MCK 2025 Interim Report

INTERIM REPORT 2025
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LTD

2025/2026 SHAREHOLDER DISCOUNT CARD
As a valued shareholder of Millennium & Copthorne
Hotels New Zealand Limited, we are pleased to offer
a shareholder discount of 20% off our Best Available
Fully Flexible Rate applicable at the time of booking and
12.00pm check-out (subject to availability) at participating
Millennium, Copthorne and Kingsgate
hotels in New Zealand.
Please note: the participating hotels are M Social Auckland
Millennium Hotel New Plymouth / Queenstown / Rotorua
Copthorne Hotel Auckland City / Bay of Islands / Greymouth /
Palmerston North / Queenstown Lakefront / Queenstown
Lakeview / Rotorua / Wellington Oriental Bay
Kingsgate Hotel Dunedin / Te Anau
Terms and Conditions: Shareholder Discount is available to current shareholders of Millennium & Copthorne Hotels New Zealand Limited for private bookings
(maximum 2 rooms) only. The discount is 20% off the Best Available Fully Flexible Rate applicable at time of booking and does not apply to any other previously
discounted / special rate. Where available, a check-out time of 12.00pm may be requested. Reservations must be made via the internet (www.millenniumhotels.
com), by e-mail to central.res@millenniumhotels.co.nz or by telephone (0800 808 228 within New Zealand). The promo code MCKSHR must be used.
Please present this card upon check-in. Card is valid until 30 September 2026 or when you cease to be a shareholder, whichever is the earlier.
Dear Valued Shareholder,
YOUR 2025/2026 SHAREHOLDER DISCOUNT CARD
At Millennium, Copthorne and Kingsgate Hotels and Resorts we are proud of the staff, hotels and locations
we have within New Zealand. As a shareholder we would also like for you to be able to experience
first-hand the experience of staying at, dining at or meeting at one of our participating hotel locations.
To encourage you to utilise this I am pleased to enclose your Shareholder Discount Card along with
our 2025 Half Year Report. The shareholder discount is for up to 2 rooms per stay at 20% off our Best
Available Fully Flexible Rate. If you decide to cancel the booking before the date of arrival there are no
cancellation fees.
In order to receive the discount, please make your bookings through our website www.millenniumhotels.
com using promo code MCKSHR, by e-mail (central.reservations@millenniumhotels.co.nz) or via our
Central Reservations Office on 0800 808 228 (within New Zealand only). Bookings cannot be made via
the hotel directly.
In addition to the Shareholder Discount, we have a range of other special offers and promotions available.
You can find these on www.millenniumhotels.com.
Thank you for your continued support of our Millennium, Copthorne and Kingsgate Hotels and Resorts
and we look forward to hosting you in the near future.
Yours faithfully,
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED
Stuart Harrison
Managing Director

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2025 | 3
New Zealand hotel owner and operator, Millennium & Copthorne Hotels New Zealand
Limited (MCK), has today announced its unaudited results for the six months to 30
June 2025.
The Hotel business continued to perform strongly, with positive gains offset by a softer
result from CDL Investments, which reported reduced property sales as a result of market
conditions which have been more subdued than anticipated.
Hotel revenue grew by 15% year on year, driven by increased room availability as a result
of the long term refurbishment plan and from increasing demand from international
travellers. The year on year uplift was despite softer domestic and corporate travel, and
further gains are expected when these markets recover.
Property sales were impacted by the cool down in the property market (with sales revenue
down 51% YOY), resulting in a 7% decrease in total revenue to $79.3m (FY24: 85.3m).
One sale at the Zenith Residences was also recorded in this half year. We are aiming to exit
our remaining units within the next 12 months, subject to favourable market conditions.
The reduced contribution from CDL was the primary driver for MCK’s lower profit result,
with profit before tax of $11.35m (FY24: 21.53m).
MCK has a robust balance sheet, providing resilience to navigate through the current cycle
and optionality for growth. Bank facilities were utilised for the acquisition of the Mayfair
Hotel in January 2025, with bank debt increasing to $30m as at 30 June 2025.
MCK’s Managing Director, Stuart Harrison, noted the positive performance of MCK’s
recently acquired hotels.
“Both the Mayfair Hotel Christchurch and Sofitel Brisbane Central hotel continue to perform
above our expectations. The Mayfair Hotel Christchurch’s contribution to our revenue and
profit in this half year has been positive, and Sofitel Hotel Brisbane saw an increase in their
average rate and occupancy and their contribution to profit has increased. We expect that
both hotels will continue to do well in the second half of the year.“
MCK INTERIM RESULTS
FOR SIX MONTHS TO 30 JUNE 2025

4 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2025
“2025 has also seen more progress with our refurbishment and upgrade works. We have
completed room upgrades at Copthorne Hotel & Resort Bay of Islands and Copthorne
Hotel Palmerston North this year, and guest feedback has been very positive at both
hotels. That has translated into improved guest satisfaction scores. We will shortly have
more rooms, including suites back from refurbishment at Millennium Hotel Queenstown,
just in time for the peak of the winter season”.
MCK’s majority owned property development subsidiary, CDL Investments New Zealand
Limited (CDI), has been impacted by the subdued New Zealand housing market, which
affected half year revenue and profit. CDI has not yet seen the effects of recent reductions
in bank lending rates being translated to increased activity in housing and other property
markets within New Zealand.
RESULTS SNAPSHOT
SIX MONTHS TO 30 JUNE1H25 1H24
Average hotel occupancy across the Group70.0%69.0%
Group revenue$79.30m $85.32m
Profit before income tax$11.35m $21.53m
Profit/(Loss) after tax attributable to equity
holders of parent
$6.65m $(11.75m)
Profit/(Loss) after tax attributable to equity holders
of parent (excluding one-off tax adjustment)
$12.57m
Earnings per share (cents per share)4.20c -7.42 cps
Earnings per share (adjusted for one-off tax adjustment)7.94 cps

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2025 | 5
OUTLOOK
We expect that challenging trading conditions will continue into Q3 2025 across all
business segments, with some growth expected from domestic and international
business in Q4 2025. The company continues to monitor global events closely as travel
patterns are changing rapidly in response to unexpected events and policy changes.
CDI’s priority for the rest of this year will be optimising the sale of its sections where
demand is highest. It is expecting a pick up in the residential property markets in 2026
as a result of reduced interest rates and also due to economic growth in areas of New
Zealand which are currently doing well.
Stuart Harrison commented: “Economic headwinds are continuing, both in New Zealand
and around the world, impacting on travel numbers and spend. Our focus is on ensuring
that we have the best people and product in place, for both the current market and
as visitor numbers grow. This will drive our revenue, our profit and value for our
shareholders.
“We are engaging the market with more targeted marketing and clever management of
our inventories and revenue. Our strong relationships with our key clients and customers
are the key to our success and we will be looking to drive occupancies and revenues
across our hotels as much as possible.”
He concluded: “As the global Millennium & Copthorne group celebrates its 30th anniversary
of excellence in operations, we are also looking to mark the occasion appropriately. We
are already looking forward to the next 30 years and to creating new memories through
exceptional hospitality”.

6 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2025
2025 Outlook
Continued progress under
Revive and Thrive strategy
• Global and domestic economic recovery will
drive demand – timing and pace remains
uncertain
• Varied regional demand – some areas
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 more
subdued than envisage so looking for signs
of improvement
• Optimising the sale of residential sections
where demand is highest
• Advancing development works
across key sites
2025 Priorities
Strategic execution proving the resilience of the business,
and value of the Revive and Thrive strategy
Long term property improvement programme adding
further value to existing assets
Positioned to capitalise as the tourism sector rebounds
• 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 MyMillennium loyalty scheme to
drive bookings
• Identify and assess opportunities for
surplus land
2025 represents MHR’s 30th year
of continuous operations in New
Zealand

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2025 | 7
MANAAKI
Protect & Care
Donate with
SAVE THE KIWI
PARTNERSHIP
MEALS DONATED
Over 50,000 since 1 July 2023
Redeem loyalty points online in MyRewards
On 1 July 2023 Millennium Hotels and Resorts New Zealand entered a partnership
with Save the Kiwi New Zealand to create a unique opportunity for hotel guests
to donate a kiwi meal to this leading conservation charity dedicated to the
preservation of New Zealand’s national icon, kiwi.
Opting out of having your room serviced on a multi-night stay helps the hotels
conserve water and energy, the funds from these resources can then be
redirected towards Save the Kiwi.
This innovative approach sees a guest simply reducing their own room servicing
needs and ensures a kiwi gets fed and a safe environment to grow. Every time
a guest chooses the daily ‘no room servicing’ option on a multi-night stay by
using their Save the Kiwi door hanger at any Grand Millennium, Millennium,
Copthorne, Kingsgate or M Social hotels in New Zealand, Millennium Hotel and
Resorts will donate a meal for a kiwi at Save the Kiwi’s kiwi crèche in Napier.

8 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2025
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SAVE
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MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2025 | 9
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
CONDENSED INTERIM INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2025
The attached notes form part of, and are to be read in conjunction with, these financial statements.

Page 1

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Income Statement
for the six months ended 30 June 2025





UnauditedUnaudited
6 months6 months
DOLLA RS IN THOUSA NDSNoteto 30/06/25to 30/06/24
Revenue79,296 85,319
Cost of sales(36,634) (38,485)
Gross profit42,662 46,834
Administrative expenses(16,734) (14,649)
Other operating expenses(13,962) (12,374)
Operating profit before finance income11,966 19,811
Finance income1,049 2,837
Finance costs(2,423) (1,095)
Net finance (expense)/income(1,374) 1,742
Share of profit/(loss) of joint venture
9753 (19)
Profit before income tax11,345 21,534
Income tax expense
5(2,848) (5,948)
Income tax expense arising from change in building depreciation
5- (25,760)
Profit/(loss) for the period8,497 (10,174)
Profit/(loss) for the period attributable to:
Equity holders of the parent6,650 (11,747)
Non-controlling interests1,847 1,573
Profit/(loss) for the period 8,497 (10,174)
Basic earnings per share (cents)
44.20c-7.42c
Diluted earnings per share (cents)
44.20c-7.42c
The attached notes form part of, and are to be read in conjunction with, these financial statements.
UNLOCK A
WORLD OF
REWARDS
EXTRAORDINARY
EXPERIENCES AWAIT,
JOIN FOR FREE
Explore with MyMillennium and
be rewarded wherever you travel.
From the moment you join,
MyMillennium opens up a world
of exclusive benefits.
The more you stay, the better it gets
SAVE
Member-exclusive
rates & o‡ers
EARN
Double Points
every 10 nights
SHOP
Redeem Points in
My Millennium Mall
UPGRADE
Stay 10 nights for Prestige
status & enhanced perks
UNLOCK A
WORLD OF
REWARDS
UNLOCK A
WORLD OF
REWARDS
EXTRAORDINARY
EXPERIENCES AWAIT,
JOIN FOR FREE
Explore with MyMillennium and
be rewarded wherever you travel.
From the moment you join,
MyMillennium opens up a world
of exclusive benefits.
The more you stay, the better it gets
SAVE
Member-exclusive
rates & o‡ers
EARN
Double Points
every 10 nights
SHOP
Redeem Points in
My Millennium Mall
UPGRADE
Stay 10 nights for Prestige
status & enhanced perks
UNLOCK A
WORLD OF
REWARDS

10 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2025
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2025
The attached notes form part of, and are to be read in conjunction with, these financial statements.

Page 2

UnauditedUnaudited
6 months6 months
DOLLA RS IN THOUSA NDSNoteto 30/06/25to 30/06/24
Profit/(loss) for the period8,497 (10,174)
Items that are or may be reclassified to profit or loss
Foreign exchange translation movements(2,232) 841
- Tax (expense)/credit on foreign exchange(22) -
(2,254) 841
Total comprehensive income/(loss) for the period6,243 (9,333)
Total comprehensive income/(loss) for the period attributable to:
Equity holders of the parent4,396 (10,906)
Non-controlling interests1,847 1,573
Total comprehensive income/(loss) for the period6,243 (9,333)
DETAILS OF SPECIFIC RECEIPTS/OUTLAYS, REVENUE/EXPENSES
Classified under:
Administrative expenses
Audit fees(199) (195)
Other operating expenses
Depreciation of Property, Plant & Equipment(4,277) (3,581)
Depreciation of Investment Property(275) (275)
Depreciation of Right-Of-Use Assets (445) (447)
Leasing and rental expenses(368) (367)
Finance income
Interest income1,030 2,479
Foreign exchange gain19 358
Finance costs
Interest expense(706) (71)
Interest expense on lease liability(938) (951)
Foreign exchange loss(779) (73)
The attached notes form part of, and are to be read in conjunction with, these financial statements.
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Statement of Comprehensive Income
for the six months ended 30 June 2025

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2025 | 11
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIESCONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2025 (UNAUDITED)
The attached notes form part of, and are to be read in conjunction with, these financial statements.

Page 2

UnauditedUnaudited
6 months6 months
DOLLA RS IN THOUSA NDSNoteto 30/06/25to 30/06/24
Profit/(loss) for the period8,497 (10,174)
Items that are or may be reclassified to profit or loss
Foreign exchange translation movements(2,232) 841
- Tax (expense)/credit on foreign exchange(22) -
(2,254) 841
Total comprehensive income/(loss) for the period6,243 (9,333)
Total comprehensive income/(loss) for the period attributable to:
Equity holders of the parent4,396 (10,906)
Non-controlling interests1,847 1,573
Total comprehensive income/(loss) for the period6,243 (9,333)
DETAILS OF SPECIFIC RECEIPTS/OUTLAYS, REVENUE/EXPENSES
Classified under:
Administrative expenses
Audit fees(199) (195)
Other operating expenses
Depreciation of Property, Plant & Equipment(4,277) (3,581)
Depreciation of Investment Property(275) (275)
Depreciation of Right-Of-Use Assets (445) (447)
Leasing and rental expenses(368) (367)
Finance income
Interest income1,030 2,479
Foreign exchange gain19 358
Finance costs
Interest expense(706) (71)
Interest expense on lease liability(938) (951)
Foreign exchange loss(779) (73)
The attached notes form part of, and are to be read in conjunction with, these financial statements.
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Statement of Comprehensive Income
for the six months ended 30 June 2025







Page
3


Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Share
Exchange
Retained
Treasury
Unaudited
Non-controlling
Total
DOLLA RS IN THOUSA NDS
Note
Capital
Reserves
Earnings
Stock
Total
Interests
Equity
Balance at 1 January 2024
383,266


(980)


165,656


(26)


547,916


114,536


662,452


Movement in exchange translation reserve
-


841


-


-


841


-


841


Income and expense recognised directly in equity
-


841


-


-


841


-


841


Profit/(loss) for the period
-


-


(11,747)


-


(11,747)


1,573


(10,174)


Total comprehensive income for the period
-


841


(11,747)


-


(10,906)


1,573


(9,333)


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


-


(4,747)


-


(4,747)


-


(4,747)


Non-controlling interests
-


-


-


-


-


(4,138)


(4,138)


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


-


(242)


-


(242)


965


723


Balance at 30 June 2024
383,266


(139)


148,920


(26)


532,021


112,936


644,957


Balance at 1 January 2025
383,266


1,246


163,429


(26)


547,915


116,990


664,905


Movement in exchange translation reserve
-


(2,254)


-


-


(2,254)


-


(2,254)


Income and expense recognised directly in equity
-


(2,254)


-


-


(2,254)


-


(2,254)


Profit/(loss) for the period
-


-


6,650


-


6,650


1,847


8,497


Total comprehensive income for the period
-


(2,254)


6,650


-


4,396


1,847


6,243


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


-


(4,747)


-


(4,747)


-


(4,747)


Non-controlling interests
-


-


-


-


-


(4,186)


(4,186)


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


-


(150)


-


(150)


824


674


Balance at 30 June 2025
383,266


(1,008)


165,182


(26)


547,414


115,475


662,889


The attached notes form part of, and are to be read in conjunction with, these financial statements.
Attibutable to Equity Holders of the Group
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries

Condensed Interim Statement of Changes in Equity

for the six months ended
30 June 2025

(unaudited)

12 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2025
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
The attached notes form part of, and are to be read in conjunction with, these financial statements.

Page 4

UnauditedAudited
as atas at
DOLLA RS IN THOUSA NDSNote30/06/202531/12/2024
SHAREHOLDERS' EQUITY
Issued capital
3383,266 383,266
Reserves164,174 164,675
Treasury stock
3(26) (26)
Non-controlling interests115,475 116,990
Total equity662,889 664,905
Represented by:
NON CURRENT ASSETS
Property, plant and equipment322,694 283,430
Development properties 251,731 228,634
Investment properties36,409 36,301
Investment in associates2 2
Investment in joint venture46,193 46,554
Total non-current assets657,029 594,921
CURRENT ASSETS
Cash and cash equivalents16,098 39,726
Short term bank deposits2,650 1,571
Trade and other receivables12,615 23,497
Advance to related parties
763,465 65,326
Inventories1,608 1,771
Income tax receivable1,810 -
Development properties32,002 35,454
Total current assets130,247 167,345
Total assets787,276 762,266
NON CURRENT LIABILITIES
Lease liabilities26,508 26,726
Provision for deferred taxation32,495 32,718
Interest-bearing loans and borrowings30,000 3,000
Total non-current liabilities89,003 62,444
CURRENT LIABILITIES
Trade and other payables33,118 30,524
Trade payables due to related parties
71,828 1,767
Lease liabilities438 370
Income tax payable- 2,256
Total current liabilities35,384 34,917
Total liabilities124,387 97,361
Net assets662,889 664,905
The attached notes form part of, and are to be read in conjunction with, these financial statements.
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Statement of Financial Position
As at 30 June 2025

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2025 | 13
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
CONDENSED INTERIM STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2025
The attached notes form part of, and are to be read in conjunction with, these financial statements.

Page 4

UnauditedAudited
as atas at
DOLLA RS IN THOUSA NDSNote30/06/202531/12/2024
SHAREHOLDERS' EQUITY
Issued capital
3383,266 383,266
Reserves164,174 164,675
Treasury stock
3(26) (26)
Non-controlling interests115,475 116,990
Total equity662,889 664,905
Represented by:
NON CURRENT ASSETS
Property, plant and equipment322,694 283,430
Development properties 251,731 228,634
Investment properties36,409 36,301
Investment in associates2 2
Investment in joint venture46,193 46,554
Total non-current assets657,029 594,921
CURRENT ASSETS
Cash and cash equivalents16,098 39,726
Short term bank deposits2,650 1,571
Trade and other receivables12,615 23,497
Advance to related parties
763,465 65,326
Inventories1,608 1,771
Income tax receivable1,810 -
Development properties32,002 35,454
Total current assets130,247 167,345
Total assets787,276 762,266
NON CURRENT LIABILITIES
Lease liabilities26,508 26,726
Provision for deferred taxation32,495 32,718
Interest-bearing loans and borrowings30,000 3,000
Total non-current liabilities89,003 62,444
CURRENT LIABILITIES
Trade and other payables33,118 30,524
Trade payables due to related parties
71,828 1,767
Lease liabilities438 370
Income tax payable- 2,256
Total current liabilities35,384 34,917
Total liabilities124,387 97,361
Net assets662,889 664,905
The attached notes form part of, and are to be read in conjunction with, these financial statements.
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Statement of Financial Position
As at 30 June 2025






Page 5

UnauditedUnaudited
6 months6 months
DOLLA RS IN THOUSA NDSNoteto 30/06/25to 30/06/24
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers90,145 89,888
Interest received518 2,269
90,663 92,157
Cash was applied to:
Payments to suppliers and employees(63,743) (62,039)
Purchase of development land
2(14,811) (6,620)
Interest paid(651) (95)
Income tax paid(7,114) (8,137)
(86,319) (76,891)
Net cash inflow from operating activities4,344 15,266
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was (applied to)/provided from:
Purchase of property, plant and equipment(43,979) (7,680)
Purchase of investment property(383) (87)
Proceed from the sale of property, plant and equipment(15) -
(Investments in) / withdrawals from short term bank deposits(1,079) 37,293
Net cash (outflow )/inflow from investing activities(45,455) 29,526
CASH FLOW S FROM FINANCING ACTIVITIES
Cash was (applied to)/provided from:
Drawdown/(Repayment) of borrowings27,000 (11,968)
Lease payments(1,112) (1,086)
Dividends paid to shareholders of Millennium & Copthorne
Hotels New Zealand Ltd
6(4,747) (4,747)
Dividends paid to non-controlling interests (4,186) (4,138)
Net cash inflow/(outflow) from financing activities16,955 (21,939)
Net (decrease)/increase in cash and cash equivalents(24,156) 22,853
Add opening cash and cash equivalents39,726 11,256
Exchange rate adjustment528 1,278
Closing cash and cash equivalents16,098 35,387
The attached notes form part of, and are to be read in conjunction with, these financial statements.
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Statement of Cash Flows
For the six months ended 30 June 2025


14 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2025
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
CONDENSED INTERIM STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2025
The attached notes form part of, and are to be read in conjunction with, these financial statements.

Page 6

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Statement of Cash Flows
For the six months ended 30 June 2025





UnauditedUnaudited
6 months6 months
DOLLA RS IN THOUSA NDSNoteto 30/06/25to 30/06/24
Reconciliation of net profit/(loss) for the period to cash flows from operating activities
Profit/(loss) for the period8,497 (10,174)
Adjusted for non cash items:
Share of (profit)/loss Joint Venture
9(753) 19
Loss on Sale of Fixed Assets19 9
Foreign Exchange (Gain)/ Loss775 (285)
Depreciation of Property, Plant & Equipment4,277 3,581
Depreciation of Right-Of-Use Assets 445 447
Depreciation of Investment Property275 275
Income tax expense 2,848 31,708
Adjustments for movements in working capital:
Decrease in receivables10,337 4,359
Decrease/(Increase) in inventories163 (49)
(Increase) in development properties(19,940) (4,787)
Increase/(Decrease) in payables4,211 (1,722)
Increase in related parties954 117
Cash generated from operations12,108 23,498
Interest paid(650) (95)
Income tax paid(7,114) (8,137)
Net cash inflow from operating activities4,34415,266
Reconciliation of movement of liabilities to cash flows arisingUnauditedUnaudited
from financing activities6 months6 months
to 30/06/25to 30/06/24
As at 1 January3,000 11,968
Proceeds from borrowings34,000 -
Repayment of borrowings(7,000) (11,968)
Financing cash flows27,000 (11,968)
As at 30 June30,000 -
The attached notes form part of, and are to be read in conjunction with, these financial statements.

Page 6

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Statement of Cash Flows
For the six months ended 30 June 2025





UnauditedUnaudited
6 months6 months
DOLLA RS IN THOUSA NDSNoteto 30/06/25to 30/06/24
Reconciliation of net profit/(loss) for the period to cash flows from operating activities
Profit/(loss) for the period8,497 (10,174)
Adjusted for non cash items:
Share of (profit)/loss Joint Venture
9(753) 19
Loss on Sale of Fixed Assets19 9
Foreign Exchange (Gain)/ Loss775 (285)
Depreciation of Property, Plant & Equipment4,277 3,581
Depreciation of Right-Of-Use Assets 445 447
Depreciation of Investment Property275 275
Income tax expense 2,848 31,708
Adjustments for movements in working capital:
Decrease in receivables10,337 4,359
Decrease/(Increase) in inventories163 (49)
(Increase) in development properties(19,940) (4,787)
Increase/(Decrease) in payables4,211 (1,722)
Increase in related parties954 117
Cash generated from operations12,108 23,498
Interest paid(650) (95)
Income tax paid(7,114) (8,137)
Net cash inflow from operating activities4,34415,266
Reconciliation of movement of liabilities to cash flows arisingUnauditedUnaudited
from financing activities6 months6 months
to 30/06/25to 30/06/24
As at 1 January3,000 11,968
Proceeds from borrowings34,000 -
Repayment of borrowings(7,000) (11,968)
Financing cash flows27,000 (11,968)
As at 30 June30,000 -
The attached notes form part of, and are to be read in conjunction with, these financial statements.

Page 6

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Statement of Cash Flows
For the six months ended 30 June 2025





UnauditedUnaudited
6 months6 months
DOLLA RS IN THOUSA NDSNoteto 30/06/25to 30/06/24
Reconciliation of net profit/(loss) for the period to cash flows from operating activities
Profit/(loss) for the period8,497 (10,174)
Adjusted for non cash items:
Share of (profit)/loss Joint Venture
9(753) 19
Loss on Sale of Fixed Assets19 9
Foreign Exchange (Gain)/ Loss775 (285)
Depreciation of Property, Plant & Equipment4,277 3,581
Depreciation of Right-Of-Use Assets 445 447
Depreciation of Investment Property275 275
Income tax expense 2,848 31,708
Adjustments for movements in working capital:
Decrease in receivables10,337 4,359
Decrease/(Increase) in inventories163 (49)
(Increase) in development properties(19,940) (4,787)
Increase/(Decrease) in payables4,211 (1,722)
Increase in related parties954 117
Cash generated from operations12,108 23,498
Interest paid(650) (95)
Income tax paid(7,114) (8,137)
Net cash inflow from operating activities4,34415,266
Reconciliation of movement of liabilities to cash flows arisingUnauditedUnaudited
from financing activities6 months6 months
to 30/06/25to 30/06/24
As at 1 January3,000 11,968
Proceeds from borrowings34,000 -
Repayment of borrowings(7,000) (11,968)
Financing cash flows27,000 (11,968)
As at 30 June30,000 -
The attached notes form part of, and are to be read in conjunction with, these financial statements.

Page 6

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Statement of Cash Flows
For the six months ended 30 June 2025





UnauditedUnaudited
6 months6 months
DOLLA RS IN THOUSA NDSNoteto 30/06/25to 30/06/24
Reconciliation of net profit/(loss) for the period to cash flows from operating activities
Profit/(loss) for the period8,497 (10,174)
Adjusted for non cash items:
Share of (profit)/loss Joint Venture
9(753) 19
Loss on Sale of Fixed Assets19 9
Foreign Exchange (Gain)/ Loss775 (285)
Depreciation of Property, Plant & Equipment4,277 3,581
Depreciation of Right-Of-Use Assets 445 447
Depreciation of Investment Property275 275
Income tax expense 2,848 31,708
Adjustments for movements in working capital:
Decrease in receivables10,337 4,359
Decrease/(Increase) in inventories163 (49)
(Increase) in development properties(19,940) (4,787)
Increase/(Decrease) in payables4,211 (1,722)
Increase in related parties954 117
Cash generated from operations12,108 23,498
Interest paid(650) (95)
Income tax paid(7,114) (8,137)
Net cash inflow from operating activities4,34415,266
Reconciliation of movement of liabilities to cash flows arisingUnauditedUnaudited
from financing activities6 months6 months
to 30/06/25to 30/06/24
As at 1 January3,000 11,968
Proceeds from borrowings34,000 -
Repayment of borrowings(7,000) (11,968)
Financing cash flows27,000 (11,968)
As at 30 June30,000 -
The attached notes form part of, and are to be read in conjunction with, these financial statements.

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2025 | 15
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2025 (UNAUDITED)

Page 7

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
for the six months ended 30 June 2025 (unaudited)

1. Significant accounting policies

Millennium & Copthorne Hotels New Zealand Limited is a company domiciled in New Zealand, registered under the
Companies Act 1993 and listed on the New Zealand Stock Exchange. Millennium & Copthorne Hotels New Zealand Limited
(the “Company”) is a Financial Markets Conduct Reporting Entity in terms of Financial Markets Conduct Act 2013 and the
Financial Reporting Act 2013. The condensed interim financial statements of the Company for the six months ended 30 June
2025 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; residential development and sale
of land in New Zealand; ownership and leasing of investment properties in New Zealand and development and sale of
residential units in Australia.

The condensed interim financial statements were authorised for issuance on 12
th
August 2025.

(a) Statement of compliance

The condensed interim financial statements have been prepared in accordance with New Zealand Generally Accepted
Accounting Practice (NZ GAAP). They comply with NZ IAS 34 Interim Financial Reporting. The condensed interim financial
statements do not include all of the information required for full annual financial statements.

The accounting policies and methods of computation applied by the Group in these condensed interim financial statements
are the same as those applied by the Group in its financial statements for the year ended 31 December 2024.


2. Segment reporting

Segment information is presented in the condensed interim financial statements in respect of the Group’s reporting segments.
Operating segments are the primary basis of segment reporting. The Group has determined that its chief operating decision
maker is the Board of Directors on the basis that it is this group which determines the allocation of resources to segments and
assesses their performance.

Inter-segment pricing is determined on an arm’s length basis. Segment results include items directly attributable to a segment
as well as those that can be allocated on a reasonable basis.

Segment capital expenditure is the total cost incurred during the period to acquire segment assets that are expected to be
used for more than one period.

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.
• Investment property, comprising rental income from the ownership and leasing of retail shops and industrial
warehouse.
• Residential and commercial property development, comprising the development and sale of residential apartments.

Geographical segments

The Group operates in the following main geographic segments:
• New Zealand
• Australia

Segment revenue is based on the geographical location of the asset. The Group has no major customer representing
greater than 10% of the Group’s total revenue.

16 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2025
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2025 (UNAUDITED)

Page 8

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
for the six months ended 30 June 2025 (unaudited)

2. Segment reporting - continued

(a) Operating Segments











Dollars in thousands
to 30/06/25 to 30/06/24 to 30/06/25 to 30/06/24 to 30/06/25 to 30/06/24 to 30/06/25 to 30/06/24 to 30/06/25 to 30/06/24
External revenue64,07155,90112,27915,3101,5291,3051,41712,80379,29685,319
Earnings before interest, depreciation,
amortisation & tax
Finance income7357602411,350--737271,0492,837
Finance expense(1,680)(1,088)(6)(6)--(737)(1)(2,423)(1,095)
Depreciation and amortisation(4,264)(3,574)(4)(4)(275)(275)(9)(3)(4,552)(3,856)
Depreciation of Right-of-use assets
(425)(422)(15)(20)--(5)(5)(445)(447)
Share of profit/(loss) of joint venture753(19)------753(19)
Profit before income tax6,6786,5703,8078,1861,2441,021(384)5,75711,34521,534
Income tax expense(1,641)(23,516)(1,136)(2,265)(348)(4,199)278(1,728)(2,847)(31,708)
Profit/(los s ) after incom e tax5,037(16,946)2,6715,921896(3,178)(106)4,0298,498(10,174)
Property, plant and equipment
expenditure
43,9787,727----1-43,9797,727
Investment property expenditure----38387--38387
Residential land development
expenditure
-
-11,73711,626----11,73711,626
Purchase of land for residential land
development
--14,8116,620----14,8116,620
30/06/2531/12/2024 30/06/2531/12/2024 30/06/2531/12/2024 30/06/2531/12/2024 30/06/2531/12/2024
Cash & cash equivalents and short
term bank deposits
2,5462,59910,88633,287--5,3165,41118,74841,297
Investment in associates --22--
--22
Investment in joint venture46,19446,555------46,19446,555
Other segment assets395,873364,960276,601259,03236,40936,30113,44914,119722,332674,412
Total assets444,613414,114
287,489292,32136,40936,30118,76519,530787,276762,266
Segment liabilities(84,681)(58,256)(5,806)(2,362)--(1,405)(1,769)(91,892)(62,387)
Tax liabilities(28,025)(27,720)(4,413)(2,229)-(4,379)(57)(646)(32,495)(34,974)
Total liabilities(112,706)(85,976)(10,219)(4,591)-(4,379)(1,462)(2,415)(124,387)(97,361)
As atAs atAs atAs atAs at
6 m onths6 m onths6 m onths6 m onths6 m onths
1,2962945,03916,96324,114
Hotel Operations
Residential Land
Development
Investment Property
Residential Property
Development
Group
11,55910,9133,5916,8661,519

Page 8

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
for the six months ended 30 June 2025 (unaudited)

2. Segment reporting - continued

(a) Operating Segments











Dollars in thousands
to 30/06/25 to 30/06/24 to 30/06/25 to 30/06/24 to 30/06/25 to 30/06/24 to 30/06/25 to 30/06/24 to 30/06/25 to 30/06/24
External revenue64,07155,90112,27915,3101,5291,3051,41712,80379,29685,319
Earnings before interest, depreciation,
amortisation & tax
Finance income7357602411,350--737271,0492,837
Finance expense(1,680)(1,088)(6)(6)--(737)(1)(2,423)(1,095)
Depreciation and amortisation(4,264)(3,574)(4)(4)(275)(275)(9)(3)(4,552)(3,856)
Depreciation of Right-of-use assets
(425)(422)(15)(20)--(5)(5)(445)(447)
Share of profit/(loss) of joint venture753(19)------753(19)
Profit before income tax6,6786,5703,8078,1861,2441,021(384)5,75711,34521,534
Income tax expense(1,641)(23,516)(1,136)(2,265)(348)(4,199)278(1,728)(2,847)(31,708)
Profit/(los s ) after incom e tax5,037(16,946)2,6715,921896(3,178)(106)4,0298,498(10,174)
Property, plant and equipment
expenditure
43,9787,727----1-43,9797,727
Investment property expenditure----38387--38387
Residential land development
expenditure
-
-11,73711,626----11,73711,626
Purchase of land for residential land
development
--14,8116,620----14,8116,620
30/06/2531/12/2024 30/06/2531/12/2024 30/06/2531/12/2024 30/06/2531/12/2024 30/06/2531/12/2024
Cash & cash equivalents and short
term bank deposits
2,5462,59910,88633,287--5,3165,41118,74841,297
Investment in associates --22--
--22
Investment in joint venture46,19446,555------46,19446,555
Other segment assets395,873364,960276,601259,03236,40936,30113,44914,119722,332674,412
Total assets444,613414,114
287,489292,32136,40936,30118,76519,530787,276762,266
Segment liabilities(84,681)(58,256)(5,806)(2,362)--(1,405)(1,769)(91,892)(62,387)
Tax liabilities(28,025)(27,720)(4,413)(2,229)-(4,379)(57)(646)(32,495)(34,974)
Total liabilities(112,706)(85,976)(10,219)(4,591)-(4,379)(1,462)(2,415)(124,387)(97,361)
As atAs atAs atAs atAs at
6 m onths6 m onths6 m onths6 m onths6 m onths
1,2962945,03916,96324,114
Hotel Operations
Residential Land
Development
Investment Property
Residential Property
Development
Group
11,55910,9133,5916,8661,519
Page 8
Mil le nni um & Copthorne H ot els New Z eala nd L imit ed and Subsid iaries
Notes to the Condensed In te rim F in ancia l St ate ments
for the s ix months e nded 30 June 2 025 (unaudited)

2. Segment re porting - conti nued

(a) Operating S egments











Dollars in thousands
to 30/06/25 to 30/06/24 to 30/06/25 to 30/06/24 to 30/06/25 to 30/06/24 to 30/06/25 to 30/06/24 to 30/06/25 to 30/06/24
Ex tern al re venue64,07155,90112,27915,3101,5291,3051,41712,80379,29685,319
Earn ings before intere st, depreciat
ion,
amort isation & tax
Finance inco me7357602411,350--737271,0492,837
Finance expense(1 ,680)(1 ,088)(6 )(6 )--(7 37)(1 )(2 ,423)(1 ,095)
Depreciation and amort isation(4 ,264)(3 ,574)(4 )(4 )(2 75)(2 75)(9 )(3 )(4 ,552)(3 ,856)
Depreciation of Right-o f-u se assets(4
25)(4 22)(1 5)(2 0)--(5 )(5 )(4 45)(4 47)
Share of pro fit/(l oss) of joint venture753(1 9)------753(1 9)
Profit before inco me tax6,6786,5703,8078,1861,2441,021(3 84)5,75711,34521,534
Inco me tax expense(1 ,641)(2 3,516)(1 ,136)(2 ,265)(3 48)(4 ,199)278(1 ,728)(2 ,847)(3 1,708)
Pr
ofit/(l oss) afte r inco me tax5,037(1 6,946)2,6715,921896(3 ,178)(1 06)4,0298,498(1 0,174)
Property, plant and equipment
expenditure
43,9787,727----1-43,9797,727
Investment pro perty expenditure----38387--38387
Residential land development
expenditure
--11,73711,626----11,73711,626
Purchase of land for re sidential land
development
--14,8116,620----14,8116,620
30/06/2531/12/2024 30/06/2531/12/2024 30/06/2531/12/2024 30/06/2531/12/2024 30/06/2531/12/2024
Cash & ca sh equivalents and short
term bank deposits
2,5462,59910,88633,287--5,3165,41118,74841,297
Investment in associates --22----22
Investment in joint venture46,19446,555------46,19446,555
Other segment assets395,873364,960276,601259,03236,40936,30113,44914,119722,332674,412
Total assets444,613414,114287,489292,32136,40936,30118,76519,530787,276762,266
Segment liabilities(8 4,681)(5 8,256)(5 ,806)(2 ,362)--(1 ,405)(1 ,769)(9 1,892)(6 2,387)
Tax liabilities
(2 8,025)(2 7,720)(4 ,413)(2 ,229)-(4 ,379)(5 7)(6 46)(3 2,495)(3 4,974)
Total liabilities(1 12,706)(8 5,976)(1 0,219)(4 ,591)-(4 ,379)(1 ,462)(2 ,415)(1 24,387)(9 7,361)
As atAs atAs atAs atAs at
6 m onths6 m onths6 m onths6 m onths6 m onths
1,2962945,03916,96324,114
Hote l Operations
Residenti al Land
Development
Investment Pr operty
Residenti al Pr operty
Development
Group
11,55910,9133,5916,8661,519

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2025 | 17
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2025 (UNAUDITED)

Page 9

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
for the six months ended 30 June 2025 (unaudited)

2. Segment reporting - continued










(b) Geographic Segments
Dollars in thousands
to 30/06/25 to 30/06/24 to 30/06/25 to 30/06/24 to 30/06/25 to 30/06/24
External revenue77,87972,5161,41712,80379,29685,319
Earnings before interest, depreciation,
amortisation & tax
Finance income4312,1106187271,0492,837
Finance expense(1,686)(1,094)(737)(1)(2,423)(1,095)
Depreciation and amortisation(4,543)(3,853)(9)(3)(4,552)(3,856)
Depreciation of Right-of-use assets(440)(442)(5)(5)(445)(447)
Share of profit/(loss) of joint venture--753(19)753(19)
Profit before income tax11,53015,805(185)5,72911,34521,534
Income tax expense(3,128)(29,983)281(1,725)(2,847)(31,708)
Profit/(los s ) after incom e tax8,402(14,178)964,0048,498(10,174)
Property, plant and equipment expenditure 43,9787,7271-43,9797,727
Investment property expenditure38387--38387
Residential land development expenditure11,73711,626--11,73711,626
Purchase of land for residential land
development
14,8116,620--14,8116,620
30/06/2531/12/2024 30/06/2531/12/2024 30/06/2531/12/2024
Cash & cash equivalents and short term
bank deposits
13,43235,8865,3165,41118,74841,297
Investment in associates22--22
Investment in joint venture--46,19446,55546,19446,555
Investment property36,40936,301--36,40936,301
Other segment assets609,666560,24076,25777,871685,923638,111
Total assets 659,509632,429127,767129,837787,276762,266
Segment liabilities(90,487)(29,970)(1,405)(32,417)(91,892)(62,387)
Tax liabilities(32,438)(34,328)(57)(646)(32,495)(34,974)
Total liabilities(122,925)(64,298)(1,462)(33,063)(124,387)(97,361)
As atAs atAs at
New ZealandAustraliaGroup
17,76819,084(805)5,03016,96324,114
6 m onths6 m onths6 m onths
Page 9
Mil le nni um & Copthorne H ot els New Z eala nd L imit ed and Subsid iaries
Notes to the Condensed In te rim F in ancia l St ate ments
for the s ix months e nded 30 June 2 025 (unaudited)

2. Segment re porting - conti nued










(b ) Geographic Segments
Dollars in thousands
to 30/06/25 to 30/06/24 to 30/06/25 to 30/06/24 to 30/06/25 to 30/06/24
Ex tern al re venue77,87972,5161,41712,80379,29685,319
Earn ings before intere st, depreciation,
amort isation & tax
Finance inco me4312,1106187271,0492,837
Fi
nance expense(1 ,686)(1 ,094)(7 37)(1 )(2 ,423)(1 ,095)
Depreciation and amort isation(4 ,543)(3 ,853)(9 )(3 )(4 ,552)(3 ,856)
Depreciation of Right-o f-u se assets(4 40)(4 42)(5 )(5 )(4 45)(4 47)
Share of pro fit/(l oss) of joint venture--753(1 9)753(1 9
)
Profit before inco me tax11,53015,805(1 85)5,72911,34521,534
Inco me tax expense(3 ,128)(2 9,983)281(1 ,725)(2 ,847)(3 1,708)
Profit/(l oss) afte r inco me tax8,402(1 4,178)964,0048,498(1 0,174)
Property, plant and equipment expenditure 43,9787,7271-43,9797,727
Investment pro perty expenditure38387--3838
7
Residential land development expenditure11,73711,626--11,73711,626
Purchase of land for re sidential land
development
14,8116,620--14,8116,620
30/06/2531/12/2024 30/06/2531/12/2024 30/06/2531/12/2024
Cash & ca sh equivalents and short term
bank deposits
13,43235,8865,3165,41118,74841,297
Investment in associates22--22
Investment in joint venture--46,19446,55546,19446,555
Investment pro perty36,40936,301--36,40936,301
Other segment assets609,666560,24076,25777,871685,923638,111
Total assets 659,509632,429127,767129,837787,276762,266
Segment liabilities(9 0,487)(2 9,970)(1 ,405)(3 2,417)(9 1,892)(6 2,387)
Tax liabilities(3 2,438)(3 4,328)(5 7)(6 46)(3 2,495)(3 4,974)
Total liabilities(1 22,925)(6 4,298)(1 ,462)(3 3,063)(1 24,387)(9 7,361)
As atAs atAs at
New ZealandAustraliaGroup
17,76819,084(8 05)5,03016,96324,114
6 m onths6 m onths6 m onths

18 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2025
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2025 (UNAUDITED)

Page 10

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
for the six months ended 30 June 2025 (unaudited)


3. Share capital


Ordinary shares Redeemable preference shares
Shares $ 000s Shares $ 000s
Total shares issued – fully paid
Balance at 30 June 2024 105,578,290 350,048 52,739,543 33,218
Balance at 30 June 2025 105,578,290 350,048 52,739,543 33,218

Ordinary shares repurchased and
held as treasury stock



Balance at 30 June 2024 (99,547) (26) - -
Balance at 30 June 2025 (99,547) (26) - -

Shares issued – fully paid
Balance at 30 June 2024 105,478,743 350,022 52,739,543 33,218
Balance at 30 June 2025 105,478,743 350,022 52,739,543 33,218



At 30 June 2025, the authorised share capital consisted of 105,578,290 ordinary shares (2024: 105,578,290 ordinary shares)
with no par value and 52,739,543 redeemable preference shares (2024: 52,739,543) with no par value.


4. Earnings per share

The basic earnings per share of 4.20 cents (30 June 2024: -7.42 cents) is based on the profit/(loss) attributable to ordinary
shareholders of $6.6 million (30 June 2024: -$11.7 million) and weighted average number of ordinary shares and redeemable
preference shares outstanding during the period ended 30 June 2025 of 158,218,286 (30 June 2024: 158,218,286).

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

The calculation of diluted earnings per share of 4.20 cents (30 June 2024: -7.42 cents) is the same as basic earnings per share.



5. Income tax expense

Recognised in the income statement
Group
Dollars In Thousands
Six months to
30/06/25
Six months to
30/06/24
Current tax expense
Current period 3,016 6,132
Adjustments for prior period 46 (27)
3,062 6,106

Deferred tax expense

Origination and reversal of temporary difference (214) (158)
Changes in treatment of building depreciation - 25,760
(214) 25,602
Total income tax expense in the income statement 2,848 31,708




Page 10

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
for the six months ended 30 June 2025 (unaudited)


3. Share capital


Ordinary shares Redeemable preference shares
Shares $ 000s Shares $ 000s
Total shares issued – fully paid
Balance at 30 June 2024 105,578,290 350,048 52,739,543 33,218
Balance at 30 June 2025 105,578,290 350,048 52,739,543 33,218

Ordinary shares repurchased and
held as treasury stock



Balance at 30 June 2024 (99,547) (26) - -
Balance at 30 June 2025 (99,547) (26) - -

Shares issued – fully paid
Balance at 30 June 2024 105,478,743 350,022 52,739,543 33,218
Balance at 30 June 2025 105,478,743 350,022 52,739,543 33,218



At 30 June 2025, the authorised share capital consisted of 105,578,290 ordinary shares (2024: 105,578,290 ordinary shares)
with no par value and 52,739,543 redeemable preference shares (2024: 52,739,543) with no par value.


4. Earnings per share

The basic earnings per share of 4.20 cents (30 June 2024: -7.42 cents) is based on the profit/(loss) attributable to ordinary
shareholders of $6.6 million (30 June 2024: -$11.7 million) and weighted average number of ordinary shares and redeemable
preference shares outstanding during the period ended 30 June 2025 of 158,218,286 (30 June 2024: 158,218,286).

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

The calculation of diluted earnings per share of 4.20 cents (30 June 2024: -7.42 cents) is the same as basic earnings per share.



5. Income tax expense

Recognised in the income statement
Group
Dollars In Thousands
Six months to
30/06/25
Six months to
30/06/24
Current tax expense
Current period 3,016 6,132
Adjustments for prior period 46 (27)
3,062 6,106

Deferred tax expense

Origination and reversal of temporary difference (214) (158)
Changes in treatment of building depreciation - 25,760
(214) 25,602
Total income tax expense in the income statement 2,848 31,708




Page 10

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
for the six months ended 30 June 2025 (unaudited)


3. Share capital


Ordinary shares Redeemable preference shares
Shares $ 000s Shares $ 000s
Total shares issued – fully paid
Balance at 30 June 2024 105,578,290 350,048 52,739,543 33,218
Balance at 30 June 2025 105,578,290 350,048 52,739,543 33,218

Ordinary shares repurchased and
held as treasury stock



Balance at 30 June 2024 (99,547) (26) - -
Balance at 30 June 2025 (99,547) (26) - -

Shares issued – fully paid
Balance at 30 June 2024 105,478,743 350,022 52,739,543 33,218
Balance at 30 June 2025 105,478,743 350,022 52,739,543 33,218



At 30 June 2025, the authorised share capital consisted of 105,578,290 ordinary shares (2024: 105,578,290 ordinary shares)
with no par value and 52,739,543 redeemable preference shares (2024: 52,739,543) with no par value.


4. Earnings per share

The basic earnings per share of 4.20 cents (30 June 2024: -7.42 cents) is based on the profit/(loss) attributable to ordinary
shareholders of $6.6 million (30 June 2024: -$11.7 million) and weighted average number of ordinary shares and redeemable
preference shares outstanding during the period ended 30 June 2025 of 158,218,286 (30 June 2024: 158,218,286).

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

The calculation of diluted earnings per share of 4.20 cents (30 June 2024: -7.42 cents) is the same as basic earnings per share.



5. Income tax expense

Recognised in the income statement
Group
Dollars In Thousands
Six months to
30/06/25
Six months to
30/06/24
Current tax expense
Current period 3,016 6,132
Adjustments for prior period 46 (27)
3,062 6,106

Deferred tax expense

Origination and reversal of temporary difference (214) (158)
Changes in treatment of building depreciation - 25,760
(214) 25,602
Total income tax expense in the income statement 2,848 31,708




Page 10

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
for the six months ended 30 June 2025 (unaudited)


3. Share capital


Ordinary shares Redeemable preference shares
Shares $ 000s Shares $ 000s
Total shares issued – fully paid
Balance at 30 June 2024 105,578,290 350,048 52,739,543 33,218
Balance at 30 June 2025 105,578,290 350,048 52,739,543 33,218

Ordinary shares repurchased and
held as treasury stock



Balance at 30 June 2024 (99,547) (26) - -
Balance at 30 June 2025 (99,547) (26) - -

Shares issued – fully paid
Balance at 30 June 2024 105,478,743 350,022 52,739,543 33,218
Balance at 30 June 2025 105,478,743 350,022 52,739,543 33,218



At 30 June 2025, the authorised share capital consisted of 105,578,290 ordinary shares (2024: 105,578,290 ordinary shares)
with no par value and 52,739,543 redeemable preference shares (2024: 52,739,543) with no par value.


4. Earnings per share

The basic earnings per share of 4.20 cents (30 June 2024: -7.42 cents) is based on the profit/(loss) attributable to ordinary
shareholders of $6.6 million (30 June 2024: -$11.7 million) and weighted average number of ordinary shares and redeemable
preference shares outstanding during the period ended 30 June 2025 of 158,218,286 (30 June 2024: 158,218,286).

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

The calculation of diluted earnings per share of 4.20 cents (30 June 2024: -7.42 cents) is the same as basic earnings per share.



5. Income tax expense

Recognised in the income statement
Group
Dollars In Thousands
Six months to
30/06/25
Six months to
30/06/24
Current tax expense
Current period 3,016 6,132
Adjustments for prior period 46 (27)
3,062 6,106

Deferred tax expense

Origination and reversal of temporary difference (214) (158)
Changes in treatment of building depreciation - 25,760
(214) 25,602
Total income tax expense in the income statement 2,848 31,708

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2025 | 19
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2025 (UNAUDITED)

Page 11

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
for the six months ended 30 June 2025 (unaudited)

5. Income tax expense - continued


Reconciliation of tax expense
Group
Dollars In Thousands
Six months to
30/06/25
Six months to
30/06/24
Profit before income tax 11,345 21,534
Income tax at the company tax rate of 28% (2024: 28%) 3,177 6,030
Adjusted for:
Tax rate difference (if different from 28% above) (3) 114
Non-deductible expenses 24 1
Tax exempt income (396) (170)
Changes in treatment of building depreciation - 25,760
Under/(Over) - provided in prior periods 46 (27)
Total income tax expense
2,848 31,708
Effective tax rate (25%) (147%)


Impact of change in tax depreciation

Before 2010, all components of commercial buildings were depreciable for tax purposes. On 28 March 2024, the Taxation
(Annual Rates for 2024-25, 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 six months
ended 30 June 2024.


6. Dividends

The following dividends were paid during the interim periods:


Group
Dollars In Thousands
Six months to
30/06/25
Six months to
30/06/24

Ordinary dividend: 3.0 cents per qualifying share (2024: 3.0 cents) 4,747 4,747
Supplementary dividend: 0.529412 cents per qualifying share (2024:
0.529412 cents)

29

94
4,776 4,841





Page 11

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
for the six months ended 30 June 2025 (unaudited)

5. Income tax expense - continued


Reconciliation of tax expense
Group
Dollars In Thousands
Six months to
30/06/25
Six months to
30/06/24
Profit before income tax 11,345 21,534
Income tax at the company tax rate of 28% (2024: 28%) 3,177 6,030
Adjusted for:
Tax rate difference (if different from 28% above) (3) 114
Non-deductible expenses 24 1
Tax exempt income (396) (170)
Changes in treatment of building depreciation - 25,760
Under/(Over) - provided in prior periods 46 (27)
Total income tax expense
2,848 31,708
Effective tax rate (25%) (147%)


Impact of change in tax depreciation

Before 2010, all components of commercial buildings were depreciable for tax purposes. On 28 March 2024, the Taxation
(Annual Rates for 2024-25, 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 six months
ended 30 June 2024.


6. Dividends

The following dividends were paid during the interim periods:


Group
Dollars In Thousands
Six months to
30/06/25
Six months to
30/06/24

Ordinary dividend: 3.0 cents per qualifying share (2024: 3.0 cents) 4,747 4,747
Supplementary dividend: 0.529412 cents per qualifying share (2024:
0.529412 cents)

29

94
4,776 4,841

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2025 (UNAUDITED)
20 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2025

Page 12

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
for the six months ended 30 June 2025 (unaudited)


7. Related party transactions

Millennium & Copthorne Hotels New Zealand Limited is a 86.39% (2024: 75.78%) (economic interests from both ordinary and
preference shares) owned subsidiary of CDL Hotels Holdings New Zealand Limited which is a wholly owned subsidiary of
Millennium & Copthorne Hotels Ltd in the United Kingdom. The ultimate parent company is Hong Leong Investment Holdings
Pte Limited in Singapore.

At balance date there were related party advances owing from/(owing to) the following related companies:

Group
Dollars In Thousands Nature of balance 6 months to
30/06/25
6 months to
30/06/24
Trade payables and receivables due to related parties
Millennium & Copthorne Hotels Limited Recharge of expenses (1,547) (1,637)
Millennium & Copthorne International Recharge of expenses (281) -
Marquee Hotel Holdings Pty Ltd Interest bearing advance 19,092 19,265
Marquee Hotel Holdings Pty Ltd Interest free advance 43,146 43,539
Marquee Hotel Holdings Pty Ltd Interest receivable 571 661
CDL Hotels Holdings New Zealand Limited Recharge of expenses - 30
CDLH (BVI) One Limited Recharge of expenses 756 (938)
CDLH (BVI) One Limited Rent payment (100) (229)
61,637 60,691

No debts with related parties were written off or forgiven during the period. Interest at 5.45% was charged on interest bearing
advance during 2025. No interest was charged for the other payables or on the interest free advance. The related party advances
to Marquee Hotel Holdings Pty Ltd are unsecured.

During 2025, the Group had the following transactions with related parties:
Group
Dollars In Thousands Nature of balance 6 months to
30/06/25
6 months to
30/06/24
Marquee Hotel Holdings Pty Ltd Interest receivable 545 613
CDLH (BVI) One Limited Management and franchise income 452 478
M&C Reservation Services Ltd (UK) Management and marketing support (249) (590)
CDL Hotels Holdings New Zealand Limited Recharge of takeover offer expenses
and accounting support fee received 2,141 30
Millennium & Copthorne International Limited Recharge of expenses (281) (126)



8. Property, plant & equipment

The acquisition of the Mayfair Hotel Christchurch was completed on 22 January 2025. This was a freehold acquisition of the
existing hotel located at 155 Victoria Street, Christchurch.

The company acquired the following assets for a total consideration of $31.9m.

i. Freehold land and buildings from Centro Roydvale Limited
ii. Furniture, fittings & plant and business as a going concern of the Mayfair Hotel from Mayfair Luxury Hotels
Limited

The acquisition was accounted for as an acquisition of assets.

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2025 (UNAUDITED)
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2025 | 21

Page 13

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
for the six months ended 30 June 2025 (unaudited)



9. 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 2023, the Group through Kingsgate Holdings Pty Limited (100% subsidiary) formed a 50:50 joint venture with its Parent
Company to acquire the leasehold assets and the freehold assets of the Sofitel Brisbane Central hotel in Queensland,
Australia. The joint venture is Marquee Hotel Holdings Pty Ltd 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 period ended 30 June 2025 was $753,519 (2024: -$19,016).




Principal Activity
Principal
Place of
Business
Group
interest%
2025
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





Page 13

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
for the six months ended 30 June 2025 (unaudited)



9. 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 2023, the Group through Kingsgate Holdings Pty Limited (100% subsidiary) formed a 50:50 joint venture with its Parent
Company to acquire the leasehold assets and the freehold assets of the Sofitel Brisbane Central hotel in Queensland,
Australia. The joint venture is Marquee Hotel Holdings Pty Ltd 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 period ended 30 June 2025 was $753,519 (2024: -$19,016).




Principal Activity
Principal
Place of
Business
Group
interest%
2025
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

22 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2025
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2025 (UNAUDITED)

Page 14

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
for the six months ended 30 June 2025 (unaudited)


9. Investment in joint venture - continued


Summary financial information for joint venture, not adjusted for the percentage ownership held by the Group:

Group Group
Dollars In Thousands As at
30/06/25
As at
31/12/24
Non-current assets 197,857 203,903
Current assets 31,892 26,112
Non-current liabilities (1,987) (1,382)
Current liabilities (135,377) (135,985)
Net assets (100%) 92,385 93,108
Group’s share (50%) 46,193 46,554


The current assets balance of the joint venture includes a cash and cash equivalents balance of $29.34m (2024:$20.21m).
The current liabilities balance of the joint venture includes balances owing to shareholders of $125.01m (2024:$126.3m).

Group Group
6 months to
30/06/25
6 months to
30/06/24
Revenue 25,250 23,261
Operating profit 2,732 854
Interest income 511 317
Interest expense (1,090) (1,225)
Income tax (expense)/credit (646) 16
Profit/(loss) for the period (100%) 1,507 (38)
Group’s share of profit/(loss) (50%) 753 (19)


Movements in the carrying value of joint venture:
Group Group
As at
30/06/25
As at
30/06/24
Balance at 1 January 46,554 43,943
Share of profit/(loss) for the period 753 (19)
Foreign exchange adjustments (1,114) 414
Balance at 30 June 46,193 44,338

PAIHIA
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THE MAYFAIR

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PO Box 5640, Victoria Street West, Auckland 1142
NATIONAL CONFERENCE OFFICE
Ph: 0800 4 MEETINGS (0800 4 633 846)
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