% of: NZ hotels, Zenith Apartments and CDI property assets; and 50% of:
Sofitel Brisbane Hotel
3. Unaudited, adjusted for MCK proportion of shareholding being 100% NZ hotels and Zenith Apartments, 65% of CDI and 50% SofitelBrisbane and including an allowance for tax on the revaluation of property
assets

FY24 Summary Messages
Economic headwinds
•Reduced domestic and corporate travel spend
•Cooldown in property sales
•Recovery expected late 2025
•Well positioned to win when demand returns
Strategic execution
•Strong results proving resilience of business and
value of Revive and Thrive strategy
•Revive stage almost complete, moving to Thrive in
late 2025
•Robust balance sheet providing optionality, ready to
deploy
Valuable asset portfolio
•19
*
NZ hotel properties in attractive locations
•Fair value of NZ hotel properties of $512m
•Majority shareholding in CDI, joint venture in Sofitel
Brisbane, owner of 22 apartments in Zenith
Residences (Sydney)
Long term drivers are positive
•New Zealand is a top tourist destination and the
second highest export earner for NZ
•Domestic and international travel spend will
increase as economic headwinds ease
Strong execution on plan delivering results, supported by high value portfolio. Will benefit as travel
and property markets rebound driven by economic recovery
*inclThe Mayfair Hotel settled post-FY24 year end

•First year of 50% JV ownership in Sofitel Brisbane
•Purchase of land in Whangarei for the building of a new hotel in the future
•Entered into agreement for the acquisition of the Mayfair Hotel Christchurch which settled in
January 2025
•Significant milestones achieved in hotel room refurbishment programme at Millennium Hotel
Queenstown, Millennium Hotel Rotorua, Copthorne Hotel & Resort Bay of Islands and
Copthorne Hotel Palmerston North
•Appointment of Anand Rambhaias new VP Finance
•CDI results reflected a solid turnaround from FY2023 as property markets have stabilised.
FY24 Key Events
Positive year of progress, accelerating the return to pre-covid performance

Revive And Thrive FY23 To FY26
Key initiatives
ACHIEVED
FY23
REVIVAL
•Bring rooms back online
•Building 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
ACHIEVED / 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 achieving
Toitu certification
•Continued investment in
refurbishment and upgrades
FUTURE PLANNING
FY25 -26
ACCELERATE GROWTH
•Optimise hotel network and
under-utilised land and buildings
•Setting of sustainability targets
for sustainable operations
•Continued investment in
refurbishment and upgrades
•Expand footprint in Australia
•Continue to identify
opportunities to fill the gaps in
the New Zealand hotel network

Copthorne Hotel and Resort Queenstown Lakefront
BUSINESS PERFORMANCE

Our Business
NZ Hotel brands:
•Lifestyle –M Social
•Premium -Millennium Collection
•Comfortable -Copthorne inclKingsgate
CDL Investments New Zealand:
•Land developments
•Investment properties
•Projects in progress across New Zealand
Australia:
•Zenith Residences –Exit Strategy
•JV -Sofitel Brisbane Central
•Own and operate hotels across New
Zealand; building beachhead in Australia
•Experienced executive team
•~1,200 team members across New
Zealand and Australia
•Own 65% shareholding in CDL
Investments NZ –residential and
commercial land development
•NZX-listed. Board with independent
Chairman, as well as representation from
majority shareholder
•MCK is 76% owned by CDL Hotels
Holdings, a 100% subsidiary of Hong
Leong Group

9
NZ Hotel Business
Focus on making sure we have the best product available to capture existing demand as the
tourism market recovers
FY2024 Hotel Revenue increase of 8.3% year on year
to $109.5m
Q1 2024: Positive start to the year. First quarter in five
years without the impact of covid, weather events or large
staffing shortages
Q2 & Q3 2024: Steady trading as hotels adjusted with no
special events (sport, concerts etc) to create demand
Q4 2024: Positive flow of international visitors and
domestic market with concerts in Auckland
Good staffing levels and increased room capacity
Average hotel occupancy up 5% on prior year to 66%
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Q4
2024
NZ Hotels Quarterly Revenue

Jan-20
Apr-20
Jul-20
Oct-20
Jan-21
Apr-21
Jul-21
Oct-21
Jan-22
Apr-22
Jul-22
Oct-22
Jan-23
Apr-23
Jul-23
Oct-23
Jan-24
Apr-24
Jul-24
Oct-24
10
New Zealand’s Tourism Market
Short term impact of economic headwinds, on track for recovery to pre-pandemic levels.
MCK well positioned for tourism uplift
Covid
•Tourism continues to recover and demand from
overseas continues to improve
•Softer domestic consumer and corporate travel
as fiscal conditions bite
•2023 peaks reflect special events eg2023 FIFA
Women’s World Cup. Limited events attracting
international visitors to New Zealand in 2024
•International visitor arrivals expected to return
to pre-covid levels by Q1 2027(
TECNZ, Westpac
)
Correlation between increasing international
visitor numbers and occupancy

Continued Investment Into Hotel Network
Expansion and improvement; Full benefits of refurbishment programmeyet to be realised
SIGNIFICANT MILESTONES ACHIEVED IN REFURBISHMENT PROGRAMME
TimingSizeKey projects in progress
FY23 -FY24
FY25
202 rooms completed
15 suites commenced
Millennium Hotel Queenstown
FY23 -FY24
FY25
99 rooms completed
127 rooms and 2 suites commenced
Millennium Hotel Rotorua
FY23 -FY25Recladding and other works –nearing completionCopthorne Hotel Palmerston North
FY2490 rooms completed (of which 40 are reinstated rooms)
Exterior repainting -completed
Copthorne Hotel & Resort Bay of Islands
FILLING IN THE GAPS IN OUR NETWORK
$95.4mAcquired December 2023
Brisbane Sofitel Hotel (50% JV)
$2.2mAcquired August 2024Whangarei land
$31.9mAcquired January 2025, adding 67 rooms & suitesThe Mayfair Hotel, Christchurch

Millennium Hotel
Queenstown
Refurbishment
Key Hotel Property Projects Underway
Copthorne Hotel &
Resort Bay of Islands
Refurbishment&
repainting
Millennium Hotel Rotorua
Refurbishment
Copthorne Hotel
Palmerston North
Recladding, reglazing &
air-conditioning

13
Australia Operations
Strong performance from Sofitel Brisbane, positive progress on apartment sales
Sofitel Brisbane
•Acquisition settled December 2023 (50% JV)
•One of the more established and most reputable luxury
hotels in Brisbane
•Consistent demand following soft Q1 with strong demand
across all major segments
•Increasing contribution to group profitability expected to
continue
Zenith Apartments
•Sale of nine apartments
•Remaining 22 apartments delivering good rental income
•Transfer of several units from rental pool to vacant to meet
market demand as part of sell-down
FY24 $mSofitel Brisbane Joint Venture
53.47100%Hotel Revenue
6.07Hotel Operating profit
3.02Profit after tax for the year
1.5150%MCK’s share of: Profit after tax
1.18Interest Income
FY23FY24Zenith Apartments –100%
59Units sold this year
3122Units Available
27.5%13.8m17.6mRental & Sales Income
33.7%7.1m9.5mProfit before tax for the year

14
CDL Investments
Solid result despite weak property market, expect value uplift as economic recovery reignites demand
•Total land holding 302ha
•Estimated yield circa 3,500 sections*
•Maintained a nationwide geographical spread
•Diverse portfolio across development and investment
Continually looking to grow the Portfolio
•Acquired 10.79ha residential land in Richmond, Nelson
•Acquired 10.08ha industrial zoned land in Harewood,
Christchurch
•R2 Growth Cell (Hamilton) and Arataki Rd (Havelock
North) projects included in Fast-track Approvals
legislation
FY23FY24
59.4%30.849.1Revenue
60.5%15.224.4Operating profit
43.1%18.726.8Profit before tax
224.5251.4Development properties
35.836.3Investment properties
52.233.3Cash and bank deposits
2.9%319.2328.6Total assets
00Bank debt
1.9%313.7319.7Net assets
* Estimated section yield, subject to residential zoning/resource consents

Millennium Hotel Queenstown
2024 FINANCIAL RESULTS

Group Summary
Strong trading despite headwinds, benefiting from increased revenue
•Uplift in revenue driven by NZ Hotels business &
property sales stabilising
•Improvement in operating profit driven by increased
revenue and a focus on cost management
•Profit before tax an increase of 25.6% yoy
•Profit after tax includes a one-off, non-cash $25.8m
deferred tax adjustment due to government tax
legislation changes on depreciation
•Excluding tax adjustment, profit after tax
attributable to MCK shareholders would be $27.2m
•Dividend will not be paid due to CDLHH NZ takeover
offer
FY23FY24
21.0%145.7176.2Revenue
32.1%32.142.5Operating profit
5.33.1Net finance income
0.11.5Share of profit of joint venture (Sofitel
Brisbane)
25.6%37.547.1Profit before tax
-25.8One off deferred tax adjustment
(87.2)%21.62.8Profit after tax and NCI
(attributable to MCK shareholders)
13.65c1.75cEarnings per share
13.65c17.17cEPS excl. one-off deferred tax
adjustment
3.0c0.0cDividend (per share)

Strong 21% revenue uplift to $176.2m
Driven by increasing demand in Hotel business and
stabilising of property sales
Highest revenue result in past 5 years
*
•NZ Hotel operations: First uninterrupted period of
trading since the pandemic
•CDL Investments: Signs of recovery with a solid
turnaround in a weak property market
•Australia: Ongoing rental income and further sell-down
of Zenith apartments
0
20
40
60
80
100
120
140
160
180
200
FY20 FY21 FY22 FY23 FY24
Revenue *
HotelRentalProperty sales
* Excludes revenue from Sofitel Brisbane as this is a joint venture and is therefore equity accounted

Focus on profit improvement is delivering
Profit before tax up 25.6% year on year
0
10
20
30
40
50
60
70
FY20 FY21 FY22 FY23 FY24
Profit Before Tax
Profit Before Tax
0
10
20
30
40
50
60
FY20 FY21 FY22 FY23 FY24
Profit After Tax and NCI
Profit after Tax and NCIOne off Tax Adjustment
PBT growth
+25.6%
Excluding tax
adjustment, PAT up
25.8% year on year

Robust Balance Sheet
Ready to deploy, provides optionality for growth phase
•PP&E movement reflects ongoing hotel
refurbishment
•Development property acquisitions by
CDL Investments
•Investment properties are the Zenith
Apartments & CDL Investments
Commercial / Retail Properties
•Utilisation of the bank facility, with a
further draw down in January 2025 for
the settlement of the Mayfair Hotel
•Positive cash positions as at 31
December, with $41.3m on a
consolidated basis
FY23FY24
263.1283.4Property, plant and equipment
244.1264.1Development properties
35.836.3Investment properties
43.946.6Investment in JV
62.263.8Loans in JV
75.341.3Cash and bank deposits
2.1%746.8762.3Total assets
12.03.0Bank debt
7.032.7Deferred tax liability
65.461.6Other Liabilities
0.4%662.5664.9Net Assets
3.463.46NTA per share

Book value $694.1m
•Hotel land and buildings carried at
historic cost including refurbishments
less depreciation
•Investment Properties consist of
commercial warehousing & retail
shops –carried at cost less
depreciation
•Development land –carried at the
lower of cost, including acquisition,
development and holding costs.
•Property revaluations are not
recognisedon Balance Sheet
Fair market value $1.1billion
1
20
Property Portfolio
Actively managing the portfolio with hotel refurbishments, land development and property sales
1. Unaudited, assessed market valuation based on analysis by independent
property experts as at 31 December 2024.Includes 100% of: NZ hotels,
Zenith Apartments and CDI property assets; and 50% Sofitel Brisbane
Hotel
649.2
23.7
31.0
23.5
(19.3)
(7.4)
(8.6)
2.0 694.1
375.8 1,069.9
FY2023
Land Acquisitions
Hotel capex
Development
-
CDI
Development Sales
-
CDI
Disposal
-
Syd Apartments
Depreciation
Foreign exchange
Book Value FY2024
Property revaluations
MCK Market Value
0
200
400
600
800
1000
$m
$523.4m
$125.7m
$134.8m
$122.9m
$571.2m$935.1m
Australia
portfolio
NZ
portfolio

•Whangarei–further developing the feasibility of a hotel development working through engineering ,
architectural and planning requirements to establish viability to commence construction
•Mayfair Hotel in Christchurch was settled in January 2025 and will transition into the operations of MCK,
including a rebranding
•Surplus land adjacent to hotels -in Rotorua, Palmerston North and Queenstown –being considered for
further development or sale
•Seismic assessments to take place following upcoming changes to criteria and work through any
requirements for seismic strengthening
•Downtown Carpark development in Auckland will have an impact on the adjoining M Social Hotel, with
consideration required on the impacts of the adjoining development and the opportunity available to
consider further development of the hotel site
•Development works advancing across CDI’s key sites, particularly two fast-track projects in Hamilton and
the Hawkes Bay
Further property growth opportunities
Optimising the opportunities of thehotel network and under-utilised land and buildings

One80 Restaurant, Copthorne Hotel Wellington, Oriental Bay
2025 OUTLOOK

2025 Outlook
Confident in continued progress under Revive
and Thrive strategy
•Global and domestic economic recovery will
drive demand –expected from late-2025,
although timing and pace remains uncertain
•Varied regional demand –some areas, such as
Queenstown, remain extremely strong
•Central and local Government action and
support needed to promote NZ and attract
tourists, conferences and events
•Property markets in New Zealand are showing
signs of improvement and looking advance
development works across key sites
2025 Priorities
•Ongoing control over the controllables -strong
staffing levels and more room capacity
•Continue to increase the number of rooms
available to sell following refurbishments and
rooms being recommissioned
•Continued investment into refurbishment and
upgrades
•Grow My Millennium loyalty scheme to drive
bookings
•Identify and assess opportunities for surplus
land

•Valuable portfolio of property and assets
•Long term property improvement programme adding further value to
existing assets
•Strong hotel brand recognition and reputation
•Well positioned for uplift in performance and results when tourism and
property markets reignite
•Experienced management team, successfully executing on strategy
•The only hotels and property group listed on the NZX
SUMMARY
2025 represents MCK’s 30
th
year of continuous operations in New Zealand

CDLHH NZ TAKEOVER OFFER
CDLHH NZ is seeking to buy the remaining ~24.6% of shares in MCK that it does not already own
20 January 2025: Takeover notice received
10 February 2025: Takeover Offer sent to shareholders. Offer price of $2.25 per share
24 February 2025: Target Company Statement to be sent by MCK to shareholders.
Includes Independent Directors’ recommendation and Independent Advisers’ Report.
5pm, 8 May 2025: Offer closes
6 June 2025: Last date to declare the Offer is Unconditional
(Dates applicable in each case unless Offer extended in accordance with the Takeovers Code)
Key Conditions of the Offer
a) Minimum acceptance condition: CDLHH NZ needs to obtain 90% or more of the voting rights in MCK by 5.00pm on the Closing
Date (but CDLHH NZ could elect to waive this condition);
b) OIO condition: CDLHH NZ obtaining consent under the Overseas Investment Act 2005 and the Overseas Investment
Regulations 2005 for CDLHH NZ to own and control all of the Ordinary Shares
c) Other: that a range of certain events or circumstances have not occurred at the time the Offer is declared unconditional

Salt Restaurant, Millennium Hotel New Plymouth, Waterfront
26
APPENDICES

19
hotels in NZ
Opportunity to fill in the network
2,300 rooms per night owned and
managed
1
hotel in Australia
*
Beachhead established. Significant
opportunity to build footprint
OUR HOTEL NETWORKS
As at 31 January 2025
*50/50 Joint Venture of Brisbane Central Hotel –with Hotel Management Agreement
The Mayfair acquired January 2025, post financial year end

CDL Investments NZ (NZX: CDI)
65.3% shareholding
Residential & commercial land development
4x Commercial Investment properties -
2x Warehouses
(NLA 16,402 m2 WALE 5.1 years )
2x Retail
(NLA 3,411 m2 WALE 5.52 years)
Projects across New Zealand
11x Residential Land Development
1x Commercial Land Development
Provides MCK with a diversified property
portfolio and revenue stream

EXPLORE OUR BRANDS
Contemporary hotels for the curious, the
explorers and those who thrive on new
experiences. Functionally chic, the Lifestyle
brand of hotels are designed for all travellers.
Brands in the Lifestyle collection include:
M Social Hotels.
The travellers’ choice in gateway cities.
The Millennium brand of hotels are created with
timeless elegance and famed for their
conference and banquet offerings, world-class
facilities and the ultimate in personalized,
gracious service. They are perfect for corporate,
leisure, meetings and conventions.
Brands in the Premium collection include:
Grand Millennium Hotels and Millennium Hotels.
Comfortable hotels at a comfortable price. This
brand of hotels are firmly established as a
preferred choice for both business and leisure
travellers in providing comfortable service.
Brands in the Comfortable collection include:
Copthorne Hotels and Kingsgate Hotels.
MHR New Zealand reference

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

No FY24 final dividend given takeover offer conditions MCK FY2024 Annual Report

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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